Generated Highest Ever Quarterly Net Income of $1.7 Billion and Adjusted EBITDA1 of
$2.5 Billion; Continued to Deliver
Industry Leading Operating Margins
Q1 2022 Carried Volume Increased 5% Year Over Year,
Significantly Above Industry Average
Increased 2022 Full Year Guidance: Expect to Generate
Adjusted EBITDA of $7.8-$8.2 Billion and Adjusted EBIT of $6.3-$6.7
Billion
Declared Q1 2022 Dividend of $2.85 per Share, Representing Approximately 20%
of Quarterly Net Income
HAIFA, Israel, May 18, 2022 /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,
2022.
First Quarter 2022 Highlights
- Net income for the first quarter was $1,711 million (compared to $590 million in the first quarter of 2021), a
year-over-year increase of 190%, or $14.19 per diluted share2 (compared to
$5.13 in the first quarter of
2021)
- Adjusted EBITDA for the first quarter was $2,533 million, a year-over-year increase of
209%
- Operating income (EBIT) for the first quarter was $2,243 million, a year-over-year increase of
228%
- Revenues for the first quarter were $3,716 million, a year-over-year increase of
113%
- Carried volume in the first quarter was 859 thousand TEUs, a
year-over-year increase of 5%
- Average freight rate per TEU in first quarter was $3,848, a year-over-year increase of 100%
- Net leverage1 ratio of 0.0x at March 31, 2022 (unchanged from December 31, 2021); reached positive net
cash1 position of $779
million
- Declared dividend of approximately $342
million, or $2.85 per share,
representing approximately 20% of first quarter net income
- Entered into multiple charter agreements for 17 newbuilds, of
which 3 are LNG dual-fuel container vessels
Eli Glickman, ZIM President
& CEO, stated, "Building on an extraordinary 2021 for ZIM,
we maintained our strong trajectory in the first quarter of 2022,
delivering on our commitment to outstanding execution and
profitable growth. Driven by the proactive strategies we have
implemented to capitalize on both the highly attractive market and
ZIM's differentiated strategy, we once again generated our
highest-ever quarterly revenues, net income and adjusted EBITDA,
while achieving industry-leading margins. Consistent with our focus
on identifying new profitable market opportunities, we have
launched 10 new lines since the beginning of 2022, and we increased
our carried volume quarter-over-quarter during a time when overall
industry volume decreased. Our balance sheet remains very strong,
with a positive net cash position combined with shareholder equity
of approximately $4.3 billion at the
end of the quarter."
Mr. Glickman added, "We continue to position ZIM for long-term
success, as we strengthened our future commercial prospects and
improved our cost structure. Since the beginning of 2022, we have
announced attractive chartering transactions for 17 newbuild
vessels, securing modern and efficient tonnage particularly
well-suited to serve on our expanded network of expedited services.
Importantly, we will maintain flexibility to adjust our fleet size
based on market conditions and be positioned at the forefront of
carbon intensity reduction among global liners. The vast majority
of the new capacity ZIM will add to its fleet is LNG-powered, which
ensures that we will be more carbon and cost efficient and allows
us to offer customers a shipping solution aligned with their own
carbon reduction targets. We also continuously improve and upgrade
the digital tools, platforms and solutions offered to our
customers, aiming to enhance our commercial offering and provide
superb customer experience."
Mr. Glickman concluded, "Our strong results to date, combined
with the 2022 long-term contracts secured at rates significantly
higher than those in 2021, have boosted our confidence in our 2022
results and our ability to achieve superior profitability. Based on
these, we are increasing our full year 2022 guidance, and now
expect to generate Adjusted EBITDA between $7.8 billion and $8.2
billion and Adjusted EBIT between $6.3 billion and $6.7
billion. Our exceptional performance has also enabled us to
continue returning substantial capital to shareholders, including a
Q1 2022 dividend of $2.85 per share.
We are excited to carry our exceptional momentum forward, continue
executing our global-niche strategy and advancing ZIM's position as
an innovative digital leader of seaborne transportation to maximize
long-term shareholder value."
