S.C. Fondul Proprietatea SA · BVB:FP
S.C. Fondul Proprietatea SA — Fondul Proprietatea — Q1 2023 Earnings Presentation
29 slides from S.C. Fondul Proprietatea SA's earnings presentation, May 12, 2023
Slide 1: Fondul Proprietatea – Q1 2023 Results Conference Call
Fondul Proprietatea – Q1 2023 Results Conference Call 12 May 2023
Slide 2: Fund Information
Fund Information Is FONDUL ey FRANKLIN » TEMPLETON eel
Slide 3: Key Facts
Key Facts Adjusted Share Price (RON) vs. Discount / Fund Details Premium (%) 30 April 2023 NAV RON USD 2.10 5% Total NAV 14.31 bn 3.19 bn 1.85 -3% NAV / Share 2.6510 0.5902 1.60 -12% Key trading figures as at 11 May 2023 1.35 -21% Price / Share 2.0450 0.4533 1.10 -29% Price / GDR 102.85 22.80 0.85 -
Slide 4: Shareholder structure
Shareholder structure Evolution (% Held)1 2% 2% 3% 3% 6% 3% 3% 10% 10% 8% 7% 10% 9% 9% 9% 10% 6% 4% 3% 12% 12% 14% 14% 4% 3% 13% 13% 10% 3% 18% 3% 3% 3% 3% 3% 5% 6% 3% 3% 3% 3% 14% 3% 3% 3% 14% 3% 17% 15% 12% 25% 20% 12% 10% 11% 12% 12% 22% 15% 14% 14% 11% 11% 16% 18% 17% 16% 14% 11% 11% 6% 43% 54%
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 Q1 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% 0.5% 5.1% 347.2% (RON) Share Price (30.3)% 38.3% 61.3% 14.5% (4
Slide 6: Attribution to NAV Performance for Q1 2023
Attribution to NAV Performance for Q1 2023 Change in share Weight in Change in NAV Change in NAV Company Status price (RON) / NAV total NAV1 performance per share (RON) per share Alro SA Listed 0.9% 0.06% 0.0016 8.0% Top Mecon SA Listed 0.0% 0.00% 0.0000 29.6% Performers IOR SA Listed 0.0% 0.00% 0.0
Slide 7: Portfolio
Portfolio — 7 = ie %
Slide 8: Portfolio Structure
Portfolio Structure Listed vs Unlisted By Sector (% of NAV as at 30 April 2023)1 (% of NAV as at 30 April 2023)1 1.2% 1.1% 5.8% 2.1% 5.8% 7.6% 7.4% 93.0% 75.9% Unlisted Listed Net Cash & receivables Power Utilities: Generation Heavy industry Infrastructure Others Power & Gas Utilities: Net Cash & Re
Slide 9: Largest Holdings by NAV
Largest Holdings by NAV NAV as at % in NAV Majority % FP 30 April 2023 as at Portfolio Company Status Shareholder Stake1 (USD mn) 30 April 2023 Hidroelectrica Unlisted Romanian State 19.9% 2,418.6 75.9% Bucharest Airports Unlisted Romanian State 20.0% 158.7 5.0% Engie Romania Unlisted Engie 12.0% 98
Slide 10: Hidroelectrica – Update (I)
Hidroelectrica – Update (I) Q1 2022 Q1 2023 % y.o.y. Q1 2023 results • According to management, over the first three months of the Financial results (RON mn)1 year, the company registered total costs with: Revenues 2,460.9 3,369.9 36.9% – windfall tax of RON 230.6 mn, down 32.2% y.o.y. – turbinated
Slide 11: Hidroelectrica – Update (II)
Hidroelectrica – Update (II) Corporate governance • On 28 March 2023, the shareholders appointed a new Supervisory Board with a 4-year mandate. Out of the seven board appointments Mr. George Niculescu, Mr. Silviu Avram and Mr. George Toniuc were acting for the first time as board members on the Supe
Slide 12: Bucharest Airports – Update
Bucharest Airports – Update Financials 2016 2017 2018 2019 2020 2021 2022 % y.o.y. Operating revenues (mn RON) 754.7 890.9 992.6 1,066.6 405.6 578.0 999.6 72.9% Operating result (mn RON) 263.6 337.6 445.9 399.0 (175.3) 40.8 344.7 744.9% Net Income / Loss (mn RON) 224.7 290.7 371.8 359.6 (146.4) 34.0
Slide 13: ENEL companies – Update
ENEL companies – Update NAV as at NAV as at % FP 30 April 2023 30 April 2023 Portfolio Company Stake1 (RON mn) (USD mn) E-Distributie Muntenia 12.0% 223.5 49.8 E-Distributie Banat 24.1% 212.9 47.4 E-Distributie Dobrogea 24.1% 170.4 37.9 Enel Energie 12.0% 21.6 4.8 Enel Energie Muntenia 12.0% 21.6 4.
