S.C. Fondul Proprietatea SA · BVB:FP
S.C. Fondul Proprietatea SA — Fondul Proprietatea — Shareholder Meeting (April 2015)
31 slides from S.C. Fondul Proprietatea SA's shareholder meeting presentation, Apr 27, 2015
Slide 1: Fondul Proprietatea Annual General Shareholders Meeting
Fondul Proprietatea Annual General Shareholders Meeting 27 April 2015 This material This materialisisintended intendedsolely solely forfor thethe recipient recipient and and should should not benot reproduced, be reproduced, copiedcopied or re-transmitted. or re-transmitted. Not intended Not for for
Slide 2: Disclaimer
DISCLAIMER 1 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,
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
FUND INFORMATION 3 The Fund – Key Facts Fund Details as at 31 March 20151 RON EUR FP Share Price6 and NAV NAV 12.61 bn 2.86 bn2 NAV/Share 1.1706 0.26552 1.20 Price/Share3 0.8635 0.1958 Discount3 26.23% 26.23% 0.90 Number of Shares in Issue 12,184,278,667 Number of Paid Shares4 11,820,466,317 0.60 Nu
Slide 5: Shareholders Structure
FUND INFORMATION 4 Shareholders Structure1 Evolution (% Held) Largest Shareholders 100% 2% Elliott Associates1 20.01% 6% 2% 2% 2% 2% 2% 2% 2% 3% 4% 9% 8% 10% 8% 10% 10% 9% 9% 9% 10% 10% 9% 9% 10% 9% 8% 10% 14% 9% Total Number of 9% 9% 11% 12% 8,693 20% Shareholders2 27% 75% 10% 37% 9% 43% 48% 50% 52
Slide 6: FTIML – Key Milestones 2014
FUND INFORMATION 5 FTIML – Key Milestones 2014 9/14 11/14 3/14 6/14 Renewal of FTIML’s mandate Conpet SA Placement / Start of the 3rd buyback Romgaz SA Placement to manage the Fund Execution of the 2nd Tender Offer program 4/14 7/14 10/14 12/14 Approval of the secondary Transelectrica SA Placement /
Slide 7: FP Performance
FUND INFORMATION 6 FP Performance FP Share Price1 (RON) and Discount (%) 0.9000 59% 0.7500 48% 0.6000 37% 0.4500 26% 0.3000 15% 1/11 5/11 8/11 11/11 2/12 6/12 9/12 12/12 4/13 7/13 10/13 1/14 5/14 8/14 11/14 3/15 Discount Share Price RON Discount2 21.4% Average Daily Turnover3 EUR 4.5 mn 1. Source: B
Slide 8: NAV and Share Price Performance
FUND INFORMATION 7 NAV and Share Price Performance Cumulative Performance 2011 2012 2013 2014 YTD1 Since Performance Inception1 NAV (0.47)% 8.91% 13.29% 1.39% (3.46)% 20.21% Ordinary Share Price (30.32)% 38.30% 61.34% 14.53% (3.63)% 71.61% Average Annual Discount 2011 2012 2013 2014 YTD2 Current Dis
Slide 9: Fund Portfolio
Fund Portfolio This material is intended solely for the recipient and should not be reproduced, copied or re-transmitted. Not for public use.
