S.C. Fondul Proprietatea SA · BVB:FP
S.C. Fondul Proprietatea SA — Fondul Proprietatea — Investor Presentation (February 2011)
76 slides from S.C. Fondul Proprietatea SA's investor presentation, Feb 2, 2011
Slide 1: Presentation for Investors
PRESENTATION FOR INVESTORS Fondul Proprietatea 02.02.2011
Slide 2: Disclaimer
DISCLAIMER 1 Disclaimer This presentation is intended solely for information purposes only and may not be used for, or in connection with, and does not represent an offering or an invitation to buy or sell shares in Fondul Proprietatea (“the Fund”) or in any of the securities mentioned herein. The d
Slide 3: Table of Contents
TABLE OF CONTENTS 2 Table of Contents Romania – Snapshot The Fund and the Fund Manager (Fund Manager and Sole Director) Fund Portfolio Investment Strategy Stock Market in Romania Highlights Appendix 1 – NSC NAV Valuation Methodology Appendix 2 – Templeton’s Investment Process Appendix 3 – Global Eme
Slide 4: Romania - Snapshot
Romania - Snapshot FONDUL a. Hy PROPRIETATEA FRANKLIN TEMPLETON INVESTMENTS
Slide 5: Romania – Macroeconomic Data
ROMANIA - SNAPSHOT 4 Romania – Macroeconomic Data Romania within the European Union Rank within Rank within new EU the EU member countries* • Size: 238,391 km2 9 2 (following Poland) • Population: 21,469,959 7 2 (following Poland) (2009) – Urban: 54.9% – Rural: 45.1% • GDP: EUR bn 115.94 17 3 (follo
Slide 6: Romania – Solid Fundamentals
ROMANIA - SNAPSHOT 5 Romania – Solid Fundamentals Public debt 2009 (% of GDP) Exchange rates 2008 - 2010 135 HUF/EUR 78.4% 100% 74.0% 130 PLN/EUR 125 CZK/EUR 80% 50.9% 120 % of G DP 115 RON/EUR 35.4% 35.3% 35.3% 35.0% 60% 110 23.9% 105 14.7% 40% 100 20% 95 90 0% 85 Hungary EU Poland Slov akia Czech
Slide 7: Recovery Underway
ROMANIA - SNAPSHOT 6 Recovery Underway Industrial output 2008 - 2010 Monthly unemployment 2009- 2010 (%) 8.40% 8.40% 110 8.10% 8.10% 9% 7.80% 7.70% 105 7.50% 7.50% 7.50% 7.41% 7.35% 7.10% 100 6.90% 8% 6.60% 95 6.30% 6.00% 7% 5.80% 5.70% 90 5.60% 5.30% 85 4.90% 6% 80 75 5% 70 4% Mar- Jun- Sep- Dec- M
Slide 8: The Fund and the Fund Manager
The Fund and the Fund Manager (Fund Manager and Sole Director)
Slide 9: The Fund – Key Facts and Shareholders Structure
THE FUND AND THE FUND MANAGER 8 The Fund – Key Facts and Shareholders Structure FUND DETAILS AS OF 31 DECEMBER 2010 Shareholders structure (% held) - Evolution - 100% 0% Base currency RON 5% 10% 13% 19% Fund Launch Date 28 December 2005 26% 80% Franklin Templeton 31% Percentage held Appointment Date
Slide 10: FTI’s Asset Base Over Time
THE FUND AND THE FUND MANAGER 9 FTI’s Asset Base Over Time Franklin Templeton’s Global Assets Under Management 10-Year Periods Ended 9/30/10 $U.S. Billions $700 $600 Total: $645 Billion $500 International: $198 Billion CAGR: 10.9% $400 $300 U.S.: $447 Billion $200 $100 $0 9/00 9/02 9/04 9/06 9/08 9/
Slide 11: FTI – Depth of Experience and Expertise
THE FUND AND THE FUND MANAGER 10 FTI – Depth of Experience and Expertise Franklin Templeton Investment Number of Franklin Templeton Professional Tenure1 Investment Professionals2 Franklin 10.0 14.8 523 444 Templeton 10.2 14.6 243 Mutual Series 91 9.6 16.5 1995 2000 2005 2010 Average Years with FTI A
Slide 12: Templeton Emerging Markets Group
