S.C. Fondul Proprietatea SA · BVB:FP
S.C. Fondul Proprietatea SA — Fondul Proprietatea — H1 2024 Earnings Presentation
28 slides from S.C. Fondul Proprietatea SA's earnings presentation, Aug 30, 2024
Slide 1: Fondul Proprietatea – H1 2024 Results Conference Call
Fondul Proprietatea – H1 2024 Results Conference Call 30 August 2024
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 July 2024 NAV RON USD 0.60 6% Total NAV 2.31 bn 0.50 bn 0.50 -4% NAV/Share 0.6666 0.1451 Key trading figures as at 29 August 2024 -14% 0.40 Price/Share 0.3978 0.0887 -24% Price/GDR 21.80 4.86 0.30 -34% Market Capitalizatio
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% 3% 3% 4% 37% 37% 37% 37% 37% 38% 38% 10% 6% 4% 3% 3% 3% 3% 39% 14% 5% 3% 3% 3% 6% 20% 16% 17% 12% 15% 11% 11% 12% 10% 3% 6% 43% 25% 22% 3% 3% 3% 3% 4% 4% 4% 54% 13% 3% 2% 2% 2% 55% 53% 37% 30% 28% 22% 1
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 H1 2024 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)% 10.3% 11.0% 360.9% (RON) Share Price (30.3)% 38.3%
Slide 6: Portfolio
Portfolio — 7 = ie %
Slide 7: Portfolio Structure
Portfolio Structure Listed vs Unlisted By Sector (% of NAV as at 31 July 2024)1 (% of NAV as at 31 July 2024)1 19.9% 19.9% 2.6% 5.5% 2.3% 56.4% 5.0% 74.6% 13.8% Unlisted Listed Net Cash & receivables Infrastructure Power utilities: Generation Salt Mining Others Aluminium Net Cash & Receivables • As
Slide 8: Largest Holdings by NAV
Largest Holdings by NAV NAV as at % in NAV Majority % FP 31 July 2024 as at Portfolio Company Status Shareholder Stake1 (USD mn) 31 July 2024 Bucharest Airports Unlisted Romanian State 20.0% 201.2 40.0% Constanta Port Unlisted Romanian State 20.0% 76.0 15.1% Salrom Unlisted Romanian State 49.0% 69.5
Slide 9: Bucharest Airports – Update
Bucharest Airports – Update % Financial performance 2016 2017 2018 2019 2020 2021 20221 2023 H1 2023 H1 2024 y.o.y. Operating revenues (RON 754.7 890.9 992.6 1,066.6 405.6 578.0 999.1 1,206.8 519.5 613.1 18.0% mn) Operating result (RON mn) 263.6 337.6 445.9 399.0 (175.3) 40.8 345.8 499.7 247.9 302.5
Slide 10: Constanta Ports – Update
Constanta Ports – Update % Financial performance 2016 2017 2018 2019 2020 2021 20221 2023 H1 2023 H1 2024 y.o.y. Operating revenues (RON 314.0 330.5 345.2 369.0 398.8 418.9 510.4 571.2 276.4 268.4 (2.9)% mn) Operating profit (RON mn) 54.8 93.8 95.8 117.0 145.9 140.6 131.5 195.9 117.7 227.5 93.3% 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) 160.9 477.3 602.33 359.6 (146.4) 34.0 304.0 453.33 Constanta Port 147.1 163.0 183.1 197.7 232.63 108.2 130.3 130.5 114.5 195.43
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 11,266.8 250.6 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 Jan – Auerbach Grayson, 14th Finalized 2.11 bn / 37.26% 0.86002 Ongoing Dec 2023 Swiss Capital The cancellation of 8 Apr
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: 2024 Financial calendar
2024 Financial calendar • Extraordinary and Ordinary General Shareholders Meetings 30 August 27 September 15 November • Publication of the H1 2024 • Publication of the Q3 2024 Results Results • Results Conference Call • Results Conference Call More information about the Investor Relations Calendar c
Slide 19: 27 September 2024 GSM – Main Points (I)
27 September 2024 GSM – Main Points (I) Only the persons registered as shareholders of Fondul Proprietatea on 6 September 2024 (the Reference Date) in the register of shareholders kept by Depozitarul Central S.A. have the right to participate and vote at the GSM EGM • The approval of the amendment o
Slide 20: 27 September 2024 GSM – Main Points (II)
27 September 2024 GSM – Main Points (II) The approval of: 10 October 2024 as the Ex – Date; 11 October 2024 as the Registration Date OGM • The approval of 2024 revised budget of Fondul Proprietatea, in accordance with the supporting materials. • The appointment for a period of three (3) years of two
Slide 21: 27 September 2024 GSM – Main Points (III)
27 September 2024 GSM – Main Points (III) The approval of: 10 October 2024 as the Ex – Date; 11 October 2024 as the Registration Date OGM • The approval of (i) the extension of the mandate of FTIS as the sole director and AIFM of Fondul Proprietatea for one (1) year starting with 1 April 2025 and un
Slide 22: Financial results
Financial results FONDUL | Q FRANKLIN » TEMPLETON
Slide 23: Statement of Financial Position
Statement of Financial Position 30 June 2024 31 December 2023 30 June 2024 RON mn Unaudited Audited vs. 31 December 2023 (%) Cash and current accounts 0.1 0.1 - Distributions bank accounts 449.8 547.5 -17.8% Deposits with banks 351.3 191.4 +83.5% Dividends receivable 144.3 - +100.0% Equity investmen
Slide 24: Statement of Comprehensive Income
Statement of Comprehensive Income 6-month ended 6-month ended RON mn 30 June 2024 30 June 2023 Unaudited Unaudited Gross dividend income 145.3 962.5 Net gain/ (loss) from equity investments at fair value through profit or loss 66.9 (1,657.5) Interest income 19.5 14.5 Net gain from non-current assets
Slide 25: 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. 24
Slide 26: 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 27: 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 28: Thank You
Fondul Proprietatea Premium Point Buzesti Street 76-80, 1st District Bucharest 011017 www.fondulproprietatea.ro Thank You