• |
Net income for the third quarter was $1.17 billion (compared to $1.46 billion in the third quarter of 2021), or $9.66 per diluted share2 (compared to $12.16 in the third quarter of 2021)
|
• |
Adjusted EBITDA for the third quarter was $1.93 billion, a year-over-year decrease of 7%
|
• |
Operating income (EBIT) for the third quarter was $1.54 billion, a year-over-year decrease of 17%
|
• |
Revenues for the third quarter were $3.23 billion, a year-over-year increase of 3%
|
• |
Carried volume in the third quarter was 842 thousand TEUs, a year-over-year decrease of 5%
|
• |
Average freight rate per TEU in third quarter was $3,353, a year-over-year increase of 4%
|
• |
Net leverage1 ratio of 0.0x at September 30, 2022, similar to December 31, 2021
|
• |
Declared dividend of approximately $354 million, or $2.95 per share, representing approximately 30% of third quarter net income
|
• |
Announced a ten-year liquefied natural gas (LNG) purchase agreement with Shell to supply the LNG-fueled vessels that will be deployed on ZIM's Asia to USEC trade
|
Q3.22
|
Q3.21
|
9M.22
|
9M.21
|
|||||||||||||
Carried volume (K-TEUs)
|
842
|
884
|
2,557
|
2,623
|
||||||||||||
Average freight rate ($/TEU)
|
3,353
|
3,226
|
3,600
|
2,510
|
||||||||||||
Revenue ($ in millions)
|
3,228
|
3,136
|
10,373
|
7,262
|
||||||||||||
Operating income (EBIT) ($ in millions)
|
1,544
|
1,859
|
5,551
|
3,700
|
||||||||||||
Profit before income tax ($ in millions)
|
1,514
|
1,821
|
5,469
|
3,577
|
||||||||||||
Net income ($ in millions)
|
1,166
|
1,463
|
4,212
|
2,941
|
||||||||||||
Adjusted EBITDA1 ($ in millions)
|
1,934
|
2,080
|
6,568
|
4,236
|
||||||||||||
Adjusted EBIT1 ($ in millions)
|
1,554
|
1,859
|
5,561
|
3,706
|
||||||||||||
Adjusted EBITDA margin (%)
|
60
|
66
|
63
|
58
|
||||||||||||
Adjusted EBIT margin (%)
|
48
|
59
|
54
|
51
|
||||||||||||
Net cash generated from operating activities ($ in millions)
|
1,672
|
2,008
|
5,041
|
3,966
|
||||||||||||
Earnings per share (diluted EPS) ($)
|
9.66
|
12.16
|
34.91
|
24.79
|
||||||||||||
Free cash flow1 ($ in millions)
|
1,626
|
1,720
|
4,748
|
3,216
|
||||||||||||
SEP.22
|
DEC.21
|
|||||||||||||||
Net debt (net cash)1 ($ in millions)
|
250
|
(509
|
)
|
September 30
|
December 31
|
|||||||||||
2022
|
2021
|
2021
|
||||||||||
Assets
|
||||||||||||
Vessels
|
4,640.5
|
2,280.9
|
2,957.8
|
|||||||||
Containers and handling equipment
|
1,270.8
|
1,258.3
|
1,365.8
|
|||||||||
Other tangible assets
|
76.9
|
66.4
|
68.9
|
|||||||||
Intangible assets
|
82.5
|
68.4
|
73.8
|
|||||||||
Investments in associates
|
26.0
|
13.3
|
12.2
|
|||||||||
Other investments
|
1,314.3
|
5.6
|
169.2
|
|||||||||
Trade and other receivables
|
109.5
|
6.5
|
107.2
|
|||||||||
Deferred tax assets
|
2.3
|
1.5
|
2.1
|
|||||||||
Total non-current assets
|
7,522.8
|
3,700.9
|
4,757.0
|
|||||||||
Inventories
|
225.7
|
107.2
|
119.0
|
|||||||||
Trade and other receivables
|
1,088.7
|
1,234.2
|
1,278.0
|
|||||||||
Other investments
|
1,871.7
|
345.1
|
2,144.5
|
|||||||||
Cash and cash equivalents
|
1,285.7
|
2,455.0
|
1,543.3
|
|||||||||
Total current assets
|
4,471.8
|
4,141.5
|
5,084.8
|
