Reported Revenues of $1.56 Billion, Net Income of $92 Million, Adjusted
EBITDA1 of $427
Million and Adjusted EBIT of $167
Million
Increased Full Year 2024 Guidance to Adjusted
EBITDA of $1,150 Million to
$1,550 Million and Adjusted EBIT of
$0 to $400
Million2
Declared Dividend of $28 million or $0.23 per Share
HAIFA,
Israel, May 21, 2024 /PRNewswire/ -- ZIM
Integrated Shipping Services Ltd. (NYSE: ZIM), ("ZIM" or the
"Company") a global container liner shipping company, announced
today its consolidated results for the three months ended
March 31, 2024.
First Quarter 2024 Highlights
- Net income for the first quarter was $92
million (compared to a net loss of $58 million in the first quarter of 2023), or a
diluted earnings per share of $0.753 (compared to diluted loss per
share of $0.50 in the first quarter
of 2023).
- Adjusted EBITDA1 for the first quarter was
$427 million, a year-over-year
increase of 14%.
- Operating income (EBIT) for the first quarter was $167 million, compared to operating loss of
$14 million in the first quarter of
2023. Reconciliation items between operating income and Adjusted
EBIT in the first quarter of each year were negligible.
- Revenues for the first quarter were $1.56 billion, a year-over-year increase of
14%.
- Carried volume in the first quarter was 846 thousand TEUs, a
year-over-year increase of 10%.
- Average freight rate per TEU in the first quarter was
$1,452, a year-over-year increase of
4%.
- Net debt1 of $3.11
billion as of March 31, 2024,
compared to $2.31 billion as of
December 31, 2023; net leverage
ratio1 of 2.8x at March 31,
2024, compared to 2.2x as of December
31, 2023.
Eli Glickman, ZIM President
& CEO, stated, "We are pleased with the current positive
momentum in our business. ZIM's solid first quarter results
illustrate the incremental benefits from our strategic
transformation and the outstanding execution of the ZIM team
worldwide, as well as a significant improvement in global freight
rates. Having taken important steps to revamp our fleet and enhance
our cost structure, which exceeded our expectations, we delivered
profitable growth in Q1 2024, as ZIM generated net income of
$92 million. Per our dividend policy,
we declared a dividend of $0.23 per
share, or $28 million, representing
30% of quarterly net income."
Mr. Glickman added, "Given the recent improved freight rate
environment currently impacting more trades, we have increased our
full year 2024 guidance and today forecast full year Adjusted
EBITDA between $1.15 billion and
$1.55 billion and Adjusted EBIT
between zero and $400 million.
Looking ahead, we now expect freight rates to remain stronger for
longer than initially anticipated due to a combination of continued
pressure on supply and availability of equipment and a recent
uptick in demand. While the rate environment during the latter part
of 2024 remains unknown, we are confident in ZIM's strategic
positioning as an agile container shipping player with a
competitive cost- and fuel-efficient, modern fleet."
Mr. Glickman concluded, "We look forward to further implementing
our differentiated strategy to create a best-in-class experience
for customers and generate sustainable value for shareholders. By
year's end, we expect the delivery of the final 16 out of 46
newbuild containerships that we secured, which include 28
LNG-powered vessels. With a fleet optimally suited to the trades in
which we operate, together with declining unit costs, we are well
positioned to achieve our volume growth targets and deliver on our
commitment to profitability over the long term."
Summary of Key
Financial and Operational Results
|
|
Q1.24
|
Q1.23
|
Carried volume
(K-TEUs)....................................................
|
846
|
769
|
Average freight rate
($/TEU)...............................................
|
1,452
|
1,390
|
Total Revenues ($ in
millions).............................................
|
1,562
|
1,374
|
Operating income (loss)
(EBIT) ($ in millions)....................
|
167
|
(14)
|
Profit (loss) before
income tax ($ in millions)......................
|
96
|
(65)
|
Net income (loss) ($ in
millions)..........................................
|
92
|
(58)
|
Adjusted
EBITDA1 ($ in
millions)........................................
|
427
|
373
|
Adjusted
EBIT1 ($ in
millions).............................................
|
167
|
(14)
|
Net income (loss)
margin (%).............................................
|
6 %
|
(4) %
|
Adjusted EBITDA margin
(%).............................................
|
27 %
|
27 %
|
Adjusted EBIT margin
(%)..................................................
