EX-99.2 3 exhibit_99-2.htm EXHIBIT 99.2
Exhibit 99.2

ZIM INTEGRATED SHIPPING SERVICES LTD.

CONDENSED CONSOLIDATED UNAUDITED INTERIM

FINANCIAL STATEMENTS

MARCH 31, 2025

ZIM INTEGRATED SHIPPING SERVICES LTD.
 
INDEX TO CONDENSED CONSOLIDATED UNAUDITED INTERIM FINANCIAL STATEMENTS

 
Page

FINANCIAL STATEMENTS:
  
   
3
   
4
   
5
   
6
   
7-8
   
9-15

ZIM INTEGRATED SHIPPING SERVICES LTD.
 
CONDENSED CONSOLIDATED UNAUDITED INTERIM STATEMENTS OF FINANCIAL POSITION

         
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
 
Date of approval of the Financial Statements: May 19, 2025.

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

         
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
  

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

   
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
  
 
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
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
  

(*) Include reserves related to 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 CASH FLOWS

   
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
)

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

   
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
  

The accompanying Notes are an integral part of these condensed consolidated unaudited interim Financial Statements.
 
8
ZIM INTEGRATED SHIPPING SERVICES LTD.
 
NOTES TO THE CONDENSED CONSOLIDATED UNAUDITED INTERIM FINANCIAL STATEMENTS

1
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.
 
2
Basis of compliance
 

 (a)
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 in accordance with IFRS Accounting Standards (IFRSs) and should be read in conjunction with the consolidated financial statements of the Company as at and for the year ended December 31, 2024 (hereafter – the “annual Financial Statements”). These condensed consolidated unaudited interim Financial Statements were approved by the Board of Directors on May 19, 2025.
 

 (b)
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 uncertainties were the same as those applied in the annual Financial Statements.

3
Material accounting policies
 
The material 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.
 
9
ZIM INTEGRATED SHIPPING SERVICES LTD.
 
NOTES TO THE CONDENSED CONSOLIDATED UNAUDITED INTERIM FINANCIAL STATEMENTS
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.
 
In April 2025, the US administration declared its intention to impose new fees, as from mid-October 2025, on vessels calling ports in the US, which were built in China or are owned / operated by Chinese entities. The Company is reviewing the potential impact of these fees and is taking measures to mitigate their effects, but if it is unable to fully succeed in mitigating their effect, these fees could materially increase its operational costs and adversely affect its results of operation.
 
As of today, the war situation in Israel, which started in October 2023, has had no material impact on the Company’s activities in Israel. However, those may be subject to temporary disruptions if this situation was to further escalate.
 
Since December 2023, many ocean carriers including the Company, paused their activities in the Red Sea, following attacks made against commercial vessels by armed organizations in Yemen. The Company continues to call ports in the Mediterranean Sea, as well as to operate services which previously crossed the Suez-canal, by re-routing its vessels around Africa. This disruption results in the extension of voyages duration, as well as leading to an increase in demand for vessel capacity, as additional vessels are operated in order to maintain the same frequency of services.
 
Further to the above, during 2024 freight rates have experienced an overall increase, although decreases were observed during the second half of the year, as well as during the first quarter of 2025.
 
In view of the aforementioned business environment and in order to constantly improve the Group’s results of operations and liquidity position, Management continues to optimize its network by considering, and when appropriate, implementing structural changes, participating in partnerships and cooperation agreements and by upgrading its customer’s offerings, whilst seeking operational excellence and cost efficiencies.
 
  (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.
 
10
ZIM INTEGRATED SHIPPING SERVICES LTD.
 
NOTES TO THE CONDENSED CONSOLIDATED UNAUDITED INTERIM FINANCIAL STATEMENTS
4
Financial position (cont’d)
 
The Company’s operational cooperation with the 2M alliance (Maersk and MSC), originally launched in 2018, covering services on the Asia - US East Coast and Asia - US Gulf trades, has ended in January 2025, further to the previously announced termination of the 2M alliance.
 
  (c)
Charter agreements:
 
In April 2025, the Company entered into a series of long-term time charter agreements, with a company affiliated with the TMS Group, for ten 11,500 TEU liquefied natural gas (LNG) dual-fuel container vessels. The vessels are scheduled to be delivered during the second half of 2027 and into 2028 and will be deployed across the Company’s various global trades. Pursuant to these agreements, the Company will charter the vessels for a period of twelve years, for a total aggregated consideration of approximately US$ 2.3 billion. In addition, and for each vessel, at the end of the initial twelve-year charter period, the Company has secured an option to either purchase the vessel or to extend the charter duration for an additional period of three years.
 
  (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:
 
In April 2025, further to the approval of the Company’s Board of Directors, the Company distributed a dividend in an amount of US$ 382 million, reflecting US$ 3.17 per ordinary share. As of March 31, 2025, the dividend payable amount was included in Trade and other payables.
 
In May 2025, the Company’s Board of Directors approved a dividend distribution of approximately US$ 0.74 per ordinary share (or approximately US$ 89 million, considering the number of ordinary shares outstanding as of March 31, 2025). The dividend is scheduled to be paid on June 9, 2025 to all holders of ordinary shares on record as of June 2, 2025.

11
ZIM INTEGRATED SHIPPING SERVICES LTD.
 
NOTES TO THE CONDENSED CONSOLIDATED UNAUDITED INTERIM FINANCIAL STATEMENTS
5
Capital and reserves
 
Share-based payment arrangements
 
During the three months period ended March 31, 2025, 2024 and the year ended December 31, 2024, the Company recorded expenses related to share-based compensation arrangements of US$ 1.7 million, US$ 3.1 million and US$ 10.0 million respectively.
 
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
 
Revenues generated throughout the Group’s global network, are disaggregated as follows:
 
   
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
  

(*) Mainly demurrage, related services and other value-added services.
 
12
ZIM INTEGRATED SHIPPING SERVICES LTD.
 
NOTES TO THE CONDENSED CONSOLIDATED UNAUDITED INTERIM FINANCIAL STATEMENTS
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
  

13
ZIM INTEGRATED SHIPPING SERVICES LTD.
 
NOTES TO THE CONDENSED CONSOLIDATED UNAUDITED INTERIM FINANCIAL STATEMENTS
9
Financial instruments
 
Financial instruments measured at fair value
 
   
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
  

14
ZIM INTEGRATED SHIPPING SERVICES LTD.
 
NOTES TO THE CONDENSED CONSOLIDATED UNAUDITED INTERIM FINANCIAL STATEMENTS
9
Financial instruments (cont’d)
 
Financial instruments not measured at fair value
 
The carrying amounts of the Group’s financial assets and liabilities, including cash and cash equivalents, trade and other receivables, other investments, trade and other payables and loans and other liabilities, reflect reasonable approximation of their fair value.
 
10
Earnings per share
 
Basic and diluted 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
  

In the three-month period ended March 31, 2025, options for 1,922,033 ordinary shares, granted to officers, directors and employees (see also above) were excluded from the diluted weighted average number of ordinary shares calculation as their effect would have been anti-dilutive.
 

15