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ZIM Reports Financial Results for the Third Quarter of 2024; Raises Full Year 2024 Guidance

Published

5 months ago

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Reported Revenues of $2.77 Billion, Net Income of $1.13 Billion, Adjusted EBITDA1 of $1.53 Billion and Adjusted EBIT of $1.24 Billion2; Achieved Adjusted EBITDA and Adjusted EBIT Margins of 55% and 45%, Respectively

Achieved 12% Volume Growth YOY with Record Carried Volume of 970 Thousand TEUs in Q3 2024

Increased Full Year 2024 Guidance to Adjusted EBITDA of $3.3 Billion to $3.6 Billion and Adjusted EBIT of $2.15 Billion to $2.45 Billion3

Declared Increased Dividend of ~$440 million, Comprised of a Regular Dividend of ~$340 Million, or 30% of Q3 Net Income, Plus Special Dividend of ~$100 Million; Per Share Distribution: $3.65 Per Share, Reflecting Regular Dividend of $2.81 Per Share Plus Special Dividend of $0.84 Per Share

HAIFA, Israel, Nov. 20, 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 and nine months ended September 30, 2024.

Third Quarter 2024 Highlights

Net income for the third quarter was $1.13 billion (compared to a net loss of $2.27 billion in the third quarter of 20234), or diluted earnings per share of $9.345 (compared to diluted loss per share of $18.90 in the third quarter of 2023).Adjusted EBITDA1 for the third quarter was $1.53 billion, a year-over-year increase of 626%.Operating income (EBIT) for the third quarter was $1.23 billion, compared to operating loss of $2.28 billion in the third quarter of 2023.Adjusted EBIT1 for the third quarter was $1.24 billion, compared to Adjusted EBIT loss of $213 million in the third quarter of 2023.Total revenues for the third quarter were $2.77 billion, a year-over-year increase of 117%.Carried volume in the third quarter was 970 thousand TEUs, a year-over-year growth of 12%.Average freight rate per TEU in the third quarter was $2,480, a year-over-year increase of 118%.Net debt1 of $2.70 billion as of September 30, 2024, compared to $2.31 billion as of December 31, 2023; net leverage ratio1 of 0.9x as of September 30, 2024, compared to 2.2x as of December 31, 2023.

Eli Glickman, ZIM President & CEO, stated, “ZIM delivered strong third quarter results, as we again achieved record carried volumes contributing to our outstanding financial performance. We are pleased to share our success with our shareholders and declare a special dividend of ~$100 million on top of the regular 30% of quarterly net income dividend payout of ~$340 million, for a total dividend of ~$440 million, or $3.65 per share. Our growing earnings power is reflective of a strong rate environment, but also a testament to our diligent execution, upscaling our capacity and enhancing our cost structure. We’ve continued to see incremental benefits from our strategic investment in our operated capacity as new larger, more modern, cost-effective vessels join our fleet.”

Mr. Glickman added, “Also contributing to our strong Q3 was a decision we made earlier in the year to increase our exposure to spot volumes in the Transpacific trade. A key differentiator for ZIM is our commercial agility and we intend to continue to leverage this strength to capitalize on market opportunities moving forward. Based on results that have exceeded expectations to date and improved outlook for the fourth quarter of 2024, we have increased our full year 2024 guidance and today forecast full year Adjusted EBITDA between $3.3 billion and $3.6 billion and Adjusted EBIT between $2.15 billion and $2.45 billion.”

Mr. Glickman concluded, “We will close out the year with the final delivery of the remaining four out of 46 newbuild containerships that we secured, which include 28 LNG-powered vessels. Entering 2025, we will be operating a fleet that is both well-equipped to meet emissions reduction targets and well suited to the trades in which we operate. Supported by our declining unit costs, we believe ZIM is well positioned to deliver profitable growth over the long term.”

 

Summary of Key Financial and Operational Results

 Q3-24

 Q3-23

     9M-24 

     9M-23 

Carried volume (K-TEUs)………………………….

