S.C. Fondul Proprietatea SA · BVB:FP
S.C. Fondul Proprietatea SA — Fondul Proprietatea — Shareholder Meeting (February 2018)
21 slides from S.C. Fondul Proprietatea SA's shareholder meeting presentation, Feb 14, 2018
Slide 1: Fondul Proprietatea General Shareholders Meeting
14 February 2018 Fondul Proprietatea General Shareholders Meeting
Slide 2: Fund Information
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Slide 3: The Fund – Key facts
The Fund – Key facts RON USD 31 Jan ‘18 29 Sep ‘17 Change 31 Jan ‘18 29 Sep ‘17 Change Fund Details1 NAV NAV2 (%) NAV NAV2 (%) NAV 10.9 bn 10.61 bn 3.4% 2.93 bn 2.72 bn 7.7% NAV/Share 1.2576 1.2078 4.1% 0.3359 0.3099 8.4% Price/Share 0.9200 0.8450 8.9% 0.2457 0.2168 13.3% Price/GDR 45.68 43.07 6.0%
Slide 4: FP Market performance
FP Market performance FP Share Price1 (RON) and Discount (%) 0.8500 66% 0.6500 49% 0.4500 32% 0.2500 15% 1/11 7/11 12/11 5/12 10/12 4/13 9/13 2/14 7/14 1/15 6/15 11/15 4/16 10/16 3/17 8/17 1/18 Discount Adjusted Share Price BVB LSE Discount2 28.00% 26.95% Average Daily Turnover (USD) 1.21 mn3 0.12 m
Slide 5: Management strategy
Management strategy Investment Objective Investment Strategy Performance Objectives (IPS)1 • FP’s investment objective is the • No new investments until the discount • Discount of 15% or less for at least maximization of returns to shareholders narrows significantly two thirds of the trading days be
Slide 6: Key terms of the new Management agreement
Key terms of the new Management agreement Base Fee per Year Distribution Fees for Duration Cash Distribution Current IMA Current IMA Current IMA 0.60% • 2.00%: Up to and including • 2 years • Discount 15% – 20%, + 0.05%, 31 March 2017 i.e. Base Fee Rate = 0.65% New IMA • 1.50%: 1 April – 30 Septembe
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 YTD 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: Portfolio
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Slide 9: Portfolio structure – Listed vs. Unlisted
Portfolio structure – Listed vs. Unlisted Listed Companies Unlisted Companies (% of NAV as at 29 December 2017) (% of NAV as at 29 December 2017) Hidroelectrica..………...33.05% OMV Petrom………….15.01% ENEL Companies……..13.20% BRD GSG………………2.65% Bucharest Airport……….7.17% Alro……………...………2.21% 22.6% 63.4%
Slide 10: Independent valuations of unlisted holdings as at 29 December 2017
Independent valuations of unlisted holdings as at 29 December 2017 Previous value Current value Impact of the update of Holding of the holding of the holding 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.
Slide 11: 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 12: 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 1,538 655 million to be
Slide 13: OMV Petrom – Update
OMV Petrom – Update OMV Petrom – Share Price Performance % in USD1 FP Announcement of the SPO FP ABB 270 and LSE listing 230 190 150 110 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 OMV Petrom Brent Oil Emerging Markets Oil an
Slide 14: 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 15: Corporate Actions
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Slide 16: 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 17: Distributions to shareholders (I)
Distributions to shareholders (I) 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 1,122.02 18.3% 21.9% 17.5% 15.5% 583.1 832.5 600.0 14.2% 10.5% 236.6 484.4 8.1% 362.6 344.7 389.3 1,124.3 7.5% 189.5 1,122.0² 120.0 924.0 507.7 536.4 601.3 534.3
Slide 18: Distributions to shareholders (II)
Distributions to shareholders (II) Annual Distributions to Shareholders per Share (RON) 0.9067 0.8530 0.8696 0.8328 0.7657 0.6826 0.5105 0.5206 0.1547 0.1901 0.0817 0.1188 0.0865 0.1186 0.1287 0.0410 0.0386 2010 2011 2012 2013 2014 2015 2016 2017 2018¹ Total Distribution per share Average share pric
Slide 19: 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 20: 14 February 2018 GSM agenda – Main points
14 February 2018 GSM agenda – Main points EGM agenda: • Presentation by the Fund Manager of investment • The approval of the new Investment Policy Statement strategies and available options. OGM agenda: • The approval of the terms along • The appointment of three • The approval of the increase of wi
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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