S.C. Fondul Proprietatea SA · BVB:FP
S.C. Fondul Proprietatea SA — Fondul Proprietatea — Shareholder Meeting (January 2016)
24 slides from S.C. Fondul Proprietatea SA's shareholder meeting presentation, Jan 27, 2016
Slide 1: Fondul Proprietatea General Shareholders Meeting
27 January 2016 Fondul Proprietatea General Shareholders Meeting This material is intended solely for the recipient and should not be reproduced, copied or re-transmitted. Not for public use.
Slide 2: Disclaimer
Disclaimer This presentation is made solely to the intended recipient and should not be distributed to, or acted upon by, any other person. It 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
Slide 3: Fund Information
Fund Information This material is intended solely for the recipient and should not be reproduced, copied or re-transmitted. Not for public use.
Slide 4: The Fund – Key Facts
The Fund – Key Facts Fund Details as at 31 December 20151 RON USD2 NAV 12.09 bn 2.91 bn NAV/Share 1.1564 0.2788 Price/Share3 0.8100 0.1953 Price/GDR4 41.06 9.90 Market Capitalization as at 31 December 20153 8.47 bn 2.04 bn Discount/Share as at 22 January 2016 36.27% Discount/GDR as at 22 January 201
Slide 5: Shareholders Structure
FONDUL PROPRIETATEA 4 Shareholders Structure Evolution (% Held) Largest Shareholders 2% 2% 2% 3% 100% 6% 10% 10% 9% 10% Elliott 9% 9% 13% 21.06% 13% Associates1 14% 9% 11% 12% 12% Total Number of 75% 10% 8,335 Shareholders2 43% 33% 34% 27% 54% 31% 55% 53% 53% 50% 10% 25% 23% 25% 6% 25% 5% 6% 5% 5% 7
Slide 6: FP Market Valuation/Performance
FUND INFORMATION 5 FP Market Valuation/Performance NAV vs. Market Capitalization (USD bn)1 2.91 Unlisted 1.74 0.06 Net Cash and Receivables 1.84 1.11 Listed NAV Market Capitalization2 31 December 2015 22 January 2016 BVB LSE Discount3 36.3% 35.7% Average Daily Turnover USD 2.0 mn4 USD 1.6 mn5 1. Sou
Slide 7: NAV, Share Price and GDR Performance
NAV, Share Price and GDR Performance Cumulative Performance (RON) Since Performance 2011 2012 2013 2014 2015 Q4 15 Inception1 NAV (0.47)% 8.91% 13.29% 1.39% (0.60)% 1.96% 23.77% Ordinary Share (30.32)% 38.30% 61.34% 14.53% (4.06)% 2.53% 70.85% Price GDR N/A N/A N/A N/A N/A 4.24% (4.13)% Average Annu
Slide 8: FP Share Price vs. Portfolio
FUND INFORMATION 7 FP Share Price vs. Portfolio 105 95 85 75 65 55 4/15 5/15 6/15 7/15 8/15 9/15 9/15 10/15 11/15 12/15 1/16 FP Share price (USD) FP GDRs (USD) BET Index Petrom share price Romgaz share price Source: BVB, Bloomberg, for the period 29 April 2015 – 22 January 2016. This material is int
Slide 9: FP Share Price vs. Frontier and Emerging Markets
FUND INFORMATION 8 FP Share Price vs. Frontier and Emerging Markets 100 90 80 70 60 4/15 5/15 6/15 7/15 8/15 9/15 9/15 10/15 11/15 12/15 1/16 FP Share price (USD) FP GDRs (USD) MXFEM Index (USD) MXEF Index (USD) Source: Bloomberg, for the period 29 April 2015 – 22 January 2016. This material is inte
Slide 10: Portfolio
Portfolio This material is intended solely for the recipient and should not be reproduced, copied or re-transmitted. Not for public use.