|||||||||
Total assets
|
11,994.6
|
7,842.4
|
9,841.8
|
|||||||||
Equity
|
||||||||||||
Share capital and reserves
|
2,009.9
|
1,994.2
|
2,011.4
|
|||||||||
Retained earnings
|
3,800.6
|
1,174.5
|
2,580.6
|
|||||||||
Equity attributable to owners of the Company
|
5,810.5
|
3,168.7
|
4,592.0
|
|||||||||
Non-controlling interests
|
6.8
|
6.6
|
7.5
|
|||||||||
Total equity
|
5,817.3
|
3,175.3
|
4,599.5
|
|||||||||
Liabilities
|
||||||||||||
Lease liabilities
|
3,020.0
|
1,766.3
|
2,178.7
|
|||||||||
Loans and other liabilities
|
140.1
|
126.3
|
120.8
|
|||||||||
Employee benefits
|
45.0
|
63.6
|
65.6
|
|||||||||
Deferred tax liabilities
|
139.4
|
86.0
|
120.6
|
|||||||||
Total non-current liabilities
|
3,344.5
|
2,042.2
|
2,485.7
|
|||||||||
Trade and other payables
|
846.6
|
1,052.3
|
1,086.3
|
|||||||||
Provisions
|
51.6
|
29.0
|
28.3
|
|||||||||
Contract liabilities
|
410.1
|
636.0
|
618.3
|
|||||||||
Lease liabilities
|
1,424.7
|
777.3
|
893.0
|
|||||||||
Loans and other liabilities
|
99.8
|
130.3
|
130.7
|
|||||||||
Total current liabilities
|
2,832.8
|
2,624.9
|
2,756.6
|
|||||||||
Total liabilities
|
6,177.3
|
4,667.1
|
5,242.3
|
|||||||||
Total equity and liabilities
|
11,994.6
|
7,842.4
|
9,841.8
|
Nine months ended
September 30, |
Three months ended
September 30, |
Year ended
December 31,
|
||||||||||||||||||
2022
|
2021
|
2022
|
2021
|
2021
|
||||||||||||||||
Income from voyages and related services
|
10,372.7
|
7,262.3
|
3,227.5
|
3,136.0
|
10,728.7
|
|||||||||||||||
Cost of voyages and related services
|
||||||||||||||||||||
Operating expenses and cost of services
|
(3,630.2
|
)
|
(2,876.9
|
)
|
(1,249.6
|
)
|
(1,007.4
|
)
|
(3,905.9
|
)
|
||||||||||
Depreciation
|
(989.7
|
)
|
(513.9
|
)
|
(373.7
|
)
|
(215.2
|
)
|
(756.3
|
)
|
||||||||||
Gross profit
|
5,752.8
|
3,871.5
|
1,604.2
|
1,913.4
|
6,066.5
|
|||||||||||||||
Other operating income
|
40.8
|
9.5
|
21.5
|
5.3
|
14.5
|
|||||||||||||||
Other operating expenses
|
(0.4
|
)
|
(0.7
|
)
|
(0.2
|
)
|
(0.2
|
)
|
(1.0
|
)
|
||||||||||
General and administrative expenses
|
(244.0
|
)
|
(183.9
|
)
|
(82.0
|
)
|
(60.4
|
)
|
(267.7
|
)
|
||||||||||
Share of profit of associates
|
1.9
|
3.1
|
0.8
|
0.9
|
4.0
|
|||||||||||||||
Results from operating activities
|
5,551.1
|
3,699.5
|
1,544.3
|
1,859.0
|
5,816.3
|
|||||||||||||||
Finance income
|
82.3
|
9.1
|
34.9
|
3.4
|
18.8
|
|||||||||||||||
Finance expenses
|
(164.0
|
)
|
(131.7
|
)
|
(64.8
|
)
|
(41.5
|
)
|
(175.6
|
)
|
||||||||||
Net finance expenses
|
(81.7
|
)
|
(122.6
|
)
|
(29.9
|
)
|
(38.1
|
)
|
(156.8
|
)
|
||||||||||
Profit before income taxes
|
5,469.4
|
3,576.9
|
1,514.4
|
1,820.9
|
5,659.5
|
|||||||||||||||
Income taxes
|
(1,256.9
|
)
|
(636.2
|
)
|
(348.7
|
)
|
(358.0
|
)
|
(1,010.4
|
)
|
||||||||||
Profit for the period
|
4,212.5
|
2,940.7
|
1,165.7
|
1,462.9
|
4,649.1
|
|||||||||||||||
Attributable to:
|
||||||||||||||||||||
Owners of the Company
|
4,205.2
|
2,935.2
|
1,163.3
|
1,461.1
|
4,640.3
|
|||||||||||||||
Non-controlling interests
|
7.3
|
5.5
|
2.4
|
1.8
|
8.8
|
|||||||||||||||
Profit for the period
|
4,212.5
|
2,940.7
|
1,165.7
|
1,462.9
|
4,649.1
