Form 6-K ZIM Integrated Shipping For: Mar 22

March 22, 2021 7:31 AM EDT

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UNITED STATES 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 OF THE  

SECURITIES EXCHANGE ACT OF 1934

 

For the month of March, 2021

 

Commission File Number: 001-39937

 

ZIM Integrated Shipping Services Ltd.

(Exact Name of Registrant as Specified in Its Charter)

 

9 Andrei Sakharov Street

P.O. Box 15067

Matam, Haifa 3190500, Israel

+972 (4) 865-2000

(Address of principal executive office)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

 

Form 20-F

X

  Form 40-F

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

 

Yes   No

X

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

 

Yes   No

X

 

 

 

 

 

 

 

On March 22, 2021, ZIM Integrated Shipping Services Ltd. (the “Company”) issued a press release announcing its consolidated results for the three and twelve months ended December 31, 2020.

 

The information in this Form 6-K (including Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act.

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  ZIM INTEGRATED SHIPPING SERVICES LTD.
     
  By:   /s/ Noam Nativ  
    Noam Nativ
    EVP General Counsel and Corporate Secretary

Date: March 22, 2021

 

 

 

EXHIBIT INDEX

 

EXHIBIT NO.   DESCRIPTION
99.1   Press Release dated March 22, 2021

 

 

 

 

 

Exhibit 99.1

 

 

CONFIDENTIAL

 

 

ZIM Press Release:

 

ZIM Reports Financial Results for the Fourth Quarter
and Full Year 2020

 

Generates Record Full Year Net Income of $524 Million

 

Continues to Deliver Industry Leading Operating Margins

 

2021 Guidance Highlights Expected Significant Adjusted EBITDA
and Adjusted EBIT Growth

 

Haifa, Israel, March 22, 2021 – ZIM Integrated Shipping Services Ltd. (NYSE: ZIM), a global container liner shipping company, announced today its consolidated results for the three and twelve months ended December 31, 2020.

 

Fourth Quarter and Full Year 2020 Highlights

 

·Net income for the fourth quarter was $366.4 million (compared to $1.2 million in the fourth quarter of 2019), or $3.65 per share1; net income for the full year was $524.2 million (compared to a loss of $13.0 million for the full year of 2019), or $5.18 per share

 

·Adjusted EBITDA2 for the fourth quarter was $531.3 million, a year-over-year increase of 360%; Adjusted EBITDA for the full year was $1.04 billion, a year-over-year increase of 168%

 

·Operating income (EBIT) for the fourth quarter was $439.4 million, a year-over-year increase of 883%; operating income (EBIT) for the full year was $722 million, a year-over-year increase of 372%

 

·Adjusted EBIT for the fourth quarter was $439.2 million, a year-over-year increase of 827%; Adjusted EBIT for the full year was $728.6 million, a year-over-year increase of 389%

 

·Revenues for the fourth quarter were $1.36 billion, a year-over-year increase of 64%; revenues for the full year were $3.99 billion, a year-over-year increase of 21%

 

 ______________

1 Earnings per share calculation for all periods reflect a share split of 1:10 that became effective in 2021.

2 See disclosure regarding “Use of Non-IFRS Financial Measures” below.

 

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CONFIDENTIAL

·ZIM carried 2,841 thousand TEUs in 2020, a year-over-year increase of 1%

 

·The average freight rate per TEU in 2020 was $1,229, a year-over-year increase of 22%

 

·Net leverage ratio3 of 1.2x at December 31, 2020

 

·Subsequent to year end, completed IPO, raising $204 million in net proceeds

 

·Subsequent to year end, announced strategic long-term chartering agreement with Seaspan for ten “green” LNG-fueled vessels demonstrating ZIM’s commitment to reducing its carbon footprint and leading environment-friendly practices in the shipping industry

 

Mr. Yair Seroussi, Chairman of the Board of Directors stated, “ZIM’s IPO earlier this year was the culmination of many months of hard work and dedication by ZIM’s management and employees in collaboration with the Board of Directors and marks the successful turnaround the Company has undergone over the past few years. We are very pleased with the financial results released today, our first as a public company, and believe that they are proof of the exceptional human capital at ZIM. Moreover, these capabilities will continue to drive ZIM’s future growth and success.”

