S.C. Fondul Proprietatea SA · BVB:FP
S.C. Fondul Proprietatea SA — Fondul Proprietatea — H1 2012 Earnings Presentation
61 slides from S.C. Fondul Proprietatea SA's earnings presentation, Aug 14, 2012
Slide 1: 2012 First Half - Results Presentation
2012 First Half - Results Presentation 14 AUGUST 2012 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
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 presentatio
Slide 3: 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”) which has
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 31 July 2012 Dividends RON EUR4 Base Currency RON 2006 0.00250 0.0070 Fund Launch Date 28 December 2005 2007 0.00660 0.0018 Franklin Templeton Appointment Date 29 September 2010 2009 0.081605 0.0193 Listing Date 25 January 2011 2010 0.03141 0.
Slide 6: Shareholders Structure
FUND INFORMATION 5 Shareholders Structure1 Evolution (% Held) Top Shareholders Elliott Associates2 13.91% City of London 7.21% Investment Management2 Total Number of Shareholders1 9,637 1. Shareholder structure as at 31 July 2012; based on paid share capital starting 31 July 2011. Source: Central De
Slide 7: Net Asset Value
FUND INFORMATION 6 Net Asset Value Cumulative Performance First Quarter 2012: +10.5% Cumulative Performance First Half 2012: -10.8% DIVIDEND DIVIDEND NAV (RON)/Share 0.03141 0.03854 1.3500 1.2004 1.1692 1.1942 1.1919 1.1754 1.1625 1.1450 1.1951 1.1922 1.1572 1.1688 1.1124 1.1352 1.0902 1.1147 1.0742
Slide 8: Contributors to NAV Performance for H1 2012
FUND INFORMATION 7 Contributors to NAV Performance1 for H1 2012 TOP PERFORMERS % change in NAV performance Change in NAV per share Company Status % in Total NAV for H1 20121 (RON) OMV Petrom SA Listed 34.2% 6.7% 0.0722 E.ON Moldova Distributie SA Unlisted 3.2% 1.2% 0.0133 Enel Distributie Banat SA U
Slide 9: Fund Portfolio
Fund Portfolio This material is intended solely for the recipient and should not be reproduced, copied or re-transmitted. Not intended for public use.
Slide 10: Portfolio Structure (I)
FUND PORTFOLIO 9 Portfolio Structure (I) 31 May 2012 31 July 2012 Net Cash & Others Receivables 4% Banks 4% Power 3% Utilities: Generation Infrastructure 31% 3% Power & Gas Utilities: Transport, Distribution & Supply 20% Oil & Gas 35% • Starting June 2012, the portfolio structure reflects the tempor
Slide 11: Portfolio Structure (II)
FUND PORTFOLIO 10 Portfolio Structure (II) 31 May 2012 31 July 2012 Net Cash & Net Cash & Receivables Receivables 4% 6% Listed 34% Unlisted 50% Listed 44% Unlisted 62% • As at 31 July 2012, the portfolio included stakes in 69 companies (25 listed and 44 unlisted) • Disposals for the 6-month period e
Slide 12: Largest Holdings by NAV
FUND PORTFOLIO 11 Largest Holdings by NAV1 NAV % in NAV NAV % in NAV Majority as at 31 May 2012 as at 31 May 2012 as at 31 July 2012 as at 31 July 2012 No. Portfolio Company Status Shareholder (EUR mn) (EUR mn) 1 OMV Petrom Listed–SPO OMV 888.0 25.3% 966.8 34.9% 2 Hidroelectrica Insolvency Romanian
Slide 13: Update on Fund Management Strategy
Update on Fund Management Strategy This material is intended solely for the recipient and should not be reproduced, copied or re-transmitted. Not intended for public use.
