“The main contributor to the profit recorded in the first half of year 2022 was the net gain from equity instruments at fair value through profit or loss amounting to RON 3,295.3 million, mainly generated by the valuation updates for Hidroelectrica, net off by the negative share price evolution of the Fund’s listed holdings (mainly coming from OMV Petrom SA)”, as per the report.
The total amount of the gross dividend income recorded by the Fund in the six-month period ended on June 30, 2022 is RON858.9 million, and the most significant amounts relate to Hidroelectrica SA and OMV Petrom SA.
At the end of the first six months of 2022, the share price was RON2.0600, implying a discount of 20.32%, based on the latest NAV available at the date of the calculation. The share price total return in the first half of 2022 was 13.3%.
On June 30, 2022, the total NAV was 23.3% higher compared to the end of 2021, while the NAV per share increased by 23% during the same period.
The decrease in liquid assets by 11.3% during the six-month period ended on June 30, 2022 was mainly due to the amounts paid for tor acquisition of treasury shares (RON760.1 million), dividends paid, net of withholding tax (RON1,021.8 million), partially offset by proceeds from disposal of equity investments following the sale of the participation in OMV Petrom (RON978.3 million) and dividends received, net of withholding tax (RON626.2 million).
Payables have increased by 104.9% as compared to December 31, 2021 mainly due to the increase in administration fee payables due to the distribution fees chargeable following the buy-back tender offer performed by the Fund.
Other liabilities have decreased by 66.3% as compared to December 31, 2021 due the fact that on December 31, 2021, the payable due to the dividend distribution with payment date on February 18, 2022 was fully booked.
FP, controlled by Franklin Templeton, has a market share of RON12.6 billion, and its shares have lost 0.5% since the beginning of 2022 amid deals worth RON1.6 billion.