FONDUL PROPRIETATEA SA FUND DESCRIPTION
Fondul Proprietatea (the Fund) is a joint stock company operating as an Alternative Investment Fund (AIF), incorporated in Romania. The Fund was listed on the Bucharest Stock Exchange on 25 January 2011, and on the Specialist Fund Market of the London Stock Exchange ("LSE") by means of Global Depositary Receipts ("GDRs") on 29 April 2015.
INVESTMENT OBJECTIVE
The Fund's investment objective is the maximisation of returns to shareholders and the increase of the net asset value per share via investments mainly in Romanian equities and equity-linked securities.
ALTERNATIVE INVESTMENT
FUND MANAGER
FRANKLIN TEMPLETON INTERNATIONAL SERVICES S.À. R.L. as of 1 April 2016
PORTFOLIO MANAGER
Johan Meyer - Portfolio Manager
Călin Meteș - Deputy Portfolio Manager
Daniel Naftali - Deputy Portfolio Manager
MONTHLY REPORT
SHARE PRICE (RON) AND (DISCOUNT)/ PREMIUM (%)
SINCE LISTING ON BVB
2.30 | 13% | ||||||||||||||||||
2.10 | |||||||||||||||||||
0% | |||||||||||||||||||
1.90 | |||||||||||||||||||
1.70 | |||||||||||||||||||
-13% | |||||||||||||||||||
1.50 | |||||||||||||||||||
1.30 | -26% | ||||||||||||||||||
1.10 | |||||||||||||||||||
-40% | |||||||||||||||||||
0.90 | |||||||||||||||||||
0.70 | |||||||||||||||||||
-53% | |||||||||||||||||||
0.50 | |||||||||||||||||||
0.30 | -66% | ||||||||||||||||||
7/232/24 | |||||||||||||||||||
1/11 | 11/11 | 9/12 | 7/13 | 5/14 | 3/15 | 1/16 | 11/16 | 9/17 | 7/18 | 5/19 | 3/20 | 1/21 | 11/21 | 9/22 | |||||
Share Price (RON) | (Discount)/ Premium (%) | ||||||||||||||||||
29 February 2024
NAV/Share:
RON 0.6564 / USD 0.1433 / EUR 0.1321
Ordinary Share Price:
RON 0.4985 / USD 0.1088 / EUR 0.1003
GDR price (1 GDR = 50 shares):
RON 24.97 / USD 5.45 / EUR 5.03
Current Share Price (Discount)/Premium1: (24.06%)
Current GDR (Discount)/Premium1: (23.91%)
Fund NAV: RON 2.33 billion /
USD 0.51 billion / EUR 0.47 billion
Market Capitalisation (Excluding treasury shares): RON 1.77 billion / USD 0.39 billion / EUR 0.36 billion /
Average Daily Turnover on the BVB2:
RON 1.44 million / USD 0.31 million /
EUR 0.29 million
Average Daily Turnover on the LSE2:
RON 0.08 million / USD 0.02 million /
EUR 0.02 million
FUND DETAILS AS AT 29/02/2024
Base Currency of Fund: | Romanian Lei (RON) | |
Date of Fund Launch: | 28 December 2005 | |
Performance Inception Date: | 31 December 2010 for NAV | |
25 January 2011 for Ordinary Share Price | ||
29 April 2015 for Global Depositary Receipts | ||
Number of shares in issue | 5,668,806,128 | |
and paid-up: | ||
Number of issued and paid shares | 3,556,427,239 | |
less Treasury shares: | ||
Total Number of Voting Rights12: | 5,668,806,128 | |
Total Number of Exercisable Voting | 3,556,427,239 | |
Rights: | ||
Subscribed and paid-up | 2,947,779,186.56 RON | |
share capital: | ||
CASH DISTRIBUTIONS PER SHARE13 |
Cumulative | Since perf. | ||||||||||
Performance % | 1-Mo | YTD | 3-Mo | 6-Mo | 9-Mo | 1-Yr | 2-Yr3 | 3-Yr3 | 5-Yr3 | incept.4 | |
NAV RON5 | (0.56) | (0.67) | 3.50 | 3.88 | (8.25) | (3.15) | 8.88 | 19.22 | 18.14 | 312.55 | |
Ordinary Share Price RON6 | (5.59) | (4.68) | (2.25) | 41.43 | 35.58 | 34.26 | 22.96 | 28.88 | 34.14 | 938.45 | |
GDR USD7 | (1.80) | (4.39) | 0.00 | 26.32 | 25.16 | 23.24 | 15.67 | 18.82 | 28.43 | 335.27 | |
Performance data is shown rounded to the nearest hundredth. | |||||||||||
The Fund uses these indicators as they are directly related to the performance objectives of the Fund included in the Investment Policy Statement. |
