The five financial investment companies (SIFs) and the Proprietatea Fund also reported profit increases at the end of the first semester, according to their bi-annual financial statements.
At the end of H1 2012, the Proprietatea Fund recorded a net profit of 573.85 million lei.
In the first semester, SIF "Moldova" made the biggest profit of the five SIFs (128.81 million lei), followed by SIF "Transilvania", which had a net profit of 112.73 million lei.
The SIF with the smallest profit at the end of H1, was SIF "Muntenia" (51.92 million lei).
The biggest increase of the profit in the first semester of this year, compared to the similar period of last year, was reported by SIF "Banat-Crişana", which increased its profit 6.78 times, to 96.49 million lei.
At the end of H1 2012, the Proprietatea Fund recorded a net profit of 573.85 million lei.
In the first semester, SIF "Moldova" made the biggest profit of the five SIFs (128.81 million lei), followed by SIF "Transilvania", which had a net profit of 112.73 million lei.
The SIF with the smallest profit at the end of H1, was SIF "Muntenia" (51.92 million lei).
The biggest increase of the profit in the first semester of this year, compared to the similar period of last year, was reported by SIF "Banat-Crişana", which increased its profit 6.78 times, to 96.49 million lei.
* Daniela Ropotă, "Intercapital Invest": SIF "Moldova", SIF "Transilvania" and SIF "Banat-Crişana" have already exceeded their profit targets
After the first six months of the year, all of the SIFs had higher earnings compared to last year's similar period. In the case of SIF "Banat-Crişana" and SIF "Muntenia" the results were significantly influenced by the sale of the stakes in BCR, considers Daniela Ropotă, analyst with "Intercapital Invest".
She said: "Three of the SIFs have already exceeded their profit target: SIF < Moldova >, SIF < Transilvania > and SIF < Banat-Crişana >. The revenues have also been helped by the higher than expected dividends earned, by provisions and interest revenues. According to the available data, all of the SIFs have conducted investments on the domestic stock market, and SIF < Banat-Crişana > and SIF < Moldova > made new acquisitions on the foreign market as well".
According to Daniela Ropotă, SIF "Moldova" has the biggest net profit, having already exceeded its target for the year 2012 by 68%.
The financial results of SIF "Moldova" stem from the increase of revenues from the sale of stakes, as well as dividends earned which exceeded expectations, he said.
The analyst of "Intercapital Invest" also said: "Over the last year, (ed. note: SIF "Moldova") has reduced its exposure to the financial sector, by selling its stake in BCR, as well as by selling some stakes in BRD, and has bought shares in the energy sector. The number of companies in which SIF < Moldova > owns stakes has dropped by 18 compared to H1 20111, by sales and deletions from the trade registry, but the number of controlling and majority stakes has remained constant".
Other SIFs which have already exceeded their profit target for this year are SIF "Transilvania" and SIF "Banat-Crişana", the former by 27%, and the latter by 20%, the analyst said.
SIF "Banat-Crişana" sold its stake in BCR, but even without it, its profit increased compared to H1 2011, equivalent to that of SIF "Transilvania", Daniela Ropotă said.
According to her: "SIF < Oltenia >, with a noteworthy profit growth, of 84% YOY in H1 2012, meets the budget for the current year by 62%. The company has liquidated its stakes in several companies, such as < Comat Cluj-Napoca >, < Turbomecanica > and < Artego > as well as making acquisitions, predominantly in the energy sector".
In the first semester, the Proprietatea fund also made a higher profit than the profit predicted for the entire year 2012, the analyst of "Intercapital Invest" said.
Most of the expectations for the year 2012, seems to have come true in the first semester, so the evolution of the SIFs in the coming period will depend significantly on general aspects such as the program for privatization on the stock market and the general market context, she said.
She said: "Three of the SIFs have already exceeded their profit target: SIF < Moldova >, SIF < Transilvania > and SIF < Banat-Crişana >. The revenues have also been helped by the higher than expected dividends earned, by provisions and interest revenues. According to the available data, all of the SIFs have conducted investments on the domestic stock market, and SIF < Banat-Crişana > and SIF < Moldova > made new acquisitions on the foreign market as well".
According to Daniela Ropotă, SIF "Moldova" has the biggest net profit, having already exceeded its target for the year 2012 by 68%.