970

867

2,768

2,496

Average freight rate ($/TEU)………………………

2,480

1,139

1,889

1,235

Total revenues ($ in millions)……………………..

2,765

1,273

6,260

3,957

Operating income (loss) (EBIT) ($ in millions)

1,235

(2,276)

1,870

(2,457)

Profit (loss) before income tax ($ in millions). 

1,133

(2,342)

1,604

(2,678)

Net income (loss) ($ in millions)………………….

1,126

(2,270)

1,591

(2,541)

Adjusted EBITDA1 ($ in millions)………………..

1,531

211

2,725

859

Adjusted EBIT1 ($ in millions)…………………….

1,236

(213)

1,891

(373)

Net income (loss) margin (%)…………………….

41

(178)

25

(64)

Adjusted EBITDA margin (%)…………………….

55

17

44

22

Adjusted EBIT margin (%)…………………………

45

(17)

30

(9)

Diluted earnings (loss) per share ($)…………..

9.34

(18.90)

13.17

(21.19)

Net cash generated from operating activities
($ in millions)…………………………………………..

1,498

338

2,600

858

Free cash flow1 ($ in millions)……………………

1,454

328

2,470

791

SEP-30-24

DEC-31-23

Net debt1 ($ in millions)…………………………….

2,698

2,309

 

 

Financial and Operating Results for the Third Quarter Ended September 30, 2024

Total revenues were $2.77 billion for the third quarter of 2024, compared to $1.27 billion for the third quarter of 2023, mainly driven by the increase in freight rates as well as carried volume.

ZIM carried 970 thousand TEUs in the third quarter of 2024, compared to 867 thousand TEUs in the third quarter of 2023. The average freight rate per TEU was $2,480 for the third quarter of 2024, compared to $1,139 for the third quarter of 2023.

Operating income (EBIT) for the third quarter of 2024 was $1.23 billion, compared to operating loss of $2.28 billion for the third quarter of 2023. The increase was primarily driven by the impairment loss recorded in the third quarter of 2023 and the above-mentioned increase in revenues.

Net income for the third quarter of 2024 was $1.13 billion, compared to net loss of $2.27 billion for the third quarter of 2023, also mainly driven by the above-mentioned impairment loss recorded in the third quarter of 2023 and the increase in revenues.

Adjusted EBITDA for the third quarter of 2024 was $1.53 billion, compared to $211 million for the third quarter of 2023. Adjusted EBIT was $1.24 billion for the third quarter of 2024, compared to Adjusted EBIT loss of $213 million for the third quarter of 2023. Adjusted EBITDA and Adjusted EBIT margins for the third quarter of 2024 were 55% and 45%, respectively. This compares to 17% and -17% for the third quarter of 2023, respectively.

Net cash generated from operating activities was $1.50 billion for the third quarter of 2024, compared to $338 million for the third quarter of 2023.

Financial and Operating Results for the Nine Months Ended September 30, 2024

Total revenues were $6.26 billion for the first nine months of 2024, compared to $3.96 billion for the first nine months of 2023, primarily driven by both an increase in freight rates as well as carried volume.

ZIM carried 2,768 thousand TEUs in the first nine months of 2024, compared to 2,496 thousand TEUs in the first nine months of 2023. The average freight rate per TEU was $1,889 for the first nine months of 2024, compared to $1,235 for the first nine months of 2023.

Operating income (EBIT) for the first nine months of 2024 was $1.87 billion, compared to operating loss of $2.46 billion for the first nine months of 2023. The increase was primarily driven by the above-mentioned increase in revenues and the impairment loss recorded in the third quarter of 2023.

Net income for the first nine months of 2024 was $1.59 billion, compared to net loss of $2.54 billion for the first nine months of 2023, also mainly driven by the above-mentioned increase in revenues and impairment loss recorded in the third quarter of 2023.

