Reported Revenues of $1.93
Billion, Net Income of $373
Million, Adjusted EBITDA1 of $766 Million and Adjusted EBIT of $488 Million2; Achieved
Adjusted EBITDA and Adjusted EBIT Margins of 40% and 25%,
Respectively
Achieved 11% Volume Growth with Record Carried Volume of 952
Thousand TEUs
Increased Full Year 2024 Guidance to Adjusted EBITDA of
$2.6 Billion to $3.0 Billion and Adjusted EBIT of $1.45 Billion to $1.85
Billion3
Declared Dividend of $112
million, or $0.93 per
Share
HAIFA,
Israel, Aug. 19, 2024 /PRNewswire/ -- ZIM
Integrated Shipping Services Ltd. (NYSE: ZIM), ("ZIM" or the
"Company") a global container liner shipping company, announced
today its consolidated results for the three and six months ended
June 30, 2024.
Second Quarter 2024 Highlights
- Net income for the second quarter was $373 million (compared to a net loss of
$213 million in the second quarter of
2023), or diluted earnings per share of $3.084 (compared to diluted loss
per share of $1.79 in the second
quarter of 2023).
- Adjusted EBITDA1 for the second quarter was
$766 million, a year-over-year
increase of 179%.
- Operating income (EBIT) for the second quarter was $468 million, compared to operating loss of
$168 million in the second quarter of
2023.
- Adjusted EBIT1 for the second quarter was
$488 million, compared to Adjusted
EBIT loss of $147 million in the
second quarter of 2023.
- Total revenues for the second quarter were $1,933 million, a year-over-year increase of
48%.
- Carried volume in the second quarter was 952
thousand TEUs, a year-over-year increase of 11%.
- Average freight rate per TEU in the second quarter was
$1,674, a year-over-year increase of
40%.
- Net debt1 of $3.25
billion as of June 30, 2024,
compared to $2.31 billion as of
December 31, 2023; net leverage
ratio1 of 2.0x at June 30,
2024, compared to 2.2x as of December
31, 2023.
Eli Glickman, ZIM President
& CEO, stated, "We are pleased with our strong second
quarter performance, highlighted by outstanding strategic execution
that led to record high carried volume, representing 11% growth
year-over-year. The steps we have taken to upscale our capacity and
enhance our cost structure continued to drive strong financial
results. We generated net income of $373
million, as we drew on our differentiated strategy and
agility while capitalizing on sustained market strength. Aligned
with our prioritization of returning capital to shareholders, we
declared a dividend of $0.93 per
share, or $112 million, representing
30% of second quarter net income."
Mr. Glickman added, "During the quarter, we benefitted from
ZIM's strategic decision to increase the Company's spot market
exposure in the Transpacific trade. This has enabled us to capture
significant upside in a rate environment that has been elevated for
longer than anticipated. We expect our results in the second half
of 2024 to be better than in the first half of the year, driven by
continued supply pressure from the Red Sea crisis, combined with
current favorable demand trends. As a result, we have significantly
increased our full year 2024 guidance and today forecast full year
Adjusted EBITDA between $2.6 billion
and $3.0 billion and Adjusted EBIT
between $1.45 billion and
$1.85 billion."
Mr. Glickman concluded, "While market fundamentals still signal
supply growth significantly outpacing demand, we are confident that
we have built a resilient business with a transformed fleet. By
year's end, our ongoing newbuild program will be complete, as we
receive delivery of the remaining eight out of 46 modern,
fuel-efficient containerships that we secured, including 28
LNG-powered vessels. We are on track to achieve our double-digit
volume growth target in 2024 and well positioned to drive
profitable growth ahead."
