31 October 2017
FUND DESCRIPTIONFondul Proprietatea (FP) is a joint stock company operating as an Alternative Investment Fund (AIF) with an unlimited lifetime, incorporated in Romania. The Fund was listed on the Bucharest Stock Exchange on 25 January 2011, and on
SHARE PRICE (RON) AND DISCOUNT (%) SINCE LISTING ON BVBNAV/Share:
RON 1.2117 / EUR 0.2635 / USD 0.3065
the Specialist Fund Market of the London Stock Exchange ("LSE") by means of Global Depositary Receipts ("GDRs") on 29 April 2015.
INVESTMENT OBJECTIVEThe Fund's investment objective is the maximization of returns and per-share capital appreciation via investments mainly in Romanian equities and
equity-linked securities.
ALTERNATIVE INVESTMENT FUND MANAGERFRANKLIN TEMPLETON INTERNATIONAL SERVICES S.À. R.L. as of 1 April 2016
INVESTMENT MANAGERFranklin Templeton Investment Management Limited UK,
Bucharest Branch - since 29 September 2010
(between 29 September 2010 - 31 March 2016, Franklin Templeton Investment Management Limited UK, Bucharest Branch was Sole Director and Fund Manager)
PORTFOLIO MANAGERGrzegorz Konieczny - Portfolio Manager Johan Meyer - Portfolio Manager
FUND DETAILS AS AT 31/10/2017Base Currency of Fund: Romanian Lei (RON)
Date of Fund Launch: 28 December 2005
0.90
0.70
0.50
0.30
1/11 7/11 1/12 7/12 1/13 7/13 1/14 7/14 1/15 7/15 1/16 7/16 1/17
FP Share Price Discount
10/17
75%
55%
35%
7/17
15%
Ordinary Share Price:
RON 0.8450 / EUR 0.1838 / USD 0.2137
GDR price (1 GDR = 50 shares):
RON 42.70 / EUR 9.28 / USD 10.80
Current Share Price Discount6: 30.26%
Current GDR Discount6: 29.53% Fund NAV: RON 10.60 billion / EUR 2.31 billion / USD 2.68 billion Market Capitalisation (Excluding treasury shares):
RON 7.39 billion / EUR 1.61 billion / USD 1.87 billion
Average Daily Turnover on the BVB1: RON 5.28 million / EUR 1.15 million / USD 1.34 million
Cumulative Performance % | 1-Mo | 3-Mo | 6-Mo | 9-Mo | YTD | 1-Yr | 2-Yr2 | 3-Yr2 | Since perf. incept. |
NAV RON3 | 0.32 | (0.28) | 3.71 | 8.75 | 10.74 | 15.07 | 10.17 | 5.88 | 47.11 |
Ordinary Share Price RON4 | 0.00 | (3.10) | (0.73) | 6.47 | 18.79 | 17.17 | 10.94 | 4.45 | 112.90 |
GDR RON5 | (0.75) | (0.24) | (2.06) | 8.20 | 17.39 | 14.23 | 10.47 | N/A | 18.01 |
NAV USD3 | (1.20) | (2.74) | 9.32 | 14.78 | 20.90 | 19.57 | 11.32 | 1.87 | 18.02 |
Ordinary Share Price USD4 (1.52) (5.49) 4.64 12.37 29.69 21.75 12.09 0.49 67.75 | |||||||||
GDR USD5 | (2.26) | (2.70) | 3.24 | 14.20 | 28.17 | 18.70 | 11.62 | N/A | 18.61 |
Average Daily Turnover on the LSE1: RON 2.89 million / EUR 0.63 million / USD 0.73 million
Performance Inception Date: 31 December 2010 for NAV 25 January 2011 for Ordinary Share Price 29 April 2015 for Global Depositary Receipts
Number of Issued Shares: 10,074,080,746
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.
Number of Shares Corresponding to Paid Share capital:
9,710,268,396
AVERAGE ANNUAL DISCOUNT62011 2012 2013 2014 2015 2016 YTD11
Current Discount6
Subscribed Share Capital: RON 5,238,521,987.92
Ordinary Share Price 55.67% 50.09% 40.74% 30.87% 29.12% 32.08% 27.66% 30.26%
Paid Share Capital: RON 5,049,339,565.92
CASH DISTRIBUTIONS PER SHARE2017 Cash Distribution: 0.05000 RON June 2017
GDR - - - - 29.51% 29.98% 27.00% 29.53%
PORTFOLIO STRUCTURE TOP 10 HOLDINGS2017 Special Cash Distribution: 0.05000 RON March 2017
2016 Cash Distribution: 0.05000 RON June 2016
Asset % of NAV
Listed Equities 22.47
Unlisted Equities 70.02
Security name % of NAV
Hidroelectrica SA 31.92
OMV Petrom SA 15.28
2012 Dividend: 0.04089 RON June 2013
2011 Dividend: 0.03854 RON June 2012
2010 Dividend: 0.03141 RON June 2011
2008-2009 Dividend: 0.0816 RON October 2010
FUND IDENTIFIERBucharest Stock Exchange Symbol: FP
London Stock Exchange Symbol: FP.
