HAIFA, Israel, Aug. 18, 2021 /PRNewswire/ -- ZIM Integrated
Shipping Services Ltd. (NYSE: ZIM), a global container liner
shipping company, announced today its consolidated results for the
three and six months ended June 30,
2021.
Second Quarter 2021 Highlights
- Net income for the second quarter was $888 million (compared to $25 million in the second quarter of 2020), or
$7.38 per diluted
share1
- Adjusted EBITDA[2] for the second quarter was $1.34 billion, compared to $145 million in the second quarter of 2020, a
year-over-year increase of 820%
- Operating income (EBIT) for the second quarter was $1.16 billion, compared to $69 million in the second quarter of 2020, a
year-over-year increase of 1,581%
- Adjusted EBIT for the second quarter was $1.16 billion, compared to $73 million in the second quarter of 2020, a
year-over-year increase of 1,495%
- Revenues for the second quarter were $2.38 billion, compared to $795 million in the second quarter of 2020, a
year-over-year increase of 200%
- ZIM carried 921 thousand TEUs in the second quarter of 2021, a
year-over-year increase of 44%
- The average freight rate per TEU in the second quarter of 2021
was $2,341, a year-over-year increase
of 119%
- Net leverage ratio3 of 0.3x at June 30, 2021, compared to 1.2x at December 31, 2020
- Completed secondary offering, which consisted of approximately
8 million shares at a price per share of $40.00
- Redeemed in full $349 million
principal amount of Series 1 and 2 Notes due 2023
- 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 (subject to Board approval)
- Subsequent to quarter end, announced a new strategic long-term
chartering agreement with Seaspan for ten 7,000 TEU "green"
LNG-fueled vessels (with an option for the long-term charter of
five additional such vessels), further demonstrating ZIM's
commitment to reducing its carbon footprint
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.
Eli Glickman, ZIM President
& CEO, stated, "I'm very proud to say that our outstanding
performance and all-time record results, which have positioned us
to create significant shareholder value, are a testament to the
proactive strategies we have implemented to capitalize on both the
highly attractive market and ZIM's differentiated approach. We
continue to execute at the highest level, resulting in another
record quarter, including net income, EBITDA and operating cash
flow, as well as significantly improved guidance for 2021. Driving
our success, we have further leveraged digitalization initiatives
and have drawn on our global-niche strategy to launch new lines to
address profitable, underserved routes. This was instrumental in
driving our all-time high results, as ZIM's second quarter carried
volume increased by 44% year-over-year, substantially higher than
market growth."
Mr. Glickman added, "Consistent with our commitment to unlock
significant value, we continue to prudently allocate capital for
future growth, debt repayment and return of capital to
shareholders. Specifically, our investment in new containers and
two strategic agreements for the long-term charter of LNG dual-fuel
container vessels support our objective to provide the best and
most reliable service to customers and to promote our ESG values.
In addition, our strong performance and robust cash generation have
allowed us to further pay down debt, resulting in a leverage ratio
of 0.3x, the lowest in ZIM's history, and boost shareholders'
equity to $1.72 billion."
Mr. Glickman concluded, "Looking ahead, based on our strong
outlook and forward visibility, we are well positioned to return
substantial capital to shareholders, with our expected 2022
dividend payout of 30%-50% of 2021 net income, on top of the
$238 million, or $2.00 per share, special dividend payable in
September 2021. Our outlook for the
remainder of 2021 and into 2022 is very positive and we are excited
about our strategy to further enhance our position as an innovative
digital leader of seaborne transportation and logistics
services."
Summary of Key
Financial and Operational Results
|
|
|
Q2'21
|
Q2'20
|
1H'21
|
1H'20
|
Carried volume
(K-TEUs)
|
921
|
641
|
1,739
|
1,280
|
Average freight rate
($/TEU)
|
2,341
|
1,071
|
2,145
|
1,081
|
Revenue ($ in
millions)
|
2,382
|
795
|
4,126
|
1,618
|
Operating income
(EBIT) ($ in millions)
|
1,158
|
69
|
1,841
|
94
|
Profit before income
tax ($ in millions)
|
1,112
|
30
|
1,756
|
21
|
Net income ($ in
millions)
|
888
|
25
|
1,478
|
13
|
Adjusted EBITDA ($ in
millions)
|
1,335
|
145
|
2,156
|
242
|
Adjusted EBIT ($ in
millions)
|
1,159
|
73
|
1,847
|
100
|
Adjusted EBITDA
margin (%)
|
56
|
18
|
52
|
15
|
Adjusted EBIT margin
(%)
|
49
|
9
|
45
|
6
|
Net cash generated
from operating activities ($ in millions)
|
1,181
|
120
|
1,958
|
221
|
Earnings per share
(fully diluted) ($)
|
7.38
|
0.23
|
12.56
|
0.10
|
Free cash flow ($ in
millions)
|
867
|
115
|
1,510
|
214
|
|
Q2'21
|
Q4'20
|
|
|
Net debt ($ in
millions)
|
783
|
1,236
|
|
|
Financial and Operating Results for the Second Quarter Ended
June 30, 2021
Total revenues
were $2.38 billion for the second
quarter of 2021, compared to $795
million for the second quarter of 2020, primarily driven by
an increase in revenues from containerized cargo, reflecting
increases in freight rates as well as in carried volume.
