Generates Strong Full Year Results: Revenue of $12.56 Billion, Net Income of $4.63 Billion, Adjusted
EBITDA1 of $7.54
Billion, and Adjusted EBIT1 of
$6.15 Billion
Full Year 2023 Guidance: Expect to Generate Adjusted EBITDA
of $1.8-$2.2
Billion and Adjusted EBIT of $100-$500
Million2
Declared Q4 2022 Dividend of Approximately $769 Million, or $6.40 per Share, Representing, Together with
Previous Distributions Made on Account of 2022, Approximately 44%
of the Full Year 2022 Net Income
HAIFA,
Israel, March 13, 2023 /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, 2022.
Fourth Quarter and Full Year 2022 Highlights
- Net income for the fourth quarter was $417 million (compared to $1.71 billion in the fourth quarter of 2021), or
$3.44 per diluted share3
(compared to $14.17 in the fourth
quarter of 2021); net income for the full year was $4.63 billion (compared to $4.65 billion for the full year of 2021)
- Adjusted EBITDA for the fourth quarter was $973 million, a year-over-year decrease of 59%;
Adjusted EBITDA for the full year was $7.54
billion, a year-over-year increase of 14%
- Operating income (EBIT) for the fourth quarter was $585 million, a year-over-year decrease of 72%;
operating income (EBIT) for the full year was $6.14 billion, a year-over-year increase of 5%.
Reconciliation items between operating income and Adjusted EBIT in
the fourth quarter and full year were minor
- Revenues for the fourth quarter were $2.19 billion, a year-over-year decrease of 37%;
revenues for the full year were $12.56
billion, a year-over-year increase of 17%
- Carried volume in the fourth quarter was 823 thousand TEUs, a
year-over-year decrease of 4%; carried volume in the full year was
3,380 thousand TEUs, a year-over-year decrease of 3%
- Average freight rate per TEU in the fourth quarter was
$2,122, a year-over-year decrease of
42%; average freight rate per TEU in the full year was $3,240, a year-over-year increase of 16%
- Net leverage ratio1 of 0.0x at December 31, 2022, similar to December 31, 2021; reached positive net cash
position of $279 million as of
December 31, 2022
- Declared dividend of approximately $769
million, or $6.40 per share,
representing, together with previous distributions made on account
of 2022, approximately 44% of the full year 2022 net income
Eli Glickman, ZIM President
& CEO, stated, "2022 was an exceptional year for ZIM, as we
capitalized on both our differentiated strategy and the attractive
market, driving record full year Adjusted EBITDA and EBIT results.
Returning cash to shareholders remains a priority for our company,
and we are pleased to have drawn on our strong performance to
declare a fourth quarter dividend of approximately $769 million, or $6.40 per share. In total, we will be providing
shareholders dividends of $2.04
billion, representing approximately 44% of total 2022 net
income."
Mr. Glickman added, "Over the past two years we have taken
important steps amidst a highly lucrative market to best position
ZIM to execute in a more normalized trading environment.
Specifically, we enhanced our vessel sourcing strategy to secure
attractive newbuild capacity and improve our cost structure. We
have also diversified our commercial presence to ensure ZIM is
optimizing its performance to create long-term sustainable
shareholder value. Our chartered LNG-powered newbuild capacity is
expected to significantly improve our cost structure throughout
2023 and beyond, strengthen our commercial prospects and advance
our ESG objectives for ZIM and our customers. Consistent with our
global niche strategy, we continuously review and adapt our network
to swiftly respond to customers' changing needs, capitalize on
shifting market dynamics and new growth opportunities and maximize
profitability."
Mr. Glickman concluded, "While macroeconomic uncertainties, the
precipitous decline in freight rates over the past few months and
the supply-demand imbalance continue to drive a challenging
near-term outlook for container shipping, we are confident in ZIM's
strategy and believe we will generate positive EBIT in 2023. For
the full year, we expect to generate Adjusted EBITDA between
$1.8 billion to $2.2 billion and Adjusted EBIT between
$100 million to $500 million. In 2023 and beyond, our focus on
leveraging digital strategies, operating a high-quality sustainable
fleet, and further implementing our global niche strategy positions
us well to best serve our customers and generate long-term
sustainable value for our shareholders."
