S.C. Fondul Proprietatea SA · BVB:FP
S.C. Fondul Proprietatea SA — Fondul Proprietatea — Shareholder Meeting (April 2021)
38 slides from S.C. Fondul Proprietatea SA's shareholder meeting presentation, Apr 20, 2021
Slide 1: Fondul Proprietatea – 2021 Annual GSM
Fondul Proprietatea – 20 April 2021 2021 Annual GSM
Slide 2: Performance report
FRANKLIN > TEMPLETON Performance report <x uw bE <x Kb WW cc a {o) a a — =) a) Z O ae
Slide 3: Report on the Discount objective
Report on the Discount objective
Slide 4: Discount objective
Discount objective Objective 2020 Monitoring The discount between the closing price for each trading day on the In the period 1 January – 31 December 2020, discount BSE, of the shares issued by the Fund and the latest reported NAV was higher than 15%, for both shares and GDRs, for per share at the d
Slide 5: FP share price and Discount evolution
FP share price and Discount evolution FP Adjusted share price (RON) and Discount (%) 1.5000 43% 1.3800 35% 1.2600 28% 1.1400 21% 1.0200 14% 0.9000 7% 1/20 2/20 3/20 4/20 5/20 6/20 7/20 7/20 8/20 9/20 10/20 11/20 12/20 Discount (%) Adjusted share price (RON) Source: BVB, Bloomberg, for the period 3 J
Slide 6: Measures taken
Measures taken Distributed RON 1.48 billion to the Fund’s shareholders during 1 January – 31 December 2020 via: • Annual Dividend • Buy-backs: • Total amount distributed Distribution: Executed the 11th buy-back programme (1 (including buy-backs and Gross distribution to January 2020 – 31 December 20
Slide 7: Creating liquidity at the portfolio level
Creating liquidity at the portfolio level1 RON Total Value of Disposals 920,634,404 Dividends Received (Collected) 1,207,841,831 Credit Facility (Committed)2 45,000,000 Total 2,173,476,235 Source: Fund’s periodical reports. 1. For the Reporting Period: 1 January – 31 December 2020. 2. Maximum commit
Slide 8: Distributions to shareholders
Distributions to shareholders Distributions to shareholders in the Expenses related to % of the period 1 January – distributions recorded % of the NAV average market 31 December 2020 in the period 1 as at capitalization (excluding related January – 31 31 December as at 31 RON costs) December 2020 To
Slide 9: Share buybacks
Share buybacks Acquisition cost of No. of Average shares repurchased, shares share price excluding transaction Cancellation Program Period Status repurchased (RON/share) costs (RON) Broker of shares1 Auerbach The cancellation of 1 Jan – Grayson, shares is subject to Eleventh Finalized 797,961,287 1.
Slide 10: Tender offers
Tender offers FP pre- Premium to pre- Tender Announcement Tender price announcement Discount of offer Take-up announcement Offer date (RON/share) share price price to NAV (%)1 rate (%) share price (%) (RON/share) Seventh 7 Jan 2020 1.3900 1.1950 16.32% 13.13% 46.51% Eighth 17 Jul 2020 1.3900 1.1450
Slide 11: Investor Relations activity
Investor Relations activity During the Reporting Period, the Fund Manager continued to actively promote Fondul Proprietatea despite the COVID-19 pandemic. Even though travel was restricted, the Fund Manager held online events for most of 2020. • 2 road-shows during which the team • 4 Results confere
Slide 12: Report on the NAV objective
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Slide 13: NAV Objective
NAV Objective Objective 2020 Monitoring The Adjusted NAV per share as at 31 December 2020, to be higher than The Adjusted NAV per share at 31 December 2020 is 2.13% higher than the NAV per share as at 31 December 2019 (RON 1.7339 per share) the NAV per share at 31 December 2019 NAV Objective Amount
Slide 14: Attribution to NAV performance, January – December 2020
Attribution to NAV performance for the period 1 January – 31 December 2020 Top Performers Weight in total Change in NAV Change in NAV per share Company Status NAV1 performance (RON) Hidroelectrica SA Unlisted 50.0% 5.41% 0.0938 Nuclearelectrica SA2 Listed 0.0% 0.75% 0.0131 Engie Romania SA Unlisted
Slide 15: List of disposals
List of disposals Proceeds on Company Status Disposal type Stake sold (%) Disposal date disposals (RON) Nuclearelectrica SA Listed Market sale 7.05% 359,634,404 June – December 2020 OMV Petrom SA Listed ABB 3.00% 561,000,000 September 2020 Total 920,634,404 Source: Fund’s periodical reports. 14
Slide 16: Fund Information
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Slide 17: The Fund – Key Facts
The Fund – Key Facts Fund Details1 RON USD NAV 10.85 bn 2.59 bn2 NAV/Share 1.8166 0.43292 Price/Share 1.7450 0.41582 Price/GDR 85.622 20.40 Market Capitalization as at 19 April 2021 9.99 bn 2.44 bn3 Discount/Premium per Share as at 19 April 2021 (7.74)% Discount/Premium per GDR as at 19 April 2021 (
Slide 18: FP Market performance
FP Market performance FP Adjusted Share Price (RON) vs. Discount / Premium (%) 1.65 -2% 1.35 -14% 1.05 -27% 0.75 -39% 0.45 -52% 0.15 -64% 1/11 8/11 2/12 9/12 3/13 10/13 4/14 10/14 5/15 11/15 6/16 12/16 7/17 1/18 7/18 2/19 8/19 3/20 9/20 4/21 Adjusted Share Price (RON) Discount / Premium (%) Source:
Slide 19: NAV, Share price and GDR Performance
NAV, Share price and GDR Performance Cumulative Performance1 Since Q1 Performance 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 20212 Inception2 NAV (RON) (0.47)% 8.91% 13.29% 1.39% (0.60)% 7.33% 13.10% 19.94% 31.23% 2.21% 7.02% 158.67% Ordinary Share (30.32)% 38.30% 61.34% 14.53% (4.06)% 4.90%
Slide 20: Portfolio
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Slide 21: Portfolio Structure
Portfolio Structure Listed vs Unlisted By Sector (% of NAV as at 31 March 2021)1 (% of NAV as at 31 March 2021)1 Power Utilities: Generation ...………….....51% Oil & Gas .……….…...…..16% Unlisted…………..74% Power & Gas Utilities: Listed……………..18% Distribution & Supply .…..12% Net Cash & Infrastructure ...
