EX-99.2 3 exhibit_99-2.htm EXHIBIT 99.2
Exhibit 99.2

ZIM INTEGRATED SHIPPING SERVICES LTD.

CONDENSED CONSOLIDATED UNAUDITED INTERIM

FINANCIAL STATEMENTS

MARCH 31, 2023

ZIM INTEGRATED SHIPPING SERVICES LTD.
INDEX TO CONDENSED CONSOLIDATED UNAUDITED INTERIM FINANCIAL STATEMENTS

 
Page

FINANCIAL STATEMENTS:
  
   
3
   
4
   
5
   
6
   
7-8
   
9-14
   

ZIM INTEGRATED SHIPPING SERVICES LTD.
CONDENSED CONSOLIDATED UNAUDITED INTERIM STATEMENTS OF FINANCIAL POSITION

         
March 31
    
December 31
  
         
2023
    
2022
    
2022
  
   
Note
    
US $ in millions
  
Assets
                        
Vessels
    
6
      
4,784.3
      
4,037.5
      
4,409.9
  
Containers and handling equipment
    
6
      
1,233.1
      
1,323.6
      
1,242.8
  
Other tangible assets
    
6
      
98.2
      
74.6
      
98.5
  
Intangible assets
            
95.1
      
77.5
      
92.9
  
Investments in associates
            
22.6
      
13.6
      
22.0
  
Other investments
            
1,344.7
      
306.2
      
1,373.2
  
Other receivables
            
113.9
      
107.9
      
112.1
  
Deferred tax assets
            
2.9
      
2.3
      
2.3
  
Total non-current assets
            
7,694.8
      
5,943.2
      
7,353.7
  
                                 
Inventories
            
189.1
      
173.8
      
190.7
  
Trade and other receivables
            
695.3
      
1,386.4
      
825.7
  
Other investments
            
1,060.2
      
2,092.4
      
2,233.1
  
Cash and cash equivalents
            
1,892.6
      
2,727.2
      
1,022.1
  
Total current assets
            
3,837.2
      
6,379.8
      
4,271.6
  
Total assets
            
11,532.0
      
12,323.0
      
11,625.3
  
                                 
Equity
                                
Share Capital and reserves
    
5
      
2,007.9
      
2,009.8
      
1,987.7
  
Retained earnings
            
3,073.8
      
2,246.1
      
3,901.9
  
Equity attributable to owners of the Company
            
5,081.7
      
4,255.9
      
5,889.6
  
Non-controlling interests
            
1.1
      
4.3
      
6.3
  
Total equity
            
5,082.8
      
4,260.2
      
5,895.9
  
                                 
Liabilities
                                
Lease liabilities
            
2,993.6
      
2,784.2
      
2,778.7
  
Loans and other liabilities
            
87.6
      
171.3
      
91.9
  
Employee benefits
            
42.8
      
57.1
      
45.2
  
Deferred tax liabilities
            
145.4
      
122.6
      
151.4
  
Total non-current liabilities
            
3,269.4
      
3,135.2
      
3,067.2
  
                                 
Trade and other payables
    
4(b)

   
1,359.8
      
2,946.2
      
896.2
  
Provisions
            
51.6
      
31.6
      
50.2
  
Contract liabilities
            
195.7
      
596.6
      
238.9
  
Lease liabilities
            
1,499.0
      
1,238.4
      
1,380.8
  
Loans and other liabilities
            
73.7
      
114.8
      
96.1
  
Total current liabilities
            
3,179.8
      
4,927.6
      
2,662.2
  
Total liabilities
            
6,449.2
      
8,062.8
      
5,729.4
  
Total equity and liabilities
            
11,532.0
      
12,323.0
      
11,625.3
  

 /s/ Yair Seroussi     /s/ Eli Glickman     /s/ Xavier Destriau
Yair Seroussi
  
Eli Glickman
  
Xavier Destriau
Chairman of the Board of Directors
  
President & Chief Executive Officer
  
Chief Financial Officer
 
Date of approval of the Financial Statements: May 22, 2023.

The accompanying Notes are an integral part of these condensed consolidated unaudited interim Financial Statements.
 