Slide 10: Portfolio Structure
FUND PORTFOLIO 9 Portfolio Structure Sector – 31 March 2015 Listed vs. Unlisted – 31 March 2015 Controlling Ownership - 31 December 2014 Net Cash & Receivables, 1% IPOs since the Net Cash & Net Cash and Others, 3% start of FTIML's Receivables Receivables Banks, 3% mandate 1% 2% Electricity: 12% Infr
Slide 11: Largest Holdings by NAV
FUND PORTFOLIO 10 Largest Holdings by NAV Majority NAV % in NAV No. Portfolio Company Status % Stake1 as at 31 March 2015 as at Shareholder (EUR mn) 31 March 2015 1 OMV Petrom SA Listed OMV 19.0% 886.35 31.01 2 Hidroelectrica SA Insolvency Romanian State 19.9% 493.92 17.28 3 Romgaz SA Listed Romania
Slide 12: Fondul Proprietatea Equity Transactions in 2014
FUND PORTFOLIO 11 Fondul Proprietatea Equity Transactions in 2014 Completed Transactions Offering Market Value Investment Company Transaction Seller Comments Stake (EUR mn) Consortium Selected Romgaz ABO FP 4.99% 146.4 Goldman Sachs and Erste-BCR Completed in June 2014 Raiffeisen Bank, UniCredit, SS
Slide 13: Government SPO & IPO Calendar
FUND PORTFOLIO 12 Government SPO & IPO Calendar Future IPOs and Privatizations Offering Offering Size Value FP Stake Value Investment Company Official Timeline1 FP Expectations Seller Size % (EUR mn) (EUR mn) Consortium Selected Morgan Stanley, Hidroelectrica IPO – June 2014 2016 15.0 427.32 499.92
Slide 14: Hidroelectrica – Successful Restructuring
FUND PORTFOLIO 13 Hidroelectrica – Successful Restructuring Net Income vs. Foregone Profits (RON mn) Pre-tax profit (RON mn) 1,198 1,073 943 902 237 819 841 763 282 720 1,573 683 680 588 815 967 642 784 510 600 719 401 481 292 48 399 -125 254 179 274 -508 126 72 145 52 99 2009 2010 2011 2012 2013 20
Slide 15: Need of Restructuring – CE Oltenia
FUND PORTFOLIO 14 Need of Restructuring – CE Oltenia Financial Information RON mn 2011 2012² 2013 20143 Operating Revenues 4,026.4 3,347.1 4,278.3 4,111.2 Operating Profit 347.9 44.5 (28.0) (188.7) Net Profit 179.8 118.3 4.6 (296.0) Dividends NA¹ 57.1 0 - Employees NA¹ 18,761 18,815 N/A 30 November
Slide 16: State Controlled Companies – Key Financials
FUND PORTFOLIO 15 State Controlled Companies – Key Financials EBITDA (RON mn) Net Profit (RON mn) Company 2011 2012 2013 20142 2011 2012 2013 20142 TOTAL 4,161.2 4,816.3 6,631.4 7,361.8 1,472.8 1,290.7 2,646.2 3,093.6 WEIGHTED TOTAL1 670.4 806.8 1,062.0 1,192.6 184.1 163.2 439.4 472.7 WEIGHTED TOTAL
Slide 17: 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 18: Secondary Listing on the LSE – Plan
CORPORATE ACTIONS 17 Secondary Listing on the LSE – Plan The Fund will be listed on the Specialist Fund Market of the London Stock Exchange (“LSE”) via Global Depositary Receipts (“GDRs”). Bank of New York Mellon has been appointed as depositary bank in relation to the GDR facility. New local and fo
Slide 19: Top Funds on LSE
CORPORATE ACTIONS 18 Top 15 Funds on LSE Total NAV Premium / Discount to % Listed Portfolio Fund Symbol Listing Currency (USD mn) NAV (%) (approximately) Alliance Trust Plc ATST GBP 4,793.68 -12.8% 88.0 Scottish Mortgage Inv Tr Plc SMT GBP 4,780.61 1.0% 97.0 Foreign & Colonial Invest Tr FRCL GBP 4,0
Slide 20: Total Distributions to Shareholders
CORPORATE ACTIONS 19 Total Distributions to Shareholders Total Distributions to Shareholders (mn RON) 2010 2011 2012 2013 2014 Total Gross Cash 1,124.3 432.7 507.7 536.4 601.3 3,202.4 Distributions Buy-Backs 0.0 120.0 0.0 962.6 1,177.2 2,259.8 Total 1,124.3 552.7 507.7 1,499.0 1,778.5 5,462.2 Distri
Slide 21: Cash Distributions to Shareholders
CORPORATE ACTIONS 20 Cash Distributions to Shareholders Cash Distributions to Shareholders (RON) Gross Distribution per Net Distribution per % Change Year on Type Financial Year Payment Year Share Share1 Year 2008 – 2009 Dividend 2010 0.08160 0.06854 - (aggregate) Dividend 2010 2011 0.03141 0.02638
Slide 22: 2015 Return of Capital Distribution
CORPORATE ACTIONS 21 2015 Return of Capital Distribution • Registration date: 24 June 2015 • Ex-date: 23 June 2015 • Payment date: 29 June 2015 • The distribution of the return of capital will be made by the Central Depositary, instead of BRD – Societe Generale (the paying agent in the last years).