Summary of Key Financial and Operational Results
|
Q4.22
|
Q4.21
|
2022
|
2021
|
Carried volume
(K-TEUs)
|
823
|
858
|
3,380
|
3,481
|
Average freight rate
($/TEU)
|
2,122
|
3,630
|
3,240
|
2,786
|
Revenue ($ in
millions)
|
2,189
|
3,466
|
12,562
|
10,729
|
Operating income (EBIT)
($ in millions)
|
585
|
2,116
|
6,136
|
5,816
|
Profit before income
tax ($ in millions)
|
558
|
2,083
|
6,027
|
5,660
|
Net income ($ in
millions)
|
417
|
1,708
|
4,629
|
4,649
|
Adjusted
EBITDA1 ($ in
millions)
|
973
|
2,362
|
7,541
|
6,597
|
Adjusted
EBIT1 ($ in
millions)
|
585
|
2,114
|
6,145
|
5,820
|
Adjusted EBITDA
margin
|
44 %
|
68 %
|
60 %
|
61 %
|
Adjusted EBIT
margin
|
27 %
|
61 %
|
49 %
|
54 %
|
Diluted EPS
($)
|
3.44
|
14.17
|
38.35
|
39.02
|
Net cash generated from
operating activities
($ in millions)
|
1,069
|
2,005
|
6,110
|
5,971
|
Free cash
flow1 ($ in
millions)
|
1,048
|
1,661
|
5,796
|
4,877
|
|
|
|
DEC.22
|
DEC.21
|
Net debt (Net
cash)1 ($ in
millions)
|
|
|
(279)
|
(509)
|
Financial and Operating Results for the Fourth Quarter Ended
December 31, 2022
Total
revenues were $2.19 billion for the
fourth quarter of 2022, compared to $3.47
billion for the fourth quarter of 2021, primarily driven by
a decrease in freight rates.
ZIM carried 823 thousand TEUs in the fourth quarter of 2022,
compared to 858 thousand TEUs in the fourth quarter of 2021. The
average freight rate per TEU was $2,122 for the fourth quarter of 2022, compared
to $3,630 for the fourth quarter of
2021.
Operating income (EBIT) for the fourth quarter of 2022 was
$585 million, compared to
$2.12 billion for the fourth quarter
of 2021, resulting from a decrease in freight rates, as well as
increased costs, primarily bunker and vessels chartering costs.
Net income for the fourth quarter of 2022 was $417 million, compared to $1.71 billion for the fourth quarter of 2021.
Adjusted EBITDA was $973 million
for the fourth quarter of 2022, compared to $2.36 billion for the fourth quarter of 2021.
Adjusted EBIT was $585 million for
the fourth quarter of 2022, compared to $2.11 billion for the fourth quarter of 2021.
Adjusted EBITDA and Adjusted EBIT margins for the fourth quarter of
2022 were 44% and 27%, respectively. This compares to 68% and 61%
for the fourth quarter of 2021, respectively.
Net cash generated from operating activities was $1.07 billion for the fourth quarter of 2022,
compared to $2.00 billion for the
fourth quarter of 2021.
Financial and Operating Results for the Full Year Ended
December 31, 2022
Total
revenues were $12.56 billion for the
full year of 2022, compared to $10.73
billion for the full year of 2021, primarily driven by
elevated freight rates.
ZIM carried 3,380 thousand TEUs in the full year of 2022,
compared to 3,481 thousand TEUs in the full year of 2021. The
average freight rate per TEU was $3,240 for the full year of 2022, compared to
$2,786 for the full year of 2021.
Operating income (EBIT) for the full year of 2022 was
$6.14 billion, compared to
$5.82 billion for the full year of
2021. Full-year operating income benefited from elevated freight
rates, the impact of which was partially offset by increased bunker
and vessel chartering costs.
Net income for the full year of 2022 was $4.63 billion, compared to $4.65 billion for the full year of 2021. Net
income for the full year of 2022 included a tax expense of
$1.40 billion, compared to
$1.01 billion for the full year of
2021.
Adjusted EBITDA was $7.54 billion
for the full year of 2022, compared to $6.60
billion for the full year of 2021. Adjusted EBIT was
$6.15 billion for the full year of
2022, compared to $5.82 billion for
the full year of 2021. Adjusted EBITDA and Adjusted EBIT margins
for the full year of 2022 were 60% and 49%, respectively. This
compares to 61% and 54% for the full year of 2021,
respectively.
Net cash generated from operating activities was $6.11 billion for the full year of 2022, compared
to $5.97 billion for the full year 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 $792 million from
$3.81 billion as of December 31, 2021 to $4.60
billion as of December 31,
2022. Capital expenditures totaled $345 million for the year ended December 31, 2022, compared with $1.01 billion for the year ended December 31, 2021. Net cash position as of
December 31, 2022, was $279 million compared to $509 million as of December 31, 2021, a decrease of $230 million. ZIM's net leverage ratio as of
December 31, 2022, was 0.0x, similar
to December 31, 2021.
