ENR RUSSIA INVEST SA ANNOUNCES 2014 RESULTS AND ATTRIBUTABLE NET ASSET VALUE PER SHARE AT END FIRST QUARTER 2015
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ENR Russia Invest SA /
ENR RUSSIA INVEST SA ANNOUNCES 2014 RESULTS AND ATTRIBUTABLE NET ASSET VALUE PER
SHARE AT END FIRST QUARTER 2015
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The issuer is solely responsible for the content of this announcement.
2014 Results
During 2014 and mainly towards the end of the year, the Russian economy slowed-
down meaningfully as the impact of a sharp decline in crude oil prices (from US$
115 a barrel at mid-year to the US$ 57 levels at year-end) was felt. Lower oil
prices were the key trigger to sharp ruble depreciation during this time (by
43.30% against the US$ in 2014). Western sanctions also had a negative impact.
The Russian Central Bank introduced a flexible exchange rate regime towards the
end of 2014. To curb currency speculation and assist to stabilise the rouble at
that time, the key lending rate was raised by 6.50% in mid-December and the
official lending rate reached a high of 17% (subsequently reduced to 15%). Bank
funding rates became very expensive, loan demand reduced and consumer confidence
declined. Inflation increased to 11.40% at year-end, eroding real incomes.
This was a challenging economic environment for businesses operating or
investing in Russia and ENR Russia Invest SA and its subsidiaries (collectively,
"ENR") results reflect that. For the 12 months ended 31 December 2014 ENR
produced a consolidated net loss of CHF 24.50 million (consolidated net loss of
CHF 3.75 million for the 2013 financial year). At 31 December 2014 ENR's IFRS
based consolidated net asset value was CHF 88.22 million (CHF 114.68 million at
31 December 2013).
During the year ENR assessed a number of private equity opportunities and this
resulted in two transactions in Russia during 2014. ENR is participating in a
residential real estate (economy plus class market) development outside Moscow
and also acquired the Petrovsky Fort office centre in St. Petersburg, Russia.
Taking account of high volatility in fixed income markets (especially near the
end of the year) and funding commitments towards transactions, ENR reduced its
fixed income portfolio meaningfully in 2014 and year-end cash balances increased
to CHF 48.08 million.
Even in past challenging economic cycles there were interesting investment
opportunities, for example investments in production and export focused or
import substitution related businesses, with a possibility of lower entry
valuations. ENR continues to monitor regional economic and political
developments and will consider interesting private equity transactions in
Russia, Kazakhstan and other members of the Commonwealth of Independent States.
The ENR annual report is available from today on ENR's website at www.enr.ch
Attributable net asset value per share at end first quarter 2015
At 31 March 2015 the unaudited attributable net asset value of ENR Russia Invest
SA was CHF 34.10 per share.
Contact person: Ben de Bruyn, ENR Russia Invest SA, tel: +41 22 510 2626
ENR Russia Invest is an investment company listed on the SIX Swiss Exchange. It
specializes 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/1912326/682528.pdf
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire 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 GlobeNewswire
[HUG#1912326]
Unternehmensinformation / Kurzprofil:
Datum: 20.04.2015 - 07:00 Uhr
Sprache: Deutsch
News-ID 386758
Anzahl Zeichen: 4408
contact information:
Town:
Geneva
Kategorie:
Business News
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