| | |
Per Share
|
| |
Total
|
| ||||||
Public offering price
|
| | | $ | 15.00 | | | | | $ | 217,500,000 | | |
Underwriting discounts and commissions(1)
|
| | | $ | 1.14 | | | | | $ | 16,530,000 | | |
Proceeds to us (before expenses)
|
| | | $ | 13.86 | | | | | $ | 200,970,000 | | |
| Citigroup | | |
Goldman Sachs & Co. LLC
|
| |
Barclays
|
|
|
Jefferies
|
| |
Clarksons Platou Securities
|
|
| | |
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| | | | F-1 | | |
| “alliance” | | | An operational agreement among two or more container shipping companies that governs the sharing of a vessel’s capacity and related operational matters across multiple trades. | |
| “bareboat charter” | | | A form of charter where the vessel owner supplies only the vessel, while the charterer is responsible for crewing the vessel, obtaining insurance on the vessel, the auxiliary vessel equipment, supplies, maintenance and the operation and management of the vessel, including all costs of operation. The charterer has possession and control of the vessel during a predetermined period and pays the vessel owner charter hire during that time. | |
| “bill of lading” | | | A document issued by or on behalf of a carrier as evidence of a contract carriage and is usually considered as a document of title (transferable by endorsement) and as receipt by the carrier for the goods shipped and carried. The document contains information relating to the nature and quantity of goods, their apparent condition, the shipper, the consignee, the ports of loading and discharge, the name of the carrying vessel and terms and conditions of carriage. A house bill of lading is a document issued by a freight forwarder or non-vessel operating common carrier that acknowledges receipt of goods that are to be shipped and is issued once the goods have been received. | |
| “blank sailing” | | | A scheduled sailing that has been cancelled by a carrier or shipping line resulting in a vessel skipping certain ports or the entire route. | |
| “booking” | | | Prior written request of a shipper (in a specific designated form) from the carrier setting forth the requested details of the shipment of designated goods (i.e., a space reservation). | |
| “bulk cargo” | | | Cargo that is transported unpackaged in large quantities, such as ores, coal, grain and liquids. | |
| “BWM Convention” | | | The International Convention for the Control and Management of Ships’ Ballast Water and Sediments. | |
| “capacity” | | | The maximum number of containers, as measured in TEUs, that could theoretically be loaded onto a container ship, without taking into account operational constraints. With reference to a fleet, a carrier or the container shipping industry, capacity is the total TEUs of all vessels in the fleet, the carrier or the industry, as applicable. | |
| “cargo manifest” | | | A shipping document listing the contents of shipments per bills of lading including their main particulars, usually used for customs, security, port and terminal purposes. | |
| “carrier” | | | The legal entity engaged directly or through subcontractors in the carriage of goods for a profit. | |
| “CERCLA” | | | The U.S. Comprehensive Environmental Response Compensation, and Liability Act. | |
| “CGU” | | | Cash generating unit. | |
| “charter” | | | The leasing of a vessel for a certain purpose at a fixed rate for a fixed period of time (where the hire is an agreed daily rate) or for a designated voyage (where the hire is agreed and based on volume/quantity of goods). | |
| “classification societies” | | | Organizations that establish and administer standards for the design, construction and operational maintenance of vessels. As a practical matter, vessels cannot operate unless they meet these standards. | |
| “conference” | | | A grouping of container shipping companies which come together to set a common structure of rates and surcharges for a specific trade route. | |
| “consignee” | | | The entity or person named in the bill of lading as the entity or person to whom the carrier should deliver the goods upon surrendering of the original bill of lading when duly endorsed. | |
| “container” | | | A steel box of various size and particulars designed for shipment of goods. | |
| “containerized cargo” | | | Cargo that is transported using standard intermodal containers as prescribed by the International Organization for Standardization. Containerized cargo excludes cargo that is not transported in such containers, such as automobiles or bulk cargo. | |
| “customs clearance” | | | The process of clearing import goods and export goods through customs. | |
| “demurrage” | | | The fee we charge an importer for each day the importer maintains possession of a container that is beyond the scheduled or agreed date of return. | |
| “depot” | | | Container yards located outside terminals for stacking of containers. | |
| “detention” | | | A penalty charge which may be imposed by the carrier, the terminal or the warehouse to customers for exceeding agreed times for returning (merchant’s haulage) or stuffing/stripping (carrier’s haulage) container(s). | |
| “dominant leg” | | | The direction of shipping on a particular trade with the higher transport volumes. The opposite direction of shipping is called the “counter-dominant” leg. | |
| “drydocking” | | | An out-of-service period during which planned repairs and maintenance are carried out, including all underwater maintenance such as external hull painting. During the drydocking, mandatory classification society inspections are carried out and relevant certifications issued. | |
| “ECAs” | | | Emission Control Areas as defined by Annex VI to the MARPOL Convention. | |
| “end-user” | | | A customer who is a producer of the goods to be shipped or an exporter or importer of such goods, in each case, with whom we have a direct contractual relationship. In contrast, with respect to an indirect customer, we only have a contractual relationship with a freight forwarder who acts as agent for the producer of the goods to be shipped. | |
| “EPA” | | | The U.S. Environmental Protection Agency, an agency of the U.S. federal government responsible for protecting human health and the environment. | |
| “FCL” | | | Full Container Load, which refers to cargo shipped in a complete container. | |
| “feeder” | | | A small tonnage vessel that provides a linkage between ports and long hull vessels or main hub ports and smaller facility ports, which may be inaccessible to larger vessels. | |
| “feeder service” | | | A line of service that transfers cargo between a central hub port and regional ports for a transcontinental ocean voyage. | |
| “freight forwarder” | | | Non-vessel operating common carriers that assemble cargo from customers for forwarding through a shipping company. | |
| “GDP” | | | Gross domestic product. | |
| “global orderbook” | | |
The list of newbuilding orders published by Danish Ship Finance A/S
|
|
| “hybrid charter” | | | A form of charter where the charterer’s responsibility and involvement is more in line with that of a “bareboat” charter, but the vessel owner retains possession of the vessels and other rights as defined in the charter party agreement. | |
| “IMO” | | | The International Maritime Organization, the United Nations specialized agency with responsibility for the safety and security of shipping and the prevention of marine pollution by ships. | |
| “IMO 2020 Regulations” | | | Global regulations imposed by the IMO, effective January 1, 2020, requiring all ships to burn fuel with a maximum sulfur content of 0.5%, among other requirements. | |
| “ISM Code” | | | International Safety Management Code, an international code for the safe management and operation of ships and for pollution prevention issued by the IMO applicable to international route vessels and shipping companies (ship management companies, bareboat charters and shipowners). | |
| “ISPS Code” | | | International Ship and Port Facility Security Code, an international code for vessel and port facility security issued by the IMO applicable to international route vessels. | |
| “JWC” | | | The Joint War Committee. | |
| “Kyoto Protocol” | | | The Kyoto Protocol to the United Nations Framework Convention on Climate Change. | |
| “LCL” | | | Less than a Container Load, which refers to shipments that fill less than a full shipping container and are grouped with other cargo. | |
| “liner” | | | A vessel sailing between specified ports on a regular basis. | |
| “lines” | | | A line refers to a route for shipping cargo between sea ports. | |
| “logistics” | | | A comprehensive, system-wide view of the entire supply chain as a single process, from raw materials supply through finished goods distribution. All functions that make up the supply chain are managed as a single entity, rather than managing individual functions separately. | |
| “long-term lease” | | | In relation to container leasing, a lease typically for a term of five to ten years, during which an agreed leasing rate is payable. | |
| “MARPOL Convention” | | | The International Convention for the Prevention of Pollution from Ships. | |
| “MEPC” | | | The Marine Environment Protection Committee of the IMO. | |
| “MTSA” | | | The US Maritime Transport Security Act of 2002. | |
| “newbuilding” | | | A vessel under construction or on order. | |
| “non-dominant leg”, or “counter-dominant leg” | | | The direction of shipping on a particular trade with the lower transport volumes. The opposite direction of shipping is called the “dominant” leg. | |
| “non-vessel operating common carrier” | | | A carrier, usually a freight forwarder, which does not own or operate vessels and is engaged in the provision of shipping services, normally issuing a house bill of lading. | |
| “off hire” | | | A period within a chartering term during which no charter hire is being paid, in accordance with the charter arrangement, due to the partial or full inability of vessels, owners or crew to comply with charterer instructions resulting in the limited availability or unavailability of the vessel for the use of the charterer. | |
| “own” | | | With respect to our vessels or containers, vessels or containers to which we have title (whether or not subject to a mortgage or other lien) or that we charter-in pursuant to a long-term lease that we treat, for accounting purposes, as a capital lease. | |
| “P&I” | | | Protection and indemnity. | |
| “port state controls” | | | The inspection of foreign ships in national ports to verify that the condition of the ship and its equipment comply with the requirements of international regulations and that the ship is manned and operated in compliance with these rules. | |
| “reefer” | | | A temperature-controlled shipping container. | |
| “regional carrier” | | | A carrier who generally focuses on a number of smaller routes within a geographical region or within a major market, and usually offers direct services to a wider range of ports within a particular market. | |
| “scrapping” | | | The process by which, at the end of its life, a vessel is sold to a shipbreaker who strips the ship and sells the steel as “scrap.” | |
| “scrubbers” | | | A type of exhaust gas cleaning equipment utilized by ships to control emissions. | |
| “service” | | | A string of vessels which makes a fixed voyage and serves a particular market. | |
| “Shanghai (Export) Containerized Freight Index” | | | Composite index published by the Shanghai Shipping Exchange that reflects the fluctuation of spot freight rates in the export container transport market in Shanghai. The basis period of the composite index is October 16, 2009 and the basis index is 1,000 points. | |
| “shipper” | | | The entity or person named in the bill of lading to whom the carrier issues the bill of lading. | |
| “slot” | | | The space required for one TEU on board a vessel. | |
| “slot capacity” | | | The amount of container space on a vessel. | |
| “slot charter/hire agreement” | | | An arrangement under which one container shipping company will charter container space on the vessel of another container shipping company. | |
| “slow steaming” | | | The practice of operating vessels at significantly less than their maximum speed. | |
| “SOLAS” | | | The International Convention for the Safety of Life at Sea, 1974. | |
| “SSAS” | | | Ship Security Alert Systems. | |
| “STCW” | | | The International Convention on Standards of Training, Certification and Watchkeeping for Seafarers, 1978, as amended. | |
| “stevedore” | | | A terminal operator or a stevedoring company who is responsible for the loading and discharging containers on or from vessels and various other container related operating activities. | |
| “swap agreement” | | | An exchange of slots between two carriers, with each carrier operating its own line, while also having access to capacity on the other shipper’s line. | |
| “terminal” | | | An assigned area in which containers are stored pending loading into a vessel or are stacked immediately after discharge from the vessel pending delivery. | |
| “TEU” | | | Twenty-foot equivalent unit, a standard unit of measurement of the volume of a container with a length of 20 feet, height of 8 feet and 6 inches and width of 8 feet. | |
| “time charter” | | | A form of charter where the vessel owner charters a vessel’s carry capacity to the charterer for a particular period of time for a daily hire. During such period, the charterer has the use of vessel’s carrying capacity and may direct her sailings. The charterer is responsible for fuel costs, port dues and towage costs. The vessel owner is only responsible for manning the vessel and paying crew salaries and other fixed costs, such as maintenance, repairs, oils, insurance and depreciation. | |
| “trade” | | | Trade between an origin group of countries and a destination group of countries. | |
| “UNCITRAL” | | | The United Nations Commission on International Trade Law. | |
| “U.S. Shipping Act” | | | The U.S. Shipping Act of 1984, as amended by the US Ocean Shipping Reform Act of 1998. | |
| “vessel sharing agreement” | | | An operational agreement between two or more carriers to operate their vessels on a service by swapping slots on such service and whereby at least two carriers contribute vessels to the service. | |
| “2M Alliance” | | | A container shipping alliance comprised of Copenhagen based Maersk Lines Ltd. (Maersk) and Geneva based Mediterranean Shipping Company (MSC). | |
| | |
As of and for the Year Ended
December 31, 2020 |
| |
As of and for the
Year Ended December 31, 2019(4) |
| ||||||||||||
| | |
(estimated)
|
| |||||||||||||||
| | |
Low
|
| |
High
|
| ||||||||||||
| | |
(in millions, except TEUs carried and
average freight rate per TEU) |
| |||||||||||||||
Income from voyages and related services
|
| | | $ | 3,957 | | | | | $ | 4,037 | | | | | $ | 3,300 | | |
Net income (loss)
|
| | | $ | 500 | | | | | $ | 525 | | | | | $ | (13) | | |
Adjusted EBIT(1)
|
| | | $ | 703 | | | | | $ | 733 | | | | | $ | 149 | | |
Adjusted EBITDA(1)
|
| | | $ | 1,002 | | | | | $ | 1,042 | | | | | $ | 386 | | |
TEUs carried (in thousands)
|
| | | | 2,825 | | | | | | 2,855 | | | | | | 2,821 | | |
Average freight rate per TEU(2)
|
| | | $ | 1,222 | | | | | $ | 1,234 | | | | | $ | 1,009 | | |
Cash and cash equivalents(3)
|
| | | $ | 560 | | | | | $ | 580 | | | | | $ | 183 | | |
Total outstanding debt (face value)(3)
|
| | | $ | 1,847 | | | | | $ | 1,912 | | | | | $ | 1,611 | | |
| | |
Year Ended
December 31, 2020 |
| |
Year Ended
December 31, 2019(4) |
| ||||||||||||
| | |
(estimated)
|
| |||||||||||||||
| | |
Low
|
| |
High
|
| ||||||||||||
| | |
(in millions)
|
| |||||||||||||||
Net income (loss)
|
| | | $ | 500 | | | | | $ | 525 | | | | | $ | (13) | | |
Financial expenses (income), net
|
| | | | 181 | | | | | | 182 | | | | | | 154 | | |
Income taxes
|
| | | | 16 | | | | | | 18 | | | | | | 12 | | |
Operating income (EBIT)
|
| | | | 697 | | | | | | 725 | | | | | | 153 | | |
Non-cash charter hire expenses
|
| | | | 7 | | | | | | 8 | | | | | | 11 | | |
Capital loss (gain), beyond the ordinary course of business
|
| | | | — | | | | | | — | | | | | | (14) | | |
Assets impairment loss (recovery)
|
| | | | (4) | | | | | | (4) | | | | | | 1 | | |
Expenses related to legal contingencies
|
| | | | 3 | | | | | | 4 | | | | | | (2) | | |
Adjusted EBIT
|
| | | $ | 703 | | | | | $ | 733 | | | | | $ | 149 | | |
| | |
Year Ended
December 31, 2020 |
| |
Year Ended
December 31, 2019(4) |
| ||||||||||||
| | |
(estimated)
|
| |||||||||||||||
| | |
Low
|
| |
High
|
| ||||||||||||
| | |
(in millions)
|
| |||||||||||||||
Net income (loss)
|
| | | $ | 500 | | | | | $ | 525 | | | | | $ | (13) | | |
Financial expenses (income), net
|
| | | | 181 | | | | | | 182 | | | | | | 154 | | |
Income taxes
|
| | | | 16 | | | | | | 18 | | | | | | 12 | | |
Depreciation and amortization
|
| | | | 305 | | | | | | 316 | | | | | | 246 | | |
EBITDA
|
| | | | 1,002 | | | | | | 1,041 | | | | | | 399 | | |
Non-cash charter hire expenses
|
| | | | 1 | | | | | | 1 | | | | | | 2 | | |
Capital loss (gain), beyond the ordinary course of business
|
| | | | — | | | | | | — | | | | | | (14) | | |
Assets impairment loss (recovery)
|
| | | | (4) | | | | | | (4) | | | | | | 1 | | |
Expenses related to legal contingencies
|
| | | | 3 | | | | | | 4 | | | | | | (2) | | |
Adjusted EBITDA
|
| | | $ | 1,002 | | | | | $ | 1,042 | | | | | $ | 386 | | |
| | |
Nine Months Ended
September 30, |
| |
Year Ended December 31,
|
| ||||||||||||||||||||||||
| | |
2020(1)
|
| |
2019(1)
|
| |
2019(1)
|
| |
2018
|
| |
2017
|
| |||||||||||||||
| | |
(in millions, except for share and per share data)
|
| |||||||||||||||||||||||||||
CONSOLIDATED INCOME STATEMENTS
|
| | | | | | |||||||||||||||||||||||||
Income from voyages and related services
|
| | | $ | 2,630.9 | | | | | $ | 2,472.5 | | | | | $ | 3,299.8 | | | | | $ | 3,247.9 | | | | | $ | 2,978.3 | | |
Cost of voyages and related services: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating expenses and cost of services
|
| | | | (2,039.0) | | | | | | (2,125.2) | | | | | | (2,810.8) | | | | | | (2,999.6) | | | | | | (2,600.1) | | |
Depreciation
|
| | | | (204.3) | | | | | | (161.3) | | | | | | (226.0) | | | | | | (100.2) | | | | | | (97.2) | | |
Gross profit
|
| | | | 387.6 | | | | | | 186.0 | | | | | | 263.0 | | | | | | 148.1 | | | | | | 281.0 | | |
Other operating income (expenses), net
|
| | | | 7.4 | | | | | | 30.3 | | | | | | 36.9 | | | | | | (32.8) | | | | | | 1.6 | | |
General and administrative expenses
|
| | | | (114.8) | | | | | | (111.5) | | | | | | (151.6) | | | | | | (143.9) | | | | | | (147.6) | | |
Share of profits of associates
|
| | | | 2.4 | | | | | | 3.6 | | | | | | 4.7 | | | | | | 5.4 | | | | | | 7.6 | | |
Results from operating activities
|
| | | | 282.6 | | | | | | 108.4 | | | | | | 153.0 | | | | | | (23.2) | | | | | | 142.6 | | |
Finance expenses, net
|
| | | | (113.6) | | | | | | (112.5) | | | | | | (154.3) | | | | | | (82.6) | | | | | | (117.0) | | |
Profit (loss) before income tax
|
| | | | 169.0 | | | | | | (4.1) | | | | | | (1.3) | | | | | | (105.8) | | | | | | 25.6 | | |
Income tax
|
| | | | (11.2) | | | | | | (10.1) | | | | | | (11.7) | | | | | | (14.1) | | | | | | (14.2) | | |
Net income (loss)
|
| | | $ | 157.8 | | | | | $ | (14.2) | | | | | $ | (13.0) | | | | | $ | (119.9) | | | | | $ | 11.4 | | |
Basic net income (loss) per ordinary share(2)
|
| | | $ | 15.29 | | | | | $ | (1.77) | | | | | $ | (1.81) | | | | | $ | (12.57) | | | | | $ | 0.62 | | |
Weighted average number of ordinary shares
used in computing basic net income (loss) per ordinary share(2) |
| | | | 10,000,000 | | | | | | 10,000,000 | | | | | | 10,000,000 | | | | | | 10,000,000 | | | | | | 10,000,000 | | |
Diluted net income (loss) per ordinary share(2)
|
| | | $ | 14.66 | | | | | $ | (1.77) | | | | | $ | (1.81) | | | | | $ | (12.57) | | | | | $ | 0.62 | | |
Weighted average number of ordinary shares
used in computing diluted net income (loss) per ordinary share(2) |
| | | | 10,431,079 | | | | | | 10,000,000 | | | | | | 10,000,000 | | | | | | 10,000,000 | | | | | | 10,000,000 | | |
Pro forma basic net income (loss) per ordinary share(2)(3)
|
| | | $ | 1.53 | | | | | $ | (0.18) | | | | | $ | (0.18) | | | | | $ | (1.26) | | | | | $ | 0.06 | | |
Weighted average number of ordinary shares
used in computing pro forma basic net income (loss) per ordinary share(2)(3) |
| | | | 100,000,000 | | | | | | 100,000,000 | | | | | | 100,000,000 | | | | | | 100,000,000 | | | | | | 100,000,000 | | |
Pro forma diluted net income (loss) per ordinary share(2)(3)
|
| | | $ | 1.47 | | | | | $ | (0.18) | | | | | $ | (0.18) | | | | | $ | (1.26) | | | | | $ | 0.06 | | |
Weighted average number of ordinary shares
used in computing pro forma diluted net income (loss) per ordinary share(2)(3) |
| | | | 104,310,786 | | | | | | 100,000,000 | | | | | | 100,000,000 | | | | | | 100,000,000 | | | | | | 100,000,000 | | |
| | |
As of September 30, 2020
|
| |
As of December 31, 2019
|
| ||||||||||||
| | |
Actual
|
| |
As Adjusted(4)
|
| |
Actual
|
| |||||||||
| | |
(in millions)
|
| |||||||||||||||
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION DATA
|
| | | | |||||||||||||||
Total current assets
|
| | | $ | 823.4 | | | | | $ | 1,020.4 | | | | | $ | 630.8 | | |
Total assets
|
| | | | 2,197.2 | | | | | $ | 2,394.1 | | | | | | 1,926.1 | | |
Total current liabilities
|
| | | | 975.9 | | | | | $ | 975.9 | | | | | | 926.3 | | |
Total liabilities
|
| | | | 2,292.3 | | | | | $ | 2,292.3 | | | | | | 2,178.4 | | |
Total non-current liabilities
|
| | | | 1,316.4 | | | | | $ | 1,316.3 | | | | | | 1,252.0 | | |
Total shareholders’ equity (deficit)
|
| | | | (95.1) | | | | | $ | 101.8 | | | | | | (252.3) | | |
| | |
Nine Months Ended
September 30, |
| |
Year Ended December 31,
|
| ||||||||||||||||||||||||
| | |
2020(1)
|
| |
2019(1)
|
| |
2019(1)
|
| |
2018
|
| |
2017
|
| |||||||||||||||
| | |
(in millions)
|
| |||||||||||||||||||||||||||
CONSOLIDATED CASH FLOW DATA | | | | | | | |||||||||||||||||||||||||
Net cash generated from operating activities
|
| | | $ | 466.4 | | | | | $ | 281.3 | | | | | $ | 370.6 | | | | | $ | 225.0 | | | | | $ | 230.9 | | |
Net cash generated from (used in) investing activities
|
| | | | (13.0) | | | | | | 44.7 | | | | | | 38.0 | | | | | | 51.1 | | | | | | (93.5) | | |
Net cash used in financing activities
|
| | | | (286.1) | | | | | | (326.2) | | | | | | (411.4) | | | | | | (242.7) | | | | | | (139.8) | | |
| | |
Nine Months Ended
September 30, |
| |
Year Ended December 31,
|
| ||||||||||||||||||||||||
| | |
2020(1)
|
| |
2019(1)
|
| |
2019(1)
|
| |
2018
|
| |
2017
|
| |||||||||||||||
| | |
(in millions)
|
| |||||||||||||||||||||||||||
OTHER FINANCIAL DATA | | | | | | | |||||||||||||||||||||||||
Adjusted EBIT(5)
|
| | | $ | 289.4 | | | | | $ | 101.5 | | | | | $ | 148.9 | | | | | $ | 39.1 | | | | | $ | 169.3 | | |
Adjusted EBITDA(5)
|
| | | | 504.5 | | | | | | 270.5 | | | | | | 385.9 | | | | | | 150.7 | | | | | | 277.6 | | |
| | |
Nine Months Ended
September 30, |
| |
Year Ended December 31,
|
| ||||||||||||||||||||||||
| | |
2020(1)
|
| |
2019(1)
|
| |
2019(1)
|
| |
2018
|
| |
2017
|
| |||||||||||||||
OTHER SUPPLEMENTAL DATA | | | | | | | |||||||||||||||||||||||||
TEUs carried (in thousands)
|
| | | | 2,042 | | | | | | 2,124 | | | | | | 2,821 | | | | | | 2,914 | | | | | | 2,629 | | |
Average freight rate per TEU(6)
|
| | | $ | 1,116 | | | | | $ | 1,007 | | | | | $ | 1,009 | | | | | $ | 973 | | | | | $ | 995 | | |
| | |
Nine Months Ended
September 30, |
| |
Year Ended December 31,
|
| ||||||||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2019
|
| |
2018
|
| |
2017
|
| |||||||||||||||
| | |
(in millions)
|
| |||||||||||||||||||||||||||
RECONCILIATION OF NET INCOME (LOSS) | | | | | | | |||||||||||||||||||||||||
TO ADJUSTED EBIT | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income (loss)
|
| | | $ | 157.8 | | | | | $ | (14.2) | | | | | $ | (13.0) | | | | | $ | (119.9) | | | | | $ | 11.4 | | |
Financial expenses (income), net
|
| | | | 113.6 | | | | | | 112.5 | | | | | | 154.3 | | | | | | 82.6 | | | | | | 117.0 | | |
Income taxes
|
| | | | 11.2 | | | | | | 10.1 | | | | | | 11.7 | | | | | | 14.1 | | | | | | 14.2 | | |
Operating income (EBIT)
|
| | | | 282.6 | | | | | | 108.4 | | | | | | 153.0 | | | | | | (23.2) | | | | | | 142.6 | | |
Non-cash charter hire expenses(1)
|
| | | | 6.3 | | | | | | 8.1 | | | | | | 10.5 | | | | | | 20.0 | | | | | | 21.8 | | |
Capital loss (gain), beyond the ordinary course of
business(2) |
| | | | — | | | | | | (14.6) | | | | | | (14.2) | | | | | | (0.3) | | | | | | 0.2 | | |
Impairment of assets
|
| | | | 0.5 | | | | | | 1.2 | | | | | | 1.2 | | | | | | 37.9 | | | | | | 2.5 | | |
Expenses related to legal contingencies
|
| | | | — | | | | | | (1.6) | | | | | | (1.6) | | | | | | 4.7 | | | | | | 2.2 | | |
Adjusted EBIT
|
| | | $ | 289.4 | | | | | $ | 101.5 | | | | | $ | 148.9 | | | | | $ | 39.1 | | | | | $ | 169.3 | | |
Adjusted EBIT margin(3)
|
| | | | 11.0% | | | | | | 4.1% | | | | | | 4.5% | | | | | | 1.2% | | | | | | 5.7% | | |
| | |
Nine Months Ended
September 30, |
| |
Year Ended December 31,
|
| ||||||||||||||||||||||||
| | |
2020(1)
|
| |
2019(1)
|
| |
2019(1)
|
| |
2018
|
| |
2017
|
| |||||||||||||||
| | |
(in millions)
|
| |||||||||||||||||||||||||||
RECONCILIATION OF NET INCOME (LOSS) | | | | | | | |||||||||||||||||||||||||
TO ADJUSTED EBITDA | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income (loss)
|
| | | $ | 157.8 | | | | | $ | (14.2) | | | | | $ | (13.0) | | | | | $ | (119.9) | | | | | $ | 11.4 | | |
Financial expenses (income), net
|
| | | | 113.6 | | | | | | 112.5 | | | | | | 154.3 | | | | | | 82.6 | | | | | | 117.0 | | |
Income taxes
|
| | | | 11.2 | | | | | | 10.1 | | | | | | 11.7 | | | | | | 14.1 | | | | | | 14.2 | | |
Depreciation and amortization
|
| | | | 220.8 | | | | | | 175.4 | | | | | | 245.5 | | | | | | 111.6 | | | | | | 108.3 | | |
EBITDA
|
| | | | 503.4 | | | | | | 283.8 | | | | | | 398.5 | | | | | | 88.4 | | | | | | 250.9 | | |
Non-cash charter hire expenses(2)
|
| | | | 0.6 | | | | | | 1.7 | | | | | | 2.0 | | | | | | 20.0 | | | | | | 21.8 | | |
Capital loss (gain), beyond the ordinary course of business(3)
|
| | | | — | | | | | | (14.6) | | | | | | (14.2) | | | | | | (0.3) | | | | | | 0.2 | | |
Impairment of assets
|
| | | | 0.5 | | | | | | 1.2 | | | | | | 1.2 | | | | | | 37.9 | | | | | | 2.5 | | |
Expenses related to legal contingencies
|
| | | | — | | | | | | (1.6) | | | | | | (1.6) | | | | | | 4.7 | | | | | | 2.2 | | |
Adjusted EBITDA
|
| | | $ | 504.5 | | | | | $ | 270.5 | | | | | $ | 385.9 | | | | | $ | 150.7 | | | | | $ | 277.6 | | |
| | |
As of September 30, 2020
|
| |||||||||
| | |
Actual
|
| |
As Adjusted
|
| ||||||
| | |
(in millions)
|
| |||||||||
Cash and cash equivalents
|
| | | $ | 350.3 | | | | | $ | 547.6 | | |
Deposits and restricted cash(1)
|
| | | | 55.7 | | | | | | 55.7 | | |
Total long-term debt(2)
|
| | | | 1,525.3 | | | | | | 1,525.3 | | |
Ordinary shares, NIS 0.03 par value per share, 350,000,001 shares authorized and 10,000,000 shares issued and outstanding on an actual basis; no par value per share, 350,000,001 shares authorized and 114,500,000 shares issued and outstanding on an as adjusted basis(3)
|
| | | | 0.09 | | | | | | — | | |
Special State Share, no par value; 1 share authorized; 1 share issued and outstanding
|
| | | | — | | | | | | — | | |
Additional paid-in capital
|
| | | | 700.2 | | | | | | 897.2 | | |
Translation and general reserves
|
| | | | 1,087.0 | | | | | | 1,087.0 | | |
Non-controlling interests
|
| | | | 5.5 | | | | | | 5.5 | | |
Accumulated deficit
|
| | | | (1,887.9) | | | | | | (1,887.9) | | |
Total shareholders’ equity (deficiency)
|
| | | | (95.1) | | | | | | 101.8 | | |
Total capitalization
|
| | | $ | 1,430.2 | | | | | $ | 1,627.1 | | |
|
Initial public offering price per ordinary share
|
| | | | | | | | | $ | 15.00 | | |
|
Net tangible book value (deficit) per share as of September 30, 2020, after giving effect to the Pre-IPO Share Split
|
| | | $ | (1.63) | | | | | | | | |
|
Increase per share attributable to this offering
|
| | | | 1.93 | | | | | | | | |
|
Pro forma as adjusted net tangible book value (deficit) per share after this offering
|
| | | | | | | | | | 0.30 | | |
|
Dilution per share to new investors in this offering.