 

Eli Glickman, ZIM President & CEO, stated, “Our all-time record results in 2020 and the significant milestones we have achieved year-to-date-2021 represent a truly momentous time for ZIM. During a global pandemic, we generated our highest net income in the company’s 75-year history, underscoring the benefits of our differentiated strategy and our proactive approach to address COVID-19. We also ended the year strong, as we achieved EBIT and EBITDA at the high end of our guidance range and continued to achieve industry leading margins. We are committed to our goal of consistently performing as one of the top three carriers in terms of EBIT margin.”

 

Mr. Glickman added, “We commenced 2021 by becoming the first global container liner to list on the NYSE, highlighting our success creating a leading asset-light shipping liner at the forefront of digitization. Following our IPO, we also announced a strategic long-term chartering agreement for ten 15,000 TEU LNG dual-fuel container vessels, positioning ZIM to meet the

 

 ______________

3 Net leverage ratio is defined as face value of short- and long-term debt less cash, cash equivalents and short-term deposits divided by Adjusted EBITDA of the last twelve-month period.

-2 -

CONFIDENTIAL

growing market demand on the Asia - US East Coast trade and advance our leadership in addressing environmental and sustainability issues.”

 

Mr. Glickman concluded, “Today, ZIM is a revitalized company with new strengths, an invigorated spirit and a promising outlook for operating amid the new realities of shipping. Combined with our dedicated team of professionals and commitment to utilizing big data and technology, we remain well positioned to enhance our customer experiences, capitalize on favorable industry fundamentals, and maximize long-term profitability. In 2021, as per the guidance we provide, we expect to continue our positive trajectory, achieving significant Adjusted EBITDA and Adjusted EBIT growth and maintaining industry leading margins. We also intend to further harness our “Startup Nation” DNA based on innovation and technological collaborations to continue to develop growth engines that provide us additional revenue streams beyond our traditional shipping business.”

 

Summary of Key Financial and Operational Results

 

 

Q4’20 

Q4’19 

2020 

2019 

Carried volume (K-TEUs) 799 698 2,841 2,821
Average freight rate ($) 1,518 1,017 1,229 1,009
Revenue ($ in millions) 1,361 827 3,992 3,300
Net income ($ in millions) 366 1 524 (13)
Adjusted EBITDA )$ in millions) 531 115 1,036 386
Operating income (EBIT) ($ in millions) 439 45 722 153
Adjusted EBIT ($ in millions) 439 47 729 149
Adjusted EBITDA margin 39.0% 13.9% 25.9% 11.7%
Adjusted EBIT margin 32.3% 5.7% 18.3% 4.5%
Net cash generated from operating activities 414 89 881 371
Free cash flow ($ in millions) 392 83 846 409
Earnings per share ($) 3.65 (0.00) 5.18 (0.18)
Net debt ($ in millions)     1,236 1,372

-3 -

CONFIDENTIAL

Financial and Operating Results for the Fourth Quarter Ended December 31, 2020

 

Net income for the fourth quarter of 2020 was $366.4 million, compared to $1.2 million for the fourth quarter of 2019. Total revenues were $1.36 billion for the fourth quarter of 2020, compared to $827.3 million for the fourth quarter of 2019, primarily driven by an increase in revenues from containerized cargo, reflecting increases in both freight rates and carried volume.

 

ZIM carried 799 thousand TEUs in the fourth quarter of 2020, compared to 698 thousand TEUs in the fourth quarter of 2019. The average freight rate per TEU was $1,518 for the fourth quarter of 2020, compared to $1,017 for the fourth quarter of 2019.

 

Operating income (EBIT) for the fourth quarter of 2020 was $439.4 million, compared to $44.6 million for the fourth quarter of 2019.

 

Adjusted EBITDA was $531.3 million for the fourth quarter of 2020, compared to $115.4 million for the fourth quarter of 2019. Adjusted EBIT was $439.2 million for the fourth quarter of 2020, compared to $47.4 million for the fourth quarter of 2019. Adjusted EBITDA and Adjusted EBIT margins for the fourth quarter of 2020 were 39% and 32%, respectively. This compares to 14% and 6% for the fourth quarter of 2019.

 

Net cash generated from operating activities was $414.4 million for the fourth quarter of 2020, compared to $89.3 million for the fourth quarter of 2019.

 

Financial and Operating Highlights for the Full Year Ended December 31, 2020

 

Net income for the full year of 2020 was $524.2 million, compared to a loss of $13.0 million for the full year of 2019. Total revenues were $3.99 billion for the full year of 2020, compared to $3.30 billion for the full year of 2019, primarily driven by an increase in revenues from containerized cargo, reflecting mainly an increase in freight rates.

