Fondul Proprietatea (FP) reported 2015 losses of 565.1 million lei as against a profit of 427.18 million lei in 2014, according to preliminary data posted on the FP website.
”The main factor behind the significant accounting loss in 2015 was the unrealised negative net change in fair value related to equity investments classified at fair value through profit or loss in accordance with IFRS, principally concerning OMV Petrom SA, due to the negative evolution of the share price of this company in 2015. The current and retained accounting losses are expected to be covered from the accounting profits of future financial years,” says a 2015 preliminary report of FP.
Total shareholders’ equity was 12,053.1 million lei as of December 31, 2015, a decrease of 9.7 percent compared to the value of 13,347.9 million lei as of December 31, 2014.
The fund reported a Net Asset Value (NAV) of 12,087.8 million lei as of December 31, 2015, and a Net Asset Value per Share (NAV per share) of 1.1564 lei (a negative NAV per share total return of 0.6 percent compared with December 31, 2014).
Fondul Proprietatea SA was incorporated on December 28, 2005 as a joint stock company operating as a closed-end investment company. The sole administrator of the fund is Franklin Templeton Investment Management Limited United Kingdom, Bucharest Branch (FTIML), effective since September 29, 2010, and the mandate was renewed for 2 years with effect from September 30, 2014.
Since January 25, 2011, the fund’s shares have been listed on the Bucharest Stock Exchange (BVB). Since April 29, 2015, the fund’s global depositary receipts (GDRs) have been listed on the Specialist Fund Market (SFM) of the London Stock Exchange (LSE).