Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2022 shares | |
Document Information [Line Items] | |
Entity Registrant Name | ZIM INTEGRATED SHIPPING SERVICES LTD. |
Entity Central Index Key | 0001654126 |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 001-39937 |
Entity Address, Address Line One | 9 Andrei Sakharov Street |
Entity Address, Address Line Two | P.O. Box 15067 |
Entity Address, Country | IL |
Entity Address, Postal Zip Code | Haifa 3190500 |
Entity Address, City or Town | Matam |
Entity Incorporation, State or Country Code | IL |
Document Period End Date | Dec. 31, 2022 |
Amendment Flag | false |
Entity Interactive Data Current | Yes |
Entity Emerging Growth Company | false |
ICFR Auditor Attestation Flag | true |
Document Accounting Standard | International Financial Reporting Standards |
Entity Shell Company | false |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Large Accelerated Filer |
Title of 12(b) Security | Ordinary shares, no par value |
Trading Symbol | ZIM |
Security Exchange Name | NYSE |
Entity Common Stock, Shares Outstanding | 0 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | FY |
Auditor Name | Somekh Chaikin (a member firm of KPMG International) |
Auditor Location | Haifa, Israel |
Auditor Firm ID | 1057 |
Business Contact | |
Document Information [Line Items] | |
Entity Address, Address Line One | 9 Andrei Sakharov Street |
Entity Address, Address Line Two | P.O. Box 15067 |
Entity Address, Country | IL |
Entity Address, Postal Zip Code | Haifa 3190500 |
Entity Address, City or Town | Matam |
Contact Personnel Email Address | nativ.noam@zim.com |
Local Phone Number | 8652170 |
City Area Code | +972-4 |
Contact Personnel Name | Noam Nativ |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Assets | ||
Vessels | $ 4,409.9 | $ 2,957.8 |
Containers and handling equipment | 1,242.8 | 1,365.8 |
Other tangible assets | 98.5 | 68.9 |
Intangible assets | 92.9 | 73.8 |
Investments in associates | 22 | 12.2 |
Other investments | 1,373.2 | 169.2 |
Other receivables | 112.1 | 107.2 |
Deferred tax assets | 2.3 | 2.1 |
Total non-current assets | 7,353.7 | 4,757 |
Inventories | 190.7 | 119 |
Trade and other receivables | 825.7 | 1,278 |
Other investments | 2,233.1 | 2,144.5 |
Cash and cash equivalents | 1,022.1 | 1,543.3 |
Total current assets | 4,271.6 | 5,084.8 |
Total assets | 11,625.3 | 9,841.8 |
Equity | ||
Share Capital and reserves | 1,987.7 | 2,011.4 |
Retained earnings | 3,901.9 | 2,580.6 |
Equity attributable to owners of the Company | 5,889.6 | 4,592 |
Non-controlling interests | 6.3 | 7.5 |
Total equity | 5,895.9 | 4,599.5 |
Liabilities | ||
Lease liabilities | 2,778.7 | 2,178.7 |
Loans and other liabilities | 91.9 | 120.8 |
Employee benefits | 45.2 | 65.6 |
Deferred tax liabilities | 151.4 | 120.6 |
Total non-current liabilities | 3,067.2 | 2,485.7 |
Trade and other payables | 896.2 | 1,086.3 |
Provisions | 50.2 | 28.3 |
Contract liabilities | 238.9 | 618.3 |
Lease liabilities | 1,380.8 | 893 |
Loans and other liabilities | 96.1 | 130.7 |
Total current liabilities | 2,662.2 | 2,756.6 |
Total liabilities | 5,729.4 | 5,242.3 |
Total equity and liabilities | $ 11,625.3 | $ 9,841.8 |
CONSOLIDATED INCOME STATEMENTS
CONSOLIDATED INCOME STATEMENTS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
CONSOLIDATED INCOME STATEMENTS | |||
Income from voyages and related services | $ 12,561.6 | $ 10,728.7 | $ 3,991.7 |
Cost of voyages and related services | |||
Operating expenses and cost of services | (4,764.5) | (3,905.9) | (2,835.1) |
Depreciation | (1,370.3) | (756.3) | (291.6) |
Gross profit | 6,426.8 | 6,066.5 | 865 |
Other operating income | 48.9 | 14.5 | 12.6 |
Other operating expenses | (0.9) | (1) | 4.3 |
General and administrative expenses | (338.3) | (267.7) | (163.2) |
Share of profits (loss) of associates | (0.7) | 4 | 3.3 |
Results from operating activities | 6,135.8 | 5,816.3 | 722 |
Finance income | 130.9 | 18.8 | 8.1 |
Finance expenses | (239.4) | (175.6) | (189.3) |
Net finance expenses | (108.5) | (156.8) | (181.2) |
Profit before income taxes | 6,027.3 | 5,659.5 | 540.8 |
Income taxes | (1,398.3) | (1,010.4) | (16.6) |
Profit for the year | 4,629 | 4,649.1 | 524.2 |
Attributable to: | |||
Owners of the Company | 4,619.4 | 4,640.3 | 518 |
Non-controlling interests | 9.6 | 8.8 | 6.2 |
Profit for the year | $ 4,629 | $ 4,649.1 | $ 524.2 |
Earnings per share (US$) | |||
Basic earnings per 1 ordinary share | $ 38.49 | $ 40.31 | $ 5.18 |
Diluted earnings per 1 ordinary share | $ 38.35 | $ 39.02 | $ 4.96 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||
Profit for the year | $ 4,629 | $ 4,649.1 | $ 524.2 |
Items of other comprehensive income that were or will be reclassified to profit and loss | |||
Foreign currency translation differences for foreign operations | (18) | (7.8) | 3.9 |
Net change in fair value of investments in debt instruments at fair value through other comprehensive income, net of tax | (34.6) | (0.7) | |
Net change in fair value of investments in debt instruments at fair value through other comprehensive income, reclassified to profit and loss | 2.6 | ||
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 | (1.9) | (0.2) | 0.6 |
Defined benefit pension plans actuarial gains, net of tax | 8.5 | 1.1 | 0.2 |
Other comprehensive income for the year, net of tax | (43.4) | (7.6) | 4.7 |
Total comprehensive income for the year | 4,585.6 | 4,641.5 | 528.9 |
Attributable to: | |||
Owners of the Company | 4,578.2 | 4,636.8 | 523.8 |
Non-controlling interests | 7.4 | 4.7 | 5.1 |
Total comprehensive income for the year | $ 4,585.6 | $ 4,641.5 | $ 528.9 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Millions | Share capital | [1] | General Reserves | [2] | Translation reserve | Retained earnings (deficit) | Total | Non-controlling interests | Total | |
Balance at the beginning at Dec. 31, 2019 | $ 700.3 | $ 1,105.4 | $ (21.1) | $ (2,042.2) | $ (257.6) | $ 5.4 | $ (252.2) | |||
Profit for the year | 518 | 518 | 6.2 | 524.2 | ||||||
Other comprehensive income for the year, net of tax | 5.1 | 0.7 | 5.8 | (1.1) | 4.7 | |||||
Transaction with an interested party, net of tax | 0.6 | 0.6 | 0.6 | |||||||
Share-based compensation | 0.5 | 0.5 | 0.5 | |||||||
Dividend to non-controlling interests in subsidiaries | (3.3) | (3.3) | ||||||||
Balance at the end at Dec. 31, 2020 | 700.3 | 1,106.5 | (16) | (1,523.5) | 267.3 | 7.2 | 274.5 | |||
Profit for the year | 4,640.3 | 4,640.3 | 8.8 | 4,649.1 | ||||||
Other comprehensive income for the year, net of tax | (3.7) | 0.2 | (3.5) | (4.1) | (7.6) | |||||
Issuance of share capital, net of issuance costs | 203.5 | 203.5 | 203.5 | |||||||
Exercise of options | 19.4 | (19.4) | ||||||||
Share-based compensation | 20.8 | 20.8 | 20.8 | |||||||
Dividend to owners of the Company | (536.4) | (536.4) | (536.4) | |||||||
Acquisition of subsidiary with non-controlling interest | 0.3 | 0.3 | ||||||||
Dividend to non-controlling interests in subsidiaries | (4.7) | (4.7) | ||||||||
Balance at the end (Adjustments) at Dec. 31, 2021 | 923.2 | 1,107.9 | (19.7) | (2,577.3) | 4,588.7 | 7.5 | 4,596.2 | |||
Balance at the end at Dec. 31, 2021 | 923.2 | 1,107.9 | (19.7) | 2,580.6 | 4,592 | 7.5 | 4,599.5 | |||
Initial application of amendment to IAS 37 | [1] | (3.3) | (3.3) | (3.3) | ||||||
Profit for the year | 4,619.4 | 4,619.4 | 9.6 | 4,629 | ||||||
Other comprehensive income for the year, net of tax | (33.9) | (15.8) | (8.5) | (41.2) | (2.2) | (43.4) | ||||
Exercise of options | 2.7 | (2.7) | ||||||||
Share-based compensation | 25.8 | 25.8 | 25.8 | |||||||
Dividend to owners of the Company | (3,303.3) | (3,303.3) | (3,303.3) | |||||||
Acquisition of subsidiary with non-controlling interest | 0.2 | 0.2 | (0.2) | |||||||
Dividend to non-controlling interests in subsidiaries | (8.4) | (8.4) | ||||||||
Balance at the end at Dec. 31, 2022 | $ 925.9 | $ 1,097.3 | $ (35.5) | $ 3,901.9 | $ 5,889.6 | $ 6.3 | $ 5,895.9 | |||
[1]See Note 2(f).[2]Include reserves related to transactions with an interested party, share-based compensation and changes in fair value of investment instruments. |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities | |||
Profit for the year | $ 4,629 | $ 4,649.1 | $ 524.2 |
Adjustments for: | |||
Depreciation and amortization | 1,396.3 | 779.2 | 314.1 |
Impairment loss (recovery) in respect of tangible assets | (4.3) | ||
Net finance expenses | 108.5 | 156.8 | 181.2 |
Share of profits and change in fair value of investees | (2.1) | (4.7) | (4.1) |
Capital gains, net | (42.7) | (8.7) | (8.8) |
Income taxes | 1,398.3 | 1,010.4 | 16.6 |
Other non-cash items | 39.7 | 20.8 | |
Total Adjustments | 7,527 | 6,602.9 | 1,018.9 |
Change in inventories | (71.7) | (66.8) | 8.1 |
Change in trade and other receivables | 496.6 | (766.5) | (204.5) |
Change in trade and other payables including contract liabilities | (325.7) | 555.9 | 68.8 |
Change in provisions and employee benefits | 15.9 | 6.6 | (2.2) |
Total change in assets and liabilities | 115.1 | (270.8) | (129.8) |
Dividends received | 0.9 | 4.4 | 4.4 |
Interest received | 53.2 | 3.5 | 2.3 |
Income taxes paid | (1,586.1) | (369.1) | (15) |
Net cash generated from operating activities | 6,110.1 | 5,970.9 | 880.8 |
Cash flows from investing activities | |||
Proceeds from sale of tangible assets, intangible assets and interest in investees | 48.1 | 10.9 | 6.7 |
Acquisition and capitalized expenditures of tangible assets, intangible assets and interest in investees | (345.5) | (1,005) | (42.7) |
Acquisition of investment instruments, net | (1,433.1) | (182.5) | |
Change in other receivables | (20.2) | (101.8) | |
Change in other investments (mainly deposits), net | 105.7 | (2,064.7) | 0.8 |
Net cash used in investing activities | (1,645) | (3,343.1) | (35.2) |
Cash flows from financing activities | |||
Receipt of long-term loans and other long-term liabilities | 59.2 | 50 | |
Issuance of share capital, net of issuance costs | 205.4 | ||
Sale and lease back transactions | 9.1 | ||
Repayment of lease liabilities and borrowings | (1,449.4) | (1,191.3) | (336.3) |
Change in short-term loans | (53.5) | (16) | 6.1 |
Dividend paid to non-controlling interests | (8.4) | (4.7) | (3.3) |
Dividend paid to owners of the company | (3,303.3) | (536.4) | |
Interest paid | (221) | (160) | (136) |
Net cash used in financing activities | (4,976.4) | (1,653) | (460.4) |
Net change in cash and cash equivalents | (511.3) | 974.8 | 385.2 |
Cash and cash equivalents at beginning of the year | 1,543.3 | 570.4 | 182.8 |
Effect of exchange rate fluctuation on cash held | (9.9) | (1.9) | 2.4 |
Cash and cash equivalents at the end of the year | $ 1,022.1 | $ 1,543.3 | $ 570.4 |
Reporting entity
Reporting entity | 12 Months Ended |
Dec. 31, 2022 | |
Reporting entity | |
Reporting entity | 1 Reporting entity (a) ZIM Integrated Shipping Services Ltd. (hereinafter - the "Company" or "ZIM") and its subsidiaries (hereinafter - the "Group" or "the Companies") and the Group’s interests in associates, operate in the field of container shipping and related services. ZIM is a company incorporated in Israel, with limited liability. ZIM’s ordinary shares have been listed on the New York Stock Exchange (the “NYSE”) under the symbol “ZIM” on January 28, 2021. The address of the Company’s registered office is 9 Andrei Sakharov Street, Haifa, Israel. (b) Financial position (1) The container shipping industry continues to be characterized by volatility in freight rates, charter rates and bunker prices, accompanied by significant uncertainties in the global trade (including the implications of the ongoing military conflict between Russia and Ukraine, the rise of inflation in certain countries, or the continuing trade restrictions between the US and China). In addition, regulators in certain jurisdictions have become more active in their regulatory oversight over our industry, through change in regulations and interpretation of related rules. In June 2022, the US administration published the ‘Ocean Shipping Reform Act of 2022’, promoting an increased regulatory supervision over maritime shipping carriers and others in the shipping industry, mainly in respect of demurrage and detention charges. Following the peak levels reached during 2021 and the first quarter of 2022, freight rates have decreased in most trades throughout the remainder of the year, although remained at levels which continued to enable the Company to further strengthen its capital structure over the period. In view of the aforementioned business environment and in order to constantly improve the Group’s results of operations and liquidity position, Management continues to optimize its network by participating in partnerships and cooperation agreements and by upgrading its customer’s offerings, whilst seeking operational excellence and cost efficiencies. (2) (3) (4) (5) Charter agreements In January 2022, the Company entered into an agreement with a related-party shipping company for an eight-year charter of three 7,000 TEU liquefied natural gas (LNG) dual-fuel container vessels, for a total consideration of approximately US$ 400 million. The vessels are scheduled to be delivered during the first and second quarters of 2024. In February 2022, the Company entered into an agreement with Navios Maritime Partners L.P. for chartering a total of thirteen container vessels for a term of approximately five years, in a total consideration of approximately US$ 870 million. The agreement comprises five secondhand vessels at the size range of 3,500-4,360 TEU, all of which were delivered during 2022, deployed in trades between Asia and Africa, and eight 5,300 TEU newbuild vessels, scheduled to be delivered between the third quarter of 2023 and the fourth quarter of 2024. In March 2022, the Company entered into an agreement with MPC Container Ships ASA and MPC Capital AG, for chartering of six 5,500 TEU newbuild vessels for a period of seven years, in a total consideration of approximately US$ 600 million. The vessels are scheduled to be delivered between May 2023 and February 2024. As part of its ongoing operational needs, the Company continued to charter vessels for additional periods through new and extended chartering arrangements (see also Notes 7 and 26). (6) Further to the purchase agreements of eight second-hand vessels the Company entered into during the second half of 2021, all related vessels were delivered to the Company, including five of such vessels delivered during 2022. (7) In April, June, September and December 2022, further to the approval of the Company’s Board of Directors, the Company distributed dividends in amounts of US$ 2,037 million, US$ 342 million, US$ 570 million and US$ 354 million, reflecting US$ 17.00, US$ 2.85, US$ 4.75 and US$ 2.95 per ordinary share, respectively. In March 2023, in accordance with the Company’s dividend policy, the Company’s Board of Directors approved a dividend distribution of approximately US$ 6.40 per ordinary share (or approximately US$ 769 million, considering the number of ordinary shares outstanding as of December 31, 2022). The dividend is scheduled to be paid on April 3, 2023, to all holders of ordinary shares on record as of March 24, 2023. Since the foregoing declared dividend amount per share constitutes more than 25% of the Company’s ordinary share market price on the declaration date (March 13, 2023), according to the NYSE rules, the ex-dividend date with respect to this dividend distribution will be April 4, 2023. |
Basis of Preparation
Basis of Preparation | 12 Months Ended |
Dec. 31, 2022 | |
Basis of Preparation | |
Basis of Preparation | 2 Basis of Preparation (a) Statement of compliance These Consolidated Financial Statements have been prepared in accordance with International Financial Reporting Standards (“IFRSs”) as issued by IASB. The Board of Directors approved the Financial Statements for issue on March 13, 2023. (b) Basis of measurement The Consolidated Financial Statements have been prepared on the historical cost basis except for the following assets and liabilities, that are measured as disclosed in Note 3 below: - Financial instruments measured at fair value through profit or loss - Financial instruments measured at fair value through other comprehensive income - Deferred tax assets and liabilities - Provisions - Assets and liabilities in respect of employee benefits - Investments in associates (c) Use of estimates and judgements The preparation of Financial Statements in conformity with IFRSs requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised. Information about accounting estimates and judgments made by management in the application of IFRSs that have significant effect on the Financial Statements and/or with a significant risk of material adjustment in future periods, are discussed in Note 4(i). In respect of useful life estimates for certain assets reassessed during the period, see Note 3(d). In respect of estimates related to determination of fair value, see to Note 4(ii). (d) Functional and presentation currency These Consolidated Financial Statements are presented in United States dollars, which is the Company's functional currency. All amounts are presented in US$ millions unless indicated otherwise. (e) Operating cycle The normal operating cycle of the Company is not longer than one year. (f) Changes in accounting guidance Amendment to IAS 37, Provisions, Contingent Liabilities and Contingent Assets: As from January 1, 2022, the Company applies the amendment to IAS 37 in respect of onerous contracts, according to which, when assessing whether a contract is onerous, the costs of fulfilling a contract that should be taken into consideration are costs that relate directly to the contract, comprised of: (i) incremental costs, and (ii) an allocation of other costs that relate directly to fulfilling the contract. The amendment is effective retrospectively in respect of contracts where, at the date of initial application, the entity has not yet fulfilled all its obligations. The Group did not restate comparative data but adjusted the opening balance of its retained earnings in accordance with the amendment by the amount of its cumulative effect (US$ 3 million). Amendment to IAS 1, Presentation of Financial Statements: According to the amendment, companies must provide disclosure of their material accounting policies rather than their significant accounting policies. An accounting policy information is material if, when considered with other information disclosed in the financial statements, it can be reasonably be expected to influence decisions made by the users of the financial statements. The amendment also clarifies that immaterial accounting policy information need not be disclosed. The amendment is applicable for reporting periods beginning on or after January 1, 2023, while earlier application is permitted. The Group is examining the effects of the amendment on the disclosures in its financial statements. |
Significant accounting policies
Significant accounting policies | 12 Months Ended |
Dec. 31, 2022 | |
Significant accounting policies | |
Significant accounting policies | 3 Significant accounting policies The accounting policies set out below have been applied consistently to all periods presented in these consolidated financial statements and have been applied consistently by Group entities, unless indicated otherwise. (a) Basis of consolidation (i) Business combinations The Group implements the acquisition method to all business combinations. The acquisition date is the date on which the acquirer obtains control over the acquiree. An investor controls an investee when it is exposed or has rights to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Substantive rights held by the Group and by others are taken into account in assessing control. The Group recognizes goodwill at acquisition according to the fair value of the consideration transferred including any amounts recognized in respect of non-controlling interests in the acquiree less the net amount of the identifiable assets acquired and the liabilities assumed. The consideration transferred includes the fair value of the assets transferred to the previous owners of the acquiree and the liabilities incurred by the acquirer to the previous owners of the acquiree. In a step acquisition, the difference between the acquisition date fair value of the Group’s pre-existing equity rights in the acquiree and the related carrying amount at that date is recognized in profit or loss under other income or expenses. Costs associated with the acquisition that were incurred by the acquirer in the business combination such as: finder’s fees, advisory, legal, valuation and other professional or consulting fees are expensed in the period the services are received. (ii) Subsidiaries Subsidiaries are entities controlled by the Group. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. The accounting policies of subsidiaries have been changed when necessary to align them with the policies applied by the Group. (iii) Non-controlling interests Non-controlling interests reflects the equity of a subsidiary that cannot be attributed, directly or indirectly, to the parent company. Measurement of non-controlling interests on the date of the business combination Non-controlling interests that are instruments that give rise to a present ownership interest and entitle the holder to a share of net assets in the event of liquidation (for example: ordinary shares), are measured at the date of the business combination at either fair value or their proportionate interest in the identifiable assets and liabilities of the acquiree, on a transaction-by-transaction basis. Allocation of profit or loss and other comprehensive income to the shareholders Profit or loss and any part of other comprehensive income are allocated to the owners of the Company and the non-controlling interests, even when this results with a negative balance of the non-controlling interests. (iv) Loss of control Upon the loss of control, the Group derecognizes the assets and liabilities of the subsidiary, any non-controlling interests and the other components of equity related to the subsidiary. If the Group retains any interest in the former subsidiary, then such interest is measured at fair value at the date that control is lost. The difference between; (i) the sum of the proceeds and fair value of the retained interest, and (ii) the derecognized balances, is recognized in profit or loss under other income or other expenses. Subsequently the retained interest is accounted for as an equity-accounted investee or as a financial asset in accordance with the provisions of IAS 28 and IFRS 9, depending on the level of influence retained by the Group in the former subsidiary. The amounts recognized in capital reserves through other comprehensive income with respect to the former subsidiary are reclassified to profit or loss or to retained earnings in the same manner that would have been applicable if the subsidiary had itself realized the same assets or liabilities. (v) Investment in associates Associates are those entities in which the Group has significant influence, but not control or joint control, over the financial and operating activities. Significant influence is presumed to exist when the Group holds between 20% and 50% of voting rights in another entity. In assessing significant influence, potential voting rights that are currently exercisable or convertible into shares of the investee are taken into account. Associates are accounted for using the equity method (equity accounted investees) and are recognized initially at cost. The cost of the investment includes transaction costs. The consolidated financial statements include the Company’s share of the income and expenses in profit or loss and of other comprehensive income of equity accounted investees, after adjustments to align the accounting policies with those of the Company, from the date that significant influence commences until the date that significant influence ceases. When the Company’s share of losses exceeds its interest in an equity accounted investee, the carrying amount of that interest, including any long-term interests that form part thereof, is reduced to zero. When the Company’s share of long-term interests that form a part of the investment in the investee is different from its share in the investee’s equity, the Group continues to recognize its share of the investee’s losses, after the equity investment was reduced to zero, according to its economic interest in the long-term interests, after the aforesaid interests were reduced to zero. The recognition of further losses is discontinued except to the extent that the Group has an obligation to support the investee or has made payments on behalf of the investee. ? (vi) Change in interest held in associated companies while retaining significant influence When the Group increases its interest in an associated company accounted for by the equity method while retaining significant influence, it implements the acquisition method only with respect to the additional interest obtained whereas the previous interest remains the same. When there is a decrease in the interest in an associated company accounted for by the equity method while retaining significant influence, the Group derecognizes a proportionate part of its investment and recognizes in profit or loss a gain or loss from such decrease in interest. (vii) Loss of significant influence The application of the equity method is discontinued from the date the group loses significant influence in an associate and the retained investment is accounted as a financial asset or a subsidiary, as relevant. On the date of losing significant influence, any retained interest it has in the former associate is measured at fair value. Any difference between the sum of the fair value of the retained interest and any proceeds received from the partial disposal of the investment in the associate, and the carrying amount of the investment on that date, are recognized in profit or loss. Amounts recognized in equity through other comprehensive income with respect to such associates are reclassified to profit or loss or to retained earnings in the same manner that would have been applicable if the associate had itself disposed the related assets or liabilities. (viii) Transactions eliminated in consolidation Intra-group balances and transactions and any unrealized income and expenses arising from intra-group transactions are eliminated. Unrealized gains arising from transactions with associates are eliminated to the extent of the Group’s interest in the associate. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment. (b) Foreign currency (i) Foreign currency transactions Transactions in foreign currencies are translated to the respective functional currency of Group entities at exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated to the functional currency at the exchange rate at that date. The foreign currency gain or loss on monetary items is the difference between amortized cost in the functional currency at the beginning of the period, adjusted for effective interest and payments during the period, and the amortized cost in foreign currency translated at the exchange rate at the end of the period. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are translated to the functional currency at the exchange rate at the date that the fair value was determined. Foreign currency differences arising from retranslation of those assets and liabilities are recognized in profit or loss. