Page
|
FINANCIAL STATEMENTS:
|
|
3
|
|
4
|
|
5
|
|
6-7
|
|
8-9
|
|
10-17
|
September 30
|
December 31
|
|||||||||||||||
2022
|
2021
|
2021
|
||||||||||||||
Note
|
US $ in millions
|
|||||||||||||||
Assets
|
||||||||||||||||
Vessels
|
6
|
4,640.5
|
2,280.9
|
2,957.8
|
||||||||||||
Containers and handling equipment
|
6
|
1,270.8
|
1,258.3
|
1,365.8
|
||||||||||||
Other tangible assets
|
6
|
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
|
5
|
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
|
/s/ Yair Seroussi
|
/s/ Eli Glickman
|
/s/ Xavier Destriau
|
||
Yair Seroussi
|
Eli Glickman
|
Xavier Destriau
|
||
Chairman of the Board of Directors
|
President & Chief Executive Officer
|
Chief Financial Officer
|
Nine months ended
September 30
|
Three months ended
September 30
|
Year ended December 31
|
||||||||||||||||||||||
2022
|
2021
|
2022
|
2021
|
2021
|
||||||||||||||||||||
Note
|
US $ in millions
|
|||||||||||||||||||||||
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
|
8
|
(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
|
10
|
35.05
|
25.79
|
9.69
|
12.53
|
40.31
|
||||||||||||||||||
Diluted earnings per 1 ordinary share
|
10
|
34.91
|
24.79
|
9.66
|
12.16
|
39.02
|
Nine months ended
September 30
|
Three months ended
September 30
|
Year ended December 31
|
||||||||||||||||||
2022
|
2021
|
2022
|
2021
|
2021
|
||||||||||||||||
US $ in millions
|
||||||||||||||||||||
Profit for the period
|
4,212.5
|
2,940.7
|
1,165.7
|
1,462.9
|
4,649.1
|
|||||||||||||||
Other components of comprehensive income
|
||||||||||||||||||||
Items of other comprehensive income that were or will be reclassified to profit and loss
|
||||||||||||||||||||
|
||||||||||||||||||||
Foreign currency translation differences for foreign operations
|
(21.7
|
)
|
(2.7
|
)
|
(9.3
|
)
|
0.7
|
(7.8
|
)
|
|||||||||||
Net change in fair value of investments in debt instruments at fair value through other comprehensive income, net of tax
|
(36.0
|
)
|
(23.9
|
)
|
(0.7
|
)
|
||||||||||||||
Items of other comprehensive income that would never be reclassified to profit and loss
|
||||||||||||||||||||
Net change in fair value of investments in equity instruments at fair value through other comprehensive income, net of tax
|
(3.1
|
)
|
(0.2
|
)
|
(1.6
|
)
|
(0.1
|
)
|
(0.2
|
)
|
||||||||||
Defined benefit pension plans actuarial gains, net of tax
|
6.2
|
1.8
|
1.1
|
|||||||||||||||||
Other comprehensive income for the period, net of tax
|
(54.6
|
)
|
(2.9
|
)
|
(33.0
|
)
|
0.6
|
(7.6
|
)
|
|||||||||||
Total comprehensive income for the period
|
4,157.9
|
2,937.8
|
1,132.7
|
1,463.5
|
4,641.5
|
|||||||||||||||
Attributable to:
|
||||||||||||||||||||
Owners of the Company
|
4,152.7
|
2,933.7
|
1,130.8
|
1,461.9
|
4,636.8
|
|||||||||||||||
Non-controlling interests
|
5.2
|
4.1
|
1.9
|
1.6
|
4.7
|
|||||||||||||||
Total comprehensive income for the period
|
4,157.9
|
2,937.8
|
1,132.7
|
1,463.5
|
4,641.5
|
Attribute to the owners of the Company
|
||||||||||||||||||||||||||||
Share
capital
|
General
reserves (**)
|
Translation
reserve
|
Retained
earnings
|
Total
|
Non-controlling
interests
|
Total
equity
|
||||||||||||||||||||||
US $ in millions
|
||||||||||||||||||||||||||||
For the nine months period ended September 30, 2022
|
||||||||||||||||||||||||||||
Balance at December 31, 2021
|
923.2
|
1,107.9
|
(19.7
|
)
|
2,580.6
|
4,592.0
|
7.5
|
4,599.5
|