Adjusted EBITDA was $2.72 billion for the first nine months of 2024, compared to $859 million for the first nine months of 2023. Adjusted EBIT was $1.90 billion for the first nine months of 2024, compared to Adjusted EBIT loss of $373 million for the first nine months of 2023. Adjusted EBITDA and Adjusted EBIT margins for the first nine months of 2024 were 44% and 30%, respectively. This compares to 22% and -9% for the first nine months of 2023.

Net cash generated from operating activities was $2.60 billion for the first nine months of 2024, compared to $858 million for the first nine months 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) increased by $441 million from $2.69 billion as of December 31, 2023 to $3.13 billion as of September 30, 2024. Capital expenditures totaled $50 million for the third quarter of 2024, compared to $14 million for the third quarter of 2023. Net debt position as of September 30, 2024 was $2.70 billion, compared to $2.31 billion, as of December 31, 2023, an increase of $389 million. ZIM’s net leverage ratio as of September 30, 2024, was 0.9x, compared to 2.2x as of December 31, 2023.

Third Quarter 2024 and Special Dividend

In accordance with the Company’s dividend policy, the Company’s Board of Directors declared a regular cash dividend of approximately $340 million, or $2.81 per ordinary share, reflecting approximately 30% of third quarter 2024 net income. In addition, the Board of Directors declared a special dividend of approximately $100 million, or $0.84 per share, for a total dividend of approximately $440 million or $3.65 per share. The dividend (both regular and special) will be paid on December 9, 2024, to holders of record of ZIM ordinary shares as of December 2, 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 $3.3 billion and $3.6 billion and Adjusted EBIT between $2.15 billion and $2.45 billion. Previously, the Company expected to generate Adjusted EBITDA between $2.6 billion and $3.0 billion and Adjusted EBIT between $1.45 billion and $1.85 billion.

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: 1972775 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 (including as a result of the continued situation in the Red Sea), 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, the increased tension between Israel and Iran and its proxies, in particular 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
media@zim.com

 

 

CONSOLIDATED BALANCE SHEET (Unaudited)

(U.S. dollars in millions)

September 30

December 31

2024

2023

2023

Assets

Vessels

5,301.9

3,222.9

3,758.9

Containers and handling equipment

988.7

788.2

792.9

Other tangible assets

91.1

61.1

85.2

Intangible assets

107.6

93.3

102.0

Investments in associates 

26.0

26.8

26.4

Other investments

844.6

1,252.6

908.7

Other receivables

69.9

105.5

97.9

Deferred tax assets

2.5

9.6

2.6

Total non-current assets

7,432.3

5,560.0

5,774.6

Inventories

208.4

156.4

179.3

Trade and other receivables

1,062.5

644.3

596.5

Other investments

766.6

918.6

874.1

Cash and cash equivalents

1,548.7

912.1

921.5

Total current assets

3,586.2

2,631.4

2,571.4

Total assets

11,018.5

8,191.4

8,346.0

Equity

Share capital and reserves

2,041.1

1,980.7

2,017.5

Retained earnings

1,884.8

586.9

437.2

Equity attributable to owners of the Company

3,925.9

2,567.6

2,454.7

Non-controlling interests

4.8

3.8

3.3

Total equity

3,930.7

2,571.4

2,458.0

Liabilities

Lease liabilities

4,284.7

2,952.0

3,244.1

Loans and other liabilities

67.4

79.3

73.6

Employee benefits

43.4

39.4

46.1

Deferred tax liabilities

5.2

13.0

6.1

Total non-current liabilities

4,400.7

3,083.7

3,369.9

Trade and other payables

668.3

554.6

566.4

Provisions

93.0

58.3

60.7

Contract liabilities

433.8

207.3

198.1

Lease liabilities

1,433.6

1,668.0

1,644.7

Loans and other liabilities

58.4

48.1

48.2

Total current liabilities

2,687.1

2,536.3

2,518.1

Total liabilities

7,087.8

5,620.0

5,888.0

Total equity and liabilities

11,018.5

8,191.4

8,346.0

 

 

