Ernst Russ AG: Positive business performance in 2023

EQS-News: Ernst Russ AG / Key word(s): Annual Report
Ernst Russ AG: Positive business performance in 2023

18.03.2024 / 08:01 CET/CEST
The issuer is solely responsible for the content of this announcement.

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Hamburg, 18 March 2024 - The Ernst Russ Group recorded a positive
performance in its assets, financial position and earnings in 2023, although
the financial year was marked by serious geopolitical conflicts and national
and international economic weakness.

In addition to the Russia-Ukraine war, the year 2023 brought further trouble
spots with international reach. The escalation of the Gaza conflict and the
ongoing attacks on merchant ships in the Red Sea were accompanied by a
massive loss of purchasing power as a result of the energy price crisis, low
domestic consumption in China and weak national and international economic
performance. As a result, the container shipping markets in particular came
under pressure in 2023 and charter rates normalized significantly after
peaking in 2021 and 2022.

Despite these adverse conditions, the Ernst Russ Group successfully expanded
and rejuvenated its fleet in the 2023 financial year and continued the
positive development of its assets, financial position and earnings. Revenue
was up EUR 11.0 million to EUR 202.7 million in the reporting period and
operating earnings were clearly positive at EUR 86.6 million. Consolidated
net income after tax and before non-controlling interests was EUR 81.6
million. As at 31 December 2023, the ER Group's liquidity was EUR 9.5
million higher year-on-year on account of positive operating cash flow. The
Group's equity ratio increased from around 73.2% to around 76.4%. The
Executive Board and Supervisory Board of Ernst Russ AG have therefore
decided to propose the payment of a dividend of EUR 1.00 per share at the
Annual General Meeting, which will take place on 30 May 2024 in Hamburg. The
dividend can be paid in cash or in the form of shares of the company, at the
shareholders' option.

Following the sharp correction in the second half of 2022, the charter
market has now returned to a normal level. Against this backdrop, the ER
Group expects the consolidated revenue to range from EUR 155 million to EUR
175 million in the 2024 financial year. According to the current forecast,
the operating earnings are expected to range from EUR 47 million and EUR 67
million.

"I am highly pleased with the company's performance," stated Robert Gärtner,
CEO of Ernst Russ AG. "Ernst Russ AG successfully acquired three container
vessels with a slot capacity of 1,025 TEU, 2,194 TEU and 13,400 TEU
respectively, each with an average age of around ten years. Additionally, we
divested two container vessels, each 20 years old, thereby expanding and
rejuvenating our fleet and significantly strengthening our company's
position."

You can request a printed copy of the current Ernst Russ AG Annual Report
2023 in both German and English or download it at www.ernst-russ.de.

About the Ernst Russ Group: Ernst Russ AG is a publicly traded international
ship owner and maritime investment manager based in Hamburg. Parts of the
company's history date back to 1893. Currently, the corporate group manages
a fleet of 30 vessels, partially operated in collaboration with strategic
partners. The focus is on container vessels ranging from 700 to 4,200 TEU,
complemented by two larger container vessels with approximately 6,600 and
13,400 TEU, respectively, along with a Handysize bulker with 38,000 dwt and
a multi-purpose vessel. Ernst Russ AG is continuously expanding its fleet,
thus ensuring stable and sustainable value growth for shareholders.

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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18.03.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS
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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 Berlin, Frankfurt
                   (Scale), Hamburg, Tradegate Exchange
   EQS News ID:    1860449

End of News EQS News Service
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1860449 18.03.2024 CET/CEST