ZIM posts Q3 2019 results
Confronted with this challenging business environment, ZIM continued to record improvements and to expand its global network to its customers, the company said in its release.
In September 2018, the Company launched its strategic operational cooperation with the “2M” Alliance (Maersk and MSC), in several lines between Asia and the US East-Coast. During the first nine months of 2019 the cooperation was expanded in three additional trades: Asia - East Mediterranean, Asia - American Pacific Northwest and the Asia - US Gulf. Theses cooperation agreements enable ZIM to provide its customers with improved product portfolio, larger port coverage and better transit time, while generating cost efficiencies.
Financial and Operating Highlights for the Three Months Ended September 30, 2019
Total revenues were $842.0 million compared to $840.7 million in Q3 2018, a 0.2% increase
ZIM carried 725 thousand TEUs compared to 730 thousand TEUs in Q3 2018, a 0.7% decrease
The average freight rate per TEU was $1,009 compared to $1,006 in Q3 2018, a 0.3% increase
Adjusted EBITDA was $106.8 million compared to $49.8 million in Q3 2018
EBITDA was $115.0 million compared to $45.2 million in Q3 2018
Adjusted EBIT was $40.8 million compared to $21.7 million in Q3 2018
EBIT was $45.6 million compared to $17.1 million in Q3 2018
Adjusted net profit was $3.7 million compared to $1.4 million in Q3 2018
Net profit was $5.0 million compared to net loss of $6.6 million in Q3 2018
Operating cash flow was $157.5 million compared to $54.1 million in Q3 2018
Financial and Operating Highlights for the Nine Months Ended September 30, 2019
Total revenues were $2,472.5 million compared to $2,395.3 million in 1-9 2018, a 3.2% increase
ZIM carried 2,124 thousand TEUs compared to 2,200 thousand TEUs in 1-9 2018, a 3.5% decrease
The average freight rate per TEU was $1,007 compared to $950 in 1-9 2018, a 6.0% increase
Adjusted EBITDA was $270.5 million compared to $101.7 million in 1-9 2018
EBITDA was $285.0 million compared to $82.7 million in 1-9 2018
Adjusted EBIT was $101.5 million compared to $18.4 million in 1-9 2018
EBIT was $108.4 million compared to negative EBIT of $0.6 million in 1-9 2018
Adjusted net loss was $10.8 million compared to adjusted net loss of $45.3 million in 1-9 2018
Net loss was $14.2 million compared to net loss of $73.9 million in 1-9 2018
Operating cash flow was $281.3 million compared to $164.6 million in 1-9 2018
NOTE:As from January 1, 2019 the Company applies IFRS 16 (Leases), resulting in a reduction in the Company’s lease expenses, along with an increase in its depreciation expenses and interest expenses. Accordingly, the comparability of results in prior periods is limited. In addition, as from January 1, 2019 the Company includes its share of profit of associates as part of its Results from operating activities (EBIT), in all reported periods.