Slide 14: Enel and Engie companies – Update
Enel and Engie companies – Update Following several ANRE orders approved in March 2023: • Gas distribution tariffs for Engie1 are on average 57.2% higher compared to the tariffs approved in 2022. • Regulated distribution tariffs for E-Distributie2 companies increased on average by 11.6% starting wit
Slide 15: Constanta Ports – Update
Constanta Ports – Update Financial performance 2016 2017 2018 2019 2020 2021 20221 % y.o.y. Operating revenues (RON mn) 314.0 330.5 345.2 369.0 398.8 418.9 479.5 14.5% Operating profit (RON mn) 54.8 93.8 95.8 117.0 145.9 140.6 131.5 (6.5)% Net Income (RON mn) 36.8 79.7 75.7 108.2 130.3 130.5 114.5 (
Slide 16: Salrom – Update
Salrom – Update Financial performance 2016 2017 2018 2019 2020 2021 20221 % y.o.y. Operating revenues (RON mn) 312.4 394.1 436.9 469.2 300.2 374.5 495.3 32.3% Operating profit (RON mn) 36.3 107.3 93.5 84.6 15.8 70.1 134.4 91.7% Net Income (RON mn) 27.4 81.1 76.4 77.0 11.5 60.2 120.7 100.5% • Corpora
Slide 17: Largest Holdings by NAV – Key financials
Largest Holdings by NAV – Key financials EBITDA (RON mn) Net Profit (RON mn) Top Holdings1 2018 2019 2020 2021 2022 2018 2019 2020 2021 2022 Hidroelectrica 3,141.8 3,003.6 2,670.8 4,603.6 5,794.8 1,939.3 1,386.5 1,443.2 3,019.5 4,394.4 Bucharest Airports 539.2 584.6 (25.6) 160.9 477.3 371.8 359.6 (1
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 1,519.9 1,931.5 860.9 29% 2,000 25.4% 832.5 21.9% 711.5 23% 1,500 600.0 18.3% 18.3% 328.1 583.1 1,121.5 14.8% 17.0% 15.5% 17% 236.6 812.6 1,00
Slide 20: 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 Jan – Auerbach Grayson, shares was approved 13th Finalized 549.02 mn / 8.83% 2.10782 Dec 2022 Swiss
Slide 21: Eleventh Tender Offer
Eleventh Tender Offer Size of the Offer Purchase price Subscription period 225,000,000 shares in the form of shares and / RON 2.19 per share and the USD 10 February – 13 March 2023 or GDRs equivalent of RON 109.50 per GDR • 132,875,150 in the form of shares • 92,124,850 shares in the form of GDRs, n
Slide 22: Annual dividend income – Largest Holdings by NAV
Annual dividend income – Largest Holdings by NAV Dividend Payout (%) FP Net Dividend (RON mn) Top Holdings1 2018 2019 2020 2021 2022 2018 2019 2020 2021 2022 Hidroelectrica 90 90 90 90 90 358.7 250.0 256.6 564.6 780.7 Bucharest Airports 90 90 -2 0 n.a. 68.0 36.7 -2 0.0 n.a. Engie Romania 30 30 30 0
Slide 23: 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 202312 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) 143.5 315.9 315.2 404.5 366.9 710.0
Slide 24: 2023 Financial calendar
2023 Financial calendar • Publication of the H1 2023 Results • Results • U.S. Roadshow Conference Call 12 May 22 - 26 May 13 June 31 August 15 November • Publication of the Q1 • BVB Conference • Publication of the 2023 Results in Warsaw Q3 20223 Results • Results Conference • Results Call Conference
Slide 25: Financial results
Financial results FONDUL | QERANELIN » TEMPLETON 3) FRANKLIN @. TEMPLETON
Slide 26: Statement of Financial Position March 2023
Statement of Financial Position 31 March 2023 RON mn 31 March 2023 31 December 2022 vs. 31 December 2022 (%) Cash and current accounts 69.9 73.8 (5.3)% Deposits with banks 351.7 912.6 (61.5)% Equity investments 13,111.9 13,696.6 (4.3)% Non-current assets held for sale 588.8 - 100.0% Other assets 0.8
Slide 27: Statement of Comprehensive Income
Statement of Comprehensive Income 3-month ended 3-month ended RON mn 31 March 2023 31 March 2022 Interest income 10.3 6.9 Net unrealised gain from equity investments at fair value through profit or loss 4.1 821.2 Net gain from other financial instruments at fair value through profit or loss - 188.7
Slide 28: 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. 27
Slide 29: Thank You
Fondul Proprietatea Premium Point Buzesti Street 76-80, 1st District Bucharest 011017 www.fondulproprietatea.ro Thank You