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of their recognition. (ii) Foreign operations The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition, are translated into United States dollars at exchange rates at the reporting date. The income and expenses of foreign operations are translated to United States dollars at exchange rates at the dates of the transactions. Foreign currency differences are recognized in other comprehensive income, and presented in the foreign currency translation reserve (translation reserve) in equity. However, if the operation is a non-wholly-owned subsidiary, then the relevant proportionate share of the translation difference is allocated to the non-controlling interests. (c) Financial instruments (iii) Non-derivative financial assets Initial recognition of financial assets The Group initially recognizes receivables, deposits and loans on the date that they are originated. All other financial assets acquired in a regular way purchase, are recognized initially on the trade date which is the date that the Group becomes a party to the contractual provisions of the instrument. A financial asset is initially measured at fair value plus transaction costs that are directly attributable to the acquisition or issuance of the financial asset, unless subsequently measured at fair value. A trade receivable without a significant financing component is initially measured at the transaction price. Classification of financial assets into categories and the accounting treatment of each category The Group’s non-derivative financial instruments include investments in debt and equity securities, trade and other receivables and cash and cash equivalents, classified at initial recognition to one of the following measurement categories: (i) amortized cost,; (ii) fair value through other comprehensive income – investments in debt instruments,; (iii) fair value through other comprehensive income – investments in equity instruments,; or (iv) fair value through profit or loss. A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated at fair value through profit or loss: (i) it is held within a business model whose objective is to hold assets to collect contractual cash flows; and (ii) the contractual terms of the financial asset give rise to cash flows representing solely payments of principal and interest on specified dates. A financial asset is measured at fair value through other comprehensive income if it meets both of the following conditions and is not designated at fair value through profit or loss: (i) it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and (ii) the contractual terms of the debt instrument give rise to cash flows representing solely payments of principal and interest on specified dates. All financial assets not classified as measured at amortized cost or fair value through other comprehensive income as described above, as well as financial assets designated at fair value through profit or loss, are measured at fair value through profit or loss. The Group’s balances of trade and other receivables and deposits are held within a business model whose objective is collecting the contractual cash flows. The contractual cash flows of these financial assets represent solely payments of principal and interest that reflects consideration for the time value of money and the credit risk. Accordingly, these financial assets are subsequently measured at amortized cost. The Group classifies its investment instruments according to the objectives of the business model within which the instruments are held, at the level of the portfolio. Such assessment considers the Company's stated policies and objectives for the portfolio and management's considerations in evaluating its performance, as well as the frequency, volume and timing of purchases and disposals of the portfolio's financial assets, in prior periods and per future expectations. Impairment of financial assets Provisions for expected credit losses of financial assets measured at amortized cost are recognized in profit or loss and deducted from the gross carrying amount of the financial assets. Provisions for expected credit losses of financial assets measured at fair value through other comprehensive income, reflecting an increase in credit risk since the initial recognition of such assets, are recognized in profit or loss and deducted from other comprehensive income. Impairment losses related to financial assets, including trade and other receivables, are presented under financing expenses. Derecognition of financial assets The Group derecognizes a financial asset when the contractual rights of the Group to the cash flows from the asset expire or the Group transfers the rights to receive the contractual cash flows from the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. Subsequent measurement and gains and losses Financial assets at fair value through profit or loss - These assets are subsequently measured at fair value. Net gains and losses, including any interest income or dividend income, are recognized in profit or loss. Investments in equity instruments at fair value through other comprehensive income - These assets are subsequently measured at fair value. Dividends are recognized as income in profit or loss, unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognized in other comprehensive income and are never reclassified to profit or loss. ? Financial assets at amortized cost - These assets are subsequently measured at amortized cost using the effective interest method. The amortized cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognized in profit or loss. Any gain or loss on derecognition is recognized in profit or loss. Investments in debt instruments at fair value through other comprehensive income - These assets are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognized in profit or loss. Other net gains and losses are recognized in other comprehensive income. On derecognition, gains and losses accumulated in other comprehensive income are reclassified to profit or loss. Cash and cash equivalents Cash and cash equivalents include cash balances available for immediate use and call deposits. Cash equivalents are short-term highly liquid investments (with original maturities of three months or less) that are readily convertible into known amounts of cash and are exposed to insignificant risks of change in value. (iv) Non-derivative financial liabilities The Group’s non-derivative financial liabilities include lease liabilities, loans and borrowings from banks and others, and trade and other payables. Financial liabilities are recognized initially on the trade date at which the Group becomes a party to the contractual provisions of the instrument. Financial liabilities are derecognized when the obligation of the Group, as specified in the agreement, expires or when it is discharged or cancelled. Financial liabilities are recognized initially at fair value less any directly attributable transaction costs. Subsequent to initial recognition, these financial liabilities are measured at amortized cost using the effective interest method. With respect to a lease liability, the Company also remeasures its carrying amount to reflect reassessments and/or modifications of the lease (see also Note 3(d)(ii)). Debt modifications An exchange of debt instruments having substantially different terms, or a substantial modification of terms of a debt instrument, between an existing borrower and lender is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability at fair value. The difference between the carrying amount of the original financial liability and the fair value of the new financial liability is recognized in profit or loss as part of the financial income or expenses. Any costs incurred in relation to such modifications are recognized in profit or loss as part of the financial income or expenses. The terms are substantially different if the discounted present value of the cash flows according to the new terms, including any commissions paid, less any commissions received and discounted using the original effective interest rate, is different by at least ten percent from the discounted present value of the remaining cash flows of the original financial liability. In addition to the aforesaid quantitative criterion, the Group examines, inter alia, whether there have also been changes in various economic parameters inherent in the exchanged debt instruments. In the case of insubstantial change in terms, the new cash flows are discounted at the original effective interest rate, with the difference between the present value of the financial liability with the new terms and the present value of the original financial liability being recognized in profit or loss. Offset of financial instruments Financial assets and liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group currently has a legal right to offset the amounts and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously. (v) Derivative financial instruments Derivatives are recognized initially at fair value; attributable transaction costs are recognized in profit or loss as incurred. Subsequent to initial recognition, derivatives, including embedded derivatives presented separately, are measured at fair value and changes therein are recognized in profit or loss. (vi) Financial guarantees A financial guarantee is initially recognized at fair value. In subsequent periods a financial guarantee is measured at the higher of the amount recognized in accordance with the guidelines of IFRS 9 and the liability initially recognized after being amortized in accordance with IFRS 15. Any resulting adjustment of the liability is recognized in profit or loss. (vii) Share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognized as a deduction from equity, net of any tax effects. (d) Vessels, containers, handling equipment and other tangible assets (i) Owned assets V essels, containers, handling equipment and other tangible assets are stated at cost less accumulated depreciation (see below) and accumulated impairment losses (see Note 3(f)). The cost of inspecting a vessel (dry-docking), that needs to be performed after a number of years of operation (usually once every five years), is separated from the cost of the vessel and depreciated according to the period until the following inspection. The Company’s management believes that there is no other material separate component whose contractual period of use is different from the contractual period of use of the whole vessel. Gains and losses on disposal of vessels, containers, handling equipment and other tangible assets are determined by the difference between the net consideration from disposal and the carrying amount of these items and are recognized, on a net basis, within 'other operating income / expenses' in profit or loss. Subsequent costs The Group recognises within the carrying amount of an asset (vessel, container, handling equipment or other tangible asset), the cost of replacing part of such an asset, when that cost is incurred, if it is probable that the future economic benefits embodied with such part will flow to the Group and the cost of the part can be measured reliably (while the carrying amount of the replaced part is derecognized). Material improvements that increase the economic benefits expected from the assets are capitalised as part of their cost. All other costs are recognized in the income statement as an expense as incurred. Depreciation Depreciation is a systematic allocation of the depreciable amount of an asset over its useful life. The depreciable amount is the cost of the asset, or other amount substituted for cost, less its residual value. An asset is depreciated from the date it is ready for use, meaning the date it reaches the location and condition required for it to operate in the manner intended by management. Depreciation is recognized in profit and loss on a straight-line basis over the estimated useful life of each part of the asset (vessel, container, handling equipment or other tangible asset). Freehold land is not depreciated. The estimated useful lives of vessels, containers, handling equipment and other tangible assets are as follows (taking into account a residual value of mainly 10%-20% of the cost of the assets, where applicable): ? ? years 1. Vessels ? Mainly 25 (*) ? 2. Containers ? Mainly 13-15 (*) ? 3. Chassis ? 30 ? 4. Other equipment ? 13 ? 5. Dry docking for owned vessels ? Up to 5 ? (*) As part of its periodical review of estimates, the Company reassessed and revised its estimates in respect of dry containers, by extending their average useful life from 13 to 15 years and increasing their residual value from 10% to 20% of historical cost. In addition, considering expectations in respect of future environmental regulations, the Company reassessed and revised its estimates in respect of the useful life of certain older vessels, from 25 years to 22 years. The above revised estimates resulted with a net reduction of US$ 7 million in depreciation expenses for the second half of 2022. The estimated useful lives of other tangible assets for the current and comparative periods are as follows: ? years 1. Buildings ? 25 ? ? 2. Computer systems and communication equipment ? 4 7 (Mainly 5 years) ? 3. Other ? 5 15 ? ? ? Depreciation methods, useful life and residual values are reviewed at each reporting date. (ii) Leased (Right-of-use) assets A lease, in accordance with IFRS 16, defined as an arrangement that conveys the right to control the use of an identified asset for a period of time in exchange for consideration, is initially recognized on the date in which the lessor makes the underlying asset available for use by the lessee. Upon initial recognition, the Company recognizes a lease liability at the present value of the future lease payments during the lease term and concurrently recognizes a right-of-use asset at the same amount of the liability, adjusted for any prepaid and/or initial direct costs incurred in respect of the lease. The present value is calculated using the implicit interest rate of the lease, or the Company’s incremental borrowing rate applicable for such lease, when the implicit rate is not readily determinable. The lease term is the non-cancellable period of the lease, considering extension and/or termination options which are reasonably certain to apply (see also Note 4(i)(a)). Following recognition, the Company depreciates a right-of-use asset on a straight-line basis (see below), as well as adjust its value to reflect any re-measurement of its corresponding lease liability or any impairment losses in accordance with IAS 36. The Company chose to apply the available exemptions, with respect certain assets or asset classes, for short-term leases and leases of low-value assets, as well as the expedient for the inclusion of non-lease components in the accounting of a lease. Lease modifications When a lease modification increases the scope of the lease by adding a right to use one or more underlying assets, and the consideration for the lease increased by an amount commensurate with the stand-alone price for the increase in such circumstances, the Group accounts for the modification as a separate lease. When the Group doesn’t account the modification as a separate lease, on the initial date of the lease modification, the Group determines the revised terms and measures the lease liability by discounting the revised lease payments using a revised discount rate, against the right-of-use asset. For lease modifications that includes a decrease in scope of the lease, as a preceding step and before remeasuring the lease liability against the right-of-use asset, the Group first recognizes a decrease in the carrying amount of the right-of-use asset (on a pro-rata basis) and the lease liability (considering the revised lease payments and the pre-modification discounting rate), in order to reflect the partial or full cancellation of the lease, with the net change recognized in profit or loss. Sale and lease-back The Group applies the requirements of IFRS 15 to determine whether an asset transfer is accounted for as a sale. If an asset transfer satisfies the requirements of IFRS 15 to be accounted for as a sale, the Group measures the right-of-use asset arising from the leaseback at the proportion of the previous carrying amount that relates to the right of use retained by the Group. Accordingly, the Group only recognizes the amount of gain or loss that relates to the rights transferred. If the asset transfer does not satisfy the requirements of IFRS 15 to be accounted for as a sale, the Group accounts the transaction as secured borrowing. Depreciation Right-of-use assets are depreciated over the lease term, or their useful lives (considering residual value, if applicable), if it is reasonably certain that the Group will obtain ownership by the end of the lease term. The term of leases in which the Group is engaged with, are as follows: ? ? years 1. Vessels ? 1 - 6 ? 2. Containers ? 1 - 13 ? 3. Buildings, vehicles and other assets ? Mainly 1 - 8 ? ? (e) Intangible assets (i) Goodwill Goodwill that arises upon the acquisition of subsidiaries is presented as part of intangible assets. Subsequent to its’ initial recognition, goodwill is measured at cost less accumulated impairment losses. (ii) Research and development of software Development activities involve a plan or design for the production of new or substantially improved processes. Development expenditures are capitalized only if development costs can be measured reliably, the product or process is technically, commercially feasible, future economic benefits are probable, and the Group intends to and has sufficient resources to complete development and to use the asset. The expenditures capitalized include the cost of direct labour and overhead costs that are directly attributable to preparing the asset for its intended use. Other development expenditures are recognized in profit or loss as incurred. In subsequent periods, capitalized development expenditures are measured at cost less accumulated amortization and accumulated impairment losses. ? (iii) Software The Group’s assets include computer systems consisting of hardware and software. The licenses for the software, which are considered to be a separate item, adding functionality to the hardware, are classified as intangible assets. (iv) Subsequent expenditures Subsequent expenditure is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditures, including expenditures on internally generated goodwill and brands, are recognized in profit or loss as incurred. (v) Amortization Amortization is a systematic allocation of the amortizable amount of an intangible asset over its useful life. The amortizable amount is the cost of the asset, or other amount substituted for cost, less its residual value. Amortization is recognized in profit or loss on a straight-line basis over the estimated useful lives of intangible assets, other than goodwill, from the date that they are available for use. The estimated useful lives for the current and comparative periods are as follows: ? Software 5 years ? Capitalised software development costs ? 5-8 years ? ? Amortization methods, useful life and residual values are reviewed at each reporting date. (f) Impairment (i) The Group recognizes a credit loss when it determines that the credit risk of a financial asset has increased significantly since initial recognition. An impairment loss is calculated as the difference between the financial asset’s carrying amount and the present value of its estimated (probability-weighted, where applicable) future cash flows discounted at the original effective interest rate. Provisions for expected credit losses of financial assets measured at amortized cost are recognized in profit or loss and deducted from the gross carrying amount of the financial assets. For investments in debt instruments at fair value through other comprehensive income, provisions for expected credit losses are recognized in profit or loss and deducted through other comprehensive income and do not reduce the carrying amount of the financial asset. An impairment loss is reversed if the reversal can be related objectively to an event occurring after the impairment loss was recognized. The reversal is recognized in profit or loss. (ii) Non-financial assets For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (hereinafter: cash-generating unit, or “CGU”). The recoverable amount of an asset or cash-generating unit is the greater of its value-in-use and its fair value less costs to sell. The carrying amounts of the Group’s non-financial assets, other than inventories and deferred tax assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the CGU’s recoverable amount is estimated. An impairment loss is recognized if the carrying amount of the Company's cash-generating unit exceeds its estimated recoverable amount. Impairment losses are recognized in profit or loss. Impairment losses are allocated first to reduce the carrying amount of any goodwill allocated to the cash-generating unit and then to reduce the carrying amount of the other assets in that unit, on a pro rata basis (considering that the carrying amount of each individual asset will not be reduced below the greater of its value-in-use and its fair value less costs to sell). An impairment loss is allocated between the owners of the Company and the non-controlling interests on the same basis that the profit or loss is allocated. An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognized in prior periods are re-assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized. (g) Employee benefits (i) Post-employment benefits The Group has a number of post-employment benefit plans. The plans are usually financed by deposits with insurance companies or with funds managed by a trustee, and they are classified as defined contribution plans and as defined benefit plans. (a) Defined contribution |
Accounting estimates
Accounting estimates | 12 Months Ended |
Dec. 31, 2022 | |
Accounting estimates | |
Accounting estimates | 4 Accounting estimates (i) Significant accounting estimates and judgements The significant accounting estimates and judgements are as follows: (a) Assessment of extension options and purchase options available in lease arrangements Future lease payments during the lease term, measured at present value, include extension options and/or purchase options, when such options are available and estimated by the Company as reasonably certain to apply. When assessing such options, the Company applies judgment, while considering all relevant aspects and circumstances, including its expected operational needs, to conclude whether it expects there will be an economic incentive to exercise such options. The assessment of those options affects the measurement of the related lease liabilities and their corresponding right-of-use assets, and in some circumstances, also the recognition of such liabilities and assets. (b) Assessment of incremental borrowing rate applicable for lease arrangements A lease liability is measured using the Company’s applicable incremental borrowing rate, when the implicit rate is not readily determinable. The Company estimates its incremental borrowing rate, with the assistance of a third-party appraiser, based on credit rating derived from available debt transactions and their corresponding yield curves, while applying judgment in respect of the comparability of such debt transactions to the lease arrangements. (c) Assessment of non-financial assets for impairment At each reporting date, the Company reviews the carrying amount of its operating assets and assesses them for impairment when indications exist. When performing an impairment test, based on the value in use of its cash-generating-unit, the Company uses judgment to estimate the forecasted cashflows for a projected period and for the terminal period, reflecting the long-term steady state. The Company also assesses the terminal growth rate and the appropriate discounting rate, reflecting the Company’s long-term cost of capital. This analysis determines whether the Company recognizes an impairment, or the reversal of which, and to what extent these are recorded in profit or loss. Although the Company believes its estimates are reasonable, these are all highly subjective and involve significant inherent uncertainties (see also Note 6). (d) Assessment of probability of contingent liabilities Legal matters, including applications for class actions, are pending against the Company and/or its investees. Management evaluates based on the opinion of its legal advisors, whether it is more likely than not that an outflow of economic resources will be required in respect of potential liabilities under such legal matters. The developments and/or resolutions in such matters, including through either negotiations or litigation, are subject to a high level of uncertainty which could result in recognition, adjustment or reversal of a provision for such matters. For information in respect to the Company’s exposure to claims and legal matters, see Note 27 (Contingent liabilities). (ii) Determination of fair values A number of the Group’s accounting policies and disclosures require the determination of fair value, for both financial and non-financial assets and liabilities. Fair values have been determined for measurement and/or disclosure purposes based on the following methods. When applicable, further information about the assumptions made in determining fair values is disclosed in the notes specific to that asset or liability. (a) Financial instruments (including derivatives) See Note 29(b). (b) Share-based compensation arrangements See Note 11(c). |
Vessels, containers, handling e
Vessels, containers, handling equipment and other tangible assets | 12 Months Ended |
Dec. 31, 2022 | |
Vessels, containers, handling equipment and other tangible assets | |
Vessels, containers, handling equipment and other tangible assets | 5 Cost: Balance at Additions Disposals Lease Effect of Balance at US $ in millions Vessels 4,192.2 2,449.0 71.5 6,712.7 Containers and equipment 1,870.4 115.0 (60.8 ) (33.8 ) 1,890.8 Computer systems and communication equipment 52.0 8.5 (7.1 ) 7.5 (0.5 ) 60.4 Other property and equipment 137.4 40.0 (3.3 ) (2.3 ) 171.8 Total 6,252.0 2,612.5 (71.2 ) 45.2 (2.8 ) 8,835.7 Depreciation and impairment charges: Balance at January 1, 2022 Depreciation Disposals Lease modifications and terminations Effect of movements in exchange rates Balance at December 31, 2022 US $ in millions Vessels 1,259.3 1,204.4 (160.9 ) 2,302.8 Containers and equipment 582.2 155.4 (52.6 ) (35.9 ) 649.1 Computer systems and communication equipment 40.1 7.5 (7.1 ) (0.3 ) 40.2 Other property and equipment 80.4 17.5 (3.0 ) (1.4 ) 93.5 Total 1,962.0 1,384.8 (62.7 ) (196.8 ) (1.7 ) 3,085.6 Payments on account 102.5 1.1 Net carrying amounts: Balance at January 1, 2022 Balance at December 31, 2022 US $ in millions US $ in millions Vessels 2,932.9 4,409.9 Payments on account, net 24.9 2,957.8 4,409.9 Containers and equipment 1,288.2 1,241.7 Payments on account, net 77.6 1.1 1,365.8 1,242.8 Computer systems and communication equipment 11.9 20.2 Other property and equipment 57.0 78.3 68.9 98.5 Total 4,392.5 5,751.2 (*) Mostly related to right-of-use assets (see also Note 7). Cost: Balance at Additions Disposals Lease Effect of Balance at US $ in millions Vessels 1,595.6 1,778.5 818.1 4,192.2 Containers and equipment 983.3 862.3 (15.5 ) 40.3 1,870.4 Computer systems and Communication equipment 60.5 5.4 (14.7 ) 0.8 52.0 Other property and equipment 118.6 19.2 (1.2 ) 0.9 (0.1 ) 137.4 Total 2,758.0 2,665.4 (31.4 ) 860.1 (0.1 ) 6,252.0 Depreciation and impairment charges: Balance at Depreciation Disposals Lease Effect of Balance at US $ in millions Vessels 647.6 611.7 1,259.3 Containers and equipment 462.4 133.4 (11.1 ) (2.5 ) 582.2 Computer systems and Communication equipment 47.6 7.1 (14.6 ) 40.1 Other property and equipment 64.3 17.4 (1.0 ) (0.3 ) 80.4 Total 1,221.9 769.6 (26.7 ) (2.5 ) (0.3 ) 1,962.0 Payments on account 102.5 Net carrying amounts: Balance at January 1, 2021 Balance at December 31, 2021 US $ in millions US $ in millions Vessels 948.0 2,932.9 Payments on account, net 24.9 948.0 2,957.8 Containers and equipment 520.9 1,288.2 Payments on account, net 77.6 520.9 1,365.8 Computer systems and Communication equipment 12.9 11.9 Other property and equipment 54.3 57.0 67.2 68.9 Total 1,536.1 4,392.5 (*) Mostly related to right-of-use assets (see also Note 7). |
Intangible assets
Intangible assets | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about intangible assets [abstract] | |
Intangible assets | 6 Intangible assets Cost: Balance at Additions Effect of Balance at US $ in millions Goodwill 6.3 4.0 (0.7 ) 9.6 Software (mostly development costs) 211.6 27.3 (0.1 ) 238.8 Other intangible assets 4.5 4.5 Total 222.4 31.3 (0.8 ) 252.9 Amortization and impairment losses: Balance at Amortization Effect of Balance at US $ in millions Goodwill Software (mostly development costs) 145.6 10.4 (0.1 ) 155.9 Other intangible assets 3.0 1.1 4.1 Total 148.6 11.5 (0.1 ) 160.0 Net carrying amounts: Balance at Balance at US $ in millions US $ in millions Goodwill 6.3 9.6 Software (mostly development costs) 66.0 82.9 Other intangible assets 1.5 0.4 Total 73.8 92.9 Cost: Balance at 2021 Additions Disposals Effect of Balance at US $ in millions Goodwill 7.6 (1.3 ) 6.3 Software (mostly development costs) 194.5 17.1 211.6 Dry docking 4.5 (4.5 ) Other intangible assets 3.4 1.1 4.5 Total 210.0 18.2 (4.5 ) (1.3 ) 222.4 Amortization and impairment losses: Balance at 2021 Amortization Disposals Effect of Balance at US $ in millions Goodwill Software (mostly development costs) 136.3 9.3 145.6 Dry docking 4.5 (4.5 ) Other intangible assets 2.7 0.3 3.0 Total 143.5 9.6 (4.5 ) 148.6 Net carrying amounts: Balance at Balance at US $in millions US $in millions Goodwill 7.6 6.3 Software (mostly development costs) 58.2 66.0 Dry docking Other intangible assets 0.7 1.5 Total 66.5 73.8 ? Impairment test Further to the continuing volatility in the shipping industry as discussed in Note 1(b), as well as a decrease in its market capitalization value, the Company tested its assets for impairment, as of December 31, 2022. For the purpose of IAS 36, the Company, which operates an integrated liner network, has one cash-generating unit (hereinafter: CGU), which consists of all of its operating assets. The Company estimated its recoverable amount on the basis of its value-in-use, using the discounted cash flow (DCF) method. The Company’s assumptions were made for a period of five years (2023-2027) and a representative terminal year intended to reflect a long-term steady state. The key assumptions are set forth below: • A detailed cash flow for the abovementioned period, based upon the Company’s business plan. • Freight rates: expected to decrease in 2023 and to be further affected by industry’s supply and demand dynamics, as well as by macroeconomic trends and uncertainties. • Carried volume (TEUs): expected to increase over the projected period, in accordance with the Company’s fleet structure and business plan. • Bunkering costs: according to the future price curves of fuel and liquefied natural gas (LNG). • Charter hire rates: according to contractual rates in effect as of December 31, 2022, and estimated market rates for future renewals. • Post tax discount rate of 11.5%. • Long-term nominal growth rate of 2.5%. • Payment of tax at the Company’s corporate tax rate of 23%. The impairment test resulted with a recoverable amount exceeding the carrying amount of the CGU, therefore, no impairment was recognized. The Company believes that the assumptions used in its analysis are reasonable and appropriate, considering past experience and current market trends and expectations. However, such assumptions are highly subjective and there can be no assurance that the Company’s assumptions will materialize, or whether freight rates, charter rates and bunker costs will increase or decrease by any significant degree. Change by 100 bps in the following assumptions will result in an increase (decrease) in the recoverable amount of the CGU, as follows: Increase Decrease By 100 bps US $ in millions Discount rate (625 ) 766 Terminal growth rate 512 (406 ) |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Leases | |
Leases | 7 Leases The Group is engaged in multiple lease arrangements for vessels and containers, supporting its operating activities, as well as for buildings, vehicles, IT equipment and other tangible assets. Such lease arrangements (part of which includes options for extension and/or purchase of the underlying asset) are characterized by large-scale, frequent and recurring engagements in common market terms. (a) Right-of-use-assets Containers equipment Buildings, and other assets Vessels Total US $ in millions Balance as at January 1, 2022 2,720.2 458.6 47.6 3,226.4 Additions 2,184.6 22.5 2,207.1 Depreciation (1,170.0 ) (80.5 ) (18.4 ) (1,268.9 ) Other (*) 232.5 1.9 6.3 240.7 Balance as at December 31, 2022 3,967.3 380.0 58.0 4,405.3 Containers equipment Buildings, and other assets Vessels Total US $ in millions Balance as at January 1, 2021 826.7 466.1 47.9 1,340.7 Additions 1,677.5 85.1 16.3 1,778.9 Depreciation (602.1 ) (89.2 ) (18.5 ) (709.8 ) Other (*) 818.1 (3.4 ) 1.9 816.6 Balance as at December 31, 2021 2,720.2 458.6 47.6 3,226.4 (*) Mainly modifications, see also Note 5. (b) Maturity analysis of the Group's lease liabilities As at December 31 2022 2021 US $ in millions Less than one year 1,380.8 893.0 One to five years 2,652.8 1,981.5 More than five years 125.9 197.2 Total 4,159.5 3,071.7 ? The Group’s lease liabilities are mostly denominated in USD, discounted by interest rates with weighted average of 7.7% (5.0% as at December 31, 2021). (c) Amounts recognized in profit or loss 2022 2021 US $ in millions Interest expenses related to lease liabilities 206.0 139.6 Expenses relating to short-term leases: Vessels 101.6 71.7 Containers 34.3 36.6 ? (d) Amounts recognized in the statement of cash flows 2022 2021 US $ in millions Cash outflow related to lease liabilities 1,564.1 877.8 ? (e) For further details regarding the Company’s obligations, in respect of leases not accounted as a lease liability as of December 31, 2022, see also Note 26 . |
Trade and other receivables
Trade and other receivables | 12 Months Ended |
Dec. 31, 2022 | |
Trade and other receivables. | |
Trade and other receivables | 8 Trade and other receivables (a) Carrying amounts 2022 2021 US $ in millions Non-current other receivables 112.1 107.2 Current trade and other receivables Trade receivables 671.5 1,178.0 Other receivables Insurance recoveries (see also Note 15) 23.9 7.7 Government institutions 11.9 14.9 Prepaid expenses 24.9 55.8 Other receivables 93.5 21.6 154.2 100.0 825.7 1,278.0 (*) As at December 31, 2022, mainly includes interest receivables and receivables related to vessel owners. The Group’s exposure to credit and market risks is disclosed in Note 29. (b) Factoring facility In August 2019, the Company entered into a revolving arrangement with a financial institution, for the recurring sale of portion of receivables, designated by the Company, for an aggregated amount of up to US$ 100 million. The true sale of the receivables under this arrangement meets the conditions for derecognition of financial assets as prescribed in IFRS 9 (Financial Instruments). As at December 31, 2022 and 2021, no amounts were withdrawn under this arrangement. Following the reporting date, the agreement was renewed for additional period ending February 2024. |
Other investments
Other investments | 12 Months Ended |