Operating income (EBIT) for the second quarter of 2021 was
$1.16 billion, compared to
$69 million for the second quarter of 2020.
Net income for the second quarter of 2021 was $888 million, compared to $25 million for the second quarter of 2020. Net
income for the quarter reflected a tax expense of $224 million.
Adjusted EBITDA was $1.34 billion
for the second quarter of 2021, compared to $145 million for the second quarter of 2020.
Adjusted EBIT was $1.16 billion
for the second quarter of 2021, compared to $73 million for the second quarter of 2020.
Adjusted EBITDA and Adjusted EBIT margins for the second quarter of
2021 were 56% and 49%, respectively. This compares to 18% and 9%
for the second quarter of 2020, respectively.
Net cash generated from operating activities was $1.18 billion for the second quarter of 2021,
compared to $120 million for the
second quarter of 2020.
ZIM carried 921 thousand TEUs during the second quarter of 2021,
compared to 641 thousand TEUs in the second quarter of 2020. The
average freight rate per TEU was $2,341 for the second quarter of 2021, compared
to $1,071 for the second quarter of
2020.
Financial and Operating Results for the Six Months Ended
June 30, 2021
Total revenues
were $4.13 billion for the first half
of 2021, compared to $1.62 billion
for the first half of 2020, primarily driven by an increase in
revenues from containerized cargo, reflecting increases in freight
rates as well as in carried volume.
Operating income (EBIT) for the first half of 2021 was
$1.84 billion, compared to
$94 million for the first half of
2020.
Net income for the first half of 2021 was $1.48 billion, compared to $13 million for the first half of 2020. Net
income for the first half of 2021 reflected a tax expense of
$278 million.
Adjusted EBITDA was $2.16 billion
for the first half of 2021, compared to $242
million for the first half of 2020. Adjusted EBIT was
$1.85 billion for the first half of
2021, compared to $100 million for
the first half of 2020. Adjusted EBITDA and Adjusted EBIT margins
for the first half of 2021 were 52% and 45%, respectively. This
compares to 15% and 6% for the first half of 2020,
respectively.
Net cash generated from operating activities was $1.96 billion for the first half of 2021,
compared to $221 million for the
first half of 2020.
ZIM carried 1,739 thousand TEUs during the first half of 2021,
compared to 1,280 thousand TEUs in the first half of 2020. The
average freight rate per TEU was $2,145 for the first half of 2021, compared to
$1,081 for the first half of
2020.
Liquidity and Cash Flows
ZIM's cash and cash
equivalents increased by $975 million
from $570 million at December 31, 2020 to $1.55
billion at June 30, 2021.
Capital expenditures totaled $331
million for the second quarter of 2021, compared to
$4 million for the second quarter of
2020. Net debt decreased by $453 million from $1.24 billion as of December 31, 2020 to $783
million as of June 30, 2021.
ZIM's net leverage ratio as of June 30,
2021 was 0.3x, compared to 1.2x as of December 31, 2020.
Early Redemption of Notes
In June 2021, the Company redeemed 100% of its
Series 1 and 100% of its Series 2 unsecured notes due 2023 at an
aggregate principal amount of $349
million, in accordance with the terms of the indenture
governing the notes.
Long-Term Chartering Agreement
In July 2021, the Company announced a new strategic
agreement with Seaspan, for the long-term charter of ten 7,000 TEU
liquefied natural gas (LNG) dual-fuel container vessels (with an
option for the long-term charter of five additional such vessels),
intended to be deployed across the Company's various global-niche
trades.
Special Dividend
In May
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 $4.8 billion and
$5.2 billion and Adjusted EBIT of
between $4.0 billion to $4.4 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
+1-855-272-3518 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.
