View All News May 21, 2024 Reported Revenues of $1.56 Billion, Net Income of $92 Million, Adjusted EBITDA1of $427 Million and Adjusted EBIT of $167 Million Increased Full Year 2024 Guidance to Adjusted EBITDA of $1,150 Million to $1,550 Million and Adjusted EBIT of $0 to $400 Million2 Declared Dividend of $28 million or $0.23 per Share HAIFA, Israel, May 21, 2024 /PRNewswire/ -- ZIM Integrated Shipping Services Ltd.(NYSE: ZIM), ("ZIM" or the "Company") a global container liner shipping company, announced today its consolidated results for the three months ended March 31, 2024. First Quarter 2024 Highlights Eli Glickman, ZIM President & CEO, stated, "We are pleased with the current positive momentum in our business. ZIM's solid first quarter results illustrate the incremental benefits from our strategic transformation and the outstanding execution of the ZIM team worldwide, as well as a significant improvement in global freight rates. Having taken important steps to revamp our fleet and enhance our cost structure, which exceeded our expectations, we delivered profitable growth in Q1 2024, as ZIM generated net income of $92 million. Per our dividend policy, we declared a dividend of $0.23 per share, or $28 million, representing 30% of quarterly net income." Mr. Glickman added, "Given the recent improved freight rate environment currently impacting more trades, we have increased our full year 2024 guidance and today forecast full year Adjusted EBITDA between $1.15 billion and $1.55 billion and Adjusted EBIT between zero and $400 million. Looking ahead, we now expect freight rates to remain stronger for longer than initially anticipated due to a combination of continued pressure on supply and availability of equipment and a recent uptick in demand. While the rate environment during the latter part of 2024 remains unknown, we are confident in ZIM's strategic positioning as an agile container shipping player with a competitive cost- and fuel-efficient, modern fleet." Mr. Glickman concluded, "We look forward to further implementing our differentiated strategy to create a best-in-class experience for customers and generate sustainable value for shareholders. By year's end, we expect the delivery of the final 16 out of 46 newbuild containerships that we secured, which include 28 LNG-powered vessels. With a fleet optimally suited to the trades in which we operate, together with declining unit costs, we are well positioned to achieve our volume growth targets and deliver on our commitment to profitability over the long term." Summary of Key Financial and Operational Results Q1.24 Q1.23 Carried volume (K-TEUs).................................................... 846 769 Average freight rate ($/TEU)............................................... 1,452 1,390 Total Revenues ($ in millions)............................................. 1,562 1,374 Operating income (loss) (EBIT) ($ in millions).................... 167 (14) Profit (loss) before income tax ($ in millions)...................... 96 (65) Net income (loss) ($ in millions).......................................... 92 (58) Adjusted EBITDA1 ($ in millions)........................................ 427 373 Adjusted EBIT1 ($ in millions)............................................. 167 (14) Net income (loss) margin (%)............................................. 6% (4)% Adjusted EBITDA margin (%)............................................. 27% 27% Adjusted EBIT margin (%).................................................. 11% (1)% Diluted earnings (loss) per share ($).................................. 0.75 (0.50) Net cash generated from operating activities ($ in millions) 326 174 Free cash flow1 ($ in millions)............................................ 303 142 MAR 31, 2024 DEC 31, 2023 Net debt1 ($ in millions)...................................................... 