Form 20-F ☒ Form 40-F ☐
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Yes ☐ No ☒ |
Yes ☐ No ☒
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ZIM INTEGRATED SHIPPING SERVICES LTD.
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By:
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/s/ Noam Nativ
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Noam Nativ
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EVP General Counsel and Corporate Secretary
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EXHIBIT NO.
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DESCRIPTION
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• |
Net loss for the fourth quarter was $147 million (compared to a net profit of $417 million in the fourth quarter of 2022), or a diluted loss per share of $1.234 (compared to diluted earnings per share of $3.44 in the fourth
quarter of 2022); net loss for the full year, including a $2.06 billion non-cash impairment loss, was $2.69 billion1 (compared to a net profit of $4.63 billion for the full year of 2022).
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• |
Adjusted EBITDA for the fourth quarter was $190 million, a year-over-year decrease of 80%; Adjusted EBITDA for the full year was $1.05 billion, a year-over-year decrease of 86%.
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• |
Operating loss (EBIT) for the fourth quarter was $54 million, compared to operating income of $585 million in the fourth quarter of 2022. Operating loss for the full year of 2023 was $2.51 billion (driven by a non-cash impairment loss of
$2.06 billion recorded in the third quarter), compared to operating income of $6.14 billion for the full year of 2022.
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• |
Adjusted EBIT loss for the fourth quarter was $49 million, compared to Adjusted EBIT of $585 million in the fourth quarter of 2022. Adjusted EBIT loss for the full year of 2023 was $422 million, compared to Adjusted EBIT of $6.15 billion
for the full year of 2022.
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• |
Revenues for the fourth quarter were $1.21 billion, a year-over-year decrease of 45%; revenues for the full year were $5.16 billion, a year-over-year decrease of 59%.
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• |
Carried volume in the fourth quarter was 786 thousand TEUs, a year-over-year decrease of 4.6%; carried volume in the full year was 3,281 thousand TEUs, a year-over-year decrease of 2.9%.
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• |
Average freight rate per TEU in the fourth quarter was $1,102, a year-over-year decrease of 48%; average freight rate per TEU in the full year was $1,203, a year-over-year decrease of 63%.
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• |
Net leverage ratio2 of 2.2x at December 31, 2023, compared to 0.0x as of December 31, 2022; net debt2 of $2.3 billion, compared to net cash of $279 million as of December 31, 2022.
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Q4.23
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Q4.22
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FY.23
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FY.22
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|||||||||||||
Carried volume (K-TEUs)
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786
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823
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3,281
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3,380
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||||||||||||
Average freight rate ($/TEU)
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1,102
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2,122
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1,203
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3,240
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||||||||||||
Total Revenues ($ in millions)
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1,205
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2,189
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5,162
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12,562
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||||||||||||
Operating income (loss) (EBIT) ($ in millions)
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(54
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)
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585
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(2,511
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)
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6,136
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||||||||||
Profit (loss) before income tax ($ in millions)
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(137
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)
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558
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(2,816
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)
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6,027
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||||||||||
Net income (loss) ($ in millions)
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(147
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)
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417
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(2,688
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)
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4,629
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||||||||||
Adjusted EBITDA2 ($ in millions)
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190
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973
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1,049
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7,541
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||||||||||||
Adjusted EBIT2 ($ in millions)
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(49
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)
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585
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(422
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)
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6,145
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||||||||||
Adjusted EBITDA margin (%)
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16
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44
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20
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60
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||||||||||||
Adjusted EBIT margin (%)
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(4
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)
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27
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(8
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)
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49
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||||||||||
Diluted earnings (loss) per share ($)
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(1.23
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)
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3.44
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(22.42
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)
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38.35
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||||||||||
Net cash generated from operating activities ($ in millions)
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162
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1,069
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1,020
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6,110
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||||||||||||
Free cash flow2 ($ in millions)
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128
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1,048
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919
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5,796
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DEC.23
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DEC.22
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|||||||
Net debt (Net cash)2 ($ in millions)
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2,309
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(279
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)
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December 31
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||||||||
2023
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2022
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|||||||
Assets
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||||||||
Vessels
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3,758.9
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4,409.9
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||||||
Containers and handling equipment
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792.9
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1,242.8
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||||||
Other tangible assets
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85.2
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98.5
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||||||
Intangible assets
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102.0
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92.9
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||||||
Investments in associates
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26.4
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22.0
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||||||
Other investments
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908.7
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1,373.2
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||||||
Other receivables
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97.9