Dec. 31, 2022 | |
Other investments | |
Other investments | 9 Other investments 2022 2021 US $ in millions Non-current investments Financial instruments and other financial assets at fair value through other comprehensive income (*) 1,358.4 162.9 Financial assets at fair value through profit or loss (*) 11.2 2.3 Other 3.6 4.0 1,373.2 169.2 Current investments Bank deposits and other financial assets at amortized cost 2,017.4 2,123.1 Financial assets at fair value through profit or loss (*) 0.7 1.1 Financial instruments at fair value through other comprehensive income (*) 215.0 20.3 2,233.1 2,144.5 (*) See also Note 29(b) in respect of the Group’s exposure to credit, currency, interest rate and fair value risks related to investments. Bank deposits at amortized costs bare average interest of 5.1% (2021: 0.6%) and mature in 2023. Debt securities at fair value through other comprehensive income bare average interest of 3.3% and mature in a weighted average of 2.0 years. |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Dec. 31, 2022 | |
Cash and cash equivalents. | |
Cash and cash equivalents | 10 Cash and cash equivalents 2022 2021 US $ in millions Bank balances and cash in hand 372.7 499.3 Demand deposits 649.4 1,044.0 1,022.1 1,543.3 Th |
Capital and reserves
Capital and reserves | 12 Months Ended |
Dec. 31, 2022 | |
Capital and reserves | |
Capital and reserves | 11 Capital and reserves (a) Share capital In December 2020, the General meeting of the Company’s shareholders approved, subject to the consummation of the Company’s initial public offering (IPO), effective immediately prior to such offering, to revise the Company’s ordinary shares to have no par value, as well as to carry out a share split of 1:10, in the form of issuing benefit shares (nine ordinary shares to be issued for each existing ordinary share). In February 2021, the Company completed its initial public offering of 15,000,000 ordinary shares (including shares issued upon the exercise of the underwriters’ option), at an offering price of US$ 15.00 per share, for gross consideration of $225 million ($204 million, after deducting underwriting discounts and commissions and other offering costs). Accordingly, these financial statements reflect the abovementioned share split retrospectively, in all presented periods. 2022 2021 Number of ordinary shares (issued and paid up): Balance at the beginning of the year 119,743,188 100,000,000 Issued in consideration of cash (public offering) 15,000,000 Exercise of share options (cashless) 406,733 4,743,188 Balance at the end of the year 120,149,921 119,743,188 As at December 31, 2022 the authorized share capital is comprised of 350,000,001 ordinary shares, with no par value. The holders of ordinary shares are entitled to receive dividends when declared and are entitled to one vote per share at meetings of the Company. All shares rank equally in respect to interests in the Company, including in respect to the Company’s residual assets, except as disclosed in (b) below. In respect of dividends distributed during 2022, see Note 1(b). (b) Special State Share The issued and paid-up share capital includes one share which is a Special State Share. In the framework of privatizing the Company, as concluded in February 2004, all the State of Israel's holdings in the Company (about 48.6%) were acquired by The Israel Corporation (as later transferred to Kenon holdings Ltd.) pursuant to the related agreement. As part of the process, the Company allotted to the State of Israel a Special State Share, so that it could protect the vital interests of the State. On July 14, 2014 the State and the Company have reached a settlement agreement (the “Settlement Agreement”) that has been validated as a judgment by the Supreme Court. The Settlement Agreement provides, inter alia, that the following arrangement shall apply: State’s consent is required to any transfer of the shares in the Company which confers on the holder a holding of 35% and more of the Company’s share capital. In addition, any transfer of shares which confers on the holders a holding exceeding 24% but not exceeding 35%, shall require a prior notice to the State. To the extent the State determines that the transfer involves a potential damage to the State’s security or any of its vital interests or if the State did not receive the relevant information in order to formulate a decision regarding the transfer, the State shall be entitled to inform, within 30 days, that it objects to the transfer, and it will be required to reason its objection. In such an event, the transferor shall be entitled to approach a competent court on this matter. The Special State Share is non-transferable; its rights are described in the new Company’s Articles of Association. Except for the rights attached to the said share, it does not confer upon its holder voting rights or any share capital related rights. (c) Share-Based Payment Arrangements 2018 Grant Grant date Instrument terms Number of instruments Vesting Terms Contractual life June 30, 2018 Each option is exercisable into one ordinary share, at the exercise price of the share on the grant date, adjusted to future dividends. 4,990,000 50%, 25% and 25% of the options are exercisable following a service period of 2 years, 3 years and 4 years, respectively. 6 years T Fair value USD 0.362 Share price on grant date USD 1.00 Exercise price USD 1.00 Expected volatility 31.9% Expected life 6 years Expected dividends 0% Risk-free interest rate 2.7% In December 2021, the Company’s Board of Directors, as well as the General meeting of the Company’s shareholders, approved the vesting acceleration of the then remaining unvested options, according to which all such options became fully vested on or prior to December 13, 2021. As at December 31, 2022, all options were exercised. During 2021, further to prior approvals of the Company’s Compensation committee, Audit committee and Board of Directors, and concurrently with the consummation of the Company’s initial public offering, the Company granted a senior member of the Company’s Management with options exercisable to its ordinary shares, according to the below terms: Grant date Instrument terms Number of instruments Vesting Terms Contractual life January 27, 2021 Each option is exercisable into one ordinary share, at the exercise price per the offering price of US$ 15.00, adjusted to future dividends. 546,822 25% of the options shall vest upon the first anniversary of the grant date with the remaining options vesting in equal quarterly portions over the following three years period. 5 years T Fair value USD 5.32 Share price on grant date USD 15.00 Exercise price USD 15.00 Expected volatility 40.2% Expected life 5 years Expected dividends 0% Risk-free interest rate 0.46% During 2022, the Board of Directors approved grants of share options to officers, directors and employees, as detailed below: Granted in Number of instruments Instrument terms Vesting terms Contractual life March 2022 1,727,443 Each option is exercisable into one ordinary share on a cash-less basis. These options shall vest upon the first, second, third and fourth anniversary, in four equal instalments of 25% each. 5 years May 2022 490,662 August 2022 107,110 The weighted average of the options’ fair value, measured using the Black & Scholes model, and the related measurement inputs used, were as below: Granted in March 2022 May 2022 August 2022 Fair Value USD 29.72 USD 26.30 USD 25.07 Share price on grant date USD 68.94 USD 55.63 USD 51.86 Exercise price USD 68.37 USD 51.37 USD 47.78 Expected volatility 47.3% 48.4% 48.9% Expected life 5 years 4.9 years 5 years Expected dividends 0% 0% 0% Risk-free interest rate 1.7% 3.0% 3.0% Reconciliation of outstanding share options 2022 2021 Issuable shares Weighted average exercise price Issuable shares Weighted average exercise price Outstanding at the beginning of the period 714,322 8.04 4,990,000 1.00 Granted during the period 2,325,215 65.34 546,822 15.00 Exercised during the period (406,733 ) 0.00 (4,822,500 ) 0.75 Fortified during the period (171,374 ) Outstanding at the end of the period 2,461,430 37.05 714,322 8.04 Exercisable at the end of the period 167,500 0.00 Options’ exercise price is adjusted in respect of dividend distributions. The weighted average share price at the date of exercise for share options exercised in 2022 was US$ 54.22. The weighted average contractual life of the outstanding options as of December 31, 2022 was 4.10 years. During the year ended December 31, 2022, 2021 and 2020, the Company recorded expenses related to share-based compensation arrangements (including in respect of accelerated vesting of options) of US$ 25.8 million, US$ 20.8 million and US$ 0.5 million, respectively. (d) Earnings per share Basic and diluted earnings per share 2022 2021 2020 US $ in millions Profit attributable to ordinary shareholders used to calculate basic and diluted earnings per share (US $ in millions) 4,619.4 4,640.3 518.0 Number of outstanding shares at the beginning of the period used to calculate basic earnings per share 119,910,688 100,000,000 100,000,000 Effect of shares issued 13,712,329 Effect of share options 101,687 1,393,175 Weighted average number of ordinary shares used to calculate basic earnings per share 120,012,375 115,105,504 100,000,000 Effect of share options 432,514 3,828,219 4,530,892 Weighted average number of ordinary shares used to calculate diluted earnings per share 120,444,889 118,933,723 104,530,892 I ordinary shares, granted to officers, directors and employees (see above) were excluded from the diluted weighted average number of ordinary shares calculation as their effect would have been anti-dilutive. |
Loans and other liabilities
Loans and other liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Loans and other liabilities | |
Loans and other liabilities | 12 Loans and other liabilities This Note provides information about the contractual terms of the Group’s interest-bearing loans and borrowings. For more information about the Group’s exposure to interest rate, foreign currency and liquidity risk, see Note 29. (a) The loans and other liabilities are as follows: 2022 2021 US $ in millions Non-current liabilities Loans from financial institutions 25.0 35.2 Loan from shipyard 56.6 Other loans and liabilities 53.2 29.0 Derivative instrument 13.7 91.9 120.8 Current liabilities Current portion of loans from financial institution 10.0 13.6 Current portion of other loans and liabilities 33.1 10.6 43.1 24.2 Short-term borrowings 53.0 106.5 96.1 130.7 S ee also Note 1(b)(4) with respect to the early repayment of the Company’s loan from shipyard (Tranche-E) and Note 29(a)(2) with respect to the contractual maturities of financial liabilities. See also Note 7(b) with respect to lease liabilities. Securing assets As security for certain long-term bank loans and other long-term loans and liabilities, liens have been registered on certain assets, including the insurance rights and the generated revenues related to such assets. (b) Terms and debt repayment schedule Terms and conditions of outstanding loans are as follows: December 31, 2022 Effective Year of Carrying Currency interest (2) Maturity Face value Amount US $ in millions Long-term loans US$ (*)7.6 % 2023-2030 119.4 119.4 Long-term liabilities US$ 2023-2032 15.6 15.6 Short-term credit from banks (3) US$ 5.9 % 2023 53.0 53.0 188.0 188.0 December 31, 2021 Effective Year of Carrying Currency interest (2) Maturity Face value Amount US $ in millions Long-term loans: Tranche E (1) US$ 8.7 % 2026 74.7 56.6 Other US$ (*)6.6 % 2022-2026 86.3 86.3 Long-term liabilities US$ 2022 2.1 2.1 Short-term credit from banks (3) US$ 2.4 % 2022 106.5 106.5 269.6 251.5 (*) See also Note 7(b) with respect to lease liabilities. (1) Tranche E was originally issued in the framework of the Company’s 2014 debt restructuring as an unsecured loan payable on 2026. In November 2022, the Company entered into an agreement and early repaid its entire outstanding balance for a total consideration of US$ 66 million. (2) The effective interest rate is the rate that discounts estimated future cash payments or receipts through the contractual life of the financial instrument to its net carrying amount, and it does not necessarily reflect the contractual interest rate. (3) Includes US$ 35 million subject to Libor + 2.95%. (c) Financial covenants A s at December 31, 2022, the Company complies with all its covenants. According to these consolidated Financial Statements, the Company’s liquidity, as defined in the related agreements, amounts to US$ 4,600 million (Minimum Liquidity required is US$ 250 million). (d) Movement in liabilities deriving from financing activities Loans and other Liabilities Lease Liabilities Balance as at January 1, 2022 251.5 3,071.7 Changes related to financing cash flows: Receipt of long-term loans and other long-term liabilities 59.2 Repayment of borrowings and lease liabilities (92.2 ) (1,357.2 ) Change in short-term loans (53.5 ) Additional Leases 2,207.0 Modifications 241.2 Other Changes (*) 23.0 (3.2 ) Balance as at December 31, 2022 188.0 4,159.5 (*) Mainly includes revaluation of derivative and adjustments in respect of estimated cashflows. Loans and other liabilities Loans and other Liabilities Debentures Lease Liabilities Balance as at January 1, 2021 234.3 423.7 1,174.0 Changes related to financing cash flows: Receipt of long-term loans and other long-term liabilities 50.0 Repayment of borrowings and lease liabilities (19.7 ) (433.8 ) (737.8 ) Change in short-term loans (16.0 ) Additional Leases 1,779.7 Modifications 864.0 Other Changes (*) 2.9 10.1 (8.2 ) Balance as at December 31, 2021 251.5 3,071.7 (*) Mainly includes discount amortization, adjustments in respect of estimated cashflows and accrual of PIK interest. |
Employee benefits
Employee benefits | 12 Months Ended |
Dec. 31, 2022 | |
Employee benefits | |
Employee benefits | 13 Employee benefits (a) Composition 2022 2021 US $ in millions Presented as non-current liabilities: Present value of obligations (see section (f) below) 52.9 70.7 Fair value of the plan assets (see section (f) below) (26.8 ) (31.1 ) Recognized liability for defined benefit obligations 26.1 39.6 Termination benefit-liability for early retirement 6.6 10.2 Other long-term benefits 12.5 15.8 Non-current 45.2 65.6 Presented as current liabilities: Liability for annual leave 9.0 9.0 Current portion of liability for early retirement 2.8 4.3 Current (Note 14) 11.8 13.3 Total employee benefits 57.0 78.9 (b) Defined contribution pension plans According The Group makes regular deposits to pension funds and insurance companies. With respect to some of its employees, the Group makes such payments replacing its full Severance Obligation regarding those employees and, therefore, treats those payments as if they were payments to a defined contribution pension plan. With respect to most of the other employees, the Group makes such payments replacing only (6%)/(8⅓%) of the respective Severance Obligation. Therefore, the Company treats those payments as payments to a defined contribution pension plan and treats the remainder ( 2⅓ (c) Defined benefit pension plan (i) The post-employment liability included in the statement of financial position represents the balance of liabilities not covered by deposits and/or insurance policies in accordance with the existing labour agreements, the Severance Pay Law and the salary components which Management believes entitle the employees to receipt of compensation. T T (ii) G (d) Other long-term employee benefits (i) Provision for annual absence Under labour agreement, employees retiring on pension are entitled to certain compensation in respect of unutilised annual absence. The provision was measured based on actuarial calculations. The actuarial assumptions applied include those noted in section (g) below, as well as assumptions based on the Group’s experience according to the likelihood of payment of annual absence pay at retirement age. (ii) Company participation in education fees for children of employees studying in higher educational institutions Under the labour agreement, employees are entitled to the participation of the Company in education fees for their children. The provision was measured based on actuarial calculations, by applying actuarial assumptions included in section (g) below, as well as assumptions based on the Company’s experience according to the likelihood of payment of educational fees. (e) Benefits in respect of voluntary early retirement According to agreements reached with certain employees who retired early, these employees are entitled to a pension from the Group until they reach regular retirement age. A provision, computed based on the present value of the early retirement payments, is included in the Consolidated Statement of Financial Position. (f) Movement in the present value of the defined benefit pension plan obligation 2022 2021 US $ in millions Defined benefit obligation at January 1 70.7 70.4 Benefits paid by the plan (4.4 ) (4.9 ) Current service cost and interest 5.3 4.2 Foreign currency exchange changes in plan measured in a currency different from the entity’s functional currency (7.0 ) 1.1 Actuarial gains recognized in other comprehensive income (11.7 ) (0.1 ) Defined benefit obligation at December 31 52.9 70.7 2022 2021 US $ in millions Fair value of plan assets at January 1 31.1 30.7 Contribution paid by the Group 2.1 0.3 Benefits paid by the plan (2.0 ) (2.5 ) Return on plan assets 0.8 0.7 Foreign currency exchange changes in plan measured in a currency different from the entity's functional currency (2.5 ) 0.6 Actuarial gains (loss) recognized in other comprehensive income (2.7 ) 1.3 Fair value of plan assets at December 31 26.8 31.1 Plan assets composition 2022 2021 US $ in millions Equity instruments 8.5 9.4 Debt instruments 12.8 15.0 Cash and deposits 2.4 2.0 Other 3.1 4.7 26.8 31.1 (g) Actuarial assumptions The principal actuarial assumptions at the reporting date: (i) Annual resignation and dismissal rates were determined on the basis of the past experience of the Group; for employees of the Company the resignation rate is estimated between 6.0% and 10.0% and the dismissal rate is estimated between 1.0% and 2.0 %. For the subsidiaries, the resignation rate is estimated at between 2.6% and 4.2% and the dismissal rate is estimated at between 2.0% and 4.2% . (ii) The relevant discount rates are as follows: 2022 2021 2020 Early retirement 4.7%-4.8 % 1.0%-1.2 % 0.9%-1.0 % Annual absence 5.1%-5.2 % 2.6%-2.9 % 2.4%-2.5 % Tuition fees 4.8%-5.0 % 1.6%-2.2 % 1.3%-1.9 % Defined benefit plan 3.8%-5.3 % 0.7%-3.3 % 1.0%-2.7 % (iii) Assumptions regarding future benefits growth were made based on the Group’s experience and management’s assessments. Assumptions regarding future mortality are based on published statistics and mortality tables. (iv) The overall long-term annual rate of return on assets applied in 2022, 2021 and 2020 ranged between 2.6%-5.1%, 0.9%-2.9% and 0.7%-4.0%, respectively. The long-term annual rate of return addresses the portfolio as a whole, based exclusively on historical returns, without adjustments. (v) Sensitivity analysis Reasonably possible changes to one of the relevant actuarial assumptions, assuming other assumptions constant, would have affected the defined benefit obligation by the amounts below: Defined benefit obligation At December 31, 2022 Increase Decrease US $ in millions Discount rate (0.5% movement) (1.4 ) 1.3 Future benefit growth (0.5% movement) 2.2 (2.2 ) As at December 31, 2022, the weighted average duration of the defined benefit obligation was 9 years (as at December 31, 2021 - 10 years). In 2023, the Group expects to pay about approximately US$ 0.6 million in contributions to the funded defined benefit pension plan. (h) The Company’s Board of Directors approved compensation plans for the Company's employees and management (the "Plans"), payable as cash bonuses, in respect of each of the years 2022, 2021 and 2020. The bonuses under the Plans were subject to the satisfaction of certain pre-conditions, such as profitability and minimum EBITDA, while the actual bonus payable to each participant under the Plans is based on each participant's meeting of certain key performance indicators (determined based on the overall performance of the Company and the individual performance of each participant). The accrual for bonuses is presented within the current liabilities. (i) During the second half of 2018, the Company’s Board of Directors approved the adoption of a share option plan that allows for the grant of options to purchase ordinary shares of the Company, as well as specific grants to certain members of management, which constitute less than 5% of the Company’s share capital. During 2020 the Company's Board of Directors approved the adoption of the 2020 share incentive plan, pursuant to which the Company may grant share-based awards. According to such plan, the awards will vest in the course of a four years period. Vested awards will be exercisable on a “cashless basis”, expiring on the fifth anniversary of their grant date, subject to early termination and acceleration provisions. The Company’s Board of directors further approved the reservation of a maximum aggregate number of 1,000,000 ordinary shares of the Company, which shall be available for issuance under its Share Option Plans. On March 9, 2022, the Board of directors approved an increase of the number of shares available for issuance by an additional 3,200,000 ordinary shares. In respect of options to purchase ordinary shares, granted further to the above-mentioned plans, see Note 11(c). |
Trade and other payables
Trade and other payables | 12 Months Ended |
Dec. 31, 2022 | |
Trade and other payables | |
Trade and other payables | 14 Trade and other payables 2022 2021 US $ in millions Trade payables 427.2 433.9 Other payables Salaries and related payables 82.3 64.4 Provision for annual leave and early retirement (see Note 13(a)) 11.8 13.3 Government institutions 291.2 526.9 Accrued interest 5.3 6.1 Accrued expenses 43.7 18.4 Advances from customers and others 11.5 10.2 Payables and other credit balances 23.2 13.1 469.0 652.4 896.2 1,086.3 All of the trade and other payables are contractual to be settled within one year or are repayable on demand. The Group’s exposure to currency, liquidity and market risks related to trade and other payables is disclosed in Note 29. |
Provisions
Provisions | 12 Months Ended |
Dec. 31, 2022 | |
Provisions | |
Provisions | 15 Provisions 2022 US $ millions Balance at the beginning of the year 28.3 Provisions added during the year 31.9 Provisions utilized during the year (7.3 ) Provisions reversed during the year (2.7 ) Balance at the end of the year 50.2 L egal contingencies For legal matters addressed against the Group, see Note 27. Claims covered by insurance Claims covered by insurance represent mainly claims for damage to |
Income from voyages and related
Income from voyages and related services | 12 Months Ended |
Dec. 31, 2022 | |
Income from voyages and related services | |
Income from voyages and related services | 16 Income from voyages and related services 2022 2021 2020 US $ in millions Shipping 12,391.7 10,540.2 3,920.3 Other 169.9 188.5 71.4 12,561.6 10,728.7 3,991.7 See also Note 25 with respect to disaggregation of revenues by geographical trade zone. |
Operating expenses and cost of
Operating expenses and cost of services | 12 Months Ended |
Dec. 31, 2022 | |
Operating expenses and cost of services | |
Operating expenses and cost of services | 17 Operating expenses and cost of services 2022 2021 2020 US $ in millions Wages, maintenance and other vessel operating costs 34.5 14.3 13.0 Expenses relating to fleet equipment (mainly containers and chassis) 29.1 28.1 26.6 Fuel and lubricants 1,434.8 739.8 361.6 Insurance 15.2 11.5 9.6 Expenses related to cargo handling 1,981.6 1,879.9 1,432.9 Port expenses 359.0 255.5 206.9 Agents’ salaries and commissions 261.1 238.8 159.1 Cost of related services and sundry 216.1 170.9 100.5 Slots purchase and hire of vessels 398.8 530.5 497.9 Hire of containers 34.3 36.6 27.0 4,764.5 3,905.9 2,835.1 |
Other operating income
Other operating income | 12 Months Ended |
Dec. 31, 2022 | |
Other operating income | |
Other operating income | 18 Other operating income 2022 2021 2020 US $ in millions Capital gain, net 42.7 8.7 8.8 Sundry 6.2 5.8 3.8 48.9 14.5 12.6 |
Other operating expenses
Other operating expenses | 12 Months Ended |
Dec. 31, 2022 | |
Other operating expenses | |
Other operating expenses | 19 Other operating expenses 2022 2021 2020 US $ in millions Impairment loss (recovery) (4.3 ) Sundry 0.9 1.0 0.9 1.0 (4.3 ) |
General and administrative expe
General and administrative expenses | 12 Months Ended |
Dec. 31, 2022 | |
General and administrative expenses | |
General and administrative expenses | 20 General and administrative expenses 2022 2021 2020 US $ in millions Salaries and related expenses 238.8 193.0 115.3 Office equipment and maintenance 22.1 15.1 11.6 Depreciation and amortization 26.0 22.9 22.5 Consulting, legal fees and insurance 22.4 19.9 4.1 Travel and vehicle expenses 5.7 2.0 1.7 Other 23.3 14.8 8.0 338.3 267.7 163.2 |
Personnel expenses
Personnel expenses | 12 Months Ended |
Dec. 31, 2022 | |
Personnel expenses | |
Personnel expenses | 21 Personnel expenses 2022 2021 2020 US $ in millions Salaries and related expenses included in: Operating expenses and cost of services 250.9 218.3 145.4 General and administrative 238.8 193.0 115.3 489.7 411.3 260.7 |
Depreciation and amortization e
Depreciation and amortization expenses | 12 Months Ended |
Dec. 31, 2022 | |
Depreciation and amortization expenses | |
Depreciation and amortization expenses | 22 Depreciation and amortization expenses 2022 2021 2020 US $ in millions Operating expenses 1,370.3 756.3 291.6 General and administrative expenses 26.0 22.9 22.5 1,396.3 779.2 314.1 |
Finance income and expenses
Finance income and expenses | 12 Months Ended |
Dec. 31, 2022 | |
Finance income and expenses | |
Finance income and expenses | 23 Finance income and expenses (a) Finance income 2022 2021 2020 US $ in millions Interest income on debt instruments at amortized cost 60.1 7.0 1.9 Interest income on debt instruments at fair value through other comprehensive income 24.0 0.3 Gain from repurchase of debt 6.2 Net foreign currency exchange rate differences 46.8 11.5 130.9 18.8 8.1 (b) Finance expenses 2022 2021 2020 US $ in millions Interest expenses 224.8 168.9 150.4 Adjustments to financial liabilities in respect of estimated cashflows and repayments (*) 5.1 3.9 22.0 Loss reclassified on derecognition of investment in debt 2.6 Net foreign currency exchange rate differences 13.6 Impairment losses on trade and other receivables 6.9 2.8 3.3 239.4 175.6 189.3 ( |
Income tax
Income tax | 12 Months Ended |
Dec. 31, 2022 | |
Income tax | |
Income tax | 24 Income tax (a) Measurement of results for tax purposes The Company measures its results for tax purposes in United States dollar, as stipulated by the relevant regulations. The Company and its Israeli subsidiaries are taxed under the Israeli Income Tax ordinance – 1961, for which the relevant tax rate during the years 2020-2022 is 23%. Non-Israeli subsidiaries are taxed under the laws in their countries of residence. 2022 2021 2020 US $ in millions Current tax expenses Current year 1,360.4 892.8 16.2 Taxes in respect of previous years (2.6 ) (2.0 ) 0.8 1,357.8 890.8 17.0 Deferred tax expenses Origination and reversal of temporary differences 40.5 119.6 (0.4 ) Total income taxes in income statements 1,398.3 1,010.4 16.6 (b) Reconciliation of effective tax rate The reconciliation is based on the Company’s domestic tax rate. 2022 2021 2020 US $ in millions Profit for the year 4,629.0 4,649.1 524.2 Income taxes 1,398.3 1,010.4 16.6 Profit excluding income taxes 6,027.3 5,659.5 540.8 Income tax using the domestic corporation tax rate 1,386.3 1,301.7 124.4 Current year losses for which no deferred tax asset was recognized 2.3 Utilization of carried forward tax losses for which no deferred tax assets were recognized (287.5 ) (115.9 ) Effect of tax rates in foreign jurisdictions 0.4 1.2 3.9 Non-deductible expenses 7.3 5.9 0.2 Effect of different tax rates on specific gains 3.8 (7.6 ) 4.1 Effect of share of loss (profits) of associates 0.2 (0.9 ) (0.8 ) Other (2.0 ) (2.4 ) 0.7 1,398.3 1,010.4 16.6 (c) Deferred tax assets and liabilities (i) Recognized deferred tax assets and liabilities Deferred tax assets and liabilities are attributable to the following: Assets Liabilities Net 2022 2021 2022 2021 2022 2021 US $ in millions Vessels, containers, other tangible assets (*) (185.6 ) (144.7 ) (185.6 ) (144.7 ) Fina ncial instruments 13.4 13.4 Employee benefits 12.9 17.6 12.9 17.6 Tax losses carry-forwards 6.8 9.0 6.8 9.0 Other items 3.4 (0.4 ) 3.4 (0.4 ) Net deferred tax assets (liabilities) 36.5 26.6 (185.6 ) (145.1 ) (149.1 ) (118.5 ) Net deferred tax assets statement of the financial position 2.3 2.1 Net deferred tax liabilities the statement of the financial position (151.4 ) (120.6 ) (149.1 ) (118.5 ) (*) In accordance with IsraeliIncome Tax Regulations, the Group is entitled to deduct depreciation for vessels and related equipment at a higher rate than recorded in its financial statements. (ii) Unrecognized deferred tax assets On December 31, 2022 the group had carry forward tax losses in the amount of US$ 90 million (2021: US$102 million, 2020: US$ 1,799 million). Deferred tax assets in the amount of US$ 14 million at December 31, 2022 (2021: US$ 15 million, 2020: US$ 297 million) have not been recognized in respect of the tax losses, since it is not probable that future taxable profits will be available against which the Group can utilize the benefits therefrom. Under existing Israeli tax laws, there is no time limit for utilizing tax losses. (d) Movement in deferred tax assets and liabilities during the year Vessels containers handling equipment and other tangible assets Financial instruments Employee benefits Accumulated tax losses Other items Total US $ in millions Balance at January 1, 2022 (144.7 ) 17.6 9.0 (0.4 ) (118.5 ) Recognized in profit or loss (40.9 ) 3.1 (4.3 ) (2.2 ) 3.8 (40.5 ) Recognized in other comprehensive income 10.3 (0.4 ) 9.9 Balance at December 31, 2022 (185.6 ) 13.4 12.9 6.8 3.4 (149.1 ) Vessels containers handling equipment and other tangible assets Financial instruments Employee benefits Accumulated tax losses Other items Total US $ in millions Balance January 1, 2021 (144.5 ) 13.4 16.9 117.7 (2.4 ) 1.1 Recognized in profit or loss (0.2 ) (13.4 ) 0.4 (108.7 ) 2.5 (119.4 ) Recognized in other comprehensive income 0.3 (0.5 ) (0.2 ) Balance December 31, 2021 (144.7 ) 17.6 9.0 (0.4 ) (118.5 ) (e) Tax assessments The tax assessments of the Company through (and including) the year 2020 are considered to be final. |
Segment information
Segment information | 12 Months Ended |
Dec. 31, 2022 | |
Segment information | |
Segment information | 25 ZIM is managed as one operating unit, generating revenues from operating a global liner service network of cargo shipping and related services. The Group service lines share the use of its resources and their performance are co-dependent. Accordingly, the chief operating decision maker manages and allocates resources to the entire liner network. As there is no appropriate allocation for the Group’s results, assets and liabilities, these are all attributed to the Group’s sole operating segment. Freight revenues are disaggregated geographically by trade zone, reflecting the Group’s service, provided throughout its global network, as follows: 2022 2021 2020 US $ in millions Freight revenues from containerized cargo: Pacific 5,504.2 5,278.8 1,860.6 Cross-Suez 1,528.5 1,254.2 392.7 Atlantic 1,231.3 960.8 577.4 Intra-Asia 1,945.9 1,714.6 453.1 Latin America 742.3 490.3 208.4 10,952.2 9,698.7 3,492.2 Other revenues (*) 1,609.4 1,030.0 499.5 12,561.6 10,728.7 3,991.7 (*) Mainly related to demurrage, value-added services and non-containerized cargo. |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2022 | |
