Ernst Russ Group successfully achieves company objectives
- Revenue up 20%
- Earnings at the level of the previous year
- Planned expansion of the fleet
- Focus on core business areas
Hamburg, 29 April 2019: Ernst Russ Group consistently and successfully achieved its company objectives in the 2018 financial year.
Revenue increased 20% year on year to EUR 52.7 million. Consolidated net income after tax also developed positively and increased EUR 0.2 million year on year to EUR 6.4 million. With an equity ratio of 49.4% (previous year: 38.0%), the Ernst Russ Group is well-positioned for the future.
In the Shipping segment, the focus was on expanding the fleet through direct ship investments and substantial equity holdings. The ‘ElbFeeder’ joint venture established in 2017 was expanded to seven vessels. Another ship was acquired as a direct investment and investments were also made in ship funds. We are aiming to expand the fleet in the future by acquiring additional ships.
A large number of successful transactions were conducted in the Real Estate segment. The Ernst Russ Group was directly involved in these transactions through profit-sharing arrangements. This aspect of the Group's business activities grew significantly with the incorporation of a subsidised housing project.
As planned the Ernst Russ Group sold all its business activities in the Solar segment and its interest in HAMMONIA Reederei in Q1 2019. The core business segments, Asset Investment and Asset Management in the Shipping and Real Estate asset classes, represent the focus of its activities.
You can order a printed version of the Ernst Russ AG 2018 Annual Report or download it from www.ernst-russ.de.