S.C. Fondul Proprietatea SA · BVB:FP
S.C. Fondul Proprietatea SA — Fondul Proprietatea — H1 2020 Earnings Presentation
26 slides from S.C. Fondul Proprietatea SA's earnings presentation, Aug 31, 2020
Slide 1: H1 2020 Results Conference Call
Fondul Proprietatea – 31 August 2020 H1 2020 Results Conference Call This material is intended solely for the recipient and should not be reproduced, copied or re-transmitted. Not for public use.
Slide 2: Fund Information
Fund Information This material is intended solely for the recipient and should not be reproduced, copied or re-transmitted. Not for public use
Slide 3: The Fund – Key Facts
The Fund – Key Facts Fund Details1 RON USD FP Share Price6 and Discount (%) NAV 10.11 bn 2.48 bn2 NAV/Share 1.5575 0.38192 1.3500 63% Price/Share 1.2450 0.30532 Price/GDR 60.762 14.90 1.0500 50% Market Capitalization as at 28 August 20203 8.05 bn 1.98 bn3 Discount/Share as at 28 August 2020 20.39% 0
Slide 4: NAV, Share price and GDR Performance
NAV, Share price and GDR Performance Cumulative Performance Since Performance 2011 2012 2013 2014 2015 2016 2017 2018 2019 H1 ‘20 YTD1 Inception1 NAV (RON) (0.47)% 8.91% 13.29% 1.39% (0.60)% 7.33% 13.10% 19.94% 31.23% (5.93)% (6.21)% 121.78% Ordinary Share Price (30.32)% 38.30% 61.34% 14.53% (4.06)%
Slide 5: Attribution to NAV Performance for Q2 2020
Attribution to NAV Performance for Q2 2020 Top Performers Change in NAV performance % Change in share price/ NAV Company Status Weight in total NAV1 for Q2 2020 value per share in Q2 2020 Hidroelectrica SA Unlisted 46.4% 5.95% 3.8% OMV Petrom SA Listed 18.1% 3.75% 11.7% Nuclearelectrica SA Listed 3.
Slide 6: Attribution to NAV Performance for H1 2020
Attribution to NAV Performance for H1 2020 Top Performers Change in NAV performance % Change in share price/ NAV Company Status Weight in total NAV1 for H1 2020 value per share in H1 2020 Hidroelectrica SA Unlisted 46.4% 1.86% (3.7)% Nuclearelectrica SA Listed 3.3% 0.54% 10.0% Romaero SA Listed 0.3%
Slide 7: Portfolio
Portfolio This material is intended solely for the recipient and should not be reproduced, copied or re-transmitted. Not for public use
Slide 8: Portfolio Structure
Portfolio Structure Listed vs Unlisted By Sector By Controlling Ownership as at 31 July 2020 (% NAV)1 as at 31 July 2020 (% NAV)1 as at 30 June 20202 Power Utilities: Generation……....50% Oil & Gas.……….17% State Unlisted….…70% Power & Gas Utilities: Controlled Distribution & Entities………62% Listed……….
Slide 9: Portfolio Structure – Listed vs. Unlisted
Portfolio Structure – Listed vs. Unlisted Listed Companies Unlisted Companies (% of NAV as at 30 June 2020) (% of NAV as at 30 June 2020) Hidroelectrica..………....46.42% OMV Petrom…………..18.09% ENEL Companies….…....6.87% Nuclearelectrica………..3.26% Bucharest Airport………..7.26% 23.16% 70.01% Alro……....…….
