Ernst Russ : with good business performance

Hamburg, 24 March 2022 - The Ernst Russ Group ends the 2021 financial year with a positive overall result. The group of companies, which operates internationally as a ship-owner and maritime investment manager, benefits in a pleasing market environment through successful investments and a sustainable employment concept for its fleet.

The Ernst Russ Group today presented its business figures for the 2021 financial year demonstrating the company's positive performance. The figures show that operating earnings were up EUR 28.2 million to EUR 30.8 million thereby generating pre tax earnings of EUR 26.7 million. Consolidated net income after non-controlling interests was up EUR 11.7 million compared to the previous year to EUR 15.8 million. Revenue of EUR 92.3 million was 66% above the previous year's level. Growth is also reflected in the increase in total equity and liabilities to EUR 263.7 million (previous year: EUR 163.4 million). Equity of EUR 142.8 million (previous year: EUR 80.1 million) produced an equity ratio of 54.2% (previous year: 49.0%).

The performance of the Ernst Russ AG share price was also pleasing in 2021. An opening price of EUR 1.31 and a year-end rate of EUR 6.30 saw the value of the share increase almost fivefold in 2021.

The Ernst Russ Group succeeded in expanding its fleet of fully consolidated vessels by 14 units in the 2021 financial year. As early as February 2021, it acquired the majority interest in two multi-purpose vessels each with a deadweight tonnage of around 12,500 tons. At the end of December, twelve container ships were also added to the scope of consolidation. The Ernst Russ Group has secured new charters for many vessels in its fleet at attractive rates and terms.

The Executive Board of Ernst Russ AG is expecting revenue between EUR 160 million and EUR 170 million and EBIT between EUR 62 million and EUR 67 million for the 2022 financial year. Even though the future impact of the Russia-Ukraine war on the global economy and the business activities of the Ernst Russ Group cannot be reliably foreseen at present, the Ernst Russ Group is in the position for long-term and sustainable growth due to the largely secured employment situation of its fleet.

"Ernst Russ is now economically and operationally well positioned. Our employees along with the management and I, as CEO, look forward to using the extraordinary momentum of 2021 over the next few years to achieve our strategic goals and continue our journey with a healthy financial and asset base," said Robert Gärtner, CEO of Ernst Russ AG.

This year's Annual General Meeting of Ernst Russ AG will take place on 18 May 2022 as a virtual event. Further information will be available on our website in due course - http://www.ernst-russ.de/de/hv.html. You can order a printed version of the Ernst Russ AG 2021 Annual Report in both German and English or download it from www.ernst-russ.de.