S.C. Fondul Proprietatea SA · BVB:FP
S.C. Fondul Proprietatea SA — Fondul Proprietatea — Q1 2022 Earnings Presentation
30 slides from S.C. Fondul Proprietatea SA's earnings presentation, May 16, 2022
Slide 1: Fondul Proprietatea – Q1 2022 Results Conference Call
Fondul Proprietatea – Q1 2022 Results Conference Call 16 May 2022
Slide 2: Fund Information
Fund Information Is FONDUL ey FRANKLIN » TEMPLETON eel
Slide 3: Key Facts
Key Facts Adjusted Share Price (RON) vs. Discount / Fund Details Premium (%) 30 April 2022 NAV RON USD 2.15 8% Total NAV 15.96 bn 3.41 bn 1.90 -1% NAV/Share 2.5772 0.5510 1.65 -10% Key trading figures as at 13 May 2022 1.40 -19% Price / Share 2.0700 0.4345 Price / GDR 103.86 21.80 1.15 -28% Market C
Slide 4: Shareholder structure
Shareholder structure Evolution (% Held)1 2% 2% 3% 3% 6% 3% 3% 3% 10% 10% 8% 12% 10% 6% 4% 3% 12% 14% 14% 4% 3% 3% 10% 3% 18% 3% 5% 6% 20% 3% 3% 3% 3% 14% 14% 14% 54% 25% 22% 3% 17% 15% 43% 55% 53% 12% 15% 16% 14% 14% 17% 17% 6% 18% 28% 22% 18% 17% 16% 31% 34% 37% 35% 30% 39% 37% 37% 9% 27% 33% 34%
Slide 5: NAV, Share price and GDR Performance
NAV, Share price and GDR Performance Since Q1 Performance 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 YTD2 Inception2 NAV (0.5)% 8.9% 13.3% 1.4% (0.6)% 7.3% 13.1% 19.9% 31.2% 2.2% 47.8% 3.7% 19.4% 326.7% (RON) Share Cumulative Price (30.3)% 38.3% 61.3% 14.5% (4.1)% 4.9% 21.5% 9.9% 49
Slide 6: Attribution to NAV Performance for Q1 2022
Attribution to NAV Performance for Q1 2022 Weight in total Change in NAV Change in NAV per Company Status NAV1 performance share (RON) Hidroelectrica SA Unlisted 68.3% 10.54% 0.2385 Top Performers IOR SA Listed 0.0% 0.00% 0.0000 OMV Petrom SA Listed 5.5% (1.55)% (0.0352) Alro SA Listed 0.8% (0.10)%
Slide 7: Portfolio
Portfolio — 7 = ie %
Slide 8: Portfolio Structure
Portfolio Structure Listed vs Unlisted By Sector (% of NAV as at 30 April 2022)1 (% of NAV as at 30 April 2022)1 0.2% 0.7% 1.5% 6.9% 6.9% 6.1% 6.5% 7.9% 5.1% 71.2% 87.0% Power Utilities: Generation Heavy industry Unlisted Listed Net Cash & receivables Oil & Gas Aluminium Power & Gas Utilities: Net C
Slide 9: Largest Holdings by NAV
Largest Holdings by NAV NAV as at % in NAV Majority % FP 30 April 2022 as at Portfolio Company Status Shareholder Stake1 (USD mn) 30 April 2022 Hidroelectrica Unlisted Romanian State 19.9% 2,430.9 71.2% OMV Petrom Listed OMV 2.9% 173.3 5.1% Bucharest Airports Unlisted Romanian State 20.0% 144.1 4.2%
Slide 10: Hidroelectrica – Update
Hidroelectrica – Update Q1 2022 preliminary results: Dividends paid in (RON mn) • According to the management, in the first three months of the year, 646 675 1,691 1,821 2,799 2,003 2,286 3,831 the company registered compared to the same period of 2021: ‒ a Turnover of RON 2,349.4 million, up 65.7%
Slide 11: OMV Petrom – Introduction
OMV Petrom – Introduction Q1 2022 results1 2030 strategy key pillars1 • Consolidated sales revenues increased by 45% compared to Q1 2021, supported by higher prices and volumes sold of petroleum products and Transition to low and zero carbon: A greener electricity. and more diversified portfolio wil
Slide 12: Enel and Engie companies – Update
Enel and Engie companies – Update Following several ANRE orders approved in March 2022: • Gas distribution tariffs for Engie1 are on average 7.3% higher compared to the tariffs approved in 2021. • Regulated distribution tariffs for E-Distributie2 companies increased on average by 7.9% starting with
Slide 13: Top 10 portfolio holdings – Key financials
Top 10 portfolio holdings – Key financials EBITDA (RON mn) Net Profit (RON mn) Top 10 Holdings1 2017 2018 2019 2020 2021 2017 2018 2019 2020 2021 Hidroelectrica 2,250.5 3,127.0 2,934.0 2,670.8 4,771.5 1,296.5 1,939.3 1,386.5 1,443.2 3,085.6 OMV Petrom 6,615.7 8,393.1 7,751.6 4,463.2 7,108.3 2,489.3
Slide 14: Corporate Actions
Corporate Actions FONDUL @. FRANKLIN -° TEMPLETON
Slide 15: Distributions to Shareholders
Distributions to Shareholders Annual Distributions to Shareholders (RON mn) 1,124.3 552.7 507.7 1,499.0 1,778.5 923.6 1,190.8 1,743.7 1,870.6 1,081.3 1,483.0 1,508.1 821.5 2,000 25.4% 29% 18.3% 21.9% 17.5% 18.3% 23% 1,500 583.1 600.0 832.5 15.5% 328.1 1,121.5 14.8% 17% 10.5% 812.6 1,000 236.6 181.5
Slide 16: Buy-back programs
Buy – back programs No. of shares (to be) repurchased / Average % of the Fund’s share price Cancellation Program Period Status issued share capital (RON/share) Broker of shares1 1 Jan – Auerbach Grayson, Twelfth Finalized 800.00 mn/12.48% 1.68782 Ongoing 31 Dec 2021 Swiss Capital The cancellation of