3,110 2,309 Financial and Operating Results for the First Quarter Ended March 31, 2024 Total revenues were $1,562 million for the first quarter of 2024, compared to $1,374 million for the first quarter of 2023, mainly driven by the increase in freight rates and carried volume. ZIM carried 846 thousand TEUs in the first quarter of 2024, compared to 769 thousand TEUs in the first quarter of 2023. The average freight rate per TEU was $1,452 for the first quarter of 2024, compared to $1,390 for the first quarter of 2023. Operating income (EBIT) for the first quarter of 2024 was $167 million, compared to operating loss of $14 million for the first quarter of 2023. The increase was driven primarily by the above-mentioned increase in revenues. Net income for the first quarter of 2024 was $92 million, compared to net loss of $58 million for the first quarter of 2023, also mainly driven by the above-mentioned increase in revenues. Adjusted EBITDA for the first quarter of 2024 was $427 million, compared to $373 million for the first quarter of 2023. Adjusted EBIT was $167 million for the first quarter of 2024, compared to adjusted EBIT loss of $14 million for the first quarter of 2023. Adjusted EBITDA and Adjusted EBIT margins for the first quarter of 2024 were 27% and 11%, respectively. This compares to 27% and -1% for the first quarter of 2023, respectively. Net cash generated from operating activities was $326 million for the first quarter of 2024, compared to $174 million for the first quarter of 2023. 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) decreased by $442 million from $2.69 billion as of December 31, 2023 to $2.25 billion as of March 31, 2024.Capital expenditures totaled $24 million for the first quarter of 2024, compared to $36 million for the first quarter of 2023. Net debt position as of March 31, 2024 was $3.11 billion compared to net debt position as of December 31, 2023 of $2.31 billion, an increase of $801 million. ZIM's net leverage ratio as of March 31, 2024, was 2.8x, compared to 2.2x as of December 31, 2023. First Quarter 2024 Dividend and Dividend Policy In accordance with the Company's dividend policy, the Company's Board of Directors declared a cash dividend of approximately $28 million, or $0.23 per ordinary share, reflecting approximately 30% of first quarter 2024 net income. The dividend will be paid on June 11, 2024 to holders of ZIM ordinary shares as of June 4, 2024. All future dividends are subject to the discretion of Company's Board of Directors and to the restrictions provided by Israeli law. Use of Non-IFRS Measures in the Company's 2024 Guidance A reconciliation of the Company's non-IFRS financial measures included in its full-year 2024 guidance to corresponding IFRS measures is not available on a forward-looking basis. In particular, the Company has not reconciled its Adjusted EBITDA and Adjusted EBIT because the various reconciling items between such non-IFRS financial measures and the corresponding IFRS measures cannot be determined without unreasonable effort due to the uncertainty regarding, and the potential variability of, the future costs and expenses for which the Company adjusts, the effect of which may be significant, and all of which are difficult to predict and are subject to frequent change. Updated Full-Year 2024 Guidance The Company increased its guidance for the full year of 2024 and now expects to generate Adjusted EBITDA between $1.15 billion and $1.55 billion and Adjusted EBIT between zero and $400 million. Previously, the Company expected to generate Adjusted EBITDA between $850 million and $1,450 million and AdjustedEBIT between a loss of $300 million and earnings of $300 million. Conference Call Details Management will host a conference call and webcast (along with a slide presentation) to review the results and provide a corporate update today at 8:00 AM ET. To access the live conference call by telephone, please dial the following numbers: United States (toll free) +1-800-715-9871 or +1-646-307-1963; Israel +972-3-376-1144 or UK/international +44-20-3481-4247, and reference conference ID: 2459470 or the conference name. 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 Founded in Israel in 1945, ZIM (NYSE: ZIM) is a leading global container liner shipping company with established operations in more than 90 countries serving approximately 33,000 customers in over 300 ports worldwide. ZIM leverages digital strategies and a commitment to ESG values to provide customers innovative seaborne transportation and logistics services and exceptional customer experience. ZIM's differentiated global-niche strategy, based on agile fleet management and deployment, covers major trade routes with a focus on select markets where the company holds competitive advantages. Additional information about ZIM is available at