S.C. Fondul Proprietatea SA · BVB:FP
S.C. Fondul Proprietatea SA — Fondul Proprietatea — FY2017 Earnings Presentation
27 slides from S.C. Fondul Proprietatea SA's earnings presentation, Feb 16, 2018
Slide 1: Fondul Proprietatea
16 February 2018 Fondul Proprietatea This material is intended solely for the recipient and should not be reproduced, copied or re-transmitted. Not for public use.
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
Fund Information This material is intended solely for the recipient and should not be reproduced, copied or re-transmitted. Not for public use
Slide 4: The Fund – Key facts
The Fund – Key facts Fund Details1 RON USD FP Share Price4 and NAV NAV 10.97 bn 2.93 bn2 NAV/Share 1.2576 0.33592 1.2 Price/Share 0.9200 0.24572 Price/GDR 45.68 12.20 Market Capitalization as at 15 February 20183 8.01 bn 2.15 bn3 0.9 Discount/Share as at 15 February 2018 26.92% Discount/GDR as at 15
Slide 5: Shareholders structure
Shareholders structure Evolution (% Held) Largest 2% 2% 2% Shareholders1 2% 3% 3% 3% 3% 6% 10% 10% 9% 10% 8% 8% 8% 9% 10% 9% 9% 13% 13% 13% 14% 18% Elliott Associates 14% 9% 19% 11% 12% 12% 14% 14% 15% 15% 16% 14.89% 10% 43% 33% 34% 35% 34% City of London 27% 54% 35% 35% 35% 37% 37% Investment Mgmt.
Slide 6: Independent valuations of unlisted holdings as at December 2017
Independent valuations of unlisted holdings as at 29 December 2017 Value as at Value as at Impact of the update of Holding 29 November 2017 30 December 2017 independent valuation % Change (RON mn) (RON mn) on NAV (RON mn) Hidroelectrica SA 3,384.0 3,566.0 182.0 5.4% CN Aeroporturi Bucuresti SA 761.0
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 YTD1 Inception1 NAV (RON) (0.47)% 8.91% 13.29% 1.39% (0.60)% 7.33% 13.10% 1.62% 52.68% Ordinary Share Price (30.32)% 38.30% 61.34% 14.53% (4.06)% 4.90% 21.46% 6.48% 131.79% (RON) GDR (USD
Slide 8: Attribution to NAV Performance for Q4 2017
Attribution to NAV Performance for Q4 2017 Top Performers Weight in total Change in NAV performance % Change in share price/ NAV Company Status NAV1 for Q4 2017 value per share in Q4 2017 Hidroelectrica SA Unlisted 33.0% 1.72% 5.4% Alro SA Listed 2.2% 0.87% 63.5% Societatea Nationala a Sarii SA Unli
Slide 9: Attribution to NAV Performance for 2017
Attribution to NAV Performance for 2017 Top Performers Weight in total Change in NAV performance % Change in share price/ NAV Company Status NAV1 for 2017 value per share in 2017 Hidroelectrica SA Unlisted 33.0% 4.54% 5.4% OMV Petrom SA Listed 15.0% 2.35% 9.6% Alro SA Listed 2.2% 1.40% 179.5% CN Aer
Slide 10: Portfolio
Portfolio This material is intended solely for the recipient and should not be reproduced, copied or re-transmitted. Not for public use
Slide 11: Portfolio structure
Portfolio structure Listed vs Unlisted By Sector By Controlling Ownership as at 31 January 2018 (% NAV)1 as at 31 January 2018 (% NAV)1 as at 29 December 20172 Electricity & Gas: Distribution & Supply…………17% State Electricity: Controlled Unlisted……62% Generation…….35% Entities………48% Private Listed……
Slide 12: Largest holdings by NAV
Largest holdings by NAV NAV as at % in NAV Majority 31 January 2018 as at Portfolio Company Status Shareholder % Stake1 (USD mn) 31 January 2018 Hidroelectrica SA Unlisted Romanian State 19.9% 952.41 32.52 OMV Petrom SA Listed OMV 10.0% 463.62 15.83 CN Aeroporturi Bucuresti SA Unlisted Romanian Stat
Slide 13: Hidroelectrica – Update
Hidroelectrica – Update Dividends: Pre-tax Cumulated Profit (RON mn) In 2017, FP received from the company record high dividends for FY 2016 of RON 206.6 mn, 53.5% higher than the previous year. In September 2017, the Company’s shareholders approved a special dividend of RON 655 million to be paid b
Slide 14: OMV Petrom – Update
OMV Petrom – Update OMV Petrom – Share Price Performance % in USD1 270 FP Announcement of the SPO FP ABB and LSE listing 220 170 120 70 12/15 2/16 3/16 4/16 5/16 6/16 7/16 8/16 10/16 11/16 12/16 1/17 2/17 3/17 5/17 6/17 7/17 8/17 9/17 10/17 11/17 1/18 2/18 OMV Petrom Brent Oil Emerging Markets Oil a
