ENR RUSSIA INVEST SA ANNOUNCES 2016 UNAUDITED INTERIM RESULTS AND 30 JUNE 2016 NET ASSET VALUE
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ENR Russia Invest SA /
ENR RUSSIA INVEST SA ANNOUNCES 2016 UNAUDITED INTERIM RESULTS AND 30 JUNE 2016
NET ASSET VALUE
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The issuer is solely responsible for the content of this announcement.
Press Release
Geneva, 26 August 2016
ENR RUSSIA INVEST SA ANNOUNCES 2016 UNAUDITED INTERIM RESULTS AND 30 JUNE 2016
NET ASSET VALUE
For the half year ended 30 June 2016 ENR Russia Invest SA ("ENR") and its
subsidiaries made a consolidated net profit of CHF 3.17 million (consolidated
net profit of CHF 0.70 million for the 2015 half year). At 30 June 2016 ENR's
consolidated net asset value ("NAV") was CHF 44.21 million (CHF 42.18 million at
31 December 2015).
During the reporting period ENR acquired fixed income instruments issued by
Russian corporates for an aggregate value of CHF 15.19 million. ENR also
generated CHF 5.07 million via the sale of and the repayment of fixed income
instruments during this period.
Early in 2016 there have been signs of an improvement in the Russian economy.
Gross domestic product ("GDP") has contracted by less than what was expected and
estimates are that GDP growth will be -0.5% in 2016, better than the -2.5% range
estimates from earlier in the year. The weaker ruble should help increase export
competitiveness and this will boost net exports and accumulate reserves (in
particular for export-oriented industries such as oil and gas, metals and mining
and the chemical industry). Other domestic-oriented producers should also
benefit where the positive effect of import substitution should be visible over
time. The federal budget deficit was 4.3% of GDP in the first half of 2016
(compared to the 2016 3% target) and the deficit is financed primarily from the
Reserve Fund.
Headline inflation has dropped from 12.9% in December 2015 to 7.5% in the second
quarter of 2016, which allowed the Central Bank of Russia ("CBR") to cut the key
rate by 50 basis points to 10.5% in June 2016 (after holding it flat at 11% for
almost ten months). The CBR expects inflation to decline to a 5% - 6% range by
year-end 2016, allowing for further possible rate cuts.
Domestic demand and consumption remain weak and manufacturing growth and
construction output and fixed investment is contracting. Oil and gas prices
continue to be key factors to the prospects of the Russian economy where low
global energy prices have a negative impact on the economy. The strong
correlation between these prices and the value of the ruble remains.
ENR continues to evaluate investment opportunities, especially those at
potential lower entry valuations. Potential investment opportunities relate to
export orientated and import substitution businesses; companies operating in
non-cyclical sectors (for example, low cost food retail and discounters,
healthcare and pharmaceutical) and situations where owners invested substantial
capital and current asset values are materially undervalued.
ENR's interim report for the six months ended 30 June 2016 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, real
estate 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 SA is available on the company website www.enr.ch
Media release (PDF):
http://hugin.info/143040/R/2037522/759211.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: ENR Russia Invest SA via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 26.08.2016 - 18:30 Uhr
Sprache: Deutsch
News-ID 491346
Anzahl Zeichen: 4426
contact information:
Town:
Geneva
Kategorie:
Business News
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