S.C. Fondul Proprietatea SA · BVB:FP
S.C. Fondul Proprietatea SA — Fondul Proprietatea — Shareholder Meeting (January 2015)
26 slides from S.C. Fondul Proprietatea SA's shareholder meeting presentation, Jan 21, 2015
Slide 1: Fondul Proprietatea General Shareholder Meeting
Fondul Proprietatea General Shareholder Meeting, 21 January 2015 This material This materialisisintended intendedsolely solely forfor thethe recipient recipient and and should should not benot reproduced, be reproduced, copiedcopied or re-transmitted. or re-transmitted. Not intended Not for for publ
Slide 2: Disclaimer
DISCLAIMER 1 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,
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
GENERAL MEETING OF SHAREHOLDERS – 21 JANUARY 2015 3 The Fund – Key Facts Fund Details as at 31 December 20141 RON EUR FP Share Price6 and NAV NAV 13.24 bn 2.95 bn2 NAV/Share 1.2125 0.27052 1.20 Price/Share3 0.8960 0.1999 Discount3 26.10% 26.10% 0.90 Number of Shares in Issue 12,437,136,723 Number of
Slide 5: Shareholders Structure
GENERAL MEETING OF SHAREHOLDERS – 21 JANUARY 2015 4 Shareholders Structure1 Evolution (% Held) Largest Shareholders 100% 2% 6% 2% 2% 2% 2% 2% 2% 2% 3% 4% Elliott Associates2 19.73% 9% 8% 10% 8% 10% 10% 9% 9% 10% 10% 9% 9% 10% 9% 8% 10% 14% 9% 9% 9% 11% 20% 27% Total Number of 75% 10% 8,306 37% Share
Slide 6: FP Market Valuation
GENERAL MEETING OF SHAREHOLDERS – 21 JANUARY 2015 5 FP Market Valuation NAV vs. Market Capitalization (EUR bn)1 2.95 Unlisted 1.44 Net Cash 0.05 and Receivables 2.05 1.45 Listed NAV Market Capitalization2 31 December 2014 20 January 2015 1. Source: BVB, FP NAV as at 31 December 2014. 2. Excluding tr
Slide 7: FP Market Performance
GENERAL MEETING OF SHAREHOLDERS – 21 JANUARY 2015 6 FP Market Performance FP Share Price1 (RON) and Discount (%) 0.9000 59% 0.7500 48% 0.6000 37% 0.4500 26% 0.3000 15% 1/11 5/11 8/11 11/11 2/12 6/12 9/12 12/12 4/13 7/13 10/13 1/14 5/14 8/14 11/14 Discount Share Price RON Discount2 29.9% Average Dail
Slide 8: Annual Total Net Asset Value and Distributions to Shareholders
GENERAL MEETING OF SHAREHOLDERS – 21 JANUARY 2015 7 Annual Total Net Asset Value and Distributions to Shareholders RON mn 1,499.0 552.7 507.7 1,758.7 15,328.2 14,465.4 14,979.2 15,013.7 13,236.7 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Annual distributions Total NAV Source: Reports prepared by the Fund Ma
Slide 9: NAV and Share Price Performance
GENERAL MEETING OF SHAREHOLDERS – 21 JANUARY 2015 8 NAV and Share Price Performance Cumulative Performance Since Performance 2011 2012 2013 2014 Inception1 NAV (0.47)% 8.91% 13.29% 1.39% 24.52% Ordinary Share Price (30.32)% 38.30% 61.34% 14.53% 78.07% Average Annual Discount 2011 2012 2013 2014 YTD2
Slide 10: Portfolio Performance
Portfolio Performance 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 – December 2014
GENERAL MEETING OF SHAREHOLDERS – 21 JANUARY 2015 10 Portfolio Structure – 31 December 2014 Net Cash & Receivables IPOs since Net Cash & Banks Others Receivables 2% the start of 3% 2% 2% FTIML's Infrastructure Electricity: mandate 4% Generation 15% 19% Electricity & Gas: Distribution & Listed Unlist
Slide 12: Largest Holdings by NAV
GENERAL MEETING OF SHAREHOLDERS – 21 JANUARY 2015 11 Largest Holdings by NAV Majority NAV % in NAV No. Portfolio Company Status % Stake1 as at 31 December 2014 as at Shareholder (EUR mn) 31 December 2014 1 OMV Petrom SA Listed OMV 19.0% 979.3 33.2 2 Hidroelectrica SA Insolvency Romanian State 19.9%
Slide 13: Government SPO & IPO Calendar
GENERAL MEETING OF SHAREHOLDERS – 21 JANUARY 2015 12 Government SPO & IPO Calendar Future IPOs and Privatizations Offering Offering Size Value FP Stake Value Investment Company Official Timeline1 FP Expectations Seller Size % (EUR mn) (EUR mn) Consortium Selected Morgan Stanley, Hidroelectrica IPO –
