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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
|
|
• |
Net income for the first quarter was $296 million (compared to $92 million in the first quarter of 2024), or diluted earnings per share of $2.454 (compared to $0.75 in the first quarter of 2024).
|
|
• |
Adjusted EBITDA for the first quarter was $779 million, a year-over-year increase of 82%.
|
|
• |
Operating income (EBIT) for the first quarter was $464 million, compared to $167 million in the first quarter of 2024.
|
|
• |
Adjusted EBIT for the first quarter was $463 million, compared to $167 million in the first quarter of 2024.
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• |
Revenues for the first quarter were $2.01 billion, a year-over-year increase of 28%.
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• |
Carried volume in the first quarter was 944 thousand TEUs, a year-over-year increase of 12%.
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• |
Average freight rate per TEU in the first quarter was $1,776, a year-over-year increase of 22%.
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• |
Net leverage ratio1 of 0.6x at March 31, 2025, compared to 0.8x as of December 31, 2024; net debt1 of $2.49 billion as of March 31, 2025, compared to net debt of $2.88 billion as of December 31, 2024.
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Q1-25
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Q1-24
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|||||||
Carried volume (TEU in thousands)
|
944
|
846
|
||||||
Average freight rate ($/TEU)
|
1,776
|
1,452
|
||||||
Total revenues ($ in millions)
|
2,007
|
1,562
|
||||||
Operating income (EBIT) ($ in millions)
|
464
|
167
|
||||||
Profit before income tax ($ in millions)
|
381
|
96
|
||||||
Net income ($ in millions)
|
296
|
92
|
||||||
Adjusted EBITDA ($ in millions)
|
779
|
427
|
||||||
Adjusted EBIT ($ in millions)
|
463
|
167
|
||||||
Net income margin (%)
|
15
|
6
|
||||||
Adjusted EBITDA margin (%)
|
39
|
27
|
||||||
Adjusted EBIT margin (%)
|
23
|
11
|
||||||
Diluted earnings per share ($)
|
2.45
|
0.75
|
||||||
Net cash generated from operating
activities ($ in millions) |
855
|
326
|
||||||
Free cash flow1 ($ in millions)
|
787
|
303
|
||||||
MAR-31-25
|
DEC-31-24
|
|||||||
Net debt ($ in millions)
|
2,494
|
2,876
|
March 31
|
December 31
|
|||||||||||
2025
|
2024
|
2024
|
||||||||||
Assets
|
||||||||||||
Vessels
|
5,727.5
|
4,488.7
|
5,733.0
|
|||||||||
Containers and handling equipment
|
1,065.6
|
822.9
|
1,013.3
|
|||||||||
Other tangible assets
|
105.2
|
87.7
|
97.7
|
|||||||||
Intangible assets
|
110.3
|
104.8
|
109.8
|
|||||||||
Investments in associates
|
22.0
|
30.3
|
25.4
|
|||||||||
Other investments
|
1,109.0
|
814.0
|
1,080.9
|
|||||||||
Other receivables
|
55.5
|
82.7
|
61.0
|
|||||||||
Deferred tax assets
|
7.6
|
2.5
|
7.5
|
|||||||||
Total non-current assets
|
8,202.7
|
6,433.6
|
8,128.6
|
|||||||||
Inventories
|
217.5
|
197.3
|
212.2
|
|||||||||
Trade and other receivables
|
760.0
|
868.0
|
933.6
|
|||||||||
Other investments
|
765.4
|
744.8
|
800.4
|
|||||||||
Cash and cash equivalents
|
1,546.1
|
687.9
|
1,314.7
|
|||||||||
Total current assets
|
3,289.0
|
2,498.0
|
3,260.9
|
|||||||||
Total assets
|
11,491.7
|
8,931.6
|
11,389.5
|
|||||||||
Equity
|
||||||||||||
Share capital and reserves
|
2,039.8
|
2,013.9
|
2,032.7
|
|||||||||
Retained earnings
|
1,918.1
|
527.4
|
2,004.2
|
|||||||||
Equity attributable to owners of the Company
