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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 income for the fourth quarter was $417 million (compared to $1.71 billion in the fourth quarter of 2021), or $3.44 per diluted share3 (compared to $14.17 in the fourth quarter of 2021); net income for the full year was
$4.63 billion (compared to $4.65 billion for the full year of 2021)
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• |
Adjusted EBITDA for the fourth quarter was $973 million, a year-over-year decrease of 59%; Adjusted EBITDA for the full year was $7.54 billion, a year-over-year increase of 14%
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• |
Operating income (EBIT) for the fourth quarter was $585 million, a year-over-year decrease of 72%; operating income (EBIT) for the full year was $6.14 billion, a year-over-year increase of 5%. Reconciliation items between operating
income and Adjusted EBIT in the fourth quarter and full year were minor
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• |
Revenues for the fourth quarter were $2.19 billion, a year-over-year decrease of 37%; revenues for the full year were $12.56 billion, a year-over-year increase of 17%
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• |
Carried volume in the fourth quarter was 823 thousand TEUs, a year-over-year decrease of 4%; carried volume in the full year was 3,380 thousand TEUs, a year-over-year decrease of 3%
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• |
Average freight rate per TEU in the fourth quarter was $2,122, a year-over-year decrease of 42%; average freight rate per TEU in the full year was $3,240, a year-over-year increase of 16%
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• |
Net leverage ratio1 of 0.0x at December 31, 2022, similar to December 31, 2021; reached positive net cash position of $279 million as of December 31, 2022
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• |
Declared dividend of approximately $769 million, or $6.40 per share, representing, together with previous distributions made on account of 2022, approximately 44% of the full year 2022 net income
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Q4.22
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Q4.21
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2022
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2021
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|||||||||||||
Carried volume (K-TEUs)
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823
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858
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3,380
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3,481
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||||||||||||
Average freight rate ($/TEU)
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2,122
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3,630
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3,240
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2,786
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||||||||||||
Revenue ($ in millions)
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2,189
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3,466
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12,562
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10,729
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||||||||||||
Operating income (EBIT) ($ in millions)
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585
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2,116
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6,136
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5,816
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||||||||||||
Profit before income tax ($ in millions)
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558
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2,083
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6,027
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5,660
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||||||||||||
Net income ($ in millions)
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417
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1,708
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4,629
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4,649
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||||||||||||
Adjusted EBITDA1 ($ in millions)
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973
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2,362
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7,541
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6,597
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||||||||||||
Adjusted EBIT1 ($ in millions)
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585
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2,114
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6,145
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5,820
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||||||||||||
Adjusted EBITDA margin
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44
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%
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68
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%
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60
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%
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61
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%
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||||||||
Adjusted EBIT margin
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27
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%
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61
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%
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49
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%
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54
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%
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||||||||
Diluted EPS ($)
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3.44
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14.17
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38.35
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39.02
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||||||||||||
Net cash generated from operating activities ($ in millions)
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1,069
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2,005
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6,110
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5,971
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||||||||||||
Free cash flow1 ($ in millions)
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1,048
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1,661
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5,796
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4,877
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||||||||||||
DEC.22
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DEC.21
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|||||||||||||||
Net debt (Net cash)1 ($ in millions)
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(279
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)
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(509
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)
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December 31
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||||||||
2022
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2021
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|||||||
(Audited)
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(Audited)
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|||||||
Assets
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||||||||
Vessels
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4,409.9
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2,957.8
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||||||
Containers and handling equipment
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1,242.8
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1,365.8
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||||||
Other tangible assets
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98.5
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68.9
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||||||
Intangible assets
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92.9
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73.8
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||||||
Investments in associates
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22.0
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12.2
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||||||
Other investments
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1,373.2
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169.2
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||||||
Other receivables
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112.1
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107.2
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||||||
Deferred tax assets
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2.3
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2.1
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||||||
Total non-current assets
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7,353.7
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4,757.0
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||||||
Inventories
