Full Year 2023 Revenue of $5,162
Million and Net Loss of $2,688
Million1
Adjusted EBITDA and Adjusted EBIT in Line with Guidance:
Adjusted EBITDA2 of $1,049 Million and Adjusted
EBIT2 Loss of $422 Million
Full Year 2024 Outlook: Adjusted EBITDA of $850 Million to $1,450
Million and Adjusted EBIT Loss of $300 Million to Earnings of $300 Million3
HAIFA,
Israel, March 13, 2024 /PRNewswire/ -- ZIM
Integrated Shipping Services Ltd. (NYSE: ZIM), a global
container liner shipping company, announced today its consolidated
results for the three and twelve months ended December 31, 2023.
Fourth Quarter and Full Year 2023 Highlights
- Net loss for the fourth quarter was $147
million (compared to a net profit of $417 million in the fourth quarter of 2022), or a
diluted loss per share of $1.234 (compared to diluted earnings
per share of $3.44 in the fourth
quarter of 2022); net loss for the full year, including a
$2.06 billion non-cash impairment
loss, was $2.69
billion1 (compared to a net profit of
$4.63 billion for the full year of
2022).
- Adjusted EBITDA for the fourth quarter was $190 million, a year-over-year decrease of 80%;
Adjusted EBITDA for the full year was $1.05
billion, a year-over-year decrease of 86%.
- Operating loss (EBIT) for the fourth quarter was $54 million, compared to operating income of
$585 million in the fourth quarter of
2022. Operating loss for the full year of 2023 was $2.51 billion (driven by a non-cash impairment
loss of $2.06 billion recorded in the
third quarter), compared to operating income of $6.14 billion for the full year of 2022.
- Adjusted EBIT loss for the fourth quarter was $49 million, compared to Adjusted EBIT of
$585 million in the fourth quarter of
2022. Adjusted EBIT loss for the full year of 2023 was $422 million, compared to Adjusted EBIT of
$6.15 billion for the full year of
2022.
- Revenues for the fourth quarter were $1.21 billion, a year-over-year decrease of 45%;
revenues for the full year were $5.16
billion, a year-over-year decrease of 59%.
- Carried volume in the fourth quarter was 786
thousand TEUs, a year-over-year decrease of 4.6%; carried
volume in the full year was 3,281 thousand TEUs, a year-over-year
decrease of 2.9%.
- Average freight rate per TEU in the fourth quarter was
$1,102, a year-over-year decrease of
48%; average freight rate per TEU in the full year was $1,203, a year-over-year decrease of 63%.
- Net leverage ratio2 of 2.2x at December 31, 2023, compared to 0.0x as of
December 31, 2022; net
debt2 of $2.3
billion, compared to net cash of $279
million as of December 31,
2022.
Eli Glickman, ZIM President
& CEO, stated, "Against a backdrop of weakened market
conditions, industry disruptions and operational challenges in
2023, ZIM's exceptional team of professionals remained resilient
and intently focused on achieving operational excellence and
delivering the highest level of care for our valued customers. At
the same time, we made significant progress advancing our strategic
transformation and are pleased to have already started to realize
the favorable outcomes we projected. Specifically, we are well on
our way to markedly improving our cost structure, enhancing our
commercial resilience, and enabling reduced carbon emissions for
both ZIM and our customers moving forward."
Mr. Glickman added, "Our fleet renewal program, which includes
46 newbuild containerships, focuses on shifting ZIM's reliance on
older, less fuel-efficient vessels to a cost and fuel-efficient,
more sustainable and largely LNG-powered newbuild fleet, and is
progressing as planned following the delivery of 24 new vessels to
date. Our cost per TEU is declining and we anticipate additional
improvements as our 22 outstanding newbuilds are delivered during
the remainder of the year. We continue to review our services to
best address customers' evolving needs and position ZIM to
capitalize on attractive growth opportunities."
