REG - Fondul Proprietatea - NAV as of 31 December 2024

Fondul Proprietatea SAAnnouncement

15/01/2025 16:15

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RNS Number : 4817T  Fondul Proprietatea S.A.  15 January 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:      31.12.2024

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         0.00
 contract
 6. Financial assets                                                             1,981,660,189.98
 6.1. Financial assets at amortised cost                                         0.00
 6.2. Financial assets at fair value through profit or loss, out of which:       1,981,660,189.98
 6.2.1. Shares traded or listed on regulated markets in Romania*                 122,912,010.57
 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              1,858,748,179.41
 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)                                             284,669,374.48
 8. Bank deposits                                                                        273,747,720.77
 9. Other assets                                                                 821,056.93
 9.1. Dividends and other receivable rights                                      0.00
 9.2. Other assets                                                               821,056.93
 10. Prepaid expenses                                                            179,801.10
 11. Total Assets                                                                2,541,078,143.26

 

 12. Total liabilities                                  291,036,694.76
 12.1. Financial liabilities at amortised cost          289,232,319.29
 12.2. Deferred tax liability                           0.00
 12.3. Other debts                                      1,804,375.47
 13. Provisions for risks and charges                   0.00
 14. Deferred income                                    0.00
 15. Shareholders' equity, out of which:                2,250,041,448.50
 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                          0.00
 15.6. Reserves                                               (404,887,824.95)
 15.7. Treasury shares                                  (223,287,982.38)
 15.8. Retained earnings                                689,417,797.42
 15.9. Period result                                    339,457,294.13
 16. Net Asset Value                                    2,250,041,448.50
 17. Number of issued shares**                          3,200,784,516
 18. Net asset value per share                          0.7029
 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       88.08%          1,981,841,798.53
 b) Commitment method  100.00%         2,250,041,448.50

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. (31 December 2024)

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)
 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)
 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)
 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)
 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 October 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 October 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

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 31 December 2024

 

The total impact of the annual valuation update for the unlisted holdings and
listed but illiquid holdings on the Fund's NAV is a net increase of RON
134,306,380 (6.34%) and additional details are included below.

Valuation reports updates - no changes to the primary method

For 9 unlisted companies and also Alcom SA and Mecon SA (listed but illiquid)
the valuation method remained the same at 31 December 2024, respectively Fair
value / share (Value based on valuation report), and the valuation reports
were updated with the assistance of independent valuers as described in the
table below:

 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 %
 CN Aeroporturi Bucuresti SA                                  Unlisted             321.5156                              924,499,781                          359.5619                             1,033,899,748                       109,399,967                                  5.16%
 CN Administratia Porturilor Maritime SA                      Unlisted             54.0346                               349,399,935                          57.4833                              371,700,009                         22,300,074                                   1.05%
 Societatea Nationala a Sarii SA                              Unlisted             158.7407                              319,299,933                          162.4694                             326,800,049                         7,500,116                                    0.35%
 Complexul Energetic Oltenia SA                               Unlisted             10.0794                               53,564,744                           8.1078                               43,087,111                          (10,477,632)                                 -0.49%
 Zirom SA                                                     Unlisted             4.7641                                28,584,600                           4.2584                               25,550,400                          (3,034,200)                                  -0.14%
 Posta Romana SA                                              Unlisted             1.1699                                17,398,691                           1.5013                               22,327,254                          4,928,563                                    0.23%
 Aeroportul International Timisoara - Traian Vuia SA          Unlisted             187.4062                              5,999,997                            231.1344                             7,399,999                           1,400,002                                    0.07%
 Plafar SA                                                    Unlisted             14.9709                               1,987,896                            23.6125                              3,135,362                           1,147,466                                    0.05%
 Aeroportul International Mihail Kogalniceanu - Constanta SA  Unlisted             88.553                                2,050,799                            98.968                               2,292,000                           241,201                                      0.01%
 ALCOM SA TIMISOARA                                           Listed but illiquid  112.8514                              10,071,875                           114.4357                             10,213,272                          141,397                                      0.01%
 MECON SA                                                     Listed but illiquid  39.7891                               2,389,495                            39.858                               2,393,632                           4,138                                        0.00%
 Total                                                                                                                   1,715,247,746                                                             1,848,798,837                       133,551,092                                  6.30%

 

 

 

 

Valuation reports updates - changes to the primary
method

For CN Administratia Canalelor Navigabile SA, CN Administratia Porturilor
Dunarii Fluviale SA and CN Administratia Porturilor Dunarii Maritime SA
(unlisted companies), the valuation method was changed from Fair value / share
(Value based on valuation report) - Market comparison technique using
comparable trading multiples for EBITDA to Fair value / share (Value based on
valuation report) - Income approach using the discounted cash flow method in
the updated valuation reports prepared with the assistance of the independent
valuers.

 Company                                          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 %
 CN Administratia Canalelor Navigabile SA         76.6062                               15,563,316                           69.8006                              14,180,690                          (1,382,626)                                  -0.07%
 CN Administratia Porturilor Dunarii Fluviale SA  111.2944                              3,066,606                            177.8828                             4,901,383                           1,834,777                                    0.09%
 CN Administratia Porturilor Dunarii Maritime SA  149.3166                              3,171,037                            163.5906                             3,474,174                           303,137                                      0.01%
 Total                                                                                  21,800,958                                                                22,556,246                          755,288                                      0.04%

Valuation of Romaero SA

As the company filled for insolvency, the Fund decided to not prepare a new
valuation report and valued the holding at zero.

Valuation of Societatea Electrocentrale Craiova SA

With the assistance of the independent valuers, an analysis was prepared which
conclude that the financial performance of the company has further
deteriorated throughout the financial year ended 31 December 2024 (Previous
report prepared at 31 December 2023 valued the company at nil). As such, the
Fund did not consider that a new valuation report for the company would be
required and decided to keep the value of the company at 0, the valuation
method has changing from Fair value / share (Value based on valuation report)
to Fair value / share (Value based on other valuation techniques).

 

 

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

 Johan Meyer
 Permanent representative

 

 

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