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ZIM Reports Financial Results for the Second Quarter of 2024; Raising Full Year 2024 Guidance

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Reported Revenues of $1.93 Billion, Net Income of $373 Million, Adjusted EBITDA1 of $766 Million and Adjusted EBIT of $488 Million2; Achieved Adjusted EBITDA and Adjusted EBIT Margins of 40% and 25%, Respectively

Achieved 11% Volume Growth with Record Carried Volume of 952 Thousand TEUs

Increased Full Year 2024 Guidance to Adjusted EBITDA of $2.6 Billion to $3.0 Billion and Adjusted EBIT of $1.45 Billion to $1.85 Billion3

Declared Dividend of $112 million, or $0.93 per Share

HAIFA, Israel, Aug. 19, 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 six months ended June 30, 2024.

Second Quarter 2024 Highlights

Net income for the second quarter was $373 million (compared to a net loss of $213 million in the second quarter of 2023), or diluted earnings per share of $3.084 (compared to diluted loss per share of $1.79 in the second quarter of 2023).
Adjusted EBITDA1 for the second quarter was $766 million, a year-over-year increase of 179%.
Operating income (EBIT) for the second quarter was $468 million, compared to operating loss of $168 million in the second quarter of 2023.
Adjusted EBIT1 for the second quarter was $488 million, compared to Adjusted EBIT loss of $147 million in the second quarter of 2023.
Total revenues for the second quarter were $1,933 million, a year-over-year increase of 48%.
Carried volume in the second quarter was 952 thousand TEUs, a year-over-year increase of 11%.
Average freight rate per TEU in the second quarter was $1,674, a year-over-year increase of 40%.
Net debt1 of $3.25 billion as of June 30, 2024, compared to $2.31 billion as of December 31, 2023; net leverage ratio1 of 2.0x at June 30, 2024, compared to 2.2x as of December 31, 2023.

Eli Glickman, ZIM President & CEO, stated, “We are pleased with our strong second quarter performance, highlighted by outstanding strategic execution that led to record high carried volume, representing 11% growth year-over-year. The steps we have taken to upscale our capacity and enhance our cost structure continued to drive strong financial results. We generated net income of $373 million, as we drew on our differentiated strategy and agility while capitalizing on sustained market strength. Aligned with our prioritization of returning capital to shareholders, we declared a dividend of $0.93 per share, or $112 million, representing 30% of second quarter net income.”

Mr. Glickman added, “During the quarter, we benefitted from ZIM’s strategic decision to increase the Company’s spot market exposure in the Transpacific trade. This has enabled us to capture significant upside in a rate environment that has been elevated for longer than anticipated. We expect our results in the second half of 2024 to be better than in the first half of the year, driven by continued supply pressure from the Red Sea crisis, combined with current favorable demand trends. As a result, we have significantly increased our full year 2024 guidance and today forecast full year Adjusted EBITDA between $2.6 billion and $3.0 billion and Adjusted EBIT between $1.45 billion and $1.85 billion.”

Mr. Glickman concluded, “While market fundamentals still signal supply growth significantly outpacing demand, we are confident that we have built a resilient business with a transformed fleet. By year’s end, our ongoing newbuild program will be complete, as we receive delivery of the remaining eight out of 46 modern, fuel-efficient containerships that we secured, including 28 LNG-powered vessels. We are on track to achieve our double-digit volume growth target in 2024 and well positioned to drive profitable growth ahead.”

 

Summary of Key Financial and Operational Results

 

Q2-24

       Q2-23    

      H1-24    

     H1-23    

Carried volume (K-TEUs)…………………………..

952

860

1,799

1,629

Average freight rate ($/TEU)………………………

1,674

1,193

1,569

1,286

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

1,933

1,310

3,495

2,684

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

468

(168)

635

(182)

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

375

(272)

471

(337)

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

373

(213)

465

(271)

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

766

275

1,193

648

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

488

(147)

655

(160)

Net income (loss) margin (%)……………………..

19

(16)

13

(10)

Adjusted EBITDA margin (%)……………………..

40

21

34

24

Adjusted EBIT margin (%)………………………….

25

(11)

19

(6)

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

3.08

(1.79)

3.83

(2.29)

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

777

347

1,103

520

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

712

321

1,015

463

 
 
 
 
 
 

JUN-30-24

DEC-31-23

 
 

Net debt1 ($ in millions)……………………………..