AVERAGE ANNUAL DISCOUNT %1 | ||||||||||||||
2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | YTD | |
Ordinary | (55.67) | (50.09) | (40.74) | (30.87) | (29.12) | (32.08) | (28.05) | (29.54) | (29.38) | (21.06) | (5.69) | (21.60) | (22.84) | (20.32) |
Share | ||||||||||||||
Price | ||||||||||||||
GDR | - | - | - | - | (29.51) | (29.98) | (27.39) | (29.53) | (30.34) | (22.17) | (7.63) | (22.39) | (23.41) | (23.30) |
2023 | Special Dividend: | 1.7225 RON September 2023 |
2022 | Dividend: | 0.05 RON June 2023 |
2021 | Dividend: | 0.125 RON June 2022 |
2021 | Special Dividend : | 0.06 RON February 2022 |
2021 | Special Dividend: | 0.07 RON August 2021 |
2021 | Special Dividend: | 0.072 RON June 2021 |
2019 | Dividend: | 0.0642 RON July 2020 |
2018 | Dividend: | 0.0903 RON July 2019 |
2017 | Dividend: | 0.0678 RON June 2018 |
2017 | Cash Distribution: | 0.05 RON June 2017 |
2017 | Special Cash Distribution: | 0.05 RON March 2017 |
2016 | Cash Distribution: | 0.05 RON June 2016 |
2015 | Cash Distribution: | 0.05 RON June 2015 |
2014 | Cash Distribution: | 0.05 RON July 2014 |
2012 | Dividend: | 0.04089 RON June 2013 |
PORTFOLIO STRUCTURE14
Asset | % of NAV |
Listed Equities | 4.98 |
Unlisted Equities | 71.07 |
Net Cash & Receivables8 | 23.95 |
Sector | % of NAV |
Infrastructure | 52.94 |
Heavy Industry | 14.86 |
Aluminium | 4.42 |
Power utilities: generation | 2.43 |
Postal services | 0.75 |
Others | 0.65 |
Net Cash and receivables8 | 23.95 |
TOP HOLDINGS
Security name | % of NAV |
CN Aeroporturi Bucuresti SA | 37.60 |
CN Administratia Porturilor Maritime SA | 14.06 |
Societatea Nationala a Sarii SA | 13.64 |
Alro SA | 4.42 |
Complexul Energetic Oltenia SA | 2.43 |
Total | 72.15 |
2011 Dividend: | 0.03854 RON June 2012 |
2010 Dividend: | 0.03141 RON June 2011 |
2008-2009 Dividend: | 0.0816 RON October 2010 |
FUND IDENTIFIER | |
Bucharest Stock Exchange Symbol: | FP |
London Stock Exchange Symbol: | FP. |
Bloomberg: | FP RO (for BVB) and FP/LI (for GDRs) |
Reuters: | FP.BX (for BVB) and FPq.L (for GDRs) |
ISIN: | ROFPTAACNOR5 |
ASF Public Register No: | PJR09FIAIR/400018/28.01.2022 |
CIIF Registration No: | AC-4522-10/16.10.2023 |
LEI Code: | 549300PVO1VWBFH3DO07 |
SHAREHOLDERS STRUCTURE9 | % |
Treasury shares10 | 37.26 |
Romanian institutional investors | 24.66 |
Romanian private individuals | 23.51 |
Ministry of Finance | 6.54 |
Foreign private individuals | 3.46 |
Foreign institutional investors | 2.48 |
The Bank of New York Mellon (depository | 2.09 |
bank for Global Depository Receipts)11 | |
Total Number of Shareholders | 22,883 |
LARGEST SHAREHOLDERS | % |
NN Private Pension Funds | 11.24 |
Ministry of Finance | 5.97 |
Silver Point Capital Funds | 4.89 |
Metropolitan Life Pension Fund and Metropolitan | 4.74 |
Insurance | |
Allianz-Tiriac Private Pension Funds and Allianz | 4.13 |
Insurance | |
Based on the total voting rights as declared by shareholders through the ownership disclosures submitted on: 22 December 2023 by Metropolitan Life Pension Fund and Metropolitan Insurance, 12 December 2023 by Allianz-Tiriac Private Pension Funds and Allianz Insurance, 5 April 2023 by Silver Point Capital Funds, 11 April 2022 by NN Private Pension Funds and 1 April 2022 by Ministry of Finance.
Monthly Report | 29 February 2024 |
DESCRIPTION OF NAV BASIS
THE CURRENT REGULATIONS
Net Asset Value is calculated according to regulations approved by Local Regulator (FSA Regulations No. 9/2014 and No. 7/2020, as subsequently amended).
