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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Thousands | Common shares | Treasury shares 3) | Hedging reserves | Translation reserves | Retained profit | Total
--- | --- | --- | --- | --- | --- | ---
Changes in Stockholders' Equity [Roll Forward] |  |  |  |  |  |  |  |  |  |  |  |
Balance as of 1 January 2015, as shown in the financial statements of TORM A/S |  | $ 87,986 |  |  |  |  |  |  | $ 381,528 |  | $ 469,514 |
Effect as of 1 January 2015 of the Exchange Offer | [1] | (87,590) |  |  |  |  |  |  | 87,590 |  |  |
Equity at Dec. 31, 2014 |  | 396 |  |  |  |  |  |  | 469,118 |  | 469,514 |
Comprehensive income/loss for the year: |  |  |  |  |  |  |  |  |  |  |  |
Net profit/(loss) for the year |  |  |  |  |  |  |  |  | 125,983 |  | 125,983 |
Other comprehensive income/(loss) for the year |  |  |  |  | $ 1,400 |  | $ 160 |  |  |  | 1,560 | [2]
Total comprehensive income/(loss) for the year |  |  |  |  | 1,400 |  | 160 |  | 125,983 |  | 127,543 |
Shareholders' contribution |  |  |  |  |  |  |  |  | 14,040 |  | 14,040 |
Reverse acquisition of TORM A/S |  | 242 |  |  |  |  |  |  | 367,536 |  | 367,778 |
Transaction costs share issue |  |  |  |  |  |  |  |  | (2,723) |  | (2,723) |
Acquisition of treasury shares, cost |  |  | $ (176) | [3] |  |  |  |  |  |  | (176) |
Total changes in equity 2015, 2016, 2017 |  | 242 | (176) | [3] | 1,400 |  | 160 |  | 504,836 |  | 506,462 |
Equity at Dec. 31, 2015 |  | 638 | (176) | [3] | 1,400 |  | 160 |  | 973,954 |  | 975,976 |
Comprehensive income/loss for the year: |  |  |  |  |  |  |  |  |  |  |  |
Net profit/(loss) for the year |  |  |  |  |  |  |  |  | (142,491) |  | (142,491) |
Other comprehensive income/(loss) for the year |  |  |  |  | (1,010) |  | (240) |  |  |  | (1,250) | [2]
Total comprehensive income/(loss) for the year |  |  |  |  | (1,010) |  | (240) |  | (142,491) |  | (143,741) |
Acquisition of outstanding shares in TORM A/S, cost | [4] | (15) | 176 |  |  |  |  |  | (19,396) |  | (19,235) |
Acquisition of treasury shares, cost |  |  | (2,887) | [3] |  |  |  |  |  |  | (2,887) |
Corporate Reorganization TORM plc |  |  |  |  |  |  |  |  | (6,564) |  | (6,564) |
Share-based compensation |  |  |  |  |  |  |  |  | 2,029 |  | 2,029 |
Dividend paid |  |  |  |  |  |  |  |  | (25,000) |  | (25,000) |
Total changes in equity 2015, 2016, 2017 |  | (15) | (2,711) | [3] | (1,010) |  | (240) |  | (191,422) |  | (195,398) |
Equity at Dec. 31, 2016 |  | 623 | (2,887) | [3] | 390 |  | (80) |  | 782,532 |  | 780,578 |
Comprehensive income/loss for the year: |  |  |  |  |  |  |  |  |  |  |  |
Net profit/(loss) for the year |  |  |  |  |  |  |  |  | 2,407 |  | 2,407 |
Other comprehensive income/(loss) for the year |  |  |  |  | 6,919 |  | 360 |  |  |  | 7,279 | [2],[5]
Total comprehensive income/(loss) for the year |  |  |  |  | 6,919 | [5] | 360 | [5] | 2,407 | [5] | 9,686 |
Acquisition of treasury shares, cost |  |  |  |  |  |  |  |  |  |  | 0 |
Corporate Reorganization TORM plc |  |  |  |  |  |  |  |  | 146 |  | 146 |
Share-based compensation |  |  |  |  |  |  |  |  | 1,880 |  | 1,880 |
Dividend paid |  |  |  |  |  |  |  |  | (1,240) |  | (1,240) |
Total changes in equity 2015, 2016, 2017 |  |  |  |  | 6,919 |  | 360 |  | 3,193 |  | 10,472 |
Equity at Dec. 31, 2017 |  | $ 623 | $ (2,887) | [3] | $ 7,309 |  | $ 280 |  | $ 785,725 |  | $ 791,050 |
[1] | In connection with the Exchange Offer of 15 April 2016, the common shares were adjusted to reflect those of TORM plc. The adjustment with respect to the common shares reflects the change in currency of the shares changed from DKK to USD and the reduction in the nominal value of each share was reduced from DKK 15 each to USD 0.01 each.
[2] | No income tax was incurred relating to other comprehensive income/(loss) items.
[3] | Please refer to note 13 for further information on treasury shares.
[4] | Relates to the squeeze-out of remaining minority shareholders in TORM A/S.
[5] | Please refer to "Consolidated Statement of Comprehensive Income".

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