S.C. Fondul Proprietatea SA · BVB:FP
S.C. Fondul Proprietatea SA — Fondul Proprietatea — Shareholder Meeting (September 2017)
28 slides from S.C. Fondul Proprietatea SA's shareholder meeting presentation, Sep 26, 2017
Slide 1: Fondul Proprietatea General Shareholders Meeting
26 September 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: Fund Information
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Slide 4: The fund – Key facts
The fund – Key facts RON USD2 31 March 31 August Change 31 March 31 August Change Fund Details1 2017 2017 (%) 2017 2017 (%) NAV 10.69 bn 10.57 bn (1.12)% 2.51 bn 2.74 bn 9.16% NAV/Share 1.1943 1.2013 0.59% 0.2803 0.3108 10.88% Price/Share 0.8880 0.8700 (2.03)% 0.2084 0.2251 8.01% Price/GDR 44.75 44.
Slide 5: Shareholders structure
Shareholders structure Evolution (% Held) Largest 2% 2% 2% Shareholders1 2% 3% 3% 6% 10% 10% 9% 10% 8% 8% 8% 9% 9% 9% 9% 13% 13% 13% 14% Elliott Associates 14% 9% 11% 12% 14% 14% 15% 12% 15% 15% 19.89% 10% 43% 33% 34% 35% 34% City of London 27% 54% 35% 35% 35% Investment Mgmt. 35% 35% 31% 55% 53% 53
Slide 6: FP Market valuation
FP Market valuation NAV vs. Market Capitalization (USD bn)1 2.74 Discount to Unlisted Portfolio – 42.71% 1.92 Unlisted Net Cash and Receivables 1.92 0.08 Listed 0.74 NAV Market Capitalization2 31 August 2017 25 September 2017 1. Source: BVB, FP NAV as at 31 August 2017. 2. Based on the BVB share pri
Slide 7: FP Market performance
FP Market performance FP Share Price1 (RON) and Discount (%) 0.8500 66% 0.6500 49% 0.4500 32% 0.2500 15% 1/11 9/11 5/12 1/13 9/13 5/14 1/15 9/15 4/16 12/16 8/17 Discount Adjusted Share Price BVB LSE Discount2 29.66% 27.57% Average Daily Turnover (USD) 1.81 mn3 1.30 mn4 1. Source: BVB, Bloomberg, for
Slide 8: NAV, Share price and GDR performance
NAV, Share price and GDR performance Cumulative Performance Since Performance 2011 2012 2013 2014 2015 2016 Q2 2017 H1 2017 YTD1 Inception1 NAV (RON) (0.47)% 8.91% 13.29% 1.39% (0.60)% 7.33% 4.16% 9.24% 9.79% 45.85% Ordinary Share (30.32)% 38.30% 61.34% 14.53% (4.06)% 4.90% (1.17)% 16.68% 22.31% 119
Slide 9: Portfolio
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Slide 10: Portfolio structure
Portfolio structure Listed vs Unlisted By Sector as at 31 August 2017 (% NAV)1 as at 31 August 2017 (% NAV)1 Electricity & Gas: Distribution & Supply…………26% Electricity: Unlisted……70% Generation…….34% Listed……….27% Oil & Gas………21% Net Cash & Net Cash & Receivables..3% Receivables……3% Infrastructure…
Slide 11: Largest holdings by NAV
Largest holdings by NAV NAV as at % in NAV Majority 31 August 2017 as at Portfolio Company Status Shareholder % Stake1 (USD mn) 31 August 2017 Hidroelectrica SA Unlisted Romanian State 19.9% 875.46 32.00 OMV Petrom SA Listed OMV 12.6% 552.40 20.19 CN Aeroporturi Bucuresti SA Unlisted Romanian State
Slide 12: Electrica transaction – Update
Electrica transaction – Update % FP NAV as at FP NAV as at 2016 FP Dividends % FP Stake Company 31 August 2017 31 August 2017 RON mn SDEE Muntenia Nord 22% 1.98% 209.74 19.3 SDEE Transilvania Sud 22% 1.64% 173.50 21.7 SDEE Transilvania Nord 22% 1.91% 201.70 22.1 Electrica Furnizare 22% 1.58% 167.08
Slide 13: Enel – Update
Enel – Update 2016 FP % 30 June 17 30 June 17 NAV 2016 Net Cash % FP Stake Dividends RON Company NAV RON mn RON mn mn E-Distributie Banat (EDB) 24% 5.7% 599.9 1,270.6 8.9 E-Distributie Muntenia (EDM) 12% 4.3% 449.4 2,304.4 - E-Distributie Dobrogea (EDD) 24% 3.6% 380.2 593.7 6.6 Enel Energie (EE) 12%
Slide 14: Hidroelectrica – Update
Hidroelectrica – Update Dividends: Pre-tax Cumulated Profit (RON mn) In 2017, FP received from the company record high dividends for FY 2016 of RON 206.6 mn, 53.5% higher than the previous year. In September 2017, the Company’s shareholders approved a special dividend of RON 1,538 655 million to be
Slide 15: OMV Petrom – Accelerated Bookbuild Offering
OMV Petrom – Accelerated Bookbuild Offering Transaction Details Payment Date Type of Offering Accelerated bookbuild offering Pricing RON 0.2750/share Discount to pre-announcement share price (5.82)% • 2.56% of the company’s share capital Offering Size • 1.454 billion shares • RON 399.85 million / US
