HAIFA, Israel, March 22, 2021 /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,
2020.
Fourth Quarter and Full Year 2020 Highlights
- Net income for the fourth quarter was $366.4 million (compared to $1.2 million in the fourth quarter of 2019), or
$3.65 per share1; net
income for the full year was $524.2
million (compared to a loss of $13.0
million for the full year of 2019), or $5.18 per share
- Adjusted EBITDA2 for the fourth quarter was
$531.3 million, a year-over-year
increase of 360%; Adjusted EBITDA for the full year was
$1.04 billion, a year-over-year
increase of 168%
- Operating income (EBIT) for the fourth quarter was $439.4 million, a year-over-year increase of
883%; operating income (EBIT) for the full year was $722 million, a year-over-year increase of
372%
- Adjusted EBIT for the fourth quarter was $439.2 million, a year-over-year increase of
827%; Adjusted EBIT for the full year was $728.6 million, a year-over-year increase of
389%
- Revenues for the fourth quarter were $1.36 billion, a year-over-year increase of 64%;
revenues for the full year were $3.99
billion, a year-over-year increase of 21%
- ZIM carried 2,841 thousand TEUs in 2020, a year-over-year
increase of 1%
- The average freight rate per TEU in 2020 was $1,229, a year-over-year increase of 22%
- Net leverage ratio3 of 1.2x at December 31, 2020
- Subsequent to year end, completed IPO, raising $204 million in net proceeds
- Subsequent to year end, announced strategic long-term
chartering agreement with Seaspan for ten "green" LNG-fueled
vessels demonstrating ZIM's commitment to reducing its carbon
footprint and leading environment-friendly practices in the
shipping industry
Mr. Yair Seroussi, Chairman of
the Board of Directors stated, "ZIM's IPO earlier this year was the
culmination of many months of hard work and dedication by ZIM's
management and employees in collaboration with the Board of
Directors and marks the successful turnaround the Company has
undergone over the past few years. We are very pleased with
the financial results released today, our first as a public
company, and believe that they are proof of the exceptional human
capital at ZIM. Moreover, these capabilities will continue to
drive ZIM's future growth and success."
Eli Glickman, ZIM President &
CEO, stated, "Our all-time record results in 2020 and the
significant milestones we have achieved year-to-date-2021 represent
a truly momentous time for ZIM. During a global pandemic, we
generated our highest net income in the company's 75-year history,
underscoring the benefits of our differentiated strategy and our
proactive approach to address COVID-19. We also ended the year
strong, as we achieved EBIT and EBITDA at the high end of our
guidance range and continued to achieve industry leading margins.
We are committed to our goal of consistently performing as one of
the top three carriers in terms of EBIT margin."
Mr. Glickman added, "We commenced 2021 by becoming the first
global container liner to list on the NYSE, highlighting our
success creating a leading asset-light shipping liner at the
forefront of digitization. Following our IPO, we also announced a
strategic long-term chartering agreement for ten 15,000 TEU LNG
dual-fuel container vessels, positioning ZIM to meet the growing
market demand on the Asia - US
East Coast trade and advance our leadership in addressing
environmental and sustainability issues."
Mr. Glickman concluded, "Today, ZIM is a revitalized company
with new strengths, an invigorated spirit and a promising outlook
for operating amid the new realities of shipping. Combined with our
dedicated team of professionals and commitment to utilizing big
data and technology, we remain well positioned to enhance our
customer experiences, capitalize on favorable industry
fundamentals, and maximize long-term profitability. In 2021, as per
the guidance we provide, we expect to continue our positive
trajectory, achieving significant Adjusted EBITDA and Adjusted EBIT
growth and maintaining industry leading margins. We also intend to
further harness our "Startup Nation" DNA based on innovation and
technological collaborations to continue to develop growth engines
that provide us additional revenue streams beyond our traditional
shipping business."
