Fondul Proprietatea – 15 May 2020 Q1 2020 Results Conference Call This material is intended solely for the recipient and should not be reproduced, copied or re-transmitted. Not for public use.
Fund Information This material is intended solely for the recipient and should not be reproduced, copied or re-transmitted. Not for public use
The Fund – Key Facts FP Share Price 6 and Discount (%) Fund Details 1 RON USD 2.14 bn 2 NAV 9.52 bn NAV/Share 1.4561 0.3269 2 1.4000 65% Price/Share 1.1150 0.2503 2 Price/GDR 57.90 13.00 1.1000 53% Market Capitalization as at 14 May 2020 3 7.58 bn 1.69 bn 3 Discount/Share as at 14 May 2020 20.08% 0.8000 40% Discount/GDR as at 14 May 2020 21.40% Number of Paid Shares less Treasury Shares 4 6,530,767,371 0.5000 28% Investment Objective 2019 FY Dividend /Share 5 RON 0.0642 Dividend Yield for 2019 FY 5 5.53% 0.2000 15% 1/11 2/12 2/13 2/14 3/15 3/16 3/17 4/18 4/19 5/20 Maximization of returns to shareholders and increase of the net asset value per share via investments mainly in Romanian equities and equity- Discount Adjusted Share Price linked securities Source: BVB, FP April 2020 Factsheet. 1.As at 30 April 2020. Based on local regulator methodology. 2.Computed using the NBR USD/RON FX rate as at 30 April 2020. 3.Excluding Treasury shares and the equivalent number of shares corresponding to the GDRs, repurchased as at 8 May 2020. Computed using the NBR USD/RON FX rate as at 14 May 2020. 4.As at 8 May 2020. 5.Payment will start on 1 st of July 2020. Dividend yield calculated based on the share price as at 14 May 2020. 6.Source: Fund manager NAV reports, Bloomberg, and BVB, until 14 May 2020. This material is intended solely for the recipient and should not be reproduced, copied or re-transmitted. Not for public use. 2
Shareholders Structure Evolution (% Held) 1 2% 2% 3% 3% 8% 6% 10% 6% 6% 10% 9% 10% 9% 9% 18% 18% 13% 19% 21% 19% 14% 9% 14% 11% 27% 28% 29% 10% 30% 17% 19% 20% 22% 43% 34% 54% 35% 37% 31% 55% 53% 28% 28% 30% 29% 26% 25% 28% 25% 10% 25% 6% 22% 20% 17% 16% 14% 13% 16% 15% 15% 13% 5% 6% 4% 3% 3% 3% 39% 3% 3% 3% 36% 3% 3% 2% 3% 29% 21% 21% 20% 18% 19% 19% 19% 19% 18% 16% 16% 16% 16% 12/10 12/11 12/12 12/13 12/14 12/15 12/16 12/17 12/18 3/19 6/19 9/19 12/19 1/20 3/20 4/20 Ministry of Public Finance Romanian Individuals Foreign Individuals Foreign Institutionals The Bank of New York Mellon (depository bank for GDRs) Romanian Institutionals Treasury Shares • All treasury shares repurchased by the Fund are being cancelled on a regularly basis. Largest Shareholders 2 NN Group 10.01% Anchorage Capital Group 6.70% Allianz-Tiriac Private Pension Funds 5.05% Total Number of Shareholders 3 7,170 1.Note: Based on the paid share capital starting December 2011. Source: FP shareholder structure reports. 2.Note: Based on the total voting rights. Source: Ownership disclosures submitted by NN Group on 6 March 2020, Anchorage Capital Group on 20 September 2018, and Allianz-Tiriac Private Pension Funds on 1 July 2019. 3.Source: FP shareholder structure as at 30 April 2020. This material is intended solely for the recipient and should not be reproduced, copied or re-transmitted. Not for public use. 3
NAV, Share price and GDR Performance Cumulative Performance Since Performance Q1 ‘20 YTD 1 Inception 1 2011 2012 2013 2014 2015 2016 2017 2018 2019 NAV (RON) (0.47)% 8.91% 13.29% 1.39% (0.60)% 7.33% 13.10% 19.94% 31.23% (16.29)% (12.32)% 107.34% Ordinary Share Price (30.32)% 38.30% 61.34% 14.53% (4.06)% 4.90% 21.46% 9.90% 49.05% (8.26)% (7.85)% 248.15% (RON) GDR (USD) N/A N/A N/A N/A N/A 1.15% 35.88% (1.94)% 41.41% (11.68)% (5.11)% 65.47% Average Annual Discount Current Share Current GDR Price Price YTD 2 Discount 3 Discount 3 2011 2012 2013 2014 2015 2016 2017 2018 2019 55.67% 50.09% 40.74% 30.87% 29.12% 32.08% 28.05% 29.54% 29.38% 25.39% 20.08% 21.40% Source: BVB, LSE, Bloomberg, FP NAV reports. Note: The discount is calculated based on the latest published NAV available for the day of the calculation. The Performance Inception date for the NAV is 31 December 2010, for the Share Price is 25 January 2011, and for the GDRs is 29 April 2015. 1.As at 30 April 2020. 2.For the period 3 January – 14 May 2020. 3.As at 14 May 2020. This material is intended solely for the recipient and should not be reproduced, copied or re-transmitted. Not for public use. 4
