Last checked at 15 Feb 2022 07:00
Fund Administrator: | Franklin Templeton International Services S.à r.l. |
Administrator Code: | PJM07.1AFIASMDLUX0037 |
Fund: | Fondul Proprietatea SA |
Fund Code: | PJR09FIAIR/400018 |
Reporting date: | 31.01.2022 |
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 contract | 0.00 |
6. Financial assets | 12,778,871,910.59 |
6.1. Financial assets at amortised cost | 0.00 |
6.2. Financial assets at fair value through profit or loss, out of which: | 12,778,871,910.59 |
6.2.1. Shares traded or listed on regulated markets in Romania* | 998,747,116.59 |
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 | 11,551,928,197.99 |
6.2.5. Bonds admitted to trading issued or guaranteed by central government authorities | 153,771,373.97 |
6.2.6. Municipal bonds | 0.00 |
6.2.7. Corporative bonds | 0.00 |
6.2.8. Treasury bills | 74,425,222.04 |
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) | 66,228,952.31 |
8. Bank deposits | 1,170,088,562.93 |
9. Other assets | 116,957.69 |
9.1. Dividends and other receivable rights | 0.00 |
9.2. Other assets | 116,957.69 |
10. Prepaid expenses | 434,974.52 |
11. Total Assets | 14,015,741,358.04 |
12. Total liabilities | 458,771,263.52 |
12.1. Financial liabilities at amortised cost | 457,711,303.28 |
12.2. Deferred tax liability | 0.00 |
12.3. Other debts | 1,059,960.24 |
13. Provisions for risks and charges | 0.00 |
14. Deferred income | 0.00 |
15. Shareholders' equity, out of which: | 13,556,970,094.52 |
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 | -8,422.04 |
15.6. Reserves | 666,991,766.17 |
15.7. Treasury shares | -333,207,639.10 |
15.8. Retained earnings | 10,087,863,722.96 |
15.9. Period result | -199,011,756.31 |
16. Net Asset Value | 13,556,970,094.52 |
17. Number of issued shares** | 5,853,258,651 |
18. Net asset value per share | 2.3161 |
19. Number of portfolio companies out of which: | 32 |
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 | 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. On 1 February 2022, the Romanian State, represented by the Ministry of Public Finance, transferred RON 189,182,422 to Fondul Proprietatea, as payment for all unpaid shares owned by the Romanian State in Fondul Proprietatea (i.e. 363,812,350 shares). This payment will be recorded in February 2022 NAV reporting and will generate the increase of the Total Assets by RON 189,182,422 and of the number of paid-up shares by 363,812,350 shares, while the total impact on the current Net Asset Value per Share will be a decrease by 4.54%.
Leverage of the fund
Method type | Leverage level | Exposure amount |
a) Gross method | 93.14% | 12,627,127,561.36 |
b) Commitment method | 100.00% | 13,556,970,094.52 |
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 31 January 2022
For the computation of the NAV of Fondul Proprietatea SA as at 31 January 2022, the valuation method used for the valuation of holding presented below 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 resulted in a net increase of RON 512,899,616.89 as detailed in the table below:
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 % |
Hidroelectrica SA | 95.3510 | 8,527,994,728.52 | 101.0857 | 9,040,894,345.40 | +512,899,616.89 | +3.87% |
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 |
Annex - Valuation methods used for the securities and the monetary market instruments held by Fondul Proprietatea S.A. (31 January 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 |
4 | Mecon SA | MECP | Fair value (Last trading price) |
5 | OMV Petrom SA | SNP | Closing Price |
6 | Romaero SA | RORX | Reference price |
Unlisted shares
|
Name | Symbol | Valuation method |
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 October 2021 (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 2021 (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 October 2021 (applying the market comparison technique using comparable trading multiples for EBITDA) |
10 | E-Distributie Dobrogea SA |
| Value based on the valuation report as at 31 October 2021 (applying the market comparison technique using comparable trading multiples for EBITDA) |
11 | E-Distributie Muntenia SA |
| Value based on the valuation report as at 31 October 2021 (applying the market comparison technique using comparable trading multiples for EBITDA) |
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 October 2021 (applying the market comparison technique using comparable trading multiples for EBITDA) |
15 | Hidroelectrica SA |
| Value based on the valuation report as at 31 December 2021 (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 October 2021 (applying the income approach using the discounted cash flow method) |
19 | World Trade Hotel SA |
| Priced at zero (lack of annual financial statements for the last 8 financial years including the financial statements for the year-ended 31 December 2020; 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 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 |
|