S.C. Fondul Proprietatea SA · BVB:FP
S.C. Fondul Proprietatea SA — Fondul Proprietatea — Shareholder Meeting (April 2017)
26 slides from S.C. Fondul Proprietatea SA's shareholder meeting presentation, Apr 25, 2017
Slide 1: Fondul Proprietatea General Shareholders Meeting
25 April 2017 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: Disclaimer
Disclaimer The price of shares and income from them can go down as well as up and you may lose some or all of your capital invested. The previous results of a fund do not account for future performances. Currency fluctuations will affect the value of foreign investments. All investments are subject
Slide 4: Fund Information
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Slide 5: The Fund – Key Facts
The Fund – Key Facts RON USD2 Fund Details1 31 January 31 March Change 31 January 31 March Change 2017 2017 % 2017 2017 % NAV 11.61 bn 10.69 bn (7.92)% 2.76 bn 2.51 bn (9.06)% NAV/Share 1.2082 1.1943 (1.15)% 0.2872 0.2803 (2.40)% Price/Share 0.8870 0.8880 0.11% 0.2108 0.2084 (1.14)% Price/GDR 44.39
Slide 6: Shareholders Structure
FONDUL PROPRIETATEA 5 Shareholders Structure Evolution (% Held) 2% 2% 2% 3% 2% 3% Largest Shareholders1 100% 6% 10% 10% 9% 10% 8% 8% 8% 8% 9% 9% 13% 13% 13% 14% Elliott Associates 21.06% 14% 9% 11% 12% 12% 14% 14% 15% 15% City of London 5.04% 75% 10% Investment Mgmt. 43% 33% 34% 35% 34% 54% 27% NN G
Slide 7: FP Market Performance
FUND INFORMATION 6 FP Market Performance FP Share Price1 (RON) and Discount (%) 0.8500 66% 0.6500 49% 0.4500 32% 0.2500 15% 1/11 7/11 1/12 7/12 1/13 7/13 1/14 7/14 1/15 7/15 1/16 7/16 1/17 Discount Adjusted Share Price BVB LSE Discount2 24.73% 24.23% Average Daily Turnover (USD) 2.38 mn3 1.68 mn4 1.
Slide 8: NAV, Share Price and GDR Performance
NAV, Share Price and GDR Performance Cumulative Performance Since 2011 2012 2013 2014 2015 2016 Q1 2017 Performance Inception1 NAV (RON) (0.47)% 8.91% 13.29% 1.39% (0.60)% 7.33% 4.88% 39.33% Ordinary Share (30.32)% 38.30% 61.34% 14.53% (4.06)% 4.90% 18.07% 111.60% Price (RON) GDR (USD) N/A N/A N/A N
Slide 9: Portfolio
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Slide 10: Portfolio Structure
FONDUL PROPRIETATEA 9 Portfolio Structure Listed vs Unlisted By Sector By Controlling Ownership as as at 31 March 2017 (% NAV)1 as at 31 March 2017 (% NAV)1 at 30 December 20162 3% 4% Electricity & Gas: 2% Distribution & Supply Unlisted Electricity: Generation 12% State 10% Controlled 27% Entities 2
Slide 11: Hidroelectrica – Update
FONDUL PROPRIETATEA 10 Hidroelectrica – Update • Corporate Governance: Following the exit from insolvency in Pre-tax cumulated profit (RON mn) June 2016, the company is run by an interim Supervisory Board of 7 members, and an interim Directorate of 3 members. Selection of the Supervisory Board based
Slide 12: OMV Petrom – Update
APPENDIX I 11 OMV Petrom – Update OMV Petrom - Share Price Performance % in USD1 OMV Petrom - Average Daily Trading Value (USD)2 FP Announcement of the 3 MO prior SPO 0.18 mn SPO and LSE listing 3 MO after SPO 1.05 mn 140 MSCI EM Status – Size and Liquidity Requirements3 Number of Companies required
Slide 13: C.N. Aeroporturi Bucuresti – Update
APPENDIX I 12 C.N. Aeroporturi Bucuresti – Update 2016 Financial Performance1 2011 2012 2013 2014 2015 % y/y Preliminary Operating revenues (mn RON) 501.5 555.5 582.6 672.1 755.6 885.7 17% Operating profit (mn RON) 88.5 80.9 94.0 124.4 213.5 277.3 30% Net Income (mn RON) 52.6 53.1 72.0 98.8 178.8 22
Slide 14: Corporate Actions
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Slide 15: Distributions to Shareholders
CORPORATE ACTIONS 14 Distributions to Shareholders Annual Distributions to Shareholders (mn RON) 1,124.3 552.7 507.7 1,499.0 1,778.5 923.6 1,190.8 1,573.3 2000 20.00% 19.4% 17.5% 18.3% 15.5% 1500 15.00% 583.1 1,177.2 10.5% 1000 962.6 75.1 10.00% 8.1% 484.4 389.3 7.5% 189.5 1,124.3 500 120.0 928.1 5.
