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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| ZIM Integrated Shipping Services Ltd | NYSE:ZIM | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| -1.04 | -4.68% | 21.19 | 22.74 | 21.01 | 22.16 | 10,133,828 | 00:58:51 |
|
|
ZIM INTEGRATED SHIPPING SERVICES LTD.
|
|
|
|
|
|
|
|
By:
|
/s/ Noam Nativ
|
|
|
|
Noam Nativ
|
|
|
|
EVP General Counsel and Corporate Secretary
|
|
EXHIBIT NO.
|
|
DESCRIPTION
|
| • |
Net income for the third quarter was $1.13 billion (compared to a net loss of $2.27 billion in the third quarter of 20234), or diluted earnings per share of $9.345 (compared to diluted loss per share of $18.90 in the
third quarter of 2023).
|
| • |
Adjusted EBITDA1 for the third quarter was $1.53 billion, a year-over-year increase of 626%.
|
| • |
Operating income (EBIT) for the third quarter was $1.23 billion, compared to operating loss of $2.28 billion in the third quarter of 2023.
|
| • |
Adjusted EBIT1 for the third quarter was $1.24 billion, compared to Adjusted EBIT loss of $213 million in the third quarter of 2023.
|
| • |
Total revenues for the third quarter were $2.77 billion, a year-over-year increase of 117%.
|
| • |
Carried volume in the third quarter was 970 thousand TEUs, a year-over-year growth of 12%.
|
| • |
Average freight rate per TEU in the third quarter was $2,480, a year-over-year increase of 118%.
|
| • |
Net debt1 of $2.70 billion as of September 30, 2024, compared to $2.31 billion as of December 31, 2023; net leverage ratio1
of 0.9x as of September 30, 2024, compared to 2.2x as of December 31, 2023.
|
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Q3-24
|
Q3-23
|
9M-24
|
9M-23
|
|||||||||||||
|
Carried volume (K-TEUs)
|
970
|
867
|
2,768
|
2,496
|
||||||||||||
|
Average freight rate ($/TEU)
|
2,480
|
1,139
|
1,889
|
1,235
|
||||||||||||
|
Total revenues ($ in millions)
|
2,765
|
1,273
|
6,260
|
3,957
|
||||||||||||
|
Operating income (loss) (EBIT) ($ in millions)
|
1,235
|
(2,276
|
)
|
1,870
|
(2,457
|
)
|
||||||||||
|
Profit (loss) before income tax ($ in millions)
|
1,133
|
(2,342
|
)
|
1,604
|
(2,678
|
)
|
||||||||||
|
Net income (loss) ($ in millions)
|
1,126
|
(2,270
|
)
|
1,591
|
(2,541
|
)
|
||||||||||
|
Adjusted EBITDA1 ($ in millions)
|
1,531
|
211
|
2,725
|
859
|
||||||||||||
|
Adjusted EBIT1 ($ in millions)
|
1,236
|
(213
|
)
|
1,891
|
(373
|
)
|
||||||||||
|
Net income (loss) margin (%)
|
41
|
(178
|
)
|
25
|
(64
|
)
|
||||||||||
|
Adjusted EBITDA margin (%)
|
55
|
17
|
44
|
22
|
||||||||||||
|
Adjusted EBIT margin (%)
|
45
|
(17
|
)
|
30
|
(9
|
)
|
||||||||||
|
Diluted earnings (loss) per share ($)
|
9.34
|
(18.90
|
)
|
13.17
|
(21.19
|
)
|
||||||||||
|
Net cash generated from operating activities ($ in millions)
|
1,498 |
338 |
2,600 |
858 |
||||||||||||
|
Free cash flow1 ($ in millions)
|
1,454
|
328
|
2,470
|
791
|
||||||||||||
|
SEP-30-24
|
DEC-31-23
|
|||||||||||||||
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Net debt1 ($ in millions)
|
2,698
|
2,309
|
||||||||||||||
|
September 30
|
December 31
|
|||||||||||
|
2024
|
2023
|
2023
|
||||||||||
|
Assets
|
||||||||||||
|
Vessels
|
5,301.9
|
3,222.9
|
3,758.9
|
|||||||||
|
Containers and handling equipment
|
988.7
|
788.2
|
792.9
|
|||||||||
|
Other tangible assets
|
91.1
|
61.1
|
85.2
|
|||||||||
|
Intangible assets
|
107.6
|
93.3
|
102.0
|
|||||||||
|
Investments in associates
|
26.0
|
26.8
|
26.4
|
|||||||||
|
Other investments
|
844.6
|
1,252.6
|
908.7
|
|||||||||
|
Other receivables
|
69.9
|
105.5
|
97.9
|
|||||||||
|
Deferred tax assets
|
2.5
|
9.6
|
2.6
|
|||||||||
|
Total non-current assets
|
7,432.3
|
5,560.0
|
5,774.6
|
|||||||||
|
Inventories
|
208.4
|
156.4
|
179.3
|
|||||||||
|
Trade and other receivables
|
1,062.5
|
644.3
|
596.5
|
|||||||||
|
Other investments
|
766.6
|
918.6
|
874.1
|
|||||||||
|
Cash and cash equivalents
|
1,548.7 |
912.1 |
921.5 |
|||||||||
|
Total current assets
|
3,586.2 |
2,631.4 |
2,571.4 |
|||||||||
|
Total assets
|
11,018.5
|
8,191.4
|
8,346.0
|
|||||||||
|
Equity
|
||||||||||||
|
Share capital and reserves
|
2,041.1
|
1,980.7
|
2,017.5
|
|||||||||
|
Retained earnings
|
1,884.8
|
586.9
|
437.2
|
|||||||||
|
Equity attributable to owners of the Company
|
3,925.9
|
2,567.6
|
2,454.7
|
|||||||||
|
Non-controlling interests
|
4.8
|
3.8
|
3.3
|
|||||||||
|
Total equity
|
3,930.7
|
2,571.4
|
2,458.0
|
|||||||||
|
Liabilities
|
||||||||||||
|
Lease liabilities
|
4,284.7
|
2,952.0
|
3,244.1
|
|||||||||
|
Loans and other liabilities
|
67.4
|
79.3
|
73.6
|
|||||||||
|
Employee benefits
|
43.4
|
39.4
|
46.1
|
|||||||||
|
Deferred tax liabilities
|
5.2
|
13.0
|
6.1
|
|||||||||
|
Total non-current liabilities
|
4,400.7
|
3,083.7
|
3,369.9
|
|||||||||
|
Trade and other payables
|
668.3
|
554.6
|
566.4
|
|||||||||
|
Provisions
|
93.0
|
58.3
|
60.7
|
|||||||||
|
Contract liabilities
|
433.8
|
207.3
|
198.1
|
|||||||||
|
Lease liabilities
|
1,433.6
|
1,668.0
|
1,644.7
|
|||||||||
|
Loans and other liabilities
|
58.4
|
48.1
|
48.2
|
|||||||||
|
Total current liabilities
|
2,687.1
|
2,536.3
|
2,518.1
|
|||||||||
|
Total liabilities
|
7,087.8
