S.C. Fondul Proprietatea SA · BVB:FP
S.C. Fondul Proprietatea SA — Fondul Proprietatea — Q3 2023 Earnings Presentation
34 slides from S.C. Fondul Proprietatea SA's earnings presentation, Nov 15, 2023
Slide 1: Fondul Proprietatea – Q3 2023 Results Conference Call
Fondul Proprietatea – Q3 2023 Results Conference Call 15 November 2023
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 (%) 31 October 2023 NAV RON USD 5% 0.50 Total NAV 3.38 bn 0.72 bn -5% 0.40 NAV / Share 0.6457 0.1386 -15% Key trading figures as at 14 November 2023 0.30 -25% Price / Share 0.5420 0.1168 -35% 0.20 Price / GDR 25.98 5.60 -45% 0.10
Slide 4: Shareholder structure
Shareholder structure Evolution (% Held)1 2% 2% 3% 3% 6% 3% 10% 10% 8% 9% 8% 10% 6% 4% 3% 12% 4% 13% 13% 10% 3% 18% 3% 3% 15% 4% 5% 6% 3% 15% 3% 3% 14% 20% 3% 17% 11% 3% 9% 25% 22% 12% 11% 12% 16% 18% 10% 4% 6% 43% 54% 37% 28% 22% 13% 10% 55% 8% 5% 53% 34% 35% 30% 43% 31% 37% 37% 38% 37% 9% 39% 9% 2
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 9M 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% (5.0)% (4.6)% 305.8% (RON) Share Price (30.3)% 38.3% 61.3% 14.5
Slide 6: Attribution to NAV Performance for Q3 2023
Attribution to NAV Performance for Q3 2023 % Change in Weight in total Change in NAV Change in NAV share price / Company Status NAV1 performance per share (RON) NAV per share IOR SA Listed 0.0% 0.00% 0.0001 205.3% Top CN Administratia Porturilor Unlisted 0.1% 0.00% 0.0000 0.0% Dunarii Fluviale SA Pe
Slide 7: Attribution to NAV Performance for 9M 2023
Attribution to NAV Performance for 9M 2023 % Change in Weight in total Change in NAV Change in NAV share price / Company Status NAV1 performance per share (RON) NAV per share CN Aeroporturi Bucuresti SA Unlisted 24.6% 1.01% 0.0259 16.1% Societatea Nationala a Sarii SA Unlisted 8.8% 0.55% 0.0140 8.6%
Slide 8: Portfolio
Portfolio — 7 = ie %
Slide 9: Portfolio Structure
Portfolio Structure Listed vs Unlisted By Sector (% of NAV as at 31 October 2023)1 (% of NAV as at 31 October 2023)1 35.9% 35.9% 35.4% 59.5% 4.6% 0.6% 0.4% 3.4% 9.7% 14.5% Unlisted Listed Net Cash & receivables Infrastructure Aluminium Power & Gas Utilities: Transport, Postal Services Distribution &
Slide 10: Largest Holdings by NAV
Largest Holdings by NAV NAV as at % in NAV Majority % FP 31 October 2023 as at Portfolio Company Status Shareholder Stake1 (USD mn) 31 October 2023 Bucharest Airports Unlisted Romanian State 20.0% 177.8 24.5% Engie Romania Unlisted Engie 12.0% 105.2 14.5% Constanta Port Unlisted Romanian State 20.0%
Slide 11: Hidroelectrica IPO – a milestone transaction in Europe
Hidroelectrica IPO – a milestone transaction in Europe Transaction Details Key highlights Name of Company: Hidroelectrica S.A. Country: Romania • Backed by strong local and international long-only demand from Sector: 167 investors, order book was multiple times oversubscribed Utilities - Renewables
Slide 12: Hidroelectrica IPO – a milestone transaction in Europe
Hidroelectrica IPO – a milestone transaction in Europe Third largest IPO in history on a CEE Largest IPO in Romanian history Largest IPO in Europe for 2023YTD Exchange Deal Size Pricing Deal Size Pricing Deal Size Company Industry Pricing Date Company Industry Country Company Industry Country (EURmn
Slide 13: Bucharest Airports – Update
Bucharest Airports – Update Financial performance 2016 2017 2018 2019 2020 2021 2022 H1 2022 H1 2023 % y.o.y. Operating revenues (RON mn) 754.7 890.9 992.6 1,066.6 405.6 578.0 999.6 425.2 519.5 22.2% Operating result (RON mn) 263.6 337.6 445.9 399.0 (175.3) 40.8 344.7 160.0 247.9 54.9% Net Income /
Slide 14: Constanta Ports – Update
Constanta Ports – Update Financial performance 2016 2017 2018 2019 2020 2021 2022 H1 2022 H1 2023 % y.o.y. Operating revenues (RON mn) 314.0 330.5 345.2 369.0 398.8 418.9 479.5 260.3 294.4 13.1% Operating profit (RON mn) 54.8 93.8 95.8 117.0 145.9 140.6 131.5 106.8 117.7 10.2% Net Income (RON mn) 36
Slide 15: Salrom – Update
Salrom – Update Financial performance 2016 2017 2018 2019 2020 2021 2022 H1 2022 H1 2023 % y.o.y. Operating revenues (RON mn) 312.4 394.1 436.9 469.2 300.2 374.5 495.3 195.4 237.0 21.3% Operating profit (RON mn) 36.3 107.3 93.5 84.6 15.8 70.1 134.4 41.7 57.5 37.9% Net Income (RON mn) 27.4 81.1 76.4
Slide 16: ENEL companies – Completion of the sale process
