S.C. Fondul Proprietatea SA · BVB:FP
S.C. Fondul Proprietatea SA — Fondul Proprietatea — Shareholder Meeting (April 2025)
38 slides from S.C. Fondul Proprietatea SA's shareholder meeting presentation, Apr 29, 2025
Slide 1: Fondul Proprietatea – Annual General Shareholders Meeting
Fondul Proprietatea – Annual General Shareholders Meeting 29 April 2025
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 2024 – monitoring • The discount between the closing price for each trading day on • During 2024, the discount to NAV was above 15% in 99.6% the BVB, of the shares issued by the Fund and the latest reported of the trading days. NAV per share at the date of calculation sh
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 1/12 1/13 1/14 1/15 1/16 1/17 1/18 12/18 12/19 12/20 12/21 12/22 12/23 12/24 Adjusted Share Price (RON) Discount / Premium (%) Source: BVB, Bloomberg, Fund Manager calculations.
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 428.8 million to the Fund’s shareholders during 1 January 2024 – 31 December 2024 via: Dividend Distributions Buy-backs Total amount distribute
Slide 7: Creating liquidity at the portfolio level
Creating liquidity at the portfolio level during the reporting period $117.6 145,848,924 0 $xxx RON RON 145,848,924 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 2024 – the period 1 January as at market 31 December 2024 2024 – 31 December 31 December capitalization RON (excluding related costs) 20241
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 8 April 2024 – Auerbach was approved by 15th 8 October Fina
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 2024 – monitoring • The Adjusted NAV per share at 31 December 2024 to be higher than • The Adjusted NAV per share as at 31 December 2024 was NAV per share as at 31 December 2023 (RON 0.6608 per share). RON 0.7727 per share, 16.9 % higher than the 31 December 2023 NAV per shar
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 (%) 31 March 2025 NAV RON USD 0.60 6% Total NAV 2.15 bn 0.47 bn 0.50 -4% NAV/Share 0.6813 0.1481 -14% Key trading figures as at 25 April 2025 0.40 Price/Share 0.3880 0.0885 -24% 0.30 Price/GDR1 N/A N/A -34% Market Capitalization2
Slide 15: Shareholder structure
Shareholder structure Evolution (% Held)1 10% 2% 2% 10% 10% 3% 8% 3% 18% 6% 12% 3% 9% 10% 11% 4% 37% 6% 4% 3% 3% 3% 3% 5% 5% 14% 10% 5% 3% 3% 6% 6% 17% 15% 11% 5% 20% 12% 13% 2% 1% 6% 22% 16% 18% 43% 25% 3% 16% 15% 54% 22% 3% 55% 53% 37% 30% 28% 34% 35% 2% 31% 9% 37% 51% 52% 33% 24% 9% 27% 39% 9% 11
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 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)% 17.0% (3.1)% 371.1% (RON) Share Price (30.3)% 38.3% 61
Slide 17: Portfolio
Portfolio — 7 = ie %
Slide 18: Portfolio Structure
Portfolio Structure Listed vs Unlisted By Sector (% of NAV as at 31 March 2025)1 (% of NAV as at 31 March 2025)1 11.8% 11.8% 3.0% 5.8% 5.1% 0.3% 13.9% 65.9% 82.4% Unlisted Listed Net Cash & receivables Infrastructure Power utilities: Generation Salt Mining Others Aluminium Net Cash & Receivables • A
Slide 19: Largest Holdings by NAV
Largest Holdings by NAV NAV as at % in NAV Majority % FP 31 March 2025 as at Portfolio Company Status Shareholder Stake1 (USD mn) 31 March 2025 Bucharest Airports Unlisted Romanian State 20.0% 224.7 48.1% Constanta Port Unlisted Romanian State 20.0% 77.8 16.7% Salrom Unlisted Romanian State 49.0% 64
Slide 20: Largest Holdings by NAV – Net result evolution
Largest Holdings by NAV – Net result evolution Net Profit (RON mn) 2020 2021 2022 2023 2024 Top Holdings1 Bucharest Airports (146.4) 34.0 304.0 453.3 608.82 Constanta Port 130.3 130.5 114.5 195.4 256.32 Salrom 11.5 60.2 120.7 130.6 111.32 Alro SA 334.8 26.3 409.5 (561.7) 10.32 Zirom SA (4.9) (8.2) 1