Commitments | |
Commitments | 26 Commitments are mainly in respect of future leases, present short-term leases, purchase obligations and other service charges (mainly denominated in United States dollar). As at December 31, 2022, the projected future payments are as follows: Related party Other Total US $ in millions 2023 18.9 617.1 636.0 2024 104.0 1,055.1 1,159.1 2025 51.7 951.6 1,003.3 2026 51.7 843.1 894.8 2027 and thereafter 231.6 4,724.2 4,955.8 457.9 8,191.1 8,649.0 The above schedule includes the Company’s commitments in respect of the following chartering agreements: In February 2021, the Company entered into a strategic agreement with Seaspan, for the long-term charter of ten 15,000 TEU liquefied natural gas (LNG) dual-fuel container vessels, intended to be delivered between February 2023 and January 2024 and to be deployed on the Company’s Asia-US East Coast Trade. In July 2021, the Company entered into an additional strategic agreement with Seaspan, for the long-term charter of fifteen 7,000 TEU liquefied natural gas (LNG) dual-fuel container vessels, intended to be delivered between the fourth quarter of 2023 and throughout 2024 and to be deployed across the Company’s various global-niche trades. Pursuant to each of the above-mentioned agreements, the Company will charter the vessels for a period of 12 years. The Company expects to incur, in annualized charter hire costs per vessel, approximately US$ 17 million in respect of the abovementioned 15,000 TEU vessels, and approximately US$ 13 million in respect of the abovementioned 7,000 TEU vessels, over the term of the agreements. See also Note 1(b) regarding additional agreements that the Company entered into during 2022 in respect of chartering vessels and purchasing liquified natural gas (LNG). |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Contingencies | |
Contingencies | 27 (a) The Group is involved in a number of legal matters, including applications to approve the filing of class actions, some of which may involve significant amounts. The developments and/or resolutions in some of such matters, including through either negotiations or litigation, are subject to a high level of uncertainty that cannot be reliably quantified at the reporting date. In addition, due to market conditions, regulators in certain jurisdictions have become more active in their regulatory oversight over our industry. As at December 31, 2022, the total amount claimed with respect to legal matters, excluding those discloses below, as well as excluding claims in the ordinary course of business, which are covered by insurance (and in respect of which the Company has included a provision in the amount it is likely to bear, based on past experience) is approximately US$ 10 million. Regarding the provision recognized in respect of legal matters, including insurance claims - see Note15. In addition, within the ordinary course of business, the Company and its subsidiaries provided guaranties, which as at December 31, 2022 amounted to approximately US$ 8 million. (b) During 2017, the Company was served, together with another defendant, with an application to the Central District Court in Israel to approve the filing of class action in Israel, related to alleged breaches of competition laws in respect of carriage of vehicles form South-East Asia to Israel. The applicants estimated the total damage caused to the class of plaintiffs at a total of NIS 403 million (approximately US$ 115 million) based on an expert opinion attached to the application, although it may not necessarily be correct and/or relevant to the Company. Management, based on legal advice, believes that it has good defense arguments for dismissing the application of the claim to be approved as a class action and it is more likely than not that such application will be dismissed. (c) In one jurisdiction, courts ruled against shipping agencies operating in this jurisdiction in respect of alleged overcharging of local charges from customers, including a subsidiary of the Company. The shipping agencies (including the subsidiary) have appealed to the local Supreme Court against this ruling. The shipping agencies are conducting negotiations to achieve an out of court settlement. (d) In January 2022, an industry-related investigation involving a subsidiary of the Company was initiated in a certain jurisdiction. Since then, there were no significant updates relating to this matter. (e) During 2020, in a certain jurisdiction, a claim was filed against the Company, together with other carriers operating in that jurisdiction, regarding competition and commercial issues. The involved carriers jointly responded to the claim, as well as filed a motion for its dismissal which was later denied. Subsequently, the involved carriers have filed a motion for leave to file an appeal. (f) During 2020, in a certain jurisdiction, the Company was served with a demand letter alleging the use by the Company of confiscated property in another jurisdiction for which the potential plaintiffs are allegedly entitled to compensation. Management, based on legal advice, believes it is more likely than not that this matter, if materialized to an asserted claim, will be rejected. (g) During 2021, the Company was served with a claim for an alleged patents infringement filed against it in the US. In March 2022, the plaintiff voluntarily withdrew his claim, thus resulting in the closure of the related proceedings. (h) In September 2022, a certain customer filed a complaint against the Company with the Federal Maritime Commission (FMC), alleging that the Company overly charged certain demurrage, detention and storage fees, in violation of the applicable regulation. (i) In September 2022, following communications between the parties, the Company was approached by a state regulator in a certain jurisdiction indicating that the Company did not meet the local environmental regulation, including an initial informal assessment by that regulator as to the Company’s scope of liability, subject to Company’s possible counter arguments. (j) The legal matters mentioned in sections (c), (d) and (e) above do not include a specific claimed amount, and/or, based on the Company’s legal advisors, the outcome of which, if any, can’t be assessed in this preliminary stage. Those matters, based on their alleged claims, regardless of their validity and merits, may each result in a potential exposure of tens of millions of US dollars. However, the developments and/or resolutions in such matters, including through either negotiations or litigation, are subject to significant level of uncertainty that cannot be reliably quantified at the reporting date. (k) Based on legal advice and management estimation, the Company included a provision in its financial statements, with respect to certain legal matters. |
Related parties
Related parties | 12 Months Ended |
Dec. 31, 2022 | |
Related parties | |
Related parties | 28 Related parties The Group’s transactions with related parties as detailed below are mainly comprised of compensation to directors and key-management personnel, transactions with associates and transactions with entities which are controlled by or under joint control of those which retain significant influence over the Company. (a) Associates: (i) Transactions: 2022 2021 2020 Note US $ in millions Other operating income 18 0.4 0.4 0.1 Operating expenses and cost of services 17 11.0 6.0 2.2 Finance income 23(a) 0.1 (ii) Balances: 2022 2021 Note US $ in millions Trade and other receivables 8 18.5 22.5 Trade and other payables 14 0.3 0.2 (b) Key management personnel (*): 2022 2021 2020 US $ in millions Short-term employee benefits 5.6 5.9 5.4 Share-based compensation 5.7 9.4 0.2 Long-term employee benefits 0.5 0.5 0.4 (*) (c) Other related parties (excluding those detailed in (a)-(b) above) (i) Transactions: 2022 2021 2020 Note US $ in millions Income from voyages and related services 16 19.5 16.8 8.1 Operating expenses and cost of services 17 1.4 5.0 7.3 Finance expenses 23 (b ) 4.4 7.7 5.4 (ii) Transactions with directors: 2022 2021 2020 US $ in millions Directors fees 1.1 1.2 1.3 Share-based compensation 1.7 (iii) Balances: 2022 2021 Note US $ in millions Trade and other receivables 8 2.4 3.3 Trade and other payables 14 0.2 0.5 Lease liabilities (*) 7 41.4 114.3 (*) Includes lease liabilities for which the Group paid (principal and interest) US$ 64 million and US $70 million during the year ended December 31, 2022 and 2021 respectively. (d) Transactions with relate parties were carried out in common market terms in the ordinary course of business. Regarding commitments to related parties, see also Note 26. |
Financial risk management
Financial risk management | 12 Months Ended |
Dec. 31, 2022 | |
Financial instruments and risk management | |
Financial risk management | 29 Financial risk management Overview The Group has exposure to the following risks, related to financial instruments: ▪ Credit risk ▪ Liquidity risk ▪ Market risk This Note presents information about the Group’s exposure to each of the above risks, the Group’s objectives, policies and processes for measuring and managing such risks, as well as the Group’s management of its capital. Further quantitative disclosures are included throughout the Financial Statements. In order to manage these risks and as described hereunder, the group executes from time to time transactions of derivative financial instruments. The CFO has overall responsibility for the establishment and oversight of the Group’s risk management framework. The Company’s Board of Directors has appointed the Audit Committee to deal with, among other issues, certain financial reporting aspects of the Group’s activities and monitoring the Group’s hedging policies. The Company’s Chief Executive Officer also appointed an Investment Committee to monitor the Company’s investing activities and compliance with its investment policy. The Investment Committee, chaired by the Company’s Chief Executive Officer, provides periodical updates to the Company’s Audit Committee and Board of Directors on its activities. (a) Financial risk (1) Credit risk Trade and other receivables The Group’s exposure to credit risk is influenced by the individual characteristics of each significant customer. The demographics of the Group’s customer base, including the default risk of the industry and country, in which customers operate, has also an influence on credit risk. The income of the Group is derived from cargo shipping and related services in different countries worldwide. The exposure to a concentration of credit risk with respect to trade receivables is limited due to the relatively large number of customers, wide geographic spread and the ability in some cases to auction the contents of the container, the value of which is most likely to be greater than the customer’s debt for the services provided with respect to such container. The Group has established a credit policy under which each new credit customer is analyzed individually for creditworthiness before the Group’s standard payment and delivery terms and conditions are offered. The Group’s review includes financial analysis from external sources. Credit limits are established for each customer, representing its maximum outstanding balance, available upon approval by the relevant level of authorization. These limits are reviewed periodically, at least once a year. Customers that fail to meet the Group’s benchmark creditworthiness may transact with the Group only on a cash basis. Most of the Group’s customers have been transacting with the Group for a few years and losses have occurred infrequently. Trade and other receivables relate mainly to the Group’s wholesale customers. Customers that are graded as “high risk” are placed on a restricted customer list and future sales are made on a cash basis, unless otherwise approved by the credit committee. In some cases, based on their robustness, customers are requested to provide guarantees. Provisions for doubtful debts are made to reflect the expected credit losses related to debts whose collection is doubtful per management's estimation (see also Note 23(b)). Investments During the second half of 2021, the Company adopted a new investment policy in respect of its cash reserves, mainly comprised of investments in time deposits, fixed income instruments and liquidity funds, all of which denominated in US dollar, aiming to achieve diversification, while maintaining conservative credit risk, liquidity and capital preservation. According to such policy, the Company invests in Investment-Grade rated debt instruments, based on leading credit rating agencies. As of December 31, 2022, the weighted average duration of the Company’s investments in debt instruments was 2.2 years. The Company’s investment committee meets, at least on a quarterly basis, to review the performance of the portfolio managers, discuss market trends and investment outlook, while ensuring compliance with the Company’s investment policy. Exposure to credit risk Cash and cash equivalents and bank deposits Other investment instruments 2022 US $ in millions AA- to AAA 986.9 A- to A+ 295.6 BBB- to BBB+ 248.7 Total Outstanding 1,531.2 ? Trade receivables The carrying amount of financial assets represents the maximum credit exposure. As at December 31, 2022 credit to customers in the amount of approximately US$ 232.3 million is guaranteed by credit insurance. (2) Liquidity risk The Group monitors its level of cash and highly marketable investments to ensure sufficient liquidity to meet its obligations and expected needs, considering the Group’s short-term and long-term plans and forecasts. The following are the contractual maturities of financial liabilities, including estimated interest payments: ? December 31, 2022 Carrying Contractual More than amount cash flows 0-1 years 1-2 years 2-5 years 5 years Note US $ in millions Non-derivative financial liabilities Long-term loans and other liabilities 12(a) 119.4 141.4 50.0 20.1 37.7 33.6 Lease liabilities 7(b) 4,159.5 4,770.7 1,654.6 1,429.3 1,536.5 150.3 Short-term borrowings 12(a) 53.0 53.0 53.0 Trade and other payables 14 583.9 583.9 583.9 4,915.8 5,549.0 2,341.5 1,449.4 1,574.2 183.9 December 31, 2021 Carrying Contractual More than amount cash flows 0-1 years 1-2 years 2-5 years 5 years Note US $ in millions Non-derivative financial liabilities Long-term loans and other liabilities 12(a) 142.9 167.0 27.9 42.0 97.1 Lease liabilities 7 3,071.7 3,436.5 1,022.7 912.6 1,267.1 234.1 Short-term borrowings 12(a) 106.5 106.9 106.9 Trade and other payables 14 534.4 534.4 534.4 3,855.5 4,244.8 1,691.9 954.6 1,364.2 234.1 (3) Market risk (i) Currency risk The Group is exposed to currency risk on purchases, receivables and payables where they are denominated in a currency other than the United States dollar. The Group’s exposure to foreign currency risk was as follows based on notional amounts: December 31, 2022 US$ NIS Others US $ in millions US $ in millions US $ in millions Non-current assets Other receivables 110.9 1.2 Other non-current investments 1,370.5 1.2 1.5 Current assets Other current investments 2,221.7 0.1 11.2 Trade and other receivables 693.7 0.8 92.0 Cash and cash equivalents 930.0 11.7 80.4 Non-current liabilities Loans and other liabilities (89.0 ) (3.0 ) Lease liabilities (2,749.0 ) (9.7 ) (20.0 ) Current liabilities Short term borrowings and current maturities (95.4 ) (0.7 ) Lease liabilities (1,366.0 ) (7.9 ) (6.9 ) Trade and other payables (418.5 ) (100.8 ) (64.6 ) 608.9 (104.6 ) 91.1 ? December 31, 2021 US$ NIS Others US $ in millions US $ in millions US $ in millions Non-current assets Other receivables 106.4 0.8 Other non-current investments 165.8 1.3 2.1 Current assets Other current investments 2,136.4 8.0 Trade and other receivables 1,112.8 2.2 92.4 Cash and cash equivalents 1,460.6 22.1 60.6 Non-current liabilities Loans and other liabilities (119.1 ) (1.8 ) Lease liabilities (2,148.6 ) (7.4 ) (22.7 ) Current liabilities Short term borrowings and current maturities (130.1 ) (0.6 ) Lease liabilities (880.0 ) (6.3 ) (6.7 ) Trade and other payables (428.9 ) (50.6 ) (55.1 ) 1,275.3 (38.7 ) 77.0 Sensitivity analysis A 10% appreciation of the United States dollar against NIS at December 31 would have increased / (decreased) profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain constant. The analysis has been performed on the same basis for 2022 and 2021. Profit or loss US $ in millions December 31,2022 10.5 December 31,2021 3.3 A 10% devaluation of the United States dollar against the NIS on December 31 would have had the equal but opposite effect on the above currencies to the amounts shown above, on the basis that all other variables remain constant. (ii) Interest rate risk The Group prepares a summary of its exposure to interest rate risk on a periodic basis. At the reporting date, the interest rate profile of the Group’s interest-bearing financial instruments was: ? Carrying amount 2022 2021 US $ in millions US $ in millions Fixed rate instruments Financial assets 4,620.1 3,852.9 Financial liabilities (mostly lease liabilities) (4,257.9 ) (3,285.7 ) 362.2 567.2 Variable rate instruments Financial liabilities (73.9 ) (35.4 ) (73.9 ) (35.4 ) ? Fair value sensitivity analysis for fixed rate instruments Fixed rate instruments accounted by the group at fair value through profit or loss are in immaterial amounts. An increase (decrease) of 1% in the interest rate of fixed rate instruments accounted by the group at fair value through other comprehensive income would have result with an approximate decrease (increase) in equity of US$ 24 million, net of tax. Cash flow sensitivity analysis for variable rate instruments A 10% change in variable interest rates at the reporting date would not have significant influence over the Company’s equity and profit or loss (assuming that all other variables, in particular foreign currency rates, remain constant). (b) Fair value (1) Financial instruments not measured at fair value The carrying amounts of certain financial assets and liabilities, including cash and cash equivalents, trade and other receivables, bank deposits and other financial assets at amortized cost, trade and other payables and loans and other liabilities, reflect reasonable approximation of their fair value. (2) Financial instruments measured at fair value When measuring the fair value of an asset or a liability, the Company uses market observable data to the extent applicable. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows: ■ Level 1: quoted prices (unadjusted) in active markets for identical instruments. ■ Level 2: inputs other than quoted prices included within Level 1 that are observable, either directly or indirectly. ■ Level 3: inputs that are not based on observable market data (unobservable inputs). December 31, 2022 Investments in sovereign bonds at fair value through other comprehensive income Investments in corporate bonds at fair value through other comprehensive income Investments in equity instruments at fair value through other comprehensive income Investments in equity instruments at fair value through profit and loss Derivative instrument US $ in millions Level 1 financial instruments carried at fair value Other investments: Current 153.7 59.0 2.3 Non-current 739.8 578.7 39.9 893.5 637.7 42.2 Level 3 financial instruments carried at fair value Non-current other investments 11.2 Non-current loans and other liabilities (13.7 ) 11.2 (13.7 ) 893.5 637.7 42.2 11.2 (13.7 ) December 31, 2021 Investments in sovereign bonds at fair value through other comprehensive income Investments in corporate bonds at fair value through other comprehensive income Investments in equity instruments at fair value through other comprehensive income Investments in equity instruments at fair value through profit and loss US $ in millions Level 1 financial instruments carried at fair value Other investments: Current 2.0 16.3 2.0 Non-Current 35.5 127.4 37.5 143.7 2.0 Level 3 financial instruments carried at fair value Other investments: Non-Current 2.3 37.5 143.7 2.0 2.3 |
Significant accounting polici_2
Significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Significant accounting policies | |
Basis of consolidation | (a) Basis of consolidation (i) Business combinations The Group implements the acquisition method to all business combinations. The acquisition date is the date on which the acquirer obtains control over the acquiree. An investor controls an investee when it is exposed or has rights to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Substantive rights held by the Group and by others are taken into account in assessing control. The Group recognizes goodwill at acquisition according to the fair value of the consideration transferred including any amounts recognized in respect of non-controlling interests in the acquiree less the net amount of the identifiable assets acquired and the liabilities assumed. The consideration transferred includes the fair value of the assets transferred to the previous owners of the acquiree and the liabilities incurred by the acquirer to the previous owners of the acquiree. In a step acquisition, the difference between the acquisition date fair value of the Group’s pre-existing equity rights in the acquiree and the related carrying amount at that date is recognized in profit or loss under other income or expenses. Costs associated with the acquisition that were incurred by the acquirer in the business combination such as: finder’s fees, advisory, legal, valuation and other professional or consulting fees are expensed in the period the services are received. (ii) Subsidiaries Subsidiaries are entities controlled by the Group. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. The accounting policies of subsidiaries have been changed when necessary to align them with the policies applied by the Group. (iii) Non-controlling interests Non-controlling interests reflects the equity of a subsidiary that cannot be attributed, directly or indirectly, to the parent company. Measurement of non-controlling interests on the date of the business combination Non-controlling interests that are instruments that give rise to a present ownership interest and entitle the holder to a share of net assets in the event of liquidation (for example: ordinary shares), are measured at the date of the business combination at either fair value or their proportionate interest in the identifiable assets and liabilities of the acquiree, on a transaction-by-transaction basis. Allocation of profit or loss and other comprehensive income to the shareholders Profit or loss and any part of other comprehensive income are allocated to the owners of the Company and the non-controlling interests, even when this results with a negative balance of the non-controlling interests. (iv) Loss of control Upon the loss of control, the Group derecognizes the assets and liabilities of the subsidiary, any non-controlling interests and the other components of equity related to the subsidiary. If the Group retains any interest in the former subsidiary, then such interest is measured at fair value at the date that control is lost. The difference between; (i) the sum of the proceeds and fair value of the retained interest, and (ii) the derecognized balances, is recognized in profit or loss under other income or other expenses. Subsequently the retained interest is accounted for as an equity-accounted investee or as a financial asset in accordance with the provisions of IAS 28 and IFRS 9, depending on the level of influence retained by the Group in the former subsidiary. The amounts recognized in capital reserves through other comprehensive income with respect to the former subsidiary are reclassified to profit or loss or to retained earnings in the same manner that would have been applicable if the subsidiary had itself realized the same assets or liabilities. (v) Investment in associates Associates are those entities in which the Group has significant influence, but not control or joint control, over the financial and operating activities. Significant influence is presumed to exist when the Group holds between 20% and 50% of voting rights in another entity. In assessing significant influence, potential voting rights that are currently exercisable or convertible into shares of the investee are taken into account. Associates are accounted for using the equity method (equity accounted investees) and are recognized initially at cost. The cost of the investment includes transaction costs. The consolidated financial statements include the Company’s share of the income and expenses in profit or loss and of other comprehensive income of equity accounted investees, after adjustments to align the accounting policies with those of the Company, from the date that significant influence commences until the date that significant influence ceases. When the Company’s share of losses exceeds its interest in an equity accounted investee, the carrying amount of that interest, including any long-term interests that form part thereof, is reduced to zero. When the Company’s share of long-term interests that form a part of the investment in the investee is different from its share in the investee’s equity, the Group continues to recognize its share of the investee’s losses, after the equity investment was reduced to zero, according to its economic interest in the long-term interests, after the aforesaid interests were reduced to zero. The recognition of further losses is discontinued except to the extent that the Group has an obligation to support the investee or has made payments on behalf of the investee. ? (vi) Change in interest held in associated companies while retaining significant influence When the Group increases its interest in an associated company accounted for by the equity method while retaining significant influence, it implements the acquisition method only with respect to the additional interest obtained whereas the previous interest remains the same. When there is a decrease in the interest in an associated company accounted for by the equity method while retaining significant influence, the Group derecognizes a proportionate part of its investment and recognizes in profit or loss a gain or loss from such decrease in interest. (vii) Loss of significant influence The application of the equity method is discontinued from the date the group loses significant influence in an associate and the retained investment is accounted as a financial asset or a subsidiary, as relevant. On the date of losing significant influence, any retained interest it has in the former associate is measured at fair value. Any difference between the sum of the fair value of the retained interest and any proceeds received from the partial disposal of the investment in the associate, and the carrying amount of the investment on that date, are recognized in profit or loss. Amounts recognized in equity through other comprehensive income with respect to such associates are reclassified to profit or loss or to retained earnings in the same manner that would have been applicable if the associate had itself disposed the related assets or liabilities. (viii) Transactions eliminated in consolidation Intra-group balances and transactions and any unrealized income and expenses arising from intra-group transactions are eliminated. Unrealized gains arising from transactions with associates are eliminated to the extent of the Group’s interest in the associate. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment. |
Foreign currency | (b) Foreign currency (i) Foreign currency transactions Transactions in foreign currencies are translated to the respective functional currency of Group entities at exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated to the functional currency at the exchange rate at that date. The foreign currency gain or loss on monetary items is the difference between amortized cost in the functional currency at the beginning of the period, adjusted for effective interest and payments during the period, and the amortized cost in foreign currency translated at the exchange rate at the end of the period. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are translated to the functional currency at the exchange rate at the date that the fair value was determined. Foreign currency differences arising from retranslation of those assets and liabilities are recognized in profit or loss. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of their recognition. (ii) Foreign operations The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition, are translated into United States dollars at exchange rates at the reporting date. The income and expenses of foreign operations are translated to United States dollars at exchange rates at the dates of the transactions. Foreign currency differences are recognized in other comprehensive income, and presented in the foreign currency translation reserve (translation reserve) in equity. However, if the operation is a non-wholly-owned subsidiary, then the relevant proportionate share of the translation difference is allocated to the non-controlling interests. |
