REG - Fondul Proprietatea - 31 August 2023 NAV report

Fondul Proprietatea SAAnnouncement

15/09/2023 07:00

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RNS Number : 5835M  Fondul Proprietatea S.A.  15 September 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:      31.08.2023

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         0.00
 contract
 6. Financial assets                                                             11,170,531,149.89
 6.1. Financial assets at amortised cost                                         0.00
 6.2. Financial assets at fair value through profit or loss, out of which:       11,170,531,149.89
 6.2.1. Shares traded or listed on regulated markets in Romania*                 153,634,952.37
 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                                                           8,066,699,407.87
 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                                                  290,409,873.75
 6.3. Financial assets at fair value through other comprehensive income          0.00
 7. Cash (cash and cash equivalents)                                             69,359,885.23
 8. Bank deposits                                                                1,490,123,034.71
 9. Other assets                                                                 81,334,740.05
 9.1. Dividends and other receivable rights                                      79,945,761.65
 9.2. Other assets                                                               1,388,978.40
 10. Prepaid expenses                                                            367,656.96
 11. Total Assets                                                                12,811,716,466.84

 

 12. Total liabilities                                  9,439,848,752.33
 12.1. Financial liabilities at amortised cost          9,438,627,821.82
 12.2. Deferred tax liability                           0.00
 12.3. Other debts                                      1,220,930.51
 13. Provisions for risks and charges                   0.00
 14. Deferred income                                    0.00
 15. Shareholders' equity, out of which:                3,371,867,714.51
 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                          -1,623.10
 15.6. Reserves                                         1,555,650,832.29
 15.7. Treasury shares                                  -1,924,461,863.87
 15.8. Retained earnings                                1,514,386,532.02
 15.9. Period result                                    -1,006,975,273.59
 16. Net Asset Value                                    3,371,867,714.51
 17. Number of issued shares**                          5,335,694,759
 18. Net asset value per share                          0.6319
 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       83.44%          2,813,430,559.05
 b) Commitment method  100.00%         3,371,867,714.51

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 - Valuation methods used for the securities and the monetary market
instruments held by Fondul Proprietatea S.A. (31 August 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

                                                                  Symbol  Valuation method

     Name
 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  Plafar SA                                                            Value based on the valuation report as at 31 October 2022 (applying the income
                                                                          approach using the discounted cash flow method)
 16  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)
 17  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)
 18  Societatea Electrocentrale Craiova SA                                Priced at zero (lack of financial statements required for yearend valuation)
 19  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)
 20  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)

Government bonds

 Name                     Symbol  Valuation method
 Listed government bonds          Fair value (reference composite price, including the cumulated interest)

 

 

 

Treasury bills

 Name                          Symbol  Valuation method
 Treasury bills with discount          Acquisition price cumulated with the accrued interest receivable calculated
                                       for the period elapsed from the date of acquisition

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                    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 31 August 2023

 

There was no change of the valuation methods used for the computation of the
NAV as at 31 August 2023 for Fondul Proprietatea S.A, as compared to 31 July
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  Compliance Officer

 

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