Recorded Q3 2022 Net Income of $1.17
Billion; Continued to Deliver Very Strong Operating
Margins
Delivered Record Results for the First Nine Months of 2022,
including Net Income of $4.2
Billion
Revised 2022 Full Year Guidance: Expect to Generate Adjusted
EBITDA1 of $7.4-$7.7 Billion
and Adjusted EBIT of $6.0-$6.3
Billion
Declared Q3 2022 Dividend of Approximately $354 million, or $2.95 per Share, Representing 30% of Q3 2022 Net
Income
HAIFA,
Israel, Nov. 16, 2022 /PRNewswire/ -- ZIM
Integrated Shipping Services Ltd. (NYSE: ZIM), a global
container liner shipping company, announced today its consolidated
results for the three and nine months ended September 30, 2022.
Third Quarter 2022 Highlights
- Net income for the third quarter was $1.17 billion (compared to $1.46 billion in the third quarter of 2021), or
$9.66 per diluted share2
(compared to $12.16 in the third
quarter of 2021)
- Adjusted EBITDA for the third quarter was $1.93 billion, a year-over-year decrease of
7%
- Operating income (EBIT) for the third quarter was $1.54 billion, a year-over-year decrease of
17%
- Revenues for the third quarter were $3.23 billion, a year-over-year increase of
3%
- Carried volume in the third quarter was 842 thousand TEUs, a
year-over-year decrease of 5%
- Average freight rate per TEU in third quarter was $3,353, a year-over-year increase of 4%
- Net leverage1 ratio of 0.0x at September 30, 2022, similar to December 31, 2021
- Declared dividend of approximately $354
million, or $2.95 per share,
representing approximately 30% of third quarter net
income
- Announced a ten-year liquefied natural gas (LNG) purchase
agreement with Shell to supply the LNG-fueled vessels that will be
deployed on ZIM's Asia to USEC
trade
Eli Glickman, ZIM President &
CEO, stated, "Our third quarter and nine-month 2022 results reflect
outstanding execution and elevated profitability. While market
conditions remained volatile, we delivered strong EBITDA and EBIT
margins and generated net income of $1.17
billion in the third quarter. Given our significant cash
generation, and consistent with our prioritization of returning
capital to shareholders, we have declared this year over
$1.26 billion, or $10.55 per share, in dividends on account of 2022
results, including a Q3 dividend of approximately $354 million, or $2.95 per share."
Mr. Glickman added, "Driven by macroeconomic and geopolitical
uncertainties, the near-term outlook for container shipping has
shifted and the normalization in freight rates has begun. Based on
our current market expectations, we now forecast 2022 adjusted
EBITDA of between $7.4 billion to
$7.7 billion and adjusted EBIT of
between $6.0 billion to $6.3 billion, and note that both will once again
represent full-year records."
Mr. Glickman concluded, "The proactive steps we have taken over
the past two years, combined with our balance sheet strength, have
transformed ZIM and significantly enhanced our resilience both
commercially and operationally, to best position our Company for
the 'new normal.' As we remain committed to our global niche
strategy focused on attractive trades, we have opened several new
services during this time, improving our port coverage to better
serve our customers and making our commercial presence more
resilient and diversified. We have identified growth engines
complementary to our container shipping activities, such as our car
carrier activities and digital freight forwarding subsidiary. We
have also secured competitive and cost effective newbuild capacity
to support our commercial strategy and advance our and our
customers' ESG agenda."
