25-Oct-2013

Ad hoc announcement: Rickmers plans to increase corporate bond

The management board of Rickmers Holding GmbH & Cie. KG, parent of the Rickmers Group of shipping companies, has decided to increase the volume of its corporate bond that was issued in early June 2013 via a private placement. It is planned to issue an additional tranche of up to 75 million Euros. This would increase the nominal volume of the bond from currently 175 million Euros to up to 250 million Euros. Rickmers Holding's management has fixed the issue price at 100 per cent. 

The planned increase will be based on the existing bond terms and conditions: The annual coupon of 8.875 per cent, the maturity date of 11 June 2018 as well as the denomination of 1,000 Euros remain unchanged for the new tranche. 

Rickmers Group intends to use the net proceeds from the second tranche to finance growth investments as well as to refinance bank liabilities / refinancing costs. 

Close Brothers Seydler Bank AG, Frankfurt am Main (Germany), acts as Sole Global Coordinator and Bookrunner on the transaction. Conpair Corporate Finance GmbH, Essen (Germany), acts as Financial Advisor. 

(Annotations) 

Financial results H1 2013 

Despite the ongoing challenging market environment for the shipping industry, Rickmers Group achieved consolidated revenues of 288.2 million Euros in H1 2013 (H1 2013: 301.4 million Euros). While consolidated EBITDA grew by 13.1 per cent from 95.7 million Euros to 108.2 million Euros, consolidated EBIT decreased by 29.1 per cent from 53.2 million Euros to 37.7 million Euros. Despite the adverse market environment, Rickmers Group recorded a positive net income of 1.6 million Euros (H1 2012: 11.1 million Euros) in the first half of 2013.

Compared to 31 December 2012, the balance sheet total rose by 3.2 per cent to 2.85 billion Euros as of 30 June 2013 while equity increased by 6.5 per cent to 766.5 million Euros. 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 43.8 million Euros in H1 2013 after 44.0 million Euros in H1 2012. 

About Rickmers Group
Headquartered in Hamburg, the Rickmers Group is an established international provider of services for the maritime industry, vessel owner and ocean carrier. It is internationally represented with more than 20 offices in eleven countries and over 50 sales agencies worldwide. The business activities of the Rickmers Group are divided into three segments: Maritime Assets, Maritime Services and Rickmers-Linie. 

With its Maritime Assets segment, the Rickmers Group acts as asset manager for its own and for third-party vessels, initiates and coordinates vessel projects, arranges financing and acquires, charters out and sells vessels. In the Maritime Services business segment, the Rickmers Group provides ship management for Rickmers Group's own and for third party vessels, including technical and operational management, crewing, newbuilding supervision and advisory and insurance-related services. In the Rickmers-Linie business segment, the Rickmers Group offers global breakbulk, heavy lift and project cargoes liner services and individual sailings complementing the liner services. 

Press enquiries:
Kirchhoff Consult AG 
Sebastian Bucher 
T: +49 (0)40 60 91 86 18 
F: +49 (0)40 60 91 86 60 
E: sebastian.bucher@kirchhoff.de 

Disclaimer 
This publication does not constitute an offer to sell or an invitation to make an offer to buy or subscribe for securities of Rickmers Holding GmbH & Cie. KG. There is no public offer of securities of Rickmers Holding GmbH & Cie. KG. This publication and the information contained therein may not be distributed, directly or indirectly, to or within the United States of America, Canada, Australia or Japan or other jurisdictions, in which an offer, respectively, such invitation to make an offer to buy or subscribe for securities, is not allowed. 

This publication contains forward-looking statements. Forward-looking statements are all statement that do not describe facts of the past, but containing the words "believe", "estimate", "expect", "anticipate", "assume", "plan", "intend", "could", and words of similar meaning. These forward-looking statements are subject to inherent risks and uncertainties since they relate to future events and are based on current assumptions and estimates of Rickmers Holding GmbH & Cie. KG that might not occur at all or occur not as assumed. They therefore do not constitute a guarantee for the occurrence of future results or performances of Rickmers Holding GmbH & Cie. KG. The actual financial position and the actual results of Rickmers Holding GmbH & Cie. KG, as well as the overall economic development and the regulatory environment may differ materially from the expectations which are assumed explicitly or implicitly in the forward-looking statements and do not comply to them. Investors are therefore advised not to rely on any forward-looking statements expressed herein. Rickmers Holding GmbH & Cie. KG is not responsible for updating or correcting forward-looking statements expressed herein or to adjust forward-looking statements to future results or developments. 

 Announcement according to § 8 of the General Terms and Conditions of Deutsche Börse AG for the Prime Standard for Corporate Bonds