|
11 %
|
(1) %
|
Diluted earnings (loss)
per share ($)..................................
|
0.75
|
(0.50)
|
Net cash generated from
operating activities ($ in millions)
|
326
|
174
|
Free cash
flow1 ($ in
millions)............................................
|
303
|
142
|
|
MAR 31,
2024
|
DEC 31,
2023
|
Net
debt1 ($ in
millions)......................................................
|
3,110
|
2,309
|
Financial and Operating Results for the First Quarter Ended
March 31, 2024
Total revenues were $1,562 million
for the first quarter of 2024, compared to $1,374 million for the first quarter of 2023,
mainly driven by the increase in freight rates and carried
volume.
ZIM carried 846 thousand TEUs in the first quarter of 2024,
compared to 769 thousand TEUs in the first quarter of 2023. The
average freight rate per TEU was $1,452 for the first quarter of 2024, compared to
$1,390 for the first quarter of
2023.
Operating income (EBIT) for the first quarter of 2024 was
$167 million, compared to operating
loss of $14 million for the first
quarter of 2023. The increase was driven primarily by the
above-mentioned increase in revenues.
Net income for the first quarter of 2024 was $92 million, compared to net loss of $58 million for the first quarter of 2023, also
mainly driven by the above-mentioned increase in revenues.
Adjusted EBITDA for the first quarter of 2024 was $427 million, compared to $373 million for the first quarter of 2023.
Adjusted EBIT was $167 million for
the first quarter of 2024, compared to adjusted EBIT loss of
$14 million for the first quarter of
2023. Adjusted EBITDA and Adjusted EBIT margins for the first
quarter of 2024 were 27% and 11%, respectively. This compares to
27% and -1% for the first quarter of 2023, respectively.
Net cash generated from operating activities was $326 million for the first quarter of 2024,
compared to $174 million for the
first quarter of 2023.
Liquidity, Cash Flows and Capital Allocation
ZIM's total cash position (which includes cash and cash
equivalents and investments in bank deposits and other investment
instruments) decreased by $442
million from $2.69 billion as
of December 31, 2023 to $2.25 billion as of March
31, 2024. Capital expenditures totaled $24 million for the first quarter of 2024,
compared to $36 million for the first
quarter of 2023. Net debt position as of March 31, 2024 was $3.11
billion compared to net debt position as of December 31, 2023 of $2.31
billion, an increase of $801
million. ZIM's net leverage ratio as of March 31, 2024, was 2.8x, compared to 2.2x as of
December 31, 2023.
First Quarter 2024 Dividend and Dividend Policy
In accordance with the Company's dividend policy, the Company's
Board of Directors declared a cash dividend of approximately
$28 million, or $0.23 per ordinary share, reflecting
approximately 30% of first quarter 2024 net income. The dividend
will be paid on June 11, 2024 to
holders of ZIM ordinary shares as of June 4,
2024.
All future dividends are subject to the discretion of Company's
Board of Directors and to the restrictions provided by Israeli
law.
Use of Non-IFRS Measures in the Company's 2024
Guidance
A reconciliation of the Company's non-IFRS financial measures
included in its full-year 2024 guidance to corresponding IFRS
measures is not available on a forward-looking basis. In
particular, the Company has not reconciled its Adjusted EBITDA and
Adjusted EBIT because the various reconciling items between such
non-IFRS financial measures and the corresponding IFRS measures
cannot be determined without unreasonable effort due to the
uncertainty regarding, and the potential variability of, the future
costs and expenses for which the Company adjusts, the effect of
which may be significant, and all of which are difficult to predict
and are subject to frequent change.
Updated Full-Year 2024 Guidance
The Company increased its guidance for the full year of 2024 and
now expects to generate Adjusted EBITDA between $1.15 billion and $1.55
billion and Adjusted EBIT between zero and $400 million. Previously, the Company expected to
generate Adjusted EBITDA between $850
million and $1,450 million and
Adjusted EBIT between a loss of $300
million and earnings of $300
million.
Conference Call Details
Management will host a conference call and webcast (along with a
slide presentation) to review the results and provide a corporate
update today at 8:00 AM ET.
