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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".