We are an investment company listed on the SIX Stock Exchange. Since 1996, we have invested in private equity, real estate, listed equities and fixed income instruments of businesses operating in countries of the Commonwealth of Independent States.
We are an investment company listed on the SIX Stock Exchange. Since 1996, we have invested in private equity, real estate, listed equities and fixed income instruments of businesses operating in countries of the Commonwealth of Independent States.
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Last Shareholders meeting:
2 June 2022
Next Shareholder meeting:
Before 30 June 2023 – Date to be announced in due course
ENR is an investment company which is listed on the SIX Stock Exchange. It is also a member of the Swiss Association of Investment Companies.
ENR invest in private equity, real estate, listed equities and fixed income instruments of business operating in countries of the Commonwealth of Independent States.
Private equity investments
We invest in businesses with products and/or services substituting imported products (for example, consumer businesses in stable and growth segments of the economy) as well as quality real assets generating healthy cash flow generation. Selectively, we will also consider business with support services or products linked to infrastructure development projects. Our investment focus is long term. We actively support and help management teams to develop and grow the businesses we invest and to improve profitability and cash flow generation (and optimise financing and capital structures).
Typically, our investments range between CHF 5 million and CHF 10 million (pre-leverage). However, our investments can also be larger or smaller, depending on the particular investment opportunity and ongoing funding requirements for the business we invest in.
We will only invest if we are able to partner with strong and committed management teams and, where appropriate, with strong and reliable local partners. We take controlling or large minority interests in businesses (for minority interests we have protections built into the charter or by-laws of the companies we invest in and in the shareholders agreements). We take-up board representation where we play an active role and make sure we have meaningful oversight of accounting and reporting functions and cash management.
On exited investments we have generated internal rates of returns ranging from 17% to 83% and 1.8 times to 9.2 times on a cash-on-cash basis for invested capital (see section – Our Track Record).
Listed equity investments
From time to time we also invest in listed equities of mainly large listed companies where we usually have a mid-term investment horizon.
Fixed Income investments
At times when our cash resources have not been fully invested in private equity and/or listed equities, we invest in fixed income investments in large, listed companies (usually investment grade) where we have a shorter investment horizon to maximize returns on our cash resources.
Asset managment services provides – Valartis International Limited, B.V.I., P.O. Box 3340 Dawson Building Road Town,Tortola, British Virgin Islands
Born 12 August 1957. Lic. rer. pol., University of Fribourg. From 1 March 2017, Mr. Stenbolt assumed the functions of delegate of the Valartis Group AG board for the Valartis Group AG. Since 2015 he has been the Chairman of the Board of the Valartis Group AG. From 2007 until 2015 he was the Chief Executive Officer of Valartis Group AG. He was Chairman of the Executive Board of Jelmoli Holding from 2004 to 2007. From 1996 to 2004, he was CEO and founder of the MCT group in Geneva. MCT merged with OZ Holding in 2005. The merged entity was renamed Valartis Group in 2007. From the period 1983 to 1996, Chief Investment Officers of Unifund for Asia, Latin America and Eastern Europe/CIS. Gustav Stenbolt is member of the board of Eastern Property Holdings Limited.
Born August 18, 1945. Swiss citizen with Zurich as his place of origin and Meilen, Switzerland, as his domicile. Dr. Fetscherin studied at the Law Faculty of the University of Zurich, Vienna and Heidelberg, including a doctorate of Law from Zurich University. In 1973 he joined the Swiss department of Foreign Affairs and has since served in diplomatic postings in Poland, the USSR and Canada. He was Swiss Ambassador to South Korea, the Czech Republic and until 2003 he served as Swiss Ambassador to Russia, Kazakhstan and Turkmenistan (and Armenia, Azerbaijan and Georgia for one year). Dr. Fetscherin was a former President of the Joint Chamber of Commerce (JCC, Switzerland-Russia, Ukraine, Kazakhstan, Belarus and Kyrgyzstan). He is the Chairman of the Advisory Board of Nestle Russia LLC.
Mr. de Bruyn was appointed as Chief Executive Officer of ENR Russia Invest SA with effect 1 January 2014. Prior to this he was employed from July 2006 with Valartis Asset Management SA with the responsibility for private equity transactions. Mr. de Bruyn has more than 20 years of experience in merger and acquisitions, capital raisings, privatisations and group restructurings. Previously, he led the corporate finance division of Brait SA, a South African private equity and investment group where he was involved in a number of private equity transactions, including leveraged buy-outs of listed companies. Before this he worked for the capital markets team of Absa Bank Ltd and in the corporate banking division of First Rand Ltd. He holds business and legal degrees from the University of Stellenbosch, South Africa as well as a postgraduate diploma in taxation from the University of Johannesburg, South Africa. In 1993, he was admitted as an attorney of the High Court of South Africa.