|
3,957.9
|
2,541.3
|
4,036.9
|
|||||||||
Non-controlling interests
|
6.0
|
4.1
|
5.8
|
|||||||||
Total equity
|
3,963.9
|
2,545.4
|
4,042.7
|
|||||||||
Liabilities
|
||||||||||||
Lease liabilities
|
4,539.7
|
3,716.8
|
4,600.6
|
|||||||||
Loans and other liabilities
|
55.5
|
66.6
|
59.9
|
|||||||||
Employee benefits
|
55.2
|
45.4
|
47.5
|
|||||||||
Deferred tax liabilities
|
83.6
|
5.8
|
27.6
|
|||||||||
Total non-current liabilities
|
4,734.0
|
3,834.6
|
4,735.6
|
|||||||||
Trade and other payables
|
1,137.8
|
612.2
|
736.2
|
|||||||||
Provisions
|
85.4
|
63.6
|
96.6
|
|||||||||
Contract liabilities
|
287.7
|
292.9
|
408.9
|
|||||||||
Lease liabilities
|
1,235.1
|
1,534.7
|
1,321.7
|
|||||||||
Loans and other liabilities
|
47.8
|
48.2
|
47.8
|
|||||||||
Total current liabilities
|
2,793.8
|
2,551.6
|
2,611.2
|
|||||||||
Total liabilities
|
7,527.8
|
6,386.2
|
7,346.8
|
|||||||||
Total equity and liabilities
|
11,491.7
|
8,931.6
|
11,389.5
|
Three months ended
March 31 |
Year ended
December 31 |
|||||||||||
2025
|
2024
|
2024
|
||||||||||
Income from voyages and related services
|
2,006.6
|
1,562.0
|
8,427.4
|
|||||||||
Cost of voyages and related services:
|
||||||||||||
Operating expenses and cost of services
|
(1,162.6
|
)
|
(1,080.8
|
)
|
(4,513.2
|
)
|
||||||
Depreciation
|
(310.8
|
)
|
(257.7
|
)
|
(1,130.2
|
)
|
||||||
Gross profit
|
533.2
|
223.5
|
2,784.0
|
|||||||||
Other operating income
|
12.5
|
6.0
|
46.6
|
|||||||||
Other operating expenses
|
(0.8
|
)
|
||||||||||
General and administrative expenses
|
(79.0
|
)
|
(60.8
|
)
|
(296.1
|
)
|
||||||
Share in loss of associates
|
(2.4
|
)
|
(2.1
|
)
|
(6.4
|
)
|
||||||
Results from operating activities
|
464.3
|
166.6
|
2,527.3
|
|||||||||
Finance income
|
40.0
|
38.7
|
149.2
|
|||||||||
Finance expenses
|
(123.8
|
)
|
(109.0
|
)
|
(471.5
|
)
|
||||||
Net finance expenses
|
(83.8
|
)
|
(70.3
|
)
|
(322.3
|
)
|
||||||
Profit before income taxes
|
380.5
|
96.3
|
2,205.0
|
|||||||||
Income taxes
|
(84.4
|
)
|
(4.2
|
)
|
(51.2
|
)
|
||||||
Profit for the period
|
296.1
|
92.1
|
2,153.8
|
|||||||||
Attributable to:
|
||||||||||||
Owners of the Company
|
295.3
|
90.3
|
2,147.7
|
|||||||||
Non-controlling interests
|
0.8
|
1.8
|
6.1
|
|||||||||
Profit for the period
|
296.1
|
92.1
|
2,153.8
|
|||||||||
Earnings per share (US$)
|
||||||||||||
Basic earnings per 1 ordinary share
|
2.45
|
0.75
|
17.84
|
|||||||||
Diluted earnings per 1 ordinary share
|
2.45
|
0.75
|
17.82
|
|||||||||
Weighted average number of shares for earnings per share calculation:
|
||||||||||||
Basic
|
120,439,282
|
120,307,283
|
120,357,315
|
|||||||||
Diluted
|
120,508,654
|
120,450,586
|
120,492,425
|
Three months ended
March 31
|
Year ended December 31
|
|||||||||||
2025
|
2024
|
2024
|
||||||||||
Cash flows from operating activities
|
||||||||||||
Profit for the period
|
296.1
|
92.1
|
2,153.8
|
|||||||||
Adjustments for:
|
||||||||||||
Depreciation and amortization
|
315.9
|
260.6
|
1,142.5
|
|||||||||
Net finance expenses
|
83.8
|
70.3
|
342.4
|
|||||||||
Share of losses and change in fair value of investees
|
2.4
|
2.1
|
6.4
|
|||||||||
Capital gain, net
|
(11.9
|
)
|
(6.0
|
)
|
(43.9
|
)
|
||||||
Income taxes
|
84.4
|
4.2
|
51.2
|
|||||||||
Other non-cash items
|
0.4
|
1.5
|
10.9
|
|||||||||
771.1
|
424.8
|
3,663.3
|
||||||||||
Change in inventories
|
(5.3
|
)
|
(18.0
|
)
|
(32.9
|
)
|
||||||
Change in trade and other receivables
|
181.8
|
(236.2
|
)
|
(352.9
|
)
|
|||||||
Change in trade and other payables, including contract liabilities