ENEL companies – Completion of the sale process Enel Group Sector Fondul Proprietatea’s Holding1 E-Distributie Muntenia SA Power & Gas Utilities: distribution 12.0% E-Distributie Dobrogea SA Power & Gas Utilities: distribution 24.1% E-Distributie Banat SA Power & Gas Utilities: distribution 24.1% En
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 Bucharest Airports 539.2 584.6 (25.6) 160.9 477.3 371.8 359.6 (146.4) 34.0 304.0 Engie Romania 676.7 623.7 768.1 668.7 818.9 428.7 385.2 492.8 69.9 851.9 Const
Slide 18: Corporate Actions
Corporate Actions FONDUL @. FRANKLIN -° TEMPLETON
Slide 19: Distributions to Shareholders
Distributions to Shareholders Annual Distributions to Shareholders (RON mn) 5,500 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 11,266.9 170.00% 5,000 124.3% 4,500 120.00% 4,000 1,547.3 3,500 70.00% 3,000 269.5 25.4% 2,500 15.5% 21.9% 14.8% 17.0% 8
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 Jan – Auerbach Grayson, 13th Finalized 549.02 mn / 8.83% 2.10782 Finalized Dec 2022 Swiss Capital The cancellation of Ja
Slide 21: Twelfth Tender Offer
Twelfth Tender Offer Size of the Offer Purchase price Subscription period • 1,670,000,000 shares in the • RON 0.6319 per share and the • 31 October – 5 December 2023 form of shares and / or GDRs USD equivalent of RON 31.5950 per GDR Allocation Intermediary Dealer GDR Tender method and ratio managers
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 Bucharest Airports 90 90 -2 0 50 68.0 36.7 -2 0.0 31.5 Engie Romania 30 30 30 0 0 16.4 12.1 17.9 0.0 0.0 Constanta Port 25 25 25 25 25 3.7 5.5
Slide 23: 25 September 2023 GSM Resolutions
25 September 2023 GSM Resolutions Only the persons registered as shareholders of Fondul Proprietatea on 11 September 2023 (the Reference Date) in the register of shareholders kept by Depozitarul Central S.A. had the right to participate and vote at the GSM OGM • The appointment for a period of three
Slide 24: 25 September 2023 GSM Resolutions
25 September 2023 GSM Resolutions The approval of: 12 October 2023 as Ex–Date; 13 October 2023 as Registration Date OGM • Approval of the renewal of the mandate of Franklin Templeton as sole director of Fondul Proprietatea that acts also as the alternative investment fund manager of Fondul Proprieta
Slide 25: 25 September 2023 GSM Resolutions
25 September 2023 GSM Resolutions The approval of: 12 October 2023 as Ex–Date; 13 October 2023 as Registration Date EGM • Approval of the amendment of Article 19 paragraph (3) of the Constitutive Act of Fondul Proprietatea, which shall be read as follows: “(3) The mandate of the AIFM shall not excee
Slide 26: Financial calendar
Financial calendar • Raiffeisen Conference • London Roadshow in Zürs 15 November 2023 27 – 28 November 2023 6 - 8 December 2023 8 – 10 April 2024 • Publication of the • Wood Conference Q3 2023 Results in Prague • Results Conference Call More information about the Investor Relations Calendar can be f
Slide 27: Financial results
Financial results FONDUL | QERANELIN » TEMPLETON 3) FRANKLIN @. TEMPLETON
Slide 28: Statement of Financial Position
Statement of Financial Position 30 Sep 2023 30 Jun 2023 31 Mar 2023 31 Dec 2022 30 Sep 2022 30 Sep 2023 RON mn Unaudited Unaudited Unaudited Audited Unaudited vs. 31 Dec 2022 (%) Cash and current accounts 986.0 81.0 69.9 73.8 78.9 >100% Deposits with banks 1,345.7 786.7 351.7 912.6 279.5 47.5% Gover
Slide 29: Statement of Comprehensive Income
Statement of Comprehensive Income Q1 2023 Q2 2023 Q3 2023 9M 2023 9M 2022 RON mn Unaudited Unaudited Unaudited Unaudited Unaudited Gain/ (Loss) from equity investments at fair value through profit or loss 4.1 (1,661.5) (9.4) (1,666.8) 2,565.8 Net gain/ (loss) from non-current assets held for sale -
Slide 30: Minimum corporate tax
Minimum corporate tax Minimum tax on turnover, additional turnover tax for banks and specific tax for the oil and gas sector • Starting with the fiscal year 2024, Law no 296/ 2023 introduced a minimum tax on turnover (set at 1%) on companies whose turnover exceeds EUR 50mn in the previous year of ca
Slide 31: 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. 30
Slide 32: 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 33: 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 34: Thank You
Fondul Proprietatea Premium Point Buzesti Street 76-80, 1st District Bucharest 011017 www.fondulproprietatea.ro Thank You