For the six months ended June 30, 2012 ENR Russia Invest SA ("ENR" or the "Company") and its subsidiaries made a consolidated net profit of CHF 3.81 million (CHF 345'779 net profit at June 30, 2011). At June 30, 2012 the IFRS based consolidated net asset value was CHF 102.09 million (CHF 98.28 million at December 31, 2011).
The six months up to June 30, 2012 was rather flat for Russian Federation ("Russia") stock markets and year-to-date ("YTD") where the RTS index appreciated by 0.75% in US dollar terms and by 1.90% in CHF terms. The USD/CHF exchange rate was 0.9381 at the start of 2012 and 0.9485 at June 30, 2012. The Rouble gained 0.34% of its value against the CHF for the six months ended June 30, 2012.
During the first half of 2012 spreads on bonds tightened, face values increased and ENR generated aggregate returns of 5.73% in USD terms on our USD and CHF fixed income instruments. In aggregate the Company realised CHF 24.79 million via bond sales or redemption transactions and reinvested CHF 28.86 million in fixed income instruments of known Russian companies in the first half of 2012.
On the private equity side ENR continued with a leading role in assisting Transterm Holdings Cyprus Limited ("Transterm") with the disposal of its remaining asset in Russia. Transterm, in late June 2012 concluded a sale agreement to dispose of this asset. It is expected that the transaction could be closed in the third quarter of 2012. Transterm will then distribute available net sale proceeds to its shareholders and ENR will receive its proportionate share.
During June 2012 we were successful with a bid to acquire a small non-performing loan portfolio ("NPL") sold by a Russian bank for a purchase consideration of RUR 15'562'269 (CHF 454'216). This NPL portfolio will be collected on our behalf by National Recovery Services, Russia's largest collection business.
Based on the aggregate value of our investments (including treasury shares) ENR was 96.31% invested at June 30, 2012.
The ENR semi-annual report is available 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 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, the CIS States and the Baltic States. Additional information on ENR Russia Invest SA is available on the company website www.enr.ch
