S.C. Fondul Proprietatea SA · BVB:FP
S.C. Fondul Proprietatea SA — Fondul Proprietatea — Shareholder Meeting (February 2014)
22 slides from S.C. Fondul Proprietatea SA's shareholder meeting presentation, Feb 3, 2014
Slide 1: Fondul Proprietatea General Shareholders Meeting
Fondul Proprietatea General Shareholders Meeting, 3 February 2014 This material is intended solely for the recipient and should not be reproduced, copied or re-transmitted. Not intended for public use.
Slide 2: Disclaimer
DISCLAIMER 1 Disclaimer This presentation and its contents are confidential and must not be distributed, published or reproduced (in whole or in part) by any medium or in any form, or disclosed or made available by recipients to any other person. By attending this presentation and/or receiving this
Slide 3: Disclaimer
DISCLAIMER 2 Disclaimer This presentation is directed only to: (i) persons who are outside the United Kingdom; or (ii) investment professionals falling within Art. 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the “Order”); or (iii) high net wort
Slide 4: Fund Information
Fund Information FONDUL m&. FRANKLIN TEMPLETON PROPRIETATEA INVESTMENTS
Slide 5: The Fund – Key Facts
FONDUL PROPRIETATEA – GENERAL SHAREHOLDERS MEETING 4 The Fund – Key Facts Fund Details as at 31 December 2013 Distributions per Share (RON) Base Currency RON 0.09000 0.08160 Fund Manager Fund Launch Date 28 December 2005 Recommendation 0.06000 0.05000 Franklin Templeton Appointment Date 29 September
Slide 6: Shareholders Structure
FONDUL PROPRIETATEA – GENERAL SHAREHOLDERS MEETING 5 Shareholders Structure1 Evolution (% Held) Largest Shareholders2 100% 6% 2% 2% 2% 2% 2% 2% 2% 3% 4% Elliott Associates 14.95% 9% 8% 10% 9% 9% 10% 10% 9% 9% 10% 9% 8% 14% 9% 20% Morgan Stanley3 5.14% 27% 75% 10% 37% 9% 43% 48% 50% 52% 9% 54% 57% 58
Slide 7: Net Asset Value
FONDUL PROPRIETATEA – GENERAL SHAREHOLDERS MEETING 6 Cumulative Performance Fourth Quarter 2013 7.11% Net Asset Value Cumulative Performance 2013 13.29% NAV (RON)/Share Dividend Dividend 0.03854 0.04089 1.2432 1.2436 1.1951 1.1922 1.1572 1.1688 1.1585 1.1568 1.1397 1.1477 1.1514 1.1601 1.1782 1.1610
Slide 8: FP Performance
FONDUL PROPRIETATEA – GENERAL SHAREHOLDERS MEETING 7 FP Performance FP Share Price1 (RON) and Discount (%) 0.9000 70% Discount2 34.4% Average Daily EUR 3.6 mn 0.8000 61% Turnover3 0.7000 52% Number of 6.0 bn shares 0.6000 43% Shares Traded2 (44.8% of the paid share 0.5000 34% capital) Value of the E
Slide 9: FP Market Valuation
FONDUL PROPRIETATEA – GENERAL SHAREHOLDERS MEETING 8 FP Market Valuation NAV vs. Market Capitalization (EUR bn)1 46.2% 3.35 2.50 1.71 NAV Market Capitalization Market Capitalization 31 December 2013 31 January 2014 29 December 2012 1. Source: BVB, FP NAV as at 31 December 2013. This material is inte
Slide 10: Portfolio Performance
Portfolio Performance FONDUL m&. FRANKLIN TEMPLETON PROPRIETATEA INVESTMENTS
Slide 11: Portfolio Structure – December 2013
FONDUL PROPRIETATEA – GENERAL SHAREHOLDERS MEETING 10 Portfolio Structure – 31 December 2013 Net Cash & Net Cash & Receivables, 3% Receivables, Others, 2% 3% Banks, 3% Infrastructure, 3% Power Utilities: Generation, 19% Power & Gas Unlisted,42% Utilities: Transport, Distribution & Supply, 22% Listed
