HAIFA, Israel, May 19, 2021 /PRNewswire/ -- ZIM Integrated
Shipping Services Ltd. (NYSE: ZIM), a global container liner
shipping company, announced today its consolidated results for the
three months ended March 31,
2021.
First Quarter 2021 Highlights
- Net income for the first quarter was $589.6 million (compared to a loss of
$11.9 million in the first quarter of
2020), or $5.35 per
share1
- Adjusted EBITDA2 for the first quarter was
$820.5 million, a year-over-year
increase of 744%
- Operating income (EBIT) for the first quarter was $683.5 million, a year-over-year increase of
2,645%
- Adjusted EBIT for the first quarter was $687.8 million, a year-over-year increase of
2,430%
- Revenues for the first quarter were $1.74 billion, a year-over-year increase of
112%
- ZIM carried 818 thousand TEUs in the first quarter of 2021, a
year-over-year increase of 28%
- The average freight rate per TEU in the first quarter of 2021
was $1,925, a year-over-year increase
of 76%
- Net leverage ratio3 of 0.5x at March 31, 2021, compared to 1.2x at December 31, 2020
- Completed IPO, raising $204
million in net proceeds
- 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 environmentally
friendly practices in the shipping industry
- Subsequent to quarter end, announced full early redemption of
$349 million principal amount of
Series 1 and 2 Notes due 2023 payable in June 2021
- Declared a special cash dividend of approximately $238 million, or $2.00 per ordinary share, to be paid on
September 15, 2021, to holders of the
ordinary shares as of August 25,
2021; reiterated plan to distribute annual dividend of
30-50% of 2021 net income in 2022
Eli Glickman, ZIM President &
CEO, stated, "This is truly a momentous time in ZIM's 75-year
history. Following our successful IPO to become the first global
container liner to list in the U.S., we are proud of our
demonstrated accomplishments based on seamless execution aligned
with our stated objectives. Driven by ZIM's differentiated approach
and proactive strategies, we generated our highest ever quarterly
net profit, EBITDA, and cash flow, while continuing to deliver
industry leading margins. We also significantly strengthened our
balance sheet, with shareholder equity now in excess of
$1 billion. In a short time since
going public, we have also achieved important milestones for
shareholders. Specifically, we significantly strengthened our
position in the growing and strategic Pacific and Intra Asia
trades, with our long-term chartering agreement for large LNG
dual-fuel container vessels and the launch of new services to
address unmet need in profitable routes to generate superior
growth. We also drew on our strong cash flow to redeem ZIM's
$349 million outstanding Series 1 and
2 Notes sooner than expected and earlier than the stated maturity
by two years."
Mr. Glickman added, "Based on our success further strengthening
our balance sheet, we are pleased to allocate capital to invest in
new equipment to continue to best serve customers while returning
capital to shareholders. With today's declaration of a special
dividend, we will be distributing approximately $238 million, or $2.00 per share, in line with our commitment to
unlock significant value. Importantly, this dividend is over and
above our 2021 annual dividend guidance, supplementing the 30-50%
of 2021 net income we expect to distribute in 2022."
Mr. Glickman concluded, "As a result of our outstanding
execution and the full completion of freight contracts at higher
rates, we have substantially raised our full year outlook, with
2021 Adjusted EBITDA now expected to be between $2.5 billion and $2.8
billion, more than 75% higher than the midpoint of our
previous guidance range. Going forward, we remain poised to
continue leveraging our agility to maximize profitability and
advance ZIM's position as an innovative digital leader of seaborne
transportation and logistics services with attractive growth
engines."