Summary of Key Financial and Operational Results
|
Q2-24
|
Q2-23
|
H1-24
|
H1-23
|
|
Carried volume
(K-TEUs)................................
|
952
|
860
|
1,799
|
1,629
|
|
Average freight rate
($/TEU)...........................
|
1,674
|
1,193
|
1,569
|
1,286
|
|
Total revenues ($ in
millions)...........................
|
1,933
|
1,310
|
3,495
|
2,684
|
|
Operating income (loss)
(EBIT) ($ in millions).
|
468
|
(168)
|
635
|
(182)
|
|
Profit (loss) before
income tax ($ in millions)..
|
375
|
(272)
|
471
|
(337)
|
|
Net income (loss) ($ in
millions)......................
|
373
|
(213)
|
465
|
(271)
|
|
Adjusted
EBITDA1 ($ in millions).....................
|
766
|
275
|
1,193
|
648
|
|
Adjusted
EBIT1 ($ in
millions)..........................
|
488
|
(147)
|
655
|
(160)
|
|
Net income (loss)
margin (%)..........................
|
19
|
(16)
|
13
|
(10)
|
|
Adjusted EBITDA margin
(%)..........................
|
40
|
21
|
34
|
24
|
|
Adjusted EBIT margin
(%)...............................
|
25
|
(11)
|
19
|
(6)
|
|
Diluted earnings (loss)
per share ($)...............
|
3.08
|
(1.79)
|
3.83
|
(2.29)
|
|
Net cash generated from
operating activities
($ in
millions)...................................................
|
777
|
347
|
1,103
|
520
|
|
Free cash
flow1 ($ in
millions).........................
|
712
|
321
|
1,015
|
463
|
|
|
|
|
|
|
JUN-30-24
|
DEC-31-23
|
|
|
|
Net debt1 ($
in millions)...................................
|
3,245
|
2,309
|
|
|
Financial and Operating Results for the Second Quarter Ended
June 30, 2024
Total revenues
were $1.93 billion for the second
quarter of 2024, compared to $1.31
billion for the second quarter of 2023, mainly driven by the
increase in freight rates and carried volume.
ZIM carried 952 thousand TEUs in the second quarter of 2024,
compared to 860 thousand TEUs in the second quarter of 2023. The
average freight rate per TEU was $1,674 for the second quarter of 2024, compared
to $1,193 for the second quarter of
2023.
Operating income (EBIT) for the second quarter of 2024 was
$468 million, compared to operating
loss of $168 million for the second
quarter of 2023. The increase was driven primarily by the
above-mentioned increase in revenues.
Net income for the second quarter of 2024 was $373 million, compared to net loss of
$213 million for the second quarter
of 2023, also mainly driven by the above-mentioned increase in
revenues.
Adjusted EBITDA for the second quarter of 2024 was $766 million, compared to $275 million for the second quarter of 2023.
Adjusted EBIT was $488 million for
the second quarter of 2024, compared to Adjusted EBIT loss of
$147 million for the second quarter
of 2023. Adjusted EBITDA and Adjusted EBIT margins for the second
quarter of 2024 were 40% and 25%, respectively. This compares to
21% and -11% for the second quarter of 2023, respectively.
Net cash generated from operating activities was $777 million for the second quarter of 2024,
compared to $347 million for the
second quarter of 2023.
Financial and Operating Results for the Six Months Ended
June 30, 2024
Total revenues
were $3.49 billion for the first half
of 2024, compared to $2.68 billion
for the first half of 2023, primarily driven by both an increase in
freight rates and carried volume.
ZIM carried 1,799 thousand TEUs in the first half of 2024,
compared to 1,629 thousand TEUs in the first half of 2023. The
average freight rate per TEU was $1,569 for the first half of 2024, compared to
$1,286 for the first half of
2023.
Operating income (EBIT) for the first half of 2024 was
$635 million, compared to operating
loss of $182 million for the first
half of 2023. The increase in operating income for the first half
of 2024 was primarily driven by the above-mentioned increase in
revenues.
Net income for the first half of 2024 was $465 million, compared to net loss of
$271 million for the first half of
2023, also mainly driven by the above-mentioned increase in
revenues.
Adjusted EBITDA was $1,193 million
for the first half of 2024, compared to $648
million for the first half of 2023. Adjusted EBIT was
$655 million for the first half of
2024, compared to Adjusted EBIT loss of $160
million for the first half of 2023. Adjusted EBITDA and
Adjusted EBIT margins for the first half of 2024 were 34% and 19%,
respectively. This compares to 24% and -6% for the first half of
2023.