|
| | | | | | | | | $ | 14.70 | | |
| | |
Shares Purchased
|
| |
Total Consideration
|
| |
Average Price
Per Share |
| |||||||||||||||||||||
| | |
Number
|
| |
Percent
|
| |
Amount
|
| |
Percent
|
| ||||||||||||||||||
Existing shareholders
|
| | | | 100,000,000 | | | | | | 87.3% | | | | | $ | 700,310,000 | | | | | | 76.3% | | | | | $ | 7.00 | | |
New investors
|
| | | | 14,500,000 | | | | | | 12.7% | | | | | $ | 217,500,000 | | | | | | 23.7% | | | | | $ | 15.00 | | |
Total
|
| | | | 114,500,000 | | | | | | 100% | | | | | $ | 917,810,000 | | | | | | 100% | | | | | $ | 8.02 | | |
| | |
Nine Months Ended
September 30, |
| |
Year Ended December 31,
|
| ||||||||||||||||||||||||||||||||||||
| | |
2020(1)
|
| |
2019(1)
|
| |
2019(1)
|
| |
2018
|
| |
2017
|
| |
2016
|
| |
2015
|
| |||||||||||||||||||||
| | |
(in millions, except share and per share data)
|
| |||||||||||||||||||||||||||||||||||||||
CONSOLIDATED INCOME STATEMENTS | | | | | | | | | |||||||||||||||||||||||||||||||||||
Income from voyages and related services
|
| | | $ | 2,630.9 | | | | | $ | 2,472.5 | | | | | $ | 3,299.8 | | | | | $ | 3,247.9 | | | | | $ | 2,978.3 | | | | | $ | 2,539.3 | | | | | $ | 2,991.1 | | |
Cost of voyages and related services:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating expenses and cost of services
|
| | | | (2,039.0) | | | | | | (2,125.2) | | | | | | (2,810.8) | | | | | | (2,999.6) | | | | | | (2,600.1) | | | | | | (2,394.1) | | | | | | (2,692.6) | | |
Depreciation
|
| | | | (204.3) | | | | | | (161.3) | | | | | | (226.0) | | | | | | (100.2) | | | | | | (97.2) | | | | | | (86.3) | | | | | | (82.4) | | |
Gross profit
|
| | | | 387.6 | | | | | | 186.0 | | | | | | 263.0 | | | | | | 148.1 | | | | | | 281.0 | | | | | | 58.9 | | | | | | 216.1 | | |
Other operating income (expenses), net
|
| | | | 7.4 | | | | | | 30.3 | | | | | | 36.9 | | | | | | (32.8) | | | | | | 1.6 | | | | | | 31.5 | | | | | | 29.3 | | |
General and administrative expenses
|
| | | | (114.8) | | | | | | (111.5) | | | | | | (151.6) | | | | | | (143.9) | | | | | | (147.6) | | | | | | (142.5) | | | | | | (147.4) | | |
Share of profits of associates
|
| | | | 2.4 | | | | | | 3.6 | | | | | | 4.7 | | | | | | 5.4 | | | | | | 7.6 | | | | | | 5.0 | | | | | | 9.4 | | |
Results from operating activities
|
| | | | 282.6 | | | | | | 108.4 | | | | | | 153.0 | | | | | | (23.2) | | | | | | 142.6 | | | | | | (47.1) | | | | | | 107.4 | | |
Finance expenses, net
|
| | | | (113.6) | | | | | | (112.5) | | | | | | (154.3) | | | | | | (82.6) | | | | | | (117.0) | | | | | | (98.0) | | | | | | (102.8) | | |
Profit (loss) before income tax
|
| | | | 169.0 | | | | | | (4.1) | | | | | | (1.3) | | | | | | (105.8) | | | | | | 25.6 | | | | | | (145.1) | | | | | | 4.6 | | |
Income tax
|
| | | | (11.2) | | | | | | (10.1) | | | | | | (11.7) | | | | | | (14.1) | | | | | | (14.2) | | | | | | (18.4) | | | | | | 1.9 | | |
Net income (loss)
|
| | | $ | 157.8 | | | | | $ | (14.2) | | | | | $ | (13.0) | | | | | $ | (119.9) | | | | | $ | 11.4 | | | | | $ | (163.5) | | | | | $ | 6.5 | | |
Basic net income (loss) per ordinary share(2)
|
| | | $ | 15.29 | | | | | $ | (1.77) | | | | | $ | (1.81) | | | | | $ | (12.57) | | | | | $ | 0.62 | | | | | $ | (16.83) | | | | | $ | 0.23 | | |
Weighted average number of ordinary shares used in computing basic net income (loss) per ordinary share(2)
|
| | | | 10,000,000 | | | | | | 10,000,000 | | | | | | 10,000,000 | | | | | | 10,000,000 | | | | | | 10,000,000 | | | | | | 10,000,000 | | | | | | 10,000,000 | | |
Diluted net income (loss) per ordinary
share(2) |
| | | $ | 14.66 | | | | | $ | (1.77) | | | | | $ | (1.81) | | | | | $ | (12.57) | | | | | $ | 0.62 | | | | | $ | (16.83) | | | | | $ | 0.23 | | |
Weighted average number of ordinary shares used in computing diluted net income (loss) per ordinary share(2)
|
| | | | 10,431,079 | | | | | | 10,000,000 | | | | | | 10,000,000 | | | | | | 10,000,000 | | | | | | 10,000,000 | | | | | | 10,000,000 | | | | | | 10,000,000 | | |
Pro forma basic net income (loss) per ordinary share(2)(3)
|
| | | $ | 1.53 | | | | | $ | (0.18) | | | | | $ | (0.18) | | | | | $ | (1.26) | | | | | $ | 0.06 | | | | | $ | (1.68) | | | | | $ | 0.02 | | |
Weighted average number of ordinary shares
used in computing pro forma basic net income (loss) per ordinary share(2)(3) |
| | | | 100,000,000 | | | | | | 100,000,000 | | | | | | 100,000,000 | | | | | | 100,000,000 | | | | | | 100,000,000 | | | | | | 100,000,000 | | | | | | 100,000,000 | | |
Pro forma diluted net income (loss) per ordinary
share(2)(3) |
| | | $ | 1.47 | | | | | $ | (0.18) | | | | | $ | (0.18) | | | | | $ | (1.26) | | | | | $ | 0.06 | | | | | $ | (1.68) | | | | | $ | 0.02 | | |
Weighted average number of ordinary shares used in computing pro forma diluted net income (loss) per ordinary share(2)(3)
|
| | | | 104,310,786 | | | | | | 100,000,000 | | | | | | 100,000,000 | | | | | | 100,000,000 | | | | | | 100,000,000 | | | | | | 100,000,000 | | | | | | 100,000,000 | | |
| | |
As of
September 30, |
| |
As of December 31,
|
| ||||||||||||||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |
2017
|
| |
2016
|
| |
2015
|
| ||||||||||||||||||
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION DATA
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
Cash and cash equivalents
|
| | | $ | 350.3 | | | | | $ | 182.8 | | | | | $ | 186.3 | | | | | $ | 157.9 | | | | | $ | 157.6 | | | | | $ | 218.7 | | |
Total current assets
|
| | | | 823.4 | | | | | | 630.8 | | | | | | 746.6 | | | | | | 579.6 | | | | | | 465.9 | | | | | | 616.3 | | |
Total assets
|
| | | | 2,197.2 | | | | | | 1,926.1 | | | | | | 1,826.1 | | | | | | 1,802.3 | | | | | | 1,703.6 | | | | | | 1,912.3 | | |
Working capital
|
| | | | (152.5) | | | | | | (295.5) | | | | | | (186.3) | | | | | | (107.1) | | | | | | (65.0) | | | | | | 5.3 | | |
Total liabilities
|
| | | | 2,292.3 | | | | | | 2,178.4 | | | | | | 2,050.1 | | | | | | 1,895.8 | | | | | | 1,804.3 | | | | | | 1,833.6 | | |
Total non-current liabilities
|
| | | | 1,316.4 | | | | | | 1,252.0 | | | | | | 1,117.2 | | | | | | 1,209.1 | | | | | | 1,273.4 | | | | | | 1,222.6 | | |
Total shareholders’ equity (deficit)(4)
|
| | | $ | (95.1) | | | | | $ | (252.3) | | | | | $ | (224.0) | | | | | $ | (93.5) | | | | | $ | (100.7) | | | | | $ | 78.7 | | |
| | |
Nine Months Ended
September 30, |
| |
Year Ended December 31,
|
| ||||||||||||||||||||||||||||||||||||
| | |
2020(1)
|
| |
2019(1)
|
| |
2019(1)
|
| |
2018
|
| |
2017
|
| |
2016
|
| |
2015
|
| |||||||||||||||||||||
| | |
(in millions)
|
| |||||||||||||||||||||||||||||||||||||||
CONSOLIDATED CASH FLOW DATA
|
| | | | | | | | |||||||||||||||||||||||||||||||||||
Net cash generated from operating activities
|
| | | $ | 466.4 | | | | | $ | 281.3 | | | | | $ | 370.6 | | | | | $ | 225.0 | | | | | $ | 230.9 | | | | | $ | 33.2 | | | | | $ | 173.1 | | |
Net cash generated from (used in) investing activities
|
| | | | (13.0) | | | | | | 44.7 | | | | | | 38.0 | | | | | | 51.1 | | | | | | (93.5) | | | | | | 141.5 | | | | | | 103.5 | | |
Net cash used in financing activities
|
| | | | (281.6) | | | | | | (326.2) | | | | | | (411.4) | | | | | | (242.7) | | | | | | (139.8) | | | | | | (228.6) | | | | | | (282.6) | | |
| | |
Nine Months Ended
September 30, |
| |
Year Ended December 31,
|
| ||||||||||||||||||||||||||||||||||||
| | |
2020(1)
|
| |
2019(1)
|
| |
2019(1)
|
| |
2018
|
| |
2017
|
| |
2016
|
| |
2015
|
| |||||||||||||||||||||
| | |
(in millions)
|
| |||||||||||||||||||||||||||||||||||||||
OTHER FINANCIAL DATA | | | | | | | | | |||||||||||||||||||||||||||||||||||
Adjusted EBIT(5)
|
| | | $ | 289.4 | | | | | $ | 101.5 | | | | | $ | 148.9 | | | | | $ | 39.1 | | | | | $ | 169.3 | | | | | $ | (49.3) | | | | | $ | 127.1 | | |
Adjusted EBITDA(5)
|
| | | | 504.5 | | | | | | 270.5 | | | | | | 385.9 | | | | | | 150.7 | | | | | | 277.6 | | | | | | 51.7 | | | | | | 226.2 | | |
| | |
Nine Months Ended
September 30, |
| |
Year Ended December 31,
|
| ||||||||||||||||||||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2019
|
| |
2018
|
| |
2017
|
| |
2016
|
| |
2015
|
| |||||||||||||||||||||
OTHER SUPPLEMENTAL DATA | | | | | | | | | |||||||||||||||||||||||||||||||||||
TEUs carried (in thousands)
|
| | | | 2,042 | | | | | | 2,124 | | | | | | 2,821 | | | | | | 2,914 | | | | | | 2,629 | | | | | | 2,429 | | | | | | 2,340 | | |
Average freight rate per TEU(6)
|
| | | $ | 1,116 | | | | | $ | 1,007 | | | | | $ | 1,009 | | | | | $ | 973 | | | | | $ | 995 | | | | | $ | 902 | | | | | $ | 1,113 | | |
| | |
Nine Months Ended
September 30, |
| |
Year Ended December 31,
|
| ||||||||||||||||||||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2019
|
| |
2018
|
| |
2017
|
| |
2016
|
| |
2015
|
| |||||||||||||||||||||
| | |
(in millions)
|
| |||||||||||||||||||||||||||||||||||||||
Net income (loss)
|
| | | $ | 157.8 | | | | | $ | (14.2) | | | | | $ | (13.0) | | | | | $ | (119.9) | | | | | $ | 11.4 | | | | | $ | (163.5) | | | | | $ | 6.5 | | |
Financial expenses, net
|
| | | | 113.6 | | | | | | 112.5 | | | | | | 154.3 | | | | | | 82.6 | | | | | | 117.0 | | | | | | 98.0 | | | | | | 102.8 | | |
Income taxes
|
| | | | 11.2 | | | | | | 10.1 | | | | | | 11.7 | | | | | | 14.1 | | | | | | 14.2 | | | | | | 18.4 | | | | | | (1.9) | | |
Operating income (loss) (EBIT)
|
| | | | 282.6 | | | | | | 108.4 | | | | | | 153.0 | | | | | | (23.2) | | | | | | 142.6 | | | | | | (47.1) | | | | | | 107.4 | | |
Non-cash charter hire expenses(1)
|
| | | | 6.3 | | | | | | 8.1 | | | | | | 10.5 | | | | | | 20.0 | | | | | | 21.8 | | | | | | 25.4 | | | | | | 32.2 | | |
Capital loss (gain), beyond the ordinary course of business(2)
|
| | | | — | | | | | | (14.6) | | | | | | (14.2) | | | | | | (0.3) | | | | | | 0.2 | | | | | | (29.2) | | | | | | (28.6) | | |
Impairment of assets
|
| | | | 0.5 | | | | | | 1.2 | | | | | | 1.2 | | | | | | 37.9 | | | | | | 2.5 | | | | | | 1.0 | | | | | | 7.3 | | |
Expenses related to legal contingencies
|
| | | | — | | | | | | (1.6) | | | | | | (1.6) | | | | | | 4.7 | | | | | | 2.2 | | | | | | 0.6 | | | | | | 4.6 | | |
Early termination fee of vessels charter hire
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4.2 | | |
Adjusted EBIT
|
| | | $ | 289.4 | | | | | $ | 101.5 | | | | | $ | 148.9 | | | | | $ | 39.1 | | | | | $ | 169.3 | | | | | $ | (49.3) | | | | | $ | 127.1 | | |
Adjusted EBIT margin(3)
|
| | | | 11.0% | | | | | | 4.1% | | | | | | 4.5% | | | | | | 1.2% | | | | | | 5.7% | | | | | | (1.9)% | | | | | | 4.2% | | |
| | |
Nine Months Ended
September 30, |
| |
Year Ended December 31,
|
| ||||||||||||||||||||||||||||||||||||
| | |
2020(1)
|
| |
2019(1)
|
| |
2019(1)
|
| |
2018
|
| |
2017
|
| |
2016
|
| |
2015
|
| |||||||||||||||||||||
| | |
(in millions)
|
| |||||||||||||||||||||||||||||||||||||||
Net income (loss)
|
| | | $ | 157.8 | | | | | $ | (14.2) | | | | | $ | (13.0) | | | | | $ | (119.9) | | | | | $ | 11.4 | | | | | $ | (163.5) | | | | | $ | 6.5 | | |
Financial expenses, net
|
| | | | 113.6 | | | | | | 112.5 | | | | | | 154.3 | | | | | | 82.6 | | | | | | 117.0 | | | | | | 98.0 | | | | | | 102.8 | | |
Income taxes
|
| | | | 11.2 | | | | | | 10.1 | | | | | | 11.7 | | | | | | 14.1 | | | | | | 14.2 | | | | | | 18.4 | | | | | | (1.9) | | |
Depreciation and amortization
|
| | | | 220.8 | | | | | | 175.4 | | | | | | 245.5 | | | | | | 111.6 | | | | | | 108.3 | | | | | | 101.0 | | | | | | 99.1 | | |
EBITDA
|
| | | | 503.4 | | | | | | 283.8 | | | | | | 398.5 | | | | | | 88.4 | | | | | | 250.9 | | | | | | 53.9 | | | | | | 206.5 | | |
Non-cash charter hire expenses(2)
|
| | | | 0.6 | | | | | | 1.7 | | | | | | 2.0 | | | | | | 20.0 | | | | | | 21.8 | | | | | | 25.4 | | | | | | 32.2 | | |
Capital loss (gain), beyond the ordinary course of business(3)
|
| | | | — | | | | | | (14.6) | | | | | | (14.2) | | | | | | (0.3) | | | | | | 0.2 | | | | | | (29.2) | | | | | | (28.6) | | |
Impairment of assets
|
| | | | 0.5 | | | | | | 1.2 | | | | | | 1.2 | | | | | | 37.9 | | | | | | 2.5 | | | | | | 1.0 | | | | | | 7.3 | | |
Expenses related to legal contingencies
|
| | | | — | | | | | | (1.6) | | | | | | (1.6) | | | | | | 4.7 | | | | | | 2.2 | | | | | | 0.6 | | | | | | 4.6 | | |
Early termination fee of vessels charter hire
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4.2 | | |
Adjusted EBITDA
|
| | | $ | 504.5 | | | | | $ | 270.5 | | | | | $ | 385.9 | | | | | $ | 150.7 | | | | | $ | 277.6 | | | | | $ | 51.7 | | | | | $ | 226.2 | | |
| | |
According to
IAS 17 |
| |
Re-classification
|
| |
Recognition
|
| |
According to
IFRS 16 |
| ||||||||||||
| | |
(Unaudited)
|
| |||||||||||||||||||||
| | |
(in millions)
|
| |||||||||||||||||||||
Non-Current Assets | | | | | | ||||||||||||||||||||
Vessels
|
| | | $ | 617.4 | | | | | $ | 18.2 | | | | | $ | 122.3 | | | | | $ | 757.9 | | |
Containers and handling equipment
|
| | | | 351.7 | | | | | | | | | | | | 73.2 | | | | | | 424.9 | | |
Other tangible assets
|
| | | | 21.0 | | | | | | 1.1 | | | | | | 40.4 | | | | | | 62.5 | | |
Deferred expenses
|
| | | | 9.0 | | | | | | (9.0) | | | | | | | | | | | | | | |
Current Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Trade and other receivables
|
| | | | 11.6 | | | | | | (10.3) | | | | | | | | | | | | 1.3 | | |
Non-Current Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Lease liabilities, loans and other liabilities
|
| | | | (1,056.7) | | | | | | | | | | | | (162.9) | | | | | | (1,219.6) | | |
Current Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Lease liabilities, loans and other liabilities
|
| | | | (201.2) | | | | | | | | | | | | (73.0) | | | | | | (274.2) | | |
| | |
Nine Months Ended
September 30, |
| |
Year Ended December 31,
|
| ||||||||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2019
|
| |
2018
|
| |
2017
|
| |||||||||||||||
| | |
(in millions)
|
| |||||||||||||||||||||||||||
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBIT
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income (loss)
|
| | | $ | 157.8 | | | | | $ | (14.2) | | | | | $ | (13.0) | | | | | $ | (119.9) | | | | | $ | 11.4 | | |
Financial expenses, net
|
| | | | 113.6 | | | | | | 112.5 | | | | | | 154.3 | | | | | | 82.6 | | | | | | 117.0 | | |
Income taxes
|
| | | | 11.2 | | | | | | 10.1 | | | | | | 11.7 | | | | | | 14.1 | | | | | | 14.2 | | |
Operating income (EBIT)
|
| | | | 282.6 | | | | | | 108.4 | | | | | | 153.0 | | | | | | (23.2) | | | | | | 142.6 | | |
Non-cash charter hire expenses(1)
|
| | | | 6.3 | | | | | | 8.1 | | | | | | 10.5 | | | | | | 20.0 | | | | | | 21.8 | | |
Capital loss (gain), beyond the ordinary course of
business(2) |
| | | | — | | | | | | (14.6) | | | | | | (14.2) | | | | | | (0.3) | | | | | | 0.2 | | |
Impairment of assets
|
| | | | 0.5 | | | | | | 1.2 | | | | | | 1.2 | | | | | | 37.9 | | | | | | 2.5 | | |
Expenses related to legal contingencies
|
| | | | — | | | | | | (1.6) | | | | | | (1.6) | | | | | | 4.7 | | | | | | 2.2 | | |
Adjusted EBIT
|
| | | $ | 289.4 | | | | | $ | 101.5 | | | | | $ | 148.9 | | | | | $ | 39.1 | | | | | $ | 169.3 | | |
Adjusted EBIT margin(3)
|
| | | | 11.0% | | | | | | 4.1% | | | | | | 4.5% | | | | | | 1.2% | | | | | | 5.7% | | |
| | |
Nine Months Ended
September 30, |
| |
Year Ended December 31,
|
| ||||||||||||||||||||||||
| | |
2020(1)
|
| |
2019(1)
|
| |
2019(1)
|
| |
2018
|
| |
2017
|
| |||||||||||||||
| | |
(in millions)
|
| |||||||||||||||||||||||||||
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income (loss)
|
| | | $ | 157.8 | | | | | $ | (14.2) | | | | | $ | (13.0) | | | | | $ | (119.9) | | | | | $ | 11.4 | | |
Financial expenses, net
|
| | | | 113.6 | | | | | | 112.5 | | | | | | 154.3 | | | | | | 82.6 | | | | | | 117.0 | | |
Income taxes
|
| | | | 11.2 | | | | | | 10.1 | | | | | | 11.7 | | | | | | 14.1 | | | | | | 14.2 | | |
Depreciation and amortization
|
| | | | 220.8 | | | | | | 175.4 | | | | | | 245.5 | | | | | | 111.6 | | | | | | 108.3 | | |
EBITDA
|
| | | | 503.4 | | | | | | 283.8 | | | | | | 398.5 | | | | | | 88.4 | | | | | | 250.9 | | |
Non-cash charter hire expenses(2)
|
| | | | 0.6 | | | | | | 1.7 | | | | | | 2.0 | | | | | | 20.0 | | | | | | 21.8 | | |
Capital loss (gain), beyond the ordinary course of business(3)
|
| | | | — | | | | | | (14.6) | | | | | | (14.2) | | | | | | (0.3) | | | | | | 0.2 | | |
Impairment of assets
|
| | | | 0.5 | | | | | | 1.2 | | | | | | 1.2 | | | | | | 37.9 | | | | | | 2.5 | | |
Expenses related to legal contingencies
|
| | | | — | | | | | | (1.6) | | | | | | (1.6) | | | | | | 4.7 | | | | | | 2.2 | | |
Adjusted EBITDA
|
| | | $ | 504.5 | | | | | $ | 270.5 | | | | | $ | 385.9 | | | | | $ | 150.7 | | | | | $ | 277.6 | | |
| | |
Nine Months Ended September 30,
|
| |
Year Ended December 31,
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
2020(1)
|
| |
2019(1)
|
| |
2019(1)
|
| |
2018
|
| |
2017
|
| |||||||||||||||||||||||||||||||||||||||||||||
| | |
(in millions)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income from voyages and related
services |
| | | $ | 2,630.9 | | | | | | 100% | | | | | $ | 2,472.5 | | | | | | 100% | | | | | $ | 3,299.8 | | | | | | 100% | | | | | $ | 3,247.9 | | | | | | 100% | | | | | $ | 2,978.3 | | | | | | 100% | | |
Cost of voyages and related services:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Operating expenses and cost of services
