S.C. Fondul Proprietatea SA · BVB:FP
S.C. Fondul Proprietatea SA — Fondul Proprietatea — Q1 2015 Earnings Presentation
40 slides from S.C. Fondul Proprietatea SA's earnings presentation, May 15, 2015
Slide 1: Fondul Proprietatea Q1 2015 Results Conference Call
15 May 2015 Fondul Proprietatea Q1 2015 Results Conference Call 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 Details as at RON EUR FP Share Price5 and NAV 30 April 20151 NAV 13.07 bn 2.96 bn2 NAV/Share 1.2177 0.27552 1.2 Price/Share3 0.9000 0.2036 Discount per Share3 26.09% Price/GDR3 (USD) 11.45 0.9 Discount/GDR3 25.66% Number of Shares in Issue 12,184,278,667 Number of Paid Shar
Slide 5: Shareholders Structure
FONDUL PROPRIETATEA 4 Shareholders Structure Evolution (% Held) Largest Shareholders 2% 2% 2% 2% 2% 2% 2% 3% 2% 100% 4% Elliott 6% 9% 8% 10% 8% 10% 10% 9% 9% 18.76% 9% 9% 10% 10% 9% 9% 10% 9% 8% 10% Associates1 14% 9% 9% 9% 11% 12% 12% 20% Total Number of 27% 8,520 75% 10% Shareholders2 37% 9% 43% 2
Slide 6: Performance Objectives – NAV
Performance Objectives – NAV • Objective – The Adjusted NAV1 per share as at 30 June 2015, to be higher than the NAV per share as at 30 September 2013 (RON 1.1610 per share) • Monthly Monitoring – 30 April 2015 – The Adjusted NAV as at 30 April 2015 is higher than the NAV per share as at 30 Septembe
Slide 7: Performance Objectives - Discount
Performance Objectives - Discount • Objective – The discount between the closing price and the last reported NAV per share to be equal to or lower than 15%, in at least 2/3 of the trading days in the period 1 October 2014 – 30 June 2015 • Monthly Monitoring – 30 April 2015 – In the period 1 October
Slide 8: Contributors to NAV Performance for Q1 2015
Contributors to NAV Performance for Q1 2015 TOP PERFORMERS % in Total % change in NAV performance Change in NAV Company Status NAV1 for Q1 2015 per share (RON) Banca Transilvania SA Listed 1.3% 0.11% 0.0013 BRD Groupe Societe Generale SA Listed 1.9% 0.10% 0.0012 Conpet SA Ploiesti Listed 0.3% 0.03%
Slide 9: NAV and Share Price Performance
NAV and Share Price Performance Cumulative Performance (RON) 2011 2012 2013 2014 YTD1 Since Performance Inception1 NAV (0.47)% 8.91% 13.29% 1.39% 0.43% 25.05% Ordinary Share Price (30.32)% 38.30% 61.34% 14.53% 0.45% 78.87% Average Annual Discount Current Share Price Current GDR Price 2011 2012 2013
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
FONDUL PROPRIETATEA 10 Portfolio Structure Listed vs Unlisted By Sector By Controlling Ownership as as at 30 April 2015 at 31 March 2015 as at 30 April 2015 4% Electricity: Generation 3% 1% 1% Unlisted 4% 12% 1% 19% Oil & Gas State Controlled Listed Electricity & Gas: Entities Distribution & Supply
Slide 12: Largest Holdings by NAV
Largest Holdings by NAV NAV Majority % in NAV 1 as at 30 April Portfolio Company Status % Stake as at Shareholder 2015 30 April 2015 (EUR mn) OMV Petrom SA Listed OMV 19.0% 954.20 32.28 Hidroelectrica SA Insolvency Romanian State 19.9% 492.80 16.67 Romgaz SA Listed Romanian State 10.0% 317.43 10.74
Slide 13: Government SPO & IPO Calendar
Government SPO & IPO Calendar Future IPOs and Privatizations Offering Size FP Stake Investment Official FP Offering Company Value Value Seller Consortium Timeline1 Expectations Size % (EUR mn) (EUR mn) Selected Morgan IPO – June Hidroelectrica 2016 15.0 426.32 492.82 New Shares Stanley, 2014 Raiffei
Slide 14: Disposal of the Unlisted Power and Gas Distribution Companies
Disposal of the Unlisted Power and Gas Distribution Companies Background Company FP Stake NAV EUR mn % NAV • The total value of the holdings is EUR 782.2 mn, or 27.5% of the NAV per the Fund’s 31 March 2015 Detailed Statement of Investments. Enel Distributie Banat (EDB) 24% 145.2 5.1% Status Enel Di
Slide 15: Top 20 Portfolio Holdings – Key Financials
Top 20 Portfolio Holdings – Key Financials EBITDA (RON mn) Net Profit (RON mn) Top 20 Holdings1 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2 OMV Petrom SA 5,301.9 7,524.3 8,270.2 9,313.0 8,145.0 2,189.7 3,758.6 3,946.1 4,820.9 2,100.0 Hidroelectrica SA 1,349.9 873.6 707.3 2,008.3 2,207.9 292.
