FONDUL PROPRIETATEA SA
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023
(all amounts are in RON unless otherwise stated)
Annual financial statements for the
ear ended 31 December 2023 5
Cash flows from operating activities
Period ende d
31 December 2023
Period ended
31 December 2022
Proceeds from disposal of equity investments 9,931,212,040 1,781,883,964
Dividends collected (net of withholding tax) 955,786,521 928,242,194
Interest collected 156,856,933 24,491,606
Amounts collected from the depository Bank of the
Fund's GDRs 1,179,636 3,840,656
Net proceeds from transactions with treasury bills and
bonds 1,165,243 304,282,220
Amounts received from Romanian State for the unpaid
share capital (see Note 10) - 189,182,422
Dividend withholding tax payments performed (702,390,480) (34,352,270)
Suppliers and other taxes and fees paid (50,349,332) (34,435,290)
Intermediaries and other transaction related fees
(242,939,993) (11,507,219)
Sole Director administration fees
(231,666,775) (113,819,169)
Acquisition of treasury bills and bonds
- (227,774,993)
Subscriptions to share capital increase of portfolio
companies (2,678,640) (17,427,589)
Other payments performed, net (1,498,938) (1,660,102)
Net cash flows from operating activities 9,814,676,215 2,790,946,430
Cash flows from financing activities
Transfer to distribution accounts (8,687,126,113) (1,146,162,505)
Dividends transferred corresponding to shareholders
having specific legal status (18,362,279) (1,956,556)
Acquisition cost of treasury shares (1,829,544,967) (1,146,552,498)
Payment of fees related to the short term bank loans (68,471) (45,000)
Net cash flows used in financing activities
(10,535,101,830) (2,294,716,559)
Net (decrease)/ increase in cash and cash
equivalents (720,425,615) 496,229,871
Cash and cash equivalents at the beginning of the
period 911,757,882 415,528,011
Cash and cash equivalents at the end of the period
as per the Statement of Cash Flows 191,332,267 911,757,882
Reconciliation of Statement of Cash Flows with the equivalent items reported in the Statement of
Financial Position
31 December 2023 31 December 2022
Cash and current accounts (see Note 15) 60,109 58,066
Bank deposits with original maturities of less than
three months (see Note 15) 191,272,158 911,699,816
191,332,267 911,757,882
Distributions bank accounts (see Note 15) 546,066,907 73,775,078
Interest accrued on bank deposits (see Note 15) 96,820 916,580
Interest accrued on distribution accounts (see Note
15) 1,429,974 -
Total cash and current accounts, distribution
accounts, deposits with banks, treasury bills and
government bonds as per Statement of Financial
Position 738,925,968 986,449,540
The notes on pages 6 to 59 are an integral part of these annual financial statements.