|
|||||||||||||||
Earnings per share (US$)
|
||||||||||||||||||||
Basic earnings per 1 ordinary share
|
35.05
|
25.79
|
9.69
|
12.53
|
40.31
|
|||||||||||||||
Diluted earnings per 1 ordinary share
|
34.91
|
24.79
|
9.66
|
12.16
|
39.02
|
|||||||||||||||
Weighted average number of shares for EPS calculation
|
||||||||||||||||||||
Basic
|
119,983,297
|
113,823,830
|
120,047,393
|
116,618,539
|
115,105,504
|
|||||||||||||||
Diluted
|
120,443,702
|
118,410,226
|
120,439,492
|
120,206,306
|
118,933,723
|
Nine months ended
September 30,
|
Three months ended
September 30,
|
Year ended
December 31,
|
||||||||||||||||||
2022
|
2021
|
2022
|
2021
|
2021
|
||||||||||||||||
Cash flows from operating activities
|
||||||||||||||||||||
Profit for the period
|
4,212.5
|
2,940.7
|
1,165.7
|
1,462.9
|
4,649.1
|
|||||||||||||||
Adjustments for:
|
||||||||||||||||||||
Depreciation and amortization
|
1,007.7
|
530.6
|
380.2
|
220.9
|
779.2
|
|||||||||||||||
Net finance expenses
|
81.7
|
122.6
|
29.9
|
38.1
|
156.8
|
|||||||||||||||
Share of profits and change in fair value of investees
|
(5.0
|
)
|
(4.0
|
)
|
(1.3
|
)
|
(0.8
|
)
|
(4.7
|
)
|
||||||||||
Capital gain
|
(35.5
|
)
|
(5.1
|
)
|
(19.7
|
)
|
(4.0
|
)
|
(8.7
|
)
|
||||||||||
Income taxes
|
1,256.9
|
636.2
|
348.7
|
358.0
|
1,010.4
|
|||||||||||||||
Other non-cash items
|
18.0
|
8.0
|
20.8
|
|||||||||||||||||
6,536.3
|
4,221.0
|
1,911.5
|
2,075.1
|
6,602.9
|
||||||||||||||||
Change in inventories
|
(106.7
|
)
|
(55.0
|
)
|
(9.5
|
)
|
(7.5
|
)
|
(66.8
|
)
|
||||||||||
Change in trade and other receivables
|
211.0
|
(695.7
|
)
|
272.8
|
(261.6
|
)
|
(766.5
|
)
|
||||||||||||
Change in trade and other payables including contract liabilities
|
(162.9
|
)
|
506.9
|
(193.8
|
)
|
206.6
|
555.9
|
|||||||||||||
Change in provisions and employee benefits
|
15.9
|
5.6
|
18.1
|
0.8
|
6.6
|
|||||||||||||||
(42.7
|
)
|
(238.2
|
)
|
87.6
|
(61.7
|
)
|
(270.8
|
)
|
||||||||||||
Dividends received from associates
|
0.1
|
3.3
|
0.1
|
1.4
|
4.4
|
|||||||||||||||
Interest received
|
23.6
|
3.4
|
16.2
|
1.2
|
3.5
|
|||||||||||||||
Income taxes paid
|
(1,475.8
|
)
|
(23.2
|
)
|
(343.8
|
)
|
(7.7
|
)
|
(369.1
|
)
|
||||||||||
Net cash generated from operating activities
|
5,041.5
|
3,966.3
|
1,671.6
|
2,008.3
|
5,970.9
|
|||||||||||||||
Cash flows from investing activities
|
||||||||||||||||||||
Proceeds from sale of tangible assets, intangible assets, and interest in investees
|
33.1
|
5.0
|
16.2
|
2.7
|
10.9
|
|||||||||||||||
Acquisition of tangible assets, intangible assets and interest in investees
|
(317.7
|
)
|
(755.8
|
)
|
(54.6
|
)
|
(291.3
|
)
|
(1,005.0
|
)
|
||||||||||
Acquisition of investment instruments, net
|
(1,281.5
|
)
|
(765.6
|
)
|
(182.5
|
)
|
||||||||||||||
Change in other receivables
|
(10.6
|
)
|
(8.0
|
)
|
(101.8
|
)
|
||||||||||||||
Change in other investments (mainly deposits), net
|
367.1
|
(284.2
|
)
|
556.2
|
(298.5
|
)
|
(2,064.7
|
)
|
||||||||||||
Net cash used in investing activities
|
(1,209.6
|
)
|
(1,035.0
|
)
|
(255.8
|
)
|
(587.1
|
)
|
(3,343.1
|
)
|
||||||||||
Cash flows from financing activities
|
||||||||||||||||||||
