ZIM INTEGRATED SHIPPING SERVICES LTD.
CONDENSED CONSOLIDATED UNAUDITED INTERIM
FINANCIAL STATEMENTS
SEPTEMBER 30, 2023
ZIM INTEGRATED SHIPPING SERVICES LTD.
INDEX TO CONDENSED CONSOLIDATED UNAUDITED INTERIM FINANCIAL STATEMENTS
Page | |
FINANCIAL STATEMENTS: | |
Condensed consolidated unaudited interim Statements of Financial Position | 3 |
Condensed consolidated unaudited interim Income Statements | 4 |
Condensed consolidated unaudited interim Statements of Comprehensive Income | 5 |
Condensed consolidated unaudited interim Statements of Changes in Equity | 6-7 |
Condensed consolidated unaudited interim Statements of Cash Flows | 8-9 |
Notes to the condensed consolidated unaudited interim Financial Statements | 10-18 |
ZIM INTEGRATED SHIPPING SERVICES LTD.
CONDENSED CONSOLIDATED UNAUDITED INTERIM STATEMENTS OF FINANCIAL POSITION
September 30 | December 31 | ||||
2023 | 2022 | 2022 | |||
Note | US $ in millions |
Assets
Vessels
Containers and handling equipment
Other tangible assets
Intangible assets
Investments in associates
Other investments
Other receivables
Deferred tax assets
Total non-current assets
Inventories
Trade and other receivables
Other investments
Cash and cash equivalents
Total current assets
Total assets
Equity
Share capital and reserves
Retained earnings
Equity attributable to owners of the Company Non-controlling interests
Total equity
Liabilities
Lease liabilities
Loans and other liabilities
Employee benefits
Deferred tax liabilities
Total non-current liabilities
Trade and other payables
Provisions
Contract liabilities
Lease liabilities
Loans and other liabilities
Total current liabilities
Total liabilities
Total equity and liabilities
6 , 7
6 , 7
6 , 7
6 , 7
5
3,222.9 | 4,640.5 | 4,409.9 | ||||
788.2 | 1,270.8 | 1,242.8 | ||||
61.1 | 76.9 | 98.5 | ||||
93.3 | 82.5 | 92.9 | ||||
26.8 | 26.0 | 22.0 | ||||
1,252.6 | 1,314.3 | 1,373.2 | ||||
105.5 | 109.5 | 112.1 | ||||
9.6 | 2.3 | 2.3 | ||||
5,560.0 | 7,522.8 | 7,353.7 | ||||
156.4 | 225.7 | 190.7 | ||||
644.3 | 1,088.7 | 825.7 | ||||
918.6 | 1,871.7 | 2,233.1 | ||||
912.1 | 1,285.7 | 1,022.1 | ||||
2,631.4 | 4,471.8 | 4,271.6 | ||||
8,191.4 | 11,994.6 | 11,625.3 | ||||
1,980.7 | 2,009.9 | 1,987.7 | ||||
586.9 | 3,800.6 | 3,901.9 | ||||
2,567.6 | 5,810.5 | 5,889.6 | ||||
3.8 | 6.8 | 6.3 | ||||
2,571.4 | 5,817.3 | 5,895.9 | ||||
2,952.0 | 3,020.0 | 2,778.7 | ||||
79.3 | 140.1 | 91.9 | ||||
39.4 | 45.0 | 45.2 | ||||
13.0 | 139.4 | 151.4 | ||||
3,083.7 | 3,344.5 | 3,067.2 | ||||
554.6 | 846.6 | 896.2 | ||||
58.3 | 51.6 | 50.2 | ||||
207.3 | 410.1 | 238.9 | ||||
1,668.0 | 1,424.7 | 1,380.8 | ||||
48.1 | 99.8 | 96.1 | ||||
2,536.3 | 2,832.8 | 2,662.2 | ||||
5,620.0 | 6,177.3 | 5,729.4 | ||||
8,191.4 | 11,994.6 | 11,625.3 |
/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 |
Date of approval of the Financial Statements: November 15, 2023.
The accompanying Notes are an integral part of these condensed consolidated unaudited interim Financial Statements.
3
ZIM INTEGRATED SHIPPING SERVICES LTD.
