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FP Prospect RO -FINAL Aprobat CNVM In S.C. FONDUL PROPRIETATEA S.A. societate pe actiuni inregistrata in Romania cu nr. J40/21901/2005 administrata de Franklin Templeton Investment Management Limited, United Kingdom Sucursala Bucuresti PROSPECT IN VEDEREA ADMITERII LA TRANZACTIONARE PE PIATA REGLEMENTATA LA VEDERE ADMINISTRATA DE BURSA DE VALORI BUCURESTI Lead Manager RAIFFEISEN CAPITAL & INVESTMENT Manager Manager ING BANK N.V. AMSTERDAM, BRD SUCURSALA BUCURESTI GROUPE SOCIETE GENERALE Consultantul juridic al Consortiului SCHOENHERR SI ASOCIATII Data Prospectului: 2 decembrie 2010 VIZA DE APROBARE APLICATA PE ACEST PROSPECT NU ARE VALOARE DE GARANTIE SI NICI NU REPREZINTA O ALTA FORMA DE APRECIERE A COMISIEI NATIONALE A VALORILOR MOBILIARE CU PRIVIRE LA OPORTUNITATEA, AVANTAJELE SAU DEZAVANTAJELE, PROFITUL ORI RISCURILE PE CARE LE-AR PUTEA PREZENTA TRANZACTIILE CARE VOR FI INCHEIATE CA URMARE A ADMITERII LA TRANZACTIONARE A ACTIUNILOR EMISE DE FOND IN BAZA DECIZIEI DE APROBARE. DECIZIA DE APROBARE CERTIFICA NUMAI REGULARITATEA PROSPECTULUI IN PRIVINTA EXIGENTELOR LEGII SI ALE NORMELOR ADOPTATE IN APLICAREA ACESTUIA. (Aceasta pagina a fost lasata libera in mod intentionat) CUPRINS 1 DEFINITII SI INTERPRETARE................................................................................................ 1 1.1 Definitii ................................................................................................................................. 1 1.2 Interpretare ............................................................................................................................ 6 2 REZUMATUL PROSPECTULUI............................................................................................... 7 2.1 Fondul ................................................................................................................................... 7 2.2 Administratorul Fondului si Administratorul Unic ............................................................... 8 2.3 Actionari principali si tranzactii cu persoane implicate ........................................................ 9 2.4 Detalii cu privire la admiterea la tranzactionare a Actiunilor ............................................... 9 2.5 Obiectivele si politica de investitii a Fondului...................................................................... 9 2.6 Portofoliul............................................................................................................................ 10 2.7 Rezumatul factorilor de risc ................................................................................................ 12 2.8 Informatii Financiare Selectate ........................................................................................... 15 2.9 Documente puse la dispozitie.............................................................................................. 21 3 FACTORI DE RISC ................................................................................................................... 22 3.1 Factori de risc privind mediul economic din Romania ....................................................... 22 3.2 Factori de risc privind Fondul ............................................................................................. 27 3.3 Riscuri asociate Administratorului Fondului si Depozitarului............................................ 31 3.4 Riscuri privind politica de investitii si Portofoliul .............................................................. 33 4 DESCRIEREA FONDULUI ...................................................................................................... 36 4.1 Prezentare Generala............................................................................................................. 36 4.2 Organizarea si conducerea Fondului ................................................................................... 41 4.3 Prezentarea Actului Constitutiv........................................................................................... 52 4.4 Prezentarea Capitalului Social............................................................................................. 67 4.5 Depozitar ............................................................................................................................. 75 4.6 Contracte importante si Furnizori Semnificativi de Servicii............................................... 79 4.7 Tranzactii cu Persoane Implicate ........................................................................................ 83 4.8 Politica de investitii............................................................................................................. 84 4.9 Cerinte Speciale de Raportare ............................................................................................. 90 4.10 Politica privind Dividendele................................................................................................ 92 4.11 Restrictii privind utilizarea resurselor de capital ale Fondului............................................ 94 4.12 Filiale................................................................................................................................... 94 4.13 Litigii................................................................................................................................... 95 5 PREZENTAREA SITUATIILOR FINANCIARE INDIVIDUALE .................................... 118 5.1 Situatiile Financiare Individuale si Rezultatele Anuale IFRS.......................................... 118 5.2 Situatii financiare si rezultatele interimare pentru primele sase luni incheiate la 30 iunie 2010.................................................................................................................................... 152 5.3 Modificari semnificative in pozitia financiara sau comerciala a Fondului ....................... 155 6 ADMINISTRATORUL FONDULUI ...................................................................................... 156 6.1 Grupul Franklin Templeton Investments .......................................................................... 156 6.2 Numirea Administratorului Fondului................................................................................ 158 6.3 Informatii privind infiintarea Administratorului Fondului................................................ 159 6.4 Sucursala din Bucuresti a Franklin Templeton Investment Management Limited United Kingdom.......................................................................................................................... 161 6.5 Evenimente importante din istoricul Administratorului Fondului .................................... 161 6.6 Rolurile si responsabilitatile Administratorului Fondului................................................. 164 7 PORTOFOLIUL FONDULUI ................................................................................................. 166 7.1 Detinerile Fondului ........................................................................................................... 166 7.2 Metoda de Evaluare........................................................................................................... 168 7.3 Analiza Valorii Activului Net ........................................................................................... 173 7.4 Performanta Portofoliului.................................................................................................. 179 7.5 Evaluare independenta ...................................................................................................... 181 7.6 Privatizari planificate prin intermediul pietei de capital ................................................... 183 7.7 Prezentare generala a sectorului energie electrica............................................................. 184 7.8 Prezentare generala a sectorului gazelor naturale ............................................................. 200 7.9 Prezentare generala a sectorului petrolier ......................................................................... 217 7.10 Prezentare generala a sectorului transporturi .................................................................... 226 7.11 Prezentare generala a altor actiuni ale Fondului................................................................ 239 8 LISTAREA LA BVB................................................................................................................. 242 9 IMPOZITARE........................................................................................................................... 244 9.1 Impozitarea dividendelor................................................................................................... 244 9.2 Impozitarea castigurilor de capital .................................................................................... 246 9.3 Alte taxe si impozite.......................................................................................................... 247 9.4 Nota importanta cu privire la tratamentul fiscal al Fondului ............................................ 248 10 SURSE DE INFORMATII ....................................................................................................... 249 11 DOCUMENTE PUSE LA DISPOZITIE ................................................................................ 251 12 ANEXE....................................................................................................................................... 253 NOTA CATRE INVESTITORI Acest Prospect ( "Prospectul" ) a fost intocmit in legatura cu admiterea la tranzactionare
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