Financial instruments | (c) Financial instruments (iii) Non-derivative financial assets Initial recognition of financial assets The Group initially recognizes receivables, deposits and loans on the date that they are originated. All other financial assets acquired in a regular way purchase, are recognized initially on the trade date which is the date that the Group becomes a party to the contractual provisions of the instrument. A financial asset is initially measured at fair value plus transaction costs that are directly attributable to the acquisition or issuance of the financial asset, unless subsequently measured at fair value. A trade receivable without a significant financing component is initially measured at the transaction price. Classification of financial assets into categories and the accounting treatment of each category The Group’s non-derivative financial instruments include investments in debt and equity securities, trade and other receivables and cash and cash equivalents, classified at initial recognition to one of the following measurement categories: (i) amortized cost,; (ii) fair value through other comprehensive income – investments in debt instruments,; (iii) fair value through other comprehensive income – investments in equity instruments,; or (iv) fair value through profit or loss. A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated at fair value through profit or loss: (i) it is held within a business model whose objective is to hold assets to collect contractual cash flows; and (ii) the contractual terms of the financial asset give rise to cash flows representing solely payments of principal and interest on specified dates. A financial asset is measured at fair value through other comprehensive income if it meets both of the following conditions and is not designated at fair value through profit or loss: (i) it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and (ii) the contractual terms of the debt instrument give rise to cash flows representing solely payments of principal and interest on specified dates. All financial assets not classified as measured at amortized cost or fair value through other comprehensive income as described above, as well as financial assets designated at fair value through profit or loss, are measured at fair value through profit or loss. The Group’s balances of trade and other receivables and deposits are held within a business model whose objective is collecting the contractual cash flows. The contractual cash flows of these financial assets represent solely payments of principal and interest that reflects consideration for the time value of money and the credit risk. Accordingly, these financial assets are subsequently measured at amortized cost. The Group classifies its investment instruments according to the objectives of the business model within which the instruments are held, at the level of the portfolio. Such assessment considers the Company's stated policies and objectives for the portfolio and management's considerations in evaluating its performance, as well as the frequency, volume and timing of purchases and disposals of the portfolio's financial assets, in prior periods and per future expectations. Impairment of financial assets Provisions for expected credit losses of financial assets measured at amortized cost are recognized in profit or loss and deducted from the gross carrying amount of the financial assets. Provisions for expected credit losses of financial assets measured at fair value through other comprehensive income, reflecting an increase in credit risk since the initial recognition of such assets, are recognized in profit or loss and deducted from other comprehensive income. Impairment losses related to financial assets, including trade and other receivables, are presented under financing expenses. Derecognition of financial assets The Group derecognizes a financial asset when the contractual rights of the Group to the cash flows from the asset expire or the Group transfers the rights to receive the contractual cash flows from the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. Subsequent measurement and gains and losses Financial assets at fair value through profit or loss - These assets are subsequently measured at fair value. Net gains and losses, including any interest income or dividend income, are recognized in profit or loss. Investments in equity instruments at fair value through other comprehensive income - These assets are subsequently measured at fair value. Dividends are recognized as income in profit or loss, unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognized in other comprehensive income and are never reclassified to profit or loss. ? Financial assets at amortized cost - These assets are subsequently measured at amortized cost using the effective interest method. The amortized cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognized in profit or loss. Any gain or loss on derecognition is recognized in profit or loss. Investments in debt instruments at fair value through other comprehensive income - These assets are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognized in profit or loss. Other net gains and losses are recognized in other comprehensive income. On derecognition, gains and losses accumulated in other comprehensive income are reclassified to profit or loss. Cash and cash equivalents Cash and cash equivalents include cash balances available for immediate use and call deposits. Cash equivalents are short-term highly liquid investments (with original maturities of three months or less) that are readily convertible into known amounts of cash and are exposed to insignificant risks of change in value. (iv) Non-derivative financial liabilities The Group’s non-derivative financial liabilities include lease liabilities, loans and borrowings from banks and others, and trade and other payables. Financial liabilities are recognized initially on the trade date at which the Group becomes a party to the contractual provisions of the instrument. Financial liabilities are derecognized when the obligation of the Group, as specified in the agreement, expires or when it is discharged or cancelled. Financial liabilities are recognized initially at fair value less any directly attributable transaction costs. Subsequent to initial recognition, these financial liabilities are measured at amortized cost using the effective interest method. With respect to a lease liability, the Company also remeasures its carrying amount to reflect reassessments and/or modifications of the lease (see also Note 3(d)(ii)). Debt modifications An exchange of debt instruments having substantially different terms, or a substantial modification of terms of a debt instrument, between an existing borrower and lender is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability at fair value. The difference between the carrying amount of the original financial liability and the fair value of the new financial liability is recognized in profit or loss as part of the financial income or expenses. Any costs incurred in relation to such modifications are recognized in profit or loss as part of the financial income or expenses. The terms are substantially different if the discounted present value of the cash flows according to the new terms, including any commissions paid, less any commissions received and discounted using the original effective interest rate, is different by at least ten percent from the discounted present value of the remaining cash flows of the original financial liability. In addition to the aforesaid quantitative criterion, the Group examines, inter alia, whether there have also been changes in various economic parameters inherent in the exchanged debt instruments. In the case of insubstantial change in terms, the new cash flows are discounted at the original effective interest rate, with the difference between the present value of the financial liability with the new terms and the present value of the original financial liability being recognized in profit or loss. Offset of financial instruments Financial assets and liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group currently has a legal right to offset the amounts and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously. (v) Derivative financial instruments Derivatives are recognized initially at fair value; attributable transaction costs are recognized in profit or loss as incurred. Subsequent to initial recognition, derivatives, including embedded derivatives presented separately, are measured at fair value and changes therein are recognized in profit or loss. (vi) Financial guarantees A financial guarantee is initially recognized at fair value. In subsequent periods a financial guarantee is measured at the higher of the amount recognized in accordance with the guidelines of IFRS 9 and the liability initially recognized after being amortized in accordance with IFRS 15. Any resulting adjustment of the liability is recognized in profit or loss. (vii) Share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognized as a deduction from equity, net of any tax effects. |
Vessels, containers, handling equipment and other tangible assets | (d) Vessels, containers, handling equipment and other tangible assets (i) Owned assets V essels, containers, handling equipment and other tangible assets are stated at cost less accumulated depreciation (see below) and accumulated impairment losses (see Note 3(f)). The cost of inspecting a vessel (dry-docking), that needs to be performed after a number of years of operation (usually once every five years), is separated from the cost of the vessel and depreciated according to the period until the following inspection. The Company’s management believes that there is no other material separate component whose contractual period of use is different from the contractual period of use of the whole vessel. Gains and losses on disposal of vessels, containers, handling equipment and other tangible assets are determined by the difference between the net consideration from disposal and the carrying amount of these items and are recognized, on a net basis, within 'other operating income / expenses' in profit or loss. Subsequent costs The Group recognises within the carrying amount of an asset (vessel, container, handling equipment or other tangible asset), the cost of replacing part of such an asset, when that cost is incurred, if it is probable that the future economic benefits embodied with such part will flow to the Group and the cost of the part can be measured reliably (while the carrying amount of the replaced part is derecognized). Material improvements that increase the economic benefits expected from the assets are capitalised as part of their cost. All other costs are recognized in the income statement as an expense as incurred. Depreciation Depreciation is a systematic allocation of the depreciable amount of an asset over its useful life. The depreciable amount is the cost of the asset, or other amount substituted for cost, less its residual value. An asset is depreciated from the date it is ready for use, meaning the date it reaches the location and condition required for it to operate in the manner intended by management. Depreciation is recognized in profit and loss on a straight-line basis over the estimated useful life of each part of the asset (vessel, container, handling equipment or other tangible asset). Freehold land is not depreciated. The estimated useful lives of vessels, containers, handling equipment and other tangible assets are as follows (taking into account a residual value of mainly 10%-20% of the cost of the assets, where applicable): ? ? years 1. Vessels ? Mainly 25 (*) ? 2. Containers ? Mainly 13-15 (*) ? 3. Chassis ? 30 ? 4. Other equipment ? 13 ? 5. Dry docking for owned vessels ? Up to 5 ? (*) As part of its periodical review of estimates, the Company reassessed and revised its estimates in respect of dry containers, by extending their average useful life from 13 to 15 years and increasing their residual value from 10% to 20% of historical cost. In addition, considering expectations in respect of future environmental regulations, the Company reassessed and revised its estimates in respect of the useful life of certain older vessels, from 25 years to 22 years. The above revised estimates resulted with a net reduction of US$ 7 million in depreciation expenses for the second half of 2022. The estimated useful lives of other tangible assets for the current and comparative periods are as follows: ? years 1. Buildings ? 25 ? ? 2. Computer systems and communication equipment ? 4 7 (Mainly 5 years) ? 3. Other ? 5 15 ? ? ? Depreciation methods, useful life and residual values are reviewed at each reporting date. (ii) Leased (Right-of-use) assets A lease, in accordance with IFRS 16, defined as an arrangement that conveys the right to control the use of an identified asset for a period of time in exchange for consideration, is initially recognized on the date in which the lessor makes the underlying asset available for use by the lessee. Upon initial recognition, the Company recognizes a lease liability at the present value of the future lease payments during the lease term and concurrently recognizes a right-of-use asset at the same amount of the liability, adjusted for any prepaid and/or initial direct costs incurred in respect of the lease. The present value is calculated using the implicit interest rate of the lease, or the Company’s incremental borrowing rate applicable for such lease, when the implicit rate is not readily determinable. The lease term is the non-cancellable period of the lease, considering extension and/or termination options which are reasonably certain to apply (see also Note 4(i)(a)). Following recognition, the Company depreciates a right-of-use asset on a straight-line basis (see below), as well as adjust its value to reflect any re-measurement of its corresponding lease liability or any impairment losses in accordance with IAS 36. The Company chose to apply the available exemptions, with respect certain assets or asset classes, for short-term leases and leases of low-value assets, as well as the expedient for the inclusion of non-lease components in the accounting of a lease. Lease modifications When a lease modification increases the scope of the lease by adding a right to use one or more underlying assets, and the consideration for the lease increased by an amount commensurate with the stand-alone price for the increase in such circumstances, the Group accounts for the modification as a separate lease. When the Group doesn’t account the modification as a separate lease, on the initial date of the lease modification, the Group determines the revised terms and measures the lease liability by discounting the revised lease payments using a revised discount rate, against the right-of-use asset. For lease modifications that includes a decrease in scope of the lease, as a preceding step and before remeasuring the lease liability against the right-of-use asset, the Group first recognizes a decrease in the carrying amount of the right-of-use asset (on a pro-rata basis) and the lease liability (considering the revised lease payments and the pre-modification discounting rate), in order to reflect the partial or full cancellation of the lease, with the net change recognized in profit or loss. Sale and lease-back The Group applies the requirements of IFRS 15 to determine whether an asset transfer is accounted for as a sale. If an asset transfer satisfies the requirements of IFRS 15 to be accounted for as a sale, the Group measures the right-of-use asset arising from the leaseback at the proportion of the previous carrying amount that relates to the right of use retained by the Group. Accordingly, the Group only recognizes the amount of gain or loss that relates to the rights transferred. If the asset transfer does not satisfy the requirements of IFRS 15 to be accounted for as a sale, the Group accounts the transaction as secured borrowing. Depreciation Right-of-use assets are depreciated over the lease term, or their useful lives (considering residual value, if applicable), if it is reasonably certain that the Group will obtain ownership by the end of the lease term. The term of leases in which the Group is engaged with, are as follows: ? ? years 1. Vessels ? 1 - 6 ? 2. Containers ? 1 - 13 ? 3. Buildings, vehicles and other assets ? Mainly 1 - 8 ? |
Intangible assets | (e) Intangible assets (i) Goodwill Goodwill that arises upon the acquisition of subsidiaries is presented as part of intangible assets. Subsequent to its’ initial recognition, goodwill is measured at cost less accumulated impairment losses. (ii) Research and development of software Development activities involve a plan or design for the production of new or substantially improved processes. Development expenditures are capitalized only if development costs can be measured reliably, the product or process is technically, commercially feasible, future economic benefits are probable, and the Group intends to and has sufficient resources to complete development and to use the asset. The expenditures capitalized include the cost of direct labour and overhead costs that are directly attributable to preparing the asset for its intended use. Other development expenditures are recognized in profit or loss as incurred. In subsequent periods, capitalized development expenditures are measured at cost less accumulated amortization and accumulated impairment losses. ? (iii) Software The Group’s assets include computer systems consisting of hardware and software. The licenses for the software, which are considered to be a separate item, adding functionality to the hardware, are classified as intangible assets. (iv) Subsequent expenditures Subsequent expenditure is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditures, including expenditures on internally generated goodwill and brands, are recognized in profit or loss as incurred. (v) Amortization Amortization is a systematic allocation of the amortizable amount of an intangible asset over its useful life. The amortizable amount is the cost of the asset, or other amount substituted for cost, less its residual value. Amortization is recognized in profit or loss on a straight-line basis over the estimated useful lives of intangible assets, other than goodwill, from the date that they are available for use. The estimated useful lives for the current and comparative periods are as follows: ? Software 5 years ? Capitalised software development costs ? 5-8 years ? ? Amortization methods, useful life and residual values are reviewed at each reporting date. |
Impairment | (f) Impairment (i) The Group recognizes a credit loss when it determines that the credit risk of a financial asset has increased significantly since initial recognition. An impairment loss is calculated as the difference between the financial asset’s carrying amount and the present value of its estimated (probability-weighted, where applicable) future cash flows discounted at the original effective interest rate. Provisions for expected credit losses of financial assets measured at amortized cost are recognized in profit or loss and deducted from the gross carrying amount of the financial assets. For investments in debt instruments at fair value through other comprehensive income, provisions for expected credit losses are recognized in profit or loss and deducted through other comprehensive income and do not reduce the carrying amount of the financial asset. An impairment loss is reversed if the reversal can be related objectively to an event occurring after the impairment loss was recognized. The reversal is recognized in profit or loss. (ii) Non-financial assets For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (hereinafter: cash-generating unit, or “CGU”). The recoverable amount of an asset or cash-generating unit is the greater of its value-in-use and its fair value less costs to sell. The carrying amounts of the Group’s non-financial assets, other than inventories and deferred tax assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the CGU’s recoverable amount is estimated. An impairment loss is recognized if the carrying amount of the Company's cash-generating unit exceeds its estimated recoverable amount. Impairment losses are recognized in profit or loss. Impairment losses are allocated first to reduce the carrying amount of any goodwill allocated to the cash-generating unit and then to reduce the carrying amount of the other assets in that unit, on a pro rata basis (considering that the carrying amount of each individual asset will not be reduced below the greater of its value-in-use and its fair value less costs to sell). An impairment loss is allocated between the owners of the Company and the non-controlling interests on the same basis that the profit or loss is allocated. An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognized in prior periods are re-assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized. |
Employee benefits | (g) Employee benefits (i) Post-employment benefits The Group has a number of post-employment benefit plans. The plans are usually financed by deposits with insurance companies or with funds managed by a trustee, and they are classified as defined contribution plans and as defined benefit plans. (a) Defined contribution plans A defined contribution pension plan is a post-employment benefit plan under which an entity pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognized as an employee benefit expense in profit or loss in the periods during which related services rendered by employees. (b) Defined benefit plans A defined benefit plan is a post-employment benefit plan other than a defined contribution plan. The Group’s net obligation in respect of defined benefit pension plans is calculated separately for each plan by estimating the amount of future benefit that employees have earned in return for their service in the current and prior periods. That benefit is discounted to determine its present value, and the fair value of any plan assets is deducted. The Group determines the net interest expense (income) on the net defined benefit liability (asset) for the period by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period to the then-net defined benefit liability (asset). The discount rate is the yield at the reporting date on high grade corporate bonds denominated in the same currency, that have maturity dates approximating the terms of the Group’s obligations. The calculation is performed by a qualified actuary using the projected unit credit method. When the calculation results in a net asset for the Group, an asset is recognized up to the net present value of economic benefits available in the form of a refund from the plan or a reduction in future contributions to the plan. An economic benefit in the form of refunds or reductions in future contributions is considered available when it can be realized over the life of the plan or after settlement of the obligation. Gains or losses resulting from settlements of a defined benefit plan are recognized in profit or loss. The Group recognizes immediately, directly in other comprehensive income, all actuarial gains and losses arising from defined benefit plans. (ii) Termination benefits Termination benefits are recognized as an expense when the Group is committed demonstrably, without realistic possibility of withdrawal, to a formal detailed plan to terminate employment before the normal retirement date, or to provide termination benefits as a result of an offer made to encourage voluntary redundancy. Termination benefits for voluntary redundancies are recognized as an expense if the Group has made an offer of voluntary redundancy, it is probable that the offer will be accepted, and the number of acceptances can be estimated reliably. If benefits are payable more than 12 months after the reporting period, then they are discounted to their present value. The discount rate is the yield at the reporting date on high grade corporate bonds denominated in the same currency, that have maturity dates approximating the terms of the Group’s obligations. (iii) Other long-term benefits The Group’s net obligation in respect of long-term service benefits, other than pension plans, is the amount of future benefits that employees have earned in return for their service in the current and prior periods; that benefit is discounted to determine its present value, and the fair value of any related assets is deducted. The discount rate is the yield at the reporting date on long-term high grade corporate bonds denominated in the same currency, that have maturity dates approximating to the terms of the Group’s obligations. The calculation is performed using the projected unit credit method. Any actuarial gains or losses are recognized in profit or loss in the period in which they arise. (iv) Short-term benefits Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related employees’ services are provided. The employee benefits are classified, for measurement purposes, as short-term benefits or as other long-term benefits depending on when the Group expects the benefits to be settled. (v) Share-based compensation The grant date fair value of share-based compensation awards granted to employees is recognized as a salary expense, with a corresponding increase in equity, over the period that the employees become unconditionally entitled to the awards. The amount recognized as an expense in respect of share-based compensation awards that are conditional upon meeting service and non-market performance conditions, is adjusted to reflect the number of awards that are expected to vest. If the terms of an award previously granted are modified by increasing the fair value of the equity instruments granted, such incremental fair value, measured immediately before and after the modification, is recognized for the grantee’s services as a salary expense, over the period from the modification date and until the modified equity instruments are fully vested. |
Provisions | (h) Provision s A provision is recognized if, as a result of a past event, the Group has a present legal or constructive obligation that can be estimated reliably, and it is more likely than not that an outflow of economic benefits will be required to settle the obligation. The Group recognizes a reimbursement asset if, and only if, it is virtually certain that the reimbursement will be received if the Company settles the obligation. The amount recognized in respect of the reimbursement does not exceed the amount of the provision. Legal matters The Financial Statements includes appropriate provisions in respect of legal matters involving the Group which, in the opinion of the Group's management, based, among others, on the opinion of its legal advisers retained in respect of those matters, is more likely than not that an outflow of economic benefits will be required to settle the obligation and the amount of obligation can be estimated reliably. Note 27 includes details of additional exposure due to contingent legal matters, where the amounts might be significant. |
Revenue Recognition from shipping services and related expenses | (i) Revenue Recognition from shipping services and related expenses Revenue from containerized and non-containerized cargo The Group considers each freight transaction as comprised of one performance obligation, recognized per the time-based portion completed as at the reporting date. The operating expenses related to cargo traffic are recognized immediately as incurred. If the expected incremental and other direct costs related to the cargo exceed its expected related revenue, a provision for onerous contracts is recognized through profit or loss, in accordance with IAS 37. With respect to presentation and in accordance with IFRS 15 guidance, the Company recognizes “Contract assets”, reflecting receivables (not eligible to be classified as a financial asset, i.e. as trade receivables) and “Contract liabilities”, reflecting obligation to provide services, both with respect to engagements with customers, not yet completed as at the respective reporting date. Contract assets and contract liabilities relating to the same contract are to be presented on a net basis in the statement of financial position. However, trade receivables and contract liabilities deriving from the same contract are to be presented on a gross basis in the statement of financial position. Revenue from demurrage Revenues from demurrage and detentions for containers are accounted as separate performance obligation and recognized over time, up until the time of the customer’s late return or pick-up of containers. Revenue from value-added services Revenues from value-added services provided to the customers by the Company and its agencies, such as documents handling, customs, duties etc., are accounted as separate performance obligation and recognized when the service is rendered. Cooperation agreements Non-monetary exchange of slots with other shipping companies in order to facilitate sale of services to customers are not accounted as revenues. |
Finance income and expenses | (j) Finance income and expenses Finance income ordinarily includes interest income recognized in profit or loss as it accrues, using the effective interest method. Finance expenses include mainly interest expense in respect of lease liabilities and borrowings and impairment losses recognized on trade and other receivables. Foreign currency gains and losses are reported on a net basis. In the statements of cash flows, interest received and dividends received are presented as part of cash flows from operating activities. Interest paid and dividends paid are presented as part of cash flows from financing activities. |
Income taxes | (k) Income taxes Income taxes include current and deferred taxes. Current taxes and deferred taxes are recognized in profit or loss except to amounts relate to items recognized directly in equity or in other comprehensive income, to the extent they relate to such items. Current taxes are the taxes payable on the taxable income for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Deferred taxes are recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and their corresponding amounts used for taxation purposes. Deferred taxes are not recognized for the following temporary differences: (i) the initial recognition of goodwill, (ii) the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit, and (iii) differences relating to investments in subsidiaries, associates and joint arrangements, to the extent that the Group is able to control the timing of the reversal of the temporary difference and it is probable that they will not reverse in the foreseeable future, either by way of selling the investment or by way of distributing dividends by the investee. Deferred taxes are measured at the tax rates that are expected to be applied to the temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. A deferred tax asset is recognized only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised, or to the extent it can be utilized in future periods against taxable temporary differences (i.e. deferred tax liabilities). Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised. Additional income taxes that arise from the distribution of dividends are recognized in profit or loss when the liability to pay the related dividends is recognized by the distributing company. Current tax balances and deferred tax balances, and movements therein, are presented separately from each other and are not offset. Current tax assets are offset against current tax liabilities, and deferred tax assets against deferred tax liabilities if, the Company or the Group has the legally enforceable right to set off current tax assets against current tax liabilities and the following additional conditions are met: - In the case of current tax assets and liabilities, the Company or the Group intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously; or - In the case of deferred tax assets and liabilities, if they relate to income taxes levied by the same taxation authority on either; - The same taxable entity; or - Different taxable entities, which, in each future period in which significant amounts of deferred tax liabilities or assets are contractual to be settled or recovered, intend to realise the current tax assets and settle the current tax liabilities on a net basis or realise and settle simultaneously. |
Earnings (losses) per share | (l) Earnings (losses) per share The Group presents basic and diluted earnings (losses) per share (EPS) data for its ordinary shares. Basic EPS is calculated by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the year. Diluted EPS is determined by adjusting the profit or loss attributable to ordinary shareholders of the Company and the weighted average number of ordinary shares outstanding, for the effects of all dilutive potential ordinary shares, if any. Share splits (or reversed splits) in effect as of the financial statements issuance date are applied to all presented periods. |
Transactions with controlling shareholder | (m) Transactions with controlling shareholder Assets and liabilities included in a transaction with a controlling shareholder are measured at fair value on the date of the transaction, with the difference between the fair value and the consideration from the transaction recorded in the Company’s equity. |