||||||||||||||||||||
Initial application of an amendment to IAS 37 (*)
|
(3.3
|
)
|
(3.3
|
)
|
(3.3
|
)
|
||||||||||||||||||||||
Balance at January 1, 2022
|
923.2
|
1,107.9
|
(19.7
|
)
|
2,577.3
|
4,588.7
|
7.5
|
4,596.2
|
||||||||||||||||||||
Profit for the period
|
4,205.2
|
4,205.2
|
7.3
|
4,212.5
|
||||||||||||||||||||||||
Other comprehensive income for the period, net of tax
|
(19.5
|
)
|
(33.0
|
)
|
(52.5
|
)
|
(2.1
|
)
|
(54.6
|
)
|
||||||||||||||||||
Share-based compensation
|
18.0
|
18.0
|
18.0
|
|||||||||||||||||||||||||
Exercise of options
|
2.2
|
(2.2
|
)
|
|||||||||||||||||||||||||
Dividend to owners of the Company
|
(2,948.9
|
)
|
(2,948.9
|
)
|
(2,948.9
|
)
|
||||||||||||||||||||||
Dividend to non-controlling interests in subsidiaries
|
(5.9
|
)
|
(5.9
|
)
|
||||||||||||||||||||||||
Balance at September 30, 2022
|
925.4
|
1,123.7
|
(39.2
|
)
|
3,800.6
|
5,810.5
|
6.8
|
5,817.3
|
||||||||||||||||||||
For the three months period ended September 30, 2022
|
||||||||||||||||||||||||||||
Balance at June 30, 2022
|
925.4
|
1,115.7
|
(30.5
|
)
|
3,231.4
|
5,242.0
|
6.2
|
5,248.2
|
||||||||||||||||||||
Profit for the period
|
1,163.3
|
1,163.3
|
2.4
|
1,165.7
|
||||||||||||||||||||||||
Other comprehensive income for the period, net of tax
|
(8.7
|
)
|
(23.8
|
)
|
(32.5
|
)
|
(0.5
|
)
|
(33.0
|
)
|
||||||||||||||||||
Share-based compensation
|
8.0
|
8.0
|
8.0
|
|||||||||||||||||||||||||
Dividend to owners of the Company
|
(570.3
|
)
|
(570.3
|
)
|
(570.3
|
)
|
||||||||||||||||||||||
Dividend to non-controlling interests in subsidiaries
|
(1.3
|
)
|
(1.3
|
)
|
||||||||||||||||||||||||
Balance at September 30, 2022
|
925.4
|
1,123.7
|
(39.2
|
)
|
3,800.6
|
5,810.5
|
6.8
|
5,817.3
|
Attribute to the owners of the Company
|
||||||||||||||||||||||||||||
Share
capital
|
General
reserves (*)
|
Translation
reserve
|
Retained
earnings
(deficit)
|
Total
|
Non-controlling
interests
|
Total
equity
|
||||||||||||||||||||||
US $ in millions
|
||||||||||||||||||||||||||||
For the nine months period ended September 30, 2021
|
||||||||||||||||||||||||||||
Balance at January 1, 2021
|
700.3
|
1,106.5
|
(16.0
|
)
|
(1,523.5
|
)
|
267.3
|
7.2
|
274.5
|
|||||||||||||||||||
Profit for the period
|
2,935.2
|
2,935.2
|
5.5
|
2,940.7
|
||||||||||||||||||||||||
Other comprehensive income for the period, net of tax
|
(1.3
|
)
|
(0.2
|
)
|
(1.5
|
)
|
(1.4
|
)
|
(2.9
|
)
|
||||||||||||||||||
Issuance of share capital, net of issuance costs
|
203.5
|
203.5
|
203.5
|
|||||||||||||||||||||||||
Share-based compensation
|
1.2
|
1.2
|
1.2
|
|||||||||||||||||||||||||
Exercise of options
|
1.3
|
(1.3
|
)
|
|||||||||||||||||||||||||
Dividend to owners of the Company
|
(237.0
|
)
|
(237.0
|
)
|
(237.0
|
)
|
||||||||||||||||||||||
Dividend to non-controlling interests in subsidiaries
|
(4.7
|
)
|
(4.7
|
)
|
||||||||||||||||||||||||
Balance at September 30, 2021
|
905.1
|
1,106.4
|
(17.3
|
)
|
1,174.5
|
3,168.7
|
6.6
|
3,175.3
|
||||||||||||||||||||
For the three months period ended September 30, 2021
|
||||||||||||||||||||||||||||
Balance at June 30, 2021
|
903.8
|
1,107.3
|
(18.2
|
)
|
(279.5
|
)
|
1,713.4
|
5.0
|
1,718.4
|
|||||||||||||||||||
Profit for the period
|
1,461.1
|
1,461.1
|
1.8
|
1,462.9
|
||||||||||||||||||||||||
Other comprehensive income for the period, net of tax
|
0.9
|
(0.1
|
)
|
0.8
|
(0.2
|
)
|
0.6
|
|||||||||||||||||||||
Share-based compensation