Receipt of long-term loans and other long-term liabilities
|
59.2
|
50.0
|
50.0
|
|||||||||||||||||
Issuance of share capital, net of issuance costs
|
205.4
|
205.4
|
||||||||||||||||||
Repayment of lease liabilities and borrowings
|
(965.8
|
)
|
(926.5
|
)
|
(433.3
|
)
|
(234.1
|
)
|
(1,191.3
|
)
|
||||||||||
Change in short term loans
|
(53.5
|
)
|
(16.0
|
)
|
(16.0
|
)
|
||||||||||||||
Dividend paid to non-controlling interests
|
(5.9
|
)
|
(4.7
|
)
|
(1.3
|
)
|
(4.7
|
)
|
||||||||||||
Dividend paid to owners of the Company
|
(2,948.9
|
)
|
(237.0
|
)
|
(570.3
|
)
|
(237.0
|
)
|
(536.4
|
)
|
||||||||||
Interest and other financial expenses paid
|
(156.8
|
)
|
(117.4
|
)
|
(62.1
|
)
|
(40.1
|
)
|
(160.0
|
)
|
||||||||||
Net cash used in financing activities
|
(4,071.7
|
)
|
(1,046.2
|
)
|
(1,067.0
|
)
|
(511.2
|
)
|
(1,653.0
|
)
|
||||||||||
Net change in cash and cash equivalents
|
(239.8
|
)
|
1,885.1
|
348.8
|
910.0
|
974.8
|
||||||||||||||
Cash and cash equivalents at beginning of the period
|
1,543.3
|
570.4
|
946.8
|
1,545.3
|
570.4
|
|||||||||||||||
Effect of exchange rate fluctuation on cash held
|
(17.8
|
)
|
(0.5
|
)
|
(9.9
|
)
|
(0.3
|
)
|
(1.9
|
)
|
||||||||||
Cash and cash equivalents at the end of the period
|
1,285.7
|
2,455.0
|
1,285.7
|
2,455.0
|
1,543.3
|
Nine months ended
September 30, |
Three months ended
September 30, |
|||||||||||||||
2022
|
2021
|
2022
|
2021
|
|||||||||||||
Net income
|
4,212
|
2,941
|
1,166
|
1,463
|
||||||||||||
Financial expenses, net
|
82
|
123
|
30
|
38
|
||||||||||||
Income taxes
|
1,257
|
636
|
348
|
358
|
||||||||||||
Operating income (EBIT)
|
5,551
|
3,700
|
1,544
|
1,859
|
||||||||||||
Non-cash charter hire expenses
|
1
|
1
|
0
|
0
|
||||||||||||
Capital gain, beyond the ordinary course of business
|
(1
|
)
|
0
|
0
|
0
|
|||||||||||
Expenses related to legal contingencies
|
10
|
5
|
10
|
0
|
||||||||||||
Adjusted EBIT
|
5,561
|
3,706
|
1,554
|
1,859
|
||||||||||||
Adjusted EBIT margin
|
54
|
%
|
51
|
%
|
48
|
%
|
59
|
%
|
Nine months ended
September 30, |
Three months ended
September 30, |
|||||||||||||||
2022
|
2021
|
2022
|
2021
|
|||||||||||||
Net income
|
4,212
|
2,941
|
1,166
|
1,463
|
||||||||||||
Financial expenses, net
|
82
|
123
|
30
|
38
|
||||||||||||
Income taxes
|
1,257
|
636
|
348
|
358
|
||||||||||||
Depreciation and amortization
|
1,008
|
530
|
380
|
221
|
||||||||||||
EBITDA
|
6,559
|
4,230
|
1,924
|
2,080
|
||||||||||||
Non-cash charter hire expenses
|
0
|
1
|
0
|
0
|
||||||||||||
Capital gain, beyond the ordinary course of
business |
(1
|
)
|
0
|
0
|
0
|
|||||||||||
Expenses related to legal contingencies
|
10
|
5
|
10
|
0
|
||||||||||||
Adjusted EBITDA
|
6,568
|
4,236
|
1,934
|
2,080
|
||||||||||||
Adjusted EBITDA margin
|
63
|
%
|
58
|
%
|
60
|
%
|
66
|
%
|
Nine months ended
September 30, |
Three months ended
September 30, |
|||||||||||||||
2022
|
2021
|
2022
|
2021
|
|||||||||||||
Net cash generated from operating activities
|
5,041
|
3,966
|
1,672
|
2,008
|
||||||||||||
Capital expenditures, net
|
(293
|
)
|
(750
|
)
|
(46
|
)
|
(288
|
)
|
||||||||
Free cash flow
|
4,748
|
3,216
|
1,626
|
1,720
|