THE FUND AND THE FUND MANAGER 11 Templeton Emerging Markets Group Vienna Warsaw Bucharest Moscow Bangkok Hong Kong Seoul – 48 Portfolio Managers and Analysts – 80 Professionals – 26 Nationalities Buenos Aires Rio de Janeiro Johannesburg Istanbul Dubai Mumbai Kuala Lumpur Singapore Ho Chi Minh Shangh
Slide 13: The Fund Manager – Bucharest Branch and Management Contract
THE FUND AND THE FUND MANAGER 12 The Fund Manager – Bucharest Branch and Summary of the Management Contract Franklin Templeton acting as the Sole Director John Lusk FTIML Director & Exec. Vice-President, and Fund Manager Portfolio Operations Fees (after listing) Dr Mark Mobius • Consideration x 0.47
Slide 14: Fund Portfolio
Fund Portfolio FONDUL a. Hy PROPRIETATEA FRANKLIN TEMPLETON INVESTMENTS
Slide 15: Portfolio Structure
FUND PORTFOLIO 14 Portfolio Structure • FP’s portfolio includes stakes in 83 companies (28 listed and 55 unlisted), both privately-held and State-owned, ranging from less than 2% up to 100% (as of the date of the Prospectus) • The portfolio weighs heavily on the power, oil and gas sectors (approx. 8
Slide 16: Portfolio Valuation
FUND PORTFOLIO 15 Portfolio Valuation NSC NAV Total value of - Aggregated value of liabilities and revenues = assets registered in advance “Total value of assets” is calculated by aggregating long term assets, current assets, derivative instruments and prepaid expenses. • NSC NAV computation: • Unti
Slide 17: OMV Petrom – Company Overview
FUND PORTFOLIO 16 OMV Petrom – Company Overview Quick Facts Shareholding Structure Sector: Integrated Oil & Gas OMV AG 51% Type: Listed Ministry of Economy 21% Weight in NSC NAV: 24.90% Fondul Proprietatea 20% FP stake: RON 3,816 mn (EUR 891 mn) Others 8% Oil consumption per capita in Romania vs. ot
Slide 18: OMV Petrom vs. Peer Companies
FUND PORTFOLIO 17 OMV Petrom vs. Peer Companies OMV Petrom NSC NAV EUR 4,455 mn OMV Petrom price evolution for the last 5 years vs. the BET Index (RON) Fair value resulted from P/E 0.7 12000 based on 2011e multiples 0.6 10000 Fair value resulted 0.5 8000 from P/B 0.4 6000 0.3 Fair value resulted 400
Slide 19: Romgaz – Company Overview
FUND PORTFOLIO 18 Romgaz – Company Overview Quick Facts Shareholding Structure Sector: Oil & Gas Ministry of Economy 85% Type: Unlisted Fondul Proprietatea 15% Weight in NSC NAV: 8.13% FP stake: RON 1,246 mn (EUR 291 mn) Gas production – 2009 market share Gas production (bcm) 2009 Romgaz vs. Peer co
Slide 20: Romgaz – Opportunities and Threats
FUND PORTFOLIO 19 Romgaz – Opportunities and Threats • Planned IPO via the sale of a 15% stake by the Government in 2011 • Increase of gas prices for retail and industrial consumers • Efficiency gains • Threat: decline in reserves Gas prices to end-consumer in Romania vs. other EU Gas consumption pe
Slide 21: Romgaz vs. Peer Companies
FUND PORTFOLIO 20 Romgaz vs. Peer Companies Romgaz NSC NAV EUR 1,940 mn EV per 1 bcm produced (2009 figures) – mn EUR per bcm 1,491.8 Fair value resulted 1,600 based on 2011e multiples from P/E 1,200 Fair value resulted 788.1 from P/B 800 315.4 288.3 400 Fair value resulted from EV/EBITDA - Romgaz G
Slide 22: Transgaz – Company Overview
