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ZIM in Q1: a sharp improvement in EBITDA results

ZIM Ends the First Quarter with an Improvement in Operational Parameters compared with the same quarter last of year. In the bottom line the company recorded a loss to shareholders of $112 million
30.05.13 / 00:00
ZIM in Q1: a sharp improvement in EBITDA results
30.05.13
ZIM in Q1: a sharp improvement in EBITDA results

ZIM ends the first quarter of the year with an improvement in all operational parameters compared with the same quarter last year and an EBITDA loss of $6 million. Despite difficult market conditions and low freight rates EBITDA loss has been reduced to $6 million, a $63 million improvement compared with the same quarter of 2012.

As part of the agreements to delay principal payments until the end of 2014, ZIM introduced a new business plan for the years 2013-2017 to all relevant parties.

Following the support and agreements achieved in the end of the quarter to delay principal payments until the end of 2014, and further concessions amounting to $400 million, an achievement which demonstrates the full trust of the financing banking system, ZIM introduced its business plan for the years 2013-2017 to all its lenders.

Revenues in Q1 amounted to $918 million, which reflect an increase of 6% compared with the same quarter last year. The increase is a result of an 4% increase in average freight revenue per container compared with the same quarter last year, (from $1,236 per container to $1,282 per TEU in the current quarter) as well as an increase in volume of carried TEUs, which amounted to 602 thousand, a 6% increase compared with the same quarter last year.

The company's operational loss amounted to $48 million, compared with an operational loss of $116 million in the same quarter of 2012 – a $68 million improvement. In EBITDA terms, the company ended the quarter with a loss of

6 million, compared with a loss of $69 million in the same quarter, a $63 million improvement.

In Q1 ZIM recorded a negative operating cash flow of $28 million, compared with a negative operating cash flow of $ 82 million in the same quarter last year,

a $54 million improvement.

In the bottom line the company recorded a loss to shareholders of $112 million, compared with a loss of $163 million in the same quarter last year.

According to ZIM's spokesman, the company continues to implement its strategic plan, which yields continued operational efficiency and improved client management that bring about gains in the field of customer relations and improved services.

The spokesman added that the results confirm the positive influence of the efficiency programs implemented by ZIM, which included an agreement with the workers' council to reduce personnel in Israel by 100 employees. "In addition, significant steps were taken in the field of customer relations, service and sales, which placed ZIM at the first place in the May 2013 Asian Shipper Sentiment Survey, published by Lloyds List / Containerization International, and in the fifth place in the European Shipper Sentiment Survey in April. In Asia, ZIM was ranked first in five central categories competing with the major companies in the sector, and was ranked first in overall performance.

"An improvement in all parameters in the company's fields of activity on the one hand, and the new business plan on the other, will allow the company to further improve its results and to achieve profitability".

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