S.C. Fondul Proprietatea SA · BVB:FP
S.C. Fondul Proprietatea SA — Fondul Proprietatea — Q1 2011 Earnings Presentation
20 slides from S.C. Fondul Proprietatea SA's earnings presentation, May 16, 2011
Slide 1: Fondul Proprietatea Q1 2011 Report
Fondul Proprietatea Q1 2011 Report 16 May 2011 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 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 matters, nor is it an offering or an invitation to buy or sell shares in Fondul Proprietatea (“the F
Slide 3: Q1 2011 Highlights
Q1 2011 Highlights This material is intended solely for the recipient and should not be reproduced, copied or re-transmitted. Not intended for public use.
Slide 4: The Fund – Key Facts and Shareholders Structure
THE FUND AND THE FUND MANAGER 3 The Fund – Key Facts and Shareholders Structure FUND DETAILS AS OF 30 APRIL 2011 Shareholders structure (% held) Base currency RON - Evolution - Fund Launch Date 28 December 2005 100% Percentage held 10% Franklin Templeton 19% 20% 24% 26% 28% Appointment Date 29 Septe
Slide 5: Portfolio Structure
FONDUL PROPRIETATEA QUARTERLY REPORT 2011 4 Portfolio Structure • FP’s portfolio includes stakes in 83 companies (30 listed and 53 unlisted), both privately-held and State-owned, ranging from less than 1% up to 100% • The portfolio is heavily weighted towards the power, oil and gas sectors (approx.
Slide 6: Top Holdings
FONDUL PROPRIETATEA QUARTERLY REPORT 2011 5 Status Value % of NAV Representatives on Top 20 Holdings (RON million) Board of Directors 1. OMV Petrom S.A. Listed – SPO 2011 5,012.1 30.3% YES 2. Hidroelectrica S.A. Unlisted 3,287.0 20.0% YES 3. Romgaz S.A. IPO 2012 1,245.7 7.5% YES 4. Nuclearelectrica
Slide 7: Top Portfolio Holdings – 2010 Key Financial Ratios
FONDUL PROPRIETATEA QUARTERLY REPORT 2011 6 Top 20 Portfolio Holdings – 2010 Key Financial Ratios* Top 20 Holdings EV/EBITDA Debt/Equity P/BV 1. OMV Petrom S.A. 5.0 0.21 1.30 2. Hidroelectrica S.A. N/A N/A 1.00 3. Romgaz S.A. 5.8 0.00 1.00 4. Nuclearelectrica S.A. 16.7 0.32 1.00 5. CE Turceni S.A. 1
Slide 8: Romania Vs MSCI Eastern Europe: P/BV
FONDUL PROPRIETATEA QUARTERLY REPORT 2011 7 Romania Vs MSCI Eastern Europe : P/BV 31-DEC-2007-29-APR-2011 3.5 M SCI Romania - Price to Book Value Ratio - Latest M SCI EM Eastern Europe - Price to Book Value Ratio - Latest 3 2.5 2 1.5 1 0.5 12/07 04/08 08/08 12/08 04/09 08/09 12/09 04/10 08/10 12/10
Slide 9: Net Asset Value
FONDUL PROPRIETATEA QUARTERLY REPORT 2011 8 Net Asset Value NAV/share (RON/share) Dividend 1.2500 0.03141 1.1942 1.1692 1.1541 1.2004 1.1352 1.1500 Dividend 1.1124 1.0423 1.0283 0.0816 1.0500 1.0410 0.9792 0.9500 0.9723 0.8500 June July August September October November December January February Mar
Slide 10: FP Market Performance
FONDUL PROPRIETATEA QUARTERLY REPORT 2011 9 FP Market Performance NAV vs. Market Capitalisation (EUR bn) FP Share Price 5 0.66 0.64 4 0.62 Unlisted 0.6 3 2.26 0.58 0.56 2 0.14 Cash 0.54 0.52 1 1.66 Listed 1.81 0.5 0 0.48 25-Jan-2011 14-Feb-2011 6-Mar-2011 26-Mar-2011 15-Apr-2011 5-May-2011 NAV Marke
Slide 11: Board of Nominees
FONDUL PROPRIETATEA QUARTERLY REPORT 2011 10 Board of Nominees- Current Structure since 27 April 2011 Current Members Current Position Recommended by Comments Bogdan Dragoi State Secretary, Ministry of Public Finance Ministry of Public Finance Cristian Busu Director, Marfin Bank Ministry of Public F
Slide 12: Future Developments
Future Developments This material is intended solely for the recipient and should not be reproduced, copied or re-transmitted. Not intended for public use.
Slide 13: Buy-Back Program and Secondary Listing
FONDUL PROPRIETATEA QUARTERLY REPORT 2011 12 Buy-Back Program and Secondary Listing Buy-Back Program Terms: • Ability to purchase up to 10% of outstanding shares until 1 March 2012 as per GSM approval • Shares can only be acquired within the price range of RON 0.2 to RON 1.5 per share • Ability to p
Slide 14: 2011 SPO & IPO Timeline
FONDUL PROPRIETATEA QUARTERLY REPORT 2011 13 2011 SPO & IPO Timeline Market Value* Company Share Sale SPO Stake (mn) PETROM SPO – June 2011 9.8% EUR 566.5 TRANSELECTRICA SPO - 2011 15.0% EUR 55.7 TRANSGAZ SPO - 2011 15.0% EUR 107.7 ROMGAZ** IPO - 2012 15.0% EUR 303.4 Petrom and Transelectrica SPO Pr
Slide 15: Expected Dividends from Portfolio Companies
FONDUL PROPRIETATEA QUARTERLY REPORT 2011 14 Expected Dividends from Portfolio Companies* 5,000 4,408 4,000 3,496 2,544 3,000 RON mn 2,000 1,000 447 0 2009 2010 Profit Dividends** Expected dividend for the Fund from 2010 profits*: RON 422 million Total dividends received by the Fund for 2009 profits
Slide 16: Current Electricity Merger Project
FONDUL PROPRIETATEA QUARTERLY REPORT 2011 15 Current Electricity Merger Project Electra and Hidroenergetica structure Major shortcomings of the project: • None of the companies have the proper policies Electra Shareholders % and operational efficiency needed to be able to 1. Nuclearelectrica Ministr
Slide 17: Q1 2011 Results
Q1 2011 Results This material is intended solely for the recipient and should not be reproduced, copied or re-transmitted. Not intended for public use.
Slide 18: Income Statement
FONDUL PROPRIETATEA QUARTERLY REPORT 2011 17 Income Statement For the quarter ended 31 March 2010 31 March 2011 RON RON Unaudited Unaudited Revenues from current activity, out of which: 20,098,416 33,330,581 Interest income 16,179,645 17,357,679 Reversal of impairment adjustments & provisions - 9,79
Slide 19: Balance Sheet
FONDUL PROPRIETATEA QUARTERLY REPORT 2011 18 Balance Sheet 31 December 2010 31 March 2011 audited unaudited RON RON Financial assets 10,890,522,931 12,342,948,381 Non-current assets - total 10,890,522,931 12,342,948,381 Current assets - total 1,332,432,934 905,009,108 Prepaid expenses 31,004 184,136
Slide 20: The End
The End This material is intended solely for the recipient and should not be reproduced, copied or re-transmitted. Not intended for public use.