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).

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andrei@romania-insider.com