REG - Fondul Proprietatea - NAV as of 28 February 2025

Fondul Proprietatea SAAnnouncement

14/03/2025 16:15

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250314:nRSN8026Aa&default-theme=true

RNS Number : 8026A  Fondul Proprietatea S.A.  14 March 2025

 Fund Administrator:  Franklin Templeton International Services S.à r.l.
 Administrator Code:  PJM07.1AFIASMDLUX0037
 Fund:                Fondul Proprietatea SA
 Fund Code:           PJR09FIAIR/400018
 Reporting date:      28.02.2025

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                                                             1,977,440,040.30
 6.1. Financial assets at amortised cost                                         0.00
 6.2. Financial assets at fair value through profit or loss, out of which:       1,977,440,040.30
 6.2.1. Shares traded or listed on regulated markets in Romania*                 131,964,909.82
 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              1,770,823,450.80
 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                                                           74,651,679.68
 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)                                             272,860,964.28
 8. Bank deposits                                                                        192,817,018.05
 9. Other assets                                                                 712,167.51
 9.1. Dividends and other receivable rights                                      0.00
 9.2. Other assets                                                               712,167.51
 10. Prepaid expenses                                                            0.00
 11. Total Assets                                                                2,443,830,190.14

 

 12. Total liabilities                                  278,449,100.92
 12.1. Financial liabilities at amortised cost          277,624,355.55
 12.2. Deferred tax liability                           0.00
 12.3. Other debts                                      824,745.37
 13. Provisions for risks and charges                   0.00
 14. Deferred income                                    0.00
 15. Shareholders' equity, out of which:                2,165,381,089.22
 15.1. Share capital                                    1,849,342,164.28
 15.2. Elements similar to share capital                0.00
 15.3. Other elements of shareholders' equity                                         -
 15.4. Share capital premiums                           0.00
 15.5. Revaluation differences                          0.01
 15.6. Reserves                                               (404,887,824.95)
 15.7. Treasury shares                                  (233,597,178.99)
 15.8. Retained earnings                                947,356,130.46
 15.9. Period result                                    7,167,798.41
 16. Net Asset Value                                    2,165,381,089.22
 17. Number of issued shares**                          3,172,254,854
 18. Net asset value per share                          0.6825
 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       87.88%          1,902,950,300.46
 b) Commitment method  100.00%         2,165,381,089.22

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

 Johan Meyer

 Permanent representative

 

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. (28 February 2025)

Listed shares

     Name             Symbol  Valuation method
 1   Alcom SA         ALCQ    Value based on the valuation report as at 31 October 2024 (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    Value based on the valuation report as at 30 June 2024 (applying the
                              asset-based approach)

Unlisted shares

                                                                  Symbol  Valuation method

     Name
 1   Aeroportul International Mihail Kogalniceanu - Constanta SA          Value based on the valuation report as at 31 October 2024 (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 2024 (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 2024 (applying the income
                                                                          approach using the discounted cash flow method) - updated for significant
                                                                          subsequent events up to 31 December 2024
 4   CN Administratia Porturilor Dunarii Fluviale SA                      Value based on the valuation report as at 31 October 2024 (applying the income
                                                                          approach using the discounted cash flow method) - updated for significant
                                                                          subsequent events up to 31 December 2024
 5   CN Administratia Porturilor Dunarii Maritime SA                      Value based on the valuation report as at 31 October 2024 (applying the income
                                                                          approach using the discounted cash flow method) - updated for significant
                                                                          subsequent events up to 31 December 2024
 6   CN Administratia Porturilor Maritime SA                              Value based on the valuation report as at 31 October 2024 (applying the income
                                                                          approach using the discounted cash flow method) - updated for significant
                                                                          subsequent events up to 31 December 2024
 7   CN Aeroporturi Bucuresti SA                                          Value based on the valuation report as at 31 October 2024 (applying the income
                                                                          approach using the discounted cash flow method)
 8   Complexul Energetic Oltenia SA                                       Value based on the valuation report as at 31 December 2024 (applying the
                                                                          income approach using the discounted cash flow method)
 9   Plafar SA                                                            Value based on the valuation report as at 31 October 2024 (applying the income
                                                                          approach using the discounted cash flow method)
 10  Posta Romana SA                                                      Value based on the valuation report as at 31 October 2024 (applying the market
                                                                          comparison technique using comparable trading multiples for Price/Earnings)
 11  Societatea Nationala a Sarii SA                                      Value based on the valuation report as at 31 December 2024 (applying the
                                                                          income approach using the discounted cash flow method)
 12  Societatea Electrocentrale Craiova SA                                Valued at zero based on the 31 October 2024 analysis prepared with the
                                                                          assistance of the external independent valuer
 13  World Trade Hotel SA                                                 Priced at zero (lack of annual financial statements; last available financial
                                                                          statements are those for the year-ended 31 December 2012)
 14  Zirom SA                                                             Value based on the valuation report as at 31 October 2024 (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 (bankruptcy)
 5   World Trade Center Bucuresti SA          Valued at zero (insolvency)
 6   Romaero SA                       RORX    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

Treasury bills

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

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

Fondul Proprietatea SA

 Johan Meyer

 Permanent Representative
 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 28 February 2025

 

For 6 unlisted companies the valuation method remained the same at 28 February
2025 compared to 31 January 2025, respectively Fair value / share (Value based
on valuation report), and new valuations were prepared with the assistance of
independent valuers as described in the table below. The updated valuation was
performed taking into account all significant events that occurred after 31
October 2024 (valuation date of the previous reports which were used for the
31 December 2024 NAV) including legislative changes and modifications of
company performance.

 

 Company                                          Type      Previous value per share (RON/share)  Previous value of the holding (RON)  Current value per share (RON/share)  Current value of the holding (RON)  Impact of the valuation update on NAV (RON)  Impact of the valuation change on NAV %
 Societatea Nationala a Sarii SA                  Unlisted  162.4694                              326,800,049                          147.8930                             297,480,262                         (29,319,787)                                 -1.30%
 CN Administratia Porturilor Dunarii Fluviale SA  Unlisted  177.8828                              4,901,383                            165.6381                             4,563,992                           (337,390)                                    -0.01%
 CN Administratia Porturilor Dunarii Maritime SA  Unlisted  163.5906                              3,474,174                            136.4868                             2,898,570                           (575,603)                                    -0.03%
 CN Administratia Canalelor Navigabile SA         Unlisted  69.8006                               14,180,690                           37.4245                              7,603,161                           (6,577,528)                                  -0.29%
 Complexul Energetic Oltenia SA                   Unlisted  8.1078                                43,087,111                           1.1239                               5,972,718                           (37,114,393)                                 -1.65%
 CN Administratia Porturilor Maritime SA          Unlisted  57.4833                               371,700,009                          55.3182                              357,699,983                         (14,000,026)                                 -0.62%

 

The total impact of the new valuation update for the unlisted holdings on the
Fund's NAV is a net decrease of RON 87,924,729 (-3.91%).

 

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

 Johan Meyer
 Permanent representative

 

 

 

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 (mailto:rns@lseg.com)
 or visit
www.rns.com (http://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 (https://www.lseg.com/privacy-and-cookie-policy)
.   END  NAVQZLFFEXLBBBZ