www.ZIM.com. Forward-Looking Statements The following information contains, or may be deemed to contain forward-looking statements (as defined in the U.S. Private Securities Litigation Reform Act of 1995). In some cases, you can identify these statements by forward-looking words such as "may," "might," "will," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential" or "continue," the negative of these terms and other comparable terminology. These forward-looking statements, which are subject to risks, uncertainties and assumptions about the Company, may include projections of the Company's future financial results, its anticipated growth strategies and anticipated trends in its business. These statements are only predictions based on the Company's current expectations and projections about future events or results. There are important factors that could cause the Company's actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause such differences include, but are not limited to: market changes in freight, bunker, charter and other rates or prices, supply-demand fluctuations in the containerized shipping market, new legislation or regulation affecting the Company's operations, new competition and changes in the competitive environment, our ability to achieve cost savings or expense reductions, the outcome of legal proceedings to which the Company is a party, global, regional and/or local political instability, including the ongoing war between Israel and Hamas and the ongoing hostilities between Israel and Hezbollah, 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" inits 2023 Annual Report filed with the SEC on March 13, 2024. 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 EBITDAis 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, as applicable, 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 EBITis 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, as applicable, 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 flowis a non-IFRS financial measure which we define as net cash generated from operating activities minus capital expenditures, net. Net debtis 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 ratiois 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 EBIT and Adjusted EBITDA and net cash generated from operating activities to free cash flow in the tables provided below. Investor Relations: Elana Holzman Leon Berman Media: Avner Shats CONSOLIDATED BALANCE SHEET(Unaudited) March 31 December 31 2024 2023 2023 Assets Vessels 4,488.7 4,784.3 3,758.9 Containers and handling equipment 822.9 1,233.1 792.9 Other tangible assets 87.7 98.2 85.2 Intangible assets 104.8 95.1 102.0 Investments in associates 30.3 22.6 26.4 Other investments 814.0 1,344.7 908.7 Other receivables 82.7 113.9 97.9 Deferred tax assets 2.5 2.9 2.6 Total non-current assets 6,433.6 7,694.8 5,774.6 Inventories 197.3 189.1 179.3 Trade and other receivables 868.0 695.3 596.5 Other investments 744.8 1,060.2 874.1 Cash and cash equivalents 687.9 1,892.6 921.5 Total current assets 2,498.0 3,837.2 2,571.4 Total assets 8,931.6 11,532.0 8,346.0 Equity Share capital and reserves 2,013.9 2,007.9 2,017.5 Retained earnings 527.4 3,073.8 437.2 Equity attributable to owners of the Company 2,541.3 5,081.7 2,454.7 Non-controlling interests 4.1 1.1 3.3 Total equity 2,545.4 5,082.8 2,458.0 Liabilities Lease liabilities 3,716.8 2,993.6 3,244.1 Loans and other liabilities 66.6 87.6 73.6 Employee benefits 45.4 42.8 46.1 Deferred tax liabilities 5.8 145.4 6.1 Total non-current liabilities 3,834.6 3,269.4 3,369.9 Trade and other payables 612.2 1,359.8 566.4 Provisions 63.6 51.6 60.7 Contract liabilities 292.9 195.7 198.1 Lease liabilities 1,534.7 1,499.0 1,644.7 Loans and other liabilities 48.2 73.7 48.2 Total current liabilities 2,551.6 3,179.8 2,518.1 Total liabilities 6,386.2 6,449.2 5,888.0 Total equity and liabilities 8,931.6 11,532.0 8,346.0 CONSOLIDATED INCOME STATEMENTS (Unaudited) Three months ended Year ended March 31 December 31 2024 2023 2023 Income from voyages and related services 1,562.0 1,374.3 5,162.2 Cost of voyages and related services Operating expenses and cost of services (1,080.8) (939.7) (3,885.1) Depreciation (257.7) (380.5) (1,449.8) Impairment of assets (2,034.9) Gross profit (loss) 223.5 54.1 (2,207.6) Other operating income 6.0 10.1 14.4 Other operating expenses (3.6) (29.3) General and