CONDENSED CONSOLIDATED UNAUDITED INTERIM INCOME STATEMENTS
Nine months ended | Three months ended | Year ended | ||||||||||
September 30 | September 30 | December 31 | ||||||||||
2023 | 2022 | 2023 | 2022 | 2022 | ||||||||
Note | US $ in millions | |||||||||||
Income from voyages and related services | 3,956.9 | 10,372.7 | 1,273.0 | 3,227.5 | 12,561.6 | |||||||
Cost of voyages and related services | ||||||||||||
Operating expenses and cost of services | 9 | (2,922.0) | (3,630.2) | (1,008.4) | (1,249.6) | (4,764.5) | ||||||
Depreciation | (1,212.8) | (989.7) | (417.4) | (373.7) | (1,370.3) | |||||||
Impairment of assets | 7 | (2,034.9) | (2,034.9) | |||||||||
Gross profit (loss) | ||||||||||||
(2,212.8) | 5,752.8 | (2,187.7) | 1,604.2 | 6,426.8 | ||||||||
Other operating income | 2.5 | 40.8 | 0.6 | 21.5 | 48.9 | |||||||
Other operating expenses | 7 | (32.5) | (0.4) | (22.4) | (0.2) | (0.9) | ||||||
General and administrative expenses | (209.4) | (244.0) | (63.9) | (82.0) | (338.3) | |||||||
Share of profit (loss) of associates | (5.2) | 1.9 | (2.3) | 0.8 | (0.7) | |||||||
Results from operating activities | (2,457.4) | 5,551.1 | (2,275.7) | 1,544.3 | 6,135.8 | |||||||
Finance income | 117.7 | 82.3 | 35.6 | 34.9 | 130.9 | |||||||
Finance expenses | (338.7) | (164.0) | (101.5) | (64.8) | (239.4) | |||||||
Net finance expenses | (221.0) | (81.7) | (65.9) | (29.9) | (108.5) | |||||||
Profit (loss) before income taxes | (2,678.4) | 5,469.4 | (2,341.6) | 1,514.4 | 6,027.3 | |||||||
Income taxes | 137.1 | (1,256.9) | 71.1 | (348.7) | (1,398.3) | |||||||
Profit (loss) for the period | (2,541.3) | 4,212.5 | (2,270.5) | 1,165.7 | 4,629.0 | |||||||
Attributable to: | ||||||||||||
Owners of the Company | (2,547.2) | 4,205.2 | (2,272.6) | 1,163.3 | 4,619.4 | |||||||
Non-controlling interests | 5.9 | 7.3 | 2.1 | 2.4 | 9.6 | |||||||
Profit (loss) for the period | ||||||||||||
(2,541.3) | 4,212.5 | (2,270.5) | 1,165.7 | 4,629.0 | ||||||||
Earnings (loss) per share (US$) | ||||||||||||
Basic earnings (loss) per 1 ordinary share | 11 | (21.19) | 35.05 | (18.90) | 9.69 | 38.49 | ||||||
Diluted earnings (loss) per 1 ordinary share | 11 | (21.19) | 34.91 | (18.90) | 9.66 | 38.35 |
The accompanying Notes are an integral part of these condensed consolidated unaudited interim Financial Statements.
4
ZIM INTEGRATED SHIPPING SERVICES LTD.
CONDENSED CONSOLIDATED UNAUDITED INTERIM STATEMENTS OF COMPREHENSIVE INCOME
Nine months ended | Three months ended | Year ended | |||||||||
September 30 | September 30 | December 31 | |||||||||
2023 | 2022 | 2023 | 2022 | 2022 | |||||||
US $ in millions | |||||||||||
Profit (loss) for the period | (2,541.3) | 4,212.5 | (2,270.5) | 1,165.7 | 4,629.0 | ||||||
Other components of comprehensive income | |||||||||||
Items of other comprehensive income that were or will be | |||||||||||
reclassified to profit and loss | |||||||||||
Foreign currency translation differences | (7.0) | (21.7) | (1.3) | (9.3) | (18.0) | ||||||
for foreign operations | |||||||||||
Net change in fair value of investments in debt instruments at | (25.6) | (19.5) | |||||||||
fair value through other comprehensive income, net of tax | (36.0) | (23.9) | (34.6) | ||||||||
Net change in fair value of investments in debt instruments at | |||||||||||
fair value through other comprehensive income, reclassified | 7.9 | 2.3 | |||||||||
to profit and loss | 2.6 | ||||||||||
Items of other comprehensive income that would never be | |||||||||||
reclassified to profit and loss | |||||||||||
Net change in fair value of investments in equity instruments | 1.4 | (0.2) | |||||||||
at fair value through other comprehensive income, net of tax | (3.1) | (1.6) | (1.9) | ||||||||
Defined benefit pension plans actuarial gains, net of tax | 1.4 | 6.2 | 1.2 | 1.8 | 8.5 | ||||||
Other comprehensive income for the period, net of tax | (21.9) | (54.6) | (17.5) | (33.0) | (43.4) | ||||||
Total comprehensive income for the period | (2,563.2) | 4,157.9 | (2,288.0) | 1,132.7 | 4,585.6 | ||||||
Attributable to: | |||||||||||
Owners of the Company | (2,568.2) | 4,152.7 | (2,289.8) | 1,130.8 | 4,578.2 | ||||||
Non-controlling interests | 5.0 | 5.2 | 1.8 | 1.9 | 7.4 | ||||||
Total comprehensive income for the period | (2,563.2) | 4,157.9 | (2,288.0) | 1,132.7 | 4,585.6 |
The accompanying Notes are an integral part of these condensed consolidated unaudited interim Financial Statements.