3,245

2,309

 
 

 

Financial and Operating Results for the Second Quarter Ended June 30, 2024
Total revenues were $1.93 billion for the second quarter of 2024, compared to $1.31 billion for the second quarter of 2023, mainly driven by the increase in freight rates and carried volume.

ZIM carried 952 thousand TEUs in the second quarter of 2024, compared to 860 thousand TEUs in the second quarter of 2023. The average freight rate per TEU was $1,674 for the second quarter of 2024, compared to $1,193 for the second quarter of 2023.

Operating income (EBIT) for the second quarter of 2024 was $468 million, compared to operating loss of $168 million for the second quarter of 2023. The increase was driven primarily by the above-mentioned increase in revenues.

Net income for the second quarter of 2024 was $373 million, compared to net loss of $213 million for the second quarter of 2023, also mainly driven by the above-mentioned increase in revenues.

Adjusted EBITDA for the second quarter of 2024 was $766 million, compared to $275 million for the second quarter of 2023. Adjusted EBIT was $488 million for the second quarter of 2024, compared to Adjusted EBIT loss of $147 million for the second quarter of 2023. Adjusted EBITDA and Adjusted EBIT margins for the second quarter of 2024 were 40% and 25%, respectively. This compares to 21% and -11% for the second quarter of 2023, respectively.

Net cash generated from operating activities was $777 million for the second quarter of 2024, compared to $347 million for the second quarter of 2023.

Financial and Operating Results for the Six Months Ended June 30, 2024
Total revenues were $3.49 billion for the first half of 2024, compared to $2.68 billion for the first half of 2023, primarily driven by both an increase in freight rates and carried volume.

ZIM carried 1,799 thousand TEUs in the first half of 2024, compared to 1,629 thousand TEUs in the first half of 2023. The average freight rate per TEU was $1,569 for the first half of 2024, compared to $1,286 for the first half of 2023.

Operating income (EBIT) for the first half of 2024 was $635 million, compared to operating loss of $182 million for the first half of 2023. The increase in operating income for the first half of 2024 was primarily driven by the above-mentioned increase in revenues.

Net income for the first half of 2024 was $465 million, compared to net loss of $271 million for the first half of 2023, also mainly driven by the above-mentioned increase in revenues.

Adjusted EBITDA was $1,193 million for the first half of 2024, compared to $648 million for the first half of 2023. Adjusted EBIT was $655 million for the first half of 2024, compared to Adjusted EBIT loss of $160 million for the first half of 2023. Adjusted EBITDA and Adjusted EBIT margins for the first half of 2024 were 34% and 19%, respectively. This compares to 24% and -6% for the first half of 2023.

Net cash generated from operating activities was $1,103 million for the first half of 2024, compared to $520 million for the first half of 2023.

Liquidity, Cash Flows and Capital Allocation
ZIM’s total cash position (which includes cash and cash equivalents and investments in bank deposits and other investment instruments) decreased by $351 million from $2.69 billion as of December 31, 2023 to $2.34 billion as of June 30, 2024. Capital expenditures totaled $66 million for the second quarter of 2024, compared to $26 million for the second quarter of 2023. Net debt position as of June 30, 2024 was $3.25 billion, compared to $2.31 billion, as of December 31, 2023, an increase of $936 million. ZIM’s net leverage ratio as of June 30, 2024, was 2.0x, compared to 2.2x as of December 31, 2023.

Second Quarter 2024 Dividend
In accordance with the Company’s dividend policy, the Company’s Board of Directors declared a cash dividend of approximately $112 million, or $0.93 per ordinary share, reflecting approximately 30% of second quarter 2024 net income. The dividend will be paid on September 5, 2024, to holders of ZIM ordinary shares as of August 29, 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 $2.6 billion and $3.0 billion and Adjusted EBIT between $1.45 billion and $1.85 billion. Previously, the Company expected to generate Adjusted EBITDA between $1.15 billion and $1.55 billion and Adjusted EBIT between zero and $400 million.

Conference Call Details
Management will host a conference call and webcast (along with a slide presentation) to review the results and provide a corporate update today at 8:00 AM ET.

