S.C. Fondul Proprietatea SA · BVB:FP
S.C. Fondul Proprietatea SA — Q1 2013 Earnings Presentation
36 slides from S.C. Fondul Proprietatea SA's earnings presentation, May 15, 2013
Slide 1: 2013 First Quarter - Results Presentation
2013 First Quarter - Results Presentation 15 May 2013 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 addressed only to qualified investors within the meaning of Article 2(1)(e) of the Prospectus Directive (“Qualified Investors”). The Fund has not authorized any offer to the public of securities in any member state of the European Economic Area (the “EEA”
Slide 4: Fund Information
Fund Information This material is intended solely for the recipient and should not be reproduced, copied or re-transmitted. Not intended for public use.
Slide 5: The Fund – Key Facts
FUND INFORMATION 4 The Fund – Key Facts Fund Details as at 30 April 2013 Dividend per Share (RON) 0.09000 0.08160 Base Currency RON Fund Launch Date 28 December 2005 Franklin Templeton Appointment 0.06000 Date 29 September 2010 0.03854 0.04089 Listing Date 25 January 2011 0.03141 0.03000 Values1 RON
Slide 6: Shareholders Structure
FUND INFORMATION 5 Shareholders Structure1 Evolution (% Held) 100% 6% 9% 8% Largest Shareholders2 11% 11% 12% 12% 11% 11% 12% 12% 14% Elliott Associates 14.95% 20% 27% 75% 10% City of London Investment Management3 9.69% 37% 9% 43% 48% 50% The Royal Bank of Scotland3 5.39% 9% 52% 54% 57% 58% 31% Tota
Slide 7: Net Asset Value
FUND INFORMATION 6 Net Asset Value Cumulative Performance First Quarter 2013: 1.73% Cumulative Performance YTD: 3.82% NAV (RON) / Share Dividend Dividend 0.03854 0.04089 1.1951 1.1922 1.1572 1.1397 1.1688 1.1371 1.1507 1.1585 1.1568 1.1290 0.9317 0.9429 0.9449 0.9476 0.9601 0.9516 1/12 2/12 3/12 4/1
Slide 8: Contributors to NAV Performance for Q1 2013
FUND INFORMATION 7 Contributors to NAV Performance1 for Q1 2013 TOP PERFORMERS % change in NAV performance Change in NAV per share Company Status % in Total NAV² for Q1 2013 vs. Q4 20121 (RON) OMV Petrom SA Listed 33.7% 1.71% 0.0195 BRD Groupe Societe Generale Listed 1.5% 0.12% 0.0013 Transelectrica
Slide 9: FP Market Valuation / Performance
FUND INFORMATION 8 FP Market Valuation / Performance NAV vs. Market Capitalization (EUR bn)1 FP Share Price2 (RON) and Discount (%) 3 0.7000 65% 1.93 Unlisted 2 0.6000 55% Net cash and 0.05 receivables 1 2.03 0.5000 45% 1.49 Listed 0 0.4000 35% NAV Market Capitalization 30 April 2013 14 May 2013 1/1
Slide 10: Portfolio Performance
Portfolio Performance This material is intended solely for the recipient and should not be reproduced, copied or re-transmitted. Not intended for public use.