|
5,620.0
|
5,888.0
|
|||||||||
|
Total equity and liabilities
|
11,018.5
|
8,191.4
|
8,346.0
|
|||||||||
|
Nine months
ended September 30 |
Three months
ended September 30 |
Year ended December 31
|
||||||||||||||||||
|
2024
|
2023
|
2024
|
2023
|
2023
|
||||||||||||||||
|
Income from voyages and related services
|
6,259.8
|
3,956.9
|
2,765.2
|
1,273.0
|
5,162.2
|
|||||||||||||||
|
Cost of voyages and related services
|
||||||||||||||||||||
|
Operating expenses and cost of services
|
(3,381.9
|
)
|
(2,922.0
|
)
|
(1,167.8
|
)
|
(1,008.4
|
)
|
(3,885.1
|
)
|
||||||||||
|
Depreciation
|
(824.9
|
)
|
(1,212.8
|
)
|
(292.1
|
)
|
(417.4
|
)
|
(1,449.8
|
)
|
||||||||||
|
Impairment of assets
|
(2,034.9
|
)
|
(2,034.9
|
)
|
(2,034.9
|
)
|
||||||||||||||
|
Gross profit (loss)
|
2,053.0
|
(2,212.8
|
)
|
1,305.3
|
(2,187.7
|
)
|
(2,207.6
|
)
|
||||||||||||
|
Other operating income
|
32.9
|
2.5
|
7.3
|
0.6
|
14.4
|
|||||||||||||||
|
Other operating expenses
|
(1.7
|
)
|
(32.5
|
)
|
(1.1
|
)
|
(22.4
|
)
|
(29.3
|
)
|
||||||||||
|
General and administrative expenses
|
(209.7
|
)
|
(209.4
|
)
|
(75.9
|
)
|
(63.9
|
)
|
(280.7
|
)
|
||||||||||
|
Share of loss of associates
|
(4.8
|
)
|
(5.2
|
)
|
(0.8
|
)
|
(2.3
|
)
|
(7.8
|
)
|
||||||||||
|
Results from operating activities
|
1,869.7
|
(2,457.4
|
)
|
1,234.8
|
(2,275.7
|
)
|
(2,511.0
|
)
|
||||||||||||
|
Finance income
|
81.0
|
117.7
|
19.8
|
35.6
|
142.2
|
|||||||||||||||
|
Finance expenses
|
(346.5
|
)
|
(338.7
|
)
|
(121.6
|
)
|
(101.5
|
)
|
(446.7
|
)
|
||||||||||
|
Net finance expenses
|
(265.5
|
)
|
(221.0
|
)
|
(101.8
|
)
|
(65.9
|
)
|
(304.5
|
)
|
||||||||||
|
Profit (loss) before income taxes
|
1,604.2
|
(2,678.4
|
)
|
1,133.0
|
(2,341.6
|
)
|
(2,815.5
|
)
|
||||||||||||
|
Income taxes
|
(13.1
|
)
|
137.1
|
(6.8
|
)
|
71.1
|
127.6
|
|||||||||||||
|
Profit (loss) for the period
|
1,591.1
|
(2,541.3
|
)
|
1,126.2
|
(2,270.5
|
)
|
(2,687.9
|
)
|
||||||||||||
|
Attributable to:
|
||||||||||||||||||||
|
Owners of the Company
|
1,586.2
|
(2,547.2
|
)
|
1,124.6
|
(2,272.6
|
)
|
(2,695.6
|
)
|
||||||||||||
|
Non-controlling interests
|
4.9
|
5.9
|
1.6
|
2.1
|
7.7
|
|||||||||||||||
|
Profit (loss) for the period
|
1,591.1
|
(2,541.3
|
)
|
1,126.2
|
(2,270.5
|
)
|
(2,687.9
|
)
|
||||||||||||
|
Earnings (loss) per share (US$)
|
||||||||||||||||||||
|
Basic earnings (loss) per 1 ordinary share
|
13.18
|
(21.19
|
)
|
9.34
|
(18.90
|
)
|
(22.42
|
)
|
||||||||||||
|
Diluted earnings (loss) per 1 ordinary share
|
13.17
|
(21.19
|
)
|
9.34
|
(18.90
|
)
|
(22.42
|
)
|
||||||||||||
|
Weighted average number of shares for earnings (loss) per share calculation:
|
||||||||||||||||||||
|
Basic
|
120,340,513
|
120,194,990
|
120,372,813
|
120,219,761
|
120,213,031
|
|||||||||||||||
|
Diluted
|
120,463,258
|
120,194,990
|
120,475,290
|
120,219,761
|
120,213,031
|
|||||||||||||||
|
Nine months ended
September 30 |
Three months ended
September 30
|
Year ended
December 31 |
||||||||||||||||||
|
2024
|
2023
|
2024
|
2023
|
2023
|
||||||||||||||||
|
Cash flows from operating activities
|
||||||||||||||||||||
|
Profit (loss) for the period
|
1,591.1
|
(2,541.3
|
)
|
1,126.2
|
(2,270.5
|
)
|
(2,687.9
|
)
|
||||||||||||
|
Adjustments for:
|
||||||||||||||||||||
|
Depreciation and amortization
|
833.6
|
1,232.5
|
295.0
|
423.8
|
1,471.8
|
|||||||||||||||
|
Impairment loss
|
2,063.4
|
2,063.4
|
2,063.4
|
|||||||||||||||||
|
Net finance expenses
|
265.5
|
221.0
|
101.8
|
65.9
|
304.5
|
|||||||||||||||
|
Share of losses and change in fair value of investees
|
4.8
|
4.5
|
0.8
|
2.3
|
6.5
|
|||||||||||||||
|
Capital loss (gain), net
|
(31.7
|
)
|
3.2
|
(6.2
|
)
|
(4.2
|
)
|
(10.9
|
)
|
|||||||||||
|
Income taxes
|
13.1
|
(137.1
|
)
|
6.8
|
(71.1
|
)
|
(127.6
|
)
|
||||||||||||
|
Other non-cash items
|
11.9
|
14.2
|
8.9
|
4.5
|
18.9
|
|||||||||||||||
|
2,688.3
|
860.4
|
1,533.3
|
214.1
|
1,038.7
|
||||||||||||||||
|
Change in inventories
|
(29.1
|
)
|
34.3
|
(20.7
|
)
|
17.7
|
11.4
|
|||||||||||||
|
Change in trade and other receivables
|
(481.3
|
)
|
237.5
|
(34.3
|
)
|
60.6
|
242.7
|
|||||||||||||
|
Change in trade and other payables including contract liabilities
|
326.8
|
(76.7
|
)
|
(5.0
|
)
|
19.2
|
(95.1
|
)
|
||||||||||||
|
Change in provisions and employee benefits
|
31.9
|
7.0
|
4.6
|
4.1
|
15.9
|
|||||||||||||||
|
(151.7
|
)
|
202.1
|
(55.4
|
)
|
101.6
|
174.9
|
||||||||||||||
|
Dividends received from associates
|
2.4
|
1.7
|
1.2
|
0.2
|
2.3
|
|||||||||||||||
|
Interest received
|
64.6
|
113.0
|
24.8
|
25.0
|
133.8
|
|||||||||||||||
|
Income taxes received (paid)
|
(3.2
|
)
|
(319.4
|
)
|
(6.4
|
)
|
(3.3
|
)
|
(329.7
|
)
|
||||||||||
|
Net cash generated from operating activities
|
2,600.4
|
857.8
|
1,497.5
|
337.6
|
1,020.0
|
|||||||||||||||
|
Cash flows from investing activities
|
||||||||||||||||||||
|
Proceeds from sale of tangible assets, intangible assets and interest in investees
|
10.5
|
21.4
|
7.3
|
3.7
|
27.4
|
|||||||||||||||
|
Acquisition and capitalized expenditures of tangible assets, intangible assets and interest in investees
|
(141.1
|
)
|
(75.2
|
)
|
(50.3
|
)
|
(13.7
|
)
|
(115.7
|
)
|
||||||||||