CONSOLIDATED INCOME STATEMENTS (Unaudited)

(U.S. dollars in millions, except per share data)

Nine months
ended September 30

Three months
ended September 30

Year ended
December 31

2024

2023

2024

2023

2023

Income from voyages and related services

6,259.8

3,956.9

2,765.2

1,273.0

5,162.2

Cost of voyages and related services

Operating expenses and cost of services

(3,381.9)

(2,922.0)

(1,167.8)

(1,008.4)

(3,885.1)

Depreciation

(824.9)

(1,212.8)

(292.1)

(417.4)

(1,449.8)

Impairment of assets

(2,034.9)

(2,034.9)

(2,034.9)

Gross profit (loss)

2,053.0

(2,212.8)

1,305.3

(2,187.7)

(2,207.6)

Other operating income

32.9

2.5

7.3

0.6

14.4

Other operating expenses

(1.7)

(32.5)

(1.1)

(22.4)

(29.3)

General and administrative expenses

(209.7)

(209.4)

(75.9)

(63.9)

(280.7)

Share of loss of associates

(4.8)

(5.2)

(0.8)

(2.3)

(7.8)

Results from operating activities

1,869.7

(2,457.4)

1,234.8

(2,275.7)

(2,511.0)

Finance income

81.0

117.7

19.8

35.6

142.2

Finance expenses

(346.5)

(338.7)

(121.6)

(101.5)

(446.7)

Net finance expenses

(265.5)

(221.0)

(101.8)

(65.9)

(304.5)

Profit (loss) before income taxes

1,604.2

(2,678.4)

1,133.0

(2,341.6)

(2,815.5)

Income taxes

(13.1)

137.1

(6.8)

71.1

127.6

Profit (loss) for the period

1,591.1

(2,541.3)

1,126.2

(2,270.5)

(2,687.9)

Attributable to:

Owners of the Company

1,586.2

(2,547.2)

1,124.6

(2,272.6)

(2,695.6)

Non-controlling interests

4.9

5.9

1.6

2.1

7.7

Profit (loss) for the period

1,591.1

(2,541.3)

1,126.2

(2,270.5)

(2,687.9)

Earnings (loss) per share (US$)

Basic earnings (loss) per 1 ordinary share

13.18

(21.19)

9.34

(18.90)

(22.42)

Diluted earnings (loss) per 1 ordinary share

13.17

(21.19)

9.34

(18.90)

(22.42)

Weighted average number of shares for earnings
(loss) per share calculation:

Basic

120,340,513

120,194,990

120,372,813

120,219,761

120,213,031

Diluted

120,463,258

120,194,990

120,475,290

120,219,761

120,213,031

 

 

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(U.S. dollars in millions)

Nine months ended
September 30

Three months ended
September 30

Year ended
December 31

2024

2023

2024

2023

2023

Cash flows from operating activities

Profit (loss) for the period

1,591.1

(2,541.3)

1,126.2

(2,270.5)

(2,687.9)

Adjustments for:

Depreciation and amortization

833.6

1,232.5

295.0

423.8

1,471.8

Impairment loss

2,063.4

2,063.4

2,063.4

Net finance expenses

265.5

221.0

101.8

65.9

304.5

Share of losses and change in fair value of investees

4.8

4.5

0.8

2.3

6.5

Capital loss (gain), net

(31.7)

3.2

(6.2)

(4.2)

(10.9)

Income taxes

13.1

(137.1)

6.8

(71.1)

(127.6)

Other non-cash items

11.9

14.2

8.9

4.5

18.9

2,688.3

860.4

1,533.3

214.1

1,038.7

Change in inventories

(29.1)

34.3

(20.7)

17.7

11.4

Change in trade and other receivables

(481.3)

237.5

(34.3)

60.6

242.7

Change in trade and other payables including contract liabilities

326.8

(76.7)

(5.0)

19.2

(95.1)

Change in provisions and employee benefits

31.9

7.0

4.6

4.1

15.9

(151.7)