The financial results of SIF "Moldova" stem from the increase of revenues from the sale of stakes, as well as dividends earned which exceeded expectations, he said.
The analyst of "Intercapital Invest" also said: "Over the last year, (ed. note: SIF "Moldova") has reduced its exposure to the financial sector, by selling its stake in BCR, as well as by selling some stakes in BRD, and has bought shares in the energy sector. The number of companies in which SIF < Moldova > owns stakes has dropped by 18 compared to H1 20111, by sales and deletions from the trade registry, but the number of controlling and majority stakes has remained constant".
Other SIFs which have already exceeded their profit target for this year are SIF "Transilvania" and SIF "Banat-Crişana", the former by 27%, and the latter by 20%, the analyst said.
SIF "Banat-Crişana" sold its stake in BCR, but even without it, its profit increased compared to H1 2011, equivalent to that of SIF "Transilvania", Daniela Ropotă said.
According to her: "SIF < Oltenia >, with a noteworthy profit growth, of 84% YOY in H1 2012, meets the budget for the current year by 62%. The company has liquidated its stakes in several companies, such as < Comat Cluj-Napoca >, < Turbomecanica > and < Artego > as well as making acquisitions, predominantly in the energy sector".
In the first semester, the Proprietatea fund also made a higher profit than the profit predicted for the entire year 2012, the analyst of "Intercapital Invest" said.
Most of the expectations for the year 2012, seems to have come true in the first semester, so the evolution of the SIFs in the coming period will depend significantly on general aspects such as the program for privatization on the stock market and the general market context, she said.
* Marcel Murgoci, "Estinvest": In the past semester, the investment and the divestment activities of the SIFs have intensified
SIF "Moldova" and SIF "Transilvania" posted the biggest profits out of the five financial investment companies, said Marcel Murgoci, operations manager at "Estinvest" Focşani.
Thus, SIF 2 posted a profit about 4 times greater than the one in the first semester of 2011, with most of it stemming from its trading activity, he explained.
The trading director of "Estinvest" said: "Also, SIF < Transilvania > concluded the first semester with a profit 25% higher than the one it posted in H1 2011. Just like SIF < Moldova >, the profit of SIF3 is due to the portfolio activities.
Another SIF with remarkable operations was SIF < Banat-Crişana >: its revenues increased three times due to the trade with BCR.
SIF < Muntenia > had the lowest profit of the five SIFs, but it was five times higher than the one which was presented on June 30th, 2011. SIF4 got 53.5 million lei out of the trade with BCR stock, which had a positive impact on the profitability of SIF < Muntenia >.
In the first semester of 2012, SIF < Oltenia > saw an 84% profit increase over the first semester of 2011, and its CEO announcd the intensification of the divestment and speculative activities. It is worth noting that it is the only SIF that still has shares in BCR".
Thus, the results of the SIFs are good enough, compared to the evolution of the stock market in the last semester, as the managers of the SIFs are far more aware of the fact that trading can bring consistent revenues, compared to the dividends which they may or may not get, said Marcel Murgoci.
In the last semester, investment and divestment activities have intensified, each SIF wanting to maximize the value of its portfolio and implicitly that of its assets, he went on to say.
In the first semester, the "Proprietatea Fund" saw a profit increase of 5.60% over the similar period of 2011, with the dividends to be earned contributing to a great extent to that increase, the trading manager said.
The posted results do not represent a surprise for investors, especially since the value of the dividends to earn by investors was known since the end of April, Marcel Murgoci went on to say.
It was to be expected that trading would intensify, especially after the Proprietatea Fund successfully made its exit from "Azomureş", he said.
Marcel Murgoci also said: "The future evolution of the price, for the SIFs, will be predominantly influenced by the raise of the holding limit from 1% to 5%, with what happened at SIF4 being telling. Furthermore, because four SIFs have sizeable stakes in EBS (ed. note: Erste Group Bank), the evolution of that stock will affect the trend for the price of the SIFs' stocks.
As for the evolution of the stock of the Proprietatea Fund, the news concerning the situation of < Hidroelectrica >, as well as the listing on the Warsaw Stock Exchange could significantly affect the price of the stock of the Proprietatea Fund".
A significant return of the dividend, for the 2012 fiscal year, higher than the interest rate on bank deposits (at the current prices) could determine the investors to buy shares in the SIFs and the Proprietatea Fund, he explained.
