Fund Information / Factsheet • Jul 14, 2017
Fund Information / Factsheet
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Fondul Proprietatea (FP) is a joint stock company operating as an Alternative Investment Fund (AIF) with an unlimited lifetime, incorporated in Romania. The Fund was listed on the Bucharest Stock Exchange on 25 January 2011, and on the Specialist Fund Market of the London Stock Exchange ("LSE") by means of Global Depositary Receipts ("GDRs") on 29 April 2015.
The Fund's investment objective is the maximization of returns and pershare capital appreciation via investments mainly in Romanian equities and equity-linked securities.
FRANKLIN TEMPLETON INTERNATIONAL SERVICES S.À R.L. as of 1 April 2016.
Franklin Templeton Investment Management Limited UK, Bucharest Branch – since 29 September 2010 (between 29 September 2010 – 31 March 2016, Franklin Templeton
Investment Management Limited UK, Bucharest Branch was Sole Director and Fund Manager)
Grzegorz Konieczny – Portfolio Manager Johan Meyer – Portfolio Manager
| 2012 Dividend: 0.04089 RON June 2013 |
|---|
| 2014 Cash Distribution: 0.05000 RON July 2014 |
| 2015 Cash Distribution: 0.05000 RON June 2015 |
| 2016 Cash Distribution: 0.05000 RON June 2016 |
| 2017 Special Cash Distribution: 0.05000 RON March 2017 |
| 2017 Cash Distribution: 0.05000 RON June 2017 |
Fund Identifier Bucharest Stock Exchange Symbol: FP London Stock Exchange Symbol: FP. Bloomberg: FP RO (for BVB) and FP/ LI (for GDRs) ISIN: ROFPTAACNOR5 ASF Public Register No: PJR09SIIR/400006/18.08.2010 CIVM Registration No: AC-4522-1/03.07.2017
Net Asset Value is calculated according to regulations currently applying to Fondul Proprietatea, approved by Local Regulator (CNVM Regulation no. 4/2010 as subsequently amended). Where there is trading activity in the last 30 trading days, shares listed on a regulated market are valued at closing price. The shares admitted to trading on AeRO market (alternative trading system) are valued based on the Reference Price method, respectively the average price. Where there is no trading activity in the 30 trading day period for listed investments, the unlisted valuation approach applies. Investments in unlisted companies are valued using either shareholders' equity value per latest annual financial statements (proportionally with the stake held) or by using valuation methods in accordance with International Valuation Standards (fair value principles). Any holding in companies going through an insolvency or reorganization procedure is valued either at zero or at the value provided by an independent valuer, using valuation methods in accordance with International Valuation Standards (fair value principles). Any holding in companies under judicial liquidation procedure, or any other liquidation procedures, as well as in companies under temporary or final suspension of operation, is valued at zero until the procedure is finalised. Starting with the NAV report as at 29 January 2016, the accounting records under IFRS are used for the computation of NAV non-portfolio items.
NAV/Share: RON 1.1953 / EUR 0.2625 / USD 0.2995 Ordinary Share Price : RON 0.8300 / EUR 0.1823 / USD 0.2079 GDR price (1 GDR = 50 shares): RON 41.51 / EUR 9.12 / USD 10.40 Current Share Price Discount6 : 30.56% Current GDR Discount6 : 30.54% Fund NAV: RON 10.57 billion / EUR 2.32 billion / USD 2.65 billion Market Capitalisation (Excluding treasury shares): RON 7.34 billion / EUR 1.61 billion/ USD 1.84 billion Average Daily Turnover on the BVB1 : RON 5.93 million / EUR 1.30 million /
USD 1.48 million Average Daily Turnover on the LSE1 : RON 5.63 million /EUR 1.24 million / USD 1.41 million
| Cumulative Performance % |
1-Mo | 3-Mo | 6-Mo | 9-Mo | 1-Yr | 2-Yr2 | 3-Yr2 | Since perf. incept. |
|---|---|---|---|---|---|---|---|---|
| NAV RON3 | -2.76 | 4.16 | 9.24 | 10.80 | 13.25 | 6.96 | 4.12 | 45.12 |
| Ordinary Share Price RON4 | -3.77 | -1.17 | 16.68 | 15.52 | 27.77 | 11.66 | 7.25 | 109.12 |
| GDR RON5 | -5.43 | -2.20 | 14.17 | 12.2 | 23.48 | 10.82 | N/A | 14.77 |
| NAV USD3 | -0.92 | 11.43 | 18.09 | 10.16 | 15.66 | 7.29 | -3.24 | 15.28 |
| Ordinary Share Price USD4 | -1.94 | 5.73 | 26.14 | 14.85 | 30.49 | 12.01 | -0.34 | 63.15 |
| GDR USD5 | -3.64 | 4.62 | 23.42 | 11.55 | 26.11 | 11.17 | N/A | 14.22 |
Performance data is shown rounded to the nearest hundredth.
