The company has recorded a 6% improvement in carried TEU and an overall growth of 22% in revenues
ZIM Integrated shipping company has recorded a 6% increase in carried TEUs and in freight rates, which contributed to an overall growth of 22% in revenues to $1.05 billion in Q2 2012 results.
In the second quarter of 2012 ZIM recorded a sharp improvement in its financial results, due to the strong recovery in market conditions, internal efficiency steps, and a positive seasonal effect. The company recorded a positive EBITDA of US$46 million, compared to a negative EBITDA of US$69 million in the previous quarter, a US$115 million improvement.
In addition, the company recorded positive cash flow from operations of US$24 million this quarter, compared to a negative cash flow of US$82 million in the previous quarter and a negative cash flow of US$6 million in the same quarter last year.
Operating results were at breakeven (an operational profit of US$1 million) compared to an operating loss of US$117 million in the previous quarter and an operating loss of US$79 million in the Q2 of 2011.
Carried TEUs amounted to 604,000 , an increase of 6% compared to the previous quarter.
These increases, as well as an increase in other shipping-related operations and in subsidiaries' activities, contributed to the US$1.05 billion in revenues, an increase of 22% (compared to the previous quarter). Compared to last year’s same quarter, revenues increased by 5%, from US$1 billion to US$1.05 billion, and EBITDA improved by US$71 million.
ZIM recorded a net loss to shareholders of US$47 million, mainly due to financing expenses of US$44 million. This result is an improvement of US$116 million compared to the Q1.
According to a debt restructuring plan from 2009, Israel Corp injected to ZIM in the Q2 US$50 million, 50% as shareholders’ capital and 50% as a shareholders’ loan. Together with the US$100 million that were injected in the fQ1 of the year by Israel Corp and by the Ofer Group, owners' injections in the first half of 2012 amounted to US$150 million. This concludes the total of owners' injections outlined in the 2009 debt restructuring plan as approved by Israel Corp's general shareholders’ assembly in 2009.
The company continues to actively implement efficiency and optimization measures and to implement its strategic plan in order to improve its results.