|
Proceeds from sale (acquisition) of investment instruments, net
|
240.8
|
(609.6
|
)
|
(74.3
|
)
|
(26.2
|
)
|
(138.2
|
)
|
|||||||||||
|
Loans granted to investees
|
(5.2
|
)
|
(3.8
|
)
|
(2.4
|
)
|
(2.1
|
)
|
(5.4
|
)
|
||||||||||
|
Change in other receivables
|
23.3
|
(4.7
|
)
|
7.9
|
9.3
|
3.2
|
||||||||||||||
|
Change in other investments (mainly deposits), net
|
(34.4
|
)
|
2,002.6
|
(34.4
|
)
|
19.9
|
2,005.2
|
|||||||||||||
|
Net cash generated from (used in) investing activities
|
93.9
|
1,330.7
|
(146.2
|
)
|
(9.1
|
)
|
1,776.5
|
|||||||||||||
|
Cash flows from financing activities
|
||||||||||||||||||||
|
Repayment of lease liabilities and borrowings
|
(1,591.2
|
)
|
(1,214.1
|
)
|
(474.2
|
)
|
(352.7
|
)
|
(1,713.1
|
)
|
||||||||||
|
Change in short term loans
|
10.3
|
(21.0
|
)
|
10.3
|
(21.0
|
)
|
||||||||||||||
|
Dividend paid to non-controlling interests
|
(4.2
|
)
|
(7.5
|
)
|
(0.5
|
)
|
(8.9
|
)
|
||||||||||||
|
Dividend paid to owners of the Company
|
(139.6
|
)
|
(769.2
|
)
|
(111.9
|
)
|
(769.2
|
)
|
||||||||||||
|
Interest paid
|
(342.2
|
)
|
(281.5
|
)
|
(120.6
|
)
|
(98.8
|
)
|
(380.7
|
)
|
||||||||||
|
Net cash used in financing activities
|
(2,066.9
|
)
|
(2,293.3
|
)
|
(696.9
|
)
|
(451.5
|
)
|
(2,892.9
|
)
|
||||||||||
|
Net change in cash and cash equivalents
|
627.4
|
(104.8
|
)
|
654.4
|
(123.0
|
)
|
(96.4
|
)
|
||||||||||||
|
Cash and cash equivalents at beginning of the period
|
921.5
|
1,022.1
|
889.8
|
1,040.3
|
1,022.1
|
|||||||||||||||
|
Effect of exchange rate fluctuation on cash held
|
(0.2
|
)
|
(5.2
|
)
|
4.5
|
(5.2
|
)
|
(4.2
|
)
|
|||||||||||
|
Cash and cash equivalents at the end of the period
|
1,548.7
|
912.1
|
1,548.7
|
912.1
|
921.5
|
|||||||||||||||
|
Nine months ended
September 30 |
Three months ended
September 30 |
|||||||||||||||
|
2024
|
2023
|
2024
|
2023
|
|||||||||||||
|
Net income (loss)
|
1,591
|
(2,541
|
)
|
1,126
|
(2,270
|
)
|
||||||||||
|
Financial expenses, net
|
266
|
221
|
102
|
66
|
||||||||||||
|
Income taxes
|
13
|
(137
|
)
|
7
|
(71
|
)
|
||||||||||
|
Operating income (EBIT)
|
1,870
|
(2,457
|
)
|
1,235
|
(2,276
|
)
|
||||||||||
|
Capital loss (gain), beyond the ordinary course of business
|
(2
|
)
|
21
|
(2
|
)
|
0
|
||||||||||
|
Impairment of assets
|
0
|
2,063
|
0
|
2,063
|
||||||||||||
|
Expenses related to legal contingencies
|
23
|
0
|
3
|
0
|
||||||||||||
|
Adjusted EBIT
|
1,891
|
(373
|
)
|
1,236
|
(213
|
)
|
||||||||||
|
Adjusted EBIT margin
|
30
|
%
|
(9
|
)%
|
45
|
%
|
(17
|
)%
|
||||||||
|
Nine months ended
September 30 |
Three months ended
September 30 |
|||||||||||||||
|
2024
|
2023
|
2024
|
2023
|
|||||||||||||
|
Net income (loss)
|
1,591
|
(2,541
|
)
|
1,126
|
(2,270
|
)
|
||||||||||
|
Financial expenses, net
|
266
|
221
|
102
|
66
|
||||||||||||
|
Income taxes
|
13
|
(137
|
)
|
7
|
(71
|
)
|
||||||||||
|
Depreciation and amortization
|
834
|
1,232
|
295
|
424
|
||||||||||||
|
EBITDA
|
2,703
|
(1,225
|
)
|
1,530
|
(1,852
|
)
|
||||||||||
|
Capital loss (gain), beyond the ordinary course of business
|
(2
|
)
|
21
|
(2
|
)
|
0
|
||||||||||
|
Impairment of assets
|
0
|
2,063
|
0
|
2,063
|
||||||||||||
|
Expenses related to legal contingencies
|
23
|
0
|
3
|
0
|
||||||||||||
|
Adjusted EBITDA
|
2,725
|
859
|
1,531
|
211
|
||||||||||||
|
Net income (loss) margin
|
25
|
%
|
(64
|
)%
|
41
|
%
|
(178
|
)%
|
||||||||
|
Adjusted EBITDA margin
|
44
|
%
|
22
|
%
|
55
|
%
|
17
|
%
|
||||||||
|
Nine months ended
September 30 |
Three months ended
September 30 |
|||||||||||||||
|
2024
|
2023
|
2024
|
2023
|
|||||||||||||
|
Net cash generated from operating activities
|
2,600
|
858
|
1,498
|
338
|
||||||||||||
|
Capital expenditures, net
|
(130
|
)
|
(67
|
)
|
(44
|
)
|
(10
|
)
|
||||||||
|
Free cash flow
|
2,470
|
791
|
1,454
|
328
|
||||||||||||
|
Page
|
|
|
FINANCIAL STATEMENTS:
|
|
|
3
|
|
|
4
|
|
|
5
|
|
|
6-7
|
|
|
8-9
|
|
|
10-18
|
|
September 30
|
December 31
|
||||||||||||||
|
2024
|
2023
|
2023
|
|||||||||||||
|
Note
|
US $ in millions
|
||||||||||||||
|
Assets
|
|||||||||||||||
|
Vessels
|
6
|
5,301.9
|
3,222.9
|
3,758.9
|
|||||||||||
|
Containers and handling equipment
|
6
|
988.7
|
788.2
|
792.9
|
|||||||||||
|
Other tangible assets
|
6
|
91.1
|
61.1
|
85.2
|
|||||||||||
|
Intangible assets
|
107.6
|
93.3
|
102.0
|
||||||||||||
|
Investments in associates
|
26.0
|
26.8
|
26.4
|
||||||||||||
|
Other investments
|
844.6
|
1,252.6
|
908.7
|
||||||||||||
|
Other receivables
|
69.9
|
105.5
|
97.9
|
||||||||||||
|
Deferred tax assets
|
2.5
|
9.6
|
2.6
|
||||||||||||
|
Total non-current assets
|
7,432.3
|
5,560.0
|
5,774.6
|
||||||||||||
|
Inventories
|
208.4
|
156.4
|
179.3
|
||||||||||||
|
Trade and other receivables
|
1,062.5
|
644.3
|
596.5
|
||||||||||||
|
Other investments
|
766.6
|
918.6
|
874.1
|
||||||||||||
|
Cash and cash equivalents
|
1,548.7
|
912.1
|
921.5
|
||||||||||||
|
Total current assets
|
3,586.2
|
2,631.4
|
2,571.4
|
||||||||||||
|
Total assets
|
11,018.5
|
8,191.4
|
8,346.0
|
||||||||||||
|
Equity
|
|||||||||||||||
|
Share capital and reserves
|
5
|
2,041.1
|
1,980.7
|
2,017.5
|
|||||||||||
|
Retained earnings
|
1,884.8
|
586.9