Slide 10: Largest Holdings by NAV
Largest Holdings by NAV NAV as at % in NAV Majority 31 July 2020 as at Portfolio Company Status Shareholder % Stake1 (USD mn) 31 July 2020 Hidroelectrica Unlisted Romanian State 19.9% 1,154.36 46.6% OMV Petrom Listed OMV 9.9% 430.53 17.4% Bucharest Airports Unlisted Romanian State 20.0% 180.43 7.3%
Slide 11: Top Portfolio Holdings – H1 2020 financials
Top Portfolio Holdings – H1 2020 financials EBITDA (RON mn) Net profit (RON mn) Company H1 2019 H1 2020 %yoy H1 2019 H1 2020 %yoy Hidroelectrica 1,688.5 1,251.2 (25.9)% 905.1 805.5 (11.0)% OMV Petrom 3,863.7 2,650.3 (31.4)% 1,974.5 867.0 (56.1)% Bucharest Airports 305.7 28.02 (90.8)% 193.6 (27.4) (1
Slide 12: Hidroelectrica – Update
Hidroelectrica – Update H1 2020 preliminary results: Pre-tax Cumulated Profit (RON mn) • According to Hidroelectrica’s management, in H1, the 2,289 company’s performance was as follows: – Revenues of RON 1,801.9 mn, down 23.3% y.o.y, 2,081 1,980 1,954 – EBITDA of RON 1,251.2 mn, down 25.9% y.o.y , –
Slide 13: OMV Petrom – Update
OMV Petrom – Update • In H1 2020: Financial and H1 19 H1 20 %YoY Operational highlights – Sales to external costumers decreased by 11% compared to Sales to external costumers H1 2019, due to low oil prices environment, but supported by (mn RON) 11,320 10,069 (11.1)% higher volumes of natural gas • D
Slide 14: C.N. Aeroporturi Bucuresti – Update
C.N. Aeroporturi Bucuresti – Update Financials1 2016 2017 2018 2019 H1 2019 H1 2020 %yoy Operating revenues (mn RON) 754.7 890.9 982.1 1,058.5 509.3 220.9 (56.6)% Operating result (mn RON) 263.6 337.6 445.3 402.5 226.2 (30.8) (113.6)% Net Income / Loss (mn RON) 224.7 290.7 371.8 359.6 193.6 (27.4) (
Slide 15: Corporate Actions
Corporate Actions This material is intended solely for the recipient and should not be reproduced, copied or re-transmitted. Not for public use
Slide 16: 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 1,182.1 25.4% 2000 18.3% 21.9% 17.5% 1500 15.5% 583.1 1,121.5 14.8% 832.5 10.5% 14.5% 1000 600.0 236.6 181.5 484.4 583.6 7.5% 362.6 344.7 257.5 8.1% 1
Slide 17: 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 The cancellation of was approved by 1 Jan – 2 Auerbach Tenth Finalized 750.0 mn/8.2% 0.9198 shareholders in the 28 April 2020
Slide 18: Eighth Tender Offer
Eighth Tender Offer Size of the Offer 220,000,000 shares, in the form of shares and GDRs Purchase price RON 1.39 per share and the USD equivalent of RON 69.50 per GDR Subscription period 4 August – 9 September 2020 Allocation method Pro-rata Intermediary Swiss Capital S.A. Dealer managers Swiss Capi
Slide 19: Annual dividend income – Top 10 portfolio companies
Annual dividend income – Top 10 portfolio companies Dividend Payout (%) FP Net Dividend (RON mn) Top 10 Holdings1 2015 2016 2017 2018 2019 2016 2017 2018 2019 2020 Hidroelectrica 80 90 90 90 90 134.6 206.6 226.2 358.7 250.0 OMV Petrom -2 94 46 38 48 -2 106.8 107.6 145.3 166.8 Bucharest Airports 75 9
Slide 20: Total dividend income from portfolio companies
Total dividend income from portfolio companies FP Net Dividend (RON mn) 2013 2014 2015 2016 2017 2018 2019 2020 Total Dividends from Listed Companies (RON mn) 373.9 538.6 251.5 36.0 148.1 199.6 223.0 200.210 Total Dividends from Unlisted Companies (RON mn) 275.82 143.5 315.9 315.2 404.5 366.9 710.0
Slide 21: Financial results
Financial results This material is intended solely for the recipient and should not be reproduced, copied or re-transmitted. Not for public use
Slide 22: Statement of Financial Position
Statement of Financial Position 30 June 2020 30 June 2019 RON mn Unaudited Unaudited Cash and current accounts 431.3 631.2 Deposits with banks 139.5 207.8 Treasury bills - 49.4 Government bonds 152.0 - Dividend receivables 436.1 227.6 Equity investments 9,449.0 10,178.1 Other assets 0.5 117.8 Total
Slide 23: Statement of Comprehensive Income
Statement of Comprehensive Income H1 2020 H1 2019 RON mn Unaudited Unaudited Net (loss)/ gain from equity investments at fair value through profit or loss (1,960.9) 1,041.6 Gross dividend income 1,151.2 680.8 Interest income 6.4 5.6 Other income, net1 4.4 3.6 Net operating (loss)/ income (798.9) 1,7
Slide 24: 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 25: Disclaimer (II)
Disclaimer (II) The price of shares and income from them can go down as well as up and you may lose some or all of your capital invested. The previous results of a fund or company do not account for future performances. Currency fluctuations will affect the value of foreign investments. All investme
Slide 26: Fondul Proprietatea contact details
Fondul Proprietatea Premium Point Buzesti Street 78-80, 1st District Bucharest 011017 www.fondulproprietatea.ro This material is intended solely for the recipient and should not be reproduced, copied or re-transmitted. Not for public use.