2022 Dividends
In accordance with the Company's
dividend policy, ZIM's Board of Directors declared a cash dividend
of approximately $769 million, or
$6.40 per ordinary share. Together
with prior dividend distributions made on account of 2022, dividend
distributions for the year totaled approximately 44% of the year's
net income. The dividend will be paid on April 3, 2023, to holders of ZIM ordinary shares
as of March 24, 2023. Since the
foregoing declared dividend amount per share constitutes more than
25% of the Company's ordinary share price on the declaration date
(March 13, 2023), per the
instructions of the NYSE, the ex-dividend date with respect to this
dividend distribution will be April 4,
2023. Shareholders who wish to receive the dividend must
hold their ZIM shares until the ex-dividend date.
Use of Non-IFRS Measures in the Company's 2023
Guidance
A reconciliation of the Company's non-IFRS
financial measures included in its full-year 2023 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 2023 Guidance
In 2023, the Company expects
to generate Adjusted EBITDA of between $1.8
billion and $2.2 billion and Adjusted EBIT of between
$100 to $500
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
+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.
Annual Report on Form 20-F for 2022
In accordance with
rule 203.01 of the NYSE, the Company's Annual Report filed
with the Securities and Exchange Commission on March 13, 2023,
on Form 20-F is available on the Company's website. Hard
copies of the Annual Report will be provided free of charge upon
request from the Company.
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 34,000 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, the outcome of legal
proceedings to which the Company is a party, global, regional
and/or local 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 2022 Annual Report filed with
the SEC on March 13, 2023.
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
|
(U.S. dollars in
millions)
|
|
December
31
|
|
2022
|
2021
|
|
(Audited)
|
(Audited)
|
Assets
|
|
|
Vessels
|
4,409.9
|
2,957.8
|
Containers and handling
equipment
|
1,242.8
|
1,365.8
|
Other tangible
assets
|
98.5
|
68.9
|
Intangible
assets
|
92.9
|
73.8
|
Investments in
associates
|
22.0
|
12.2
|
Other
investments
|
1,373.2
|
169.2
|
Other
receivables
|
112.1
|
107.2
|
Deferred tax
assets
|
2.3
|
2.1
|
Total non-current
assets
|
7,353.7
|
4,757.0
|
|
|
|
Inventories
|
190.7
|
119.0
|
Trade and other
receivables
|
825.7
|
1,278.0
|
Other
investments
|
2,233.1
|
2,144.5
|
Cash and cash
equivalents
|
1,022.1
|
1,543.3
|
Total current
assets
|
4,271.6
|
5,084.8
|
Total
assets
|
11,625.3
|
9,841.8
|
|
|
|
Equity
|
|
|
Share Capital and
reserves
|
1,987.7
|
2,011.4
|
Retained
earnings
|
3,901.9
|
2,580.6
|
Equity attributable
to owners of the Company
|
5,889.6
|
4,592.0
|
Non-controlling
interests
|
6.3
|
7.5
|
Total
equity
|
5,895.9
|
4,599.5
|
|
|
|
Liabilities
|
|
|
Lease
liabilities
|
2,778.7
|
2,178.7
|
Loans and other
liabilities
|
91.9
|
120.8
|
Employee
benefits
|
45.2
|
65.6
|
Deferred tax
liabilities
|
151.4
|
120.6
|
Total non-current
liabilities
|
3,067.2
|
2,485.7
|
|
|
|
Trade and other
payables
|
896.2
|
1,086.3
|
Provisions
|
50.2
|
28.3
|
Contract
liabilities
|
238.9
|
618.3
|
Lease
liabilities
|
1,380.8
|
893.0
|
Loans and other
liabilities
|
96.1
|
130.7
