REG - Fondul Proprietatea - NAV as of 30 September 2022

OMV Petrom SAAnnouncement

14/10/2022 19:59

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RNS Number : 9960C  Fondul Proprietatea S.A.  14 October 2022

 Fund Administrator:  Franklin Templeton International Services S.à r.l.
 Administrator Code:  PJM07.1AFIASMDLUX0037
 Fund:                Fondul Proprietatea SA
 Fund Code:           PJR09FIAIR/400018
 Reporting date:      30.09.2022

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                                                             15,180,037,601.66
 6.1. Financial assets at amortised cost                                         0.00
 6.2. Financial assets at fair value through profit or loss, out of which:       15,180,037,601.66
 6.2.1. Shares traded or listed on regulated markets in Romania*                 834,218,548.50
 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              14,290,399,216.69
 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                                                  55,419,836.47
 6.3. Financial assets at fair value through other comprehensive income          0.00
 7. Cash (cash and cash equivalents)                                             78,897,362.08
 8. Bank deposits                                                                279,464,917.52
 9. Other assets                                                                 712,385.06
 9.1. Dividends and other receivable rights                                      0.00
 9.2. Other assets                                                               712,385.06
 10. Prepaid expenses                                                            343,304.61
 11. Total Assets                                                                15,539,455,570.93

 

 12. Total liabilities                                  106,127,529.37
 12.1. Financial liabilities at amortised cost          104,547,839.34
 12.2. Deferred tax liability                           0.00
 12.3. Other debts                                      1,579,690.03
 13. Provisions for risks and charges                   0.00
 14. Deferred income                                    0.00
 15. Shareholders' equity, out of which:                15,433,328,041.56
 15.1. Share capital                                    3,334,342,422.84
 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                          -7,403.32
 15.6. Reserves                                         897,568,458.79
 15.7. Treasury shares                                  -1,402,872,213.10
 15.8. Retained earnings                                9,094,140,117.70
 15.9. Period result                                    3,510,156,658.65
 16. Net Asset Value                                    15,433,328,041.56
 17. Number of issued shares**                          5,729,642,231
 18. Net asset value per share                          2.6935
 19. Number of portfolio companies out of which:        33
 19.1 Companies admitted to trading on an EU market     6
 19.2 Companies admitted to trading on a non-EU market  0
 19.3 Companies not admitted to trading                 27

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       98.36%          15,180,046,315.63
 b) Commitment method  100.00%         15,433,328,041.56

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. (30 September 2022)

Listed shares

     Name             Symbol  Valuation method
 1   Alcom SA         ALCQ    Value based on the valuation report as at 31 October 2021 (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   OMV Petrom SA    SNP     Closing Price
 6   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 2021 (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 2021 (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 2021 (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 2021 (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 2021 (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 2022 (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 2022 (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 2021 (valued at zero due
                                                                          to negative EBIT and high net debt)
 9   E-Distributie Banat SA                                               Value based on the valuation report as at 31 May 2022 updated using the
                                                                          multiples values as at 30 Sept 2022 derived from the analysis of publicly
                                                                          traded peers companies)
 10  E-Distributie Dobrogea SA                                            Value based on the valuation report as at 31 May 2022 updated using the
                                                                          multiples values as at 30 Sept 2022 derived from the analysis of publicly
                                                                          traded peers companies)
 11  E-Distributie Muntenia SA                                            Value based on the valuation report as at 31 May 2022 updated using the
                                                                          multiples values as at 30 Sept 2022 derived from the analysis of publicly
                                                                          traded peers companies)
 12  Enel Energie Muntenia SA                                             Value based on the valuation report as at 31 October 2021 (applying the market
                                                                          comparison technique using comparable trading multiples for EBITDA)
 13  Enel Energie SA                                                      Value based on the valuation report as at 31 October 2021 (applying the market
                                                                          comparison technique using comparable trading multiples for EBITDA)
 14  Engie Romania SA                                                     Value based on the valuation report as at 31 May 2022 updated using the
                                                                          multiples values as at 30 Sept 2022 derived from the analysis of publicly
                                                                          traded peers companies)
 15  Hidroelectrica SA                                                    Value based on the valuation report as at 31 July 2022 (applying the market
                                                                          comparison technique using comparable trading multiples for EBITDA)
 16  Plafar SA                                                            Value based on the valuation report as at 31 October 2021 (applying the income
                                                                          approach using the discounted cash flow method)
 17  Posta Romana SA                                                      Value based on the valuation report as at 31 October 2021 (applying the market
                                                                          comparison technique using comparable trading multiples for Price/Earnings)
 18  Societatea Nationala a Sarii SA                                      Value based on the valuation report as at 31 May 2022 (applying the income
                                                                          approach using the discounted cash flow method)
 19  Societatea Electrocentrale Craiova SA                                Valued at zero (lack of financial statements)
 20  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)
 21  Zirom SA                                                             Value based on the valuation report as at 31 October 2021 (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   Comsig SA                                Valued at zero (administrative liquidation)
 2   Gerovital Cosmetics SA                   Valued at zero (bankruptcy)
 3   Romplumb SA                              Valued at zero (bankruptcy)
 4   Salubriserv SA                           Valued at zero (bankruptcy)
 5   Simtex SA                                Valued at zero (judicial reorganisation)
 6   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 at 30 September 2022