Slide 21: Bucharest Airports – Update
Bucharest Airports – Update Financial performance 2016 2017 2018 2019 2020 2021 2022 2023 20241 % y.o.y. Operating revenues (RON mn) 754.7 890.9 992.6 1,066.6 405.6 578.0 999.1 1,206.8 1,434.2 18.8% Operating result (RON mn) 263.6 337.6 445.9 399.0 (175.3) 40.8 345.8 499.7 663.8 32.8% Net Income / L
Slide 22: Constanta Ports – Update
Constanta Ports – Update Financial performance 2016 2017 2018 2019 2020 2021 2022 2023 20241 % y.o.y. Operating revenues (RON 314.0 330.5 345.2 369.0 398.8 418.9 510.4 571.2 522.0 (8.6)% mn) Operating profit (RON mn) 54.8 93.8 95.8 117.0 145.9 140.6 131.5 195.9 242.7 23.9% Net Income (RON mn) 36.8 7
Slide 23: Salrom – Update
Salrom – Update Financial performance 2016 2017 2018 2019 2020 2021 2022 2023 20241 % y.o.y. Operating revenues (RON 312.4 394.1 436.9 469.2 300.2 374.5 495.3 517.1 486.7 (5.9)% mn) Operating profit (RON mn) 36.3 107.3 93.5 84.6 15.8 70.1 134.4 140.8 119.2 (15.3)% Net Income (RON mn) 30.1 81.1 76.4
Slide 24: Corporate Actions
Corporate Actions FONDUL @. FRANKLIN -° TEMPLETON
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 1,519.9 1,931.5 11,266.8 428.8 153.3 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%
Slide 26: Cash distribution recommendation for 2024 FY
Cash distribution recommendation for 2024 FY – RON 0.0409/ share Main dates related to the proposed gross cash distribution 27 May 2025 as the Ex – Date 28 May 2025 as the Registration Date 19 June 2025 as the Payment Date • Considering the provisions of the Annual Cash Distribution Policy, the avai
Slide 27: 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 28: 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 8 April – 8 Ongoing - Approved by Auerbach Grayson, 15th October Finalized 0.36 bn / 10.00% 0.60822 shareholders during
Slide 29: Annual dividend income – Largest Holdings by NAV
Annual dividend income – Largest Holdings by NAV Dividend Payout (%) FP Net Dividend (RON mn) 2019 2020 2021 2022 2023 2024 2019 2020 2021 2022 2023 2024 Top Holdings1 Bucharest Airports 90 -2 0 50 90 90 36.7 -2 0.0 31.5 80.4 103.03 Constanta Port 25 25 25 25 0 0 5.5 6.7 6.7 5.7 0.0 0.0 Salrom 50 90
Slide 30: Total dividend income from portfolio companies
Total dividend income from portfolio companies FP Net Dividend RON 2016 2017 2018 2019 2020 2021 2022 2023 2024 202512 Total Dividends from Listed Companies (mn) 36.0 148.1 199.6 223.0 200.2 117.0 127.7 0.9 0.5 - Total Dividends from Unlisted Companies (mn) 315.2 404.5 366.9 710.0 1,007.9 532.0 800.
Slide 31: Financial results
Financial results FONDUL | Q FRANKLIN » TEMPLETON 3) FRANKLIN BL iinirinvoN
Slide 32: 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 33: Statement of Financial Position
Statement of Financial Position 31 December 2024 31 December 2023 31 December 2022 31 December 2024 RON mn Audited Audited Audited vs. 31 December 2023 (%) Cash and current accounts 0.2 0.1 0.1 +100.0% Distributions bank accounts 285.2 547.5 73.8 -47.9% Deposits with banks 273.7 191.4 912.6 +43.0% E
Slide 34: Statement of Comprehensive Income
Statement of Comprehensive Income 2024 2023 2022 RON mn Audited Audited Audited Net gain/ (loss) from equity investments at fair value through profit or loss 109.3 (1,612.3) 1,843.8 Gross dividend income 145.8 962.8 934.9 Interest income 34.1 157.5 25.1 Net gain/ (loss) from non-current assets held
Slide 35: 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 36: 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 37: Thank You
Fondul Proprietatea Premium Point Buzesti Street 76-80, 1st District Bucharest 011017 www.fondulproprietatea.ro Thank You
Slide 38: Questions & Answers
Questions & Answers
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