To access the live conference call by telephone, please dial the
following numbers: United States
(toll free) +1-800-715-9871 or +1-646-307-1963; Israel +972-3-376-1144 or UK/international
+44-20-3481-4247, and reference conference ID: 2459470 or the
conference name. The call (and slide presentation) will be
available via live webcast through ZIM's website, located at the
following link. Following the conclusion of the call, a replay of
the conference call will be available on the Company's website.
About ZIM
Founded in Israel in 1945, ZIM
(NYSE: ZIM) is a leading global container liner shipping company
with established operations in more than 90 countries serving
approximately 33,000 customers in over 300 ports worldwide. ZIM
leverages digital strategies and a commitment to ESG values to
provide customers innovative seaborne transportation and logistics
services and exceptional customer experience. ZIM's differentiated
global-niche strategy, based on agile fleet management and
deployment, covers major trade routes with a focus on select
markets where the company holds competitive advantages. Additional
information about ZIM is available at www.ZIM.com.
Forward-Looking Statements
The following information contains, or may be deemed to contain
forward-looking statements (as defined in the U.S. Private
Securities Litigation Reform Act of 1995). In some cases, you can
identify these statements by forward-looking words such as "may,"
"might," "will," "should," "expect," "plan," "anticipate,"
"believe," "estimate," "predict," "potential" or "continue," the
negative of these terms and other comparable terminology. These
forward-looking statements, which are subject to risks,
uncertainties and assumptions about the Company, may include
projections of the Company's future financial results, its
anticipated growth strategies and anticipated trends in its
business. These statements are only predictions based on the
Company's current expectations and projections about future events
or results. There are important factors that could cause the
Company's actual results, level of activity, performance or
achievements to differ materially from the results, level of
activity, performance or achievements expressed or implied by the
forward-looking statements. Factors that could cause such
differences include, but are not limited to: market changes in
freight, bunker, charter and other rates or prices, supply-demand
fluctuations in the containerized shipping market, new legislation
or regulation affecting the Company's operations, new competition
and changes in the competitive environment, our ability to achieve
cost savings or expense reductions, the outcome of legal
proceedings to which the Company is a party, global, regional
and/or local political instability, including the ongoing war
between Israel and Hamas and the
ongoing hostilities between Israel
and Hezbollah, inflation rate fluctuations, capital markets
fluctuations and other risks and uncertainties detailed from time
to time in the Company's filings with the U.S. Securities and
Exchange Commission (SEC), including under the caption "Risk
Factors" in its 2023 Annual Report filed with the SEC on
March 13, 2024.
Although the Company believes the expectations reflected in the
forward-looking statements contained herein are reasonable, it
cannot guarantee future results, level of activity, performance or
achievements. Moreover, neither the Company nor any other person
assumes responsibility for the accuracy and completeness of any of
these forward-looking statements. The Company assumes no duty to
update any of these forward-looking statements after the date
hereof to conform its prior statements to actual results or revised
expectations, except as otherwise required by law.
The Company prepares its financial statements in accordance with
International Financial Reporting Standards (IFRS), as issued by
the International Accounting Standards Board (IASB).
Use of Non-IFRS Financial Measures
The Company presents non-IFRS measures as additional performance
measures as the Company believes that it enables the comparison of
operating performance between periods on a consistent basis. These
measures should not be considered in isolation, or as a substitute
for operating income, any other performance measures, or cash flow
data, which were prepared in accordance with Generally Accepted
Accounting Principles as measures of profitability or liquidity.
Please note that Adjusted EBITDA does not take into account debt
service requirements or other commitments, including capital
expenditures, and therefore, does not necessarily indicate the
amounts that may be available for the Company's use. In addition,
the non-IFRS financial measures presented by the Company may not be
comparable to similarly titled measures reported by other companies
due to differences in the way these measures are calculated.
Adjusted EBITDA is a non-IFRS financial measure
which we define as net income (loss) adjusted to exclude financial
expenses (income), net, income taxes, depreciation and amortization
in order to reach EBITDA, and further adjusted, as applicable, to
exclude impairment of assets, non-cash charter hire expenses,
capital gains (losses) beyond the ordinary course of business and
expenses related to legal contingencies.
Adjusted EBIT is a non-IFRS financial measure which
we define as net income (loss) adjusted to exclude financial
expenses (income), net and income taxes, in order to reach our
results from operating activities, or EBIT, and further adjusted,
as applicable, to exclude impairment of assets, non-cash charter
hire expenses, capital gains (losses) beyond the ordinary course of
business and expenses related to legal contingencies.