Net cash generated from operating activities was $1,103 million for the first half of 2024,
compared to $520 million for the
first half of 2023.
Liquidity, Cash Flows and Capital Allocation
ZIM's
total cash position (which includes cash and cash equivalents and
investments in bank deposits and other investment instruments)
decreased by $351 million from
$2.69 billion as of December 31, 2023 to $2.34
billion as of June 30, 2024.
Capital expenditures totaled $66
million for the second quarter of 2024, compared to
$26 million for the second quarter of
2023. Net debt position as of June 30,
2024 was $3.25 billion,
compared to $2.31 billion, as of
December 31, 2023, an increase of
$936 million. ZIM's net leverage
ratio as of June 30, 2024, was 2.0x,
compared to 2.2x as of December 31,
2023.
Second Quarter 2024 Dividend
In accordance with the
Company's dividend policy, the Company's Board of Directors
declared a cash dividend of approximately $112 million, or $0.93 per ordinary share, reflecting
approximately 30% of second quarter 2024 net income. The dividend
will be paid on September 5, 2024, to
holders of ZIM ordinary shares as of August
29, 2024.
All future dividends are subject to the discretion of Company's
Board of Directors and to the restrictions provided by Israeli
law.
Use of Non-IFRS Measures in the Company's 2024
Guidance
A reconciliation of the Company's non-IFRS
financial measures included in its full-year 2024 guidance to
corresponding IFRS measures is not available on a forward-looking
basis. In particular, the Company has not reconciled its Adjusted
EBITDA and Adjusted EBIT because the various reconciling items
between such non-IFRS financial measures and the corresponding IFRS
measures cannot be determined without unreasonable effort due to
the uncertainty regarding, and the potential variability of, the
future costs and expenses for which the Company adjusts, the effect
of which may be significant, and all of which are difficult to
predict and are subject to frequent change.
Updated Full-Year 2024 Guidance
The Company increased
its guidance for the full year of 2024 and now expects to generate
Adjusted EBITDA between $2.6 billion
and $3.0 billion and Adjusted EBIT
between $1.45 billion and
$1.85 billion. Previously, the
Company expected to generate Adjusted EBITDA between $1.15 billion and $1.55
billion and Adjusted EBIT between zero and $400 million.
Conference Call Details
Management will host a
conference call and webcast (along with a slide presentation) to
review the results and provide a corporate update today at
8:00 AM ET.
To access the live conference call by telephone, please dial the
following numbers: United States
(toll free) +1-800-715-9871 or +1-646-307-1963; Israel +972-3-376-1144 or UK/international
+44-20-3481-4247, and reference conference ID: 3054682 or the
conference name. The call (and slide presentation) will be
available via live webcast through ZIM's website, located at the
following link. Following the conclusion of the call, a replay of
the conference call will be available on the Company's website.
About ZIM
Founded in Israel in 1945, ZIM (NYSE: ZIM) is a leading
global container liner shipping company with established operations
in more than 90 countries serving approximately 33,000 customers in
over 300 ports worldwide. ZIM leverages digital strategies and a
commitment to ESG values to provide customers innovative seaborne
transportation and logistics services and exceptional customer
experience. ZIM's differentiated global-niche strategy, based on
agile fleet management and deployment, covers major trade routes
with a focus on select markets where the company holds competitive
advantages. Additional information about ZIM is available at
www.ZIM.com.