3
ZIM INTEGRATED SHIPPING SERVICES LTD.
CONDENSED CONSOLIDATED UNAUDITED INTERIM INCOME STATEMENTS

         
Three months ended
March 31
    
Year ended
December 31
  
         
2023
    
2022
    
2022
  
   
Note
    
US $ in millions
  
                         
Income from voyages and related services
          
1,374.3
      
3,716.4
      
12,561.6
  
Cost of voyages and related services
                              
Operating expenses and cost of services
    
8
      
(939.7
)
    
(1,118.3
)
    
(4,764.5
)
Depreciation
            
(380.5
)
    
(284.4
)
    
(1,370.3
)
Gross profit
            
54.1
      
2,313.7
      
6,426.8
  
                                 
Other operating income
            
10.1
      
4.6
      
48.9
  
Other operating expenses
            
(3.6
)
    
(0.1
)
    
(0.9
)
General and administrative expenses
            
(74.1
)
    
(77.1
)
    
(338.3
)
Share of profit (loss) of associates
            
(0.4
)
    
1.4
      
(0.7
)
                                 
Results from operating activities
            
(13.9
)
    
2,242.5
      
6,135.8
  
                                 
Finance income
            
44.4
      
21.4
      
130.9
  
Finance expenses
            
(95.2
)
    
(45.3
)
    
(239.4
)
                                 
Net finance expenses
            
(50.8
)
    
(23.9
)
    
(108.5
)
                                 
Profit (loss) before income taxes
            
(64.7
)
    
2,218.6
      
6,027.3
  
                                 
Income taxes
            
6.6
      
(507.6
)
    
(1,398.3
)
                                 
Profit (loss) for the period
            
(58.1
)
    
1,711.0
      
4,629.0
  
                                 
Attributable to:
                                
                                 
Owners of the Company
            
(59.5
)
    
1,708.8
      
4,619.4
  
Non-controlling interests
            
1.4
      
2.2
      
9.6
  
Profit (loss) for the period
            
(58.1
)
    
1,711.0
      
4,629.0
  
                                 
Earnings (loss) per share (US$)
                                
Basic earnings (loss) per 1 ordinary share
    
10
      
(0.50
)
    
14.25
      
38.49
  
Diluted earnings (loss) per 1 ordinary share
    
10
      
(0.50
)
    
14.19
      
38.35
  

The accompanying Notes are an integral part of these condensed consolidated unaudited interim Financial Statements.
 
4
ZIM INTEGRATED SHIPPING SERVICES LTD.
CONDENSED CONSOLIDATED UNAUDITED INTERIM STATEMENTS OF COMPREHENSIVE INCOME

   
Three months ended
March 31
    
Year ended December 31
  
   
2023
    
2022
    
2022
  
   
US $ in millions
  
                   
Profit (loss) for the period
    
(58.1
)
    
1,711.0
      
4,629.0
  
                         
Other components of comprehensive income
                        
                         
Items of other comprehensive income that were or will be reclassified to profit and loss
                        

                       
Foreign currency translation differences for foreign operations
    
0.9
      
(5.0
)
    
(18.0
)
                         
Net change in fair value of investments in debt instruments at fair value through other comprehensive income, net of tax
    
8.0
      
(7.3
)
    
(34.6
)
                         
Net change in fair value of investments in debt instruments at fair value through other comprehensive income, reclassified to profit and loss
    
3.2
              
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
    
1.4
      
0.2
      
(1.9
)
                         
Defined benefit pension plans actuarial gains, net of tax
    
0.7
      
3.9
      
8.5
  
                         
Other comprehensive income for the period, net of tax
    
14.2
      
(8.2
)
    
(43.4
)
                         
Total comprehensive income for the period
    
(43.9
)
    
1,702.8
      
4,585.6
  
                         
Attributable to:
                        
Owners of the Company
    
(45.6
)
    
1,701.5
      
4,578.2
  
Non-controlling interests
    
1.7
      
1.3
      
7.4
  
                         
Total comprehensive income for the period
    
(43.9
)
    
1,702.8
      
4,585.6
  

The accompanying Notes are an integral part of these condensed consolidated unaudited interim Financial Statements.
 
