Ernst Russ AG: Stable Development in the First Quarter of 2024

Hamburg, 27 May 2024 - Ernst Russ AG reported stable performance in the first quarter of 2024, despite ongoing geopolitical tensions. The firm's net assets, financial position, and operations remained consistent. Revenue dropped by EUR 1.3 million year-on-year to EUR 46.9 million due to lower average charter rates. However, ship operating costs decreased from EUR 23.2 million to EUR 16.1 million, leading to an increase in operating result from EUR 13.7 million to EUR 21.0 million. Consolidated earnings after taxes and before minority interests reached EUR 22.5 million, with EUR 7.9 million attributable to minority interests. The Group equity ratio showed a minor dip from 76.4% to 76.1%.

The Ernst Russ Group's vessel portfolio includes mainly container vessels ranging from 700 to 4,200 TEU, supplemented by two larger vessels of 6,600 and 13,400 TEU respectively, along with a 38,000 dwt handysize bulker and a multipurpose vessel. The Group sold the 868 TEU container vessel MS “Moveon” in April 2024, now holding a majority stake in 29 vessels. Ernst Russ Group anticipates revenue of EUR 155 million to EUR 175 million and an operating result (EBIT) of EUR 47 million to EUR 67 million for the 2024 financial year.