Summary of Key Financial and Operational Results
|
Q4'20
|
Q4'19
|
2020
|
2019
|
Carried volume
(K-TEUs)...........................
|
799
|
698
|
2,841
|
2,821
|
Average freight rate
($)............................
|
1,518
|
1,017
|
1,229
|
1,009
|
Revenue ($ in
millions).............................
|
1,361
|
827
|
3,992
|
3,300
|
Net income ($ in
millions) .........................
|
366
|
1
|
524
|
(13)
|
Adjusted EBITDA ($ in
millions)..................
|
531
|
115
|
1,036
|
386
|
Operating income
(EBIT) ($ in millions).......
|
439
|
45
|
722
|
153
|
Adjusted EBIT ($ in
millions)......................
|
439
|
47
|
729
|
149
|
Adjusted EBITDA
margin...........................
|
39.0%
|
13.9%
|
25.9%
|
11.7%
|
Adjusted EBIT
margin...............................
|
32.3%
|
5.7%
|
18.3%
|
4.5%
|
Net cash generated
from operating activities.
|
414
|
89
|
881
|
371
|
Free cash flow ($ in
millions).....................
|
392
|
83
|
846
|
409
|
Earnings per share
($)..............................
|
3.65
|
(0.00)
|
5.18
|
(0.18)
|
Net debt ($ in
millions).............................
|
|
|
1,236
|
1,372
|
Financial and Operating Results for the Fourth Quarter Ended
December 31, 2020
Net income for the fourth quarter of 2020 was $366.4 million, compared to $1.2 million for the fourth quarter of 2019.
Total revenues were $1.36 billion for
the fourth quarter of 2020, compared to $827.3 million for the fourth quarter of 2019,
primarily driven by an increase in revenues from containerized
cargo, reflecting increases in both freight rates and carried
volume.
ZIM carried 799 thousand TEUs in the fourth quarter of 2020,
compared to 698 thousand TEUs in the fourth quarter of 2019. The
average freight rate per TEU was $1,518 for the fourth quarter of 2020, compared
to $1,017 for the fourth quarter of
2019.
Operating income (EBIT) for the fourth quarter of 2020 was
$439.4 million, compared to
$44.6 million for the fourth quarter
of 2019.
Adjusted EBITDA was $531.3 million
for the fourth quarter of 2020, compared to $115.4 million for the fourth quarter of 2019.
Adjusted EBIT was $439.2 million for
the fourth quarter of 2020, compared to $47.4 million for the fourth quarter of 2019.
Adjusted EBITDA and Adjusted EBIT margins for the fourth quarter of
2020 were 39% and 32%, respectively. This compares to 14% and 6%
for the fourth quarter of 2019.
Net cash generated from operating activities was $414.4 million for the fourth quarter of 2020,
compared to $89.3 million for the
fourth quarter of 2019.
Financial and Operating Highlights for the Full Year Ended
December 31, 2020
Net income for the full year of 2020 was $524.2 million, compared to a loss of
$13.0 million for the full year of
2019. Total revenues were $3.99
billion for the full year of 2020, compared to $3.30 billion for the full year of 2019,
primarily driven by an increase in revenues from containerized
cargo, reflecting mainly an increase in freight rates.
Operating income (EBIT) for the full year of 2020 was
$772.0 million, compared to
$153.0 million for the full year of
2019.
ZIM carried 2,841 thousand TEUs in the full year of 2020,
compared to 2,821 thousand TEUs in the full year of 2019. The
average freight rate per TEU was $1,229 for the full year of 2020, compared to
$1,009 for the full year of 2019.
Adjusted EBITDA was $1.04 billion
for the full year of 2020, compared to $385.9 million for the full year of 2019.
Adjusted EBIT was $728.6 million for
the full year of 2020, compared to $148.9
million for the full year of 2019. Adjusted EBITDA and
Adjusted EBIT margins for the full year of 2020 were 26% and 18%,
respectively. This compares to 12% and 5% for the full year of
2019.
Net cash generated from operating activities was $880.8 million for the full year of 2020,
compared to $370.6 million for the
full year of 2019.
