TORM plc | CIK:0001655891 | 3

  • Filed: 4/9/2018
  • Entity registrant name: TORM plc (CIK: 0001655891)
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  • SEC filing page: http://www.sec.gov/Archives/edgar/data/1655891/000091957418002899/0000919574-18-002899-index.htm
  • XBRL Instance: http://www.sec.gov/Archives/edgar/data/1655891/000091957418002899/trmd-20171231.xml
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    • ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory

    NOTE 10 – FREIGHT RECEIVABLES
     
    USDm
    2017
    2016
    2015
    Analysis as of 31 December of freight receivables:
    		   
    Neither past due nor impaired
    25.5
    28.7
    40.3
        
    Past due not impaired:
    		   
    Due before 30 days
    26.0
     13.0
    22.8
    Due between 30 and 180 days
     18.4
     18.7
     16.4
        
    Past due and impaired:
    		   
    Due after 180 days
    2.7
    4.7
    5.3
    Total gross
    72.6
    65.1
    84.8
    Provision for impairment of freight receivables
     1.3
    2.6
     1.7
    Total net
     71.3
    62.5
     83.1
        
     
    As of 31 December 2017, freight receivables included receivables at a value of USD 0.0m (2016: USD 0.6m, 2015: USD 1.9m) that are individually determined to be impaired to a value of USD 0.0 m (2016: USD 0.5m, 2015: USD 0.2m).
     
    Movements in provisions for impairment of freight receivables during the year are as follows:
     
    USDm
    2017
    2016
    2015
    Provisions for impairment of Freight receivables
    		   
    Balance as of 1 January
    2.6
     1.7
    -
    Addition from business combinations
    -
    -
     1.9
    Provisions for the year
    0.6
     1.9
    0.5
    Provisions reversed during the year
      -1.9
      -1.0
     -0.7
    Balance as of 31 December
     1.3
    2.6
     1.7
        
     
    Provisions for impairment of freight receivables have been recognized in the income statement under "Port expenses, bunkers and commissions".