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RNS Number : 9960C Fondul Proprietatea S.A. 14 October 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: 30.09.2022
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 0.00
contract
6. Financial assets 15,180,037,601.66
6.1. Financial assets at amortised cost 0.00
6.2. Financial assets at fair value through profit or loss, out of which: 15,180,037,601.66
6.2.1. Shares traded or listed on regulated markets in Romania* 834,218,548.50
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 14,290,399,216.69
6.2.5. Bonds admitted to trading issued or guaranteed by central government 0.00
authorities
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 55,419,836.47
6.3. Financial assets at fair value through other comprehensive income 0.00
7. Cash (cash and cash equivalents) 78,897,362.08
8. Bank deposits 279,464,917.52
9. Other assets 712,385.06
9.1. Dividends and other receivable rights 0.00
9.2. Other assets 712,385.06
10. Prepaid expenses 343,304.61
11. Total Assets 15,539,455,570.93
12. Total liabilities 106,127,529.37
12.1. Financial liabilities at amortised cost 104,547,839.34
12.2. Deferred tax liability 0.00
12.3. Other debts 1,579,690.03
13. Provisions for risks and charges 0.00
14. Deferred income 0.00
15. Shareholders' equity, out of which: 15,433,328,041.56
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 -7,403.32
15.6. Reserves 897,568,458.79
15.7. Treasury shares -1,402,872,213.10
15.8. Retained earnings 9,094,140,117.70
15.9. Period result 3,510,156,658.65
16. Net Asset Value 15,433,328,041.56
17. Number of issued shares** 5,729,642,231
18. Net asset value per share 2.6935
19. Number of portfolio companies out of which: 33
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 27
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 98.36% 15,180,046,315.63
b) Commitment method 100.00% 15,433,328,041.56
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 September 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 (Closing Price)
4 Mecon SA MECP Fair value (Last trading price)
5 OMV Petrom SA SNP Closing Price
6 Romaero SA RORX Reference price (Closing Price)
Unlisted shares
Symbol Valuation method
Name
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 May 2022 (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 2022 (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 May 2022 updated using the
multiples values as at 30 Sept 2022 derived from the analysis of publicly
traded peers companies)
10 E-Distributie Dobrogea SA Value based on the valuation report as at 31 May 2022 updated using the
multiples values as at 30 Sept 2022 derived from the analysis of publicly
traded peers companies)
11 E-Distributie Muntenia SA Value based on the valuation report as at 31 May 2022 updated using the
multiples values as at 30 Sept 2022 derived from the analysis of publicly
traded peers companies)
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 May 2022 updated using the
multiples values as at 30 Sept 2022 derived from the analysis of publicly
traded peers companies)
15 Hidroelectrica SA Value based on the valuation report as at 31 July 2022 (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 May 2022 (applying the income
approach using the discounted cash flow method)
19 Societatea Electrocentrale Craiova SA Valued at zero (lack of financial statements)
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 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 September 2022
Hidroelectrica SA
For the computation of the NAV of Fondul Proprietatea SA as at 30 September
2022, the valuation method used for the valuation of the holding in
Hidroelectrica 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 was a decrease of
RON 444,303,698.86, detailed in the table below.
Company Previous value per share Previous value of the holding (RON) Current value per share Current value of the holding (RON) Impact of the valuation update on NAV Impact of the valuation change on NAV
(RON/share) (RON/share) (RON) %
Hidroelectrica SA 140.4266 12,559,799,057.53 135.4590 12,115,495,358.67 -444,303,698.86 -2.75%
E-Distributie Banat SA, Engie Romania SA, E-Distributie Muntenia SA,
E-Distributie Dobrogea
Considering the current context of the energy and gas market, the corporate
events that may take place, the values of the unlisted holdings mentioned
below were updated using the multiples values as at 30 September 2022 of
publicly traded peers companies, using the same methodology and computation
algorithm as in the latest available valuation report prepared with the
assistance of an independent valuer. All other variables were kept at the same
level as in the latest valuation report. The valuation method for these
companies have been updated from Fair value (value as per the valuation report
as at 31 May 2022) to Fair value (value based on the valuation report as at 31
May 2022 updated using the multiples values as at 30 September 2022 derived
from the analysis of publicly traded peers companies).
The total impact of the valuation update on the Fund's NAV was a decrease of
RON -158,529,626.16, detailed in the table below.
Company Previous value per share Previous value of the holding (RON) Current value per share Current value of the holding (RON) Impact of the valuation update on NAV Impact of the valuation change on NAV
(RON/share) (RON) (RON/share) (RON) (RON) %
Engie Romania SA 184.1721 440,299,871.13 167.1185 399,529,863.71 -40,770,007.41 -0.25%
E-Distributie Banat SA 19.0008 175,199,612.52 14.4469 133,209,721.80 -41,989,890.71 -0.26%
E-Distributie Muntenia SA 49.9017 162,499,696.27 39.0554 127,179,848.34 -35,319,847.93 -0.22%
E-Distributie Dobrogea SA 20.7755 140,299,589.99 14.7857 99,849,709.88 -40,449,880.10 -0.25%
IOR SA
For this holding, the valuation method has been changed from Fair value (Last
available trading price) (respectively RON 0.1010/share) to Reference price -
Closing price (respectively RON 0.1150/share) because the shares of this
company were traded during the last 30 trading days. The total impact of the
valuation update on the Fund's NAV was an increase of RON 36,711.83.
Societatea Electrocentrale Craiova
Starting with 30 September 2022, a new entity Societatea Electrocentrale
Craiova was recorded at the Trade Register. This company was created following
the symmetrical spin-off of Complexul Energetic Oltenia, by transferring a
part of the social capital to the new entity Societatea Electrocentrale
Craiova S.A. Due to the fact that the spinoff accounting value was not
considered relevant for valuation of the company and due to the fact that the
value of Complexul Energetic Oltenia SA was valued at zero according with the
valuation report the valuation method for this company is fair value per share
(priced at zero). There was no impact of the net asset value as at 30
September 2022.
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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