26.04.2018
Ernst Russ AG DE000A161077
DGAP-News: Ernst Russ AG continues to deliver positive business performance
DGAP-News: Ernst Russ AG / Key word(s): Final Results
Ernst Russ AG continues to deliver positive business performance
26.04.2018 / 09:56
The issuer is solely responsible for the content of this announcement.
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Ernst Russ AG continues to deliver positive business performance
- Earnings before tax (EBT) of EUR 9.3 million
- Successful expansion of the fleet
- Real estate business expanded further
Hamburg, 26 April 2018: Ernst Russ AG successfully continued its strategic
repositioning in the 2017 financial year. Today, the company presents itself
as a fully integrated asset and investment manager.
Revenue increased 10 % year on year to EUR 44.0 million. In addition to the
shipping segment, the real estate segment performed particularly well.
Consolidated net earnings before tax (EBT) came to EUR 9.3 million,
following what was also a good result in the previous year of over EUR 10
million. Equity also developed significantly, rising from EUR 38.6 million
to EUR 44.9 million. As a result the equity ratio increased to 38.0 %. Based
on the encouraging operating figures, the share price also performed well in
2017.
The market environment is currently very attractive, with historically low
asset prices and a positive supply and demand ratio. We successfully took
advantage of this to acquire five container ships in the promising feeder
class as in-house as well as co-investments. Two ships were acquired as
proprietary investments. "ElbFeeder", an investment vehicle established with
a joint venture partner, acquired an additional three ships. The plan to
expand the fleet through the acquisition of additional ships is currently
being put into action.
"Pareto Deutschland", a joint venture set up in 2017 between Ernst Russ AG
and the globally operating Norwegian company, Pareto Securities AS, had
success with its initial projects. This has allowed two tankers to be
successfully placed on the Norwegian capital market.
The real estate segment was sustainably expanded and its market presence
intensified. The subsidiary, Assetando Real Estate GmbH, has impressively
proven its competence in subsidised housing by integrating and selling a
portfolio of 210 units. In addition, it expanded its real estate management
portfolio by almost EUR 1 billion by acquiring two companies in Cologne.
"On the whole, we built a good basis in 2017 for continued economic success
in the future," concluded Jens Mahnke, CEO of Ernst Russ AG, summarising the
stable performance of the Ernst Russ Group. "Our objective continues to be
sustainable growth."
You can order a printed copy of the Ernst Russ AG Annual Report 2017.
About the Ernst Russ Group: The Ernst Russ Group is a publicly listed asset
and investment manager with a focus on the asset classes of shipping and
real estate. In the 2017 financial year, the ER Group administered a fleet
of some 150 container, tanker and bulker ships as well as other vessels.
They are either actively managed or are managed as fund ships by shipping
partners. The Ernst Russ Group acts as an asset manager for various assets
in the Real Estate, Shipping and Alternative Investments segments. Trustee
services are also part of the Ernst Russ Group's business. The companies in
the Ernst Russ Group currently manage investments of approx. EUR 6.3 billion
in around 190 funds and acts as investor/co-investor. The company has
offices in Hamburg, Bremen, Cologne and London. www.ernst-russ.de
Contact:
Ernst Russ AG
Alan Alvarez
Investor Relations
Tel. +49 40 88 88 1 1800
E-Mail: [email protected]
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26.04.2018 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.
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Financial/Corporate News and Press Releases.
Archive at www.dgap.de
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Language: English
Company: Ernst Russ AG
Burchardstraße 8
20095 Hamburg
Germany
Phone: +49 (0)40 88881-0
Fax: +49 (0)40 88881-199
E-mail: [email protected]
Internet: www.ernst-russ.de
ISIN: DE000A161077
WKN: A16107
Listed: Regulated Unofficial Market in Frankfurt (Scale), Hamburg,
Tradegate Exchange
End of News DGAP News Service
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679517 26.04.2018
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