|
0.4
|
0.4
|
0.4
|
|||||||||||||||||||||||||
Exercise of options
|
1.3
|
(1.3
|
)
|
|||||||||||||||||||||||||
Dividend to owners of the Company
|
(7.0
|
)
|
(7.0
|
)
|
(7.0
|
)
|
||||||||||||||||||||||
Balance at September 30, 2021
|
905.1
|
1,106.4
|
(17.3
|
)
|
1,174.5
|
3,168.7
|
6.6
|
3,175.3
|
||||||||||||||||||||
For the year ended December 31, 2021
|
||||||||||||||||||||||||||||
Balance at January 1, 2021
|
700.3
|
1,106.5
|
(16.0
|
)
|
(1,523.5
|
)
|
267.3
|
7.2
|
274.5
|
|||||||||||||||||||
Profit for the year
|
4,640.3
|
4,640.3
|
8.8
|
4,649.1
|
||||||||||||||||||||||||
Other comprehensive income for the year, net of tax
|
(3.7
|
)
|
0.2
|
(3.5
|
)
|
(4.1
|
)
|
(7.6
|
)
|
|||||||||||||||||||
Issuance of share capital, net of issuance costs
|
203.5
|
203.5
|
203.5
|
|||||||||||||||||||||||||
Share-based compensation
|
20.8
|
20.8
|
20.8
|
|||||||||||||||||||||||||
Exercise of options
|
19.4
|
(19.4
|
)
|
|||||||||||||||||||||||||
Dividend to owners of the Company
|
(536.4
|
)
|
(536.4
|
)
|
(536.4
|
)
|
||||||||||||||||||||||
Acquisition of subsidiary with non-controlling interest
|
0.3
|
0.3
|
||||||||||||||||||||||||||
Dividend to non-controlling interests in subsidiaries
|
(4.7
|
)
|
(4.7
|
)
|
||||||||||||||||||||||||
Balance at December 31, 2021
|
923.2
|
1,107.9
|
(19.7
|
)
|
2,580.6
|
4,592.0
|
7.5
|
4,599.5
|
Nine months ended
|
Three months ended
|
Year ended
|
||||||||||||||||||
September 30
|
September 30
|
December 31
|
||||||||||||||||||
2022
|
2021
|
2022
|
2021
|
2021
|
||||||||||||||||
US $ in millions
|
||||||||||||||||||||
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
|
)
|
Nine months ended
|
Three months ended
|
Year ended
|
||||||||||||||||||
September 30
|
September 30
|
December 31
|
||||||||||||||||||
2022
|
2021
|
2022
|
2021
|
2021
|
||||||||||||||||
US $ in millions
|
||||||||||||||||||||
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
|
1 |
Reporting entity
|
2 |
Basis of compliance
|
(a) |
Statement of compliance
|
(b) |
Estimates
|
3 |
Significant accounting policies
|
4 |
Financial position
|
(a) |
The container shipping industry continues to be characterized by volatility in freight rates, charter rates and bunker prices, accompanied by significant uncertainties in the global trade (including the implications of the ongoing military
conflict between Russia and Ukraine, the rise of inflation in certain countries, or further implications that might derive from the Covid-19 pandemic). In addition, regulators in certain jurisdictions have become more active in their
regulatory oversight over our industry, through change in regulations and interpretation of related rules.
|
(b) |
Further to the Company’s operational cooperation with the “2M” alliance initiated in 2018, the Company announced in February 2022, that the 2M alliance partners (Maersk and MSC, two leading shipping liner companies) and the Company
formally agreed to extend their existing operational collaboration agreement, based on a full slot exchange and vessel sharing agreement, on the Asia – US East Coast and Asia – US Gulf Coast trades. The parties also agreed to terminate their
collaboration in the Asia to Mediterranean and Pacific North – West trades, in which ZIM launched a new independent service to address its customers' needs. The agreements with the 2M alliance partners became effective on April 2, 2022.
