FORM 6-K/A
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of March 2007
A/S STEAMSHIP COMPANY TORM
(Translation of registrant's name into English)
Tuborg Havnevej 18
DK-2900 Hellerup
Denmark
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file
annual reports under cover of Form 20-F or Form 40-F.
Form 20-F [ X ] Form 40-F [ ]
Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(1): ___
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a
Form 6-K if submitted solely to provide an attached annual report to security
holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)7: ___
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a
Form 6-K if submitted to furnish a report or other document that the registrant
foreign private issuer must furnish and make public under the laws of the
jurisdiction in which the registrant is incorporated, domiciled or legally
organized (the registrant's "home country"), or under the rules of the home
country exchange on which the registrant's securities are traded, as long as the
report or other document is not a press release, is not required to be and has
not been distributed to the registrant's security holders, and, if discussing a
material event, has already been the subject of a Form 6-K submission or other
Commission filing on EDGAR.
Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes [ ] No [ X ]
If "Yes" is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): ________.
EXPLANATORY NOTE
This amendment is being filed by A/S STEAMSHIP COMPANY TORM (the "Company")
in order to clarify that the Report on Form 6-K, dated March 15, 2007, of the
Company, relates solely to its Annual Report for the year ended December 31,
2006. The original report inadvertently referred to a share statement No.
1-2007.
INFORMATION CONTAINED IN THIS FORM 6-K REPORT
Set forth herein as Exhibit 1 is a copy of Announcement No. 1 - 2007
regarding the Annual Report for the year ended December 31, 2006 issued by A/S
STEAMSHIP COMPANY TORM (the "Company") to The Copenhagen Stock Exchange on March
5, 2007.
Exhibit 1
ANNOUNCEMENT NO. 1 - 2007 5 March 2007
TORM 2006 result before tax was USD 241 mill. Proposed dividend of DKK 11.5 (USD
2.0) per share. Expectations for 2007 profit before tax of USD 135-155 mill.
TORM's Board of Directors and Management have re-evaluated the Company's
strategy "Greater Earning Power" and have focused on an accelerated
implementation of the strategy using the Company's strong balance sheet.
The Company will consider a share buy-back programme of up to 15% of the
Company's share capital in 2007. In addition, the Board will propose a share
split.
Key points
o Net profit after tax for the year was USD 235 million (DKK 1,395
million). The Board of Directors considers the result very
satisfactory.
o EBITDA was USD 301 million (DKK 1,790 million).
o Cash flow before financing items was USD 115 million (DKK 683
million). Cash flow from operating activities was USD 233 million (DKK
1,383 million), while cash flow from investing activities was USD
(118) million (DKK (699) million).
o At 31 December 2006, equity amounted to USD 1,281 million (DKK 7,251
million), corresponding to USD 37.0 per share (DKK 209.4) excluding
treasury shares.
o The market value of the Company's fleet as at 31 December 2006
exceeded the book value by USD 1,016 million (2005: USD 768 million)
equalling USD 29.3 per share (DKK 166.0) (2005: USD 22.0 (DKK 139.4))
excluding treasury shares.
o On 3 December 2006, TORM announced its own evaluation of its assets
and hereby the Company's Net Asset Value excluding brand and goodwill.
The evaluation was solely an internal calculation and was not
confirmed by evaluations from external advisers. The calculated value
was DKK 14,861 million equivalent to DKK 429 per share of DKK 10. For
information about vessels chartered in and purchase options, please
refer to Note 18 and 19.
o Return on Invested Capital (RoIC) was 19.6% (2005: 33.8%), and Return
on Equity (RoE) was 21.5% (2005: 36.9%).
o At the end of 2006, the Company owned 36 vessels: 31 product tankers
and five dry bulk carriers. The Company took delivery of four vessels
during the year and contracted eight newbuildings not yet delivered.
o By the end of 2006, TORM had 17 vessels on order. In addition, the
Company had entered into time charters for another 34 vessels.
Consequently, the Company's fleet of owned and chartered vessels will
by 2011 consist of 73 vessels based on existing contracts, assuming
that no vessels are disposed of, acquired and/or chartered in the
meantime.
o TORM's Board and Management have re-evaluated the Company's strategy
"Greater Earning Power". The strategy is maintained, but will in a
number of areas be made more precise. For details, please refer to
page 24.
o The profit before tax forecast for 2007 is USD 135-155 million. In
2006, profit before tax was USD 241 million including dividends (USD
26.4 million) and gains from sale of vessels (USD 54.4 million) vs. a
profit before tax forecast range of USD 240-250 million.
o The Board of Directors recommends, subject to approval by the Annual
General Meeting, that a dividend of DKK 11.5 (USD 2.0) per share be
paid corresponding to a total dividend payment of DKK 419 million (USD
74 million) and equivalent to 30% of net profit for the year and a
return of 3.1% in relation to the closing price of the Company's
shares on the last business day of 2006.
