S.C. Fondul Proprietatea SA · BVB:FP
S.C. Fondul Proprietatea SA — Fondul Proprietatea — Shareholder Meeting (September 2019)
18 slides from S.C. Fondul Proprietatea SA's shareholder meeting presentation, Sep 4, 2019
Slide 1: Fondul Proprietatea – 4 September 2019 General Shareholders Meeting
Fondul Proprietatea – 4 September 2019 General Shareholders Meeting
Slide 2: Fund Information
= 2) A Z O ae TEMPLETON STMENTS <x lu = <x = W o oa oO ao o Fund Information
Slide 3: The Fund – Key Facts
The Fund – Key Facts Fund Details1 RON USD2 NAV 10.93 bn 2.57 bn2 NAV/Share 1.5389 0.36242 Price/Share 1.0900 0.25672 Price/GDR 53.94 12.70 Market Capitalization as at 3 September 20193 7.88 bn 1.82 bn Discount/Share as at 3 September 2019 26.25% Discount/GDR as at 3 September 2019 27.02% Number of
Slide 4: FP Market performance
FP Market performance FP Share Price (RON) and Discount (%) 1.2000 65% 0.9500 48% 0.7000 32% 0.4500 0.2000 15% 1/11 7/11 1/12 7/12 1/13 8/13 2/14 8/14 2/15 8/15 2/16 8/16 2/17 8/17 2/18 8/18 2/19 8/19 Discount Adjusted Share Price Source: BVB, Bloomberg, for the period 25 January 2011 – 3 September
Slide 5: NAV, Share price and GDR Performance
NAV, Share price and GDR Performance Cumulative Performance Since Performance 2011 2012 2013 2014 2015 2016 2017 2018 H1 2019 YTD1 Inception1 NAV (RON) (0.47)% 8.91% 13.29% 1.39% (0.60)% 7.33% 13.10% 19.94% 14.37% 16.47% 109.88% Ordinary Share Price (RON) (30.32)% 38.30% 61.34% 14.53% (4.06)% 4.90%
Slide 6: Portfolio
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Slide 7: Portfolio Structure
Portfolio Structure Listed vs Unlisted By Sector By Controlling Ownership as at 31 July 2019 (% NAV)1 as at 31 July 2019 (% NAV)1 as at 28 June 20192 Power Utilities: Generation……....40% Oil & Gas.……….22% State Unlisted….…69% Power & Gas Utilities: Controlled Distribution & Entities………55% Listed……….
Slide 8: Largest Holdings by NAV
Largest Holdings by NAV NAV as at % in NAV Majority 31 July 2019 as at Portfolio Company Status Shareholder % Stake1 (USD mn) 31 July 2019 Hidroelectrica Unlisted Romanian State 19.9% 975.77 37.91 OMV Petrom Listed OMV 9.9% 556.10 21.60 Bucharest Airports Unlisted Romanian State 20.0% 214.74 8.34 E-
Slide 9: Top Portfolio Holdings – H1 2019 financials
Top Portfolio Holdings – H1 2019 financials Net profit (RON mn) Company H1 2018 H1 2019 %yoy Hidroelectrica 983.5 901.5 (8.3)% OMV Petrom 1,287.7 1,974.5 53.3% Nuclearelectrica 182.3 290.6 59.4% Alro 154.2 79.7 (48.3)% Bucharest Airport 192.4 193.6 0.6% Constanta Port 74.9 72.6 (3.1)% Total 2,875.0
Slide 10: Corporate Actions
FRANKLIN TEN INVESTMENTS Corporate Actions <x lu = <x = W o oa oO ao o = 2) A Z O ae
Slide 11: 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 1,870.6 971.1 25.4% 2000 18.3% 21.9% 17.5% 1500 15.5% 583.1 1,121.5 832.5 10.5% 14.1% 1000 600.0 236.6 484.4 181.5 7.5% 362.6 344.7 147.3 8.1% 1,124.3 389.3 189.5 249
Slide 12: Sixth Tender Offer
Sixth Tender Offer 150,000,000 shares (90,057,550 in the form of shares and 59,942,450 shares in the form of GDRs, Size of the Offer namely 1,198,849 GDRs) Purchase price RON 1.21 per share and the USD equivalent of RON 60.50 per GDR, i.e USD 14.1493 per GDR Subscription period 15 July 2019 – 19 Aug
Slide 13: Fondul Proprietatea Completed Tender Offers
Fondul Proprietatea Completed Tender Offers FP pre- Premium to pre- Announcement Tender price announcement Discount of offer Take-up rate Tender Offer announcement date (RON/share) share price price to NAV (%)1 (%) share price (%) (RON/share) First 10 Oct 2013 1.0000 0.7770 28.70% 15.12% 78.42% Seco
Slide 14: Annual dividend income – Top 10 portfolio companies
Annual dividend income – Top 10 portfolio companies Dividend Payout (%) FP Net Dividend (RON mn) Top 10 Holdings1 2015 2016 2017 2018 2015 2016 2017 2018 2019 Hidroelectrica 80 90 90 90 128.9 134.6 206.6 226.2 358.7 OMV Petrom -2 94 46 38 120.5 -2 106.8 107.6 145.3 Bucharest Airports 75 90 90 90 10.
Slide 15: Total dividend income from portfolio companies
Total dividend income from portfolio companies FP Net Dividend (RON mn) 2013 2014 2015 2016 2017 2018 2019 Total Dividends from Listed Companies (RON mn) 373.9 538.6 251.5 36.0 148.1 199.6 223.0 Total Dividends from Unlisted Companies (RON mn) 275.82 143.5 315.9 315.2 404.5 366.9 485.5 Total Annual
Slide 16: GSM Agenda
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Slide 17: 4 September 2019 GSM agenda – Main points
4 September 2019 GSM agenda – Main points OGM agenda: • The appointment, for a period of three years, of two • The appointment of Deloitte Audit S.R.L. as the financial members in the Board of Nominees of Fondul auditor of Fondul Proprietatea S.A., setting the duration Proprietatea S.A. following th
Slide 18: Fondul Proprietatea contact details
Fondul Proprietatea Premium Point Buzesti Street 78-80, 1st District Bucharest 011017 www.fondulproprietatea.ro
Fondul Proprietatea — Shareholder Meeting (September 2019) on 6ix