Norwegian posts strong rise in third quarter and nine month profit
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- Written by Kari Reinikainen Kari Reinikainen
- Category: Top Headlines Top Headlines
- Published: 30 October 2014 30 October 2014
Norwegian Cruise Line Holdings, the Nasdaq listed cruise shipping group, has posted a strong increase in net profit for both the third quarter and first nine months of the year and it is on track to achieve its 2014 growth target.
In the third quarter, net profit rose to $201.0 million from $170.8 million, while revenues rose to $907.0 million from $797.0 million.
For the January-September period, the company reported a rise in net profit to $363.9 million from $65.2 million in the same period last year, when financial items had depressed the bottom line. Revenues rose to $2.34 billion from $1.96 billion, the company said in a statement.
"Our results this quarter mark an important milestone in Norwegian's evolution as we report growth in trailing twelve month Adjusted EBITDA for the 25th consecutive quarter coupled with our consistent margin improvement," said Kevin Sheehan, president and chief executive officer of Norwegian Cruise Line Holdings Ltd.
"In that more than six year period, Norwegian's Adjusted EBITDA has grown at an industry-leading compound annual growth rate of 23% with a commensurate margin expansion of over 1,600 basis points to 27.6%, with future expansion expected as we continue to successfully execute on our strategies," continued Sheehan.
In addition to the results for the third quarter, the company also provided the following guidance for the fourth quarter and full year 2014, along with accompanying sensitivities. This guidance excludes the impacts from the acquisition of Prestige Cruises which is expected to close in the fourth quarter of 2014.
"We are confident that we will achieve our target of over 60% growth in full year Adjusted EPS that we established at the beginning of the year. This achievement will once again demonstrate our resilience and ability to deliver consistent financial performance despite the external headwinds that occurred throughout the year," said Sheehan.
MS “Deutschland” mbH enters voluntary administration
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- Written by Kari Reinikainen Kari Reinikainen
- Category: Top Headlines Top Headlines
- Published: 29 October 2014 29 October 2014
The management of MS "Deutschland" mbH has today made the request for the opening of voluntary administration proceedings in accordance with German Insolvency Act to the local court Eutin, said Peter Deilmann Reederei, which operates its Deutschland cruise liner.
The restructuring in administration is headed by Günther Wolfram, Managing Director of One Square Advisors GmbH, which was appointed by the majority shareholder Callista Private Equity for this purpose as Chief Restructuring Officer, Deilmann said in a statement.
Mr. Gunther is a recognised restructuring expert and has extensive experience in corporate restructuring and the restructuring of bonds and is thus ideally suited to promote the restructuring of the company as soon as possible.
The upcoming dry docking of Deutschland, the 22,496 gross ton ship of the company, will be carried out as planned. “In addition, the circumferential continuation of the business will be sought and a new financing concept will be deveoped.”
"We had to introduce a new restructuring phase. But I am very optimistic about securing the long term future of Deutschland. We will now clean up the capital structure. One of my first major tasks will be to secure funding for the shipyard visit, so our ship can still go on a world tour this year, "Wolfram said in the statement.
The deterioration in the liquidity situation after the first meeting of creditors of the MS Germany on 8 October, and non-existent in the medium term need for further funding commitments were the causes for an unexpectedly fast developing negative financial and asset position.
"The measures introduced since 2013 have already borne fruit, but not yet resulted in the necessary success. Our booking figures for 2015 are very good. At the same time streamlining the capital structure is still outstanding. The voluntary administration launched today gives us the necessary time and room to maneuver, to solve the issues at hand, "said Wolfram.
Two Hurtigruten directors, fund to bid NOK2.94 billion for company
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- Written by Kari Reinikainen Kari Reinikainen
- Category: Top Headlines Top Headlines
- Published: 29 October 2014 29 October 2014
An investment fund and two directors of Hurtigruten ASA, the listed company that operates the Norwegian coastal express ferry service between Bergen and Kirkenes plus expedition cruises, plan to bid NOK2.94 billion for all the shares in the company.
“Hurtigruten ASA today announced that it has entered into a transaction agreement with Silk Bidco AS, a joint venture vehicle indirectly owned by Home Capital AS, a company controlled by member of the board of directors of the Company Petter A. Stordalen, Periscopus AS, a company controlled by Chairman of the board of directors of the Company, Trygve Hegnar, and investment funds managed by TDR Capital LLP whereby Silk Bidco will make a voluntary offer to acquire all outstanding shares of Hurtigruten for NOK 7.00 per share valuing the total share capital of Hurtigruten at about NOK 2,940 million, Hurtigruten said in a statement.
The offer price of NOK 7.00 per share represents a premium of 55.9% to the last traded price forHurtigruten on 28 October 2014.
Daniel Skjeldam, Chief Executive Officer of Hurtigruten, said: "This offer represents an exciting new chapter for Hurtigruten, our guests, staff and partners. Under the new ownership proposal, the company would benefit from experienced investment partners, whose dedication, track record and supportive long term approach would provide strong support to reach the company's full potential and long term ambitions."
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