|
Total current
liabilities
|
2,662.2
|
2,756.6
|
Total
liabilities
|
5,729.4
|
5,242.3
|
|
|
|
Total equity and
liabilities
|
11,625.3
|
9,841.8
|
CONSOLIDATED INCOME
STATEMENTS
|
(U.S. dollars in
millions, except per share data)
|
|
|
|
Three months
ended
December 31,
|
Year ended
December 31,
|
|
2022
|
2021
|
2022
|
2021
|
|
(Unaudited)
|
(Unaudited)
|
(Audited)
|
(Audited)
|
|
|
|
|
|
Income from voyages and
related services
|
2,188.9
|
3,466.4
|
12,561.6
|
10,728.7
|
Cost of voyages and
related services
|
|
|
|
|
Operating expenses and
cost of services
|
(1,134.3)
|
(1,029.0)
|
(4,764.5)
|
(3,905.9)
|
Depreciation
|
(380.6)
|
(242.4)
|
(1,370.3)
|
(756.3)
|
Gross
profit
|
674.0
|
2,195.0
|
6,426.8
|
6,066.5
|
|
|
|
|
|
Other operating
income
|
8.1
|
5.0
|
48.9
|
14.5
|
Other operating
expenses
|
(0.5)
|
(0.3)
|
(0.9)
|
(1.0)
|
General and
administrative expenses
|
(94.3)
|
(83.8)
|
(338.3)
|
(267.7)
|
Share of profits (loss)
of associates
|
(2.6)
|
0.9
|
(0.7)
|
4.0
|
|
|
|
|
|
Results from
operating activities
|
584.7
|
2,116.8
|
6,135.8
|
5,816.3
|
|
|
|
|
|
Finance
income
|
48.6
|
9.7
|
130.9
|
18.8
|
Finance
expenses
|
(75.4)
|
(43.9)
|
(239.4)
|
(175.6)
|
|
|
|
|
|
Net finance
expenses
|
(26.8)
|
(34.2)
|
(108.5)
|
(156.8)
|
|
|
|
|
|
Profit before income
taxes
|
557.9
|
2,082.5
|
6,027.3
|
5,659.5
|
|
|
|
|
|
Income taxes
|
(141.4)
|
(374.1)
|
(1,398.3)
|
(1,010.4)
|
|
|
|
|
|
Profit for the
period
|
416.5
|
1,708.4
|
4,629.0
|
4,649.1
|
|
|
|
|
|
Attributable
to:
|
|
|
|
|
|
|
|
|
|
Owners of the
Company
|
414.2
|
1,705.1
|
4,619.4
|
4,640.3
|
Non-controlling
interests
|
2.3
|
3.3
|
9.6
|
8.8
|
Profit for the
period
|
416.5
|
1,708.4
|
4,629.0
|
4,649.1
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
(US$)
|
|
|
|
|
Basic earnings per 1
ordinary share
|
3.45
|
14.34
|
38.49
|
40.31
|
Diluted earnings per 1
ordinary share
|
3.44
|
14.17
|
38.35
|
39.02
|
|
|
|
|
|
Weighted average
number of shares for
EPS calculation
|
|
|
|
|
Basic
|
120,098,658
|
118,908,731
|
120,012,375
|
115,105,504
|
Diluted
|
120,431,208
|
120,332,347
|
120,444,889
|
118,933,723
|
CONSOLIDATED
STATEMENTS OF CASH FLOW
|
|
(U.S. dollars in
millions)
|
|
|
|
|
Year ended December
31,
|
|
2022
|
2021
|
|
(Audited)
|
(Audited)
|
|
|
|
Cash flows from
operating activities
|
|
|
Profit for the
year
|
4,629.0
|
4,649.1
|
|
|
|
Adjustments
for:
|
|
|
Depreciation and
amortization
|
1,396.3
|
779.2
|
Net finance
expenses
|
108.5
|
156.8
|
Share of profits and
change in fair value of investees
|
(2.1)
|
(4.7)
|
Capital gains,
net
|
(42.7)
|
(8.7)
|
Income taxes
|
1,398.3
|
1,010.4
|
Other non-cash
items
|
39.7
|
20.8
|
|
|
|
|
7,527.0
|
6,602.9
|
|
|
|
Change in
inventories
|
(71.7)
|
(66.8)
|
Change in trade and
other receivables
|
496.6
|
(766.5)
|
Change in trade and
other payables including contract liabilities
|
(325.7)
|
555.9
|
Change in provisions
and employee benefits
|
15.9
|
6.6
|
|
|
|
|
115.1
|
(270.8)
|
|
|
|
Dividends
received
|
0.9
|
4.4
|
Interest
received
|
53.2
|
3.5
|
Income taxes
paid
|
(1,586.1)
|
(369.1)
|
|
|
|
Net cash generated
from operating activities
|
6,110.1
|
5,970.9
|
|
|
|
Cash flows from
investing activities
|
|
|
Proceeds from sale of
tangible assets, intangible assets and interest in
investees
|
48.1
|
10.9
|
Acquisition and
capitalized expenditures of tangible assets, intangible
assets and interest in investees