Telephone conference
A telephone conference and webcast (www.torm.com) reviewing the Annual Report
2006 will take place today, 5 March 2007, at 17:00 Copenhagen time. To
participate, please call 10 minutes before the call on tel.: +45 3271 4607 (from
Europe) or +1 334 323 6201 (from the USA). A replay of the conference will be
available from TORM's website.
A/S Dampskibsselskabet TORM Telephone +45 39 17 92 00
Tuborg Havnevej 18 Klaus Kjaerulff, CEO
DK-2900 Hellerup - Denmark
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SAFE HARBOUR STATEMENT - FORWARD LOOKING STATEMENTS
Matters discussed in this release may constitute forward-looking statements.
Forward-looking statements reflect our current views with respect to future
events and financial performance and may include statements concerning plans,
objectives, goals, strategies, future events or performance, and underlying
assumptions and other statements, which are other than statements of historical
facts.
The forward-looking statements in this release are based upon various
assumptions, many of which are based, in turn, upon further assumptions,
including without limitation, management's examination of historical operating
trends, data contained in our records and other data available from third
parties. Although TORM believes that these assumptions were reasonable when
made, because these assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible to predict and
are beyond our control, TORM cannot assure you that it will achieve or
accomplish these expectations, beliefs or projections.
Important factors that, in our view, could cause actual results to differ
materially from those discussed in the forward-looking statements include the
strength of world economies and currencies, changes in charter hire rates and
vessel values, changes in demand for "tonne miles" of crude oil carried by oil
tankers, the effect of changes in OPEC's petroleum production levels and
worldwide oil consumption and storage, changes in demand that may affect
attitudes of time charterers to scheduled and unscheduled dry-docking, changes
in TORM's operating expenses, including bunker prices, dry-docking and insurance
costs, changes in governmental rules and regulations including requirements for
double hull tankers or actions taken by regulatory authorities, potential
liability from pending or future litigation, domestic and international
political conditions, potential disruption of shipping routes due to accidents
and political events or acts by terrorists.
Risks and uncertainties are further described in reports filed by TORM with the
US Securities and Exchange Commission, including the TORM Annual Report on Form
20-F and its reports on Form 6-K.
USD mill. Danish GAAP
2006 2005 2004 2003* 2002*
---- ---- ---- ----- -----
Revenue** 604 586 442 308 194
Time charter equivalent earnings (TCE) 455 464 350 198 125
Gross profit 271 315 240 98 38
EBITDA 301 351 215 87 35
Operating profit 242 303 179 60 14
Financial items (1) (4) 26 100 1
Profit before tax 241 299 205 160 15
Net profit for the year 235 299 187 160 70
BALANCE SHEET
Non-current assets 1,968 1,528 1,056 700 450
Total assets 2,089 1,810 1,240 821 567
Equity 1,281 905 715 414 229
Total liabilities 808 905 524 408 337
Invested capital 1,299 1,176 618 535 402
Net interest bearing debt 662 632 272 285 213
Cash and bonds 33 157 124 80 74
CASH FLOW
From operating activities 233 261 228 75 33
From investing activities (118) (473) (187) (153) (142)
thereof investment in tangible fixed assels (262) (636) (187) (170) (121)
From financing activities (239) 303 (3) 72 70
Total Net cash flow (124) 91 38 (7) (39)
KEY FINANCIAL FIGURES***
Gross margins**
TCE 75.3% 79.2% 79.2% 64.5% 64.2%
Gross profit 44.9% 53.8% 54.3% 31.9% 19.7%
EBITDA 49.8% 59.9% 48.6% 28.2% 17.8%
Operating profit 40.1% 51.7% 40.5% 19.5% 7.4%
Return on Equity (RoE) 21.5% 36.9% 33.1% 49.6% 35.7%
Return on Invested Capital (RoIC)**** 19.6% 33.8% 31.0% 12.8% 4.3%
Equity ratio 61.3% 50.0% 57.7% 50.3% 40.4%
Exchange rate USD/DKK,end of period 5.66 6.32 5.47 5.96 7.08
Exchange rate USD/DKK, average 5.95 6.00 5.99 6.59 7.89
SHARE RELATED KEY FIGURES***
Earnings per share, EPS [USD) 6.8 8.6 5.4 4.6 2.0
Diluted earnings per share, EPS [USD) 6.8 8.6 5.3 4.5 2.0
Cash flow per share, CFPS (USD) 6.7 7.5 6.6 2.2 1.0
Proposed dividend per share (USD)***** 2.0 3.6 2.7 1.0 0.1
Proposed dividend per share (DKK) 11.5 23.0 15.0 6.0 1.0
Share price in DKK,end of period (per share of DKK 10 each) 372.0 305.1 225.8 90.3 28.2
Number of shares, end of period (mill.) 36.4 36.4 36.4 36.4 36.4
Number of shares lexcl. treasury sharesl. average (mill.) 34.7 34.8 34.8 34.6 34.6
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
A/S STEAMSHIP COMPANY TORM
(registrant)
Dated March 19, 2007 By: /s/ Klaus Kjaerulff
--------------------------
Klaus Kjaerulff
Chief Executive Officer
SK 03810 0001 757254