Liquidity, Cash Flows and Capital Allocation
ZIM's cash and cash equivalents increased by $387 million from $183
million at December 31, 2019
to $570 million at December 31, 2020. Capital expenditures totaled
$42.6 million for the year ended
December 31, 2020, compared with
$16.2 million for the year ended
December 31, 2019. Net debt decreased
by $136.0 million from $1.37 billion as of December 31, 2019 to $1.24
billion as of December 31,
2020. ZIM's net leverage ratio as of December 31, 2020 was 1.2x, compared to 3.6x as
of December 31, 2019.
In February 2021, the Company
completed its IPO and issued 15.0 million ordinary shares,
including those issued upon the exercise of the underwriters'
option, at a price to the public of $15.00 per ordinary share, for net proceeds of
$204 million, after deducting
underwriting discounts and commissions and other offering
expenses.
Full-Year 2021 Guidance
The Company expects to generate Adjusted EBITDA in 2021 of
between $1.40 billion and
$1.60 billion and Adjusted EBIT of
between $850 million to $1.05 billion.
Use of Non-IFRS Measures in the Company's 2021
Guidance
A reconciliation of the Company's non-IFRS financial measures
included in its full-year 2021 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 such corresponding IFRS measures
cannot be determined without unreasonable effort due to the
uncertainty regarding, and the potential variability of, the future
costs and expenses for which the Company adjusts, the effect of
which may be significant, and all of which are difficult to predict
and are subject to frequent change.
Conference Call Details
Management will host a conference call and webcast (along with a
slide presentation) to review the results and provide a corporate
update today at 8:00 AM ET.
To access the live conference call by telephone, please dial the
following numbers: United States
1-888-281-1167; Israel
03-918-0644; or international +44-20-3514-1906. To access the slide
presentation, click here. The call will also be available via live
webcast through ZIM's website, located here. Following the
conclusion of the call, a replay of the conference call will be
available on the Company's website.
About ZIM
ZIM Integrated Shipping Services Ltd. (NYSE: ZIM) is a global,
asset-light container liner shipping company with leadership
positions in the markets where it operates. Founded in Israel in 1945, ZIM is one of the oldest
shipping liners, with over 75 years of experience, providing
customers with innovative seaborne transportation and logistics
services with a reputation for industry leading transit times,
schedule reliability and service excellence. For additional
information, please visit 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 and the Israeli Securities
Law, 1968). In some cases, you can identify these statements by
forward-looking words such as "may," "might," "will," "should,"
"expect," "plan," "anticipate," "believe," "estimate," "predict,"
"potential" or "continue," the negative of these terms and other
comparable terminology. These forward-looking statements, which are
subject to risks, uncertainties and assumptions about the Company,
may include projections of the Company's future financial results,
its anticipated growth strategies and anticipated trends in its
business. These statements are only predictions based on the
Company's current expectations and projections about future events
or results. There are important factors that could cause the
Company's actual results, level of activity, performance or
achievements to differ materially from the results, level of
activity, performance or achievements expressed or implied by the
forward-looking statements. Factors that could cause such
differences include, but are not limited to: market changes in
freight, bunker, charter and other rates or prices, new legislation
or regulation affecting the Company's operations, new competition
and changes in the competitive environment, the outcome of legal
proceedings to which the Company is a party, and other risks and
uncertainties detailed from time to time in the Company's filings
with the U.S. Securities and Exchange Commission, including under
the caption "Risk Factors" in its 2020 Annual
Report.
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 us to compare
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, Non-IFRS financial measures, as those 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 non-cash charter hire expenses, impairment of assets,
capital gains (losses) beyond the ordinary course of business and
expenses related to legal contingencies.
Free cash flow is a non-IFRS measure which we define
as net cash generated from operating activities plus the net cash
generated (used) from investment activities.
See the reconciliation of net income to Adjusted EBITDA and
Adjusted EBIT and net cash generated from operating activities to
free cash flow under "Reconciliation of Non-IFRS Measures"
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.