Thus, SIF 2 posted a profit about 4 times greater than the one in the first semester of 2011, with most of it stemming from its trading activity, he explained.
The trading director of "Estinvest" said: "Also, SIF < Transilvania > concluded the first semester with a profit 25% higher than the one it posted in H1 2011. Just like SIF < Moldova >, the profit of SIF3 is due to the portfolio activities.
Another SIF with remarkable operations was SIF < Banat-Crişana >: its revenues increased three times due to the trade with BCR.
SIF < Muntenia > had the lowest profit of the five SIFs, but it was five times higher than the one which was presented on June 30th, 2011. SIF4 got 53.5 million lei out of the trade with BCR stock, which had a positive impact on the profitability of SIF < Muntenia >.
In the first semester of 2012, SIF < Oltenia > saw an 84% profit increase over the first semester of 2011, and its CEO announcd the intensification of the divestment and speculative activities. It is worth noting that it is the only SIF that still has shares in BCR".
Thus, the results of the SIFs are good enough, compared to the evolution of the stock market in the last semester, as the managers of the SIFs are far more aware of the fact that trading can bring consistent revenues, compared to the dividends which they may or may not get, said Marcel Murgoci.
In the last semester, investment and divestment activities have intensified, each SIF wanting to maximize the value of its portfolio and implicitly that of its assets, he went on to say.
In the first semester, the "Proprietatea Fund" saw a profit increase of 5.60% over the similar period of 2011, with the dividends to be earned contributing to a great extent to that increase, the trading manager said.
The posted results do not represent a surprise for investors, especially since the value of the dividends to earn by investors was known since the end of April, Marcel Murgoci went on to say.
It was to be expected that trading would intensify, especially after the Proprietatea Fund successfully made its exit from "Azomureş", he said.
Marcel Murgoci also said: "The future evolution of the price, for the SIFs, will be predominantly influenced by the raise of the holding limit from 1% to 5%, with what happened at SIF4 being telling. Furthermore, because four SIFs have sizeable stakes in EBS (ed. note: Erste Group Bank), the evolution of that stock will affect the trend for the price of the SIFs' stocks.
As for the evolution of the stock of the Proprietatea Fund, the news concerning the situation of < Hidroelectrica >, as well as the listing on the Warsaw Stock Exchange could significantly affect the price of the stock of the Proprietatea Fund".
A significant return of the dividend, for the 2012 fiscal year, higher than the interest rate on bank deposits (at the current prices) could determine the investors to buy shares in the SIFs and the Proprietatea Fund, he explained.
* Gabriel Goia, "BT Asset Management": The SIFs' earnings reflect the possibility of providing a high dividend yield in 2013 as well
In the case of the SIFs, the largest part of the revenues in the first semester came from sold financial investments, representing sales of "Erste" shares, which had very little associated costs, said Gabriel Goia, the head of the Asset Placement department of "BT Asset Management".
The discount compared to the net asset fell for most of the SIFs in the second quarter, but the results in the first semester reflect the possibility of a high dividend yield, for the coming year as well, he went on to say.
The profit recorded by the Proprietatea Fund, in the first semester, is first of all due to the dividends received from "OMV Petrom" and "Romgaz", as the performance of the energy sector remains the main driver for the company's results, the analyst of "BT Asset Management" said. "For most of the SIFs, the revenues from sold financial investments will be a major contributor to the financial result for the 2012 year end, and maintaining a dividend yield higher than the interests on bank deposits will maintain the interest of investors.
For the Proprietatea Fund, a potential better than expected evolution of the price of crude, on a global level, will represent an upside. The factors which will influence its future valuation will be the profits obtained using the sale of assets, as well as a potential recovery of at least a part of the losses incurred from the insolvency of < Hidroelectrica >".
The discount compared to the net asset fell for most of the SIFs in the second quarter, but the results in the first semester reflect the possibility of a high dividend yield, for the coming year as well, he went on to say.
The profit recorded by the Proprietatea Fund, in the first semester, is first of all due to the dividends received from "OMV Petrom" and "Romgaz", as the performance of the energy sector remains the main driver for the company's results, the analyst of "BT Asset Management" said. "For most of the SIFs, the revenues from sold financial investments will be a major contributor to the financial result for the 2012 year end, and maintaining a dividend yield higher than the interests on bank deposits will maintain the interest of investors.
