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The valuation of the assets for the calculation of Lion Capital’s net assets is performed in accordance with the provisions of ASF Regulation no. 9/2014 (art. 113-122), ASF Regulation no. 10/2015, and ASF Regulation no. 7/2020, as subsequently amended and supplemented.
The net asset value (NAV) is calculated as the total value of assets less the total value of liabilities and prepaid revenues. The assets items that determine the net asset value are estimated and reflected in the net asset of Lion Capital in accordance with the regulations above mentioned.
The net asset value is certified by the depository bank of Lion Capital’s assets.
In accordance with the provisions in force, net asset value calculated monthly is submitted to ASF and BSE (BVB) and posted on Company’s website within 15 days from the end of the reporting month.
Net asset value per share = Net asset value ⁄ Number of shares issued and outstanding
document prepared on January 31, 2024, as per Annex VIII to Commission Delegated Regulation (EU) 2021/2268
year-end values
The valuation of assets for the calculation of Lion Capital’s net assets is carried out in accordance with the provisions of ASF Regulation no. 9/2014 (Articles 113-122), ASF Regulation no. 10/2015, and ASF Regulation no. 7/2020, as amended and supplemented thereafter.
| Asset category | Valuation methods |
|---|---|
|
1.0 Financial instruments admitted to trading or traded in the last 30 trading days on a regulated market or under systems other than the regulated markets including under an alternative trading system in Romania, in a member or non-member state |
|
|
1.1 Shares |
a) At the closing price on the market section considered as main market or at the reference price provided on trading systems others than the regulated markets including the alternative systems by the operator of the respective trading system as of day for which the calculation is made |
|
1.2 Fixed income |
Method based on the daily recognition of the interest and discount /premium depreciation for the period since the date the investment was performed |
|
1.3 Money market |
Method based on the daily recognition of the interest and discount/premium depreciation for the period since the date the investment was performed |
|
1.4 Derivatives |
At the closing price of the market section considered as main market or at the reference price provided on trading systems others than the regulated markets including the alternative systems by the operator of the respective trading system as of the day for which the calculation is made |
|
1.5 Equity securities |
At the closing price of the market section considered as main market or at the reference price provided on trading systems others than the regulated markets including the alternative systems by the operator of the respective trading system as of the day for which the calculation is made |
|
2.0 Financial instruments not admitted to trading on a regulated market or under trading systems others than the regulated markets including under an alternative trading system in Romania in a member of non-member state |
|
|
2.1 Shares |
The book value per share as it results from the latest annual financial statement (prepared in accordance with the Romanian Accounting Regulations applicable to the issuer or prepared in accordance with IFRS) of the respective entity. |
|
2.2 Fixed income |
Method based on the daily recognition of the interest and discount / premium depreciation for the period since the date the investment was performed |
|
2.3 Money market |
Method based on the daily recognition of the interest and discount/premium depreciation for the period since the date the investment was performed |
|
2.4 Derivatives |
Value determined by the application of valuation methods in accordance with the International valuation standards (where the fair value principle is used) and approved by the the board of directors / the management of the asset management |
|
2.5 Equity securities |
The latest calculated and published net asset value per share, published by their administrator or published by internationally recognized private companies (for example, Bloomberg, Reuters). |
3.0 Financial instruments admitted to trading on a regulated market, under an alternative system or under systems others than the regulated markets, but not traded in the last 30 trading days
The book value per share as it results from the latest annual financial statement (prepared in accordance with the Romanian Accounting Regulations applicable to the issuer or prepared in accordance with IFRS) of the respective entity. For credit institutions, the calculation of the book value per share is based on the equity value entered in the monthly reports submitted to the National Bank of Romania.
4.0 Holdings in current accounts
The available balance as of the date for which the calculation is made.
Amounts in the current accounts of of the Undertakings for Collective Investments.
For credit institutions undergoing bankruptcy procedure, it will be included in the net asset as zero.
5.0 Bank deposits and certificates of deposit
Method based on the daily recognition of the interest for the period since the date the investment was performed.
6.0 Shares suspended from trading for a period of at least 30 trading days, in case of the occurrence of events such as those provided in art. 224 par. (5) in Law no. 297/2004 (any new events occurred in the issuer’s activity that have not been made public and that may lead to changes in the share prices, due to the effect of these events on the status of company’ assets or financial or on the overall activity of the issuer).
The weighted average price for the last 30 days, calculated until the date of occurrence of such an event.
7.0 Shares not traded or admitted to trading but not traded in the last 30 business days whose financial statements are not available within 90 days from the legal dates for submission
As zero
or
At the value set by using the information in the quarterly/half-yearly financial statements posted on the website of the regulated market or the alternative trading system, if this information is available
8.0 Shares of companies undergoing bankruptcy procedure or reorganization (are included in the net asset of the Undertakings for Collective Investments (O.P.C.) from the date the communique was posted on the website of the regulated market or the alternative trading system on which these are traded)
As zero
9.0 Shares of companies undergoing judicial winding-up or other forms of winding-up and those in temporary or permanent cessation of activity
As zero
(from the date the communique was posted on the website of the regulated market or the alternative trading system on which these are traded)
10.0 Shares of companies in the portfolio not admitted for trading on a regulated market or under trading systems others than the regulated markets including the alternative systems or admitted to trading on a regulated market or under trading systems others than the regulated markets including the alternative systems but not traded for the last 30 days, with negative values of the equity.
As zero
11.0 Shares held by the Undertakings for Collective Investments (O.P.C.) resulting from the participation in the share capital increase in exchange for non-cash contribution, as well as those for cash contribution
The closing price of the market section considered as main market
or
The reference price provided on the trading systems others than the regulated markets including the alternative systems by the operator of the respective trading system as of the day for which the calculation is made
12.0 Shares issued by companies admitted to trading on a regulated market or in trading systems other than the regulated markets, but not traded during the last 30 trading days, in respect of which ASF or another competent authority has decided to initiate the financial recovery procedure through special administration
The book value per share, as evidenced by the entity’s last annual financial statement approved.
In the case of credit institutions, the book value per share is based on the value of equity included in the monthly reports transmitted to BNR *National Bank of Romania)
13.0 Shares resulting from splitting / consolidation of the nominal value admitted to trading on a regulated market or in trading systems other than regulated markets
By dividing the price before the split to the splitting coefficient, respectively by multiplying it by the consolidation coefficient.
14.0 Recording the financial instruments in the portfolio is performed from the date of the transaction
15.0 Dividends and shares distributed without any cash consideration as a result of participation in the capital increases are recorded in Lion Capital’s assets on the first day when the investors who buy the shares can no longer participate in the capital increase