Where there is trading activity in the last 30 trading days, the shares listed on a regulated market or admitted to trading on AeRO market (alternative trading system) are valued at closing price. Where there is no trading activity in the 30 trading day-period for listed investments, the unlisted valuation approach applies. Investments in unlisted companies are valued using valuation methods in accordance with International Valuation Standards (according to the fair value principle).
Investments in companies in liquidation, dissolution, bankruptcy, insolvency or judicial reorganization are valued at nil. Investments in companies under temporary or final suspension of operation, are valued at zero until the procedure is finalized.
Starting with the NAV report as at 29 January 2016, the accounting records under IFRS are used for the computation of NAV for the items that are not part of the financial instruments' portfolio (non-portfolio items).
WHAT ARE THE KEY RISKS?
The Fund's portfolio consists mainly of unlisted financial instruments and consequently the performance of the Fund can fluctuate considerably over time.
Risk related to industry sectors: the Fund has a significant exposure in companies in oil, gas and electricity sector. Therefore, the Fund's performance will depend largely on the overall condition of the industries and markets in which the companies in the Fund's portfolio operate.
Risk related to Romania: The Fund holds significant holdings in companies that are controlled by Romanian State. Past experience indicates that management of these companies is often replaced after government changes, which may affect the financial results of such companies in the Fund's portfolio and the Fund's overall performance.
Risk related to Global Pandemic: The spread of infectious diseases, such as COVID-19, could have a significant adverse impact on the Fund's operations and Fund's returns.
Other materially relevant risks are unlisted investment risk, and share discount to NAV risk. For full details of all of the risks applicable to this Fund, please refer to the "Risk Factors" section of the Fund in the current prospectus of Fondul Proprietatea.
Important Information and Disclaimers
The above portfolio information is calculated on the basis of the NAV. The Investment Manager for the Fund reserves the right to withhold release of information with respect to holdings that would otherwise be included in the Top Holdings list where the protection of such information is in the best interests of the Fund. The price of shares and income from them can go down as well as up and you may not get back the full amount that you invested. Past performance is no guarantee of future performance. In emerging markets, the risks can be greater than in developed markets. Investment in the Fund may not be suitable for all investors; we suggest investors seek guidance from a financial adviser. Read the issue prospectus before investing in this fund/investment firm. FRANKLIN TEMPLETON INTERNATIONAL SERVICES S.À R.L. as alternative investment fund manager and sole director of Fondul Proprietatea SA issues quarterly, semi-annual and annual reports which are published on the Fund's website at www.fondulproprietatea.ro. This is a short summary for the information of existing shareholders only and is not intended to be used as the basis for investment decisions.