|
(126.2
|
)
|
133.3
|
357.8
|
||||||||
Change in provisions and employee benefits
|
1.4
|
3.2
|
35.4
|
|||||||||
51.7
|
(117.7
|
)
|
7.4
|
|||||||||
Dividends received from associates
|
1.0
|
1.2
|
3.1
|
|||||||||
Interest received
|
30.4
|
22.0
|
97.3
|
|||||||||
Income taxes received (paid)
|
0.5
|
(4.2
|
)
|
(18.4
|
)
|
|||||||
Net cash generated from operating activities
|
854.7
|
326.1
|
3,752.7
|
|||||||||
Cash flows from investing activities
|
||||||||||||
Proceeds from sale of tangible assets, intangible assets, and interest in investees
|
9.9
|
1.5
|
18.7
|
|||||||||
Acquisition and capitalized expenditures of tangible assets, intangible assets and interest in investees
|
(78.0
|
)
|
(24.4
|
)
|
(214.1
|
)
|
||||||
Disposal (acquisition) of investment instruments, net
|
(13.2
|
)
|
199.0
|
85.8
|
||||||||
Loans granted to investees
|
(1.9
|
)
|
(1.2
|
)
|
(6.1
|
)
|
||||||
Change in other receivables
|
7.4
|
7.7
|
31.6
|
|||||||||
Change in other investments (mainly deposits), net
|
34.1
|
1.1
|
(139.1
|
)
|
||||||||
Net cash generated from (used in) investing activities
|
(41.7
|
)
|
183.7
|
(223.2
|
)
|
|||||||
Cash flows from financing activities
|
||||||||||||
Repayment of lease liabilities and borrowings
|
(460.4
|
)
|
(636.7
|
)
|
(2,082.6
|
)
|
||||||
Dividend paid to non-controlling interests
|
(0.2
|
)
|
(0.4
|
)
|
(4.0
|
)
|
||||||
Dividend paid to owners of the Company
|
(579.2
|
)
|
||||||||||
Interest paid
|
(121.7
|
)
|
(103.7
|
)
|
(465.6
|
)
|
||||||
Net cash used in financing activities
|
(582.3
|
)
|
(740.8
|
)
|
(3,131.4
|
)
|
||||||
Net change in cash and cash equivalents
|
230.7
|
(231.0
|
)
|
398.1
|
||||||||
Cash and cash equivalents at beginning of the period
|
1,314.7
|
921.5
|
921.5
|
|||||||||
Effect of exchange rate fluctuation on cash held
|
0.7
|
(2.6
|
)
|
(4.9
|
)
|
|||||||
Cash and cash equivalents at the end of the period
|
1,546.1
|
687.9
|
1,314.7
|
Three months ended
March 31 |
Year ended
December 31 |
|||||||||||
2025
|
2024
|
2024
|
||||||||||
Net income (loss)
|
296
|
92
|
2,154
|
|||||||||
Financial expenses, net
|
84
|
70
|
322
|
|||||||||
Income taxes
|
84
|
4
|
51
|
|||||||||
Operating income (EBIT)
|
464
|
167
|
2,527
|
|||||||||
Capital loss (gain), beyond the ordinary course of business
|
(2
|
)
|
(2
|
)
|
||||||||
Expenses related to legal contingencies
|
24
|
|||||||||||
Adjusted EBIT
|
463
|
167
|
2,549
|
|||||||||
Adjusted EBIT margin
|
23
|
%
|
11
|
%
|
30
|
%
|
Three months ended
March 31 |
Year ended
December 31 |
|||||||||||
2025
|
2024
|
2024
|
||||||||||
Net income (loss)
|
296
|
92
|
2,154
|
|||||||||
Financial expenses, net
|
84
|
70
|
322
|
|||||||||
Income taxes
|
84
|
4
|
51
|
|||||||||
Depreciation and amortization
|
316
|
261
|
1,143
|
|||||||||
EBITDA
|
780
|
427
|
3,670
|
|||||||||
Capital loss (gain), beyond the ordinary course of business
|
(2
|
)
|
(2
|
)
|
||||||||
Expenses related to legal contingencies
|
24
|
|||||||||||
Adjusted EBITDA
|
779
|
427
|
3,692
|
|||||||||
Net income (loss) margin
|
15
|
%
|
6
|
%
|
26
|
%
|
||||||
Adjusted EBITDA margin
|
39
|
%
|
27
|
%
|
44
|
%
|
Three months ended
March 31 |
Year ended
December 31 |
|||||||||||
2025
|
2024
|
2024
|
||||||||||
Net cash generated from operating activities
|
855
|
326
|
3,753
|
|||||||||
Capital expenditures, net
|
(68
|
)
|
(23
|
)
|
(196
|
)
|
||||||
Free cash flow
|
787
|
303
|
3,557
|
Page
|
FINANCIAL STATEMENTS:
|
|
3
|
|
4
|
|
5
|
|
6
|
|
7-8
|
|
9-15
|
March 31
|
December 31
|