+972-4-8652520
shats.avner@zim.com
CONSOLIDATED
BALANCE SHEET
|
(U.S. dollars in
thousands)
|
|
Year
ended
December 31,
|
|
2020
|
2019
|
|
|
|
Assets
|
|
|
Vessels
|
948,004
|
717,941
|
Containers and
handling equipment
|
520,887
|
425,738
|
Other tangible
assets
|
67,133
|
69,102
|
Intangible
assets
|
66,465
|
64,920
|
Investments in
associates
|
8,441
|
8,444
|
Other
investments
|
4,888
|
2,766
|
Trade and other
receivables
|
5,293
|
5,318
|
Deferred tax
assets
|
1,502
|
1,048
|
Total non-current
assets
|
1,622,613
|
1,295,277
|
|
|
|
Assets classified as
held for sale
|
|
11,583
|
Inventories
|
52,237
|
60,342
|
Trade and other
receivables
|
520,001
|
317,059
|
Other
investments
|
58,976
|
59,047
|
Cash and cash
equivalents
|
570,414
|
182,786
|
Total current
assets
|
1,201,628
|
630,817
|
Total
assets
|
2,824,241
|
1,926,094
|
|
|
|
Equity
|
|
|
Issued
capital
|
88
|
88
|
Capital
reserves
|
1,790,706
|
1,784,469
|
Accumulated
deficit
|
(1,523,528)
|
(2,042,226)
|
Equity
attributable to owners of the Company
|
267,266
|
(257,669)
|
Non-controlling
interests
|
7,189
|
5,402
|
Total
equity
|
274,455
|
(252,267)
|
|
|
|
Liabilities
|
|
|
Lease
liabilities
|
811,840
|
641,750
|
Loans and other
liabilities
|
519,471
|
541,932
|
Employee
benefits
|
66,626
|
67,990
|
Deferred tax
liabilities
|
339
|
350
|
Total non-current
liabilities
|
1,398,276
|
1,252,022
|
|
|
|
Trade and other
payables
|
398,876
|
422,417
|
Provisions
|
21,420
|
17,998
|
Contract
liabilities
|
230,469
|
130,281
|
Lease
liabilities
|
362,176
|
215,576
|
Loans and other
liabilities
|
138,569
|
140,067
|
Total current
liabilities
|
1,151,510
|
926,339
|
Total
liabilities
|
2,549,786
|
2,178,361
|
|
|
|
Total equity and
liabilities
|
2,824,241
|
1,926,094
|
CONSOLIDATED
INCOME STATEMENTS
|
(U.S. dollars in
thousands, except per share data)
|
|
Three months
ended
December 31,
|
Year
ended
December 31,
|
|
2020
|
2019
|
2020
|
2019
|
|
|
|
|
|
Income from voyages
and related services
|
1,360,846
|
827,292
|
3,991,696
|
3,299,761
|
|
|
|
|
|
Cost of voyages
and related services
|
|
|
|
|
|
|
|
|
|
Operating expenses
and cost of services
|
(796,142)
|
(685,528)
|
(2,835,112)
|
(2,810,693)
|
Depreciation
|
(87,237)
|
(64,709)
|
(291,559)
|
(226,026)
|
|
|
|
|
|
Gross
profit
|
477,467
|
77,055
|
865,025
|
263,042
|
|
|
|
|
|
Other operating
income
|
4,602
|
6,459
|
12,621
|
38,099
|
Other operating
expenses
|
4,914
|
(5)
|
4,272
|
(1,239)
|
General and
administrative expenses
|
(48,450)
|
(40,088)
|
(163,210)
|
(151,605)
|
Share of profits of
associates
|
966
|
1,172
|
3,341
|
4,725
|
|
|
|
|
|
Results from
operating activities
|
439,499
|
44,593
|
722,049
|
153,022
|
|
|
|
|
|
Net finance
expenses
|
(67,706)
|
(41,820)
|
(181,260)
|
(154,300)
|
|
|
|
|
|
Profit (loss)
before income taxes
|
371,793
|
2,773
|
540,789
|
(1,278)
|
|
|
|
|
|
Income
taxes
|