Summary of Key
Financial and Operational Results
|
|
Q3.22
|
Q3.21
|
9M.22
|
9M.21
|
Carried volume
(K-TEUs)
|
842
|
884
|
2,557
|
2,623
|
Average freight rate
($/TEU)
|
3,353
|
3,226
|
3,600
|
2,510
|
Revenue ($ in
millions)
|
3,228
|
3,136
|
10,373
|
7,262
|
Operating income (EBIT)
($ in millions)
|
1,544
|
1,859
|
5,551
|
3,700
|
Profit before income
tax ($ in millions)
|
1,514
|
1,821
|
5,469
|
3,577
|
Net income ($ in
millions)
|
1,166
|
1,463
|
4,212
|
2,941
|
Adjusted
EBITDA1 ($ in
millions)
|
1,934
|
2,080
|
6,568
|
4,236
|
Adjusted
EBIT1 ($ in
millions)
|
1,554
|
1,859
|
5,561
|
3,706
|
Adjusted EBITDA margin
(%)
|
60
|
66
|
63
|
58
|
Adjusted EBIT margin
(%)
|
48
|
59
|
54
|
51
|
Net cash generated from
operating
activities ($ in millions)
|
1,672
|
2,008
|
5,041
|
3,966
|
Earnings per share
(diluted EPS) ($)
|
9.66
|
12.16
|
34.91
|
24.79
|
Free cash
flow1 ($ in
millions)
|
1,626
|
1,720
|
4,748
|
3,216
|
|
SEP.22
|
DEC.21
|
|
|
Net debt (net
cash)1 ($ in
millions)
|
250
|
(509)
|
|
|
Financial and Operating Results for the Third Quarter Ended
September 30, 2022
Total revenues were $3.23 billion
for the third quarter of 2022, compared to $3.14 billion for the third quarter of 2021.
ZIM carried 842 thousand TEUs in the third quarter of 2022,
compared to 884 thousand TEUs in the third quarter of 2021. The
average freight rate per TEU was $3,353 for the third quarter of 2022, compared to
$3,226 for the third quarter of
2021.
Operating income (EBIT) for the third quarter of 2022 was
$1.54 billion, compared to
$1.86 billion for the third quarter
of 2021, resulting from increased costs, primarily bunker costs and
vessels chartering, partially offset by higher revenues.
Net income for the third quarter of 2022 was $1.17 billion, compared to $1.46 billion for the third quarter of 2021. Net
income for the third quarter of 2022 included a tax expense of
$348 million, compared to
$358 million for the third quarter of
2021.
Adjusted EBITDA was $1.93 billion
for the third quarter of 2022, compared to $2.08 billion for the third quarter of 2021.
Adjusted EBIT was $1.55 billion for
the third quarter of 2022, compared to $1.86
billion for the third quarter of 2021. Adjusted EBITDA and
Adjusted EBIT margins for the third quarter of 2022 were 60% and
48%, respectively. This compares to 66% and 59% for the third
quarter of 2021, respectively.
Net cash generated from operating activities was $1.67 billion for the third quarter of 2022,
compared to $2.01 billion for the
third quarter of 2021.
Financial and Operating Results for the Nine Months Ended
September 30, 2022
Total revenues were $10.37 billion
for the first nine months of 2022, compared to $7.26 billion for the first nine months of 2021,
primarily driven by elevated freight rates.
ZIM carried 2,557 thousand TEUs in the first nine months of
2022, compared to 2,623 thousand TEUs in the first nine months of
2021. The average freight rate per TEU was $3,600 for the first nine months of 2022,
compared to $2,510 for the first nine
months of 2021.
Operating income (EBIT) for the first nine months of 2022 was
$5.55 billion, compared to
$3.70 billion for the first nine
months of 2021. Nine-month operating income benefited from elevated
freight rates, the impact of which was partially offset by
increased bunkering and vessel chartering costs.
Net income for the first nine months of 2022 was $4.21 billion, compared to $2.94 billion for the first nine months of 2021.
Net income for the first nine months of 2022 included a tax expense
of $1.26 billion, compared to
$636 million for the first nine
months of 2021.
Adjusted EBITDA was $6.57 billion
for the first nine months of 2022, compared to $4.24 billion for the first nine months of 2021.
Adjusted EBIT was $5.56 billion for
the first nine months of 2022, compared to $3.71 billion for the first nine months of 2021.
Adjusted EBITDA and Adjusted EBIT margins for the first nine months
of 2022 were 63% and 54%, respectively. This compares to 58% and
51% for the first nine months of 2021, respectively.
Net cash generated from operating activities was $5.04 billion for the first nine months of 2022,
compared to $3.97 billion for the
first nine months of 2021.
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) increased by $634
million from $3.81 billion as
of December 31, 2021 to $4.44 billion at September
30, 2022. Capital expenditures totaled $62 million for the third quarter of 2022,
compared with $291 million for the
third quarter of 2021. Net debt was $250
million as of September 30,
2022, compared to net cash of $509
million as of December 31,
2021, a change of $759
million. ZIM's net leverage ratio as of September 30, 2022, was 0.0x, similar to
December 31, 2021.
