Hamburg, 14 September 2020: Ernst Russ AG finished the first half of 2020, which was marked by the spread and consequence of the COVID-19 pandemic, with a positive result.

The Group's assets, financial position and earnings showed positive development in the first half of 2020 compared with the same period in the previous year. The Group's operating earnings were up EUR 2.7 million to EUR 1.8 million. Consolidated net income for the period also increased to EUR 1.8 million. Equity was up from EUR 68.7 million to EUR 70.3 million due to the positive consolidated net income for the period. The equity ratio was 48.5 % (31 December 2019: 46.2 %). Due to various divestments, particularly in the residential housing projects sub-segment, Group liquidity increased from EUR 10.0 million to EUR 13.3 million. The half-year performance of Ernst Russ AG is attributable mainly to the streamlining of the Group's structure, which will enhance its ability to act effectively and in a flexible manner in the asset investment and management segment in the long term.

As at 30 June 2020, the ER Group managed 70 container ships, tankers and bulk ships as well as other assets with a total volume of around EUR 1.9 billion. The ER Group has a significant interest in 28 vessels, 14 of which are consolidated into the ER Group. This investment portfolio mainly consists of container ships in the 700 to 4,250 TEU classes, plus a handysize bulker with a capacity of 38,000 dwt and a ro-ro ferry.

In pursuit of its focus on the Shipping segment, Ernst Russ AG disposed of the residential housing projects sub-segment from the Real Estate segment at the beginning of the current financial year.

"Further development of our Shipping segment remains our primary goal. We want to continuously expand our fleet and become a leading tonnage provider in the international shipping industry," comments Ernst Russ AG CEO, Robert Gärtner. "Owing to the macroeconomic situation, our business activities are currently focussed on securing liquidity," adds Robert Gärtner.

The Ernst Russ 2020 Half-Year Report can be downloaded from www.ernst-russ.de.

Contact:
Ernst Russ AG
Anika Hillmer
Investor Relations
Tel. +49 40 88 88 1 1800
E-Mail: [email protected]