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2015-04-20

ENR Russia Invest SA: ENR RUSSIA INVEST SA ANNOUNCES 2014 RESULTS AND ATTRIBUTABLE NET ASSET VALUE PER SHARE AT END FIRST QUARTER 2015

ENR Russia Invest SA / ENR RUSSIA INVEST SA ANNOUNCES 2014 RESULTS AND
ATTRIBUTABLE NET ASSET VALUE PERSHARE AT END FIRST QUARTER 2015 . Processed
and transmitted by NASDAQ OMX Corporate Solutions.The issuer is solely
responsible for the content of this announcement.
2014 Results

During 2014 and mainly towards the end of the year, the Russian economy
slowed-down meaningfully as the impact of a sharp decline in crude oil prices
(from US$ 115 a barrel at mid-year to the US$ 57 levels at year-end) was
felt. Lower oil prices were the key trigger to sharp ruble depreciation
during this time (by 43.30% against the US$ in 2014). Western sanctions also
had a negative impact.

The Russian Central Bank introduced a flexible exchange rate regime towards
the end of 2014. To curb currency speculation and assist to stabilise the
rouble at that time, the key lending rate was raised by 6.50% in mid-December
and the official lending rate reached a high of 17% (subsequently reduced to
15%). Bank funding rates became very expensive, loan demand reduced and
consumer confidence declined. Inflation increased to 11.40% at year-end,
eroding real incomes.

This was a challenging economic environment for businesses operating or
investing in Russia and ENR Russia Invest SA and its subsidiaries
(collectively, "ENR") results reflect that. For the 12 months ended 31
December 2014 ENR produced a consolidated net loss of CHF 24.50 million
(consolidated net loss of CHF 3.75 million for the 2013 financial year). At
31 December 2014 ENR's IFRS based consolidated net asset value was CHF 88.22
million (CHF 114.68 million at 31 December 2013).

During the year ENR assessed a number of private equity opportunities and this
resulted in two transactions in Russia during 2014. ENR is participating in a
residential real estate (economy plus class market) development outside
Moscow and also acquired the Petrovsky Fort office centre in St. Petersburg,
Russia. Taking account of high volatility in fixed income markets (especially
near the end of the year) and funding commitments towards transactions, ENR
reduced its fixed income portfolio meaningfully in 2014 and year-end cash
balances increased to CHF 48.08 million.

Even in past challenging economic cycles there were interesting investment
opportunities, for example investments in production and export focused or
import substitution related businesses, with a possibility of lower entry
valuations. ENR continues to monitor regional economic and political
developments and will consider interesting private equity transactions in
Russia, Kazakhstan and other members of the Commonwealth of Independent
States.

The ENR annual report is available from today on ENR's website atwww.enr.ch

Attributable net asset value per share at end first quarter 2015

At 31 March 2015 the unaudited attributable net asset value of ENR Russia
Invest SA was CHF 34.10 per share.

Contact person:
Ben de Bruyn, ENR Russia Invest SA, tel: +41 22 510 2626

ENR Russia Invest is an investment company listed on the SIX Swiss Exchange.
It specializes 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 websitewww.enr.ch

Media Release (PDF)
http://hugin.info/143040/R/1912326/682528.pdf

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX 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

HUG#1912326

Författare Hugin

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