5
ZIM INTEGRATED SHIPPING SERVICES LTD.
CONDENSED CONSOLIDATED UNAUDITED INTERIM STATEMENTS OF CHANGES IN EQUITY
Attribute to the owners of the Company | ||||||||||||||||||||||
Share | General | Translation | Retained | Non-controlling | Total | |||||||||||||||||
capital | reserves (*) | reserve | earnings | Total | interests | equity | ||||||||||||||||
US $ in millions | ||||||||||||||||||||||
For the nine months period ended September 30, 2023 | ||||||||||||||||||||||
Balance at December 31, 2022 | 925.9 | 1,097.3 | (35.5) | 3,901.9 | 5,889.6 | 6.3 | 5,895.9 | |||||||||||||||
Loss for the period | (2,547.2) | (2,547.2) | 5.9 | (2,541.3) | ||||||||||||||||||
Other comprehensive income for the period, net of tax | (16.3) | (6.1) | 1.4 | (21.0) | (0.9) | (21.9) | ||||||||||||||||
Share-based compensation | 15.4 | 15.4 | 15.4 | |||||||||||||||||||
Exercise of options | 0.5 | (0.5) | ||||||||||||||||||||
Dividend to owners of the Company | (769.2) | (769.2) | (769.2) | |||||||||||||||||||
Dividend to non-controlling interests in subsidiaries | (7.5) | (7.5) | ||||||||||||||||||||
Balance at September 30, 2023 | ||||||||||||||||||||||
926.4 | 1,095.9 | (41.6) | 586.9 | 2,567.6 | 3.8 | 2,571.4 | ||||||||||||||||
For the three months period ended September 30, 2023 | ||||||||||||||||||||||
Balance at June 30, 2023 | 926.3 | 1,109.1 | (40.6) | 2,858.3 | 4,853.1 | 2.0 | 4,855.1 | |||||||||||||||
Loss for the period | (2,272.6) | (2,272.6) | 2.1 | (2,270.5) | ||||||||||||||||||
Other comprehensive income for the period, net of tax | (17.4) | (1.0) | 1.2 | (17.2) | (0.3) | (17.5) | ||||||||||||||||
Share-based compensation | 4.3 | 4.3 | ) | |||||||||||||||||||
4.3 | ||||||||||||||||||||||
Exercise of options | 0.1 | (0.1) | ||||||||||||||||||||
Balance at September 30, 2023 | 926.4 | 1,095.9 | (41.6) | 586.9 | 2,567.6 | 3.8 | 2,571.4 |
- Include reserves related to transactions with an interested party, share-based compensation and changes in fair value of investment instruments. The accompanying Notes are an integral part of these condensed consolidated unaudited interim Financial Statements.
6
ZIM INTEGRATED SHIPPING SERVICES LTD.
