Press Release 
 
   Geneva, 6 April 2021 
 
   ENR RUSSIA INVEST SA ANNOUNCES 2020 RESULTS 
 
   For the year ended 31 December 2020, ENR Russia Invest SA produced a 
consolidated net loss of CHF 5.73 million (2019: CHF 6.23 million 
consolidated net profit) due the negative impact of the ruble's 25% 
depreciation against the Swiss Franc. On consolidation, negative 
currency movements also resulted in cumulative translation adjustments 
and a decrease of the consolidated equity to CHF 36.76 million (2019: 
CHF 48.13 million). 
 
   In 2020 ENR made further investments in the Russian flower growing 
business, Kaluga Flower Holding LLC ("KFH") (ruble 365 million or CHF 
4.95 million). In greenhouses 11.2 hectares were refurbished and are in 
operation. Investments were used for new or improved engineering, 
technical and flower growing systems; flower plants and bulbs and to 
part fund operations. 5 of the hectares were planted with 16 varieties 
of roses (sales started June 2020) and 1.2 hectares with gerberas (sales 
started October 2020). On 5 hectares, a range of seasonal flower 
programs were completed. Sberbank recently approved funding facilities 
of ruble 1.21 billion (CHF 14.21 million) to KFH for capex and 
enhancement programs and working capital. 
 
   At the Petrovsky Fort business center in Saint- Petersburg, the COVID-19 
pandemic impact was well managed by the local management team. A few 
tenants were not able to renew short-term rental contracts due to the 
adverse impacts of the pandemic on their businesses. The optimisation 
program for the two retail floors to improve the tenant mix slowed due 
to the pandemic. Even though overall vacancies increased by 6% in 2020 
the business center was more profitable compared to 2019 and there are 
no tenant payment arrears. Regular ongoing improvements and capex 
programs continue. A new upmarket 500 square meter retail area was 
developed in the business center in an area between the business center 
and next-door Hotel Saint Petersburg. This will increase footfall in the 
business center 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 slowed in 2020 
during periods where Moscow City introduced work from home restrictions 
to combat the COVID-19 situation (after summer 2020, demand started to 
recover). 
 
   The COVID-19 pandemic triggered challenging economic conditions 
worldwide. Russia was no exception. The Bank of Russia expects 2020 full 
year GDP to slow by 4.0%--5.0%. 
 
   The ENR annual report is available from today on ENR's website at 
https://enr.ch/wp-content/uploads/ENR-Annual-Report-2020.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. 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 
 
 
 
   Attachment 
 
 
   -- ENR 2020 results announcement 
      https://ml-eu.globenewswire.com/Resource/Download/f8a2cdbe-1f85-4f27-bb02-2b4d20a2cc16

(END) Dow Jones Newswires

April 06, 2021 01:00 ET (05:00 GMT)