Slide 22: Largest Holdings by NAV
Largest Holdings by NAV NAV as at % in NAV Majority 31 March 2021 as at Portfolio Company Status Shareholder % Stake1 (USD mn) 31 March 2021 Hidroelectrica Unlisted Romanian State 19.9% 1,321.7 51.1% OMV Petrom Listed OMV 7.0% 406.1 15.7% Bucharest Airports Unlisted Romanian State 20.0% 148.7 5.8% E
Slide 23: Top Portfolio Holdings – 2020 Preliminary results
Top Portfolio Holdings – 2020 Preliminary results Net profit (RON mn) Company 2019 2020 %y.o.y Hidroelectrica 1,386.5 1,453.0 4.8% OMV Petrom 3,634.7 1,291.0 (64.5)% Bucharest Airports 359.6 (120.3) (133.5)% Constanta Port 108.2 146.4 35.3% Alro (67.2) 329.0 - Total 5,421.8 3,099.1 (42.8)% Source: O
Slide 24: Corporate Actions
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Slide 25: 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 1,483.0 557.9 25.4% 2000 18.3% 21.9% 17.5% 18.3% 1500 583.1 832.5 15.5% 1,121.5 600.0 14.8% 10.5% 812.6 1000 236.6 181.5 484.4 7.5% 362.6 344.7 389.3
Slide 26: Cash distribution recommendation for FY 2020
Cash distribution recommendation for FY 2020 • The Fund incurred an accounting loss of RON 102.98 mn for the 2020 FY. The accounting loss will be covered from 2016 unallocated profit, subject to shareholders’ approval. • Although there is no distributable profit as per the statutory annual financial
Slide 27: Cash Distributions to Shareholders
Cash Distributions to Shareholders Financial Gross Cash Distribution Net Cash Distribution Paid In Year per Share (RON) per Share (RON)1 2008-2009 Dividend 2010 0.08160 0.06854 (aggregate) Dividend 2010 2011 0.03141 0.02638 Dividend 2011 2012 0.03854 0.03237 Dividend 2012 2013 0.04089 0.03435 Return
Slide 28: 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 Cancellation of shares submitted 1 Jan – Auerbach Grayson, Eleventh Finalized 797.96 mn/11.07% 1.33472 for shareholders’ ap
Slide 29: 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 36.0 148.1 199.6 223.0 200.2 Total Dividends from Unlisted Companies (RON mn) 275.82 143.5 315.9 315.2 404.5 366.9 710.0 1,
Slide 30: Financial results
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Slide 31: Statement of Financial Position
Statement of Financial Position 31 December 2019 31 December 2020 RON mn Audited Audited Cash and current accounts 31.9 34.4 Deposits with banks 338.4 660.0 Government bonds 137.3 380.3 Equity investments 11,413.1 9,246.7 Other assets 0.3 0.6 Total assets 11,921.0 10,322.0 Payables 16.7 19.8 Other l
Slide 32: Statement of Comprehensive Income
Statement of Comprehensive Income 2019 2020 RON mn Audited Audited Gross dividend income 942.9 1,218.7 Net unrealised gain/ (loss) from equity investments at fair value through profit or loss 2,260.3 (1,103.2) Net realised gain/ (loss) from disposal of equity investments at fair value through profit
Slide 33: Annual GSM Agenda
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Slide 34: 28 April 2021 Annual GSM agenda – Main points
28 April 2021 Annual GSM agenda – Main points EGM agenda • The approval of the decrease of the subscribed share capital of Fondul • The approval of an amendment to the Constitutive Proprietatea from RON 3,749,282,292.08 to RON 3,334,342,422.84 Act of Fondul Proprietatea pursuant to the cancellation
Slide 35: 28 April 2021 Annual GSM agenda – Main points
28 April 2021 Annual GSM agenda – Main points OGM agenda • The approval to cover the negative reserves incurred in 2020 • The approval of the continuation of the current mandate of financial year derived from the cancelation of treasury Franklin Templeton International Services S.à r.l. as the share
Slide 36: 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 37: 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 38: Fondul Proprietatea
Fondul Proprietatea Premium Point Buzesti Street 78-80, 1st District Bucharest 011017 www.fondulproprietatea.ro
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