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Rickmers Group has published Half-Year Report 2016
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0 KommentareDGAP-News: Rickmers Holding AG / Key word(s): Half Year Results
Rickmers Group has published Half-Year Report 2016
31.08.2016 / 09:00
The issuer is solely responsible for the content of this announcement.
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Rickmers Group has published Half-Year Report 2016
31.08.2016 / 09:00
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
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
---------------------------------------------------------------------------
31.08.2016 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
---------------------------------------------------------------------------
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, Munich, Stuttgart, Tradegate Exchange;
Open Market in Frankfurt (Prime Standard for Corporate
Bonds)
End of News DGAP News Service
---------------------------------------------------------------------------
497451 31.08.2016
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
---------------------------------------------------------------------------
31.08.2016 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
---------------------------------------------------------------------------
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, Munich, Stuttgart, Tradegate Exchange;
Open Market in Frankfurt (Prime Standard for Corporate
Bonds)
End of News DGAP News Service
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497451 31.08.2016
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