The Fund uses these indicators as they are directly related to the performance objectives of the Fund included in the Investment Policy Statement.
| 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | YTD11 | Current Discount6 |
|
|---|---|---|---|---|---|---|---|---|
| Ordinary Share Price | 55.67% | 50.09% | 40.74% | 30.87% | 29.12% | 32.08% | 26.79% | 30.56% |
| GDR | — | — | — | — | 29.51% | 29.98% | 26.04% | 30.54% |
| Asset | % of NAV |
|---|---|
| Listed Equities | 26.13 |
| Unlisted Equities | 71.39 |
| Net Cash & Receivables7 | 2.48 |
| Sector | % of NAV |
| Power utilities: generation | 33.67 |
| Power & Gas utilities: distribution, supply | 27.49 |
| Oil & Gas | 19.56 |
| Infrastructure | 9.77 |
| Banks | 3.23 |
| Heavy Industry | 1.95 |
| Aluminium | 1.17 |
| Postal services | 0.43 |
| Others | 0.25 |
| Net Cash and receivables7 | 2.48 |
TOP 10 HOLDINGS
| Total | 84.09 |
|---|---|
| SDEE Transilvania Sud SA (former Electrica Distributie Transilvania Sud SA) |
2.33 |
| SDEE Muntenia Nord SA (former Electrica Distributie Muntenia Nord SA) |
2.41 |
| BRD Groupe Societe Generale SA | 3.23 |
| E-Distributie Dobrogea SA | 3.60 |
| E-Distributie Muntenia SA | 4.25 |
Security name % of NAV Hidroelectrica SA 32.01 OMV Petrom SA 19.09 CN Aeroporturi Bucuresti SA 7.20 E-Distributie Banat SA 5.68 Engie Romania SA 4.29
| Total Number of Shareholders | 6,734 |
|---|---|
| Treasury shares10 | 8.77 |
| Ministry of Public Finance9 | 0.06 |
| Foreign private individuals | 3.09 |
| Romanian institutional investors | 14.78 |
| Romanian private individuals | 17.19 |
| Foreign institutional investors | 21.51 |
| The Bank of New York Mellon (depository bank for Global Depository Receipts)12 |
34.60 |
%
| Shareholder | As at | % of total voting rights |
|---|---|---|
| Elliott Associates | 24 May 2017 | 19.89 |
| City of London Investment Mgmt. |
5 April 2016 | 5.04 |
| NN Group | 27 March 2017 | 5.02 |
Source: Ownership disclosures submitted by shareholders.
The above portfolio information is calculated on the basis of the NAV. The Investment Manager for the Fund reserves the right to withhold release of information with respect to holdings that would otherwise be included in the Top 10 Holdings list where the protection of such information is in the best interests of the Fund. The price of shares and income from them can go down as well as up and you may not get back the full amount that you invested. Past performance is no guarantee of future performance. In emerging markets, the risks can be greater than in developed markets. Investment in the Fund may not be suitable for all investors; we suggest investors seek guidance from a financial adviser. Read the issue prospectus before investing in this fund/investment firm. FRANKLIN TEMPLETON INTERNATIONAL SERVICES S.À R.L. as alternative investment fund manager and sole director of Fondul Proprietatea SA issues quarterly, semi-annual and annual reports which are published on the Fund's website at www.fondulproprietatea.ro. This is a short summary for the information of existing shareholders only and is not intended to be used as the basis for investment decisions.
Existing and potential investors should refer to the Fund's prospectus and amendment, available at www.fondulproprietatea.ro. All information presented in the report is provided by Franklin Templeton Investment Management Limited United Kingdom, Bucharest Branch.
This report is issued in Romania by Franklin Templeton Investment Management Limited United Kingdom, Bucharest Branch, at 78-80 Buzesti Str, Premium Point, 7th and 8th Floors, Bucharest 1, 011017, ROMANIA registered with ASF Public Register No. PJM01SFIM/400005.
For the period 1–30 June 2017.
Annualized rate of return.
The NAV per Share Total Return is calculated in RON by geometrically linking total returns for all intermediate periods when official NAV is published. Each total return for a single period is calculated using the following formula: the NAV per share as at the end of the period plus any cash distribution during the period, dividing the resulting sum by the official NAV per share at the beginning of the period. The resulting single period total returns are geometrically linked to result in the overall total return.
The Share Price Total Return is calculated in RON by geometrically linking daily total returns. Daily total return is calculated as the closing price at the end of the day, plus any cash distributions on that day, dividing the resulting sum by the closing price of the previous day. The resulting single period total returns are geometrically linked to result in the overall total return.
The GDR Price Total Return is calculated in USD by geometrically linking daily total returns. Daily total return is calculated as the closing price at the end of the day, plus any cash distributions on that day, dividing the resulting sum by the closing price of the previous day. The resulting single period total returns are geometrically linked to result in the overall total return.
The discount is calculated based on the latest published NAV at the date of the calculation. For Current Discount, the values are calculated based on the 30 June 2017 NAV.
Net cash and receivables includes bank deposits, current bank accounts, shortterm treasury bills and bonds, dividend receivables, as well as other receivables and assets, net of all liabilities (including liabilities to shareholders related to the returns of capital) and provisions.
Based on the paid share capital as at 30 June 2017 as received from Depozitarul Central SA.
363,812,350 shares unpaid by Ministry of Public Finance.
830,247,619 treasury shares acquired in the seventh buyback program and 37,174,313 treasury shares acquired in the eighth buyback program.
For the period 3 January–30 June 2017.
Includes the 14,656,750 shares, equivalent of the 293,135 Global Depository Receipts of Fondul Proprietatea.
Fund's headquarters are at 78-80 Buzesti Str, 7th Floor, Bucharest District 1, 011017, Romania Fund's Fiscal Identification Code (CIF): 18253260 and Trade Registry registration no: J40/21901/2005 tel +40 21 200 9600; fax +40 21 200 9631/32 Email: [email protected] Web: www.fondulproprietatea.ro
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