|
(c) |
In August 2022, the Company announced a long-term agreement with Shell NA LNG, LLC for the purpose of supply marine liquefied natural gas (LNG). The agreement, committing the parties for a period of ten years and with aggregated
consideration estimated at approximately US$ 1.1 billion, will secure the supply of LNG for ten 15,000 TEU LNG-fueled vessels that are expected to enter into service during 2023-2024 and be deployed on the Asia - US East Coast trade.
|
(d) |
Legal matters:
|
(e) |
Charter agreements:
|
(f) |
Fleet acquisitions:
|
(g) |
In November 2022, the Company entered into an agreement for the full early repayment of its Tranche-E loan (see also Note 12 to the Company’s 2021 annual financial statements), for a total consideration of US$ 66 million.
|
(h) |
Dividends:
|
5 |
Capital and reserves
|
Granted in
|
Number of instruments
|
Instrument terms
|
Vesting terms
|
Contractual life
|
||||
March 2022
May 2022
August 2022
|
1,727,443
490,662
107,110
|
Each option is exercisable into one ordinary share on a cash-less basis.
|
These options shall vest upon the first, second, third and fourth anniversary, in four equal instalments of 25% each.
|
5 years
|
Granted in
|
March 2022
|
May 2022
|
August 2022
|
|
Fair Value
|
USD 29.72
|
USD 26.30
|
USD 25.07
|
|
Share price on grant date
|
USD 68.94
|
USD 55.63
|
USD 51.86
|
|
Exercise price
|
USD 68.37
|
USD 51.37
|
USD 47.78
|
|
Expected volatility
|
47.3%
|
48.4%
|
48.9%
|
|
Expected life
|
5 years
|
4.9 years
|
5 years
|
|
Expected dividends
|
0%
|
0%
|
0%
|
|
Risk-free interest rate
|
1.7%
|
3.0%
|
3.0%
|
6 |
Right-of-use assets
|
Balance at September 30
|
Balance at December 31
|
|||||||||||
2022
|
2021
|
2021
|
||||||||||
US $ in millions
|
||||||||||||
Vessels
|
4,191.9
|
2,132.7
|
2,720.2
|
|||||||||
Containers and handling equipment
|
396.8
|
485.4
|
458.6
|
|||||||||
Other tangible assets
|
51.0
|
46.2
|
47.6
|
|||||||||
4,639.7
|
2,664.3
|
3,226.4
|
7 |
Segment information
|
Nine months ended September 30
|
Three months ended September 30
|
Year ended December 31
|
||||||||||||||||||
2022
|
2021
|
2022
|
2021
|
2021
|
||||||||||||||||
US $ in millions
|
||||||||||||||||||||
Freight Revenues from containerized cargo:
|
||||||||||||||||||||
Pacific
|
4,716.9
|
3,635.6
|
1,420.2
|
1,640.9
|
5,278.8
|
|||||||||||||||
Cross-Suez
|
1,293.8
|
852.5
|
379.2
|
362.8
|
1,254.2
|
|||||||||||||||
Atlantic
|
966.2
|
648.1
|
304.6
|
256.7
|
960.8
|
|||||||||||||||
Intra-Asia
|
1,644.3
|
1,139.4
|
500.9
|
469.0
|
1,714.6
|
|||||||||||||||
Latin America
|
584.8
|
308.4
|
218.3
|
124.1
|
490.3
|
|||||||||||||||
9,206.0
|
6,584.0
|
2,823.2
|
2,853.5
|
9,698.7
|
||||||||||||||||
Other Revenues (*)
|
1,166.7
|
678.3
|
404.3
|
282.5
|
1,030.0
|
|||||||||||||||
10,372.7
|
7,262.3
|
3,227.5
|
3,136.0
|
10,728.7
|
8 |
Operating expenses and cost of services
|
Nine months ended September 30
|
Three months ended September 30
|
Year ended December 31
|
||||||||||||||||||
2022
|
2021
|
2022
|
2021
|
2021
|
||||||||||||||||
US $ in millions
|
||||||||||||||||||||
Wages, maintenance and other
|
||||||||||||||||||||
vessel-operating costs
|
25.2
|
10.4
|
9.1
|
3.3
|
14.3
|
|||||||||||||||
Expenses relating to fleet equipment
|
||||||||||||||||||||
(mainly containers and chassis)
|
21.9
|
21.5
|
6.7
|
6.8
|
28.1
|
|||||||||||||||
Fuel and lubricants
|
1,065.8
|
527.5
|
419.3
|
196.6
|
739.8
|
|||||||||||||||
Insurance
|
10.7
|
7.3
|
4.5
|
2.4
|
11.5
|
|||||||||||||||
Expenses related to cargo handling
|
1,515.3
|
1,410.2
