Ernst Russ AG Reports Positive Financial Performance in 2023 Despite Economic Challenges

Ernst Russ AG announced its financial results for 2023, highlighting a year of successful navigation through various geopolitical and economic challenges. The company experienced growth in its assets, financial position, and earnings amidst the backdrop of the Russia-Ukraine war, escalating conflicts in Gaza, and the ongoing attacks on merchant ships in the Red Sea. These challenges, compounded by the energy price crisis and weakened global economic performance, pressured the container shipping markets and normalized charter rates after their peak in the prior years.

Nevertheless, Ernst Russ AG managed to expand and rejuvenate its fleet, reporting a revenue increase of EUR 11.0 million to EUR 202.7 million, with operating earnings at EUR 86.6 million. The company also saw a significant rise in consolidated net income after taxes, amounting to EUR 81.6 million. Moreover, the Ernst Russ Group improved its liquidity and equity ratio, enabling the proposal of a EUR 1.00 per share dividend for the upcoming Annual General Meeting.

Looking ahead, the company anticipates consolidated revenue for 2024 to be between EUR 155 million and EUR 175 million, with operating earnings expected to range from EUR 47 million to EUR 67 million. This forecast follows the charter market's stabilization in the latter half of 2022. CEO Robert Gärtner expressed satisfaction with the company's performance and strategic fleet expansion, contributing to Ernst Russ AG’s strengthened market position.