R-LOGITECH reports 2023 Q1 results: Increase in revenue to EUR 270 million

Monaco, 8th June 2023 – R-LOGITECH S.A.M., one of the leading international ports infrastructure operators and related logistics services provider to the natural resources sector, today issues its first quarter 2023 earnings update for the period 1st January 2023 to 31st March 2023.

Financial Highlights:

R-LOGITECH is pleased to report that the group showed strong resilience and further growth during the first quarter 2023:

  • Consolidated revenues increased to EUR 270 million (Q1 2022: EUR 267 million).
  • Adjusted consolidated EBITDA rose by 6% to EUR 37 million (Q1 2022: EUR 35 million).
  • Consolidated cash and cash equivalents amounted to EUR 106 million (Q1 2022: EUR 93 million).

 

Operational Highlights:

As a leading port infrastructure operator and complementary logistics services provider, with a global presence in 45 countries, R-LOGITECH offers vertically integrated solutions to its customers around the globe. The business has delivered strong Q1 2023 results, increasing turnover and EBITDA versus 2022 Q1 results.

European terminals and logistic services Q1 2023 results were supported by a combination of increasing volumes, new bolt-on acquisitions, improving operational efficiency across the group’s terminals and the delivery of more valued added services to the group’s customer base. Belgium, Germany, Spain, China and Africa were the standout performers.

 

Frédéric Platini, CEO of R-LOGITECH, said:

“We are pleased with the performance of R-LOGITECH in Q1 2023, showing an improved performance compared with last year. We are benefiting from new client wins as well as extensions of contracts with existing clients. We also profit from the synergies and integration of recent acquisitions and continue to roll out our green agenda aiming at reducing the environmental footprint of our activities. To date, performance is above last year’s significant increase, and we look forward to a strong performance for the full year 2023.”

Q1 Bondholder Investor Call Monday, 12th June

The Company will host a Q1 2023 bondholder update on Monday, 12th June at 13.30 London / 14.30 CET. Please see below for instructions on how to join:

https://broadcaster-audience.mediaplatform.com/#/event/647f4cee328ff3739ada0c1b

 

Participant Conference Call Details:

Standard International Access:         +44 (0) 33 0551 0200

UK Toll Free:                                      0808 109 0700

USA Local:                                          +1 786 697 3501

USA Toll Free:                                    866 580 3963

Berlin:                                                +49 (0) 30 3001 90612

South Africa Toll Free:                       0 800 980 512

Geneva:                                             +41 (0) 22 592 7915

 

‘R-LOGITECH’ to be quoted to gain access.

 

About R-LOGITECH S.A.M.:

R-LOGITECH is one of the leading international ports infrastructure operators and logistics services providers in the natural resources sector. The Group’s primary business lines are port and terminal management and logistics. The 2018/2024 bond (ISIN: DE000A3LJCA6) and the 2022/2027 bond (ISIN:  DE000A3K73Z7) are traded on the Open Market of Deutsche Börse AG (“Freiverkehr” of the Frankfurt Stock Exchange).

 

For further information:

Brunswick

Patrick Handley, Tom Pigott

+44 (0) 20 7404 5959

 

Better Orange IR & HV AG

Frank Ostermair, Linh Chung

+49 89 8896906-25

linh.chung@better-orange.de

 

R-LOGITECH S.A.M.

+377 97 98 67 71

investorrelations@r-logitech.com

R-LOGITECH: Change of the securities identification number (ISIN/WKN) of the 2018/2024 bond in connection with the capitalization of the interest due in 2023.

Monaco, 6 June 2023 – As previously reported, R-LOGITECH S.A.M. has exercised its right to capitalize the interest (so called PIK interest) due on 29 March 2023 on the 2018/2024 bond at the rate of 8.5% p.a. for the interest period from 29 March 2022 to 28 March 2023 (both inclusive) and has issued a corresponding declaration to the joint representative of the noteholders.