Free cash flow is a non-IFRS financial measure which
we define as net cash generated from operating activities minus
capital expenditures, net.
Net debt is a non-IFRS financial measure which we
define as face value of short- and long-term debt, minus cash and
cash equivalents, bank deposits and other investment
instruments. We refer to this measure as net cash when cash
and cash equivalents, bank deposits and other investment
instruments exceed the face value of short- and long-term debt.
Net leverage ratio is a non-IFRS financial measure
which we define as net debt (see above) divided by Adjusted EBITDA
for the last twelve-month period. When our net debt is less than
zero, we report the net leverage ratio as zero.
See the reconciliation of net income to Adjusted EBIT and
Adjusted EBITDA and net cash generated from operating activities to
free cash flow in the tables provided below.
Investor Relations:
Elana Holzman
ZIM Integrated Shipping Services Ltd.
+972-4-865-2300
holzman.elana@zim.com
Leon Berman
The IGB Group
212-477-8438
lberman@igbir.com
Media:
Avner Shats
ZIM Integrated Shipping Services Ltd.
+972-4-865-2520
shats.avner@zim.com
CONSOLIDATED BALANCE SHEET (Unaudited)
(U.S. dollars in millions)
|
|
March
31
|
December
31
|
|
2024
|
2023
|
2023
|
|
|
|
|
Assets
|
|
|
|
Vessels
|
4,488.7
|
4,784.3
|
3,758.9
|
Containers and handling
equipment
|
822.9
|
1,233.1
|
792.9
|
Other tangible
assets
|
87.7
|
98.2
|
85.2
|
Intangible
assets
|
104.8
|
95.1
|
102.0
|
Investments in
associates
|
30.3
|
22.6
|
26.4
|
Other
investments
|
814.0
|
1,344.7
|
908.7
|
Other
receivables
|
82.7
|
113.9
|
97.9
|
Deferred tax
assets
|
2.5
|
2.9
|
2.6
|
Total non-current
assets
|
6,433.6
|
7,694.8
|
5,774.6
|
|
|
|
|
Inventories
|
197.3
|
189.1
|
179.3
|
Trade and other
receivables
|
868.0
|
695.3
|
596.5
|
Other
investments
|
744.8
|
1,060.2
|
874.1
|
Cash and cash
equivalents
|
687.9
|
1,892.6
|
921.5
|
Total current
assets
|
2,498.0
|
3,837.2
|
2,571.4
|
Total
assets
|
8,931.6
|
11,532.0
|
8,346.0
|
|
|
|
|
Equity
|
|
|
|
Share capital and
reserves
|
2,013.9
|
2,007.9
|
2,017.5
|
Retained
earnings
|
527.4
|
3,073.8
|
437.2
|
Equity attributable
to owners of the Company
|
2,541.3
|
5,081.7
|
2,454.7
|
Non-controlling
interests
|
4.1
|
1.1
|
3.3
|
Total
equity
|
2,545.4
|
5,082.8
|
2,458.0
|
|
|
|
|
Liabilities
|
|
|
|
Lease
liabilities
|
3,716.8
|
2,993.6
|
3,244.1
|
Loans and other
liabilities
|
66.6
|
87.6
|
73.6
|
Employee
benefits
|
45.4
|
42.8
|
46.1
|
Deferred tax
liabilities
|
5.8
|
145.4
|
6.1
|
Total non-current
liabilities
|
3,834.6
|
3,269.4
|
3,369.9
|
|
|
|
|
Trade and other
payables
|
612.2
|
1,359.8
|
566.4
|
Provisions
|
63.6
|
51.6
|
60.7
|
Contract
liabilities
|
292.9
|
195.7
|
198.1
|
Lease
liabilities
|
1,534.7
|
1,499.0
|
1,644.7
|
Loans and other
liabilities
|
48.2
|
73.7
|
48.2
|
Total current
liabilities
|
2,551.6
|
3,179.8
|
2,518.1
|
Total
liabilities
|
6,386.2
|
6,449.2
|
5,888.0
|
|
|
|
|
Total equity and
liabilities
|
8,931.6
|
11,532.0
|
8,346.0
|
CONSOLIDATED INCOME STATEMENTS (Unaudited)
(U.S. dollars in millions, except per share