|
| | | | (2,039.0) | | | | | | (77.5) | | | | | | (2,125.2) | | | | | | (86.0) | | | | | | (2,810.8) | | | | | | (85.2) | | | | | | (2,999.6) | | | | | | (92.4) | | | | | | (2,600.1) | | | | | | (87.3) | | |
Depreciation
|
| | | | (204.3) | | | | | | (7.8) | | | | | | (161.3) | | | | | | (6.5) | | | | | | (226.0) | | | | | | (6.8) | | | | | | (100.2) | | | | | | (3.1) | | | | | | (97.2) | | | | | | (3.3) | | |
Gross profit
|
| | | | 387.6 | | | | | | 14.7 | | | | | | 186.0 | | | | | | 7.5 | | | | | | 263.0 | | | | | | 8.0 | | | | | | 148.1 | | | | | | 4.6 | | | | | | 281.0 | | | | | | 9.4 | | |
Other operating income (expenses), net
|
| | | | 7.4 | | | | | | 0.3 | | | | | | 30.3 | | | | | | 1.2 | | | | | | 36.9 | | | | | | 1.1 | | | | | | (32.8) | | | | | | (1.0) | | | | | | 1.6 | | | | | | 0.1 | | |
General and administrative expenses
|
| | | | (114.8) | | | | | | (4.4) | | | | | | (111.5) | | | | | | (4.5) | | | | | | (151.6) | | | | | | (4.6) | | | | | | (143.9) | | | | | | (4.4) | | | | | | (147.6) | | | | | | (5.0) | | |
Share of profits of associates
|
| | | | 2.4 | | | | | | 0.1 | | | | | | 3.6 | | | | | | 0.2 | | | | | | 4.7 | | | | | | 0.1 | | | | | | 5.4 | | | | | | 0.2 | | | | | | 7.6 | | | | | | 0.3 | | |
Results from operating activities
|
| | | | 282.6 | | | | | | 10.7 | | | | | | 108.4 | | | | | | 4.4 | | | | | | 153.0 | | | | | | 4.6 | | | | | | (23.2) | | | | | | (0.7) | | | | | | 142.6 | | | | | | 4.8 | | |
Finance expenses, net
|
| | | | (113.6) | | | | | | (4.3) | | | | | | (112.5) | | | | | | (4.6) | | | | | | (154.3) | | | | | | (4.7) | | | | | | (82.6) | | | | | | (2.5) | | | | | | (117.0) | | | | | | (3.9) | | |
Profit (loss) before income tax
|
| | | | 169.0 | | | | | | 6.4 | | | | | | (4.1) | | | | | | (0.2) | | | | | | (1.3) | | | | | | (0.1) | | | | | | (105.8) | | | | | | (3.3) | | | | | | 25.6 | | | | | | 0.9 | | |
Income taxes
|
| | | | (11.2) | | | | | | (0.4) | | | | | | (10.1) | | | | | | (0.4) | | | | | | (11.7) | | | | | | (0.3) | | | | | | (14.1) | | | | | | (0.4) | | | | | | (14.2) | | | | | | (0.5) | | |
Net income (loss)
|
| | | | 157.8 | | | | | | 6.0 | | | | | | (14.2) | | | | | | (0.6) | | | | | $ | (13.0) | | | | | | (0.4)% | | | | | $ | (119.9) | | | | | | (3.7)% | | | | | $ | 11.4 | | | | | | 0.4% | | |
|
| | |
TEUs carried
|
| |
Average freight
rate per TEU carried |
| |
Freight revenues from
containerized cargo |
| |||||||||||||||||||||||||||||||||||||||||||||
| | |
Nine months Ended September 30,
|
| |
Nine months Ended September 30,
|
| |
Nine months Ended September 30,
|
| |||||||||||||||||||||||||||||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
% Change
|
| |
2020
|
| |
2019
|
| |
% Change
|
| |
2020
|
| |
2019
|
| |
% Change
|
| |||||||||||||||||||||||||||
| | |
(in thousands)
|
| | | | | | | | | | | | | | | | | | | |
(in millions)
|
| ||||||||||||||||||||||||||||||
Geographic trade zone
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Pacific | | | | | 805 | | | | | | 772 | | | | | | 4.2% | | | | | $ | 1,482 | | | | | $ | 1,322 | | | | | | 12.1% | | | | | $ | 1,193.2 | | | | | $ | 1,021.4 | | | | | | 16.8% | | |
Cross-Suez | | | | | 252 | | | | | | 261 | | | | | | (3.2)% | | | | | | 1,075 | | | | | | 955 | | | | | | 12.5% | | | | | | 271.3 | | | | | | 249.1 | | | | | | 8.9% | | |
Atlantic-Europe | | | | | 440 | | | | | | 442 | | | | | | (0.5)% | | | | | | 975 | | | | | | 968 | | | | | | 0.8% | | | | | | 428.7 | | | | | | 427.3 | | | | | | 0.3% | | |
Intra-Asia | | | | | 422 | | | | | | 509 | | | | | | (17.1)% | | | | | | 593 | | | | | | 561 | | | | | | 5.8% | | | | | | 250.6 | | | | | | 285.8 | | | | | | (12.3)% | | |
Latin America
|
| | | | 123 | | | | | | 140 | | | | | | (12.3)% | | | | | | 1,108 | | | | | | 1,106 | | | | | | 0.2% | | | | | | 135.6 | | | | | | 154.3 | | | | | | (12.1)% | | |
Total | | | | | 2,042 | | | | | | 2,124 | | | | | | (3.9)% | | | | | $ | 1,116 | | | | | $ | 1,007 | | | | | | 10.9% | | | | | $ | 2,279.4 | | | | | $ | 2,137.9 | | | | | | 6.6% | | |
| | |
Nine Months Ended
September 30, |
| | | | | | | | | | | | | |||||||||
| | |
2020
|
| |
2019
|
| |
Change
|
| |
% Change
|
| ||||||||||||
| | |
(in millions)
|
| | | | | | | | | | | | | |||||||||
Income from voyages and related services
|
| | | $ | 2,630.9 | | | | | $ | 2,472.5 | | | | | $ | 158.4 | | | | | | 6.4% | | |
Cost of voyages and related services:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Operating expenses and cost of services
|
| | | | (2,039.0) | | | | | | (2,125.2) | | | | | | 86.2 | | | | | | (4.1) | | |
Depreciation
|
| | | | (204.3) | | | | | | (161.3) | | | | | | (43.0) | | | | | | 26.7 | | |
Gross profit
|
| | | $ | 387.6 | | | | | $ | 186.0 | | | | | $ | 201.6 | | | | | | 108.4% | | |
| | |
TEUs carried
|
| |
Average freight
rate per TEU carried |
| |
Freight revenues from
containerized cargo |
| |||||||||||||||||||||||||||||||||||||||||||||
| | |
Year Ended
December 31, |
| |
Year Ended
December 31, |
| |
Year Ended
December 31, |
| |||||||||||||||||||||||||||||||||||||||||||||
| | |
2019
|
| |
2018
|
| |
%
Change |
| |
2019
|
| |
2018
|
| |
%
Change |
| |
2019
|
| |
2018
|
| |
%
Change |
| |||||||||||||||||||||||||||
| | |
(in thousands)
|
| | | | | | | | | | | | | | | | | | | | | | | | | |
(in millions)
|
| | | | | | | ||||||||||||||||||
Geographic trade zone | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||
Pacific
|
| | | | 1,017 | | | | | | 1,095 | | | | | | (7.1)% | | | | | $ | 1,343 | | | | | $ | 1,265 | | | | | | 6.2% | | | | | $ | 1,365.8 | | | | | $ | 1,385.6 | | | | | | (1.4)% | | |
Cross-Suez
|
| | | | 356 | | | | | | 429 | | | | | | (17)% | | | | | | 923 | | | | | | 903 | | | | | | 2.2% | | | | | | 328.4 | | | | | | 387.3 | | | | | | (15.2)% | | |
Atlantic-Europe
|
| | | | 590 | | | | | | 523 | | | | | | 12.8% | | | | | | 968 | | | | | | 944 | | | | | | 2.5% | | | | | | 571.2 | | | | | | 493.7 | | | | | | 15.7% | | |
Intra-Asia
|
| | | | 671 | | | | | | 674 | | | | | | (0.4)% | | | | | | 556 | | | | | | 524 | | | | | | 6.1% | | | | | | 372.9 | | | | | | 353.2 | | | | | | 5.6% | | |
Latin America
|
| | | | 187 | | | | | | 193 | | | | | | (3.1)% | | | | | | 1,118 | | | | | | 1,119 | | | | | | (0.1)% | | | | | | 209.0 | | | | | | 216.0 | | | | | | (3.2)% | | |
Total
|
| | | | 2,821 | | | | | | 2,914 | | | | | | (3.2)% | | | | | $ | 1,009 | | | | | $ | 973 | | | | | | 3.7% | | | | | $ | 2,847.3 | | | | | $ | 2,835.8 | | | | | | 0.4% | | |
| | |
Year Ended
December 31, |
| | | |||||||||||||||||||
| | |
2019
|
| |
2018
|
| |
Change
|
| |
% Change
|
| ||||||||||||
| | |
(in millions)
|
| | | |||||||||||||||||||
Income from voyages and related services
|
| | | $ | 3,299.8 | | | | | $ | 3,247.9 | | | | | $ | 51.9 | | | | | | 1.6% | | |
Cost of voyages and related services: | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating expenses and cost of services
|
| | | | (2,810.8) | | | | | | (2,999.6) | | | | | | 188.8 | | | | | | 6.3 | | |
Depreciation
|
| | | | (226.0) | | | | | | (100.2) | | | | | | (125.8) | | | | | | (125.5) | | |
Gross profit
|
| | | $ | 263.0 | | | | | $ | 148.1 | | | | | $ | 114.9 | | | | | | 77.6% | | |
| | |
TEUs carried
|
| |
Average freight rate
per TEU carried |
| |
Freight revenues from
containerized cargo |
| |||||||||||||||||||||||||||||||||||||||||||||
| | |
Year Ended
December 31, |
| |
Year Ended
December 31, |
| |
Year Ended
December 31, |
| |||||||||||||||||||||||||||||||||||||||||||||
| | |
2018
|
| |
2017
|
| |
%
Change |
| |
2018
|
| |
2017
|
| |
%
Change |
| |
2018
|
| |
2017
|
| |
%
Change |
| |||||||||||||||||||||||||||
| | |
(in thousands)
|
| | | | | | | | | | | | | | | | | | | | | | | | | |
(in millions)
|
| | | | | | | ||||||||||||||||||
Geographic trade zone
|
| | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||
Pacific
|
| | | | 1,095 | | | | | | 881 | | | | | | 24.3% | | | | | $ | 1,265 | | | | | $ | 1,286 | | | | | | (1.6)% | | | | | $ | 1,385.6 | | | | | $ | 1,133 | | | | | | 22.3% | | |
Cross-Suez
|
| | | | 429 | | | | | | 419 | | | | | | 2.4% | | | | | | 903 | | | | | | 1,016 | | | | | | (11.1)% | | | | | | 387.3 | | | | | | 425.4 | | | | | | (8.9)% | | |
Atlantic-Europe
|
| | | | 523 | | | | | | 542 | | | | | | (3.5)% | | | | | | 944 | | | | | | 913 | | | | | | 3.4% | | | | | | 493.7 | | | | | | 494.3 | | | | | | (0.1)% | | |
Intra-Asia
|
| | | | 674 | | | | | | 596 | | | | | | 13.1% | | | | | | 524 | | | | | | 573 | | | | | | (8.6)% | | | | | | 353.2 | | | | | | 341.8 | | | | | | 3.3% | | |
Latin America
|
| | | | 193 | | | | | | 191 | | | | | | 1% | | | | | | 1,119 | | | | | | 1,164 | | | | | | (3.9)% | | | | | | 216.0 | | | | | | 222.7 | | | | | | (3.0)% | | |
Total
|
| | | | 2,914 | | | | | | 2,629 | | | | | | 10.8% | | | | | $ | 973 | | | | | $ | 995 | | | | | | (2.2)% | | | | | $ | 2,835.8 | | | | | $ | 2,617.2 | | | | | | 8.4% | | |
| | |
Year Ended December 31,
|
| | | |||||||||||||||||||
| | |
2018
|
| |
2017
|
| |
Change
|
| |
% Change
|
| ||||||||||||
| | |
(in millions)
|
| | | | | | | | ||||||||||||||
Income from voyages and related services
|
| | | $ | 3,247.9 | | | | | $ | 2,978.3 | | | | | $ | 269.6 | | | | | | 9.1% | | |
Cost of voyages and related services: | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating expenses and cost of services
|
| | | | (2,999.6) | | | | | | (2,600.1) | | | | | | (399.5) | | | | | | (15.4) | | |
Depreciation
|
| | | | (100.2) | | | | | | (97.2) | | | | | | (3) | | | | | | (3.1) | | |
Gross profit
|
| | | $ | 148.1 | | | | | $ | 281.0 | | | | | $ | (133) | | | | | | (47.3)% | | |
| | |
Nine Months Ended
September 30, |
| |
Year Ended December 31,
|
| ||||||||||||||||||||||||
| | |
2020(1)
|
| |
2019(1)
|
| |
2019(1)
|
| |
2018
|
| |
2017
|
| |||||||||||||||
| | |
(in millions)
|
| |||||||||||||||||||||||||||
Net cash generated from operating activities
|
| | | $ | 466.4 | | | | | $ | 281.3 | | | | | $ | 370.6 | | | | | $ | 225.0 | | | | | $ | 230.9 | | |
Net cash generated from (used in) investing activities
|
| | | | (13.0) | | | | | | 44.7 | | | | | | 38.0 | | | | | | 51.1 | | | | | | (93.5) | | |
Net cash generated used in financing activities
|
| | | | (286.1) | | | | | | (326.2) | | | | | | (411.4) | | | | | | (242.7) | | | | | | (139.8) | | |
Type of debt
|
| |
Original
currency |
| |
Fixed /
Variable |
| |
Effective
interest(2) |
| |
Year of
maturity |
| |
Face value
|
| |
Carrying
amount |
| ||||||
| | | | | | | | | | | | | | |
(in millions)
|
| |||||||||
Financial Debt: | | | | | | | | | | | | | | | | | | | | | | | | | |
Series 1 notes (4)
|
| |
U.S. dollars
|
| |
Fixed
|
| |
7%
|
| |
2023
|
| | | | 359.8 | | | | | | 329.9 | | |
Series 2 notes
|
| |
U.S. dollars
|
| |
Fixed
|
| |
7.9%
|
| |
2023
|
| | | | 129.7 | | | | | | 121.1 | | |
Tranche E loan
|
| |
U.S. dollars
|
| |
Fixed
|
| |
8.7%
|
| |
2026
|
| | | | 73.1 | | | | | | 51.2 | | |
Other
|
| |
U.S. dollars
|
| |
Fixed
|
| |
9.4%(3)
|
| |
2020 – 2030
|
| | | | 58.6 | | | | | | 58.6 | | |
Long-term liabilities
|
| |
U.S. dollars
|
| |
(1)
|
| |
—
|
| |
2020 – 2022
|
| | | $ | 5.7 | | | | | $ | 5.7 | | |
Short-term credit from banks
|
| |
U.S. dollars
|
| |
Fixed
|
| |
2.7%
|
| |
2020 – 2021
|
| | | | 121.9 | | | | | | 121.9 | | |
Total
|
| | | | | | | | | | | | | | | $ | 748.8 | | | | | $ | 688.4 | | |
Lease liabilities
|
| |
Mainly U.S. dollars
|
| |
Fixed
|
| |
12.4%(3)
|
| |
2020 – 2036
|
| | | $ | 958.7 | | | | | $ | 958.7 | | |
Total
|
| | | | | | | | | | | | | | | $ | 1,707.6 | | | | | $ | 1,647.1 | | |
| | |
Total
|
| |
Less than
1 year |
| |
1 – 3 years
|
| |
4 – 5 years
|
| |
More than
5 years |
| |||||||||||||||
| | |
(in millions)
|
| |||||||||||||||||||||||||||
Long-term financial debt(1)
|
| | | $ | 692.2 | | | | | $ | 30.4 | | | | | $ | 573.1 | | | | | $ | 5.1 | | | | | $ | 83.6 | | |
Lease liabilities(1)(2)
|
| | | | 1,230.6 | | | | | | 346.6 | | | | | | 368.4 | | | | | | 260.3 | | | | | | 255.3 | | |
Other commitments(3)
|
| | | | 107.7 | | | | | | 50.2 | | | | | | 35.5 | | | | | | 20.2 | | | | | | 1.8 | | |
Total contractual obligations
|
| | | $ | 2,030.5 | | | | | $ | 427.2 | | | | | $ | 977.0 | | | | | $ | 285.6 | | | | | $ | 340.7 | | |
| | |
Increase by 100 bps
|
| |
Decrease by 100 bps
|
| ||||||
| | |
(in millions)
|
| |||||||||
Discount rate
|
| | | $ | (265) | | | | | $ | 359 | | |
Terminal growth rate
|
| | | | 332 | | | | | | (244) | | |
| | |
Intercontinental (East-West) Trades
|
| |
Inter-regional Trades
|
| |
Intra-regional Trades
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Asia-Europe
|
| |
Transpacific
|
| |
Transatlantic
|
| |
ISC/ME
Related |
| |
Latin
America Related |
| |
Africa
Related |
| |
Oceania
Related |
| |
Intra-Far
East |
| |
Intra
Europe |
| |
Intra
Americas |
| ||||||||||||||||||||||||||||||
2019 Volume Carried (mm TEU)
|
| | | | 24.0 | | | | | | 27.7 | | | | | | 8.1 | | | | | | 16.3 | | | | | | 14.8 | | | | | | 9.6 | | | | | | 4.4 | | | | | | 99.5 | | | | | | 15.9 | | | | | | 2.0 | | |
% Share
|
| | | | 11% | | | | | | 12% | | | | | | 4% | | | | | | 7% | | | | | | 7% | | | | | | 4% | | | | | | 2% | | | | | | 45% | | | | | | 7% | | | | | | 1% | | |
Carrier
|
| |
Total Capacity Deployed
(in ‘000 TEU) |
| |
Market Share
(as % of capacity in ‘000 TEU) |
| |
Orderbook
(as % of existing Capacity) |
| |||||||||
Maersk Line / Hamburg Süd
|
| | | | 4,110 | | | | | | 17% | | | | | | 1% | | |
MSC
|
| | | | 3,824 | | | | | | 16% | | | | | | 3% | | |
COSCO / OOCL / CSCL
|
| | | | 3,025 | | | | | | 13% | | | | | | 4% | | |
CMA CGM / APL / NOL
|
| | | | 2,881 | | | | | | 12% | | | | | | 14% | | |
Hapag-Lloyd / UASC / CSAV
|
| | | | 1,698 | | | | | | 7% | | | | | | NA | | |
ONE (NYK / K Line / MOL)
|
| | | | 1,567 | | | | | | 7% | | | | | | 3% | | |
Evergreen
|
| | | | 1,276 | | | | | | 5% | | | | | | 40% | | |
HMM
|
| | | | 710 | | | | | | 3% | | | | | | 17% | | |
Yang Ming
|
| | | | 623 | | | | | | 3% | | | | | | 24% | | |
ZIM | | | | | 321 | | | | | | 1% | | | | | | NA | | |
Wan Hai
|
| | | | 307 | | | | | | 1% | | | | | | 15% | | |
PIL
|
| | | | 302 | | | | | | 1% | | | | | | NA | | |
| | | | | |
Nine Months
Ended September 30, |
| |
Year Ended December 31,
|
| ||||||||||||||||||||||||
Geographic trade zone
|
| |
Primary trade
|
| |
2020
|
| |
2019
|
| |
2019
|
| |
2018
|
| |
2017
|
| |||||||||||||||
| | | | | |
(percentage of total TEUs carried for the period)
|
| |||||||||||||||||||||||||||
Pacific
|
| |
Transpacific
|
| | | | 39% | | | | | | 36% | | | | | | 36% | | | | | | 38% | | | | | | 38% | | |
Cross-Suez
|
| |
Asia-Europe
|
| | | | 12% | | | | | | 12% | | | | | | 13% | | | | | | 15% | | | | | | 15% | | |
Atlantic-Europe
|
| |
Atlantic
|
| | | | 22% | | | | | | 21% | | | | | | 21% | | | | | | 18% | | | | | | 18% | | |
Intra-Asia
|
| |
Intra-Asia
|
| | | | 21% | | | | | | 24% | | | | | | 23% | | | | | | 22% | | | | | | 22% | | |
Latin America
|
| |
Intra-America
|
| | | | 6% | | | | | | 7% | | | | | | 7% | | | | | | 7% | | | | | | 7% | | |
| | | | | | | | 100% | | | | | | 100% | | | | | | 100% | | | | | | 100% | | | | | | 100% | | |
Type of Container
|
| |
Type of Cargo
|
| |
Quantity
|
| |
TEUs
|
| ||||||
Dry van containers
|
| |
Most general cargo, including commodities in
bundles, cartons, boxes, loose cargo, bulk cargo and furniture |
| | | | 1,125,559 | | | | | | 1,874,359 | | |
Reefer containers
|
| |
Temperature controlled cargo, including pharmaceuticals, electronics and perishable cargo
|
| | | | 60,470 | | | | | | 119,695 | | |
Other specialized containers
|
| |
Heavy cargo and goods of excess height and/or
width, such as machinery, vehicles and building materials |
| | | | 38,084 | | | | | | 47,703 | | |
| | | | | | | | 1,224,113 | | | | | | 2,041,757 | | |
| | |
Container Vessels
|
| |||||||||||||||||||||
| | |
Number
|
| |
Capacity (TEU)
|
| |
Other Vessels
|
| |
Total
|
| ||||||||||||
Vessels owned by us
|
| | | | 1 | | | | | | 4,992 | | | | | | — | | | | | | 1 | | |
Vessels chartered from parties related to us(1) | | | | | | | | | | | | | | | | | | | | | | | | | |
Periods up to 1 year (from September 30, 2020)
|
| | | | 3 | | | | | | 5,427 | | | | | | 1 | | | | | | 4 | | |
Periods between 1 to 5 years (from September 30, 2020)
|
| | | | 2 | | | | | | 8,442 | | | | | | — | | | | | | 2 | | |
Periods over 5 years (from September 30, 2020)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Vessels chartered from third parties(2) | | | | | | | | | | | | | | | | | | | | | | | | | |
Periods up to 1 year (from September 30, 2020)
|
| | | | 49 | | | | | | 226,292 | | | | | | 1 | | | | | | 50 | | |
Periods between 1 to 5 years (from September 30, 2020)
|
| | | | 11 | | | | | | 65,023 | | | | | | — | | | | | | 11 | | |
Periods over 5 years (from September 30, 2020)
|
| | | | 2 | | | | | | 20,124 | | | | | | — | | | | | | 2 | | |
Total(3)
|
| | | | 68 | | | | | | 330,300 | | | | | | 2 | | | | | | 70 | | |
| | |
Geographic trade zone
|
| |||||||||||||||||||||||||||
Partner
|
| |
Pacific
|
| |
Cross-Suez
|
| |
Intra-Asia
|
| |
Atlantic-Europe
|
| |
Latin America
|
| |||||||||||||||
A.P. Moller-Maersk(1)
|
| | | | ✓ | | | | | | ✓ | | | | | | ✓ | | | | | | | | | | | | ✓ | | |
Mediterranean Shipping Company(1)
|
| | | | ✓ | | | | | | ✓ | | | | | | | | | | | | ✓ | | | | | | ✓ | | |
CMA CGM S.A.
