Here you can find the dates for the upcoming events of the regional companies.

Due to the nature of these events, they are subject to change (might be postponed or canceled).

In FY 2022, Fondul recorded an unrealized gain from equity instruments at fair value through a P&L of RON 1.84bn. Net operating income decreased by 43.4% YoY, while the Fund recorded a net profit of RON 2.77bn, a decrease of 44.8% YoY. Finally, looking at the latest available data for NAV, as of 28 February 2023, NAV stood at RON 14.8bn, an increase of 16.7% YoY.

In FY 2022, the unrealized gain from equity instruments at fair value through profit and loss amounted to RON 1.84bn. The unrealized gain from equity investments at fair value through profit or loss was mainly generated by the change in fair value for the holding in Hidroelectrica SA (unrealized gain of RON 2.2bn), as a result of the strong performance registered by the company in the period in the current electricity market context. Further, positive Hidroelectrica’s development was slightly offset by the net unrealized loss from equity investments at fair value for the Holding in Engie Romania

The Fund also recorded a net realized loss from equity investments at fair value through profit or loss, which was generated by the negative change in fair value for the holding in Engie Romania (unrealized loss of RON 82m), Enel Energie (RON 39.5m), E-Distributie companies (RON 68m), Alro (RON 32.1m) and a few other holdings within the portfolio.

In total, the net operating income amounted to RON 2.9bn, a decrease of 43.4% YoY. Moving on to OPEX, it amounted to RON 125.2m, an increase of 17.5% YoY, coming mainly from intermediaries and other transaction-related fees (RON 19.1m). Overall, the larger decrease in op. income meant that EBT amounted to RON 2.8bn, a decrease of 44.7% YoY.

The Fund, therefore, recorded a non-taxable income of RON 714.8m, which mitigates the non-deductible expenses of RON 383.7m, as well as the impact from the income tax of RON 444.2m. When combined with the mentioned income tax at 16% (RON 444.2m), this would mean that the Fund almost does not pay any income tax. With this said, the net income amounted to RON 2.77bn, a decrease of 44.8% YoY.

Fondul Proprietatea key financials (FY 2021 vs. FY 2022, RONm)

Source: Fondul Proprietatea, InterCapital Research

Balance Sheet

Looking at the balance sheet, the Fund recorded a decrease in liquid assets (including cash and cash equivalents, deposits with banks, treasury bills, and government bonds) due to the dividend distribution and following the cash outflow for the buy-back program. However, we note that the most important cash inflows are related to the collection of dividend receivables from portfolio companies and the proceeds from the sale of OMV Petrom shares within the ABB offerings in January and December 2022.

Meanwhile, total liabilities increased by 7.8% YoY and amounted to RON 104.4m, due to the recording of the February 2022 dividend payable amount following the shareholders’ approval of a RON 0.06 DPS distribution during the 15 December 2021 GSM. Finally, the Fund’s total NAV amounted to RON 14.8bn, an increase of 16.7 YoY, meaning that the NAV per share amounted to RON 2.5728 in February 2023 (the latest available data for NAV).

Both CROBEX and CROBEX10, along with Slovenian SBITOP slightly change composition with the changes valid as of today. AD Plastik is excluded from the composition in CROBEX10, while Span will replace the missing spot. Further, Unior is excluded from the SBITOP composition.

The Index Committee of the Zagreb Stock Exchange announced the revision of CROBEX and CROBEX10, which was based on trading data from 1 March 2022 until 28 February 2023.

CROBEX & CROBEX10

AD Plastik leaves composition in CROBEX10, which should not come as a surprise. Due to an already mentioned shock from the geopolitical situation, along with the ongoing semiconductor shortage, AD Plastik remained under the radar for many asset managers and funds, resulting in a much lower recent turnover on ZSE. Span, which was the last IPO on the stock exchange, will replace the missing spot.

HPB, INGRA, FTB Turizam and Plava Laguna did not meet the requirements of the Index Committee and were therefore excluded from CROBEX and CROBEXtr. On the other hand, Kutjevo, which met the criteria of the Index Committee was therefore included in CROBEX and CROBEXtr.

You can find the new composition of CROBEX10 in the table below.

Source: ZSE, InterCapital Research

Further, SBITOP also has a changed composition with Unior being excluded from the Index. Besides the exclusion of Unior, no other company is on a watch list for inclusion/exclusion. Also, the changes within the SBITOP are valid as of today, just like with CROBEX & CROBEX10.

At the share price before the announcement, this would amount to a DY of 7.61%. the ex-date is set for 12 May 2023.

The Executive Board of OMV Petrom proposed the distribution of dividends for the financial year 2022, the one that was already announced back on 2 February 2023, in the gross amount of RON 0.0375 per share. This was approved by the Supervisory Board on 16 March 2023. At the price before the announcement, this would amount to a DY of 7.61%.

In the press release, OMV Petrom notes that the dividend implies a 10% YoY increase, which is at the top end of the 5-10% range stated in the dividend guidance. The dividend proposal is subject to approval by the OGSM which will be held on 26/27 April 2023.

The ex-date for the dividend payment is 12 May 2023, while the payment date is set for 7 June 2023. Below we provide you with the historical OMV Petrom dividends per share, as well as dividend yields.

OMV Petrom dividend per share (RON) and dividend yield (%), (2013 – 2023)

Source: OMV Petrom, InterCapital Research