5
ZIM INTEGRATED SHIPPING SERVICES LTD.
CONDENSED CONSOLIDATED UNAUDITED INTERIM STATEMENTS OF CHANGES IN EQUITY

   
Attribute to the owners of the Company
              
   
Share
capital
    
General
reserves (*)
    
Translation
reserve
    
Retained
earnings
    
Total
    
Non-controlling
interests
    
Total
equity
  
 
   
US $ in millions
  
For the three months period ended March 31, 2023
                                          
Balance at December 31, 2022
    
925.9
      
1,097.3
      
(35.5
)
    
3,901.9
      
5,889.6
      
6.3
      
5,895.9
  
Profit (loss) for the period
                            
(59.5
)
    
(59.5
)
    
1.4
      
(58.1
)
Other comprehensive income for the period, net of tax
            
12.6
      
0.7
      
0.6
      
13.9
      
0.3
      
14.2
  
Share-based compensation
            
6.9
                      
6.9
              
6.9
  
Exercise of options
    
0.2
      
(0.2
)
                                        
Dividend to owners of the Company
                            
(769.2
)
    
(769.2
)
            
(769.2
)
Dividend to non-controlling interests in subsidiaries
                                            
(6.9
)
    
(6.9
)
Balance at March 31, 2023
    
926.1
      
1,116.6
      
(34.8
)
    
3,073.8
      
5,081.7
      
1.1
      
5,082.8
  
                                                         
For the three months period ended March 31, 2022
                                                        
Balance at December 31, 2021
    
923.2
      
1,107.9
      
(19.7
)
    
2,580.6
      
4,592.0
      
7.5
      
4,599.5
  
Initial application of an amendment to IAS 37
                            
(3.3
)
    
(3.3
)
            
(3.3
)
Balance at January 1, 2022
    
923.2
      
1,107.9
      
(19.7
)
    
2,577.3
      
4,588.7
      
7.5
      
4,596.2
  
Profit for the period
                            
1,708.8
      
1,708.8
      
2.2
      
1,711.0
  
Other comprehensive income for the period, net of tax
                    
(4.1
)
    
(3.2
)
    
(7.3
)
    
(0.9
)
    
(8.2
)
Share-based compensation
            
2.5
                      
2.5
              
2.5
  
Exercise of options
    
1.1
      
(1.1
)
                                        
Dividend to owners of the Company
                            
(2,036.8
)
    
(2,036.8
)
            
(2,036.8
)
Dividend to non-controlling interests in subsidiaries
                                            
(4.5
)
    
(4.5
)
Balance at March 31, 2022
    
924.3
      
1,109.3
      
(23.8
)
    
2,246.1
      
4,255.9
      
4.3
      
4,260.2
  
                                                         
For the year ended December 31, 2022
                                                        
Balance at December 31, 2021
    
923.2
      
1,107.9
      
(19.7
)
    
2,580.6
      
4,592.0
      
7.5
      
4,599.5
  
Initial application of an amendment to IAS 37
                            
(3.3
)
    
(3.3
)
            
(3.3
)
Balance at January 1, 2022
    
923.2
      
1,107.9
      
(19.7
)
    
2,577.3
      
4,588.7
      
7.5
      
4,596.2
  
Profit for the year
                            
4,619.4
      
4,619.4
      
9.6
      
4,629.0
  
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 December 31, 2022
    
925.9
      
1,097.3
      
(35.5
)
    
3,901.9
      
5,889.6
      
6.3
      
5,895.9
  

(*) Include reserves related to transactions with an interested party, share-based compensation and changes in fair value of investment instruments.

The accompanying Notes are an integral part of these condensed consolidated unaudited interim Financial Statements.
 
6
ZIM INTEGRATED SHIPPING SERVICES LTD.
CONDENSED CONSOLIDATED UNAUDITED INTERIM STATEMENTS OF CASH FLOWS

   
Three months ended
    
Year ended
  
   
March 31
    
December 31
  
   
2023
    
2022
    
2022
  
   
US $ in millions
  
                   
Cash flows from operating activities
                  
Profit (loss) for the period
    
(58.1
)
    
1,711.0
      
4,629.0
  
                         
Adjustments for:
                        
Depreciation and amortization
    
387.2
      
290.2
      
1,396.3
  
Net finance expenses
    
50.8
      
23.9
      
108.5
  
Share of profits and change in fair value of investees
    
0.4
      
(1.5
)
    
(2.1
)
Capital gain, net
    
(9.8
)
    
(4.0
)
    
(42.7
)
Income taxes
    
(6.6
)
    
