S.C. Fondul Proprietatea SA · BVB:FP
S.C. Fondul Proprietatea SA — Fondul Proprietatea — Q1 2021 Earnings Presentation
29 slides from S.C. Fondul Proprietatea SA's earnings presentation, May 17, 2021
Slide 1: Fondul Proprietatea – Q1 2021 Results Conference Call
Fondul Proprietatea – Q1 2020 Results Conference Call 17 May 2021 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 Is FONDUL ey FRANKLIN » TEMPLETON eel
Slide 3: The Fund – Key Facts
The Fund – Key Facts FP Adjusted Share Price6 (RON) vs. Fund Details1 Discount/Premium (%) Fund Details1 RON USD 1.77 8% NAV 10.47 bn 2.58 bn2 1.59 0% NAV/Share 1.7578 0.43272 1.41 -8% Price/Share 1.6960 0.41752 1.23 -16% Price/GDR 84.492 20.80 Market Capitalization as at 14 May 2021 10.72 bn 2.64 b
Slide 4: Shareholders structure
Shareholders structure Evolution (% Held)1 2% 2% 3% 3% 6% 10% 10% 8% 6% 6% 9% 10% 12% 9% 9% 13% 18% 14% 12% 13% 14% 9% 11% 14% 19% 27% 28% 10% 17% 29% 31% 31% 33% 34% 34% 43% 34% 54% 35% 37% 31% 55% 53% 28% 28% 30% 26% 25% 23% 22% 18% 18% 10% 25% 6% 22% 20% 17% 16% 14% 15% 16% 13% 11% 12% 14% 5% 6%
Slide 5: NAV, Share price and GDR Performance
NAV, Share price and GDR Performance Since Q1 Performance 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 20212 YTD3 Inception3 NAV (RON) (0.47)% 8.91% 13.29% 1.39% (0.60)% 7.33% 13.10% 19.94% 31.23% 2.21% 7.02% 7.80% 198.10% Ordinary Cumulative Share Price (30.32)% 38.30% 61.34% 14.53% (4.06)% 4.
Slide 6: Attribution to NAV performance for Q1 2021
Attribution to NAV performance for Q1 2021 Weight in total Change in NAV Change in NAV per share Company Status NAV1 performance (RON) Hidroelectrica Unlisted 51.1% 4.07% 0.0691 OMV Petrom Listed 15.7% 2.57% 0.0436 Top Alro SA Listed 1.9% 0.40% 0.0069 Performers IOR SA Listed 0.0% 0.00% (0.0000) Mec
Slide 7: Portfolio
Portfolio — 7 = ie %
Slide 8: Current Portfolio Structure
Current Portfolio Structure Listed vs Unlisted By Sector (% of NAV as at 29 April 2021)1 (% of NAV as at 29 April 2021)1 2% 2% 4% 4% 20% 9% 13% 53% 76% 17% Unlisted Listed Net Cash & receivables Power Utilities: Generation Infrastructure Oil & Gas Heavy industry Aluminium Power & Gas Utilities: Dist
Slide 9: Portfolio Structure – 31 March 2021 NAV
Portfolio Structure – 31 March 2021 NAV Listed Companies Unlisted Companies By Controlling Ownership 1.9% 0.6% 0.6% 2.2% 8.2% 1.9% 5.0% 5.8% 30.0% 18.2% 7.1% 73.7% 61.8% 51.1% 15.7% OMV Petrom Alro Others Hidroelectrica ENEL companies State Controlled Entities Bucharest Airport Engie Romania Private
Slide 10: Largest Holdings by NAV
Largest Holdings by NAV NAV as at % in NAV Majority 29 April 2021 as at Portfolio Company Status Shareholder % Stake1 (USD mn) 29 April 2021 Hidroelectrica Unlisted Romanian State 19.9% 1,365.6 53.0% OMV Petrom Listed OMV 7.0% 432.7 16.8% Bucharest Airports Unlisted Romanian State 20.0% 153.6 6.0% E
Slide 11: Top portfolio holdings – Q1 2021 Key financials
Top portfolio holdings – Q1 2021 Key financials EBITDA (RON mn) Net Profit (RON mn) Top Holdings Q1 2020 Q1 2021 % change Q1 2020 Q1 2021 % change Hidroelectrica 593.9 1,072.6 80.6% 430.3 759.5 76.5% OMV Petrom 1,696.1 1,526.6 (10.0)% 653.4 573.4 (12.2)% Alro (30.6) 33.5 - (110.0) (61.9) 43.8% Total
Slide 12: Hidroelectrica – Update
Hidroelectrica – Update Q1 2021 results: Dividends paid in (RON mn) • According to the management, in the first 3 months of 2021 the 646 675 1,691 1,821 2,799 2,003 2,290 company’s performance was as follows compared to the Q1 2020: – Turnover of RON 1,418 mn, up 67%, – EBITDA of RON 1,073 mn, up 81
Slide 13: OMV Petrom – Update
OMV Petrom – Update Financial and Q1 2020 Q1 2021 %YoY In Q1 2021: Operational highlights Sales to external costumers 6,086 4,861 (20.1)% (mn RON) • Sales to external costumers decreased by 20% compared to the same period of 2020 year • Downstream Oil 3,853 3,530 (8.4)% • Operating result was over 1