(5,404)
|
(1,596)
|
(16,599)
|
(11,766)
|
|
|
|
|
|
Profit (loss) for
the year
|
366,389
|
1,177
|
524,190
|
(13,044)
|
|
|
|
|
|
Attributable
to:
|
|
|
|
|
|
|
|
|
|
Owners of the
Company
|
365,046
|
(408)
|
517,961
|
(18,149)
|
Non-controlling interests
|
1,343
|
1,585
|
6,229
|
5,105
|
|
|
|
|
|
Profit
(loss) for the year
|
366,389
|
1,177
|
524,190
|
(13,044)
|
|
|
|
|
|
|
|
|
|
|
Earnings (Loss)
per share (US$)*
|
|
|
|
|
Basic earnings
(losses) per 1 ordinary share
|
3.65
|
(0.00)
|
5.18
|
(0.18)
|
Diluted earnings
(losses) per 1 ordinary share
|
3.49
|
(0.00)
|
4.96
|
(0.18)
|
|
|
|
|
|
Weighted average
number of shares for EPS calculation*:
|
|
|
|
|
Basic
|
100,000,000
|
100,000,000
|
100,000,000
|
100,000,000
|
Diluted
|
104,641,014
|
100,000,000
|
104,530,892
|
100,000,000
|
(*)Reflect a share
split of 1:10 that became effective in 2021, in all presented
periods.
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
(U.S. dollars in
thousands)
|
|
|
Year ended
December 31,
|
|
2020
|
2019
|
|
|
|
Cash flows from
operating activities
|
|
|
Profit (loss) for the
year
|
524,190
|
(13,044)
|
|
|
|
Adjustments
for:
|
|
|
Depreciation and
amortization
|
314,185
|
245,510
|
Impairment loss
(recovery) in respect of tangible assets
|
(4,329)
|
1,150
|
Net finance
expenses
|
181,260
|
154,300
|
Share of profits and
change in fair value of investees
|
(4,143)
|
(4,725)
|
Capital gains,
net
|
(8,814)
|
(35,471)
|
Income
taxes
|
16,599
|
11,766
|
|
|
|
|
1,018,948
|
359,486
|
|
|
|
Change in
inventories
|
8,105
|
9,731
|
Change in trade
receivables and other receivables
|
(204,469)
|
43,422
|
Change in trade and
other payables including contract liabilities
|
68,670
|
(28,111)
|
Change in provisions
and employee benefits
|
(2,152)
|
(7,690)
|
|
|
|
|
(129,846)
|
17,352
|
|
|
|
Dividends received
from associates
|
4,360
|
5,453
|
Interest
received
|
2,317
|
1,969
|
Income taxes
paid
|
(14,983)
|
(13,630)
|
|
|
|
Net cash generated
from operating activities
|
880,796
|
370,630
|
|
|
|
Cash flows from
investing activities
|
|
|
Proceeds from sale of
tangible assets, intangible assets and investments
|
6,717
|
44,794
|
Acquisition of
tangible assets, intangible assets and investments
|
(42,641)
|
(16,150)
|
Change in other
investments and other receivables
|
763
|
9,382
|
Net cash generated
from (used in) investing activities
|
(35,161)
|
38,026
|
|
|
|
Cash flows from
financing activities
|
|
|
|
|
|
Receipt of long-term
loans and other long-term liabilities
|
|
678
|
|
|
|
Sale and lease back
transactions
|
9,052
|
13,151
|
Repayment of
borrowings and lease liabilities
|
(336,225)
|
(300,763)
|
|
|
|
Change in short-term
loans
|
6,071
|
3,324
|
|
|
|
|
|
|
Dividend paid to
non-controlling interests
|
(3,344)
|
(4,818)
|
|
|
|
Interest
paid
|
(133,459)
|
(122,972)
|
|
|
|
Other financial
expenses paid
|
(2,493)
|
|
|
|