Slide 11: Portfolio Structure – 30 April 2013
PORTFOLIO PERFORMANCE 10 Portfolio Structure – 30 April 2013 Net Cash & Receivables Others Net Cash & Banks 1% 2% Receivables 3% 1% Infrastructure Power Utilities: 3% Generation 24% Power & Gas Listed Utilities: 43% Unlisted Transport, 56% Oil & Gas Distribution & 45% Supply 22% • As at 30 April 201
Slide 12: Largest Holdings by NAV
PORTFOLIO PERFORMANCE 11 Largest Holdings by NAV NAV Majority as at 30 April 2013 % in NAV No. Portfolio Company Status Shareholder % Stake1 (EUR mn) as at 30 April 2013 1 OMV Petrom Listed OMV 20.1% 1,219.8 35.2% 2 Hidroelectrica Insolvency Romanian State 19.9% 462.8 13.4% 3 Romgaz IPO 2013 Romania
Slide 13: Top 20 Portfolio Holdings – Key Financials
PORTFOLIO PERFORMANCE 12 Top 20 Portfolio Holdings – Key Financials EBITDA (RON mn) Net Profit (RON mn) Top 20 Holdings1 2010 2011 2012 2010 2011 2012 1 OMV Petrom SA 5,301.9 7,524.3 8,270.2 2,189.7 3,758.6 3,946.1 2 Hidroelectrica SA 1,349.9⁵ 873.6⁵ 897.9⁵ 292.3 6.5 (169.8) 3 Romgaz SA 1,655.6 1,88
Slide 14: Portfolio Structure – SPO & IPO Calendar
PORTFOLIO PERFORMANCE 13 Portfolio Structure – SPO & IPO Calendar Privatization Progress Market Value Company Official Timeline1 Offering Stake (mn EURO) Seller Investment Consortium Selected Comments Transelectrica SPO – April 2012 15.0% 37.62 Romanian State BCR, Swiss Capital, Intercapital Invest
Slide 15: Disposal of the Unlisted Power and Gas Distribution Companies
PORTFOLIO PERFORMANCE 14 Portfolio Structure – Disposal of the Unlisted Power and Gas Distribution Companies Company FP Stake NAV EUR mn % NAV Background: • In March 2012, the Fund Manager selected Citigroup E.ON Moldova Distributie 22% 73.4 2.1% Global Markets Ltd. as exclusive intermediary to faci
Slide 16: Portfolio Structure – OMV Petrom Share Placement
PORTFOLIO PERFORMANCE 15 Portfolio Structure – OMV Petrom Share Placement • Today, the Fund Manager has informed shareholders and investors on the Fund’s intention to sell on the Bucharest Stock Exchange approximately 1 billion ordinary shares (“Placing Shares”) it currently owns in OMV Petrom (the
Slide 17: Corporate Governance Code and Listing of SOEs
PORTFOLIO PERFORMANCE 16 Corporate Governance Code and Listing of SOEs Corporate Governance Code was Approved by OUG 109/2011 on 30 November 2011 Professional Company FP Stake¹ % in Total NAV¹ NAV EUR mn¹ Listing Status² Independent Board² Management² Hidroelectrica 20% 13.1% 453.2 X X X Romgaz 15%
Slide 18: Active Management – Board Members
PORTFOLIO PERFORMANCE 17 Active Management – Board Members No. of Directors • Attended 73 General No. of Board Recommended by Holdings % Stake¹ % in Total NAV¹ Members² FP² Shareholders Meetings and 36 1 OMV Petrom SA 20% 33.7% 9 1 Board meetings in Q1 2013. 2 Complexul Energetic Oltenia SA 22% 5.8%
Slide 19: Corporate Actions
Corporate Actions This material is intended solely for the recipient and should not be reproduced, copied or re-transmitted. Not intended for public use.
Slide 20: Buy-Back Program (I)
CORPORATE ACTIONS 19 Buy-Back Program (I) Second Buy-Back Program: • New buy-back program to repurchase 1.1 bn shares, equivalent to 7.9% of the Fund’s issued share capital was approved by shareholders at the 25 April 2012 Extraordinary General Shareholders Meeting • The execution of the buy-back pr
Slide 21: Buy-Back Program (II)
CORPORATE ACTIONS 20 Buy-Back Program (II) Average Daily Turnover in April 2013 (EUR thousands) 2,607 467 314 273 269 253 130 23 FP Banca Transilvania OMV Petrom SIF Moldova Transgaz BRD SIF Oltenia Transelectrica Second Buy-Back Program ADTV (April 2013) 17.3 mn shares / EUR 2.6 mn 25% of ADTV 4.3
Slide 22: Secondary Listing on the Warsaw Stock Exchange
CORPORATE ACTIONS 21 Secondary Listing on the Warsaw Stock Exchange On 27 June 2012, the Fund’s shareholders: • Approved the details of the secondary listing plan on the WSE. • Empowered the Fund Manager to file the documentation for the secondary listing by 31 December 2012. Status: • Currently, th
Slide 23: 25 April 2013 Annual GSM Decisions
CORPORATE ACTIONS 22 25 April 2013 Annual GSM Decisions The main decisions of the shareholders during the 25 April 2013 Extraordinary General Shareholders Meeting (“EGM”) were the following: • The extension until 31 December 2013 of the authorisation of FTIML to list the Fund on the Warsaw Stock Exc
Slide 24: Dividend Income – Top 20 Portfolio Companies
CORPORATE ACTIONS 23 Dividend Income – Top 20 Portfolio Companies PROFIT DIVIDEND PAYOUT % FP NET DIVIDEND Top 20 Holdings1 2012 2011 2010 2011 2010 2012 2011 1 OMV Petrom SA 3,946.1 3,758.6 2,189.7 47 46 353.1 201.6 2 Hidroelectrica SA (169.8) 6.5 292.3 – 19.9 – 52.5 3 Romgaz SA 1,244.1 1,031.8 651
Slide 25: Q1 2013 Results
Q1 2013 Results This material is intended solely for the recipient and should not be reproduced, copied or re-transmitted. Not intended for public use.