FUND PORTFOLIO 21 Transgaz – Company Overview Quick Facts Shareholding Structure Sector: Gas Transmission Ministry of Economy 73.51% Type: Listed Fondul Proprietatea 14.99% Weight in NSC NAV: 3.22% Others 11.50% FP stake: RON 494 mn (EUR 115 mn) Nabucco Project • Regulated company – natural monopoly
Slide 23: Transgaz vs. Peer Companies
FUND PORTFOLIO 22 Transgaz vs. Peer Companies Transgaz NSC NAV EUR 767 mn Transgaz price evolution since listing (Dec 2007) vs. the BET Index 400 (RON) 12000 Fair value resulted from P/E 350 based on 2011e multiples 10000 300 8000 Fair value resulted 250 from P/B 200 6000 150 4000 Fair value resulte
Slide 24: Electricity Generation Overview
FUND PORTFOLIO 23 Electricity Generation Overview Electricity generation by producer Electricity prices for households (EUR/MWh) Installed Electricity Primary % held % in total capacity production Producer source by FP NSC NAV (MW) (GWh, 2009) 122.7 117.5 117.3 106.8 150 101.3 S.C. Hidroelectrica S.
Slide 25: Hidroelectrica – Company Overview
FUND PORTFOLIO 24 Hidroelectrica – Company Overview Quick Facts Shareholding Structure Sector: Electricity Producer Ministry of Economy 80% Type: Unlisted Fondul Proprietatea 20% Weight in NSC NAV: 21.44% • Main asset of the company is Portile de Fier I power FP stake: RON 3,287 mn (EUR 767 mn) plan
Slide 26: Hidroelectrica – Potential
FUND PORTFOLIO 25 Hidroelectrica – Potential Average price/MWh and EBITDA margin – comparative analysis (2009) • IPO of the company 50 80% 45.2 • Suspension of the plans to create the “energy champions” 40 76% 60% 32.2 • Efficiency gains bringing the company in line with foreign 31.2 30 peers 35% 47
Slide 27: Hidroelectrica – Valuation
FUND PORTFOLIO 26 Hidroelectrica – Valuation Hidroelectrica NSC NAV EUR 3,847 mn • The figures presented herein are the result of a limited valuation, based only on the peer group Fair value resulted comparison methodology based on 2011e multiples from PE Fair value resulted from P/B Fair value resu
Slide 28: Nuclearelectrica – Company Overview
FUND PORTFOLIO 27 Nuclearelectrica – Company Overview Quick Facts Shareholding Structure Sector: Electricity generation Ministry of Economy 90% Type: Unlisted Fondul Proprietatea 10% Weight in NSC NAV: 4.60% FP stake: RON 706 mn (EUR 165 mn) Market share: 21% Installed capacity: 1,414 MW EnergoNucle
Slide 29: Nuclearelectrica – Potential
FUND PORTFOLIO 28 Nuclearelectrica – Potential • IPO of the company • Suspension of the plans to create the “energy champions” • Pricing transparency • Planned capacity expansion EV per electricity production (2009 figures) - EUR/MWh EV per installed capacity (2009 figures) - thEUR/MW 2,000 500 473
Slide 30: Nuclearelectrica – Valuation
FUND PORTFOLIO 29 Nuclearelectrica – Valuation Nuclearelectrica NSC NAV EUR 1,693 mn Fair value resulted • The figures presented herein are the result of a from PE limited valuation, based only on the peer group based on 2011e multiples comparison methodology Fair value resulted from P/B Fair value
Slide 31: Electricity Distribution Market Overview
FUND PORTFOLIO 30 Electricity Distribution Market Overview Main distribution companies – coverage and market Main distribution companies – FP Stakes and weights in share (2009) FP’s portfolio Stake held % NSC Distribution company name by FP NAV Enel Distributie Muntenia 12% 2.12% 10.26% 10.78% Enel
Slide 32: ENELs – Potential & Valuation