To invest in private and public companies across different industry sectors as well as the real estate sector and to do so predominately in Russia and other Commonwealth of Independent States countries and in the Baltic States and to manage the asset portfolio to achieve long term capital appreciation on invested capital.
The investment philosophy is growth-oriented and the focus is primarily on longer term strategies and capital appreciation. However, from time to time there may be certain investments which have a shorter investment horizon, reflecting specific opportunities or taking account of prevailing market conditions. At times the asset portfolio may comprise entirely of cash or cash equivalents.
Investments will be done primarily through equity and/or equity related and/or debt instruments or derivatives instruments.
Where capital resources have not been not fully invested, same may be invested in a range of investment products, money market instruments, investment instruments issued by governments, financial institutions or companies, denominated in the currency of the country where investments are made or in any freely convertible currency. The company may take temporary defensive positions if the investment manager determines that opportunities for capital appreciation are limited or that significant diminutions in value may occur.
From time to time all or part of risks associated with investments may be hedged through the defensive use of derivative transactions, including, but not limited to, futures, options, swaps or any combination thereof.
From time to time leverage may be used in a manner commensurate with reasonable risk management to achieve investment objectives.
While investment criteria may vary depending upon the type of transaction, factors taken into consideration when analysing potential investments include:
Investment opportunities will be identified and analysed by the investment manager or its delegates or agents within the framework of the investment guidelines. The investment manager or its delegates or agents will manage the screening process and, inter alia, conduct interviews with management and owners with the objective of aligning differing interests. The investment manager’s responsibilities include valuations, market analyses, competition analyses, debt capacity calculations, bid tactics, tax optimizing holding structures, financing structures, raising of debt finance, management incentives, personnel reinforcements required, due diligence processes and the intended exit strategy.
Day-to-day investment decisions will be made by the investment committee in accordance with the investment guidelines, as determined by the board of directors.
The investment guidelines may be amended by the board of directors at any time, in whole or in part. Amendments will become effective upon their approval by the board of directors (after expiry of any notice period for regulatory publications which may be required). The company may from time to time impose further investment restrictions, compatible with or in the interest of investors, or, in certain circumstances, in order to comply with relevant country laws and regulations.
Updated with effect 26. November 2016.
During October 2014 ENR acquired the Petrovsky Fort office centre in St Petersburg, Russia (“Petrovsky Fort”).
Petrovsky Fort is a high-quality office center with a total area of 47,600 s.qm, located in central St. Petersburg near the embankment of the Neva River. There are 9 office and 2 retail levels with a large central atrium. Of the total net rentable area, approximately 15’000 square meters are designated for office use and about 6’000 square meters as retail space. There is also an underground parking facility with 119 parking spaces and above-ground parking for 36 cars.
The business center was completed in 2003 and modernised in 2010 (air & ventilation systems, lobby reconstruction). As part of the ongoing capex program to continuously improve the business center and where offices and retail areas are renovated each year. Recently all windows were repaired or replaced and low energy lights were introduced.
The business Center has a proven and relevant business concept offering smaller offices and flexible leasing alternatives to small and medium size businesses. It also has office and retail space for larger tenants. On the 2 retail floors there are a number of businesses offering services and food and beverage offerings to tenants and visitors of the building.
There is good transport access from city centre and surrounding districts (bus; tram and metro) and it is situated close to the Finlyandsky railway station. It has convenient pedestrian access and the nearest metro 900 metres from the building.
A Saint-Petersburg based operational management team is experienced and the core team has been the same for past 14 years and has managed the business centre successfully through a few challenging economic cycles. The property manager,Valartis International in Russia, has more than 20 years of experience in managing Russian real estate investments & developments (> US$ 1 billion).
In July 2017 ENR acquired a 50% interest in the Turgenevskaya parking garage at Turgenevskaya square on the Boulevard Ring in the central business district in Moscow, Russia.
The parking garage was opened in January 2012 and has a gross built area of almost 10’000 square meters, with 297 parking lots (18 above ground and the rest in 6 levels underground).
Parking lots are leased to corporate clients and to individuals and on an hourly basis for other users. There are several business centers and retail properties in the surrounding area (including the Lukoil head office), with 3 subway stations within close walking distance.
