RNS Number : 8090Z
Fondul Proprietatea S.A.
15 January 2020
 

Fund Administrator:

Franklin Templeton International Services S.à r.l.

Administrator Code:

PJM07.1AFIASMDLUX0037

Fund:

Fondul Proprietatea SA

Fund Code:

PJR09SIIR/400006

Reporting date: 

31.12.2019


Fondul Proprietatea SA 's Assets and Liabilities based on NAV calculation according with the CNVM Regulation No. 4 / 2010, as subsequently amended

Lei

1. Non-current Assets

8,375,844,861.17

1.1. Intangible assets

161,372.47

1.2. Tangible assets

0.00

1.3. Financial assets

8,375,683,488.70

1.3.1 Listed shares**

11,493,896.77

1.3.2 Unlisted shares

8,364,189,591.93

1.3.3 Government securities

0.00

1.3.4 Certificates of deposits

0.00

1.3.5 Bank deposits

0.00

1.3.6 Municipal bonds

0.00

1.3.7 Corporate bonds

0.00

1.3.8 Newly issued securities

0.00

1.3.9 Participation titles of UCITS and/or of OCIU

0.00

1.3.10 Other financial assets

0.00

2. Current assets

3,545,385,722.17

2.1 Inventory

0.00

2.2 Receivables out of which:

423,717.46

- commercial papers

0.00

2.3 Cash

31,883,167.06

2.4 Short term financial investments

3,037,393,345.00

2.4.1 Listed shares**

3,037,393,345.00

2.4.2 Unlisted shares

0.00

2.4.3 Municipal bonds

0.00

2.4.4 Corporate bonds

0.00

2.4.5 Participation titles of UCITS and/or of OCIU

0.00

2.5 Newly issued securities

0.00

2.6 Government securities

137,303,497.60

2.7 Bank deposits

338,381,995.05

2.8 Certificates of deposits

0.00

2.9 Other current assets

0.00

3. Derivatives

0.00

4. Prepaid expenses

89,711.73

5. Total assets

11,921,320,295.07

6. Total liabilities

49,018,608.26

6.1 Borrowings from bond issues

0.00

6.2 Amounts due to credit institutions

0.00

6.3 Advance payments to customer accounts

0.00

6.4. Payables

14,982,553.81

6.5 Commercial papers due

0.00

6.6 Amounts due to group companies

0.00

6.7 Amounts due to related parties

0.00

6.8 Other debts

34,036,054.45

7. Provisions

856,247.22

8. Deferred income out of which:

0.00

8.1 Subsidies for investments

0.00

8.2 Deferred income

0.00

9. Shareholders' equity out of which:

11,871,445,439.59

9.1 Share capital

3,959,264,762.44

9.2 Share capital premiums

0.00

9.3 Revaluation differences

-6,548.26

9.4 Reserves

90,536,633.82

9.5 Retained earnings

4,848,273,225.01

9.6 Period result

3,129,870,912.19

9.7 Profit appropriation

-156,493,545.61

10. Total liabilities and Shareholders' equity

11,921,320,295.07

11. Net Asset Value

11,871,445,439.59

12. No of shares issued*

6,846,345,904

13. Net asset value per share

1.7339

14. Number of portfolio companies out of which:

33

14.1 Companies admitted to trading on a regulated market

3

14.1 Companies admitted to trading on an alternative regulated market***

4

14.3 Companies not admitted to trading

26

Legend:

* = Represents the number of shares related to the paid-up subscribed share capital (according to provisions of Law 247/2005, Title VII, Art. 92, alin. 5 "Subscribed unpaid shares are not taken into account for the computation of net asset value per share for Fondul Proprietatea") excluding (a) the Fund's own shares bought back (Treasury shares), according to provisions of CNVM Regulation no. 4/2010, as subsequently amended, and (b) the equivalent number of shares corresponding to the GDRs bought back

** = Include also the value of holdings admitted to trading on AeRo market (alternative regulated market)

*** = Include the number of companies admitted to trading on AeRo market (alternative trading system)

 

Franklin Templeton International Services S.à r.l acting in the capacity of Sole Director of Fondul Proprietatea SA

 

Călin Meteș

Marius Nechifor

Permanent representative

Compliance Officer

 

BRD Groupe Societe Generale

 

Victor Strâmbei

Claudia Ionescu

Manager Depositary Department

Director

 

 

[English translation of the original report in Romanian - for information purposes only]

 

 

Annex - Valuation methods used for the securities and the monetary market instruments held by Fondul Proprietatea S.A. as at 31 December 2019

 

The valuation methods used for the computation of the NAV as at 31 December 2019, for the securities and the monetary market instruments held by Fondul Proprietatea S.A. are the following:

 

1.   Listed companies on BVB traded within last 30 trading days: Closing Price

2.   Listed companies on AeRo market (alternative trading system) traded within last 30 trading days: Reference price - Average Price

3.   Listed companies with no trades within last 30 trading days:  Fair value / share;

4.   Unlisted companies: Fair value / share;

5.   Companies in insolvency, judicial reorganization, liquidation, dissolution or bankruptcy: Valued at zero;

6.   Unlisted companies for which the annual financial statements for the previous year are not available within 90 days after the legal submission deadline: Valued at zero;

7.   Listed government bonds: Fair value (reference composite price, including the cumulated interest);

8.   Bank deposits: Bank deposit amount cumulated with the accrued interest receivable calculated for the period elapsed since its creation date.