For the Proprietatea Fund, a potential better than expected evolution of the price of crude, on a global level, will represent an upside. The factors which will influence its future valuation will be the profits obtained using the sale of assets, as well as a potential recovery of at least a part of the losses incurred from the insolvency of < Hidroelectrica >".
* Simion Tihon, "Prime Transaction": The effect of the raising of the holding cap at the SIFs is far from having been exhausted
The changes made in the portfolio, by selling some assets booked at a historical price, together with including the registration data for dividends at the companies in the portfolio, have led to the reporting of positive results for all the companies which make up BET-FI, said Simion Tihon, broker at "Prime Transaction".
In the first semester, the Proprietatea Fund had a net profit of 575 million lei, and that result is a consequence of the exceptional profits achieved by the companies in its portfolio ("SNP", "Romgaz", etc.), as well as the fact that the Proprietatea Fund also subscribed, in the takeover bid for "Azomureş", he went on to say.
Also, according to him, the profit of the Proprietatea Fund was influenced by the sale at a loss of stakes in "Erste Group Bank" and "Raiffeisen Bank".
Simion Tihon said: "Among the SIFs, we see the good evolution of the profit of SIF < Banat-Crişana > and SIF < Moldova >. SIF2 solds its entire stake in the Proprietatea Fund >, a move which had a positive influence on the earnings of the company in the first semester.
An interesting strategy was adopted by SIF < Oltenia >, which increased its stakes in < Transelectrica >, < OMV Petrom >, < Electromagnetica > and < Biofarm >.
SIF5 also sold part of its shares in the Proprietatea Fund >.
However, investors were familiar with these results, as part of the data was published at the same time as the report on the NAVPS (ed. note: Net Asset Value per Share) on June 30th, 2012".
For the second half of the year, expectations are optimistic, but the results will be pondered by the fact that the dividend registration period has passed, the broker said. Simion Tihon considers that the SIFs will remain an attraction for investors, as the effect of the raising of the holding cap is far from being exhausted.
In the Proprietatea Fund, there are two aspects that matter: the listing in Warsaw and the exit from insolvency of "Hidroelectrica", he added.
In the first semester, the Proprietatea Fund had a net profit of 575 million lei, and that result is a consequence of the exceptional profits achieved by the companies in its portfolio ("SNP", "Romgaz", etc.), as well as the fact that the Proprietatea Fund also subscribed, in the takeover bid for "Azomureş", he went on to say.
Also, according to him, the profit of the Proprietatea Fund was influenced by the sale at a loss of stakes in "Erste Group Bank" and "Raiffeisen Bank".
Simion Tihon said: "Among the SIFs, we see the good evolution of the profit of SIF < Banat-Crişana > and SIF < Moldova >. SIF2 solds its entire stake in the Proprietatea Fund >, a move which had a positive influence on the earnings of the company in the first semester.
An interesting strategy was adopted by SIF < Oltenia >, which increased its stakes in < Transelectrica >, < OMV Petrom >, < Electromagnetica > and < Biofarm >.
SIF5 also sold part of its shares in the Proprietatea Fund >.
However, investors were familiar with these results, as part of the data was published at the same time as the report on the NAVPS (ed. note: Net Asset Value per Share) on June 30th, 2012".
For the second half of the year, expectations are optimistic, but the results will be pondered by the fact that the dividend registration period has passed, the broker said. Simion Tihon considers that the SIFs will remain an attraction for investors, as the effect of the raising of the holding cap is far from being exhausted.
In the Proprietatea Fund, there are two aspects that matter: the listing in Warsaw and the exit from insolvency of "Hidroelectrica", he added.
* SIF2 - the largest profit among the financial investment companies
At the end of the first semester, the profit of SIF "Moldova" (SIF2) amounted to 128.81 million lei, 3.84 times greater than in the first half of last year.
Between January and June, the total revenues of SIF "Moldova" reached 207.24 million lei, up from 74.76 million lei, on June 30th, 2011, and total expenses reached 63.07 million lei in the first semester, 1.6 times higher than the ones reported in the similar period of 2011.
Employee expenses reported by SIF "Moldova" after the first semester, increased 70.44% compared to the first semester of last year, to 20.57 million lei.
On June 30th, receivables of SIF2 reached 159.13 million lei, up 21.73% compared to the ones reported on December 31st, 2011, and the debts reached 128.118 million lei, at the end of the first semester, 2.2 times higher than they were at the end of last year.