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 that 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 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 measure which we define
as net cash generated from operating activities plus the net cash
generated from (used in) 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)
|
|
|
June
30
|
December
31
|
|
2021
|
2020
|
2020
|
Assets
|
|
|
|
Vessels
|
1,768,298
|
714,195
|
948,004
|
Containers and
handling equipment
|
1,019,343
|
437,660
|
520,887
|
Other tangible
assets
|
66,957
|
70,494
|
67,133
|
Intangible
assets
|
67,374
|
64,737
|
66,465
|
Investments in
associates
|
12,418
|
8,436
|
8,441
|
Other
investments
|
5,421
|
2,810
|
4,888
|
Trade and other
receivables
|
6,067
|
5,736
|
5,293
|
Deferred tax
assets
|
1,537
|
1,153
|
1,502
|
Total non-current
assets
|
2,947,415
|
1,305,221
|
1,622,613
|
|
|
|
|
Assets classified as
held for sale
|
|
8,071
|
|
Inventories
|
99,750
|
43,513
|
52,237
|
Trade and other
receivables
|
963,291
|
279,464
|
520,001
|
Other
investments
|
46,760
|
61,436
|
58,976
|
Cash and cash
equivalents
|
1,545,282
|
202,848
|
570,414
|
Total current
assets
|
2,655,083
|
595,332
|
1,201,628
|
Total
assets
|
5,602,498
|
1,900,553
|
2,824,241
|
|
|
|
|
Equity
|
|
|
|
Share capital and
reserves
|
1,992,895
|
1,785,115
|
1,790,794
|
Accumulated
deficit
|
(279,523)
|
(2,029,311)
|
(1,523,528)
|
Equity
attributable to owners of the Company
|
1,713,372
|
(244,196)
|
267,266
|
Non-controlling
interests
|
5,016
|
4,156
|
7,189
|
Total
equity
|
1,718,388
|
(240,040)
|
274,455
|
|
|
|
|
Liabilities
|
|
|
|
Lease
liabilities
|
1,427,773
|
654,061
|
811,840
|
Loans and other
liabilities
|
130,066
|
553,458
|
519,471
|
Employee
benefits
|
64,105
|
59,974
|
66,626
|
Deferred tax
liabilities
|
42,491
|
325
|
339
|
Total non-current
liabilities
|
1,664,435
|
1,267,818
|
1,398,276
|
|
|
|
|
Trade and other
payables
|
944,776
|
375,319
|
398,876
|
Provisions
|
28,189
|
16,737
|
21,420
|
Contract
liabilities
|
453,045
|
120,910
|
230,469
|
Lease
liabilities
|
658,366
|
228,333
|
362,176
|
Loans and other
liabilities
|
135,299
|
131,476
|
138,569
|
Total current
liabilities
|
2,219,675
|
872,775
|
1,151,510
|
Total
liabilities
|
3,884,110
|
2,140,593
|
2,549,786
|
Total equity and
liabilities
|
5,602,498
|
1,900,553
|
2,824,241
|
CONSOLIDATED
INCOME STATEMENTS
|
(U.S. dollars in
thousands, except per share data)
|
|
|
|
|
|
Six months
ended
June 30,
|
Three months
ended
June 30,
|
Year ended
December 31,
|
|
2021
|
2020
|
2021
|
2020
|
2020
|
|
|
|
|
|
|
Income from voyages
and related services
|
4,126,346
|
1,618,345
|
2,382,011
|
795,130
|
3,991,696
|
Cost of voyages
and related services
|
|
|
|
|
|
Operating expenses
and cost of services
|
(1,869,541)
|
(1,322,213)
|
(988,914)
|
(623,825)
|
(2,835,112)
|
Depreciation
|
(298,735)
|
(135,811)
|
(170,606)
|
(68,748)
|
(291,559)
|
Gross
profit
|
1,958,070
|
160,321
|
1,222,491
|
102,557
|
865,025
|
|
|
|
|
|
|
Other operating
income
|
4,165
|
5,512
|
1,852
|
3,496
|
12,621
|
Other operating
expenses
|
(459)
|
(1,706)
|
(375)
|
(1,702)
|
4,272
|
General and
administrative expenses
|
(123,535)
|
(72,039)
|
(67,637)
|
(36,662)
|
(163,210)
|