|
437.2
|
||||||||||||
|
Equity attributable to owners of the Company
|
3,925.9
|
2,567.6
|
2,454.7
|
||||||||||||
|
Non-controlling interests
|
4.8
|
3.8
|
3.3
|
||||||||||||
|
Total equity
|
3,930.7
|
2,571.4
|
2,458.0
|
||||||||||||
|
Liabilities
|
|||||||||||||||
|
Lease liabilities
|
4,284.7
|
2,952.0
|
3,244.1
|
||||||||||||
|
Loans and other liabilities
|
67.4
|
79.3
|
73.6
|
||||||||||||
|
Employee benefits
|
43.4
|
39.4
|
46.1
|
||||||||||||
|
Deferred tax liabilities
|
5.2
|
13.0
|
6.1
|
||||||||||||
|
Total non-current liabilities
|
4,400.7
|
3,083.7
|
3,369.9
|
||||||||||||
|
Trade and other payables
|
668.3
|
554.6
|
566.4
|
||||||||||||
|
Provisions
|
93.0
|
58.3
|
60.7
|
||||||||||||
|
Contract liabilities
|
433.8
|
207.3
|
198.1
|
||||||||||||
|
Lease liabilities
|
1,433.6
|
1,668.0
|
1,644.7
|
||||||||||||
|
Loans and other liabilities
|
58.4
|
48.1
|
48.2
|
||||||||||||
|
Total current liabilities
|
2,687.1
|
2,536.3
|
2,518.1
|
||||||||||||
|
Total liabilities
|
7,087.8
|
5,620.0
|
5,888.0
|
||||||||||||
|
Total equity and liabilities
|
11,018.5
|
8,191.4
|
8,346.0
|
||||||||||||
|
/s/ Yair Seroussi
|
/s/ Eli Glickman
|
/s/ Xavier Destriau
|
||
|
Yair Seroussi
|
Eli Glickman
|
Xavier Destriau
|
||
|
Chairman of the Board of Directors
|
President & Chief Executive Officer
|
Chief Financial Officer
|
|
Nine months ended
September 30
|
Three months ended
September 30
|
Year ended
December 31
|
|||||||||||||||||||||
|
2024
|
2023
|
2024
|
2023
|
2023
|
|||||||||||||||||||
|
Note
|
US $ in millions
|
||||||||||||||||||||||
|
Income from voyages and related services
|
7
|
6,259.8
|
3,956.9
|
2,765.2
|
1,273.0
|
5,162.2
|
|||||||||||||||||
|
Cost of voyages and related services
|
|||||||||||||||||||||||
|
Operating expenses and cost of services
|
8
|
(3,381.9
|
)
|
(2,922.0
|
)
|
(1,167.8
|
)
|
(1,008.4
|
)
|
(3,885.1
|
)
|
||||||||||||
|
Depreciation
|
(824.9
|
)
|
(1,212.8
|
)
|
(292.1
|
)
|
(417.4
|
)
|
(1,449.8
|
)
|
|||||||||||||
|
Impairment of assets
|
(2,034.9
|
)
|
(2,034.9
|
)
|
(2,034.9
|
)
|
|||||||||||||||||
|
Gross profit (loss)
|
2,053.0
|
(2,212.8
|
)
|
1,305.3
|
(2,187.7
|
)
|
(2,207.6
|
)
|
|||||||||||||||
|
Other operating income
|
32.9
|
2.5
|
7.3
|
0.6
|
14.4
|
||||||||||||||||||
|
Other operating expenses
|
(1.7
|
)
|
(32.5
|
)
|
(1.1
|
)
|
(22.4
|
)
|
(29.3
|
)
|
|||||||||||||
|
General and administrative expenses
|
(209.7
|
)
|
(209.4
|
)
|
(75.9
|
)
|
(63.9
|
)
|
(280.7
|
)
|
|||||||||||||
|
Share of loss of associates
|
(4.8
|
)
|
(5.2
|
)
|
(0.8
|
)
|
(2.3
|
)
|
(7.8
|
)
|
|||||||||||||
|
Results from operating activities
|
1,869.7
|
(2,457.4
|
)
|
1,234.8
|
(2,275.7
|
)
|
(2,511.0
|
)
|
|||||||||||||||
|
Finance income
|
81.0
|
117.7
|
19.8
|
35.6
|
142.2
|
||||||||||||||||||
|
Finance expenses
|
(346.5
|
)
|
(338.7
|
)
|
(121.6
|
)
|
(101.5
|
)
|
(446.7
|
)
|
|||||||||||||
|
Net finance expenses
|
(265.5
|
)
|
(221.0
|
)
|
(101.8
|
)
|
(65.9
|
)
|
(304.5
|
)
|
|||||||||||||
|
Profit (loss) before income taxes
|
1,604.2
|
(2,678.4
|
)
|
1,133.0
|
(2,341.6
|
)
|
(2,815.5
|
)
|
|||||||||||||||
|
Income taxes
|
(13.1
|
)
|
137.1
|
(6.8
|
)
|
71.1
|
127.6
|
||||||||||||||||
|
Profit (loss) for the period
|
1,591.1
|
(2,541.3
|
)
|
1,126.2
|
(2,270.5
|
)
|
(2,687.9
|
)
|
|||||||||||||||
|
Attributable to:
|
|||||||||||||||||||||||
|
Owners of the Company
|
1,586.2
|
(2,547.2
|
)
|
1,124.6
|
(2,272.6
|
)
|
(2,695.6
|
)
|
|||||||||||||||
|
Non-controlling interests
|
4.9
|
5.9
|
1.6
|
2.1
|
7.7
|
||||||||||||||||||
|
Profit (loss) for the period
|
1,591.1
|
(2,541.3
|
)
|
1,126.2
|
(2,270.5
|
)
|
(2,687.9
|
)
|
|||||||||||||||
|
Earnings (loss) per share (US$)
|
|||||||||||||||||||||||
|
Basic earnings (loss) per 1 ordinary share
|
10
|
13.18
|
(21.19
|
)
|
9.34
|
(18.90
|
)
|
(22.42
|
)
|
||||||||||||||
|
Diluted earnings (loss) per 1 ordinary share
|
10
|
13.17
|
(21.19
|
)
|
9.34
|
(18.90
|
)
|
(22.42
|
)
|
||||||||||||||
|
Nine months ended
September 30
|
Three months ended
September 30
|
Year ended
December 31
|
||||||||||||||||||
|
2024
|
2023
|
2024
|
2023
|
2023
|
||||||||||||||||
|
US $ in millions
|
||||||||||||||||||||
|
Profit (loss) for the period
|
1,591.1
|
(2,541.3
|
)
|
1,126.2
|
(2,270.5
|
)
|
(2,687.9
|
)
|
||||||||||||
|
Other components of comprehensive income
|
||||||||||||||||||||
|
Items of other comprehensive income that were or will be reclassified to profit or loss
|
||||||||||||||||||||
|
Foreign currency translation differences for foreign operations
|
0.2
|
(7.0
|
)
|
3.0
|
(1.3
|
)
|
(9.1
|
)
|
||||||||||||
|
Net change in fair value of investments in debt instruments at fair value through other comprehensive income, net of tax
|
16.2
|
(25.6
|
)
|
20.9
|
(19.5
|
)
|
4.4
|
|||||||||||||
|
Reclassification of investments in debt instruments at fair value through other comprehensive income to profit or loss
|
0.5
|
7.9
|
(0.1
|
)
|
2.3
|
13.6
|
||||||||||||||
|
Items of other comprehensive income that would never be reclassified to profit or loss
|
||||||||||||||||||||
|
Net change in fair value of investments in equity instruments at fair value through other comprehensive income, net of tax
