ZIM: 2011 ended with a net loss of $397 million

In compared to net profit of $54 million in 2010. The company achieved a significant increase in the containers carried in 2011 and a positive cash flow from operations in 2011
 
Zim recorded in 2011a turnover of $3.8 billion, compared with $3.7 billion in 2010 – a 2% increase compared to 2010.
 
In Q4 2011, the company recorded a turnover of $899 million, compared to $976 million in the parallel period of the previous year – a reduction of 9%, mainly due to the drop in freight rates (while the volumes carried actually grew).
 
The 2011 Zim recorded an operating loss of $276 million, compared with an operating profit of $223 million in the previous year.
 
The fourth quarter ended with an operating loss of $126 million, compared with an operating loss of $63 million in the third quarter of 2011.
 
In 2011 Zim recorded a significant growth in volume of containers carried compared to the comparable periods in 2010:In 2011 Zim carried 2.4 million containers, compared to 2.2 million in 2010, an increase of 9% year on year. In the fourth quarter of 2011, Zim carried 626,000 containers, compared to 566,000 in the last quarter of 2010 – an increase of 10.5%.
 
Zim spokesman said that the results in 2011 reflect the overall situation in the industry, and at the same time the company is proactively taking the necessary steps to cope with market conditions and improve its performance.
 
According to the company's announcement,  Zim’s strategic and efficiency plan is proving itself in its results: While in the past Zim’s performance was below the average of liner industry, in recent quarters Zim has closed the gap and its operating margins are now in line with the industry average.
 
The company noted that despite the difficult market conditions in 2011, and thanks to the efficiency plan the company implemented in the past year, Zim finished 2011 with a positive cash flow from operations of $22 million.
 
Rafi Danieli, Zim’s CEO said: “We believe that the updated business plan, with the support of our shareholders and banks, puts Zimon a stable financial basis, and well set for 2012”.