Slide 14: 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 15: Total Distributions to Shareholders
GENERAL MEETING OF SHAREHOLDERS – 21 JANUARY 2015 14 Total Distributions to Shareholders Total Distributions to Shareholders (mn RON) 2010 2011 2012 2013 2014 Total Gross Cash 1,124.3 432.7 507.7 536.4 601.3 3,202.4 Distributions Buy-Backs 0.0 120.0 0.0 962.6 1,177.19 2,259.79 Total 1,124.3 552.7 50
Slide 16: Cash Distributions to Shareholders
GENERAL MEETING OF SHAREHOLDERS – 21 JANUARY 2015 15 Cash Distributions to Shareholders Cash Distributions to Shareholders (RON) Gross Distribution per Net Distribution per % Change Year on Type Financial Year Payment Year Share Share1 Year 2008 – 2009 Dividend 2010 0.08160 0.06854 - (aggregate) Div
Slide 17: Dividend Income – Portfolio Companies
GENERAL MEETING OF SHAREHOLDERS – 21 JANUARY 2015 16 Dividend Income – Portfolio Companies FP NET DIVIDEND (RON mn) Holdings 2014 2013 2012 2011 TOTAL Top 20 Holdings1 (RON mn) 610.1 586.2 515.2 423.2 Total Dividends from Listed Companies (RON mn) 538.6 373.9 450.1 304.0 Total Dividends from Unliste
Slide 18: Buy-Back Programs (I)
GENERAL MEETING OF SHAREHOLDERS – 21 JANUARY 2015 17 Buy-Back Programs (I) No. of shares to be repurchased/ Average share Program Period Status % of the Fund’s issued share price Broker Cancellation of shares capital (RON/share) Ongoing. Cancellation Third March-July 2014 Completed 252.9 mn/1.89% 0.
Slide 19: Buy-Back Programs (II)
GENERAL MEETING OF SHAREHOLDERS – 21 JANUARY 2015 18 Buy-Back Programs (II) Announcement No. of shares to Tender price FP pre-announcement Premium to pre- Discount of offer Tender Status date be repurchased (RON/share) share price (RON/share) announcement share price (%) price to NAV (%) First 25 Se
Slide 20: Average Daily Trading on BVB
GENERAL MEETING OF SHAREHOLDERS – 21 JANUARY 2015 19 Average Daily Trading on BVB Average Daily Turnover in December 2014 (EUR mn) London GDRs BVB 14.11 0.24 0.31 0.57 0.48 0.19 0.14 0.76 0.80 0.74 0.10 0.45 FP Romgaz Banca Electrica OMV Petrom BRD Transgaz Transelectrica SIF Oltenia SIF Moldova Tra
Slide 21: Secondary Listing on the LSE – Plan
GENERAL MEETING OF SHAREHOLDERS – 21 JANUARY 2015 20 Secondary Listing on the LSE – Plan Trading in London is planned to be achieved via the use of Global Depositary Receipts (“GDRs”) or Depositary Interests (DIs) as an alternative. Recent changes in the FSA regulations allow any company listed in R
Slide 22: Secondary Listing on the LSE – Institutions
GENERAL MEETING OF SHAREHOLDERS – 21 JANUARY 2015 21 Secondary Listing on the LSE – Institutions Consortium Member Auditor Local PR Agency Sole UK Financial Adviser Legal Advisor International PR Agency This material is intended solely for the recipient and should not be reproduced, copied or re-tra
Slide 23: Top Funds on LSE
GENERAL MEETING OF SHAREHOLDERS – 21 JANUARY 2015 22 Top 15 Funds on LSE Premium / Discount to % Listed Portfolio Fund Symbol Listing Currency Total NAV (USD mn) NAV (%) (approximately) Scottish Mortgage SMT GBP 4.68 2.7% 97 Alliance Trust ATST GBP 4.03 -12.5% 100 Fondul Proprietatea FP. USD 3.73 -2
Slide 24: GSM Agenda
GSM Agenda This material is intended solely for the recipient and should not be reproduced, copied or re-transmitted. Not for public use.
Slide 25: Extraordinary General Shareholders Meeting Agenda
GENERAL MEETING OF SHAREHOLDERS – 21 JANUARY 2015 24 Extraordinary General Shareholders Meeting Agenda EGM Agenda • The approval of the EGM agenda. • The approval of the decrease of the subscribed share capital of Fondul Proprietatea SA from RON 11,575,064,733.65 to RON 10,965,850,800.30 through the
Slide 26: Fondul Proprietatea contact details
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 for public use.
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