Q3 2022 Dividend
In accordance with the Company's dividend policy, ZIM's Board of
Directors declared a cash dividend of approximately $354 million, or $2.95 per ordinary share, reflecting
approximately 30% of third quarter 2022 net income. The dividend
will be paid on December 7, 2022 to
holders of ZIM ordinary shares as of November 29, 2022.
Updated Full-Year 2022 Guidance
The Company revised its guidance for the full-year 2022 and now
expects to generate Adjusted EBITDA of between $7.4 billion and $7.7
billion and Adjusted EBIT of between $6.0 billion and $6.3
billion. Previously the Company expected to generate
Adjusted EBITDA of between $7.8
billion and $8.2 billion and
Adjusted EBIT of between $6.3 billion
and $6.7 billion.
Long-Term LNG Bunkering Agreement with Shell
In August 2022, the Company
announced the signing of a ten-year LNG purchase agreement with
Shell NA LNG, LLC to supply ten LNG-fueled vessels that will be
deployed on ZIM's flagship ZIM Container Service Pacific (ZCP), on
the Asia to USEC trade. These ten
15,000 TEU vessels are expected to enter into service during
2023-2024 and will be transporting goods from China and South
Korea to the US East Coast and the Caribbean.
Use of Non-IFRS Measures in the Company's 2022
Guidance
A reconciliation of the Company's non-IFRS financial measures
included in its full-year 2022 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.
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
+1-855-265-6958 or +1-718-705-8796; Israel +972-3-721-9662 or UK/international
+44-1-212-818-004. 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
here.
About ZIM
Founded in Israel in 1945, ZIM
(NYSE: ZIM) is a leading global container liner shipping company
with established operations in approximately 100 countries serving
approximately 30,000 customers in over 350 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, new legislation
or regulation affecting the Company's operations, new competition
and changes in the competitive environment, the outcome of legal
proceedings to which the Company is a party, global and/or regional
political instability, 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 2021 Annual Report filed with the SEC on
March 9, 2022.
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 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 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 EBITDA and
Adjusted EBIT 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)
|
|
September
30
|
|
December
31
|
|
2022
|
|
2021
|
|
2021
|
Assets
|
|
|
|
|
|
Vessels
|
4,640.5
|
|
2,280.9
|
|
2,957.8
|
Containers and handling
equipment
|
1,270.8
|
|
1,258.3
|
|
1,365.8
|
Other tangible
assets
|
76.9
|
|
66.4
|
|
68.9
|
Intangible
assets
|
82.5
|
|
68.4
|
|
73.8
|
Investments in
associates
|
26.0
|
|
13.3
|
|
12.2
|
Other
investments
|
1,314.3
|
|
5.6
|
|
169.2
|
Trade and other
receivables
|
109.5
|
|
6.5
|
|
107.2
|
Deferred tax
assets
|
2.3
|
|
1.5
|
|
2.1
|
Total non-current
assets
|
7,522.8
|
|
3,700.9
|
|
4,757.0
|
|
|
|
|
|