To access the live conference call by telephone, please dial the following numbers: United States (toll free) +1-800-715-9871 or +1-646-307-1963; Israel +972-3-376-1144 or UK/international +44-20-3481-4247, and reference conference ID: 3054682 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
shats.avner@zim.com

 

CONSOLIDATED BALANCE SHEET (Unaudited)

(U.S. dollars in millions)

 

            June 30         

December 31

 

2024

2023

2023

 
 
 
 

Assets

 
 
 

Vessels

4,917.2

5,005.4

3,758.9

Containers and handling equipment

906.7

1,209.8

792.9

Other tangible assets

91.8

124.3

85.2

Intangible assets

105.7

98.1

102.0

Investments in associates 

28.4

29.3

26.4

Other investments

772.0

1,354.2

908.7

Other receivables

76.6

111.6

97.9

Deferred tax assets

2.5

2.5

2.6

Total non-current assets

6,900.9

7,935.2

5,774.6

 
 
 
 

Inventories

187.7

174.1

179.3

Trade and other receivables

1,030.9

671.0

596.5

Other investments

699.1

863.0

874.1

Cash and cash equivalents

889.8

1,040.3

921.5

Total current assets

2,807.5

2,748.4

2,571.4

Total assets

9,708.4

10,683.6

8,346.0

 
 
 
 

Equity

 
 
 

Share capital and reserves

2,016.7

1,994.8

2,017.5

Retained earnings

872.4

2,858.3

437.2

Equity attributable to owners of the Company

2,889.1

4,853.1

2,454.7

Non-controlling interests

2.4

2.0

3.3

Total equity

2,891.5

4,855.1

2,458.0

 
 
 
 

Liabilities

 
 
 

Lease liabilities

4,000.1

3,230.4

3,244.1

Loans and other liabilities

65.2

83.0

73.6

Employee benefits

42.5

42.4

46.1

Deferred tax liabilities

5.7

79.0

6.1

Total non-current liabilities

4,113.5

3,434.8

3,369.9

 
 
 
 

Trade and other payables

610.3

561.8

566.4

Provisions

87.9

53.4

60.7

Contract liabilities

475.1

208.4

198.1

Lease liabilities

1,481.9

1,522.1

1,644.7

Loans and other liabilities

48.2

48.0

48.2

Total current liabilities

2,703.4

2,393.7

2,518.1

Total liabilities

6,816.9

5,828.5

5,888.0

Total equity and liabilities

9,708.4

10,683.6

8,346.0

 

 

CONSOLIDATED INCOME STATEMENTS (Unaudited)

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

 

Six months
ended June 30

Three months
ended June 30

Year ended
December 31

 

2024

2023

2024

2023

2023

 
 
 
 
 
 

Income from voyages and related services

3,494.6

2,683.9

1,932.6

1,309.6

5,162.2

Cost of voyages and related services

 
 
 
 
 

Operating expenses and cost of services

(2,214.1)

(1,913.6)

(1,133.3)

(973.9)

(3,885.1)

Depreciation

(532.8)

(795.4)

(275.1)

(414.9)

(1,449.8)

Impairment of assets

 
 
 
 

(2,034.9)

Gross profit (loss)

747.7

(25.1)

524.2

(79.2)

(2,207.6)

 
 
 
 
 
 

Other operating income

25.6

1.9

19.6

(8.2)

14.4

Other operating expenses

(0.6)

(10.1)

(0.6)

(6.5)

(29.3)

General and administrative expenses

(133.8)

(145.5)

(73.0)

(71.4)

(280.7)

Share of loss of associates

(4.0)

(2.9)

(1.9)

(2.5)

(7.8)

 
 
 
 
 
 

Results from operating activities 

634.9

(181.7)

468.3

(167.8)

(2,511.0)

 
 
 
 
 
 

Finance income

61.2

82.1

22.5

37.7

142.2

Finance expenses

(224.9)

(237.2)

(115.9)

(142.0)

(446.7)

 

Net finance expenses

(163.7)

(155.1)

(93.4)

(104.3)

(304.5)

 
 
 
 
 
 

Profit (loss) before income taxes

471.2

(336.8)

374.9

(272.1)

(2,815.5)

 
 
 
 
 
 

Income taxes

(6.3)

66.0

(2.1)

59.4

127.6

 

Profit (loss) for the period

464.9

(270.8)

372.8

(212.7)

(2,687.9)

 
 
 
 
 
 

Attributable to:

 
 
 
 
 

Owners of the Company

461.6

(274.6)

371.3

(215.1)

(2,695.6)

Non-controlling interests

3.3

3.8

1.5

2.4

7.7

Profit (loss) for the period

464.9

(270.8)

372.8

(212.7)

(2,687.9)

 
 
 
 
 
 

Earnings (loss) per share (US$)

 
 
 
 
 

Basic earnings (loss) per 1 ordinary share

3.84

(2.29)

