S.C. Fondul Proprietatea SA · BVB:FP
S.C. Fondul Proprietatea SA — Fondul Proprietatea — H1 2023 Earnings Presentation
32 slides from S.C. Fondul Proprietatea SA's earnings presentation, Aug 31, 2023
Slide 1: Fondul Proprietatea – H1 2023 Results Conference Call
Fondul Proprietatea – H1 2023 Results Conference Call 31 August 2023
Slide 2: Fund Information
Fund Information Is FONDUL ey FRANKLIN » TEMPLETON eel
Slide 3: Key Facts
Key Facts Adjusted Share Price (RON) vs. Fund Details Discount/Premium (%) 2.10 5% 31 July 2023 NAV RON USD Total NAV 12.76 bn 2.85 bn 1.85 -3% NAV/Share 2.3784 0.5320 1.60 -12% Key trading figures as at 30 August 2023 1.35 -21% Price/Share 1.9440 0.4283 1.10 -29% Price/GDR 97.13 21.40 Market Capita
Slide 4: Shareholder structure
Shareholder structure Evolution (% Held)1 2% 2% 3% 3% 6% 3% 10% 10% 8% 9% 10% 6% 4% 3% 12% 4% 13% 13% 14% 10% 3% 18% 3% 3% 5% 6% 3% 15% 3% 3% 3% 14% 20% 3% 17% 11% 25% 22% 12% 11% 12% 11% 16% 18% 13% 6% 43% 54% 55% 37% 28% 22% 10% 7% 34% 8% 53% 35% 30% 31% 37% 37% 38% 37% 9% 39% 9% 27% 33% 9% 11% 13
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 H1 2023 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% (4.5)% (5.7)% 301.2% (RON) Share Price (30.3)% 38.3% 61.3% 14.5
Slide 6: Attribution to NAV Performance for Q2 2023
Attribution to NAV Performance for Q2 2023 % Change in Weight in total Change in NAV Change in NAV share price / Company Status NAV1 performance per share (RON) NAV per share CN Aeroporturi Bucuresti SA Unlisted 6.4% 1.05% 0.0270 16.1% Societatea Nationala a Sarii SA Unlisted 2.3% 0.57% 0.0147 8.6%
Slide 7: Attribution to NAV Performance for H1 2023
Attribution to NAV Performance for H1 2023 % Change in Weight in total Change in NAV Change in NAV share price / Company Status NAV1 performance per share (RON) NAV per share CN Aeroporturi Bucuresti SA Unlisted 6.4% 1.01% 0.0259 16.1% Societatea Nationala a Sarii SA Unlisted 2.3% 0.55% 0.0140 8.6%
Slide 8: Portfolio
Portfolio — 7 = ie %
Slide 9: Portfolio Structure
Portfolio Structure Listed vs Unlisted By Sector (% of NAV as at 31 July 2023)1 (% of NAV as at 31 July 2023)1 20.9% 9.4% 8.9% 2.6% 1.2% 0.9% 0.2% 0.1% 77.9% 77.9% Unlisted Listed Net Cash & receivables Infrastructure Aluminium Power & Gas Utilities: Transport, Postal Services Distribution & Supply
Slide 10: Largest Holdings by NAV
Largest Holdings by NAV NAV as at % in NAV Majority % FP 31 July 2023 as at Portfolio Company Status Shareholder Stake1 (USD mn) 31 July 2023 Bucharest Airports Unlisted Romanian State 20.0% 185.2 6.5% Engie Romania Unlisted Engie 12.0% 109.7 3.8% Constanta Port Unlisted Romanian State 20.0% 70.0 2.
Slide 11: Hidroelectrica IPO – a milestone transaction in Europe
Hidroelectrica IPO – a milestone transaction in Europe Transaction Details Key highlights Name of Company: Hidroelectrica S.A. Country: Romania • Backed by strong local and international long-only demand from Sector: 167 investors, order book was multiple times oversubscribed Utilities - Renewables
Slide 12: Hidroelectrica IPO – a milestone transaction in Europe
Hidroelectrica IPO – a milestone transaction in Europe Third largest IPO in history on a CEE Largest IPO in Romanian history Largest IPO in Europe for 2023YTD Exchange Pricing Deal Size Pricing Deal Size Pricing Deal Size Company Industry Company Industry Country Company Industry Country Date (EURmn
Slide 13: Bucharest Airports – Update
Bucharest Airports – Update Financials 2016 2017 2018 2019 2020 2021 2022 H1 2022 H1 20231 % y.o.y. Operating revenues (mn RON) 754.7 890.9 992.6 1,066.6 405.6 578.0 999.6 425.2 519.5 22.2% Operating result (mn RON) 263.6 337.6 445.9 399.0 (175.3) 40.8 344.7 160.0 247.9 54.9% Net Income / Loss (mn R
Slide 14: Constanta Ports – Update
Constanta Ports – Update Financial performance 2016 2017 2018 2019 2020 2021 2022 H1 2022 H1 2023 % y.o.y. Operating revenues (RON mn) 314.0 330.5 345.2 369.0 398.8 418.9 479.5 260.3 294.4 13.1% Operating profit (RON mn) 54.8 93.8 95.8 117.0 145.9 140.6 131.5 106.8 117.7 10.2% Net Income (RON mn) 36
Slide 15: Salrom – Update
Salrom – Update Financial performance 2016 2017 2018 2019 2020 2021 2022 H1 2022 H1 2023 % y.o.y. Operating revenues (RON mn) 312.4 394.1 436.9 469.2 300.2 374.5 495.3 195.4 237.0 21.3% Operating profit (RON mn) 36.3 107.3 93.5 84.6 15.8 70.1 134.4 41.7 57.5 37.9% Net Income (RON mn) 27.4 81.1 76.4
Slide 16: ENEL companies – Update