507.6
      
1,398.3
  
Other non-cash items
    
6.3
      
2.5
      
39.7
  
                         
     
370.2
      
2,529.7
      
7,527.0
  
                         
Change in inventories
    
1.6
      
(54.8
)
    
(71.7
)
Change in trade and other receivables
    
143.2
      
(96.3
)
    
496.6
  
Change in trade and other payables including contract liabilities
    
(91.7
)
    
36.0
      
(325.7
)
Change in provisions and employee benefits
    
1.4
      
(2.1
)
    
15.9
  
                         
     
54.5
      
(117.2
)
    
115.1
  
                         
Dividends received
    
0.1
              
0.9
  
Interest received
    
49.5
      
3.2
      
53.2
  
Income taxes paid
    
(300.7
)
    
(755.7
)
    
(1,586.1
)
                         
Net cash generated from operating activities
    
173.6
      
1,660.0
      
6,110.1
  
                         
Cash flows from investing activities
                        
Proceeds from sale of tangible assets, intangible assets, and interest in investees
    
12.2
      
5.3
      
48.1
  
Acquisition and capitalized expenditures of tangible assets, intangible assets and interest in investees
    
(35.9
)
    
(182.5
)
    
(345.5
)
Acquisition of investment instruments, net
    
(161.1
)
    
(182.9
)
    
(1,433.1
)
Loans granted to investees
    
(1.7
)
                
Change in other receivables
    
(8.2
)
    
(0.3
)
    
(20.2
)
Change in other investments (mainly deposits), net
    
1,400.9
      
99.8
      
105.7
  
Net cash generated from (used in) investing activities
    
1,206.2
      
(260.6
)
    
(1,645.0
)

The accompanying Notes are an integral part of these condensed consolidated unaudited interim Financial Statements.
 
7
ZIM INTEGRATED SHIPPING SERVICES LTD.
CONDENSED CONSOLIDATED UNAUDITED INTERIM STATEMENTS OF CASH FLOWS

   
Three months ended
    
Year ended
  
   
March 31
    
December 31
  
   
2023
    
2022
    
2022
  
   
US $ in millions
  
                   
Cash flows from financing activities
                  
Receipt of long-term loans and other long-term liabilities
          
59.2
      
59.2
  
Repayment of lease liabilities and borrowings
    
(395.0
)
    
(208.9
)
    
(1,449.4
)
Change in short term loans
    
(21.0
)
    
(20.0
)
    
(53.5
)
Dividend paid to non-controlling interests
    
(6.9
)
    
(4.5
)
    
(8.4
)
Dividend paid to owners of the Company
                    
(3,303.3
)
Interest paid
    
(86.8
)
    
(40.5
)
    
(221.0
)
Net cash used in financing activities
    
(509.7
)
    
(214.7
)
    
(4,976.4
)
                         
Net change in cash and cash equivalents
    
870.1
      
1,184.7
      
(511.3
)
Cash and cash equivalents at beginning of the period
    
1,022.1
      
1,543.3
      
1,543.3
  
Effect of exchange rate fluctuation on cash held
    
0.4
      
(0.8
)
    
(9.9
)
Cash and cash equivalents at the end of the period
    
1,892.6
      
2,727.2
      
1,022.1
  

The accompanying Notes are an integral part of these condensed consolidated unaudited interim Financial Statements.
 
8
ZIM INTEGRATED SHIPPING SERVICES LTD.
NOTES TO THE CONDENSED CONSOLIDATED UNAUDITED INTERIM FINANCIAL STATEMENTS

1
Reporting entity
 
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.
 
2
Basis of compliance
 

 (a)
Statement of compliance
 
These condensed consolidated unaudited interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting. They do not include all of the information required for full annual financial statements and should be read in conjunction with the consolidated financial statements of the Company as at and for the year ended December 31, 2022 (hereafter – the “annual Financial Statements”). These condensed consolidated unaudited interim Financial Statements were approved by the Board of Directors on May 22, 2023.
 
  (b)
Estimates
 
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 significant judgments made by management in applying the Group’s accounting policies and the principal assumptions used in the estimation of uncertainty were the same as those applied to the annual financial statements.
 
3
Significant accounting policies
 
The accounting policies applied by the Group in these unaudited condensed consolidated interim Financial Statements are the same as those applied by the Group in its annual Financial Statements.