Slide 26: Income Statement
Q1 2013 RESULTS 25 Income Statement 31 March 2012 31 March 2013 (RON mn) (Unaudited) (Unaudited) Revenues from Current Activity, out of which: 13.4 11.9 • Interest Income 7.0 10.5 • Reversal of Impairment Adjustments & Provisions 5.0 0.2 • Revenues from Disposal of Financial Assets 0.1 1.0 • Other I
Slide 27: Balance Sheet
Q1 2013 RESULTS 26 Balance Sheet 31 December 2012 31 March 2013 (RON mn) (Audited) (Unaudited) Intangible Assets 0.3 0.4 Financial Assets 11,097.8 11,341.1 Non-Current Assets–Total 11,098.1 11,341.5 Current Assets–Total 776.5 770.6 Prepaid Expenses 0.1 0.2 Payables within One Year 21.1 19.9 Total As
Slide 28: Appendix
Appendix This material is intended solely for the recipient and should not be reproduced, copied or re-transmitted. Not intended for public use.
Slide 29: OMV Petrom – Update
APPENDIX 28 OMV Petrom – Update Calendar of Gradual Elimination of Regulated Gas Prices2 Quick Facts Internal Production Price (RON/MWh) Sector Integrated Oil & Gas 120 Type Listed Weight in NAV1 35.2% 80 FP Stake1 RON 5,274 mn (EUR 1,220 mn) 40 Shareholding Structure OMV AG 51% 0 Ministry of Econom
Slide 30: Hidroelectrica – Updates
APPENDIX 29 Hidroelectrica – Updates Status: • Positive Q1 2013 results: Revenues of RON 661 mn and gross profits of RON 144 mn • Record production in April 2013: 1.6 TWh (the highest monthly production over the last 17 years) Next: • General Shareholders Meeting convened for 29 May. The Fund has as
Slide 31: Hidroelectrica – Foregone Profits
APPENDIX 30 Hidroelectrica – Foregone Profits Hidroelectrica Net Income (mn RON)1 OPCOM Market Prices2 1,500 Year Average Price (RON / MWh) 2009 155.35 1,000 2010 156.31 500 2011 221.20 2012 217.21 0 2009 2010 2011 2012 Actual Profits Forgone Profits • In 2009, Hidroelectrica sold 11.7 TWh through b
Slide 32: Romgaz – Update
APPENDIX 31 Romgaz – Update Mn RON 2009 2010 2011 20121 Operating revenues 3,562 4,124 4,552 4,339 Operating profit 717 996 1,265 1,432 Net income 572 651 1,032 1,244 • IPO: Consortium headed by Goldman Sachs currently preparing listing on BVB, expected Q4 2013. Reserve audit currently underway by D
Slide 33: CE Oltenia – Update
APPENDIX 32 CE Oltenia – Update Financial Information RON mn 2010¹ 2011¹ 2012² 2013 Budget Operating Revenues 3,165.8 4,026.5 3,562.2 6,081.0 Operating Profit (25.0) 348.0 229.7 249.0 Net Profit (126.6) 179.9 191.2 151.2 Dividends n.a. n.a. 0.8 n.a. • Appointment of professional Board/CEO: − The Min
Slide 34: Nuclearelectrica – Update
APPENDIX 33 Nuclearelectrica – Update Financial Information Cost vs. Market Price¹ (RON/MWh) 250 RON mn 2010 2011 2012 2013 Budget 220 Sales 1,540.3 1,588.4 1,675.8 2,090.4 190 Operating Profit 155.9 162.6 152.8 438.0 160 Net Profit 13.1 95.0 34.5 131.9 130 Dividends – – 28.5 n.a. 100 1/12 4/12 7/12
Slide 35: Nuclearelectrica – Foregone Profits
APPENDIX 34 Nuclearelectrica – Foregone Profits Nuclearelectrica Net Income1 mn RON OPCOM Market Prices2 710 Year Average Price (RON / MWh) 610 510 2009 155.35 410 2010 156.31 310 210 2011 221.20 110 2012 217.21 10 2009 2010 2011 22 2012 Actual Profits 12 Forgone Profits • In 2009, Nuclearelectrica
Slide 36: Fondul Proprietatea – Franklin Templeton Bucharest Branch
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 intended for public
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