Slide 15: C.N. Aeroporturi Bucuresti – Update
C.N. Aeroporturi Bucuresti – Update 2017 2018 Financial Performance 2011 2012 2013 2014 2015 2016 Prelim. % y/y budget Operating revenues (mn RON) 501.5 555.5 582.6 672.1 755.6 882.3 1,054.6 19.5% 1,141.5 Operating profit (mn RON) 88.5 80.9 94.0 124.4 213.5 276.6 385.9 39.5% 317.4 Net Income (mn RON
Slide 16: Portfolio Holdings – 2017 Preliminary key financials
Portfolio Holdings – 2017 Preliminary key financials EBITDA (RON mn) Net profit (RON mn) Company 2016 2017 2016 2017 BRD Groupe Societe Generale SA - - 763.5 1,414.6 Nuclearelectrica SA 622.8 858.6 111.4 303.1 Alro SA 169.6 420.7 67.2 317.7 Conpet SA 120.6 128.1 71.3 73.7 Total 913.0 1,407.4 1,013.4
Slide 17: Corporate Actions
Corporate Actions This material is intended solely for the recipient and should not be reproduced, copied or re-transmitted. Not for public use
Slide 18: Fifth Tender Offer
Fifth Tender Offer Value of the Offer 1,200,000,000 shares, in the form of shares and GDRs Purchase price RON 0.9350 per share and the US dollar equivalent of RON 46.75 per GDR Subscription period 18 January – 23 February 2018 Intermediary WOOD & Company Financial Services a.s Dealer managers Jeffer
Slide 19: Dividend Proposal for FY 2017
Dividend Proposal for FY 2017 The Investment Manager’s proposal for the dividend distribution for the 2017 financial year to be approved in the General Shareholders’ Meeting on 26 April 2018 is as follows: • RON 591.1 million gross dividend distribution • RON 0.0678 dividend per share • 8 June 2018
Slide 20: 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 1,713.12 21.9% 18.3% 21.7% 17.5% 15.5% 583.1 832.5 600.0 1,122.0² 10.5% 236.6 484.4 8.1% 362.6 344.7 389.3 1,124.3 7.5% 189.5 120.0 924.0 507.7 536.4 601.3 534.3 516.
Slide 21: Buy-back programs
Buy-back programs No. of shares to be repurchased/% of Average the Fund’s issued share price Cancellation Program Period Status share capital (RON/share) Broker of shares1 Cancellation approved by Wood & Co., 29 Sep 16 – the shareholders during Seventh Finalized 830.2 mn/8.2% 0.8967 Goldman Sachs 26
Slide 22: Investor relations – Upcoming events
Investor relations – Upcoming events Concorde Face 2 Face Investor Meet-up Budapest 3-4 Apr PKO CEE Capital Markets Conference London 23 Fondul Mar Proprietatea Day 19-20 Zagreb Mar 28 Feb Romania Investor Days London - 1 Mar More information about the Fund can be found on the website www.fondulprop
Slide 23: 26 April 2018 GSM agenda – Main points
26 April 2018 GSM agenda – Main points OGM agenda: • Board of Nominees’ presentation of its annual report for • The approval of the Annual Activity Report of the Sole 2017 financial year. Director of Fondul Proprietatea S.A. for the financial year 2017, and the approval of the auditor’s report. • Th
Slide 24: Financial results
Financial results This material is intended solely for the recipient and should not be reproduced, copied or re-transmitted. Not for public use
Slide 25: Statement of Financial Position
Statement of Financial Position 31 December 2017 31 December 2016 RON mn Audited Audited Cash and current accounts 19.2 5.8 Deposits with banks 1,276.7 305.3 Treasury bills 46.3 781.4 Government bonds 195.9 328.6 Equity investments 9,278.2 9,992.2 Other assets 10.7 20.8 Total assets 10,827.0 11,434.
Slide 26: Statement of Comprehensive Income
Statement of Comprehensive Income 2017 2016 RON mn Audited Audited Gross dividend income 740.4 353.1 Net realised gain / (loss) from disposal of non-current assets held for sale 330.6 (127.5) Net unrealised gain/ (loss) from equity investments at fair value through profit or loss 222.8 (377.8) Net g
Slide 27: Fondul Proprietatea contact details
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.