FUND PORTFOLIO 31 ENELs – Potential & Valuation Enel D. Muntenia NSC NAV EUR 633 mn Common features Fair value based on 2009 multiples resulted from • Regulated companies – natural monopolies P/E • Regulatory elements: Fair value • 5-year regulatory periods resulted from • Current regulatory period
Slide 33: Investment Strategy
Investment Strategy JY), FONDUL a. G@/ PROPRIETATEA FRANKLIN TEMPLETON INVESTMENTS
Slide 34: Investment Strategy
INVESTMENT STRATEGY 33 Investment Strategy Investment Philosophy • Value Orientation • Patient Investment Outlook • “Bottom-Up” Approach Investment Objective • Long-term capital appreciation via investments mainly in Romanian equity or equity-linked securities Investment Approach and Techniques • De
Slide 35: Active Management
INVESTMENT STRATEGY 34 Active Management Enhancement of holding’s value • FP representatives on Boards of Directors in over 20 portfolio companies, representing 70% of NAV as of 31 December 2010 • Legal tools to protect & enhance value – e.g. energy champions, Romgaz donation • Proper corporate gove
Slide 36: A Romanian Fund – Main Investment Restrictions
INVESTMENT STRATEGY 35 A Romanian Fund – Main Investment Restrictions • Minimum 70% of assets in Romanian listed shares • Up to 12% of assets in foreign shares • Up to 20% of assets in unlisted shares (shares currently held by FP in unlisted companies are exempted from this rule of allocation accord
Slide 37: Stock Market in Romania
Stock Market in Romania
Slide 38: Romania vs MSCI Indices: 10-Years Performance
STOCK MARKET IN ROMANIA 37 Romania Vs MSCI Eastern Europe Vs Frontier Markets Vs World : 10-Years Performance 07-DEC-2000-07-DEC-2010 2,500 2,500 (INDEX) Romania BET (Bucharest Exchange Trading) - Price Index (INDEX) MSCI AC World - Price with Gross Dividends - Daily Official - USD (Index) (INDEX) M
Slide 39: Romania vs MSCI Indices: 5-Years Performance
STOCK MARKET IN ROMANIA 38 Romania Vs MSCI Eastern Europe Vs Frontier Markets Vs World : 5- Years Performance 07-DEC-2005-07-DEC-2010 (INDEX) Romania BET (Bucharest Exchange Trading) - Price Index (INDEX) M SCI AC World - Price with Gross Dividends - Daily Official - USD (Index) (INDEX) M SCI EM Eas
Slide 40: Romania vs MSCI Indices: 3-Years Performance
39 Romania Vs MSCI Eastern Europe Vs Frontier Markets Vs World : 3- Years Performance 07-DEC-2007-07-DEC-2010 120 120 (INDEX) Romania BET (Bucharest Exchange Trading) - Price Index (INDEX) MSCI AC World - Price with Gross Dividends - Daily Official - USD (Index) (INDEX) MSCI EM Eastern Europe - Pric
Slide 41: Romania vs MSCI Indices: 1-Year Performance
STOCK MARKET IN ROMANIA 40 Romania Vs MSCI Eastern Europe Vs Frontier Markets Vs World : 1- Year Performance 07-DEC-2009-07-DEC-2010 125 (INDEX) Romania BET (Bucharest Exchange Trading) - Price Index 125 (INDEX) MSCI AC World - Price with Gross Dividends - Daily Official - USD (Index) (INDEX) MSCI E
Slide 42: Romania vs MSCI Indices: P/E
STOCK MARKET IN ROMANIA 41 Romania Vs MSCI Eastern Europe Vs Frontier Markets Vs World : P/E 31-DEC-2007-30-NOV-2010 MSCI Romania - Price to Earnings Ratio - Latest MSCI EM Eastern Europe - Price to Earnings Ratio - Latest MSCI AC World - Price to Earnings Ratio - Latest MSCI FM Frontier Markets - P
