Q4 2024 Fondul Proprietatea SA Earnings Call Transcript
Key Points
- The fund's net asset value (NAV) increased to RON2.25 billion or $470 million by the end of December 2024.
- Operating revenues for airports increased by 20% compared to the first nine months of 2023, reaching RON1.1 billion.
- The operating profit for airports rose to RON524 million, marking a 24.7% increase year-on-year.
- The fund's total return for the net asset value in 2024 was 17%.
- The fund successfully completed its 15th buyback program and initiated the 16th, with approval to repurchase RON320 million shares.
- The fund's shares were trading at a significant discount of 51% for shares and 54% for GDRs as of the latest NAV.
- Total return for local shares was negative 32.1%, and for GDRs, it was negative 36.7% in 2024.
- Operating revenues for Constanta Ports decreased by 5% year-on-year, impacted by a significant drop in volumes linked to Ukraine.
- The fund faced challenges in corporate governance, with the legality of board appointments being contested in court.
- Changes in the fiscal code resulted in the fund starting to pay income tax in 2024, amounting to RON13 million.
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 Fondul Proprietatea 2024 preliminary annual results conference call. (Operator Instructions) And it is now my pleasure to turn the conference over to Marius. The floor is yours.
Thank you. Good afternoon and welcome everyone to our conference call to discuss the 2024 preliminary annual results and the December 2024 NAV development. Johan Meyer, CEO Romania for Fondul [Proprietatea], Portfolio Manager, Catalin Cadaru, Financial Reporting Manager and I are pleased to host todayâs call.
The 2024 preliminary annual results report can be found on the fund's website in the financial results section. And the presentation that we will be discussing shortly is available on our website at www.foundulproprietateadot.ro in the Investor
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