Over the past few years market trends in Moscow improved meaningfully for parking garages as Moscow city authorities are now charging for parking and introduced strict legislation and enforcement measures to curb illegal parking, meaningfully reducing illegal parking, The city also introduced a street closure program to create pedestrian traffic zones where many surface parking place were removed, leading to increase demand for paid parking facilities.
ENR, via a wholly owned subsidiary, acquired a 50% interest in a 27.4 hectare greenhouse and engineering facility for flower growing in the Kaluga Oblast in Russia (“Flower Growing Facility”). ENR teamed-up with a Russia based investment group, who owns the remaining 50% interest (collectively the “Investors”).
The purchase price and initial investment for capital and operational expenses is RUB 742 million (approximately CHF 11.5 million). ENR’s 50% contribution is RUB 371 million (approximately CHF 5.75 million). Together with further investments (see below), it is anticipated that the Investors could ultimately invest a total of about CHF 20 million (or less if low interest rate Russian bank funding can be obtained under Russian agricultural incentive programs). Investor contributions will be made via a combination of equity and shareholder loans.
The Flower Growing Facility is well engineered and equipped with 5 stand-alone greenhouses (the largest greenhouse is 100’000 sq.m). Each greenhouse has gas driven combined cycle generators and heating systems, water treatment and distribution systems as well as flower growing and harvesting machinery and equipment (mainly Dutch manufactured). The Flower Growing Facility was not operational for several years whilst under the control of the Russian Deposit Insurance Agency. Further investments are required to service or replace parts of engineering equipment, to buy flower plants and bulbs and to part fund operations until the business is cash-flow positive. It should take two to three years to bring back the Flower Growing Facility to full capacity and a strong management team has been appointed to drive this process, together with the Investors.
It is an objective to become the leading grower and seller of quality roses and seasonal flowers in Russia. Over time roses will represent some 55% of total grown flowers. Gerberas and a range of seasonal flowers, including tulips, will make-up the rest of the flower mix. In Russia demand for flowers remain strong and 80% of cut flowers are imported. Russian grown flowers will be a substitute for imported flowers and the Flower Growing Facility (located some 135 km from Moscow, Russia’s largest flower customer market) will have a shorter and less expensive route to market compared to imported flowers and also compete on quality and have longer shelf lives.
The focus will be on strong cash-flows generation within a reasonable time period, to introduce operational efficiencies, to improve profit margins and returns for the Investors. Strong corporate governance and financial reporting control structures and processes will be put into place.
The main brand name under which Kaluga Flower Holding LLC markets and sells its flowers is called ‘Florentika’
A SIX listed real estate investment and development company listed who focused on project development with the management of rented office, residential and commercial properties in prime locations in Russia at that time. The investment was sold back to management. Main exited via a sale to a third party buyer group and remaining exit via smaller asset and cash realization processes linked to the completion of real estate development projects.
Operated the Batumi oil terminal in Adjaria, Georgia on the Black Seacoast. Provided expansion capital to fund growth strategies. The business provided oil and oil related product rail forwarding in Georgia to the Batumi oil terminal and transshipment and storage of these products at the port. Main exit via sale of the Georgian based operations to the KazMunaiGas group for cash and remaining exit via smaller asset and cash.
Two Class A office and retail buildings in the Romanov Dvor complex well located in the center of Moscow, situated close to the Kremlin. The last of these buildings were completed in 2006 and both (combined gross area of 37’200 square meters and a total rentable area of 23’657 square meters. The investment was sold back to management.
Russian retail chain which operated hypermarkets and smaller store formats. Provided expansion capital to fund growth strategies. Exited the investment in in 2007 as part an ENR group reorganization where the asset was transferred to another SIX Stock Exchange listed entity.
A steel smelter and pipe factory plant in Azerbaijan. Due to an export ban on steel scrap in Azerbaijan, prices were much lower than world prices (i.e. to invest in a new steel smelter at the plant and use steel scrap resources to set up a steel pipe export business). Funded feasibility stability and assisted with structuring of the project to attract third party investors. Due to a changing legislative environment exercised a put option to exit and sold back our shareholding to the majority shareholder.
Troika was a full service Russian investment bank. After the 1998 financial crisis it had emerged relatively unscathed and was ready to take advantage of the collapse of many local investment banks and the withdrawal of global investment banks from Russia at that time. The business had a strong management team who wanted us to share our asset management and operational experience to grown this business in Troika.
A Saint-Petersburg based brewery was developed from a ‘brown fields’ plant in 1998. We provided expansion capital to fund growth strategies. The brewery rapidly became one of the top ten breweries in Russia due to a good product and strong branding and distribution strategies. Sold to the Heineken group.