At the instigation of Clearstream Banking AG, the 2018/2024 bond was given the new ISIN DE000A3LJCA6 (WKN A3LJCA) due to the change in nominal amount resulting from the capitalization. R-Logitech advises its noteholders that the bonds 2018/2024 with ISIN DE000A19WVN8 will be derecognized from the securities accounts and that the bonds with ISIN DE000A3LJCA6 will be booked instead. The bond conditions remain unchanged, it is the same bond. A sale/purchase of the 2018/2024 bond is not associated with the rebooking.

The Company expects that trading in the 2018/2024 bonds can now resume on 7 June 2023. The relevant requirements have been met. However, the decision on the resumption of trading will be made by the Frankfurt Stock Exchange.

 

About R-LOGITECH S.A.M.:

R-LOGITECH is one of the leading international ports infrastructure operators and logistics services providers in the natural resources sector. The group’s primary business lines are port and terminal management and specialist logistics.

 

For further information:

Brunswick

Patrick Handley, Tom Pigott

+44 (0) 20 7404 5959

 

Better Orange IR & HV AG

Frank Ostermair, Linh Chung

+49 (0) 89 8896906 25

linh.chung@better-orange.de

R-LOGITECH: Technical information in connection with the capitalization of the interest due on 29 March 2023 on the 2018/2024 bond (ISIN: DE000A19WVN8)

Monaco, 23 May 2023 – As previously reported, with regard to the interest on the 2018/2024 bond (ISIN: DE000A19WVN8) due on 29 March 2023 at the rate of 8.5% p.a. for the interest period from 29 March 2022 to 28 March 2023 (both inclusive), R-LOGITECH S.A.M. has exercised its right to capitalize the interest (so called PIK interest) and has issued a corresponding declaration to the joint representative of the noteholders.

Clearstream Banking AG has now informed the company that the technical implementation of R-LOGITECH’s election for PIK interest will take place with effect date 30 May 2023 and with value date 31 May 2023.

 

About R-LOGITECH S.A.M.:

R-LOGITECH is one of the leading international ports infrastructure operators and logistics services providers in the natural resources sector. The group’s primary business lines are port and terminal management and specialist logistics.

 

For further information:

Brunswick

Patrick Handley, Tom Pigott

+44 (0) 20 7404 5959

 

Better Orange IR & HV AG

Frank Ostermair, Linh Chung

+49 (0) 89 8896906 25

linh.chung@better-orange.de

R-LOGITECH implements resolutions of the noteholders’ meeting and successfully extends the maturity of its bond

Monaco, -11 May 2023 – R-LOGITECH S.A.M. announces that the resolutions of the 2nd noteholders’ meeting of 29 March 2023 regarding the bond 2018/2024 (ISIN: DE000A19WVN8) have been implemented, following completion of the necessary conditions.

The terms and conditions of the bond have been amended in accordance with the resolutions passed and have been filed with Clearstream Banking AG. The bond will be re-admitted for trading on the Frankfurt Stock Exchange shortly.

Full year 2022 and Q1 2023 update:

As reported on the company’s website (R-LOGITECH), the company’s full year 2022 consolidated revenue increased to EUR 1.16 billion (vs. EUR 896 million full year 2021) with full year 2022 adjusted consolidated EBITDA increasing to EUR 159 million (vs. EUR 140 million full year 2021).

The company reports a strong start to 2023 with Q1 2023 consolidated revenues increasing to EUR 273 million (2.5% increase from EUR 267 million in Q1 2022) and adjusted consolidated EBITDA increasing to EUR 38 million (8.1% increase from EUR 35 million in Q1 2022).

 

About R-LOGITECH S.A.M.:

R-LOGITECH is one of the leading international ports infrastructure operators and logistics services providers in the natural resources sector. The group’s primary business lines are port and terminal management and specialist logistics.

