Last checked at 14 Jul 2023 16:18
Fund Administrator: | Franklin Templeton International Services S.à r.l. |
Administrator Code: | PJM07.1AFIASMDLUX0037 |
Fund: | Fondul Proprietatea SA |
Fund Code: | PJR09FIAIR/400018 |
Reporting date: | 30.06.2023 |
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 | 12,102,999,567.57 |
6.1. Financial assets at amortised cost | 0.00 |
6.2. Financial assets at fair value through profit or loss, out of which: | 12,102,999,567.57 |
6.2.1. Shares traded or listed on regulated markets in Romania* | 162,004,659.25 |
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 | 11,940,994,908.32 |
6.2.5. Bonds admitted to trading issued or guaranteed by central government authorities | 0.00 |
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) | 81,061,489.25 |
8. Bank deposits | 786,670,191.43 |
9. Other assets | 176,448,594.13 |
9.1. Dividends and other receivable rights | 175,778,044.03 |
9.2. Other assets | 670,550.10 |
10. Prepaid expenses | 444,087.95 |
11. Total Assets | 13,147,623,930.33 |
12. Total liabilities | 139,620,271.34 |
12.1. Financial liabilities at amortised cost | 118,383,402.14 |
12.2. Deferred tax liability | 0.00 |
12.3. Other debts | 21,236,869.20 |
13. Provisions for risks and charges | 0.00 |
14. Deferred income | 0.00 |
15. Shareholders' equity, out of which: | 13,008,003,658.99 |
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 | -5,670.53 |
15.6. Reserves | 1,555,650,832.29 |
15.7. Treasury shares | -1,805,762,490.10 |
15.8. Retained earnings | 10,705,120,754.40 |
15.9. Period result | -680,268,877.83 |
16. Net Asset Value | 13,008,003,658.99 |
17. Number of issued shares** | 5,396,756,645 |
18. Net asset value per share | 2.4103 |
19. Number of portfolio companies out of which: | 31 |
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 | 26 |
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 | 93.04% | 12,103,006,622.38 |
b) Commitment method | 100.00% | 13,008,003,658.99 |
Franklin Templeton International Services S.à r.l., in its capacity of alternative investment fund manager of Fondul Proprietatea SA
|
|
Johan Meyer Permanent representative | Marius Nechifor 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 June 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
|
Name | Symbol | Valuation method |
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 | Hidroelectrica SA | Value based on the expected IPO proceeds | |
16 | Plafar SA | Value based on the valuation report as at 31 October 2022 (applying the income approach using the discounted cash flow method) | |
17 | 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) | |
18 | 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) | |
19 | Societatea Electrocentrale Craiova SA | Priced at zero (lack of financial statements required for yearend valuation) | |
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 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) |
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 | Marius Nechifor 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 June 2023
Valuation of unlisted portfolio holdings
1. For the computation of the NAV of Fondul Proprietatea SA as at 30 June 2023, the valuation method used for the valuation of the following unlisted holdings, remained the same, respectively Fair value / share (Value based on valuation report), but the valuation report was updated with the assistance of independent valuers. The total impact of the valuation update on the Fund's NAV resulted in a net increase of RON 218,400,000 and is detailed in the table below:
Company | Previous value per share
| Previous value of the holding | Current value per share
| Current value of the holding | Impact of the valuation update on NAV
| Impact of the valuation change on NAV |
| (RON/share) | (RON) | (RON/share) | (RON) | (RON) | % |
CN Aeroporturi Bucuresti SA | 247.9617 | 713,000,000 | 287.9904 | 828,100,000 | 115,100,000 | 0.80% |
Engie Romania SA | 184.3394 | 440,700,000 | 205.0865 | 490,300,000 | 49,600,000 | 0.34% |
CN Administratia Porturilor Maritime SA | 43.7658 | 283,000,000 | 48.4362 | 313,200,000 | 30,200,000 | 0.21% |
Societatea Nationala a Sarii SA | 136.0705 | 273,700,000 | 147.7536 | 297,200,000 | 23,500,000 | 0.16% |
TOTAL |
| 1,710,400,000 |
| 1,928,800,000 | 218,400,000 | 1.52% |
2. For the computation of the NAV of Fondul Proprietatea SA as at 30 June 2023, the valuation method used for the valuation of the unlisted holding is Hidroelectrica SA, was changed from Fair value / share (Value based on valuation report) to Fair value / share (Value based on the expected IPO proceeds). The total impact of the valuation update on the Fund's NAV was a net decrease as per table below:
Company | Previous value per share | Previous value of the holding (RON) | Current value per share | Current value of the holding | Impact of the valuation update on NAV | Impact of the valuation change on NAV |
(RON/share) | (RON) | (RON/share) | (RON) | (RON) | % | |
Hidroelectrica SA | 121.4564 | 10,863,100,000 | 103.4600 | 9,281,212,040 | -1,581,887,960 | -11.00% |
Franklin Templeton International Services S.à r.l., in its capacity of alternative investment fund manager of Fondul Proprietatea SA
Johan Meyer Permanent representative | Marius Nechifor Senior Compliance Officer |