Syktyvkar is a large integrated pulp and paper business in Russia. We partnered with Baring Vostok and Capital International and provided expansion capital for improvements in the production plant so that it could produce a high quality coping paper (for primarily export markets). The improvements were successfully made and it became a very profitable business for Syktyvkar. Sold to Mondi, an Anglo American Plc group company.
In order to provide all shareholders, investors and other capital market participants with an insight into the business performance of the company, the Company publishes it’s annual report in April each year and a half-year report at the end of August each year.
Our current annual report and the archived annual and interim reports are available for download in electronic form (you need a current version of Adobe Acrobat Reader: Adobe Acrobat Reader).
Ad Hoc Announcements pursuant to Art. 53 LR Listing Rules of SIX Exchange Regulation. All investor news, including Ad Hoc Announcements published before 1 July 2021 can be found below in the section “Press Releases”.
25/08/2022 ENR announces 2022 half-year results
02/06/2022 ENR announces results of 2 June 2022 annual general meeting
29/04/2022 ENR Russia Invest SA net asset value at 31 March 2022 and update
05/04/2022 ENR Russia Invest SA announces 2021 full year audited results
03/03/2022 ENR RUSSIA INVEST SA UPDATE
We provide press releases to members of the news media, clients and other people with interest for the purpose of providing information, an official statement, or making an announcement.
Our press releases are available for download in electronic form (you need a current version of Adobe Acrobat Reader: Adobe Acrobat Reader).
08/26/2020 ENR Russia Invest SA announces 2020 half-year results
05/26/2020 ENR Russia Invest SA announces results of 26 May 2020 annual general meeting
04/29/2020 ENR Russia Invest SA announces first quarter 2020 net asset value per share
04/07/2020 ENR Russia Invest SA announces 2019 audited results
10/23/2019 ENR Russia Invest SA announces a new private equity investment and end third quarter 2019 net asset value per share
08/28/2019 ENR Russia Invest SA announces 2019 half-year results
06/12/2019 ENR Russia Invest SA announces results of 12 June 2019 annual general meeting
04/30/2019 ENR Russia Invest SA announces net asset value per outstanding share end Q1 2019
04/09/2019 ENR Russia Invest SA announces 2018 audited results
10/31/2018 ENR Russia Invest SA announces third quarter 2018 net asset value per share
08/28/2018 ENR Russia Invest SA announces 2018 unaudited interim results and 30 June 2018 net asset value
06/13/2018 ENR Russia Invest SA announces results of its annual general meeting held on 13 June 2018
04/10/2018 ENR Russia Invest SA announces 2017 audited results and 31 March 2018 net asset value
10/30/2015 ENR Russia Invest SA announces attributable net asset value per share at end third quarter 2015
08/28/2015 ENR Russia Invest SA announces 2015 interim unaudited results and 30 June 2015 net asset value
06/29/2015 ENR Russia Invest SA announces results of its annual general meeting held on 29 June 2015
06/08/2015 ENR Russia Invest SA announces proposal for dividend
04/20/2015 ENR Russia Invest SA announces 2014 results and attributable net asset value per share at end first quarter 2015
01/08/2015 Resignation by Mr. Urs Maurer-Lambrou as director and chairman of ENR Russia Invest SA
10/29/2014 ENR Russia Invest SA announces attributable net asset value per share at end third quarter 2014
10/01/2014 ENR Russia Invest SA announces two new private equity transactions
08/26/2014 ENR Russia Invest SA: Unaudited interim results and net asset value at 30 June 2014
06/26/2014 ENR Russia Invest SA: Results of Annual General Meeting 2014 held on 26 June 2014
04/29/2014 ENR Russia Invest SA 2013 annual report and end first quarter 2014 attributable net asset value per share
04/09/2014 ENR Russia Invest SA announces 2013 results
12/13/2013 ENR Russia Invest SA announces appointment of Ben de Bruyn as new CEO
08/27/2013 ENR Russia Invest SA announces 2013 interim unaudited results
06/27/2013 All proposals put forward by board of directors approved at the annual general meeting of ENR Russia Invest SA on 27 June 2013
04/29/2013 2012 Annual report available on website
04/18/2013 ENR Russia Invest SA announces 2012 results
