Company Announcements

30 April 2022 NAV report

Source: RNS
RNS Number : 5045L
Fondul Proprietatea S.A.
13 May 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: 

30.04.2022


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

15,089,371,510.11

6.1. Financial assets at amortised cost

0.00

6.2. Financial assets at fair value through profit or loss, out of which:

15,089,371,510.11

6.2.1. Shares traded or listed on regulated markets in Romania*

979,368,568.53

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

13,881,436,708.84

6.2.5. Bonds admitted to trading issued or guaranteed by central government authorities

228,566,232.74

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)

84,109,263.42

8. Bank deposits

697,475,544.80

9. Other assets

978,243,301.96

9.1. Dividends and other receivable rights

764,040,019.71

9.2. Other assets

214,203,282.25

10. Prepaid expenses

726,344.70

11. Total Assets

16,849,925,964.99

12. Total liabilities

885,357,118.80

12.1. Financial liabilities at amortised cost

884,080,933.91

12.2. Deferred tax liability

0.00

12.3. Other debts

1,276,184.89

13. Provisions for risks and charges

0.00

14. Deferred income

0.00

15. Shareholders' equity, out of which:

15,964,568,846.19

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

-3,211.21

15.6. Reserves

897,568,458.79

15.7. Treasury shares

-379,377,916.25

15.8. Retained earnings

9,082,996,156.71

15.9. Period result

3,029,042,935.31

16. Net Asset Value

15,964,568,846.19

17. Number of issued shares**

6,194,326,989

18. Net asset value per share

2.5772

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.

 Leverage of the fund

Method type

Leverage level

Exposure amount

a) Gross method

94.52%

15,089,375,759.49

b) Commitment method

100.00%

15,964,568,846.19

 

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 April 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) updated based on the most recent financial information, the most recent comparable trading multiple for EBITDA and the most recent estimated DLOM

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


 

 

Annex - Changes in the valuation methods used for the computation of the NAV of Fondul Proprietatea as at 30 April 2022

For the computation of the NAV of Fondul Proprietatea SA as at 30 April 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 was updated based on the most recent financial information, the most recent comparable trading multiple for EBITDA and the most recent estimated discount for the lack of marketability (DLOM).

The total impact of the valuation update on the Fund's NAV resulted in an increase of RON 1,445,960,675.56 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

110.9646

9,924,442,573.77

127.1318

11,370,403,249.33

+1,445,960,675.56

+9.95%

 

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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