Existing and potential investors should refer to the Fund's prospectus and amendment, available at www.fondulproprietatea.ro. All information presented in the report is provided by Franklin Templeton International Services S.À R.L., Bucharest Branch.
This report is issued in Romania by Franklin Templeton International Services S.À R.L., Bucharest Branch, at 76-80 Buzesti Str, Premium Point, 8th Floor, Bucharest 1, 011017, ROMANIA.
References
- Average (Discount)/ Premium is calculated based on the latest published NAV at the date of the calculation; between 7 September 2023 (ex-date for 29 September 2023 dividend distribution) and 14 September 2023, the values are calculated based on the 31 August 2023 NAV in order to correlate the Price and NAV adjustment with the dividend distribution. For Current Discount/ Premium, the values are calculated based on the 29 February 2024 NAV.
- For the period: 1 - 29 February 2024.
- Annualized rate of return.
- The Performance Inception date for the NAV is 31 December 2010, for the Share Price is
- January 2011, and for the GDRs is 29 April 2015.
- The NAV per Share Total Return is calculated in RON by geometrically linking total returns for all intermediate periods when official NAV is published. Each total return for a single period is calculated using the following formula: the NAV per share as at the end of the period plus any cash distribution during the period, dividing the resulting sum by the official NAV per share at the beginning of the period. The resulting single period total returns are geometrically linked to result in the overall total return.
- The Share Price Total Return is calculated in RON by geometrically linking daily total returns. Daily total return is calculated as the closing price at the end of the day, plus any cash distributions on that day, dividing the resulting sum by the closing price of the previous day. The resulting single period total returns are geometrically linked to result in the overall total return.
- The GDR Price Total Return is calculated in USD by geometrically linking daily total returns. Daily total return is calculated as the closing price at the end of the day, plus any cash distributions on that day, dividing the resulting sum by the closing price of the previous day. The resulting single period total returns are geometrically linked to result in the overall total return.
- Net cash and receivables includes bank deposits, current bank accounts, dividend receivables, as well as other receivables and assets, net of all liabilities (including liabilities to shareholders related to the returns of capital and dividend distribution).
- Based on the subscribed and paid-up share capital as at 29 February 2024 as received from Depozitarul Central SA.
- 2,112,378,889 treasury shares were acquired within the 14th buyback programme (either in the form of shares and/or GDRs).
- The underlying shares for global depositary receipts issued by The Bank of New York Mellon are registered in the name of The Bank of New York Mellon and for the account of holders of the global depositary receipts.
- The own settled shares and shares equivalent of own global depositary receipts held by the Fund are excluded from the calculation of the number of voting rights. The repurchased own shares and global depositary receipts for which the settlement is ongoing at the date of this report are not excluded from the calculation of the number of voting rights.
- Distributions since the start of Franklin Templeton mandates.
Contact Us | www.fondulproprietatea.ro |
tel.: +40 21 200 96 00 | investor.relations@fondulproprietatea.ro |
fax: +40 31 630 00 48 | |
Fund's headquarters are at 76-80 Buzesti Str, 7th Floor, | |
Bucharest District 1, 011017, Romania. Fund's Fiscal | |
Identification Code (CIF): 18253260 and Trade Registry | |
registration no: J40/21901/2005. |
© 2024 Franklin Templeton Investments. All rights reserved. | FTIFRO FFS 06/17 |
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Fondul Proprietatea SA published this content on 14 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 March 2024 16:08:08 UTC.
