Ernst Russ - Streamlining its operations

Ernst Russ’s (ERAG) strategic process of repositioning to focus on its investor and asset manager activities in the shipping and real estate segments was borne out in the H1 results. Increased debt (although at a broadly stable equity to total assets ratio) was used to accelerate investment in expanding its own fleet through direct and co-investments, as well as for strategic expansion of subsidised housing advisory and investment services. Meanwhile, ERAG sold the business units active in solar energy and investor management, leading to a decrease in assets under management (AUM) to €2.5bn at end June from €2.9bn at end 2018.