 

For further information:

Brunswick

Patrick Handley, Tom Pigott

+44 (0) 20 7404 5959

 

Better Orange IR & HV AG

Frank Ostermair, Linh Chung

+49 (0) 89 8896906 25

linh.chung@better-orange.de

Information in connection with the capitalization of the interest due on 29 March 2023 on the 2018/2023 bond (ISIN: DE000A19WVN8)

Monaco, 6 April 2023 – As previously reported, the noteholders of R-LOGITECH S.A.M.’s 2018/2023 bond (ISIN: DE000A19WVN8) resolved at the 2nd noteholders’ meeting on 29 March 2023 in Frankfurt am Main with the required qualified majority of votes cast, among other things, to increase the coupon of the bond by 1.75 percentage points to 10.25% p.a. as of 29 March 2023, and granted the issuer the right to capitalize rather than pay interest due in cash.

With regard to the interest due on 29 March 2023 at the rate of 8.5% p.a. for the interest period from 29 March 2022 to 28 March 2023 (both inclusive), the issuer has exercised this right and on 31 March 2023 issued a corresponding declaration to the joint representative of the noteholders that it will capitalize the interest.

This means that the amount of interest due will not be paid out but will be added to the nominal amount of the bonds, so that the nominal amount of the bonds and therefore the redemption amount will increase to EUR 1,085 per bond from 29 March 2023. This amount will bear interest at a rate of 10.25% p.a. from 29 March 2023, resulting in a compound interest effect in favor of the noteholders. The issuer is entitled to also capitalize the next coupon due on 29 March 2024, which would also trigger compound interest by further increasing the nominal amount. The capitalized interest is paid out in the form of the increased nominal amount at maturity.

The issuer assumes that accrued interest will continue to be charged in the event of purchases or sales via the stock exchange after 29 March 2023. However, it cannot be ruled out that until the technical implementation of the resolutions of the noteholders’ meeting of 29 March 2023 (presumably until the end of April 2023), accrued interest of 8.5% p.a. instead of 10.25% p.a. will be charged or that the capitalization of the interest as of 29 March 2023 may not yet have been taken into account. Investors should note this and contact their custodian bank in this regard. The company points out that neither it nor the paying agent has any influence on the accrued interest calculation carried out by the stock exchanges.

 

About R-LOGITECH S.A.M.:

R-LOGITECH is one of the leading international ports infrastructure operators and logistics services providers in the natural resources sector. The group’s primary business lines are port and terminal management and specialist logistics.

 

For further information:

Brunswick

Patrick Handley, Tom Pigott

+44 (0) 20 7404 5959

 

Better Orange IR & HV AG

Frank Ostermair, Linh Chung

+49 (0) 89 8896906 25

linh.chung@better-orange.de

R-LOGITECH: Noteholders approve all proposed resolutions recommended by the Company with large majorities

Monaco, 29 March 2023 – Today’s 2nd noteholders’ meeting of the holders of R-LOGITECH S.A.M.’s 2018/2023 Notes (ISIN: DE000A19WVN8) in Frankfurt am Main resolved, with the required qualified majority of votes cast, to extend the term of the 2018/2023 Notes to 24 June 2024 with the possibility of further maturity extensions if certain conditions are met (approval by 97.06%) and at the same time to increase the coupon initially by 1.75 percentage points to 10.25% p.a. (approval of 97.06%). In addition, the adjustment of the early redemption at the option of the issuer (approval of 97.06%), the granting of collateral (approval of 99.88%) and additional obligations (approval of 99.83%) were resolved. Furthermore, MR Treuhand GmbH, Munich, represented by its Managing Director Dr. Tobias Moser, was appointed as joint representative of all bondholders (approval of 99.95%).

 

Of the outstanding Notes with voting rights with a nominal value of EUR 186.97 million, Notes with a nominal value of EUR 74.416 million were represented, which corresponded to a presence of 39.80% and was thus well above the required quorum of at least 25%.

 

About R-LOGITECH S.A.M.:

R-LOGITECH is one of the leading international ports infrastructure operators and logistics services providers in the natural resources sector. The group’s primary business lines are port and terminal management and specialist logistics.

 

For further information:

Brunswick

Patrick Handley, Tom Pigott

+44 (0) 20 7404 5959

 

Better Orange IR & HV AG

Frank Ostermair, Linh Chung

+49 (0) 89 8896906 25

linh.chung@better-orange.de