202.1

(55.4)

101.6

174.9

Dividends received from associates

2.4

1.7

1.2

0.2

2.3

Interest received

64.6

113.0

24.8

25.0

133.8

Income taxes received (paid)

(3.2)

(319.4)

(6.4)

(3.3)

(329.7)

Net cash generated from operating activities

2,600.4

857.8

1,497.5

337.6

1,020.0

Cash flows from investing activities

Proceeds from sale of tangible assets, intangible assets and interest
     in investees

10.5

21.4

7.3

3.7

27.4

Acquisition and capitalized expenditures of tangible assets,
     intangible assets and interest in investees

(141.1)

(75.2)

(50.3)

(13.7)

(115.7)

Proceeds from sale (acquisition) of investment instruments, net

240.8

(609.6)

(74.3)

(26.2)

(138.2)

Loans granted to investees

(5.2)

(3.8)

(2.4)

(2.1)

(5.4)

Change in other receivables

23.3

(4.7)

7.9

9.3

3.2

Change in other investments (mainly deposits), net

(34.4)

2,002.6

(34.4)

19.9

2,005.2

Net cash generated from (used in) investing activities

93.9

1,330.7

(146.2)

(9.1)

1,776.5

Cash flows from financing activities

Repayment of lease liabilities and borrowings

(1,591.2)

(1,214.1)

(474.2)

(352.7)

(1,713.1)

Change in short term loans

10.3

(21.0)

10.3

(21.0)

Dividend paid to non-controlling interests

(4.2)

(7.5)

(0.5)

(8.9)

Dividend paid to owners of the Company

(139.6)

(769.2)

(111.9)

(769.2)

Interest paid

(342.2)

(281.5)

(120.6)

(98.8)

(380.7)

Net cash used in financing activities

(2,066.9)

(2,293.3)

(696.9)

(451.5)

(2,892.9)

Net change in cash and cash equivalents

627.4

(104.8)

654.4

(123.0)

(96.4)

Cash and cash equivalents at beginning of the period

921.5

1,022.1

889.8

1,040.3

1,022.1

Effect of exchange rate fluctuation on cash held

(0.2)

(5.2)

4.5

(5.2)

(4.2)

Cash and cash equivalents at the end of the period

1,548.7

912.1

1,548.7

912.1

921.5

 

 

RECONCILIATION OF NET INCOME TO ADJUSTED EBIT*

(U.S. dollars in millions)

Nine months ended
September 30

Three months ended
September 30

2024

2023

2024

2023

Net income (loss)

1,591

(2,541)

1,126

(2,270)

Financial expenses, net

266

221

102

66

Income taxes

13

(137)

7

(71)

Operating income (EBIT)

1,870

(2,457)

1,235

(2,276)

Capital loss (gain), beyond the ordinary
     course of business

(2)

21

(2)

0

Impairment of assets

0

2,063

0

2,063

Expenses related to legal contingencies

23

0

3

0

Adjusted EBIT

1,891

(373)

1,236

(213)

Adjusted EBIT margin

30 %

(9) %

45 %

(17) %

* The table above may contain slight summation differences due to rounding.

RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA*

(U.S. dollars in millions)

Nine months ended
September 30

Three months ended
September 30

2024

2023

2024

2023

Net income (loss)

1,591

(2,541)

1,126

(2,270)

Financial expenses, net

266

221

102

66

Income taxes

13

(137)

7

(71)

Depreciation and amortization

834

1,232

295

424

EBITDA

2,703

(1,225)

1,530

(1,852)

Capital loss (gain), beyond the ordinary
     course of business

(2)

21

(2)

0

Impairment of assets

0

2,063

0

2,063

Expenses related to legal contingencies

23

0

3

0

Adjusted EBITDA

2,725

859

1,531

211

Net income (loss) margin

25 %

(64) %

41 %

(178) %

Adjusted EBITDA margin

44 %

22 %

55 %

17 %

* 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)

Nine months ended
September 30

Three months ended
September 30

2024

2023

2024

2023

Net cash generated from operating
activities

2,600

858

1,498

338

Capital expenditures, net

(130)

(67)

(44)

(10)

Free cash flow

2,470

791

1,454

328

 

 

[1] See disclosure regarding “Use of Non-IFRS Financial Measures.”