Slide 16: State Controlled Companies – Key Financials
State Controlled Companies – Key Financials EBITDA (RON mn) Net Profit (RON mn) Company 2011 2012 2013 2014 2011 2012 2013 2014 Hidroelectrica SA 873.63 707.33 2,008.3 2,190.0 6.5 (508.0) 719.0 967.0 Romgaz SA 1,884.8 2,126.6 1,972.5 2,511.0 1,031.8 1,244.1 995.6 1,434.4 Complexul Energetic Oltenia
Slide 17: Portfolio Update
FONDUL PROPRIETATEA 16 Portfolio Update • Romanian Government IPO Plans: On 29 April 2015, the Romanian Government reaffirmed its plans to continue in 2015 and 2016 the IPO and SPO program of SOEs. – Majority State-owned companies and non-privatized (ex. Hidroelectrica, Constanta Port, Bucharest Air
Slide 18: 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 19: Top 15 Funds on LSE
Top 15 Funds on LSE Premium / % Listed Listing Total NAV Fund Symbol Discount Portfolio Currency (USD mn) to NAV (%) (approximately) Scottish Mortgage Inv Tr PLC SMT GBP 4,988.61 2.10% 97.0 Alliance Trust PLC ATST GBP 4,878.76 (12.60)% 89.0 Foreign & Colonial Invest Tr FRCL GBP 4,181.31 (9.90)% 99.0
Slide 20: Discount and Average Daily Trading on LSE and BVB
FONDUL PROPRIETATEA 19 Discount and Average Daily Trading on LSE and BVB RON mn 149.60 150 27% 100 25% 50 22% 16.14 14.53 11.89 7.56 6.32 3.21 0.00 0.00 4.07 4.06 3.48 2.54 1.68 2.33 1.22 0.00 0.89 0.47 0.61 1.80 0.67 0.00 2.21 0 20% 29 Apr 30 Apr 1 May 4 May 5 May 6 May 7 May 8 May 11 May 12 May 13
Slide 21: Buy-Back Programs
Buy-Back Programs No. of shares to Average share be repurchased / Cancellation of Program Period Status price Broker % of the Fund’s shares (RON/share) issued share capital Approved by October 2014 – Fourth Completed 991.0 mn/7.32% 1.05571 Raiffeisen shareholders on 27 February 2015 April 2015 Start
Slide 22: Buy-Back Programs – BVB Average Daily Trading Value
CORPORATE ACTIONS 21 Buy-Back Programs – BVB Average Daily Trading Value Average Daily Turnover in April 2015 (EUR mn) London GDRs BVB 17.84 0.80 1.27 0.36 2.31 0.69 0.57 0.48 0.33 0.24 0.10 1.01 0.57 FP Romgaz Banca Electrica BRD OMV Petrom Transelectrica Transgaz SIF Moldova SIF Banat Transilvania
Slide 23: Dividend Income – Top 20 Portfolio Companies
Dividend Income – Top 20 Portfolio Companies DIVIDEND PAYOUT (%) FP NET DIVIDEND (RON mn) Top 20 Holdings1 2010 2011 2012 20132 2014 2011 2012 2013 2014 2015 OMV Petrom SA 46 47 40 36 35 201.6 353.1 319.0 331.4 120.5 Hidroelectrica SA 90 - - - N/A 52.5 - - - N/A Romgaz SA 109 91 85 99 86 106.0 140.6
Slide 24: Dividend Income – Top 20 Portfolio Companies
Dividend Income – Top 20 Portfolio Companies DIVIDEND PAYOUT (%) FP NET DIVIDEND (RON mn) Top 20 Holdings1 2010 2011 2012 20132 2014 2011 2012 2013 2014 2015 E.ON Energie Romania SA - - - - - - - - - - CN Administratia Porturilor Maritime SA - 71 75 78 5012 - 6.6 5.4 10.1 6.512 Electrica Furnizare S
Slide 25: Investor Relations – Upcoming Events
CORPORATE ACTIONS 24 Investor Relations – Upcoming Events UBS Frontier Conference New York and San Francisco, US 15-17 June UBS Emerging Markets Conference London, UK 8-9 US & Canada Road-show Romania Issuer Day June Dallas, Montreal, Toronto Zagreb, Croatia 10-12 June 25 May More information about
Slide 26: Q1 2015 Results
Q1 2015 Results This material is intended solely for the recipient and should not be reproduced, copied or re-transmitted. Not for public use.