|
Inventories
|
225.7
|
|
107.2
|
|
119.0
|
Trade and other
receivables
|
1,088.7
|
|
1,234.2
|
|
1,278.0
|
Other
investments
|
1,871.7
|
|
345.1
|
|
2,144.5
|
Cash and cash
equivalents
|
1,285.7
|
|
2,455.0
|
|
1,543.3
|
Total current
assets
|
4,471.8
|
|
4,141.5
|
|
5,084.8
|
Total
assets
|
11,994.6
|
|
7,842.4
|
|
9,841.8
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
Share capital and
reserves
|
2,009.9
|
|
1,994.2
|
|
2,011.4
|
Retained
earnings
|
3,800.6
|
|
1,174.5
|
|
2,580.6
|
Equity attributable
to owners of the Company
|
5,810.5
|
|
3,168.7
|
|
4,592.0
|
Non-controlling
interests
|
6.8
|
|
6.6
|
|
7.5
|
Total
equity
|
5,817.3
|
|
3,175.3
|
|
4,599.5
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
Lease
liabilities
|
3,020.0
|
|
1,766.3
|
|
2,178.7
|
Loans and other
liabilities
|
140.1
|
|
126.3
|
|
120.8
|
Employee
benefits
|
45.0
|
|
63.6
|
|
65.6
|
Deferred tax
liabilities
|
139.4
|
|
86.0
|
|
120.6
|
Total non-current
liabilities
|
3,344.5
|
|
2,042.2
|
|
2,485.7
|
|
|
|
|
|
|
Trade and other
payables
|
846.6
|
|
1,052.3
|
|
1,086.3
|
Provisions
|
51.6
|
|
29.0
|
|
28.3
|
Contract
liabilities
|
410.1
|
|
636.0
|
|
618.3
|
Lease
liabilities
|
1,424.7
|
|
777.3
|
|
893.0
|
Loans and other
liabilities
|
99.8
|
|
130.3
|
|
130.7
|
Total current
liabilities
|
2,832.8
|
|
2,624.9
|
|
2,756.6
|
Total
liabilities
|
6,177.3
|
|
4,667.1
|
|
5,242.3
|
Total equity and
liabilities
|
11,994.6
|
|
7,842.4
|
|
9,841.8
|
CONSOLIDATED INCOME
STATEMENTS (UNAUDITED)
|
(U.S. dollars in
millions, except per share data)
|
|
|
Nine months
ended
September 30,
|
Three months
ended
September 30,
|
Year ended
December 31,
|
|
2022
|
2021
|
2022
|
2021
|
2021
|
|
|
|
|
|
|
Income from voyages and
related services
|
10,372.7
|
7,262.3
|
3,227.5
|
3,136.0
|
10,728.7
|
Cost of voyages and
related services
|
|
|
|
|
|
Operating expenses and
cost of services
|
(3,630.2)
|
(2,876.9)
|
(1,249.6)
|
(1,007.4)
|
(3,905.9)
|
Depreciation
|
(989.7)
|
(513.9)
|
(373.7)
|
(215.2)
|
(756.3)
|
Gross
profit
|
5,752.8
|
3,871.5
|
1,604.2
|
1,913.4
|
6,066.5
|
|
|
|
|
|
|
Other operating
income
|
40.8
|
9.5
|
21.5
|
5.3
|
14.5
|
Other operating
expenses
|
(0.4)
|
(0.7)
|
(0.2)
|
(0.2)
|
(1.0)
|
General and
administrative expenses
|
(244.0)
|
(183.9)
|
(82.0)
|
(60.4)
|
(267.7)
|
Share of profit of
associates
|
1.9
|
3.1
|
0.8
|
0.9
|
4.0
|
|
|
|
|
|
|
Results from
operating activities
|
5,551.1
|
3,699.5
|
1,544.3
|
1,859.0
|
5,816.3
|
|
|
|
|
|
|
Finance
income
|
82.3
|
9.1
|
34.9
|
3.4
|
18.8
|
Finance
expenses
|
(164.0)
|
(131.7)
|
(64.8)
|
(41.5)
|
(175.6)
|
|
|
|
|
|
|
Net finance
expenses
|
(81.7)
|
(122.6)
|
(29.9)
|
(38.1)
|
(156.8)
|
|
|
|
|
|
|
Profit before income
taxes
|
5,469.4
|
3,576.9
|
1,514.4
|
1,820.9
|
5,659.5
|
|
|
|
|
|
|
Income taxes
|
(1,256.9)
|
(636.2)
|
(348.7)
|
(358.0)
|
(1,010.4)
|
|
|
|
|
|
|
Profit for the
period
|
4,212.5
|
2,940.7
|
1,165.7
|
1,462.9
|
4,649.1
|
|
|
|
|
|
|
Attributable
to:
|
|
|
|
|
|
|
|
|
|
|
|
Owners of the
Company
|
4,205.2
|
2,935.2
|
1,163.3
|
1,461.1
|
