Rickmers Group has published Half-Year Report 2016
Hamburg, 31 August 2016
The Rickmers Group has published its Half-Year Report 2016 yesterday. In the first half of 2016 the Group generated consolidated revenues of EUR 249.3 million, 13.9 percent lower than in the corresponding period in 2015 (EUR 289.6 million). The main underlying factors are the persistently strained market situation, expiring high-margin charter contracts, follow-on charters at the prevalent low market rates, lower freight earnings, and a sharper decline in capacity utilisation in the project cargo business. The Group’s operating result before interest, taxes, depreciation and amortisation (EBITDA) saw a clear fall of 36.1 per cent to EUR 87.7 million (H1 2015: EUR 137.4 million), following the decline in revenues compounded by comparatively steep falls in other operating income, due in particular to exchange-rate effects. Positive effects from financial derivative instruments were overshadowed by the weak operating result and extraordinary net impairments on vessels, as reflected by the net result. Following a positive net earnings result of EUR 2.6 million in the first half of 2015, the consolidated net result for H1 2016 shows a EUR 131.5 million loss.
Outlook confirmed for 2016 financial year
With the presentation of its half-year figures, the Executive Board of the Rickmers Group reaffirms its forecast provided in the 2015 Annual Report, and subsequently confirmed in its earnings guidance for the full 2016 financial year provided in the first quarter. In view of the lowered forecasts for global economic growth as well as the global container trade, the Rickmers Group currently sees no sign of a macroeconomic recovery in the second half of the year. This situation is reflected by the development of charter and freight rates, which the management sees as likely to remain at their current low levels. Based on the declining development in revenues, due amongst other factors to the deconsolidation on 1 January 2016 of a joint venture comprising three 9,450 TEU container vessels, lower spot charter rates, persistently low freight rates, and falling capacity utilisation in the project-cargo business, the management continues to expect an operating result (EBITDA) of Rickmers Group for the 2016 financial year clearly below the relevant 2015 figure.
The complete Half-Year Report 2016 is available for download from www.rickmers.com.
About the Rickmers Group
The Rickmers Group is an international service provider in the maritime transport sector and a containership owner with a global blue chip customer base. It is represented in its main offices in Hamburg and Singapore, in eleven countries and more than 50 sales agencies worldwide. The Group’s business activities are divided 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
Jens Hecht
T: +49 (0)40 60 91 86 0
F: +49 (0)40 60 91 86 60
E: jens.hecht@kirchhoff.de
2016-08-31 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de
