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Andrei Chirileasa
Editor-in-Chief

Andrei studied finance at the Bucharest Academy of Economic Studies and started his journalism career in 2004 with Ziarul Financiar, the leading financial newspaper in Romania, where he worked for ten years, the last six of which as editor of the capital markets section. He joined the Romania-Insider.com team in 2014 as editor and became Editor-in-Chief in 2016. He currently oversees the daily content published on Romania-Insider.com and likes to stay up to date with everything relevant in business, politics, and life in Romania. Andrei lives with his family in the countryside in Northern Romania, where he built their own house. In his free time, he studies horticulture and tends to his family’s garden. He enjoys foraging in the woods and long walks on the hills and valleys around his village. Email him for story ideas and interviews at andrei@romania-insider.com. 

 

 

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Fondul Proprietatea management meets performance objectives in Q3

The management of Fondul Proprietatea reports that both performance objectives related to the net assets value (NAV) and the discount objective were met at the end of the third quarter of the year (Q3).

Furthermore, the Fund posted RON 3 bln (EUR 600 mln) net profit in January-September, as a result of the good results posted by OMV Petrom and Hidroelectrica that were thus revalued upwards.

As regards the first performance objective, the Adjusted NAV per share as of 30 September 2021 was 31.14% higher than the 31 December 2020 NAV per share of RON 1.6974. The total NAV as of 30 September 2021 was 19.5% higher compared to the end of 2020, while the NAV per share increased by 22.6% over the same period.

OMV Petrom, the largest listed holding in the portfolio, recorded a share price increase of 25.7%, having a total NAV impact of RON 370.6 mln. In addition, dividends were recorded for this company in amount of RON 117 mln. Additionally, the value of Hidroelectrica increased by RON 2.1 bln following the valuation updates conducted in March, June and September 2021. In addition, dividends were recorded for this company in amount of RON 456 mln.

Regarding the discount objective, in the period between 1 January 2021 and 30 September 2021, the share price discount to NAV was below 15% for both shares and GDRs in all trading days (versus a target of ⅔ of the days).

(Photo: Nuthawut Somsuk/ Dreamstime)

andrei@romania-insider.com

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Profile picture for user andreich
Andrei Chirileasa
Editor-in-Chief

Andrei studied finance at the Bucharest Academy of Economic Studies and started his journalism career in 2004 with Ziarul Financiar, the leading financial newspaper in Romania, where he worked for ten years, the last six of which as editor of the capital markets section. He joined the Romania-Insider.com team in 2014 as editor and became Editor-in-Chief in 2016. He currently oversees the daily content published on Romania-Insider.com and likes to stay up to date with everything relevant in business, politics, and life in Romania. Andrei lives with his family in the countryside in Northern Romania, where he built their own house. In his free time, he studies horticulture and tends to his family’s garden. He enjoys foraging in the woods and long walks on the hills and valleys around his village. Email him for story ideas and interviews at andrei@romania-insider.com. 

 

 

The Capital Markets News section is sponsored by the Bucharest Stock Exchange 

 

BSE

 

 

Fondul Proprietatea management meets performance objectives in Q3

The management of Fondul Proprietatea reports that both performance objectives related to the net assets value (NAV) and the discount objective were met at the end of the third quarter of the year (Q3).

Furthermore, the Fund posted RON 3 bln (EUR 600 mln) net profit in January-September, as a result of the good results posted by OMV Petrom and Hidroelectrica that were thus revalued upwards.

As regards the first performance objective, the Adjusted NAV per share as of 30 September 2021 was 31.14% higher than the 31 December 2020 NAV per share of RON 1.6974. The total NAV as of 30 September 2021 was 19.5% higher compared to the end of 2020, while the NAV per share increased by 22.6% over the same period.

OMV Petrom, the largest listed holding in the portfolio, recorded a share price increase of 25.7%, having a total NAV impact of RON 370.6 mln. In addition, dividends were recorded for this company in amount of RON 117 mln. Additionally, the value of Hidroelectrica increased by RON 2.1 bln following the valuation updates conducted in March, June and September 2021. In addition, dividends were recorded for this company in amount of RON 456 mln.

Regarding the discount objective, in the period between 1 January 2021 and 30 September 2021, the share price discount to NAV was below 15% for both shares and GDRs in all trading days (versus a target of ⅔ of the days).

(Photo: Nuthawut Somsuk/ Dreamstime)

andrei@romania-insider.com

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