Summary of Key
Financial and Operational Results
|
|
Q1.22
|
Q1.21
|
Carried volume
(K-TEUs)
|
859
|
818
|
Average freight rate
($/TEU)
|
3,848
|
1,925
|
Revenue ($ in
millions)
|
3,716
|
1,744
|
Operating income (EBIT)
($ in millions)
|
2,243
|
683
|
Profit before income
tax ($ in millions)
|
2,219
|
644
|
Net income ($ in
millions)
|
1,711
|
590
|
Adjusted
EBITDA1 ($ in millions)
|
2,533
|
821
|
Adjusted
EBIT1 ($ in millions)
|
2,243
|
688
|
Adjusted EBITDA margin
(%)
|
68
|
47
|
Adjusted EBIT margin
(%)
|
60
|
39
|
Net cash generated from
operating
activities ($ in millions)
|
1,660
|
777
|
Earnings per share
(fully diluted) ($)
|
14.19
|
5.13
|
Free cash
flow1 ($ in
millions)
|
1,483
|
645
|
|
Mar 31,
22
|
Dec 31,
21
|
Net cash1 ($
in millions)
|
779
|
509
|
Financial and Operating Results for the First Quarter Ended
March 31, 2022
Total revenues were $3,716 million
for the first quarter of 2022, compared to $1,744 million for the first quarter of 2021,
primarily driven by improved freight rates, as well as an increase
in carried cargo volume.
Operating income (EBIT) for the first quarter of 2022 was
$2,243 million, compared to
$683 million for the first quarter of
2021, resulting from higher revenues which more than compensated
for increased costs, primarily bunkering and vessel chartering
costs.
Net income for the first quarter of 2022 was $1,711 million, compared to $590 million for the first quarter of 2021. Net
income for the first quarter of 2022 included a tax expense of
$508 million, compared to
$54 million for the first quarter of
2021.
Adjusted EBITDA was $2,533 million
for the first quarter of 2022, compared to $821 million for the first quarter of 2021.
Adjusted EBIT was $2,243 million for
the first quarter of 2022, compared to $688
million for the first quarter of 2021. Adjusted EBITDA and
Adjusted EBIT margins for the first quarter of 2022 were 68% and
60%, respectively. This compares to 47% and 39% for the first
quarter of 2021.
Net cash generated from operating activities was $1,660 million for the first quarter of 2022,
compared to $777 million for the
first quarter of 2021.
ZIM carried 859 thousand TEUs in the first quarter of 2022,
compared to 818 thousand TEUs in the first quarter of 2021. The
average freight rate per TEU was $3,848 for the first quarter of 2022, compared to
$1,925 for the first quarter 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 $1,255
million from $3,850 million as
of December 31, 2021 to $5,105 million at March
31, 20223. Capital expenditures totaled
$183 million for the first quarter of
2022, compared with $133 million for
the first quarter of 2021. ZIM increased its net cash position from
$509 million as of December 31, 2021 to $779
million as of March 31, 2022.
ZIM's net leverage ratio as of March 31,
2022 was 0.0x, with no change from December 31, 2021.
Q1-2022 Dividend
In accordance with the Company's dividend policy, ZIM's Board of
Directors declared a cash dividend of approximately $342 million, or $2.85 per ordinary share, reflecting
approximately 20% of first quarter 2022 net income. The dividend
will be paid on June 8, 2022 to
holders of ZIM ordinary shares as of May 31,
2022.
Dividend policy: the Company intends to distribute a dividend to
shareholders on a quarterly basis at a rate of approximately 20% of
the net income derived during such fiscal quarter with respect to
the first three fiscal quarters of the year, while it expects that
the cumulative annual dividend amount to be distributed by the
Company (including the interim dividends paid during the first
three fiscal quarters of the year) will total 30-50% of its annual
net income. All future dividends are subject to the Company's Board
discretion and to the restrictions provided by Israeli law.
Chartering Agreements
During the first quarter, ZIM entered into multiple charter
agreements for a total of 17 newbuilds, as follows:
- 3 x 7,000 TEU LNG dual-fuel newbuild container vessels
chartered from an affiliate of Kenon Holdings
- 8 x 5,300 TEU wide beam newbuild vessels chartered from Navios
Maritime Partners
- 6 x 5,500 TEU wide beam newbuild vessels chartered from MPC
Container Ships
These versatile vessels can be deployed across ZIM's various
global trades, including the Company's expanded network of
expedited services. The vessels are expected to be delivered to ZIM
throughout 2023 and 2024.