 

Operating income (EBIT) for the full year of 2020 was $772.0 million, compared to $153.0 million for the full year of 2019.

 

-4 -

CONFIDENTIAL

ZIM carried 2,841 thousand TEUs in the full year of 2020, compared to 2,821 thousand TEUs in the full year of 2019. The average freight rate per TEU was $1,229 for the full year of 2020, compared to $1,009 for the full year of 2019.

 

Adjusted EBITDA was $1.04 billion for the full year of 2020, compared to $385.9 million for the full year of 2019. Adjusted EBIT was $728.6 million for the full year of 2020, compared to $148.9 million for the full year of 2019. Adjusted EBITDA and Adjusted EBIT margins for the full year of 2020 were 26% and 18%, respectively. This compares to 12% and 5% for the full year of 2019.

 

Net cash generated from operating activities was $880.8 million for the full year of 2020, compared to $370.6 million for the full year of 2019.

 

Liquidity, Cash Flows and Capital Allocation

 

ZIM’s cash and cash equivalents increased by $387 million from $183 million at December 31, 2019 to $570 million at December 31, 2020. Capital expenditures totaled $42.6 million for the year ended December 31, 2020, compared with $16.2 million for the year ended December 31, 2019. Net debt decreased by $136.0 million from $1.37 billion as of December 31, 2019 to $1.24 billion as of December 31, 2020. ZIM’s net leverage ratio as of December 31, 2020 was 1.2x, compared to 3.6x as of December 31, 2019.

 

In February 2021, the Company completed its IPO and issued 15.0 million ordinary shares, including those issued upon the exercise of the underwriters’ option, at a price to the public of $15.00 per ordinary share, for net proceeds of $204 million, after deducting underwriting discounts and commissions and other offering expenses.

 

Full-Year 2021 Guidance

 

The Company expects to generate Adjusted EBITDA in 2021 of between $1.40 billion and $1.60 billion and Adjusted EBIT of between $850 million to $1.05 billion.

 

Use of Non-IFRS Measures in the Company’s 2021 Guidance

 

-5  

CONFIDENTIAL

A reconciliation of the Company’s non-IFRS financial measures included in its full-year 2021 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 such 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.

 

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 1-888-281-1167; Israel 03-918-0644; or international +44-20-3514-1906. To access the slide presentation, click here. The call will also be available via live webcast through ZIM’s website, located here. Following the conclusion of the call, a replay of the conference call will be available on the Company’s website.

 

About ZIM

 

ZIM Integrated Shipping Services Ltd. (NYSE: ZIM) is a global, asset-light container liner shipping company with leadership positions in the markets where it operates. Founded in Israel in 1945, ZIM is one of the oldest shipping liners, with over 75 years of experience, providing customers with innovative seaborne transportation and logistics services with a reputation for industry leading transit times, schedule reliability and service excellence. For additional information, please visit 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 and the Israeli Securities Law, 1968). 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

 

-6 -

CONFIDENTIAL

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, new legislation or regulation affecting the Company’s operations, new competition and changes in the competitive environment, the outcome of legal proceedings to which the Company is a party, and other risks and uncertainties detailed from time to time in the Company’s filings with the U.S. Securities and Exchange Commission, including under the caption “Risk Factors” in its 2020 Annual Report. 

 

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 us to compare 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, Non-IFRS financial measures, as those 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 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 to exclude non-cash charter hire expenses, impairment of assets, capital gains (losses) beyond the ordinary course of business and expenses related to legal contingencies.

 

-7 -

CONFIDENTIAL

Free cash flow is a non-IFRS measure which we define as net cash generated from operating activities plus the net cash generated (used) from investment activities.

