- WKN: 940179
- ISIN: CH0007162958
- Land: Schweiz
Nachricht vom 03.09.2019 | 17:44
EEII AG publishes half-year results per 06-30-2019
EEII AG / Key word(s): Half Year Results
EEII AG publishes half-year result as of June 30, 2019
EEII recorded a favourable gain of CHF 2,2 Mio. (H1 2018: loss of CHF 0,5 Mio.) for the first half of 2019. This profit is primarily attributable to the share price increase of EEII AG's largest holding, Gazprom. The share price of Gazprom increased by 65% in the first half of 2019 and contributed to an unrealised profit of CHF 2.1 Mio. Costs increased by a moderate 8,5% (H1 2019: CHF 217k vs. H1 2018: CH 200k) due to marginally higher interest expenditures and non-recurring expenses (replacement of the custodian in Ukraine). During the first six months of 2019, the intrinsic value (NAV) advanced by 46,7% from CHF 3,15 as of 31.12.2018 to CHF 4,62 per share as of 30.6.2019.
The economic indicators in Ukraine recorded a gentle but steady growth during the first six months of 2019. The important political changes claimed all attention, specifically the presidential election results of Volodymyr Zelensky in June and the significant parliamentary majority of his party Sluha Narodu (Servant of the People) in July 2019. This should become a positive catalyst to tackle much needed reforms to re-position the country economically as well as socially. The financial markets have so far reacted favourably to the political changes as evidenced by a stable currency (Hryvna vs. USD) and a declining yield curve - the yield of the 5-year government bond decreased from 11,5% to 6,4% p.a. In Russia, lower oil prices and higher taxes are slowing down economic growth. The medium-to long term outlook remains modest unless deeper structural reforms are implemented. As the IMF pointed out in its recent country report, quote: 'ambitious structural reforms will be important to raise growth. The government should prioritize the creation of a more vibrant private sector and reduce the footprint of the state.' unquote. Given the track record of the current administration, expectations for a fundamental change in economic policy remain low.
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End of ad hoc announcement
|Phone:||+41 41 729 42 80|
|Fax:||+41 41 729 42 29|
|Listed:||SIX Swiss Exchange|
|EQS News ID:||867945|
|End of Announcement||EQS Group News Service|
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