S.C. Fondul Proprietatea SA · BVB:FP
S.C. Fondul Proprietatea SA — Fondul Proprietatea — Shareholder Meeting (June 2019)
21 slides from S.C. Fondul Proprietatea SA's shareholder meeting presentation, Jun 28, 2019
Slide 1: Fondul Proprietatea – 28 June 2019 General Shareholders Meeting
Fondul Proprietatea – 28 June 2019 General Shareholders Meeting
Slide 2: Fund Information
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Slide 3: The Fund – Key Facts
The Fund – Key Facts Fund Details1 RON USD NAV 10.25 bn 2.41 bn2 NAV/Share 1.4404 0.33822 Price/Share 1.0350 0.24302 Price/GDR 50.26 11.80 Market Capitalization as at 27 June 20193 7.49 bn 1.80 bn3 Discount/Share as at 27 June 2019 26.76% Discount/GDR as at 27 June 2019 29.09% Number of Paid Shares
Slide 4: FP Market performance
FP Market performance FP Share Price (RON) and Discount (%) 1.1000 65% 0.8000 48% 0.5000 32% 0.2000 15% 1/11 7/11 1/12 7/12 1/13 7/13 1/14 7/14 1/15 7/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 Discount Adjusted Share Price Source: BVB, Bloomberg, for the period 25 January 2011 – 27 June 2019. 3
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 Q1 2019 YTD1 Inception1 NAV (RON) (0.47)% 8.91% 13.29% 1.39% (0.60)% 7.33% 13.10% 19.94% 0.67% 9.01% 96.44% Ordinary Share Price (RON) (30.32)% 38.30% 61.34% 14.53% (4.06)% 4.90% 21.
Slide 6: Portfolio
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Slide 7: Portfolio Structure
Portfolio Structure Listed vs Unlisted By Sector By Controlling Ownership as at 31 May 2019 (% NAV)1 as at 31 May 2019 (% NAV)1 as at 29 March 20192 Power Utilities: Generation……....41% Oil & Gas.……….21% State Unlisted….…69% Power & Gas Utilities: Controlled Distribution & Entities………55% Listed……….2
Slide 8: Largest Holdings by NAV
Largest Holdings by NAV NAV as at % in NAV Majority 31 May 2019 as at Portfolio Company Status Shareholder % Stake1 (USD mn) 31 May 2019 Hidroelectrica Unlisted Romanian State 19.9% 928.60 38.58 OMV Petrom Listed OMV 9.9% 511.29 21.24 Bucharest Airports Unlisted Romanian State 20.0% 202.16 8.40 E-Di
Slide 9: Top Portfolio Holdings – Q1 2019 financials
Top Portfolio Holdings – Q1 2019 financials Net profit (RON mn) Company Q1 2018 Q1 2019 %yoy Hidroelectrica 485.2 497.6 2.6% OMV Petrom 854.1 1,151.2 34.8% BRD Groupe Societe Generale 414.3 301.1 (27.3)% Alro 124.6 (9.1) (107.3)% Nuclearelectrica 177.0 219.3 23.9% Total 2,055.2 2,160.1 5.1% Source:
Slide 10: Top portfolio holdings – Key financials
Top 10 portfolio holdings – Key financials EBITDA (RON mn) Net Profit (RON mn) Top 10 Holdings1 2015 2016 2017 2018 2015 2016 2017 2018 Hidroelectrica 2,100.2 2,249.9 2,257.8 2,750.9 899.4 1,227.7 1,314.9 1,939.3 OMV Petrom 6,231.1 4,949.7 6,615.7 8,393.1 (676.0) 1,037.7 2,489.3 4,077.8 Bucharest Ai
Slide 11: Corporate Actions
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Slide 12: 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 1,870.6 775.7 25.4% 2000 18.3% 21.9% 17.5% 1500 15.5% 583.1 1,121.5 832.5 10.5% 1000 600.0 236.6 484.4 11.7% 7.5% 362.6 344.7 133.4 8.1% 1,124.3 389.3 189.5 249.1 500
Slide 13: Buy-back programs
Buy-back programs No. of shares to be repurchased/ Average % of the Fund’s share price Cancellation Program Period Status issued share capital (RON/share) Broker of shares1 14 Nov 2017 – Wood & Co., Cancellation of shares approved during Ninth Finalized 1,488.0 mn/16.3% 0.9319 31 Dec 2018 Jefferies
Slide 14: Sixth Tender Offer
Sixth Tender Offer Size of the Offer 150,000,000 shares, in the form of shares and GDRs Shares Intermediary Agents Banca Comerciala Romana S.A. and Auerbach Grayson GDR Tender Agent The Bank of New York Mellon • It is expected that full details of the tender offer, including pricing, to be announced
Slide 15: Annual dividend income – Top 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 90 902 128.9 134.6 206.6 226.2 358.7 OMV Petrom -2 94 46 N/A 120.5 -2 106.8 107.6 145.3 Bucharest Airports 75 90 90 902
Slide 16: 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 36.0 148.1 199.6 162.9 Total Dividends from Unlisted Companies (RON mn) 275.82 143.5 315.9 315.2 404.5 366.9 485.29 Total Annual
Slide 17: Annual cash distribution policy – Update (I)
Annual cash distribution policy – Update (I) General principles: • In accordance with the IPS, the Alternative Investment Fund Manager (the “Fund Manager”) may propose cash distributions for shareholders’ approvals. The level of such cash distributions is proposed by the Fund Manager by applying thi
Slide 18: Annual cash distribution policy – Update (II)
Annual cash distribution policy – Update (II) Cash distributions: • Under current Romanian legislation and the Constitutive Act, each fully paid share gives its owner the right to receive cash distributions (in the form of dividends or other types of cash distributions, such as return of capital). U
Slide 19: GSM Agenda
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Slide 20: 28 June 2019 GSM agenda – Main points
28 June 2019 GSM agenda – Main points EGM agenda: • Approval of an amendment to the Constitutive Act of • The approval of the new Investment Policy Statement of Fondul Proprietatea Fondul Proprietatea OGM agenda: • The approval of the renewal of the mandate of Franklin Templeton International Servic
Slide 21: Fondul Proprietatea contact details
Fondul Proprietatea Premium Point Buzesti Street 78-80, 1st District Bucharest 011017 www.fondulproprietatea.ro
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