Forward-Looking Statements
The following information
contains, or may be deemed to contain forward-looking statements
(as defined in the U.S. Private Securities Litigation Reform Act of
1995). In some cases, you can identify these statements by
forward-looking words such as "may," "might," "will," "should,"
"expect," "plan," "anticipate," "believe," "estimate," "predict,"
"potential" or "continue," the negative of these terms and other
comparable terminology. These forward-looking statements, which are
subject to risks, uncertainties and assumptions about the Company,
may include projections of the Company's future financial results,
its anticipated growth strategies and anticipated trends in its
business. These statements are only predictions based on the
Company's current expectations and projections about future events
or results. There are important factors that could cause the
Company's actual results, level of activity, performance or
achievements to differ materially from the results, level of
activity, performance or achievements expressed or implied by the
forward-looking statements. Factors that could cause such
differences include, but are not limited to: market changes in
freight, bunker, charter and other rates or prices (including as a
result of the continued situation in the Red Sea), supply-demand
fluctuations in the containerized shipping market, new legislation
or regulation affecting the Company's operations, new competition
and changes in the competitive environment, our ability to achieve
cost savings or expense reductions, the outcome of legal
proceedings to which the Company is a party, global, regional
and/or local political instability, including the ongoing war
between Israel and Hamas, the
increased tension between Israel
and Iran and its proxies, in
particular the ongoing hostilities between Israel and Hezbollah, inflation rate
fluctuations, capital markets fluctuations and other risks and
uncertainties detailed from time to time in the Company's filings
with the U.S. Securities and Exchange Commission (SEC), including
under the caption "Risk Factors" in its 2023 Annual Report
filed with the SEC on March 13,
2024.
Although the Company believes the expectations reflected in the
forward-looking statements contained herein are reasonable, it
cannot guarantee future results, level of activity, performance or
achievements. Moreover, neither the Company nor any other person
assumes responsibility for the accuracy and completeness of any of
these forward-looking statements. The Company assumes no duty to
update any of these forward-looking statements after the date
hereof to conform its prior statements to actual results or revised
expectations, except as otherwise required by law.
The Company prepares its financial statements in accordance with
International Financial Reporting Standards (IFRS), as issued by
the International Accounting Standards Board (IASB).
Use of Non-IFRS Financial Measures
The Company
presents non-IFRS measures as additional performance measures as
the Company believes that it enables the comparison of operating
performance between periods on a consistent basis. These measures
should not be considered in isolation, or as a substitute for
operating income, any other performance measures, or cash flow
data, which were prepared in accordance with Generally Accepted
Accounting Principles as measures of profitability or liquidity.
Please note that Adjusted EBITDA does not take into account debt
service requirements or other commitments, including capital
expenditures, and therefore, does not necessarily indicate the
amounts that may be available for the Company's use. In addition,
the non-IFRS financial measures presented by the Company may not be
comparable to similarly titled measures reported by other companies
due to differences in the way these measures are calculated.
Adjusted EBITDA is a non-IFRS financial measure
which we define as net income (loss) adjusted to exclude financial
expenses (income), net, income taxes, depreciation and amortization
in order to reach EBITDA, and further adjusted, as applicable, to
exclude impairment of assets, non-cash charter hire expenses,
capital gains (losses) beyond the ordinary course of business and
expenses related to legal contingencies.
Adjusted EBIT is a non-IFRS financial measure which
we define as net income (loss) adjusted to exclude financial
expenses (income), net and income taxes, in order to reach our
results from operating activities, or EBIT, and further adjusted,
as applicable, to exclude impairment of assets, non-cash charter
hire expenses, capital gains (losses) beyond the ordinary course of
business and expenses related to legal contingencies.
Free cash flow is a non-IFRS financial measure which we
define as net cash generated from operating activities minus
capital expenditures, net.
Net debt is a non-IFRS financial measure which we
define as face value of short- and long-term debt, minus cash and
cash equivalents, bank deposits and other investment
instruments. We refer to this measure as net cash when cash
and cash equivalents, bank deposits and other investment
instruments exceed the face value of short- and long-term debt.
Net leverage ratio is a non-IFRS financial measure
which we define as net debt (see above) divided by Adjusted EBITDA
for the last twelve-month period. When our net debt is less than
zero, we report the net leverage ratio as zero.
See the reconciliation of net income to Adjusted EBIT and
Adjusted EBITDA and net cash generated from operating activities to
free cash flow in the tables provided below.
Investor Relations:
Elana
Holzman
ZIM Integrated Shipping Services Ltd.