 

See the reconciliation of net income to Adjusted EBITDA and Adjusted EBIT and net cash generated from operating activities to free cash flow under "Reconciliation of Non-IFRS Measures" 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.
+972-4-8652520
shats.avner@zim.com 

 

-8 -

CONFIDENTIAL

CONSOLIDATED BALANCE SHEET

(U.S. dollars in thousands)

 

  

Year ended
December 31,

   2020  2019
       
Assets      
Vessels   948,004    717,941 
Containers and handling equipment   520,887    425,738 
Other tangible assets   67,133    69,102 
Intangible assets   66,465    64,920 
Investments in associates   8,441    8,444 
Other investments   4,888    2,766 
Trade and other receivables   5,293    5,318 
Deferred tax assets   1,502    1,048 
Total non-current assets   1,622,613    1,295,277 
           
Assets classified as held for sale        11,583 
Inventories   52,237    60,342 
Trade and other receivables   520,001    317,059 
Other investments   58,976    59,047 
Cash and cash equivalents   570,414    182,786 
Total current assets   1,201,628    630,817 
Total assets   2,824,241    1,926,094 
           
Equity          
Issued capital   88    88 
Capital reserves   1,790,706    1,784,469 
Accumulated deficit   (1,523,528)   (2,042,226)
Equity attributable to owners of the Company   267,266    (257,669)
Non-controlling interests   7,189    5,402 
Total equity   274,455    (252,267)
           
Liabilities          
Lease liabilities   811,840    641,750 
Loans and other liabilities   519,471    541,932 
Employee benefits   66,626    67,990 
Deferred tax liabilities   339    350 
Total non-current liabilities   1,398,276    1,252,022 
           
Trade and other payables   398,876    422,417 
Provisions   21,420    17,998 
Contract liabilities   230,469    130,281 
Lease liabilities   362,176    215,576 
Loans and other liabilities   138,569    140,067 
Total current liabilities   1,151,510    926,339 
Total liabilities   2,549,786    2,178,361 
           
Total equity and liabilities   2,824,241    1,926,094 

-9 -

CONFIDENTIAL

CONSOLIDATED INCOME STATEMENTS

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

 

  

Three months ended
December 31,

 

Year ended
December 31,

  

2020 

 

2019 

 

2020 

 

2019 

             
Income from voyages and related services   1,360,846    827,292    3,991,696    3,299,761 
                     
Cost of voyages and related services                    
                     
Operating expenses and cost of services   (796,142)   (685,528)   (2,835,112)   (2,810,693)
Depreciation   (87,237)   (64,709)   (291,559)   (226,026)
                     
Gross profit   477,467    77,055    865,025    263,042 
                     
Other operating income   4,602    6,459    12,621    38,099 
Other operating expenses   4,914    (5)   4,272    (1,239)
General and administrative expenses   (48,450)   (40,088)   (163,210)   (151,605)
Share of profits of associates   966    1,172    3,341    4,725 
                     
Results from operating activities   439,499    44,593    722,049    153,022 
                     
Net finance expenses   (67,706)   (41,820)   (181,260)   (154,300)
                     
Profit (loss) before income taxes   371,793    2,773    540,789    (1,278)
                     
Income taxes   (5,404)   (1,596)   (16,599)   (11,766)
                     
Profit (loss) for the year   366,389    1,177    524,190    (13,044)
                     
Attributable to:                    
                     
Owners of the Company   365,046    (408)   517,961    (18,149)
Non-controlling interests   1,343    1,585    6,229    5,105 
                     
Profit (loss) for the year   366,389    1,177    524,190    (13,044)
                     
                     
Earnings )Loss) per share (US$)*                    
Basic earnings (losses) per 1 ordinary share   3.65    (0.00)   5.18    (0.18)
Diluted earnings (losses) per 1 ordinary share   3.49    (0.00)   4.96    (0.18)
                     
Weighted average number of shares for EPS calculation*:                    
Basic   100,000,000    100,000,000    100,000,000    100,000,000 
Diluted   104,641,014    100,000,000    104,530,892    100,000,000 

 

(*)       Reflect a share split of 1:10 that became effective in 2021, in all presented periods.

 

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CONFIDENTIAL

CONSOLIDATED STATEMENTS OF CASH FLOWS

(U.S. dollars in thousands)

 

  

Year ended December 31, 

  

2020 

 

2019 

       
Cash flows from operating activities      
Profit (loss) for the year   524,190    (13,044)
           
Adjustments for:          
Depreciation and amortization   314,185    245,510 
Impairment loss (recovery) in respect of tangible assets   (4,329)   1,150 
Net finance expenses   181,260    154,300 
Share of profits and change in fair value of investees   (4,143)   (4,725)
Capital gains, net   (8,814)   (35,471)
Income taxes   16,599    11,766 
           
