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Ernst Russ AG significantly increases revenue and operating result

Hamburg, 25 November 2021- The assets, financial position and earnings of the Ernst Russ Group showed positive trends in Q3 2021 as in the previous quarters. Ernst Russ AG is clearly benefiting from high capacity utilisation and increased charter rates.

Ernst Russ AG recorded a sharp increase in net profits in the first nine months of 2021. Strong demand for container transport alongside reduced free capacity has wrought profound change in the market environment. The resulting increase in charter rates and the high utilisation of the fleet have enabled Ernst Russ AG to increase its revenue and operating result significantly and exceed the comparative figures for the previous year by a clear margin. In addition the expansion of our fleet by two vessels in Q4 2020 and by a further two vessels in Q1 2021 had a positive impact.

The current business figures for Q3 2021 illustrate the positive overall development of Ernst Russ Group. The group of companies generated total revenue of EUR 63.8 million from January to September 2021, up 53% year-on-year. Ernst Russ generated operating earnings of EUR 19.2 million (previous year: EUR 3.5 million) and earnings before taxes of EUR 16.8 million (previous year: EUR 4.8 million). Consolidated net income after non-controlling interests amounted to EUR 10.7 million (previous year: EUR 3.7 million). Ship assets were also up EUR 6.9 million to EUR 126.6 million due to the expansion of the fleet. Equity of EUR 95.9 million (31/12/2020: EUR 80.1 million) produced an equity ratio of 55.1% (31/12/2020: 49.0%).

Our aim is to increase the value of the Ernst Russ share on a permanent basis. The current trend proves that our efforts are successful. The opening price of the share in 2021 was EUR 1.31. The year’s high of EUR 4.38 was reached in September. The price of the Ernst Russ share has therefore more than tripled since the beginning of 2021.

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