EEII AG: publishes annual results 2023 and closes chapter on old era

Ad-Hoc announcement pursuant to Art. 53 Listing Rules: EEII AG 2023 Annual Results

 

Zug, April 30, 2024

 

 

EEII AG publishes annual results 2023 and closes chapter on old era

EEII reports a loss of CHF 419’234 (2022: loss of CHF 6,581,749) for the year 2023. This negative result almost wholly reflects the Company’s operating expenses including restructuring costs, while the Company’s last remaining asset, its Gazprom shares, did not generate any income as a result of the still existing counter-sanctions of the Russian Federation against Western investors. Consequently, the Net Asset Value of the Company fell to CHF 0.04 as of December 31, 2023 (December 31, 2022: 0.31 CHF).

Subsequent Events and Outlook

The on-going sanctions of the West against Russia and the negative impact that the holding of Russian assets have on the Company, coupled with the altered investment strategy and focus of EEII led the Company to sell its last investment from the old era, its 1,485,600 PJSC Gazprom (GAZP) shares, to Gehold SA, Zug, at a sales price corresponding to the net asset value of the shares in the Company’s balance sheet. The transaction has not closed yet, and the Company may benefit from an increased sales price if, at the time of the transaction’s closing, an at-arm’s-length market price for Western investors can be established.

Consistent with the sale of the last remaining asset of the “Former Soviet Union” era, Victor L. Gnehm has resigned from the position of EEII’s Chairman of the Board. He is succeeded by Alexandre Uldry who takes the helm to lead the Company into its future as a leading independent gas stations operator in Switzerland and Europe. Alexandre Uldry will introduce the renewed Board at the ordinary General Meeting of Shareholders; the respective information shall be published in due course.

The complete Annual Report 2023 and further information are available on the website www.eeii.ch; a copy will be sent to shareholders in writing upon request.

For further information please contact:

Marc Comina, Spokesperson of EEII AG, [email protected], +41 79 138 3495).

 

EEII is listed on the Swiss Exchange (SIX) (Bloomberg: EEII SW Equity).