administrative expenses (60.8) (74.1) (280.7) Share in loss of associates (2.1) (0.4) (7.8) Results from operating activities 166.6 (13.9) (2,511.0) Finance income 38.7 44.4 142.2 Finance expenses (109.0) (95.2) (446.7) Net finance expenses (70.3) (50.8) (304.5) Profit (loss) before income taxes 96.3 (64.7) (2,815.5) Income taxes (4.2) 6.6 127.6 Profit (loss) for the period 92.1 (58.1) (2,687.9) Attributable to: Owners of the Company 90.3 (59.5) (2,695.6) Non-controlling interests 1.8 1.4 7.7 Profit (loss) for the period 92.1 (58.1) (2,687.9) Earnings (loss) per share (US$) Basic earnings (loss) per 1 ordinary share 0.75 (0.50) (22.42) Diluted earnings (loss) per 1 ordinary share 0.75 (0.50) (22.42) Weighted average number of shares for Basic 120,307,283 120,169,288 120,213,031 Diluted 120,450,586 120,169,288 120,213,031 CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Three months ended Year ended March 31 December 31 2024 2023 2023 Cash flows from operating activities Profit (loss) for the period 92.1 (58.1) (2,687.9) Adjustments for: Depreciation and amortization 260.6 387.2 1,471.8 Impairment loss 2,063.4 Net finance expenses 70.3 50.8 304.5 Share of losses and change in fair value of investees 2.1 0.4 6.5 Capital gain, net (6.0) (9.8) (10.9) Income taxes 4.2 (6.6) (127.6) Other non-cash items 1.5 6.3 18.9 424.8 370.2 1,038.7 Change in inventories (18.0) 1.6 11.4 Change in trade and other receivables (236.2) 143.2 242.7 Change in trade and other payables, including contract liabilities 133.3 (91.7) (95.1) Change in provisions and employee benefits 3.2 1.4 15.9 (117.7) 54.5 174.9 Dividends received from associates 1.2 0.1 2.3 Interest received 22.0 49.5 133.8 Income taxes paid (4.2) (300.7) (329.7) Net cash generated from operating activities 326.1 173.6 1,020.0 Cash flows from investing activities Proceeds from sale of tangible assets, intangible 1.5 12.2 27.4 Acquisition and capitalized expenditures of tangible (24.4) (35.9) (115.7) Proceeds from sale (acquisition) of investment instruments, net 199.0 (161.1) (138.2) Loans granted to investees (1.2) (1.7) (5.4) Change in other receivables 7.7 (8.2) 3.2 Change in other investments (mainly deposits), net 1.1 1,400.9 2,005.2 Net cash generated from investing activities 183.7 1,206.2 1,776.5 Cash flows from financing activities Repayment of lease liabilities and borrowings (636.7) (395.0) (1,713.1) Change in short term loans (21.0) (21.0) Dividend paid to non-controlling interests (0.4) (6.9) (8.9) Dividend paid to owners of the Company (769.2) Interest paid (103.7) (86.8) (380.7) Net cash used in financing activities (740.8) (509.7) (2,892.9) Net change in cash and cash equivalents (231.0) 870.1 (96.4) Cash and cash equivalents at beginning of the period 921.5 1,022.1 1,022.1 Effect of exchange rate fluctuation on cash held (2.6) 0.4 (4.2) Cash and cash equivalents at the end of the period 687.9 1,892.6 921.5 RECONCILIATION OF NET INCOME TO ADJUSTED EBIT* (U.S. dollars in millions) Three months ended March 31 2024 2023 Net income (loss) 92 (58) Financial expenses, net 70 51 Income taxes 4 (7) Operating income (loss) (EBIT) 167 (14) Adjusted EBIT 167 (14) Adjusted EBIT margin 11% (1)% * The table above may contain slight summation differences due to rounding. RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA* (U.S. dollars in millions) Three months ended March 31 2024 2023 Net income (loss) 92 (58) Financial expenses, net 70 51 Income taxes 4 (7) Depreciation and amortization 261 387 EBITDA 427 373 Adjusted EBITDA 427 373 Net income (loss) margin 6% (4)% Adjusted EBITDA margin 27% 27% * The table above may contain slight summation differences due to rounding. RECONCILIATION OF NET CASH GENERATED FROM OPERATING ACTIVITIES TO FREE CASH FLOW (U.S. dollars in millions) Three months ended March 31 2024 2023 Net cash generated from operating activities 326 174 Capital expenditures, net (23) (32) Free cash flow 303 142 1 See disclosure regarding "Use of Non-IFRS Financial Measures." View original content:https://www.prnewswire.com/news-releases/zim-reports-financial-results-for-the-first-quarter-of-2024-raising-full-year-2024-guidance-302151208.html SOURCE Zim Integrated Shipping Services Ltd. View All News ZIM Reports Financial Results for the First Quarter of 2024; Raising Full Year 2024 Guidance
ZIM Integrated Shipping Services Ltd.
