Rickmers Group: Operating result in the first nine months of 2015 confirms positive outlook for the full financial year
2015-11-19 15:41

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 € 439.7 million | Operating result (EBITDA) rises by 27.4 percent to € 198.5 million | Extraordinary impairments on the shipping assets in the amount of about € 103 million | Group net profit before impairments increases to € 9.2 million (previous year: € 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

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 € 439.7 million. The consolidated operating result before interest, taxes, depreciation and amortization (EBITDA) thereby improved by even 27.4 percent to € 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 € 302.0 million (+16.7 percent) and an EBITDA of € 197.3 million (+16.7 percent) in the first nine months of 2015. The segment Maritime Services generated revenues of € 92.6 million (+12.2 percent) and an EBITDA of € 9.8 million (+104.2 percent). The segment Rickmers-Linie recorded a revenue of € 131.0 million (-6.9 percent) and confirms the successful turnaround with a positive EBITDA of € 2.0 million (previous year: € -12.1 million).

The net profit of the Rickmers Group before impairments increased year-on-year from about € 0.3 million to about € 9.2 million. Extraordinary impairments on the shipping assets in the amount of € about € 103 million had a negative impact and resulted in a consolidated net loss of € 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 € 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.


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Ad hoc announcement pursuant to § 8 of the General Terms and Conditions of Deutsche Börse AG for the Prime Standard for Corporate Bonds

Source: Rickmers Group press release

Source: Rickmers Group press release