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112.1
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||||||
Deferred tax assets
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2.6
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2.3
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||||||
Total non-current assets
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5,774.6
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7,353.7
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||||||
Inventories
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179.3
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190.7
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||||||
Trade and other receivables
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596.5
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825.7
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||||||
Other investments
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874.1
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2,233.1
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||||||
Cash and cash equivalents
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921.5
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1,022.1
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||||||
Total current assets
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2,571.4
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4,271.6
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Total assets
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8,346.0
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11,625.3
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||||||
Equity
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||||||||
Share capital and reserves
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2,017.5
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1,987.7
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||||||
Retained earnings
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437.2
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3,901.9
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||||||
Equity attributable to owners of the Company
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2,454.7
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5,889.6
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||||||
Non-controlling interests
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3.3
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6.3
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||||||
Total equity
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2,458.0
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5,895.9
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Liabilities
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||||||||
Lease liabilities
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3,244.1
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2,778.7
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Loans and other liabilities
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73.6
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91.9
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||||||
Employee benefits
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46.1
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45.2
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||||||
Deferred tax liabilities
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6.1
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151.4
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||||||
Total non-current liabilities
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3,369.9
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3,067.2
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Trade and other payables
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566.4
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896.2
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||||||
Provisions
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60.7
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50.2
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||||||
Contract liabilities
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198.1
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238.9
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||||||
Lease liabilities
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1,644.7
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1,380.8
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Loans and other liabilities
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48.2
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96.1
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||||||
Total current liabilities
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2,518.1
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2,662.2
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Total liabilities
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5,888.0
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5,729.4
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||||||
Total equity and liabilities
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8,346.0
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11,625.3
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Three Months Ended
December 31 |
Year Ended
December 31 |
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2023
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2022
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2023
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2022
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Income from voyages and related services
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1,205.3
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2,188.9
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5,162.2
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12,561.6
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Cost of voyages and related services
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||||||||||||||||
Operating expenses and cost of services
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(963.1
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)
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(1,134.3
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)
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(3,885.1
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)
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(4,764.5
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)
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Depreciation
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(237.0
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)
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(380.6
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)
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(1,449.8
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)
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(1,370.3
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)
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Impairment of assets
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(2,034.9
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)
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Gross profit (loss)
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5.2
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674.0
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(2,207.6
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)
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6,426.8
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Other operating income
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11.9
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8.1
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14.4
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48.9
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||||||||||||
Other operating expenses
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3.2
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(0.5
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)
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(29.3
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)
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(0.9
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)
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|||||||||
General and administrative expenses
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(71.3
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)
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(94.3
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)
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(280.7
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)
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(338.3
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)
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||||||||
Share of loss of associates
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(2.6
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)
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(2.6
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)
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(7.8
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)
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(0.7
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)
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||||||||
Results from operating activities
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(53.6
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)
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584.7
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(2,511.0
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)
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6,135.8
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||||||||||
