March 2 (SeeNews) - Romanian property restitution fund Fondul Proprietatea [BSE:FP] said its net profit fell to 2.769 billion lei ($598.6 million/562 million euro) in 2022, from 5.012 billion lei in the previous year.
The main contributors to the profit increase were the net gain generated by the valuation update for majority state-owned hydro power producer Hidroelectrica and the gross dividend income from portfolio companies, Fondul Proprietatea said in an audited financial statement filed with the Bucharest Stock Exchange, BVB, on Tuesday.
You can download the 2023 Renewable energy in Southeast Europe report here
Gross dividend income totalled 934.9 million lei in 2022, with Hidroelectrica and oil and gas company OMV Petrom [BSE:SNP] contributing 764 million lei and 133.6 million lei, respectively.
The fund’s net asset value (NAV) rose to 14.57 billion lei at the end of 2022, up from the 13.24 billion lei a year earlier. The NAV total return in 2022 was 19.1%, while the total return for shares was 12.2%, both figures down from the fund’s performance in 2021, which brought returns of 33.3% and 48.5%, respectively.
The equity exposure amounted to 94% of the fund’s NAV at the end of 2022.
The fund’s portfolio comprised holdings of 32 companies, of which five were listed and 27 unlisted, in a mix of privately held and state-controlled companies.
The largest unlisted holding of Fondul Proprietatea is Hidroelectrica, cutting a 76.5% share in the fund’s NAV, while the largest listed holding is aluminium producer Alro [BSE:ALR], accounting for 0.8% of the NAV.
The fund’s portfolio also includes stakes in gas supply group Engie Romania, Enel Group companies, salt producer Salrom, Bucharest Airports National Company, Maritime Ports Administration SA Constanta, electricity producer Nuclearelectrica [BSE:SNN], aluminium producer Alro [BSE:ALR] and aerospace company Romaero [BSE:RORX].
The fund said that it continues to prepare for initial public offerings (IPOs) for Hidroelectrica and Salrom in 2023.
Fondul Proprietatea shares traded flat at 2.1 lei by 1023 CET on Thursday on the BVB. OMV Petrom shares changed hands 0.21% higher at 0.478 lei as at 1025 CET, while Alro shares shed 1.09% reaching 1.81 lei by 1005 CET. Romaero shares last traded on February 24, closing at 30.8 lei, up by 12.41%.
(1 euro=4.9267 lei)
Join our free newsletter Energy in Southeast Europe to stay up to date with the latest in the sector.