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Ernst Russ AG: Publication of preliminary earnings figures for the first half of 2021 and concretization of the forecast for the current financial year

Correction of a release from 20/08/2021, 11:58 CET/CEST

In today's ad-hoc release, the preliminary and unaudited operating earnings of Ernst Russ AG for the first half of 2021 were stated as approximately EUR 8.5 billion instead of EUR 8.5 million due to an orthographic mistake.

The correct text of the ad-hoc release now reads as follows:

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 million (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.

This correction of the ad hoc release was published on 20 August 2021 at 3.59 pm.

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