3.08

(1.79)

(22.42)

Diluted earnings (loss) per 1 ordinary share

3.83

(2.29)

3.08

(1.79)

(22.42)

 

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

 
 
 
 
 

Basic

120,324,186

120,182,399

120,341,086

120,195,365

120,213,031

Diluted

120,454,311

120,182,399

120,456,342

120,195,365

120,213,031

 

 

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(U.S. dollars in millions)

 

Six months ended
June 30

Three months ended
June 30

Year ended
December 31

 

2024

2023

2024

2023

2023

Cash flows from operating activities

 
 
 
 
 

Profit (loss) for the period

464.9

(270.8)

372.8

(212.7)

(2,687.9)

Adjustments for:

 
 
 
 
 

Depreciation and amortization

538.6

808.7

278.0

421.5

1,471.8

Impairment loss

 
 
 
 

2,063.4

Net finance expenses 

163.7

155.1

93.4

104.3

304.5

Share of losses and change in fair value of investees

4.0

2.2

1.9

1.8

6.5

Capital loss (gain), net

(25.5)

7.4

(19.5)

17.2

(10.9)

Income taxes

6.3

(66.0)

2.1

(59.4)

(127.6)

Other non-cash items

3.0

9.7

1.5

3.4

18.9

 

1,155.0

646.3

730.2

276.1

1,038.7

 
 
 
 
 
 

Change in inventories

(8.4)

16.6

9.6

15.0

11.4

Change in trade and other receivables

(447.0)

176.9

(210.8)

33.7

242.7

Change in trade and other payables including contract liabilities

331.8

(95.9)

198.5

(4.2)

(95.1)

Change in provisions and employee benefits

27.3

2.9

24.1

1.5

15.9

 

(96.3)

100.5

21.4

46.0

174.9

 
 
 
 
 
 

Dividends received from associates

1.2

1.5

 

1.4

2.3

Interest received

39.8

88.0

17.8

38.5

133.8

Income taxes received (paid)

3.2

(316.1)

7.4

(15.4)

(329.7)

 
 
 
 
 
 

Net cash generated from operating activities

1,102.9

520.2

776.8

346.6

1,020.0

 
 
 
 
 
 

Cash flows from investing activities

 
 
 
 
 

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

3.2

17.7

1.7

5.5

27.4

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

(90.8)

(61.5)

(66.4)

(25.6)

(115.7)

Proceeds from sale (acquisition) of investment instruments, net

315.1

(583.4)

116.1

(422.3)

(138.2)

Loans granted to investees

(2.8)

(1.7)

(1.6)

 

(5.4)

Change in other receivables

15.4

(14.0)

7.7

(5.8)

3.2

Change in other investments (mainly deposits), net

 

1,982.7

(1.1)

581.8

2,005.2

Net cash generated from investing activities

240.1

1,339.8

56.4

133.6

1,776.5

Cash flows from financing activities

 
 
 
 
 

Repayment of lease liabilities and borrowings

(1,117.0)

(861.4)

(480.3)

(466.4)

(1,713.1)

Change in short term loans

 

(21.0)

 
 

(21.0)

Dividend paid to non-controlling interests

(3.7)

(7.5)

(3.3)

(0.6)

(8.9)

Dividend paid to owners of the Company

(27.7)

(769.2)

(27.7)

(769.2)

(769.2)

Interest paid

(221.6)

(182.7)

(117.9)

(95.9)

(380.7)

Net cash used in financing activities

(1,370.0)

(1,841.8)

(629.2)

(1,332.1)

(2,892.9)

 
 
 
 
 
 

Net change in cash and cash equivalents

(27.0)

18.2

204.0

(851.9)

(96.4)

Cash and cash equivalents at beginning of the period

921.5

1,022.1

687.9

1,892.6

1,022.1

Effect of exchange rate fluctuation on cash held

(4.7)

0.0

(2.1)

(0.4)

(4.2)

Cash and cash equivalents at the end of the period

889.8

1,040.3

889.8

1,040.3

921.5

 

RECONCILIATION OF NET INCOME TO ADJUSTED EBIT*

(U.S. dollars in millions)

 

Six months ended

 

Three months ended

June 30

 

June 30

 

2024

 

2023

 

2024

 

2023

 
 
 
 
 
 
 
 

Net income (loss)

465

 

(271)

 

373

 

(213)

Financial expenses, net

164

 

155

 

93

 

104

Income taxes

6

 