Finance income
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24.5
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48.6
|
142.2
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130.9
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||||||||||||
Finance expenses
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(108.0
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)
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(75.4
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)
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(446.7
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)
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(239.4
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)
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||||||||
Net finance expenses
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(83.5
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)
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(26.8
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)
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(304.5
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)
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(108.5
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)
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||||||||
Profit (loss) before income taxes
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(137.1
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)
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557.9
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(2,815.5
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)
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6,027.3
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||||||||||
Income taxes
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(9.5
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)
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(141.4
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)
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127.6
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(1,398.3
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)
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|||||||||
Profit (loss) for the period
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(146.6
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)
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416.5
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(2,687.9
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)
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4,629.0
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||||||||||
Attributable to:
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||||||||||||||||
Owners of the Company
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(148.4
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)
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414.2
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(2,695.6
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)
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4,619.4
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||||||||||
Non-controlling interests
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1.8
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2.3
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7.7
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9.6
|
||||||||||||
Profit (loss) for the period
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(146.6
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)
|
416.5
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(2,687.9
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)
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4,629.0
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||||||||||
Earnings (loss) per share (US$)
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||||||||||||||||
Basic earnings (loss) per 1 ordinary share
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(1.23
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)
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3.45
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(22.42
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)
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38.49
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||||||||||
Diluted earnings (loss) per 1 ordinary share
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(1.23
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)
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3.44
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(22.42
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)
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38.35
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||||||||||
Weighted average number of shares for earnings (loss) per share calculation:
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||||||||||||||||
Basic
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120,266,569
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120,098,658
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120,213,031
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120,012,375
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||||||||||||
Diluted
|
120,266,569
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120,431,208
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120,213,031
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120,444,889
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Year ended December 31
|
||||||||
2023
|
2022
|
|||||||
Cash flows from operating activities
|
||||||||
Profit (loss) for the year
|
(2,687.9
|
)
|
4,629.0
|
|||||
Adjustments for:
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||||||||
Depreciation and amortization
|
1,471.8
|
1,396.3
|
||||||
Impairment loss
|
2,063.4
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|||||||
Net finance expenses
|
304.5
|
108.5
|
||||||
Share of profits (losses) and change in fair value of investees
|
6.5
|
(2.1
|
)
|
|||||
Capital gains, net
|
(10.9
|
)
|
(42.7
|
)
|
||||
Income taxes
|
(127.6
|
)
|
1,398.3
|
|||||
Other non-cash items
|
18.9
|
39.7
|
||||||
1,038.7
|
7,527.0
|
|||||||
Change in inventories
|
11.4
|
(71.7
|
)
|
|||||
Change in trade and other receivables
|
242.7
|
496.6
|
||||||
Change in trade and other payables including contract liabilities
|
(95.1
|
)
|
(325.7
|
)
|
||||
Change in provisions and employee benefits
|
15.9
|
15.9
|
||||||
174.9
|
115.1
|
|||||||
Dividends received from associates
|
2.3
|
0.9
|
||||||
Interest received
|
133.8
|
53.2
|
||||||
Income taxes paid
|
(329.7
|
)
|
(1,586.1
|
)
|
||||
Net cash generated from operating activities
|
1,020.0
|
6,110.1
|
||||||
Cash flows from investing activities
|
||||||||
Proceeds from sale of tangible assets, intangible assets and interest in investees
|
27.4
|
48.1
|
||||||
Acquisition and capitalized expenditures of tangible assets, intangible assets and interest in investees
|
(115.7
|
)
|
(345.5
|
)
|
||||
Acquisition of investment instruments, net
|
(138.2
|
)
|
(1,433.1
|
)
|
||||
Loans granted to investees
|
(5.4
|
)
|
||||||
Change in other receivables
|
3.2
|
(20.2
|
)
|
|||||
Change in other investments (mainly deposits), net
|
2,005.2
|
105.7
|
||||||
Net cash generated from (used in) investing activities
|
1,776.5
|
(1,645.0
|
)
|
|||||
Cash flows from financing activities
|
||||||||
Receipt of long-term loans and other long-term liabilities
|
59.2
|
|||||||
Repayment of lease liabilities and borrowings
|
(1,713.1
|
)
|
(1,449.4
|
)
|
||||
Change in short-term loans
|
(21.0
|
)
|
(53.5
|
)
|
||||
Dividend paid to non-controlling interests
|
(8.9
|
)
|
(8.4
|
)
|
||||
Dividend paid to owners of the company
|
(769.2
|
)
|
(3,303.3
|
)
|
||||
Interest paid
|
(380.7
|
) |
(221.0
|
) |
||||
Net cash used in financing activities
|
(2,892.9
|
) |
(4,976.4
|
) |
||||
Net change in cash and cash equivalents
|
(96.4
|
)
|
(511.3
|
)
|
||||
Cash and cash equivalents at beginning of the year
|
1,022.1
|
1,543.3
|
||||||
Effect of exchange rate fluctuation on cash held
|
(4.2
|
)
|
(9.9
|
)
|
||||
Cash and cash equivalents at the end of the year
|
921.5
|
1,022.1
|
Three months ended
December 31 |
Year ended
December 31 |
|||||||||||||||
2023
|
2022
|
2023
|
2022
|
|||||||||||||
Net income (loss)
|
(147
|
)
|
417
|
(2,688
|
)
|
4,629
|
||||||||||
Financial expenses, net
|
84
|
27
|
305
|
109
|
||||||||||||
Income taxes
|
9
|
141
|
(128
|
)
|
1,398
|
|||||||||||
Operating income (loss) (EBIT)
|
(54
|
)
|
585
|
(2,511
|
)
|
6,136
|
||||||||||
Capital gain (loss), beyond the ordinary course of business
|
(1
|
)
|
0
|
20
|
(1
|
)
|
||||||||||
Impairment of assets
|
0
|
0
|
2,063
|
0
|
||||||||||||
Expenses related to legal contingencies
|
5
|
0
|
5
|
10
|
||||||||||||
Adjusted EBIT
|
(49
|
)
|
585
|
(422
|
)
|
6,145
|
||||||||||
Adjusted EBIT margin
|
(4
|
)%
|
27
|
%
|
(8
|
)%
|
49
|
%
|
Three months ended
December 31 |
Year ended
December 31 |
|||||||||||||||
2023
|
2022
|
2023
|
2022
|
|||||||||||||
Net income (loss)
|
(147
|
)
|
417
|
(2,688
|
)
|
4,629
|
||||||||||
Financial expenses, net
|
84
|
27
|
305
|
109
|
||||||||||||
Income taxes
|
9
|
141
|
(128
|
)
|
1,398
|
|||||||||||
Depreciation and amortization
|
239
|
388
|
1,472
|
1,396
|
||||||||||||
EBITDA
|
186
|
973
|
(1,039
|
)
|
7,532
|
|||||||||||
Capital gain (loss), beyond the ordinary course of business
|
(1
|
)
|
0
|
20
|
(1
|
)
|
||||||||||
Impairment of assets
|
0
|
0
|
2,063
|
0
|
||||||||||||
Expenses related to legal contingencies
|
5
|
0
|
5
|
10
|
||||||||||||
Adjusted EBITDA
|
190
|
973
|
1,049
|
7,541
|
||||||||||||
Adjusted EBITDA margin
|
16
|
%
|
44
|
%
|
20
|
%
|
60
|
%
|
Three months ended
December 31 |
Year ended
December 31 |
|||||||||||||||
2023
|
2022
|
2023
|
2022
|
|||||||||||||
Net cash generated from operating activities
|
162
|
1,069
|
1,020
|
6,110
|
||||||||||||
Capital expenditures, net
|
(34
|
)
|
(21
|
)
|
(101
|
)
|
(314
|
)
|
||||||||
Free cash flow
|
128
|
1,048
|
919
|
5,796
|