+972-4-865-2300
holzman.elana@zim.com
Leon Berman
The IGB Group
212-477-8438
lberman@igbir.com
Media:
Avner Shats
ZIM Integrated Shipping Services Ltd.
+972-4-865-2520
shats.avner@zim.com
|
CONSOLIDATED
BALANCE SHEET (Unaudited)
|
|
(U.S. dollars in
millions)
|
|
June 30
|
December
31
|
|
2024
|
2023
|
2023
|
|
|
|
|
|
Assets
|
|
|
|
|
Vessels
|
4,917.2
|
5,005.4
|
3,758.9
|
|
Containers and handling
equipment
|
906.7
|
1,209.8
|
792.9
|
|
Other tangible
assets
|
91.8
|
124.3
|
85.2
|
|
Intangible
assets
|
105.7
|
98.1
|
102.0
|
|
Investments in
associates
|
28.4
|
29.3
|
26.4
|
|
Other
investments
|
772.0
|
1,354.2
|
908.7
|
|
Other
receivables
|
76.6
|
111.6
|
97.9
|
|
Deferred tax
assets
|
2.5
|
2.5
|
2.6
|
|
Total non-current
assets
|
6,900.9
|
7,935.2
|
5,774.6
|
|
|
|
|
|
Inventories
|
187.7
|
174.1
|
179.3
|
|
Trade and other
receivables
|
1,030.9
|
671.0
|
596.5
|
|
Other
investments
|
699.1
|
863.0
|
874.1
|
|
Cash and cash
equivalents
|
889.8
|
1,040.3
|
921.5
|
|
Total current
assets
|
2,807.5
|
2,748.4
|
2,571.4
|
|
Total
assets
|
9,708.4
|
10,683.6
|
8,346.0
|
|
|
|
|
|
Equity
|
|
|
|
|
Share capital and
reserves
|
2,016.7
|
1,994.8
|
2,017.5
|
|
Retained
earnings
|
872.4
|
2,858.3
|
437.2
|
|
Equity attributable
to owners of the Company
|
2,889.1
|
4,853.1
|
2,454.7
|
|
Non-controlling
interests
|
2.4
|
2.0
|
3.3
|
|
Total
equity
|
2,891.5
|
4,855.1
|
2,458.0
|
|
|
|
|
|
Liabilities
|
|
|
|
|
Lease
liabilities
|
4,000.1
|
3,230.4
|
3,244.1
|
|
Loans and other
liabilities
|
65.2
|
83.0
|
73.6
|
|
Employee
benefits
|
42.5
|
42.4
|
46.1
|
|
Deferred tax
liabilities
|
5.7
|
79.0
|
6.1
|
|
Total non-current
liabilities
|
4,113.5
|
3,434.8
|
3,369.9
|
|
|
|
|
|
Trade and other
payables
|
610.3
|
561.8
|
566.4
|
|
Provisions
|
87.9
|
53.4
|
60.7
|
|
Contract
liabilities
|
475.1
|
208.4
|
198.1
|
|
Lease
liabilities
|
1,481.9
|
1,522.1
|
1,644.7
|
|
Loans and other
liabilities
|
48.2
|
48.0
|
48.2
|
|
Total current
liabilities
|
2,703.4
|
2,393.7
|
2,518.1
|
|
Total
liabilities
|
6,816.9
|
5,828.5
|
5,888.0
|
|
Total equity and
liabilities
|
9,708.4
|
10,683.6
|
8,346.0
|
|
CONSOLIDATED INCOME
STATEMENTS (Unaudited)
|
|
(U.S. dollars in
millions, except per share data)
|
|
Six months
ended June 30
|
Three months
ended June 30
|
Year ended
December 31
|
|
2024
|
2023
|
2024
|
2023
|
2023
|
|
|
|
|
|
|
|
Income from voyages and
related services
|
3,494.6
|
2,683.9
|
1,932.6
|
1,309.6
|
5,162.2
|
|
Cost of voyages and
related services
|
|
|
|
|
|
|
Operating expenses and
cost of services
|
(2,214.1)
|
(1,913.6)
|
(1,133.3)
|
(973.9)
|
(3,885.1)
|
|
Depreciation
|
(532.8)
|
(795.4)
|