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190.7
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119.0
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||||||
Trade and other receivables
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825.7
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1,278.0
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||||||
Other investments
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2,233.1
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2,144.5
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||||||
Cash and cash equivalents
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1,022.1
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1,543.3
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Total current assets
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4,271.6
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5,084.8
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Total assets
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11,625.3
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9,841.8
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Equity
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||||||||
Share Capital and reserves
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1,987.7
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2,011.4
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||||||
Retained earnings
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3,901.9
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2,580.6
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||||||
Equity attributable to owners of the Company
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5,889.6
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4,592.0
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Non-controlling interests
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6.3
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7.5
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||||||
Total equity
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5,895.9
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4,599.5
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Liabilities
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||||||||
Lease liabilities
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2,778.7
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2,178.7
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Loans and other liabilities
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91.9
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120.8
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||||||
Employee benefits
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45.2
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65.6
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||||||
Deferred tax liabilities
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151.4
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120.6
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Total non-current liabilities
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3,067.2
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2,485.7
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Trade and other payables
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896.2
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1,086.3
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||||||
Provisions
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50.2
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28.3
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||||||
Contract liabilities
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238.9
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618.3
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Lease liabilities
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1,380.8
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893.0
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Loans and other liabilities
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96.1
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130.7
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||||||
Total current liabilities
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2,662.2
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2,756.6
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Total liabilities
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5,729.4
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5,242.3
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||||||
Total equity and liabilities
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11,625.3
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9,841.8
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Three months ended
December 31,
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Year ended
December 31, |
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2022
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2021
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2022
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2021
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|||||||||||||
(Unaudited)
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(Unaudited)
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(Audited)
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(Audited)
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|||||||||||||
Income from voyages and related services
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2,188.9
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3,466.4
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12,561.6
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10,728.7
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Cost of voyages and related services
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||||||||||||||||
Operating expenses and cost of services
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(1,134.3
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)
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(1,029.0
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)
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(4,764.5
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)
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(3,905.9
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)
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||||||||
Depreciation
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(380.6
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)
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(242.4
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)
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(1,370.3
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)
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(756.3
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)
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Gross profit
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674.0
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2,195.0
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6,426.8
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6,066.5
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Other operating income
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8.1
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5.0
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48.9
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14.5
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||||||||||||
Other operating expenses
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(0.5
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)
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(0.3
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)
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(0.9
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)
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(1.0
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)
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||||||||
General and administrative expenses
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(94.3
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)
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(83.8
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)
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(338.3
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)
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(267.7
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)
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||||||||
Share of profits (loss) of associates
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(2.6
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)
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0.9
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(0.7
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)
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4.0
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||||||||||
Results from operating activities
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584.7
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2,116.8
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6,135.8
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5,816.3
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||||||||||||
Finance income
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48.6
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9.7
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130.9
