S.C. Fondul Proprietatea SA · BVB:FP
S.C. Fondul Proprietatea SA — Fondul Proprietatea — FY2024 Earnings Presentation
25 slides from S.C. Fondul Proprietatea SA's earnings presentation, Jan 16, 2025
Slide 1: Fondul Proprietatea – 2024 Preliminary Annual Results
Fondul Proprietatea – 2024 Preliminary Annual Results Conference Call 16 January 2025
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 (%) 31 December 2024 NAV RON USD 0.60 6% Total NAV 2.25 bn 0.47 bn 0.50 -4% NAV/Share 0.7029 0.1472 -14% 0.40 Key trading figures as at 15 January 2025 -24% 0.30 Price/Share 0.3264 0.0676 -34% 0.20 Price/GDR 15.54 3.22 -44% Marke
Slide 4: Shareholder structure
Shareholder structure Evolution (% Held)1 10% 2% 2% 10% 10% 3% 8% 3% 18% 6% 12% 3% 9% 13% 13% 15% 10% 10% 6% 4% 3% 3% 4% 3% 37% 37% 38% 5% 5% 14% 10% 5% 3% 3% 3% 3% 3% 3% 6% 6% 7% 16% 12% 15% 11% 3% 3% 2% 6% 25% 22% 20% 17% 11% 12% 10% 43% 3% 4% 54% 3% 2% 16% 55% 53% 37% 30% 28% 22% 18% 13% 10% 8% 5
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 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% (2.4)% 17.0% 386.0% (RON) Share Price (30.3)% 38.3% 61.3% 14.5% (4
Slide 6: Portfolio
Portfolio — 7 = ie %
Slide 7: Portfolio Structure
Portfolio Structure Listed vs Unlisted By Sector (% of NAV as at 31 December 2024)1 (% of NAV as at 31 December 2024)1 11.9% 11.9% 2.9% 5.5% 1.9% 4.9% 63.9% 14.5% 82.6% Unlisted Listed Net Cash & receivables Infrastructure Power utilities: Generation Salt Mining Others Aluminium Net Cash & Receivabl
Slide 8: Largest Holdings by NAV
Largest Holdings by NAV NAV as at % in NAV Majority % FP 31 December 2024 as at Portfolio Company Status Shareholder Stake1 (USD mn) 31 December 2024 Bucharest Airports Unlisted Romanian State 20.0% 216.4 46.0% Constanta Port Unlisted Romanian State 20.0% 77.8 16.5% Salrom Unlisted Romanian State 49
Slide 9: Bucharest Airports – Update
Bucharest Airports – Update Financial performance 2016 2017 2018 2019 2020 2021 20221 2023 9M 2023 9M 2024 % y.o.y. Operating revenues (RON 754.7 890.9 992.6 1,066.6 405.6 578.0 999.1 1,206.8 898.5 1,076.0 19.8% mn) Operating result (RON mn) 263.6 337.6 445.9 399.0 (175.3) 40.8 345.8 499.7 420.2 523
Slide 10: Constanta Ports – Update
Constanta Ports – Update Financial performance 2016 2017 2018 2019 2020 2021 20221 2023 9M 2023 9M 2024 % y.o.y. Operating revenues (RON 314.0 330.5 345.2 369.0 398.8 418.9 510.4 571.2 421.8 401.0 (4.9)% mn) Operating profit (RON mn) 54.8 93.8 95.8 117.0 145.9 140.6 131.5 195.9 180.2 264.4 46.7% Net
Slide 11: Salrom – Update
Salrom – Update Financial performance 2016 2017 2018 2019 2020 2021 2022 2023 H1 2023 H1 2024 % y.o.y. Operating revenues (RON 312.4 394.1 436.9 469.2 300.2 374.5 495.3 517.1 237.0 241.7 2.0% mn) Operating profit (RON mn) 36.3 107.3 93.5 84.6 15.8 70.1 134.4 140.8 57.5 66.1 15.0% Net Income (RON mn)
Slide 12: Largest Holdings by NAV – Key financials
Largest Holdings by NAV – Key financials EBITDA (RON mn) Net Profit (RON mn) 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 Top Holdings1 Bucharest Airports 584.6 (25.6) 160.9 477.3 602.3 359.6 (146.4) 34.0 304.0 453.3 Constanta Port 147.1 163.0 183.1 197.7 232.6 108.2 130.3 130.5 114.5 195.4 Sal
Slide 13: Corporate Actions
Corporate Actions FONDUL @. FRANKLIN -° TEMPLETON
Slide 14: 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 11,266.8 428.8 5,500 220.00% 5,000 159.8% 170.00% 4,500 4,000 1,547.0 120.00% 3,500 3,000 269.7 70.00% 2,500 25.4% 15.5% 21.9%
Slide 15: 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 8 April – 8 Ongoing - Approved by Auerbach Grayson, 15th October Finalized 0.36 bn / 10.00% 0.60822 shareholders during
Slide 16: Annual dividend income – Largest Holdings by NAV
Annual dividend income – Largest Holdings by NAV Dividend Payout (%) FP Net Dividend (RON mn) 2018 2019 2020 2021 2022 2023 2018 2019 2020 2021 2022 2023 Top Holdings1 Bucharest Airports 90 90 -2 0 50 90 68.0 36.7 -2 0.0 31.5 80.4 Constanta Port 25 25 25 25 25 0 3.7 5.5 6.7 6.7 5.7 0.0 Salrom 90 50
Slide 17: Total dividend income from portfolio companies
Total dividend income from portfolio companies FP Net Dividend RON 2015 2016 2017 2018 2019 2020 2021 2022 2023 202412 Total Dividends from Listed Companies (mn) 251.5 36.0 148.1 199.6 223.0 200.2 117.0 127.7 0.9 0.5 Total Dividends from Unlisted Companies (mn) 315.9 315.2 404.5 366.9 710.0 1,007.9
Slide 18: 2025 Financial calendar
2025 Financial calendar • Publication of the H1 2025 Results • Annual General • Results Shareholders Meeting Conference Call 16 January 29 April 15 May 29 August 14 November • 2024 Preliminary • Publication of the • Publication of the Annual Results Q1 2025 Results Q3 2025 Results Conference Call Mo
Slide 19: Financial results
Financial results FONDUL | Q FRANKLIN » TEMPLETON
Slide 20: Preliminary Unaudited Statement of Financial Position
Preliminary Unaudited Statement of Financial Position 31 December 2024 31 December 2023 31 December 2024 vs. 31 RON mn Unaudited Audited December 2023 (%) Cash and current accounts 0.2 0.1 +100.0% Distributions bank accounts 285.2 547.5 -47.9% Deposits with banks 273.7 191.4 +43.0% Equity investment
Slide 21: Preliminary Unaudited Statement of Comprehensive Income
Preliminary Unaudited Statement of Comprehensive Income 2024 2023 RON mn Unaudited Audited Net gain/(loss) from equity investments at fair value through profit or loss 197.3 (1,612.3) Gross dividend income 145.8 962.8 Interest income 34.1 157.5 Net gain from non-current assets held for sale - 61.2 O
Slide 22: How 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. 21
Slide 23: 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 24: 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 25: Thank You
Fondul Proprietatea Premium Point Buzesti Street 76-80, 1st District Bucharest 011017 www.fondulproprietatea.ro Thank You 24