Bloomberg: FP RO (for BVB) and FP/LI (for GDRs)
ISIN: ROFPTAACNOR5
ASF Public Register No: PJR09SIIR/400006/18.08.2010
CIVM Registration No: AC-4522-1/03.07.2017
2015 Cash Distribution: | 0.05000 RON June 2015 | Net Cash & Receivables7 | 7.51 | CN Aeroporturi Bucuresti SA | 7.18 |
2014 Cash Distribution: | 0.05000 RON July 2014 | E-Distributie Banat SA | 5.66 |
Sector % ofNAV
Power utilities: generation 33.78
Power & Gas utilities: distribution, supply 26.23
Oil & Gas 15.79
Infrastructure 9.78
Banks 2.60
Heavy Industry 1.95 Aluminium 1.78
Postal services 0.42
Others 0.16
Net Cash and receivables7 7.51
SHAREHOLDERS STRUCTURE8Engie Romania SA 4.28
E-Distributie Muntenia SA 4.24 E-Distributie Dobrogea SA 3.59
BRD Groupe Societe Generale SA 2.60
CN Administratia Porturilor Maritime SA 2.04
SDEE Muntenia Nord SA 1.98
Total 78.77
LARGEST SHAREHOLDERS% of total
The Bank of New York Mellon (depository
% Shareholder As at
voting rights
bank for Global Depository Receipts) 12 33.85
Foreign institutional investors 20.39
Romanian private individuals 16.79
Elliott Associates 24 May 2017 19.89
City of London
Investment Mgmt. 5 April 2016 5.04
NN Group 27 March 2017 5.02
Romanian institutional investors 16.06
Foreign private individuals 3.04
Ministry of Public Finance9 0.06
Treasury shares10 9.81
Source: Ownership disclosures submitted by shareholders.
Total Number of Shareholders 6,578
Monthly Report 31 October 2017
DESCRIPTION OF NAV BASISNet Asset Value is calculated according to regulations currently applying to Fondul Proprietatea, approved by Local Regulator (CNVM Regulation no. 4/2010 as subsequently amended). Where there is trading activity in the last 30 trading days, shares listed on a regulated market are valued at closing price. The shares admitted to trading on AeRO market (alternative trading system) are valued based on the Reference Price method, respectively the average 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 either shareholders' equity value per latest annual financial statements (proportionally with the stake held) or by using valuation methods in accordance with International Valuation Standards (fair value principles). Any holding in companies going through an insolvency or reorganization procedure is valued either at zero or at the value provided by an independent valuer, using valuation methods in accordance with International Valuation Standards (fair value principles). Any holding in companies under judicial liquidation procedure, or any other liquidation procedures, as well as in companies under temporary or final suspension of operation, is valued at zero until the procedure is finalised.
Starting with the NAV report as at 29 January 2016, the accounting records under IFRS are used for the computation of NAV non-portfolio items.
Important Information and DisclaimersThe 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 10 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 Investment Management Limited United Kingdom, Bucharest Branch.
This report is issued in Romania by Franklin Templeton Investment Management Limited United Kingdom, Bucharest Branch, at 78-80 Buzesti Str, Premium Point, 7th and 8th Floors, Bucharest 1, 011017, ROMANIA registered with ASF Public Register No. PJM01SFIM/400005.
References
For the period 1-31 October 2017.
Annualized rate of return.
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.
The discount is calculated based on the latest published NAV at the date of the calculation. For Current Discount, the values are calculated based on the 31 October 2017 NAV.
Net cash and receivables includes bank deposits, current bank accounts, short-term treasury bills and bonds, dividend receivables, as well as other receivables and assets, net of all liabilities (including liabilities to shareholders related to the returns of capital) and provisions.
Based on the paid share capital as at 31 October 2017 as received from Depozitarul Central SA.
363,812,350 shares unpaid by Ministry of Public Finance.
830,247,619 treasury shares acquired in the seventh buyback program and 122,501,423 treasury shares acquired in the eighth buyback program.
For the period 3 January-31 October 2017.
Includes 4,981,950 shares, equivalent of the 99,639 Global Depository Receipts of Fondul Proprietatea.
Contact Us
tel.: +40 21 200 9600
fax: +40 21 200 9631/32
Fund's headquarters are at 78-80 Buzesti Str, 7th Floor, Bucharest District 1, 011017, Romania. Fund's Fiscal Identification Code (CIF): 18253260 and Trade Registry registration no: J40/21901/2005.
www.fondulproprietatea.ro
investor.relations@fondulproprietatea.ro
© 2017 Franklin Templeton Investments. All rights reserved. FTIFRO FFS 06/17
Fondul Proprietatea SA published this content on 15 November 2017 and is solely responsible for the information contained herein.
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