S.C. Fondul Proprietatea SA · BVB:FP
S.C. Fondul Proprietatea SA — Fondul Proprietatea — FY2022 Earnings Presentation
28 slides from S.C. Fondul Proprietatea SA's earnings presentation, Feb 28, 2023
Slide 1: Fondul Proprietatea – 2022 Annual Results Conference Call
Fondul Proprietatea – 2022 Annual Results Conference Call 28 February 2023
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 (%) 31 January 2023 NAV RON USD 2.10 5% 1.85 -3% Total NAV 14.57 bn 3.21 bn 1.60 -12% NAV / Share 2.5723 0.5658 1.35 -21% Key trading figures as at 27 February 2023 1.10 -29% Price / Share 2.1100 0.4532 0.85 -38% Price / GDR 10
Slide 4: Shareholder structure
Shareholder structure Evolution (% Held)1 2% 2% 3% 3% 6% 3% 3% 10% 10% 8% 7% 10% 9% 9% 10% 6% 4% 3% 12% 12% 14% 14% 4% 3% 10% 3% 18% 3% 3% 3% 3% 5% 6% 3% 3% 3% 3% 14% 3% 14% 20% 3% 17% 15% 12% 25% 22% 12% 15% 10% 11% 12% 16% 14% 14% 17% 6% 43% 54% 28% 18% 16% 14% 11% 55% 37% 22% 18% 17% 16% 13% 53%
Slide 5: NAV, Share price and GDR Performance
NAV, Share price and GDR Performance Cumulative Performance1 Since 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% 19.1% 0.1% 325.9% (RON) Share Price (30.3)% 38.3% 61.3% 14.5% (4.1)% 4.9% 21.
Slide 6: Attribution to NAV Performance for Q4 2022
Attribution to NAV Performance for Q4 2022 % Change in share Weight in Change in NAV Change in NAV Company Status price / total NAV1 performance per share (RON) NAV per share E-Distributie Banat SA Unlisted 1.5% 0.52% 0.0139 59.8% E-Distributie Dobrogea SA Unlisted 1.2% 0.46% 0.0123 70.7% Top E-Dist
Slide 7: Attribution to NAV Performance for 2022
Attribution to NAV Performance for 2022 % Change in Weight in total Change in NAV Change in NAV share price / Company Status NAV1 performance per share (RON) NAV per share Hidroelectrica SA Unlisted 76.5% 25.56% 0.5782 30.7% Societatea Nationala a Sarii SA Unlisted 1.9% 0.65% 0.0147 26.3% Top CN Aer
Slide 8: Portfolio
Portfolio — 7 = ie %
Slide 9: Portfolio Structure
Portfolio Structure Listed vs Unlisted By Sector (% of NAV as at 31 January 2023)1 (% of NAV as at 31 January 2023)1 1.3% 1.1% 5.9% 2.1% 5.9% 7.1% 7.3% 92.8% 76.5% Unlisted Listed Net Cash & receivables Power Utilities: Generation Heavy industry Infrastructure Others Power & Gas Utilities: Net Cash
Slide 10: Largest Holdings by NAV
Largest Holdings by NAV NAV as at % in NAV Majority % FP 31 January 2023 as at Portfolio Company Status Shareholder Stake1 (USD mn) 31 January 2023 Hidroelectrica Unlisted Romanian State 19.9% 2,452.1 76.5% Bucharest Airports Unlisted Romanian State 20.0% 156.8 4.9% Engie Romania Unlisted Engie 12.0
Slide 11: Hidroelectrica – Update (I)
Hidroelectrica – Update (I) Prelim. 2021 % y.o.y. 2022 preliminary results 2022 • According to management, on a stand-alone basis, the Financial results (RON mn) company registered in 2022 total costs with: – windfall tax of RON 557.1 mn versus RON 113.2 mn in Operating revenues 6,501.3 9,121.1 40.3
Slide 12: Hidroelectrica – Update (II)
Hidroelectrica – Update (II) Corporate governance • In October 2022, shareholders approved the initiation of the selection process for the Supervisory Board in accordance with the provisions of GEO no. 109 / 2011. The selection process, conducted by the Ministry of Energy with the assistance of an i
Slide 13: OMV Petrom – Accelerated Bookbuild Offering
OMV Petrom – Accelerated Bookbuild Offering Deal size Pricing Timetable • 1,777,067,726 ordinary shares • Selling price: RON 0.43 /share • Launch date: 13 December 2022 • 2.855 stake of the company i.e., • Gross proceeds: RON 764,139,122.18 • Pricing date: 14 December 2022 entire stake held • Discou
Slide 14: Bucharest Airports – Update
Bucharest Airports – Update Prelim. Financials 2016 2017 2018 2019 2020 2021 2022 % y.o.y. Operating revenues (mn RON) 754.7 890.9 992.6 1,066.6 405.6 578.0 999.5 72.9% Operating result (mn RON) 263.6 337.6 445.9 399.0 (175.3) 40.8 280.1 586.5% Net Income / Loss (mn RON) 224.7 290.7 371.8 359.6 (146
