Rickmers Group posts Half-Year 2013 results
Rickmers Group achieved stable operating performance in the first half of the financial year 2013, said in the company's press release. Consolidated revenues decreased slightly year-on-year from EUR 301.4 million to EUR 288.2 million mainly due to lower freight rates, soft demand in some key trade lanes and the ongoing process of KG fund vessels leaving the managed fleet. While consolidated EBITDA grew by 13.1 per cent from EUR 95.7 million to EUR 108.2 million, consolidated EBIT decreased by 29.1 per cent from EUR 53.2 million to EUR 37.7 million. Despite the adverse market environment, Rickmers Group recorded a positive net income of EUR 1.6 million (H1 2012: EUR 11.1 million) in the first half of 2013.
"Overall challenging market conditions across the entire shipping industry affected the Rickmers Group as well. However, we have made good progress on executing our strategic initiatives; creating optionality for new investments that will enable the Group to take advantage of growth opportunities in the market place and building our capabilities to better position Rickmers diversified business model for success in the future”, says Ronald D. Widdows, CEO of Rickmers Group and Rickmers-Linie.
“We continued to restructure our vessel portfolio, enhanced Rickmers Maritime Services third party activities and made anti-cyclical investments like the initiation of Rickmers-Linie’s new Westbound Round-the-World service, connecting Asia with South and North America”, adds Ignace Van Meenen, deputy CEO and CFO.
In addition, Rickmers Group managed to raise its equity ratio and recorded a stable cash flow from operating activities in the first half of the financial year 2013. Compared to 31 December 2012, the balance sheet total rose by 3.2 per cent to EUR 2.85 billion as of 30 June 2013 while equity increased by 6.5 per cent to EUR 766.5 million. This represents an equity ratio of 26.9 per cent as of 30 June 2013 compared to 26.0 per cent as of year-end 2012. The cash flow from operating activities amounted to EUR 43.8 million in H1 2013 after EUR 44.0 million in H1 2012.
“As part of Rickmers’ strategy to exploit new sources of financing, the company successfully issued a EUR 175 million bond in June 2013. Considering the overall difficult market environment we are pleased to report a solid development with regards to consolidated equity ratio and net debt as well as Asset Segment driven sustainable EBITDA and cash flows”, explains Mark-Ken Erdmann, Deputy CFO.