    1,018,948    359,486 
           
Change in inventories   8,105    9,731 
Change in trade receivables and other receivables   (204,469)   43,422 
Change in trade and other payables including contract liabilities   68,670    (28,111)
Change in provisions and employee benefits   (2,152)   (7,690)
           
    (129,846)   17,352 
           
Dividends received from associates   4,360    5,453 
Interest received   2,317    1,969 
Income taxes paid   (14,983)   (13,630)
           
Net cash generated from operating activities   880,796    370,630 
           
Cash flows from investing activities          
Proceeds from sale of tangible assets, intangible assets and investments   6,717    44,794 
Acquisition of tangible assets, intangible assets and investments   (42,641)   (16,150)
Change in other investments and other receivables   763    9,382 
Net cash generated from (used in) investing activities   (35,161)   38,026 
           

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CONFIDENTIAL

CONSOLIDATED STATEMENTS OF CASH FLOWS

(U.S. dollars in thousands)

 

  

Year ended December 31, 

  

2020 

 

2019 

       
Cash flows from financing activities      
       
Receipt of long-term loans and other long-term liabilities        678 
           
Sale and lease back transactions   9,052    13,151 
Repayment of borrowings and lease liabilities   (336,225)   (300,763)
           
Change in short-term loans   6,071    3,324 
           
           
Dividend paid to non-controlling interests   (3,344)   (4,818)
           
Interest paid   (133,459)   (122,972)
           
Other financial expenses paid   (2,493)     
           
Net cash used in financing activities   (460,398)   (411,400)
           
Net change in cash and cash equivalents   385,237    (2,744)
           
Cash and cash equivalents at beginning of the year   182,786    186,291 
           
Effect of exchange rate fluctuation on cash held   2,391    (761)
           
Cash and cash equivalents at the end of the year   570,414    182,786 
           

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CONFIDENTIAL

RECONCILIATION OF NET INCOME TO ADJUSTED EBIT

(U.S. dollars in millions)

 

  

Three months ended
December 31,
 

 

Year ended
December 31,

  

2020 

 

2019 

 

2020 

 

2019 

             
Net income   366.4    1.2    524.2    (13.0)
Financial expenses (income), net   67.6    41.8    181.2    154.3 
Income taxes   5.4    1.6    16.6    11.7 
Operating income (EBIT)   439.4    44.6    722.0    153.0 
Non-cash charter hire expenses   1.4    2.4    7.7    10.5 
Capital gain (loss), beyond the ordinary course of business   (0.1)   0.4    (0.1)   (14.2)
Assets impairment loss (recovery)   (4.8)   0.0    (4.3)   1.2 
Expenses related to legal contingencies   3.3    0.0    3.3    (1.6)
Adjusted EBIT   439.2    47.4    728.6    148.9 
Adjusted EBIT margin   32.3%   5.7%   18.3%   4.5%
                     

 

RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA

(U.S. dollars in millions)

 

  

Three months ended
December 31,
 

 

Year ended
December 31,
 

  

2020

 

2019 

 

2020 

 

2019 

             
Net income   366.4    1.2    524.2    (13.0)
Financial expenses (income), net   67.6    41.8    181.2    154.3 
Income taxes   5.4    1.6    16.6    11.7 
Depreciation and amortization   93.4    70.1    314.2    245.5 
EBITDA   532.8    114.7    1,036.2    398.5 
Non-cash charter hire expenses   0.1    0.3    0.7    2.0 
Capital gain (loss), beyond the ordinary course of business   (0.1)   0.4    (0.1)   (14.2)
Assets impairment loss (recovery)   (4.8)   0.0    (4.3)   1.2 
Expenses related to legal contingencies   3.3    0.0    3.3    (1.6)
Adjusted EBITDA   531.3    115.4    1,035.8    385.9 
Adjusted EBITDA margin   39.0%   13.9%   25.9%   11.7%

-13 -

CONFIDENTIAL

RECONCILIATION OF NET CASH GENERATED FROM OPERATING ACTIVITES TO FREE CASH FLOW

(U.S. dollars in millions)

 

   Three months ended
December 31,
  Year ended
December 31,
  

2020 

 

2019 

 

2020 

 

2019 

             
             
Net cash generated from operating activities   414.4    89.3    880.8    370.6 
Net cash generated from (used in) investing activities   (22.2)   (6.7)   (35.2)   38.0 
Free cash flow   392.2    82.6    845.6    408.6 

 

 

 

-14  

 

 

 



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