Government grants | (n) Government grants Government grants are recognized initially when there is reasonable assurance that they will be received and the Group will comply with the conditions associated with the grant. Grants received from the Government of Israel with respect to the cost of employing Israeli resident sailors on Israeli vessels during 2020 were deducted from the salary costs. |
Inventories | (o) Inventories Inventories are measured at the lower of cost and net realizable value. The cost of inventories is based on the moving average principle, and mainly includes fuel on board. |
Non-current assets and disposal groups held for sale | (p) Non-current assets and disposal groups held for sal e Non-current assets are classified as held for sale if it is highly probable that they will be recovered primarily through a sale transaction and not through continuing use. Immediately before classification as held for sale, the assets are remeasured in accordance with the Group’s accounting policies. Thereafter, the assets are measured at the lower of their carrying amount and fair value less cost to sell. In subsequent periods, depreciable assets classified as held for sale are not periodically depreciated. Impairment losses recognized on initial classification as held for sale, and subsequent gains or losses on remeasurement, are recognized in profit or loss. |
Significant accounting polici_3
Significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Significant accounting policies | |
Schedule of estimated useful lives of vessels, containers, handling equipment and other tangible assets | ? years 1. Vessels ? Mainly 25 (*) ? 2. Containers ? Mainly 13-15 (*) ? 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 (Mainly 5 years) ? 3. Other ? 5 15 ? ? ? |
Schedule of term of leases in which the Group is engaged with | ? years 1. Vessels ? 1 - 6 ? 2. Containers ? 1 - 13 ? 3. Buildings, vehicles and other assets ? Mainly 1 - 8 ? |
Schedule of estimated useful lives of intangible assets | Software 5 years ? Capitalised software development costs ? 5-8 years ? |
Vessels, containers, handling_2
Vessels, containers, handling equipment and other tangible assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Vessels, containers, handling equipment and other tangible assets | |
Schedule of components and movements during the period of vessels, containers, handling equipment and other tangible assets | Cost: Balance at Additions Disposals Lease Effect of Balance at US $ in millions Vessels 4,192.2 2,449.0 71.5 6,712.7 Containers and equipment 1,870.4 115.0 (60.8 ) (33.8 ) 1,890.8 Computer systems and communication equipment 52.0 8.5 (7.1 ) 7.5 (0.5 ) 60.4 Other property and equipment 137.4 40.0 (3.3 ) (2.3 ) 171.8 Total 6,252.0 2,612.5 (71.2 ) 45.2 (2.8 ) 8,835.7 Depreciation and impairment charges: Balance at January 1, 2022 Depreciation Disposals Lease modifications and terminations Effect of movements in exchange rates Balance at December 31, 2022 US $ in millions Vessels 1,259.3 1,204.4 (160.9 ) 2,302.8 Containers and equipment 582.2 155.4 (52.6 ) (35.9 ) 649.1 Computer systems and communication equipment 40.1 7.5 (7.1 ) (0.3 ) 40.2 Other property and equipment 80.4 17.5 (3.0 ) (1.4 ) 93.5 Total 1,962.0 1,384.8 (62.7 ) (196.8 ) (1.7 ) 3,085.6 Payments on account 102.5 1.1 Net carrying amounts: Balance at January 1, 2022 Balance at December 31, 2022 US $ in millions US $ in millions Vessels 2,932.9 4,409.9 Payments on account, net 24.9 2,957.8 4,409.9 Containers and equipment 1,288.2 1,241.7 Payments on account, net 77.6 1.1 1,365.8 1,242.8 Computer systems and communication equipment 11.9 20.2 Other property and equipment 57.0 78.3 68.9 98.5 Total 4,392.5 5,751.2 (*) Mostly related to right-of-use assets (see also Note 7). Cost: Balance at Additions Disposals Lease Effect of Balance at US $ in millions Vessels 1,595.6 1,778.5 818.1 4,192.2 Containers and equipment 983.3 862.3 (15.5 ) 40.3 1,870.4 Computer systems and Communication equipment 60.5 5.4 (14.7 ) 0.8 52.0 Other property and equipment 118.6 19.2 (1.2 ) 0.9 (0.1 ) 137.4 Total 2,758.0 2,665.4 (31.4 ) 860.1 (0.1 ) 6,252.0 Depreciation and impairment charges: Balance at Depreciation Disposals Lease Effect of Balance at US $ in millions Vessels 647.6 611.7 1,259.3 Containers and equipment 462.4 133.4 (11.1 ) (2.5 ) 582.2 Computer systems and Communication equipment 47.6 7.1 (14.6 ) 40.1 Other property and equipment 64.3 17.4 (1.0 ) (0.3 ) 80.4 Total 1,221.9 769.6 (26.7 ) (2.5 ) (0.3 ) 1,962.0 Payments on account 102.5 Net carrying amounts: Balance at January 1, 2021 Balance at December 31, 2021 US $ in millions US $ in millions Vessels 948.0 2,932.9 Payments on account, net 24.9 948.0 2,957.8 Containers and equipment 520.9 1,288.2 Payments on account, net 77.6 520.9 1,365.8 Computer systems and Communication equipment 12.9 11.9 Other property and equipment 54.3 57.0 67.2 68.9 Total 1,536.1 4,392.5 (*) Mostly related to right-of-use assets (see also Note 7). |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about intangible assets [abstract] | |
Schedule of components and movements during the period in intangible assets | Cost: Balance at Additions Effect of Balance at US $ in millions Goodwill 6.3 4.0 (0.7 ) 9.6 Software (mostly development costs) 211.6 27.3 (0.1 ) 238.8 Other intangible assets 4.5 4.5 Total 222.4 31.3 (0.8 ) 252.9 Amortization and impairment losses: Balance at Amortization Effect of Balance at US $ in millions Goodwill Software (mostly development costs) 145.6 10.4 (0.1 ) 155.9 Other intangible assets 3.0 1.1 4.1 Total 148.6 11.5 (0.1 ) 160.0 Net carrying amounts: Balance at Balance at US $ in millions US $ in millions Goodwill 6.3 9.6 Software (mostly development costs) 66.0 82.9 Other intangible assets 1.5 0.4 Total 73.8 92.9 Cost: Balance at 2021 Additions Disposals Effect of Balance at US $ in millions Goodwill 7.6 (1.3 ) 6.3 Software (mostly development costs) 194.5 17.1 211.6 Dry docking 4.5 (4.5 ) Other intangible assets 3.4 1.1 4.5 Total 210.0 18.2 (4.5 ) (1.3 ) 222.4 Amortization and impairment losses: Balance at 2021 Amortization Disposals Effect of Balance at US $ in millions Goodwill Software (mostly development costs) 136.3 9.3 145.6 Dry docking 4.5 (4.5 ) Other intangible assets 2.7 0.3 3.0 Total 143.5 9.6 (4.5 ) 148.6 Net carrying amounts: Balance at Balance at US $in millions US $in millions Goodwill 7.6 6.3 Software (mostly development costs) 58.2 66.0 Dry docking Other intangible assets 0.7 1.5 Total 66.5 73.8 ? |
Schedule of increase (decrease) in the recoverable amount of cash generating unit | Increase Decrease By 100 bps US $ in millions Discount rate (625 ) 766 Terminal growth rate 512 (406 ) |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases | |
Schedule of components of right-of-use assets | (a) Right-of-use-assets Containers equipment Buildings, and other assets Vessels Total US $ in millions Balance as at January 1, 2022 2,720.2 458.6 47.6 3,226.4 Additions 2,184.6 22.5 2,207.1 Depreciation (1,170.0 ) (80.5 ) (18.4 ) (1,268.9 ) Other (*) 232.5 1.9 6.3 240.7 Balance as at December 31, 2022 3,967.3 380.0 58.0 4,405.3 Containers equipment Buildings, and other assets Vessels Total US $ in millions Balance as at January 1, 2021 826.7 466.1 47.9 1,340.7 Additions 1,677.5 85.1 16.3 1,778.9 Depreciation (602.1 ) (89.2 ) (18.5 ) (709.8 ) Other (*) 818.1 (3.4 ) 1.9 816.6 Balance as at December 31, 2021 2,720.2 458.6 47.6 3,226.4 (*) Mainly modifications, see also Note 5. |
Schedule of maturity analysis of the Group's lease liabilities | (b) Maturity analysis of the Group's lease liabilities As at December 31 2022 2021 US $ in millions Less than one year 1,380.8 893.0 One to five years 2,652.8 1,981.5 More than five years 125.9 197.2 Total 4,159.5 3,071.7 ? |
Schedule of amounts recognized in profit or loss | (c) Amounts recognized in profit or loss 2022 2021 US $ in millions Interest expenses related to lease liabilities 206.0 139.6 Expenses relating to short-term leases: Vessels 101.6 71.7 Containers 34.3 36.6 ? |
Schedule of amounts recognized in the statement of cash flows | (d) Amounts recognized in the statement of cash flows 2022 2021 US $ in millions Cash outflow related to lease liabilities 1,564.1 877.8 ? |
Trade and other receivables (Ta
Trade and other receivables (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Trade and other receivables. | |
Schedule of components of trade and other receivables | 2022 2021 US $ in millions Non-current other receivables 112.1 107.2 Current trade and other receivables Trade receivables 671.5 1,178.0 Other receivables Insurance recoveries (see also Note 15) 23.9 7.7 Government institutions 11.9 14.9 Prepaid expenses 24.9 55.8 Other receivables 93.5 21.6 154.2 100.0 825.7 1,278.0 (*) As at December 31, 2022, mainly includes interest receivables and receivables related to vessel owners. |
Other investments (Tables)
Other investments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other investments | |
Schedule of other investments | 2022 2021 US $ in millions Non-current investments Financial instruments and other financial assets at fair value through other comprehensive income (*) 1,358.4 162.9 Financial assets at fair value through profit or loss (*) 11.2 2.3 Other 3.6 4.0 1,373.2 169.2 Current investments Bank deposits and other financial assets at amortized cost 2,017.4 2,123.1 Financial assets at fair value through profit or loss (*) 0.7 1.1 Financial instruments at fair value through other comprehensive income (*) 215.0 20.3 2,233.1 2,144.5 |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Cash and cash equivalents. | |
Schedule of cash and cash equivalents | 2022 2021 US $ in millions Bank balances and cash in hand 372.7 499.3 Demand deposits 649.4 1,044.0 1,022.1 1,543.3 |
Capital and reserves (Tables)
Capital and reserves (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Schedule of share capital | 2022 2021 Number of ordinary shares (issued and paid up): Balance at the beginning of the year 119,743,188 100,000,000 Issued in consideration of cash (public offering) 15,000,000 Exercise of share options (cashless) 406,733 4,743,188 Balance at the end of the year 120,149,921 119,743,188 |
Schedule of reconciliation of outstanding share options | 2022 2021 Issuable shares Weighted average exercise price Issuable shares Weighted average exercise price Outstanding at the beginning of the period 714,322 8.04 4,990,000 1.00 Granted during the period 2,325,215 65.34 546,822 15.00 Exercised during the period (406,733 ) 0.00 (4,822,500 ) 0.75 Fortified during the period (171,374 ) Outstanding at the end of the period 2,461,430 37.05 714,322 8.04 Exercisable at the end of the period 167,500 0.00 |
Schedule of earnings (loss) per share | 2022 2021 2020 US $ in millions Profit attributable to ordinary shareholders used to calculate basic and diluted earnings per share (US $ in millions) 4,619.4 4,640.3 518.0 Number of outstanding shares at the beginning of the period used to calculate basic earnings per share 119,910,688 100,000,000 100,000,000 Effect of shares issued 13,712,329 Effect of share options 101,687 1,393,175 Weighted average number of ordinary shares used to calculate basic earnings per share 120,012,375 115,105,504 100,000,000 Effect of share options 432,514 3,828,219 4,530,892 Weighted average number of ordinary shares used to calculate diluted earnings per share 120,444,889 118,933,723 104,530,892 |
2018 Grant | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Schedule of share-based payment arrangements | Grant date Instrument terms Number of instruments Vesting Terms Contractual life June 30, 2018 Each option is exercisable into one ordinary share, at the exercise price of the share on the grant date, adjusted to future dividends. 4,990,000 50%, 25% and 25% of the options are exercisable following a service period of 2 years, 3 years and 4 years, respectively. 6 years |
Schedule of measurement inputs for fair value of options | Fair value USD 0.362 Share price on grant date USD 1.00 Exercise price USD 1.00 Expected volatility 31.9% Expected life 6 years Expected dividends 0% Risk-free interest rate 2.7% |
2021 Grant | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Schedule of share-based payment arrangements | Grant date Instrument terms Number of instruments Vesting Terms Contractual life January 27, 2021 Each option is exercisable into one ordinary share, at the exercise price per the offering price of US$ 15.00, adjusted to future dividends. 546,822 25% of the options shall vest upon the first anniversary of the grant date with the remaining options vesting in equal quarterly portions over the following three years period. 5 years |
Schedule of measurement inputs for fair value of options | Fair value USD 5.32 Share price on grant date USD 15.00 Exercise price USD 15.00 Expected volatility 40.2% Expected life 5 years Expected dividends 0% Risk-free interest rate 0.46% |
2022 Grant | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Schedule of share-based payment arrangements | Granted in Number of instruments Instrument terms Vesting terms Contractual life March 2022 1,727,443 Each option is exercisable into one ordinary share on a cash-less basis. These options shall vest upon the first, second, third and fourth anniversary, in four equal instalments of 25% each. 5 years May 2022 490,662 August 2022 107,110 |
Schedule of measurement inputs for fair value of options | Granted in March 2022 May 2022 August 2022 Fair Value USD 29.72 USD 26.30 USD 25.07 Share price on grant date USD 68.94 USD 55.63 USD 51.86 Exercise price USD 68.37 USD 51.37 USD 47.78 Expected volatility 47.3% 48.4% 48.9% Expected life 5 years 4.9 years 5 years Expected dividends 0% 0% 0% Risk-free interest rate 1.7% 3.0% 3.0% |
Loans and other liabilities (Ta
Loans and other liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Loans and other liabilities | |
Schedule of components of loans and other liabilities | (a) The loans and other liabilities are as follows: 2022 2021 US $ in millions Non-current liabilities Loans from financial institutions 25.0 35.2 Loan from shipyard 56.6 Other loans and liabilities 53.2 29.0 Derivative instrument 13.7 91.9 120.8 Current liabilities Current portion of loans from financial institution 10.0 13.6 Current portion of other loans and liabilities 33.1 10.6 43.1 24.2 Short-term borrowings 53.0 106.5 96.1 130.7 |
Schedule of terms and debt repayment schedule of outstanding loans | Terms and conditions of outstanding loans are as follows: December 31, 2022 Effective Year of Carrying Currency interest (2) Maturity Face value Amount US $ in millions Long-term loans US$ (*)7.6 % 2023-2030 119.4 119.4 Long-term liabilities US$ 2023-2032 15.6 15.6 Short-term credit from banks (3) US$ 5.9 % 2023 53.0 53.0 188.0 188.0 December 31, 2021 Effective Year of Carrying Currency interest (2) Maturity Face value Amount US $ in millions Long-term loans: Tranche E (1) US$ 8.7 % 2026 74.7 56.6 Other US$ (*)6.6 % 2022-2026 86.3 86.3 Long-term liabilities US$ 2022 2.1 2.1 Short-term credit from banks (3) US$ 2.4 % 2022 106.5 106.5 269.6 251.5 (*) |
Schedule of movement in liabilities deriving from financing activities | Loans and other Liabilities Lease Liabilities Balance as at January 1, 2022 251.5 3,071.7 Changes related to financing cash flows: Receipt of long-term loans and other long-term liabilities 59.2 Repayment of borrowings and lease liabilities (92.2 ) (1,357.2 ) Change in short-term loans (53.5 ) Additional Leases 2,207.0 Modifications 241.2 Other Changes (*) 23.0 (3.2 ) Balance as at December 31, 2022 188.0 4,159.5 (*) Mainly includes revaluation of derivative and adjustments in respect of estimated cashflows. Loans and other liabilities Loans and other Liabilities Debentures Lease Liabilities Balance as at January 1, 2021 234.3 423.7 1,174.0 Changes related to financing cash flows: Receipt of long-term loans and other long-term liabilities 50.0 Repayment of borrowings and lease liabilities (19.7 ) (433.8 ) (737.8 ) Change in short-term loans (16.0 ) Additional Leases 1,779.7 Modifications 864.0 Other Changes (*) 2.9 10.1 (8.2 ) Balance as at December 31, 2021 251.5 3,071.7 (*) Mainly includes discount amortization, adjustments in respect of estimated cashflows and accrual of PIK interest. |
Employee benefits (Tables)
Employee benefits (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Employee benefits | |
Schedule of composition of employee benefits | 2022 2021 US $ in millions Presented as non-current liabilities: Present value of obligations (see section (f) below) 52.9 70.7 Fair value of the plan assets (see section (f) below) (26.8 ) (31.1 ) Recognized liability for defined benefit obligations 26.1 39.6 Termination benefit-liability for early retirement 6.6 10.2 Other long-term benefits 12.5 15.8 Non-current 45.2 65.6 Presented as current liabilities: Liability for annual leave 9.0 9.0 Current portion of liability for early retirement 2.8 4.3 Current (Note 14) 11.8 13.3 Total employee benefits 57.0 78.9 |
Schedule of movement in the present value of the defined benefit pension plan obligation and present value of plan assets and composition | (f) Movement in the present value of the defined benefit pension plan obligation 2022 2021 US $ in millions Defined benefit obligation at January 1 70.7 70.4 Benefits paid by the plan (4.4 ) (4.9 ) Current service cost and interest 5.3 4.2 Foreign currency exchange changes in plan measured in a currency different from the entity’s functional currency (7.0 ) 1.1 Actuarial gains recognized in other comprehensive income (11.7 ) (0.1 ) Defined benefit obligation at December 31 52.9 70.7 2022 2021 US $ in millions Fair value of plan assets at January 1 31.1 30.7 Contribution paid by the Group 2.1 0.3 Benefits paid by the plan (2.0 ) (2.5 ) Return on plan assets 0.8 0.7 Foreign currency exchange changes in plan measured in a currency different from the entity's functional currency (2.5 ) 0.6 Actuarial gains (loss) recognized in other comprehensive income (2.7 ) 1.3 Fair value of plan assets at December 31 26.8 31.1 Plan assets composition 2022 2021 US $ in millions Equity instruments 8.5 9.4 Debt instruments 12.8 15.0 Cash and deposits 2.4 2.0 Other 3.1 4.7 26.8 31.1 |
Schedule of relevant discount rates under actuarial assumptions | 2022 2021 2020 Early retirement 4.7%-4.8 % 1.0%-1.2 % 0.9%-1.0 % Annual absence 5.1%-5.2 % 2.6%-2.9 % 2.4%-2.5 % Tuition fees 4.8%-5.0 % 1.6%-2.2 % 1.3%-1.9 % Defined benefit plan 3.8%-5.3 % 0.7%-3.3 % 1.0%-2.7 % |
Schedule of sensitivity analysis of actuarial assumptions | Reasonably possible changes to one of the relevant actuarial assumptions, assuming other assumptions constant, would have affected the defined benefit obligation by the amounts below: Defined benefit obligation At December 31, 2022 Increase Decrease US $ in millions Discount rate (0.5% movement) (1.4 ) 1.3 Future benefit growth (0.5% movement) 2.2 (2.2 ) |
Trade and other payables (Table
Trade and other payables (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Trade and other payables | |
Schedule of components of trade and other payables | 2022 2021 US $ in millions Trade payables 427.2 433.9 Other payables Salaries and related payables 82.3 64.4 Provision for annual leave and early retirement (see Note 13(a)) 11.8 13.3 Government institutions 291.2 526.9 Accrued interest 5.3 6.1 Accrued expenses 43.7 18.4 Advances from customers and others 11.5 10.2 Payables and other credit balances 23.2 13.1 469.0 652.4 896.2 1,086.3 |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Provisions | |
Schedule of movements in other provisions | 2022 US $ millions Balance at the beginning of the year 28.3 Provisions added during the year 31.9 Provisions utilized during the year (7.3 ) Provisions reversed during the year (2.7 ) Balance at the end of the year 50.2 |
Income from voyages and relat_2
Income from voyages and related services (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income from voyages and related services | |
Schedule of income from voyages and related services | 2022 2021 2020 US $ in millions Shipping 12,391.7 10,540.2 3,920.3 Other 169.9 188.5 71.4 12,561.6 10,728.7 3,991.7 |
Operating expenses and cost o_2
Operating expenses and cost of services (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Operating expenses and cost of services | |
Schedule of operating expenses and cost of services | 2022 2021 2020 US $ in millions Wages, maintenance and other vessel operating costs 34.5 14.3 13.0 Expenses relating to fleet equipment (mainly containers and chassis) 29.1 28.1 26.6 Fuel and lubricants 1,434.8 739.8 361.6 Insurance 15.2 11.5 9.6 Expenses related to cargo handling 1,981.6 1,879.9 1,432.9 Port expenses 359.0 255.5 206.9 Agents’ salaries and commissions 261.1 238.8 159.1 Cost of related services and sundry 216.1 170.9 100.5 Slots purchase and hire of vessels 398.8 530.5 497.9 Hire of containers 34.3 36.6 27.0 4,764.5 3,905.9 2,835.1 |
Other operating income (Tables)
Other operating income (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other operating income | |
Schedule of other operating income | 2022 2021 2020 US $ in millions Capital gain, net 42.7 8.7 8.8 Sundry 6.2 5.8 3.8 48.9 14.5 12.6 |
Other operating expenses (Table
Other operating expenses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other operating expenses | |
Schedule of other operating expenses | 2022 2021 2020 US $ in millions Impairment loss (recovery) (4.3 ) Sundry 0.9 1.0 0.9 1.0 (4.3 ) |
General and administrative ex_2
General and administrative expenses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
General and administrative expenses | |
Schedule of general and administrative expenses | 2022 2021 2020 US $ in millions Salaries and related expenses 238.8 193.0 115.3 Office equipment and maintenance 22.1 15.1 11.6 Depreciation and amortization 26.0 22.9 22.5 Consulting, legal fees and insurance 22.4 19.9 4.1 Travel and vehicle expenses 5.7 2.0 1.7 Other 23.3 14.8 8.0 338.3 267.7 163.2 |
Personnel expenses (Tables)
Personnel expenses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Personnel expenses | |
Schedule of components of personnel expenses | 2022 2021 2020 US $ in millions Salaries and related expenses included in: Operating expenses and cost of services 250.9 218.3 145.4 General and administrative 238.8 193.0 115.3 489.7 411.3 260.7 |
Depreciation and amortization_2
Depreciation and amortization expenses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Depreciation and amortization expenses | |
Schedule of components of depreciation and amortization expenses | 2022 2021 2020 US $ in millions Operating expenses 1,370.3 756.3 291.6 General and administrative expenses 26.0 22.9 22.5 1,396.3 779.2 314.1 |
Finance income and expenses (Ta
Finance income and expenses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Finance income and expenses | |
Schedule of finance income | (a) Finance income 2022 2021 2020 US $ in millions Interest income on debt instruments at amortized cost 60.1 7.0 1.9 Interest income on debt instruments at fair value through other comprehensive income 24.0 0.3 Gain from repurchase of debt 6.2 Net foreign currency exchange rate differences 46.8 11.5 130.9 18.8 8.1 |
Schedule of finance expenses | (b) Finance expenses 2022 2021 2020 US $ in millions Interest expenses 224.8 168.9 150.4 Adjustments to financial liabilities in respect of estimated cashflows and repayments (*) 5.1 3.9 22.0 Loss reclassified on derecognition of investment in debt 2.6 Net foreign currency exchange rate differences 13.6 Impairment losses on trade and other receivables 6.9 2.8 3.3 239.4 175.6 189.3 ( |
Income tax (Tables)
Income tax (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income tax | |
Schedule of measurement of results for tax purposes | 2022 2021 2020 US $ in millions Current tax expenses Current year 1,360.4 892.8 16.2 Taxes in respect of previous years (2.6 ) (2.0 ) 0.8 1,357.8 890.8 17.0 Deferred tax expenses Origination and reversal of temporary differences 40.5 119.6 (0.4 ) Total income taxes in income statements 1,398.3 1,010.4 16.6 |
Schedule of reconciliation of effective tax rate | 2022 2021 2020 US $ in millions Profit for the year 4,629.0 4,649.1 524.2 Income taxes 1,398.3 1,010.4 16.6 Profit excluding income taxes 6,027.3 5,659.5 540.8 Income tax using the domestic corporation tax rate 1,386.3 1,301.7 124.4 Current year losses for which no deferred tax asset was recognized 2.3 Utilization of carried forward tax losses for which no deferred tax assets were recognized (287.5 ) (115.9 ) Effect of tax rates in foreign jurisdictions 0.4 1.2 3.9 Non-deductible expenses 7.3 5.9 0.2 Effect of different tax rates on specific gains 3.8 (7.6 ) 4.1 Effect of share of loss (profits) of associates 0.2 (0.9 ) (0.8 ) Other (2.0 ) (2.4 ) 0.7 1,398.3 1,010.4 16.6 |
Schedule of recognised deferred tax assets and liabilities | Deferred tax assets and liabilities are attributable to the following: Assets Liabilities Net 2022 2021 2022 2021 2022 2021 US $ in millions Vessels, containers, other tangible assets (*) (185.6 ) (144.7 ) (185.6 ) (144.7 ) Fina ncial instruments 13.4 13.4 Employee benefits 12.9 17.6 12.9 17.6 Tax losses carry-forwards 6.8 9.0 6.8 9.0 Other items 3.4 (0.4 ) 3.4 (0.4 ) Net deferred tax assets (liabilities) 36.5 26.6 (185.6 ) (145.1 ) (149.1 ) (118.5 ) Net deferred tax assets statement of the financial position 2.3 2.1 Net deferred tax liabilities the statement of the financial position (151.4 ) (120.6 ) (149.1 ) (118.5 ) (*) In accordance with IsraeliIncome Tax Regulations, the Group is entitled to deduct depreciation for vessels and related equipment at a higher rate than recorded in its financial statements. |
Schedule of movement in deferred tax assets and liabilities during the year | Vessels containers handling equipment and other tangible assets Financial instruments Employee benefits Accumulated tax losses Other items Total US $ in millions Balance at January 1, 2022 (144.7 ) 17.6 9.0 (0.4 ) (118.5 ) Recognized in profit or loss (40.9 ) 3.1 (4.3 ) (2.2 ) 3.8 (40.5 ) Recognized in other comprehensive income 10.3 (0.4 ) 9.9 Balance at December 31, 2022 (185.6 ) 13.4 12.9 6.8 3.4 (149.1 ) Vessels containers handling equipment and other tangible assets Financial instruments Employee benefits Accumulated tax losses Other items Total US $ in millions Balance January 1, 2021 (144.5 ) 13.4 16.9 117.7 (2.4 ) 1.1 Recognized in profit or loss (0.2 ) (13.4 ) 0.4 (108.7 ) 2.5 (119.4 ) Recognized in other comprehensive income 0.3 (0.5 ) (0.2 ) Balance December 31, 2021 (144.7 ) 17.6 9.0 (0.4 ) (118.5 ) |
Segment information (Tables)
Segment information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Segment information | |
Schedule of freight revenues are disaggregated geographically by trade zone, reflecting the Group's service, provided throughout its global network | Freight revenues are disaggregated geographically by trade zone, reflecting the Group’s service, provided throughout its global network, as follows: 2022 2021 2020 US $ in millions Freight revenues from containerized cargo: Pacific 5,504.2 5,278.8 1,860.6 Cross-Suez 1,528.5 1,254.2 392.7 Atlantic 1,231.3 960.8 577.4 Intra-Asia 1,945.9 1,714.6 453.1 Latin America 742.3 490.3 208.4 10,952.2 9,698.7 3,492.2 Other revenues (*) 1,609.4 1,030.0 499.5 12,561.6 10,728.7 3,991.7 (*) Mainly related to demurrage, value-added services and non-containerized cargo. |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Commitments | |
Schedule of projected future payments | Related party Other Total US $ in millions 2023 18.9 617.1 636.0 2024 104.0 1,055.1 1,159.1 2025 51.7 951.6 1,003.3 2026 51.7 843.1 894.8 2027 and thereafter 231.6 4,724.2 4,955.8 457.9 8,191.1 8,649.0 |
Related parties (Tables)
Related parties (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Related parties | |
Schedule of transactions with associates and their balances of related parties | (a) Associates: (i) Transactions: 2022 2021 2020 Note US $ in millions Other operating income 18 0.4 0.4 0.1 Operating expenses and cost of services 17 11.0 6.0 2.2 Finance income 23(a) 0.1 (ii) Balances: 2022 2021 Note US $ in millions Trade and other receivables 8 18.5 22.5 Trade and other payables 14 0.3 0.2 |
Schedule of Key management personnel | (b) Key management personnel (*): 2022 2021 2020 US $ in millions Short-term employee benefits 5.6 5.9 5.4 Share-based compensation 5.7 9.4 0.2 Long-term employee benefits 0.5 0.5 0.4 (*) |
Schedule of other related parties transactions and balances | (c) Other related parties (excluding those detailed in (a)-(b) above) (i) Transactions: 2022 2021 2020 Note US $ in millions Income from voyages and related services 16 19.5 16.8 8.1 Operating expenses and cost of services 17 1.4 5.0 7.3 Finance expenses 23 (b ) 4.4 7.7 5.4 (ii) Transactions with directors: 2022 2021 2020 US $ in millions Directors fees 1.1 1.2 1.3 Share-based compensation 1.7 (iii) Balances: 2022 2021 Note US $ in millions Trade and other receivables 8 2.4 3.3 Trade and other payables 14 0.2 0.5 Lease liabilities (*) 7 41.4 114.3 (*) Includes lease liabilities for which the Group paid (principal and interest) US$ 64 million and US $70 million during the year ended December 31, 2022 and 2021 respectively. |
Financial risk management (Tabl
Financial risk management (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Schedule of exposure to credit risk | 2022 US $ in millions AA- to AAA 986.9 A- to A+ 295.6 BBB- to BBB+ 248.7 Total Outstanding 1,531.2 |
Schedule of contractual maturities of financial liabilities, including estimated interest payments | ? December 31, 2022 Carrying Contractual More than amount cash flows 0-1 years 1-2 years 2-5 years 5 years Note US $ in millions Non-derivative financial liabilities Long-term loans and other liabilities 12(a) 119.4 141.4 50.0 20.1 37.7 33.6 Lease liabilities 7(b) 4,159.5 4,770.7 1,654.6 1,429.3 1,536.5 150.3 Short-term borrowings 12(a) 53.0 53.0 53.0 Trade and other payables 14 583.9 583.9 583.9 4,915.8 5,549.0 2,341.5 1,449.4 1,574.2 183.9 December 31, 2021 Carrying Contractual More than amount cash flows 0-1 years 1-2 years 2-5 years 5 years Note US $ in millions Non-derivative financial liabilities Long-term loans and other liabilities 12(a) 142.9 167.0 27.9 42.0 97.1 Lease liabilities 7 3,071.7 3,436.5 1,022.7 912.6 1,267.1 234.1 Short-term borrowings 12(a) 106.5 106.9 106.9 Trade and other payables 14 534.4 534.4 534.4 3,855.5 4,244.8 1,691.9 954.6 1,364.2 234.1 |
Schedule of sensitivity analysis | Profit or loss US $ in millions December 31,2022 10.5 December 31,2021 3.3 |
Schedule of Level 1 financial instruments carried at fair value | December 31, 2022 Investments in sovereign bonds at fair value through other comprehensive income Investments in corporate bonds at fair value through other comprehensive income Investments in equity instruments at fair value through other comprehensive income Investments in equity instruments at fair value through profit and loss Derivative instrument US $ in millions Level 1 financial instruments carried at fair value Other investments: Current 153.7 59.0 2.3 Non-current 739.8 578.7 39.9 893.5 637.7 42.2 Level 3 financial instruments carried at fair value Non-current other investments 11.2 Non-current loans and other liabilities (13.7 ) 11.2 (13.7 ) 893.5 637.7 42.2 11.2 (13.7 ) December 31, 2021 Investments in sovereign bonds at fair value through other comprehensive income Investments in corporate bonds at fair value through other comprehensive income Investments in equity instruments at fair value through other comprehensive income Investments in equity instruments at fair value through profit and loss US $ in millions Level 1 financial instruments carried at fair value Other investments: Current 2.0 16.3 2.0 Non-Current 35.5 127.4 37.5 143.7 2.0 Level 3 financial instruments carried at fair value Other investments: Non-Current 2.3 37.5 143.7 2.0 2.3 |
