- WKN: 940179
- ISIN: CH0007162958
- Land: Schweiz
Nachricht vom 04.04.2018 | 17:42
EEII AG: EEII AG publishes annual results 2017
EEII AG / Key word(s): Final Results/AGM/EGM
Ad-Hoc Information: EEII Annual Results
Zug, April 4th 2018
EEII AG reports the annual results 2017
Commodity prices in raw materials, precious metals and crude oil continued to accelerate across the board in 2017 (copper + 31 %, zinc + 30 %, aluminium + 35 %, gold + 13 %, crude oil + 12 %). The impact of this positive price momentum was the driving force behind the stellar performance of KAZ Minerals + 138 %, and the more tempered Russian equities at + 6 %, and in Ukraine + 22 %. The weak USD performance and a Ukrainian Hryvna which lost another 7,7 % impacted EEII's investment performance negatively. By contrast the GBP improved + 4,5 % versus the CHF.
The macro-economic view for Ukraine shows a slow-down in GDP growth from + 4,8 % in Q4, 2016, to only 2,1 % in Q3, 2017 - clearly too low for a sustainable economic recovery in the region. Despite the sanctions in the Donbass area and statements by the political administration claiming to fight corruption, there is no perceptible progress witnessed on either front. The EBRD has openly declared that the privatization process in Ukraine has failed. Several of EEII's Ukrainian investments, which were originally acquired for their highly promising business potential, have become all but worthless. The bureaucratic burden for foreign investors has reached dimensions rendering the investment process cumbersome, even for our Company, which has been engaged in this market for over 10 years.
EEII's management is currently contemplating a complete exit from all its investments in Ukraine. Despite our belief that the potential for very substantial price increases should be there, we perceive that this potential is increasingly outweighed by the political risks. The Company is therefore reviewing its investment strategy in 2018 - including an association with another anchor investor or a group of stake-holders, to redefine its investment focus and long-term strategy. For this purpose, the Board of Directors shall propose to the shareholders the introduction of an "Opting Out" clause in the Articles of the Company.
The full annual report for 2017 as well as more detailed information regarding the introduction of an Opting Out are available for download under www.eeii.ch ; a printed copy can be sent to the shareholders upon demand.
EEII AG's Annual General Meeting will take place April 30, 2018, at 11.00h at the Parkhotel in Zug.
End of ad hoc announcement
|Phone:||+41 41 729 42 80|
|Fax:||+41 41 729 42 29|
|Listed:||SIX Swiss Exchange|
|End of Announcement||EQS Group News Service|
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