|
| | | | | | | | | | | | | | | | ✓ | | | | | | | | | | | | | | |
Evergreen Marine Corporation
|
| | | | | | | | | | | | | | | | ✓ | | | | | | | | | | | | | | |
Hapag-Lloyd AG(2)
|
| | | | | | | | | | | | | | | | | | | | | | ✓ | | | | | | ✓ | | |
China Ocean Shipping Company
|
| | | | | | | | | | | | | | | | ✓ | | | | | | ✓ | | | | | | | | |
American President Lines Ltd.
|
| | | | | | | | | | | | | | | | ✓ | | | | | | | | | | | | | | |
ONE(2) | | | | | | | | | | | | | | | | | ✓ | | | | | | ✓ | | | | | | | | |
Orient Overseas Container Line Limited
|
| | | | | | | | | | | | | | | | ✓ | | | | | | | | | | | | | | |
Yang Ming Marine Transport Corporation(2)
|
| | | | | | | | | | | | | | | | ✓ | | | | | | ✓ | | | | | | | | |
Pacific International Lines
|
| | | | | | | | | | | | | | | | ✓ | | | | | | | | | | | | | | |
Hyundai Merchant Marine Co., Ltd.
|
| | | | | | | | | | | | | | | | ✓ | | | | | | | | | | | | | | |
Others
|
| | | | | | | | | | | | | | | | ✓ | | | | | | ✓ | | | | | | ✓ | | |
| | |
Nine Months
Ended September 30, |
| |
Year Ended December 31,
|
| ||||||||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2019
|
| |
2018
|
| |
2017
|
| |||||||||||||||
Operational, administrative and other
|
| | | | 2,711 | | | | | | 2,729 | | | | | | 2,711 | | | | | | 2,735 | | | | | | 2,688 | | |
Sales and marketing
|
| | | | 867 | | | | | | 763 | | | | | | 777 | | | | | | 744 | | | | | | 730 | | |
Information technology
|
| | | | 204 | | | | | | 202 | | | | | | 199 | | | | | | 203 | | | | | | 204 | | |
Total
|
| | | | 3,782 | | | | | | 3,694 | | | | | | 3,687 | | | | | | 3,682 | | | | | | 3,622 | | |
Name
|
| |
Age
|
| |
Position
|
|
Executive officers | | | | | | | |
Eli Glickman | | |
59
|
| | Chief Executive Officer and President | |
Xavier Destriau | | |
48
|
| | Chief Financial Officer | |
Noam Nativ | | |
50
|
| |
EVP General Counsel and Company Secretary
|
|
David Arbel | | |
61
|
| | EVP Chief Operations Officer | |
Yakov Baruch | | |
53
|
| | EVP Human Resources | |
Eyal Ben-Amram | | |
58
|
| | EVP Chief Information Officer | |
Rani Ben-Yehuda | | |
60
|
| | EVP Cross Suez and Atlantic Trades | |
Saar Dotan | | |
51
|
| | EVP Countries and Business Development | |
Dan Hoffmann | | |
65
|
| | EVP Intra Asia Trade | |
Nissim Yochai | | |
62
|
| | EVP Transpacific Trade | |
Directors | | | | | | | |
Yair Seroussi(2) | | |
65
|
| | Chairman of the Board | |
Yair Caspi | | |
48
|
| | Director | |
Dimitrios Chatzis | | |
74
|
| | Director | |
Nir Epstein(1)(2) | | |
51
|
| | Director | |
Flemming Robert Jacobs(1)(2) | | |
77
|
| | Director | |
Dr. Karsten Karl-Georg Liebing | | |
55
|
| | Director | |
Birger Johannes Meyer-Gloeckner | | |
43
|
| | Director | |
Yoav Moshe Sebba | | |
50
|
| | Director | |
Regina Ungar(1) | | |
57
|
| | Director | |
| | |
Shares Beneficially
Owned Prior to Offering(6) |
| |
Shares Beneficially
Owned After Offering |
| |
Special State Share
|
| |||||||||||||||||||||||||||
Name of Beneficial Owner
|
| |
Number
|
| |
%
|
| |
Number
|
| |
%
|
| |
Number
|
| |
%
|
| ||||||||||||||||||
Principal Shareholders | | | | | | | | ||||||||||||||||||||||||||||||
Kenon Holdings Ltd.(1)
|
| | | | 32,000,000 | | | | | | 32.0% | | | | | | 32,000,000 | | | | | | 27.9% | | | | | | — | | | | | | — | | |
Deutsche Bank AG — London Branch(2)
|
| | | | 15,730,530 | | | | | | 15.7% | | | | | | 15,730,530 | | | | | | 13.7% | | | | | | — | | | | | | — | | |
Danaos Corporation(3)
|
| | | | 10,186,950 | | | | | | 10.2% | | | | | | 10,186,950 | | | | | | 8.9% | | | | | | — | | | | | | — | | |
KSAC Europe Investments, S.a.r.l(4)
|
| | | | 5,016,530 | | | | | | 5.0% | | | | | | 5,016,530 | | | | | | 4.4% | | | | | | — | | | | | | — | | |
State of Israel(5)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1 | | | | | | 100% | | |
Executive Officers and Directors | | | | | | | | ||||||||||||||||||||||||||||||
Eli Glickman
|
| | | | * | | | | | | * | | | | | | * | | | | | | * | | | | | | — | | | | | | — | | |
Xavier Destriau
|
| | | | * | | | | | | * | | | | | | * | | | | | | * | | | | | | — | | | | | | — | | |
David Arbel
|
| | | | * | | | | | | * | | | | | | * | | | | | | * | | | | | | — | | | | | | — | | |
Yakov Baruch
|
| | | | * | | | | | | * | | | | | | * | | | | | | * | | | | | | — | | | | | | — | | |
Eyal Ben-Amram
|
| | | | * | | | | | | * | | | | | | * | | | | | | * | | | | | | — | | | | | | — | | |
Rani Ben-Yehuda
|
| | | | * | | | | | | * | | | | | | * | | | | | | * | | | | | | — | | | | | | — | | |
Saar Dotan
|
| | | | * | | | | | | * | | | | | | * | | | | | | * | | | | | | — | | | | | | — | | |
Dan Hoffmann
|
| | | | * | | | | | | * | | | | | | * | | | | | | * | | | | | | — | | | | | | — | | |
Noam Nativ
|
| | | | * | | | | | | * | | | | | | * | | | | | | * | | | | | | — | | | | | | — | | |
Nissim Yochai
|
| | | | * | | | | | | * | | | | | | * | | | | | | * | | | | | | — | | | | | | — | | |
Yair Seroussi
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Yair Caspi
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Dimitrios Chatzis
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Nir Epstein
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Flemming Robert Jacobs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Dr. Karsten Karl-Georg Liebing
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Birger Johannes Meyer-Gloeckner
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Yoav Moshe Sebba
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Regina Ungar
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Name
|
| |
Number of
Shares |
| |||
Citigroup Global Markets Inc.
|
| | | | 4,578,948 | | |
Goldman Sachs & Co. LLC
|
| | | | 4,292,763 | | |
Barclays Capital Inc.
|
| | | | 3,529,605 | | |
Jefferies LLC
|
| | | | 1,335,526 | | |
Clarksons Platou Securities, Inc.
|
| | | | 763,158 | | |
Total
|
| | | | 14,500,000 | | |
| | |
Per Ordinary
Share |
| |
No Exercise
|
| |
Full Exercise
|
| |||||||||
Public offering price
|
| | | $ | 15.00 | | | | | $ | 217,500,000 | | | | | $ | 250,125,000 | | |
Underwriting discount
|
| | | | 1.14 | | | | | | 16,530,000 | | | | | | 19,009,500 | | |
Proceeds, before expenses, to ZIM
|
| | | $ | 13.86 | | | | | $ | 200,970,000 | | | | | $ | 231,115,500 | | |
|
SEC registration fee
|
| | | $ | 41,718 | | |
|
FINRA filing fee
|
| | | $ | 57,856 | | |
|
NYSE listing fee
|
| | | $ | 155,040 | | |
|
Printing costs
|
| | | $ | 150,000 | | |
|
Auditors’ fees
|
| | | $ | 340,000 | | |
|
Legal fees and expenses
|
| | | $ | 1,150,000 | | |
|
Transfer agent and registrar fees
|
| | | $ | 7,000 | | |
|
Miscellaneous fees and expenses
|
| | | $ | 2,163,016 | | |
| Total | | | | $ | 4,064,630 | | |
| | |
Page
|
| |||
UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS | | | | | | | |
| | | | F-2 | | | |
| | | | F-3 | | | |
| | | | F-4 | | | |
| | | | F-5 | | | |
| | | | F-6 | | | |
| | | | F-8 | | | |
AUDITED CONSOLIDATED FINANCIAL STATEMENTS | | | | | | | |
| | | | F-13 | | | |
| | | | F-16 | | | |
| | | | F-17 | | | |
| | | | F-18 | | | |
| | | | F-19 | | | |
| | | | F-20 | | | |
| | | | F-22 | | |
| | |
September 30
|
| |
December 31
|
| ||||||||||||
| | |
2020
|
| |
2019
|
| |
2019
|
| |||||||||
| | |
US $’000
|
| |||||||||||||||
Assets | | | | | | | | | | | | | | | | | | | |
Vessels
|
| | |
|
732,654
|
| | | | | 757,552 | | | | | | 717,941 | | |
Containers and handling equipment
|
| | |
|
486,497
|
| | | | | 431,308 | | | | | | 425,738 | | |
Other tangible assets
|
| | |
|
70,858
|
| | | | | 69,093 | | | | | | 69,102 | | |
Intangible assets
|
| | |
|
63,963
|
| | | | | 64,448 | | | | | | 64,920 | | |
Investments in associates
|
| | |
|
8,843
|
| | | | | 7,986 | | | | | | 8,444 | | |
Other investments
|
| | |
|
4,866
|
| | | | | 2,793 | | | | | | 2,766 | | |
Trade and other receivables
|
| | |
|
4,883
|
| | | | | 5,193 | | | | | | 5,318 | | |
Deferred tax assets
|
| | |
|
1,151
|
| | | | | 968 | | | | | | 1,048 | | |
Total non-current assets
|
| | |
|
1,373,715
|
| | | | | 1,339,341 | | | | | | 1,295,277 | | |
Assets classified as held for sale
|
| | |
|
8,663
|
| | | | | 13,927 | | | | | | 11,583 | | |
Inventories
|
| | |
|
47,352
|
| | | | | 50,491 | | | | | | 60,342 | | |
Trade and other receivables
|
| | |
|
358,200
|
| | | | | 302,973 | | | | | | 317,059 | | |
Other investments
|
| | |
|
58,947
|
| | | | | 57,330 | | | | | | 59,047 | | |
Cash and cash equivalents
|
| | |
|
350,285
|
| | | | | 184,610 | | | | | | 182,786 | | |
Total current assets
|
| | |
|
823,447
|
| | | | | 609,331 | | | | | | 630,817 | | |
Total assets
|
| | |
|
2,197,162
|
| | | | | 1,948,672 | | | | | | 1,926,094 | | |
Equity | | | | | | | | | | | | | | | | | | | |
Issued capital
|
| | |
|
88
|
| | | | | 88 | | | | | | 88 | | |
Capital Reserves
|
| | |
|
1,787,197
|
| | | | | 1,784,616 | | | | | | 1,784,469 | | |
Accumulated deficit
|
| | |
|
(1,887,918)
|
| | | | | (2,040,655) | | | | | | (2,042,226) | | |
Equity attributable to owners of the Company
|
| | |
|
(100,633)
|
| | | | | (255,951) | | | | | | (257,669) | | |
Non-controlling interests
|
| | |
|
5,539
|
| | | | | 4,621 | | | | | | 5,402 | | |
Total equity
|
| | |
|
(95,094)
|
| | | | | (251,330) | | | | | | (252,267) | | |
Liabilities | | | | | | | | | | | | | | | | | | | |
Lease liabilities
|
| | |
|
700,678
|
| | | | | 660,224 | | | | | | 641,750 | | |
Loans and other liabilities
|
| | |
|
554,184
|
| | | | | 545,557 | | | | | | 541,932 | | |
Employee benefits
|
| | |
|
61,150
|
| | | | | 66,246 | | | | | | 67,990 | | |
Deferred tax liabilities
|
| | |
|
325
|
| | | | | 351 | | | | | | 350 | | |
Total non-current liabilities
|
| | |
|
1,316,337
|
| | | | | 1,272,378 | | | | | | 1,252,022 | | |
Trade and other payables
|
| | |
|
396,657
|
| | | | | 422,668 | | | | | | 422,417 | | |
Provisions
|
| | |
|
17,284
|
| | | | | 21,830 | | | | | | 17,998 | | |
Contract liabilities
|
| | |
|
169,610
|
| | | | | 114,227 | | | | | | 130,281 | | |
Lease liabilities
|
| | |
|
258,062
|
| | | | | 230,658 | | | | | | 215,576 | | |
Loans and other liabilities
|
| | |
|
134,306
|
| | | | | 138,241 | | | | | | 140,067 | | |
Total current liabilities
|
| | |
|
975,919
|
| | | | | 927,624 | | | | | | 926,339 | | |
Total liabilities
|
| | |
|
2,292,256
|
| | | | | 2,200,002 | | | | | | 2,178,361 | | |
Total equity and liabilities
|
| | |
|
2,197,162
|
| | | | | 1,948,672 | | | | | | 1,926,094 | | |
|
|
/s/ Yair Seroussi
Yair Seroussi
Chairman of the Board of Directors |
| |
/s/ Eli Glickman
Eli Glickman
President & CEO |
| |
/s/ Xavier Destriau
Xavier Destriau
Chief Financial Officer |
|
| | |
Nine months ended
September 30 |
| |
Three months ended
September 30 |
| |
Year ended
December 31 |
| |||||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2020
|
| |
2019
|
| |
2019
|
| |||||||||||||||
| | |
US $’000
|
| |||||||||||||||||||||||||||
Income from voyages and related services
|
| | |
|
2,630,850
|
| | | | | 2,472,469 | | | | |
|
1,012,505
|
| | | | | 841,923 | | | | | | 3,299,761 | | |
Cost of voyages and related services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating expenses and cost of services
|
| | |
|
(2,038,970)
|
| | | | | (2,125,165) | | | | |
|
(716,757)
|
| | | | | (703,607) | | | | | | (2,810,693) | | |
Depreciation
|
| | |
|
(204,322)
|
| | | | | (161,317) | | | | |
|
(68,511)
|
| | | | | (62,965) | | | | | | (226,026) | | |
Gross profit
|
| | |
|
387,558
|
| | | | | 185,987 | | | | |
|
227,237
|
| | | | | 75,351 | | | | | | 263,042 | | |
Other operating income
|
| | |
|
8,019
|
| | | | | 31,640 | | | | |
|
2,507
|
| | | | | 8,331 | | | | | | 38,099 | | |
Other operating expenses
|
| | |
|
(642)
|
| | | | | (1,234) | | | | |
|
1,064
|
| | | | | (1,152) | | | | | | (1,239) | | |
General and administrative expenses
|
| | |
|
(114,760)
|
| | | | | (111,517) | | | | |
|
(42,721)
|
| | | | | (37,772) | | | | | | (151,605) | | |
Share of profit of associates
|
| | |
|
2,375
|
| | | | | 3,553 | | | | |
|
720
|
| | | | | 885 | | | | | | 4,725 | | |
Results from operating activities
|
| | |
|
282,550
|
| | | | | 108,429 | | | | |
|
188,807
|
| | | | | 45,643 | | | | | | 153,022 | | |
Finance income
|
| | |
|
1,379
|
| | | | | 1,670 | | | | |
|
(351)
|
| | | | | 760 | | | | | | 2,447 | | |
Finance expenses
|
| | |
|
(114,933)
|
| | | | | (114,150) | | | | |
|
(40,356)
|
| | | | | (38,451) | | | | | | (156,747) | | |
Net finance expenses
|
| | |
|
(113,554)
|
| | | | | (112,480) | | | | |
|
(40,707)
|
| | | | | (37,691) | | | | | | (154,300) | | |
Profit (loss) before income tax
|
| | |
|
168,996
|
| | | | | (4,051) | | | | |
|
148,100
|
| | | | | 7,952 | | | | | | (1,278) | | |
Income taxes
|
| | |
|
(11,195)
|
| | | | | (10,170) | | | | |
|
(3,696)
|
| | | | | (3,004) | | | | | | (11,766) | | |
Profit (loss) for the period
|
| | |
|
157,801
|
| | | | | (14,221) | | | | |
|
144,404
|
| | | | | 4,948 | | | | | | (13,044) | | |
Attributable to: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owners of the Company
|
| | |
|
152,915
|
| | | | | (17,741) | | | | |
|
142,424
|
| | | | | 3,769 | | | | | | (18,149) | | |
Non-controlling interest
|
| | |
|
4,886
|
| | | | | 3,520 | | | | |
|
1,980
|
| | | | | 1,179 | | | | | | 5,105 | | |
Profit (loss) for the period
|
| | |
|
157,801
|
| | | | | (14,221) | | | | |
|
144,404
|
| | | | | 4,948 | | | | | | (13,044) | | |
Earnings)loss) per share (USD) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic earnings (losses) per 1 ordinary
share |
| | |
|
15.29
|
| | | | | (1.77) | | | | |
|
14.24
|
| | | | | 0.38 | | | | | | (1.81) | | |
Diluted earnings (losses) per 1 ordinary share
|
| | |
|
14.66
|
| | | | | (1.77) | | | | |
|
13.63
|
| | | | | 0.37 | | | | | | (1.81) | | |
| | |
Nine months ended
September 30 |
| |
Three months ended
September 30 |
| |
Year ended
December 31 |
| |||||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2020
|
| |
2019
|
| |
2019
|
| |||||||||||||||
| | |
US $’000
|
| |||||||||||||||||||||||||||
Profit (loss) for the period
|
| | |
|
157,801
|
| | | | | (14,221) | | | | |
|
144,404
|
| | | | | 4,948 | | | | | | (13,044) | | |
Other components of Comprehensive Income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Items of other comprehensive income that were or will be reclassified to profit and loss:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Foreign currency translation differences for foreign operations
|
| | |
|
363
|
| | | | | (4,600) | | | | |
|
1,331
|
| | | | | (1,880) | | | | | | (4,657) | | |
Items of other comprehensive income that would never be reclassified to profit and loss:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net change in fair value of investments in equity
instruments at fair value through other comprehensive income |
| | |
|
(114)
|
| | | | | (237) | | | | |
|
256
|
| | | | | 20 | | | | | | (294) | | |
Defined benefit pension plans actuarial gains (losses), net
of tax |
| | |
|
1,507
|
| | | | | (4,591) | | | | |
|
(1,287)
|
| | | | | (2,307) | | | | | | (5,696) | | |
Other comprehensive income for the period, net of tax
|
| | |
|
1,756
|
| | | | | (9,428) | | | | |
|
300
|
| | | | | (4,167) | | | | | | (10,647) | | |
Total comprehensive income for the period
|
| | |
|
159,557
|
| | | | | (23,649) | | | | |
|
144,704
|
| | | | | 781 | | | | | | (23,691) | | |
Attributable to: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owners of the Company
|
| | |
|
156,076
|
| | | | | (26,806) | | | | |
|
143,321
|
| | | | | (495) | | | | | | (28,148) | | |
Non- controlling interests
|
| | |
|
3,481
|
| | | | | 3,157 | | | | |
|
1,383
|
| | | | | 1,276 | | | | | | 4,457 | | |
Total comprehensive income for the period
|
| | |
|
159,557
|
| | | | | (23,649) | | | | |
|
144,704
|
| | | | | 781 | | | | | | (23,691) | | |
| | |
Attribute to the owners of the Company
|
| | | | | | | | | | | | | |||||||||||||||||||||||||||||||||
| | |
Share
Capital |
| |
Share
premium |
| |
General
Reserves (*) |
| |
Translation
reserve |
| |
Accumulated
deficit |
| |
Total
|
| |
Non-
controlling interests |
| |
Total
equity |
| ||||||||||||||||||||||||
| | |
US $’000
|
| |||||||||||||||||||||||||||||||||||||||||||||
For the nine months period ended September 30, 2020
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance at January 1, 2020
|