(66)

 

2

 

(59)

Operating income (EBIT) 

635

 

(182)

 

468

 

(168)

Non-cash charter hire expenses

0

 

1

 

0

 

0

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

0

 

21

 

0

 

0

Expenses related to legal contingencies 

20

 

0

 

20

 

0

Adjusted EBIT

655

 

(160)

 

488

 

(147)

Adjusted EBIT margin

19 %

 

(6) %

 

25 %

 

(11) %


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

 
 
 
 
 
 
 
 
 
 
 
 
 

RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA*

(U.S. dollars in millions)

 

Six months ended

 

Three months ended

June 30

 

June 30

 

2024

 

2023

 

2024

 

2023

 
 
 
 
 
 
 
 

Net income (loss)

465

 

(271)

 

373

 

(213)

Financial expenses, net

164

 

155

 

93

 

104

Income taxes

6

 

(66)

 

2

 

(59)

Depreciation and amortization

539

 

809

 

278

 

422

EBITDA

1,173

 

627

 

746

 

254

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

0

 

21

 

0

 

21

Expenses related to legal contingencies

20

 

0

 

20

 

0

Adjusted EBITDA

1,193

 

648

 

766

 

275

Net income (loss) margin 

13 %

 

(10) %

 

19 %

 

(16) %

Adjusted EBITDA margin

34 %

 

24 %

 

40 %

 

21 %


* 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)

 

Six months ended

 

Three months ended

June 30

 

June 30

 

2024

 

2023

 

2024

 

2023

 
 
 
 
 
 
 
 

Net cash generated from operating activities

1,103

 

520

 

777

 

347

Capital expenditures, net 

(88)

 

(57)

 

(65)

 

(26)

Free cash flow

1,015

 

463

 

712

 

321

 
 
 
 
 
 
 
 

 

See disclosure regarding “Use of Non-IFRS Financial Measures.”
Operating income (EBIT) for the second quarter was $468 million. A reconciliation to Adjusted EBIT is provided in the tables below.
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.”
The number of shares used to calculate the diluted earnings per share is 120,456,342. The number of outstanding shares as of June 30, 2024 was 120,354,980.

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View original content:https://www.prnewswire.com/news-releases/zim-reports-financial-results-for-the-second-quarter-of-2024-raising-full-year-2024-guidance-302225247.html

SOURCE ZIM Integrated Shipping Services Ltd.

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Best Accounting Software for Medium-Sized Business UK (2026): QuickBooks Advanced Recognised as a Scalable Finance Platform for UK Mid-Market Businesses by Consumer365

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NEW YORK, May 9, 2026 /PRNewswire/ — As demand for scalable financial tools grows, attention is shifting towards the best accounting software for medium-sized businesses in the UK in 2026, as organisations face increasingly complex accounting requirements. Consumer365 has recognised QuickBooks as a cloud-based platform supporting more structured financial management, reflecting a wider focus on improving automation, visibility, and compliance readiness.

Best Accounting Software for Medium-Sized Business UK

QuickBooks – developed as a cloud-based accounting platform, it enables medium-sized businesses to manage financial operations, automate core accounting processes, and maintain compliance with UK regulatory requirements.

Growing Demand for Scalable Financial Systems in the UK Mid-Market

Medium-sized businesses in the UK are operating in an environment where financial management is becoming increasingly complex. Growth introduces additional reporting layers, heightened regulatory expectations, and the need for consistent financial oversight across departments.

Traditional accounting methods are often no longer sufficient under these conditions. Spreadsheet-based systems and entry-level tools can struggle to deliver accurate, timely insights. This creates visibility gaps that can impact planning and decision-making.

QuickBooks has been identified within this context as a platform designed to support more structured financial management. Its positioning reflects a broader shift towards systems that centralise financial data and reduce fragmentation across business operations.

QuickBooks Positioned as a Scalable Financial Platform

QuickBooks operates as a cloud-based accounting system developed by Intuit. It is designed to support businesses that require more than basic bookkeeping functionality, focusing on helping organisations manage financial processes in a more connected and scalable way.

A key aspect of its design is the ability to consolidate financial information within a single system. This allows businesses to manage invoicing, expenses, reporting, and cash flow tracking without relying on multiple disconnected tools.

The platform is also structured to support growth. As businesses expand, financial operations often become more distributed across teams. QuickBooks enables multiple users to work within the same system while maintaining structured access controls, helping ensure consistency and oversight as complexity increases.