data)
|
|
Three months
ended
|
|
Year
ended
|
|
March
31
|
|
December
31
|
|
2024
|
2023
|
|
2023
|
|
|
|
|
|
Income from voyages and
related services
|
1,562.0
|
1,374.3
|
|
5,162.2
|
Cost of voyages and
related services
|
|
|
|
|
Operating expenses and
cost of services
|
(1,080.8)
|
(939.7)
|
|
(3,885.1)
|
Depreciation
|
(257.7)
|
(380.5)
|
|
(1,449.8)
|
Impairment of
assets
|
|
|
|
(2,034.9)
|
Gross profit
(loss)
|
223.5
|
54.1
|
|
(2,207.6)
|
|
|
|
|
|
Other operating
income
|
6.0
|
10.1
|
|
14.4
|
Other operating
expenses
|
|
(3.6)
|
|
(29.3)
|
General and
administrative expenses
|
(60.8)
|
(74.1)
|
|
(280.7)
|
Share in loss of
associates
|
(2.1)
|
(0.4)
|
|
(7.8)
|
|
|
|
|
|
Results from
operating activities
|
166.6
|
(13.9)
|
|
(2,511.0)
|
|
|
|
|
|
Finance
income
|
38.7
|
44.4
|
|
142.2
|
Finance
expenses
|
(109.0)
|
(95.2)
|
|
(446.7)
|
|
|
|
|
|
Net finance
expenses
|
(70.3)
|
(50.8)
|
|
(304.5)
|
|
|
|
|
|
Profit (loss) before
income taxes
|
96.3
|
(64.7)
|
|
(2,815.5)
|
|
|
|
|
|
Income taxes
|
(4.2)
|
6.6
|
|
127.6
|
|
|
|
|
|
Profit (loss) for
the period
|
92.1
|
(58.1)
|
|
(2,687.9)
|
|
|
|
|
|
|
|
|
|
|
Attributable
to:
|
|
|
|
|
Owners of the
Company
|
90.3
|
(59.5)
|
|
(2,695.6)
|
Non-controlling
interests
|
1.8
|
1.4
|
|
7.7
|
Profit (loss) for
the period
|
92.1
|
(58.1)
|
|
(2,687.9)
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per
share (US$)
|
|
|
|
|
Basic earnings (loss)
per 1 ordinary share
|
0.75
|
(0.50)
|
|
(22.42)
|
Diluted earnings (loss)
per 1 ordinary share
|
0.75
|
(0.50)
|
|
(22.42)
|
|
|
|
|
|
Weighted average
number of shares for earnings (loss) per
share calculation:
|
|
|
|
|
Basic
|
120,307,283
|
120,169,288
|
|
120,213,031
|
Diluted
|
120,450,586
|
120,169,288
|
|
120,213,031
|
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(U.S. dollars in millions)
|
|
Three months
ended
|
Year
ended
|
|
March
31
|
December
31
|
|
2024
|
2023
|
2023
|
|
|
|
|
Cash flows from
operating activities
|
|
|
|
Profit (loss) for the
period
|
92.1
|
(58.1)
|
(2,687.9)
|
|
|
|
|
Adjustments
for:
|
|
|
|
Depreciation and
amortization
|
260.6
|
387.2
|
1,471.8
|
Impairment
loss
|
|
|
2,063.4
|
Net finance
expenses
|
70.3
|
50.8
|
304.5
|
Share of losses and
change in fair value of investees
|
2.1
|
0.4
|
6.5
|
Capital gain,
net
|
(6.0)
|
(9.8)
|
(10.9)
|
Income taxes
|
4.2
|
(6.6)
|
(127.6)
|
Other non-cash
items
|
1.5
|
6.3
|
18.9
|
|
|
|
|
|
424.8
|
370.2
|
1,038.7
|
|
|
|
|
Change in
inventories
|
(18.0)
|
1.6
|
11.4
|
Change in trade and
other receivables
|
(236.2)
|
143.2
|
242.7
|
Change in trade and
other payables, including contract liabilities
|
133.3
|
(91.7)
|
(95.1)
|
Change in provisions
and employee benefits
|
3.2
|
1.4
|
15.9
|
|
|
|
|
|
(117.7)
|
54.5
|
174.9
|
|
|
|
|
Dividends received from
associates
|
1.2
|
0.1
|
2.3
|
Interest
received
|
22.0
|
49.5
|
133.8
|
Income taxes
paid
|
(4.2)
|
(300.7)
|
(329.7)
|
|
|
|
|
Net cash generated
from operating activities
|
326.1
|
173.6
|
1,020.0
|
|
|
|
|
Cash flows from
investing activities
|
|
|
|
Proceeds from sale of
