DGAP-Ad-hoc: Ernst Russ AG / Key word(s): Change in Forecast/Preliminary Results Ernst Russ AG: Publication of preliminary earnings figures for the first half of 2021 and concretization of the forecast for the current financial year 20-Aug-2021 / 11:58 CET/CEST Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement.

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Hamburg, 20 August 2021: Based on preliminary and unaudited figures, Ernst Russ AG (ISIN DE000A161077) expects revenues of approximately EUR 39.6 million (prior-year period: EUR 28.9 Million) and operating earnings (group earnings before interest and taxes, adjusted for non-operating income and expenses) of approximately EUR 8.5 billion (prior-year period: EUR 1.8 Mio. million) for the first half of 2021.

Against the backdrop of the ongoing positive development of the shipping markets and the largely secured employment situation of the fleet of Ernst Russ group for the fiscal year 2021, the management board of Ernst Russ AG can on this base today specify its forecast to the effect that for the full year 2021, revenue is now expected to be in a range of EUR 85 to 90 million (previously: significant increase compared to the previous year) and operating earnings between EUR 24 and 26 million (previously: significant increase compared to the previous year). The forecast is based, among other things, on the assumptions that the charter markets will continue to develop stably, that the technical availability of the Ernst Russ fleet will be as planned in the amount of approximately 98 % and on the assumption of an average exchange rate of 1.20 USD/EUR.

The final business figures for the first half-year of 2021 will be published as planned on 6 September 2021. Contact: Ernst Russ AG Anika Hillmer Investor Relations Tel. +49 40 88 88 1 1800 E-Mail: ir@ernst-russ.de

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20-Aug-2021 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de

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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:       ir@ernst-russ.de 
Internet:     www.ernst-russ.de 
ISIN:         DE000A161077 
WKN:          A16107 
Listed:       Regulated Unofficial Market in Frankfurt (Scale), Hamburg, Tradegate Exchange 
EQS News ID:  1227914 
 
End of Announcement  DGAP News Service 
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1227914 20-Aug-2021 CET/CEST

Image link: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=show_t_gif&application_id=1227914&application_name=news

(END) Dow Jones Newswires

August 20, 2021 05:58 ET (09:58 GMT)