||||||||||||||
2025
|
2024
|
2024
|
|||||||||||||
Note
|
US $ in millions
|
||||||||||||||
Assets
|
|||||||||||||||
Vessels
|
6
|
5,727.5
|
4,488.7
|
5,733.0
|
|||||||||||
Containers and handling equipment
|
6
|
1,065.6
|
822.9
|
1,013.3
|
|||||||||||
Other tangible assets
|
6
|
105.2
|
87.7
|
97.7
|
|||||||||||
Intangible assets
|
110.3
|
104.8
|
109.8
|
||||||||||||
Investments in associates
|
22.0
|
30.3
|
25.4
|
||||||||||||
Other investments
|
1,109.0
|
814.0
|
1,080.9
|
||||||||||||
Other receivables
|
55.5
|
82.7
|
61.0
|
||||||||||||
Deferred tax assets
|
7.6
|
2.5
|
7.5
|
||||||||||||
Total non-current assets
|
8,202.7
|
6,433.6
|
8,128.6
|
||||||||||||
Inventories
|
217.5
|
197.3
|
212.2
|
||||||||||||
Trade and other receivables
|
760.0
|
868.0
|
933.6
|
||||||||||||
Other investments
|
765.4
|
744.8
|
800.4
|
||||||||||||
Cash and cash equivalents
|
1,546.1
|
687.9
|
1,314.7
|
||||||||||||
Total current assets
|
3,289.0
|
2,498.0
|
3,260.9
|
||||||||||||
Total assets
|
11,491.7
|
8,931.6
|
11,389.5
|
||||||||||||
Equity
|
|||||||||||||||
Share capital and reserves
|
5
|
2,039.8
|
2,013.9
|
2,032.7
|
|||||||||||
Retained earnings
|
1,918.1
|
527.4
|
2,004.2
|
||||||||||||
Equity attributable to owners of the Company
|
3,957.9
|
2,541.3
|
4,036.9
|
||||||||||||
Non-controlling interests
|
6.0
|
4.1
|
5.8
|
||||||||||||
Total equity
|
3,963.9
|
2,545.4
|
4,042.7
|
||||||||||||
Liabilities
|
|||||||||||||||
Lease liabilities
|
4,539.7
|
3,716.8
|
4,600.6
|
||||||||||||
Loans and other liabilities
|
55.5
|
66.6
|
59.9
|
||||||||||||
Employee benefits
|
55.2
|
45.4
|
47.5
|
||||||||||||
Deferred tax liabilities
|
83.6
|
5.8
|
27.6
|
||||||||||||
Total non-current liabilities
|
4,734.0
|
3,834.6
|
4,735.6
|
||||||||||||
Trade and other payables
|
4(e)
|
|
1,137.8
|
612.2
|
736.2
|
||||||||||
Provisions
|
85.4
|
63.6
|
96.6
|
||||||||||||
Contract liabilities
|
287.7
|
292.9
|
408.9
|
||||||||||||
Lease liabilities
|
1,235.1
|
1,534.7
|
1,321.7
|
||||||||||||
Loans and other liabilities
|
47.8
|
48.2
|
47.8
|
||||||||||||
Total current liabilities
|
2,793.8
|
2,551.6
|
2,611.2
|
||||||||||||
Total liabilities
|
7,527.8
|
6,386.2
|
7,346.8
|
||||||||||||
Total equity and liabilities
|
11,491.7
|
8,931.6
|
11,389.5
|
/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
|
Three months ended
March 31
|
Year ended December 31
|
||||||||||||||
2025
|
2024
|
2024
|
|||||||||||||
Note
|
US $ in millions
|
||||||||||||||
Income from voyages and related services
|
7
|
2,006.6
|
1,562.0
|
8,427.4
|
|||||||||||
Cost of voyages and related services:
|
|||||||||||||||
Operating expenses and cost of services
|
8
|
(1,162.6
|
)
|
(1,080.8
|
)
|
(4,513.2
|
)
|
||||||||
Depreciation
|
(310.8
|
)
|
(257.7
|
)
|
(1,130.2
|
)
|
|||||||||
Gross profit
|
533.2
|
223.5
|
2,784.0
|
||||||||||||
Other operating income
|
12.5
|
6.0
|
46.6
|
||||||||||||
Other operating expenses
|
(0.8
|
)
|
|||||||||||||
General and administrative expenses
|
(79.0
|
)
|
(60.8
|
)
|
(296.1
|
)
|
|||||||||
Share in loss of associates
|
(2.4
|
)
|
(2.1
|
)
|
(6.4
|
)
|
|||||||||
Results from operating activities
|
464.3
|
166.6
|
2,527.3
|
||||||||||||
Finance income
|
40.0
|
38.7
|
149.2
|
||||||||||||
Finance expenses
|
(123.8
|
)
|
(109.0
|
)
|
(471.5
|
)
|
|||||||||
Net finance expenses
|
(83.8
|
)
|
(70.3
|
)
|
(322.3
|
)
|
|||||||||
Profit before income taxes
|
380.5
|
96.3
|
2,205.0
|
||||||||||||
Income taxes
|
(84.4
|
)
|
(4.2
|
)
|
(51.2
|
)
|
|||||||||
Profit for the period
|
296.1