Mr. Glickman concluded, "During a time when the market remains
volatile, our strong cash position will enable us to continue to
maintain a long-term view as we focus on generating sustainable
value for both customers and shareholders. Looking ahead, we intend
to continue to take decisive steps to further benefit from our
strategic transformation and expect ZIM to emerge in a stronger
position than ever in 2025 and beyond."
|
Summary of Key Financial and Operational
Results
|
|
Q4.23
|
Q4.22
|
FY.23
|
FY.22
|
|
Carried volume
(K-TEUs)....................................................
|
786
|
823
|
3,281
|
3,380
|
|
Average freight rate
($/TEU)...............................................
|
1,102
|
2,122
|
1,203
|
3,240
|
|
Total Revenues ($ in
millions).............................................
|
1,205
|
2,189
|
5,162
|
12,562
|
|
Operating income (loss)
(EBIT) ($ in millions)....................
|
(54)
|
585
|
(2,511)
|
6,136
|
|
Profit (loss) before
income tax ($ in millions)......................
|
(137)
|
558
|
(2,816)
|
6,027
|
|
Net income (loss) ($ in
millions)..........................................
|
(147)
|
417
|
(2,688)
|
4,629
|
|
Adjusted
EBITDA2
($ in
millions)........................................
|
190
|
973
|
1,049
|
7,541
|
|
Adjusted
EBIT2
($ in
millions).............................................
|
(49)
|
585
|
(422)
|
6,145
|
|
Adjusted EBITDA margin
(%).............................................
|
16
|
44
|
20
|
60
|
|
Adjusted EBIT margin
(%)..................................................
|
(4)
|
27
|
(8)
|
49
|
|
Diluted earnings (loss)
per share ($)..................................
|
(1.23)
|
3.44
|
(22.42)
|
38.35
|
|
Net cash generated from
operating activities ($ in millions)
|
162
|
1,069
|
1,020
|
6,110
|
|
Free cash
flow2
($ in
millions)............................................
|
128
|
1,048
|
919
|
5,796
|
|
|
|
DEC.23
|
DEC.22
|
|
Net debt (Net
cash)2
($ in
millions)....................................
|
|
|
2,309
|
(279)
|
Financial and Operating Results for the Fourth Quarter Ended
December 31, 2023
Total revenues were $1,205 million
for the fourth quarter of 2023, compared to $2,189 million for the fourth quarter of 2022,
mainly driven by the decrease in freight rates.
ZIM carried 786 thousand TEUs in the fourth quarter of 2023,
compared to 823 thousand TEUs in the fourth quarter of 2022. The
average freight rate per TEU was $1,102 for the fourth quarter of 2023, compared
to $2,122 for the fourth quarter of
2022.
Operating loss (EBIT) for the fourth quarter of 2023 was
$54 million, compared to operating
income of $585 million for the fourth
quarter of 2022. The decrease was driven primarily by the
above-mentioned decrease in revenues, partially offset by lower
operating expenses.
Net loss for the fourth quarter of 2023 was $147 million, compared to net income of
$417 million for the fourth quarter
of 2022, driven primarily by the reduction in operating income.
Adjusted EBITDA for the fourth quarter of 2023 was $190 million, compared to $973 million for the fourth quarter of 2022.
Adjusted EBIT loss was $49 million
for the fourth quarter of 2023, compared to adjusted EBIT of
$585 million for the fourth quarter
of 2022. Adjusted EBITDA and Adjusted EBIT margins for the fourth
quarter of 2023 were 16% and -4%, respectively. This compares to
44% and 27% for the fourth quarter of 2022, respectively.
Net cash generated from operating activities was $162 million for the fourth quarter of 2023,
compared to $1,069 million for the
fourth quarter of 2022.
Financial and Operating Results for the Full Year Ended
December 31, 2023
Total revenues were $5,162 million
for the full year of 2023, compared to $12,562 million for the full year of 2022, driven
primarily by the decrease in freight rates.