Slide 14: Portfolio and Corporate Actions
FUND MANAGEMENT STRATEGY 13 Portfolio and Corporate Actions • Portfolio Structure: – Listing the largest portfolio companies – Disposing of some unlisted companies (i.e. electricity and gas distribution companies) – Active portfolio management • Dividend Policy: all dividends received from portfolio
Slide 15: FP Market Valuation/Performance
FUND MANAGEMENT STRATEGY 14 FP Market Valuation/Performance NAV vs. Market Capitalization (EUR bn)1 FP Share Price and Free Float1 3 1.38 2 Unlisted 0.18 Cash 1 1.57 1.22 Listed 0 NAV Market Capitalization 31 July 2012 FP Share Price Free Float 8 August 2012 Discount3 46.0% Number of Shares Traded2
Slide 16: SPO & IPO Timeline
FUND MANAGEMENT STRATEGY 15 SPO & IPO Timeline Privatization Progress OMV Petrom’s SPO Transelectrica’s Hidroelectrica Not Successful Investment Romgaz & Transgaz Investment Transgaz Legal Romgaz Legal Bank Investment Banks Transelectrica‘s Banks Transgaz Advisor Selected Advisor Selected Selected S
Slide 17: Top 20 Portfolio Companies–Board Members
FUND MANAGEMENT STRATEGY 16 Top 20 Portfolio Companies–Board Members No. of Directors Top 20 Holdings1 % Stake % in Total NAV No. of Board Members nominated by FP 1 OMV Petrom 20.1% 34.2% 9 1 2 Romgaz 15.0% 10.4% 5 1 3 Complexul Energetic Oltenia 21.5% 8.6% 7 1 4 Nuclearelectrica 9.7% 4.0% 7 1 5 ENE
Slide 18: Dividends–Top 20 Portfolio Companies
FUND MANAGEMENT STRATEGY 17 Dividends–Top 20 Portfolio Companies 2012 Dividend 2011 Dividend 2012 FP Net 2011 FP Net Top 20 Holdings1 2011 Profit 2010 Profit Payout % Payout % Dividend Dividend 1 OMV Petrom SA 3,685.6 2,189.7 47% 46% 353.1 201.6 2 Romgaz SA 1,031.7 651.2 90% 109% 140.6 106.0 3 Compl
Slide 19: Secondary Listing on the Warsaw Stock Exchange
FUND MANAGEMENT STRATEGY 18 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 Risk: • Currently,
Slide 20: Secondary Listing on the WSE–Institutions
FUND MANAGEMENT STRATEGY 19 Secondary Listing on the WSE–Institutions Consortium Member Consortium Member Consortium Member Securities Joint Global Coordinator Joint Global Coordinator Co-Manager Co-Manager and Joint Bookrunner and Joint Bookrunner Auditor PR agency GolinHarris, Local PR Agency Inte
Slide 21: Secondary Listing on the WSE–Technical Listing and Placement Plan
FUND MANAGEMENT STRATEGY 20 Secondary Listing on the WSE–Technical Listing and Placement Plan “Accelerated” Route Stages • Technical listing, i.e. admission and introduction to trading on the WSE based on an information memorandum (“Listing Memorandum”) STEP 1 Which does not need to be approved by a
Slide 22: Buy-back Programs (I)
FUND MANAGEMENT STRATEGY 21 Buy-back Programs (I) First Buy-Back Programs: • 240.3 mn shares equivalent to 1.74% of the Fund’s issued share capital were bought back as at 30 September 2011, at an average price of RON 0.4994, for a total amount of RON 120.3 mn • Cancellation of the shares was approve
Slide 23: Buy-back Programs (II)
FUND MANAGEMENT STRATEGY 22 Buy-back Programs (II) Average Daily Turnover for the six-month period ended 30 June 2012 (EUR thousands) • 25% of the ADTV: EUR 0.78 million Source: Bucharest Stock Exchange This material is intended solely for the recipient and should not be reproduced, copied or re-tra
Slide 24: Investor Relations/Upcoming Events
FUND MANAGEMENT STRATEGY 23 Investor Relations/Upcoming Events Date Event 6–7 September 2012 Citi Frontier Markets Conference in London 10–11 September 2012 UniCredit Annual Emerging Europe Conference in Warsaw 1–4 October 2012 Erste Group Investor Conference in Stegersbach 15 November 2012 Q3 2012
Slide 25: Outstanding Approvals from CNVM
Outstanding Approvals from CNVM This material is intended solely for the recipient and should not be reproduced, copied or re-transmitted. Not intended for public use.