[2] Operating income (EBIT) for the third quarter was $1.23 billion. A reconciliation to Adjusted EBIT is provided in the tables below.

[3] 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.”

[4] Net loss for the third quarter of 2023 was primarily driven by a non-cash impairment loss of $2.06 billion.

[5] The number of shares used to calculate the diluted earnings per share is 120,475,290. The number of outstanding shares as of September 30, 2024 was 120,389,157.

 

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SOURCE Zim Integrated Shipping Services Ltd.

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Topband and Ecosolex Make Debut at Solartech Indonesia 2025: Full-Stack Innovation Powers a New Energy Future in Southeast Asia

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April 25, 2025

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JAKARTA, Indonesia, April 25, 2025 /PRNewswire/ — Topband Co., Ltd. (Stock Code: 002139.SZ), together with its sub-brand Ecosolex, made a high-profile debut at Solartech Indonesia 2025, one of Southeast Asia’s largest and most influential renewable energy exhibitions. Under the theme “Full-Stack Innovation for a Smarter Energy Future,” Topband showcased its comprehensive energy solutions designed for both residential and commercial-industrial applications.

As a key platform in Southeast Asia’s energy transition, the exhibition drew widespread attention from global energy companies, government agencies, and industry experts. Backed by its robust capabilities in energy storage, Topband presented its signature “One Core, One Cloud, 3S” full-stack technology ecosystem—including self-developed battery cells, BMS, PCS, EMS, and a proprietary cloud platform. From cell to complete system, this vertically integrated approach demonstrated Topband’s end-to-end innovation capabilities. Combined with its ongoing localization strategy, the company quickly became a focal point at the event, securing multiple partnership intentions and underscoring its leadership in the new energy sector.

Full-Stack Technology for High-Value Energy Scenarios

At the exhibition, Topband emphasized its vertically integrated “component-to-system” development path by unveiling a series of tailored solutions for diverse use cases across the residential and commercial-industrial segments. Designed with the high heat, humidity, and grid instability of Southeast Asia in mind, Topband introduced its 215kWh and 100kWh C&I liquid-cooled energy storage cabinets. These systems, equipped with high-performance battery cells and advanced fire safety mechanisms, are well-suited for factories, shopping centers, hotels, and industrial parks—offering stable, 24/7 power supply.

Topband also showcased its 50kW and 100kW three-phase PV inverters, which deliver peak conversion efficiencies of up to 98.6%. These units are optimized for compatibility with a variety of PV modules and grid characteristics specific to Indonesia, enabling users to significantly reduce levelized cost of electricity (LCOE).

In the EV charging segment, Topband introduced its 60kW DC fast-charging solution, supporting dual-vehicle charging and real-time dynamic power allocation. With IP54 protection and an operating temperature range from -20°C to 50°C, it is engineered for outdoor reliability. OCPP protocol support allows seamless integration with customer cloud platforms, providing an efficient energy replenishment solution for electric commercial fleets and public charging infrastructure.

Localized Innovation to Support Indonesia’s Energy Transition

During the concurrent high-level forum, Riko Sugiyanto, Country Manager of Topband Indonesia, delivered a keynote titled “Trends in Energy Storage Battery Technology and Applications in Southeast Asia.” He emphasized the importance of safety and efficiency in storage systems, especially under Indonesia’s unique climate and geographical conditions. Riko highlighted Topband’s commitment to understanding the practical needs of local C&I energy users and offering adaptable solutions, such as modular system design, to respond rapidly to real project demands.