|
(345.5)
|
(1,005.0)
|
Acquisition of
investment instruments, net
|
(1,433.1)
|
(182.5)
|
Change in other
receivables
|
(20.2)
|
(101.8)
|
Change in other
investments (mainly deposits), net
|
105.7
|
(2,064.7)
|
Net cash used in
investing activities
|
(1,645.0)
|
(3,343.1)
|
|
|
|
Cash flows from
financing activities
|
|
|
Receipt of long-term
loans and other long-term liabilities
|
59.2
|
50.0
|
Issuance of share
capital, net of issuance costs
|
|
205.4
|
Repayment of lease
liabilities and borrowings
|
(1,449.4)
|
(1,191.3)
|
Change in short-term
loans
|
(53.5)
|
(16.0)
|
Dividend paid to
non-controlling interests
|
(8.4)
|
(4.7)
|
Dividend paid to owners
of the Company
|
(3,303.3)
|
(536.4)
|
Interest
paid
|
(221.0)
|
(160.0)
|
Net cash used in
financing activities
|
(4,976.4)
|
(1,653.0)
|
|
|
|
Net change in cash and
cash equivalents
|
(511.3)
|
974.8
|
Cash and cash
equivalents at beginning of the year
|
1,543.3
|
570.4
|
Effect of exchange rate
fluctuation on cash held
|
(9.9)
|
(1.9)
|
Cash and cash
equivalents at the end of the year
|
1,022.1
|
1,543.3
|
RECONCILIATION OF
NET INCOME TO ADJUSTED EBIT
|
(U.S. dollars in
millions)
|
|
|
|
Three months
ended
December 31,
|
Year ended
December 31,
|
|
2022
|
2021
|
2022
|
2021
|
|
|
|
|
|
Net
income
|
417
|
1,708
|
4,629
|
4,649
|
Financial expenses
(income), net
|
27
|
34
|
109
|
157
|
Income taxes
|
141
|
374
|
1,398
|
1,010
|
Operating income
(EBIT)
|
585
|
2,116
|
6,136
|
5,816
|
Non-cash charter hire
expenses
|
-
|
1
|
-
|
2
|
Capital gain, beyond
the ordinary course of
business
|
-
|
-
|
(1)
|
-
|
Expenses related to
legal contingencies
|
-
|
(3)
|
10
|
2
|
Adjusted
EBIT
|
585
|
2,114
|
6,145
|
5,820
|
Adjusted EBIT
margin
|
27 %
|
61 %
|
49 %
|
54 %
|
RECONCILIATION OF
NET INCOME TO ADJUSTED EBITDA
|
(U.S. dollars in
millions)
|
|
|
|
Three months
ended
December 31,
|
Year ended
December 31,
|
|
2022
|
2021
|
2022
|
2021
|
|
|
|
|
|
Net
income
|
417
|
1,708
|
4,629
|
4,649
|
Financial expenses
(income), net
|
27
|
34
|
109
|
157
|
Income taxes
|
141
|
374
|
1,398
|
1,010
|
Depreciation and
amortization
|
388
|
249
|
1,396
|
780
|
EBITDA
|
973
|
2,365
|
7,532
|
6,596
|
Non-cash charter hire
expenses
|
-
|
-
|
-
|
(1)
|
Capital gain, beyond
the ordinary course of
business
|
-
|
-
|
(1)
|
-
|
Expenses related to
legal contingencies
|
-
|
(3)
|
10
|
2
|
Adjusted
EBITDA
|
973
|
2,362
|
7,541
|
6,597
|
Adjusted EBITDA
margin
|
44 %
|
68 %
|
60 %
|
61 %
|
RECONCILIATION OF
NET CASH GENERATED FROM OPERATING ACTIVITES TO FREE
CASH
|
FLOW
|
|
|
(U.S. dollars in
millions)
|
|
|
|
Three months
ended
December 31,
|
Year ended
December 31,
|
|
2022
|
2021
|
2022
|
2021
|
|
|
|
|
|
Net cash generated from
operating activities
|
1,069
|
2,005
|
6,110
|
5,971
|
Capital expenditures,
net
|
(21)
|
(344)
|
(314)
|
(1,094)
|
Free cash
flow
|
1,048
|
1,661
|
5,796
|
4,877
|
[1] See disclosure regarding "Use of Non-IFRS Financial
Measures."
[2] The Company does not provide IFRS guidance because it
is not readily available. See disclosure regarding "Use of Non-IFRS
Measures in the Company's 2023 Guidance."
[3] The number of shares used to calculate the diluted
earnings per share is 120,431,208. The number of outstanding shares
as of December 31, 2022, was
120,149,921.
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SOURCE Zim Integrated Shipping Services Ltd.