Loading ...Property Fund concluded 2008 with losses in the amount of 3.413 billion lei due to a reduced value of some of the participations in this fund, which generated provisions for depreciation of capital immobilisation at year-end, announced on Friday in a press conference general director of Property Fund Dana Lulache. Main participations with added adjustments are Petrom (3.652 billion lei), Transelectrica (153.7 billion lei) and Alro (79.6 million lei).
The fund posted last year a non-audited preliminary gross operational profit of 472.6 million lei, 12.3 percent higher from the budgeted level – 420.7 million lei – and 191.7 percent compared to 2007. Own capital showed a 23.7 percent decline, from 14.456 billion lei, on Dec. 31, 2007, to 11.027 billion lei, on Dec. 31, 2008. Own capital reduction was mainly justified by an accounting loss afferent to 2008 financial exercise. The accounting value per share dropped from 1.02 lei/share, on Dec. 31, 2007 to some 0.77 lei/share on Dec. 31, 2008. As for the situation of liquidities, they rose 63.7 percent, from 592.2 million lei on Dec. 31, 2007 to 969.8 million lei on Dec. 31 2008.
Dana Lulache said that, in 2008, the placement structure was modified. As such, 40 percent of the placements were made in treasury bills and the difference was deposited with five of the largest banks in Romania, respectively BRD (29.6 percent), BCR (29.4 percent), Raiffeisen (27 percent), CEC (9.9 percent) and Bancpost (4.2 percent). At the end of 2008 liquidities were made up of bank deposits in lei and foreign currency (72 percent in lei and 28 percent in euros) in the value of 572.2 million lei and T-bills in the value of 397.6 million lei.
On the background of higher profitability offered by T-bills and bank deposits in Q4 2008, FP posted higher revenues from deposits – 37.2 percent beyond the budgeted level. The Property Fund was created in 2005 as a solution to compensate former owners dispossessed during the communist regime who could not receive as such the confiscated properties. The fund has 88 share packages in its portfolio, all state-owned companies, such as Electica Distributie Transilvania Sud, Electrica Distributie Transilvania Nord and Electica Distributie Muntenia Nord, Nuclearelectrica, Romanian Posts, Transelectrica, Bucharest Henry Coanda International Airport, Baneasa International Airport, Constanta Navigable Canals Administration, Timisoara International Airport.
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