Bucharest, May 22, 2025 – A thorough and accurate evaluation of Romania’s state-owned assets – from paintings, artworks, and cultural heritage to natural resources, licenses, patents, and intangible assets – could significantly contribute to an improved sovereign credit rating, according to representatives of Appraisal & Valuation SA, the company behind the NAI Romania & Moldova brand, listed on the Bucharest Stock Exchange (symbol: APP).
“A professional evaluation of state assets, carried out using transparent and standardized methods, would enable Romania to better understand its patrimony, manage its resources efficiently, and most importantly, enhance its attractiveness to investors. Properly quantified and leveraged, both tangible and intangible state assets can positively influence the country’s credit rating. Moreover, a periodic assessment of all state-owned assets would become a cornerstone of good governance, helping authorities make well-informed decisions regarding public policies, investments, and taxation,” said Andrei Botiș, CEO of Appraisal & Valuation SA (NAI Romania & Moldova).
The evaluation process would cover tangible assets (heritage buildings, paintings, sculptures, artworks, land, forests, oil and gas reserves, and other natural resources) as well as intangible assets (licenses, patents, trademarks, copyrights, know-how, and other forms of intellectual property).
“My experience in evaluating the assets of Hidroelectrica – Romania’s largest company – for financial reporting prior to its stock exchange listing, along with other similar projects, taught me a valuable lesson: within state-owned companies, many assets with significant but untapped potential remain outside the operational circuit,” added Andrei Botiș.
By quantifying asset value, the Romanian state can strengthen its public balance sheet – a factor that positively impacts risk assessments by credit rating agencies. A country that knows and strategically manages its wealth is perceived as more financially stable and trustworthy.
The methodologies applied include market valuation, replacement cost, and other internationally accepted techniques – with the income approach being especially relevant, as it considers the potential earnings of currently underutilized assets.
Key benefits of evaluating state-owned assets:
Transparency and accountability – Clear knowledge of asset values reduces the risk of corruption and supports better resource allocation decisions.
Identification of underused or non-performing assets – Enabling reactivation or reallocation.
Increased public revenues – Natural resources and intangible assets can be monetized through concessions, transfers, or public-private partnerships.
Cultural heritage protection – Assessing the value of artworks and historic monuments ensures their preservation and can promote cultural tourism.
Innovation stimulation – Patents and licenses may become valuable sources of revenue and economic development.
Strategic planning – Knowing the real value of assets allows for long-term sustainable development strategies.
The process also poses challenges, such as estimating the value of intangible assets, lack of centralized and updated asset registries, and potential political interference.
“Without a systematic and professional evaluation of state-owned assets, Romania misses important opportunities for development and modernization. Artworks by artists like Brâncuși or Grigorescu can generate both international visibility and revenue if properly assessed and promoted through international cultural circuits. In other countries, public institutions’ intangible assets are a constant source of funding for research and innovation. NAI Romania emphasizes the need for a unified, coherent evaluation framework that will unlock the full value of national assets for the benefit of both citizens and the economy. To maximize the benefits, such evaluations should be conducted by independent experts using transparent methods and international standards. This way, state assets will not only be safeguarded but will actively contribute to Romania’s economic and cultural prosperity,” concluded Andrei Botiș.
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Founded in 2010, Appraisal & Valuation SA (listed on the Bucharest Stock Exchange under the symbol APP) owns the NAI Romania brand and is one of the market leaders in valuation services. It is also the exclusive representative of NAI Global in Romania and the Republic of Moldova.
NAI Global is one of the largest networks of independent commercial real estate firms worldwide, with over 5,000 professionals and 375 offices in 55 countries. The company’s service portfolio includes real estate valuation, business valuation, appraisal of artworks, agricultural land, production farms, warehouses and industrial halls, hydropower plants and micro-hydro plants, wind and photovoltaic parks, and technical equipment. APP has evaluated all the assets of the largest listed issuer on the Bucharest Stock Exchange, SPEEH Hidroelectrica SA (symbol: H2O), both prior to and following its IPO. Appraisal & Valuation SA is a corporate member of ANEVAR (National Association of Authorized Valuers in Romania), a non-profit public utility professional organization that includes all certified valuers under Romanian law.
