S.C. Fondul Proprietatea SA · BVB:FP
S.C. Fondul Proprietatea SA — Fondul Proprietatea — Shareholder Meeting (September 2018)
21 slides from S.C. Fondul Proprietatea SA's shareholder meeting presentation, Sep 4, 2018
Slide 1: Fondul Proprietatea General Shareholders Meeting
4 September 2018 Fondul Proprietatea General Shareholders Meeting
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
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Slide 4: The Fund – Key facts
The Fund – Key facts Fund Details1 RON USD FP Share Price6 and NAV NAV 9.71 bn 2.46 bn2 NAV/Share 1.3223 0.33492 Price/Share 0.8850 0.22412 1.3 Price/GDR 44.62 11.30 Market Capitalization as at 3 September 20183 6.71 bn 1.68 bn3 0.9 Discount/Share as at 3 September 2018 30.73% Discount/GDR as at 3 S
Slide 5: Shareholders structure
Shareholders structure Evolution (% Held) 2% 2% 2% 3% 2% 3% 3% 6% 10% 10% 9% 10% 8% 8% 8% 9% 10% 9% 9% 13% 13% 13% 17% 18% 16% 17% 14% 19% 14% 9% 11% 12% 12% 14% 14% 15% 15% 16% 10% 16% 16% 16% 16% 43% 33% 34% 35% 34% 54% 27% 35% 35% 35% 35% 37% 31% 34% 55% 53% 53% 31% 31% 31% 31% 10% 25% 23% 25% 25
Slide 6: NAV, Share price and GDR performance
NAV, Share price and GDR performance Cumulative Performance Since Performance 2011 2012 2013 2014 2015 2016 2017 H1 YTD1 Inception1 NAV (RON) (0.47)% 8.91% 13.29% 1.39% (0.60)% 7.33% 13.10% 13.12% 12.52% 69.05% Ordinary Share Price (RON) (30.32)% 38.30% 61.34% 14.53% (4.06)% 4.90% 21.46% 10.02% 10.1
Slide 7: Portfolio
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Slide 8: Portfolio structure
Portfolio structure Listed vs Unlisted By Sector By Controlling Ownership as at 31 July 2018 (% NAV)1 as at 31 July 2018 (% NAV)1 as at 29 June 20182 Electricity & Gas: Generation……..38% State Unlisted….…70% Electricity: Controlled Distribution & Entities………52% Supply…..……..20% Listed……….26% Private
Slide 9: Portfolio structure – Listed vs. Unlisted
Portfolio structure – Listed vs. Unlisted Listed Companies Unlisted Companies (% of NAV as at 29 June 2018) (% of NAV as at 29 June 2018) Hidroelectrica..………...36.10% OMV Petrom………….18.56% ENEL Companies….…..14.56% Alro………………………3.18% Bucharest Airport……….8.09% BRD GSG.……...………2.25% 26.12% 70.02% Eng
Slide 10: Largest holdings by NAV
Largest holdings by NAV NAV as at % in NAV Majority 31 July 2018 as at Portfolio Company Status Shareholder % Stake1 (USD mn) 31 July 2018 Hidroelectrica SA Unlisted Romanian State 19.9% 894.22 36.37 OMV Petrom SA Listed OMV 10.0% 456.10 18.55 CN Aeroporturi Bucuresti SA Unlisted Romanian State 20.0
Slide 11: Top portfolio holdings – H1 2018 financials
Top portfolio holdings – H1 2018 financials EBITDA (RON mn) Net profit (RON mn) Company H1 2017 H1 2018 H1 2017 H1 2018 Hidroelectrica SA 1,170.0 1,457.0 717.0 962.0 OMV Petrom SA 3,148.8 3,324.5 1,209.5 1,287.7 CN Aeroporturi Bucuresti SA 228.7 278.0 122.0 192.3 Alro SA 291.6 275.2 186.9 154.2 BRD
Slide 12: Hidroelectrica – Update
Hidroelectrica – Update Dividends: Pre-tax Cumulated Profit (RON mn) FP received RON 226 mn dividends for the 2017 financial year. 1,602 Financials: 1,538 In H1 2018, the net profit was RON 962 million, up by 34% y.o.y. Operating revenues increased by over 15% to RON 1.99 bn compared to H1 2017, bas
Slide 13: OMV Petrom – Update
OMV Petrom – Update OMV Petrom – Share Price Performance % in USD1 FP Announcement of the SPO and LSE listing FP ABB 270 220 170 120 70 12/15 2/16 4/16 5/16 7/16 8/16 10/16 12/16 1/17 3/17 5/17 6/17 8/17 9/17 11/17 1/18 2/18 4/18 5/18 7/18 OMV Petrom Brent Oil Emerging Markets Oil and Gas Index MOL
Slide 14: C.N. Aeroporturi Bucuresti – Update
C.N. Aeroporturi Bucuresti – Update 2018 Financial Performance 2011 2012 2013 2014 2015 2016 2017 % y/y budget Operating revenues (mn RON) 501.5 555.5 582.6 672.1 755.6 882.3 1,052.8 19.3% 1,189.2 Operating profit (mn RON) 88.5 80.9 94.0 124.4 213.5 276.6 393.4 42.2% 428.4 Net Income (mn RON) 52.6 5
Slide 15: Corporate Actions
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Slide 16: Distributions to shareholders
Distributions to shareholders Annual Distributions to Shareholders (RON mn) 1,124.3 552.7 507.7 1,499.0 1,778.5 923.6 1,190.8 1,743.7 1,799.6 2000 18.3% 21.9% 24.4% 17.5% 1500 15.5% 583.1 1,121.5 832.5 10.5% 1000 600.0 236.6 484.4 7.5% 362.6 344.7 8.1% 1,124.3 389.3 189.5 178.1 500 120.0 924.0 507.7
Slide 17: Buy-back programs
Buy-back programs No. of shares to be repurchased/ Average % of the Fund’s share price Cancellation Program Period Status issued share capital (RON/share) Broker of shares1 Cancellation approved by the 29 Sep 16 – Wood & Co., Seventh Finalized 830.2 mn/8.2% 0.8967 shareholders during the 3 May ‘172
Slide 18: Annual dividend income – Top 20 portfolio companies (I)
Annual dividend income – Top 20 portfolio companies (I) Dividend Payout (%) FP Net Dividend (RON mn) Top 20 Holdings1 2012 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2018 Hidroelectrica SA - - 80 80 90 90 - - 128.9 134.6 206.6 226.2 OMV Petrom SA 40 36 35 - 94 46 319.0 331.4 120.5 - 106.8 107
Slide 19: Dividend income – Top 20 portfolio companies (II)
Dividend income – Top 20 portfolio companies (II) Dividend Payout (%) FP Net Dividend (RON mn) Top 20 Holdings1 2012 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2018 A.I. Timisoara – Traian Vuia SA 80 -11 - - - 37 0.7 -11 0.0 0.0 0.0 0.6 CN Administratia Canalelor Navigabile SA 85 85 50 100 90
Slide 20: 4 Sep 2018 GSM agenda
4 Sep 2018 GSM agenda EGM agenda – Main point: • The approval of the decrease of the subscribed share capital of Fondul Proprietatea from RON 4,771,610,196.08 to RON 4,733,020,898.32 pursuant to the cancellation of 74,210,188 own shares acquired by Fondul Proprietatea S.A. during the eighth buy-back
Slide 21: Fondul Proprietatea contact details
Fondul Proprietatea Premium Point Buzesti Street 78-80, 1st District Bucharest 011017 www.fondulproprietatea.ro
Fondul Proprietatea — Shareholder Meeting (September 2018) on 6ix