Financial Visibility, Automation, and Operational Control

One of the central functions of QuickBooks is improving financial visibility across business operations. Real-time data access allows organisations to monitor cash flow, expenses, and overall financial performance without waiting for end-of-period reporting cycles.

Automation plays a significant role in reducing manual workload. Financial processes such as invoicing, transaction categorisation, and expense tracking can be streamlined, reducing reliance on repetitive manual input and supporting more consistent financial records.

Operational control is reinforced through structured user permissions. Businesses can assign access levels based on roles, ensuring financial data is managed securely while still enabling collaboration across departments. This structure is particularly relevant for medium-sized organisations where multiple teams interact with financial systems.

Integration, Compliance, and System Connectivity

QuickBooks is designed to integrate with a range of business tools commonly used by UK organisations. These include payroll systems, customer relationship management platforms, and other operational software. This level of connectivity helps ensure that financial data remains consistent across systems.

Compliance is also a core part of the platform’s structure. UK businesses must meet specific regulatory requirements, including VAT reporting and Making Tax Digital standards. QuickBooks includes features that support these obligations within the system, reducing the need for manual compliance processes.

By aligning financial reporting with regulatory standards, the platform helps organisations maintain accurate records while reducing the administrative burden associated with tax and compliance requirements.

Operational Impact and Long-Term Financial Structure

As businesses grow, financial systems often become central to overall operational structure. Decisions related to hiring, investment, and expansion rely on access to accurate and timely financial data. Systems that lack integration or real-time visibility can slow decision-making and introduce inefficiencies.

QuickBooks supports a more structured approach by centralising financial information. This reduces fragmentation and helps ensure consistency across the organisation. It also supports continuity, minimising the need for frequent system changes as businesses scale.

The platform is designed to adapt to increasing complexity over time. As transaction volumes grow and reporting requirements expand, it remains stable while accommodating additional users and workflows.

This approach aligns with the needs of medium-sized businesses transitioning from smaller-scale operations to more advanced financial environments.

Market Context and Financial Management Trends

The recognition of QuickBooks reflects broader developments in financial technology adoption among UK medium-sized businesses. Organisations are increasingly prioritising systems that improve efficiency while reducing operational complexity.

Financial management is no longer limited to recordkeeping. It has become a core business function that influences strategic planning and overall performance. As a result, platforms that provide integrated financial oversight are becoming more relevant across a wide range of industries.

QuickBooks fits within this shift by offering a system that combines core accounting functionality with workflow automation and reporting capabilities. This supports businesses that require both day-to-day financial management and longer-term planning tools.

The emphasis on scalability also reflects changing expectations in the mid-market sector. Businesses are seeking platforms that can grow with them, rather than systems that need to be replaced as operational requirements evolve.

Conclusion

Consumer365 has recognised QuickBooks as a relevant financial platform for medium-sized businesses operating in the UK in 2026. The recognition highlights its focus on scalability, financial visibility, and structured operational control.

The platform is positioned to support organisations as they move beyond basic accounting systems and adopt more integrated financial management structures. Its emphasis on automation, compliance support, and system connectivity aligns with the operational needs of growing businesses.

As financial complexity continues to increase across the mid-market sector, tools that centralise financial data and support real-time decision-making are becoming more widely adopted. QuickBooks represents one of the platforms contributing to this shift towards more structured financial management approaches.

To read the full review, please visit the Consumer365 website.

About Intuit

Intuit is the global financial technology platform that powers prosperity for the people and communities we serve. With approximately 100 million customers worldwide using products such as TurboTax, Credit Karma, QuickBooks and Mailchimp, we believe that everyone should have the opportunity to prosper. We never stop working to find new, innovative ways to make that possible. Please visit us at Intuit.com and find us on social for the latest information about Intuit and our products and services.

About Consumer365.org: Consumer365 provides consumer news and industry insights. As an affiliate, Consumer365 may earn commissions from sales generated using links provided.

Disclaimer

Where AI content is used: This information is intended to outline our general product direction, but represents no obligation and should not be relied on in making a purchasing decision. Additional terms, conditions and fees may apply with certain features and functionality. Eligibility criteria may apply. Product offers, features, functionality are subject to change without notice.

General content disclaimer: This information is provided free of charge and is intended to be helpful to a wide range of businesses. Because of its general nature the information cannot be taken as comprehensive and they do not constitute and should never be used as a substitute for legal, accounting, tax or professional advice. Intuit cannot guarantee that the information applies to the individual circumstances of your business. Despite our best efforts it is possible that some information may be out of date.