Attribution to NAV Performance for Q1 2020 Bottom Performers % Change in NAV % Change in share price/ Weight in total Company Status performance NAV per share NAV 1 for Q1 2020 in Q1 2020 OMV Petrom Listed 17.1% (7.49)% (35.1)% Hidroelectrica Unlisted 47.3% (2.95)% (7.2)% Bucharest Airports Unlisted 7.4% (2.62)% (30.4)% Salrom Unlisted 1.9% (0.75)% (32.2)% Alro Listed 1.0% (0.64)% (44.7)% TOTAL NAV PER SHARE CHANGE Q1 2020 (16.3)% Note: The amounts are adjusted with the dividends declared by the companies, according with FP accounting policy. 1. FP NAV report as at 31 March 2020. This material is intended solely for the recipient and should not be reproduced, copied or re-transmitted. Not for public use. 5
Portfolio This material is intended solely for the recipient and should not be reproduced, copied or re-transmitted. Not for public use
Portfolio Structure Listed vs Unlisted By Sector By Controlling Ownership as at 30 April 2020 (% NAV) 1 as at 30 April 2020 (% NAV) 1 as at 31 March 2020 2 Power Utilities: Generation…….... 52% Oil & Gas.……….19% State Unlisted….… 74% Power & Gas Utilities: Controlled Distribution & Entities………63% Supply…………...13% Listed……….24% Private Infrastructure........11% companies….31% Net Cash & Heavy industry......2% Receivables… 2% Net Cash & Aluminium………..1% Receivables….6% Net Cash & Receivables……...2% • As at 30 April 2020, the portfolio included stakes in 33 companies (7 listed and 26 unlisted) • The net cash and receivables as at 30 April 2020 was USD 29.8 million. The gross dividend per share of RON 0.0642 approved by shareholders on 28 April 2020 was reflected in the 30 April 2020 NAV as a liability. 1.Source: FP April 2020 Factsheet. 2.Source: FP Q1 2020 Results report. This material is intended solely for the recipient and should not be reproduced, copied or re-transmitted. Not for public use. 7
Portfolio Structure – Listed vs. Unlisted Listed Companies Unlisted Companies (% of NAV as at 31 March 2020) (% of NAV as at 31 March 2020) Hidroelectrica..………....47.33% ENEL Companies….…....7.44% OMV Petrom…………..17.13% Bucharest Airport………..7.42% Nuclearelectrica………..3.07% 71.80% 21.57% Engie Romania….……....4.60% Alro……....……...………0.98% Constanta Ports…...……. 2.28% Others…....………..……0.38% Salrom……………....…….1.95% Others………….….….…..1.04% Source: FP 31 March 2020 Detailed Statement of Investments. This material is intended solely for the recipient and should not be reproduced, copied or re-transmitted. Not for public use. 8
Largest Holdings by NAV NAV as at % in NAV Majority 30 April 2020 as at % Stake 1 Portfolio Company Status Shareholder (USD mn) 30 April 2020 Unlisted Romanian State Hidroelectrica 19.9% 1,034.78 48.41% OMV Petrom Listed OMV 9.9% 406.89 19.04% Bucharest Airports Unlisted Romanian State 20.0% 167.67 7.84% Engie Romania Unlisted Engie 12.0% 102.53 4.80% Nuclearelectrica Listed Romanian State 7.1% 74.97 3.51% Unlisted Enel Group E-Distributie Banat 24.1% 65.18 3.05% Unlisted Romanian State Constanta Ports 20.0% 54.04 2.53% E-Distributie Muntenia Unlisted Enel Group 12.0% 52.78 2.47% Salrom Unlisted Romanian State 49.0% 42.37 1.98% E-Distributie Dobrogea Unlisted Enel Group 24.1% 40.55 1.90% Top 10 Portfolio Holdings 2,041.75 95.53% NAV 2,137.34 100.00 NAV Per Share (USD) 0.3269 Note: Values in USD calculated using the USD/RON FX rate as at 30 April 2020. Source: FP April 2020 Factsheet. 1.Based on the FP 31 March 2020 Detailed Statement of Investments. This material is intended solely for the recipient and should not be reproduced, copied or re-transmitted. Not for public use. 9
Top Portfolio Holdings – Q1 2020 financials EBITDA (RON mn) Net profit (RON mn) Company Q1 2019 Q1 2020 %yoy Q1 2019 Q1 2020 %yoy Hidroelectrica 739.3 595.0 (19.5)% 498.1 430.3 (13.6)% OMV Petrom 2,046.2 1,697.9 (17.0)% 1,151.2 653.4 (43.2)% Alro (94.7) (30.6) (1.3)% (9.1) (110.0) (11.1)% Nuclearelectrica 422.6 380.2 (10.0)% 219.3 215.1 (1.9)% Total 3,113.4 2,642.5 (15.1)% 1,859.5 1,188.8 (36.1)% Weighted Total 1 372.2 312.1 (16.1)% 229.0 155.1 (32.3)% Source: OMV Petrom, Alro, Nuclearelectrica Q1 2020 financial statements and results reports, Hidroelectrica preliminary figures presented by the management. Note: EBITDA is calculated as Operational result + Depreciation and Amortization. 1. Weighted for the Fund’s stake in the companies as at 30 April 2020. This material is intended solely for the recipient and should not be reproduced, copied or re-transmitted. Not for public use. 10
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