Currency risk | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Schedule of the Group's exposure to foreign currency risk based on notional amounts | December 31, 2022 US$ NIS Others US $ in millions US $ in millions US $ in millions Non-current assets Other receivables 110.9 1.2 Other non-current investments 1,370.5 1.2 1.5 Current assets Other current investments 2,221.7 0.1 11.2 Trade and other receivables 693.7 0.8 92.0 Cash and cash equivalents 930.0 11.7 80.4 Non-current liabilities Loans and other liabilities (89.0 ) (3.0 ) Lease liabilities (2,749.0 ) (9.7 ) (20.0 ) Current liabilities Short term borrowings and current maturities (95.4 ) (0.7 ) Lease liabilities (1,366.0 ) (7.9 ) (6.9 ) Trade and other payables (418.5 ) (100.8 ) (64.6 ) 608.9 (104.6 ) 91.1 ? December 31, 2021 US$ NIS Others US $ in millions US $ in millions US $ in millions Non-current assets Other receivables 106.4 0.8 Other non-current investments 165.8 1.3 2.1 Current assets Other current investments 2,136.4 8.0 Trade and other receivables 1,112.8 2.2 92.4 Cash and cash equivalents 1,460.6 22.1 60.6 Non-current liabilities Loans and other liabilities (119.1 ) (1.8 ) Lease liabilities (2,148.6 ) (7.4 ) (22.7 ) Current liabilities Short term borrowings and current maturities (130.1 ) (0.6 ) Lease liabilities (880.0 ) (6.3 ) (6.7 ) Trade and other payables (428.9 ) (50.6 ) (55.1 ) 1,275.3 (38.7 ) 77.0 |
Interest rate risk | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Schedule of interest rate profile of interest-bearing financial instruments | Carrying amount 2022 2021 US $ in millions US $ in millions Fixed rate instruments Financial assets 4,620.1 3,852.9 Financial liabilities (mostly lease liabilities) (4,257.9 ) (3,285.7 ) 362.2 567.2 Variable rate instruments Financial liabilities (73.9 ) (35.4 ) (73.9 ) (35.4 ) |
Reporting entity (Narrative) (D
Reporting entity (Narrative) (Details) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | ||||||||||
Mar. 31, 2023 $ / shares | Dec. 31, 2022 USD ($) $ / shares | Nov. 30, 2022 USD ($) | Sep. 30, 2022 USD ($) $ / shares | Aug. 31, 2022 Vessels | Jun. 30, 2022 USD ($) $ / shares | Apr. 30, 2022 USD ($) $ / shares | Mar. 31, 2022 USD ($) Vessels | Feb. 28, 2022 USD ($) Vessels | Jan. 31, 2022 USD ($) Vessels | Dec. 31, 2022 USD ($) Vessels | Dec. 31, 2021 USD ($) | |
Disclosure Of Reporting Entity [Line Items] | ||||||||||||
Dividends distributed | $ | $ 354 | $ 570 | $ 342 | $ 2,037 | ||||||||
Dividends distributed per ordinary share | $ / shares | $ 2.95 | $ 4.75 | $ 2.85 | $ 17 | ||||||||
Additional distribution of dividend approved, per ordinary share | $ / shares | $ 6.4 | |||||||||||
Issuance of share capital, net of issuance costs | $ | $ 205.4 | |||||||||||
Tranche-E | ||||||||||||
Disclosure Of Reporting Entity [Line Items] | ||||||||||||
Repayment of debt | $ | $ 66 | |||||||||||
Shell NA LNG, LLC | ||||||||||||
Disclosure Of Reporting Entity [Line Items] | ||||||||||||
Number of vessels to be supplied with LNG under the agreement | 10 | |||||||||||
Capacity of the container vessels chartered | 15,000 | |||||||||||
Period for the agreement | 10 years | |||||||||||
Navios Maritime Partners L P | ||||||||||||
Disclosure Of Reporting Entity [Line Items] | ||||||||||||
Number of vessels to be supplied with LNG under the agreement | 8 | |||||||||||
Capacity of the container vessels chartered | 5,300 | |||||||||||
Strategic charter agreement | Related-party shipping company | ||||||||||||
Disclosure Of Reporting Entity [Line Items] | ||||||||||||
Number of vessels to be supplied with LNG under the agreement | 3 | |||||||||||
Capacity of the container vessels chartered | 7,000 | |||||||||||
Period for the agreement | 8 years | |||||||||||
Cash outflow for the chartering agreement | $ | $ 400 | |||||||||||
Strategic charter agreement | Navios Maritime Partners L P | ||||||||||||
Disclosure Of Reporting Entity [Line Items] | ||||||||||||
Number of vessels to be supplied with LNG under the agreement | 13 | |||||||||||
Period for the agreement | 5 years | |||||||||||
Cash outflow for the chartering agreement | $ | $ 870 | |||||||||||
Strategic charter agreement | Navios Maritime Partners L P | Minimum [Member] | ||||||||||||
Disclosure Of Reporting Entity [Line Items] | ||||||||||||
Capacity of the container vessels chartered | 3,500 | |||||||||||
Strategic charter agreement | Navios Maritime Partners L P | Maximum [Member] | ||||||||||||
Disclosure Of Reporting Entity [Line Items] | ||||||||||||
Capacity of the container vessels chartered | 4,360 | |||||||||||
Strategic charter agreement | MPC Container Ships ASA and MPC Capital AG | ||||||||||||
Disclosure Of Reporting Entity [Line Items] | ||||||||||||
Number of vessels to be supplied with LNG under the agreement | 6 | |||||||||||
Capacity of the container vessels chartered | 5,500 | |||||||||||
Period for the agreement | 7 years | |||||||||||
Cash outflow for the chartering agreement | $ | $ 600 | |||||||||||
Initial public offering | ||||||||||||
Disclosure Of Reporting Entity [Line Items] | ||||||||||||
Additional distribution of dividend approved | $ | $ 769 |
Basis of Preparation - (Narrati
Basis of Preparation - (Narrative) (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Basis of Preparation | |
Cumulative Effect Amount | $ 3 |
Significant accounting polici_4
Significant accounting policies (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Significant accounting policies | ||
Minimum percentage of difference between discounted present value of the cash flows according to the new terms and discounted present value of the remaining cash flows of the original financial liability | 10% | |
Period after which vessel inspection is to be performed | 5 years |
Significant accounting polici_5
Significant accounting policies - Estimated useful lives (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Net reduction in depreciation expenses | $ 7 |
Minimum [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Residual value of mainly | 10% |
Maximum [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Residual value of mainly | 20% |
Vessels | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | Mainly 25 |
Containers | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | Mainly 13-15 |
Chassis | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 30 years |
Other equipment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 13 years |
Dry docking for owned vessels | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | Up to 5 |
Buildings | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 25 years |
Computer systems and communication equipment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | Mainly 5 years |
Computer systems and communication equipment | Minimum [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 4 years |
Computer systems and communication equipment | Maximum [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 7 years |
Others | Minimum [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 5 years |
Others | Maximum [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives | 15 years |
Dry containers | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Revised estimated useful life | extending their average useful life from 13 to 15 years |
Increase in residual value | 10% to 20% of historical cost |
Older vessels | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Revised estimated useful life | useful life of certain older vessels, from 25 years to 22 years. |
Significant accounting polici_6
Significant accounting policies - Term of leases in which the Group is engaged (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Vessels | Minimum [Member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Lease term (in years) | 1 year | 1 year |
Vessels | Maximum [Member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Lease term (in years) | 6 years | 6 years |
Containers | Minimum [Member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Lease term (in years) | 1 year | 1 year |
Containers | Maximum [Member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Lease term (in years) | 13 years | 13 years |
Buildings, vehicles and other assets | Minimum [Member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Lease term (in years) | 1 year | 1 year |
Buildings, vehicles and other assets | Maximum [Member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Lease term (in years) | 8 years | 8 years |
Significant accounting polici_7
Significant accounting policies - Estimated useful life of intangible assets (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Software (mostly development costs) | ||
Disclosure of detailed information about intangible assets [line items] | ||
Estimated useful lives (in years) | 5 years | 5 years |
Capitalised software development costs | Minimum [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Estimated useful lives (in years) | 5 years | 5 years |
Capitalised software development costs | Maximum [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Estimated useful lives (in years) | 8 years | 8 years |
Vessels, containers, handling_3
Vessels, containers, handling equipment and other tangible assets - Components and Movements (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | $ 4,392.5 | $ 1,536.1 | |
Ending balance | 5,751.2 | 4,392.5 | $ 1,536.1 |
Cost | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 6,252 | 2,758 | |
Additions | 2,612.5 | 2,665.4 | |
Disposals | (71.2) | (31.4) | |
Lease Modifications and terminations | 45.2 | 860.1 | |
Effect of movements in exchange rates | (2.8) | (0.1) | |
Ending balance | 8,835.7 | 6,252 | 2,758 |
Depreciation and impairment charges | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 1,962 | 1,221.9 | |
Depreciation | 1,384.8 | 769.6 | |
Disposals | (62.7) | (26.7) | |
Lease Modifications and terminations | (196.8) | (2.5) | |
Effect of movements in exchange rates | (1.7) | (0.3) | |
Ending balance | 3,085.6 | 1,962 | 1,221.9 |
Vessels | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 2,932.9 | 948 | |
Payment on account of tangible assets | 24.9 | ||
Ending balance | 4,409.9 | 2,932.9 | 948 |
Vessels | Cost | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 4,192.2 | 1,595.6 | |
Additions | 2,449 | 1,778.5 | |
Lease Modifications and terminations | 71.5 | 818.1 | |
Ending balance | 6,712.7 | 4,192.2 | 1,595.6 |
Vessels | Depreciation and impairment charges | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 1,259.3 | 647.6 | |
Depreciation | 1,204.4 | 611.7 | |
Lease Modifications and terminations | (160.9) | ||
Ending balance | 2,302.8 | 1,259.3 | 647.6 |
Containers and equipment | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 1,288.2 | 520.9 | |
Payment on account of tangible assets | 1.1 | 77.6 | |
Ending balance | 1,241.7 | 1,288.2 | 520.9 |
Containers and equipment | Cost | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 1,870.4 | 983.3 | |
Additions | 115 | 862.3 | |
Disposals | (60.8) | (15.5) | |
Lease Modifications and terminations | (33.8) | (40.3) | |
Ending balance | 1,890.8 | 1,870.4 | 983.3 |
Containers and equipment | Depreciation and impairment charges | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 582.2 | 462.4 | |
Depreciation | 155.4 | 133.4 | |
Disposals | (52.6) | (11.1) | |
Lease Modifications and terminations | (35.9) | (2.5) | |
Ending balance | 649.1 | 582.2 | 462.4 |
Computer systems and communication equipment | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 11.9 | 12.9 | |
Other property and equipment | 78.3 | 57 | 54.3 |
Ending balance | 20.2 | 11.9 | 12.9 |
Computer systems and communication equipment | Cost | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 52 | 60.5 | |
Additions | 8.5 | 5.4 | |
Disposals | (7.1) | (14.7) | |
Lease Modifications and terminations | 7.5 | 0.8 | |
Effect of movements in exchange rates | (0.5) | ||
Ending balance | 60.4 | 52 | 60.5 |
Computer systems and communication equipment | Depreciation and impairment charges | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 40.1 | 47.6 | |
Depreciation | 7.5 | 7.1 | |
Disposals | (7.1) | (14.6) | |
Effect of movements in exchange rates | (0.3) | ||
Ending balance | 40.2 | 40.1 | 47.6 |
Others | Cost | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 137.4 | 118.6 | |
Additions | 40 | 19.2 | |
Disposals | (3.3) | (1.2) | |
Lease Modifications and terminations | 0.9 | ||
Effect of movements in exchange rates | (2.3) | (0.1) | |
Ending balance | 171.8 | 137.4 | 118.6 |
Others | Depreciation and impairment charges | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 80.4 | 64.3 | |
Depreciation | 17.5 | 17.4 | |
Disposals | (3) | (1) | |
Effect of movements in exchange rates | (1.4) | (0.3) | |
Ending balance | 93.5 | 80.4 | 64.3 |
Payments on account, net of total | Depreciation and impairment charges | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Payment on account of tangible assets | 1.1 | 102.5 | |
Total of Vessels and payments on account | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 2,957.8 | 948 | |
Ending balance | 4,409.9 | 2,957.8 | 948 |
Total of Containers and equipment and Payments on account | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 1,365.8 | 520.9 | |
Ending balance | 1,242.8 | 1,365.8 | 520.9 |
Total Computer systems and communication equipment, and Other property and equipment | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 68.9 | 67.2 | |
Ending balance | $ 98.5 | $ 68.9 | $ 67.2 |
Intangible assets - Components
Intangible assets - Components and Movements (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Intangible assets | ||
Beginning balance | $ 73.8 | $ 66.5 |
Ending balance | 92.9 | 73.8 |
Cost | ||
Intangible assets | ||
Beginning balance | 222.4 | 210 |
Additions | 31.3 | 18.2 |
Disposals | (4.5) | |
Effect of movements in exchange rates | (0.8) | (1.3) |
Ending balance | 252.9 | 222.4 |
Amortization and impairment losses | ||
Intangible assets | ||
Beginning balance | 148.6 | 143.5 |
Amortization | 11.5 | 9.6 |
Disposals | (4.5) | |
Effect of movements in exchange rates | 0.1 | |
Ending balance | 160 | 148.6 |
Goodwill | ||
Intangible assets | ||
Beginning balance | 6.3 | 7.6 |
Ending balance | 9.6 | 6.3 |
Goodwill | Cost | ||
Intangible assets | ||
Beginning balance | 6.3 | 7.6 |
Additions | 4 | |
Effect of movements in exchange rates | (0.7) | (1.3) |
Ending balance | 9.6 | 6.3 |
Software (mostly development costs) | ||
Intangible assets | ||
Beginning balance | 66 | 58.2 |
Ending balance | 82.9 | 66 |
Software (mostly development costs) | Cost | ||
Intangible assets | ||
Beginning balance | 211.6 | 194.5 |
Additions | 27.3 | 17.1 |
Effect of movements in exchange rates | (0.1) | |
Ending balance | 238.8 | 211.6 |
Software (mostly development costs) | Amortization and impairment losses | ||
Intangible assets | ||
Beginning balance | 145.6 | 136.3 |
Amortization | 10.4 | 9.3 |
Effect of movements in exchange rates | (0.1) | |
Ending balance | 155.9 | 145.6 |
Dry docking | Cost | ||
Intangible assets | ||
Beginning balance | 4.5 | |
Disposals | (4.5) | |
Dry docking | Amortization and impairment losses | ||
Intangible assets | ||
Beginning balance | 4.5 | |
Disposals | (4.5) | |
Other intangible assets | ||
Intangible assets | ||
Beginning balance | 1.5 | 0.7 |
Ending balance | 0.4 | 1.5 |
Other intangible assets | Cost | ||
Intangible assets | ||
Beginning balance | 4.5 | 3.4 |
Additions | 1.1 | |
Ending balance | 4.5 | 4.5 |
Other intangible assets | Amortization and impairment losses | ||
Intangible assets | ||
Beginning balance | 3 | 2.7 |
Amortization | 1.1 | 0.3 |
Ending balance | $ 4.1 | $ 3 |
Intangible assets - Increase (d
Intangible assets - Increase (decrease) in recoverable amount of CGU (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Increase | |
Disclosure of detailed information about intangible assets [line items] | |
Discount rate | $ (625) |
Terminal growth rate | 512 |
Decrease | |
Disclosure of detailed information about intangible assets [line items] | |
Discount rate | 766 |
Terminal growth rate | $ (406) |
Intangible assets - Impairment
Intangible assets - Impairment test (Details) | 12 Months Ended |
Dec. 31, 2022 Units | |
Disclosure of detailed information about intangible assets [abstract] | |
Number of cash generating units | 1 |
Post tax discount rate | 11.50% |
Long-term nominal growth rate | 2.50% |
Corporate tax rate | 23% |
Leases - Right-of-use assets (D
Leases - Right-of-use assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Beginning balance | $ 3,226.4 | $ 1,340.7 | |
Additions | 2,207.1 | 1,778.9 | |
Depreciation | (1,268.9) | (709.8) | |
Other | [1] | 240.7 | 816.6 |
Ending balance | 4,405.3 | 3,226.4 | |
Vessels | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Beginning balance | 2,720.2 | 826.7 | |
Additions | 2,184.6 | 1,677.5 | |
Depreciation | (1,170) | (602.1) | |
Other | [1] | 232.5 | 818.1 |
Ending balance | 3,967.3 | 2,720.2 | |
Containers and equipment | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Beginning balance | 458.6 | 466.1 | |
Additions | 85.1 | ||
Depreciation | (80.5) | (89.2) | |
Other | [1] | 1.9 | (3.4) |
Ending balance | 380 | 458.6 | |
Buildings, vehicles and other tangible assets | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Beginning balance | 47.6 | 47.9 | |
Additions | 22.5 | 16.3 | |
Depreciation | (18.4) | (18.5) | |
Other | [1] | 6.3 | 1.9 |
Ending balance | $ 58 | $ 47.6 | |
[1]Mainly modifications, see also Note 5. |
Leases - Maturity analysis of G
Leases - Maturity analysis of Group's lease liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of maturity analysis of operating lease payments [line items] | ||
Lease liabilities | $ 4,159.5 | $ 3,071.7 |
Weighted average interest rate (as a percent) | 7.70% | 5% |
Less than one year | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Lease liabilities | $ 1,380.8 | $ 893 |
One to five years | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Lease liabilities | 2,652.8 | 1,981.5 |
2027 and thereafter | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Lease liabilities | $ 125.9 | $ 197.2 |
Leases - Amounts recognized in
Leases - Amounts recognized in profit or loss (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of quantitative information about right-of-use assets [line items] | ||
Interest expenses related to lease liabilities | $ 206 | $ 139.6 |
Vessels | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Expenses relating to short-term leases: | 101.6 | 71.7 |
Containers | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Expenses relating to short-term leases: | $ 34.3 | $ 36.6 |
Leases - Amounts recognized i_2
Leases - Amounts recognized in statement of cash flows (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Leases | ||
Cash outflow related to lease liabilities | $ 1,564.1 | $ 877.8 |
Trade and other receivables - C
Trade and other receivables - Carrying amounts (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | |
Non-current other receivables | |||
Non-current other receivables | $ 112.1 | $ 107.2 | |
Current trade and other receivables | |||
Trade receivables | 671.5 | 1,178 | |
Other receivables | |||
Insurance recoveries (see also Note 15) | 23.9 | 7.7 | |
Government institutions | 11.9 | 14.9 | |
Prepaid expenses | 24.9 | 55.8 | |
Other receivables | [1] | 93.5 | 21.6 |
Total other receivables | 154.2 | 100 | |
Total trade and other receivables | $ 825.7 | $ 1,278 | |
[1]As at December 31, 2022, mainly includes interest receivables and receivables related to vessel owners. |
Trade and other receivables - F
Trade and other receivables - Factoring facility (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Aug. 31, 2019 |
Trade and other receivables. | |||
Maximum limit under the facility for the revolving sale of receivables | $ 100 | ||
Total amount of receivables sold to the financial institution | $ 0 | $ 0 |
Other investments (Details)
Other investments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Non Current Investments [Abstract] | |||
Financial instruments and other financial assets at fair value through other comprehensive income | [1] | $ 1,358.4 | $ 162.9 |
Financial assets at fair value through profit or loss | [1] | 11.2 | 2.3 |
Other | 3.6 | 4 | |
Total | 1,373.2 | 169.2 | |
Current investments | |||
Bank deposits and other financial assets at amortized cost | 2,017.4 | 2,123.1 | |
Financial assets at fair value through profit or loss | [1] | 0.7 | 1.1 |
Financial instruments at fair value through other comprehensive income | [1] | 215 | 20.3 |
Total current investments | $ 2,233.1 | $ 2,144.5 | |
Bank deposits at amortized costs | |||
Current investments | |||
Average interest rate (as a percent) | 5.10% | 0.60% | |
Debt securities at fair value through other comprehensive income | |||
Current investments | |||
Average interest rate (as a percent) | 3.30% | ||
Weighted average of debt securities | 2 years | ||
[1]See also Note 29(b) in respect of the Group’s exposure to credit, currency, interest rate and fair value risks related to investments. |
Cash and cash equivalents (Deta
Cash and cash equivalents (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Cash and cash equivalents. | ||||
Bank balances and cash in hand | $ 372.7 | $ 499.3 | ||
Demand deposits | 649.4 | 1,044 | ||
Total cash and cash equivalents | $ 1,022.1 | $ 1,543.3 | $ 570.4 | $ 182.8 |
Capital and reserves - Share ca
Capital and reserves - Share capital (Details) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | ||
Feb. 28, 2021 USD ($) $ / shares shares | Dec. 31, 2020 $ / shares shares | Dec. 31, 2022 shares | Dec. 31, 2021 USD ($) shares | |
Number of ordinary shares (issued and paid up): | ||||
Gross consideration | $ | $ 205.4 | |||
Ordinary shares | ||||
Number of ordinary shares (issued and paid up): | ||||
Par value | $ / shares | $ 0 | |||
Stock split ratio | 10 | |||
Number of new shares per existing shares issued upon stock split | 9 | |||
Balance at the beginning of the year | 119,743,188 | 100,000,000 | ||
Exercise of share options (cashless) | 406,733 | 4,743,188 | ||
Balance at the end of the year | 100,000,000 | 120,149,921 | 119,743,188 | |
Authorised share capital | 350,000,001 | |||
Number of votes per share | 1 | |||
Initial public offering | ||||
Number of ordinary shares (issued and paid up): | ||||
Share issue price | $ / shares | $ 15 | |||
Initial public offering | Ordinary shares | ||||
Number of ordinary shares (issued and paid up): | ||||
Gross consideration | $ | $ 225 | |||
Gross proceeds from issuance of shares net of issuance cost | $ | $ 204 | |||
Issued in consideration of cash (public offering) | 15,000,000 | 15,000,000 |
Capital and reserves - Special
Capital and reserves - Special State Share (Details) - Ordinary shares - shares | Jul. 14, 2014 | Feb. 05, 2004 | Dec. 31, 2022 |
Disclosure of classes of share capital [line items] | |||
Number of special state shares | 1 | ||
Percentage of shares acquired | 48.60% | ||
Threshold period for objection, transfer of shares | 30 days | ||
Minimum [Member] | |||
Disclosure of classes of share capital [line items] | |||
Threshold limit for transfer of shares | 24% | ||
Maximum [Member] | |||
Disclosure of classes of share capital [line items] | |||
Threshold limit for transfer of shares | 35% |
Capital and reserves - Share-Ba
Capital and reserves - Share-Based Payment Arrangements (Details) | 1 Months Ended | |||||
Jan. 27, 2021 Instruments $ / shares | Jun. 30, 2018 Instruments | Aug. 31, 2022 Instruments | May 31, 2022 Instruments | Mar. 31, 2022 Instruments | Dec. 31, 2021 shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Number of shares issued upon exercise | shares | 167,500 | |||||
Vesting percentage | 25% | |||||
2018 Grant | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Number of instruments | 4,990,000 | |||||
Contractual life | 6 years | |||||
2018 Grant | Vesting period 1 | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Vesting percentage | 50% | |||||
Vesting term | 2 years | |||||
2018 Grant | Vesting period 2 | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Vesting percentage | 25% | |||||
Vesting term | 3 years | |||||
2018 Grant | Vesting period 3 | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Vesting percentage | 25% | |||||
Vesting term | 4 years | |||||
2021 Grant | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Par value | $ / shares | $ 15 | |||||
Number of instruments | 546,822 | |||||
Contractual life | 5 years | |||||
2021 Grant | Vesting period 1 | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Vesting percentage | 25% | |||||
2021 Grant | Vesting period 2 | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Vesting percentage | 25% | |||||
2021 Grant | Vesting period 3 | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Vesting percentage | 25% | |||||
2021 Grant | Vesting period 4 | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Vesting percentage | 25% | |||||
2022 Grant | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Number of instruments | 107,110 | 490,662 | 1,727,443 | |||
Vesting percentage | 25% | 25% | 25% | |||
Contractual life | 5 years | 5 years | 5 years |
Capital and reserves - Fair val
Capital and reserves - Fair value measurement (Details) | 1 Months Ended | 12 Months Ended | |||
Aug. 31, 2022 USD ($) shares $ / shares | May 31, 2022 USD ($) shares $ / shares | Mar. 31, 2022 USD ($) shares $ / shares | Dec. 31, 2022 USD ($) shares Years $ / shares | Dec. 31, 2021 shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Number of shares issued upon exercise | shares | 167,500 | ||||
2018 Grant | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Weighted average fair value of options | $ | $ 0.362 | ||||
Share price on grant date | $ 1 | ||||
Exercise price | $ 1 | ||||
Expected volatility | 31.90% | ||||
Expected life | Years | 6 | ||||
Expected dividends | 0% | ||||
Risk-free interest rate | 2.70% | ||||
2021 Grant | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Weighted average fair value of options | $ | $ 5.32 | ||||
Share price on grant date | $ 15 | ||||
Exercise price | $ 15 | ||||
Expected volatility | 40.20% | ||||
Expected life | shares | 5 | ||||
Expected dividends | 0% | ||||
Risk-free interest rate | 0.46% | ||||
2022 Grant | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Weighted average fair value of options | $ | $ 25.07 | $ 26.3 | $ 29.72 | ||
Share price on grant date | $ 51.86 | $ 55.63 | $ 68.94 | ||
Exercise price | $ 47.78 | $ 51.37 | $ 68.37 | ||
Expected volatility | 48.90% | 48.40% | 47.30% | ||
Expected life | shares | 5 | 4.9 | 5 | ||
Expected dividends | 0% | 0% | 0% | ||
Risk-free interest rate | 3% | 3% | 1.70% |
Capital and reserves - Reconcil
Capital and reserves - Reconciliation of outstanding share options (Details) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 USD ($) shares $ / shares | Dec. 31, 2021 USD ($) shares $ / shares | Dec. 31, 2020 USD ($) shares $ / shares | |
Capital and reserves | |||
Outstanding at the beginning of the period | shares | 714,322 | 4,990,000 | |
Granted during the period | shares | 2,325,215 | 546,822 | |
Exercised during the period | shares | (406,733) | (4,822,500) | |
Fortified during the period | shares | (171,374) | ||
Outstanding at the end of the period | shares | 2,461,430 | 714,322 | 4,990,000 |
Exercisable at the end of the period | shares | 167,500 | ||
Weighted average exercise price, beginning of the period | $ / shares | $ 8.04 | $ 1 | |
Weighted average exercise price, Granted | $ / shares | 65.34 | 15 | |
Weighted average exercise price, Exercised | $ / shares | 0 | 0.75 | |
Weighted average exercise price, ending of the period | $ / shares | 37.05 | 8.04 | $ 1 |
Weighted average exercise price, Exercisable | $ / shares | $ 0 | ||
Weighted average share price | $ / shares | $ 54.22 | ||
Weighted average contractual life of the outstanding options | 4 years 1 month 6 days | ||
Share-based compensation expense | $ | $ 25.8 | $ 20.8 | $ 0.5 |
Capital and reserves - Earnings
Capital and reserves - Earnings (Loss) per share (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Capital and reserves | |||
Profit attributable to ordinary shareholders used to calculate basic and diluted earnings per share | $ 4,619.4 | $ 4,640.3 | $ 518 |
Number of outstanding shares at the beginning of the period used to calculate basic earnings per share | 119,910,688 | 100,000,000 | 100,000,000 |
Effect of shares issued | 13,712,329 | ||
Effect of share options | 101,687 | 1,393,175 | |
Weighted average number of ordinary shares used to calculate basic earnings per share | 120,012,375 | 115,105,504 | 100,000,000 |
Effect of share options | 432,514 | 3,828,219 | 4,530,892 |
Weighted average number of ordinary shares used to calculate diluted earnings per share | 120,444,889 | 118,933,723 | 104,530,892 |
Ordinary shares excluded from the diluted weighted average number of ordinary shares | 2,153,841 |
Loans and other liabilities - C
Loans and other liabilities - Components (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Non-Current liabilities | ||
Non-current liabilities | $ 91.9 | $ 120.8 |
Current Liabilities | ||
Current liabilities | 43.1 | 24.2 |
Short-term borrowings | 53 | 106.5 |
Total current borrowings and current portion of non-current borrowings | 96.1 | 130.7 |
Loans from financial institutions | ||
Non-Current liabilities | ||
Non-current liabilities | 25 | 35.2 |
Current Liabilities | ||
Current liabilities | 10 | 13.6 |
Loan from shipyard | ||
Non-Current liabilities | ||
Non-current liabilities | 56.6 | |
Other loans and liabilities | ||
Non-Current liabilities | ||
Non-current liabilities | 53.2 | 29 |
Current Liabilities | ||
Current liabilities | 33.1 | $ 10.6 |
Derivative instrument [Member] | ||
Non-Current liabilities | ||
Non-current liabilities | $ 13.7 |
Loans and other liabilities - T
Loans and other liabilities - Terms and debt repayment schedule (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about borrowings [line items] | ||
Face value | $ 188 | $ 269.6 |
Carrying Amount | $ 188 | $ 251.5 |
Long-term loans | ||
Disclosure of detailed information about borrowings [line items] | ||
Effective interest rate (as a percent) | 7.60% | |
Face value | $ 119.4 | |
Carrying Amount | 119.4 | |
Tranche E Long term loan | ||
Disclosure of detailed information about borrowings [line items] | ||
Effective interest rate (as a percent) | 8.70% | |
Face value | $ 74.7 | |
Carrying Amount | $ 56.6 | |
Early repayment of secured notes | 66 | |
Others- Long term loan | ||
Disclosure of detailed information about borrowings [line items] | ||
Effective interest rate (as a percent) | 6.60% | |
Face value | $ 86.3 | |
Carrying Amount | 86.3 | |
Long-term liabilities | ||
Disclosure of detailed information about borrowings [line items] | ||
Face value | 15.6 | 2.1 |
Carrying Amount | $ 15.6 | $ 2.1 |
Short-term credit from banks | ||
Disclosure of detailed information about borrowings [line items] | ||
Effective interest rate (as a percent) | 5.90% | 2.40% |
Face value | $ 53 | $ 106.5 |
Carrying Amount | $ 53 | $ 106.5 |
Short-term credit from banks, subject to Libor +2.8% | ||
Disclosure of detailed information about borrowings [line items] | ||
Adjustment to effective interest rate basis | 2.95% | |
Carrying Amount | $ 35 |
Loans and other liabilities - F
