Positive performance by Ernst Russ AG
- First half-year 2017 in line with expectations
- Good restructuring Progress
- Earnings confirmed in second half of the year
Hamburg, 19 September 2017: Ernst Russ AG, Hamburg, is consistently and successfully continuing its course of strategic realignment and restructuring. This is confirmed by the positive half-year figures.
Revenue for the first half of 2017 increased year-on-year from EUR 17.0 million to EUR 20.8 million. Especially noteworthy is that revenue in the shipping management more than doubled from EUR 4.1 million to EUR 8.6 million. With operating earnings of EUR 2.1 million (H1 2016: EUR 0.6 million) and net income of EUR 3.1 million (H1 2016: EUR 0.8 million), the positive trend of recent years has continued.
This is confirmed by the higher share price for Ernst Russ AG. On 30 June 2017, shares traded at EUR 1.35, after peaking in the first half of 2017 at EUR 1.50.
The basis for this successful performance is the strategic, systematic restructuring of Ernst Russ AG. By establishing the new companies Pareto Holding GmbH, Ernst Russ Maritime Management GmbH & Co. KG and EFS Elbe Financial Solutions GmbH, the Group can open up exciting new areas of business and complete more transactions in corporate finance and maritime assets.
Management still assumes that the financial position and financial performance of the Ernst Russ Group will develop according to plan over the remainder of the financial year and close with positive operating earnings on at least the same level as the previous year.
Jens Mahnke, speaker of the board of Ernst Russ AG: “Our gratifying first-half results and the positive share performance show that our investors, shareholders and the market have confidence in our strategy. This motivates us to maintain our course and work hard to build our business.”
About the Ernst Russ Group: The Ernst Russ Group is a publicly listed asset and investment manager with a focus on the maritime sector. It has a fleet of some 150 container, tanker and bulker vessels, which it manages actively or which are managed as fund ships by shipping partners. Its asset management portfolio comprises real estate, renewable energy and private equity assets, among others. The business of the Ernst Russ Group also includes fiduciary services and the structuring and management of alternative investment funds (AIFs). The companies in the Ernst Russ Group currently manage investments of approx. EUR 6.5 billion, in around 200 funds, primarily in the shipping, real estate and renewable energy sectors. The company has offices in Hamburg, Bremen, Düsseldorf and London. www.ernst-russ.de