EQS-News: Ernst Russ AG - Continuation of Positive Business Development in a Dynamic Market Environment
EQS-News: Ernst Russ AG
/ Key word(s): Half Year Report
Hamburg, 29 August 2024 - In the first half of 2024, the Ernst Russ Group benefited from the sustainable employment concept of its fleet in the international shipping market and continued its positive business performance as expected. International container shipping experienced a remarkable development in the first half of 2024. At the beginning of the year, forecasts were characterized by massive overcapacity, which was expected to significantly exceed demand in container shipping. However, the Red Sea remains virtually impassable to this day as a result of attacks on merchant ships by the Yemeni Houthi militia, meaning that the majority of vessels have to be diverted around the Cape of Good Hope. As a result, congestion in the world's most important ports and demand for tonnage have risen considerably. In this market environment, international shipping has once again confirmed that it is the backbone of global trade and a systemically relevant and crisis-resistant mode of transport for supplying the global economy - despite numerous crisis hotspots, geopolitical tensions and a war on European soil. In this market environment, Ernst Russ AG's revenue decreased as expected by EUR 8.8 million to EUR 87.6 million in the first half of 2024 due to the decline in charter rates. The average charter rate amounted to USD 17,500/day (same period of the previous year: USD 19,920/day) with a utilization of the Ernst Russ fleet of 97.0% (same period of the previous year: 94.0%). The operating result increased from EUR 27.6 million to EUR 36.5 million, in particular due to the sale of a container vessel in the first half of the year and a lower number of scheduled dockings. The consolidated result after taxes and before minority interests amounted to EUR 37.8 million, of which EUR 13.8 million were attributable to minority interests. The Group equity ratio fell from around 76.4% to around 68.9%, in particular due to the scrip dividend of EUR 33.5 million resolved in the reporting year. With the scrip dividend, shareholders of Ernst Russ AG had the option of choosing between receiving all or part of their dividend in cash or in the form of new shares. For the 2024 financial year, the Ernst Russ Group expects revenues of between EUR 155 million and EUR 175 million and an operating result (EBIT) of between EUR 47 million and EUR 67 million against the backdrop of the continued positive business performance and the largely secure employment situation of the fleet. You can download the Ernst Russ AG half-year report 2024 in both German and English at www.ernst-russ.de. Anika Hillmer Investor Relations Tel. +49 40 88 88 1 1800 E-Mail: [email protected]
29.08.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG. |
Language: | English |
Company: | Ernst Russ AG |
Elbchaussee 370 | |
22609 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 Berlin, Frankfurt (Scale), Hamburg, Tradegate Exchange |
EQS News ID: | 1977249 |
End of News | EQS News Service |
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1977249 29.08.2024 CET/CEST