S.C. Fondul Proprietatea SA · BVB:FP
S.C. Fondul Proprietatea SA — Fondul Proprietatea — Q1 2024 Earnings Presentation
25 slides from S.C. Fondul Proprietatea SA's earnings presentation, May 15, 2024
Slide 1: Fondul Proprietatea – Q1 2024 Results Conference Call
Fondul Proprietatea – Q1 2024 Results Conference Call 15 May 2024
Slide 2: Fund Information
Fund Information Is FONDUL ey FRANKLIN » TEMPLETON eel
Slide 3: Key Facts
Key Facts Adjusted Share Price (RON) vs. Fund Details Discount/Premium (%) 0.60 8% 30 April 2024 NAV RON USD 0.55 Total NAV 2.13 bn 0.46 bn -1% 0.50 NAV/Share 0.5990 0.1292 0.45 -10% Key trading figures as at 14 May 2024 0.40 -19% 0.35 Price/Share 0.5235 0.1135 0.30 -28% Price/GDR 25.13 5.45 0.25 -3
Slide 4: 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% 37% 22% 12% 10% 16% 3% 6% 43% 28% 18% 13% 3% 3% 3% 3% 54% 37% 22% 10% 8% 5% 55% 53% 34% 35% 3% 2% 2% 2% 2% 3
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 2023 Q1 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)% (0.6)% (0.3)% 314.2% (RON) Share Price (30.3)% 38.3
Slide 6: Portfolio
Portfolio — 7 = ie %
Slide 7: Portfolio Structure
Portfolio Structure Listed vs Unlisted By Sector (% of NAV as at 30 April 2024)1 (% of NAV as at 30 April 2024)1 16.0% 16.0% 5.9% 0.7% 0.8% 2.7% 58.2% 5.3% 78.1% 16.3% Unlisted Listed Net Cash & receivables Infrastructure Power utilities: Generation Heavy Industry Postal Services Aluminium Others Ne
Slide 8: Largest Holdings by NAV
Largest Holdings by NAV NAV as at % in NAV Majority % FP 30 April 2024 as at Portfolio Company Status Shareholder Stake1 (USD mn) 30 April 2024 Bucharest Airports Unlisted Romanian State 20.0% 189.3 41.3% Constanta Port Unlisted Romanian State 20.0% 70.8 15.5% Salrom Unlisted Romanian State 49.0% 68
Slide 9: Bucharest Airports – Update
Bucharest Airports – Update Financial performance 2016 2017 2018 2019 2020 2021 20221 20232 % 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 20.8% Operating result (RON mn) 263.6 337.6 445.9 399.0 (175.3) 40.8 345.8 499.7 44.5% Net Income / Loss (RON mn) 224.7
Slide 10: Constanta Ports – Update
Constanta Ports – Update Financial performance 2016 2017 2018 2019 2020 2021 20221 20232 % y.o.y. Operating revenues (RON mn) 314.0 330.5 345.2 369.0 398.8 418.9 510.4 571.2 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 11: 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 12: Largest Holdings by NAV – Key financials
Largest Holdings by NAV – Key financials EBITDA (RON mn) Net Profit (RON mn) Top Holdings1 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 Bucharest Airports 584.6 (25.6) 160.9 477.3 602.33 359.6 (146.4) 34.0 304.0 453.33 Constanta Port 147.1 163.0 183.1 197.7 232.63 108.2 130.3 130.5 114.5 195.43
Slide 13: Corporate Actions
Corporate Actions FONDUL @. FRANKLIN -° TEMPLETON
Slide 14: 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 11,266.8 219.3 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% 21.9%
Slide 15: 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 Jan – Auerbach Grayson, 14th Finalized 2.11 bn / 37.26% 0.86002 Ongoing Dec 2023 Swiss Capital The cancellation of 8 Apr
Slide 16: 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 2023 2018 2019 2020 2021 2022 2023 Bucharest Airports 90 90 -2 0 50 903 68.0 36.7 -2 0.0 31.5 80.43 Constanta Port 25 25 25 25 25 n.a. 3.7 5.5 6.7 6.7 5.7 n.a. Salrom
Slide 17: Total dividend income from portfolio companies
Total dividend income from portfolio companies FP Net Dividend RON 2015 2016 2017 2018 2019 2020 2021 2022 2023 202412 Total Dividends from Listed Companies (mn) 251.5 36.0 148.1 199.6 223.0 200.2 117.0 127.7 0.9 - Total Dividends from Unlisted Companies (mn) 315.9 315.2 404.5 366.9 710.0 1,007.9 53
Slide 18: 2024 Financial calendar
2024 Financial calendar • Publication of the H1 2024 Results • Results Conference Call 15 May 30 August 15 November • Publication of the Q1 2024 • Publication of the Q3 2024 Results Results • Results Conference Call • Results Conference Call More information about the Investor Relations Calendar can
Slide 19: Financial results
Financial results FONDUL | QERANELIN » TEMPLETON 3) FRANKLIN @. TEMPLETON
Slide 20: Statement of Financial Position
Statement of Financial Position 31 Mar 2024 31 Dec 2023 31 Mar 2024 RON mn Unaudited Audited vs. 31 Dec 2023 (%) Cash and current accounts 0.1 0.1 - Distributions bank accounts 478.9 547.5 -12.5% Deposits with banks 562.7 191.4 194.0% Equity investments 1,775.9 1,784.4 -0.5% Non-current assets held
Slide 21: Statement of Comprehensive Income
Statement of Comprehensive Income 3-month ended 3-month ended RON mn 31 March 2024 31 March 2023 Unaudited Unaudited Net (loss)/ gain from equity investments at fair value through profit or loss (8.5) 4.1 Interest income 9.0 10.3 Other income/ (expenses), net1 0.4 (0.8) Net operating income 0.9 13.6
Slide 22: How to 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.
Slide 23: 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 24: 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 25: Thank You
Fondul Proprietatea Premium Point Buzesti Street 76-80, 1st District Bucharest 011017 www.fondulproprietatea.ro Thank You