14 Dec 2017 16:30
Fund Administrator: | Franklin Templeton International Services S.à r.l. |
Administrator Code: | PJM07.1AFIASMDLUX0037 |
Fund: | Fondul Proprietatea SA |
Fund Code: | PJR09SIIR/400006 |
Reporting date: | 29.11.2017 |
Fondul Proprietatea SA 's Assets and Liabilities based on NAV calculation according with the CNVM Regulation No. 4 / 2010, as subsequently amended
Lei
1. Non-current Assets | 6,685,119,739.04 |
1.1. Intangible assets | 793,247.79 |
1.2. Tangible assets | 0.00 |
1.3. Financial assets | 6,684,326,491.25 |
1.3.1 Listed shares** | 11,164,492.45 |
1.3.2 Unlisted shares | 6,670,665,194.98 |
1.3.3 Government securities | 0.00 |
1.3.4 Certificates of deposits | 0.00 |
1.3.5 Bank deposits | 0.00 |
1.3.6 Municipal bonds | 0.00 |
1.3.7 Corporate bonds | 0.00 |
1.3.8 Newly issued securities | 0.00 |
1.3.9 Participation titles of UCITS and/or of OCIU | 0.00 |
1.3.10 Other financial assets | 2,496,803.82 |
2. Current assets | 3,990,535,998.44 |
2.1 Inventory | 0.00 |
2.2 Receivables out of which: | 9,758,243.14 |
- commercial papers | 0.00 |
2.3 Cash | 20,231,690.22 |
2.4 Short term financial investments | 2,428,219,020.91 |
2.4.1 Listed shares** | 2,428,219,020.91 |
2.4.2 Unlisted shares | 0.00 |
2.4.3 Municipal bonds | 0.00 |
2.4.4 Corporate bonds | 0.00 |
2.4.5 Participation titles of UCITS and/or of OCIU | 0.00 |
2.5 Newly issued securities | 0.00 |
2.6 Government securities | 161,424,274.15 |
2.7 Bank deposits | 1,370,902,770.02 |
2.8 Certificates of deposits | 0.00 |
2.9 Other current assets | 0.00 |
3. Derivatives | 0.00 |
4. Prepaid expenses | 182,148.54 |
5. Total assets | 10,675,837,886.02 |
6. Total liabilities | 38,648,823.94 |
6.1 Borrowings from bond issues | 0.00 |
6.2 Amounts due to credit institutions | 0.00 |
6.3 Advance payments to customer accounts | 0.00 |
6.4. Payables | 14,580,204.01 |
6.5 Commercial papers due | 0.00 |
6.6 Amounts due to group companies | 0.00 |
6.7 Amounts due to related parties | 0.00 |
6.8 Other debts | 24,068,619.93 |
7. Provisions | 856,247.22 |
8. Deferred income out of which: | 0.00 |
8.1 Subsidies for investments | 0.00 |
8.2 Deferred income | 0.00 |
9. Shareholders' equity out of which: | 10,636,332,814.86 |
9.1 Share capital | 4,854,034,784.56 |
9.2 Share capital premiums | 0.00 |
9.3 Revaluation differences | -6,174.14 |
9.4 Reserves | 4,115,959,733.85 |
9.5 Retained earnings | 425,934,390.13 |
9.6 Period result | 1,240,410,080.46 |
9.7 Profit appropriation | 0.00 |
10. Total liabilities and Shareholders' equity | 10,675,837,886.02 |
11. Net Asset Value | 10,636,332,814.86 |
12. No of shares issued* | 8,726,319,909 |
13. Net asset value per share | 1.2188 |
14. Number of portfolio companies out of which: | 37 |
14.1 Companies admitted to trading on a regulated market | 5 |
14.1 Companies admitted to trading on an alternative regulated market*** | 5 |
14.3 Companies not admitted to trading | 27 |
Legend:
* = Represents the number of shares related to the paid-up subscribed share capital (according to provisions of Law 247/2005, Title VII, Art. 92, alin. 5 "Subscribed unpaid shares are not taken into account for the computation of net asset value per share for Fondul Proprietatea") excluding (a) the Fund's own shares bought back (Treasury shares), according to provisions of CNVM Regulation no. 4/2010, as subsequently amended, and (b) the equivalent number of shares corresponding to the GDRs bought back
** = Include also the value of holdings admitted to trading on AeRo market (alternative regulated market)
*** = Include the number of companies admitted to trading on AeRo market (alternative trading system)
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Annex - Valuation methods used for the securities and the monetary market instruments held by Fondul Proprietatea S.A. as at 29 November 2017
The valuation methods used for the computation of the NAV as at 29 November 2017, for the securities and the monetary market instruments held by Fondul Proprietatea S.A. are the following:
1. Listed companies on BVB traded within last 30 trading days: Closing Price
2. Listed companies on AeRo market (alternative trading system) traded within last 30 trading days: Reference price - Average Price
3. Listed companies with no trades within last 30 trading days: Shareholders' equity / share (from the annual financial statements prepared in accordance to Romanian accounting regulations or in accordance to IFRS), Fair value/share;
4. Unlisted companies: Shareholders' equity / share (from the annual financial statements prepared in accordance to Romanian accounting regulations or in accordance to IFRS), Fair value / share;
5. Companies in insolvency or reorganisation: Valued either at zero or at the value provided by an independent valuator;
6. Companies in liquidation/dissolution/ bankruptcy: Valued at zero;
7. Companies with negative shareholders' equity, unlisted, or listed but not traded within the last 30 trading days: Valued at zero;
8. Companies for which the annual financial statements of the previous year were not available 90 days after the legal term: Valued at zero;
9. Treasury bills: Acquisition price cumulated with the accrued interest receivable calculated for the period elapsed since the date of acquisition;
10. Listed government bonds: Fair value (reference composite price, including the cumulated interest);
11. Bank deposits: Bank deposit amount cumulated with the accrued interest receivable calculated for the period elapsed since its creation date.
Franklin Templeton Investment Management Ltd United Kingdom Bucharest Branch, acting as Investment Manager of FONDUL PROPRIETATEA S.A
Oana Truta Legal Representative
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Marius Nechifor Compliance Officer |
[English translation of the original report in Romanian - for information purposes only]
Annex - Changes in the valuation methods used for the computation of the NAV of Fondul Proprietatea as at 29 November 2017
For the computation of the NAV as at 29 November 2017 for Fondul Proprietatea SA, the valuation methods used for the investments in the companies presented below changed and/or have been updated:
Mecon SA
For this holding, the valuation method has been changed from Reference price - Average price (respectively Lei 3.15 /share) to Fair value (Last available trading price) (respectively Lei 3.15 /share) because the shares of this company were not traded during the last 30 trading days and the valuation based on the last available trading price is considered to reflect better the fair value of this holding than its shareholders' equity per share (respectively Lei 31.7207 /share). This change of valuation method did not have any impact on the Fund's NAV.
CN Administratia Porturilor Dunarii Maritime SA For this company, the valuation method remained the same, namely Shareholders' equity per share adjusted with the dividends declared, but the dividend distribution amount was updated with the distribution approved during November by the General Shareholders Meeting of this company. The total impact of this update on the Fund's NAV was a decrease of Lei 182,549.01.
Franklin Templeton Investment Management Ltd United Kingdom Bucharest Branch, acting as Investment Manager of FONDUL PROPRIETATEA S.A.
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Oana Truta | Marius Nechifor |
Legal representative | Compliance Officer |
[English translation of the original report in Romanian - for information purposes only]
Fondul Proprietatea (FP.)