ENR RUSSIA INVEST SA ANNOUNCES UNAUDITED INTERIM RESULTS AND 30 JUNE 2015 NET ASSET VALUE
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ENR Russia Invest SA /
ENR RUSSIA INVEST SA ANNOUNCES UNAUDITED INTERIM RESULTS AND 30 JUNE 2015 NET
ASSET VALUE
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Press Release:
Geneva, 28 August 2015
ENR RUSSIA INVEST SA UNAUDITED INTERIM RESULTS AND 30 JUNE 2015 NET ASSET VALUE
For the 6 months ended 30 June 2015 ENR Russia Invest SA ("ENR" or the
"Company") and its subsidiaries produced a consolidated net profit of CHF
697'831 (compared to a consolidated net loss of CHF 4.11 million for the 2014
financial half year). At 30 June 2015 ENR's International Financial Reporting
Standards based consolidated net asset value was CHF 59.14 million, reducing
from CHF 88.22 million at 31 December 2014 primarily due to an aggregate CHF
29.60 million dividend which was approved by shareholders at the Company's June
2015 annual general meeting. Via the dividend distribution ENR balanced
stakeholder aspirations to return a meaningful cash amount to shareholders and
to retain sufficient cash resources to continue with investments in line with
the Company's investment objectives.
The net profit of CHF 697'831 for the first six months of 2015 should be seen in
the light of ENR's reporting currency, the Swiss Franc. ENR's investments are
all in a ruble based economy in companies who have the ruble as their currency.
Consequently, the depreciation of the ruble against the Swiss Franc represents a
challenge for ENR, who reports in Swiss Franc.
During the reporting period ENR acquired fixed income instruments issued by
Russian corporates for an aggregate value of CHF 2.41 million. ENR generated CHF
4.14 million via the sale of and/or the repayment of fixed income instruments
during the first half of 2015. For the Petrovsky Fort investment ENR refinanced
the loan from UniCredit Bank towards the office center for a new three year
period and reduced the outstanding amount of the loan to US$ 24.50 million.
In Russia gross domestic product growth declined by 2.2% year-on-year in the
first quarter 2015 and by 4.6% year-on-year during the second quarter. Oil and
gas prices remain the key factors to the prospects of the Russian economy and
account for two-thirds of exports and a large part of federal budget revenues
(low global oil prices will have a negative impact on Russian economic growth).
There is a strong correlation between these prices and the value of the ruble
which declined by more than 20% against the US dollar since May 2015 as oil
prices continued to fall. Higher consumer prices and utility tariffs and a
weaker ruble have a negative impact on inflation (15.27% at end June 2015). To
make lending more accessible for businesses the key interest rate in Russia was
cut from 12.5% to 11.5% in June and to 11% at end July.
As for past challenging economic cycles there are currently interesting
investment opportunities at lower entry valuations (such as production, export
or import substitution focused businesses).
ENR's interim report for the six months ended 30 June 2015 is available from
today on ENR's web site at www.enr.ch.
Contact person: Ben de Bruyn, ENR Russia Invest SA, tel: +41 22 510 2626
ENR Russia Invest SA 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, other members of the Commonwealth of
Independent 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/1948003/707491.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#1948003]
Unternehmensinformation / Kurzprofil:
Datum: 28.08.2015 - 07:00 Uhr
Sprache: Deutsch
News-ID 416504
Anzahl Zeichen: 4643
contact information:
Town:
Geneva
Kategorie:
Business News
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