DGAP-Adhoc: Ernst Russ AG: Fleet expansion by twelve further fully consolidated vessels and forecast for the financial year 2022

2021. december 06., hétfő, 18:14





DGAP-Ad-hoc: Ernst Russ AG / Key word(s): Expansion/Forecast


Ernst Russ AG: Fleet expansion by twelve further fully consolidated vessels and forecast for the financial year 2022


06-Dec-2021 / 18:14 CET/CEST


Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.


The issuer is solely responsible for the content of this announcement.




Hamburg, 06 December 2021: Executive and Supervisory Board of Ernst Russ AG (ISIN DE000A161077) have resolved today to acquire further shares in Fernando Feeder Parent GmbH & Co. KG in the amount of 10 %. As a result, Ernst Russ AG indirectly acquires a majority interest totalling 55 % in a twelve container feeder vessels portfolio. This consists of eleven container vessels in the 800 TEU class and one container ship with 1,800 TEU. Realization of the transaction is planned for the year end 2021.



The investment in Fernando Feeder Parent GmbH & Co. KG, which was previously accounted by applying the equity method, will thus be fully included in the consolidated financial statements of Ernst Russ AG as of the acquisition date (expected to be 31 December 2021). The transaction has no significant impact on the previously published forecast for the current financial year 2021, except for a consolidation-related increase in liquidity. For the upcoming financial year 2022, the ship portfolio is expected to contribute to Ernst Russ AG"s Group earnings with revenues in a range of EUR 41 to 44 million, an EBITDA of EUR 20 to 23 million and an EBIT of EUR 3 to 5 million. The portfolio"s 2022 EBIT will be mainly impacted by an initially higher depreciation.



Thus and based on today"s also approved budget planning for the financial year 2022, the Executive Board of Ernst Russ AG thus expects consolidated revenues in a range of EUR 140 to 145 million, a consolidated EBITDA of EUR 67 to 72 million and an adjusted EBIT (consolidated earnings before interest and taxes, adjusted for non-operating expenses and income) of EUR 41 to 46 million.



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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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 Frankfurt (Scale), Hamburg, Tradegate Exchange
EQS News ID: 1254594





 
End of Announcement DGAP News Service




1254594  06-Dec-2021 CET/CEST







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