Share of profit of
associates
|
2,281
|
1,655
|
736
|
1,158
|
3,341
|
|
|
|
|
|
|
Results from
operating activities
|
1,840,522
|
93,743
|
1,157,067
|
68,847
|
722,049
|
|
|
|
|
|
|
Finance
income
|
5,699
|
1,730
|
(1,116)
|
(2,998)
|
8,103
|
Finance
expenses
|
(90,196)
|
(74,577)
|
(43,936)
|
(36,122)
|
(189,363)
|
|
|
|
|
|
|
Net finance
expenses
|
(84,497)
|
(72,847)
|
(45,052)
|
(39,120)
|
(181,260)
|
|
|
|
|
|
|
Profit before
income taxes
|
1,756,025
|
20,896
|
1,112,015
|
29,727
|
540,789
|
|
|
|
|
|
|
Income
taxes
|
(278,217)
|
(7,499)
|
(223,795)
|
(4,413)
|
(16,599)
|
|
|
|
|
|
|
Profit for the
period
|
1,477,808
|
13,397
|
888,220
|
25,314
|
524,190
|
|
|
|
|
|
|
Attributable
to:
|
|
|
|
|
|
|
|
|
|
|
|
Owners of the
Company
|
1,474,055
|
10,491
|
886,456
|
24,040
|
517,961
|
Non-controlling
interest
|
3,753
|
2,906
|
1,764
|
1,274
|
6,229
|
|
|
|
|
|
|
Profit for the
period
|
1,477,808
|
13,397
|
888,220
|
25,314
|
524,190
|
|
|
|
|
|
|
Earnings per share
(USD)
|
|
|
|
|
|
Basic earnings per 1
ordinary share
|
13.11
|
0.10 (*)
|
7.71
|
0.24 (*)
|
5.18
|
Diluted earnings per
1 ordinary share
|
12.56
|
0.10 (*)
|
7.38
|
0.23 (*)
|
4.96
|
|
|
|
|
|
|
(*) 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)
|
|
|
|
|
|
Six months
ended
June 30,
|
Three months
ended
June 30,
|
Year ended
December 31,
|
|
2021
|
2020
|
2021
|
2020
|
2020
|
|
|
|
|
|
|
Cash flows from
operating activities
|
|
|
|
|
|
Profit for the
period
|
1,477,808
|
13,397
|
888,220
|
25,314
|
524,190
|
|
|
|
|
|
|
Adjustments
for:
|
|
|
|
|
|
Depreciation and
amortization
|
309,718
|
146,604
|
176,133
|
74,471
|
314,185
|
Impairment losses
(recoveries) of tangible assets
|
|
1,700
|
|
1,700
|
(4,329)
|
Net finance
expenses
|
84,497
|
72,847
|
45,052
|
39,120
|
181,260
|
Share of profits and
change in fair value of investees
|
(3,184)
|
(1,655)
|
(752)
|
(1,158)
|
(4,143)
|
Capital
gain
|
(1,135)
|
(4,281)
|
(704)
|
(2,971)
|
(8,814)
|
Income
taxes
|
278,217
|
7,499
|
223,795
|
4,413
|
16,599
|
|
2,145,921
|
236,111
|
1,331,744
|
140,889
|
1,018,948
|
|
|
|
|
|
|
Change in
inventories
|
(47,513)
|
16,829
|
(13,494)
|
13,186
|
8,105
|
Change in trade and
other receivables
|
(434,054)
|
29,943
|
(259,756)
|
27,700
|
(204,469)
|
Change in trade and
other payables including contract liabilities
|
300,271
|
(51,946)
|
124,573
|
(61,149)
|
68,670
|
Change in provisions
and employee benefits
|
4,825
|
(6,352)
|
5,553
|
780
|
(2,152)
|
|
(176,471)
|
(11,526)
|
(143,124)
|
(19,483)
|
(129,846)
|
|
|
|
|
|
|
Dividends received
from associates
|
1,871
|
2,137
|
1,160
|
2,122
|
4,360
|
Interest
received
|
2,213
|
1,880
|
1,444
|
1,004
|
2,317
|
Income taxes
paid
|
(15,534)
|
(7,263)
|
(10,625)
|
(4,768)
|
(14,983)
|
Net cash generated
from operating activities
|
1,958,000
|
221,339
|
1,180,599
|
119,764
|
880,796
|
|
|
|
|
|
|
Cash flows from
investing activities
|
|
|
|
|
|
Proceeds from sale of
tangible and intangible assets, investments and
affiliates
|
2,287
|
2,994
|
1,783
|
1,645
|
6,717
|
Acquisition of
tangible assets, intangible assets and investments
|
(464,487)
|
(7,480)
|
(331,489)
|
(3,919)
|
(42,641)
|
Change in other
investments and other receivables
|
14,326
|
(3,235)
|
16,387
