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Ernst Russ AG posts a successful start to the year

·3-min read

DGAP-News: Ernst Russ AG / Key word(s): Quarter Results
28.05.2021 / 08:36
The issuer is solely responsible for the content of this announcement.

Hamburg, 28 May 2021 - The assets, financial position and earnings of the Ernst Russ Group showed positive trends in Q1 2021. Ernst Russ AG can look back on a successful start to the year in spite of the spread of the COVID-19 pandemic and difficult trading and logistics conditions.

As an internationally operating shipping company and maritime investment manager, Ernst Russ AG was able to consistently exploit its opportunities in the course of 2020 and in the first months of 2021. The company is expecting a significant increase in revenue and earnings in the current financial year compared to the 2020 financial year due to the positive trends in the shipping markets and the investments it has made in expanding the fleet.

The current business figures for Q1 2021 reflect the good overall development of Ernst Russ AG. Revenue of EUR 16.9 million was up by a total of EUR 2.3 million (15.9 %) compared with the previous year's figure. In addition to the increase in charter rates and the positive capacity utilisation, the expansion of our fleet by two vessels in Q4 2020 and by a further two vessels in Q1 2021 had a particular impact. Ernst Russ AG generated operating earnings of EUR 1.3 million and positive pre tax earnings of EUR 0.2 million, EUR 0.2 million above the previous year's figure. Consolidated net income after non-controlling interests remained unchanged at EUR 0.3 million. Earnings were affected in the first quarter by the long shipyard stay of one vessel. This resulted in expenses of EUR 1.1 million which are in excess of the normal level and had a negative impact on earnings. Ship assets were up EUR 8.7 million to EUR 128.4 million due to the expansion of the fleet. Equity of EUR 82.1 million (31/12/2020: EUR 80.1 million) produced an equity ratio of 48.4 % (31/12/2020: 49.0 %).

The performance of the share price also reflects the positive overall result achieved by Ernst Russ AG. Our corporate aim is to continue increasing the value of the share and to strengthen the investment in Ernst Russ AG.

You can download the latest Ernst Russ AG Q1 2021 Report at www.ernst-russ.de/en/investor-relations-de/finanzberichte.html

About the Ernst Russ Group: Ernst Russ AG is an international shipping company and maritime investment manager based in Hamburg. Parts of the company date back to 1893. As at 31 March 2021, the listed shipping company managed a fleet of 70 container, tanker, bulker, multi-purpose and other vessels.


Contact:

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


28.05.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de

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 Frankfurt (Scale), Hamburg, Tradegate Exchange

EQS News ID:

1201779


 

End of News

DGAP News Service

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