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Fondul Proprietatea recorded a net loss of 896.1 million RON in 2023, compared to a net profit of 2.769 billion RON obtained in 2022, according to a company's report sent to the Bucharest Stock Exchange on Thursday.
"The losses related to the participations at fair value through profit or loss in 2023 were mainly determined by the decrease in the value of the participation in Hidroelectrica SA following its evaluation before the reclassification in the category of fixed assets held for sale based on the amounts that were to be collected during the IPO (impact 1.87 billion RON), this effect being partially offset by the increase in the fair value of CN Aeroporturi Bucharest SA (impact 164.7 million RON), CE Oltenia SA (impact 64.8 million RON), CN Administratia Porturilor Maritime SA (impact 45.3 million RON) and Societatea Nationala a Sarii SA (impact 44.7 million RON)," says the report.
According to the source, gross income from dividends is related to the amounts recorded as a result of dividends from Hidroelectrica SA (867.4 million RON), Societatea Nationala a Sarii SA (56 million) and CN Aeroporturi Bucharest SA (31.5 million).
The significant increase in interest income in 2023 was recorded as a result of the placement of the amounts from the Hidroelectrica SA IPO in various short-term money market instruments, in the period between the IPO settlement date (July 10, 2023) and the related dividend distribution date (29 September 2023). These instruments included bank deposits, government bonds and government bonds.
The net gains related to fixed assets held for sale in the amount of 61.2 million RON represent the change in the fair value of the participations in the Enel group, after their reclassification as fixed assets held for sale on March 31, 2023.
On October 12, 2023, the Fund completed the registration of the reduction of the Fund's subscribed and paid-up capital from 3,233,269,110.76 RON to 2,947,779,186.56 RON, as a result of the cancellation of 549,019,085 own shares purchased in 2022 within Redemption program no. 13, which was approved by the FSA through Notice no. 140/October 5, 2023.
