14th Mar 2025 16:11
Fund Administrator: | Franklin Templeton International Services S.à r.l. |
Administrator Code: | PJM07.1AFIASMDLUX0037 |
Fund: | Fondul Proprietatea SA |
Fund Code: | PJR09FIAIR/400018 |
Reporting date: | 28.02.2025 |
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 | 1,977,440,040.30 |
6.1. Financial assets at amortised cost | 0.00 |
6.2. Financial assets at fair value through profit or loss, out of which: | 1,977,440,040.30 |
6.2.1. Shares traded or listed on regulated markets in Romania* | 131,964,909.82 |
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 | 1,770,823,450.80 |
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 | 74,651,679.68 |
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) | 272,860,964.28 |
8. Bank deposits | 192,817,018.05 |
9. Other assets | 712,167.51 |
9.1. Dividends and other receivable rights | 0.00 |
9.2. Other assets | 712,167.51 |
10. Prepaid expenses | 0.00 |
11. Total Assets | 2,443,830,190.14 |
12. Total liabilities | 278,449,100.92 |
12.1. Financial liabilities at amortised cost | 277,624,355.55 |
12.2. Deferred tax liability | 0.00 |
12.3. Other debts | 824,745.37 |
13. Provisions for risks and charges | 0.00 |
14. Deferred income | 0.00 |
15. Shareholders' equity, out of which: | 2,165,381,089.22 |
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 | 0.01 |
15.6. Reserves | (404,887,824.95) |
15.7. Treasury shares | (233,597,178.99) |
15.8. Retained earnings | 947,356,130.46 |
15.9. Period result | 7,167,798.41 |
16. Net Asset Value | 2,165,381,089.22 |
17. Number of issued shares** | 3,172,254,854 |
18. Net asset value per share | 0.6825 |
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 | 87.88% | 1,902,950,300.46 |
b) Commitment method | 100.00% | 2,165,381,089.22 |
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. (28 February 2025)
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
|
Name | Symbol | Valuation method |
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) - updated for significant subsequent events up to 31 December 2024 | |
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) - updated for significant subsequent events up to 31 December 2024 | |
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) - updated for significant subsequent events up to 31 December 2024 | |
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) - updated for significant subsequent events up to 31 December 2024 | |
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 December 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 December 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 |
Treasury bills
Name | Symbol | Valuation method |
Treasury bills with discount | Acquisition price cumulated with the amortised discount calculated for the period elapsed from the date of acquisition |
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 28 February 2025
For 6 unlisted companies the valuation method remained the same at 28 February 2025 compared to 31 January 2025, respectively Fair value / share (Value based on valuation report), and new valuations were prepared with the assistance of independent valuers as described in the table below. The updated valuation was performed taking into account all significant events that occurred after 31 October 2024 (valuation date of the previous reports which were used for the 31 December 2024 NAV) including legislative changes and modifications of company performance.
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 % |
Societatea Nationala a Sarii SA | Unlisted | 162.4694 | 326,800,049 | 147.8930 | 297,480,262 | (29,319,787) | -1.30% |
CN Administratia Porturilor Dunarii Fluviale SA | Unlisted | 177.8828 | 4,901,383 | 165.6381 | 4,563,992 | (337,390) | -0.01% |
CN Administratia Porturilor Dunarii Maritime SA | Unlisted | 163.5906 | 3,474,174 | 136.4868 | 2,898,570 | (575,603) | -0.03% |
CN Administratia Canalelor Navigabile SA | Unlisted | 69.8006 | 14,180,690 | 37.4245 | 7,603,161 | (6,577,528) | -0.29% |
Complexul Energetic Oltenia SA | Unlisted | 8.1078 | 43,087,111 | 1.1239 | 5,972,718 | (37,114,393) | -1.65% |
CN Administratia Porturilor Maritime SA | Unlisted | 57.4833 | 371,700,009 | 55.3182 | 357,699,983 | (14,000,026) | -0.62% |
The total impact of the new valuation update for the unlisted holdings on the Fund's NAV is a net decrease of RON 87,924,729 (-3.91%).
Franklin Templeton International Services S.à r.l., in its capacity of alternative investment fund manager of Fondul Proprietatea SA
Johan Meyer |
Permanent representative |
Related Shares:
Fondul Proprietatea