02/22/2013 ENR Russia Invest SA announces anticipated 2012 Consolidated Net Profit and Attributable Net Asset Value per share as well as a new private equity transaction
12/20/2012 ENR Russia Invest SA announces sale of shares in Eastern Property Holdings Limited
08/29/2012 ENR Russia Invest SA announces 2012 Interim Unaudited Results
06/25/2012 Annual general meeting of shareholders of ENR Russia Invest SA on 25 June 2012 – All proposals put forward by board of directors approved
06/08/2012 Resignation of Dr. Dmitry Amunts from ENR Russia Invest SA Board of Directors
05/21/2012 Geneva Court of Justice denies Paramount-Finaz AG special audit request for business year 2010
04/27/2012 ENR Russia Invest SA announces 2011 results
04/13/2012 Swiss Federal Court denies Paramount-Finanz AG request
11/09/2011 ENR Russia Invest SA announces appointment of new chairman
08/31/2011 ENR Russia Invest SA announces 2011 half-year results
07/06/2011 ENR Russia Invest SA announces updated Investment Guidelines
05/25/2011 Results of Annual General Meeting of 25 May 2011
05/25/2011 Résultats de l’assemblée générale ordinaire tenue le 25 mai 2011
04/29/2011 ENR Russia Invest SA Announces 2010 Results
04/28/2011 New Partnership – Investing USD 15 Million in Non-performing Consumer Loans in Russia
01/04/2011 Mise au point de Valartis / ENR
01/04/2011 Valartis / ENR stellen richtig
08/31/2010 ENR Russia Invest SA announces 2010 half-year results
08/27/2010 Swiss Federal Court decision in favor of ENR Russia Invest SA
06/24/2010 L’assemblée générale ordinaire d’ENR Russia Invest SA a été tenue le 24 juin 2010
04/29/2010 ENR Russia Invest SA announces 2009 financial results
03/11/2010 Paramount-Finanz appeal rejected
03/11/2010 Paramount-Finanz AG Antrag erneut zurückgewiesen
09/30/2009 ENR Russia Invest SA – Press Release 30 September 2009
08/31/2009 ENR Russia Invest SA releases 2009 Half year report
06/05/2009 ENR Russia Invest announces 25 June 2009 shareholders’ meeting
04/30/2009 Press Release of Financial Results 2008
01/15/2009 Resignation of Dr Christoph Löw from the Board of
08/28/2008 ENR Russia Invest SA releases 2008 Half year report
04/07/2008 ENR Russia Invest joins MCD in the development of Romanov Dvor, a new office complex near the Moscow Kremlin
03/14/2008 ENR Russia Invest announces Retraction of Previous Announcement on Naftrans Limited Disposal of Certain of its Georgian Assets
03/11/2008 ENR Russia Invest announces Disposal of Romanov Dvor Investment
02/18/2008 ENR Russia Invest announces Compliance with Free Float Requirement under SWX Listing Rules
01/18/2008 ENR Russia Invest announces Initial Fulfillment of Free Float Requirement
01/08/2008 ENR Russia Invest announces Exercise of Over-Allotment Option
12/10/2007 ENR Russia Invest announces Non-fulfillment of Free Float Requirement
12/05/2007 ENR Russia Invest announces Listing of New Bearer Shares
11/23/2007 ENR Russia Invest Amendment to Prospectus (German)
11/23/2007 ENR Russia Invest Amendment to Prospectus (French)
11/20/2007 ENR Russia Invest announces Purchase of own Shares
11/19/2007 ENR Russia Invest Formal Listing Notice (German)
11/19/2007 ENR Russia Invest Formal Listing Notice (French)
11/19/2007 ENR Russia Invest announces Listing on the Investment Companies Segment of SWX Swiss Exchange and Subsequent Capital Increase
09/11/2007 ENR Russia Invest Finance Ltd. invites bondholders to tender for voluntary repurchase of 3.75% Convertible Bonds 2005-2010
06/01/2007 ENR Russia Invest announces proposed restructuring and proposed dividend
06/01/2007 ENR Russia Invest announces 27 June 2007 shareholders’ meeting
04/30/2007 ENR Russia Invest announces its 2006 results
05/05/2003 Increase of Issue Amount of the convertible bonds from CHF 40 million to CHF 45 million
02/24/2003 Successful placement of ENR Russia Invest Ltd. Convertible Bond Issue – Issue Amount of CHF 40 million
02/17/2003 Successful placement of ENR Russia Invest Ltd. Convertible Bond Issue
02/11/2003 ENR Russia Invest announces its 2002 results
02/10/2003 ENR Russia Invest issues Convertible Bonds of CHF 30 million
If you would like to receive news releases and other announcements (including ad hoc announcements pursuant to Article 53 of the SIX listing rules) about ENR Russia Invest SA by e-mail, please fill in the following form. The fields marked with an asterisk * are mandatory.