|
92.1
|
2,153.8
|
||||||||||||
Attributable to:
|
|||||||||||||||
Owners of the Company
|
295.3
|
90.3
|
2,147.7
|
||||||||||||
Non-controlling interests
|
0.8
|
1.8
|
6.1
|
||||||||||||
Profit for the period
|
296.1
|
92.1
|
2,153.8
|
||||||||||||
Earnings per share (US$)
|
|||||||||||||||
Basic earnings per 1 ordinary share
|
10
|
2.45
|
0.75
|
17.84
|
|||||||||||
Diluted earnings per 1 ordinary share
|
10
|
2.45
|
0.75
|
17.82
|
Three months ended
March 31
|
Year ended December 31
|
|||||||||||
2025
|
2024
|
2024
|
||||||||||
US $ in millions
|
||||||||||||
Profit for the period
|
296.1
|
92.1
|
2,153.8
|
|||||||||
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
|
(0.7
|
)
|
(2.7
|
)
|
(2.4
|
)
|
||||||
Net change in fair value of investments in debt instruments at fair value through other comprehensive income, net of tax
|
5.8
|
(4.7
|
)
|
7.6
|
||||||||
Net change in fair value of investments in debt instruments at fair value through other comprehensive income that was transferred to profit or loss
|
(0.2
|
)
|
0.4
|
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
|
0.1
|
(0.2
|
)
|
(0.1
|
)
|
|||||||
Defined benefit pension plans actuarial gains, net of tax
|
0.5
|
(0.2
|
)
|
(1.7
|
)
|
|||||||
Other comprehensive income for the period, net of tax
|
5.5
|
(7.4
|
)
|
4.1
|
||||||||
Total comprehensive income for the period
|
301.6
|
84.7
|
2,157.9
|
|||||||||
Attributable to:
|
||||||||||||
Owners of the Company
|
301.2
|
83.5
|
2,151.3
|
|||||||||
Non-controlling interests
|
0.4
|
1.2
|
6.6
|
|||||||||
Total comprehensive income for the period
|
301.6
|
84.7
|
2,157.9
|
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 three months period ended March 31, 2025
|
||||||||||||||||||||||||||||
Balance at January 1, 2025
|
927.3
|
1,151.3
|
(45.9
|
)
|
2,004.2
|
4,036.9
|
5.8
|
4,042.7
|
||||||||||||||||||||
Profit for the period
|
295.3
|
295.3
|
0.8
|
296.1
|
||||||||||||||||||||||||
Other comprehensive income for the period, net of tax
|
5.7
|
(0.3
|
)
|
0.5
|
5.9
|
(0.4
|
)
|
5.5
|
||||||||||||||||||||
Share-based compensation
|
1.7
|
1.7
|
1.7
|
|||||||||||||||||||||||||
Exercise of options
|
0.2
|
(0.2
|
)
|
|||||||||||||||||||||||||
Dividend to owners of the Company
|
(381.9
|
)
|
(381.9
|
)
|
(381.9
|
)
|
||||||||||||||||||||||
Dividend to non-controlling interests in subsidiaries
|
(0.2
|
)
|
(0.2
|
)
|
||||||||||||||||||||||||
Balance at March 31, 2025
|
927.5
|
1,158.5
|
(46.2
|
)
|
1,918.1
|
3,957.9
|
6.0
|
3,963.9
|
||||||||||||||||||||
For the three months period ended March 31, 2024
|
||||||||||||||||||||||||||||
Balance at January 1, 2024
|
926.6
|
1,133.7
|
(42.8
|
)
|
437.2
|
2,454.7
|
3.3
|
2,458.0
|
||||||||||||||||||||
Profit for the period
|
90.3
|
90.3
|
1.8
|
92.1
|
||||||||||||||||||||||||
Other comprehensive income for the period, net of tax
|
(4.7
|
)
|
(2.0
|
)
|
(0.1
|
)
|
(6.8
|
)
|
(0.6
|
)
|
(7.4
|
)
|
||||||||||||||||
Share-based compensation
|
3.1
|
3.1
|
3.1
|
|||||||||||||||||||||||||
Exercise of options
|
0.2
|
(0.2
|
)
|
|||||||||||||||||||||||||
Dividend to non-controlling interests in subsidiaries
|
(0.4
|
)
|
(0.4
|
)
|
||||||||||||||||||||||||
Balance at March 31, 2024
|
926.8
|
1,131.9
|
(44.8
|
)
|
527.4
|
2,541.3
|
4.1
|
2,545.4
|
||||||||||||||||||||
For the year ended December 31, 2024
|
||||||||||||||||||||||||||||
Balance at January 1, 2024
|
926.6
|
1,133.7
|
(42.8
|
)
|
437.2
|
2,454.7
|
3.3
|
2,458.0
|
||||||||||||||||||||
Profit for the year
|
2,147.7
|
2,147.7
|
6.1
|
2,153.8
|
