S.C. Fondul Proprietatea SA · BVB:FP
S.C. Fondul Proprietatea SA — Fondul Proprietatea — Shareholder Meeting (April 2018)
28 slides from S.C. Fondul Proprietatea SA's shareholder meeting presentation, Apr 26, 2018
Slide 1: Fondul Proprietatea General Shareholders Meeting
26 April 2018 Fondul Proprietatea 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
= =) 2 Z Oo ae <x lu = <x = lu o oa jo} a o Fund Information
Slide 4: The Fund – Key facts
The Fund – Key facts RON USD2 30 Mar ‘18 31 Jan ‘18 Change 30 Mar ‘18 31 Jan ‘18 Change Fund Details1 NAV NAV (%) NAV NAV (%) NAV 9.84 bn 10.97 bn (10.3)% 2.60 bn 2.93 bn (12.7)% NAV/Share 1.3270 1.2576 5.2% 0.3513 0.3359 4.4% Price/Share 0.9340 0.9200 1.5% 0.2472 0.2457 0.6% Price/GDR 47.60 45.68 4
Slide 5: Shareholders structure
Shareholders structure Evolution (% Held) 2% 2% 2% 3% 2% 3% 3% 6% 9% 8% 8% 8% 9% 9% 9% 10% 10% 10% 13% 13% 10% 17% Largest 13% 14% 14% 9% 11% 12% 12% 14% 14% 15% 15% 19% Shareholders1 16% 10% 16% 43% 33% 34% 35% 34% Elliott Associates 27% 54% 35% 35% 35% 37% 9.11% 35% 34% 31% 55% 53% 53% 31% 10% 23%
Slide 6: 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 6/12 11/12 4/13 10/13 3/14 9/14 2/15 8/15 1/16 6/16 12/16 5/17 11/17 4/18 Discount Adjusted Share Price BVB LSE Discount2 27.35% 27.71% Average Daily Turnover (USD) 3.39 mn3 2.87
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% 7.23% 61.11% Ordinary Share Price (30.32)% 38.30% 61.34% 14.53% (4.06)% 4.90% 21.46% 8.10% 135.32% (RON) GDR (USD
Slide 8: Portfolio
<x lu = <x = lu o oa jo} a o Portfolio = =) 2 Z Oo ae
Slide 9: Portfolio structure
Portfolio structure Listed vs Unlisted By Sector By Controlling Ownership as at 30 March 2018 (% NAV)1 as at 30 March 2018 (% NAV)1 as at 29 December 20172 Electricity & Gas: Distribution & Supply…………19% State Electricity: Controlled Unlisted….…69% Generation…….38% Entities………48% Private Listed……….2
Slide 10: Largest holdings by NAV
Largest holdings by NAV NAV as at % in NAV Majority 30 March 2018 as at Portfolio Company Status Shareholder % Stake1 (USD mn) 30 March 2018 Hidroelectrica SA Unlisted Romanian State 19.9% 943.91 36.24 OMV Petrom SA Listed OMV 10.0% 476.72 18.30 CN Aeroporturi Bucuresti SA Unlisted Romanian State 20
Slide 11: 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 12: OMV Petrom – Update
OMV Petrom – Update OMV Petrom – Share Price Performance % in USD1 270 FP Announcement of the SPO and LSE listing FP ABB 220 170 120 70 12/15 3/16 5/16 7/16 10/16 12/16 2/17 5/17 7/17 9/17 11/17 2/18 4/18 OMV Petrom Brent Oil Emerging Markets Oil and Gas Index MOL OMV 1. Source: Bloomberg, as at 25
Slide 13: 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% 1,189.2 Operating profit (mn RON) 88.5 80.9 94.0 124.4 213.5 276.6 385.9 39.5% 428.4 Net Income (mn RON
Slide 14: Corporate Actions
FRANKLIN TEN INVESTMENTS Corporate Actions <x lu = <x = lu o oa jo} a o = =) 2 Z Oo ae
Slide 15: 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 1,824.4 18.3% 24.5% 21.9% 17.5% 15.5% 583.1 1,121.5 600.0 832.5 10.5% 236.6 484.4 362.6 344.7 8.1% 7.5% 389.3 189.5 111.8 1,124.3 120.0 924.0 507.7 536.4 601.3 53
Slide 16: Distributions to shareholders (II)
Distributions to shareholders (II) Annual Distributions to Shareholders per Share (RON) 0.9260 0.8530 0.8696 0.8328 0.7657 0.6826 0.5105 0.5206 0.1901 0.2264 0.1547 0.0817 0.1188 0.0865 0.1186 0.0410 0.0386 2010 2011 2012 2013 2014 2015 2016 2017 2018¹ Total Distribution per share Average share pric
Slide 17: Dividend Proposal for FY 2017
Dividend Proposal for FY 2017 The Sole Director’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 gross dividend per share • 8 June 2018
Slide 18: Cash Distributions to Shareholders
Cash Distributions to Shareholders Financial Gross Cash Distribution Net Cash Distribution % Change Year on Paid In Year per Share (RON) per Share (RON)1 Year 2008-2009 Dividend 2010 0.08160 0.06854 - (aggregate) Dividend 2010 2011 0.03141 0.02638 - Dividend 2011 2012 0.03854 0.03237 +22.71% Dividen
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 the 29 Sep 16 – Wood & Co., Seventh Finalized 830.2 mn/8.2% 0.8967 shareholders during the 3 May 26 May
Slide 20: Impact of the buy-back programs on the Fund’s equity
Impact of the buy-back programs on the Fund’s equity
Slide 21: Total impact on equity during 2017
Total impact on equity during 2017 Buy-back program 7 Buy-back program 8 Buy-back program 9 (RON) (RON) (RON) Acquisition cost 681,189,100 122,347,450 16,151,070 Total costs directly related to transactions, out of which: 8,784,900 1,766,801 178,323 Brokerage fees 310,826 24,469 3,230 FSA fees 5,873
Slide 22: Impact on negative reserves upon cancellation
Impact on negative reserves upon cancellation Buy-back Buy-back Buy-back program 7 program 8 program 9 Number of shares cancelled during 2017 (1) 739,398,468 - - Total costs (including transaction costs and other costs) (RON) (2) 682,500,639 - - Less the impact of Nominal Value decrease (RON)1 (3) (
Slide 23: Annual GSM Agenda
Annual GSM Agenda <x lu = <x = lu o oa jo} a o = =) 2 Z Oo ae
Slide 24: 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 25: Appendix
Appendix
Slide 26: 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 27: 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 28: Fondul Proprietatea contact details
Fondul Proprietatea Premium Point Buzesti Street 78-80, 1st District Bucharest 011017 www.fondulproprietatea.ro
Fondul Proprietatea — Shareholder Meeting (April 2018) on 6ix