By comparison, the Fund ended 2019 with a net result of RON3.13 billion, and reported a loss of RON624.4 million at the end of November 2020, per stock market data.
Fondul Proprietatea shares are trading a discount to the NAV of 14.6%, per ZF calculations based on RON1.6974 NAV per share and the number of FP shares which excludes the shares bought by the fund, namely, the treasury shares, according to ZF calculations.
Fondul Proprietatea ended the first nine months of 2020 with a net loss of RON726 million, compared with a profit of RON1.9 billion in the same period in 2019. The main contributor to the negative result in the first nine months of 2020 was the net loss from equity investments at fair value through profit or loss amounting to RON1.88 million, mainly generated by the decrease in unlisted holdings value of RON1.2 million following the valuation update process (mostly related to CN Aeroporturi Bucuresti SA, E-Distributie companies and Hidroelectrica SA), which also considered the effect of dividends distributed by the companies subject to valuation, of RON940 million, and the effect of OMV Petrom SA, as a result of the negative evolution of this company’s share price during the period (total impact RON642.8 million).
On January 14, 2021, Fondul Proprietatea shareholders approved the extension of the duration of the Fund until December 31, 2031. The duration may be extended by the extraordinary general meeting of shareholders, with additional periods of 5 years/each.
Fondul Proprietatea has a market share of RON10.8 billion after its shares have been trading up 3.5% since the beginning of 2021, amid deals worth RON52 million.