| Fund Administrator: | Franklin Templeton International Services S.à r.l. |
| Administrator Code: | PJM07.1AFIASMDLUX0037 |
| Fund: | Fondul Proprietatea SA |
| Fund Code: | PJR09FIAIR/400018 |
| Reporting date: | 31.12.2024 |
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 | 1,981,660,189.98 |
| 6.1. Financial assets at amortised cost | 0.00 |
| 6.2. Financial assets at fair value through profit or loss, out of which: | 1,981,660,189.98 |
| 6.2.1. Shares traded or listed on regulated markets in Romania* | 122,912,010.57 |
| 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 | 1,858,748,179.41 |
| 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) | 284,669,374.48 |
| 8. Bank deposits | 273,747,720.77 |
| 9. Other assets | 821,056.93 |
| 9.1. Dividends and other receivable rights | 0.00 |
| 9.2. Other assets | 821,056.93 |
| 10. Prepaid expenses | 179,801.10 |
| 11. Total Assets | 2,541,078,143.26 |
| 12. Total liabilities | 291,036,694.76 |
| 12.1. Financial liabilities at amortised cost | 289,232,319.29 |
| 12.2. Deferred tax liability | 0.00 |
| 12.3. Other debts | 1,804,375.47 |
| 13. Provisions for risks and charges | 0.00 |
| 14. Deferred income | 0.00 |
| 15. Shareholders' equity, out of which: | 2,250,041,448.50 |
| 15.1. Share capital | 1,849,342,164.28 |
| 15.2. Elements similar to share capital | 0.00 |
| 15.3. Other elements of shareholders' equity | - |
| 15.4. Share capital premiums | 0.00 |
| 15.5. Revaluation differences | 0.00 |
| 15.6. Reserves | (404,887,824.95) |
| 15.7. Treasury shares | (223,287,982.38) |
| 15.8. Retained earnings | 689,417,797.42 |
| 15.9. Period result | 339,457,294.13 |
| 16. Net Asset Value | 2,250,041,448.50 |
| 17. Number of issued shares** | 3,200,784,516 |
| 18. Net asset value per share | 0.7029 |
| 19. Number of portfolio companies out of which: | 24 |
| 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 | 19 |
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 | 88.08% | 1,981,841,798.53 |
| b) Commitment method | 100.00% | 2,250,041,448.50 |
Franklin Templeton International Services S.à r.l., in its capacity of alternative investment fund manager of Fondul Proprietatea SA
|
|
| Johan Meyer Permanent representative |
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. (31 December 2024)
Listed shares
|
| Name | Symbol | Valuation method |
| 1 | Alcom SA | ALCQ | Value based on the valuation report as at 31 October 2024 (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 | Value based on the valuation report as at 30 June 2024 (applying the asset-based approach) |
Unlisted shares
|
|
Name | Symbol | Valuation method |
| 1 | Aeroportul International Mihail Kogalniceanu - Constanta SA | | Value based on the valuation report as at 31 October 2024 (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 2024 (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 2024 (applying the income approach using the discounted cash flow method) |
| 4 | CN Administratia Porturilor Dunarii Fluviale SA | | Value based on the valuation report as at 31 October 2024 (applying the income approach using the discounted cash flow method) |
| 5 | CN Administratia Porturilor Dunarii Maritime SA | | Value based on the valuation report as at 31 October 2024 (applying the income approach using the discounted cash flow method) |
| 6 | CN Administratia Porturilor Maritime SA | | Value based on the valuation report as at 31 October 2024 (applying the income approach using the discounted cash flow method) |
| 7 | CN Aeroporturi Bucuresti SA | | Value based on the valuation report as at 31 October 2024 (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 2024 (applying the income approach using the discounted cash flow method) |
| 9 | Plafar SA |
| Value based on the valuation report as at 31 October 2024 (applying the income approach using the discounted cash flow method) |
| 10 | Posta Romana SA | | Value based on the valuation report as at 31 October 2024 (applying the market comparison technique using comparable trading multiples for Price/Earnings) |
| 11 | Societatea Nationala a Sarii SA | | Value based on the valuation report as at 31 October 2024 (applying the income approach using the discounted cash flow method) |
| 12 | Societatea Electrocentrale Craiova SA | | Valued at zero based on the 31 October 2024 analysis prepared with the assistance of the external independent valuer |
| 13 | World Trade Hotel SA | | Priced at zero (lack of annual financial statements; last available financial statements are those for the year-ended 31 December 2012) |
| 14 | Zirom SA | | Value based on the valuation report as at 31 October 2024 (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 (bankruptcy) |
| 5 | World Trade Center Bucuresti SA | | Valued at zero (insolvency) |
| 6 | Romaero SA | RORX | 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 | |
|
| |
| 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 31 December 2024
The total impact of the annual valuation update for the unlisted holdings and listed but illiquid holdings on the Fund's NAV is a net increase of RON 134,306,380 (6.34%) and additional details are included below.
