ENR RUSSIA INVEST SA ANNOUNCES 2016 RESULTS AND ATTRIBUTABLE NET ASSET VALUE PER SHARE AT END FIRST QUARTER 2017
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ENR Russia Invest SA /
ENR RUSSIA INVEST SA ANNOUNCES 2016 RESULTS AND ATTRIBUTABLE NET ASSET VALUE PER
SHARE AT END FIRST QUARTER 2017
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The issuer is solely responsible for the content of this announcement.
2016 Results
For the year ended 31 December 2016 ENR Russia Invest SA ("ENR") and its
subsidiaries produced a consolidated net profit of CHF 5.81 million. At 31
December 2016 ENR's consolidated net asset value (as per International Financial
Reporting Standards) was CHF 46.15 million (up from CHF 42.18 million at 31
December 2015), partly due to the higher valuation of the Petrovsky Fort
business center in Saint-Petersburg.
In 2016 there were signs of improvement in the Russian economy as dual shocks
from lower oil prices and sanctions have been partly absorbed and gross domestic
product ("GDP") contracted by 0.6% in 2016 (better than the -2.5% range
estimated at the beginning of the year). The International Monetary Fund
estimates that GDP will expand by 1.1% in 2017. Inflation was down from 12.9%
in December 2015 to 5.6% at year-end 2016, which allowed the Central Bank of
Russia to cut its key rate to 10%.
During 2016 ENR acquired fixed income instruments of Russian corporates for a
total value of CHF 15.19 million. ENR also generated CHF 8.06 million via the
sale of or the repayment of fixed income instruments in 2016.
Oil and gas prices remain key factors to the prospects of the Russian economy,
representing the majority of exports and generating the bulk of federal budget
revenues. Low global energy prices have a negative impact on the economy. During
2016 global oil prices recovered from around US$ 34 per barrel (Brent) to higher
levels in the region of US$ 55 per barrel (Brent) at year-end 2016.
ENR continues to consider interesting investment opportunities in Russia for
businesses where there are potential lower entry valuations (for example where
assets can be acquired at discounts to their historical costs), for export
orientated and import substitution orientated businesses and for companies
operating in non-cyclical sectors.
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 2017
At 31 March 2017 the unaudited attributable net asset value of ENR Russia Invest
SA was CHF 19.10 per share.
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/2095205/792379.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
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