Drawing on years of global market experience and a responsive customer service framework, Topband is rapidly building a localized service and support network across Indonesia. This includes technical assistance, operations, and maintenance—ensuring quick response times and reliable aftersales care. These initiatives are in strong alignment with Indonesia’s national sustainability goals, including its “Net Zero Emission by 2060” commitment and the “Program Kepulauan Surya”（”Solar Archipelago”）development vision.

Driving Southeast Asia’s Energy Transformation

With its full-stack R&D capabilities and deep adaptation to local market needs, Topband is taking firm steps to participate in the transformation of Southeast Asia’s energy landscape. The company is playing a key role in accelerating the region’s transition to clean power—injecting long-term momentum into global sustainable energy development.

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SOURCE TOPBAND

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2025 Belt and Road Creativity and Sustainable Development Seminar Held in Beijing

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April 25, 2025

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BEIJING, April 25, 2025 /PRNewswire/ — A news report from CRI Online:

On April 20, the 2025 Belt and Road Creativity and Sustainable Development Seminar was held in Beijing. It was co-hosted by the International Center for Creativity and Sustainable Development (ICCSD), and the School of International and Public Affairs at Jilin University, and supported by ZGC Science Fiction Industry Innovation Center, and Beijing City of Design Development Co., Ltd. The Seminar was attended by 16 officials from foreign ministries, television stations, education ministries, and other departments of 11 countries, such as the Federal Democratic Republic of Ethiopia, the United Republic of Tanzania, the Republic of Kenya, the Republic of Ghana, the Togolese Republic, and the Republic of Sierra Leone.

Lecture was given by Yang Baozhen, Member of the Advisory Committee of ICCSD, International Expert Committee Member of the China Association for Small & Medium Commercial Enterprises (CASMCE), and former consul of the Chinese Embassy in France

Yang Baozhen, guest speaker of the Seminar, gave a lecture revolving around “China’s Implementation of the U.N.’s 2030 Agenda for Sustainable Development.” She introduced China’s methods, approaches and practical cases of poverty alleviation in detail from different aspects, such as economic initiatives, policies and mechanisms, public wellbeing, and fairness in education. Her speech vividly presented the core concept and values of Chinese modernization. Meanwhile, the lecture focused on the cooperation between China and Africa, sharing the fruitful achievements made by the two sides in infrastructure building, agricultural development, and medical assistance. In addition, Yang Baozhen called for enhanced international cooperation among different countries, so as to jointly help realize the U.N. Sustainable Development Goals (SDGs).

The African officials highly recognized China’s experience in poverty relief, and were amazed by the country’s enormous achievements in the field. They believed that China not only reminds the world of the importance and feasibility of poverty reduction, but also shares its courage and experience. In their view, China’s valuable experience in poverty alleviation has inspired new strategies for tackling poverty worldwide. They also praised China fulfilling its responsibility to promote global development as a responsible major country, and contributing to the common prosperity of the world. The officials emphasized China’s sustainable strategic planning in which continuous efforts have been put into poverty relief, and they thought that is inspiring. Some of them hoped they could learn from China’s experience in light of their respective national conditions, so as to help develop their countries.

In the afternoon, the officials went on a field trip to the Shougang Park. They visited the “RE International Center for Digital Creativity.” The Center is a digital museum-like institution displaying cultural heritage based on the transformation of the Park’s industrial relics. Using technologies like holography, digital sound field control, and extended reality (XR), it transforms the former industrial silo into a cool time machine. The officials marveled at exhibitions—the Infinite Iron City and Return to the Old Summer Palace, embracing the past and present of the Shougang Park and the splendid Summer Palace in fascinating lights and shadows.

International officials visited an exhibition named Return to the Old Summer Palace

Rumbidzai Mwalilino, a Malawian official, spoke highly of the Shougang Park using technology to conserve cultural heritage. For her, the Park reproduces historical scenes through virtual reality (VR), and artificial intelligence (AI), creating a more vivid format to communicate cultural heritage and a lively and appreciable carrier of cultural memories for the young generation. She said that inspires cultural inheritance and protection in the digital era.