Collaboration with 2M Alliance
Partners
In February 2022, the Company
announced the formal extension and modification of its operational
collaboration agreement with the 2M
alliance partners. Effective April 2,
2022, ZIM and the 2M alliance
partners began operating their joint services on the Asia – US East Coast (USEC) and Asia – US Gulf Coast (USGC) trades based on a
slot exchange and vessel sharing agreement. Accordingly, ZIM
currently operates two out of the six joint Asia to USEC services (ZCP & ZSE) as well
as three additional vessels on one of two joint Asia to USGC services (ZGX).
Updated Full-Year 2022 Guidance
The Company increased its previously provided guidance for the
full-year 2022 and now expects to generate Adjusted EBITDA of
between $7.8 billion and $8.2 billion and Adjusted EBIT of between
$6.3 billion and $6.7 billion.
Management Appointments
Mr. Nissim Yochai has been
appointed EVP, President of ZIM USA, and is also responsible for the
Latin America business unit,
following a 6-year tenure as EVP Transpacific Trade. Ms. Hani
Kalinski has been promoted to EVP Transpacific Trade, replacing Mr.
Yochai. Ms. Kalinski has filled various management roles at ZIM,
most recently as VP Medium & Small Countries.
1 See disclosure regarding "Use of Non-IFRS Financial
Measures" below.
2 The number of shares used to calculate the diluted
earnings per share is 120,438,898. The number of outstanding shares
as of March 31, 2022, was
119,810,688.
3 Subsequent to quarter end, $2.04 billion were distributed to shareholders in
connection with the Q4-2021 $17.00/share dividend.
Use of Non-IFRS Measures in the Company's 2022
Guidance
A reconciliation of the Company's non-IFRS financial measures
included in its full-year 2022 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
+44-1-212-818-004. 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 (NYSE: ZIM) is a global container liner shipping company
with leadership positions in the markets in which it operates.
Founded in Israel in 1945, ZIM is
a veteran shipping liner, with decades of experience providing
customers with innovative seaborne transportation and logistics
services, a reputation for industry-leading transit times, schedule
reliability and service excellence. 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 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, global and/or regional
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 2021 Annual Report filed with the SEC on
March 9, 2022.
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 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
millions)
|
|
|
March
31
|
December
31
|
|
2022
|
2021
|
2021
|
|
|
|
|
Assets
|
|
|
|
Vessels
|
4,037.5
|
1,299.7
|
2,957.8
|
Containers and handling
equipment
|
1,323.6
|
665.6
|
1,365.8
|
Other tangible
assets
|
74.6
|
64.5
|
68.9
|
Intangible
assets
|
77.5
|
66.8
|
73.8
|
Investments in
associates
|
13.6
|
13.5
|
12.2
|
Other
investments
|
306.2
|
3.1
|
169.2
|
Trade and other
receivables
|
107.9
|
5.8
|
107.2
|
Deferred tax
assets
|
2.3
|
1.6
|
2.1
|
Total non-current
assets
|
5,943.2
|
2,120.6
|
4,757.0
|
|
|
|
|
Inventories
|
173.8
|
86.3
|
119.0
|
Trade and other
receivables
|
1,386.4
|
700.3
|
1,278.0
|
Other
investments
|
2,092.4
|
63.0
|
2,144.5
|
Cash and cash