ZIM carried 3,281 thousand TEUs in the full year of 2023,
compared to 3,380 thousand TEUs in the full year of 2022. The
average freight rate per TEU was $1,203 for the full year of 2023, compared to
$3,240 for the full year of 2022.
Operating loss (EBIT) for the full year of 2023 was $2,511 million, compared to operating income of
$6,136 million for the full year of
2022. The decrease was primarily driven by the above-mentioned
decrease in revenues and an impairment loss of $2,063 million recorded in the third quarter of
2023.
Net loss for the full year of 2023 was $2,688 million, compared to net income of
$4,629 million for the full year of
2022, driven mainly by the decrease in operating income (loss) and
the $2,063 million impairment
loss.
Adjusted EBITDA was $1,049 million
for the full year of 2023, compared to $7,541 million for the full year of 2022.
Adjusted EBIT loss was $422 million
for the full year of 2023, compared to adjusted EBIT of
$6,145 million for the full year of
2022. Adjusted EBITDA and Adjusted EBIT margins for the full year
of 2023 were 20% and -8%, respectively. This compares to 60% and
49% for the full year of 2022, respectively.
Net cash generated from operating activities was $1,020 million for the full year of 2023,
compared to $6,110 million for the
full year of 2022.
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 $1.92
billion from $4.61 billion as
of December 31, 2022 to $2.69 billion as of December 31, 2023.5 Capital
expenditures totaled $116 million for
the year ended December 31, 2023,
compared with $345 million for the
year ended December 31, 2022. Net
debt position as of December 31,
2023, was $2.31 billion
compared to a net cash position of $279
million as of December 31,
2022, a decrease of $2.59
billion. ZIM's net leverage ratio as of December 31, 2023, was 2.2x, compared to 0.0x as
of December 31, 2022.
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.
Full-Year 2024 Guidance
In 2024, the Company expects to generate Adjusted EBITDA between
$850 million and $1,450 million and Adjusted EBIT between a loss
of $300 million and earnings of
$300 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: 4621389 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.
Annual Report on Form 20-F for 2023
In accordance with Section 203.01 of the New York Stock Exchange
Listed Company Manual, the Company's Annual Report filed with the
U.S. Securities and Exchange Commission on March 13, 2024 on
Form 20-F (including its full year 2023 audited financial
statements) is available on the Company's website at www.zim.com.
Hard copies of the Annual Report will be provided free of charge
upon request, from the Company, as follows: ZIM Integrated Shipping
Services Ltd., 9 Andrei Sakharov Street, P.O. Box 15067, Matam,
Haifa 3190500, Israel, Attn: Head of Investor Relations,
Finance Function, Email: investors@zim.com, Tel:
+972-4-865-2000 (General), +972-4-865-2300 (Direct).