|
(0.3
|
)
|
1.4
|
(0.1
|
)
|
(0.2
|
)
|
1.5
|
||||||||||||
|
Defined benefit pension plans actuarial gains (losses), net of tax
|
1.0
|
1.4
|
(0.3
|
)
|
1.2
|
0.1
|
||||||||||||||
|
Other comprehensive income for the period, net of tax
|
17.6
|
(21.9
|
)
|
23.4
|
(17.5
|
)
|
10.5
|
|||||||||||||
|
Total comprehensive income for the period
|
1,608.7
|
(2,563.2
|
)
|
1,149.6
|
(2,288.0
|
)
|
(2,677.4
|
)
|
||||||||||||
|
Attributable to:
|
||||||||||||||||||||
|
Owners of the Company
|
1,603.0
|
(2,568.2
|
)
|
1,146.7
|
(2,289.8
|
)
|
(2,683.3
|
)
|
||||||||||||
|
Non-controlling interests
|
5.7
|
5.0
|
2.9
|
1.8
|
5.9
|
|||||||||||||||
|
Total comprehensive income for the period
|
1,608.7
|
(2,563.2
|
)
|
1,149.6
|
(2,288.0
|
)
|
(2,677.4
|
)
|
||||||||||||
|
Attribute to the owners of the Company
|
||||||||||||||||||||||||||||
|
Share
capital
|
General
reserves (*)
|
Translation
Reserve
|
Retained
earnings
|
Total
|
Non-controlling
interests
|
Total
equity
|
||||||||||||||||||||||
|
US $ in millions
|
||||||||||||||||||||||||||||
|
For the nine months period ended September 30, 2024
|
||||||||||||||||||||||||||||
|
Balance at January 1, 2024
|
926.6
|
1,133.7
|
(42.8
|
)
|
437.2
|
2,454.7
|
3.3
|
2,458.0
|
||||||||||||||||||||
|
Profit for the period
|
1,586.2
|
1,586.2
|
4.9
|
1,591.1
|
||||||||||||||||||||||||
|
Other comprehensive income for the period, net of tax
|
16.4
|
(0.6
|
)
|
1.0
|
16.8
|
0.8
|
17.6
|
|||||||||||||||||||||
|
Share-based compensation
|
7.8
|
7.8
|
7.8
|
|||||||||||||||||||||||||
|
Exercise of options
|
0.5
|
(0.5
|
)
|
|||||||||||||||||||||||||
|
Dividend to owners of the Company
|
(139.6
|
)
|
(139.6
|
)
|
(139.6
|
)
|
||||||||||||||||||||||
|
Dividend to non-controlling interests in subsidiaries
|
(4.2
|
)
|
(4.2
|
)
|
||||||||||||||||||||||||
|
Balance at September 30, 2024
|
927.1
|
1,157.4
|
(43.4
|
)
|
1,884.8
|
3,925.9
|
4.8
|
3,930.7
|
||||||||||||||||||||
|
For the three months period ended September 30, 2024
|
||||||||||||||||||||||||||||
|
Balance at July 1, 2024
|
927.0
|
1,134.8
|
(45.1
|
)
|
872.4
|
2,889.1
|
2.4
|
2,891.5
|
||||||||||||||||||||
|
Profit for the period
|
1,124.6
|
1,124.6
|
1.6
|
1,126.2
|
||||||||||||||||||||||||
|
Other comprehensive income for the period, net of tax
|
20.7
|
1.7
|
(0.3
|
)
|
22.1
|
1.3
|
23.4
|
|||||||||||||||||||||
|
Share-based compensation
|
2.0
|
2.0
|
2.0
|
|||||||||||||||||||||||||
|
Exercise of options
|
0.1
|
(0.1
|
)
|
|||||||||||||||||||||||||
|
Dividend to owners of the Company
|
(111.9
|
)
|
(111.9
|
)
|
(111.9
|
)
|
||||||||||||||||||||||
|
Dividend to non-controlling interests in subsidiaries
|
(0.5
|
)
|
(0.5
|
)
|
||||||||||||||||||||||||
|
Balance at September 30, 2024
|
927.1
|
1,157.4
|
(43.4
|
)
|
1,884.8
|
3,925.9
|
4.8
|
3,930.7
|
||||||||||||||||||||
|
Attribute to the owners of the Company
|
||||||||||||||||||||||||||||
|
Share
capital
|
General
reserves (*)
|
Translation
reserve
|
Retained
earnings
|
Total
|
Non-controlling
interests
|
Total
Equity
|
||||||||||||||||||||||
|
US $ in millions
|
||||||||||||||||||||||||||||
|
For the nine months period ended September 30, 2023
|
||||||||||||||||||||||||||||
|
Balance at January 1, 2023
|
925.9
|
1,097.3
|
(35.5
|
)
|
3,901.9
|
5,889.6
|
6.3
|
5,895.9
|
||||||||||||||||||||
|
Loss for the period
|
(2,547.2
|
)
|
(2,547.2
|
)
|
5.9
|
(2,541.3
|
)
|
|||||||||||||||||||||
|
Other comprehensive income for the period, net of tax
|
(16.3
|
)
|
(6.1
|
)
|
1.4
|
(21.0
|
)
|
(0.9
|
)
|
(21.9
|
)
|
|||||||||||||||||
|
Share-based compensation
|
15.4
|
15.4
|
15.4
|
|||||||||||||||||||||||||
|
Exercise of options
|
0.5
|
(0.5
|
)
|
|||||||||||||||||||||||||
|
Dividend to owners of the Company
|
(769.2
|
)
|
(769.2
|
)
|
(769.2
|
)
|
||||||||||||||||||||||
|
Dividend to non-controlling interests in subsidiaries
|
(7.5
|
)
|
(7.5
|
)
|
||||||||||||||||||||||||
|
Balance at September 30, 2023
|
926.4
|
1,095.9
|
(41.6
|
)
|
586.9
|
2,567.6
|
3.8
|
2,571.4
|
||||||||||||||||||||
|
For the three months period ended September 30, 2023
|
||||||||||||||||||||||||||||
|
Balance at July 1, 2023
|
926.3
|
1,109.1
|
(40.6
|
)
|
2,858.3
|
4,853.1
|
2.0
|
4,855.1
|
||||||||||||||||||||
|
Loss for the period
|
(2,272.6
|
)
|
(2,272.6
|
)
|
2.1
|
(2,270.5
|
)
|
|||||||||||||||||||||
|
Other comprehensive income for the period, net of tax
|
(17.4
|
)
|
(1.0
|
)
|
1.2
|
(17.2
|
)
|
(0.3
|
)
|
(17.5
|
)
|
|||||||||||||||||
|
Share-based compensation
|
4.3
|
4.3
|
4.3
|
|||||||||||||||||||||||||
|
Exercise of options
|
0.1
|
(0.1
|
)
|
|||||||||||||||||||||||||
|
Balance at September 30, 2023
|
926.4
|
1,095.9
|
(41.6
|
)
|
586.9
|
2,567.6
|
3.8
|
2,571.4
|
||||||||||||||||||||
|
For the year ended December 31, 2023
|
||||||||||||||||||||||||||||
|
Balance at January 1, 2023
|
925.9
|
1,097.3
|
(35.5
|
)
|
3,901.9
|
5,889.6
|
6.3
|
5,895.9
|
||||||||||||||||||||
|
Loss for the year
|
(2,695.6
|
)
|
(2,695.6
|
)
|
7.7
|
(2,687.9
|
)
|
|||||||||||||||||||||
|
Other comprehensive income for the year, net of tax
|
19.5
|
(7.3
|
)
|
0.1
|
12.3
|
(1.8
|
)
|
10.5
|
||||||||||||||||||||
|
