S.C. Fondul Proprietatea SA · BVB:FP
S.C. Fondul Proprietatea SA — Fondul Proprietatea — Shareholder Meeting (April 2024)
40 slides from S.C. Fondul Proprietatea SA's shareholder meeting presentation, Apr 30, 2024
Slide 1: Fondul Proprietatea – Annual General Shareholders Meeting
Fondul Proprietatea – Annual General Shareholders Meeting 30 April 2024
Slide 2: Performance report
Performance report FONDUL | 642 » TEMPLETON
Slide 3: Report on the Discount objective
Report on the Discount objective
Slide 4: Discount objective
Discount objective Objective 2023 monitoring • The discount between the closing price for each trading day on • In the period between 1 January 2023 and 31 December 2023, the BVB, of the shares issued by the Fund and the latest reported the discount to NAV was above 15% in all trading days. NAV per
Slide 5: Share price and Discount / Premium evolution
Share price and Discount / Premium evolution 6% 0.60 -4% 0.50 -14% 0.40 -24% 0.30 -34% 0.20 -44% 0.10 -54% 0.00 -64% 1/11 9/11 5/12 12/12 8/13 4/14 12/14 7/15 3/16 11/16 7/17 2/18 10/18 6/19 1/20 9/20 5/21 1/22 8/22 4/23 12/23 Adjusted Share Price (RON) Discount / Premium (%) Source: BVB, Bloomberg,
Slide 6: Measures taken
Measures taken Investor Relations Proactive investor relations program to increase the visibility of the Fund to a broader base of investors Distributed RON 11.27 billion to the Fund’s shareholders during 1 January 2023 – 31 December 2023 via: Dividend Distributions Buy-backs Total amount distribute
Slide 7: Creating liquidity at the portfolio level during the reporting period
Creating liquidity at the portfolio level during the reporting period $117.6 875,357,373 $xxx 80,429,147 RON RON 955,786,520 RON Regular Dividends Special Dividends Received (Collected) Received (Collected) Source: Fund’s results reports. 6
Slide 8: Distributions to shareholders
Distributions to shareholders Distributions to Expenses related to shareholders in the distributions recorded in % of the NAV % of the average period 1 January 2023 – the period 1 January as at market 31 December 2023 2023 – 31 December 31 December capitalization as at RON (excluding related costs)
Slide 9: Share buybacks
Share buybacks Buyback programme Acquisition cost of Average share shares repurchased, No. of shares price excluding transaction Cancellation No. Period Status repurchased (RON/share) costs (RON) Broker of shares1 The cancellation of shares Auerbach Jan – is subject to shareholders’ 14th Finalized 2
Slide 10: Investor Relations activity
Investor Relations activity Communication between the Fund Manager and investors remains our top priority as we aim to ensure that investors are informed about the latest developments and obtain feedback as we continue to focus on maximizing shareholder value During the Reporting Period, the Fund Ma
Slide 11: Report on the NAV objective
Report on the NAV objective ~o— " = : >,
Slide 12: NAV objective
NAV objective Objective 2023 monitoring • The Adjusted NAV per share at 31 December 2023 to be higher than • The Adjusted NAV per share as at 31 December 2023 is 31.5% NAV per share as at 31 December 2022 (RON 2.5701 per share). higher than the NAV per share as at 31 December 2022. NAV Objective Amo
Slide 13: Fund Information
Fund Information Is FONDUL ey FRANKLIN » TEMPLETON eel
Slide 14: Key Facts
Key Facts Adjusted Share Price (RON) vs. Fund Details Discount/Premium (%) 0.60 8% 31 March 2024 NAV RON USD 0.55 Total NAV 2.34 bn 0.51 bn -1% 0.50 NAV/Share 0.6569 0.1426 0.45 -10% Key trading figures as at 29 April 2024 0.40 -19% 0.35 Price/Share 0.5170 0.1113 0.30 -28% Price/GDR 25.31 5.45 0.25
Slide 15: Shareholder structure
Shareholder structure Evolution (% Held)1 2% 10% 10% 3% 8% 3% 12% 9% 13% 13% 2% 18% 6% 3% 15% 10% 10% 4% 3% 3% 3% 3% 4% 3% 3% 6% 5% 6% 3% 3% 37% 14% 3% 37% 37% 25% 20% 17% 12% 15% 11% 11% 37% 22% 12% 10% 16% 3% 6% 43% 28% 18% 13% 3% 3% 3% 54% 37% 22% 10% 8% 5% 55% 53% 34% 35% 3% 2% 2% 2% 30% 31% 2%
Slide 16: 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)% (0.6)% 312.9% (RON) Share Price (30.3)% 38.3% 61.3% 14.5% (
Slide 17: Portfolio
Portfolio — 7 = ie %
Slide 18: Portfolio Structure
Portfolio Structure Listed vs Unlisted By Sector (% of NAV as at 31 March 2024)1 (% of NAV as at 31 March 2024)1 24.0% 24.0% 52.9% 5.0% 0.6% 0.7% 2.4% 71.0% 4.5% 14.9% Unlisted Listed Net Cash & receivables Infrastructure Power utilities: Generation Heavy Industry Postal Services Aluminium Others Ne
Slide 19: Largest Holdings by NAV
Largest Holdings by NAV NAV as at % in NAV Majority % FP 31 March 2024 as at Portfolio Company Status Shareholder Stake1 (USD mn) 31 March 2024 Bucharest Airports Unlisted Romanian State 20.0% 190.5 37.6% Constanta Port Unlisted Romanian State 20.0% 71.2 14.1% Salrom Unlisted Romanian State 49.0% 69