4,640.3
|
Non-controlling
interests
|
7.3
|
5.5
|
2.4
|
1.8
|
8.8
|
Profit for the
period
|
4,212.5
|
2,940.7
|
1,165.7
|
1,462.9
|
4,649.1
|
|
|
|
|
|
|
Earnings per share
(US$)
|
|
|
|
|
|
Basic earnings per 1
ordinary share
|
35.05
|
25.79
|
9.69
|
12.53
|
40.31
|
Diluted earnings per 1
ordinary share
|
34.91
|
24.79
|
9.66
|
12.16
|
39.02
|
|
|
|
|
|
|
Weighted average
number of shares for EPS calculation
|
|
|
|
|
|
Basic
|
119,983,297
|
113,823,830
|
120,047,393
|
116,618,539
|
115,105,504
|
Diluted
|
120,443,702
|
118,410,226
|
120,439,492
|
120,206,306
|
118,933,723
|
CONSOLIDATED
STATEMENTS OF CASH FLOW (UNAUDITED)
|
(U.S. dollars in
millions)
|
|
|
Nine months
ended
September 30,
|
Three months
ended
September 30,
|
Year ended
December 31,
|
|
2022
|
2021
|
2022
|
2021
|
2021
|
Cash flows from
operating activities
|
|
|
|
|
|
Profit for the
period
|
4,212.5
|
2,940.7
|
1,165.7
|
1,462.9
|
4,649.1
|
|
|
|
|
|
|
Adjustments
for:
|
|
|
|
|
|
Depreciation and
amortization
|
1,007.7
|
530.6
|
380.2
|
220.9
|
779.2
|
Net finance
expenses
|
81.7
|
122.6
|
29.9
|
38.1
|
156.8
|
Share of profits and
change in fair value of investees
|
(5.0)
|
(4.0)
|
(1.3)
|
(0.8)
|
(4.7)
|
Capital gain
|
(35.5)
|
(5.1)
|
(19.7)
|
(4.0)
|
(8.7)
|
Income taxes
|
1,256.9
|
636.2
|
348.7
|
358.0
|
1,010.4
|
Other non-cash
items
|
18.0
|
|
8.0
|
|
20.8
|
|
6,536.3
|
4,221.0
|
1,911.5
|
2,075.1
|
6,602.9
|
Change in
inventories
|
(106.7)
|
(55.0)
|
(9.5)
|
(7.5)
|
(66.8)
|
Change in trade and
other receivables
|
211.0
|
(695.7)
|
272.8
|
(261.6)
|
(766.5)
|
Change in trade and
other payables including contract liabilities
|
(162.9)
|
506.9
|
(193.8)
|
206.6
|
555.9
|
Change in provisions
and employee benefits
|
15.9
|
5.6
|
18.1
|
0.8
|
6.6
|
|
(42.7)
|
(238.2)
|
87.6
|
(61.7)
|
(270.8)
|
Dividends received from
associates
|
0.1
|
3.3
|
0.1
|
1.4
|
4.4
|
Interest
received
|
23.6
|
3.4
|
16.2
|
1.2
|
3.5
|
Income taxes
paid
|
(1,475.8)
|
(23.2)
|
(343.8)
|
(7.7)
|
(369.1)
|
|
|
|
|
|
|
Net cash generated
from operating activities
|
5,041.5
|
3,966.3
|
1,671.6
|
2,008.3
|
5,970.9
|
|
|
|
|
|
|
Cash flows from
investing activities
|
|
|
|
|
|
Proceeds from sale of
tangible assets, intangible assets, and interest in
investees
|
33.1
|
5.0
|
16.2
|
2.7
|
10.9
|
Acquisition of tangible
assets, intangible assets and interest in investees
|
(317.7)
|
(755.8)
|
(54.6)
|
(291.3)
|
(1,005.0)
|
Acquisition of
investment instruments, net
|
(1,281.5)
|
|
(765.6)
|
|
(182.5)
|
Change in other
receivables
|
(10.6)
|
|
(8.0)
|
|
(101.8)
|
Change in other
investments (mainly deposits), net
|
367.1
|
(284.2)
|
556.2
|
(298.5)
|
(2,064.7)
|
Net cash used in
investing activities
|
(1,209.6)
|
(1,035.0)
|
(255.8)
|
(587.1)
|
(3,343.1)
|
|
|
|
|
|
|
Cash flows from
financing activities
|
|
|
|
|
|
Receipt of long-term
loans and other long-term liabilities
|
59.2
|
50.0
|
|
|
50.0
|
Issuance of share
capital, net of issuance costs
|
|
205.4
|
|
|
205.4
|
Repayment of lease
liabilities and borrowings
|
(965.8)
|
(926.5)
|
(433.3)
|
(234.1)
|
