30 June 2023 NAV report

Fondul Proprietatea S.A.
14 July 2023
 

Fund Administrator:

Franklin Templeton International Services S.à r.l.

Administrator Code:

PJM07.1AFIASMDLUX0037

Fund:

Fondul Proprietatea SA

Fund Code:

PJR09FIAIR/400018

Reporting date: 

30.06.2023


Statement of Assets and Liabilities of Fondul Proprietatea SA and the Net Asset Value calculation according with the FSA Regulations No. 9/2014 and No. 7/2020, as subsequently amended

         RON

1. Intangible assets

0.00

2. Tangible assets

0.00

3. Real estate investments

0.00

4. Biological assets

0.00

5. Assets representing rights to use the underlying assets in a leasing contract

0.00

6. Financial assets

12,102,999,567.57

6.1. Financial assets at amortised cost

0.00

6.2. Financial assets at fair value through profit or loss, out of which:

12,102,999,567.57

6.2.1. Shares traded or listed on regulated markets in Romania*

162,004,659.25

6.2.2. Shares admitted or traded on a regulated market from a member state

0.00

6.2.3. Shares traded or listed on regulated markets from a non-EU Member State

0.00

6.2.4. Shares issued by Romanian companies not admitted to trading

11,940,994,908.32

6.2.5. Bonds admitted to trading issued or guaranteed by central government authorities

0.00

6.2.6. Municipal bonds

0.00

6.2.7. Corporative bonds

0.00

6.2.8. Treasury bills

0.00

6.2.9. Newly issued securities

0.00

6.2.10. Participation titles of UCITS and/or of OCIU/AIF

0.00

6.2.11. Equity titles

0.00

6.2.12. Derivates

0.00

6.2.13. Other financial assets

0.00

6.3. Financial assets at fair value through other comprehensive income

0.00

7. Cash (cash and cash equivalents)

81,061,489.25

8. Bank deposits

786,670,191.43

9. Other assets

176,448,594.13

9.1. Dividends and other receivable rights

175,778,044.03

9.2. Other assets

670,550.10

10. Prepaid expenses

444,087.95

11. Total Assets

13,147,623,930.33



 

12. Total liabilities

139,620,271.34

12.1. Financial liabilities at amortised cost

118,383,402.14

12.2. Deferred tax liability

0.00

12.3. Other debts

21,236,869.20

13. Provisions for risks and charges

0.00

14. Deferred income

0.00

15. Shareholders' equity, out of which:

13,008,003,658.99

15.1. Share capital

3,233,269,110.76

15.2. Elements similar to share capital

0.00

15.3. Other elements of shareholders' equity

0.00

15.4. Share capital premiums

0.00

15.5. Revaluation differences

-5,670.53

15.6. Reserves

1,555,650,832.29

15.7. Treasury shares

-1,805,762,490.10

15.8. Retained earnings

10,705,120,754.40

15.9. Period result

-680,268,877.83

16. Net Asset Value

13,008,003,658.99

17. Number of issued shares**

5,396,756,645

18. Net asset value per share

2.4103

19. Number of portfolio companies out of which:

31

19.1 Companies admitted to trading on an EU market

5

19.2 Companies admitted to trading on a non-EU market

0

19.3 Companies not admitted to trading

26

Legend:

* = Include also the value of holdings admitted to trading on AeRo market (alternative regulated market)

** = Represents the number of paid issued shares excluding treasury shares and repurchased own shares related to the global depositary receipts or certificates of interest of own shares, according with FSA Regulation no. 7/2020, as subsequently amended.

 Leverage of the fund

Method type

Leverage level

Exposure amount

a) Gross method

93.04%

12,103,006,622.38

b) Commitment method

100.00%

13,008,003,658.99

Franklin Templeton International Services S.à r.l., in its capacity of alternative investment fund manager of Fondul Proprietatea SA

 

 

 

 

Johan Meyer

Permanent representative

Marius Nechifor

Compliance Officer

 

BRD Groupe Societe Generale               

Victor Strâmbei

Manager Depositary Department

 

Annex - Valuation methods used for the securities and the monetary market instruments held by Fondul Proprietatea S.A. (30 June 2023)

Listed shares

 

Name

Symbol

Valuation method

1

Alcom SA

ALCQ

Value based on the valuation report as at 31 October 2022 (applying the income approach using the discounted cash flow method)

2

Alro Slatina SA

ALR

Closing Price

3

IOR SA

IORB

Reference price (Closing Price)

4

Mecon SA

MECP

Fair value (Last trading price)

5

Romaero SA

RORX

Reference price (Closing Price)

Unlisted shares

 

 

Name

Symbol

Valuation method

1

Aeroportul International Mihail Kogalniceanu - Constanta SA


Value based on the valuation report as at 31 October 2022 (applying the income approach using the discounted cash flow method)

2

Aeroportul International Timisoara - Traian Vuia SA


Value based on the valuation report as at 31 October 2022 (applying the income approach using the discounted cash flow method)

3

CN Administratia Canalelor Navigabile SA


Value based on the valuation report as at 31 October 2022 (applying the market comparison technique using comparable trading multiples for EBITDA)

4

CN Administratia Porturilor Dunarii Fluviale SA


Value based on the valuation report as at 31 October 2022 (applying the market comparison technique using comparable trading multiples for EBITDA)

5

CN Administratia Porturilor Dunarii Maritime SA


Value based on the valuation report as at 31 October 2022 (applying the market comparison technique using comparable trading multiples for EBITDA)

