S.C. Fondul Proprietatea SA · BVB:FP
S.C. Fondul Proprietatea SA — Fondul Proprietatea — Q1 2020 Earnings Presentation
28 slides from S.C. Fondul Proprietatea SA's earnings presentation, May 15, 2020
Slide 1: Q1 2020 Results Conference Call
Fondul Proprietatea – 15 May 2020 Q1 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 Price6 and Discount (%) NAV 9.52 bn 2.14 bn2 NAV/Share 1.4561 0.32692 1.4000 65% Price/Share 1.1150 0.25032 Price/GDR 57.90 13.00 1.1000 53% Market Capitalization as at 14 May 20203 7.58 bn 1.69 bn3 Discount/Share as at 14 May 2020 20.08% 0.8000 40
Slide 4: Shareholders Structure
Shareholders Structure Evolution (% Held)1 2% 2% 3% 6% 10% 10% 8% 3% 6% 6% 9% 10% 9% 9% 13% 18% 18% 19% 14% 19% 21% 9% 11% 14% 27% 28% 10% 17% 29% 30% 19% 20% 43% 34% 22% 54% 35% 37% 31% 55% 53% 28% 28% 30% 29% 28% 26% 25% 10% 25% 25% 6% 22% 20% 17% 16% 14% 16% 15% 15% 13% 13% 5% 6% 4% 3% 3% 3% 3% 3
Slide 5: 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 Q1 ‘20 YTD1 Inception1 NAV (RON) (0.47)% 8.91% 13.29% 1.39% (0.60)% 7.33% 13.10% 19.94% 31.23% (16.29)% (12.32)% 107.34% Ordinary Share Price (30.32)% 38.30% 61.34% 14.53% (4.06
Slide 6: Attribution to NAV Performance for Q1 2020
Attribution to NAV Performance for Q1 2020 Bottom Performers % Change in NAV % Change in share price/ Weight in total Company Status performance NAV per share NAV1 for Q1 2020 in Q1 2020 OMV Petrom Listed 17.1% (7.49)% (35.1)% Hidroelectrica Unlisted 47.3% (2.95)% (7.2)% Bucharest Airports Unlisted
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 April 2020 (% NAV)1 as at 30 April 2020 (% NAV)1 as at 31 March 20202 Power Utilities: Generation……....52% Oil & Gas.……….19% State Unlisted….…74% Power & Gas Utilities: Controlled Distribution & Entities………63% Listed…
Slide 9: Portfolio Structure – Listed vs. Unlisted
Portfolio Structure – Listed vs. Unlisted Listed Companies Unlisted Companies (% of NAV as at 31 March 2020) (% of NAV as at 31 March 2020) Hidroelectrica..………....47.33% OMV Petrom…………..17.13% ENEL Companies….…....7.44% Nuclearelectrica………..3.07% Bucharest Airport………..7.42% 21.57% 71.80% Alro……....…
Slide 10: Largest Holdings by NAV
Largest Holdings by NAV NAV as at % in NAV Majority 30 April 2020 as at Portfolio Company Status Shareholder % Stake1 (USD mn) 30 April 2020 Hidroelectrica Unlisted Romanian State 19.9% 1,034.78 48.41% OMV Petrom Listed OMV 9.9% 406.89 19.04% Bucharest Airports Unlisted Romanian State 20.0% 167.67 7
Slide 11: Top Portfolio Holdings – Q1 2020 financials
Top Portfolio Holdings – Q1 2020 financials EBITDA (RON mn) Net profit (RON mn) Company Q1 2019 Q1 2020 %yoy Q1 2019 Q1 2020 %yoy Hidroelectrica 739.3 595.0 (19.5)% 498.1 430.3 (13.6)% OMV Petrom 2,046.2 1,697.9 (17.0)% 1,151.2 653.4 (43.2)% Alro (94.7) (30.6) (1.3)% (9.1) (110.0) (11.1)% Nuclearele
Slide 12: Hidroelectrica – Update
Hidroelectrica – Update Q1 2020 preliminary results: Pre-tax Cumulated Profit (RON mn) • According to Hidroelectrica’s management, in Q1, the 2,289 company’s performance was as follows: – Turnover of RON 848.4 mn, down 14.3% y.o.y, 2,081 1,980 1,954 – EBITDA of RON 595.0 mn, down 19.5% y.o.y , – Ope
Slide 13: OMV Petrom – Update
