31 May 2023 NAV report

Fondul Proprietatea S.A.
15 June 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: 

31.05.2023


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

13,468,932,716.80

6.1. Financial assets at amortised cost

0.00

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

13,468,932,716.80

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

164,450,926.92

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

13,304,481,789.88

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)

317,293,891.86

8. Bank deposits

28,974,825.71

9. Other assets

961,506,594.22

9.1. Dividends and other receivable rights

960,846,468.30

9.2. Other assets

660,125.92

10. Prepaid expenses

546,976.09

11. Total Assets

14,777,255,004.68



 

12. Total liabilities

391,280,447.19

12.1. Financial liabilities at amortised cost

390,090,314.47

12.2. Deferred tax liability

0.00

12.3. Other debts

1,190,132.72

13. Provisions for risks and charges

0.00

14. Deferred income

0.00

15. Shareholders' equity, out of which:

14,385,974,557.49

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

-6,749.13

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

697,703,099.27

16. Net Asset Value

14,385,974,557.49

17. Number of issued shares**

5,396,756,645

18. Net asset value per share

2.6656

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

93.63%

13,468,938,609.18

b) Commitment method

100.00%

14,385,974,557.49

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. (31 May 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 October 2022 (applying the income approach using the discounted cash flow method)

7

CN Aeroporturi Bucuresti SA


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

15

Hidroelectrica SA


Value based on the updated analysis on the valuation report using Discounted Cash Flow method as primary valuation method updated with the financial information as at 31 March 2023, with the dividend approved by the company's shareholders in 28 April GSM, with the updated Company's Business plan and with the audited financial statements as at 31 December 2022.

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 October 2022 (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 31 May 2023

 

 

Mecon SA

For this holding, the valuation method has been changed from Reference price - Closing price (respectively RON 16.5/share) to Fair value (Last available trading price) (respectively RON 16.5/share) because the shares of this company were not traded during the last 30 trading days and the valuation based on the last available trading price is considered to reflect better the fair value of this holding than its shareholders' equity per share based on the financial statements as at 31 December 2022 (respectively RON 48,5434 / share). This change of valuation method did not have any impact on the Fund's NAV.

 

 

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

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
UK 100