Slide 15: Constanta Ports – Update
Constanta Ports – Update Prelim. Financial performance 2016 2017 2018 2019 2020 2021 2022 % y.o.y. Operating revenues (RON mn) 314.0 330.5 345.2 369.0 398.8 418.9 493.3 17.8% Operating profit (RON mn) 54.8 93.8 95.8 117.0 145.9 140.6 128.6 (8.5)% Net Income (RON mn) 36.8 79.7 75.7 108.2 130.3 130.5
Slide 16: Salrom – Update
Salrom – Update Prelim. Financial performance 2016 2017 2018 2019 2020 2021 2022 % y.o.y. Operating revenues (RON mn) 312.4 394.1 436.9 469.2 300.2 374.5 521.0 39.1% Operating profit (RON mn) 36.3 107.3 93.5 84.6 15.8 70.1 144.9 106.7% Net Income (RON mn) 27.4 81.1 76.4 77.0 11.5 60.2 141.7 135.4% •
Slide 17: Corporate Actions
Corporate Actions FONDUL @. FRANKLIN -° TEMPLETON
Slide 18: 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 1,931.5 782.5 29% 2,000 25.4% 832.5 21.9% 711.5 23% 1,500 600.0 18.3% 18.3% 328.1 583.1 1,121.5 14.8% 17.0% 15.5% 17% 236.6 812.6 1,00
Slide 19: Buy-back programs
Buy – back programs No. of shares (to be) repurchased Average share / % of the Fund’s price Cancellation Program Period Status issued share capital (RON / share) Broker of shares1 The cancellation of shares is submitted for Jan – Auerbach Grayson, 13th Finalized 549.02 mn / 8.83% 2.10782 shareholder
Slide 20: Eleventh Tender Offer
Eleventh Tender Offer Size of the Offer Purchase price Subscription period 225,000,000 shares in the form of RON 2.19 per share and the USD 10 February – 13 March 2023 shares and / or GDRs equivalent of RON 109.50 per GDR Allocation Intermediary Dealer GDR Tender method managers Agent • Pro-rata Swi
Slide 21: Cash distribution recommendation for 2022 FY
Cash distribution recommendation for 2022 FY Main dates related to the proposed gross cash distribution 11 May 2023 as the Ex – Date 12 May 2023 as the Registration Date 5 June 2023 as the Payment Date • Considering the provisions of the Annual Cash Distribution Policy, the available cash balance an
Slide 22: 21 April 2023 Annual GSM agenda – Main points
21 April 2023 Annual GSM agenda – Main points Only the persons registered as shareholders of Fondul Proprietatea on 23 March 2023 (the Reference Date) in the register of shareholders kept by Depozitarul Central S.A. have the right to participate and vote at the GSMs that will take place starting 11.
Slide 23: 2023 Financial calendar
2023 Financial calendar • Publication of the H1 2023 Results 2023 Annual • Results GSM Conference Call 28 February 21 April 12 May 31 August 15 November • Publication of the • Publication of the • Publication of the 2022 Annual Results Q1 2023 Results Q3 20223 Results • Results Conference • Results
Slide 24: Financial results
Financial results FONDUL | QERANELIN » TEMPLETON 3) FRANKLIN @. TEMPLETON
Slide 25: Statement of Financial Position
Statement of Financial Position 31 December 2022 31 December 2021 RON mn Audited Audited Cash and current accounts 73.8 68.2 Deposits with banks 912.6 347.4 Government bonds ― 77.1 Equity investments 13,696.6 12,577.7 Non-current assets held for sale ― 1,135.2 Other assets 0.6 0.3 Total assets 14,68
Slide 26: Statement of Comprehensive Income
Statement of Comprehensive Income 2022 2021 RON mn Audited Audited Net unrealised gain from equity investments at fair value through profit or loss 1,961.5 4,455.7 Gross dividend income 934.9 655.1 Net gain/ (loss) from other financial instruments at fair value through profit or loss 250.2 (4.5) Net
Slide 27: To ask a question
To ask a question: • use the Ask a question box or, • use one of the displayed phone numbers and press *, followed by no.1 on your telephone keypad. 26
Slide 28: Thank You
Fondul Proprietatea Premium Point Buzesti Street 76-80, 1st District Bucharest 011017 www.fondulproprietatea.ro Thank You