(1,191.3)
|
Change in short term
loans
|
(53.5)
|
(16.0)
|
|
|
(16.0)
|
Dividend paid to
non-controlling interests
|
(5.9)
|
(4.7)
|
(1.3)
|
|
(4.7)
|
Dividend paid to owners
of the Company
|
(2,948.9)
|
(237.0)
|
(570.3)
|
(237.0)
|
(536.4)
|
Interest and other
financial expenses paid
|
(156.8)
|
(117.4)
|
(62.1)
|
(40.1)
|
(160.0)
|
Net cash used in
financing activities
|
(4,071.7)
|
(1,046.2)
|
(1,067.0)
|
(511.2)
|
(1,653.0)
|
|
|
|
|
|
|
Net change in cash and
cash equivalents
|
(239.8)
|
1,885.1
|
348.8
|
910.0
|
974.8
|
Cash and cash
equivalents at beginning of the period
|
1,543.3
|
570.4
|
946.8
|
1,545.3
|
570.4
|
Effect of exchange rate
fluctuation on cash held
|
(17.8)
|
(0.5)
|
(9.9)
|
(0.3)
|
(1.9)
|
Cash and cash
equivalents at the end of the period
|
1,285.7
|
2,455.0
|
1,285.7
|
2,455.0
|
1,543.3
|
RECONCILIATION OF
NET INCOME TO ADJUSTED EBIT
|
(U.S. dollars in
millions)
|
|
|
Nine months
ended
September 30,
|
Three months
ended
September 30,
|
|
2022
|
2021
|
2022
|
2021
|
|
|
|
|
|
Net
income
|
4,212
|
2,941
|
1,166
|
1,463
|
Financial expenses,
net
|
82
|
123
|
30
|
38
|
Income taxes
|
1,257
|
636
|
348
|
358
|
Operating income
(EBIT)
|
5,551
|
3,700
|
1,544
|
1,859
|
Non-cash charter hire
expenses
|
1
|
1
|
0
|
0
|
Capital gain, beyond
the ordinary course of business
|
(1)
|
0
|
0
|
0
|
Expenses related to
legal contingencies
|
10
|
5
|
10
|
0
|
Adjusted
EBIT
|
5,561
|
3,706
|
1,554
|
1,859
|
Adjusted EBIT
margin
|
54 %
|
51 %
|
48 %
|
59 %
|
RECONCILIATION OF
NET INCOME TO ADJUSTED EBITDA
|
(U.S. dollars in
millions)
|
|
|
Nine months
ended
September 30,
|
Three months
ended
September 30,
|
|
2022
|
2021
|
2022
|
2021
|
|
|
|
|
|
Net
income
|
4,212
|
2,941
|
1,166
|
1,463
|
Financial expenses,
net
|
82
|
123
|
30
|
38
|
Income taxes
|
1,257
|
636
|
348
|
358
|
Depreciation and
amortization
|
1,008
|
530
|
380
|
221
|
EBITDA
|
6,559
|
4,230
|
1,924
|
2,080
|
Non-cash charter hire
expenses
|
0
|
1
|
0
|
0
|
Capital gain, beyond
the ordinary course of business
|
(1)
|
0
|
0
|
0
|
Expenses related to
legal contingencies
|
10
|
5
|
10
|
0
|
Adjusted
EBITDA
|
6,568
|
4,236
|
1,934
|
2,080
|
Adjusted EBITDA
margin
|
63 %
|
58 %
|
60 %
|
66 %
|
RECONCILIATION OF
NET CASH GENERATED FROM OPERATING ACTIVITIES
|
TO FREE CASH
FLOW
|
(U.S. dollars in
millions)
|
|
|
Nine months
ended
September 30,
|
Three months
ended
September 30,
|
|
2022
|
2021
|
2022
|
2021
|
|
|
|
|
|
Net cash generated from
operating activities
|
5,041
|
3,966
|
1,672
|
2,008
|
Capital expenditures,
net
|
(293)
|
(750)
|
(46)
|
(288)
|
Free cash
flow
|
4,748
|
3,216
|
1,626
|
1,720
|
[1] See disclosure regarding "Use of Non-IFRS Financial
Measures".
[2] The number of shares used to calculate the diluted
earnings per share is 120,439,492. The number of outstanding shares
as of September 30, 2022, was
120,047,393.
View original
content:https://www.prnewswire.com/news-releases/zim-reports-financial-results-for-the-third-quarter-and-first-nine-months-of-2022-301679929.html
SOURCE Zim Integrated Shipping Services Ltd.