equivalents
|
2,727.2
|
1,188.4
|
1,543.3
|
Total current
assets
|
6,379.8
|
2,038.0
|
5,084.8
|
Total
assets
|
12,323.0
|
4,158.6
|
9,841.8
|
|
|
|
|
Equity
|
|
|
|
Share capital and
reserves
|
2,009.8
|
1,992.4
|
2,011.4
|
Retained earnings
(deficit)
|
2,246.1
|
(936.1)
|
2,580.6
|
|
|
|
|
Equity attributable
to owners of the Company
|
4,255.9
|
1,056.3
|
4,592.0
|
Non-controlling
interests
|
4.3
|
3.8
|
7.5
|
Total
equity
|
4,260.2
|
1,060.1
|
4,599.5
|
|
|
|
|
Liabilities
|
|
|
|
Lease
liabilities
|
2,784.2
|
1,055.1
|
2,178.7
|
Loans and other
liabilities
|
171.3
|
440.2
|
120.8
|
Employee
benefits
|
57.1
|
63.2
|
65.6
|
Deferred tax
liabilities
|
122.6
|
34.2
|
120.6
|
Total non-current
liabilities
|
3,135.2
|
1,592.7
|
2,485.7
|
|
|
|
|
Trade and other
payables
|
2,946.2
|
538.7
|
1,086.3
|
Provisions
|
31.6
|
25.6
|
28.3
|
Contract
liabilities
|
596.6
|
295.6
|
618.3
|
Lease
liabilities
|
1,238.4
|
508.2
|
893.0
|
Loans and other
liabilities
|
114.8
|
137.7
|
130.7
|
Total current
liabilities
|
4,927.6
|
1,505.8
|
2,756.6
|
Total
liabilities
|
8,062.8
|
3,098.5
|
5,242.3
|
Total equity and
liabilities
|
12,323.0
|
4,158.6
|
9,841.8
|
CONSOLIDATED INCOME
STATEMENTS
|
(U.S. dollars in
millions, except per share data)
|
|
|
Three months
ended
March 31,
|
Year ended
December 31,
|
|
2022
|
2021
|
2021
|
|
|
|
|
Income from voyages and
related services
|
3,716.4
|
1,744.3
|
10,728.7
|
Cost of voyages and
related services:
|
|
|
|
Operating expenses and
cost of services
|
(1,118.3)
|
(880.6)
|
(3,905.9)
|
Depreciation
|
(284.4)
|
(128.1)
|
(756.3)
|
Gross
profit
|
2,313.7
|
735.6
|
6,066.5
|
|
|
|
|
Other operating
income
|
4.6
|
2.4
|
14.5
|
Other operating
expenses
|
(0.1)
|
(0.1)
|
(1.0)
|
General and
administrative expenses
|
(77.1)
|
(55.9)
|
(267.7)
|
Share of profit of
associates
|
1.4
|
1.5
|
4.0
|
|
|
|
|
Results from
operating activities
|
2,242.5
|
683.5
|
5,816.3
|
|
|
|
|
Finance
income
|
21.4
|
6.8
|
18.8
|
Finance
expenses
|
(45.3)
|
(46.3)
|
(175.6)
|
|
|
|
|
Net finance
expenses
|
(23.9)
|
(39.5)
|
(156.8)
|
|
|
|
|
Profit before income
taxes
|
2,218.6
|
644.0
|
5,659.5
|
|
|
|
|
Income taxes
|
(507.6)
|
(54.4)
|
(1,010.4)
|
|
|
|
|
Profit for the
period
|
1,711.0
|
589.6
|
4,649.1
|
|
|
|
|
Attributable
to:
|
|
|
|
|
|
|
|
Owners of the
Company
|
1,708.8
|
587.6
|
4,640.3
|
Non-controlling
interests
|
2.2
|
2.0
|
8.8
|
|
|
|
|
Profit for the
period
|
1,711.0
|
589.6
|
4,649.1
|
|
|
|
|
|
|
|
|
Earnings per share
(US$)
|
|
|
|
Basic earnings per 1
ordinary share
|
14.25
|
5.35
|
40.31
|
Diluted earnings per 1
ordinary share
|
14.19
|
5.13
|
39.02
|
|
|
|
|
Weighted average
number of shares for EPS calculation
|
|
|
|
Basic
|
119,910,688
|
109,777,778
|
115,105,504
|
Diluted
|
120,438,898
|
114,508,115
|
118,933,723
|
CONSOLIDATED
STATEMENTS OF CASH FLOW
|
(U.S. dollars in
millions)
|
|
|
Three months
ended
March 31,
|
Year ended
December 31
|
|
2022
|
2021
|
2021
|
|
|
|
|
Cash flows from
operating activities
|
|
|
|
Profit for the
period
|
1,711.0
|
589.6
|
4,649.1
|
|
|
|
|
Adjustments
for:
|
|
|
|
Depreciation and
amortization
|
290.2
|
133.6
|
779.2
|
Net finance
expenses
|
23.9
|
39.5
|
156.8
|
Share of profits and
change in fair value of investees
|
(1.5)
|
(2.5)
|
(4.7)
|
Capital gain
|
(4.0)
|
(0.4)
|
(8.7)
|