| | | | 88 | | | | | | 700,222 | | | | | | 1,105,350 | | | | | | (21,103) | | | | | | (2,042,226) | | | | | | (257,669) | | | | | | 5,402 | | | | | | (252,267) | | |
Profit for the period
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
|
152,915
|
| | | |
|
152,915
|
| | | |
|
4,886
|
| | | |
|
157,801
|
| |
Other comprehensive income for the period
|
| | | | | | | | | | | | | | | | | | | | |
|
1,768
|
| | | |
|
1,393
|
| | | |
|
3,161
|
| | | |
|
(1,405)
|
| | | |
|
1,756
|
| |
Transaction with an interested party
|
| | | | | | | | | | | | | | |
|
537
|
| | | | | | | | | | | | | | | |
|
537
|
| | | | | | | | | |
|
537
|
| |
Share-based compensation
|
| | | | | | | | | | | | | | |
|
423
|
| | | | | | | | | | | | | | | |
|
423
|
| | | | | | | | | |
|
423
|
| |
Dividend to non-controlling interests in
subsidiaries |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
(3,344)
|
| | | |
|
(3,344)
|
| |
Balance at September 30, 2020
|
| | | | 88 | | | | | | 700,222 | | | | | | 1,106,310 | | | | | | (19,335) | | | | | | (1,887,918) | | | | | | (100,633) | | | | | | 5,539 | | | | | | (95,094) | | |
For the three months period ended September 30, 2020
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance at June 30, 2020
|
| | | | 88 | | | | | | 700,222 | | | | | | 1,106,068 | | | | | | (21,263) | | | | | | (2,029,311) | | | | | | (244,196) | | | | | | 4,156 | | | | | | (240,040) | | |
Profit for the period
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
|
142,424
|
| | | |
|
142,424
|
| | | |
|
1,980
|
| | | |
|
144,404
|
| |
Other comprehensive income for the period
|
| | | | | | | | | | | | | | | | | | | | |
|
1,928
|
| | | |
|
(1,031)
|
| | | |
|
897
|
| | | |
|
(597)
|
| | | |
|
300
|
| |
Transaction with an interested party
|
| | | | | | | | | | | | | | |
|
176
|
| | | | | | | | | | | | | | | |
|
176
|
| | | | | | | | | |
|
176
|
| |
Share-based compensation
|
| | | | | | | | | | | | | | |
|
66
|
| | | | | | | | | | | | | | | |
|
66
|
| | | | | | | | | |
|
66
|
| |
Balance at September 30, 2020
|
| | | | 88 | | | | | | 700,222 | | | | | | 1,106,310 | | | | | | (19,335) | | | | | | (1,887,918) | | | | | | (100,633) | | | | | | 5,539 | | | | | | (95,094) | | |
For the nine months period ended September 30, 2019
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance at January 1, 2019
|
| | | | 88 | | | | | | 700,222 | | | | | | 1,104,577 | | | | | | (17,095) | | | | | | (2,018,086) | | | | | | (230,294) | | | | | | 6,282 | | | | | | (224,012) | | |
Profit (loss) for the period
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | (17,741) | | | | | | (17,741) | | | | | | 3,520 | | | | | | (14,221) | | |
Other comprehensive income for the period
|
| | | | | | | | | | | | | | | | | | | | | | (4,237) | | | | | | (4,828) | | | | | | (9,065) | | | | | | (363) | | | | | | (9,428) | | |
Transaction with an interested party
|
| | | | | | | | | | | | | | | | 623 | | | | | | | | | | | | | | | | | | 623 | | | | | | | | | | | | 623 | | |
Share-based compensation
|
| | | | | | | | | | | | | | | | 526 | | | | | | | | | | | | | | | | | | 526 | | | | | | | | | | | | 526 | | |
Dividend to non-controlling interests in
subsidiaries |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (4,818) | | | | | | (4,818) | | |
Balance at September 30, 2019
|
| | | | 88 | | | | | | 700,222 | | | | | | 1,105,726 | | | | | | (21,332) | | | | | | (2,040,655) | | | | | | (255,951) | | | | | | 4,621 | | | | | | (251,330) | | |
For the three months period ended September 30, 2019
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance at June 30, 2019
|
| | | | 88 | | | | | | 700,222 | | | | | | 1,105,362 | | | | | | (19,355) | | | | | | (2,042,137) | | | | | | (255,820) | | | | | | 3,636 | | | | | | (252,184) | | |
Profit for the period
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 3,769 | | | | | | 3,769 | | | | | | 1,179 | | | | | | 4,948 | | |
Other comprehensive income for the period
|
| | | | | | | | | | | | | | | | | | | | | | (1,977) | | | | | | (2,287) | | | | | | (4,264) | | | | | | 97 | | | | | | (4,167) | | |
Transaction with an interested party
|
| | | | | | | | | | | | | | | | 184 | | | | | | | | | | | | | | | | | | 184 | | | | | | | | | | | | 184 | | |
Share-based compensation
|
| | | | | | | | | | | | | | | | 180 | | | | | | | | | | | | | | | | | | 180 | | | | | | | | | | | | 180 | | |
Dividend to non-controlling interests in
subsidiaries |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (291) | | | | | | (291) | | |
Balance at September 30, 2019
|
| | | | 88 | | | | | | 700,222 | | | | | | 1,105,726 | | | | | | (21,332) | | | | | | (2,040,655) | | | | | | (255,951) | | | | | | 4,621 | | | | | | (251,330) | | |
For the year ended December 31, 2019 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance at January 1, 2019
|
| | | | 88 | | | | | | 700,222 | | | | | | 1,104,577 | | | | | | (17,095) | | | | | | (2,018,086) | | | | | | (230,294) | | | | | | 6,282 | | | | | | (224,012) | | |
Profit (loss) for the year
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | (18,149) | | | | | | (18,149) | | | | | | 5,105 | | | | | | (13,044) | | |
Other comprehensive income for the
year |
| | | | | | | | | | | | | | | | | | | | | | (4,008) | | | | | | (5,991) | | | | | | (9,999) | | | | | | (648) | | | | | | (10,647) | | |
Transaction with an interested party, net
of tax |
| | | | | | | | | | | | | | | | 807 | | | | | | | | | | | | | | | | | | 807 | | | | | | | | | | | | 807 | | |
Share-based compensation
|
| | | | | | | | | | | | | | | | 707 | | | | | | | | | | | | | | | | | | 707 | | | | | | | | | | | | 707 | | |
Acquisition of non-controlling
interest |
| | | | | | | | | | | | | | | | (741) | | | | | | | | | | | | | | | | | | (741) | | | | | | (39) | | | | | | (780) | | |
Dividend to non-controlling interests in
subsidiaries |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (5,298) | | | | | | (5,298) | | |
Balance at December 31, 2019
|
| | | | 88 | | | | | | 700,222 | | | | | | 1,105,350 | | | | | | (21,103) | | | | | | (2,042,226) | | | | | | (257,669) | | | | | | 5,402 | | | | | | (252,267) | | |
| | |
Nine months ended
September 30 |
| |
Three months ended
September 30 |
| |
Year ended
December 31 |
| |||||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2020
|
| |
2019
|
| |
2019
|
| |||||||||||||||
| | |
US $’000
|
| |||||||||||||||||||||||||||
Cash flows from operating activities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Profit (loss) for the period
|
| | |
|
157,801
|
| | | | | (14,221) | | | | |
|
144,404
|
| | | | | 4,948 | | | | | | (13,044) | | |
Adjustments for:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Depreciation and amortisation
|
| | |
|
220,878
|
| | | | | 175,401 | | | | |
|
74,274
|
| | | | | 68,184 | | | | | | 245,510 | | |
Impairment losses (recoveries) of tangible assets
|
| | |
|
600
|
| | | | | 1,150 | | | | |
|
(1,100)
|
| | | | | 1,150 | | | | | | 1,150 | | |
Finance expenses, net
|
| | |
|
113,554
|
| | | | | 112,480 | | | | |
|
40,707
|
| | | | | 37,691 | | | | | | 154,300 | | |
Share of profits of associates and re-measurement of
investments |
| | |
|
(3,197)
|
| | | | | (3,553) | | | | |
|
(1,542)
|
| | | | | (885) | | | | | | (4,725) | | |
Capital gain
|
| | |
|
(4,919)
|
| | | | | (30,010) | | | | |
|
(638)
|
| | | | | (7,863) | | | | | | (35,471) | | |
Income taxes
|
| | |
|
11,195
|
| | | | | 10,170 | | | | |
|
3,696
|
| | | | | 3,004 | | | | | | 11,766 | | |
| | | |
|
495,912
|
| | | | | 251,417 | | | | |
|
259,801
|
| | | | | 106,229 | | | | | | 359,486 | | |
Change in inventories
|
| | |
|
12,990
|
| | | | | 20,001 | | | | |
|
(3,839)
|
| | | | | 2,139 | | | | | | 9,731 | | |
Change in trade and other receivables
|
| | |
|
(50,583)
|
| | | | | 63,149 | | | | |
|
(80,521)
|
| | | | | 72,624 | | | | | | 43,422 | | |
Change in trade and other payables including contract liabilities
|
| | |
|
19,862
|
| | | | | (44,561) | | | | |
|
71,808
|
| | | | | (16,769) | | | | | | (28,111) | | |
Change in provisions and employee benefits
|
| | |
|
(6,674)
|
| | | | | (3,867) | | | | |
|
(322)
|
| | | | | (3,347) | | | | | | (7,690) | | |
| | | |
|
(24,405)
|
| | | | | 34,722 | | | | |
|
(12,874)
|
| | | | | 54,647 | | | | | | 17,352 | | |
Dividends received from associates
|
| | |
|
2,708
|
| | | | | 3,672 | | | | |
|
571
|
| | | | | 269 | | | | | | 5,453 | | |
Interest received
|
| | |
|
2,054
|
| | | | | 1,719 | | | | |
|
174
|
| | | | | 136 | | | | | | 1,970 | | |
Income tax paid
|
| | |
|
(9,840)
|
| | | | | (10,199) | | | | |
|
(2,577)
|
| | | | | (3,761) | | | | | | (13,630) | | |
Net cash generated from operating activities
|
| | |
|
466,429
|
| | | | | 281,331 | | | | |
|
245,095
|
| | | | | 157,520 | | | | | | 370,631 | | |
Cash flows from investing activities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from sale of tangible and intangible assets, investments and
affiliates |
| | |
|
4,352
|
| | | | | 43,418 | | | | |
|
1,358
|
| | | | | 8,122 | | | | | | 44,794 | | |
Acquisition of tangible assets, intangible assets and investments
|
| | |
|
(17,027)
|
| | | | | (9,588) | | | | |
|
(9,547)
|
| | | | | (1,395) | | | | | | (16,150) | | |
Change in other investments and other receivables
|
| | |
|
(351)
|
| | | | | 10,894 | | | | |
|
2,884
|
| | | | | (1,241) | | | | | | 9,382 | | |
Net cash generated from (used in) investing activities
|
| | |
|
(13,026)
|
| | | | | 44,724 | | | | |
|
(5,305)
|
| | | | | 5,486 | | | | | | 38,026 | | |
| | |
Nine months ended
September 30 |
| |
Three months ended
September 30 |
| |
Year ended
December 31 |
| |||||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2020
|
| |
2019
|
| |
2019
|
| |||||||||||||||
| | |
US $’000
|
| |||||||||||||||||||||||||||
Cash flows from financing activities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Receipt of long-term loans and other long-term liabilities
|
| | | | | | | | | | 678 | | | | | | | | | | | | | | | | | | 678 | | |
Sale and lease back transactions
|
| | |
|
9,052
|
| | | | | 13,151 | | | | | | | | | | | | | | | | | | 13,151 | | |
Repayment of borrowings and lease liabilities
|
| | |
|
(203,382)
|
| | | | | (241,519) | | | | |
|
(62,351)
|
| | | | | (103,544) | | | | | | (300,763) | | |
Change in short term loans
|
| | |
|
5,471
|
| | | | | (1,248) | | | | |
|
800
|
| | | | | (2,335) | | | | | | 3,324 | | |
Dividend paid to non-controlling interests
|
| | |
|
(3,344)
|
| | | | | (4,818) | | | | | | | | | | | | (291) | | | | | | (4,818) | | |
Interest and other financial expenses paid
|
| | |
|
(93,903)
|
| | | | | (92,406) | | | | |
|
(32,508)
|
| | | | | (35,549) | | | | | | (122,972) | | |
Net cash used in financing activities
|
| | |
|
(286,106)
|
| | | | | (326,162) | | | | |
|
(94,059)
|
| | | | | (141,719) | | | | | | (411,400) | | |
Net change in cash and cash equivalents
|
| | |
|
167,297
|
| | | | | (107) | | | | |
|
145,731
|
| | | | | 21,287 | | | | | | (2,744) | | |
Cash and cash equivalents at beginning of the period
|
| | |
|
182,786
|
| | | | | 186,291 | | | | |
|
202,848
|
| | | | | 164,840 | | | | | | 186,291 | | |
Effect of exchange rate fluctuation on cash held
|
| | |
|
202
|
| | | | | (1,574) | | | | |
|
1,706
|
| | | | | (1,517) | | | | | | (761) | | |
Cash and cash equivalents at the end of the period
|
| | |
|
350,285
|
| | | | | 184,610 | | | | |
|
350,285
|
| | | | | 184,610 | | | | | | 182,786 | | |
| | |
Balance at
September 30 |
| |
Balance at
December 31 |
| ||||||||||||
| | |
2020
|
| |
2019
|
| |
2019
|
| |||||||||
| | |
US $’000
|
| |||||||||||||||
Vessels
|
| | |
|
621,214
|
| | | | | 637,917 | | | | | | 600,480 | | |
Containers and handling equipment
|
| | |
|
451,365
|
| | | | | 412,222 | | | | | | 408,003 | | |
Other tangible assets
|
| | |
|
52,200
|
| | | | | 50,398 | | | | | | 49,813 | | |
| | | |
|
1,124,779
|
| | | | | 1,100,537 | | | | | | 1,058,296 | | |
| | |
Nine months ended
September 30 |
| |
Three months ended
September 30 |
| |
Year ended
December 31 |
| |||||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2020
|
| |
2019
|
| |
2019
|
| |||||||||||||||
| | |
US $’000
|
| |||||||||||||||||||||||||||
Freight Revenues from containerized
cargo: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Pacific
|
| | |
|
1,193,231
|
| | | | | 1,021,389 | | | | |
|
527,652
|
| | | | | 368,559 | | | | | | 1,365,757 | | |
Cross-Suez
|
| | |
|
271,312
|
| | | | | 249,066 | | | | |
|
93,497
|
| | | | | 75,863 | | | | | | 328,444 | | |
Atlantic
|
| | |
|
428,666
|
| | | | | 427,363 | | | | |
|
137,849
|
| | | | | 141,160 | | | | | | 571,206 | | |
Intra-Asia
|
| | |
|
250,612
|
| | | | | 285,767 | | | | |
|
91,670
|
| | | | | 93,863 | | | | | | 372,894 | | |
Latin America
|
| | |
|
135,623
|
| | | | | 154,355 | | | | |
|
45,147
|
| | | | | 52,709 | | | | | | 208,963 | | |
| | | |
|
2,279,444
|
| | | | | 2,137,940 | | | | |
|
895.815
|
| | | | | 732,154 | | | | | | 2,847,264 | | |
Other Revenues(*)
|
| | |
|
351,406
|
| | | | | 334,529 | | | | |
|
116,690
|
| | | | | 109,769 | | | | | | 452,497 | | |
| | | |
|
2,630,850
|
| | | | | 2,472,469 | | | | |
|
1,012,505
|
| | | | | 841,923 | | | | | | 3,299,761 | | |
| | |
Carrying amount
|
| |
Fair value Level 2
|
| ||||||||||||||||||||||||||||||
| | |
September 30
2020 |
| |
September 30
2019 |
| |
December 31
2019 |
| |
September 30
2020 |
| |
September 30
2019 |
| |
December 31
2019 |
| ||||||||||||||||||
| | |
US $’000
|
| |
US $’000
|
| ||||||||||||||||||||||||||||||
Debentures
|
| | |
|
(451,050)
|
| | | | | (453,672) | | | | | | (455,474) | | | | |
|
(391,450)
|
| | | | | (362,761) | | | | | | (211,862) | | |
Long-term loans and other liabilities
|
| | |
|
(109,675)
|
| | | | | (108,468) | | | | | | (104,236) | | | | |
|
(108,385)
|
| | | | | (96,578) | | | | | | (76,781) | | |
| | |
Nine months ended
September 30 |
| |
Three months ended
September 30 |
| |
Year ended
December 31 |
| | |||||||||||||||||||||||
| | |
2020
|
| |
2019
|
| |
2020
|
| |
2019
|
| |
2019
|
| | |||||||||||||||||
| | |
US $’000
|
| | |||||||||||||||||||||||||||||
Profit (loss) attributable to ordinary shareholders used to calculate basic and diluted earnings (loss) per share
|
| | |
|
152,915
|
| | | | | (17,741) | | | | |
|
142,424
|
| | | | | 3,769 | | | | | | (18,149) | | | | ||
Weighted average number of ordinary shares used to calculate basic earnings (loss) per share
|
| | |
|
10,000,000
|
| | | | | 10,000,000 | | | | |
|
10,000,000
|
| | | | | 10,000,000 | | | | | | 10,000,000 | | | | ||
Effect of share options
|
| | |
|
431,079
|
| | | | | | | | | |
|
451,384
|
| | | |
|
190,384
|
| | | | | | | | | | |
Weighted average number of ordinary shares used to calculate diluted earnings (loss) per share
|
| | |
|
10,431,079
|
| | | | | 10,000,000 | | | | |
|
10,451,384
|
| | | | | 10,190,384 | | | | | | 10,000,000 | | | |
| | | | | |
December 31
|
| |||||||||
| | | | | |
(*) 2019
|
| |
2018
|
| ||||||
| | |
Note
|
| |
US $’000
|
| |
US $’000
|
| ||||||
Assets | | | | | | | | | | | | | | | | |
Vessels
|
| |
5
|
| | |
|
717,941
|
| | | | | 617,427 | | |
Containers and handling equipment
|
| |
5
|
| | |
|
425,738
|
| | | | | 351,687 | | |
Other tangible assets
|
| |
5
|
| | |
|
69,102
|
| | | | | 20,993 | | |
Intangible assets
|
| |
6
|
| | |
|
64,920
|
| | | | | 64,638 | | |
Investments in associates
|
| | | | | |
|
8,444
|
| | | | | 8,752 | | |
Other investments
|
| |
9
|
| | |
|
2,766
|
| | | | | 2,790 | | |
Deferred expenses
|
| | | | | | | | | | | | | 8,977 | | |
Trade and other receivables
|
| |
8
|
| | |
|
5,318
|
| | | | | 3,182 | | |
Deferred tax assets
|
| |
24(c)
|
| | |
|
1,048
|
| | | | | 1,055 | | |
Total non-current assets
|
| | | | | | | 1,295,277 | | | | |
|
1,079,501
|
| |
Assets classified as held for sale
|
| |
5(a)
|
| | |
|
11,583
|
| | | | | 42,859 | | |
Inventories
|
| | | | | |
|
60,342
|
| | | | | 70,492 | | |
Trade and other receivables
|
| |
8
|
| | |
|
317,059
|
| | | | | 378,343 | | |
Other investments
|
| |
9
|
| | |
|
59,047
|
| | | | | 68,651 | | |
Cash and cash equivalents
|
| |
10
|
| | |
|
182,786
|
| | | | | 186,291 | | |
Total current assets
|
| | | | | | | 630,817 | | | | |
|
746,636
|
| |
Total assets
|
| | | | | | | 1,926,094 | | | | |
|
1,826,137
|
| |
Equity | | | | | | | | | | | | | | | | |
Issued capital
