_____________________________________________________________________________________
Fund Administrator: | Franklin Templeton International Services S.à r.l. | |||||
Administrator Code: | PJM07.1AFIASMDLUX0037 | |||||
Fund: | Fondul Proprietatea SA | |||||
Fund Code: | PJR09FIAIR/400018 | |||||
Reporting date: | 30.09.2023 | |||||
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 | 3,014,506,600.36 | ||||
6.1. Financial assets at amortised cost | 0.00 | |||||
6.2. Financial assets at fair value through profit or loss, out of which: | 3,014,506,600.36 | |||||
6.2.1. Shares traded or listed on regulated markets in Romania* | 152,693,773.49 | |||||
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 | 2,659,786,915.90 | |||||
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 | 202,025,910.97 | |||||
6.3. Financial assets at fair value through other comprehensive income | 0.00 | |||||
7. | Cash (cash and cash equivalents) | 986,001,093.71 | ||||
8. | Bank deposits | 1,345,731,535.68 | ||||
9. | Other assets | 273,225.62 | ||||
9.1. Dividends and other receivable rights | 0.00 | |||||
9.2. Other assets | 273,225.62 | |||||
10. Prepaid expenses | 312,940.96 | |||||
11. Total Assets | 5,346,825,396.33 | |||||
[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 3,233,269,110.76 • Tel.: + 40 21 200 9600; Fax: +40 316
300 048; Email: office@fondulproprietatea.ro; Internet: www.fondulproprietatea.ro
_____________________________________________________________________________________
12. | Total liabilities | 1,974,040,269.22 | ||||
12.1. Financial liabilities at amortised cost | 1,249,362,008.86 | |||||
12.2. Deferred tax liability | 0.00 | |||||
12.3. Other debts | 724,678,260.36 | |||||
13. | Provisions for risks and charges | 0.00 | ||||
14. | Deferred income | 0.00 | ||||
15. | Shareholders' equity, out of which: | 3,372,785,127.11 | ||||
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 | -1,623.11 | |||||
15.6. Reserves | 1,555,650,832.29 | |||||
15.7. Treasury shares | -1,972,115,677.51 | |||||
15.8. Retained earnings | 1,524,868,026.84 | |||||
15.9. Period result | -968,885,542.16 | |||||
16. | Net Asset Value | 3,372,785,127.11 | ||||
17. | Number of issued shares** | 5,243,849,514 | ||||
18. | Net asset value per share | 0.6431 | ||||
19. | Number of portfolio companies out of which: | 30 | ||||
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 | 25 |
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 | 83.41% | 2,813,301,121.67 |
b) Commitment method | 100.00% | 3,372,785,127.11 |
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 3,233,269,110.76 • 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. (30 September 2023)
Listed shares
Name | Symbol | Valuation method | |
Value based on the valuation report as at 31 | |||
1 | Alcom SA | ALCQ | 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 | |||
Aeroportul International Mihail | Value based on the valuation report as at 31 October | ||||
1 | 2022 (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 | 2022 (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 | 2022 (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 | 2022 (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 | 2022 (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 May | ||||
6 | 2023 (applying the income approach using the | ||||
SA | |||||
discounted cash flow method) | |||||
Value based on the valuation report as at 31 May | |||||
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 October | |||||
8 | Complexul Energetic Oltenia SA | 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) | |||||
[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 3,233,269,110.76 • Tel.: + 40 21 200 9600; Fax: +40 316
300 048; Email: office@fondulproprietatea.ro; Internet: www.fondulproprietatea.ro
_____________________________________________________________________________________
Name | Symbol | Valuation method | |||||||||||
12 | Enel Energie Muntenia SA | Fair value / share (as per Aggregated Value agreed | |||||||||||
in the Sale and Purchase agreement) | |||||||||||||
Fair value / share (as per Aggregated Value agreed | |||||||||||||
13 | Enel Energie SA | in the Sale and Purchase agreement) | |||||||||||
Value based on the valuation report as at 31 May | |||||||||||||
14 | Engie Romania SA | 2023 (applying the market comparison technique | |||||||||||
using comparable trading multiples for EBITDA) | |||||||||||||
Value based on the valuation report as at 31 October | |||||||||||||
15 | Plafar SA | 2022 (applying the income approach using the | |||||||||||
discounted cash flow method) | |||||||||||||
Value based on the valuation report as at 31 October | |||||||||||||
16 | Posta Romana SA | 2022 (applying the market comparison technique | |||||||||||
using comparable trading multiples for | |||||||||||||
Price/Earnings) | |||||||||||||
Value based on the valuation report as at 31 May | |||||||||||||
17 | Societatea Nationala a Sarii SA | 2023 (applying the income approach using the | |||||||||||
discounted cash flow method) | |||||||||||||
18 | Societatea Electrocentrale Craiova SA | Priced at zero (lack of financial statements required | |||||||||||
for yearend valuation) | |||||||||||||
Priced at zero (lack of annual financial statements | |||||||||||||
for the last 9 financial years including the financial | |||||||||||||
19 | World Trade Hotel SA | statements for the year-ended 31 December 2021; | |||||||||||
last available financial statements are those for the | |||||||||||||
year-ended 31 December 2012) | |||||||||||||
Value based on the valuation report as at 31 October | |||||||||||||
20 | Zirom SA | 2022 (applying the income approach using the | |||||||||||
discounted cash flow method) | |||||||||||||
Shares of companies in insolvency/ judicial reorganization/liquidation/dissolution/ bankruptcy | |||||||||||||
Symbo | |||||||||||||
Name | l | 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) | |||||||||||
Government bonds | |||||||||||||
Name | Symbol | Valuation method | |||||||||||
Government bonds | Fair value (reference composite price, | ||||||||||||
including the cumulated interest) | |||||||||||||
[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 3,233,269,110.76 • Tel.: + 40 21 200 9600; Fax: +40 316
300 048; Email: office@fondulproprietatea.ro; Internet: www.fondulproprietatea.ro
_____________________________________________________________________________________
Bank deposits Name
Bank deposits
Symbol Valuation method
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 | Marius Nechifor |
Permanent Representative | 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 September 2023
There was no change of the valuation methods used for the computation of the NAV as at 30 September 2023 for Fondul Proprietatea S.A, as compared to 31 August 2023, respectively from the last reporting of the net asset value of Fondul Proprietatea.
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 3,233,269,110.76 • 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 13 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 October 2023 05:49:28 UTC.