Slide 23: Dividend Income – Portfolio Companies
CORPORATE ACTIONS 22 Dividend Income – Portfolio Companies FP NET DIVIDEND (RON mn) Holdings 2014 2013 2012 2011 TOTAL Top 20 Holdings1 (RON mn) 660.5 562.6 515.2 416.2 Total Dividends from Listed Companies (RON mn) 538.6 373.9 450.1 304.0 Total Dividends from Unlisted Companies (RON mn) 143.5 275.8
Slide 24: Buy-Back Programs – BVB Average Daily Trading Value
CORPORATE ACTIONS 23 Buy-Back Programs – BVB Average Daily Trading Value Average Daily Turnover in March 2015 (EUR mn) London GDRs BVB 0.17 2.07 1.57 0.84 0.75 0.09 0.49 0.57 0.48 0.33 0.24 0.10 FP Romgaz Banca BRD Transelectrica OMV Petrom Electrica Transgaz SIF Moldova Nuclearelectrica Transilvani
Slide 25: GSM Agenda
GSM Agenda This material is intended solely for the recipient and should not be reproduced, copied or re-transmitted. Not for public use.
Slide 26: Annual General Shareholders Meetings Agenda – EGM
GSM AGENDA 25 Annual General Shareholders Meetings Agenda EGM Agenda • The approval of the EGM agenda. • The approval of the decrease of the subscribed share capital of Fondul Proprietatea S.A. from RON 10,965,850,800.30 to RON 10,074,080,745.90, pursuant to the cancellation of 990,855,616 own share
Slide 27: Annual General Shareholders Meetings Agenda – OGM
GSM AGENDA 26 Annual General Shareholders Meetings Agenda OGM Agenda • The approval of the OGM agenda. • Board of Nominees’ presentation of its annual report.. • The approval of the Annual Activity Report of the Sole Administrator of Fondul Proprietatea S.A. for the financial year 2014. • The approv
Slide 28: Appendix I
Appendix I This material is intended solely for the recipient and should not be reproduced, copied or re-transmitted. Not for public use.
Slide 29: Income Statement
APPENDIX I 28 Income Statement RON mn 2012 Audited 2013 Audited 2014 Audited Revenues from current activity, out of which: 871.8 1,311.2 1,822.7 Revenues from financial assets 619.0 649.7 682.1 Interest income 34.9 36.2 20.9 Reversal of impairment adjustments & provisions 5.7 48.3 37.0 Revenues from
Slide 30: Balance Sheet
APPENDIX I 29 Balance Sheet RON mn 31 December 2012 Audited 31 December 2013 Audited 31 December 2014 Audited Intangible assets 0.3 0.8 0.8 Financial assets 11,097.8 10,490.6 9,075.2 Non-current assets – Total 11,098.1 10,491.4 9,076.0 Current assets – Total 776.5 454.1 319.5 Prepaid expenses 0.1 -
Slide 31: Fondul Proprietatea contact details
Fondul Proprietatea Franklin Templeton Investment Management UK Bucharest Branch Premium Point Buzesti Street 78-80, 7th-8th floor 1st District 011017 Bucharest Romania This material is intended solely for the recipient and should not be reproduced, copied or re-transmitted. Not for public use.
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