Slide 17: Tenth Tender Offer
Tenth Tender Offer Size of the Offer Purchase price Subscription period 325,000,000 shares, in the form of RON 2.19 per share and the USD 18 May – 24 June 2022 shares and/or GDRs equivalent of RON 109.50 per GDR Allocation Dealer GDR Tender Intermediary method managers Agent Pro-rata Swiss Capital S
Slide 18: Annual dividend income – Top 10 portfolio companies
Annual dividend income – Top 10 portfolio companies Dividend Payout (%) FP Net Dividend (RON mn) Top 10 Holdings1 2017 2018 2019 2020 2021 2017 2018 2019 2020 2022 Hidroelectrica 90 90 90 90 90 226.2 358.7 250.0 256.6 564.5 OMV Petrom 46 38 48 100 90 107.6 145.3 166.8 88.9 57.6 Bucharest Airports 90
Slide 19: Total dividend income from portfolio companies
Total dividend income from portfolio companies FP Net Dividend 2013 2014 2015 2016 2017 2018 2019 2020 2021 202212 Total Dividends from Listed Companies (RON mn) 373.9 538.6 251.5 36.0 148.1 199.6 223.0 200.2 117.0 57.6 Total Dividends from Unlisted Companies (RON mn) 275.81 143.5 315.9 315.2 404.5
Slide 20: Fondul Proprietatea 2022 Investor Days Conference
Fondul Proprietatea 2022 Investor Days Conference Sheraton Bucharest Hotel • Conference, Panels • Conference, One-on- • Hidroelectrica Portile de Fier I Power-plant • Conference, One-on-one one meetings (Frontier site visit meetings (Frontier Days Days with WOOD & with WOOD & Company) Company) 14 Se
Slide 21: 14 September – Site visit
14 September – Site visit 8.30 am Pick-up from hotel Sheraton Bucharest Hotel and departure to Otopeni Airport 9:20 am Departure to Craiova 10:10 am Departure to Drobeta Turnu Severin 12:30 pm Hidroelectrica, Portile de Fier I Power-plant Site Visit 2:30 pm Departure to Taverna Sarbului restaurant,
Slide 22: 15 September – Conference
15 September – Conference Platinum conference room, Sheraton Bucharest Hotel 8:00 – 9:00 am Breakfast & Registration Keynote speaker 9:00 – 9:15 am His Excellency, Mr. Nicolae-Ionel Ciucă, Prime-minister of Romania Embassy of the United Kingdom 9:15 – 9:30 am His Excellency Mr. Andrew Noble, Ambassa
Slide 23: 15 September – Conference
15 September – Conference Platinum conference room, Sheraton Bucharest Hotel 10:45 – 11:30 am Panel 2: Energy Fondul Proprietatea Mr. Johan Meyer, Fund Manager – Moderator Ministry of Energy Mr. Virgil Daniel Popescu, Minister OMV Petrom Ms. Christina Verchere, CEO Nuclearelectrica Mr. Cosmin Ghita,
Slide 24: 15 & 16 September – Conference & 1on1s
15 & 16 September – Conference & 1on1s Platinum conference room, Sheraton Bucharest Hotel 12:15 – 1:00 pm Panel 4: Hidroelectrica IPO Fondul Proprietatea Mr. Daniel Naftali, Deputy Fund Manager – Moderator Hidroelectrica Mr. Bogdan Badea, CEO IPO Investment Bank TBC IPO Legal Advisor TBC 1:00 – 2:00
Slide 25: Financial results
Financial results FONDUL | QERANELIN » TEMPLETON 3) FRANKLIN @. TEMPLETON
Slide 26: Statement of Financial Position
Statement of Financial Position 31 March 2022 31 December 2021 RON mn Unaudited Audited Cash and current accounts 87.7 68.2 Deposits with banks 636.2 347.4 Treasury bills 93.4 - Government bonds 228.3 77.1 Equity investments 13,398.9 12,577.7 Non-current assets held for sale - 1,135.20 Other assets
Slide 27: Statement of Comprehensive Income
Statement of Comprehensive Income Q1 2022 Q1 2021 RON mn Unaudited Unaudited Unrealised loss from equity investments at fair value through profit or loss (62.3) (5.3) Unrealised gain from equity investments at fair value through profit or loss 883.5 723.0 Net gain from other financial assets at fair
Slide 28: Disclaimer (I)
Disclaimer (I) This presentation is made solely to the intended recipient and should not be distributed to, or acted upon by, any other person. It is for general information only and reflects the personal views of the presenter. Nothing herein is intended to constitute advice on investment, legal or
Slide 29: Disclaimer (II)
Disclaimer (II) In addition, the list of investor rights can be found in the Constitutive Act, available on the Fund’s website, in the Corporate Governance section, here: https://www.fondulproprietatea.ro/about-fund/fund-overview/corporate-governance. The price of shares and income from them can go
Slide 30: Thank You
Fondul Proprietatea Premium Point Buzesti Street 76-80, 1st District Bucharest 011017 www.fondulproprietatea.ro Thank You