Fondul Proprietatea (FP) Q4 2024 earnings summary

Executive summary

• NAV at end-December 2024 was RON 2.25 billion ($470 million), with NAV per share at RON 0.7029 ($0.1472); equity investments rose 11.1% year-over-year.

• Share price at 15 January 2025 was RON 0.40, trading at a 50.68% discount to NAV; discount widened post-December NAV release, with GDRs at a 54% discount.

• Portfolio comprised 24 companies (5 listed, 19 unlisted), with 82.6% of NAV in unlisted holdings and 11.9% in net cash/receivables ($56.2 million).

• Top holdings: Bucharest Airports (46% of NAV), Constanta Port (16.5%), Salrom (14.5%), Alro SA (4.9%), Complexul Energetic Oltenia SA (1.9%).

• Completed sale of Engie Romania SA stake for RON 432.6 million in February 2024, supporting a special dividend of RON 0.06/share.

Financial highlights

• Net profit for 2024 was RON 339.4 million, reversing a RON 904.1 million loss in 2023.

• Gross dividend income for 2024 was RON 145.8 million, mainly from Bucharest Airports and Salrom.

• Total annual dividend income from portfolio companies was RON 145.8 million in 2024.

• Total distributions to shareholders (buy-backs and cash) reached RON 28.9 billion ($7 billion) as of 2024.

• Total assets at year-end were RON 2,541.1 million; total equity RON 2,250.0 million, down 3.9% from 2023.

Outlook and guidance

• Delisting of GDRs from LSE expected by April 2025.

• 16th buy-back programme for up to 320 million shares approved for 2025.

• Ongoing selection process for new AIFM, with two final candidates under review.

• Dividend policy for 2024 will be determined after final audit; documentation expected by end-February.

• Continued focus on minimizing NAV discount and maximizing shareholder value.