Slide 16: 2017 Cash Distributions
FUND INFORMATION 15 2017 Cash Distributions Cash Distributions to Shareholders (RON) Cash Distribution Status Payment Date Ex-Date Per Share Special Distribution – Paid 27 March 2017 6 March 2017 RON 0.05 Return of Capital Approved by shareholders Annual Distribution 30 June 20171 9 June 2017 RON 0.
Slide 17: Cash Distributions to Shareholders
Cash Distributions to Shareholders Cash Distributions to Shareholders (RON) Gross Cash Net Cash Financial % Change Paid In Distribution Distribution Year Year on Year Per Share Per Share1 2008-2009 Dividend 2010 0.08160 0.06854 - (aggregate) Dividend 2010 2011 0.03141 0.02638 - Dividend 2011 2012 0.
Slide 18: 2017 Return of Capital
2017 Return of Capital • The 2017 Annual Return of Capital of RON 0.05 per share was approved by the Fund’s shareholders on 28 February 2017 • If all legal requirements are fulfilled, the payment will be made to the Fund’s shareholders registered as such at the Registration Date (12 June 2017), prop
Slide 19: 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 Sep 2015 – Wood & Co., Sixth Finalized 891.8 mn/8.13% 0.8208 Finalized Sep 2016 Goldman Sachs Int. Partial Started on Wood &
Slide 20: Latest Research Analyst Reports
FUND INFORMATION 19 Latest Research Analyst Reports Target Price / Broker Report Report Date Report Type Share Renaissance Capital Downgrading on lack of progress in HE IPO March 2017 Update RON 0.9800 Concorde Securities Ltd. Take care when the tide ends February 2017 Update RON 0.9000 Concorde Sec
Slide 21: Annual GSM Agenda
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Slide 22: 25 April 2017 OGM Agenda
FUND INFORMATION 21 25 April 2017 OGM Agenda • Board of Nominees’ presentation of its annual report. • The approval of the Annual Activity Report of the Sole Director of Fondul Proprietatea S.A. for the financial year 2016 • The approval of the net profit allocation registered for the financial year
Slide 23: Appendix
Appendix This material is intended solely for the recipient and should not be reproduced, copied or re-transmitted. Not for public use.
Slide 24: Statement of Financial Position
Statement of Financial Position RON million (audited) 31 December 2016 31 December 2015 Cash and current accounts 5.8 0.6 Deposits with banks 305.3 197.8 Treasury bills 781.4 20.0 Government bonds 328.6 59.0 Equity investments 9,992.2 11,800.7 Other assets 20.8 29.6 Total assets 11,434.1 12,107.7 Pa
Slide 25: Statement of Comprehensive Income
Statement of Comprehensive Income RON million (audited) 31 December 2016 31 December 2015 Net gain on disposal of equity investments classified as available for sale 926.0 344.8 Gross dividend income 353.1 569.3 Reversal of impairment losses on receivables, net 17.9 17.6 Interest income 7.9 3.9 Net
Slide 26: Fondul Proprietatea contact details
Fondul Proprietatea Premium Point Buzesti Street 78-80, 1st District Bucharest 011017 www.fondulproprietatea.ro
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