Private pension funds bought 10% of Hidroelectrica

Andrei Iacomi
English Section / 1 septembrie 2023

Image by frimufilmsa on Freepik

Image by frimufilmsa on Freepik

The seven Pilon II funds had invested 4.7 billion lei in shares of the energy producer

AZT Viitorul Tău, NN Pensii and Metropolitan Life had the largest holdings of Hidro shares at the end of July

Versiunea în limba română

Private pension funds had, at the end of July, almost 10% of Hidroelectrica (H2O), according to our calculations based on the data published by the administrators.

The holdings include subscriptions made in the public offer carried out by the electricity producer between June 23 and July 4, as well as possible direct purchases from the market, after the company's shares were listed on the Bucharest Stock Exchange (BVB) on July 12 .

Pilon II funds controlled 9.4% of Hidroelectrica at the end of July

The investments of the seven mandatory private pension funds (Pillar II), to which all employees in our country contribute monthly with 3.75% of their income, amounted in July to the value of 4.74 billion lei, equivalent to 9.4% from the company.

The AZT Viitorul Tău fund, managed by Allianz Ţiriac Pensii Private, had an investment of almost 1.38 billion lei in Hidroelectrica, equivalent to 2.73% of the energy producer - the largest block of shares held in Hidro (almost 12, 3 million) of the pension funds in our country. Also, Hidroelectrica became the most important company in the portfolio of AZT Viitorul Tău, with a weight of 5.7%, over that of the package owned by Banca Transilvania, of 897 million lei (3.74% of assets) and Fondul Proprietatea , of 816 million lei (3.4% of assets). Almost 1.7 million people contribute to AZT Viitorul Tău, the fund having net assets of over 23.98 billion lei at the end of July.

NN Pensii, to which 2.1 million future pensioners contributed in July and which managed assets of 38.5 billion lei, had holdings in Hidroelectrica worth almost 1.37 billion lei, equivalent to 2.71% of the company . NN Pensii is the largest compulsory private pension fund in our country, and at the end of July, the holding in Hidro, which represented 3.52% of the assets, was the third in size in the fund's share portfolio, after package 1, 78 billion lei (4.6% of assets) held in OMV Petrom and 1.46 billion lei (3.76% of assets) in Banca Transilvania.

Metropolitan Life had an investment of 751.2 million lei in Hidroelectrica, equivalent to 1.49% of the electricity producer, which became the most important company in the fund's portfolio. At the end of July, Metropolitan Life had net assets of 16.1 billion lei and 1.11 million participants.

The Aripi fund, managed by Generali, had Hidroelectrica shares worth 537.5 million lei, in July, the equivalent of about 1.06% of the company, while the 92.1 million lei holding of the BCR Pensii fund was equivalent to 0 .18% of the company. BRD pensii had a stake in Hidroelectrica of 59.1 million lei, equivalent to 0.1% of the energy producer's capital, while the holding of 555.8 million lei of the Vital fund, managed by Aegon, was equivalent to 1, 1% of Hidroelectrica, according to our calculations.

NN Optim - the largest investment in Hidroelectrica, among the Pillar III funds

In the case of optional private pension funds (Pillar III), the largest holding at the end of July, of 66.4 million lei, equivalent to 0.13% of Hidroelectrica, was of NN Optim, while the NN Activ fund had a stake in the company worth 25.7 million lei. In the case of the AZT Moderato fund, the value of the Hidroelectrica share package amounted to 24.3 million lei.

Private pension funds bought 10% of Hidroelectrica

By 16:30 yesterday, apart from BCR Plus, all the other nine voluntary private pension funds had published their investment situation since the end of July.

Hidroelectrica was listed on our stock exchange on July 12, after the largest public offer in BVB history, through which Fondul Proprietatea sold 19.94% of the company, the entire holding in the energy producer, the value of the transaction amounting to approx. 9.3 billion lei. Retail bought 20% of the offer that ended at the price of 104 lei per title. Hidroelectrica shares ended the last trading day of July at the price of 112.2 lei.

In the first half of the year, Hidroelectrica achieved revenues of almost seven billion lei, up by 42% compared to those from January - July 2022, while the net profit amounted to 3.95 billion lei, by 46% over that of the first six months of last year.

Hidroelectrica is the largest energy producer in our country in terms of the amount of energy produced and an important player in the hydropower field in Europe. The company owns a production portfolio 100% from renewable sources, with an installed hydroelectric production capacity of 6.3 GW and an installed onshore wind capacity of 108 MW in the Crucea wind farm. The state, through the Ministry of Energy, owns 80% of the company whose stock market valuation amounts to approximately 51 billion lei, the largest issuer in our country from BVB.

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