CONDENSED CONSOLIDATED UNAUDITED INTERIM STATEMENTS OF CHANGES IN EQUITY
Attribute to the owners of the Company | |||||||||||||||||||||
Share | General | Translation | Retained | Non-controlling | Total | ||||||||||||||||
capital | reserves (*) | reserve | earnings | Total | interests | equity | |||||||||||||||
For the nine months period ended September 30, 2022 | US $ in millions | ||||||||||||||||||||
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 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 | ||||||||||||||
For the year ended December 31, 2022 | 923.2 | 1,107.9 | (19.7) | 2,580.6 | 4,592.0 | 7.5 | 4,599.5 | ||||||||||||||
Balance at December 31, 2021 | |||||||||||||||||||||
Initial application of 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 year | 4,619.4 | 4,619.4 | 9.6 | 4,629.0 | |||||||||||||||||
Other comprehensive income for the year, net of tax | (33.9) | (15.8) | 8.5 | (41.2) | (2.2) | (43.4) | |||||||||||||||
Exercise of options | 2.7 | (2.7) | |||||||||||||||||||
Share-based compensation | 25.8 | 25.8 | 25.8 | ||||||||||||||||||
Dividend to owners of the Company | (3,303.3) | (3,303.3) | (3,303.3) | ||||||||||||||||||
Acquisition of subsidiary with non-controlling interest | 0.2 | 0.2 | (0.2) | ||||||||||||||||||
Dividend to non-controlling interests in subsidiaries | (8.4) | (8.4) | |||||||||||||||||||
Balance at December 31, 2022 | |||||||||||||||||||||
925.9 | 1,097.3 | (35.5) | 3,901.9 | 5,889.6 | 6.3 | 5,895.9 |
- Include reserves related to transactions with an interested party, share-based compensation and changes in fair value of investment instruments. The accompanying Notes are an integral part of these condensed consolidated unaudited interim Financial Statements.
7
ZIM INTEGRATED SHIPPING SERVICES LTD.
CONDENSED CONSOLIDATED UNAUDITED INTERIM STATEMENTS OF CASH FLOWS
Nine months ended | Three months ended | Year ended | |||||||||||
September 30 | September 30 | December | |||||||||||
31 | |||||||||||||
2023 | 2022 | 2023 | 2022 | 2022 | |||||||||
US $ in millions | |||||||||||||
Cash flows from operating activities | |||||||||||||
Profit (loss) for the period | (2,541.3) | 4,212.5 | (2,270.5) | 1,165.7 | 4,629.0 | ||||||||
Adjustments for: | |||||||||||||
Depreciation and amortization | 1,232.5 | 1,007.7 | 423.8 | 380.2 | 1,396.3 | ||||||||
Impairment loss | 2,063.4 | 2,063.4 | |||||||||||
Net finance expenses | 221.0 | 81.7 | 65.9 | 29.9 | 108.5 | ||||||||
Share of profits (losses) and change in fair value of | 4.5 | (5.0) | 2.3 | (1.3) | (2.1) | ||||||||
investees | |||||||||||||
Capital loss (gain), net | 3.2 | (35.5) | (4.2) | (19.7) | (42.7) | ||||||||
Income taxes | (137.1) | 1,256.9 | (71.1) | 348.7 | 1,398.3 | ||||||||
Other non-cash items | 14.2 | 18.0 | 4.5 | 8.0 | 39.7 | ||||||||
860.4 | 6,536.3 | 214.1 | 1,911.5 | 7,527.0 | |||||||||
Change in inventories | 34.3 | (106.7) | 17.7 | (9.5) | (71.7) | ||||||||
Change in trade and other receivables | 237.5 | 211.0 | 60.6 | 272.8 | 496.6 | ||||||||
Change in trade and other payables, including contract | |||||||||||||
liabilities | (76.7) | (162.9) | 19.2 | (193.8) | (325.7) | ||||||||
Change in provisions and employee benefits | 7.0 | 15.9 | 4.1 | 18.1 | 15.9 | ||||||||
202.1 | (42.7) | 101.6 | 87.6 | 115.1 | |||||||||
Dividends received | 1.7 | 0.1 | 0.2 | 0.1 | 0.9 | ||||||||
Interest received | 113.0 | 23.6 | 25.0 | 16.2 | 53.2 | ||||||||
Income taxes paid | (319.4) | (1,475.8) | (3.3) | (343.8) | (1,586.1) | ||||||||
Net cash generated from operating activities | 857.8 | 5,041.5 | 337.6 | 1,671.6 | 6,110.1 | ||||||||
Cash flows from investing activities | |||||||||||||
Proceeds from sale of tangible assets, intangible assets, | |||||||||||||
and interest in investees | 21.4 | 33.1 | 3.7 | 16.2 | 48.1 | ||||||||
Acquisition and capitalized expenditures of tangible assets, | |||||||||||||
intangible assets and interest in investees | (75.2) | (317.7) | (13.7) | (54.6) | (345.5) | ||||||||
Acquisition of investment instruments, net | (609.6) | (1,281.5) | (26.2) | (765.6) | (1,433.1) | ||||||||
Loans granted to investees | (3.8) | (2.1) | |||||||||||
Change in other receivables | (4.7) | (10.6) | 9.3 | (8.0) | (20.2) | ||||||||
Change in other investments (mainly deposits), net | 2,002.6 | 367.1 | 19.9 | 556.2 | 105.7 | ||||||||
Net cash generated from (used in) investing activities | 1,330.7 | (1,209.6) | (9.1) | (255.8) | (1,645.0) |
The accompanying Notes are an integral part of these condensed consolidated unaudited interim Financial Statements.