||||||||||||||||||||||||
Other comprehensive income for the year, net of tax
|
8.2
|
(3.1
|
)
|
(1.5
|
)
|
3.6
|
0.5
|
4.1
|
||||||||||||||||||||
Exercise of options
|
0.7
|
(0.7
|
)
|
|||||||||||||||||||||||||
Share-based compensation
|
10.0
|
10.0
|
10.0
|
|||||||||||||||||||||||||
Dividend to owners of the Company
|
(579.2
|
)
|
(579.2
|
)
|
(579.2
|
)
|
||||||||||||||||||||||
Acquisition of non-controlling interest in a subsidiary
|
0.1
|
0.1
|
(0.1
|
)
|
||||||||||||||||||||||||
Dividend to non-controlling interests in subsidiaries
|
(4.0
|
)
|
(4.0
|
)
|
||||||||||||||||||||||||
Balance at December 31, 2024
|
927.3
|
1,151.3
|
(45.9
|
)
|
2,004.2
|
4,036.9
|
5.8
|
4,042.7
|
Three months ended
|
Year ended
|
|||||||||||
March 31
|
December 31
|
|||||||||||
2025
|
2024
|
2024
|
||||||||||
US $ in millions
|
||||||||||||
Cash flows from operating activities
|
||||||||||||
Profit for the period
|
296.1
|
92.1
|
2,153.8
|
|||||||||
|
||||||||||||
Adjustments for:
|
||||||||||||
Depreciation and amortization
|
315.9
|
260.6
|
1,142.5
|
|||||||||
Net finance expenses
|
83.8
|
70.3
|
342.4
|
|||||||||
Share of losses and change in fair value of investees
|
2.4
|
2.1
|
6.4
|
|||||||||
Capital gain, net
|
(11.9
|
)
|
(6.0
|
)
|
(43.9
|
)
|
||||||
Income taxes
|
84.4
|
4.2
|
51.2
|
|||||||||
Other non-cash items
|
0.4
|
1.5
|
10.9
|
|||||||||
|
||||||||||||
|
771.1
|
424.8
|
3,663.3
|
|||||||||
|
||||||||||||
Change in inventories
|
(5.3
|
)
|
(18.0
|
)
|
(32.9
|
)
|
||||||
Change in trade and other receivables
|
181.8
|
(236.2
|
)
|
(352.9
|
)
|
|||||||
Change in trade and other payables, including contract liabilities
|
(126.2
|
)
|
133.3
|
357.8
|
||||||||
Change in provisions and employee benefits
|
1.4
|
3.2
|
35.4
|
|||||||||
|
||||||||||||
|
51.7
|
(117.7
|
)
|
7.4
|
||||||||
|
||||||||||||
Dividends received from associates
|
1.0
|
1.2
|
3.1
|
|||||||||
Interest received
|
30.4
|
22.0
|
97.3
|
|||||||||
Income taxes received (paid)
|
0.5
|
(4.2
|
)
|
(18.4
|
)
|
|||||||
|
||||||||||||
Net cash generated from operating activities
|
854.7
|
326.1
|
3,752.7
|
|||||||||
|
||||||||||||
Cash flows from investing activities
|
||||||||||||
Proceeds from sale of tangible assets, intangible assets, and interest in investees
|
9.9
|
1.5
|
18.7
|
|||||||||
Acquisition and capitalized expenditures of tangible assets, intangible assets and interest in investees
|
(78.0
|
)
|
(24.4
|
)
|
(214.1
|
)
|
||||||
Disposal (acquisition) of investment instruments, net
|
(13.2
|
)
|
199.0
|
85.8
|
||||||||
Loans granted to investees
|
(1.9
|
)
|
(1.2
|
)
|
(6.1
|
)
|
||||||
Change in other receivables
|
7.4
|
7.7
|
31.6
|
|||||||||
Change in other investments (mainly deposits), net
|
34.1
|
1.1
|
(139.1
|
)
|
||||||||
Net cash generated from (used in) investing activities
|
(41.7
|
)
|
183.7
|
(223.2
|
)
|
Three months ended
|
Year ended
|
|||||||||||
March 31
|
December 31
|
|||||||||||
2025
|
2024
|
2024
|
||||||||||
US $ in millions
|
||||||||||||
Cash flows from financing activities
|
||||||||||||
Repayment of lease liabilities and borrowings
|
(460.4
|
)
|
(636.7
|
)
|
(2,082.6
|
)
|
||||||
Dividend paid to non-controlling interests
|
(0.2
|
)
|
(0.4
|
)
|
(4.0
|
)
|
||||||
Dividend paid to owners of the Company
|
(579.2
|
)
|
||||||||||
Interest paid
|
(121.7
|
)
|
(103.7
|
)
|
(465.6
|
)
|
||||||
Net cash used in financing activities
|
(582.3
|
)
|
(740.8
|
)
|
(3,131.4
|
)
|
||||||
Net change in cash and cash equivalents
|
230.7
|
(231.0
|
)
|
398.1
|
||||||||
