Fondul Proprietatea posts 826.1 million RON net profit for Q1

Fondul Proprietatea reported a net profit of 826.1 million RON for Q1 2022, up 17.7 percent, shows a report sent to the Bucharest Stock Exchange.

"The main factor that contributed to the profit registered in the first quarter of 2022 was the net gain from the Fund's equity investments at fair value through profit or loss amounting to 821.2 million RON generated by the update of Hidroelectrica's valuation, net off by the negative share price evolution of the Fund's listed holdings (coming mainly from OMV Petrom SA)," the report states.

According to the cited source, Hidroelectrica SA generated unrealized net gains from equity investments at fair value through profit or loss over the first three months of 2022 of 883.5 million RON. The unrealized net loss from equity investments at fair value through profit or loss for Q1 2022 in amount of 62.3 million RON was mainly generated by the negative share price evolution of OMV Petrom SA. Net gains from other financial assets at fair value through profit or loss were mainly related to the payment of all unpaid shares held by the Romanian state, through the Finance Ministry (amount paid: 189.182 million RON). As of December 31, 2021, the fair value of the receivable was zero. Following this payment, starting with February 1, 2022 the new value of the Fund's subscribed and paid-up share capital is 3.334 billion RON (divided into 6,412,196,967 shares with a face value of 0.52 RON/share); the number of shares used in the NPV calculation has consequently increased. AGERPRES