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, 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 and 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 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 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)
|
|
|
December
31
|
|
2023
|
|
|
2022
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
Vessels
|
3,758.9
|
|
|
4,409.9
|
|
Containers and handling
equipment
|
792.9
|
|
|
1,242.8
|
|
Other tangible
assets
|
85.2
|
|
|
98.5
|
|
Intangible
assets
|
102.0
|
|
|
92.9
|
|
Investments in
associates
|
26.4
|
|
|
22.0
|
|
Other
investments
|
908.7
|
|
|
1,373.2
|
|
Other
receivables
|
97.9
|
|
|
112.1
|
|
Deferred tax
assets
|
2.6
|
|
|
2.3
|
|
Total non-current
assets
|
5,774.6
|
|
|
7,353.7
|
|
|
|
|
|
|
Inventories
|
179.3
|
|
|
190.7
|
|
Trade and other
receivables
|
596.5
|
|
|
825.7
|
|
Other
investments
|
874.1
|
|
|
2,233.1
|
|
Cash and cash
equivalents
|
921.5
|
|
|
1,022.1
|
|
Total current
assets
|
2,571.4
|
|
|
4,271.6
|
|
Total
assets
|
8,346.0
|
|
|
11,625.3
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
Share capital and
reserves
|
2,017.5
|
|
|
1,987.7
|
|
Retained
earnings
|
437.2
|
|
|
3,901.9
|
|
Equity attributable
to owners of the Company
|
2,454.7
|
|
|
5,889.6
|
|
Non-controlling
interests
|
3.3
|
|
|
6.3
|
|
Total
equity
|
2,458.0
|
|
|
5,895.9
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
Lease
liabilities
|
3,244.1
|
|
|
2,778.7
|
|
Loans and other
liabilities
|
73.6
|
|
|
91.9
|
|
Employee
benefits
|
46.1
|
|
|
45.2
|
|
Deferred tax
liabilities
|
6.1
|
|
|
151.4
|
|
Total non-current
liabilities
|
3,369.9
|
|
|
3,067.2
|
|
|
|
|
|
|
Trade and other
payables
|
566.4
|
|
|
896.2
|
|
Provisions
|
60.7
|
|
|
50.2
|
|
Contract
liabilities
|
198.1
|
|
|
238.9
|
|
Lease
liabilities
|
1,644.7
|
|
|
1,380.8
|
|
Loans and other
liabilities
|
48.2
|
|
|
96.1
|
|
Total current
liabilities
|
2,518.1
|
|
|
2,662.2
|
|
Total
liabilities
|
5,888.0
|
|
|
5,729.4
|
|
|
|
|
|
|
Total equity and
liabilities
|
8,346.0
|
|
|
11,625.3
|
|
CONSOLIDATED INCOME
STATEMENTS (Unaudited)
|
|
(U.S. dollars in
millions, except per share data)
|
|
|
Three Months
Ended
December 31
|
Year Ended
December 31
|
|
2023
|
2022
|
2023
|
2022
|
|
|
|
|
|
|
Income from voyages and
related services
|
1,205.3
|
2,188.9
|
5,162.2
|
12,561.6
|
|
Cost of voyages and
related services
|
|
|
|
|
|
Operating expenses and
cost of services
|
(963.1)
|
(1,134.3)
|
(3,885.1)
|
(4,764.5)
|
|
Depreciation
|
(237.0)
|
(380.6)
|
(1,449.8)
|
(1,370.3)
|
|
Impairment of
assets
|
|
|
(2,034.9)
|
|
|
Gross profit
(loss)
|
5.2
|
674.0
|
(2,207.6)
|
6,426.8
|
|
|
|
|
|
|
Other operating
income
|
11.9
|
8.1
|
14.4
|
48.9
|
|
Other operating
expenses
|
3.2
|
(0.5)
|
(29.3)
|
(0.9)
|
|
General and
administrative expenses
|
(71.3)
|
(94.3)
|
(280.7)
|
(338.3)
|
|
Share of loss of
associates
|
(2.6)
|
(2.6)
|
(7.8)
|
(0.7)
|
|
|
|
|
|
|
Results from
operating activities
|
(53.6)
|
584.7
|
(2,511.0)
|
6,135.8
|
|
|
|
|
|
|
Finance
income
|
24.5
|
48.6
|
142.2
