_____________________________________________________________________________________
Fund Administrator: | Franklin Templeton International Services S.à r.l. | |||||
Administrator Code: | PJM07.1AFIASMDLUX0037 | |||||
Fund: | Fondul Proprietatea SA | |||||
Fund Code: | PJR09FIAIR/400018 | |||||
Reporting date: | 29.02.2024 | |||||
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 | 1,775,380,126.98 | ||||
6.1. Financial assets at amortised cost | 0.00 | |||||
6.2. Financial assets at fair value through profit or loss, out of which: | 1,775,380,126.98 | |||||
6.2.1. Shares traded or listed on regulated markets in Romania* | 116,316,986.87 | |||||
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 | 1,659,063,140.11 | |||||
6.2.5. Bonds admitted to trading issued or guaranteed by central government | 0.00 | |||||
authorities | ||||||
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) | 510,831,460.59 | ||||
8. | Bank deposits | 560,987,034.89 | ||||
9. | Other assets | 1,442,522.93 | ||||
9.1. Dividends and other receivable rights | 0.00 | |||||
9.2. Other assets | 1,442,522.93 | |||||
10. Prepaid expenses | 0.00 | |||||
11. Total Assets | 2,848,641,145.39 | |||||
[English translation of the original report in Romanian - for information purposes only]
__________________________________________________________________________________________________________________________________________________________
FONDUL PROPRIETATEA S.A., an alternative investment fund • Headquarters at: 76-80 Buzesti Street, 7th floor, Bucharest 1st district, postal code 011017, Romania • Fiscal
Identification Code (CIF): 18253260, registered with the Trade Registry under no: J40/21901/2005 • Subscribed and paid-up share capital RON 2,947,779,186.56 • Tel.: + 40 21
200 9600; Fax: +40 316 300 048; Email:office@fondulproprietatea.ro; Internet:www.fondulproprietatea.ro
_____________________________________________________________________________________
12. | Total liabilities | 514,024,103.87 | ||||
12.1. Financial liabilities at amortised cost | 513,773,705.28 | |||||
12.2. Deferred tax liability | 0.00 | |||||
12.3. Other debts | 250,398.59 | |||||
13. | Provisions for risks and charges | 0.00 | ||||
14. | Deferred income | 0.00 | ||||
15. | Shareholders' equity, out of which: | 2,334,617,041.52 | ||||
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 | 0.02 | |||||
15.6. Reserves | 646,805,768.60 | |||||
15.7. Treasury shares | -1,873,193,280.09 | |||||
15.8. Retained earnings | 620,787,616.77 | |||||
15.9. Period result | -7,562,250.34 | |||||
16. | Net Asset Value | 2,334,617,041.52 | ||||
17. | Number of issued shares** | 3,556,427,239 | ||||
18. | Net asset value per share | 0.6564 | ||||
19. | Number of portfolio companies out of which: | 24 | ||||
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 | 19 |
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 | 76.05% | 1,775,392,613.07 |
b) Commitment method | 100.00% | 2,334,617,041.52 |
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 | Compliance Officer |
BRD Groupe Societe Generale | |
Victor Strâmbei | |
Manager Depositary Department |
[English translation of the original report in Romanian - for information purposes only]
__________________________________________________________________________________________________________________________________________________________
FONDUL PROPRIETATEA S.A., an alternative investment fund • Headquarters at: 76-80 Buzesti Street, 7th floor, Bucharest 1st district, postal code 011017, Romania • Fiscal
Identification Code (CIF): 18253260, registered with the Trade Registry under no: J40/21901/2005 • Subscribed and paid-up share capital RON 2,947,779,186.56 • Tel.: + 40 21
200 9600; Fax: +40 316 300 048; Email:office@fondulproprietatea.ro; Internet:www.fondulproprietatea.ro
_____________________________________________________________________________________
Annex - Valuation methods used for the securities and the monetary market instruments held by Fondul Proprietatea S.A. (29 February 2024)
Listed shares
Name | Symbol | Valuation method | |
Value based on the valuation report as at 31 | |||
1 | Alcom SA | ALCQ | October 2023 (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) |
Value based on the valuation report as at 30 | |||
June 2023 (applying the asset-based | |||
4 | Mecon SA | MECP | approach) |
Value based on the valuation report as at 30 | |||
June 2023 (applying the income approach | |||
5 | Romaero SA | RORX | using the discounted cash flow method) |
Unlisted shares
Name | Symbol | Valuation method | ||||
Aeroportul International Mihail | Value based on the valuation report as at 31 October | |||||
1 | 2023 (applying the income approach using the | |||||
Kogalniceanu - Constanta SA | ||||||
discounted cash flow method) | ||||||
Aeroportul International Timisoara - | Value based on the valuation report as at 31 October | |||||
2 | 2023 (applying the income approach using the | |||||
Traian Vuia SA | ||||||
discounted cash flow method) | ||||||
CN Administratia Canalelor Navigabile | Value based on the valuation report as at 31 October | |||||
3 | 2023 (applying the market comparison technique | |||||
SA | ||||||
using comparable trading multiples for EBITDA) | ||||||
CN Administratia Porturilor Dunarii | Value based on the valuation report as at 31 October | |||||
4 | 2023 (applying the market comparison technique | |||||
Fluviale SA | ||||||
using comparable trading multiples for EBITDA) | ||||||
CN Administratia Porturilor Dunarii | Value based on the valuation report as at 31 October | |||||
5 | 2023 (applying the market comparison technique | |||||