ENEL companies – Update E-Distributie Muntenia E-Distributie Banat E-Distributie Dobrogea Sector Power & Gas Utilities: distribution Type Unlisted Weight in NAV1 1.8% 1.7% 1.3% RON 223.5 mn RON 212.9 mn RON 170.4 mn FP NAV Value1 (USD 50.0 mn) (USD 47.6 mn) (USD 38.1 mn) Fondul Proprietatea’s Holdin
Slide 17: Largest Holdings by NAV – Key financials
Largest Holdings by NAV – Key financials EBITDA (RON mn) Net Profit (RON mn) Top Holdings1 2018 2019 2020 2021 2022 2018 2019 2020 2021 2022 Bucharest Airports 539.2 584.6 (25.6) 160.9 477.3 371.8 359.6 (146.4) 34.0 304.0 Engie Romania 676.7 623.7 768.1 668.7 818.9 428.7 385.2 492.8 69.9 851.9 Const
Slide 18: Corporate Actions
Corporate Actions FONDUL @. FRANKLIN -° TEMPLETON
Slide 19: 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 1,519.9 1,931.5 10,167.2 4,000 91.4% 100.00% 80.00% 3,500 492.0 3,000 206.4 60.00% 25.4% 40.00% 2,500 15.5% 21.9% 14.8% 17.0% 9,468.8 18.3% 18
Slide 20: 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 Jan – Auerbach Grayson, 13th Finalized 549.02 mn / 8.83% 2.10782 Ongoing Dec 2022 Swiss Capital The cancellation of Jan
Slide 21: Eleventh Tender Offer
Eleventh Tender Offer Size of the Offer Purchase price Subscription period 225,000,000 shares in the form of shares and / RON 2.19 per share and the USD 10 February – 13 March 2023 or GDRs equivalent of RON 109.50 per GDR • 132,875,150 in the form of shares • 92,124,850 shares in the form of GDRs, n
Slide 22: Annual dividend income – Largest Holdings by NAV
Annual dividend income – Largest Holdings by NAV Dividend Payout (%) FP Net Dividend (RON mn) Top Holdings1 2018 2019 2020 2021 2022 2018 2019 2020 2021 2022 Bucharest Airports 90 90 -2 0 50 68.0 36.7 -2 0.0 31.5 Engie Romania 30 30 30 0 0 16.4 12.1 17.9 0.0 0.0 Constanta Port 25 25 25 25 25 3.7 5.5
Slide 23: Total dividend income from portfolio companies
Total dividend income from portfolio companies FP Net Dividend RON 2014 2015 2016 2017 2018 2019 2020 2021 2022 202312 Total Dividends from Listed Companies (mn) 538.6 251.5 36.0 148.1 199.6 223.0 200.2 117.0 127.7 0.9 Total Dividends from Unlisted Companies (mn) 143.5 315.9 315.2 404.5 366.9 710.0
Slide 24: 2023 Financial calendar
2023 Financial calendar • Ordinary and Extraordinary General Meetings of Shareholders 31 August 25 September 10 – 11 October 15 November • Publication of the Q3 • Publication of the H1 2023 • Erste Conference 2023 Results Results in Vienna • Results Conference Call • Results Conference Call More inf
Slide 25: 25 September 2023 GSM Agenda – Main Points
25 September 2023 GSM Agenda – Main Points Only the persons registered as shareholders of Fondul Proprietatea on 11 September 2023 (the Reference Date) in the register of shareholders kept by Depozitarul Central S.A. have the right to participate and vote at the GSM OGM agenda EGM agenda • The appro
Slide 26: Financial results
Financial results FONDUL | QERANELIN » TEMPLETON 3) FRANKLIN @. TEMPLETON
Slide 27: Statement of Financial Position
Statement of Financial Position 30 Jun 2023 31 Mar 2023 31 Dec 2022 30 Jun 2022 30 Jun 2023 RON mn vs. 31 Dec 2022 (%) Unaudited Unaudited Audited Unaudited Cash and current accounts 81.0 69.9 73.8 137.6 9.8% Deposits with banks 786.7 351.7 912.6 121.1 (13.8)% Government bonds - - - 178.5 - Dividend
Slide 28: Statement of Comprehensive Income
Statement of Comprehensive Income H1 2023 H1 2022 Q1 2023 Q2 2023 RON mn Unaudited Unaudited Unaudited Unaudited Unrealised loss from equity investments at fair value through profit or loss (1,881.0) (288.8) (5.2) (1,875.8) Unrealised gain from equity investments at fair value through profit or loss
Slide 29: 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. 28
Slide 30: Disclaimer (I)
Disclaimer (I) This presentation is for general information only and reflects the personal views of the presenter. Nothing herein is intended to constitute advice on investment, legal or tax matters, any form of personal recommendation nor it should be construed as, constituting or forming part of,
Slide 31: Disclaimer (II)
Disclaimer (II) No information hereof is to be considered, under any circumstances, as an information provided in accordance with Article 23 of the AIFMD as such was transposed by Article 22 of Law no. 74/2015 on managers of alternative investment funds. In addition, the list of investor rights can
Slide 32: Thank You
Fondul Proprietatea Premium Point Buzesti Street 76-80, 1st District Bucharest 011017 www.fondulproprietatea.ro Thank You