Any reliance you place on information found on this site or linked to on other websites will be at your own risk. You should consider seeking the advice of independent advisers and should always check your decisions against your normal business methods and best practice in your field of business.

 

View original content:https://www.prnewswire.com/news-releases/best-accounting-software-for-medium-sized-business-uk-2026-quickbooks-advanced-recognised-as-a-scalable-finance-platform-for-uk-mid-market-businesses-by-consumer365-302766759.html

SOURCE Consumer365.org

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BOE continues to launch new products and solutions in the field of high-end displays

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LOS ANGELES, May 9, 2026 /PRNewswire/ — 

1、Redefine Visual Experience with Scientific Standards! BOE Releases Core Research Findings on OLED Display Clarity-Legibility Index, Paving the Way for the Industry’s First Transparent Pro Standard to Deliver Supreme Visual Experience

With the rapid popularization of OLED display technology, basic screen indicators including resolution, color gamut and brightness keep improving. Meanwhile, display transparency — a core experience metric that determines visual comfort , image authenticity and premium visual quality — has drawn growing attention across the industry.

Recently, BOE has empowered the launch of the industry’s first flagship high-transparency OLED display panel, setting an industry-leading benchmark in four key dimensions: color, depth , clarity and dynamic range. It ushers high-end display into a new era, shifting from purely numerical technical specifications to ultimate user-centric visual experience.

In addition, BOE officially unveiled its in-depth research achievements on OLED display transparency. It has identified the core underlying factors affecting visual transparency through scientific research, pioneered the industry’s first display transparency index formula, and facilitated the release of the first authoritative evaluation standard for OLED display transparency. This marks an industry’s transformation from specs-oriented to experience-driven development. This marks a full-process breakthrough covering underlying technical analysis, scientifically guided image quality development and mass production application.

At present, the group standard 《Standard of Associations Organic light emitting diode display —Evaluation method for display clarity》, led and formulated by BOE based on relevant research outcomes, has been officially issued. As the world’s first dedicated evaluation standard focusing on OLED display transparency, it fills the long-standing industry gap in correlating subjective visual perception with objective image quality parameters.

Leveraging this standard and transparency research results, BOE has assisted partners in developing the industry’s first flagship high-transparency OLED screen. The company has built a comprehensive technical system for OLED visual transparency. Supported by cutting-edge technologies such as tandem, LTPO and high-precision Demura crosstalk optimization algorithms, BOE and its partners have carried out full-link optimization from display panels to end devices.

Going forward, BOE will continue to deepen research on display human factors engineering and visual experience. Through technological innovation and standard leadership, it will bring more ultimate, high-transparency premium display experiences to users worldwide.

2、BOE Beneficial “Natural” Light Technology (BNL): Solving Visual Health Pain Points and Leading the Display Industry Trend

In an era of ubiquitous displays, users are spending increasingly longer hours on screens. Nevertheless, the luminous properties of conventional displays poorly align with the human visual system, sparking widespread consumer concerns over visual health. To address such challenges, BOE draws inspiration from natural light. By deeply analyzing natural light and extracting beneficial features highly consistent with health and comfort, BOE established the Beneficial “Natural” Light Technology (BNL) architecture. Evolving from single technical upgrades to a systematic solution, BNL replicates the merits of natural light across four core dimensions: Depolarization Adjustment, Spectrum Optimization, Light Profile Optimization and Time-varying Adaptation, advancing display technology toward healthy viewing.

BNL & Visual Health

Depolarization Adjustment: The linearly polarized light of traditional displays causes targeted stimulation to retinal lutein, resulting in dry eyes, eyelid redness and other discomforts. Based on the mainstream Circular Polarization (QWP) solution, BOE BNL has developed a series of technologies like BSF/RDF Random Depolarization technology and un-Polarization,which convert linearly polarized light into randomly polarized light, enabling balanced lutein utilization across the entire visual field, and deliver natural-light-level eye protection.

Spectrum Optimization: Conventional narrow-band RGB spectra feature poor continuity and imbalanced energy distribution, with excessive high-energy blue light that induces eye strain and increases risks of macular damage. Beyond Low Blue Light solutions, BOE BNL has developed Natural-like Spectrum, Beneficial Red Light, Infrared Light and Circadian Rhythm technologies. Multiple clinical studies have verified that Beneficial Red Light and Infrared Light can effectively inhibit axial elongation and accelerate eye microcirculation.  BOE takes the lead in integrating such optics into displays,achieving a spectral distribution matching degree of over 60%, an energy ratio of Beneficial Red Light (650–670 nm) exceeding 50%, and independent on/off switching and energy adjustment of Infrared Light. Meanwhile, Circadian Rhythm technology regulates melatonin secretion to safeguard sleep quality. Shifting from passive harm reduction to active eye benefits, BOE BNL delivers all-round visual health protection.

