S.C. Fondul Proprietatea SA · BVB:FP
S.C. Fondul Proprietatea SA — Fondul Proprietatea — FY2020 Earnings Presentation
31 slides from S.C. Fondul Proprietatea SA's earnings presentation, Feb 23, 2021
Slide 1: 2020 Annual results conference call
Fondul Proprietatea – 23 February 2021 2020 Annual results conference call This material is intended solely for the recipient and should not be reproduced, copied or re-transmitted. Not for public use.
Slide 2: Fund Information
Fund Information This material is intended solely for the recipient and should not be reproduced, copied or re-transmitted. Not for public use
Slide 3: The Fund – Key Facts
The Fund – Key Facts Fund Details1 RON USD FP Adjusted Share Price6 and Discount (%) NAV 10.35 bn 2.57 bn2 1.6500 61% NAV/Share 1.7216 0.42822 Price/Share 1.5100 0.37552 1.3500 49% Price/GDR 74.392 18.50 Market Capitalization as at 22 February 2021 9.56 bn 2.38 bn3 1.0500 37% Discount/Share as at 22
Slide 4: Unlisted holdings updated valuations as at 31 December 2020
Unlisted holdings updated valuations as at 31 December 2020 Value as at Value as at Impact of the independent % Company 30 September 2020 31 December 2020 valuation update on NAV Change (mn RON) (mn RON) (mn RON) Hidroelectrica 4,707.50 5,128.90 421.40 4.22% Bucharest Airports 735.80 624.10 (111.70)
Slide 5: NAV, Share price and GDR Performance
NAV, Share price and GDR Performance Cumulative Performance Since Performance 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 YTD1 Inception1 NAV (RON) (0.47)% 8.91% 13.29% 1.39% (0.60)% 7.33% 13.10% 19.94% 31.23% 2.21% 1.43% 145.1% Ordinary Share (30.32)% 38.30% 61.34% 14.53% (4.06)% 4.90% 21.46%
Slide 6: Attribution to NAV performance for Q4 2020
Attribution to NAV performance for Q4 2020 Top Performers Weight in total Change in NAV Change in NAV per share Company Status NAV1 performance (RON) Hidroelectrica Unlisted 50.0% 4.25% 0.0675 OMV Petrom Listed 14.0% 1.14% 0.0181 Engie Romania Unlisted 5.2% 1.14% 0.0180 ENEL Energie Unlisted 0.5% 0.
Slide 7: Attribution to NAV performance for 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 Unlisted 50.0% 5.41% 0.0938 Nuclearelectrica2 Listed 0.0% 0.75% 0.0131 Engie Romania Unlisted 5.2% 0.32
Slide 8: Portfolio
Portfolio This material is intended solely for the recipient and should not be reproduced, copied or re-transmitted. Not for public use
Slide 9: Portfolio Structure
Portfolio Structure Listed vs Unlisted By Sector (% of NAV as at 29 January 2021)1 (% of NAV as at 29 January 2021)1 Power Utilities: Generation ...………….....49.57% Oil & Gas .……….…...…..15.27% Unlisted…………..73.23% Power & Gas Utilities: Listed……………..17.51% Distribution & Supply .…..12.68% Net Cash &
Slide 10: Portfolio Structure – 31 December 2020 NAV
Portfolio Structure – 31 December 2020 NAV Listed Companies Unlisted Companies By Controlling Ownership Hidroelectrica…....50.0% OMV Petrom……..14.0% Enel companies…..7.5% State Controlled Entities……61.3% Alro…………..1.6% 16.3% 73.8% Bucharest Airport…6.1% Private Others.………0.7% companies....28.8% Engi
Slide 11: Largest Holdings by NAV
Largest Holdings by NAV NAV as at % in NAV Majority 29 January 2021 as at Portfolio Company Status Shareholder % Stake1 (USD mn) 29 January 2021 Hidroelectrica Unlisted Romanian State 19.9% 1,275.6 49.6% OMV Petrom Listed OMV 7.0% 392.8 15.3% Bucharest Airports Unlisted Romanian State 20.0% 155.2 6.