Slide 26: Pending CNVM Approvals
OUTSTANDING APPROVALS FROM CNVM 25 Pending CNVM Approvals 1. Excess Distribution Fee • Following the approval at the 4 April 2012 shareholder meeting of the excess distribution fee, CNVM has not yet approved the Addendum to the IMA, reflecting the changes to the fee structure 2. Secondary Listing: •
Slide 27: Update on Hidroelectrica–Insolvency Proceedings
Update on Hidroelectrica–Insolvency Proceedings This material is intended solely for the recipient and should not be reproduced, copied or re-transmitted. Not intended for public use.
Slide 28: Hidroelectrica – Insolvency
UPDATE ON HIDROELECTRICA 27 Hidroelectrica – Insolvency Hidroelectrica’s Insolvency – Cause According to a statement released by the company, the request for insolvency was due to: • The 10% reduction of the company’s turnover in 2011, because of the drought registered in Romania in 2011 and in the
Slide 29: Hidroelectrica–Selected Financial Information (I)
UPDATE ON HIDROELECTRICA 28 Hidroelectrica–Selected Financial Information (I) Variation % Q1 2012 vs. Q1 2012 vs. Q1 2012 Q1 2011 2011 Q1 2011 2011 Total shareholders’ equity1 16,495,424,689 16,789,015,357 16,489,796,972 98.25 100.03 Total assets1 20,840,262,058 20,052,037,274 20,962,323,111 103.93
Slide 30: Hidroelectrica–Selected Financial Information (II)
UPDATE ON HIDROELECTRICA 29 Hidroelectrica–Selected Financial Information (II) 31 March 2011 31 March 2012 31 May 2012 Profit and Loss Account Non–Audited (RON) Non-Audited (RON) Non-Audited (RON) Revenues 766,907,741 574,741,134 1,053,533,713 • Materials and supplies expenses 7,672,433 4,371,076 7,
Slide 31: Hidroelectrica 2011 Major Clients
UPDATE ON HIDROELECTRICA 30 Hidroelectrica 2011 Major Clients Quantity Average Price per Client (MWh) % of Total Value (RON)1 MWh (RON) Status Alro 2,494,572 13.81% 322,474,743 129.27 Renegotiated Energy Holding 2,155,802 11.93% 280,254,262 130.00 Terminated Alpiq RomEnergie 1,571,913 8.70% 204,348,
Slide 32: Hidroelectrica–Foregone Profits
UPDATE ON HIDROELECTRICA 31 Hidroelectrica–Foregone Profits Hidroelectrica Net Income1 OPCOM Market Prices2 Year Average Price (RON / MWh) 2009 155.35 Foregone Profits 2010 156.31 2011 221.23 • In 2009, Hidroelectrica sold 11.7 TWh through bilateral contracts at an average selling price of 102 lei/M
Slide 33: Hidroelectrica–Operating Costs (I)
UPDATE ON HIDROELECTRICA 32 Hidroelectrica–Operating Costs (I) Operating Expenditures (EUR/MWh) 30 27 21 20 15 15 13 14 11 11 10 10 8 0 Hidroelectrica Aes Tiete CESP Verbund RusHydro OPEX (excluding D&A) / MWh Generated OPEX (excluding D&A) / MWh Sold Breakdown of Operating Expenditures (EUR/MWh) En
Slide 34: Hidroelectrica–Operating Costs (II)
UPDATE ON HIDROELECTRICA 33 Hidroelectrica–Operating Costs (II) Labor (includes Pension Funds) / MWh Generated Maintenance, Materials and Third Party Service / MWh Generated 8 8 7.10 6.75 6.73 6 6 EUR / MWh EUR / MWh 4 3.09 4 2.27 2.10 2.36 2.32 2.17 2 2 1.49 0 0 Verbund Hidroelectrica CESP RusHydro
Slide 35: Hidroelectrica–Operating Costs (III)
UPDATE ON HIDROELECTRICA 34 Hidroelectrica–Operating Costs (III) Other Expenses / MWh Generated Energy (includes Transmission and Energy Bought) / MWh Sold 12.03 4 12 3.35 3 2.78 9 EUR / MWh EUR / MWh 2 6 5.26 3.73 3.79 2.73 1 0.83 3 0.40 0.04 0 0 Verbund RusHydro Aes Tiete CESP Hidroelectrica Hidro
Slide 36: H1 2012 Results
H1 2012 Results This material is intended solely for the recipient and should not be reproduced, copied or re-transmitted. Not intended for public use.