The net asset of SIF "Moldova", in June, was 1.002 billion lei, down 16.5% compared to June 2011, when SIF2 "Moldova" reported net assets of 1.201 billion lei.
Between January and June, the total revenues of SIF "Moldova" reached 207.24 million lei, up from 74.76 million lei, on June 30th, 2011, and total expenses reached 63.07 million lei in the first semester, 1.6 times higher than the ones reported in the similar period of 2011.
Employee expenses reported by SIF "Moldova" after the first semester, increased 70.44% compared to the first semester of last year, to 20.57 million lei.
On June 30th, receivables of SIF2 reached 159.13 million lei, up 21.73% compared to the ones reported on December 31st, 2011, and the debts reached 128.118 million lei, at the end of the first semester, 2.2 times higher than they were at the end of last year.
The net asset of SIF "Moldova", in June, was 1.002 billion lei, down 16.5% compared to June 2011, when SIF2 "Moldova" reported net assets of 1.201 billion lei.
* SIF1 - the biggest profit increase
In the first semester of the year, SIF "Banat-Crişana" (SIF1) reported a net profit of 96.49 million lei, 6.78 times greater than the one recorded in the first half of 2011, 14.23 million lei.
Its total revenues increased significantly compared to the similar period of 2011, to 135.02 million lei, on June 30, 2012, compared to 43.07 million lei, on June 30, 2011.
Between January and June, the total expenses of SIF "Banat-Crişana" reached 22.63 million lei, down 19.77% YOY.
On June 30, SIF1 had 7.29 million lei in receivables, significantly higher than in the beginning of the year, when they amounted to 584,861 lei, and the current debts of the company reached 91.37 million lei, 2.4 times higher than in the beginning of the year.
On June 30, 2012, the value of the net assets (NAV) of "SIF Banat-Crişana" was almost 1.27 billion lei, down 2.5% over the value reported on December 31st, 2011, of 1.3 billion lei.
Its total revenues increased significantly compared to the similar period of 2011, to 135.02 million lei, on June 30, 2012, compared to 43.07 million lei, on June 30, 2011.
Between January and June, the total expenses of SIF "Banat-Crişana" reached 22.63 million lei, down 19.77% YOY.
On June 30, SIF1 had 7.29 million lei in receivables, significantly higher than in the beginning of the year, when they amounted to 584,861 lei, and the current debts of the company reached 91.37 million lei, 2.4 times higher than in the beginning of the year.
On June 30, 2012, the value of the net assets (NAV) of "SIF Banat-Crişana" was almost 1.27 billion lei, down 2.5% over the value reported on December 31st, 2011, of 1.3 billion lei.
* Profit of SIF3 rose to 112.7 million lei
SIF "Transilvania" (SIF3) ended the first quarter with a net profit of 112.7 million lei, up 25.3% over the one obtained in the similar period of last year (approximately 90 million lei).
During the reviewed period, the revenues of SIF3 rose 22%, from 147.5 million lei to 179.7 million lei.
The expenses of SIF "Transilvania" increased 16%, to 49.8 million lei, up from 42.9 million lei in H1 2011.
The debts of SIF3, at the end of H1 2012, amounted to 222.07 million lei, up 175.97 million over the end of 2011. Receivables increased 3.69 million lei, over December 2011 to 5.17 million lei.
In the first semester, the net assets of SIF3 fell 20.26% over the similar period of 2011, from 1.461 billion lei, to 1.165 billion
During the reviewed period, the revenues of SIF3 rose 22%, from 147.5 million lei to 179.7 million lei.
The expenses of SIF "Transilvania" increased 16%, to 49.8 million lei, up from 42.9 million lei in H1 2011.
The debts of SIF3, at the end of H1 2012, amounted to 222.07 million lei, up 175.97 million over the end of 2011. Receivables increased 3.69 million lei, over December 2011 to 5.17 million lei.
In the first semester, the net assets of SIF3 fell 20.26% over the similar period of 2011, from 1.461 billion lei, to 1.165 billion
* Tudor Ciurezu, SIF5: "Our goal is to obtain a high liquidity, low risk portfolio"
At the end of H1 2012, the company recorded good results, as the profit obtained in the first semester represents 62% of the profit planned for this year, said Tudor Ciurezu, the chairman of the board of directors of SIF "Oltenia".
