2013-08-27 07:07:01 -
ENR Russia Invest SA /
ENR Russia Invest SA announces 2013 interim unaudited results
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The issuer is solely responsible for the content of this announcement.
For the six months ended June 30, 2013 ENR Russia Invest SA ("ENR") and its
subsidiaries produced a consolidated net loss of CHF 2.78 million (compared to
the consolidated net profit of CHF 3.81 million for the six months ended June
30, 2012). At June 30, 2013 the IFRS based consolidated net asset value was CHF
115.66 million, decreasing by 2.35% from CHF 118.44 million at December
Gross Domestic Product ("GDP") growth slowed in the Russian Federation
("Russia") and the Russian economy ministry cut its 2013 GDP forecast growth
rate to 1.7%. For the six months
up to June 30, 2013 the RTS index declined by
16.47% in US dollar terms and by 13.44% in CHF terms. The USD/CHF exchange rate
was 0.9154 at the start of 2013 and 0.9450 at June 30, 2013, whilst the Rouble
declined by 3.94% against the CHF during the 2013 half year. Spreads on bonds
widened, face values declined and ENR generated an aggregate return of 2.39% in
CHF terms on its fixed income investments. During the half year there were bond
sales or repayments of CHF 10.87 million and ENR reinvested CHF 22.22 million in
fixed income instruments issued by Russian companies.
As downside risks remain in the Russian economy, ENR maintains a prudent
approach when considering potential new investments. However, ENR has identified
and is currently investigating a number of promising private equity investment
opportunities in Russian businesses involved in the medical services,
construction, information technology and the manufacturing industries.
The ENR interim report will be available from Tuesday, 27 August 2013 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
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Source: ENR Russia Invest SA via Thomson Reuters ONE