Summary of Key
Financial and Operational Results (Q1'21 vs. Q1'20 unless
otherwise noted)
|
|
|
|
|
|
Q1'21
|
|
Q1'20
|
Carried volume
(K-TEUs)
................................................................
|
818
|
|
638
|
Average freight rate
($/TEU)
...........................................................
|
1,925
|
|
1,091
|
Revenue ($ in
millions)
....................................................................
|
1,744
|
|
823
|
Operating income
(EBIT) ($ in millions)
...........................................
|
683
|
|
25
|
Profit (loss) before
income taxes ($ in millions)
...................................
|
644
|
|
(9)
|
Net income (loss) ($
in millions)
.......................................................
|
590
|
|
(12)
|
Adjusted EBITDA ($ in
millions)
.......................................................
|
821
|
|
97
|
Adjusted EBIT ($ in
millions)
............................................................
|
688
|
|
27
|
Adjusted EBITDA
margin (%)
...........................................................
|
47
|
|
12
|
Adjusted EBIT margin
(%)
................................................................
|
39
|
|
3
|
Net cash generated
from operating activities ($ in millions) .............
|
777
|
|
102
|
Earnings (loss) per
share (fully diluted) ($)
.......................................
|
5.13
|
|
(0.14)
|
Free cash flow ($ in
millions)
............................................................
|
643
|
|
98
|
Net debt ($ in
millions) (Q1'21 vs. Q4'20)
.........................................
|
915
|
|
1,236
|
Financial and Operating Results for the First Quarter Ended
March 31, 2021
Total revenues
were $1.74 billion for the first
quarter of 2021, compared to $823.2
million for the first quarter of 2020, primarily driven by
an increase in revenues from containerized cargo, reflecting
increases in both freight rates and carried volume.
Operating income (EBIT) for the first quarter of 2021 was
$683.5 million, compared to
$24.9 million for the first quarter
of 2020.
Net income for the first quarter of 2021 was $589.6 million, compared to a net loss of
$11.9 million for the first quarter
of 2020.
Adjusted EBITDA was $820.5 million
for the first quarter of 2021, compared to $97.2 million for the first quarter of 2020.
Adjusted EBIT was $687.8
million for the first quarter of 2021, compared to
$27.2 million for the first quarter
of 2020. Adjusted EBITDA and Adjusted EBIT margins for the first
quarter of 2021 were 47% and 39%, respectively. This compares to
12% and 3% for the first quarter of 2020, respectively.
Net cash generated from operating activities was $777.4 million for the first quarter of 2021,
compared to $101.6 million for the
first quarter of 2020.
ZIM carried 818 thousand TEUs for the first quarter of 2021,
compared to 638 thousand TEUs in the first quarter of 2020. The
average freight rate per TEU was $1,925 for the first quarter of 2021, compared to
$1,091 for the first quarter of
2020.
Liquidity and Cash Flows
ZIM's cash and cash
equivalents increased by $618 million
from $570 million at December 31, 2020 to $1.19
billion at March 31, 2021.
Capital expenditures totaled $133.0
million for the first quarter of 2021, compared to
$3.6 million for the first quarter of
2020. Net debt decreased by $321
million from $1.24 billion as
of December 31, 2020 to $915 million as of March
31, 2021. ZIM's net leverage ratio as of March 31, 2021 was 0.5x, compared to 1.2x as of
December 31, 2020.
Early Redemption of Notes
In April 2021, the Company announced the early
redemption of 100% of its Series 1 and 100% of its Series 2
unsecured notes due 2023 at an aggregate principal amount of
$349 million, payable on June 21,
2021, in accordance with the terms of the indenture
governing the notes.
Long-Term Chartering Agreement
In February 2021, the Company announced a strategic
agreement for the long-term charter of ten 15,000 TEU liquefied
natural gas (LNG) dual-fuel container vessels to serve ZIM's
Asia - US East Coast trade.
Special Dividend
On May 19,
2021, the Company's Board of Directors declared a special
cash dividend of approximately $238 million, or $2.00 per ordinary share. The special cash
dividend will be paid on September 15,
2021, to all holders of record of ordinary shares as of
August 25, 2021. The special dividend
is supplemental to ZIM's previously communicated 2021 annual
dividend guidance, whereby the Company expects to distribute 30-50%
of 2021 net income in 2022, subject to Board approval.
Updated Full-Year 2021 Guidance
The Company increased
its full-year guidance and expects to generate in 2021 Adjusted
EBITDA of between $2.5 billion and
$2.8 billion and Adjusted EBIT of
between $1.85 billion to $2.15 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
+1-855-265-6958 or +1-718-705-8796; Israel +972-3-721-9662; or UK/international
+44-121-281-8004. 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.
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
This press release
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 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,
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.
