NAV as of 30 November 2023

Fondul Proprietatea S.A.
15 December 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: 

30.11.2023


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

2,101,433,063.82

6.1. Financial assets at amortised cost

0.00

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

2,101,433,063.82

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

149,329,571.17

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

1,952,103,492.65

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)

563,752,543.93

8. Bank deposits

948,193,515.55

9. Other assets

318,345,378.04

9.1. Dividends and other receivable rights

0.00

9.2. Other assets

318,345,378.04

10. Prepaid expenses

235,166.13

11. Total Assets

3,931,959,667.47



 

12. Total liabilities

617,294,031.12

12.1. Financial liabilities at amortised cost

566,476,910.98

12.2. Deferred tax liability

0.00

12.3. Other debts

50,817,120.14

13. Provisions for risks and charges

0.00

14. Deferred income

0.00

15. Shareholders' equity, out of which:

3,314,665,636.35

15.1. Share capital

2,947,779,186.56

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

-1,246.36

15.6. Reserves

646,805,768.60

15.7. Treasury shares

-785,109,068.45

15.8. Retained earnings

1,524,868,026.84

15.9. Period result

-1,019,677,030.84

16. Net Asset Value

3,314,665,636.35

17. Number of issued shares**

5,226,427,239

18. Net asset value per share

0.6342

19. Number of portfolio companies out of which:

25

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

20

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

63.42%

2,102,112,326.61

b) Commitment method

100.00%

3,314,665,636.35

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 November 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

Engie Romania SA


Fair value/ share (Binding offer received)

10

Plafar SA

 

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

11

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)

12

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)

13

Societatea Electrocentrale Craiova SA


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

14

World Trade Hotel SA


Priced at zero (lack of annual financial statements for the last 10 financial years including the financial statements for the year-ended 31 December 2022; last available financial statements are those for the year-ended 31 December 2012)

15

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 November 2023

 

Engie Romania SA

Following the receipt of a binding offer from GDF International SA, the majority shareholder of Engie Romania SA, the Sole Director of Fondul Proprietatea updated the valuation of this holding.

 

For the computation of the NAV of Fondul Proprietatea SA as of 30 November 2023, the valuation method used for the valuation of the holding mentioned above has been updated from Fair value / share (Value based on valuation report as at 31 May 2023) to Fair value/ share (Binding offer received) as detailed in the table below.

 

Until the completion of the terms of the sale contract, the amount of 87 million euros from the binding offer was converted to RON using the National Bank of Romania  exchange rate valid on 30 November 2023.

 

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)

%

Engie Romania SA

205.0865

490,299,885.38

180.9581

432,616,167.75

-57,683,717.63

-1.71%

 

 

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

Johan Meyer

Marius Nechifor

Permanent representative

Senior Compliance Officer

 

 

 

 

 

 

 

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