+972-4-865-2300
[emailprotected]
The IGB Group
212-477-8438
[emailprotected]
ZIM Integrated Shipping Services Ltd.
+972-4-865-2520
[emailprotected]
(U.S. dollars in millions)
(U.S. dollars in millions, except per share data)
earnings (loss) per share calculation:
(U.S. dollars in millions)
assets, and interest in investees
assets, intangible assets and interest ininvestees
2 The Company does not provide IFRS guidance because it cannot be determined without unreasonable effort. See disclosure regarding "Use of Non-IFRS Measures in the Company's 2024 Guidance."
3 The number of shares used to calculate the diluted earnings per share is 120,450,586. The number of outstanding shares as of March 31, 2024 was 120,320,804.
ZIM Reports Financial Results for the First Quarter of 2024; Raising Full Year 2024 Guidance (2024)
Top Articles
What Is a Convenience Fee at a Restaurant and Should You Be Paying It?
How many followers you need on TikTok to get paid as a content creator
Average Jonas Wife
55Th And Kedzie Elite Staffing
Froedtert Billing Phone Number
Fredatmcd.read.inkling.com
CLI Book 3: Cisco Secure Firewall ASA VPN CLI Configuration Guide, 9.22 - General VPN Parameters [Cisco Secure Firewall ASA]
Senior Tax Analyst Vs Master Tax Advisor
Lost Ark Thar Rapport Unlock
Craigslist Pet Phoenix
Poplar | Genus, Description, Major Species, & Facts
The Powers Below Drop Rate
7543460065
Doby's Funeral Home Obituaries
Atrium Shift Select
Jessica Renee Johnson Update 2023
Rapv Springfield Ma
Grace Caroline Deepfake
finaint.com
fort smith farm & garden - craigslist
NHS England » Winter and H2 priorities
Convert 2024.33 Usd
Pinellas Fire Active Calls
Accident On The 210 Freeway Today
Galaxy Fold 4 im Test: Kauftipp trotz Nachfolger?
Construction Management Jumpstart 3Rd Edition Pdf Free Download
Defending The Broken Isles
Preggophili
Kaliii - Area Codes Lyrics
LG UN90 65" 4K Smart UHD TV - 65UN9000AUJ | LG CA
Vip Lounge Odu
Quality Tire Denver City Texas
Bt33Nhn
Lil Durk's Brother DThang Killed in Harvey, Illinois, ME Confirms
Myhrconnect Kp
What Time Is First Light Tomorrow Morning
KITCHENAID Tilt-Head Stand Mixer Set 4.8L (Blue) + Balmuda The Pot (White) 5KSM175PSEIC | 31.33% Off | Central Online
AI-Powered Free Online Flashcards for Studying | Kahoot!
The Transformation Of Vanessa Ray From Childhood To Blue Bloods - Looper
PruittHealth hiring Certified Nursing Assistant - Third Shift in Augusta, GA | LinkedIn
Pain Out Maxx Kratom
Senior Houses For Sale Near Me
Goats For Sale On Craigslist
Stitch And Angel Tattoo Black And White
Mountainstar Mychart Login
8 4 Study Guide And Intervention Trigonometry
Costner-Maloy Funeral Home Obituaries
Jeep Forum Cj
Autozone Battery Hold Down
Glowforge Forum
211475039
Latest Posts
Article information
Author: Gov. Deandrea McKenzie
Last Updated:
Views: 6396
Rating: 4.6 / 5 (66 voted)
Reviews: 89% of readers found this page helpful
Author information
Name: Gov. Deandrea McKenzie
Birthday: 2001-01-17
Address: Suite 769 2454 Marsha Coves, Debbieton, MS 95002
Phone: +813077629322
Job: Real-Estate Executive
Hobby: Archery, Metal detecting, Kitesurfing, Genealogy, Kitesurfing, Calligraphy, Roller skating
Introduction: My name is Gov. Deandrea McKenzie, I am a spotless, clean, glamorous, sparkling, adventurous, nice, brainy person who loves writing and wants to share my knowledge and understanding with you.