|
Net cash used in
financing activities
|
(460,398)
|
(411,400)
|
|
|
|
Net change in cash
and cash equivalents
|
385,237
|
(2,744)
|
|
|
|
Cash and cash
equivalents at beginning of the year
|
182,786
|
186,291
|
|
|
|
Effect of exchange
rate fluctuation on cash held
|
2,391
|
(761)
|
|
|
|
Cash and cash
equivalents at the end of the year
|
570,414
|
182,786
|
RECONCILIATION OF
NET INCOME TO ADJUSTED EBIT
|
(U.S. dollars in
millions)
|
|
Three months
ended
December 31
|
Year
ended
December 31
|
|
2020
|
2019
|
2020
|
2019
|
|
|
|
|
|
Net
income
|
366.4
|
1.2
|
524.2
|
(13.0)
|
Financial expenses
(income), net
|
67.6
|
41.8
|
181.2
|
154.3
|
Income
taxes
|
5.4
|
1.6
|
16.6
|
11.7
|
Operating
income (EBIT)
|
439.4
|
44.6
|
722.0
|
153.0
|
Non-cash charter hire
expenses
|
1.4
|
2.4
|
7.7
|
10.5
|
Capital gain (loss),
beyond the ordinary course of business
|
(0.1)
|
0.4
|
(0.1)
|
(14.2)
|
Assets impairment
loss (recovery)
|
(4.8)
|
0.0
|
(4.3)
|
1.2
|
Expenses related to
legal contingencies
|
3.3
|
0.0
|
3.3
|
(1.6)
|
Adjusted
EBIT
|
439.2
|
47.4
|
728.6
|
148.9
|
Adjusted EBIT
margin
|
32.3%
|
5.7%
|
18.3%
|
4.5%
|
|
|
|
|
|
RECONCILIATION OF
NET INCOME TO ADJUSTED EBITDA
|
(U.S. dollars in
millions)
|
|
Three months
ended
December 31,
|
Year
ended
December 31,
|
|
2020
|
2019
|
2020
|
2019
|
|
|
|
|
|
Net
income
|
366.4
|
1.2
|
524.2
|
(13.0)
|
Financial expenses
(income), net
|
67.6
|
41.8
|
181.2
|
154.3
|
Income
taxes
|
5.4
|
1.6
|
16.6
|
11.7
|
Depreciation and
amortization
|
93.4
|
70.1
|
314.2
|
245.5
|
EBITDA
|
532.8
|
114.7
|
1,036.2
|
398.5
|
Non-cash charter hire
expenses
|
0.1
|
0.3
|
0.7
|
2.0
|
Capital gain (loss),
beyond the ordinary course of business
|
(0.1)
|
0.4
|
(0.1)
|
(14.2)
|
Assets impairment
loss (recovery)
|
(4.8)
|
0.0
|
(4.3)
|
1.2
|
Expenses related to
legal contingencies
|
3.3
|
0.0
|
3.3
|
(1.6)
|
Adjusted
EBITDA
|
531.3
|
115.4
|
1,035.8
|
385.9
|
Adjusted EBITDA
margin
|
39.0%
|
13.9%
|
25.9%
|
11.7%
|
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,
|
|
2020
|
2019
|
2020
|
2019
|
|
|
|
|
|
|
|
|
|
|
Net cash generated
from operating activities
|
414.4
|
89.3
|
880.8
|
370.6
|
Net cash generated
from (used in) investing activities
|
(22.2)
|
(6.7)
|
(35.2)
|
38.0
|
Free cash
flow
|
392.2
|
82.6
|
845.6
|
408.6
|
Footnotes:
1. Earnings per share calculation for all periods reflect a
share split of 1:10 that became effective in 2021.
2. See disclosure regarding "Use of Non-IFRS Financial
Measures" below.
3. Net leverage ratio is defined as face value of short- and
long-term debt less cash, cash equivalents and short-term deposits
divided by Adjusted EBITDA of the last twelve-month period.
View original
content:http://www.prnewswire.com/news-releases/zim-reports-financial-results-for-the-fourth-quarter-and-full-year-2020-301252801.html
SOURCE Zim Integrated Shipping Services Ltd.