Slide 14: Bucharest Airports – Update
Bucharest Airports – Update Financials1 2016 2017 2018 2019 Prelim. 2020 Budget 2020 Budget 2021 Operating revenues (mn RON) 754.7 890.9 992.6 1,066.6 409.8 466.1 538.6 Operating result (mn RON) 263.6 337.6 445.9 399.0 (128.1) (137.4) 1.7 Net Income/Loss (mn RON) 224.7 290.7 371.8 359.6 (120.3) (129
Slide 15: Enel group companies – Update
Enel group companies – Update Distribution companies Supply companies E-Distributie Banat E-Distributie Muntenia E-Distributie Dobrogea Enel Energie Enel Energie Muntenia RON mn1 2019 2020 % y.o.y. 2019 2020 % y.o.y. 2019 2020 % y.o.y. 2019 2020 % y.o.y. 2019 2020 % y.o.y. Operating 550.8 556.8 1.1%
Slide 16: Constanta Ports – Update
Constanta Ports – Update Prelim. Budget Budget % Financial performance 2012 2013 2014 2015 2016 2017 2018 2019 2020 2020 2021 y.o.y. Operating revenues (RON mn) 269.6 285.9 294.3 309.2 314.0 330.5 345.2 369.0 385.6 380.0 411.8 8.4% Operating profit (RON mn) 46.3 76.6 83.8 114.0 54.8 93.8 95.8 117.0
Slide 17: Top 10 portfolio holdings – Key financials
Top 10 portfolio holdings – Key financials EBITDA (RON mn) Net Profit (RON mn) Top 10 Holdings1 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 Hidroelectrica 2,249.9 2,301.4 3,107.4 3,003.6 2,670.8 1,227.7 1,296.5 1,939.3 1,386.5 1,443.2 OMV Petrom 4,790.3 6,615.7 8,393.1 7,751.6 4,463.2 1,037.7
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 1,483.0 594.2 25.4% 29% 2,000 18.3% 21.9% 17.5% 18.3% 23% 1,500 583.1 600.0 832.5 15.5% 1,121.5 14.8% 17% 10.5% 812.6 1,000 236.6 181.5 484.4 344.7 25
Slide 20: 2020 FY dividend distribution
2020 FY dividend distribution RON 0.0720 gross dividend per share. Approved by the Fund’s shareholders during the 28 April 2021 Annual GSM. Main dates related to the gross cash distribution • NAV Ex-Date: 29 April 2021 • Registration Date: 28 May 2021 • Share price Ex-Date: 27 May 2021 • Payment Dat
Slide 21: 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 shares Cancellation of shares approved by 1 Jan – Auerbach Grayson, Eleventh Finalized 797.96 mn/11.07% 1.33472 shareholders during
Slide 22: Annual dividend income – Top 10 portfolio companies
Annual dividend income – Top 10 portfolio companies Dividend Payout (%) FP Net Dividend (RON mn) Top 10 Holdings1 2016 2017 2018 2019 2020 2017 2018 2019 2020 2021 Hidroelectrica 90 90 90 90 90 206.6 226.2 358.7 250.0 257.2 OMV Petrom 94 46 38 48 132 106.8 107.6 145.3 166.8 122.9 Bucharest Airports
Slide 23: 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 202111 Total Dividends from Listed Companies (RON mn) 373.9 538.6 251.5 36.0 148.1 199.6 223.0 200.2 122.9 Total Dividends from Unlisted Companies (RON mn) 275.82 143.5 315.9 315.2 404.5 3
Slide 24: 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. 23
Slide 25: Statement of Financial Position
Statement of Financial Position 31 March 2021 31 December 2020 RON mn Unaudited Audited Cash and current accounts 32.7 34.4 Deposits with banks 652.5 660.0 Government bonds 254.4 380.3 Equity investments 9,964.8 9,246.7 Other assets 0.9 0.6 Total assets 10,905.3 10,322.0 Payables 21.0 19.8 Other lia
Slide 26: Statement of Comprehensive Income
Statement of Comprehensive Income Q1 2021 Q1 2020 RON mn Unaudited Unaudited Unrealised loss from equity investments at fair value through profit or loss (5.3) (2,463.3) Unrealised gain from equity investments at fair value through profit or loss 723.0 - Gross dividend income - 522.9 Interest income
Slide 27: 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 28: 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 29: Thank You
Fondul Proprietatea Premium Point Buzesti Street 78-80, 1st District Bucharest 011017 www.fondulproprietatea.ro Thank You