Slide 20: Largest Holdings by NAV – Net result evolution
Largest Holdings by NAV – Net result evolution Net Profit (RON mn) Top Holdings1 2019 2020 2021 2022 2023 Bucharest Airports 359.6 (146.4) 34.0 304.0 453.32 Constanta Port 108.2 130.3 130.5 114.5 195.42 Salrom 77.0 11.5 60.2 120.7 130.62 Alro SA (67.2) 334.8 26.3 409.5 (561.7)3 Complexul Energetic O
Slide 21: 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: Utilities - Renewables 167 investors, order book was multiple times oversubscribed
Slide 22: 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 Deal Size Pricing Deal Size Pricing Deal Size Company Industry Pricing Date Company Industry Country Company Industry Country (EURmn
Slide 23: Bucharest Airports – Update
Bucharest Airports – Update Financial performance 2016 2017 2018 2019 2020 2021 2022 20231 % y.o.y. Operating revenues (RON mn) 754.7 890.9 992.6 1,066.6 405.6 578.0 999.6 1,206.8 20.7% Operating result (RON mn) 263.6 337.6 445.9 399.0 (175.3) 40.8 345.82 499.7 44.5% Net Income / Loss (RON mn) 224.7
Slide 24: Constanta Ports – Update
Constanta Ports – Update Financial performance 2016 2017 2018 2019 2020 2021 2022 20231 % y.o.y. Operating revenues (RON mn) 314.0 330.5 345.2 369.0 398.8 418.9 510.42 571.2 11.9% Operating profit (RON mn) 54.8 93.8 95.8 117.0 145.9 140.6 131.5 195.9 49.0% Net Income (RON mn) 36.8 79.7 75.7 108.2 13
Slide 25: Salrom – Update
Salrom – Update Financial performance 2016 2017 2018 2019 2020 2021 2022 20231 % y.o.y. Operating revenues (RON mn) 312.4 394.1 436.9 469.2 300.2 374.5 495.3 517.1 4.4% Operating profit (RON mn) 36.3 107.3 93.5 84.6 15.8 70.1 134.4 140.8 4.8% Net Income (RON mn) 30.1 81.1 76.4 77.0 11.5 60.2 120.7 1
Slide 26: Corporate Actions
Corporate Actions FONDUL @. FRANKLIN -° TEMPLETON
Slide 27: 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 11,266.8 217.2 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 28: Cash distribution recommendation for 2023 FY – RON 0.06 / share
Cash distribution recommendation for 2023 FY – RON 0.06/ share Main dates related to the proposed gross cash distribution 16 May 2024 as the Ex – Date 17 May 2024 as the Registration Date 7 June 2024 as the Payment Date • Although there is no distributable profit as per the annual statutory financia
Slide 29: Cash distributions to shareholders
Cash distributions to shareholders Gross Cash distribution Net Cash distribution Distribution Financial year Paid in (RON/share) (RON/share) Dividend 2008-2009 (aggregate) 2010 0.08160 0.06854 Dividend 2010 2011 0.03141 0.02638 Dividend 2011 2012 0.03854 0.03237 Dividend 2012 2013 0.04089 0.03435 Re
Slide 30: 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 The cancellation of shares is submitted for Jan – Auerbach Grayson, 14th Finalized 2.11 bn / 37.26% 0.86002 shareholders
Slide 31: 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 2023 202413 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
Slide 32: Implementation of FSA's request on amendments to the Constitutive Act
Implementation of FSA’s request to inform the shareholders on the amendments brought to the Fund’s Constitutive Act Implementation of FSA’s request to inform the shareholders on the amendments brought to the Fund’s Constitutive Act We inform the shareholders that the amendments brought to the Fund's
Slide 33: Financial results
Financial results FONDUL | QERANELIN » TEMPLETON 3) FRANKLIN @. TEMPLETON
Slide 34: Independent Auditor Report (Extract)
Independent Auditor Report (Extract) Report on the Audit of the Financial Statements Ernst & Young Assurance Services SRL Opinion We have audited the financial statements of Fondul Proprietatea S.A. (the Fund) with official head office in 76-80 Buzesti Street, District 1, Bucharest, Romania, identif
Slide 35: Statement of Financial Position
Statement of Financial Position 31 December 2023 31 December 2022 31 Dec 2023 RON mn Audited Audited vs. 31 Dec 2022 (%) Cash and current accounts 0.1 0.1 - Distributions bank accounts 547.5 73.8 >100% Deposits with banks 191.4 912.6 (79.0)% Government bonds - - - Equity investments 1,784.4 13,696.6
Slide 36: Statement of Comprehensive Income
Statement of Comprehensive Income 2023 2022 RON mn Audited Audited Net (loss)/ gain from equity investments at fair value through profit or loss (1,612.3) 1,843.8 Gross dividend income 962.8 934.9 Interest income 157.5 25.1 Net gain/ (loss) from non-current assets held for sale 61.2 (157.0) Net gain
Slide 37: 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 38: 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 39: Thank You
Fondul Proprietatea Premium Point Buzesti Street 76-80, 1st District Bucharest 011017 www.fondulproprietatea.ro Thank You
Slide 40: Questions & Answers
Questions & Answers
Fondul Proprietatea — Shareholder Meeting (April 2024) on 6ix