|
130.9
|
|
Finance
expenses
|
(108.0)
|
(75.4)
|
(446.7)
|
(239.4)
|
|
|
|
|
|
|
Net finance
expenses
|
(83.5)
|
(26.8)
|
(304.5)
|
(108.5)
|
|
|
|
|
|
|
Profit (loss) before
income taxes
|
(137.1)
|
557.9
|
(2,815.5)
|
6,027.3
|
|
|
|
|
|
|
Income taxes
|
(9.5)
|
(141.4)
|
127.6
|
(1,398.3)
|
|
|
|
|
|
|
Profit (loss) for
the period
|
(146.6)
|
416.5
|
(2,687.9)
|
4,629.0
|
|
|
|
|
|
|
Attributable
to:
|
|
|
|
|
|
|
|
|
|
|
Owners of the
Company
|
(148.4)
|
414.2
|
(2,695.6)
|
4,619.4
|
|
Non-controlling
interests
|
1.8
|
2.3
|
7.7
|
9.6
|
|
Profit (loss) for
the period
|
(146.6)
|
416.5
|
(2,687.9)
|
4,629.0
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per
share (US$)
|
|
|
|
|
|
Basic earnings (loss)
per 1 ordinary share
|
(1.23)
|
3.45
|
(22.42)
|
38.49
|
|
Diluted earnings (loss)
per 1 ordinary share
|
(1.23)
|
3.44
|
(22.42)
|
38.35
|
|
|
|
|
|
|
Weighted average
number of shares for
earnings (loss) per share
calculation:
|
|
|
|
|
|
Basic
|
120,266,569
|
120,098,658
|
120,213,031
|
120,012,375
|
|
Diluted
|
120,266,569
|
120,431,208
|
120,213,031
|
120,444,889
|
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS (Unaudited)
|
|
(U.S. dollars in
millions)
|
|
|
Year ended December
31
|
|
2023
|
2022
|
|
|
|
|
Cash flows from
operating activities
|
|
|
|
Profit (loss) for the
year
|
(2,687.9)
|
4,629.0
|
|
|
|
|
Adjustments
for:
|
|
|
|
Depreciation and
amortization
|
1,471.8
|
1,396.3
|
|
Impairment
loss
|
2,063.4
|
|
|
Net finance
expenses
|
304.5
|
108.5
|
|
Share of profits
(losses) and change in fair value of investees
|
6.5
|
(2.1)
|
|
Capital gains,
net
|
(10.9)
|
(42.7)
|
|
Income taxes
|
(127.6)
|
1,398.3
|
|
Other non-cash
items
|
18.9
|
39.7
|
|
1,038.7
|
7,527.0
|
|
|
|
|
Change in
inventories
|
11.4
|
(71.7)
|
|
Change in trade and
other receivables
|
242.7
|
496.6
|
|
Change in trade and
other payables including contract liabilities
|
(95.1)
|
(325.7)
|
|
Change in provisions
and employee benefits
|
15.9
|
15.9
|
|
174.9
|
115.1
|
|
|
|
|
Dividends received from
associates
|
2.3
|
0.9
|
|
Interest
received
|
133.8
|
53.2
|
|
Income taxes
paid
|
(329.7)
|
(1,586.1)
|
|
|
|
|
Net cash generated
from operating activities
|
1,020.0
|
6,110.1
|
|
|
|
|
Cash flows from
investing activities
|
|
|
|
Proceeds from sale of
tangible assets, intangible assets and interest in
investees
|
27.4
|
48.1
|
|
Acquisition and
capitalized expenditures of tangible assets, intangible
assets and interest in investees
|
(115.7)
|
(345.5)
|
|
Acquisition of
investment instruments, net
|
(138.2)
|
(1,433.1)
|
|
Loans granted to
investees
|
(5.4)
|
|
|
Change in other
receivables
|
3.2
|
(20.2)
|
|
Change in other
investments (mainly deposits), net
|
2,005.2
|
105.7
|
|
Net cash generated
from (used in) investing activities
|
1,776.5
|
(1,645.0)
|
|
|
|
|
Cash flows from
financing activities
|
|
|
|
Receipt of long-term
loans and other long-term liabilities
|
|
59.2
|
|
Repayment of lease
liabilities and borrowings
|
(1,713.1)
|
(1,449.4)
|
|
Change in short-term
loans
|
(21.0)
|
(53.5)
|