9
ZIM INTEGRATED SHIPPING SERVICES LTD.
NOTES TO THE CONDENSED CONSOLIDATED UNAUDITED INTERIM FINANCIAL STATEMENTS

4
Financial position
 
  (a)
The container shipping industry continues to be characterized by volatility in freight rates, charter rates and bunker prices, accompanied by continuing uncertainties in the global trade (including the rise of inflation and interest rates in certain countries, the implications of the ongoing military conflict between Russia and Ukraine and other geopolitical challenges). In addition, commencing 2022, regulators in certain jurisdictions (mainly in the U.S) have become more active in their regulatory oversight over our industry, through change in regulations and interpretation of related rules.
 
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 2022 and continued to further decrease during the first quarter of 2023.
 
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 considering, and when appropriate, implementing structural changes, participating in partnerships and cooperation agreements and by upgrading its customer’s offerings, whilst seeking operational excellence and cost efficiencies.
 
At each reporting date, the Company reviews the carrying amount of its operating assets and assesses them for impairment when indications exist. As of March 31, 2023, the Company tested for impairment its cash-generating-unit, which consist all of its operating assets, using similar estimation methods and assumptions to those applied as of December 31, 2022 (see also Note 6 to the Company’s 2022 annual financial statements). The test resulted with no impairment to be recognized.
 
  (b)
In April 2023, further to the approval by the Company’s Board of Directors in March 2023, the Company distributed a dividend in an amount of US$ 769 million, reflecting US$ 6.40 per ordinary share. As of March 31, 2023, the dividend amount is presented under Trade and other payables.
 
  (c)
Charter agreements:
 
Further to the Company’s long-term agreement with Seaspan for the chartering of ten 15,000 TEU new-build liquefied natural gas (LNG) dual-fuel vessels, the first and second vessels were delivered during February and April 2023.
 
Additional vessels related to this agreement, as well as to other chartering agreements the Company entered into during 2021 and 2022, are scheduled to be delivered to the Company during 2023 and 2024 (see also Notes 1(b) and 26 to the Company’s 2022 annual financial statements).
 
10
ZIM INTEGRATED SHIPPING SERVICES LTD.
NOTES TO THE CONDENSED CONSOLIDATED UNAUDITED INTERIM FINANCIAL STATEMENTS

5
Capital and reserves
 
Share-Based Payment Arrangements
 
During the three months period ended March 31, 2023, a total of 34,177 shares were issued, upon the cashless exercise of options, previously granted in respect of share-based payment arrangements.
 
During the three months period ended March 31, 2023, 2022 and the year ended December 31, 2022, the Company recorded expenses related to share-based compensation arrangements of US$ 6.9 million, US$ 2.5 million and US$ 25.8 million, respectively.
 
6
Right-of-use assets
 
   
Balance at March 31
    
Balance at December 31
  
   
2023
    
2022
    
2022
  
   
US $ in millions
  
                   
Vessels
    
4,382.9
      
3,630.3
      
3,967.3
  
Containers and handling equipment
    
362.7
      
439.0
      
380.0
  
Other tangible assets
    
57.4
      
53.4
      
58.0
  
     
4,803.0
      
4,122.7
      
4,405.3
  

7
Segment information
 
ZIM is managed as one operating unit, generating revenues from operating a global liner service network of cargo shipping and related services, in which 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, as follows:
 
   
Three months ended March 31
    
Year ended December 31
  
   
2023
    
2022
    
2022
  
   
US $ in millions
  
Freight Revenues from containerized cargo:
                  
Pacific
    
428.6
      
1,725.4
      
5,504.2
  
Cross-Suez
    
170.8
      
472.7
      
1,528.5
  
Atlantic
    
216.6
      
329.8
      
1,231.3
  
Intra-Asia
    
161.1
      
597.0
      
1,945.9
  
Latin America
    
91.9
      
179.7
      
742.3
  
     
1,069.0
      
3,304.6
      
10,952.2
  
Other Revenues (*)
    
305.3
      
411.8
      
1,609.4
  
     
1,374.3
      
3,716.4
      
12,561.6
  

(*) Mainly related to non-containerized cargo, demurrage and value-added services.
 
