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Market Status: CLOSED

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FONDUL PROPRIETATEA - FP

NAV as of 31 August 2022

Release Date: 9/14/2022 6:00:16 PM

IRIS Code: 87BFE

Fund Administrator:

Franklin Templeton International Services S.a r.l.

Administrator Code:

PJM07.1AFIASMDLUX0037

Fund:

Fondul Proprietatea SA

Fund Code:

PJR09FIAIR/400018

Reporting date: 

31.08.2022

 

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

15,911,323,359.44

6.1. Financial assets at amortised cost

0.00

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

15,911,323,359.44

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

952,911,629.51

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

14,893,232,085.57

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

65,179,644.36

6.3. Financial assets at fair value through other comprehensive income

0.00

7. Cash (cash and cash equivalents)

85,070,385.32

8. Bank deposits

68,028,867.96

9. Other assets

274,145,484.43

9.1. Dividends and other receivable rights

271,624,433.97

9.2. Other assets

2,521,050.46

10. Prepaid expenses

460,140.07

11. Total Assets

16,339,028,237.22


 

12. Total liabilities

159,172,530.94

12.1. Financial liabilities at amortised cost

157,325,688.82

12.2. Deferred tax liability

0.00

12.3. Other debts

1,846,842.12

13. Provisions for risks and charges

0.00

14. Deferred income

0.00

15. Shareholders' equity, out of which:

16,179,855,706.28

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

-4,534.45

15.6. Reserves

897,568,458.79

15.7. Treasury shares

-1,383,390,218.13

15.8. Retained earnings

9,094,140,117.70

15.9. Period result

4,237,199,459.53

16. Net Asset Value

16,179,855,706.28

17. Number of issued shares**

5,739,550,027

18. Net asset value per share

2.8190

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

98.34%

15,911,327,387.30

b) Commitment method

100.00%

16,179,855,706.28

Franklin Templeton International Services S.a 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 Strambei

   Manager Depositary Department


 

Annex - Valuation methods used for the securities and the monetary market instruments held by Fondul Proprietatea S.A. (31 August 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

Fair value (Last trading 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 (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 May 2022 (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 May 2022 (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 May 2022 (applying the market comparison technique using comparable trading multiples for EBITDA)

15

Hidroelectrica SA

 

Value based on the valuation report as at 31 May 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

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)

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.a 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 Strambei

 

Manager Depositary Department

 

 


 

 

 

 

 

 

##

Annex – Changes in the valuation methods used for the computation of the NAV of Fondul Proprietatea as at 31 August 2022

 

IOR SA

 

For this holding, the valuation method has been changed from Reference price - Closing price (respectively RON 0.1010/share) to Fair value (Last available trading price) (respectively RON 0.1010/share) because the shares of this company were not traded during the last 30 trading days and the valuation based on the last available trading price is considered to reflect better the fair value of this holding than its shareholders’ equity per share based on the financial statements as at 31 December 2021 (respectively Lei 0.3641/share). This change of valuation method did not have any impact on the Fund’s NAV.

 

 

Franklin Templeton International Services S.a 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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