|
| |
11
|
| | |
|
88
|
| | | | | 88 | | |
Capital reserves
|
| | | | | |
|
1,784,469
|
| | | | | 1,787,704 | | |
Accumulated deficit
|
| | | | | |
|
(2,042,226)
|
| | | | | (2,018,086) | | |
Equity attributable to owners of the Company
|
| | | | | | | (257,669) | | | | |
|
(230,294)
|
| |
Non-controlling interests
|
| | | | | | | 5,402 | | | | |
|
6,282
|
| |
Total equity
|
| | | | | | | (252,267) | | | | |
|
(224,012)
|
| |
Liabilities | | | | | | | | | | | | | | | | |
Lease liabilities
|
| |
7
|
| | |
|
641,750
|
| | | | | 503,503 | | |
Loans and other liabilities
|
| |
12
|
| | |
|
541,932
|
| | | | | 553,198 | | |
Employee benefits
|
| |
13
|
| | |
|
67,990
|
| | | | | 60,133 | | |
Deferred tax liabilities
|
| |
24(c)
|
| | |
|
350
|
| | | | | 346 | | |
Total non-current liabilities
|
| | | | | | | 1,252,022 | | | | |
|
1,117,180
|
| |
Trade and other payables
|
| |
14
|
| | |
|
422,417
|
| | | | | 467,756 | | |
Provisions
|
| |
15
|
| | |
|
17,998
|
| | | | | 24,417 | | |
Contract liabilities
|
| | | | | |
|
130,281
|
| | | | | 126,448 | | |
Lease liabilities
|
| |
7
|
| | |
|
215,576
|
| | | | | 110,545 | | |
Loans and other liabilities
|
| |
12
|
| | |
|
140,067
|
| | | | | 203,803 | | |
Total current liabilities
|
| | | | | | | 926,339 | | | | |
|
932,969
|
| |
Total liabilities
|
| | | | | | | 2,178,361 | | | | |
|
2,050,149
|
| |
Total equity and liabilities
|
| | | | | | | 1,926,094 | | | | |
|
1,826,137
|
| |
|
/s/ Yair Seroussi
Yair Seroussi
Chairman of the Board of Directors |
| |
/s/ Eli Glickman
Eli Glickman
President & CEO |
| |
/s/ Xavier Destriau
Xavier Destriau
Chief Financial Officer |
|
| | | | | |
Year ended December 31
|
| |||||||||||||||
| | | | | |
(*) 2019
|
| |
2018
|
| |
2017
|
| |||||||||
| | |
Note
|
| |
US $’000
|
| |
US $’000
|
| |
US $’000
|
| |||||||||
Income from voyages and related services
|
| |
16
|
| | |
|
3,299,761
|
| | | | | 3,247,864 | | | | | | 2,978,291 | | |
Cost of voyages and related services | | | | | | | | | | | | | | | | | | | | | | |
Operating expenses and cost of services
|
| |
17
|
| | |
|
(2,810,693)
|
| | | | | (2,999,613) | | | | | | (2,600,147) | | |
Depreciation
|
| |
22
|
| | |
|
(226,026)
|
| | | | | (100,152) | | | | | | (97,168) | | |
Gross profit
|
| | | | | |
|
263,042
|
| | | | | 148,099 | | | | | | 280,976 | | |
Other operating income
|
| |
18
|
| | |
|
38,099
|
| | | | | 5,317 | | | | | | 4,235 | | |
Other operating expenses
|
| |
19
|
| | |
|
(1,239)
|
| | | | | (38,071) | | | | | | (2,600) | | |
General and administrative expenses
|
| |
20
|
| | |
|
(151,605)
|
| | | | | (143,920) | | | | | | (147,560) | | |
Share of profits of associates
|
| | | | | |
|
4,725
|
| | | | | 5,359 | | | | | | 7,594 | | |
Results from operating activities
|
| | | | | |
|
153,022
|
| | | | | (23,216) | | | | | | 142,645 | | |
Finance income
|
| |
23(a)
|
| | |
|
2,447
|
| | | | | 19,201 | | | | | | 2,061 | | |
Finance expenses
|
| |
23(b)
|
| | |
|
(156,747)
|
| | | | | (101,706) | | | | | | (119,110) | | |
Net finance expenses
|
| | | | | |
|
(154,300)
|
| | | | | (82,505) | | | | | | (117,049) | | |
Profit (loss) before income taxes
|
| | | | | |
|
(1,278)
|
| | | | | (105,721) | | | | | | 25,596 | | |
Income taxes
|
| |
24
|
| | |
|
(11,766)
|
| | | | | (14,132) | | | | | | (14,233) | | |
Profit (loss) for the year
|
| | | | | |
|
(13,044)
|
| | | | | (119,853) | | | | | | 11,363 | | |
Attributable to: | | | | | | | | | | | | | | | | | | | | | | |
Owners of the Company
|
| | | | | |
|
(18,149)
|
| | | | | (125,653) | | | | | | 6,235 | | |
Non-controlling interests
|
| | | | | |
|
5,105
|
| | | | | 5,800 | | | | | | 5,128 | | |
Profit (loss) for the year
|
| | | | | |
|
(13,044)
|
| | | | | (119,853) | | | | | | 11,363 | | |
Earnings (Loss) per share (USD) | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted earnings (losses) per 1 ordinary share
|
| | | | | |
|
(1.81)
|
| | | | | (12.57) | | | | | | 0.62 | | |
| | |
Year ended December 31
|
| |||||||||||||||
| | |
2019
|
| |
2018
|
| |
2017
|
| |||||||||
| | |
US $’000
|
| |
US $’000
|
| |
US $’000
|
| |||||||||
Profit (loss) for the year
|
| | |
|
(13,044)
|
| | | | | (119,853) | | | | | | 11,363 | | |
Other components of comprehensive income | | | | | | | | | | | | | | | | | | | |
Items of other comprehensive income that were
or will be reclassified to profit and loss |
| | | | | | | | | | | | | | | | | | |
Foreign currency translation differences for foreign operations
|
| | |
|
(4,656)
|
| | | | | (6,382) | | | | | | 3,099 | | |
Net change in fair value of available-for sale financial assets, net of tax
|
| | | | | | | | | | | | | | | | (781) | | |
Items of other comprehensive income that would
never be reclassified to profit and loss |
| | | | | | | | | | | | | | | | | | |
Net change in fair value of investments in equity instruments at fair value through other comprehensive income, net of tax
|
| | |
|
(294)
|
| | | | | (2,603) | | | | | | | | |
Defined benefit pension plans actuarial gains (losses), net of tax
|
| | |
|
(5,697)
|
| | | | | 2,049 | | | | | | (4,031) | | |
Other comprehensive income for the year, net of tax
|
| | |
|
(10,647)
|
| | | | | (6,936) | | | | | | (1,713) | | |
Total comprehensive income for the year
|
| | |
|
(23,691)
|
| | | | | (126,789) | | | | | | 9,650 | | |
Attributable to: | | | | | | | | | | | | | | | | | | | |
Owners of the Company
|
| | |
|
(28,148)
|
| | | | | (131,710) | | | | | | 2,364 | | |
Non-controlling interests
|
| | |
|
4,457
|
| | | | | 4,921 | | | | | | 7,286 | | |
Total comprehensive income for the year
|
| | |
|
(23,691)
|
| | | | | (126,789) | | | | | | 9,650 | | |
| | |
Attribute to the owners of the Company
|
| | | | | | | | | | | | | |||||||||||||||||||||||||||||||||
| | |
Share
capital |
| |
Share
premium |
| |
General
Reserves (*) |
| |
Translation
reserve |
| |
Accumulated
Deficit |
| |
Total
|
| |
Non-
controlling interests |
| |
Total
equity |
| ||||||||||||||||||||||||
| | |
US $’000
|
| |||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2019
|
| | | | 88 | | | | | | 700,222 | | | | | | 1,104,577 | | | | | | (17,095) | | | | | | (2,018,086) | | | | | | (230,294) | | | | | | 6,282 | | | | | | (224,012) | | |
Profit (loss) for the year
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
|
(18,149)
|
| | | |
|
(18,149)
|
| | | |
|
5,105
|
| | | |
|
(13,044)
|
| |
Other comprehensive income for the year, net of tax
|
| | | | | | | | | | | | | | | | | | | | |
|
(4,008)
|
| | | |
|
(5,991)
|
| | | |
|
(9,999)
|
| | | |
|
(648)
|
| | | |
|
(10,647)
|
| |
Transaction with an interested party, net of tax
|
| | | | | | | | | | | | | | |
|
807
|
| | | | | | | | | | | | | | | |
|
807
|
| | | | | | | | | |
|
807
|
| |
Share-based compensation
|
| | | | | | | | | | | | | | |
|
707
|
| | | | | | | | | | | | | | | |
|
707
|
| | | | | | | | | |
|
707
|
| |
Acquisition of non-controlling interest
|
| | | | | | | | | | | | | | |
|
(741)
|
| | | | | | | | | | | | | | | |
|
(741)
|
| | | |
|
(39)
|
| | | |
|
(780)
|
| |
Dividend to non-controlling interests in subsidiaries
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
(5,298)
|
| | | |
|
(5,298)
|
| |
Balance at December 31, 2019
|
| | | | 88 | | | | | | 700,222 | | | | | | 1,105,350 | | | | | | (21,103) | | | | | | (2,042,226) | | | | | | (257,669) | | | | | | 5,402 | | | | | | (252,267) | | |
Balance at January 1, 2018
|
| | | | 88 | | | | | | 700,222 | | | | | | 1,103,160 | | | | | | (11,592) | | | | | | (1,891,879) | | | | | | (100,001) | | | | | | 6,509 | | | | | | (93,492) | | |
Profit (loss) for the year
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | (125,653) | | | | | | (125,653) | | | | | | 5,800 | | | | | | (119,853) | | |
Other comprehensive income for the year, net of tax
|
| | | | | | | | | | | | | | | | | | | | | | (5,503) | | | | | | (554) | | | | | | (6,057) | | | | | | (879) | | | | | | (6,936) | | |
Transaction with an interested party, net of tax
|
| | | | | | | | | | | | | | | | 1,049 | | | | | | | | | | | | | | | | | | 1,049 | | | | | | | | | | | | 1,049 | | |
Share-based compensation
|
| | | | | | | | | | | | | | | | 368 | | | | | | | | | | | | | | | | | | 368 | | | | | | | | | | | | 368 | | |
Dividend to non-controlling interests in subsidiaries
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (5,148) | | | | | | (5,148) | | |
Balance at December 31, 2018
|
| | | | 88 | | | | | | 700,222 | | | | | | 1,104,577 | | | | | | (17,095) | | | | | | (2,018,086) | | | | | | (230,294) | | | | | | 6,282 | | | | | | (224,012) | | |
Balance at January 1, 2017
|
| | | | 88 | | | | | | 700,222 | | | | | | 1,101,743 | | | | | | (12,533) | | | | | | (1,893,302) | | | | | | (103,782) | | | | | | 3,125 | | | | | | (100,657) | | |
Profit for the year
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 6,235 | | | | | | 6,235 | | | | | | 5,128 | | | | | | 11,363 | | |
Other comprehensive income for the year, net of tax
|
| | | | | | | | | | | | | | | | | | | | | | 941 | | | | | | (4,812) | | | | | | (3,871) | | | | | | 2,158 | | | | | | (1,713) | | |
Transaction with an interested party, net of tax
|
| | | | | | | | | | | | | | | | 1,417 | | | | | | | | | | | | | | | | | | 1,417 | | | | | | | | | | | | 1,417 | | |
Dividend to non-controlling interests in subsidiaries
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (4,059) | | | | | | (4,059) | | |
Issuance of capital to non-controlling interests in subsidiaries
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 157 | | | | | | 157 | | |
Balance at December 31, 2017
|
| | | | 88 | | | | | | 700,222 | | | | | | 1,103,160 | | | | | | (11,592) | | | | | | (1,891,879) | | | | | | (100,001) | | | | | | 6,509 | | | | | | (93,492) | | |
| | | | | |
Year ended December 31
|
| |||||||||||||||
| | | | | |
(*) 2019
|
| |
2018
|
| |
2017
|
| |||||||||
| | |
Note
|
| |
US $’000
|
| |
US $’000
|
| |
US $’000
|
| |||||||||
Cash flows from operating activities | | | | | | | | | | | | | | | | | | | | | | |
Profit (loss) for the year
|
| | | | | |
|
(13,044)
|
| | | | | (119,853) | | | | | | 11,363 | | |
Adjustments for: | | | | | | | | | | | | | | | | | | | | | | |
Depreciation and amortization
|
| |
22
|
| | |
|
245,510
|
| | | | | 111,567 | | | | | | 108,386 | | |
Impairment of tangible assets, intangible assets and other investments
|
| |
19
|
| | |
|
1,150
|
| | | | | 37,993 | | | | | | 2,400 | | |
Net finance expenses
|
| |
23
|
| | |
|
154,300
|
| | | | | 82,505 | | | | | | 117,049 | | |
Share of profits of associates
|
| | | | | |
|
(4,725)
|
| | | | | (5,359) | | | | | | (7,594) | | |
Capital gain
|
| |
18
|
| | |
|
(35,471)
|
| | | | | (3,015) | | | | | | (1,178) | | |
Income taxes
|
| |
24
|
| | |
|
11,766
|
| | | | | 14,132 | | | | | | 14,233 | | |
| | | | | | |
|
359,486
|
| | | | | 117,970 | | | | | | 244,659 | | |
Change in inventories
|
| | | | | |
|
9,731
|
| | | | | (6,650) | | | | | | (22,358) | | |
Change in trade receivables and other receivables (**)
|
| | | | | |
|
43,422
|
| | | | | (3,807) | | | | | | (15,346) | | |
Change in trade and other payables including contract liabilities and
deferred income |
| | | | | |
|
(28,111)
|
| | | | | 131,679 | | | | | | 35,578 | | |
Change in provisions and employee benefits
|
| | | | | |
|
(7,690)
|
| | | | | (9,588) | | | | | | (4,578) | | |
| | | | | | |
|
17,352
|
| | | | | 111,634 | | | | | | (6,704) | | |
Dividends received from associates
|
| | | | | |
|
5,453
|
| | | | | 6,522 | | | | | | 6,585 | | |
Interest received
|
| | | | | |
|
1,970
|
| | | | | 1,687 | | | | | | 677 | | |
Income tax paid
|
| | | | | |
|
(13,630)
|
| | | | | (12,804) | | | | | | (14,291) | | |
Net cash generated from operating activities
|
| | | | | |
|
370,631
|
| | | | | 225,009 | | | | | | 230,926 | | |
Cash flows from investing activities | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from sale of tangible assets, intangible assets,
investments and affiliates |
| | | | | |
|
44,794
|
| | | | | 45,423 | | | | | | 4,710 | | |
Acquisition of tangible assets, intangible assets and investments
|
| | | | | |
|
(16,150)
|
| | | | | (22,582) | | | | | | (29,494) | | |
Change in other investments and other receivables
|
| | | | | |
|
9,382
|
| | | | | 28,270 | | | | | | (68,764) | | |
Net cash generated from (used in) investing activities
|
| | | | | |
|
38,026
|
| | | | | 51,111 | | | | | | (93,548) | | |
| | | | | |
Year ended December 31
|
| |||||||||||||||
| | | | | |
(*) 2019
|
| |
2018
|
| |
2017
|
| |||||||||
| | |
Note
|
| |
US $’000
|
| |
US $’000
|
| |
US $’000
|
| |||||||||
Cash flows from financing activities | | | | | | | | | | | | | | | | | | | | | | |
Receipt of long-term loans and other long-term liabilities
|
| | | | | |
|
678
|
| | | | | 55,378 | | | | | | | | |
Sale and lease back transactions
|
| | | | | |
|
13,151
|
| | | | | | | | | | | | | |
Repayment of borrowings and lease liabilities
|
| | | | | |
|
(300,763)
|
| | | | | (199,973) | | | | | | (134,386) | | |
Change in short-term loans
|
| | | | | |
|
3,324
|
| | | | | (10,365) | | | | | | 78,947 | | |
Issuance of capital to non-controlling interests in
consolidated company |
| | | | | | | | | | | | | | | | | | | 157 | | |
Dividend paid to non-controlling interests
|
| | | | | |
|
(4,818)
|
| | | | | (5,148) | | | | | | (4,059) | | |
Interest paid
|
| | | | | |
|
(122,972)
|
| | | | | (82,569) | | | | | | (76,677) | | |
Other financial expenses paid
|
| | | | | | | | | | | | | | | | | | | (3,750) | | |
Net cash used in financing activities
|
| | | | | |
|
(411,400)
|
| | | | | (242,677) | | | | | | (139,768) | | |
Net change in cash and cash equivalents
|
| | | | | |
|
(2,744)
|
| | | | | 33,443 | | | | | | (2,390) | | |
Cash and cash equivalents at beginning of the year
|
| | | | | |
|
186,291
|
| | | | | 157,888 | | | | | | 157,600 | | |
Effect of exchange rate fluctuation on cash held
|
| | | | | |
|
(761)
|
| | | | | (5,040) | | | | | | 2,678 | | |
Cash and cash equivalents at the end of the year
|
| |
10
|
| | |
|
182,786
|
| | | | | 186,291 | | | | | | 157,888 | | |
| | |
Balance at
January 1, 2019 |
| |||
| | |
US $’000
|
| |||
Commitments as at 31 December 2018 (Undiscounted)
|
| | | | 481,885 | | |
Less service and other commitments
|
| | | | (131,980) | | |
Obligations related to operating leases, as at 31 December 2018 (Undiscounted)
|
| | | | 349,905 | | |
Less short-term leases
|
| | | | (70,720) | | |
Adjustments related to re-assessment of extension/termination options
|
| | | | 22,079 | | |
Lease obligations recognized as at 1 January 2019 (Undiscounted)
|
| | | | 301,264 | | |
Discounting
|
| | | | (65,439) | | |
Lease liabilities recognized as at 1 January, 2019
|
| | | | 235,825 | | |
| | |
According to
IAS 17 |
| |
Re-classification
|
| |
Recognition
|
| |
According to
IFRS 16 |
| ||||||||||||
| | |
US $’000
|
| |||||||||||||||||||||
Non-Current Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Vessels
|
| | | | 617,427 | | | | | | 18,155 | | | | | | 122,287 | | | | | | 757,869 | | |
Containers and handling equipment
|
| | | | 351,687 | | | | | | | | | | | | 73,174 | | | | | | 424,861 | | |
Other tangible assets
|
| | | | 20,993 | | | | | | 1,089 | | | | | | 40,364 | | | | | | 62,446 | | |
Deferred expenses
|
| | | | 8,977 | | | | | | (8,977) | | | | | | | | | | | | | | |
Current Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Trade and other receivables
|
| | | | 11,565 | | | | | | (10,267) | | | | | | | | | | | | 1,298 | | |
Non-Current liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Lease liabilities, loans and other liabilities
|
| | | | (1,056,701) | | | | | | | | | | | | (162,862) | | | | | | (1,219,563) | | |
Current Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Lease liabilities, loans and other liabilities
|
| | | | (201,233) | | | | | | | | | | | | (72,963) | | | | | | (274,196) | | |
| | |
years
|
|
1.
Vessels
|
| |
25 – 30
|
|
2.
Containers
|
| |
Mainly 13
|
|
3.
Chassis
|
| |
30
|
|
4.
Other equipment
|
| |
13
|
|
5.
Dry docking for owned vessels
|
| |
Up to 5
|
|
| | |
years
|
| | | |
1.
Buildings
|
| |
25
|
| | | |
2.
Computer systems and communication equipment
|
| |
4 – 7
|
| |
(mostly 5 years)
|
|
3.
Other
|
| |
5 – 15
|
| | | |
| | |
years
|
|
1.
Vessels
|
| |
1 - 6
|
|
2.
Containers
|
| |
1 - 13
|
|
3.