Slide 12: Top Portfolio Holdings – 2020 Preliminary results
Top Portfolio Holdings – 2020 Preliminary results EBITDA (RON mn) Net profit (RON mn) Company 2019 2020 %y.o.y 2019 2020 %y.o.y Hidroelectrica 2,934.0 2,698.0 (8.0)% 1,386.5 1,453.0 4.8% OMV Petrom 7,751.8 4,463.2 (42.4)% 3,634.7 1,291.0 (64.5)% Bucharest Airports 542.2 (9.0) (101.7)% 359.6 (120.3)
Slide 13: Hidroelectrica – Update
Hidroelectrica – Update 2020 preliminary results: Pre-tax Cumulated Profit (RON mn) • According to Hidroelectrica’s management, in 2020, the company’s performance was as follows: 2,289 – Turnover of RON 3,788 mn, down 8.7% y.o.y, 2,081 – EBITDA of RON 2,698 mn, down 8.0% y.o.y , 1,980 1,954 – Operat
Slide 14: OMV Petrom – Update
OMV Petrom – Update Financial and • In 2020: Operational highlights 2019 2020 %YoY – Sales to external costumers decreased by 23% compared to Sales to external costumers the previous year, due to low oil prices environment, but 25,485 19,717 (22.6)% (mn RON) supported by higher volumes of natural ga
Slide 15: Bucharest Airports – Update
Bucharest Airports – Update Financials1 2016 2017 2018 2019 Prelim. 2020 %y.o.y. Operating revenues (mn RON) 754.7 890.9 992.6 1,066.6 409.8 (61.6)% Operating result (mn RON) 263.6 337.6 445.9 399.0 (128.1) - Net Income / Loss (mn RON) 224.7 290.7 371.8 359.6 (120.3) - Number of passengers (mn) 10.9
Slide 16: Constanta Ports – Update
Constanta Ports – Update Prelim. Financial performance 2012 2013 2014 2015 2016 2017 2018 2019 2020 % y.o.y. Operating revenues (RON mn) 269.6 285.9 294.3 309.2 314.0 330.5 345.2 369.0 385.6 4.5% Operating profit (RON mn) 46.3 76.6 83.8 114.0 54.8 93.8 95.8 117.0 160.9 37.5% Net Income (RON mn) 35.6
Slide 17: Corporate Actions
Corporate Actions This material is intended solely for the recipient and should not be reproduced, copied or re-transmitted. Not for public use
Slide 18: 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 1,483.0 515.2 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 19: 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/10.48% 1.33472 for shareholders’ ap
Slide 20: 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 21: 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 22: 24 March 2021 OGSM agenda
24 March 2021 OGSM agenda • The appointment of a member of the Board of Nominees • The appointment of a member of the Board of Nominees following the expiration of the mandate of Mr. Julian Healy on following the expiration of the mandate of Mr. Piotr 5 April 2021. The mandate of the new member is v
Slide 23: 28 April 2021 Annual GSM agenda – Main points (I)
28 April 2021 Annual GSM agenda – Main points (I) EGM agenda: • The approval of the decrease of the subscribed share capital of Fondul Proprietatea from RON 3,749,282,292.08 to RON • The approval of several amendments to the Constitutive Act 3,334,342,422.84 pursuant to the cancellation of of Fondul
Slide 24: 28 April 2021 Annual GSM agenda – Main points (II)
28 April 2021 Annual GSM agenda – Main points (II) OGM agenda: • The presentation by: • The approval of the Annual Activity Report of the Sole ‒ The Alternative Investment Fund Manager of the Performance Director of Fondul Proprietatea for the 2020 FY. Report for the period 1 January – 31 December 2
Slide 25: 28 April 2021 Annual GSM agenda – Main points (III)
28 April 2021 Annual GSM agenda – Main points (III) OGM agenda: • The appointment of Ernst & Young Assurance Services SRL as the • The approval of the Remuneration Policy of Fondul financial auditor of Fondul Proprietatea S.A., setting the duration of Proprietatea, as described in the supporting the
Slide 26: Financial results
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Slide 27: 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 28: 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 29: 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 30: 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 31: Fondul Proprietatea contact details
Fondul Proprietatea Premium Point Buzesti Street 78-80, 1st District Bucharest 011017 www.fondulproprietatea.ro This material is intended solely for the recipient and should not be reproduced, copied or re-transmitted. Not for public use.