6

CN Administratia Porturilor Maritime SA


Value based on the valuation report as at 31 May 2023 (applying the income approach using the discounted cash flow method)

7

CN Aeroporturi Bucuresti SA


Value based on the valuation report as at 31 May 2023 (applying the income approach using the discounted cash flow method)

8

Complexul Energetic Oltenia SA


Value based on the valuation report as at 31 October 2022 (valued at zero mainly due to high net debt position)

9

E-Distributie Banat SA


Fair value / share (as per Aggregated Value agreed in the Sale and Purchase agreement)

10

E-Distributie Dobrogea SA


Fair value / share (as per Aggregated Value agreed in the Sale and Purchase agreement)

11

E-Distributie Muntenia SA


Fair value / share (as per Aggregated Value agreed in the Sale and Purchase agreement)

12

Enel Energie Muntenia SA


Fair value / share (as per Aggregated Value agreed in the Sale and Purchase agreement)

13

Enel Energie SA


Fair value / share (as per Aggregated Value agreed in the Sale and Purchase agreement)

 

14

Engie Romania SA


Value based on the valuation report as at 31 May 2023 (applying the market comparison technique using comparable trading multiples for EBITDA)

15

Hidroelectrica SA


Value based on the expected IPO proceeds

16

Plafar SA


Value based on the valuation report as at 31 October 2022 (applying the income approach using the discounted cash flow method)

17

Posta Romana SA


Value based on the valuation report as at 31 October 2022 (applying the market comparison technique using comparable trading multiples for Price/Earnings)

18

Societatea Nationala a Sarii SA


Value based on the valuation report as at 31 May 2023 (applying the income approach using the discounted cash flow method)

19

Societatea Electrocentrale Craiova SA


Priced at zero (lack of financial statements required for yearend valuation)

20

World Trade Hotel SA


Priced at zero (lack of annual financial statements for the last 9 financial years including the financial statements for the year-ended 31 December 2021; last available financial statements are those for the year-ended 31 December 2012)

21

Zirom SA


Value based on the valuation report as at 31 October 2022 (applying the income approach using the discounted cash flow method)

 

Shares of companies in insolvency/ judicial reorganization/liquidation/dissolution/ bankruptcy

 

Name

Symbol

Valuation method

1

Gerovital Cosmetics SA


Valued at zero (bankruptcy)

2

Romplumb SA


Valued at zero (bankruptcy)

3

Salubriserv SA


Valued at zero (bankruptcy)

4

Simtex SA


Valued at zero (judicial reorganisation)

5

World Trade Center Bucuresti SA


Valued at zero (insolvency)

Bank deposits

Name

Symbol

Valuation method

Bank deposits


Bank deposit amount cumulated with the accrued interest receivable calculated for the period elapsed from its starting date

 

Franklin Templeton International Services S.à r.l., in its capacity of alternative investment fund manager of

Fondul Proprietatea SA

 

Johan Meyer

Permanent Representative

Marius Nechifor

Compliance Officer

 


BRD Groupe Societe Generale


Victor Strâmbei

Manager Depositary Department



Annex - Changes in the valuation methods used for the computation of the NAV of Fondul Proprietatea as of 30 June 2023

 

Valuation of unlisted portfolio holdings

1.  For the computation of the NAV of Fondul Proprietatea SA as at 30 June 2023, the valuation method used for the valuation of the following unlisted holdings, remained the same, respectively Fair value / share (Value based on valuation report), but the valuation report was updated with the assistance of independent valuers. The total impact of the valuation update on the Fund's NAV resulted in a net increase of RON 218,400,000 and is detailed in the table below:

Company

Previous value per share

 

Previous value of the holding

Current value per share

 

Current value of the holding

Impact of the valuation update on NAV

 

Impact of the valuation change on NAV

 

(RON/share)

(RON)

(RON/share)

(RON)

(RON)

%

CN Aeroporturi Bucuresti SA

247.9617

713,000,000

287.9904

828,100,000

115,100,000

0.80%

Engie Romania SA

184.3394

440,700,000

205.0865

490,300,000

49,600,000

0.34%

CN Administratia Porturilor Maritime SA

43.7658

283,000,000

48.4362

313,200,000

30,200,000

0.21%

Societatea Nationala a Sarii SA

136.0705

273,700,000

147.7536

297,200,000

23,500,000

0.16%

TOTAL

 

1,710,400,000

 

1,928,800,000

218,400,000

1.52%

 

2.  For the computation of the NAV of Fondul Proprietatea SA as at 30 June 2023, the valuation method used for the valuation of the unlisted holding is Hidroelectrica SA, was changed from Fair value / share (Value based on valuation report) to Fair value / share (Value based on the expected IPO proceeds). The total impact of the valuation update on the Fund's NAV was a net decrease as per table below:

 

Company

Previous value per share

Previous value of the holding (RON)

Current value per share

Current value of the holding

Impact of the valuation update on NAV

Impact of the valuation change on NAV

(RON/share)

(RON)  

(RON/share)

(RON) 

(RON)

%

Hidroelectrica SA

121.4564

10,863,100,000

103.4600

9,281,212,040

-1,581,887,960

-11.00%

 

Franklin Templeton International Services S.à r.l., in its capacity of alternative investment fund manager of Fondul Proprietatea SA

 

Johan Meyer

Permanent representative

Marius Nechifor

Senior Compliance Officer

 

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