Ernst Russ AG: Stable Development in the First Quarter of 2024

EQS-News: Ernst Russ AG / Key word(s): Quarter Results
Ernst Russ AG: Stable Development in the First Quarter of 2024

27.05.2024 / 07:48 CET/CEST
The issuer is solely responsible for the content of this announcement.

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Hamburg, 27 May 2024 - After the first three months of 2024, Ernst Russ AG
can look back on a successful business performance despite ongoing
geopolitical tensions. The net assets, financial position and results of
operations remained stable in the first quarter of 2024. As expected,
revenue decreased by EUR 1.3 million year-on-year to EUR 46.9 million in the
first quarter of 2024 due to the decline in average charter rates. Ship
operating costs fell from EUR 23.2 million to EUR 16.1 million due to the
lower number of vessel class renewals in the first quarter of the current
financial year compared to the same quarter of the previous year. As a
result, the operating result increased from EUR 13.7 million to EUR 21.0
million. Consolidated earnings after taxes and before minority interests
amounted to EUR 22.5 million. Of this, EUR 7.9 million was attributable to
minority interests. The Group equity ratio fell from around 76.4% to around
76.1%.

The Ernst Russ Group's vessel portfolio consists primarily of container
vessels in the 700 to 4,200 TEU size classes, supplemented by two larger
container vessels of around 6,600 and 13,400 TEU respectively, a 38,000 dwt
handysize bulker and a multipurpose vessel. The Ernst Russ Group
continuously examines opportunities arising on the market to expand and
rejuvenate its existing fleet. In April 2024, the 868 TEU container vessel
MS "Moveon", which was built in 2001, was sold. This means that the Ernst
Russ Group currently holds a majority stake in 29 vessels.

Against this backdrop and the largely secure employment situation of the
ship fleet, the Ernst Russ Group expects revenue of between EUR 155 million
and EUR 175 million and an operating result (EBIT) of between EUR 47 million
and EUR 67 million for the 2024 financial year.

You can download the Ernst Russ AG three-month report 2024 in both German
and English 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 29 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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27.05.2024 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:    1911113

End of News EQS News Service
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1911113 27.05.2024 CET/CEST