News

EEII reports a net loss of CHF 2.9mio (H1 2012: net loss of CHF 10.6 million) for the first half of 2013. In this period the fair value of EEII’s equity holdings decreased by almost 19 % or CHF 2.6mio. During the reporting period, EEII’s net asset value (NAV) decreased by 19 % from CHF 9.77 to 7.88 per share.

During the first half of 2013 the stagnating global investment environment coupled with the recessionary climate of the emerging market economies in Eastern Europe, continued to negatively affect EEII’s portfolio performance. 

During the reporting period, EEII’s (the “Company”) net asset value per share (NAV) declined by 19% from CHF 9.77 to 7.88 per share. In absolute terms, the Company reports a net loss of CHF 2.9 million (H1 2012: net loss of CHF 10.6 million). 

The reported loss is primarily attributable to the negative share price development during the period for two of the company’s largest holdings. The share prices of both Gazprom and ENRC performed poorly in the reporting period and lost 28% (minus CHF 1.8 mln.) and 30% (minus CHF 0.9 mln.) respectively, in value. In contrast, the small positive stock performances of the other large shareholding, Ukrnafta (+1%), and the shares of the Ukrainian electricity companies (+2%), could not compensate for the loss of the other two main equity holdings. 

For further details also see the half-year report 06-30-2013 at www.eeii.ch/reports/2013.html