Maritime SA | ||||||
using comparable trading multiples for EBITDA) | ||||||
CN Administratia Porturilor Maritime | Value based on the valuation report as at 31 October | |||||
6 | 2023 (applying the income approach using the | |||||
SA | ||||||
discounted cash flow method) | ||||||
Value based on the valuation report as at 31 October | ||||||
7 | CN Aeroporturi Bucuresti SA | 2023 (applying the income approach using the | ||||
discounted cash flow method) | ||||||
Value based on the valuation report as at 31 | ||||||
8 | Complexul Energetic Oltenia SA | December 2023 (applying the income approach | ||||
using the discounted cash flow method) | ||||||
Value based on the valuation report as at 31 October | ||||||
9 | Plafar SA | 2023 (applying the income approach using the | ||||
discounted cash flow method) |
[English translation of the original report in Romanian - for information purposes only]
__________________________________________________________________________________________________________________________________________________________
FONDUL PROPRIETATEA S.A., an alternative investment fund • Headquarters at: 76-80 Buzesti Street, 7th floor, Bucharest 1st district, postal code 011017, Romania • Fiscal
Identification Code (CIF): 18253260, registered with the Trade Registry under no: J40/21901/2005 • Subscribed and paid-up share capital RON 2,947,779,186.56 • Tel.: + 40 21
200 9600; Fax: +40 316 300 048; Email:office@fondulproprietatea.ro; Internet:www.fondulproprietatea.ro
_____________________________________________________________________________________
Name | Symbol | Valuation method | ||||
Value based on the valuation report as at 31 October | ||||||
10 | Posta Romana SA | 2023 (applying the market comparison technique | ||||
using comparable trading multiples for | ||||||
Price/Earnings) | ||||||
Value based on the valuation report as at 31 October | ||||||
11 | Societatea Nationala a Sarii SA | 2023 (applying the income approach using the | ||||
discounted cash flow method) | ||||||
Value based on the valuation report as at 31 October | ||||||
12 | Societatea Electrocentrale Craiova SA | 2023 (applying the market comparison technique | ||||
using comparable trading multiples for | ||||||
EV/Revenue) | ||||||
Priced at zero (lack of annual financial statements | ||||||
for the last 10 financial years including the financial | ||||||
13 | World Trade Hotel SA | statements for the year-ended 31 December 2022; | ||||
last available financial statements are those for the | ||||||
year-ended 31 December 2012) | ||||||
Value based on the valuation report as at 31 October | ||||||
14 | Zirom SA | 2023 (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 deposit amount cumulated with the | |||||
Bank deposits | 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 | Marius Nechifor |
Permanent Representative | Compliance Officer |
BRD Groupe Societe Generale
Victor Strâmbei
Manager Depositary Department
[English translation of the original report in Romanian - for information purposes only]
__________________________________________________________________________________________________________________________________________________________
FONDUL PROPRIETATEA S.A., an alternative investment fund • Headquarters at: 76-80 Buzesti Street, 7th floor, Bucharest 1st district, postal code 011017, Romania • Fiscal
Identification Code (CIF): 18253260, registered with the Trade Registry under no: J40/21901/2005 • Subscribed and paid-up share capital RON 2,947,779,186.56 • Tel.: + 40 21
200 9600; Fax: +40 316 300 048; Email:office@fondulproprietatea.ro; Internet:www.fondulproprietatea.ro
_____________________________________________________________________________________
Annex - Changes in the valuation methods used for the computation of the NAV of Fondul Proprietatea as of 29 February 2024
For the computation of the NAV of Fondul Proprietatea SA as at 29 February 2024, the valuation method used for the valuation of holding presented below remained the same, respectively Fair value / share (Value based on valuation report), but the valuation report was updated with the assistance of an independent valuer.
The total impact of the valuation update on the Fund's NAV resulted in a net decrease of RON 7,959,195.66 as detailed in the table below:
Previous | ||||||
value per | Previous value | Current value | Impact of the | |||
share | of the holding | per share | Current value of | valuation update on | Impact of the valuation | |
Company | (RON/share) | (RON) | (RON/share) | the holding (RON) | NAV (RON) | change on NAV (%) |
Complexul Energetic Oltenia SA | 12.1935 | 64,799,660.99 | 10.6958 | 56,840,465.33 | (7,959,195.66) | -0.34% |
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 |
[English translation of the original report in Romanian - for information purposes only]
__________________________________________________________________________________________________________________________________________________________
FONDUL PROPRIETATEA S.A., an alternative investment fund • Headquarters at: 76-80 Buzesti Street, 7th floor, Bucharest 1st district, postal code 011017, Romania • Fiscal
Identification Code (CIF): 18253260, registered with the Trade Registry under no: J40/21901/2005 • Subscribed and paid-up share capital RON 2,947,779,186.56 • Tel.: + 40 21
200 9600; Fax: +40 316 300 048; Email:office@fondulproprietatea.ro; Internet:www.fondulproprietatea.ro
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Fondul Proprietatea SA published this content on 14 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 March 2024 16:12:07 UTC.