Slide 37: Income Statement
H1 2012 RESULTS 36 Income Statement (RON mn) 30 June 2011 (Unaudited) 30 June 2012 (Unaudited) Revenues from Current Activity, out of which: 593.7 847.8 • Revenues from Financial Assets 513.2 618.1 • Interest Income 29.1 14.0 • Reversal of Impairment Adjustments & Provisions 28.8 5.5 • Revenues from
Slide 38: Balance Sheet
H1 2012 RESULTS 37 Balance Sheet (RON mn) 31 December 2011 (Audited) 30 June 2012 (Unaudited) Financial Assets 10,627.9 11,428.1 Non-Current Assets–Total 10,627.9 11,428.1 Current Assets–Total 549.2 1,188.9 Prepaid Expenses 0.0 0.1 Payables within One Year 42.2 425.9 Total Assets Less Current Liabil
Slide 39: 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 40: Relevant Unlisted Portfolio Companies–Selected Financial Information
Relevant Unlisted Portfolio Companies– Selected Financial Information This material is intended solely for the recipient and should not be reproduced, copied or re-transmitted. Not intended for public use.
Slide 41: Romgaz–Selected Financial Information
APPENDIX 40 Romgaz–Selected Financial Information Indicator 2009 (mn RON) 2010 (mn RON) 2011 (mn RON) Fixed Assets 5,515.86 5,432.05 6,232.97 Current Assets, Out of Which: 3,539.00 3,508.12 4,692.13 • Cash and Current Account 1,162.74 1,010.92 2,518.14 Total Assets 9,060.47 8,940.17 10,925.10 Equity
Slide 42: CE Oltenia–Selected Financial Information
APPENDIX 41 CE Oltenia–Selected Financial Information Indicator 2009 (mn RON) 2010 (Unaudited) (mn RON) 2011 (mn RON) Fixed Assets – 6,270.75 6,613.13 Current Assets, Out of Which: – 1,403.45 1,534.55 • Cash and Current Account – 138.89 204.03 Total Assets – 7,674.20 8,147.68 Equity, Out of Which: –
Slide 43: Nuclearelectrica–Selected Financial Information
APPENDIX 42 Nuclearelectrica–Selected Financial Information Indicator 2009 (mn RON) 2010 (mn RON) 2011 (mn RON) Fixed Assets 7,953.95 9,039.42 9,191.44 Current Assets, Out of Which: 2,004.11 1,250.96 1,310.76 • Cash and Current Account 494.68 121.92 121.93 Total Assets 9,963.22 10,297.26 10,508.40 E
Slide 44: Enel Distributie Banat–Selected Financial Information
APPENDIX 43 Enel Distributie Banat–Selected Financial Information Indicator 2009 (mn RON) 2010 (mn RON) 2011 (mn RON) Fixed Assets 1,072.28 1,288.08 1,773.41 Current Assets, Out of Which: 561.04 642.22 631.43 • Cash and Current Account 400.22 462.19 429.81 Total Assets 1,633.37 1,931.03 2,405.04 Equ
Slide 45: E.ON Moldova Distributie–Selected Financial Information
APPENDIX 44 E.ON Moldova Distributie–Selected Financial Information Indicator 2009 (mn RON) 2010 (mn RON) 2011 (mn RON) Fixed Assets 1,248.86 1,290.05 2,086.03 Current Assets, Out of Which: 400.99 564.72 318.80 • Cash and Current Account 0.13 0.34 2.81 Total Assets 1,649.99 1,854.99 2,404.96 Equity
Slide 46: Enel Distributie Muntenia–Selected Financial Information
APPENDIX 45 Enel Distributie Muntenia–Selected Financial Information Indicator 2009 (mn RON) 2010 (mn RON) 2011 (mn RON) Fixed Assets 1,778.51 2,343.48 2,836.32 Current Assets, Out of Which: 2,151.07 2,070.27 1,603.40 • Cash and Current Account 1,854.93 1,858.99 1,314.25 Total Assets 3,929.64 4,413.
