Rickmers Holding AG i.I.
Rickmers Group: Operating result in the first nine months of 2015 confirms positive outlook for the full financial year

Rickmers Holding AG  / Key word(s): 9-month figures

19.11.2015 09:51

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Deutsche Börse AG for the Prime Standard for Corporate Bonds

Rickmers Group: Operating result in the first nine months of 2015 confirms
positive outlook for the full financial year

  - Revenue grows by 7.4 percent to EUR 439.7 million

  - Operating result (EBITDA) rises by 27.4 percent to EUR 198.5 million 

  - Extraordinary impairments on the shipping assets in the amount of about
    EUR 103 million

  - Group net profit before impairments increases to EUR 9.2 million
    (previous year: EUR 0.3 million)

  - Fleet grows to 138 ships

  - Extension of the contracts with the CEO and the CFO by another five
    years

  - Confirmation of the guidance for the full financial year 2015 that was
    raised in August


Hamburg, 19 November 2015 - Rickmers Group was able to continue the
positive development of the results from operations in the first nine
months of the financial year 2015: Despite the persistent challenging
market environment revenues increased by 7.4 percent to EUR 439.7 million.
The consolidated operating result before interest, taxes, depreciation and
amortization (EBITDA) thereby improved by even 27.4 percent to EUR 198.5
million. This significant earnings increase is the result of the successful
implementation of a sustainable cost management as well as favourable
exchange rate effects due to the appreciation of the US Dollar.

Against this background, Maritime Assets - the largest segment by revenue -
realized revenues of EUR 302.0 million (+16.7 percent) and an EBITDA of EUR
197.3 million (+16.7 percent) in the first nine months of 2015. The segment
Maritime Services generated revenues of EUR 92.6 million (+12.2 percent)
and an EBITDA of EUR 9.8 million (+104.2 percent). The segment
Rickmers-Linie recorded a revenue of EUR 131.0 million (-6.9 percent) and
confirms the successful turnaround with a positive EBITDA of EUR 2.0
million (previous year: EUR -12.1 million).

The net profit of the Rickmers Group before impairments increased
year-on-year from about EUR 0.3 million to about EUR 9.2 million.
Extraordinary impairments on the shipping assets in the amount of EUR about
EUR 103 million had a negative impact and resulted in a consolidated net
loss of EUR 94.2 million. The impairment especially relates to ships with
charters expiring in the short term of the subsidiary Rickmers Maritime
listed in Singapore, in which Rickmers Group holds a stake of 34.19
percent. The last impairments recorded on group level date back to 2011.
While the group's equity ratio declined against this background (30
September 2015: 19.7 percent; 31 December 2014: 23.4 percent) the shipping
assets on the contrary increased to a total of EUR 2,618.3 million, amongst
others through new vessels acquired over the course of the year.

Further expansion and optimisation of the fleet
In the current financial year 2015 the Rickmers Group consistently expanded
its own fleet as well as the fleet under management for third parties. In
this context the Rickmers Group invested in three large energy-efficient
container ships with a capacity of 9,300 TEU each, which will be delivered
up until the end of the first quarter 2016 and are on long-term charter to
CMA CGM. In addition, five Panamax-class container ships were successfully
retrofitted to raise the energy-efficiency and a comprehensive
modernization programme for eight large container vessels was launched. The
third-party business also developed well and the number of ships under
Rickmers Group management as at 30 September 2015 further increased to a
total of 138 ships (31 December 2014: 110 ships).

Extension of the contracts with the CEO and the CFO  
Already in October 2015 the Supervisory Board of Rickmers Holding AG
restated and extended the service contracts with the CEO Dr Ignace Van
Meenen and the CFO Prof. Dr Mark-Ken Erdmann by another five years in the
context of the conversion to a stock corporation.

Confirmation of the forecast for the full financial year 2015
Despite the persistent challenging market environment the Management Board
confirms its raised forecast given in August 2015: Against the background
of the positive effects of the US Dollar exchange rate and especially the
sustainable turnaround of Rickmers-Linie, the Rickmers Group still assumes
a slight improvement in revenues and a clear rise in EBITDA. Adjusted for
negative effects in connection with extraordinary impairments on the
shipping assets the net profit of Rickmers Group is expected to be slightly
above previous year's level.

About the Rickmers Group
With its Head Offices in Hamburg and Singapore, the Rickmers Group is an
international service provider for the shipping industry. It is represented
by 18 own offices in eleven countries and more than 50 sales agents
worldwide. The Rickmers Group's business activities are grouped into three
segments: Maritime Assets, Maritime Services and 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. The Group
initiates and coordinates shipping projects, organises financing and
acquires, charters and sells ships. In the Maritime Services business
segment the Rickmers Group provides shipmanagement services for its 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 inquiries:

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.


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Language:     English
Company:      Rickmers Holding AG
              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)
 
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