(275.1)
|
(414.9)
|
(1,449.8)
|
|
Impairment of
assets
|
|
|
|
|
(2,034.9)
|
|
Gross profit
(loss)
|
747.7
|
(25.1)
|
524.2
|
(79.2)
|
(2,207.6)
|
|
|
|
|
|
|
|
Other operating
income
|
25.6
|
1.9
|
19.6
|
(8.2)
|
14.4
|
|
Other operating
expenses
|
(0.6)
|
(10.1)
|
(0.6)
|
(6.5)
|
(29.3)
|
|
General and
administrative expenses
|
(133.8)
|
(145.5)
|
(73.0)
|
(71.4)
|
(280.7)
|
|
Share of loss of
associates
|
(4.0)
|
(2.9)
|
(1.9)
|
(2.5)
|
(7.8)
|
|
|
|
|
|
|
|
Results from
operating activities
|
634.9
|
(181.7)
|
468.3
|
(167.8)
|
(2,511.0)
|
|
|
|
|
|
|
|
Finance
income
|
61.2
|
82.1
|
22.5
|
37.7
|
142.2
|
|
Finance
expenses
|
(224.9)
|
(237.2)
|
(115.9)
|
(142.0)
|
(446.7)
|
|
Net finance
expenses
|
(163.7)
|
(155.1)
|
(93.4)
|
(104.3)
|
(304.5)
|
|
|
|
|
|
|
|
Profit (loss) before
income taxes
|
471.2
|
(336.8)
|
374.9
|
(272.1)
|
(2,815.5)
|
|
|
|
|
|
|
|
Income taxes
|
(6.3)
|
66.0
|
(2.1)
|
59.4
|
127.6
|
|
Profit (loss) for
the period
|
464.9
|
(270.8)
|
372.8
|
(212.7)
|
(2,687.9)
|
|
|
|
|
|
|
|
Attributable
to:
|
|
|
|
|
|
|
Owners of the
Company
|
461.6
|
(274.6)
|
371.3
|
(215.1)
|
(2,695.6)
|
|
Non-controlling
interests
|
3.3
|
3.8
|
1.5
|
2.4
|
7.7
|
|
Profit (loss) for
the period
|
464.9
|
(270.8)
|
372.8
|
(212.7)
|
(2,687.9)
|
|
|
|
|
|
|
|
Earnings (loss) per
share (US$)
|
|
|
|
|
|
|
Basic earnings (loss)
per 1 ordinary share
|
3.84
|
(2.29)
|
3.08
|
(1.79)
|
(22.42)
|
|
Diluted earnings (loss)
per 1 ordinary share
|
3.83
|
(2.29)
|
3.08
|
(1.79)
|
(22.42)
|
|
Weighted average
number of shares
for earnings (loss) per share calculation:
|
|
|
|
|
|
|
Basic
|
120,324,186
|
120,182,399
|
120,341,086
|
120,195,365
|
120,213,031
|
|
Diluted
|
120,454,311
|
120,182,399
|
120,456,342
|
120,195,365
|
120,213,031
|
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS (Unaudited)
|
|
(U.S. dollars in
millions)
|
|
Six months ended
June 30
|
Three months
ended
June 30
|
Year ended
December 31
|
|
2024
|
2023
|
2024
|
2023
|
2023
|
|
Cash flows from
operating activities
|
|
|
|
|
|
|
Profit (loss) for the
period
|
464.9
|
(270.8)
|
372.8
|
(212.7)
|
(2,687.9)
|
|
Adjustments
for:
|
|
|
|
|
|
|
Depreciation and
amortization
|
538.6
|
808.7
|
278.0
|
421.5
|
1,471.8
|
|
Impairment
loss
|
|
|
|
|
2,063.4
|
|
Net finance
expenses
|
163.7
|
155.1
|
93.4
|
104.3
|
304.5
|
|
Share of losses and
change in fair value of investees
|
4.0
|
2.2
|
1.9
|
1.8
|
6.5
|
|
Capital loss (gain),
net
|
(25.5)
|
7.4
|
(19.5)
|
17.2
|
(10.9)
|
|
Income taxes
|
6.3
|
(66.0)
|
2.1
|
(59.4)
|
(127.6)
|
|
Other non-cash
items
|
3.0
|
9.7
|
1.5
|
3.4
|
18.9
|
|
1,155.0
|
646.3
|
730.2
|
276.1
|
1,038.7