Share-based compensation
|
17.6
|
17.6
|
17.6
|
|||||||||||||||||||||||||
|
Exercise of options
|
0.7
|
(0.7
|
)
|
|||||||||||||||||||||||||
|
Dividend to owners of the Company
|
(769.2
|
)
|
(769.2
|
)
|
(769.2
|
)
|
||||||||||||||||||||||
|
Dividend to non-controlling interests in subsidiaries
|
(8.9
|
)
|
(8.9
|
)
|
||||||||||||||||||||||||
|
Balance at December 31, 2023
|
926.6
|
1,133.7
|
(42.8
|
)
|
437.2
|
2,454.7
|
3.3
|
2,458.0
|
||||||||||||||||||||
|
Nine months ended
|
Three months ended
|
Year ended
|
||||||||||||||||||
|
September 30
|
September 30
|
December 31
|
||||||||||||||||||
|
2024
|
2023
|
2024
|
2023
|
2023
|
||||||||||||||||
|
US $ in millions
|
||||||||||||||||||||
|
Cash flows from operating activities
|
||||||||||||||||||||
|
Profit (loss) for the period
|
1,591.1
|
(2,541.3
|
)
|
1,126.2
|
(2,270.5
|
)
|
(2,687.9
|
)
|
||||||||||||
|
Adjustments for:
|
||||||||||||||||||||
|
Depreciation and amortization
|
833.6
|
1,232.5
|
295.0
|
423.8
|
1,471.8
|
|||||||||||||||
|
Impairment loss
|
2,063.4
|
2,063.4
|
2,063.4
|
|||||||||||||||||
|
Net finance expenses
|
265.5
|
221.0
|
101.8
|
65.9
|
304.5
|
|||||||||||||||
|
Share of losses and change in fair value of investees
|
4.8
|
4.5
|
0.8
|
2.3
|
6.5
|
|||||||||||||||
|
Capital loss (gain), net
|
(31.7
|
)
|
3.2
|
(6.2
|
)
|
(4.2
|
)
|
(10.9
|
)
|
|||||||||||
|
Income taxes
|
13.1
|
(137.1
|
)
|
6.8
|
(71.1
|
)
|
(127.6
|
)
|
||||||||||||
|
Other non-cash items
|
11.9
|
14.2
|
8.9
|
4.5
|
18.9
|
|||||||||||||||
|
2,688.3
|
860.4
|
1,533.3
|
214.1
|
1,038.7
|
||||||||||||||||
|
Change in inventories
|
(29.1
|
)
|
34.3
|
(20.7
|
)
|
17.7
|
11.4
|
|||||||||||||
|
Change in trade and other receivables
|
(481.3
|
)
|
237.5
|
(34.3
|
)
|
60.6
|
242.7
|
|||||||||||||
|
Change in trade and other payables including contract
|
||||||||||||||||||||
|
liabilities
|
326.8
|
(76.7
|
)
|
(5.0
|
)
|
19.2
|
(95.1
|
)
|
||||||||||||
|
Change in provisions and employee benefits
|
31.9
|
7.0
|
4.6
|
4.1
|
15.9
|
|||||||||||||||
|
(151.7
|
)
|
202.1
|
(55.4
|
)
|
101.6
|
174.9
|
||||||||||||||
|
Dividends received from associates
|
2.4
|
1.7
|
1.2
|
0.2
|
2.3
|
|||||||||||||||
|
Interest received
|
64.6
|
113.0
|
24.8
|
25.0
|
133.8
|
|||||||||||||||
|
Income taxes paid
|
(3.2
|
)
|
(319.4
|
)
|
(6.4
|
)
|
(3.3
|
)
|
(329.7
|
)
|
||||||||||
|
Net cash generated from operating activities
|
2,600.4
|
857.8
|
1,497.5
|
337.6
|
1,020.0
|
|||||||||||||||
|
Cash flows from investing activities
|
||||||||||||||||||||
|
Proceeds from sale of tangible assets, intangible assets,
|
||||||||||||||||||||
|
and interest in investees
|
10.5
|
21.4
|
7.3
|
3.7
|
27.4
|
|||||||||||||||
|
Acquisition and capitalized expenditures of tangible assets,
|
||||||||||||||||||||
|
intangible assets and interest in investees
|
(141.1
|
)
|
(75.2
|
)
|
(50.3
|
)
|
(13.7
|
)
|
(115.7
|
)
|
||||||||||
|
Proceeds from sale (acquisition) of investment
|
||||||||||||||||||||
|
instruments, net
|
240.8
|
(609.6
|
)
|
(74.3
|
)
|
(26.2
|
)
|
(138.2
|
)
|
|||||||||||
|
Loans granted to investees
|
(5.2
|
)
|
(3.8
|
)
|
(2.4
|
)
|
(2.1
|
)
|
(5.4
|
)
|
||||||||||
|
Change in other receivables
|
23.3
|
(4.7
|
)
|
7.9
|
9.3
|
3.2
|
||||||||||||||
|
Change in other investments (mainly deposits), net
|
(34.4
|
)
|
2,002.6
|
(34.4
|
)
|
19.9
|
2,005.2
|
|||||||||||||
|
Net cash generated from (used in) investing activities
|
93.9
|
1,330.7
|
(146.2
|
)
|
(9.1
|
)
|
1,776.5
|
|||||||||||||
|
Nine months ended
|
Three months ended
|
Year ended
|
||||||||||||||||||
|
September 30
|
September 30
|
December 31
|
||||||||||||||||||
|
2024
|
2023
|
2024
|
2023
|
2023
|
||||||||||||||||
|
US $ in millions
|
||||||||||||||||||||
|
Cash flows from financing activities
|
||||||||||||||||||||
|
Repayment of lease liabilities and borrowings
|
(1,591.2
|
)
|
(1,214.1
|
)
|
(474.2
|
)
|
(352.7
|
)
|
(1,713.1
|
)
|
||||||||||
|
Change in short term loans
|
10.3
|
(21.0
|
)
|
10.3
|
(21.0
|
)
|
||||||||||||||
|
Dividend paid to non-controlling interests
|
(4.2
|
)
|
(7.5
|
)
|
(0.5
|
)
|
(8.9
|
)
|
||||||||||||
|
Dividend paid to owners of the Company
|
(139.6
|
)
|
(769.2
|
)
|
(111.9
|
)
|
(769.2
|
)
|
||||||||||||
|
Interest paid
|
(342.2
|
)
|
(281.5
|
)
|
(120.6
|
)
|
(98.8
|
)
|
(380.7
|
)
|
||||||||||
|
Net cash used in financing activities
|
(2,066.9
|
)
|
(2,293.3
|
)
|
(696.9
|
)
|
(451.5
|
)
|
(2,892.9
|
)
|
||||||||||
|
Net change in cash and cash equivalents
|
627.4
|
(104.8
|
)
|
654.4
|
(123.0
|
)
|
(96.4
|
)
|
||||||||||||
|
Cash and cash equivalents at beginning of the period
|
921.5
|
1,022.1
|
889.8
|
1,040.3
|
1,022.1
|
|||||||||||||||
|
Effect of exchange rate fluctuation on cash held
|
(0.2
|
)
|
(5.2
|
)
|
4.5
|
(5.2
|
)
|
(4.2
|
)
|
|||||||||||
|
Cash and cash equivalents at the end of the period
|
1,548.7
|
912.1
|
1,548.7
|
912.1
|
921.5
|
|||||||||||||||
| 1 |
Reporting entity
ZIM Integrated Shipping Services Ltd. (hereinafter - the "Company" or "ZIM") and its subsidiaries (hereinafter – "the Group" or "the Companies") and the Group’s interests in associates,
operate in the field of cargo shipping and related services.