+972-4-865-2520
shats.avner@zim.com
CONSOLIDATED
BALANCE SHEET
|
(U.S. dollars in
thousands)
|
|
|
|
|
|
Three Months
ended
March 31,
|
|
Year ended
December 31,
|
|
2021
|
|
2020
|
|
2020
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
Vessels
|
1,299,718
|
|
737,047
|
|
948,004
|
Containers and
handling equipment
|
665,636
|
|
437,639
|
|
520,887
|
Other tangible
assets
|
64,466
|
|
67,877
|
|
67,133
|
Intangible
assets
|
66,808
|
|
65,716
|
|
66,465
|
Investments in
associates
|
13,544
|
|
9,171
|
|
8,441
|
Other
investments
|
3,147
|
|
2,717
|
|
4,888
|
Trade and other
receivables
|
5,647
|
|
5,390
|
|
5,293
|
Deferred tax
assets
|
1,619
|
|
1,018
|
|
1,502
|
Total non-current
assets
|
2,120,585
|
|
1,326,575
|
|
1,622,613
|
|
|
|
|
|
|
Assets classified as
held for sale
|
|
|
10,564
|
|
|
Inventories
|
86,256
|
|
56,699
|
|
52,237
|
Trade and other
receivables
|
700,385
|
|
306,557
|
|
520,001
|
Other
investments
|
63,015
|
|
59,510
|
|
58,976
|
Cash and cash
equivalents
|
1,188,408
|
|
196,741
|
|
570,414
|
Total current
assets
|
2,038,064
|
|
630,071
|
|
1,201,628
|
Total
assets
|
4,158,649
|
|
1,956,646
|
|
2,824,241
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
Share capital
and reserves
|
1,992,378
|
|
1,783,479
|
|
1,790,794
|
Accumulated
deficit
|
(936,101)
|
|
(2,053,010)
|
|
(1,523,528)
|
Equity
attributable to owners of the Company
|
1,056,277
|
|
(269,531)
|
|
267,266
|
Non-controlling
interests
|
3,841
|
|
4,327
|
|
7,189
|
Total
equity
|
1,060,118
|
|
(265,204)
|
|
274,455
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
Lease
liabilities
|
1,055,126
|
|
659,649
|
|
811,840
|
Loans and other
liabilities
|
440,196
|
|
550,265
|
|
519,471
|
Employee
benefits
|
63,198
|
|
58,252
|
|
66,626
|
Deferred tax
liabilities
|
34,159
|
|
347
|
|
339
|
Total non-current
liabilities
|
1,592,679
|
|
1,268,513
|
|
1,398,276
|
|
|
|
|
|
|
Trade and other
payables
|
538,717
|
|
431,223
|
|
398,876
|
Provisions
|
25,631
|
|
16,081
|
|
21,420
|
Contract
liabilities
|
295,653
|
|
125,109
|
|
230,469
|
Lease
liabilities
|
508,154
|
|
236,835
|
|
362,176
|
Loans and other
liabilities
|
137,697
|
|
144,089
|
|
138,569
|
Total current
liabilities
|
1,505,852
|
|
953,337
|
|
1,151,510
|
Total
liabilities
|
3,098,531
|
|
2,221,850
|
|
2,549,786
|
|
|
|
|
|
|
Total equity and
liabilities
|
4,158,649
|
|
1,956,646
|
|
2,824,241
|
CONSOLIDATED
INCOME STATEMENTS
|
(U.S. dollars in
thousands, except per share data)
|
|
|
|
|
|
Three months
ended
March 31,
|
|
Year ended
December 31,
|
|
2021
|
|
2020
|
|
2020
|
|
|
|
|
|
|
Income from voyages
and related services
|
1,744,335
|
|
823,215
|
|
3,991,696
|
|
|
|
|
|
|
Cost of voyages
and related services
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses
and cost of services
|
(880,627)
|
|
(698,388)
|
|
(2,835,112)
|
Depreciation
|
(128,129)
|
|
(67,063)
|
|
(291,559)
|
|
|
|
|
|
|
Gross