 

Franklin Templeton International Services S.à r.l acting in the capacity of Sole Director of Fondul Proprietatea SA

 

Călin Meteș

Permanent Representative

 

 

Marius Nechifor

Compliance Officer

 

 

[English translation of the original report in Romanian - for information purposes only]

 

 

Annex - Changes in the valuation methods used for the computation of the NAV of Fondul Proprietatea as at 31 December 2019

For the computation of the NAV as at 31 December 2019 for Fondul Proprietatea SA, the valuation methods used for the investments in the companies presented below changed and/or have been updated:

Hidroelectrica SA, CN Aeroporturi Bucuresti SA, E-Distributie Banat SA, Engie Romania SA,

E-Distributie Muntenia SA, E-Distributie Dobrogea SA, CN Administratia Porturilor Maritime SA, Societatea Nationala a Sarii SA, Enel Energie SA, Enel Energie Muntenia SA, Posta Romana SA, Zirom SA, Aeroportul International Timisoara - Traian Vuia SA, Plafar SA, Aeroportul International Mihail Kogalniceanu - Constanta SA, Complexul Energetic Oltenia SA, CN Administratia Canalelor Navigabile SA, CN Administratia Porturilor Dunarii Fluviale SA and CN Administratia Porturilor Dunarii Maritime SA

For these companies, the valuation method remained the same, respectively Fair value / share (Value based on valuation report), but the valuation was updated with the assistance of the independent valuer. The total impact of this change on the Fund's NAV was an increase of RON 853,192,115.19, detailed in the below table:

 

Company

Previous value per share

(RON/share)

Previous value of the holding

(RON)

Current value per share

(RON/share)

Current value of the holding

(RON)

Impact of the valuation update on NAV

(RON)

Impact of the valuation update on NAV

%

Hidroelectrica SA

46.3553

4,143,997,172.70

54.6610

4,886,496,893.71

+742,499,721.01

+6.89%

CN Aeroporturi Bucuresti SA

317.1685

911,999,943.15

355.7364

1,022,899,741.23

+110,899,798.08

+1.03%

E-Distributie Banat SA

55.8963

515,399,883.22

56.3192

519,299,293.56

+3,899,410.35

+0.04%

Engie Romania SA

204.5427

488,999,823.80

214.3307

512,399,975.83

+23,400,152.02

+0.22%

E-Distributie Muntenia SA

130.4816

424,899,760.31

131.5871

428,499,706.09

3,599,945.78

+0.03%

E-Distributie Dobrogea SA

48.3183

326,299,616.32

47.6075

321,499,493.65

-4,800,122.67

-0.04%

Societatea Nationala a Sarii SA

135.9998

272,799,822.82

137.2960

275,399,849.66

+2,600,026.84

+0.02%

CN Administratia Porturilor Maritime SA

91.7939

243,999,935.82

93.5620

248,699,771.94

+4,699,836.12

+0.04%

ENEL Energie SA

26.1904

43,999,872.00

15.6547

26,299,896.00

-17,699,976.00

-0.16%

ENEL Energie Muntenia SA

130.6147

57,999,979.99

93.9074

41,699,956.60

-16,300,023.39

-0.15%

Posta Romana SA

0.4505

6,699,812.12

0.7732

11,498,989.42

+4,799,177.30

+0.04%

Company

Previous value per share

(RON/share)

Previous value of the holding

(RON)

Current value per share

(RON/share)

Current value of the holding

(RON)

Impact of the valuation update on NAV

(RON)

Impact of the valuation update on NAV

%

Zirom SA

4.8092

29,153,769.56

5.2301

31,705,300.30

+2,551,530.73

+0.02%

Aeroportul International Timisoara - Traian Vuia SA

624.6876

19,999,998.20

434.1579

13,899,999.33

-6,099,998.88

-0.06%

Plafar SA

21.9604

2,915,989.75

12.6129

1,674,791.31

-1,241,198.44

-0.01%

Aeroportul International Mihail Kogalniceanu - Constanta SA

63.3447

1,466,999.91

60.1839

1,393,798.94

-73,200.97

0.00%

Complexul Energetic Oltenia SA

0.0000

0.00

0.0000

0.00

0.00

0.00%

CN Administratia Canalelor Navigabile SA

71.8800

14,603,140.80

73.3404

14,899,835.66

+296,694.86

0.00%

CN Administratia Porturilor Dunarii Fluviale SA

63.3599

1,745,818.68

60.8884

1,677,718.97

-68,099.71

0.00%

CN Administratia Porturilor Dunarii Maritime SA

189.1104

4,016,137.56

199.8672

4,244,579.73

+228,442.16

0.00%

Total


7,510,997,476.74


8,364,189,591.93

+853,192,115.19

+7.92%

 

Mecon SA

 

For this holding, the valuation method has been changed from Fair value (Last available trading price) (respectively RON 19.00/share) to Reference price - Average price (respectively RON 17.00/share) according to CNVM Regulation 4/2010, as subsequently amended, because the shares of this company were traded during the last 30 trading days. The total impact of this change on the Fund's NAV was a decrease of RON 120,108.00.

 

Franklin Templeton International Services S.à r.l acting in the capacity of Sole Director of Fondul Proprietatea SA

Călin Meteș

Marius Nechifor

Permanent representative

Compliance Officer

 

 

[English translation of the original report in Romanian - for information purposes only]

 


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