Net Asset

Net Asset

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

Monthly Net Asset Value (NAV) in 2024

DateNet Asset Value (RON) NAV/S (RON/share) Details
January 31, 2024 4,134,267,9128.1621 Annex 10 ↓ pdf
February 29, 2024 4,177,422,3108.2473 Annex 10 ↓ pdf
March 31, 2024 4,281,417,3498.4361 Annex 10 ↓ pdf
April 30, 2024 4,322,951,6138.5180 Annex 10 ↓ pdf
May 31, 2024 4,400,908,1148.6716 Annex 10 ↓ pdf
May 31, 2024 (restated)4,406,845,8958.6833 Annex 10 ↓ pdf
June 30, 20244,562,723,9758.9904 Annex 10 ↓ pdf
June 30, 2024 (restated)4,563,184,4938.9913 Annex 10 ↓ pdf
July 31, 20244,680,563,4529.2226 Annex 10 ↓ pdf
August 31, 20244,685,494,6359.2323 Annex 10 ↓ pdf
September 30, 20244,619,848,0389.1030 Annex 10 ↓ pdf
October 31, 20244,626,402,1559.1608 Annex 10 ↓ pdf

Monthly Net Asset Value (NAV) in 2023

DateNet Asset Value (RON) NAV/S (RON/share) Details
January 31, 2023 3,229,171,842 6.3628 Annex 10 ↓ pdf
February 28, 20233,336,738,1196.5747Annex 10 ↓ pdf
March 31, 20233,304,373,1946.5237Annex 10 ↓ pdf
April 30, 20233,381,857,3616.6767Annex 10 ↓ pdf
May 31, 20233,386,411,6116.6856Annex 10 ↓ pdf
June 30, 20233,455,859,4636.8227Annex 10 ↓ pdf
July 31, 20233,606,877,4887.1209Annex 10 ↓ pdf
August 31, 20233,653,666,0857.2133Annex 10 ↓ pdf
September 30, 20233,810,739,4047.5234Annex 10 ↓ pdf
October 31, 20233,841,393,2817.5839Annex 10 ↓ pdf
November 30, 20233,872,164,3457.6446Annex 10 ↓ pdf
December 31, 20233,982,788,3007.8630Annex 10 ↓ pdf
December 31, 2023 (restated)4,095,059,7428.0847Annex 10 ↓ pdf

Monthly Net Asset Value (NAV) in 2022

DateNet Asset Value (RON) NAV/S (RON/share) Details
January 31, 2022 3,377,454,3776.6550 Annex 10 ↓ pdf
January 31, 2022 (restated)3,403,955,7896.7072Annex 10 ↓ pdf
February 28, 20223,247,074,8066.3981Annex 10 ↓ pdf
February 28, 2022 (restated)3,272,781,1766.4487Annex 10 ↓ pdf
March 31, 20223,270,800,8656.4448Annex 10 ↓ pdf
April 30, 20223,208,934,1346.3229Annex 10 ↓ pdf
May 31, 20223,217,815,9976.3404Annex 10 ↓ pdf
June 30, 20223,158,634,4126.2238Annex 10 ↓ pdf
July 31, 20223,161,314,8546.2291Annex 10 ↓ pdf
August 31, 20223,173,740,7706.2536Annex 10 ↓ pdf
September 30, 20222,989,337,0305.8902Annex 10 ↓ pdf
October 31, 20223,035,668,4215.9815Annex 10 ↓ pdf
November 30, 20223,184,678,9666.2751Annex 10 ↓ pdf
December 31, 20223,151,290,4376.2093Annex 10 ↓ pdf
December 31, 2022 (restated)3,238,773,5736.3817Annex 10 ↓ pdf

