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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:

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):

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):

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.

 

· 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.

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

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.

 

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

 

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

 

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.

 

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
[email protected]

 

Leon Berman
The IGB Group
212-477-8438
[email protected]

 

Media:

 

Avner Shats
ZIM Integrated Shipping Services Ltd.
+972-4-8652520
[email protected] 

 

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  

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.

 

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  
                 

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  
                 

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 %

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  

 

 

 

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