S.C. Fondul Proprietatea SA · BVB:FP
S.C. Fondul Proprietatea SA — Fondul Proprietatea — Shareholder Meeting (November 2018)
21 slides from S.C. Fondul Proprietatea SA's shareholder meeting presentation, Nov 14, 2018
Slide 1: Fondul Proprietatea – 14 November 2018 General Shareholders Meeting
Fondul Proprietatea – 14 November 2018 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 Fund Details1 RON USD NAV 9.90 bn 2.46 bn2 NAV/Share 1.3546 0.33692 Price/Share 0.9310 0.23152 Price/GDR 46.24 11.50 Market Capitalization as at 13 November 20183 6.87 bn 1.66 bn3 Discount/Share as at 13 November 2018 30.24% Discount/GDR as at 13 November 2018 29.59% Number of P
Slide 5: The Fund – Performance
The Fund – Performance FP Share Price, Discount and NAV (RON) 70% 1.2500 52% 0.9000 0.5500 33% 0.2000 15% 1/11 7/11 12/11 5/12 10/12 3/13 8/13 2/14 7/14 12/14 5/15 10/15 4/16 9/16 2/17 7/17 12/17 6/18 11/18 Discount Adjusted Share Price NAV Source: Bloomberg, BVB, until 13 November 2018. 4
Slide 6: Shareholders structure
Shareholders structure Evolution (% Held) 2% 2% 2% 3% 2% 3% 3% 6% 10% 10% 9% 10% 8% 8% 8% 9% 10% 9% 9% 13% 13% 13% 17% 18% 17% 17% 14% 19% 14% 9% 11% 12% 12% 14% 14% 15% 15% 16% 10% 16% 16% 17% 18% 43% 33% 34% 35% 34% 54% 27% 35% 35% 35% 35% 37% 31% 34% 55% 53% 53% 31% 31% 30% 30% 10% 25% 23% 25% 25
Slide 7: NAV, Share price and GDR performance
NAV, Share price and GDR performance Cumulative Performance Since Performance 2011 2012 2013 2014 2015 2016 2017 H1 2018 YTD1 Inception1 NAV (RON) (0.47)% 8.91% 13.29% 1.39% (0.60)% 7.33% 13.10% 13.12% 15.27% 73.18% Ordinary Share Price (RON) (30.32)% 38.30% 61.34% 14.53% (4.06)% 4.90% 21.46% 10.02%
Slide 8: Portfolio
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Slide 9: Portfolio structure
Portfolio structure Listed vs Unlisted By Sector By Controlling Ownership as at 28 September 2018 (% NAV)1 as at 28 September 2018 (% NAV)1 as at 29 June 20182 Power Utilities: Generation……..38% Oil & Gas.………21% State Unlisted….…69% Power & Gas Controlled Utilities: Distribution Entities………52% Liste
Slide 10: Largest holdings by NAV
Largest holdings by NAV NAV as at % in NAV Majority 28 September 2018 as at Portfolio Company Status Shareholder % Stake1 (USD mn) 28 September 2018 Hidroelectrica SA Unlisted Romanian State 19.9% 878.14 35.68 OMV Petrom SA Listed OMV 10.0% 510.58 20.75 CN Aeroporturi Bucuresti SA Unlisted Romanian
Slide 11: Portfolio – Potential transactions
Portfolio – Potential transactions FP NAV FP Stake Value Company (%)1 (USD mn) 1 Financial Adviser Selected Status Hidroelectrica 35.7% 878.1 Citigroup Global Markets Ltd, UBS Ltd Ongoing Salrom 2.6% 64.2 UniCredit Ongoing Request for IPO submitted for shareholders’ Engie Romania 4.8% 117.4 - approv
Slide 12: Hidroelectrica – Update
Hidroelectrica – Update Dividends: Pre-tax Cumulated Profit (RON mn) 1,980 FP received RON 226 mn dividends for the 2017 financial year. 1,602 Financials: 1,538 Gross profit increased by 66% to RON 1.98 billion in the first 9 months of 2018. Revenues increased to RON 3.2 billion, similar to the reve
Slide 13: OMV Petrom – Update
OMV Petrom – Update 9 months 2018 results1 Taxation • Sales increased to RON 16.1 bn in the first nine months of the year, by over 11% • The revised offshore royalties law was compared to the similar period in 2017, on the back of higher oil and gas prices and passed by the Parliament on 24 October
Slide 14: C.N. Aeroporturi Bucuresti – Update
C.N. Aeroporturi Bucuresti – Update 2018 Financial Performance 2011 2012 2013 2014 2015 2016 2017 H1 ‘17 H1 ‘18 %y/y budget Operating revenues (mn RON) 501.5 555.5 582.6 672.1 755.6 882.3 1,052.8 410.2 458.2 11.7% 1,189.2 Operating profit (mn RON) 88.5 80.9 94.0 124.4 213.5 276.6 393.4 149.1 225.4 5
Slide 15: Corporate Actions
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Slide 16: Distributions to shareholders
Distributions to shareholders Cash Distributions to Shareholders (RON) Gross Cash Net Cash Financial Distribution Distribution % Change Year on Year Paid In Per Share Per Share1 Year 2008-2009 Dividend 2010 0.08160 0.06854 - (aggregate) Dividend 2010 2011 0.03141 0.02638 - Dividend 2011 2012 0.03854
Slide 17: 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 Cancellation approved by the 29 Sep 16 – Wood & Co., Seventh Finalized 830.2 mn/8.2% 0.8967 shareholders during the 3 May ‘172
Slide 18: Annual dividend income – Top 20 portfolio companies (I)
Annual dividend income – Top 20 portfolio companies (I) Dividend Payout (%) FP Net Dividend (RON mn) Top 20 Holdings1 2012 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2018 Hidroelectrica SA - - 80 80 90 90 - - 128.9 134.6 206.6 226.2 OMV Petrom SA 40 36 35 - 94 46 319.0 331.4 120.5 - 106.8 107
Slide 19: Dividend income – Top 20 portfolio companies (II)
Dividend income – Top 20 portfolio companies (II) Dividend Payout (%) FP Net Dividend (RON mn) Top 20 Holdings1 2012 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2018 A.I. Timisoara – Traian Vuia SA 80 -9 - - - 37 0.7 -9 0.0 0.0 0.0 0.6 CN Administratia Canalelor Navigabile SA 85 85 50 100 90 2
Slide 20: 14 November 2018 GSM agenda
14 November 2018 GSM agenda Main points submitted for shareholders’ approval: • The termination of the ninth buy-back programme starting with 31 December 2018; • The tenth buy-back programme for a maximum number of 750,000,000 treasury shares (being in the form of shares and/or GDRs), starting with
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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