Buildings, vehicles and other assets
|
| |
Mainly 1 - 10
|
|
|
Software
|
| | 5 years | |
|
Dry docking for chartered vessels
|
| |
Up to 5 years
|
|
|
Capitalised software development costs
|
| | 5 – 8 years | |
| | |
Balance at
January 1, 2019 |
| |
Additions
(**) |
| |
Disposals
|
| |
Lease
Modifications |
| |
Effect of
movements in exchange rates |
| |
Balance at
December 31 2019 |
| ||||||||||||||||||
| | |
US $’000
|
| |||||||||||||||||||||||||||||||||
Vessels
|
| | | | 941,201 | | | | |
|
240,908
|
| | | | | | | | | |
|
(3,126)
|
| | | | | | | | | |
|
1,178,983
|
| |
Containers and equipment
|
| | | | 789,144 | | | | |
|
180,634
|
| | | |
|
(105,588)
|
| | | |
|
(35,277)
|
| | | |
|
(15)
|
| | | |
|
828,898
|
| |
Computer systems and Communication equipment
|
| | | | 46,115 | | | | |
|
8,271
|
| | | |
|
(307)
|
| | | | | | | | | |
|
(496)
|
| | | |
|
53,583
|
| |
Other property and equipment
|
| | | | 51,407 | | | | |
|
60,369
|
| | | |
|
(1,592)
|
| | | | | | | | | |
|
(1,364)
|
| | | |
|
108,820
|
| |
Total | | | |
|
1,827,867
|
| | | | | 490,182 | | | | | | (107,487) | | | | | | (38,403) | | | | | | (1,875) | | | | | | 2,170,284 | | |
| | |
Balance at
January 1, 2019 |
| |
Depreciation
|
| |
Disposals
|
| |
Lease
Modifications |
| |
Effect of
movements in exchange rates |
| |
Balance at
December 31 2019 |
| ||||||||||||||||||
| | |
US $’000
|
| |||||||||||||||||||||||||||||||||
Vessels
|
| | | | 323,774 | | | | |
|
139,682
|
| | | | | | | | | |
|
(2,414)
|
| | | | | | | | | |
|
461,042
|
| |
Containers and equipment
|
| | | | 437,457 | | | | |
|
78,399
|
| | | |
|
(87,682)
|
| | | |
|
(25,002)
|
| | | |
|
(12)
|
| | | |
|
403,160
|
| |
Computer systems and Communication equipment
|
| | | | 36,372 | | | | |
|
5,647
|
| | | |
|
(304)
|
| | | | | | | | | | | | | | | |
|
41,715
|
| |
Other property and equipment
|
| | | | 40,421 | | | | |
|
13,249
|
| | | |
|
(558)
|
| | | | | | | | | |
|
(1,252)
|
| | | |
|
51,860
|
| |
Total
|
| | | | 838,024 | | | | |
|
236,977
|
| | | |
|
(88,544)
|
| | | |
|
(27,416)
|
| | | |
|
(1,264)
|
| | | |
|
957,777
|
| |
Payments on account, net
|
| | |
|
264
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 274 | | |
| | |
Balance at
January 1, 2019 |
| | | | | | | | | | | | | |
Balance at
December 31, 2019 |
| ||||||
| | |
US $’000
|
| | | | | | | | | | | | | |
US $’000
|
| ||||||
Vessels
|
| | | | 617,427 | | | | | | | | | | | | | | | | |
|
717,941
|
| |
Containers and equipment
|
| | | | 351,687 | | | | | | | | | | | | | | | | |
|
425,738
|
| |
Computer systems and Communication equipment
|
| | | | 9,743 | | | | | | | | | | | | | | | | |
|
11,868
|
| |
Other property and equipment
|
| | | | 10,986 | | | | | | | | | | | | | | | | |
|
56,960
|
| |
Payments on account of other
assets |
| | | | 264 | | | | | | | | | | | | | | | | |
|
274
|
| |
| | | | | 20,993 | | | | | | | | | | | | | | | | |
|
69,102
|
| |
Total | | | |
|
990,107
|
| | | | | | | | | | | | | | | | | 1,212,781 | | |
|
| | |
Balance at
January 1, 2018 |
| |
Additions
|
| |
Disposals
|
| |
Transfer (**)
|
| |
Effect of
movements in exchange rates |
| |
Balance at
December 31 2018 |
| ||||||||||||||||||
| | |
US $’000
|
| |||||||||||||||||||||||||||||||||
Vessels
|
| | | | 1,087,688 | | | | | | | | | | | | | | | | | | (146,487) | | | | | | | | | | | | 941,201 | | |
Containers and equipment
|
| | | | 831,536 | | | | | | 64,402 | | | | | | (22,791) | | | | | | (84,003) | | | | | | | | | | | | 789,144 | | |
Computer systems and Communication equipment
|
| | | | 41,565 | | | | | | 4,971 | | | | | | (160) | | | | | | | | | | | | (261) | | | | | | 46,115 | | |
Other property and equipment
|
| | | | 51,546 | | | | | | 1,331 | | | | | | (777) | | | | | | | | | | | | (693) | | | | | | 51,407 | | |
Total
|
| | | | 2,012,335 | | | | | | 70,704 | | | | | | (23,728) | | | | | | (230,490) | | | | | | (954) | | | | | | 1,827,867 | | |
| | |
Balance at
January 1, 2018 |
| |
Depreciation
|
| |
Disposals
|
| |
Transfer (**)
|
| |
Effect of
movements in exchange rates |
| |
Balance at
December 31 2018 |
| ||||||||||||||||||
| | |
US $’000
|
| |||||||||||||||||||||||||||||||||
Vessels
|
| | | | 371,023 | | | | | | 34,542 | | | | | | | | | | | | (81,791) | | | | | | | | | | | | 323,774 | | |
Containers and equipment
|
| | | | 458,945 | | | | | | 62,964 | | | | | | (16,605) | | | | | | (67,847) | | | | | | | | | | | | 437,457 | | |
Computer systems and Communication equipment
|
| | | | 33,820 | | | | | | 2,945 | | | | | | (163) | | | | | | | | | | | | (230) | | | | | | 36,372 | | |
Other property and equipment
|
| | | | 40,213 | | | | | | 1,511 | | | | | | (736) | | | | | | | | | | | | (567) | | | | | | 40,421 | | |
Total
|
| | | | 904,001 | | | | | | 101,962 | | | | | | (17,504) | | | | | | (149,638) | | | | | | (797) | | | | | | 838,024 | | |
Payments on account, net
|
| | | | 280 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 264 | | |
| | |
Balance at
January 1, 2018 |
| | | | | | | | | | | | | |
Balance at
December 31, 2018 |
| ||||||
| | |
US $’000
|
| | | | | | | | | | | | | |
US $’000
|
| ||||||
Vessels
|
| | | | 716,665 | | | | | | | | | | | | | | | | | | 617,427 | | |
Containers and equipment
|
| | | | 372,591 | | | | | | | | | | | | | | | | | | 351,687 | | |
Computer systems and Communication equipment
|
| | | | 7,745 | | | | | | | | | | | | | | | | | | 9,743 | | |
Other property and equipment
|
| | | | 11,333 | | | | | | | | | | | | | | | | | | 10,986 | | |
Payments on account of other
assets |
| | | | 280 | | | | | | | | | | | | | | | | | | 264 | | |
| | | | | 19,358 | | | | | | | | | | | | | | | | | | 20,993 | | |
Total
|
| | | | 1,108,614 | | | | | | | | | | | | | | | | | | 990,107 | | |
|
| | |
Balance at
January 1, 2019 |
| |
Additions
|
| |
Disposals
|
| |
Effect of
movements in exchange rates |
| |
Balance at
December 31 2019 |
| |||||||||||||||
| | |
US $’000
|
| |||||||||||||||||||||||||||
Goodwill (*)
|
| | | | 8,230 | | | | |
|
559
|
| | | | | | | | | |
|
(490)
|
| | | |
|
8,299
|
| |
Software (mostly development costs)
|
| | | | 173,508 | | | | |
|
8,746
|
| | | |
|
(15)
|
| | | |
|
57
|
| | | |
|
182,296
|
| |
Dry docking
|
| | | | 4,514 | | | | | | | | | | | | | | | | | | | | | | |
|
4,514
|
| |
Other intangible assets
|
| | | | 3,415 | | | | | | | | | | | | | | | | | | | | | | |
|
3,415
|
| |
Total | | | |
|
189,667
|
| | | | | 9,305 | | | | | | (15) | | | | | | (433) | | | | | | 198,524 | | |
| | |
Balance at
January 1, 2019 |
| |
Amortization
|
| |
Disposals
|
| |
Effect of
movements in exchange rates |
| |
Balance at
December 31 2019 |
| |||||||||||||||
| | |
US $’000
|
| |||||||||||||||||||||||||||
Goodwill (*)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Software (mostly development costs)
|
| | | | 118,530 | | | | |
|
8,073
|
| | | |
|
(15)
|
| | | |
|
57
|
| | | |
|
126,645
|
| |
Dry docking
|
| | | | 4,117 | | | | |
|
312
|
| | | | | | | | | | | | | | | |
|
4,429
|
| |
Other intangible assets
|
| | | | 2,382 | | | | |
|
148
|
| | | | | | | | | | | | | | | |
|
2,530
|
| |
Total | | | |
|
125,029
|
| | | | | 8,533 | | | | | | (15) | | | | | | 57 | | | | | | 133,604 | | |
| | |
Balance at
January 1, 2019 |
| | | | | | | | | | |
Balance at
December 31, 2019 |
| ||||||
| | |
US $’000
|
| | | | | | | | | | |
US $’000
|
| ||||||
Goodwill
|
| | | | 8,230 | | | | | | | | | | | | | |
|
8,299
|
| |
Software (mostly development costs)
|
| | | | 54,978 | | | | | | | | | | | | | |
|
55,651
|
| |
Dry docking
|
| | | | 397 | | | | | | | | | | | | | |
|
85
|
| |
Other intangible assets
|
| | | | 1,033 | | | | | | | | | | | | | |
|
885
|
| |
Total | | | |
|
64,638
|
| | | | | | | | | | | | | | 64,920 | | |
|
| | |
Balance at
January 1, 2018 |
| |
Additions
|
| |
Disposals
|
| |
Effect of
movements in exchange rates |
| |
Balance at
December 31 2018 |
| |||||||||||||||
| | |
US $’000
|
| |||||||||||||||||||||||||||
Goodwill (*)
|
| | | | 10,090 | | | | | | | | | | | | | | | | | | (1,860) | | | | | | 8,230 | | |
Software (mostly development costs)
|
| | | | 158,707 | | | | | | 14,925 | | | | | | (36) | | | | | | (88) | | | | | | 173,508 | | |
Dry docking
|
| | | | 4,514 | | | | | | | | | | | | | | | | | | | | | | | | 4,514 | | |
Other intangible assets
|
| | | | 3,415 | | | | | | | | | | | | | | | | | | | | | | | | 3,415 | | |
Total
|
| | | | 176,726 | | | | | | 14,925 | | | | | | (36) | | | | | | (1,948) | | | | | | 189,667 | | |
| | |
Balance at
January 1, 2018 |
| |
Amortization
|
| |
Disposals
|
| |
Effect of
movements in exchange rates |
| |
Balance at
December 31 2018 |
| |||||||||||||||
| | |
US $’000
|
| |||||||||||||||||||||||||||
Goodwill (*)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Software (mostly development costs)
|
| | | | 110,851 | | | | | | 7,787 | | | | | | (36) | | | | | | (72) | | | | | | 118,530 | | |
Dry docking
|
| | | | 3,627 | | | | | | 490 | | | | | | | | | | | | | | | | | | 4,117 | | |
Other intangible assets
|
| | | | 1,054 | | | | | | 1,328 | | | | | | | | | | | | | | | | | | 2,382 | | |
Total
|
| | | | 115,532 | | | | | | 9,605 | | | | | | (36) | | | | | | (72) | | | | | | 125,029 | | |
| | |
Balance at
January 1, 2018 |
| | | | | | | | | | |
Balance at
December 31, 2018 |
| ||||||
| | |
US $’000
|
| | | | | | | | | | |
US $’000
|
| ||||||
Goodwill
|
| | | | 10,090 | | | | | | | | | | | | | | | 8,230 | | |
Software (mostly development costs)
|
| | | | 47,856 | | | | | | | | | | | | | | | 54,978 | | |
Dry docking
|
| | | | 887 | | | | | | | | | | | | | | | 397 | | |
Other intangible assets
|
| | | | 2,361 | | | | | | | | | | | | | | | 1,033 | | |
Total
|
| | | | 61,194 | | | | | | | | | | | | | | | 64,638 | | |
| | |
Increase
|
| |
Decrease
|
| ||||||
| | |
By 100 bps
|
| |||||||||
| | |
US$ million
|
| |||||||||
Discount rate
|
| | | | (265) | | | | | | 359 | | |
Terminal growth rate
|
| | | | 332 | | | | | | (244) | | |
| | |
Vessels
|
| |
Containers and
Equipment |
| |
Buildings, Vehicles
and other tangible assets |
| |
Total
|
| ||||||||||||
| | |
US $’000
|
| |||||||||||||||||||||
Balance as at January 1, 2019
|
| | | | 491,333 | | | | | | 317,360 | | | | | | 242 | | | | | | 808,935 | | |
IFRS 16 Adoption (*)
|
| | | | 140,442 | | | | | | 73,174 | | | | | | 41,453 | | | | | | 255,069 | | |
Depreciation
|
| | | | (131,050) | | | | | | (69,700) | | | | | | (13,716) | | | | | | (214,466) | | |
Other (**)
|
| | | | 99,755 | | | | | | 87,169 | | | | | | 21,834 | | | | | | 208,758 | | |
Balance as at December 31, 2019
|
| | | | 600,480 | | | | | | 408,003 | | | | | | 49,813 | | | | | | 1,058,296 | | |
| | |
2019
|
| |||
| | |
US $’000
|
| |||
Cash outflow related to lease liabilities
|
| | |
|
319,166
|
| |
| | |
2019
|
| |
2018
|
| ||||||
| | |
US $’000
|
| |||||||||
Non-current other receivables | | | | | | | | | | | | | |
Long-term loans
|
| | |
|
240
|
| | | | | 244 | | |
Others
|
| | |
|
5,078
|
| | | | | 2,938 | | |
| | | | | 5,318 | | | | |
|
3,182
|
| |
Current trade and other receivables | | | | | | | | | | | | | |
Trade receivables
|
| | | | 263,749 | | | | |
|
313,685
|
| |
Other receivables | | | | | | | | | | | | | |
Insurance recoveries (see also Note 15)
|
| | |
|
4,576
|
| | | | | 7,531 | | |
Government institutions
|
| | |
|
11,540
|
| | | | | 12,428 | | |
Prepaid expenses
|
| | |
|
25,531
|
| | | | | 15,014 | | |
Current portion of deferred expenses
|
| | | | | | | | | | 10,510 | | |
Amounts due from associates
|
| | |
|
159
|
| | | | | 198 | | |
Other receivables
|
| | |
|
11,504
|
| | | | | 18,977 | | |
| | | | | 53,310 | | | | |
|
64,658
|
| |
| | | | | 317,059 | | | | |
|
378,343
|
| |
| | |
2019
|
| |
2018
|
| ||||||
| | |
US$’000
|
| |||||||||
Non-current investments – long term deposits (*)
|
| | |
|
2,766
|
| | | | | 2,790 | | |
| Current investments | | | | | | | | | | | | | |
|
Short term bank deposits (*)
|
| | |
|
56,493
|
| | | | | 66,166 | | |
|
Financial assets at fair value through profit or loss
|
| | |
|
988
|
| | | | | 538 | | |
|
Financial assets at fair value through other comprehensive income
|
| | |
|
1,566
|
| | | | | 1,947 | | |
| | | | | | 59,047 | | | | |
|
68,651
|
| |
| | |
2019
|
| |
2018
|
| ||||||
| | |
US$’000
|
| |||||||||
Bank balances and cash in hand
|
| | |
|
130,997
|
| | | | | 154,516 | | |
Demand deposits
|
| | |
|
51,789
|
| | | | | 31,775 | | |
Cash and cash equivalents in the consolidated statement of financial position
|
| | |
|
182,786
|
| | | | | 186,291 | | |
| | |
2019
|
| |
2018
|
| ||||||
Number of ordinary shares (issued and paid up): | | | | | | | | | | | | | |
Balance at the beginning of the year
|
| | |
|
10,000,000
|
| | | | | 10,000,000 | | |
Balance at the end of the year
|
| | |
|
10,000,000
|
| | | | | 10,000,000 | | |
Ordinary shares – in US$’000’s
|
| | |
|
88
|
| | | | | 88 | | |
– in NIS’000’s
|
| | |
|
300
|
| | | | | 300 | | |
Grant date
|
| |
Instrument terms
|
| |
Number of
instruments |
| |
Vesting Terms
|
| |
Contractual
life |
|
June 30, 2018 | | | Each option is exercisable into one ordinary share of NIS 0.03 par value, at the exercise price of the share on the grant date. | | |
499,000
|
| | 50%, 25% and 25% of the options are exercisable following a service period of 2 years, 3 years and 4 years, respectively. | | |
6 years
|
|
| Share price on grant date | | | USD 10 | |
| Exercise price | | | USD 10 | |
| Expected volatility | | | 31.9% | |
| Expected life | | | 6 years | |
| Expected dividends | | | 0% | |
| Risk-free interest rate | | | 2.7% | |
| | |
2019
|
| |
2018
|
| |
2017
|
| |||||||||
| | |
US$’000
|
| |||||||||||||||
Profit (loss) attributable to ordinary shareholders
|
| | |
|
(18,149)
|
| | | | | (125,653) | | | | | | 6,235 | | |
| | |
2019
|
| |
2018
|
| |
2017
|
| |||||||||
Weighted average number of ordinary shares
|
| | |
|
10,000,000
|
| | | | | 10,000,000 | | | | | | 10,000,000 | | |
| | |
2019
|
| |
2018
|
| ||||||
| | |
US$’000
|
| |||||||||
Non-current liabilities | | | | | | | | | | | | | |
Loans from financial institutions
|
| | |
|
10,139
|
| | | | | 16,517 | | |
Loan from shipyard
|
| | |
|
48,223
|
| | | | | 44,535 | | |
Other loans and liabilities
|
| | |
|
39,704
|
| | | | | 56,946 | | |
Debentures
|
| | |
|
443,866
|
| | | | | 435,200 | | |
| | | |
|
541,932
|
| | | | | 553,198 | | |
Current liabilities | | | | | | | | | | | | | |
Current portion of loans from financial institution
|
| | |
|
1,989
|
| | | | | 30,567 | | |
Current portion of other loans and liabilities
|
| | |
|
10,039
|
| | | | | 44,352 | | |
Current portions of debentures
|
| | |
|
11,608
|
| | | | | 15,769 | | |
| | | |
|
23,636
|
| | | | | 90,688 | | |
Short-term borrowings
|
| | |
|
116,431
|
| | | | | 113,115 | | |
| | | |
|
140,067
|
| | | | | 203,803 | | |
| | |
2019
|
| |
2018
|
| ||||||
| | |
US $’000
|
| |||||||||
Vessels
|
| | |
|
725,558
|
| | | | | 644,130 | | |
Containers and handling equipment
|
| | |
|
418,862
|
| | | | | 336,042 | | |
Deposits
|
| | |
|
51,477
|
| | | | | 61,485 | | |
Buildings, vehicles and others
|
| | |
|
55,822
|
| | | | | 5,818 | | |
| | | |
|
1,251,719
|
| | | | | 1,047,475 | | |
| | |
December 31, 2019
|
| |||||||||||||||||||||
| | |
Currency
|
| |
Effective interest (2)
|
| |
Year of
Maturity |
| |
Face value
|
| |
Carrying
Amount (3) |
| |||||||||
| | | | | | | | | | | | | | |
US $’000
|
| |||||||||
Debentures : | | | | | | | | | | | | | | | | | | | | | | | | | |
Tranche A (1)
|
| | US$ | | |
Libor + 2.8%
|
| | | | 2021 | | | | |
|
15,634
|
| | | |
|
15,634
|
| |
Tranche C (1)
|
| | US$ | | |
7%
|
| | | | 2023 | | | | |
|
359,808
|
| | | |
|
322,620
|
| |
Tranche D (1)
|
| | US$ | | |
7.9%
|
| | | | 2023 | | | | |
|
127,772
|
| | | |
|
117,220
|
| |
Long-term loans: | | | | | | | | | | | | | | | | | | | | | | | | | |
Tranche A (1)
|
| | US$ | | |
Libor + 2.8%
|
| | | | 2021 | | | | |
|
1,693
|
| | | |
|
1,693
|
| |
Tranche E (1)
|
| | US$ | | |
8.7%
|
| | | | 2026 | | | | |
|
72,108
|
| | | |
|
48,223
|
| |
Other
|
| | US$ | | |
(*)9.7%
|
| | | | 2020 – 2030 | | | | |
|
54,374
|
| | | |
|
54,374
|
| |
Long-term liabilities (4)
|
| |
Mainly US$
|
| | | | | | | 2020 – 2022 | | | | |
|
5,804
|
| | | |
|
5,804
|
| |
Short-term credit from banks (5)
|
| | US$ | | |
4.3%
|
| | | | 2020 | | | | |
|
116,431
|
| | | |
|
116,431
|
| |
| | | | | | | | | | | | | | | | | 753,624 | | | | | | 681,999 | | |
| | |
December 31, 2018
|
| |||||||||||||||||||||
| | |
Currency
|
| |
Effective interest (2)
|
| |
Year of
Maturity |
| |
Face value
|
| |
Carrying
Amount (3) |
| |||||||||
| | | | | | | | | | | | | | |
US $’000
|
| |||||||||
Debentures : | | | | | | | | | | | | | | | | | | | | | | | | | |
Tranche A (1)
|
| | US$ | | |
Libor + 2.8%
|
| | | | 2021 | | | | | | 25,273 | | | | | | 25,273 | | |
Tranche C (1)
|
| | US$ | | |
7%
|
| | | | 2023 | | | | | | 359,808 | | | | | | 313,398 | | |
Tranche D (1)
|
| | US$ | | |
7.9%
|
| | | | 2023 | | | | | | 125,248 | | | | | | 112,298 | | |
Long-term loans: | | | | | | | | | | | | | | | | | | | | | | | | | |
Tranche A (1)
|
| | US$ | | |
Libor + 2.8%
|
| | | | 2020 – 2021 | | | | | | 32,179 | | | | | | 32,179 | | |
Tranche E (1)
|
| | US$ | | |
8.7%
|
| | | | 2026 | | | | | | 70,843 | | | | | | 44,535 | | |
Other
|
| | US$ | | |
(*)8.4%
|
| | | | 2020 – 2023 | | | | | | 72,257 | | | | | | 72,257 | | |
Long-term liabilities
|
| | US$ | | | | | | | | 2019 – 2022 | | | | | | 43,946 | | | | | | 43,946 | | |
Short-term credit from banks
|
| | US$ | | |
4.9%
|
| | | | 2019 | | | | | | 113,115 | | | | | | 113,115 | | |
| | | | | | | | | | | | | | | | | 842,669 | | | | | | 757,001 | | |
| | |
Loans and other liabilities
|
| | | | | | | |||||||||
| | |
Long-term
Loans and other |
| |
Debentures
|
| |
Lease
Liabilities |
| |||||||||
Balance as at January 1, 2019
|
| | | | 306,032 | | | | | | 450,969 | | | | | | 614,048 | | |
Changes from financing cash flows: | | | | | | | | | | | | | | | | | | | |
Receipt of long-term loans
|
| | | | 10,547 | | | | | | | | | | | | 3,282 | | |
Repayment of borrowings
|
| | |
|
(65,397)
|
| | | |
|
(9,639)
|
| | | |
|
(225,727)
|
| |
Change in short-term loans
|
| | |
|
3,318
|
| | | | | | | | | | | | | |
Additional Leases (*)
|
| | | | | | | | | | | | | | |
|
458,581
|
| |
Other Changes (**)
|
| | | | (27,975) | | | | | | 14,144 | | | | | | 7,142 | | |
Balance as at December 31, 2019
|
| | | | 226,525 | | | | | | 455,474 | | | | | | 857,326 | | |
| | |
Loans and other liabilities
|
| | | | | | | |||||||||
| | |
Loans and
other Liabilities |
| |
Debentures
|
| |
Financial
Lease Liabilities |
| |||||||||
Balance as at January 1, 2018
|
| | | | 335,024 | | | | | | 445,082 | | | | | | 668,017 | | |
Changes from financing cash flows: | | | | | | | | | | | | | | | | | | | |
Receipt of long-term loans (*)
|
| | | | 53,491 | | | | | | | | | | | | 1,887 | | |
Repayment of borrowings
|
| | | | (74,020) | | | | | | (7,415) | | | | | | (118,538) | | |
Change in short-term loans
|
| | | | (10,365) | | | | | | | | | | | | | | |
Additional Financial Leases | | | | | | | | | | | | | | | | | 62,682 | | |
Other Changes (**)
|
| | | | 1,902 | | | | | | 13,302 | | | | | | | | |
Balance as at December 31, 2018
|
| | | | 306,032 | | | | | | 450,969 | | | | | | 614,048 | | |
| | |
2019
|
| |
2018
|
| ||||||
| | |
US$’000
|
| |||||||||
Present value of obligations (see section (f) below)
|
| | |
|
67,502
|
| | | | | 58,575 | | |
Fair value of the plan assets (see section (f) below)
|
| | |
|
(28,525)
|
| | | | | (27,186) | | |
Recognized liability for defined benefit obligations
|
| | |
|
38,977
|
| | | | | 31,389 | | |
Termination benefit-liability for early retirement
|
| | |
|
16,003
|
| | | | | 18,159 | | |
Other long-term benefits
|
| | |
|
13,010
|
| | | | | 10,585 | | |
Short-term benefits: | | | | | | | | | | | | | |
Liability for annual leave
|
| | |
|
7,459
|
| | | | | 7,264 | | |
Current portion of liability for early retirement
|
| | |
|
6,081
|
| | | | | 6,170 | | |
Total employee benefits
|
| | |
|
81,530
|
| | | | | 73,567 | | |
Presented in the statement of financial position as follows: | | | | | | | | | | | | | |
Short-term (Note 14)
|
| | |
|
13,540
|
| | | | | 13,434 | | |
Long-term
|
| | |
|
67,990
|
| | | | | 60,133 | | |
| | | | | 81,530 | | | | |
|
73,567
|
| |
| | |
2019
|
| |
2018
|
| ||||||
| | |
US $’000
|
| |||||||||
Defined benefit obligation at January 1st
|
| | |
|
58,575
|
| | | | | 66,268 | | |
Benefits paid by the plan
|
| | |
|
(4,250)
|
| | | | | (4,605) | | |