11
ZIM INTEGRATED SHIPPING SERVICES LTD.
NOTES TO THE CONDENSED CONSOLIDATED UNAUDITED INTERIM FINANCIAL STATEMENTS

8
Operating expenses and cost of services
 
   
Three months ended March 31
    
Year ended December 31
  
   
2023
    
2022
    
2022
  
   
US $ in millions
  
Wages, maintenance and other vessel-operating costs
    
8.4
      
6.8
      
34.5
  
Expenses relating to fleet equipment (mainly containers and chassis)
    
7.9
      
7.3
      
29.1
  
Bunker and lubricants
    
272.4
      
261.8
      
1,434.8
  
Insurance
    
4.6
      
2.1
      
15.2
  
Expenses related to cargo handling
    
419.1
      
484.4
      
1,981.6
  
Port expenses
    
99.7
      
70.6
      
359.0
  
Agents’ salaries and commissions
    
50.7
      
60.5
      
261.1
  
Cost of related services and sundry
    
57.1
      
64.7
      
216.1
  
Slot purchases and hire of vessels
    
13.1
      
150.9
      
398.8
  
Hire of containers
    
6.7
      
9.2
      
34.3
  
     
939.7
      
1,118.3
      
4,764.5
  

9
Financial instruments
 
Financial instruments measured at fair value

     March 31,  
     2023  
   
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
    
Investments in money market instruments at fair value through profit and loss
    
Derivative instrument
  
   
US $ in millions
  

                                   
Level 1 financial instruments carried at fair value
                                    
Cash and cash equivalents
                            
538.0
        
Other investments:
                                      
Current
    
359.8
      
80.7
      
2.6
                      
Non-current
    
706.3
      
618.8
      
3.2
      
             
 
     
1,066.1
      
699.5
      
5.8
      
     
538.0
      
 
                                                 
Level 3 financial instruments carried at fair value
                                                
Non-current other investments
                            
11.2
                  
Non-current loans and other liabilities
                                            
(13.0
)
     
1,066.1
      
699.5
      
5.8
      
11.2
      
538.0
      
(13.0
)

12
ZIM INTEGRATED SHIPPING SERVICES LTD.
NOTES TO THE CONDENSED CONSOLIDATED UNAUDITED INTERIM FINANCIAL STATEMENTS

9
Financial instruments (cont’d)
 
    March 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
  
   
US $ in millions
  

                 
Level 1 financial instruments carried at fair value
                  
Other investments:
                  
Current
    
40.5
      
25.6
      
2.2
  
Non-Current
    
57.0
      
236.3
      
6.8
  
     
97.5
      
261.9
      
9.0
  

    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
)
     
893.5
      
637.7
      
42.2
      
11.2
      
(13.7
)

Financial instruments not measured at fair value
 
The carrying amounts of the Group’s financial assets and liabilities, including cash and cash equivalents, trade and other receivables, other investments, trade and other payables and loans and other liabilities, reflect reasonable approximation of their fair value.
 
13
ZIM INTEGRATED SHIPPING SERVICES LTD.
NOTES TO THE CONDENSED CONSOLIDATED UNAUDITED INTERIM FINANCIAL STATEMENTS

10
Earnings (loss) per share
 
Basic and diluted earnings (loss) per share
 
   
Three months ended
March 31
    
Year ended December 31
  
   
2023
    
2022
    
2022
  
   
US $ in millions
  
Profit (loss) attributable to ordinary shareholders used to calculate basic and diluted earnings per share (US $ in millions)
    
(59.5
)
    
1,708.8
      
4,619.4
  
                         
Number of shares at the beginning of the period used to calculate basic earnings (loss) per share
    
120,149,921
      
119,910,688
      
119,910,688
  
Effect of share options   
    
19,367
              
101,687
  
                         
Weighted average number of ordinary shares used to calculate basic earnings (loss) per share
    
120,169,288
      
119,910,688
      
120,012,375
  
                         
Effect of share options
            
528,210
      
432,514
  
                         
Weighted average number of ordinary shares used to calculate diluted earnings (loss) per share
    
120,169,288
      
120,438,898
      
120,444,889
  

In the three months period ended March 31, 2023, options for 2,411,114 ordinary shares, granted to officers, directors and employees were excluded from the diluted weighted average number of ordinary shares calculation as their effect would have been anti-dilutive.

14