|
|
|
|
|
|
|
|
Change in
inventories
|
(8.4)
|
16.6
|
9.6
|
15.0
|
11.4
|
|
Change in trade and
other receivables
|
(447.0)
|
176.9
|
(210.8)
|
33.7
|
242.7
|
|
Change in trade and
other payables including contract liabilities
|
331.8
|
(95.9)
|
198.5
|
(4.2)
|
(95.1)
|
|
Change in provisions
and employee benefits
|
27.3
|
2.9
|
24.1
|
1.5
|
15.9
|
|
(96.3)
|
100.5
|
21.4
|
46.0
|
174.9
|
|
|
|
|
|
|
|
Dividends received from
associates
|
1.2
|
1.5
|
|
1.4
|
2.3
|
|
Interest
received
|
39.8
|
88.0
|
17.8
|
38.5
|
133.8
|
|
Income taxes received
(paid)
|
3.2
|
(316.1)
|
7.4
|
(15.4)
|
(329.7)
|
|
|
|
|
|
|
|
Net cash generated
from operating activities
|
1,102.9
|
520.2
|
776.8
|
346.6
|
1,020.0
|
|
|
|
|
|
|
|
Cash flows from
investing activities
|
|
|
|
|
|
|
Proceeds from sale of
tangible assets, intangible assets
and interest in investees
|
3.2
|
17.7
|
1.7
|
5.5
|
27.4
|
|
Acquisition and
capitalized expenditures of tangible assets,
intangible assets and interest in
investees
|
(90.8)
|
(61.5)
|
(66.4)
|
(25.6)
|
(115.7)
|
|
Proceeds from sale
(acquisition) of investment instruments, net
|
315.1
|
(583.4)
|
116.1
|
(422.3)
|
(138.2)
|
|
Loans granted to
investees
|
(2.8)
|
(1.7)
|
(1.6)
|
|
(5.4)
|
|
Change in other
receivables
|
15.4
|
(14.0)
|
7.7
|
(5.8)
|
3.2
|
|
Change in other
investments (mainly deposits), net
|
|
1,982.7
|
(1.1)
|
581.8
|
2,005.2
|
|
Net cash generated
from investing activities
|
240.1
|
1,339.8
|
56.4
|
133.6
|
1,776.5
|
|
Cash flows from
financing activities
|
|
|
|
|
|
|
Repayment of lease
liabilities and borrowings
|
(1,117.0)
|
(861.4)
|
(480.3)
|
(466.4)
|
(1,713.1)
|
|
Change in short term
loans
|
|
(21.0)
|
|
|
(21.0)
|
|
Dividend paid to
non-controlling interests
|
(3.7)
|
(7.5)
|
(3.3)
|
(0.6)
|
(8.9)
|
|
Dividend paid to owners
of the Company
|
(27.7)
|
(769.2)
|
(27.7)
|
(769.2)
|
(769.2)
|
|
Interest
paid
|
(221.6)
|
(182.7)
|
(117.9)
|
(95.9)
|
(380.7)
|
|
Net cash used in
financing activities
|
(1,370.0)
|
(1,841.8)
|
(629.2)
|
(1,332.1)
|
(2,892.9)
|
|
|
|
|
|
|
|
Net change in cash and
cash equivalents
|
(27.0)
|
18.2
|
204.0
|
(851.9)
|
(96.4)
|
|
Cash and cash
equivalents at beginning of the period
|
921.5
|
1,022.1
|
687.9
|
1,892.6
|
1,022.1
|
|
Effect of exchange rate
fluctuation on cash held
|
(4.7)
|
0.0
|
(2.1)
|
(0.4)
|
(4.2)
|
|
Cash and cash
equivalents at the end of the period
|
889.8
|
1,040.3
|
889.8
|
1,040.3
|
921.5
|
|
RECONCILIATION OF
NET INCOME TO ADJUSTED EBIT*
|
|
(U.S. dollars in
millions)
|
|
Six months
ended
|
|
Three months
ended
|
|
June
30
|
|
June
30
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
465
|