Slide 16: C.N. Aeroporturi Bucuresti – Update
C.N. Aeroporturi Bucuresti – Update Financial Performance1 2011 2012 2013 2014 2015 2016 % y/y Operating revenues (mn RON) 501.5 555.5 582.6 672.1 755.6 882.3 17% Operating profit (mn RON) 88.5 80.9 94.0 124.4 213.5 276.6 30% Net Income (mn RON) 52.6 53.1 72.0 98.8 178.8 234.5 31% Number of passenge
Slide 17: Corporate governance code and listing of SOEs
Corporate governance code and listing of SOEs Corporate governance code was approved by GEO 109/2011 on 30 November 2011 % in Total NAV USD Listing Independent Professional Overall Company % FP Stake¹ NAV¹ mn¹ Status² Board² Management² change4 Hidroelectrica 20 32.0 847.8 X X X CN Aeroporturi Bucur
Slide 18: Corporate governance code and listing of SOEs
Corporate governance code and listing of SOEs Corporate governance code was approved by GEO 109/2011 on 30 November 2011 % in Total NAV USD Listing Independent Professional Overall Company % FP Stake¹ NAV¹ mn¹ Status² Board² Management² Change4 A.I. Timisoara – Traian Vuia 20 0.0 0.9 X ✓ ✓ - Plafar
Slide 19: Corporate Actions
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Slide 20: Distributions to shareholders (I)
Distributions to shareholders (I) Annual Distributions to Shareholders (mn RON) 1,124.3 552.7 507.7 1,499.0 1,778.5 923.6 1,190.8 1,685.0 18.3% 20.9% 17.5% 15.5% 583.1 1,177.2 10.5% 962.6 177.9 484.4 8.1% 389.3 1,124.3 7.5% 189.5 120.0 924.0 507.7 536.4 601.3 534.3 516.9 432.7 2010 2011 2012 2013 20
Slide 21: Distributions to shareholders (II)
Distributions to shareholders (II) Annual Distributions to Shareholders per Share (RON) 0.8530 0.8775 0.8328 0.7657 0.6826 0.5105 0.5206 0.1547 0.1830 0.0817 0.1188 0.0865 0.1186 0.0410 0.0386 2010 2011 2012 2013 2014 2015 2016 2017¹ Total Distribution per share Average share price The total distrib
Slide 22: 2017 Cash distributions
2017 Cash distributions Cash Distributions to Shareholders (RON) Cash Distribution Status Payment Date Ex-Date Per Share Special Distribution – Paid1 27 March 2017 6 March 2017 RON 0.05 Return of Capital Annual Distribution Paid2 30 June 2017 9 June 2017 RON 0.05 Total RON 0.10 1. As at 31 August 20
Slide 23: Buy-back programs
Buy-back programs No. of shares to be repurchased/% of Average the Fund’s issued share price Cancellation Program Period Status share capital (RON/share) Broker of shares Partial cancellation Wood & Co., 29 Sep 16 – approved by shareholders Seventh Finalized 830.2 mn/8.2% 0.8967 Goldman Sachs 26 May
Slide 24: Dividend income
Dividend income FP Net Dividend (RON mn) 2012 2013 2014 2015 2016 2017 Total Top 20 Holdings (RON mn) 400.2 401.8 511.1 445.7 332.6 547.5 Total Dividends from Listed Companies (RON mn) 450.1 373.9 538.6 251.5 36.0 148.1 Total Dividends from Unlisted Companies (RON mn) 168.9 275.82 143.5 315.9 313.5
Slide 25: 2017 Special dividends from SOEs
2017 Special dividends from SOEs Portfolio company RON mn Hidroelectrica SA 130.61 Bucharest Airports SA 40.01 Conpet SA 5.22 Nuclearelectrica SA 10.03 Total 185.8 1. Source: GSM decisions approved by the companies shareholders’. 2. Submitted for shareholders’ approval during the 25 October 2017 GSM
Slide 26: 26 September 2017 GSM agenda – Main points
26 September 2017 GSM agenda – Main points • The approval of the decrease of the subscribed share capital of Fondul Proprietatea S.A. from RON 4,854,034,784.56 to RON 4,771,610,196.08 pursuant to the cancellation of 158,508,824 own shares acquired by Fondul Proprietatea S.A. during the seventh and e
Slide 27: Key terms of the new management agreement
Key terms of the new management agreement Base Fee per Year Distribution Fees for Duration Cash Distribution Current IMA Current IMA Current IMA 0.60% • 2.00%: Up to and including • 2 years • Discount 15% – 20%, + 0.05%, 31 March 2017 i.e. Base Fee Rate = 0.65% New IMA • 1.50%: 1 April – 30 Septembe
Slide 28: Fondul Proprietatea contact details
Fondul Proprietatea Premium Point Buzesti Street 78-80, 1st District Bucharest 011017 www.fondulproprietatea.ro
Fondul Proprietatea — Shareholder Meeting (September 2017) on 6ix