Rickmers Raises 2015 Forecast

Rickmers Group published its Half-Year 2015 results, reporting that the company increased its revenues in the first half of 2015 by 6.6 percent from €271.1  million ($301 million USD) to €289.6 million ($321 million), despite the persistently strained market situation and a number of charter contracts up for renewal.

The consolidated operating result before interest, taxes, depreciation and amortisation (EBITDA) improved by a considerable 35.4 percent to €137.4 million ($152.3 million)  (H1 2014: € 101.5 million). This clear increase in the operating result is due to the successful implementation of the sustainable cost-management programme in particular at Rickmers-Linie, and is also attributable to favourable exchange-rate effects following the rise in the value of the U.S. dollar.

For the remainder of the current financial year Rickmers Group management foresees a persistently challenging market environment, despite an upwards trend in container-freight volumes and a slow recovery in charter rates. In contrast, exchange-rate effects should have a positive impact, in particular from the rise of the US dollar versus the euro.

Against this backdrop and especially in view of the successful turnaround of Rickmers-Linie, for 2015 the Rickmers Group said it has raised its forecast compared to the forecast offered in the 2014 Annual Report. Within this, management assumes a clear rise in EBITDA, driven by a slight improvement in revenues and further supported by sustainable cost management. Despite these positive developments the consolidated result is forecast to come in only slightly higher than in 2014, burdened amongst other factors by extraordinary effects related to the change in corporate form.