|
(271)
|
|
373
|
|
(213)
|
|
Financial expenses,
net
|
164
|
|
155
|
|
93
|
|
104
|
|
Income taxes
|
6
|
|
(66)
|
|
2
|
|
(59)
|
|
Operating income
(EBIT)
|
635
|
|
(182)
|
|
468
|
|
(168)
|
|
Non-cash charter hire
expenses
|
0
|
|
1
|
|
0
|
|
0
|
|
Capital loss (gain),
beyond the ordinary course of business
|
0
|
|
21
|
|
0
|
|
0
|
|
Expenses related to
legal contingencies
|
20
|
|
0
|
|
20
|
|
0
|
|
Adjusted
EBIT
|
655
|
|
(160)
|
|
488
|
|
(147)
|
|
Adjusted EBIT
margin
|
19 %
|
|
(6) %
|
|
25 %
|
|
(11) %
|
|
* The table above may contain slight summation differences due to
rounding.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF
NET INCOME TO ADJUSTED EBITDA*
|
|
(U.S. dollars in
millions)
|
|
Six months
ended
|
|
Three months
ended
|
|
June
30
|
|
June
30
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
465
|
|
(271)
|
|
373
|
|
(213)
|
|
Financial expenses,
net
|
164
|
|
155
|
|
93
|
|
104
|
|
Income taxes
|
6
|
|
(66)
|
|
2
|
|
(59)
|
|
Depreciation and
amortization
|
539
|
|
809
|
|
278
|
|
422
|
|
EBITDA
|
1,173
|
|
627
|
|
746
|
|
254
|
|
Capital loss (gain),
beyond the ordinary course of business
|
0
|
|
21
|
|
0
|
|
21
|
|
Expenses related to
legal contingencies
|
20
|
|
0
|
|
20
|
|
0
|
|
Adjusted
EBITDA
|
1,193
|
|
648
|
|
766
|
|
275
|
|
Net income (loss)
margin
|
13 %
|
|
(10) %
|
|
19 %
|
|
(16) %
|
|
Adjusted EBITDA
margin
|
34 %
|
|
24 %
|
|
40 %
|
|
21 %
|
|
* The table above may contain slight summation differences due to
rounding.
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF
NET CASH GENERATED FROM OPERATING ACTIVITIES TO FREE CASH
FLOW
|
|
(U.S. dollars in
millions)
|
|
Six months
ended
|
|
Three months
ended
|
|
June
30
|
|
June
30
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
|
|
|
|
|
|
|
|
Net cash generated
from operating activities
|
1,103
|
|
520
|
|
777
|
|
347
|
|
Capital expenditures,
net
|
(88)
|
|
(57)
|
|
(65)
|
|
(26)
|
|
Free cash
flow
|
1,015
|
|
463
|
|
712
|
|
321
|
|
|
|
|
|
|
|
|
- See disclosure regarding "Use of Non-IFRS Financial
Measures."
- Operating income (EBIT) for the second quarter was $468 million. A reconciliation to Adjusted EBIT
is provided in the tables below.
- The Company does not provide IFRS guidance because it
cannot be determined without unreasonable effort. See disclosure
regarding "Use of Non-IFRS Measures in the Company's 2024
Guidance."
- The number of shares used to calculate the diluted earnings per
share is 120,456,342. The number of outstanding shares as of
June 30, 2024 was 120,354,980.
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SOURCE ZIM Integrated Shipping Services Ltd.
