Rickmers Holding GmbH & Cie. KG / Key word(s): Final Results
10.04.2015 08:30
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NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN, OR INTO, THE UNITED
STATES, AUSTRALIA, CANADA OR JAPAN.
10 April 2015
Announcement pursuant to § 8 of the
General Terms and Conditions of
Deutsche Börse AG for the Prime Standard for Corporate Bonds
Annual Report 2014
Rickmers Group: Positive group development in 2014, Creditreform upgrades
rating
* EBITDA rises to 209.5 million euros with a positive net result of 2.1
million euros
* Creditreform upgrades rating to B-
* Placement of first tranche of MTN programme in Singapore amounting to 100
million SGD and top-up of Rickmers bond to 275 million euros
* Completion of bank-loan refinancing worth 1.28 billion euros
* Fleet grows from 102 to 110 ships
* Positive development of Rickmers-Linie
Hamburg, 10 April 2015 - The Rickmers Group concluded financial year 2014
with an overall improvement in the result versus the previous financial
year. Based on IFRS accounting principles, the shipping group reported
consolidated sales of 545.4 million euros. While this represents a slight
fall of 5.7 percent versus the previous financial year, the consolidated
operational result (EBITDA) rose from 191.8 million euros in 2013 to 209.5
million euros. Consequently, the development was better than forecast. At
2.1 million euros, the previous year's net result was matched. Based on the
group's current development, rating agency Creditreform upgraded the
company rating from CCC to B-.
Global capital-market activity intensified
In 2014 the Rickmers Group made two significant transactions in the
debt-capital market. In May the SGX (Singapore Stock Exchange) -listed
subsidiary Rickmers Maritime placed the first 100 million SGD tranche of an
up to 300 million SGD multi-currency Medium Term Note (MTN) programme. In
addition, in March and November Rickmers Holding increased the corporate
bond, listed on the Frankfurt Stock Exchange Prime Standard, by 50 million
euros to 275 million euros. Despite the increased tapping of the
debt-capital market, the net financial debt of the Rickmers Group was
reduced; adjusted for currency effects, it was cut from 1.58 billion euros
to 1.47 billion euros thanks to the regular repayment of bank loans. The
Group's equity amounted to 651.3 million euros as at the balance sheet date
of 31 December 2014, giving a slightly increased equity ratio of 23.4
percent compared to the previous year.
Bank-loan refinancing completed successfully, goal now to strengthen equity
During the 2014 financial year the Rickmers Group continually drove forward
negotiations on the general restructuring of key bank loans amounting to
1.28 billion euros. As planned, it concluded these negotiations
successfully in February 2015. In parallel to refinancing the bank loans,
preparations were also set out in more detail in relation to increasing and
strengthening the Group's equity, with the aim of expanding the scope of
internal financing for long-term growth.
Fleet expands, Rickmers-Linie efficiency-enhancement programme shows
results
At an operational level, the growth initiatives launched in the past three
years yielded positive results. Seven of the ten 5,400 TEU container ships
ordered within the scope of the partnership with Oaktree are now in
operation. Furthermore, the number of sub-4,000 TEU class container ships
in the joint venture with Apollo has been increased to twelve. In total,
the fleet under Rickmers management grew from 102 to 110 ships in the 2014
financial year.
Besides the very satisfactory performance of the growth initiatives, the
efficiency-enhancement programme initiated in May 2014 in the
Rickmers-Linie segment also yielded results. While losses of around twelve
million Euros were still incurred in the first half of 2014, a loss of just
three million Euros was sustained in the second half of the year thanks to
the intensified cost-saving measures. This positive trend continued in Q1
2015.
The Rickmers Group has continued to systematically pursue its growth plans
in the current 2015 financial year, too. In March 2015 the Rickmers Group
invested in three energy-efficient large container ships with a capacity of
9,300 TEU each. These will be delivered within the next ten months and
chartered out to CMA CGM under a long-term contract. As part of the Group's
diversification strategy, in Q1 2015 it also succeeded in increasing the
fleet under third-party management to include a further seven bulkers. It
additionally managed to secure an order for the exclusive chartering of 21
bulkers within its 50 percent participation in the brokerage joint venture
Harper Petersen.
To download the full Annual Report 2014 please visit www.Rickmers.com.
The Rickmers Group plans to release quarterly results for the first time on
13 May 2015.
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Information and Explaination of the Issuer to this News:
About Rickmers Group
With its Head Offices in Hamburg and Singapore, the Rickmers Group is an
international service provider for the shipping industry. Its international
structure comprises over 20 offices in eleven countries and more than 50
agents worldwide. The Rickmers Group's business activities are grouped into
three segments: Maritime Assets, Maritime Services and the Rickmers-Linie.
In the Maritime Assets segment the Rickmers Group is active as Asset
Manager for its own vessels and also for those of third parties. Rickmers
initiates and coordinates shipping projects, organises financing and
acquires, charters and sells ships. In the Maritime Services business
segment the Rickmers Group provides ship management services for the
Rickmers Group's own vessels as well as for those owned by third parties;
these services comprise technical and operational management, crewing,
newbuild supervision, consultancy and insurance-related services. In the
Rickmers-Linie business segment the Rickmers Group operates as a shipping
line for breakbulk, heavy lift and project cargo, and additionally offers
individual voyages.
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@kirchhoff.de
The material set forth in this announcement is for informational purposes
only and does not constitute an offer of securities for sale in the United
States. The securities referred to herein have not been and will not be
registered under the United States Securities Act of 1933, as amended (the
Securities Act), or with any securities regulatory authority of any state
or other jurisdiction of the United States, and may not be offered or sold
within the United States except pursuant to an exemption from the
registration requirements of the Securities Act and any applicable
securities laws of any state or other jurisdiction of the United States.
No public offering of securities will be made in the United States.
The material set forth in this announcement does not constitute an offer of
securities for sale in any jurisdiction in which such an offer or
solicitation is unlawful. No public offering of securities will be made in
any member state of the European Economic Area.
10.04.2015 The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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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@rickmers.com
Internet: www.rickmers.com
ISIN: DE000A1TNA39
WKN: A1TNA3
Listed: Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg,
Hanover, Stuttgart; Open Market in Frankfurt (Prime Standard
for Corporate Bonds)
End of Announcement DGAP News-Service
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DGAP-News: Rickmers Group: Positive group development in 2014, Creditreform upgrades rating
| Source: EQS Group AG