OMV Petrom – Update • In Q1 2020: Financial and Q1 19 Q1 20 %YoY – Clean CCS1 operating result was 21% lower y.o.y. Operational highlights – Consolidated sales revenues increased by 12% compared to Sales to external costumers 5,420 6,086 12.3% Q1 2019 supported by higher volumes of natural gas, part
Slide 14: C.N. Aeroporturi Bucuresti – Update
C.N. Aeroporturi Bucuresti – Update Financial Performance 2016 2017 2018 Prelim. 2019 %yoy Operating revenues (mn RON) 754.7 890.9 992.6 1,074.2 8.2% Operating profit (mn RON) 263.6 337.6 445.9 432.2 (3.1) Net Income (mn RON) 224.7 290.7 371.8 375.1 0.9% Number of passengers (mn) 10.99 12.84 13.84 1
Slide 15: 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 2016 2017 2018 2019 Hidroelectrica 2,249.9 2,250.5 3,127.0 2,934.0 1,227.7 1,296.5 1,939.3 1,386.5 OMV Petrom 4,949.7 6,615.7 7,854.7 7,293.1 1,037.7 2,489.3 4,078.1 3,634.6 Bucharest
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 1,081.3 826.2 25.4% 2000 18.3% 21.9% 17.5% 1500 15.5% 583.1 1,121.5 14.8% 832.5 10.5% 1000 600.0 236.6 181.5 484.4 10.1% 7.5% 362.6 344.7 257.5 8.1% 277.8 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 was approved by 1 Jan – 2 Auerbach Tenth Finalized 750.0 mn/8.2% 0.9198 shareholders in the 28 April 2020 31
Slide 19: 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 2015 2016 2017 2018 2019 2020 Hidroelectrica 90 90 90 903 128.9 134.6 206.6 226.2 358.7 250.03 OMV Petrom 94 46 38 48 120.5 -2 106.8 107.6 145.3 166.8 Bucharest Airpo
Slide 20: 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 36.0 148.1 199.6 223.0 201.910 Total Dividends from Unlisted Companies (RON mn) 275.82 143.5 315.9 315.2 404.5 366.9 710.0
Slide 21: 2019 FY Dividend distribution
2019 FY Dividend distribution Details on the FY 2019 Dividend: • RON 439.85 million gross dividend distribution • RON 0.0642 gross dividend per share • Share price ex-date: 9 June 2020 • Registration Date: 10 June 2020 • Payment date: 1 July 2020 • NAV ex-date: 30 April 2020 Source: 28 April 2020 FP
Slide 22: COVID-19
COVID – 19 Business response to address the impact of the COVID-19 pandemic: • Health and wellbeing of all employees and shareholders is a top priority • FT staff working remotely during lockdown period with skeleton staff supporting critical office functions • Ongoing engagement with portfolio comp
Slide 23: 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 24: Statement of Financial Position
Statement of Financial Position 31 March 2020 31 December 2019 RON mn Unaudited Audited Cash and current accounts 25.9 31.9 Deposits with banks 641.6 338.4 Government bonds - 137.3 Dividend receivables 24.2 - Equity investments 8,949.7 11,413.1 Other assets 0.7 0.3 Total assets 9,642.1 11,921.0 Paya
Slide 25: Statement of Comprehensive Income
Statement of Comprehensive Income Q1 2020 Q1 2019 RON mn Unaudited Unaudited Net (loss)/ gain from equity investments at fair value through profit or loss (2,463.3) 392.4 Gross dividend income 522.9 34.7 Interest income 3.4 2.2 Other income, net1 0.1 - Net operating (loss)/ income (1,936.9) 429.3 Ad
Slide 26: 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 27: 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 28: 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.