profit
|
735,579
|
|
57,764
|
|
865,025
|
|
|
|
|
|
|
Other operating
income
|
2,313
|
|
2,016
|
|
12,621
|
Other operating
expenses
|
(84)
|
|
(4)
|
|
4,272
|
General and
administrative expenses
|
(55,898)
|
|
(35,377)
|
|
(163,210)
|
Share of profits of
associates
|
1,545
|
|
497
|
|
3,341
|
|
|
|
|
|
|
Results from
operating activities
|
683,455
|
|
24,896
|
|
722,049
|
|
|
|
|
|
|
Net finance
expenses
|
(39,445)
|
|
(33,727)
|
|
(181,260)
|
|
|
|
|
|
|
Profit (loss)
before income taxes
|
644,010
|
|
(8,831)
|
|
540,789
|
|
|
|
|
|
|
Income
taxes
|
(54,422)
|
|
(3,086)
|
|
(16,599)
|
|
|
|
|
|
|
Profit (loss) for
the period
|
589,588
|
|
(11,917)
|
|
524,190
|
|
|
|
|
|
|
Attributable
to:
|
|
|
|
|
|
|
|
|
|
|
|
Owners of the
Company
|
587,599
|
|
(13,549)
|
|
517,961
|
Non-controlling interests
|
1,989
|
|
1,632
|
|
6,229
|
|
|
|
|
|
|
Profit
(loss) for the period
|
589,588
|
|
(11,917)
|
|
524,190
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss)
per share (US$)*
|
|
|
|
|
|
Basic earnings
(losses) per 1 ordinary share
|
5.35
|
|
(0.14)
|
|
5.18
|
Diluted earnings
(losses) per 1 ordinary share
|
5.13
|
|
(0.14)
|
|
4.96
|
|
|
|
|
|
|
Weighted average
number of shares for
EPS calculation*:
|
|
|
|
|
|
Basic
|
109,777,778
|
|
100,000,000
|
|
100,000,000
|
Diluted
|
114,508,115
|
|
100,000,000
|
|
104,530,892
|
|
|
|
|
|
|
(*) 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)
|
|
|
|
|
|
Three months
ended
March 31,
|
|
Year ended
December 31,
|
|
2021
|
|
2020
|
|
2020
|
|
|
|
|
|
|
Cash flows from
operating activities
|
|
|
|
|
|
Profit (loss) for the
year
|
589,588
|
|
(11,917)
|
|
524,190
|
|
|
|
|
|
|
Adjustments
for:
|
|
|
|
|
|
Depreciation and
amortization
|
133,585
|
|
72,133
|
|
314,185
|
Impairment recovery in
respect of tangible assets
|
|
|
|
|
(4,329)
|
Net finance
expenses
|
39,445
|
|
33,727
|
|
181,260
|
Share of profits and
change in fair value of investees
|
(2,432)
|
|
(497)
|
|
(4,143)
|
Capital
gains
|
(431)
|
|
(1,310)
|
|
(8,814)
|
Income taxes
|
54,422
|
|
3,086
|
|
16,599
|
|
|
|
|
|
|
|
814,177
|
|
95,222
|
|
1,018,948
|
|
|
|
|
|
|
Change in
inventories
|
(34,019)
|
|
3,643
|
|
8,105
|
Change in trade
receivables and other receivables
|
(174,298)
|
|
2,243
|
|
(204,469)
|
Change in trade and
other payables including contract
liabilities
|
175,698
|
|
9,203
|
|
68,670
|
Change in provisions
and employee benefits
|
(728)
|
|
(7,132)
|
|
(2,152)
|
|
|
|
|
|
|
|
(33,347)
|
|
7,957
|
|
(129,846)
|
|
|
|
|
|
|
Dividends received from
associates
|
711
|
|
15
|
|
4,360
|
Interest
received
|
769
|
|
876
|
|
2,317
|
Income taxes
paid
|
(4,909)
|
|
(2,495)
|
|
(14,983)
|
|
|
|
|
|
|
Net cash generated
from operating activities
|
777,401
|
|
101,575
|
|
880,796
|
|
|
|
|
|
|
Cash flows from
investing activities
|
|
|
|
|
|
Proceeds from sale of
tangible assets, intangible
assets, investments and affiliates
|
504
|