 

Hidroelectrica SA

For the computation of the NAV of Fondul Proprietatea SA as at 30 September
2022, the valuation method used for the valuation of the holding in
Hidroelectrica 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 was a decrease of
RON 444,303,698.86, detailed in the table below.

 

 Company            Previous value per share  Previous value of the holding (RON)  Current value per share  Current value of the holding (RON)  Impact of the valuation update on NAV  Impact of the valuation change on NAV

                    (RON/share)                                                    (RON/share)                                                  (RON)                                  %
 Hidroelectrica SA  140.4266                  12,559,799,057.53                    135.4590                 12,115,495,358.67                   -444,303,698.86                        -2.75%

 

E-Distributie Banat SA, Engie Romania SA, E-Distributie Muntenia SA,
E-Distributie Dobrogea

 

Considering the current context of the energy and gas market, the corporate
events that may take place, the values of the unlisted holdings mentioned
below were updated using the multiples values as at 30 September 2022 of
publicly traded peers companies, using the same methodology and computation
algorithm as in the latest available valuation report prepared with the
assistance of an independent valuer. All other variables were kept at the same
level as in the latest valuation report. The valuation method for these
companies have been updated from Fair value (value as per the valuation report
as at 31 May 2022) to Fair value (value based on the valuation report as at 31
May 2022 updated using the multiples values as at 30 September 2022 derived
from the analysis of publicly traded peers companies).

The total impact of the valuation update on the Fund's NAV was a decrease of
RON -158,529,626.16, detailed in the table below.

 

 

 Company                    Previous value per share  Previous value of the holding (RON)  Current value per share  Current value of the holding (RON)  Impact of the valuation update on NAV  Impact of the valuation change on NAV
                            (RON/share)               (RON)                                (RON/share)              (RON)                               (RON)                                  %
 Engie Romania SA           184.1721                  440,299,871.13                       167.1185                 399,529,863.71                      -40,770,007.41                         -0.25%
 E-Distributie Banat SA     19.0008                   175,199,612.52                       14.4469                  133,209,721.80                      -41,989,890.71                         -0.26%
 E-Distributie Muntenia SA  49.9017                   162,499,696.27                       39.0554                  127,179,848.34                      -35,319,847.93                         -0.22%
 E-Distributie Dobrogea SA  20.7755                   140,299,589.99                       14.7857                  99,849,709.88                       -40,449,880.10                         -0.25%

 

IOR SA

 

For this holding, the valuation method has been changed from Fair value (Last
available trading price) (respectively RON 0.1010/share) to Reference price -
Closing price (respectively RON 0.1150/share) because the shares of this
company were traded during the last 30 trading days. The total impact of the
valuation update on the Fund's NAV was an increase of RON 36,711.83.

 

Societatea Electrocentrale Craiova

 

Starting with 30 September 2022, a new entity Societatea Electrocentrale
Craiova was recorded at the Trade Register. This company was created following
the symmetrical spin-off of Complexul Energetic Oltenia, by transferring a
part of the social capital to the new entity Societatea Electrocentrale
Craiova S.A. Due to the fact that the spinoff accounting value was not
considered relevant for valuation of the company and due to the fact that the
value of Complexul Energetic Oltenia SA was valued at zero according with the
valuation report the valuation method for this company is fair value per share
(priced at zero). There was no impact of the net asset value as at 30
September 2022.

 

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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