Monthly Net Asset Value (NAV) in 2021

DateNet Asset Value (RON) NAV/S (RON/share)Details
January 29, 2021 2,910,037,8925.6556 Annex 16 ↓ pdf
February 26, 20212,901,467,9365.6389Annex 16 ↓ pdf
March 31, 20213,082,079,7715.9899Annex 16 ↓ pdf
April 29, 20213,159,994,7736.1414Annex 16 ↓ pdf
May 31, 20213,248,754,6556.3031Annex 16 ↓ pdf
June 30, 20213,308,207,0706.4184Annex 16 ↓ pdf
July 31, 20213,146,216,6686.1042Annex 10 ↓ pdf
August 31, 20213.264.953.3626.3345Annex 10 ↓ pdf
September 30, 20213,375,482,3076.5490Annex 10 ↓ pdf
October 31, 20213,293,519,6486.5008Annex 10 ↓ pdf
November 30, 20213,307,360,2556.5282Annex 10 ↓ pdf
December 31, 20213,363,153,7026.6268Annex 10 ↓ pdf
December 31, 2021 (restated)3,408,921,7836.7170Annex 10 ↓ pdf

Monthly Net Asset Values in 2020

DateNet Asset Value (RON) NAV/S (RON/share) Details
January 31, 2020 2,737,002,346 5.3193 Annex 16 ↓ pdf
February 28, 20202,555,451,6074.9665Annex 16 ↓ pdf
March 31, 20202,255,987,2824.3845Annex 16 ↓ pdf
April 30, 20202,325,199,8144.5190Annex 16 ↓ pdf
May 29, 20203,513,966,8786.8293Annex 16 ↓ pdf
June 30, 20203,522,448,9606.8458Annex 16 ↓ pdf
July 31, 20203,990,206,8117.7549Annex 16 ↓ pdf
August 31, 20202,625,207,5305.1020Annex 16 ↓ pdf
September 30, 20202.624.536.0995.1007Annex 16 ↓ pdf
October 30, 20202,559,938,3334.9752Annex 16 ↓ pdf
November 27, 20202,745,688,9235.3362Annex 16 ↓ pdf
December 31, 20202,826,268,753 5.4928Annex 16 ↓ pdf
December 31, 2020 (restated)2,884,036,1205.6051Annex 16 ↓ pdf

Monthly Net Asset Value (NAV) in 2019

Archive of monthly NAV reports in 2019
↓ .zip 990 KB

Monthly Net Asset Value (NAV) in 2018

Archive of monthly NAV reports in 2018
↓ .zip 1.03 MB

Monthly Net Asset Value (NAV) in 2017

Archive of monthly NAV reports in 2017
↓ .zip 996 KB

Monthly Net Asset Value (NAV) in 2016

Archive of monthly NAV reports in 2016
↓ .zip 931 KB

Monthly Net Asset Value (NAV) in 2015

Archive of monthly NAV reports in 2015
↓ .zip 697 KB

Monthly Net Asset Value (NAV) in 2014

Archive of monthly NAV reports in 2014
↓ .zip 698 KB

Monthly Net Asset Value (NAV) in 2013

Archive of monthly NAV reports in 2013
↓ .zip 1,87 MB

Key Information Document

Past performance of net asset

document prepared on January 31, 2024, as per Annex VIII to Commission Delegated Regulation (EU) 2021/2268

Net Asset Value (NAV) evolution

year-end values

Methods for the Measurement of Lion Capital’s Assets

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

b) By way of exception from the provisions of section a) above, in the case of joint stock companies admitted to trading on a regulated market or a multilateral trading system with a liquidity considered by Lion Capital, based on a prudential value judgment regarding the active market defined by International Financial Reporting Standard 13 - Fair value measurement (IFRS 13), as irrelevant for the application of the mark to market valuation method, the shares of those companies will be measured in Lion Capital’ assets in accordance with the evaluation standards in force, according to the law, based on an evaluation report. Lion Capital maintains this valuation method for a period of at least one calendar year, for the respective shares considered illiquid

1.2 Fixed income
financial instruments

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
instruments

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 
issued by O.P.C.

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.

Where Lion Capital owns more than 33% of the share capital, exclusively as per the international valuation standards based on an evaluation report, updated at least annually.

For credit institutions, the calculation of the book value per share is based on the equity value as entered in the monthly reports submitted to the National Bank of Romania

2.2 Fixed income 
financial instruments

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
instruments

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
company / self-managed investment company

2.5 Equity securities
issued by O.P.C.

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