Fondul Proprietatea

Net Asset Value • Nov 3, 2022

National Storage Mechanism | Additional information

RNS Number : 2730F

Fondul Proprietatea S.A.

03 November 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:	19.10.2022

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	15,137,222,047.32
6.1. Financial assets at amortised cost	0.00
6.2. Financial assets at fair value through profit or loss, out of which:	15,137,222,047.32
6.2.1. Shares traded or listed on regulated markets in Romania*	846,822,830.63
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 authorities	0.00
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)	76,432,080.73
8. Bank deposits	252,930,755.51
9. Other assets	75,041,851.81
9.1. Dividends and other receivable rights	0.00
9.2. Other assets	75,041,851.81
10. Prepaid expenses	426,725.59
11. Total Assets	15,542,053,460.96

12. Total liabilities	105,238,741.96
12.1. Financial liabilities at amortised cost	104,174,837.12
12.2. Deferred tax liability	0.00
12.3. Other debts	1,063,904.84
13. Provisions for risks and charges	0.00
14. Deferred income	0.00
15. Shareholders' equity, out of which:	15,436,814,719.00
15.1. Share capital	3,233,269,110.76
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	-7,403.31
15.6. Reserves	666,991,766.17
15.7. Treasury shares	-1,079,685,805.37
15.8. Retained earnings	9,094,140,117.70
15.9. Period result	3,522,106,933.05
16. Net Asset Value	15,436,814,719.00
17. Number of issued shares**	5,724,948,733
18. Net asset value per share	2.6964
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	98.54%	15,211,641,689.87
b) Commitment method	100.00%	15,436,814,719.00

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. (19 October 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

	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 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 19 October 2022

There was no change of the valuation methods used for the computation of the NAV as at 19 October 2022 for Fondul Proprietatea S.A, as compare to 30 September 2022, respectively from the last reporting of the net asset value of Fondul Proprietatea.

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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