Income taxes
|
507.6
|
54.4
|
1,010.4
|
Other non-cash
items
|
2.5
|
|
20.8
|
|
2,529.7
|
814.2
|
6,602.9
|
|
|
|
|
Change in
inventories
|
(54.8)
|
(34.1)
|
(66.8)
|
Change in trade and
other receivables
|
(96.3)
|
(174.2)
|
(766.5)
|
Change in trade and
other payables including contracts liabilities
|
36.0
|
175.7
|
555.9
|
Change in provisions
and employee benefits
|
(2.1)
|
(0.7)
|
6.6
|
|
(117.2)
|
(33.3)
|
(270.8)
|
|
|
|
|
Dividends received from
associates
|
|
0.7
|
4.4
|
Interest
received
|
3.2
|
0.7
|
3.5
|
Income taxes
paid
|
(755.7)
|
(4.9)
|
(369.1)
|
Net cash generated
from operating activities
|
1,660.0
|
777.4
|
5,970.9
|
|
|
|
|
Cash flows from
investing activities
|
|
|
|
Proceeds from sale of
tangible assets, intangible assets, investments and
affiliates
|
5.3
|
0.5
|
10.9
|
Acquisition of tangible
assets, intangible assets and interest in investees
|
(182.5)
|
(133.0)
|
(1,005.0)
|
Acquisition of
investment instruments, net
|
(182.9)
|
|
(182.5)
|
Change in other
receivables
|
(0.3)
|
|
(101.8)
|
Change in other
investments (mainly deposits), net
|
99.8
|
(2.1)
|
(2,064.7)
|
Net cash used in
investing activities
|
(260.6)
|
(134.6)
|
(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
|
205.4
|
Repayment of borrowings
and lease liabilities
|
(208.9)
|
(190.4)
|
(1,191.3)
|
Change in short term
loans
|
(20.0)
|
(1.0)
|
(16.0)
|
Dividend paid to
non-controlling interests
|
(4.5)
|
(2.8)
|
(4.7)
|
Dividend paid to owners
of the Company
|
|
|
(536.4)
|
Interest and other
financial expenses paid
|
(40.5)
|
(34.8)
|
(160.0)
|
Net cash used
in financing activities
|
(214.7)
|
(23.6)
|
(1,653.0)
|
|
|
|
|
Net change in cash and
cash equivalents
|
1,184.7
|
619.2
|
974.8
|
Cash and cash
equivalents at beginning of the period
|
1,543.3
|
570.4
|
570.4
|
Effect of exchange rate
fluctuation on cash held
|
(0.8)
|
(1.2)
|
(1.9)
|
Cash and cash
equivalents at the end of the period
|
2,727.2
|
1,188.4
|
1,543.3
|
RECONCILIATION OF
NET INCOME TO ADJUSTED EBIT
|
(U.S. dollars in
millions)
|
|
|
Three months
ended
March 31,
|
|
2022
|
2021
|
|
|
|
Net
income
|
1,711
|
590
|
Financial expenses
(income), net
|
24
|
39
|
Income taxes
|
508
|
54
|
Operating income
(EBIT)
|
2,243
|
683
|
Non-cash charter hire
expenses
|
0
|
1
|
Expenses related to
legal contingencies
|
0
|
4
|
Adjusted
EBIT
|
2,243
|
688
|
Adjusted EBIT
margin
|
60%
|
39%
|
RECONCILIATION OF
NET INCOME TO ADJUSTED EBITDA
|
(U.S. dollars in
millions)
|
|
|
Three months
ended
March 31,
|
|
2022
|
2021
|
|
|
|
Net
income
|
1,711
|
590
|
Financial expenses
(income), net
|
24
|
39
|
Income taxes
|
508
|
54
|
Depreciation and
amortization
|
290
|
134
|
EBITDA
|
2,533
|
817
|
Expenses related to
legal contingencies
|
0
|
4
|
Adjusted
EBITDA
|
2,533
|
821
|
Adjusted EBITDA
margin
|
68%
|
47%
|
RECONCILIATION OF
NET CASH GENERATED FROM OPERATING ACTIVITIES
|
TO FREE CASH
FLOW
|
(U.S. dollars in
millions)
|
|
|
Three months
ended
March 31,
|
|
2022
|
2021
|
|
|
|
Net cash generated from
operating activities
|
1,660
|
777
|
Capital expenditures,
net
|
(177)
|
(132)
|
Free cash
flow
|
1,483
|
645
|
View original
content:https://www.prnewswire.com/news-releases/zim-reports-record-financial-results-for-the-first-quarter-of-2022-301549956.html
SOURCE ZIM Integrated Shipping Services Ltd.