Current service cost and interest
|
| | |
|
2,968
|
| | | | | 3,091 | | |
Foreign currency exchange changes in plan measured in a currency
|
| | | | | | | | | | | | |
different from the entity’s functional currency
|
| | |
|
4,016
|
| | | | | (3,952) | | |
Actuarial losses (gains) recognised in other comprehensive income
|
| | |
|
6,193
|
| | | | | (2,227) | | |
Defined benefit obligation at December 31st
|
| | |
|
67,502
|
| | | | | 58,575 | | |
| | |
2019
|
| |
2018
|
| ||||||
| | |
US $’000
|
| |||||||||
Fair value of plan assets at January 1st
|
| | |
|
27,185
|
| | | | | 29,016 | | |
Contribution paid by the Group
|
| | |
|
937
|
| | | | | 889 | | |
Benefits paid by the plan
|
| | |
|
(2,234)
|
| | | | | (1,963) | | |
Return on plan assets
|
| | |
|
397
|
| | | | | 488 | | |
Foreign currency exchange changes in plan measured in a currency different from the entity’s functional currency
|
| | |
|
1,482
|
| | | | | (1,076) | | |
Actuarial gains (losses) recognised in other comprehensive income
|
| | |
|
758
|
| | | | | (169) | | |
Fair value of plan assets at December 31st
|
| | |
|
28,525
|
| | | | | 27,185 | | |
| | |
2019
|
| |
2018
|
| ||||||
| | |
US $’000
|
| |||||||||
Equity instruments
|
| | |
|
9,839
|
| | | | | 9,962 | | |
Debt instruments
|
| | |
|
15,707
|
| | | | | 14,167 | | |
Cash and deposits
|
| | |
|
989
|
| | | | | 1,339 | | |
Other
|
| | |
|
1,990
|
| | | | | 1,717 | | |
| | | |
|
28,525
|
| | | | | 27,185 | | |
| | |
2019
|
| |
2018
|
| |
2017
|
|
Early retirement
|
| |
1 – %1.1%
|
| |
2.1% – 2.4%
|
| |
1.4% – 1.6%
|
|
Annual absence
|
| |
2.1% – 2.2%
|
| |
3.5% – 3.7%
|
| |
3.2% – 3.3%
|
|
Tuition fees
|
| |
1.3% – 1.8%
|
| |
2.5% – 3.1%
|
| |
1.8% – 2.5%
|
|
Defined benefit plan
|
| |
1% – 3.15%
|
| |
2.0% – 4.0%
|
| |
1.8% – 3.5%
|
|
| | |
Defined benefit obligation
At December 31, 2019 |
| |||||||||
| | |
Increase
|
| |
Decrease
|
| ||||||
| | |
US $’000
|
| |||||||||
Discount rate (0.5% movement)
|
| | |
|
(3,455)
|
| | | |
|
3,815
|
| |
Future benefit growth (0.5% movement)
|
| | |
|
2,629
|
| | | |
|
(2,639)
|
| |
| | |
2019
|
| |
2018
|
| ||||||
| | |
US$’000
|
| |||||||||
Trade payables
|
| | | | 350,775 | | | | |
|
377,846
|
| |
Other payables | | | | | | | | | | | | | |
Salaries and related payables
|
| | |
|
8,392
|
| | | | | 6,754 | | |
Provision for annual leave and early retirement (see Note 13(a))
|
| | |
|
13,540
|
| | | | | 13,434 | | |
Government institutions
|
| | |
|
9,169
|
| | | | | 9,128 | | |
Accrued interest
|
| | |
|
8,621
|
| | | | | 4,652 | | |
Accrued expenses
|
| | |
|
8,209
|
| | | | | 11,707 | | |
Advances from customers and others (*)
|
| | |
|
11,171
|
| | | | | 31,695 | | |
Payables and other credit balances
|
| | |
|
12,540
|
| | | | | 10,616 | | |
| | | | | 71,642 | | | | |
|
87,986
|
| |
Derivatives not used for hedging
|
| | | | | | | | | | 1,924 | | |
| | | | | 422,417 | | | | |
|
467,756
|
| |
| | |
2019
|
| |
2018
|
| |
2017
|
| |||||||||
| | |
US $’000
|
| |||||||||||||||
Shipping
|
| | |
|
3,257,121
|
| | | | | 3,208,315 | | | | | | 2,942,072 | | |
Other
|
| | |
|
42,640
|
| | | | | 39,549 | | | | | | 36,219 | | |
| | | |
|
3,299,761
|
| | | | | 3,247,864 | | | | | | 2,978,291 | | |
| | |
2019
|
| |
2018
|
| |
2017
|
| |||||||||
| | |
US $’000
|
| |||||||||||||||
Wages and expenses relating to seagoing personnel
|
| | |
|
10,392
|
| | | | | 10,043 | | | | | | 10,581 | | |
Maintenance and repair of vessels
|
| | |
|
4,060
|
| | | | | 4,708 | | | | | | 4,113 | | |
Expenses relating to fleet equipment
|
| | | | | | | | | | | | | | | | | | |
(mainly containers and chassis)
|
| | |
|
25,560
|
| | | | | 25,743 | | | | | | 25,602 | | |
Fuel and lubricants (*)
|
| | |
|
386,917
|
| | | | | 536,634 | | | | | | 386,883 | | |
Insurance
|
| | |
|
8,634
|
| | | | | 9,583 | | | | | | 9,270 | | |
Expenses related to cargo handling
|
| | |
|
1,421,354
|
| | | | | 1,379,320 | | | | | | 1,285,365 | | |
Port expenses
|
| | |
|
200,610
|
| | | | | 273,988 | | | | | | 251,703 | | |
Agents’ salaries and commissions
|
| | |
|
149,210
|
| | | | | 159,790 | | | | | | 160,398 | | |
Cost of related services and sundry
|
| | |
|
61,437
|
| | | | | 72,009 | | | | | | 67,370 | | |
Slots purchase and hire of vessels
|
| | |
|
515,102
|
| | | | | 480,374 | | | | | | 358,908 | | |
Hire of containers
|
| | |
|
27,417
|
| | | | | 47,421 | | | | | | 39,954 | | |
| | | |
|
2,810,693
|
| | | | | 2,999,613 | | | | | | 2,600,147 | | |
| | | | | | | | |
2019
|
| |
2018
|
| |
2017
|
| |||||||||
| | | | | | | | |
US $’000
|
| |||||||||||||||
Capital gain, net
|
| | |
|
(*)
|
| | | |
|
35,471
|
| | | | | 3,015 | | | | | | 1,178 | | |
Sundry
|
| | | | | | | | |
|
2,628
|
| | | | | 2,302 | | | | | | 3,057 | | |
| | | | | | | | | |
|
38,099
|
| | | | | 5,317 | | | | | | 4,235 | | |
| | |
2019
|
| |
2018
|
| |
2017
|
|
| | |
US $’000
|
| ||||||
Impairment, net
|
| |
1,150
|
| |
(*)37,993
|
| |
2,400
|
|
Sundry
|
| |
89
|
| |
78
|
| |
200
|
|
| | |
1,239
|
| |
38,071
|
| |
2,600
|
|
| | |
2019
|
| |
2018
|
| |
2017
|
| |||||||||
| | |
US $’000
|
| |||||||||||||||
Salaries and related expenses
|
| | |
|
105,354
|
| | | | | 98,278 | | | | | | 102,655 | | |
Office equipment and maintenance
|
| | |
|
12,019
|
| | | | | 16,643 | | | | | | 15,096 | | |
Depreciation and amortization
|
| | |
|
19,171
|
| | | | | 10,925 | | | | | | 10,728 | | |
Consulting and legal fees
|
| | |
|
4,714
|
| | | | | 6,039 | | | | | | 6,225 | | |
Travel and vehicle expenses
|
| | |
|
3,562
|
| | | | | 5,294 | | | | | | 5,620 | | |
Other
|
| | |
|
6,785
|
| | | | | 6,741 | | | | | | 7,236 | | |
| | | |
|
151,605
|
| | | | | 143,920 | | | | | | 147,560 | | |
| | |
2019
|
| |
2018
|
| |
2017
|
| |||||||||
| | |
US $’000
|
| |||||||||||||||
Salaries and related expenses: | | | | | | | | | | | | | | | | | | | |
Operating expenses
|
| | |
|
137,990
|
| | | | | 132,003 | | | | | | 133,542 | | |
General and administrative
|
| | |
|
105,354
|
| | | | | 98,278 | | | | | | 102,655 | | |
| | | |
|
243,344
|
| | | | | 230,281 | | | | | | 236,197 | | |
| | |
2019
|
| |
2018
|
| |
2017
|
| |||||||||
| | |
US $’000
|
| |||||||||||||||
Operating expenses: | | | | | | | | | | | | | | | | | | | |
Depreciation
|
| | |
|
226,026
|
| | | | | 100,152 | | | | | | 97,168 | | |
Amortization
|
| | |
|
313
|
| | | | | 490 | | | | | | 490 | | |
General and administrative
|
| | |
|
19,171
|
| | | | | 10,925 | | | | | | 10,728 | | |
| | | |
|
245,510
|
| | | | | 111,567 | | | | | | 108,386 | | |
| | |
2019
|
| |
2018
|
| |
2017
|
| |||||||||
| | |
US $’000
|
| |||||||||||||||
Interest income
|
| | |
|
2,447
|
| | | | | 2,492 | | | | | | 2,061 | | |
Net foreign currency exchange rate differences
|
| | | | | | | | | | 16,709 | | | | | | | | |
| | | |
|
2,447
|
| | | | | 19,201 | | | | | | 2,061 | | |
| | |
2019
|
| |
2018
|
| |
2017
|
| |||||||||
| | |
US $’000
|
| |||||||||||||||
Interest expenses
|
| | |
|
147,383
|
| | | | | 100,584 | | | | | | 102,175 | | |
Net foreign currency exchange rate differences
|
| | |
|
8,351
|
| | | | | | | | | | | 16,011 | | |
Impairment losses on trade and other receivables
|
| | |
|
1,013
|
| | | | | 1,122 | | | | | | 924 | | |
| | | |
|
156,747
|
| | | | | 101,706 | | | | | | 119,110 | | |
| | |
2019
|
| |
2018
|
| |
2017
|
| |||||||||
| | |
US $’000
|
| |||||||||||||||
Current tax expenses | | | | | | | | | | | | | | | | | | | |
Current period
|
| | |
|
13,028
|
| | | | | 12,744 | | | | | | 12,611 | | |
Taxes in respect of previous years
|
| | |
|
(1,313)
|
| | | | | 631 | | | | | | 1,237 | | |
| | | |
|
11,715
|
| | | | | 13,375 | | | | | | 13,848 | | |
Deferred tax expenses | | | | | | | | | | | | | | | | | | | |
Origination and reversal of temporary differences
|
| | |
|
51
|
| | | | | 757 | | | | | | 385 | | |
Total income taxes in income statements
|
| | |
|
11,766
|
| | | | | 14,132 | | | | | | 14,233 | | |
| | |
2019
|
| |
2018
|
| |
2017
|
|
| | |
US $’000
|
| ||||||
Profit (loss) for the year
|
| |
(13,044)
|
| |
(119,853)
|
| |
11,363
|
|
Income taxes
|
| |
11,766
|
| |
14,132
|
| |
14,233
|
|
Profit (loss) excluding income taxes
|
| |
(1,278)
|
| |
(105,721)
|
| |
25,596
|
|
Income tax using the domestic corporation tax rate
|
| |
(294)
|
| |
(24,316)
|
| |
6,143
|
|
Current year losses for which no deferred tax asset | | | | | | | | | | |
was recognized
|
| |
7,759
|
| |
29,097
|
| |
3,666
|
|
Effect of tax rates in foreign jurisdictions
|
| |
4,769
|
| |
4,936
|
| |
3,509
|
|
Non-deductible expenses
|
| |
393
|
| |
401
|
| |
243
|
|
Effect of different tax rates on specific gains
|
| |
2,084
|
| |
4,383
|
| |
2,421
|
|
Effect of share of profits of associates
|
| |
(1,087)
|
| |
(1,232)
|
| |
(1,823)
|
|
Other
|
| |
(*)(1,858)
|
| |
863
|
| |
74
|
|
| | |
11,766
|
| |
14,132
|
| |
14,233
|
|
| | |
Assets
|
| |
Liabilities
|
| |
Net
|
| |||||||||||||||||||||||||||
| | |
2019
|
| |
2018
|
| |
2019
|
| |
2018
|
| |
2019
|
| |
2018
|
| ||||||||||||||||||
| | |
US $’000
|
| |||||||||||||||||||||||||||||||||
Vessels, containers, handling equipment and other tangible assets (*)
|
| | | | | | | | | | | | | | |
|
(150,698)
|
| | | | | (176,636) | | | | |
|
(150,698)
|
| | | | | (176,636) | | |
Financial liabilities
|
| | |
|
12,281
|
| | | | | 15,339 | | | | | | | | | | | | | | | | |
|
12,281
|
| | | | | 15,339 | | |
Employee benefits
|
| | |
|
17,190
|
| | | | | 15,394 | | | | | | | | | | | | | | | | |
|
17,190
|
| | | | | 15,394 | | |
Tax losses carry-forwards
|
| | |
|
125,171
|
| | | | | 149,494 | | | | | | | | | | | | | | | | |
|
125,171
|
| | | | | 149,494 | | |
Other items
|
| | | | | | | | | | | | | | |
|
(3,246)
|
| | | | | (2,882) | | | | |
|
(3,246)
|
| | | | | (2,882) | | |
Net deferred tax | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
assets (liabilities)
|
| | |
|
154,642
|
| | | | | 180,227 | | | | |
|
(153,944)
|
| | | | | (179,518) | | | | |
|
698
|
| | | | | 709 | | |
Net deferred tax assets recognised in the
statement of the financial position |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
|
1,048
|
| | | | | 1,055 | | |
Net deferred tax liabilities recognised in
the statement of the financial position |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
|
(350)
|
| | | | | (346) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 698 | | | | |
|
709
|
| |
| | |
Vessels
containers handling equipment and other tangible assets |
| |
Financial
liabilities |
| |
Employee
benefits |
| |
Accumulated
tax losses |
| |
Other
items |
| |
Total
|
| ||||||||||||||||||
| | |
US $’000
|
| |||||||||||||||||||||||||||||||||
Balance January 1, 2019
|
| | | | (176,636) | | | | | | 15,339 | | | | | | 15,394 | | | | | | 149,494 | | | | | | (2,882) | | | | | | 709 | | |
Recognised in profit or loss
|
| | | | 25,942 | | | | | | (3,058) | | | | | | 1,819 | | | | | | (24,323) | | | | | | (364) | | | | | | 16 | | |
Recognised in other comprehensive
income |
| | |
|
(4)
|
| | | | | | | | | |
|
(23)
|
| | | | | | | | | | | | | | | |
|
(27)
|
| |
Balance December 31, 2019
|
| | | | (150,698) | | | | | | 12,281 | | | | | | 17,190 | | | | | | 125,171 | | | | | | (3,246) | | | | | | 698 | | |
|
| | |
Vessels
containers handling equipment and other tangible assets |
| |
Financial
liabilities |
| |
Employee
benefits |
| |
Accumulated
tax losses |
| |
Other
items |
| |
Total
|
| ||||||||||||||||||
| | |
US $’000
|
| |||||||||||||||||||||||||||||||||
Balance January 1, 2018
|
| | | | (180,411) | | | | | | 16,943 | | | | | | 18,910 | | | | | | 149,093 | | | | | | (3,961) | | | | | | 574 | | |
Recognised in profit or loss
|
| | | | 3,786 | | | | | | (1,604) | | | | | | (3,272) | | | | | | 401 | | | | | | 1,079 | | | | | | 390 | | |
Recognised in other comprehensive
income |
| | | | (11) | | | | | | | | | | | | (244) | | | | | | | | | | | | | | | | | | (255) | | |
Balance December 31, 2018
|
| | | | (176,636) | | | | | | 15,339 | | | | | | 15,394 | | | | | | 149,494 | | | | | | (2,882) | | | | | | 709 | | |
| | |
Note
|
| |
2019
|
| |
2018
|
| |
2017
|
| |||||||||
| | | | | |
US $’000
|
| |||||||||||||||
Other operating income
|
| |
18
|
| | |
|
261
|
| | | | | 244 | | | | | | 67 | | |
Finance income
|
| |
23(a)
|
| | | | | | | | | | 15 | | | | | | 33 | | |
Operating expenses and cost of services
|
| |
17
|
| | |
|
4,126
|
| | | | | 4,765 | | | | | | 3,568 | | |
| | |
Note
|
| |
2019
|
| |
2018
|
| ||||||
| | | | | |
US $’000
|
| |||||||||
Trade and other receivables
|
| |
8
|
| | |
|
13,558
|
| | | | | 14,357 | | |
Trade and other payables
|
| |
14
|
| | |
|
2,695
|
| | | | | 2,899 | | |
| | |
2019
|
| |
2018
|
| |
2017
|
| |||||||||
| | |
US $’000
|
| |||||||||||||||
Short-term employee benefits (*)
|
| | |
|
3,637
|
| | | | | 3,170 | | | | | | 3,593 | | |
Long-term employee benefits (*)
|
| | |
|
559
|
| | | | | 506 | | | | | | 508 | | |
| | | |
|
4
|
| | | | | 5 | | | | | | 5 | | |
|
| | |
Note
|
| |
2019
|
| |
2018
|
| |
2017
|
| |||||||||
| | | | | |
US $’000
|
| |||||||||||||||
Income from voyages and related services
|
| |
16
|
| | |
|
10,393
|
| | | | | 9,621 | | | | | | 9,124 | | |
Operating expenses and cost of services
|
| |
17
|
| | |
|
9,788
|
| | | | | 24,759 | | | | | | 30,640 | | |
Other operating income
|
| |
18
|
| | |
|
23
|
| | | | | 31 | | | | | | 29 | | |
Finance income
|
| |
23(a)
|
| | |
|
49
|
| | | | | | | | | | | | | |
Finance expenses
|
| |
23(b)
|
| | |
|
5,930
|
| | | | | 924 | | | | | | 190 | | |
| | |
2019
|
| |
2018
|
| |
2017
|
| |||||||||
| | |
US $’000
|
| |||||||||||||||
Directors fees
|
| | |
|
1,738
|
| | | | | 1,814 | | | | | | 1,831 | | |
| | |
Note
|
| |
2019
|
| |
2018
|
|
| | | | | |
US $’000
|
| |||
Cash and cash equivalents
|
| | | | | | | |
10,629
|
|
Trade and other receivables
|
| |
8
|
| |
1,789
|
| |
1,799
|
|
Trade and other payables
|
| |
14
|
| |
1,398
|
| |
628
|
|
Loans, lease and other liabilities
|
| |
12
|
| |
(*)22,731
|
| |
112,600
|
|
| | | | | |
December 31, 2019
|
| |||||||||||||||||||||||||||||||||
| | |
Note
|
| |
Carrying
amount |
| |
Contractual
cash flows |
| |
0 – 1 years
|
| |
1 – 2 years
|
| |
2 – 5 years
|
| |
More than
5 years |
| ||||||||||||||||||
| | | | | |
US $’000
|
| |
US $’000
|
| |
US $’000
|
| |
US $’000
|
| |
US $’000
|
| |
US $’000
|
| ||||||||||||||||||
Non-derivative financial liabilities
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Debentures
|
| |
12(a)
|
| | | | 455,474 | | | | | | 564,495 | | | | | | 26,663 | | | | | | 18,839 | | | | | | 518,993 | | | | | | | | |
Long-term loans and other liabilities
|
| |
12(a)
|
| | | | 104,237 | | | | | | 154,309 | | | | | | 14,180 | | | | | | 13,168 | | | | | | 41,821 | | | | | | 85,140 | | |
Lease liabilities
|
| |
7
|
| | | | 857,326 | | | | | | 1,112,115 | | | | | | 294,671 | | | | | | 174,861 | | | | | | 392,593 | | | | | | 249,990 | | |
Short-term borrowings
|
| |
12(a)
|
| | | | 116,431 | | | | | | 117,393 | | | | | | 117,393 | | | | | | | | | | | | | | | | | | | | |
Trade and other payables
|
| |
14
|
| | | | 387,564 | | | | | | 387,564 | | | | | | 387,564 | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | 1,921,032 | | | | | | 2,335,876 | | | | | | 840,471 | | | | | | 206,868 | | | | | | 953,407 | | | | | | 335,130 | | |
|
| | | | | |
December 31, 2018
|
| |||||||||||||||||||||||||||||||||
| | |
Note
|
| |
Carrying
amount |
| |
Contractual
cash flows |
| |
0 – 1 years
|
| |
1 – 2 years
|
| |
2 – 5 years
|
| |
More than
5 years |
| ||||||||||||||||||
| | | | | |
US $’000
|
| |
US $’000
|
| |
US $’000
|
| |
US $’000
|
| |
US $’000
|
| |
US $’000
|
| ||||||||||||||||||
Non-derivative financial liabilities
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Debentures
|
| |
12(a)
|
| | | | 450,969 | | | | | | 589,604 | | | | | | 31,199 | | | | | | 19,441 | | | | | | 538,964 | | | | | | | | |
Long-term loans and other liabilities
|
| |
12(a)
|
| | | | 158,005 | | | | | | 215,396 | | | | | | 59,354 | | | | | | 18,231 | | | | | | 50,376 | | | | | | 87,435 | | |
Lease liabilities
|
| |
7
|
| | | | 614,047 | | | | | | 824,196 | | | | | | 157,145 | | | | | | 120,843 | | | | | | 264,628 | | | | | | 281,580 | | |
Short-term borrowings
|
| |
12(a)
|
| | | | 113,115 | | | | | | 118,666 | | | | | | 118,666 | | | | | | | | | | | | | | | | | | | | |
Trade and other payables
|
| |
14
|
| | | | 410,791 | | | | | | 410,791 | | | | | | 410,791 | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | 1,746,927 | | | | | | 2,158,653 | | | | | | 777,155 | | | | | | 158,515 | | | | | | 853,968 | | | | | | 369,015 | | |
|
| | |
December 31, 2019
|
| |||||||||||||||
| | |
US$
|
| |
NIS
|
| |
Others
|
| |||||||||
| | |
US$’000
|
| |
US$’000
|
| |
US$’000
|
| |||||||||
Non-current assets | | | | | | | | | | | | | | | | | | | |
Trade and other receivables
|
| | | | 3,160 | | | | | | 1,226 | | | | | | 932 | | |
Other non-current investments
|
| | | | 607 | | | | | | 1,195 | | | | | | 964 | | |
Current assets | | | | | | | | | | | | | | | | | | | |
Other current investments
|
| | | | 51,196 | | | | | | 1,607 | | | | | | 6,244 | | |
Trade and other receivables
|
| | | | 215,605 | | | | | | 2,470 | | | | | | 62,426 | | |
Cash and cash equivalents
|
| | | | 147,718 | | | | | | 8,345 | | | | | | 26,723 | | |
Non-current liabilities | | | | | | | | | | | | | | | | | | | |
Loans and other liabilities
|
| | | | (537,243) | | | | | | (4,690) | | | | | | | | |
Lease liabilities
|
| | | | (607,171) | | | | | | (22,286) | | | | | | (12,292) | | |
Current liabilities | | | | | | | | | | | | | | | | | | | |
Short term borrowings and current maturities
|
| | | | (137,040) | | | | | | (713) | | | | | | (2,313) | | |
Lease liabilities
|
| | | | (203,321) | | | | | | (6,518) | | | | | | (5,738) | | |
Trade and other payables
|
| | | | (225,550) | | | | | | (45,958) | | | | | | (116,056) | | |
| | | | | (1,292,039) | | | | | | (65,322) | | | | | | (39,110) | | |
|
| | |
December 31, 2018
|
| |||||||||||||||
| | |
US$
|
| |
NIS
|
| |
Others
|
| |||||||||
| | |
US$’000
|
| |
US$’000
|
| |
US$’000
|
| |||||||||
Non-current assets | | | | | | | | | | | | | | | | | | | |
Trade and other receivables
|
| | | | 956 | | | | | | 724 | | | | | | 1,501 | | |
Other non-current investments
|
| | | | 618 | | | | | | 1,101 | | | | | | 1,071 | | |
Current assets | | | | | | | | | | | | | | | | | | | |
Other current investments
|
| | | | 61,390 | | | | | | 1,986 | | | | | | 5,276 | | |
Trade and other receivables
|
| | | | 270,473 | | | | | | 9,076 | | | | | | 62,225 | | |
Cash and cash equivalents
|
| | | | 156,685 | | | | | | 4,818 | | | | | | 24,788 | | |
Non-current liabilities | | | | | | | | | | | | | | | | | | | |
Loans and other liabilities
|
| | | | (1,032,566) | | | | | | (8,689) | | | | | | (2,907) | | |
Current liabilities | | | | | | | | | | | | | | | | | | | |
Short term borrowings and current maturities
|
| | | | (290,928) | | | | | | (1,043) | | | | | | | | |
Trade and other payables
|
| | | | (260,871) | | | | | | (45,026) | | | | | | (104,894) | | |
| | | | | (1,094,243) | | | | | | (37,053) | | | | | | (12,940) | | |
|
| | |
Equity/ Profit or loss
|
| |||
| | |
US $’000
|
| |||
December 31, 2019
|
| | |
|
6,532
|
| |
December 31, 2018
|
| | | | 3,705 | | |
| | |
Carrying amount
|
| |||||||||
| | |
2019
|
| |
2018
|
| ||||||
| | |
US $’000
|
| |
US $’000
|
| ||||||
Fixed rate instruments | | | | | | | | | | | | | |
Financial assets
|
| | |
|
243,348
|
| | | | | 252,278 | | |
Financial liabilities
|
| | |
|
(1,465,389)
|
| | | | | (1,163,397) | | |
| | | |
|
(1,222,041)
|
| | | | | (911,119) | | |
Variable rate instruments | | | | | | | | | | | | | |
Financial liabilities
|
| | |
|
(68,078)
|
| | | | | (170,299) | | |
| | | |
|
(68,078)
|
| | | | | (170,299) | | |
| | | | | |
December 31, 2019
|
| |
December 31, 2018
|
| ||||||||||||||||||
| | |
Note
|
| |
Carrying
amount |
| |
Fair value
Level 2 |
| |
Carrying
amount |
| |
Fair value
Level 2 |
| ||||||||||||
| | | | | |
US $’000
|
| |
US $’000
|
| |
US $’000
|
| |
US $’000
|
| ||||||||||||
Lease liabilities, loans and
other liabilities: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
– Debentures
|
| |
12(a)
|
| | |
|
(455,474)
|
| | | |
|
(211,862)
|
| | | | | (450,969) | | | | | | (245,517) | | |
– Lease liabilities (*)
|
| | | | | | | | | | | | | | | | | | | (614,048) | | | | | | (564,738) | | |
– Other
|
| |
12(a)
|
| | |
|
(104,236)
|
| | | |
|
(76,781)
|
| | | | | (158,004) | | | | | | (122,581) | | |
|
Jefferies
|
| |
Clarksons Platou Securities
|
|