International officials experienced an exhibition named “Huanju – Multiverse Immersive Sci-Fi Exhibition”

As technological waves emerge, the deep integration of culture and technology leads to the creation of innovation and changes. New cultural sectors are appearing, with the cultural industry chain continuously extending. The sci-fi industry is booming, causing cutting-edge technology such as VR, augmented reality (AR), and AI to change the way we interact with the digital world. In the metaverse digital experience complex at Shougang Park, the delegation of officials experienced an exhibition named “Huanju – Multiverse Immersive Sci-Fi Exhibition.” From Dinosaur Crisis to Rhythm Agent and Star Trek, seven sci-fi planets provided the officials with a cyber sci-fi show, leading them into a magnificent and wonderful sci-fi world.

Koroma Mark Thaimu, an official from the Republic of Sierra Leone, pointed out that China has always attached great importance to cultural inheritance while promoting the digital transformation, and has protected its unique culture and infused development with long-lasting vitality by embedding local culture into technological innovation. He planned to bring China’s experience in integrating technology and culture to Africa, hoping to harness technological innovation to support the preservation and continued development of cultural heritage.

It is said that the Seminar focuses on core topics, such as creative design, technological innovation, urban renewal and green transformation. Through special lectures, case discussion, and immersive field research, it shares China’s exploration and experience in creativity and sustainable development with officials from countries of the Belt and Road Initiative (BRI) and other relevant nations. This program builds a platform for mutual learning among civilizations based on creative endowment. It shares China’s sustainable development pattern that incorporates traditions into modern technology, and encourages officials to develop adaptable solutions according to their respective national conditions, so as to help achieve the global SDGs.

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SOURCE CRIOnline

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Cross-Border Collaboration Ignites Interactive Frenzy! Jackaroo King Teams Up with Middle East Top Influencer Duo Ali & Ziyad for Live Streaming Extravaganza

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58 minutes ago

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April 25, 2025

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RIYADH, Saudi Arabia, April 25, 2025 /PRNewswire/ — On April 2nd at 19:00 GMT+3, Jackaroo King—a premium product steadfast in preserving the essence of the original Jackaroo gameplay—joined forces with the Middle East’s wildly popular influencer duo علي وزياد  to host a laughter-filled, surprise-packed cross-border livestream event. Titled “Humor Without Borders, Interactive Carnival,” the livestream captivated global audiences with immersive entertainment experiences through customized virtual gifts, talent showcases, gaming challenges, and player award ceremonies, reaffirming Jackaroo King’s leadership in pioneering interactive innovation.

As one of the Middle East’s most influential influencer duos, علي وزياد has amassed over 7.75 million fans across TikTok, Snapchat, YouTube, and other platforms, thanks to their signature humor and relatable creative content. During the livestream, the duo seamlessly blended their comedic flair with Jackaroo King’s highly interactive DNA.

This collaboration between Jackaroo King and علي وزياد exemplifies a powerful alliance between brand and influencer, delivering not only a visual spectacle but also setting a new benchmark for cross-industry partnerships. Jackaroo King’s Middle East Market Director commented: “Partnering with علي وزياد transcends mere traffic synergy—it’s cultural resonance. By leveraging humor as a ‘soft touchpoint,’ we aim to showcase the brand’s innovative spirit and social value to our users.”

Rooted in the classic Jackaroo gameplay yet reimagined for the digital age, Jackaroo King has emerged as a Middle East phenomenon by prioritizing “authentic gameplay + innovative social experiences” to build an immersive social gaming ecosystem for Gen-Z. Guided by its three core strategies—”digitally redefining classic rules,””expanding real-time interactive scenarios,” and “cross-border content co-creation”—the app continues to amplify its global influence.

With a mission to “Bring Joy and Friends to Young People Around the World” and a vision to “Bring People Together Through Games, Leading the Trend of Global Online Social Entertainment,” Jackaroo King—a product deeply rooted in tradition yet boldly innovative—is redefining how the next generation socializes and plays.

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