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Ernst Russ AG closes a successful year with a positive business result

Hamburg, 25 March 2021 - The 2020 financial year has seen the Ernst Russ Group consistently consolidate its position as a ship-owner and maritime investment manager, complete the disposal of its Real Estate segment and implement several shipping projects. Overall, Ernst Russ AG can look back on a financially successful year in 2020 despite the spread of the COVID-19 pandemic.

The positive overall development of Ernst Russ AG is reflected in the 2020 business figures. Ernst Russ AG has generated operating earnings of EUR 2.3 million and positive pre tax earnings of EUR 5.4 million. A figure that is up EUR 1.9 million year-on-year. Consolidated net income after non-controlling interests was up EUR 2.6 million to EUR 4.1 million. The growth of the Ernst Russ Group continues to be reflected in the increase in total equity and liabilities to EUR 163.4 million (previous year: EUR 148.7 million). Revenue of EUR 55.6 million was slightly below the previous year's level. Equity of EUR 80.1 million (previous year: EUR 68.7 million) produced an equity ratio of 49.0% (previous year: 46.2%).

The share price has also performed positively since Q4 2020. Our corporate aim is to continue increasing the value of the share and sustain strong investment in Ernst Russ AG moving forward.

There have been very positive trends in the international shipping markets since the second half of 2020. Ernst Russ AG used this momentum and added a further four ships to its fleet of majority-owned vessels in December 2020 and February 2021. The fully consolidated fleet now consists of 18 vessels.

“The COVID-19 pandemic left lasting scars in 2020. But even in this time of crisis it has been demonstrated that international freight shipping is a stable and structurally relevant branch of the economy despite constant regulations”, says Ernst Russ AG CEO Robert Gärtner. “Ernst Russ AG has performed very well in these circumstances owing to measures taken at an early stage and efficient processes. As an internationally active ship-owner and maritime investment manager, we have consistently used the opportunities open to us and look positively into the future”, Robert Gärtner highlights.

The 2021 Annual General Meeting of Ernst Russ AG will take place on 2 June 2021 in the form of a virtual meeting. Further information will be available on our website in due course - www.ernst-russ/de/hv.html.www.ernst-russ/de/hv.html

You can order a printed version of the Ernst Russ AG 2020 Annual Report in both German and English language or download it from www.ernst-russ.de.

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