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Ernst Russ AG
ISIN: DE000A161077
WKN: A16107
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Ernst Russ AG · ISIN: DE000A161077 · Newswire (Company)
Country: Deutschland · Primary market: Germany · EQS NID: 1911113
27 May 2024 07:48AM

Stable Development in the First Quarter of 2024


EQS-News: Ernst Russ AG / Key word(s): Quarter Results
Ernst Russ AG: Stable Development in the First Quarter of 2024

27.05.2024 / 07:48 CET/CEST
The issuer is solely responsible for the content of this announcement.


Hamburg, 27 May 2024 - After the first three months of 2024, Ernst Russ AG can look back on a successful business performance despite ongoing geopolitical tensions. The net assets, financial position and results of operations remained stable in the first quarter of 2024. As expected, revenue decreased by EUR 1.3 million year-on-year to EUR 46.9 million in the first quarter of 2024 due to the decline in average charter rates. Ship operating costs fell from EUR 23.2 million to EUR 16.1 million due to the lower number of vessel class renewals in the first quarter of the current financial year compared to the same quarter of the previous year. As a result, the operating result increased from EUR 13.7 million to EUR 21.0 million. Consolidated earnings after taxes and before minority interests amounted to EUR 22.5 million. Of this, EUR 7.9 million was attributable to minority interests. The Group equity ratio fell from around 76.4% to around 76.1%.

The Ernst Russ Group's vessel portfolio consists primarily of container vessels in the 700 to 4,200 TEU size classes, supplemented by two larger container vessels of around 6,600 and 13,400 TEU respectively, a 38,000 dwt handysize bulker and a multipurpose vessel. The Ernst Russ Group continuously examines opportunities arising on the market to expand and rejuvenate its existing fleet. In April 2024, the 868 TEU container vessel MS “Moveon”, which was built in 2001, was sold. This means that the Ernst Russ Group currently holds a majority stake in 29 vessels.

Against this backdrop and the largely secure employment situation of the ship fleet, the Ernst Russ Group expects revenue of between EUR 155 million and EUR 175 million and an operating result (EBIT) of between EUR 47 million and EUR 67 million for the 2024 financial year.

You can download the Ernst Russ AG three-month report 2024 in both German and English at www.ernst-russ.de.

About the Ernst Russ Group: Ernst Russ AG is a publicly traded international ship owner and maritime investment manager based in Hamburg. Parts of the company’s history date back to 1893. Currently, the corporate group manages a fleet of 29 vessels, partially operated in collaboration with strategic partners. The focus is on container vessels ranging from 700 to 4,200 TEU, complemented by two larger container vessels with approximately 6,600 and 13,400 TEU, respectively, along with a Handysize bulker with 38,000 dwt and a multi-purpose vessel. Ernst Russ AG is continuously expanding its fleet, thus ensuring stable and sustainable value growth for shareholders.

Contact:

Ernst Russ AG
Anika Hillmer
Investor Relations
Tel. +49 40 88 88 1 1800
E-Mail: ir@ernst-russ.de


27.05.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com


Language: English
Company: Ernst Russ AG
Elbchaussee 370
22609 Hamburg
Germany
Phone: +49 (0)40 88881-0
Fax: +49 (0)40 88881-199
E-mail: ir@ernst-russ.de
Internet: www.ernst-russ.de
ISIN: DE000A161077
WKN: A16107
Listed: Regulated Unofficial Market in Berlin, Frankfurt (Scale), Hamburg, Tradegate Exchange
EQS News ID: 1911113

 
End of News EQS News Service

1911113  27.05.2024 CET/CEST

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