Half Year 2024 Fondul Proprietatea SA Earnings Call Transcript
Key Points
- The Fund's Net Asset Value (NAV) increased by 10.3% in the first half of 2024, indicating strong performance.
- Bucharest Airports reported an 18% increase in operating revenues and a 22% increase in operational profitability, driven by higher passenger traffic.
- Constanta Ports saw a significant increase in net income by 112% year-on-year, despite a slight decline in operating revenues.
- Salrom's operating profit increased significantly, and the company is considered a good candidate for a potential IPO.
- The Fund has distributed over RON28.7 billion ($7 billion) since 2010, showcasing a strong commitment to shareholder returns.
- The Fund's shares are trading at a significant discount, with a 40.3% discount for shares and 33% for GDRs.
- The total return for local shares and GDRs was negative in the first half of 2024, at -14.9% and -11.6% respectively.
- Romanian institutional shareholders have reduced their holdings in the Fund, indicating potential concerns or lack of confidence.
- There are ongoing legal challenges related to corporate governance, including the legality of Board appointments.
- The buyback program is currently suspended due to an ongoing tender offer process, which may impact the Fund's discount control mechanism.
Ladies and gentlemen, thank you for standing by. My name is Krista, and I will be your conference operator today. At this time, I would like to welcome everyone to the Fondul Proprietatea first quarter (sic - first half) 2024 results conference call. (Operator Instructions) It is now my pleasure to turn the conference over to Marius Dan, Chief Executive Officer and Corporate Strategy. You may begin.
Good afternoon and welcome everyone to our conference call to discuss the first half 2024 results and the July 2024 Net Asset Value developments of Fondul Proprietatea. Johan Meyer, CEO Romania for Fondul [Proprietatea], Portfolio Manager, Catalin Cadaru, Financial Reporting Manager and I are pleased to host todayâs call.
The first half 2024 Results report can be found on the Fundâs website, in the Financial results section and the presentation we will be discussing is available on our website at www
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