Slide 11: Portfolio Structure
FONDUL PROPRIETATEA 10 Portfolio Structure Listed vs Unlisted By Sector By Controlling Ownership as as at 31 December 2015 as at 31 December 2015 at 30 September 2015 Electricity: Generation 2% Unlisted 4% -1% 4% 2% Oil & Gas State 7% Listed 6% Controlled Electricity & Gas: 24% Entities Distribution
Slide 12: Largest Holdings by NAV
Largest Holdings by NAV NAV % in NAV Majority 1 as at 31 as at Portfolio Company Status % Stake December 2015 31 December Shareholder (USD mn) 2015 OMV Petrom SA Listed OMV 19.0% 752.23 25.81 Hidroelectrica SA Insolvency Romanian State 19.9% 639.90 21.96 ENEL Distributie Banat Unlisted Enel Group 24
Slide 13: NAV – Independent Fair Valuations (I)
NAV – Independent Fair Valuations (I) Value in 31 Dec 2015 NAV Value in 30 Oct 2015 NAV Impact on Total Portfolio Company (RON mn) (RON mn) NAV (RON mn) Hidroelectrica SA 2,654.1 2,178.1 476.0 ENEL Distributie Banat SA 624.0 640.5 (16.5) Enel Distributie Muntenia SA 455.4 465.8 (10.4) GDF Suez Energ
Slide 14: NAV – Independent Fair Valuations (II)
NAV – Independent Fair Valuations (II) Value in 31 Dec 2015 NAV Value in 30 Oct 2015 NAV Impact on Total NAV Portfolio Company (RON mn) (RON mn) (RON mn) Electrica Furnizare SA 149.6 126.4 - Complexul Energetic Oltenia SA 62.8 108.5 (45.7) ENEL Energie SA 76.6 74.4 2.2 Enel Energie Muntenia SA 64.0
Slide 15: Corporate Actions
Corporate Actions This material is intended solely for the recipient and should not be reproduced, copied or re-transmitted. Not for public use.
Slide 16: Distributions to Shareholders (I)
Distributions to Shareholders (I) Annual Distributions to Shareholders (mn RON) 2010 2011 2012 2013 2014 2015 Buy-backs 0.0 120.0 0.0 962.6 1,177.2 394.7 Gross Distributions 1,124.3 432.7 507.7 536.4 601.3 534.3 Total 1,124.3 552.7 507.7 1,499.0 1,778.5 929.0 • The total distributions through buy-ba
Slide 17: Distributions to Shareholders (II)
CORPORATE ACTIONS 16 Distributions to Shareholders (II) Annual Distributions to Shareholders per Share 0.8476 0.8328 0.6800 0.5085 0.5177 0.1547 0.1188 0.0817 0.0868 0.0410 0.0386 2010 2011 2012 2013 2014 2015 Total Distribution per share Average share price • The total distributions through buy-bac
Slide 18: Distributions to Shareholders (III)
Distributions to Shareholders (III) Cash Distributions to Shareholders (RON) Gross Cash Net Cash Financial % Change Paid In Distribution Distribution Year Year on Year Per Share Per Share 2008-2009 Dividend 2010 0.08160 0.06854 - (aggregate) Dividend 2010 2011 0.03141 0.02638 - Dividend 2011 2012 0.
Slide 19: Dividend Income – Portfolio Companies
Dividend Income – Portfolio Companies FP NET DIVIDEND (RON mn) 2011 2012 2013 2014 2015 Total Top 20 Holdings (RON mn) 416.2 515.2 592.5 650.8 557.1 Total Dividends from Listed Companies (RON mn) 304.0 450.1 373.9 538.6 251.5 Total Dividends from Unlisted Companies (RON mn) 215.1 168.9 275.82 143.5
Slide 20: Buy-Back Programs
Buy-Back Programs No. of shares to Average be repurchased / Cancellation of Program Period Status share price Broker % of the Fund’s issued shares (RON/share) share capital Oct 2014 – Cancelled on 14 Aug Fourth Completed 991.0 mn/7.32% 1.05571 Raiffeisen Feb 2015 2015 Approved by Feb – shareholders
Slide 21: Third Tender Offer
Third Tender Offer • On 14 January 2016, the Fund Manager announced that it submitted for approval to the FSA an application for a tender offer for cash of its own shares in relation to the sixth buy-back programme. The Fund intended to repurchase up to 430,000,000 shares (both in the form of shares
Slide 22: EGM Agenda
EGM Agenda This material is intended solely for the recipient and should not be reproduced, copied or re-transmitted. Not for public use.
Slide 23: EGM Agenda
EGM Agenda • The approval of the decrease of the subscribed share capital of Fondul Proprietatea SA from RON 9,869,265,720.90 to RON 9,320,973,180.85 through the reduction of the par value of the shares of Fondul Proprietatea SA from RON 0.90 to RON 0.85. • The ratification and the approval of all E
Slide 24: Fondul Proprietatea contact details
Fondul Proprietatea Premium Point Buzesti Street 78-80, 1st District Bucharest 011017 www.fondulproprietatea.ro This material is intended solely for the recipient and should not be reproduced, copied or re-transmitted. Not for public use.
Fondul Proprietatea — Shareholder Meeting (January 2016) on 6ix