S.C. Fondul Proprietatea SA · BVB:FP
S.C. Fondul Proprietatea SA — Fondul Proprietatea — Q3 2020 Earnings Presentation
27 slides from S.C. Fondul Proprietatea SA's earnings presentation, Nov 16, 2020
Slide 1: Q3 2020 Results Conference Call
Fondul Proprietatea – 16 November 2020 Q3 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 Price (RON)6 and Discount (%) NAV 9.79 bn 2.34 bn2 NAV/Share 1.5751 0.37712 1.3500 63% Price/Share 1.2850 0.30772 Price/GDR 63.072 15.10 1.0500 50% Market Capitalization as at 13 November 20203 8.23 bn 2.00 bn3 Discount/Share as at 13 November 2020
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 Q3 ‘20 YTD1 Inception1 NAV (RON) (0.47)% 8.91% 13.29% 1.39% (0.60)% 7.33% 13.10% 19.94% 31.23% 1.66% (5.15)% 124.28% Ordinary Share (30.32)% 38.30% 61.34% 14.53% (4.06)% 4.90% 2
Slide 5: Attribution to NAV Performance for Q3 2020
Attribution to NAV Performance for Q3 2020 Top Performers Change in NAV performance % Change in share price/ NAV Company Status Weight in total NAV1 for Q3 2020 value per share in Q3 2020 OMV Petrom SA Listed 13.4% 0.53% 3.4% CN Aeroporturi Bucuresti SA Unlisted 7.4% 0.36% 0.0% Nuclearelectrica SA L
Slide 6: Attribution to NAV Performance for 9mo 2020
Attribution to NAV Performance for 9mo 2020 Top Performers Change in NAV performance % Change in share price/ NAV Company Status Weight in total NAV1 for 9mo 2020 value per share in 9mo 2020 Hidroelectrica SA Unlisted 47.5% 1.86% (3.7)% Nuclearelectrica SA Listed 2.8% 0.71% 16.4% ENEL Energie Munten
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 30 October 2020 (% NAV)1 as at 30 October 2020 (% NAV)1 as at 30 September 20201 Power Utilities: Generation……....51% Oil & Gas.……….13% State Unlisted….…73% Power & Gas Utilities: Controlled Distribution & Entities………63%
Slide 9: Portfolio Structure – Listed vs. Unlisted
Portfolio Structure – Listed vs. Unlisted Listed Companies Unlisted Companies (% of NAV as at 30 September 2020) (% of NAV as at 30 September 2020) Hidroelectrica..………....47.51% OMV Petrom…………..13.40% ENEL Companies….…....7.04% Nuclearelectrica………..2.83% Bucharest Airport………..7.43% 18.09% 71.65% Alr
Slide 10: Largest Holdings by NAV
Largest Holdings by NAV NAV as at % in NAV Majority 30 October 2020 as at Portfolio Company Status Shareholder % Stake1 (USD mn) 30 October 2020 Hidroelectrica Unlisted Romanian State 19.9% 1,127.1 48.1% OMV Petrom Listed OMV 7.0% 297.0 12.7% Bucharest Airports Unlisted Romanian State 20.0% 176.2 7.
Slide 11: Top Portfolio Holdings – 9mo 2020 financials
Top Portfolio Holdings – 9mo 2020 financials EBITDA (RON mn) Net profit (RON mn) Company 9mo 2019 9mo 2020 %yoy 9mo 2019 9mo 2020 %yoy Hidroelectrica 2,395.1 1,928.0 (19.5)% 1,315.1 1,264.2 (3.9)% OMV Petrom 5,648.4 3,947.9 (30.1)% 2,759.9 826.3 (70.1)% Bucharest Airports 478.6 31.4 (93.4)% 333.3 (4
Slide 12: Hidroelectrica – Update
Hidroelectrica – Update 9mo 2020 preliminary results: Pre-tax Cumulated Profit (RON mn) • According to Hidroelectrica’s management, in the period January – September 2020, the company’s performance was as follows: 2,289 – Turnover of RON 2,759.7 mn, down 15.8% y.o.y, 2,081 1,980 – EBITDA of RON 1,92
Slide 13: OMV Petrom – Update
OMV Petrom – Update • During January – September 2020: Financial and 9mo 19 9mo 20 %YoY – Sales to external costumers decreased by 17% compared to the Operational highlights same period of 2019, due to low oil prices environment, but Sales to external costumers supported by higher volumes of natural
Slide 14: C.N. Aeroporturi Bucuresti – Update
C.N. Aeroporturi Bucuresti – Update Financials1 2016 2017 2018 2019 9mo 2019 9mo 2020 %y.o.y. Operating revenues (mn RON) 754.7 890.9 992.6 1,066.6 786.0 304.3 (61.3)% Operating result (mn RON) 263.6 337.6 445.9 399.0 469.9 (57.5) (112.0)% Net Income / Loss (mn RON) 224.7 290.7 371.8 359.6 333.3 (49
Slide 15: Nuclearelectrica – Update
Nuclearelectrica – Update Financial highlights 9mo 19 9mo 20 %YoY • For the 9mo period ended 30 September 2020, the Revenues from electricity sales, out of which: 1,780.2 1,741.7 (2.2)% company reported: Sales of electricity on free market: 1,661.3 1,450.7 (12.7)% – Operating revenues: decreased by
Slide 16: 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 17: 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 1,485.0 25.4% 2000 18.3% 21.9% 17.5% 18.3% 1500 15.5% 583.1 1,121.5 14.8% 832.5 10.5% 813.2 1000 600.0 236.6 181.5 484.4 7.5% 362.6 344.7 257.5 8.1% 1
Slide 18: 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 shares will 1 Jan – Auerbach Grayson, Eleventh Ongoing 800.0 mn/11.1% 1.32082 be subject to shareholders’
Slide 19: Ninth Tender Offer
Ninth Tender Offer Size of the Offer 165,000,000 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 12 November – 16 December 2020 Allocation method Pro-rata Intermediary Swiss Capital S.A. Dealer managers Swiss Ca
Slide 20: 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 21: 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 22: 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 23: Statement of Financial Position
Statement of Financial Position 30 September 2020 31 Dec 2019 RON mn Unaudited Audited Cash and current accounts 36.0 31.9 Deposits with banks 955.8 338.4 Government bonds 168.6 137.3 Dividend receivables 10.6 - Equity investments 8,892.0 11,413.1 Other assets 0.4 0.3 Total assets 10,063.4 11,921.0
Slide 24: Statement of Comprehensive Income
Statement of Comprehensive Income 9mo 2020 9mo 2019 RON mn Unaudited Unaudited Net (loss)/ gain from equity investments at fair value through profit or loss (1,885.7) 1,267.9 Gross dividend income 1,218.7 723.4 Interest income 8.7 8.0 Other income, net1 3.6 3.1 Net operating (loss)/ income (654.7) 2
Slide 25: 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 26: 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 27: 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.