Slide 12: Largest Holdings by NAV
FONDUL PROPRIETATEA – GENERAL SHAREHOLDERS MEETING 11 Largest Holdings by NAV NAV as at 31 December % in NAV Majority 2013 as at No. Portfolio Company Status Shareholder % Stake1 (EUR mn) 31 December 2013 1 OMV Petrom SA Listed OMV 19.0% 1,127.0 33.7 2 Hidroelectrica SA IPO 2014 Romanian State 19.9%
Slide 13: Government SPO & IPO Calendar for FP’s Holdings (1/2)
FONDUL PROPRIETATEA – GENERAL SHAREHOLDERS MEETING 12 Government SPO & IPO Calendar for FP’s Holdings (1/2) Completed Transactions Offering Market Value Investment Company Transaction Seller Stake (EUR mn) Consortium Selected Comments BCR, Swiss Capital, Intercapital Transelectrica SPO Romanian Stat
Slide 14: Government SPO & IPO Calendar for FP’s Holdings (2/2)
FONDUL PROPRIETATEA – GENERAL SHAREHOLDERS MEETING 13 Government SPO & IPO Calendar for FP’s Holdings (2/2) Future IPOs and Privatizations Market Value Investment Consortium 1 Company Official Timeline Offering Stake (EUR mn) Seller Selected Comments Hidroelectrica IPO – June 2014 15.0% 374.62 New S
Slide 15: Dividend Income – Top Portfolio Companies
FONDUL PROPRIETATEA – GENERAL SHAREHOLDERS MEETING 14 Dividend Income – Top 20 Portfolio Companies PROFIT DIVIDEND PAYOUT % FP NET DIVIDEND Top 20 Holdings1 2012 2011 2010 2012 2011 20138 2012 2011 1 OMV Petrom SA2 3,946.1 3,758.6 2,189.7 40 47 319.0 353.1 201.6 2 Hidroelectrica SA (508.0) 6.5 292.3
Slide 16: Return of Capital versus Dividend Distribution
FONDUL PROPRIETATEA – GENERAL SHAREHOLDERS MEETING 15 Return of Capital versus Dividend Distribution The Fund Manager has proposed a reduction of the nominal value of the shares from RON 1.00 per share to RON 0.95 per share, and the distribution to shareholders of the difference of RON 0.05 per shar
Slide 17: Buy-Back Programs
FONDUL PROPRIETATEA – GENERAL SHAREHOLDERS MEETING 16 Buy-Back Programs First Buy-Back Program (May – September 2011) • 240.3 mn shares equivalent to 1.74% of the Fund’s issued share capital were bought back as at 30 September 2011, at an average price of RON 0.4994, for a total amount of RON 120.3
Slide 18: EGM Agenda
EGM Agenda FONDUL m&. FRANKLIN TEMPLETON PROPRIETATEA INVESTMENTS
Slide 19: EGM Agenda
FONDUL PROPRIETATEA – GENERAL SHAREHOLDERS MEETING 18 EGM Agenda EGM Section 1: The approval of the EGM agenda EGM Section 2: The approval of the amendment of the Fund’s Constitutive Act, Art. 14, paragraphs (4) and (5), as follows: “(4) The attendance of shareholders representing at least 50% of th
Slide 20: EGM Agenda
FONDUL PROPRIETATEA – GENERAL SHAREHOLDERS MEETING 19 EGM Agenda EGM Section 3: The approval of the decrease of the subscribed share capital of SC Fondul Proprietatea SA • 3.1. The approval of the decrease of the subscribed share capital of SC Fondul Proprietatea SA from RON 13,538,087,407 to RON 12
Slide 21: EGM Agenda
FONDUL PROPRIETATEA – GENERAL SHAREHOLDERS MEETING 20 EGM Agenda EGM Section 4: The ratification and the approval of all resolutions taken by the general shareholders’ meeting and all of the legal acts (including decisions and contracts) concluded, adopted, and issued in the name of SC Fondul Propri
Slide 22: 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.
Fondul Proprietatea — Shareholder Meeting (February 2014) on 6ix