ENR Russia Invest SA announces 2011 results
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ENR Russia Invest SA /
ENR Russia Invest SA announces 2011 results
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The issuer is solely responsible for the content of this announcement.
For the 12 months ended December 31, 2011 ENR Russia Invest SA ("ENR" or the
"Company") and its subsidiaries produced a consolidated net loss of CHF 7.21
million (CHF 0.65 million net loss at December 31, 2010). At December 31, 2011
the IFRS based consolidated net asset value was CHF 98.28 million (CHF 105.49
million at December 31, 2010), a 6.9% decline year-on-year ("YOY").
2011 was a difficult year for Russian Federation ("Russia") stock markets and
the RTS index declined YOY by 21.94% in US dollar terms and by 21.79% in CHF
terms. In this environment the Company was pleased to have received a CHF 2.02
million dividend from Eastern Property Holdings Limited. Although the USD/CHF
exchange rate was largely similar at the start and end of 2011, there were
meaningful movements during the year. For example, in September the USD was
trading as low as 0.7209 against the CHF, only to reach a high of 0.9737 in
November. The Rouble also lost 4.64% of its value against the CHF in 2011.
In a challenging year for fixed income markets in the midst of Euro zone
sovereign debt and growth challenges, spreads on bonds increased and face values
declined. Despite this, ENR generated aggregate returns of 3.11% in USD terms on
its USD based fixed income instruments and 4.21% in Rouble terms on its Rouble
based fixed income instruments. The Company further invested CHF 29.25 million
in 2011 in fixed income instruments of known Russian companies.
On the private equity front ENR continued with its leading role to assist
Transterm Holdings Cyprus Limited ("Transterm") with the disposal of its
remaining asset in Russia. ENR received a further USD 1.02 million in cash from
Transterm in 2011. The Company also concluded a partnership with a leading
Russian debt collection agency to source and review non-performing loan
portfolios ("NPL") acquisition opportunities. Together with its joint venture
partner ENR evaluated more than 40 NPL offered for sale by Russian financial
institutions in 2011. ENR also participated in a number of bidding processes and
will continue to evaluate and bid for interesting NPL portfolios at appropriate
pricing levels.
As for private equity, ENR has been continuously reviewing potential investments
and has developed a pool of interesting investment opportunities. The Company
has seen a number of highly geared Russian businesses in 2011, some who operate
in high growth industries. With high debt loads, many of these businesses are
not able to fund growth as free cash is used to service debt obligations. In
some cases funding banks have or are considering converting debt into equity or
may consider refinancing should a business attract outside investment. This
presents potential interesting private equity investment opportunities if
satisfactory arrangements could be made with funding banks to restructure debt
obligations. The Company is making progress with its investigative investment
processes and due diligence investigations on a number of transactions in this
field.
Based on the aggregate value of ENR's investments, it was 89% invested at year-
end.
The ENR annual report is available on ENR's web site at www.enr.ch.
Contact person: Ben de Bruyn, ENR Russia Invest SA, tel: +41 22 716 1000
ENR Russia Invest is an investment company listed on the SIX Swiss Exchange. It
specialises in the management of equities and equity-like investments as well as
fixed income instruments in Russia, the CIS States and the Baltic States.
Additional information on ENR Russia Invest is available on the company website
www.enr.ch
Media Release (PDF):
http://hugin.info/143040/R/1606961/509593.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: ENR Russia Invest SA via Thomson Reuters ONE
[HUG#1606961]
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Datum: 27.04.2012 - 18:38 Uhr
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