|
(1,994)
|
763
|
Net cash used in
investing activities
|
(447,874)
|
(7,721)
|
(313,319)
|
(4,268)
|
(35,161)
|
|
Six months
ended
June 30,
|
Three months
ended
June 30,
|
Year ended
December 31,
|
|
2021
|
2020
|
2021
|
2020
|
2020
|
|
|
|
|
|
|
Cash flows from
financing
activities
|
|
|
|
|
|
Receipt of long-term
loans and other long-term liabilities
|
50,000
|
|
50,000
|
|
|
Issuance of share
capital, net of issuance costs
|
205,394
|
|
|
|
|
Sale and lease back
transactions
|
|
9,052
|
|
652
|
9,052
|
Repayment of
borrowings and lease liabilities
|
(692,426)
|
(141,031)
|
(502,023)
|
(77,474)
|
(336,225)
|
Change in short term
loans
|
(15,995)
|
4,671
|
(15,020)
|
1,100
|
6,071
|
Dividend paid to
non-controlling interests
|
(4,702)
|
(3,344)
|
(1,894)
|
(3,344)
|
(3,344)
|
Interest and other
financial expenses paid
|
(77,258)
|
(61,395)
|
(42,407)
|
(30,928)
|
(135,952)
|
Net cash used in
financing activities
|
(534,987)
|
(192,047)
|
(511,344)
|
(109,994)
|
(460,398)
|
|
|
|
|
|
|
Net change in cash
and cash equivalents
|
975,139
|
21,571
|
355,936
|
5,502
|
385,237
|
Cash and cash
equivalents at beginning of the period
|
570,414
|
182,786
|
1,188,408
|
196,741
|
182,786
|
Effect of exchange
rate fluctuation on cash held
|
(271)
|
(1,509)
|
938
|
605
|
2,391
|
Cash and cash
equivalents at the end of the period
|
1,545,282
|
202,848
|
1,545,282
|
202,848
|
570,414
|
RECONCILIATION OF
NET INCOME TO ADJUSTED EBIT
|
(U.S. dollars in
millions)
|
|
|
|
|
Six months
ended
June 30,
|
Three months
ended
June 30,
|
|
2021
|
2020
|
2021
|
2020
|
|
|
|
|
|
Net
income
|
1,478
|
13
|
888
|
25
|
Financial expenses,
net
|
85
|
74
|
46
|
40
|
Income
taxes
|
278
|
7
|
224
|
4
|
Operating
income (EBIT)
|
1,841
|
94
|
1,158
|
69
|
Non-cash charter hire
expenses
|
1
|
4
|
0
|
2
|
Impairment of
assets
|
0
|
2
|
0
|
2
|
Expenses related to
legal contingencies
|
5
|
0
|
1
|
0
|
Adjusted
EBIT
|
1,847
|
100
|
1,159
|
73
|
Adjusted EBIT
margin
|
45%
|
6%
|
49%
|
9%
|
RECONCILIATION OF
NET INCOME TO ADJUSTED EBITDA
|
(U.S. dollars in
millions)
|
|
|
|
|
Six months
ended
June 30,
|
Three months
ended
June 30,
|
|
2021
|
2020
|
2021
|
2020
|
|
|
|
|
|
Net
income
|
1,478
|
13
|
888
|
25
|
Financial expenses,
net
|
85
|
74
|
46
|
40
|
Income
taxes
|
278
|
7
|
224
|
4
|
Depreciation &
amortization
|
309
|
146
|
175
|
74
|
EBITDA
|
2,150
|
240
|
1,333
|
143
|
Non-cash charter hire
expenses
|
1
|
0
|
1
|
0
|
Impairment of
assets
|
0
|
2
|
0
|
2
|
Expenses related to
legal contingencies
|
5
|
0
|
1
|
0
|
Adjusted
EBITDA
|
2,156
|
242
|
1,335
|
145
|
Adjusted EBITDA
margin
|
52%
|
15%
|
56%
|
18%
|
RECONCILIATION OF
NET CASH GENERATED FROM OPERATING ACTIVITIES TO FREE CASH
FLOW
|
(U.S. dollars in
millions)
|
|
|
|
|
Six months
ended
June 30,
|
Three months
ended
June 30,
|
|
2021
|
2020
|
2021
|
2020
|
|
|
|
|
|
Net cash generated
from operating activities
|
1,958
|
221
|
1,181
|
120
|
Net cash used in
investing activities
|
(448)
|
(7)
|
(314)
|
(5)
|
Free cash
flow
|
1,510
|
214
|
867
|
115
|
View original
content:https://www.prnewswire.com/news-releases/zim-reports-record-financial-results-for-the-second-quarter-of-2021-301357816.html
SOURCE ZIM Integrated Shipping Services Ltd.