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2020 Annual Results Conference Call

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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. 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 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 February 2021 6.03% Discount/GDR as at 22 February 2021 7.66% 0.7500 24% Number of Paid Shares less Treasury Shares4 5,992,867,830 Investment Objective 0.4500 12% 2020 FY Dividend Proposal /Share5 RON 0.0720 Dividend Yield for 2020 FY5 4.51% 0.1500 0% Maximization of returns to shareholders and increase of the net asset 1/11 4/12 7/13 10/14 1/16 5/17 8/18 11/19 2/21 value per share via investments mainly in Romanian equities and equity- Discount Adjusted Share Price linked securities Source: BVB, FP January 2021 Factsheet. 1.As at 29 January 2021. Based on local regulator methodology. 2.Computed using the NBR USD/RON FX rate as at 29 January 2021. 3.Excluding Treasury shares and the equivalent number of shares corresponding to the GDRs, repurchased as at 19 February 2021. Computed using the NBR USD/RON FX rate as at 22 February 2021. 4.As at 22 February 2021. 5.Cash distribution proposal submitted for shareholders’ approval during the Annual GSM on 28 April 2021. Yield calculated based on the FP share price as at 22 February 2021. 6.Source: Bloomberg and BVB until 22 February 2021, Investment Manager calculations. This material is intended solely for the recipient and should not be reproduced, copied or re-transmitted. Not for public use. 2 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) (1.12)% Engie Romania 426.30 538.80 112.50 1.13% E-Distributie Banat 252.60 272.70 20.10 (0.20)% Constanta Ports 233.40 235.80 2.40 0.02% E-Distributie Muntenia 212.70 227.80 15.10 0.15% Salrom 222.10 201.20 (20.90) (0.21)% E-Distributie Dobrogea 164.70 177.20 12.50 0.13% Enel Energie 25.80 52.50 26.70 0.27% Enel Energie Muntenia 41.20 43.10 1.90 0.02% Zirom 31.70 24.88 (6.82) (0.07)% Administratia Canalelor Navigabile 14.90 17.75 2.85 0.03% Posta Romana 10.70 13.10 2.40 0.02% A.I. Timisoara - Traian Vuia SA 11.40 6.40 (5.00) (0.05)% Administratia Porturilor Dunarii Maritime 4.24 5.19 0.95 0.01% A.I. Mihail Kogalniceanu - Constanta 1.39 2.57 1.18 0.01% Administratia Porturilor Dunarii Fluviale 1.68 2.33 0.66 0.01% Plafar 1.67 1.93 0.25 0.00% Complexul Energetic Oltenia 0.00 0.00 0.00 0.00% TOTAL 7,099.79 7,576.26 476.46 4.77% Source: 31 December 2020 NAV report. 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 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% 9.90% 49.05% 37.83% 4.14% 369.5% Price (RON) GDR (USD) N/A N/A N/A N/A N/A 1.15% 35.88% (1.94)% 41.41% 48.47% 8.19% 147.4% Discount Evolution Current Share Current GDR Average Average Average Average Average Average Average Average Average Average Price Price 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 YTD2 Discount3 Discount3 55.67% 50.09% 40.74% 30.87% 29.12% 32.08% 28.05% 29.54% 29.38% 21.06% 8.31% 6.03% 7.66% 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 29 January 2021. 2.For the period 4 January – 22 February 2021. 3.As at 22 February 2021. 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 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% 0.27% 0.0043 Romaero Listed 0.5% 0.23% 0.0037 Bottom Performers Change in NAV Change in NAV per share Company Status Weight in total NAV1 performance (RON) Bucharest Airports Unlisted 6.1% (1.13)% (0.0179) Salrom Unlisted 2.0% (0.21)% (0.0033) Zirom Unlisted 0.2% (0.07)% (0.0011) A.I. Timisoara - Traian Vuia Unlisted 0.1% (0.05)% (0.0008) IOR Listed 0.0% 0.00% (0.0000) TOTAL NAV PER SHARE CHANGE 0.1093 Note: The amounts are adjusted with the dividends declared by the companies, according with FP accounting policy. 1. 31 December 2020 NAV report. This material is intended solely for the recipient and should not be reproduced, copied or re-transmitted. Not for public use. 5 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% 0.0056 ENEL Energie Unlisted 0.5% 0.22% 0.0038 Romaero Listed 0.5% 0.22% 0.0038 Bottom Performers Change in NAV Change in NAV per share Company Status Weight in total NAV1 performance (RON) OMV Petrom Listed 14.0% (3.06)% (0.0530) Bucharest Airports Unlisted 6.1% (3.05)% (0.0529) Salrom Unlisted 2.0% (0.46)% (0.0079) E-Distributie Banat Unlisted 2.7% (0.28)% (0.0048) E-Distributie Dobrogea Unlisted 1.7% (0.20)% (0.0034) TOTAL NAV PER SHARE CHANGE (0.0365) Note: The amounts are adjusted with the dividends declared by the companies, according with FP accounting policy. 1. 31 December 2020 NAV report. 2. Nuclearelectrica was entirely sold at the end of December 2020. 6 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 (% 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 & Infrastructure ...…………...9.14% Receivables.………9.24% Heavy industry .....…….….2.19% Aluminium ..…………..……1.66% Net Cash & Receivables…………..…....9.24% • As at 29 January 2021, the portfolio included stakes in 32 companies (6 listed and 26 unlisted) • The net cash and receivables as at 29 January 2021 was USD 238.2 million2. 1.Source: FP January 2021 Factsheet. 2.Source: 29 January 2021 NAV report, based on the NBR RON/USD FX rate as at 29 January 2021. This material is intended solely for the recipient and should not be reproduced, copied or re-transmitted. Not for public use. 8 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% Engie Romania…...5.3% Net Cash & Constanta Ports…..2.3% Receivables….9.9% Salrom……....…….1.9% Others….….….…..0.7% • As at 31 December 2020, the portfolio included stakes in 32 companies (6 listed and 26 unlisted) • The net cash and receivables as at 31 December 2020 was USD 257.2 million2. 1.Source: FP 2020 Results report. 2.Source: 31 December 2020 NAV report, based on the NBR RON/USD FX rate as at 31 December 2020. This material is intended solely for the recipient and should not be reproduced, copied or re-transmitted. Not for public use. 9 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 6.0% Engie Romania Unlisted Engie 12.0% 134.0 5.2% E-Distributie Banat Unlisted Enel Group 24.1% 67.8 2.6% Constanta Ports Unlisted Romanian State 20.0% 58.6 2.3% E-Distributie Muntenia Unlisted Enel Group 12.0% 56.7 2.2% Salrom Unlisted Romanian State 49.0% 50.0 1.9% E-Distributie Dobrogea Unlisted Enel Group 24.1% 44.1 1.7% Alro Listed Vimetco N.V.
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