S.C. Fondul Proprietatea SA · BVB:FP
S.C. Fondul Proprietatea SA — Fondul Proprietatea — Investor Presentation (February 2018)
14 slides from S.C. Fondul Proprietatea SA's investor presentation, February 2018
Slide 1: Investment Strategy and alternatives
Fondul Proprietatea – February 2018 Investment Strategy and alternatives This material is intended solely for the recipient and should not be reproduced, copied or re-transmitted. Not for public use.
Slide 2: Investment Policy Statement considerations
Investment Policy Statement considerations • Maximization of returns to shareholders • Increase of Net Asset Value per share Objectives under IPS • Via investments in Romanian equities and equity linked securities • Up to 10% in listed shares in one single issuer • Up to 20% in unlisted securities w
Slide 3: Relative investment performance
Relative investment performance 2011 2012 2013 2014 2015 2016 2017 Average NAV (RON mn) 15,590 14,126 15,069 14,532 12,429 13,322 11,970 Average discount to NAV 55.67% 50.09% 40.74% 30.87% 29.12% 32.08% 28.05% Effective value (RON mn) 6,911 7,050 8,930 10,046 8,810 9,048 8,612 Total distributions (R
Slide 4: NAV vs Effective value
NAV vs Effective value 18,000 60.0% 16,000 55.0% 50.0% 14,000 45.0% 12,000 40.0% 10,000 35.0% 8,000 30.0% 6,000 25.0% 4,000 20.0% 2,000 15.0% 2011 2012 2013 2014 2015 2016 2017 Average NAV (RON mn) Effective value (RON mn) Average discount to NAV (RHS) 2011 2012 2013 2014 2015 2016 2017 Average NAV
Slide 5: Value from Distributions
Value from Distributions 2,000 140.0% 120.0% 1,500 100.0% 80.0% 1,000 60.0% 40.0% 500 20.0% 0 0.0% 2011 2012 2013 2014 2015 2016 2017 Total distributions (RON mn) Effective value based on average discount to NAV (RON mn) Value created (RON mn) Value created % (RHS) 2011 2012 2013 2014 2015 2016 2017
Slide 6: Investment alternatives
Investment alternatives 40.0% 30.0% 20.0% 10.0% 0.0% -10.0% -20.0% -30.0% 2011 2012 2013 2014 2015 2016 2017 BET Index performance BET XT Index Performance MSCI Romania 2011 2012 2013 2014 2015 2016 2017 BET Index performance (22.90)% 24.70% 31.20% 14.50% 3.10% 9.70% 19.10% BET XT Index Performance
Slide 7: Investments vs Distributions
Investments vs Distributions 2011 2012 2013 2014 2015 2016 2017 Total distributions 553 508 1,499 1,779 924 1,191 1,744 (RON mn) Investments BET Index 426 633 1,967 2,036 952 1,306 2,069 BET XT Index 448 663 1,974 1,947 960 1,277 2,130 • All portfolio holdings are still subject to NAV discount MSCI
Slide 8: Fondul Proprietatea Premium Point
Fondul Proprietatea Premium Point Buzesti Street 78-80, 1st District Bucharest 011017 www.fondulproprietatea.ro This material is intended solely for the recipient and should not be reproduced, copied or re-transmitted. Not for public use.
Slide 9: Effects of the Share Buy-backs on the Discount (I)
FUND INFORMATION Effects of the Share Buy-backs on the Discount (I) FP Share Price (RON) and Discount (%) 0.8500 63% 0.6500 47% 0.4500 31% 0.2500 15% 1/11 5/11 9/11 1/12 5/12 9/12 1/13 5/13 9/13 1/14 5/14 9/14 1/15 5/15 9/15 12/15 4/16 8/16 12/16 4/17 8/17 12/17 Start of buy- End of buy- Discount Ad
Slide 10: Effects of the Share Buy-backs on the Discount (II)
Effects of the Share Buy-backs on the Discount (II) Average Discount – Average Discount Change in Buy-Back Programs Period of the Buyback 3 months before the start during the Program Discount of the Program First 11 May – 30 September 2011 63.3% 67.8% 4.5% Second 12 April – 18 December 2013 53.4% 45
Slide 11: Effects of the Tender Offer on the Discount (I)
FUND INFORMATION Effects of the Tender Offer on the Discount (I) FP Share Price1 (RON) and Discount (%) 0.9000 67% 0.7500 54% 0.6000 41% 0.4500 28% 0.3000 15% 1/11 5/11 9/11 1/12 4/12 8/12 12/12 4/13 8/13 11/13 3/14 7/14 11/14 2/15 6/15 10/15 2/16 6/16 9/16 1/17 5/17 9/17 12/17 Announcement Discount
Slide 12: Effects of the Tender Offers on the Discount (II)
Effects of the Tender Offers on the Discount (II) Average Discount – 30 Average Discount - 30 days Tender Offer Announcement Date days after the Change in Discount before the announcement announcement First 25 September 2013 47.4% 40.8% (6.6)% Second 20 October 2014 31.0% 27.6% (3.4)% Third 5 July 2
Slide 13: Effects of the Return of Capital on the Discount (I)
Effects of the Return of Capital on the Discount (I) FP Share Price (RON) and Discount (%) 0.9000 67% 0.7500 54% 0.6000 41% 0.4500 28% 0.3000 15% 1/14 3/14 5/14 7/14 9/14 11/14 1/15 4/15 6/15 8/15 10/15 12/15 2/16 4/16 7/16 9/16 11/16 1/17 3/17 5/17 7/17 9/17 12/17 Approval of the Return of Discount
Slide 14: Effects of the Return of Capital on the Discount (II)
Effects of the Return of Capital on the Discount (II) Average Discount – Average Discount – Change in Return of Capital Ex-Date 30 days before the ex-date 30 days after the ex-date Discount First 28 April 2014 40.2% 39.4% (0.8)% Second 23 June 2015 31.4% 32.1% 0.7% Third 27 June 2016 32.5% 33.5% 1.0
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