Valuation reports updates - no changes to the primary method
For 9 unlisted companies and also Alcom SA and Mecon SA (listed but illiquid) the valuation method remained the same at 31 December 2024, respectively Fair value / share (Value based on valuation report), and the valuation reports were updated with the assistance of independent valuers as described in the table below:
| Company | Type | 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 change on NAV % |
| CN Aeroporturi Bucuresti SA | Unlisted | 321.5156 | 924,499,781 | 359.5619 | 1,033,899,748 | 109,399,967 | 5.16% |
| CN Administratia Porturilor Maritime SA | Unlisted | 54.0346 | 349,399,935 | 57.4833 | 371,700,009 | 22,300,074 | 1.05% |
| Societatea Nationala a Sarii SA | Unlisted | 158.7407 | 319,299,933 | 162.4694 | 326,800,049 | 7,500,116 | 0.35% |
| Complexul Energetic Oltenia SA | Unlisted | 10.0794 | 53,564,744 | 8.1078 | 43,087,111 | (10,477,632) | -0.49% |
| Zirom SA | Unlisted | 4.7641 | 28,584,600 | 4.2584 | 25,550,400 | (3,034,200) | -0.14% |
| Posta Romana SA | Unlisted | 1.1699 | 17,398,691 | 1.5013 | 22,327,254 | 4,928,563 | 0.23% |
| Aeroportul International Timisoara - Traian Vuia SA | Unlisted | 187.4062 | 5,999,997 | 231.1344 | 7,399,999 | 1,400,002 | 0.07% |
| Plafar SA | Unlisted | 14.9709 | 1,987,896 | 23.6125 | 3,135,362 | 1,147,466 | 0.05% |
| Aeroportul International Mihail Kogalniceanu - Constanta SA | Unlisted | 88.553 | 2,050,799 | 98.968 | 2,292,000 | 241,201 | 0.01% |
| ALCOM SA TIMISOARA | Listed but illiquid | 112.8514 | 10,071,875 | 114.4357 | 10,213,272 | 141,397 | 0.01% |
| MECON SA | Listed but illiquid | 39.7891 | 2,389,495 | 39.858 | 2,393,632 | 4,138 | 0.00% |
| Total | | | 1,715,247,746 |
| 1,848,798,837 | 133,551,092 | 6.30% |
Valuation reports updates - changes to the primary method
For CN Administratia Canalelor Navigabile SA, CN Administratia Porturilor Dunarii Fluviale SA and CN Administratia Porturilor Dunarii Maritime SA (unlisted companies), the valuation method was changed from Fair value / share (Value based on valuation report) - Market comparison technique using comparable trading multiples for EBITDA to Fair value / share (Value based on valuation report) - Income approach using the discounted cash flow method in the updated valuation reports prepared with the assistance of the independent valuers.
| 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 change on NAV % |
| CN Administratia Canalelor Navigabile SA | 76.6062 | 15,563,316 | 69.8006 | 14,180,690 | (1,382,626) | -0.07% |
| CN Administratia Porturilor Dunarii Fluviale SA | 111.2944 | 3,066,606 | 177.8828 | 4,901,383 | 1,834,777 | 0.09% |
| CN Administratia Porturilor Dunarii Maritime SA | 149.3166 | 3,171,037 | 163.5906 | 3,474,174 | 303,137 | 0.01% |
| Total | | 21,800,958 |
| 22,556,246 | 755,288 | 0.04% |
Valuation of Romaero SA
As the company filled for insolvency, the Fund decided to not prepare a new valuation report and valued the holding at zero.
Valuation of Societatea Electrocentrale Craiova SA
With the assistance of the independent valuers, an analysis was prepared which conclude that the financial performance of the company has further deteriorated throughout the financial year ended 31 December 2024 (Previous report prepared at 31 December 2023 valued the company at nil). As such, the Fund did not consider that a new valuation report for the company would be required and decided to keep the value of the company at 0, the valuation method has changing from Fair value / share (Value based on valuation report) to Fair value / share (Value based on other valuation techniques).
Franklin Templeton International Services S.à r.l., in its capacity of alternative investment fund manager of Fondul Proprietatea SA
| Johan Meyer |
| Permanent representative |
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