Cash and cash equivalents at beginning of the period
|
1,314.7
|
921.5
|
921.5
|
|||||||||
Effect of exchange rate fluctuation on cash held
|
0.7
|
(2.6
|
)
|
(4.9
|
)
|
|||||||
Cash and cash equivalents at the end of the period
|
1,546.1
|
687.9
|
1,314.7
|
1 |
Reporting entity
|
2 |
Basis of compliance
|
|
(a) |
Statement of compliance
|
|
(b) |
Estimates
|
3 |
Material accounting policies
|
4 |
Financial position
|
(a) |
The container shipping industry continues to be impacted by the supply and demand dynamics, as well as by uncertainties in the global trade, including the continuing disruption in the Red Sea, the escalating trade barriers between the US
and China and other countries, the implications of the ongoing armed conflicts between Russia and Ukraine, in the Middle-East and most recently between India and Pakistan, and the inflation and elevated interest rates in certain countries
and other geopolitical challenges. These factors contribute to the continuing volatility in freight rates, charter rates and bunker prices. In addition, in recent quarters, regulators in certain jurisdictions have increased their regulatory
oversight activities over our industry, by, among others, increased audit activities and introduction of new regulation relating to the contractual routines between carriers and their customers.
|
(b) |
In September 2024, the Company entered into a long-term operational cooperation with Mediterranean Shipping Company (MSC), which was launched in February 2025, for a minimum period of three years. According to this cooperation, the
Company and MSC operate together six services on the Asia - US East Coast and Asia - US Gulf trades, enabling ZIM to provide its customers with extended port coverage and improved service quality, while achieving significant operational
efficiencies. Further to the abovementioned factors affecting the trade lanes within the scope of this partnership, the Company and MSC are actively leveraging their operational collaboration to constantly adjust the overall capacity being
deployed on those services as dictated by market trends and demand.
|
4 |
Financial position (cont’d)
|
(c) |
Charter agreements:
|
(d) |
During the first quarter of 2025, the Company acquired two vessels which were operating in its fleet under prior charter arrangements. Out of the related consideration, an amount of US$ 52 million
is presented in the cash flow statement as repayment of lease liabilities.
|
(e) |
Dividends:
|
5 |
Capital and reserves
|
6 |
Right-of-use assets
|
Balance at March 31
|
Balance at
December 31
|
|||||||||||
2025
|
2024
|
2024
|
||||||||||
US $ in millions
|
||||||||||||
Vessels
|
5,162.1
|
3,992.3
|
5,256.8
|
|||||||||
Containers and handling equipment
|
423.5
|
312.1
|
366.6
|
|||||||||
Other tangible assets
|
54.7
|
47.6
|
48.9
|
|||||||||
5,640.3
|
4,352.0
|
5,672.3
|
7 |
Income from voyages and related services
|
Three months ended
March 31
|
Year ended
December 31
|
|||||||||||
2025
|
2024
|
2024
|
||||||||||
US $ in millions
|
||||||||||||
Freight revenues from containerized cargo:
|
||||||||||||
Pacific
|
862.6
|
609.3
|
3,920.1
|
|||||||||
Cross-Suez
|
210.3
|
185.0
|
864.5
|
|||||||||
Atlantic
|
187.4
|
164.7
|
687.8
|
|||||||||
Intra-Asia
|
187.9
|
122.9
|
762.9
|
|||||||||
Latin America
|
229.4
|
147.3
|
845.8
|
|||||||||
1,677.6
|
1,229.2
|
7,081.1
|
||||||||||
Freight revenues from non-containerized cargo (mostly related to vehicle shipping services)
|
113.6
|
111.2
|
497.0
|
|||||||||
Other revenues (*)