|
501.0
|
469.0
|
1,879.9
|
|||||||||||||||
Port expenses
|
254.9
|
192.6
|
99.7
|
67.2
|
255.5
|
|||||||||||||||
Agents’ salaries and commissions
|
196.9
|
146.9
|
66.1
|
53.2
|
238.8
|
|||||||||||||||
Cost of related services and sundry
|
167.9
|
119.3
|
59.0
|
46.9
|
170.9
|
|||||||||||||||
Slot purchases and hire of vessels
|
344.7
|
412.8
|
74.3
|
151.7
|
530.5
|
|||||||||||||||
Hire of containers
|
26.9
|
28.4
|
9.9
|
10.3
|
36.6
|
|||||||||||||||
3,630.2
|
2,876.9
|
1,249.6
|
1,007.4
|
3,905.9
|
9 |
Financial instruments
|
September 30,
|
||||||||||||||||||
2022
|
2021
|
|||||||||||||||||
Investments in sovereign bonds at fair value through other comprehensive income
|
Investments in corporate bonds at fair value through other comprehensive income
|
Investments in equity instruments at fair value through other comprehensive income
|
Investments in equity instruments at fair value through profit and loss
|
Investments in equity instruments at fair value through other comprehensive income
|
Investments in equity instruments at fair value through profit and loss
|
|||||||||||||
US $ in millions
|
||||||||||||||||||
Other investments:
|
||||||||||||||||||
Level 1 financial instruments carried at fair value
|
||||||||||||||||||
Current
|
51.6
|
61.4
|
2.6
|
2.1
|
||||||||||||||
Non-Current
|
772.8
|
495.1
|
31.6
|
|||||||||||||||
824.4
|
556.5
|
34.2
|
2.1
|
|||||||||||||||
Level 3 financial instruments carried at fair value
|
||||||||||||||||||
Non-Current
|
11.3
|
2.3
|
||||||||||||||||
824.4
|
556.5
|
34.2
|
11.3
|
2.1
|
2.3
|
December 31,
|
|||||||||||||
2021
|
|||||||||||||
Investments in sovereign bonds at fair value through other comprehensive income
|
Investments in corporate bonds at fair value through other comprehensive income
|
Investments in equity instruments at fair value through other comprehensive income
|
Investments in equity instruments at fair value through profit and loss
|
||||||||||
US $ in millions
|
|||||||||||||
Other investments:
|
|||||||||||||
Level 1 financial instruments carried at fair value
|
|||||||||||||
Current
|
2.0
|
16.3
|
2.0
|
||||||||||
Non-Current
|
35.5
|
127.4
|
|||||||||||
37.5
|
143.7
|
2.0
|
|||||||||||
Level 3 financial instruments carried at fair value
|
|||||||||||||
Non-Current
|
2.3
|
||||||||||||
37.5
|
143.7
|
2.0
|
2.3
|
10 |
Earnings per share
|
Nine months ended September 30
|
Three months ended September 30
|
Year ended December 31
|
||||||||||||||||||
2022
|
2021
|
2022
|
2021
|
2021
|
||||||||||||||||
US $ in millions
|
||||||||||||||||||||
Profit attributable to ordinary shareholders used to calculate basic and diluted earnings per share (US $ in millions)
|
4,205.2
|
2,935.2
|
1,163.3
|
1,461.1
|
4,640.3
|
|||||||||||||||
Number of outstanding shares at the beginning of the period used to calculate basic earning per share
|
119,910,688
|
100,000,000
|
120,047,393
|
100,000,000
|
100,000,000
|
|||||||||||||||
Effect of shares issued
|
13,278,388
|
15,000,000
|
13,712,329
|
|||||||||||||||||
Effect of share options
|
72,609
|
545,442
|
1,618,539
|
1,393,175
|
||||||||||||||||
Weighted average number of ordinary shares used to calculate basic earnings per share
|
119,983,297
|
113,823,830
|
120,047,393
|
116,618,539
|
115,105,504
|
|||||||||||||||
Effect of share options
|
460,405
|
4,586,396
|
392,099
|
3,587,767
|
3,828,219
|
|||||||||||||||
Weighted average number of ordinary shares used to calculate diluted earnings per share
|
120,443,702
|
118,410,226
|
120,439,492
|
120,206,306
|
118,933,723
|