AD HOC ANNOUNCEMENT PURSUANT TO ART. 53 SIX LISTING RULES
Geneva, 26 August 2021
ENR RUSSIA INVEST SA ANNOUNCES 2021 HALF-YEAR RESULTS
For the six months ended 30 June 2021 ENR Russia Invest SA (“ENR”) and its subsidiaries produced a consolidated net profit of CHF 2.94 million (consolidated net loss of CHF 4.58 million for the similar period in 2020) mainly due to higher valuations arising from ruble appreciation against the Swiss Franc. The consolidated equity increased to CHF 41.05 million (CHF 36.76 million at 31 December 2020).
In the reporting period ENR sold shares and fixed income instruments for CHF 2.59 million. Proceeds were used for further investments in Kaluga Flower Holding LLC (ruble 90.4 million or CHF 1.08 million) in Russia, to reinvest in equities (CHF 0.67 million) and to increase cash on hand. At the flower growing facilities 12 hectares are now planted with roses, 2 hectares with gerberas and 0.5 hectares with chrysanthemums. On 5 hectares seasonal flowers are grown. The remaining 5.5 hectares will be planted with roses and chrysanthemums in September 2021 and early 2022.
At Petrovsky Fort overall vacancies in the business center decreased by 2% in the reporting period. Regular ongoing improvements capex programs continue. A new upmarket 500 square meter retail area was successfully developed, with a passage between the business center and next-door Hotel Saint Petersburg. This will increase footfall and allow for joint marketing, retail and service initiatives with the hotel, enhancing the attractiveness of the business center for tenants.
At the Turgenevskaya parking garage in Moscow, rental of parking bays to corporates and their employees and hourly parking demand picked up in 2021 and the use of the parking garage continue to improve.
New challenges and uncertain economic activity and recovery remain with new outbreaks linked to more infectious variants of the COVID-19 virus. Russia is no exception. In this environment the Bank of Russia expects 2021 full year GDP growth of 3.8%. Oil and gas prices remain key factors to the prospects of the Russian economy (majority of exports and bulk of federal budget revenues) and lower oil prices and earnings have a detrimental impact on the Russian economy, leads to lower domestic demand and consumption and results in ruble depreciation.
The half year report is available from today on ENR’s website at https://enr.ch/wp-content/uploads/ENR-Semi-Annual-Report-2021.pdf
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. ENR 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