|
215.4
|
221.6
|
849.3
|
|||||||||
2,006.6
|
1,562.0
|
8,427.4
|
8 |
Operating expenses and cost of services
|
Three months ended
March 31
|
Year ended
December 31
|
|||||||||||
2025
|
2024
|
2024
|
||||||||||
US $ in millions
|
||||||||||||
Wages, maintenance and other vessel-operating costs
|
10.2
|
8.2
|
37.3
|
|||||||||
Expenses relating to fleet equipment (mainly containers and chassis)
|
8.9
|
9.5
|
37.3
|
|||||||||
Bunker and lubricants
|
314.6
|
307.3
|
1,286.0
|
|||||||||
Insurance
|
7.3
|
7.7
|
34.5
|
|||||||||
Expenses related to cargo handling
|
543.1
|
457.8
|
2,013.1
|
|||||||||
Port expenses
|
128.7
|
112.8
|
461.8
|
|||||||||
Agents’ salaries and commissions
|
63.0
|
49.9
|
251.7
|
|||||||||
Cost of related services and sundry
|
52.9
|
90.4
|
285.2
|
|||||||||
Slot purchases and hire of vessels
|
23.4
|
29.0
|
74.4
|
|||||||||
Hire of containers
|
10.5
|
8.2
|
31.9
|
|||||||||
1,162.6
|
1,080.8
|
4,513.2
|
9 |
Financial instruments
|
Balance at March 31,
|
||||||||||||||||||||||||
2025
|
2024
|
|||||||||||||||||||||||
US $ in millions
|
||||||||||||||||||||||||
Level 1
|
Level 3
|
Total
|
Level 1
|
Level 3
|
Total | |||||||||||||||||||
Fair value through profit and loss
|
||||||||||||||||||||||||
Cash and cash equivalents:
|
||||||||||||||||||||||||
Money markets instruments
|
840.8
|
840.8
|
300.9
|
300.9
|
||||||||||||||||||||
Other investments:
|
||||||||||||||||||||||||
Equity instruments
|
23.9
|
23.9
|
10.8
|
10.8
|
||||||||||||||||||||
Loans and other liabilities:
|
||||||||||||||||||||||||
Derivative instruments
|
(15.6
|
)
|
(15.6
|
)
|
(9.8
|
)
|
(9.8
|
)
|
||||||||||||||||
Fair value through other comprehensive income
|
||||||||||||||||||||||||
Other investments:
|
||||||||||||||||||||||||
Sovereign bonds
|
506.9
|
506.9
|
672.1
|
672.1
|
||||||||||||||||||||
Corporate bonds
|
1,216.3
|
1,216.3
|
857.9
|
857.9
|
||||||||||||||||||||
Equity instruments
|
1.9
|
1.9
|
1.7
|
1.7
|
Balance at December 31,
|
||||||||||||
2024
|
||||||||||||
US $ in millions
|
||||||||||||
Level 1
|
Level 3
|
Total
|
||||||||||
Fair value through profit and loss
|
||||||||||||
Cash and cash equivalents:
|
||||||||||||
Money markets instruments
|
616.8
|
616.8
|
||||||||||
Other investments:
|
||||||||||||
Equity instruments
|
13.2
|
13.2
|
||||||||||
Loans and other liabilities:
|
||||||||||||
Derivative instruments
|
(16.9
|
)
|
(16.9
|
)
|
||||||||
Fair value through other comprehensive income
|
||||||||||||
Other investments:
|
||||||||||||
Sovereign bonds
|
546.0
|
546.0
|
||||||||||
Corporate bonds
|
1,161.8
|
1,161.8
|
||||||||||
Equity instruments
|
1.7
|
1.7
|
9 |
Financial instruments (cont’d)
|
10 |
Earnings per share
|
Three months ended
March 31
|
Year ended December 31
|
|||||||||||
2025
|
2024
|
2024
|
||||||||||
US $ in millions
|
||||||||||||
Profit attributable to ordinary shareholders used to calculate basic and diluted earnings per share (US $ in millions)
|
295.3
|
90.3
|
2,147.7
|
|||||||||
Number of shares at the beginning of the period used to calculate basic earnings per share
|
120,423,333
|
120,286,627
|
120,286,627
|
|||||||||
Effect of share options
|
15,949
|
20,656
|
70,688
|
|||||||||
Weighted average number of ordinary shares used to calculate basic earnings per share
|
120,439,282
|
120,307,283
|
120,357,315
|
|||||||||
Effect of share options
|
69,372
|
143,303
|
135,110
|
|||||||||
Weighted average number of ordinary shares used to calculate diluted earnings per share
|
120,508,654
|
120,450,586
|
120,492,425
|