Slide 27: Statement of Financial Position (RON million)
Statement of Financial Position (RON million) 31 March 2015 Unaudited 31 December 2014 Audited Cash and current accounts 1.3 6.9 Deposits with banks 44.0 109.4 Treasury bills 77.7 162.8 Government bonds 32.2 31.7 Equity investments 12,446.6 12,927.7 Deferred tax assets - 152.7 Other assets 10.3 9.5
Slide 28: Statement of Comprehensive Income (RON million)
Statement of Comprehensive Income (RON million) 31 March 2015 31 March 2014 Unaudited Unaudited Interest income 1.1 3.7 Loss on disposal of equity investments available for sale, net - (10.6) Net loss from equity investments at fair value through profit or loss (476.2) (431.3) Impairment losses on e
Slide 29: Q1 2015 Results
Q1 2015 Results This material is intended solely for the recipient and should not be reproduced, copied or re-transmitted. Not for public use.
Slide 30: OMV Petrom
OMV Petrom RON mn (audited) 2011 2012 2013 2014 Tangible assets 26,334.28 28,512.59 30,659.38 32,289.64 Non-current assets -Total 31,021.51 32,776.65 34,559.89 37,242.73 Current assets - Total 5,466.93 5,195.03 5,451.11 5,868.33 Short term liabilities 6,093.39 6,002.01 5,167.14 6,159.65 Long term li
Slide 31: Hidroelectrica
Hidroelectrica RON mn (audited) 2011 2012 2013 20141 Tangible assets 20,272.68 19,848.03 19,036.41 18,273.12 Non-current assets- Total 20,339.08 19,913.70 19,065.21 18,288.09 Current assets - Total 611.86 410.20 464.88 1,003.60 Short term liabilities 2,639.16 2,611.20 1,560.30 794.62 Long term liabi
Slide 32: Romgaz
Romgaz RON mn (audited) 2011 2012 2013 2014 Tangible assets 6,364.47 5,880.770 5,767.27 5,962.72 Non-current assets- Total 6,643.88 6,190.31 6,246.16 6,447.80 Current assets - Total 4,066.44 4,214.65 4,231.01 4,363.99 Short term liabilities 973.53 574.07 761.77 669.22 Long term liabilities 573.17 48
Slide 33: Enel Distributie Banat
Enel Distributie Banat RON mn (audited) 2011 2012 2013 2014 Tangible assets 1,745.58 1,766.75 1,762.64 1,815.85 Non-current assets- Total 1,773.41 1,800.54 1,794.67 1,843.55 Current assets - Total 631.43 805.47 1,040.91 1,227.34 Short term liabilities 208.42 216.62 232.51 194.87 Long term liabilitie
Slide 34: Enel Distributie Muntenia
Enel Distributie Muntenia RON mn (audited) 2011 2012 2013 2014 Tangible assets 2,818.90 3,506.96 3,502.93 3,504.65 Non-current assets- Total 2,836.32 3,532.46 3,522.84 3,519.60 Current assets - Total 1,603.40 1,597.01 1,941.52 312.89 Short term liabilities 522.97 438.39 477.05 531.87 Long term liabi
Slide 35: GDF Suez Energy Romania
GDF Suez Energy Romania RON mn (audited) 2011 2012 2013 2014 Tangible assets 2,597.26 2,761.10 3,087.40 3,253.17 Non-current assets- Total 2,764.89 2,963.48 3,245.67 3,343.48 Current assets - Total 1,380.63 1,815.49 1,734.75 1,893.89 Short term liabilities 793.05 1,015.42 941.13 966.88 Long term lia
Slide 36: E.ON Distributie Romania
E.ON Distributie Romania RON mn (audited) 2011 2012 2013 20141 Tangible assets 3,364.45 3,700.92 3,534.44 3,614.74 Non-current assets- Total 3,412.23 3,753.17 3,588.43 3,720.40 Current assets - Total 568.86 610.55 701.11 830.91 Short term liabilities 338.23 326.84 567.35 555.82 Long term liabilities
Slide 37: CN Aeroporturi Bucuresti
CN Aeroporturi Bucuresti RON mn (Audited) 2011 2012 2013 20141 Tangible assets 5,590.63 5,676.09 5,588.23 4,438.13 Non-current assets- Total 5,639.80 5,704.10 5,614.17 4,463.88 Current assets - Total 101.95 133.24 161.12 312.73 Short term liabilities 100.30 123.96 119.68 162.25 Long term liabilities
Slide 38: Enel Distributie Dobrogea
Enel Distributie Dobrogea RON mn (audited) 2011 2012 2013 2014 Tangible assets 1,512.48 1,578.60 1,603.74 1,566.17 Non-current assets- Total 1,540.80 1,612.90 1,636.44 1,595.16 Current assets - Total 291.02 439.86 542.79 618.83 Short term liabilities 250.57 335.73 215.13 201.89 Long term liabilities
Slide 39: Electrica Distributie Muntenia Nord
Electrica Distributie Muntenia Nord RON mn 2011 2012 2013 2014 Tangible assets 1,567.82 1,622.88 1,697.02 1,947.17 Non-current assets- Total 1,589.17 1,649.03 1,730.39 1,975.37 Current assets - Total 346.76 462.08 506.76 449.63 Short term liabilities 157.75 150.10 156.98 141.56 Long term liabilities
Slide 40: 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.