Slide 47: GDF Suez Energy–Selected Financial Information
APPENDIX 46 GDF Suez Energy–Selected Financial Information Indicator 2009 (mn RON) 2010 (mn RON) 2011 (mn RON) Fixed Assets 2,551.01 2,649.01 2,759.34 Current Assets, Out of Which: 1,239.55 1,551.92 1,418.24 • Cash and Current Account 142.50 366.01 47.93 Total Assets 3,792.50 4,203.59 4,180.20 Equit
Slide 48: CN Aeroporturi Bucuresti–Selected Financial Information
APPENDIX 47 CN Aeroporturi Bucuresti–Selected Financial Information Indicator 2009 (mn RON) 2010 (mn RON) 2011 (mn RON) Fixed Assets 5,416.59 5,471.29 5,590.62 Current Assets, Out of Which: 174.41 167.28 101.95 • Cash and Current Account 75.83 62.11 23.19 Total Assets 7,658.73 7,704.47 5,742.69 Equi
Slide 49: Enel Distributie Dobrogea–Selected Financial Information
APPENDIX 48 Enel Distributie Dobrogea–Selected Financial Information Indicator 2009 (mn RON) 2010 (mn RON) 2011 (mn RON) Fixed Assets 841.67 1,100.22 1,540.80 Current Assets, Out of Which: 356.47 400.22 291.02 • Cash and Current Account 228.35 265.75 147.72 Total Assets 1,198.76 1,501.06 1,831.97 Eq
Slide 50: Electrica Distributie Muntenia Nord–Selected Financial Information
APPENDIX 49 Electrica Distributie Muntenia Nord–Selected Financial Information Indicator 2009 (mn RON) 2010 (mn RON) 2011 (mn RON) Fixed Assets 1,377.94 1,431.73 1,589.17 Current Assets, Out of Which: 299.20 267.14 346.76 • Cash and Current Account 103.82 134.40 197.93 Total Assets 1,677.18 1,698.94
Slide 51: Electrica Distributie Transilvania Sud–Selected Financial Information
APPENDIX 50 Electrica Distributie Transilvania Sud–Selected Financial Information Indicator 2009 (mn RON) 2010 (mn RON) 2011 (mn RON) Fixed Assets 1,288.07 1,371.69 1,510.18 Current Assets, Out of Which: 159.46 163.82 150.55 • Cash and Current Account 38.09 23.03 13.59 Total Assets 1,447.65 1,535.75
Slide 52: Electrica Distributie Transilvania Nord–Selected Financial Information
APPENDIX 51 Electrica Distributie Transilvania Nord–Selected Financial Information Indicator 2009 (mn RON) 2010 (mn RON) 2011 (mn RON) Fixed Assets 1,303.14 1,334.03 1,429.30 Current Assets, Out of Which: 168.35 151.18 135.08 • Cash and Current Account 69.74 29.55 17.54 Total Assets 1,471.52 1,486.3
Slide 53: E.ON Gaz Distributie–Selected Financial Information
APPENDIX 52 E.ON Gaz Distributie–Selected Financial Information Indicator 2009 (mn RON) 2010 (mn RON) 2011 (mn RON) Fixed Assets 1,110.96 1,209.75 1,326.20 Current Assets, Out of Which: 153.50 185.81 250.06 • Cash and Current Account 0.72 0.26 1.12 Total Assets 1,265.16 1,396.30 1,577.23 Equity 900.
