Fondul Proprietatea

Net Asset Value • Jul 14, 2023

National Storage Mechanism | Additional information

RNS Number : 1255G

Fondul Proprietatea S.A.

14 July 2023

Fund Administrator:	Franklin Templeton International Services S.à r.l.
Administrator Code:	PJM07.1AFIASMDLUX0037
Fund:	Fondul Proprietatea SA
Fund Code:	PJR09FIAIR/400018
Reporting date:	30.06.2023

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	12,102,999,567.57
6.1. Financial assets at amortised cost	0.00
6.2. Financial assets at fair value through profit or loss, out of which:	12,102,999,567.57
6.2.1. Shares traded or listed on regulated markets in Romania*	162,004,659.25
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	11,940,994,908.32
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)	81,061,489.25
8. Bank deposits	786,670,191.43
9. Other assets	176,448,594.13
9.1. Dividends and other receivable rights	175,778,044.03
9.2. Other assets	670,550.10
10. Prepaid expenses	444,087.95
11. Total Assets	13,147,623,930.33

12. Total liabilities	139,620,271.34
12.1. Financial liabilities at amortised cost	118,383,402.14
12.2. Deferred tax liability	0.00
12.3. Other debts	21,236,869.20
13. Provisions for risks and charges	0.00
14. Deferred income	0.00
15. Shareholders' equity, out of which:	13,008,003,658.99
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	-5,670.53
15.6. Reserves	1,555,650,832.29
15.7. Treasury shares	-1,805,762,490.10
15.8. Retained earnings	10,705,120,754.40
15.9. Period result	-680,268,877.83
16. Net Asset Value	13,008,003,658.99
17. Number of issued shares**	5,396,756,645
18. Net asset value per share	2.4103
19. Number of portfolio companies out of which:	31
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	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	93.04%	12,103,006,622.38
b) Commitment method	100.00%	13,008,003,658.99

Franklin Templeton International Services S.à r.l., in its capacity of alternative investment fund manager of Fondul Proprietatea SA

Johan Meyer Permanent representative	Marius Nechifor 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 June 2023)

Listed shares

	Name	Symbol	Valuation method
1	Alcom SA	ALCQ	Value based on the valuation report as at 31 October 2022 (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	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 2022 (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 2022 (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 2022 (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 2022 (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 2022 (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 2023 (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 2023 (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 2022 (valued at zero mainly due to high net debt position)
9	E-Distributie Banat SA		Fair value / share (as per Aggregated Value agreed in the Sale and Purchase agreement)
10	E-Distributie Dobrogea SA		Fair value / share (as per Aggregated Value agreed in the Sale and Purchase agreement)
11	E-Distributie Muntenia SA		Fair value / share (as per Aggregated Value agreed in the Sale and Purchase agreement)
12	Enel Energie Muntenia SA		Fair value / share (as per Aggregated Value agreed in the Sale and Purchase agreement)
13	Enel Energie SA		Fair value / share (as per Aggregated Value agreed in the Sale and Purchase agreement)
14	Engie Romania SA		Value based on the valuation report as at 31 May 2023 (applying the market comparison technique using comparable trading multiples for EBITDA)
15	Hidroelectrica SA		Value based on the expected IPO proceeds
16	Plafar SA		Value based on the valuation report as at 31 October 2022 (applying the income approach using the discounted cash flow method)
17	Posta Romana SA		Value based on the valuation report as at 31 October 2022 (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 2023 (applying the income approach using the discounted cash flow method)
19	Societatea Electrocentrale Craiova SA		Priced at zero (lack of financial statements required for yearend valuation)
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 2022 (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 (judicial reorganisation)
5	World Trade Center Bucuresti SA		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

Franklin Templeton International Services S.à r.l., in its capacity of alternative investment fund manager of

Fondul Proprietatea SA

Johan Meyer Permanent Representative	Marius Nechifor 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 of 30 June 2023

Valuation of unlisted portfolio holdings

1.  For the computation of the NAV of Fondul Proprietatea SA as at 30 June 2023, the valuation method used for the valuation of the following unlisted holdings, remained the same, respectively Fair value / share (Value based on valuation report), but the valuation report was updated with the assistance of independent valuers. The total impact of the valuation update on the Fund's NAV resulted in a net increase of RON 218,400,000 and is detailed in the table below:

Company	Previous value per share	Previous value of the holding	Current value per share	Current value of the holding	Impact of the valuation update on NAV	Impact of the valuation change on NAV
	(RON/share)	(RON)	(RON/share)	(RON)	(RON)	%
---	---	---	---	---	---	---
CN Aeroporturi Bucuresti SA	247.9617	713,000,000	287.9904	828,100,000	115,100,000	0.80%
Engie Romania SA	184.3394	440,700,000	205.0865	490,300,000	49,600,000	0.34%
CN Administratia Porturilor Maritime SA	43.7658	283,000,000	48.4362	313,200,000	30,200,000	0.21%
Societatea Nationala a Sarii SA	136.0705	273,700,000	147.7536	297,200,000	23,500,000	0.16%
TOTAL		1,710,400,000		1,928,800,000	218,400,000	1.52%

2.  For the computation of the NAV of Fondul Proprietatea SA as at 30 June 2023, the valuation method used for the valuation of the unlisted holding is Hidroelectrica SA, was changed from Fair value / share (Value based on valuation report) to Fair value / share (Value based on the expected IPO proceeds). The total impact of the valuation update on the Fund's NAV was a net decrease as per table below:

Company	Previous value per share	Previous value of the holding (RON)	Current value per share	Current value of the holding	Impact of the valuation update on NAV	Impact of the valuation change on NAV
(RON/share)	(RON)	(RON/share)	(RON)	(RON)	%
Hidroelectrica SA	121.4564	10,863,100,000	103.4600	9,281,212,040	-1,581,887,960	-11.00%

Franklin Templeton International Services S.à r.l., in its capacity of alternative investment fund manager of Fondul Proprietatea SA

Johan Meyer Permanent representative	Marius Nechifor Senior Compliance Officer

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