Light Profile Optimization: Conventional screens are prone to surface reflection and glare, which interfere with visual recognition and cause cumulative eye fatigue. Powered by industry-leading Anti-Glare, Low Reflection and Wide Viewing Angle technologies, BOE BNL accurately simulates the diffuse reflection of natural light to deliver consistent visual comfort across diverse viewing angles. For instance, BOE UB Cell technology achieves a DGR value below 5 with negligible glare and reflection, ensuring sustained visual comfort.

Time-varying Adaptation: Conventional displays tend to produce low-frequency flicker and fixed brightness and color temperature that fail to adapt to ambient changes, forcing frequent eye muscle adjustments and leading to discomfort. By adopting Flicker Free and Light Self-adaptive technologies, BOE BNL delivers stable, ultra-smooth visuals that replicate the comfort of natural light.

SID 2026: BOE Launches New BNL Display Products

At SID Display Week 2026, BOE launched new BNL health display products. The highlight product is the industry’s first 13.8-inch BNL health display tablet. It integrates all four core dimensions,supported by 7 core BNL technologies, to deliver a healthy and comfortable visual experience.

As a global leader in the display industry, BOE has led the development and officially issued the world’s first “Natural Light” display standard via the Zhongguancun Standardization Association,and has jointly issued the White Paper on Natural Light Display Technologies (Engineering Considerations, Application Value and Challenges) with TÜV Rheinland to drive standardized and high-quality industrial development. In the future, BOE will continue to iterate on technologies, diversify product forms and application scenarios, advance the grading standards for Beneficial “Natural” Light displays, and protect users’ visual health.

View original content to download multimedia:https://www.prnewswire.com/news-releases/boe-continues-to-launch-new-products-and-solutions-in-the-field-of-high-end-displays-302767491.html

SOURCE BOE Technology Group Co., Ltd.

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BitradeX BXC First Two Subscription Rounds Sell Out, Total Subscriptions Exceed 14M USDT

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LONDON, May 9, 2026 /PRNewswire/ — BitradeX Capital’s ecosystem equity token, BXC, has completed its first and second subscription rounds, selling a total of 50 million BXC with subscriptions exceeding 14 million USDT. The first round sold out in 90 seconds, while the second closed within 48 hours.

While the fundraising size is not unusually large by crypto standards, the structure of the sale has attracted market attention. The first two rounds were not open to the public, but limited to high-tier BitradeX users. The first round was available only to V5 users and above, while the second round expanded access to V3 users and above.

According to BitradeX’s tier system, V3+ users typically have higher recurring investment activity through AiBot, longer platform usage history, and stronger ecosystem participation. This means the early BXC allocation was absorbed mainly by the platform’s internal high-value user base, rather than short-term speculative participants.

This approach differs from many token fundraising campaigns that prioritize broad public participation and market hype. BitradeX instead adopted a more selective, staged model, gradually lowering the participation threshold while keeping the sale within its active ecosystem community.

BXC is positioned as more than a standard platform token. Its value framework is linked to BitradeX Capital’s broader ecosystem, including its exchange business, AiBot quantitative strategies, BTX Card payments, and Labs incubation platform. Public information indicates that BXC holders may receive staking rewards, benefit from ecosystem buybacks and burns, and gain priority access to Launchpad projects and governance participation.

The third subscription round is launched on April 30 at $0.35 USDT per BXC, with a total supply of 100 million BXC. It is now open to users participating in AiBot recurring investment. The fourth round price is expected to rise to $0.45 USDT.

The long-term value of BXC will ultimately depend on the growth of BitradeX’s underlying businesses, including exchange profitability, AiBot user expansion, and BTX Card adoption. However, the rapid sellout of the first two rounds suggests that BitradeX’s core user base has already shown strong confidence in the ecosystem’s future.

View original content:https://www.prnewswire.com/news-releases/bitradex-bxc-first-two-subscription-rounds-sell-out-total-subscriptions-exceed-14m-usdt-302767467.html

SOURCE BitradeX Capital

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