8
ZIM INTEGRATED SHIPPING SERVICES LTD.
CONDENSED CONSOLIDATED UNAUDITED INTERIM STATEMENTS OF CASH FLOWS
Nine months ended | Three months ended | Year ended | |||||||||
September 30 | September 30 | December 31 | |||||||||
2023 | 2022 | 2023 | 2022 | 2022 | |||||||
US $ in millions | |||||||||||
Cash flows from financing activities | |||||||||||
Receipt of long-term loans and other | |||||||||||
long-term liabilities | 59.2 | 59.2 | |||||||||
Repayment of lease liabilities and borrowings | (1,214.1) | (965.8) | (352.7) | (433.3) | (1,449.4) | ||||||
Change in short term loans | (21.0) | (53.5) | (53.5) | ||||||||
Dividend paid to non-controlling interests | (7.5) | (5.9) | (1.3) | (8.4) | |||||||
Dividend paid to owners of the Company | (769.2) | (2,948.9) | (570.3) | (3,303.3) | |||||||
Interest paid | (281.5) | (156.8) | (98.8) | (62.1) | (221.0) | ||||||
Net cash used in financing activities | (2,293.3) | (4,071.7) | (451.5) | (1,067.0) | (4,976.4) | ||||||
Net change in cash and cash equivalents | (104.8) | (239.8) | (123.0) | 348.8 | (511.3) | ||||||
Cash and cash equivalents at beginning of the period | 1,022.1 | 1,543.3 | 1,040.3 | 946.8 | 1,543.3 | ||||||
Effect of exchange rate fluctuation on cash held | (5.2) | (17.8) | (5.2) | (9.9) | (9.9) | ||||||
Cash and cash equivalents at the end of the period | 912.1 | 1,285.7 | 912.1 | 1,285.7 | 1,022.1 |
The accompanying Notes are an integral part of these condensed consolidated unaudited interim Financial Statements.
9
ZIM INTEGRATED SHIPPING SERVICES LTD.
NOTES TO THE CONDENSED CONSOLIDATED UNAUDITED INTERIM FINANCIAL STATEMENTS
- Reporting entity
ZIM Integrated Shipping Services Ltd. (hereinafter - the "Company" or "ZIM") and its subsidiaries (hereinafter - "the Group" or "the Companies") and the Group's interests in associates, operate in the field of cargo shipping and related services.
ZIM is a company incorporated in Israel, with limited liability. ZIM's ordinary shares have been listed on the New York Stock Exchange (the "NYSE") under the symbol "ZIM" on January 28, 2021. The address of the Company's registered office is 9 Andrei Sakharov Street, Haifa, Israel.
- Basis of compliance
-
Statement of compliance
These condensed consolidated unaudited interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting. They do not include all of the information required for full annual financial statements and should be read in conjunction with the consolidated financial statements of the Company as at and for the year ended December 31, 2022 (hereafter - the "annual Financial Statements"). These condensed consolidated unaudited interim Financial Statements were approved by the Board of Directors on November 15, 2023. - Estimates
The preparation of Financial Statements in conformity with IFRSs requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The significant judgments made by management in applying the Group's accounting policies and the principal assumptions used in the estimation of uncertainty were the same as those applied to the annual financial statements.
-
Statement of compliance
- Significant accounting policies
The accounting policies applied by the Group in these unaudited condensed consolidated interim Financial Statements are the same as those applied by the Group in its annual Financial Statements.
10
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ZIM Integrated Shipping Services Ltd. published this content on 09 December 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 December 2023 19:13:20 UTC.