Slide 54: Posta Romana–Selected Financial Information
APPENDIX 53 Posta Romana–Selected Financial Information Indicator 2009 (mn RON) 2010 (mn RON) 2011 (mn RON) Fixed Assets 926.60 910.86 923.72 Current Assets, Out of Which: 303.85 193.92 217.06 • Cash and Current Account 158.36 49.37 53.24 Total Assets 1,235.34 1,107.80 1,141.51 Equity 677.97 558.41
Slide 55: Societatea Nationala a Sarii Salrom–Selected Financial Information
APPENDIX 54 Societatea Nationala a Sarii Salrom–Selected Financial Information Indicator 2009 (mn RON) 2010 (mn RON) 2011 (mn RON) Fixed Assets 124.66 125.51 134.15 Current Assets, Out of Which: 70.44 105.60 95.66 • Cash and Current Account 5.41 4.87 8.01 Total Assets 196.00 231.88 230.57 Equity 160
Slide 56: E.ON Energie Romania–Selected Financial Information
APPENDIX 55 E.ON Energie Romania–Selected Financial Information Indicator 2009 (mn RON) 2010 (mn RON) 2011 (mn RON) Fixed Assets 1.93 17.84 18.96 Current Assets, Out of Which: 1,091.62 1,774.73 2,081.27 • Cash and Current Account 12.76 31.94 88.42 Total Assets 1,093.57 1,792.58 2,100.26 Equity 825.3
Slide 57: CN Administratia Porturilor Maritime–Selected Financial Information
APPENDIX 56 CN Administratia Porturilor Maritime–Selected Financial Information Indicator 2009 (mn RON) 2010 (mn RON) 2011 (mn RON) Fixed Assets 579.93 550.27 583.79 Current Assets, Out of Which: 339.04 418.63 544.87 • Cash and Current Account 34.65 9.41 8.26 Total Assets 999.54 1,028.20 1,167.48 Eq
Slide 58: Zirom–Selected Financial Information
APPENDIX 57 Zirom–Selected Financial Information Indicator 2009 (mn RON) 2010 (mn RON) 2011 (mn RON) Fixed Assets 29.20 53.97 49.36 Current Assets, Out of Which: 5.80 10.23 5.02 • Cash and Current Account 2.96 7.10 2.35 Total Assets 35.02 64.22 54.56 Equity 34.72 57.81 52.82 Long Term Liabilities, O
Slide 59: Enel Energie Muntenia–Selected Financial Information
APPENDIX 58 Enel Energie Muntenia–Selected Financial Information Indicator 2009 (mn RON) 2010 (mn RON) 2011 (mn RON) Fixed Assets 2.62 4.13 5.76 Current Assets, Out of Which: 755.29 779.71 870.98 • Cash and Current Account 372.79 344.19 436.94 Total Assets 757.92 784.16 877.07 Equity 308.60 311.17 3
Slide 60: CN Administratia Canalelor Navigabile–Selected Financial Information
APPENDIX 59 CN Administratia Canalelor Navigabile–Selected Financial Information Indicator 2009 (mn RON) 2010 (mn RON) 2011 (mn RON) Fixed Assets 76.23 95.55 118.44 Current Assets, Out of Which: 18.62 23.99 21.33 • Cash and Current Account 9.70 0.58 0.88 Total Assets 94.91 119.58 139.94 Equity 78.61
Slide 61: Fondul Proprietatea Franklin Templeton Investment Management UK 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