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18.8
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||||||||||||
Finance expenses
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(75.4
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)
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(43.9
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)
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(239.4
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)
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(175.6
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)
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||||||||
Net finance expenses
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(26.8
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)
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(34.2
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)
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(108.5
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)
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(156.8
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)
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||||||||
Profit before income taxes
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557.9
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2,082.5
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6,027.3
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5,659.5
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||||||||||||
Income taxes
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(141.4
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)
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(374.1
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)
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(1,398.3
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)
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(1,010.4
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)
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||||||||
Profit for the period
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416.5
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1,708.4
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4,629.0
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4,649.1
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||||||||||||
Attributable to:
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||||||||||||||||
Owners of the Company
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414.2
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1,705.1
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4,619.4
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4,640.3
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||||||||||||
Non-controlling interests
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2.3
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3.3
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9.6
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8.8
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||||||||||||
Profit for the period
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416.5
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1,708.4
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4,629.0
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4,649.1
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||||||||||||
Earnings per share (US$)
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||||||||||||||||
Basic earnings per 1 ordinary share
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3.45
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14.34
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38.49
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40.31
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||||||||||||
Diluted earnings per 1 ordinary share
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3.44
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14.17
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38.35
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39.02
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||||||||||||
Weighted average number of shares for EPS calculation
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||||||||||||||||
Basic
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120,098,658
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118,908,731
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120,012,375
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115,105,504
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||||||||||||
Diluted
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120,431,208
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120,332,347
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120,444,889
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118,933,723
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Year ended December 31,
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||||||||
2022
|
2021
|
|||||||
(Audited)
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(Audited)
|
|||||||
Cash flows from operating activities
|
||||||||
Profit for the year
|
4,629.0
|
4,649.1
|
||||||
Adjustments for:
|
||||||||
Depreciation and amortization
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1,396.3
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779.2
|
||||||
Net finance expenses
|
108.5
|
156.8
|
||||||
Share of profits and change in fair value of investees
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(2.1
|
)
|
(4.7
|
)
|
||||
Capital gains, net
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(42.7
|
)
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(8.7
|
)
|
||||
Income taxes
|
1,398.3
|
1,010.4
|
||||||
Other non-cash items
|
39.7
|
20.8
|
||||||
7,527.0
|
6,602.9
|
|||||||
Change in inventories
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(71.7
|
)
|
(66.8
|
)
|
||||
Change in trade and other receivables
|
496.6
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(766.5
|
)
|
|||||
Change in trade and other payables including contract liabilities
|
(325.7
|
)
|
555.9
|
|||||
Change in provisions and employee benefits
|
15.9
|
6.6
|
||||||
115.1
|
(270.8
|
)
|
||||||
Dividends received
|
0.9
|
4.4
|
||||||
Interest received
|
53.2
|
3.5
|
||||||
Income taxes paid
|
(1,586.1
|
)
|
(369.1
|
)
|
||||
Net cash generated from operating activities
|
6,110.1
|
5,970.9
|
||||||
Cash flows from investing activities
|
||||||||
Proceeds from sale of tangible assets, intangible assets and interest in investees
|
48.1
|
10.9
|
||||||
Acquisition and capitalized expenditures of tangible assets, intangible assets and interest in investees
|
(345.5
|
)
|
(1,005.0
|
)
|
||||
Acquisition of investment instruments, net
|
(1,433.1
|
)
|
(182.5
|
)
|
||||
Change in other receivables
|
(20.2
|
)
|
(101.8
|
)
|
||||
Change in other investments (mainly deposits), net
|
105.7
|
(2,064.7
|
)
|
|||||
Net cash used in investing activities
|
(1,645.0
|
)
|
(3,343.1
|
)
|
||||
Cash flows from financing activities
|
||||||||
Receipt of long-term loans and other long-term liabilities
|
59.2
|
50.0
|
||||||
Issuance of share capital, net of issuance costs
|
205.4
|
|||||||
Repayment of lease liabilities and borrowings
|
(1,449.4
|
)
|
(1,191.3
|
)
|
||||
Change in short-term loans
|
(53.5
|
)
|
(16.0
|
)
|
||||
Dividend paid to non-controlling interests
|
(8.4
|
)
|
(4.7
|
)
|
||||
Dividend paid to owners of the Company
|
(3,303.3
|
)
|
(536.4
|
)
|
||||
Interest paid
|
(221.0
|
)
|
(160.0
|
)
|
||||
Net cash used in financing activities
|
(4,976.4
|
)
|
(1,653.0
|
)
|
||||
Net change in cash and cash equivalents
|
(511.3
|
)
|
974.8
|
|||||
Cash and cash equivalents at beginning of the year
|
1,543.3
|
570.4
|
||||||
Effect of exchange rate fluctuation on cash held
|
(9.9
|
)
|
(1.9
|
)
|
||||
Cash and cash equivalents at the end of the year
|
1,022.1
|
1,543.3
|
Three months ended
December 31, |
Year ended
December 31, |
|||||||||||||||
2022
|
2021
|
2022
|
2021
|
|||||||||||||
Net income
|
417
|
1,708
|
4,629
|
4,649
|
||||||||||||
Financial expenses (income), net
|
27
|
34
|
109
|
157
|
||||||||||||
Income taxes
|
141
|
374
|
1,398
|
1,010
|
||||||||||||
Operating income (EBIT)
|
585
|
2,116
|
6,136
|
5,816
|
||||||||||||
Non-cash charter hire expenses
|
-
|
1
|
-
|
2
|
||||||||||||
Capital gain, beyond the ordinary course of business
|
-
|
-
|
(1
|
)
|
-
|
|||||||||||
Expenses related to legal contingencies
|
-
|
(3
|
)
|
10
|
2
|
|||||||||||
Adjusted EBIT
|
585
|
2,114
|
6,145
|
5,820
|
||||||||||||
Adjusted EBIT margin
|
27
|
%
|
61
|
%
|
49
|
%
|
54
|
%
|
Three months ended
December 31, |
Year ended
December 31, |
|||||||||||||||
2022
|
2021
|
2022
|
2021
|
|||||||||||||
Net income
|
417
|
1,708
|
4,629
|
4,649
|
||||||||||||
Financial expenses (income), net
|
27
|
34
|
109
|
157
|
||||||||||||
Income taxes
|
141
|
374
|
1,398
|
1,010
|
||||||||||||
Depreciation and amortization
|
388
|
249
|
1,396
|
780
|
||||||||||||
EBITDA
|
973
|
2,365
|
7,532
|
6,596
|
||||||||||||
Non-cash charter hire expenses
|
-
|
-
|
-
|
(1
|
)
|
|||||||||||
Capital gain, beyond the ordinary course of business
|
-
|
-
|
(1
|
)
|
-
|
|||||||||||
Expenses related to legal contingencies
|
-
|
(3
|
)
|
10
|
2
|
|||||||||||
Adjusted EBITDA
|
973
|
2,362
|
7,541
|
6,597
|
||||||||||||
Adjusted EBITDA margin
|
44
|
%
|
68
|
%
|
60
|
%
|
61
|
%
|
Three months ended
December 31, |
Year ended
December 31, |
|||||||||||||||
2022
|
2021
|
2022
|
2021
|
|||||||||||||
Net cash generated from operating activities
|
1,069
|
2,005
|
6,110
|
5,971
|
||||||||||||
Capital expenditures, net
|
(21
|
)
|
(344
|
)
|
(314
|
)
|
(1,094
|
)
|
||||||||
Free cash flow
|
1,048
|
1,661
|
5,796
|
4,877
|