ZIM is a company incorporated in Israel, with limited liability. ZIM’s ordinary shares have been listed on the New York Stock Exchange (the “NYSE”) under the symbol “ZIM” on January 28,
2021. The address of the Company’s registered office is 9 Andrei Sakharov Street, Haifa, Israel.
|
| 2 |
Basis of compliance
|
|
|
(a) |
Statement of compliance
These condensed consolidated unaudited interim Financial Statements have been prepared in accordance with IAS 34 Interim Financial Reporting. They do not include all of the information
required for annual Financial Statements and should be read in conjunction with the consolidated Financial Statements of the Company as at and for the year ended December 31, 2023 (hereafter – the “annual Financial Statements”). These
condensed consolidated unaudited interim Financial Statements were approved by the Board of Directors on November 20, 2024.
|
| (b) |
Estimates
The preparation of Financial Statements in conformity with IFRSs requires management to make judgements, estimates and assumptions that affect the application of policies and reported
amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form
the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The significant judgments made by management in applying
the Group’s accounting policies and the principal assumptions used in the estimation of uncertainties were the same as those applied in the annual Financial Statements.
|
| 3 |
Material accounting policies
|
| (a) |
The material accounting policies applied by the Group in these unaudited condensed consolidated interim Financial Statements are the same as those applied by the Group in its annual Financial Statements.
|
| (b) |
Accounting standards issued not yet adopted
|
|
IFRS 18, Presentation and disclosure in financial statements
In April 2024, the IASB issued IFRS 18 which will replace IAS 1, Presentation of financial statements. The new standard introduces new presentation and disclosure requirements, including a more structured
presentation of the income statement, in which all income and expense items will be allocated to new distinct activity categories of operating, investing, financing, income taxes and discontinued operations, based on the main business
activities as specified by each entity.
|
| 3 |
Material accounting policies (cont’d)
|
| (b) |
Accounting standards issued not yet adopted (cont’d)
In addition, entities will be required to include in their Financial Statements certain management-defined performance measures (often referred to as Non-GAAP measures). The standard is effective
retrospectively for annual periods beginning on or after January 1, 2027, with early adoption permitted. The Group is currently assessing the expected effect of the new requirements.
Amendments to IFRS 9 and IFRS 7 (Financial Instruments)
In May 2024, the IASB issued amendments to IFRS 9 (Financial instruments) and IFRS 7 (Financial instruments – Disclosures). The amendments provide clarifications for the timing of recognition and derecognition
of financial assets and liabilities, as well as for the classification of financial assets with contingent features. The amendments also add certain disclosure requirements for certain financial assets. The amendments are effective for
annual periods beginning on or after January 1, 2026, with early adoption permitted. The Group is currently assessing the expected effect of these amendments.
|
| 4 |
Financial position
|
| (a) |
The container shipping industry continues to be impacted by the supply and demand dynamics, as well as by uncertainties in the global trade, including the continuing disruption in the Red Sea, the implications of the ongoing armed
conflicts between Russia and Ukraine and in the Middle-East, the inflation and elevated interest rates in certain countries, the trade limitations between the US and China and other geopolitical challenges. Those, among other things,
contribute to the continuing volatility in freight rates, charter rates and bunker prices. In addition, regulators in certain jurisdictions have recently increased their regulatory oversight activities over our industry, by, among others,
increased audit activities and introduction of new regulation relating to the contractual routines between carriers and their customers.
As of today, the war situation in Israel, which started in October 2023, has had no material impact on the Company’s activities in Israel. However, those may be subject to temporary disruptions if this
situation was to further escalate.
Since December 2023, many ocean carriers including the Company, paused their activities in the Red Sea, following attacks made against commercial vessels by armed organizations in Yemen. The Company continues
to call ports in the Mediterranean Sea, as well as to operate services which previously crossed the Suez-canal, by re-routing its vessels around Africa. This disruption results in the extension of voyages duration, as well as leading to an
increase in demand for vessel capacity, as additional vessels are operated in order to maintain the same frequency of services.
Further to the above, freight rates have increased towards the end of the fourth quarter of 2023 and continued to further increase during 2024, though demonstrated some decline during the third quarter,
partially offsetting the earlier increases.
|
| 4 |
Financial position (cont’d)
|
| In view of the aforementioned business environment and in order to constantly improve the Group’s results of operations and liquidity position, Management continues to optimize its network by considering, and when appropriate, implementing structural changes, participating in partnerships and cooperation agreements and by upgrading its customer’s offerings, whilst seeking operational excellence and cost efficiencies. |
| (b) |
In September 2024, the Company entered into a long-term operational cooperation with Mediterranean Shipping Company (MSC), scheduled to be launched in February 2025, for a minimum period of three years, subject to the applicable regulatory
filings and approvals. According to this cooperation, the Company and MSC will operate together six services on the Asia - US East Coast and Asia - US Gulf trades, enabling ZIM to provide its customers with extensive port coverage and further
elevated service quality, while achieving significant operational efficiencies.
The Company’s operational cooperation with the 2M alliance (Maersk and MSC), originally launched in 2018, covering services on the Asia - US East Coast and Asia - US Gulf trades, is scheduled to end in January
2025, further to the announced termination of the 2M alliance.
|
| (c) |
Charter agreements:
Further to the Company’s long-term agreements for the charter of 46 new-build vessels, including 28 liquefied natural gas (LNG) dual-fuel vessels, as of today, 42 of such vessels have been
delivered to the Company. The remaining vessels related to these agreements are scheduled to be delivered to the Company during the remainder of 2024 and the first quarter of 2025 (see also Note 26 to the Company’s annual Financial
Statements).
In February 2024, the Company paid a total amount of approximately US$ 130 million for the exercise of a purchase option in respect of five chartered vessels.
|
| (d) |
In the third quarter of 2024, the Company entered into a second long-term agreement with Shell NA LNG, LLC to secure the supply of marine liquefied natural gas (LNG) for its 8,000 TEU LNG-fueled vessels, for a period of up to ten years
commencing 2025 and with an estimated aggregated consideration of approximately up to US$ 630 million.
|
| (e) |
Further to the volatile market terms mentioned above, which mostly affected the Company’s Container shipping services, the Company tested the carrying amount of its Container shipping services CGU for impairment loss (or recovery) as of
September 30, 2024 and concluded that no material adjustment to the CGU’s assets carrying amount was required.
Consistent with its previous analysis (as of September 30 2023, see also Note 7 to the Company’s 2023 annual Financial Statements), the Company estimated the recoverable amount of its CGU on the basis of
value-in-use, using the discounted cash flow (DCF) method and applying similar estimation methods for updated assumptions, including in respect of freight rates, carried volume, charter hire rates and bunkering costs.
The Company’s projections were estimated for the period ended on June 30, 2029 and a representative terminal year intended to reflect a long-term steady state, considering a post-tax discount rate of 12.5% and
a long-term nominal growth rate of 2.5%.
|
| 4 |
Financial position (cont’d)
|
| (f) |
During the third quarter of 2024, the Company was approached by the Federal Maritime Commission (FMC), requesting the Company to provide certain information regarding its demurrage and detention practices vis-à-vis a number of its
customers during the period of 2023 and through today. The Company is assessing this request for information, and at this preliminary stage is unable to assess its potential consequences, if any.
|
| (g) |
Dividends:
In June and September 2024, further to the approval of the Company’s Board of Directors, the Company distributed dividends in amounts of US$ 28 million and US$ 112 million, reflecting US$
0.23 and US$ 0.93 per ordinary share, respectively.
In November 2024, the Company’s Board of Directors approved a dividend distribution of approximately US$ 3.65 per ordinary share (or approximately US$ 440 million,
considering the number of ordinary shares outstanding as of September 30, 2024). This dividend is comprised from a regular dividend amount in accordance with the Company’s dividend policy of approximately US$ 2.81 per ordinary share and
an additional special dividend amount of US$ 0.84 per ordinary share. The dividend is scheduled to be paid on December 9, 2024, to all holders of ordinary shares on record as of December 2, 2024.
|
| 5 |
Capital and reserves
|
|
Grant date
|
Number of instruments
|
Instrument terms
|
Vesting terms
|
Contractual life
|
||||
|
March 2024
|
43,160
|
Each option is exercisable into one ordinary share on a cash-less basis.
|
These options shall vest upon the first, second, third and fourth anniversary, in four equal instalments of 25% each.