|
1,349
|
|
6,717
|
Acquisition of tangible
assets, intangible assets and
investments
|
(132,998)
|
|
(3,561)
|
|
(42,641)
|
Change in other
investments and other receivables
|
(2,061)
|
|
(1,241)
|
|
763
|
Net cash used in
investing activities
|
(134,555)
|
|
(3,453)
|
|
(35,161)
|
|
|
|
|
|
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
(U.S. dollars in
thousands)
|
|
|
|
|
|
Three months
ended
March 31,
|
|
Year ended
December 31,
|
|
2021
|
|
2020
|
|
2020
|
|
|
|
|
|
|
Cash flows from
financing activities
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of share
capital, net of issuance costs
|
205,394
|
|
|
|
|
|
|
|
|
|
|
Sale and lease back
transactions
|
|
|
8,400
|
|
9,052
|
|
|
|
|
|
|
Repayment of borrowings
and lease liabilities
|
(190,403)
|
|
(63,557)
|
|
(336,225)
|
|
|
|
|
|
|
Change in short-term
loans
|
(975)
|
|
3,571
|
|
6,071
|
|
|
|
|
|
|
Dividend paid to
non-controlling interests
|
(2,808)
|
|
|
|
(3,344)
|
|
|
|
|
|
|
Interest and other
financial expenses paid
|
(34,851)
|
|
(30,467)
|
|
(135,952)
|
|
|
|
|
|
|
Net cash used in
financing activities
|
(23,643)
|
|
(82,053)
|
|
(460,398)
|
|
|
|
|
|
|
Net change in cash and
cash equivalents
|
619,203
|
|
16,069
|
|
385,237
|
|
|
|
|
|
|
Cash and cash
equivalents at beginning of the period
|
570,414
|
|
182,786
|
|
182,786
|
|
|
|
|
|
|
Effect of exchange rate
fluctuation on cash held
|
(1,209)
|
|
(2,114)
|
|
2,391
|
|
|
|
|
|
|
Cash and cash
equivalents at the end of the
period
|
1,188,408
|
|
196,741
|
|
570,414
|
|
|
|
|
|
|
RECONCILIATION OF
NET INCOME (LOSS) TO ADJUSTED EBIT
|
(U.S. dollars in
millions)
|
|
|
Three months
ended
March 31,
|
|
2021
|
|
2020
|
|
|
|
|
Net income
(loss)
|
590
|
|
(12)
|
Financial expenses
(income), net
|
39
|
|
34
|
Income
taxes
|
54
|
|
3
|
Operating
income (EBIT)
|
683
|
|
25
|
Non-cash charter hire
expenses
|
1
|
|
2
|
Expenses related to
legal contingencies
|
4
|
|
0
|
Adjusted
EBIT
|
688
|
|
27
|
Adjusted EBIT
margin
|
39%
|
|
3%
|
RECONCILIATION OF
NET INCOME (LOSS) TO ADJUSTED EBITDA
|
(U.S. dollars in
millions)
|
|
|
Three months
ended
March 31,
|
|
2021
|
|
2020
|
|
|
|
|
Net income
(loss)
|
590
|
|
(12)
|
Financial expenses
(income), net
|
39
|
|
34
|
Income
taxes
|
54
|
|
3
|
Depreciation and
amortization
|
134
|
|
72
|
EBITDA
|
817
|
|
97
|
|
|
|
|
Expenses related to
legal contingencies
|
4
|
|
0
|
Adjusted
EBITDA
|
821
|
|
97
|
Adjusted EBITDA
margin
|
47%
|
|
12%
|
RECONCILIATION OF
NET CASH GENERATED FROM OPERATING ACTIVITIES TO FREE
CASH FLOW
|
(U.S. dollars in
millions)
|
|
|
Three months
ended
March 31,
|
|
2021
|
|
2020
|
|
|
|
|
Net cash generated
from operating activities
|
777
|
|
102
|
Net cash used in
investing activities
|
(134)
|
|
(4)
|
Free cash
flow
|
643
|
|
98
|
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-first-quarter-of-2021-301294707.html
SOURCE Zim Integrated Shipping Services Ltd.