DGAP-News: Rickmers Group: Stable operating performance despite challenging market conditions
(firmenpresse) - DGAP-News: Rickmers Holding GmbH&Cie. KG / Key word(s): Half Year
Results
Rickmers Group: Stable operating performance despite challenging
market conditions
30.08.2013 / 10:07
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Rickmers Group: Stable operating performance despite challenging market
conditions
- Revenues -4.4 per cent year-on-year
- EBITDA +13.1 per cent year-on-year
- Net income - down by EUR 9.5 million year-on-year - remains positive
Hamburg, 30 August 2013 - Despite the ongoing challenging market
environment for the shipping industry which negatively affected Rickmers
Group as well, the company achieved stable operating performance in the
first half of the financial year 2013. Consolidated revenues decreased
slightly year-on-year from EUR 301.4 million to EUR 288.2 million mainly
due to lower freight rates, soft demand in some key trade lanes and the
ongoing process of KG fund vessels leaving the managed fleet. While
consolidated EBITDA grew by 13.1 per cent from EUR 95.7 million to EUR
108.2 million, consolidated EBIT decreased by 29.1 per cent from EUR 53.2
million to EUR 37.7 million. Despite the adverse market environment,
Rickmers Group recorded a positive net income of EUR 1.6 million (H1 2012:
EUR 11.1 million) in the first half of 2013.
'Overall challenging market conditions across the entire shipping industry
affected the Rickmers Group as well. However, we have made good progress on
executing our strategic initiatives; creating optionality for new
investments that will enable the Group to take advantage of growth
opportunities in the market place and building our capabilities to better
position Rickmers diversified business model for success in the future',
says Ronald D. Widdows, CEO of Rickmers Group and Rickmers-Linie.
'We continued to restructure our vessel portfolio, enhanced Rickmers
Maritime Services third party activities and made anti-cyclical investments
like the initiation of Rickmers-Linie's new Westbound Round-the-World
service, connecting Asia with South and North America', adds Ignace Van
Meenen, deputy CEO and CFO.
In addition, Rickmers Group managed to raise its equity ratio and recorded
a stable cash flow from operating activities in the first half of the
financial year 2013. Compared to 31 December 2012, the balance sheet total
rose by 3.2 per cent to EUR 2.85 billion as of 30 June 2013 while equity
increased by 6.5 per cent to EUR 766.5 million. This represents an equity
ratio of 26.9 per cent as of 30 June 2013 compared to 26.0 per cent as of
year-end 2012. The cash flow from operating activities amounted to EUR 43.8
million in H1 2013 after EUR 44.0 million in H1 2012.
'As part of Rickmers' strategy to exploit new sources of financing, the
company successfully issued a EUR 175 million bond in June 2013.
Considering the overall difficult market environment we are pleased to
report a solid development with regards to consolidated equity ratio and
net debt as well as Asset Segment driven sustainable EBITDA and cash
flows', explains Mark-Ken Erdmann, Deputy CFO.
Outlook: Market Consolidation
Rickmers continued to take advantage of the market consolidation and
further restructured its vessel portfolio. In this context the Maritime
Assets segment purchased five 2,200 TEU geared ships which also added to
the portfolio of ships managed by the Maritime Services segment.
Maritime Services expanded its services for third parties, bringing five
additional third-party 4,700 TEU container ships under management. The
vessels will join the fleet mid of September.
As of 30 June 2013 Rickmers managed 92 vessels of which 53 are own vessels.
Rickmers expects that the Group's performance will continue to be affected
by the ongoing challenging market environment in the second half of the
financial year.
The full report for the first half of the financial year 2013 is available
under this link: www.rickmers.com.
About Rickmers Group
Headquartered in Hamburg, the Rickmers Group is an established
international provider of services for the maritime industry, vessel owner
and ocean carrier. It is internationally represented with more than 20
offices in eleven countries and over 50 sales agencies worldwide. The
business activities of the Rickmers Group are divided into three segments:
Maritime Assets, Maritime Services and Rickmers-Linie.
With its Maritime Assets segment, the Rickmers Group acts as asset manager
for its own and for third-party vessels, initiates and coordinates vessel
projects, arranges financing and acquires, charters out and sells vessels.
In the Maritime Services business segment, the Rickmers Group provides ship
management for Rickmers Group's own and for third party vessels, including
technical and operational management, crewing, newbuilding supervision and
advisory and insurance-related services. In the Rickmers-Linie business
segment, the Rickmers Group offers global breakbulk, heavy lift and project
cargoes liner services and individual sailings complementing the liner
services.
Press enquiries:
Kirchhoff Consult AG
Sebastian Bucher
T: +49 (0)40 60 91 86 18
F: +49 (0)40 60 91 86 60
E: sebastian.bucher(at)kirchhoff.de
End of Corporate News
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Language: English
Company: Rickmers Holding GmbH&Cie. KG
Neumühlen 19
22763 Hamburg
Germany
Phone: +49 40 389177 0
Fax: +49 40 389177 500
E-mail: info(at)rickmers.com
Internet: www.rickmers.com
ISIN: DE000A1TNA39
WKN: A1TNA3
Listed: Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover,
Stuttgart; Open Market in Frankfurt (Prime Standard for
Corporate Bonds)
End of News DGAP News-Service
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228286 30.08.2013
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