|
Dividend paid to
non-controlling interests
|
(8.9)
|
(8.4)
|
|
Dividend paid to owners
of the company
|
(769.2)
|
(3,303.3)
|
|
Interest
paid
|
(380.7)
|
(221.0)
|
|
Net cash used in
financing activities
|
(2,892.9)
|
(4,976.4)
|
|
|
|
|
Net change in cash and
cash equivalents
|
(96.4)
|
(511.3)
|
|
Cash and cash
equivalents at beginning of the year
|
1,022.1
|
1,543.3
|
|
Effect of exchange rate
fluctuation on cash held
|
(4.2)
|
(9.9)
|
|
Cash and cash
equivalents at the end of the year
|
921.5
|
1,022.1
|
|
RECONCILIATION OF
NET INCOME TO ADJUSTED EBIT*
|
|
(U.S. dollars in
millions)
|
|
|
Three months
ended
December 31
|
Year ended
December 31
|
|
2023
|
2022
|
2023
|
2022
|
|
|
|
|
|
|
Net income
(loss)
|
(147)
|
417
|
(2,688)
|
4,629
|
|
Financial expenses,
net
|
84
|
27
|
305
|
109
|
|
Income taxes
|
9
|
141
|
(128)
|
1,398
|
|
Operating income
(loss) (EBIT)
|
(54)
|
585
|
(2,511)
|
6,136
|
|
Capital gain (loss),
beyond the ordinary course of business
|
(1)
|
0
|
20
|
(1)
|
|
Impairment of
assets
|
0
|
0
|
2,063
|
0
|
|
Expenses related to
legal contingencies
|
5
|
0
|
5
|
10
|
|
Adjusted
EBIT
|
(49)
|
585
|
(422)
|
6,145
|
|
Adjusted EBIT
margin
|
(4) %
|
27 %
|
(8) %
|
49 %
|
|
|
* The table above may
contain slight summation differences due to rounding.
|
|
RECONCILIATION OF
NET INCOME TO ADJUSTED EBITDA*
|
|
(U.S. dollars in
millions)
|
|
|
Three months ended
December 31
|
Year ended
December 31
|
|
2023
|
2022
|
2023
|
2022
|
|
|
|
|
|
|
Net income
(loss)
|
(147)
|
417
|
(2,688)
|
4,629
|
|
Financial expenses,
net
|
84
|
27
|
305
|
109
|
|
Income taxes
|
9
|
141
|
(128)
|
1,398
|
|
Depreciation and
amortization
|
239
|
388
|
1,472
|
1,396
|
|
EBITDA
|
186
|
973
|
(1,039)
|
7,532
|
|
Capital gain (loss),
beyond the ordinary course of business
|
(1)
|
0
|
20
|
(1)
|
|
Impairment of
assets
|
0
|
0
|
2,063
|
0
|
|
Expenses related to
legal contingencies
|
5
|
0
|
5
|
10
|
|
Adjusted
EBITDA
|
190
|
973
|
1,049
|
7,541
|
|
Adjusted EBITDA
margin
|
16 %
|
44 %
|
20 %
|
60 %
|
|
|
|
|
|
|
|
* 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)
|
|
|
Three months
ended
December 31
|
Year ended
December 31
|
|
2023
|
2022
|
2023
|
2022
|
|
|
|
|
|
|
Net cash generated from
operating activities
|
162
|
1,069
|
1,020
|
6,110
|
|
Capital expenditures,
net
|
(34)
|
(21)
|
(101)
|
(314)
|
|
Free cash
flow
|
128
|
1,048
|
919
|
5,796
|
1 See Note 7 to the Company's Financial Statements
for the year ended December 31, 2023
for additional information regarding the impairment analysis and
results.
2 See disclosure regarding "Use of Non-IFRS Financial
Measures."
3 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."
4 The number of shares used to calculate the diluted
loss per share is 120,266,569. The number of outstanding shares as
of December 31, 2023 was
120,286,627.
5 On April 4, 2023, the
Company distributed a dividend to shareholders of $6.40 per share or a total of approximately
$769 million.
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SOURCE Zim Integrated Shipping Services Ltd.