tangible assets, intangible
assets, and interest in investees
|
1.5
|
12.2
|
27.4
|
Acquisition and
capitalized expenditures of tangible
assets, intangible assets and interest
in investees
|
(24.4)
|
(35.9)
|
(115.7)
|
Proceeds from sale
(acquisition) of investment instruments, net
|
199.0
|
(161.1)
|
(138.2)
|
Loans granted to
investees
|
(1.2)
|
(1.7)
|
(5.4)
|
Change in other
receivables
|
7.7
|
(8.2)
|
3.2
|
Change in other
investments (mainly deposits), net
|
1.1
|
1,400.9
|
2,005.2
|
Net cash generated
from investing activities
|
183.7
|
1,206.2
|
1,776.5
|
|
|
|
|
Cash flows from
financing activities
|
|
|
|
Repayment of lease
liabilities and borrowings
|
(636.7)
|
(395.0)
|
(1,713.1)
|
Change in short term
loans
|
|
(21.0)
|
(21.0)
|
Dividend paid to
non-controlling interests
|
(0.4)
|
(6.9)
|
(8.9)
|
Dividend paid to owners
of the Company
|
|
|
(769.2)
|
Interest
paid
|
(103.7)
|
(86.8)
|
(380.7)
|
Net cash used in
financing activities
|
(740.8)
|
(509.7)
|
(2,892.9)
|
|
|
|
|
Net change in cash and
cash equivalents
|
(231.0)
|
870.1
|
(96.4)
|
Cash and cash
equivalents at beginning of the period
|
921.5
|
1,022.1
|
1,022.1
|
Effect of exchange rate
fluctuation on cash held
|
(2.6)
|
0.4
|
(4.2)
|
Cash and cash
equivalents at the end of the period
|
687.9
|
1,892.6
|
921.5
|
RECONCILIATION OF
NET INCOME TO ADJUSTED EBIT*
|
(U.S. dollars in
millions)
|
|
Three months
ended
|
March 31
|
|
2024
|
2023
|
|
|
|
Net income
(loss)
|
92
|
(58)
|
Financial expenses,
net
|
70
|
51
|
Income taxes
|
4
|
(7)
|
Operating income
(loss) (EBIT)
|
167
|
(14)
|
|
|
|
Adjusted
EBIT
|
167
|
(14)
|
Adjusted EBIT
margin
|
11 %
|
(1) %
|
|
* The table above may
contain slight summation differences due to rounding.
|
|
|
|
|
|
|
RECONCILIATION OF
NET INCOME TO ADJUSTED EBITDA*
|
(U.S. dollars in
millions)
|
|
Three months
ended
|
March 31
|
|
2024
|
2023
|
|
|
|
Net income
(loss)
|
92
|
(58)
|
Financial expenses,
net
|
70
|
51
|
Income taxes
|
4
|
(7)
|
Depreciation and
amortization
|
261
|
387
|
EBITDA
|
427
|
373
|
|
|
|
Adjusted
EBITDA
|
427
|
373
|
Net income (loss)
margin
|
6 %
|
(4) %
|
Adjusted EBITDA
margin
|
27 %
|
27 %
|
|
* The table above may
contain slight summation differences due to rounding.
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF
NET CASH GENERATED FROM OPERATING ACTIVITIES TO FREE CASH
FLOW
|
(U.S. dollars in
millions)
|
|
Three months
ended
|
March 31
|
|
2024
|
2023
|
|
|
|
Net cash generated from
operating activities
|
326
|
174
|
Capital expenditures,
net
|
(23)
|
(32)
|
Free cash
flow
|
303
|
142
|
|
|
|
1 See disclosure regarding "Use of Non-IFRS Financial
Measures."
2 The Company does not provide IFRS guidance because it
cannot be determined without unreasonable effort. See disclosure
regarding "Use of Non-IFRS Measures in the Company's 2024
Guidance."
3 The number of shares used to calculate the diluted
earnings per share is 120,450,586. The number of outstanding shares
as of March 31, 2024 was
120,320,804.
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SOURCE Zim Integrated Shipping Services Ltd.