|
5 years
|
|
Fair Value
|
USD 4.94
|
|
Share price on grant date
|
USD 10.99
|
|
Exercise price
|
USD 12.48
|
|
Expected volatility
|
50.5%
|
|
Expected life
|
5 years
|
|
Expected dividends (*)
|
0%
|
|
Risk-free interest rate
|
4.1%
|
| 6 |
Right-of-use assets
|
|
Balance at
September 30
|
Balance at
December 31
|
|||||||||||
|
2024
|
2023
|
2023
|
||||||||||
|
US $ in millions
|
||||||||||||
|
Vessels
|
4,820.5
|
3,109.4
|
3,613.3
|
|||||||||
|
Containers and handling equipment
|
389.3
|
292.1
|
283.5
|
|||||||||
|
Other tangible assets
|
46.0
|
35.7
|
49.2
|
|||||||||
|
5,255.8
|
3,437.2
|
3,946.0
|
||||||||||
| 7 |
Income from voyages and related services
|
|
Nine months ended
September 30
|
Three months ended
September 30
|
Year ended
December 31
|
||||||||||||||||||
|
2024
|
2023
|
2024
|
2023
|
2023
|
||||||||||||||||
|
US $ in millions
|
||||||||||||||||||||
|
Freight revenues from containerized cargo:
|
||||||||||||||||||||
|
Pacific
|
2,934.1
|
1,357.0
|
1,427.7
|
476.0
|
1,779.1
|
|||||||||||||||
|
Cross-Suez
|
667.7
|
434.3
|
289.9
|
111.8
|
491.3
|
|||||||||||||||
|
Atlantic
|
503.3
|
501.8
|
182.0
|
123.8
|
636.3
|
|||||||||||||||
|
Intra-Asia
|
535.6
|
483.9
|
248.2
|
164.5
|
616.6
|
|||||||||||||||
|
Latin America
|
587.4
|
305.6
|
257.2
|
110.9
|
425.0
|
|||||||||||||||
|
5,228.1
|
3,082.6
|
2,405.0
|
987.0
|
3,948.3
|
||||||||||||||||
|
Freight revenues from non-containerized cargo (mostly related to vehicle shipping services)
|
384.8
|
394.5
|
145.4
|
152.9
|
534.5
|
|||||||||||||||
|
Other revenues (*)
|
646.9
|
479.8
|
214.8
|
133.1
|
679.4
|
|||||||||||||||
|
6,259.8
|
3,956.9
|
2,765.2
|
1,273.0
|
5,162.2
|
||||||||||||||||
| 8 |
Operating expenses and cost of services
|
|
Nine months ended
September 30
|
Three months ended
September 30
|
Year ended
December 31
|
||||||||||||||||||
|
2024
|
2023
|
2024
|
2023
|
2023
|
||||||||||||||||
|
US $ in millions
|
||||||||||||||||||||
|
|
||||||||||||||||||||
|
Wages, maintenance and other vessel-operating costs
|
27.1
|
24.9
|
9.7
|
7.8
|
31.8
|
|||||||||||||||
|
Expenses relating to fleet equipment (mainly containers and chassis)
|
27.9
|
23.8
|
9.0
|
8.2
|
31.5
|
|||||||||||||||
|
Bunker and lubricants
|
965.9
|
820.3
|
336.4
|
266.5
|
1,098.8
|
|||||||||||||||
|
Insurance
|
25.8
|
15.2
|
8.4
|
5.3
|
21.5
|
|||||||||||||||
|
Expenses related to cargo handling
|
1,479.6
|
1,273.7
|
518.5
|
430.4
|
1,671.4
|
|||||||||||||||
|
Port expenses
|
346.7
|
385.8
|
118.3
|
148.6
|
500.7
|
|||||||||||||||
|
Agents’ salaries and commissions
|
177.9
|
157.5
|
64.4
|
53.0
|
209.5
|
|||||||||||||||
|
Cost of related services and sundry
|
260.7
|
143.8
|
87.4
|
54.3
|
216.9
|
|||||||||||||||
|
Slot purchases and hire of vessels
|
46.4
|
57.7
|
7.2
|
27.6
|
79.4
|
|||||||||||||||
|
Hire of containers
|
23.9
|
19.3
|
8.5
|
6.7
|
23.6
|
|||||||||||||||
|
3,381.9
|
2,922.0
|
1,167.8
|
1,008.4
|
3,885.1
|
||||||||||||||||
| 9 |
Financial instruments
|
|
Balance at September 30,
|
||||||||||||||||||||||||
|
2024
|
2023
|
|||||||||||||||||||||||
|
US $ in millions
|
||||||||||||||||||||||||
|
Level 1
|
Level 3
|
Total
|
Level 1
|
Level 3
|
Total
|
|||||||||||||||||||
|
Fair value through profit and loss
|
||||||||||||||||||||||||
|
Cash and cash equivalents:
|
||||||||||||||||||||||||
|
Money market instruments
|
760.4
|
760.4
|
539.1
|
539.1
|
||||||||||||||||||||
|
Other investments:
|
||||||||||||||||||||||||
|
Equity instruments
|
11.6
|
11.6
|
10.7
|
10.7
|
||||||||||||||||||||
|
Loans and other liabilities:
|
||||||||||||||||||||||||
|
Derivative instruments
|
(19.9
|
)
|
(19.9
|
)
|
(12.6
|
)
|
(12.6
|
)
|
||||||||||||||||
|
Fair value through other comprehensive income
|
||||||||||||||||||||||||
|
Other investments:
|
||||||||||||||||||||||||
|
Sovereign bonds
|
575.1
|
575.1
|
1,095.9
|
1,095.9
|
||||||||||||||||||||
|
Corporate bonds
|
969.3
|
969.3
|
1,044.7
|
1,044.7
|
||||||||||||||||||||
|
Equity instruments
|
1.5
|
1.5
|
1.8
|
1.8
|
||||||||||||||||||||
| 9 |
Financial instruments (cont’d)
|
|
Balance at December 31,
|
||||||||||||
|
2023
|
||||||||||||
|
US $ in millions
|
||||||||||||
|
Level 1
|
Level 3
|
Total
|
||||||||||
|
Fair value through profit and loss
|
||||||||||||
|
Cash and cash equivalents:
|
||||||||||||
|
Money markets instruments
|
435.9
|
435.9
|
||||||||||
|
Other investments:
|
||||||||||||
|
Equity instruments
|
10.7
|
10.7
|
||||||||||
|
Loans and other liabilities:
|
||||||||||||
|
Derivative instruments
|
(11.5
|
)
|
(11.5
|
)
|
||||||||
|
Fair value through other comprehensive income
|
||||||||||||
|
Other investments:
|
||||||||||||
|
Sovereign bonds
|
857.7
|
857.7
|
||||||||||
|
Corporate bonds
|
894.8
|
894.8
|
||||||||||
|
Equity instruments
|
1.9
|
1.9
|
||||||||||
| 10 |
Earnings (loss) per share
|
|
Nine months ended
September 30
|
Three months ended
September 30
|
Year ended
December 31
|
||||||||||||||||||
|
2024
|
2023
|
2024
|
2023
|
2023
|
||||||||||||||||
|
US $ in millions
|
||||||||||||||||||||
|
Profit (loss) attributable to ordinary shareholders used to calculate basic and diluted earnings per share (US $ in millions)
|
1,586.2
|
(2,547.2
|
)
|
1,124.6
|
(2,272.6
|
)
|
(2,695.6
|
)
|
||||||||||||
|
Number of shares at the beginning of the period used to calculate basic earnings (loss) per share
|
120,286,629
|
120,149,921
|
120,354,982
|
120,218,275
|
120,149,921
|
|||||||||||||||
|
Effect of share options
|
53,884
|
45,069
|
17,831
|
1,486
|
63,110
|
|||||||||||||||
|
Weighted average number of ordinary shares used to calculate basic earnings (loss) per share
|
120,340,513
|
120,194,990
|
120,372,813
|
120,219,761
|
120,213,031
|
|||||||||||||||
|
Effect of share options
|
122,745
|
102,477
|
||||||||||||||||||
|
Weighted average number of ordinary shares used to calculate diluted earnings (loss) per share
|
120,463,258
|
120,194,990
|
120,475,290
|
120,219,761
|
120,213,031
|
|||||||||||||||
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