Loans and other liabilities - Financial Covenants (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Loans and other liabilities | |
Liquidity amount | $ 4,600 |
Minimum liquidity requirement | $ 250 |
Loans and other liabilities - M
Loans and other liabilities - Movement in liabilities deriving from financing activities (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Loans and other Liabilities | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Beginning balance | $ 251.5 | $ 234.3 |
Changes related to financing cash flows: | ||
Receipt of long-term loans and other long-term liabilities | 59.2 | 50 |
Repayment of borrowings and lease liabilities | (92.2) | (19.7) |
Change in short-term loans | (53.5) | (16) |
Other Changes | 23 | 2.9 |
Ending balance | 188 | 251.5 |
Debentures | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Beginning balance | 423.7 | |
Changes related to financing cash flows: | ||
Repayment of borrowings and lease liabilities | (433.8) | |
Other Changes | 10.1 | |
Lease Liabilities | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Beginning balance | 3,071.7 | 1,174 |
Changes related to financing cash flows: | ||
Repayment of borrowings and lease liabilities | (1,357.2) | (737.8) |
Additional Leases | 2,207 | 1,779.7 |
Modifications | 241.2 | 864 |
Other Changes | (3.2) | (8.2) |
Ending balance | $ 4,159.5 | $ 3,071.7 |
Employee benefits - Composition
Employee benefits - Composition (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Presented as non-current liabilities: | ||
Present value of obligations (see section (f) below) | $ 52.9 | $ 70.7 |
Fair value of the plan assets (see section (f) below) | (26.8) | (31.1) |
Recognized liability for defined benefit obligations | 26.1 | 39.6 |
Termination benefit-liability for early retirement | 6.6 | 10.2 |
Other long-term benefits | 12.5 | 15.8 |
Non-current | 45.2 | 65.6 |
Presented as current liabilities: | ||
Liability for annual leave | 9 | 9 |
Current portion of liability for early retirement | 2.8 | 4.3 |
Current (Note 14) | 11.8 | 13.3 |
Total employee benefits | 57 | 78.9 |
Presented in the statement of financial position as follows: | ||
Total employee benefits | $ 57 | $ 78.9 |
Employee benefits - Defined con
Employee benefits - Defined contribution pension plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Employee benefits | |||
Payments to defined contribution pension plan (as a percent) | 6% | ||
Payments to defined benefit pension plan (as a percent) | 2.33% | ||
Payments made to contribution plans | $ 11.8 | $ 9.7 | $ 8.3 |
Employee benefits - Movement in
Employee benefits - Movement in the present value of the defined benefit pension plan obligation and present value of plan assets (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Present value of the defined benefit obligations | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Beginning balance | $ 70.7 | $ 70.4 |
Benefits paid by the plan | (4.4) | (4.9) |
Current service cost and interest | 5.3 | 4.2 |
Foreign currency exchange changes in plan measured in a currency different from the entity's functional currency | (7) | 1.1 |
Actuarial gains (loss) recognized in other comprehensive income | (11.7) | (0.1) |
Ending balance | 52.9 | 70.7 |
Present value of plan assets | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Beginning balance | 31.1 | 30.7 |
Contribution paid by the Group | 2.1 | 0.3 |
Benefits paid by the plan | (2) | (2.5) |
Return on plan assets | 0.8 | 0.7 |
Foreign currency exchange changes in plan measured in a currency different from the entity's functional currency | (2.5) | 0.6 |
Actuarial gains (loss) recognized in other comprehensive income | (2.7) | 1.3 |
Ending balance | $ 26.8 | $ 31.1 |
Employee benefits - Plan assets
Employee benefits - Plan assets composition (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Employee benefits | ||
Equity instruments | $ 8.5 | $ 9.4 |
Debt instruments | 12.8 | 15 |
Cash and deposits | 2.4 | 2 |
Other | 3.1 | 4.7 |
Fair value of the plan assets | $ 26.8 | $ 31.1 |
Employee benefits - Actuarial a
Employee benefits - Actuarial assumptions (Details) | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Minimum [Member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Resignation rate (as a percent) | 6% | ||
Dismissal rate (as a percent) | 1% | ||
Average future salary growth increment (as a percent) | 2% | 2% | 2% |
Overall long-term rate of return on assets | 2.60% | 0.90% | 0.70% |
Maximum [Member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Resignation rate (as a percent) | 10% | ||
Dismissal rate (as a percent) | 2% | ||
Average future salary growth increment (as a percent) | 5.80% | 5% | 4.80% |
Overall long-term rate of return on assets | 5.10% | 2.90% | 4% |
Early retirement | Minimum [Member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Discount rate (as a percent) | 4.70% | 1% | 0.90% |
Early retirement | Maximum [Member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Discount rate (as a percent) | 4.80% | 1.20% | 1% |
Annual absence | Minimum [Member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Discount rate (as a percent) | 5.10% | 2.60% | 2.40% |
Annual absence | Maximum [Member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Discount rate (as a percent) | 5.20% | 2.90% | 2.50% |
Tuition fees | Minimum [Member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Discount rate (as a percent) | 4.80% | 1.60% | 1.30% |
Tuition fees | Maximum [Member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Discount rate (as a percent) | 5% | 2.20% | 1.90% |
Defined benefit plan | Minimum [Member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Discount rate (as a percent) | 3.80% | 0.70% | 1% |
Defined benefit plan | Maximum [Member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Discount rate (as a percent) | 5.30% | 3.30% | 2.70% |
Subsidiaries | Minimum [Member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Resignation rate (as a percent) | 2.60% | ||
Dismissal rate (as a percent) | 2% | ||
Subsidiaries | Maximum [Member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Resignation rate (as a percent) | 4.20% | ||
Dismissal rate (as a percent) | 4.20% |
Employee benefits - Sensitivity
Employee benefits - Sensitivity analysis (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Mar. 09, 2022 | Dec. 31, 2019 | |
Disclosure of Share based option plan | ||||
Weighted average duration of the defined benefit obligation | 9 years | 10 years | ||
Expected contributions to the funded defined benefit pension plan | $ 0.6 | |||
Increase of the number of shares available for issuance by an additional | 3,200,000 | |||
Stock options | ||||
Disclosure of Share based option plan | ||||
Percentage of share capital | 5% | |||
Stock options | 2020 share incentive plan | ||||
Disclosure of Share based option plan | ||||
Maximum aggregate number of ordinary shares available for issuance | 1,000,000 | |||
Discount rate (0.5% movement) | ||||
Disclosure of Share based option plan | ||||
Reasonably possible increase in actuarial assumption (as a percent) | 0.50% | |||
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption | $ (1.4) | |||
Decrease (increase) in defined benefit obligation due to reasonably possible decrease in actuarial assumption | $ 1.3 | |||
Future benefit growth (0.5% movement) | ||||
Disclosure of Share based option plan | ||||
Reasonably possible increase in actuarial assumption (as a percent) | 0.50% | |||
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption | $ 2.2 | |||
Decrease (increase) in defined benefit obligation due to reasonably possible decrease in actuarial assumption | $ (2.2) |
Trade and other payables (Detai
Trade and other payables (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Trade and other payables | ||
Trade payables | $ 427.2 | $ 433.9 |
Other payables | ||
Salaries and related payables | 82.3 | 64.4 |
Provision for annual leave and early retirement (see Note 13(a)) | 11.8 | 13.3 |
Government institutions | 291.2 | 526.9 |
Accrued interest | 5.3 | 6.1 |
Accrued expenses | 43.7 | 18.4 |
Advances from customers and others | 11.5 | 10.2 |
Payables and other credit balances | 23.2 | 13.1 |
Other payables | 469 | 652.4 |
Total trade and other payables | $ 896.2 | $ 1,086.3 |
Provisions (Details)
Provisions (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Provisions | |
Balance at the beginning of the year | $ 28.3 |
Provisions added during the year | 31.9 |
Provisions utilized during the year | (7.3) |
Provisions reversed during the year | (2.7) |
Balance at the end of the year | $ 50.2 |
Income from voyages and relat_3
Income from voyages and related services (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenues | $ 12,561.6 | $ 10,728.7 | $ 3,991.7 |
Shipping | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenues | 12,391.7 | 10,540.2 | 3,920.3 |
Other | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenues | $ 169.9 | $ 188.5 | $ 71.4 |
Operating expenses and cost o_3
Operating expenses and cost of services (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating expenses and cost of services | |||
Wages, maintenance and other vessel operating costs | $ 34.5 | $ 14.3 | $ 13 |
Expenses relating to fleet equipment (mainly containers and chassis) | 29.1 | 28.1 | 26.6 |
Fuel and lubricants | 1,434.8 | 739.8 | 361.6 |
Insurance | 15.2 | 11.5 | 9.6 |
Expenses related to cargo handling | 1,981.6 | 1,879.9 | 1,432.9 |
Port expenses | 359 | 255.5 | 206.9 |
Agents' salaries and commissions | 261.1 | 238.8 | 159.1 |
Cost of related services and sundry | 216.1 | 170.9 | 100.5 |
Slots purchase and hire of vessels | 398.8 | 530.5 | 497.9 |
Hire of containers | 34.3 | 36.6 | 27 |
Total operating expenses and cost of services | $ 4,764.5 | $ 3,905.9 | $ 2,835.1 |
Other operating income (Details
Other operating income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Other operating income | |||
Capital gain, net | $ 42.7 | $ 8.7 | $ 8.8 |
Sundry | 6.2 | 5.8 | 3.8 |
Total other operating income | $ 48.9 | $ 14.5 | $ 12.6 |
Other operating expenses (Detai
Other operating expenses (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Other operating expenses | |||
Impairment loss (recovery) | $ (4.3) | ||
Sundry | $ 0.9 | $ 1 | |
Total Other Operating Expenses | $ 0.9 | $ 1 | $ (4.3) |
General and administrative ex_3
General and administrative expenses (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
General and administrative expenses | |||
Salaries and related expenses | $ 238.8 | $ 193 | $ 115.3 |
Office equipment and maintenance | 22.1 | 15.1 | 11.6 |
Depreciation and amortization | 26 | 22.9 | 22.5 |
Consulting, legal fees and insurance | 22.4 | 19.9 | 4.1 |
Travel and vehicle expenses | 5.7 | 2 | 1.7 |
Other | 23.3 | 14.8 | 8 |
Total general and administrative expenses | $ 338.3 | $ 267.7 | $ 163.2 |
Personnel expenses (Details)
Personnel expenses (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Salaries and related expenses included in: | |||
Operating expenses and cost of services | $ 250.9 | $ 218.3 | $ 145.4 |
General and administrative | 238.8 | 193 | 115.3 |
Total personnel expenses | $ 489.7 | $ 411.3 | $ 260.7 |
Depreciation and amortization_3
Depreciation and amortization expenses (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating expenses: | |||
Operating expenses | $ 1,370.3 | $ 756.3 | $ 291.6 |
General and administrative expenses | 26 | 22.9 | 22.5 |
Total depreciation and amortization expense | $ 1,396.3 | $ 779.2 | $ 314.1 |
Finance income and expenses - F
Finance income and expenses - Finance income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Finance income and expenses | |||
Interest income on debt instruments measured at amortized cost | $ 60.1 | $ 7 | $ 1.9 |
Interest income on debt instruments at fair value through other comprehensive income | 24 | 0.3 | |
Gain from repurchase of debt | 6.2 | ||
Net foreign currency exchange rate differences | 46.8 | 11.5 | |
Total finance income | $ 130.9 | $ 18.8 | $ 8.1 |
Finance income and expenses -_2
Finance income and expenses - Finance expenses (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Finance income and expenses | ||||
Interest expenses | $ 224.8 | $ 168.9 | $ 150.4 | |
Adjustments to financial liabilities in respect estimated cashflows and repayments | [1] | 5.1 | 3.9 | 22 |
Loss reclassified on derecognition of investment in debt instruments at fair value through other comprehensive income | 2.6 | |||
Net foreign currency exchange rate differences | 13.6 | |||
Impairment losses on trade and other receivables | 6.9 | 2.8 | 3.3 | |
Total finance expenses | 239.4 | $ 175.6 | $ 189.3 | |
Adjustments for increase (decrease) in financial liabilities held for trading | $ 5 | |||
[1]In 2022, includes US$ 5 million expense in respect of the early repayment of Tranche-E (see also Note 1(b)). |
Income tax - Income Tax Rate (D
Income tax - Income Tax Rate (Details) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income tax | |||
Tax rate | 23% | 23% | 23% |
Income tax - Measurement of res
Income tax - Measurement of results for tax purposes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Current tax expenses | |||
Current year | $ 1,360.4 | $ 892.8 | $ 16.2 |
Taxes in respect of previous years | (2.6) | (2) | 0.8 |
Total current tax expenses | 1,357.8 | 890.8 | 17 |
Deferred tax expenses | |||
Origination and reversal of temporary differences | 40.5 | 119.6 | (0.4) |
Total income taxes in income statements | $ 1,398.3 | $ 1,010.4 | $ 16.6 |
Income tax - Reconciliation of
Income tax - Reconciliation of effective tax rate (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income tax | |||
Profit for the year | $ 4,629 | $ 4,649.1 | $ 524.2 |
Income taxes | 1,398.3 | 1,010.4 | 16.6 |
Profit excluding income taxes | 6,027.3 | 5,659.5 | 540.8 |
Income tax using the domestic corporation tax rate | 1,386.3 | 1,301.7 | 124.4 |
Current year losses for which no deferred tax asset was recognized | 2.3 | ||
Utilization of carried forward tax losses for which no deferred tax assets were recognized | (287.5) | (115.9) | |
Effect of tax rates in foreign jurisdictions | 0.4 | 1.2 | 3.9 |
Non-deductible expenses | 7.3 | 5.9 | 0.2 |
Effect of different tax rates on specific gains | 3.8 | (7.6) | 4.1 |
Effect of share of profits of associates | 0.2 | (0.9) | (0.8) |
Other | (2) | (2.4) | 0.7 |
Total income taxes in income statements | $ 1,398.3 | $ 1,010.4 | $ 16.6 |
Income tax - Recognised deferre
Income tax - Recognised deferred tax assets and liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Assets | $ 36.5 | $ 26.6 | |
Liabilities | (185.6) | (145.1) | |
Net deferred tax assets recognised in the statement of the financial position | 2.3 | 2.1 | |
Net deferred tax liabilities recognised in the statement of the financial position | (151.4) | (120.6) | |
Net | (149.1) | (118.5) | $ 1.1 |
Vessels, containers, handling equipments and other tangible assets | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Liabilities | (185.6) | (144.7) | |
Net | (185.6) | (144.7) | (144.5) |
Financial liabilities | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Assets | 13.4 | ||
Net | 13.4 | 13.4 | |
Employee benefits | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Assets | 12.9 | 17.6 | |
Net | 12.9 | 17.6 | 16.9 |
Accumulated tax losses | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Assets | 6.8 | 9 | |
Net | 6.8 | 9 | 117.7 |
Other items | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Assets | 3.4 | ||
Liabilities | (0.4) | ||
Net | $ 3.4 | $ 0.4 | $ (2.4) |
Income tax - Unrecognised defer
Income tax - Unrecognised deferred tax assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income tax | |||
Carry forward tax losses | $ 90 | $ 102 | $ 1,799 |
Deferred tax assets have not been recognised in respect of the tax losses | $ 14 | $ 15 | $ 297 |
Income tax - Movement in deferr
Income tax - Movement in deferred tax assets and liabilities during the year (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Beginning balance | $ (118.5) | $ 1.1 |
Recognised in profit or loss | (40.5) | (119.4) |
Recognised in other comprehensive income | 9.9 | (0.2) |
Ending balance | (149.1) | (118.5) |
Vessels, containers, handling equipments and other tangible assets | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Beginning balance | (144.7) | (144.5) |
Recognised in profit or loss | (40.9) | (0.2) |
Ending balance | (185.6) | (144.7) |
Financial liabilities | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Beginning balance | 13.4 | |
Recognised in profit or loss | 3.1 | (13.4) |
Recognised in other comprehensive income | 10.3 | |
Ending balance | 13.4 | |
Employee benefits | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Beginning balance | 17.6 | 16.9 |
Recognised in profit or loss | (4.3) | 0.4 |
Recognised in other comprehensive income | (0.4) | 0.3 |
Ending balance | 12.9 | 17.6 |
Accumulated tax losses | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Beginning balance | 9 | 117.7 |
Recognised in profit or loss | (2.2) | (108.7) |
Ending balance | 6.8 | 9 |
Other items | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Beginning balance | 0.4 | (2.4) |
Recognised in profit or loss | 3.8 | 2.5 |
Recognised in other comprehensive income | (0.5) | |
Ending balance | $ 3.4 | $ 0.4 |
Segment information (Details)
Segment information (Details) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 USD ($) item | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | ||
Disclosure of geographical areas [line items] | ||||
Number of operating unit | item | 1 | |||
Revenues | $ 12,561.6 | $ 10,728.7 | $ 3,991.7 | |
Freight revenues from containerized cargo | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 10,952.2 | 9,698.7 | 3,492.2 | |
Other revenues | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | [1] | 1,609.4 | 1,030 | 499.5 |
Pacific | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 5,504.2 | 5,278.8 | 1,860.6 | |
Cross suez | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 1,528.5 | 1,254.2 | 392.7 | |
Atlantic | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 1,231.3 | 960.8 | 577.4 | |
Intra Asia | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 1,945.9 | 1,714.6 | 453.1 | |
Latin America | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | $ 742.3 | $ 490.3 | $ 208.4 | |
[1]Mainly related to demurrage, value-added services and non-containerized cargo. |
Commitments (Details)
Commitments (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Disclosure Of Commitments [Line Items] | |
Projected future payments to related party | $ 457.9 |
Projected future payments to others | 8,191.1 |
Total projected future payments | 8,649 |
2023 | |
Disclosure Of Commitments [Line Items] | |
Projected future payments to related party | 18.9 |
Projected future payments to others | 617.1 |
Total projected future payments | 636 |
2024 | |
Disclosure Of Commitments [Line Items] | |
Projected future payments to related party | 104 |
Projected future payments to others | 1,055.1 |
Total projected future payments | 1,159.1 |
2025 | |
Disclosure Of Commitments [Line Items] | |
Projected future payments to related party | 51.7 |
Projected future payments to others | 951.6 |
Total projected future payments | 1,003.3 |
2026 | |
Disclosure Of Commitments [Line Items] | |
Projected future payments to related party | 51.7 |
Projected future payments to others | 843.1 |
Total projected future payments | 894.8 |
2027 and thereafter | |
Disclosure Of Commitments [Line Items] | |
Projected future payments to related party | 231.6 |
Projected future payments to others | 4,724.2 |
Total projected future payments | $ 4,955.8 |
Commitments - Chartering agreem
Commitments - Chartering agreements (Details) - Strategic charter agreement - Seaspan $ in Millions | 1 Months Ended | |
Jul. 31, 2021 USD ($) Vessels | Feb. 28, 2021 USD ($) Vessels | |
Disclosure Of Commitments [Line Items] | ||
Number of container vessels chartered | 15 | 10 |
Capacity of the container vessels chartered | 7,000 | 15,000 |
Period of charter the vessels | 12 years | 12 years |
Annulaized charter hire costs per vessel | $ | $ 13 | $ 17 |
Contingencies (Details)
Contingencies (Details) ₪ in Millions, $ in Millions | Dec. 31, 2022 USD ($) | Dec. 31, 2017 ILS (₪) | Dec. 31, 2017 USD ($) |
Other legal matters excluding claims in ordinary course of business | |||
Disclosure of contingent liabilities [line items] | |||
Estimated financial effect of contingent liabilities | $ 10 | ||
Alleged breaches of competition laws | |||
Disclosure of contingent liabilities [line items] | |||
Estimated financial effect of contingent liabilities | ₪ 403 | $ 115 | |
Contingent liability for guarantees | |||
Disclosure of contingent liabilities [line items] | |||
Estimated financial effect of contingent liabilities | $ 8 |
Related parties - Transaction w
Related parties - Transaction with Associates (Details) - Associates - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of transactions between related parties [line items] | |||
Other operating income | $ 0.4 | $ 0.4 | $ 0.1 |
Operating expenses and cost of services | 11 | $ 6 | $ 2.2 |
Finance income | $ 0.1 |
Related parties - Associate Bal
Related parties - Associate Balances (Details) - Associates - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of transactions between related parties [line items] | ||
Trade and other receivables | $ 18.5 | $ 22.5 |
Trade and other payables | $ 0.3 | $ 0.2 |
Related parties - Key managemen
Related parties - Key management personnel (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Related parties | |||
Short-term employee benefits | $ 5.6 | $ 5.9 | $ 5.4 |
Share-based compensation | 5.7 | 9.4 | 0.2 |
Long-term employee benefits | $ 0.5 | $ 0.5 | $ 0.4 |
Related parties - Transactions
Related parties - Transactions with other related parties and directors (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of transactions between related parties [line items] | |||
Directors fees | $ 1.1 | $ 1.2 | $ 1.3 |
Share-based compensation | 1.7 | ||
Other related parties | |||
Disclosure of transactions between related parties [line items] | |||
Income from voyages and related services | 19.5 | 16.8 | 8.1 |
Operating expenses and cost of services | 1.4 | 5 | 7.3 |
Finance expenses | $ 4.4 | $ 7.7 | $ 5.4 |
Related parties - Other related
Related parties - Other related party balances (Details) - Other related parties - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of transactions between related parties [line items] | ||
Lease liabilities paid | $ 64 | $ 70 |
Trade and other receivables | ||
Disclosure of transactions between related parties [line items] | ||
Loans, lease and other liabilities | 2.4 | 3.3 |
Trade and other payables | ||
Disclosure of transactions between related parties [line items] | ||
Loans, lease and other liabilities | 0.2 | 0.5 |
Loans lease and other liabilities | ||
Disclosure of transactions between related parties [line items] | ||
Loans, lease and other liabilities | $ 41.4 | $ 114.3 |
Financial risk management - Cre
Financial risk management - Credit risk (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Disclosure of credit risk exposure [line items] | |
Total Outstanding | $ 1,531.2 |
Amount of credit to customers guaranteed by credit insurance | $ 232.3 |
Weighted average duration of invetsment in debt instruments | 2 years 2 months 12 days |
AA- to AAA | |
Disclosure of credit risk exposure [line items] | |
Total Outstanding | $ 986.9 |
A- to A+ | |
Disclosure of credit risk exposure [line items] | |
Total Outstanding | 295.6 |
BBB- to BBB+ | |
Disclosure of credit risk exposure [line items] | |
Total Outstanding | $ 248.7 |
Financial risk management- Liqu
Financial risk management- Liquidity risk Contractual maturities of financial liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Carrying amount | ||
Lease liabilities | $ 4,159.5 | $ 3,071.7 |
Short-term borrowings | 53 | 106.5 |
Trade and other payables | 896.2 | 1,086.3 |
0-1 years | ||
Carrying amount | ||
Lease liabilities | 1,380.8 | 893 |
More that 5 years | ||
Carrying amount | ||
Lease liabilities | 125.9 | 197.2 |
Liquidity risk | ||
Carrying amount | ||
Long-term loans and other liabilities | 119.4 | 142.9 |
Lease liabilities | 4,159.5 | 3,071.7 |
Short-term borrowings | 53 | 106.5 |
Trade and other payables | 583.9 | 534.4 |
Total | 4,915.8 | 3,855.5 |
Contractual cash flows | ||
Long-term loans and other liabilities | 141.4 | 167 |
Lease liabilities | 4,770.7 | 3,436.5 |
Short-term borrowings | 53 | 106.9 |
Trade and other payables | 583.9 | 534.4 |
Total | 5,549 | 4,244.8 |
Liquidity risk | 0-1 years | ||
Carrying amount | ||
Long-term loans and other liabilities | 50 | 27.9 |
Lease liabilities | 1,654.6 | 1,022.7 |
Short-term borrowings | 53 | 106.9 |
Trade and other payables | 583.9 | 534.4 |
Total | 2,341.5 | 1,691.9 |
Liquidity risk | 1-2 years | ||
Carrying amount | ||
Long-term loans and other liabilities | 20.1 | 42 |
Lease liabilities | 1,429.3 | 912.6 |
Total | 1,449.4 | 954.6 |
Liquidity risk | 2-5 years | ||
Carrying amount | ||
Long-term loans and other liabilities | 37.7 | 97.1 |
Lease liabilities | 1,536.5 | 1,267.1 |
Total | 1,574.2 | 1,364.2 |
Liquidity risk | More that 5 years | ||
Carrying amount | ||
Long-term loans and other liabilities | 33.6 | |
Lease liabilities | 150.3 | 234.1 |
Total | $ 183.9 | $ 234.1 |
Financial risk management - Cur
Financial risk management - Currency risk - Group's exposure (Details) - Currency risk - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
US$ | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | $ 608.9 | $ (1,275.3) |
US$ | Other receivables, Non-current | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | 110.9 | 106.4 |
US$ | Other non-current investments | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | 1,370.5 | 165.8 |
US$ | Other current investments | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | 2,221.7 | 2,136.4 |
US$ | Trade and other receivables, Current | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | 693.7 | 1,112.8 |
US$ | Cash and cash equivalents | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | 930 | 1,460.6 |
US$ | Loans and other liabilities, Non-current | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | (89) | (119.1) |
US$ | Lease liabilities non-current | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | (2,749) | (2,148.6) |
US$ | Short term borrowings and current maturities | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | (95.4) | (130.1) |
US$ | Lease liabilities current | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | (1,366) | (880) |
US$ | Trade and other payables, Current | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | (418.5) | (428.9) |
NIS | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | (104.6) | (38.7) |
NIS | Other non-current investments | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | 1.2 | 1.3 |
NIS | Other current investments | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | 0.1 | |
NIS | Trade and other receivables, Current | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | 0.8 | 2.2 |
NIS | Cash and cash equivalents | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | 11.7 | 22.1 |
NIS | Lease liabilities non-current | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | (9.7) | (7.4) |
NIS | Lease liabilities current | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | (7.9) | (6.3) |
NIS | Trade and other payables, Current | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | (100.8) | (50.6) |
Others | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | 91.1 | 77 |
Others | Other receivables, Non-current | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | 1.2 | 0.8 |
Others | Other non-current investments | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | 1.5 | 2.1 |
Others | Other current investments | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | 11.2 | 8 |
Others | Trade and other receivables, Current | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | 92 | 92.4 |
Others | Cash and cash equivalents | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | 80.4 | 60.6 |
Others | Loans and other liabilities, Non-current | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | (3) | (1.8) |
Others | Lease liabilities non-current | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | (20) | (22.7) |
Others | Short term borrowings and current maturities | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | (0.7) | (0.6) |
Others | Lease liabilities current | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | (6.9) | (6.7) |
Others | Trade and other payables, Current | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Risk exposure associated with instruments sharing characteristic | $ (64.6) | $ (55.1) |
Financial risk management - C_2
Financial risk management - Currency risk - Sensitivity Analysis (Details) - Currency risk - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Percentage of reasonably possible increase in risk assumption | 10% | 10% |
Percentage of reasonably possible decrease in risk assumption | 10% | 10% |
Increase (decrease) in equity due to reasonably possible increase in designated risk component | $ 10.5 | $ 3.3 |
Financial risk management - Int
Financial risk management - Interest rate risk - Group's exposure (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Fixed rate | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Financial assets | $ 4,620.1 | $ 3,852.9 |
Financial liabilities | (4,257.9) | (3,285.7) |
Net financial assets and liabilities | 362.2 | 567.2 |
Variable rate | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Financial liabilities | (73.9) | (35.4) |
Net financial assets and liabilities | $ (73.9) | $ (35.4) |
Financial risk management- Fair
Financial risk management- Fair value (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about financial instruments [line items] | |||
Current | [1] | $ 215 | $ 20.3 |
Non-current other investments | [1] | 11.2 | 2.3 |
Level 1 | Investments in Sovereign bonds | |||
Disclosure of detailed information about financial instruments [line items] | |||
Current | 153.7 | 2 | |
Non current | 739.8 | 35.5 | |
Total | 893.5 | 37.5 | |
Level 1 | Investments in corporate bonds | |||
Disclosure of detailed information about financial instruments [line items] | |||
Current | 59 | 16.3 | |
Non current | 578.7 | 127.4 | |
Total | 637.7 | 143.7 | |
Level 1 | Investments in equity instruments at fair value through other comprehensive income [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Current | 2.3 | 2 | |
Non current | 39.9 | ||
Total | 42.2 | 2 | |
Level 3 | Investments in Sovereign bonds | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total | 893.5 | ||
Total | 37.5 | ||
Level 3 | Investments in corporate bonds | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total | 637.7 | ||
Total | 143.7 | ||
Level 3 | Investments in equity instruments at fair value through other comprehensive income [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total | 42.2 | ||
Total | 2 | ||
Level 3 | Investments in equity instruments at fair value through profit and loss [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Non-current other investments | 11.2 | 2.3 | |
Total | 11.2 | $ 2.3 | |
Level 3 | Derivative instrument [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Non-current loans and other liabilities | (13.7) | ||
Total | $ (13.7) | ||
[1]See also Note 29(b) in respect of the Group’s exposure to credit, currency, interest rate and fair value risks related to investments. |