EQS-News

Ernst Russ AG: Positive business performance in 2023

EQS-News: Ernst Russ AG / Key word(s): Annual Report Ernst Russ AG: Positive business performance in 2023 18.03.2024 / 08:01 CET/CEST The issuer is solely responsible for the content of this announcement. Hamburg, 18 March 2024 - The Ernst Russ Group recorded a positive performance in its assets, financial position and earnings in 2023, although the financial year was marked by serious geopolitical conflicts and national and international economic weakness.

In addition to the Russia-Ukraine war, the year 2023 brought further trouble spots with international reach. The escalation of the Gaza conflict and the ongoing attacks on merchant ships in the Red Sea were accompanied by a massive loss of purchasing power as a result of the energy price crisis, low domestic consumption in China and weak national and international economic performance. As a result, the container shipping markets in particular came under pressure in 2023 and charter rates normalized significantly after peaking in 2021 and 2022.

Despite these adverse conditions, the Ernst Russ Group successfully expanded and rejuvenated its fleet in the 2023 financial year and continued the positive development of its assets, financial position and earnings. Revenue was up EUR 11.0 million to EUR 202.7 million in the reporting period and operating earnings were clearly positive at EUR 86.6 million. Consolidated net income after tax and before non-controlling interests was EUR 81.6 million. As at 31 December 2023, the ER Group's liquidity was EUR 9.5 million higher year-on-year on account of positive operating cash flow. The Group's equity ratio increased from around 73.2% to around 76.4%. The Executive Board and Supervisory Board of Ernst Russ AG have therefore decided to propose the payment of a dividend of EUR 1.00 per share at the Annual General Meeting, which will take place on 30 May 2024 in Hamburg. The dividend can be paid in cash or in the form of shares of the company, at the shareholders' option.