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Ernst Russ AG increases revenue and operating result

Hamburg, 15 November 2022 – The Ernst Russ Group has reported positive company figures in its Nine-Month Report published today.

The up-to-date business figures in the Nine-Month Report 2022 illustrate the positive overall development of the Ernst Russ Group: Revenue was up EUR 74.2 million or 116% compared with the previous year’s figure to currently EUR 138.0 million. Operating earnings of EUR 72.4 million (previous year: EUR 19.2 million) generated pre-tax earnings of EUR 66.6 million (previous year: EUR 16.8 million). Consolidated net income after non-controlling interests amounted to EUR 33.9 million (previous year: EUR 10.7 million). Ship assets were down EUR 7.2 million to EUR 203.0 million. Equity of EUR 210.8 million (31 December 2021: EUR 142.8 million) produced an equity ratio of 76.7% (31 December 2021: 54.2%).

The Ernst Russ Group has used its strong financial position largely to repay the ship mortgage loans taken out to finance its fleet. By bringing its liabilities to banks down from EUR 75.7 million to EUR 3.4 million, the Ernst Russ Group is fundamentally strengthened for the upcoming financial years. Going forward, the focus will be on exploiting opportunities arising in the market and expanding the fleet with younger tonnage. Challenges will arise from the economic and geopolitical environment, supply chain uncertainties and the tighter emissions requirements for ocean-going vessels under the new EEXI and CII regulations.

The Group is working intensely to increase the long-term value of the company and to provide the shareholders of Ernst Russ AG with stable and sustainable added value.

You can download the Ernst Russ AG Nine-Month Report 2022 in German and English at www.ernst-russ.de/en/investor-relations-de/finanzberichte.html.

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