ERNST RUSS AG
DGAP-News: Ernst Russ AG / Key word(s): Final Results 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.
Contact: Ernst Russ AG Alan Alvarez Investor Relations Tel. +49 40 88 88 1 1800 E-Mail: ir@ernst-russ.de
26.04.2018 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. |
| 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: | ir@ernst-russ.de |
| 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 |
679517 26.04.2018