The president of SIF5 said that the company would try to invest in stocks which have a high efficiency and to conduct trades on the stock exchange in companies which present stability and a potential to see their stock rise.
Tudor Ciurezu said: "Our goal is to obtain a high liquidity, low risk portfolio. The ideal thing would be to only have stakes in listed companies. We will continue our quantitative and qualitative restructuring of our portfolio. We want to only keep stakes in traded companies, as well as in liquid, stable companies, which would weather the turmoil on the domestic and foreign markets".
In the first semester. SIF "Oltenia" (SIF5) had a profit of 54.2 million lei, up 83.9% than in the first semester of last year, when it posted a profit of 29.47 million lei.
Between January and June, the total revenues of SIF "Oltenia" increased to 86.66 million lei, up 88.17% over last year's similar period, and total expenses reached 28.68 million lei, compared to 15.13 million lei, at the end of June 2011.
The value of the receivables of SIF5, was 23.5 million lei on June 30, and its debts amounted to 175.89 million lei.
The NAV of SIF "Oltenia" fell from 1.685 billion lei, at the end of 2011, to 1.511 billion lei, in H1 2012.
The president of SIF5 said that the company would try to invest in stocks which have a high efficiency and to conduct trades on the stock exchange in companies which present stability and a potential to see their stock rise.
Tudor Ciurezu said: "Our goal is to obtain a high liquidity, low risk portfolio. The ideal thing would be to only have stakes in listed companies. We will continue our quantitative and qualitative restructuring of our portfolio. We want to only keep stakes in traded companies, as well as in liquid, stable companies, which would weather the turmoil on the domestic and foreign markets".
In the first semester. SIF "Oltenia" (SIF5) had a profit of 54.2 million lei, up 83.9% than in the first semester of last year, when it posted a profit of 29.47 million lei.
Between January and June, the total revenues of SIF "Oltenia" increased to 86.66 million lei, up 88.17% over last year's similar period, and total expenses reached 28.68 million lei, compared to 15.13 million lei, at the end of June 2011.
The value of the receivables of SIF5, was 23.5 million lei on June 30, and its debts amounted to 175.89 million lei.
The NAV of SIF "Oltenia" fell from 1.685 billion lei, at the end of 2011, to 1.511 billion lei, in H1 2012.
* SIF4 - the smallest profit of the five SIFs
In the first half of the year, SIF "Muntenia" (SIF4) made the lowest profit of the five companies, 51.92 million lei, but more than five times greater than in H1 2011 (10.15 million lei).
Between January and June, the total revenues of SIF4 amounted to 108.7 million lei, 2.55 times higher than the ones reported in the similar period of 2011, and total expenses increased 44.43% YOY, to 46.89 million lei.
The debts of SIF "Muntenia" rose 37.68% in H1 2012, to 131.65 million lei, compared to the beginning of the year, and on June 30, receivables reached 14.415 million lei, up 45.99% over December 31, 2011.
In the first half of the year, the net asset of SIF4 "Muntenia" fell 14.46% over the end of June 2011, to 1.171 billion lei.
Between January and June, the total revenues of SIF4 amounted to 108.7 million lei, 2.55 times higher than the ones reported in the similar period of 2011, and total expenses increased 44.43% YOY, to 46.89 million lei.
The debts of SIF "Muntenia" rose 37.68% in H1 2012, to 131.65 million lei, compared to the beginning of the year, and on June 30, receivables reached 14.415 million lei, up 45.99% over December 31, 2011.
In the first half of the year, the net asset of SIF4 "Muntenia" fell 14.46% over the end of June 2011, to 1.171 billion lei.
* The profit of the Proprietatea climbed to 573.85 million lei The net profit of the Proprietatea Fund (FP) rose 5.65% YOY, to 573.85 million lei.
In the first six months, the total revenues reached 847.77 million lei, up 42.79% YOY. Total expenses reached 273.5 million lei at the end of June, 5.63 times higher than in the similar period of last year.
The debts of the Proprietatea Fund increased 383.6 million lei, to 425.9 million lei, in the first half of the year.
After a general increase of the Net Asset Value (NAV) in the first five months of this year, the NAV of the "Proprietatea Fund" fell 13,6% at the end of the first semester, compared to December 31st, 2011, to 0.9317.
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