Slide 43: Romania vs MSCI Indices: P/B
STOCK MARKET IN ROMANIA 42 Romania Vs MSCI Eastern Europe Vs Frontier Markets Vs World : P/B 31-DEC-2007-30-NOV-2010 3.5 MSCI Romania - Price to Book Value Ratio - Latest MSCI EM Eastern Europe - Price to Book Value Ratio - Latest MSCI AC World - Price to Book Value Ratio - Latest MSCI FM Frontier M
Slide 44: BSE Capitalisation and Free-Float
STOCK MARKET IN ROMANIA 43 BSE Capitalisation and Free-Float BSE Capitalisation (without International Category) 16 13.9 14 12 10.3 10 EUR bn 8 FP may 6 4.7 increase the 4 2.6 free-float of 2 BSE by 81% 0 dec.10 Scenario BSE capitalisation free-float Source: BSE* * Market capitalisation value for FP
Slide 45: FP in the Universe of Equities Listed on the BSE
STOCK MARKET IN ROMANIA 44 FP in the Universe of Equities Listed on the BSE Top 10 listed companies (international sector excluded) Market capitalization and free-float 2010 (EUR bn) 5 4.7 5 4 3.6 4 3 EUR bn 3 2.1 2.0 2 2 0.8 0.8 1 0.5 0.4 0.4 0.3 0.4 0.3 1 0.1 0.1 0.0 0.2 0.2 0.1 0.1 0.0 0 SNP FP B
Slide 46: Highlights
Highlights INVESTMENTS
Slide 47: FP - Highlights
HIGHLIGHTS 46 FP - Highlights • Romania - strong fundamentals and long term growth potential • Unique exposure to key Romanian companies – e.g. the Fund indirectly owns: – 2,451 MW electricity generation capacity – 337 mboe of oil&gas 2P reserves – Electricity distribution/supply to 1.5 million end-
Slide 48: Appendix 1 – NSC NAV Valuation Methodology
Appendix 1 – NSC NAV Valuation Methodology
Slide 49: NSC NAV Valuation Methodology
APPENDIX 1 48 NSC NAV Valuation methodology Valuation method Value as of 31 December 2010 Assets - RON mn - A. Financial asset portfolio 14,079.29 A.1. Unlisted shares FP stake % x equity value from most recent financial 9,145.01 statements / Fair value calculated according to international valuatio
Slide 50: Appendix 2 – Templeton’s Investment Process
Appendix 2 – Templeton’s Investment Process
Slide 51: Templeton’s Investment Process
APPENDIX 2 50 Templeton’s Investment Process • Ongoing Valuation Analysis • Evaluation and • Disciplined Sell Methodology Portfolio Maintenance • Weekly Peer Review and Risk Analytics • Investment Guidelines • Allocation Model • Construct • Diversified Portfolio Portfolio • Continual Review Process
Slide 52: Step 1. Identify Potential Bargains
APPENDIX 2 51 STEP 1. Identify Potential Bargains • Evaluation and Portfolio Maintenance • Construct Portfolio Does this stock meet our criteria in terms of valuation, size, and liquidity? • Peer Review Is this stock a potential Templeton “bargain” within the global universe, its • In-Depth Fundamen
Slide 53: Step 2. In-Depth Fundamental Analysis
APPENDIX 2 52 STEP 2. In-Depth Fundamental Analysis Evaluation and Portfolio Maintenance Construct Portfolio Is this stock a Templeton Emerging Markets Action List candidate? Peer Review Is the stock trading at a substantial discount to what our research In-Depth indicates the company may be worth o
Slide 54: Step 3. Peer Review
APPENDIX 2 53 STEP 3. Peer Review Evaluation and Portfolio Maintenance Construct Portfolio Has analysis met Templeton standards? Peer Review In-Depth Fundamental Analysis TEMPLETON EMERGING MARKETS PROCESS Identify Potential Bargains Review of Investment Proposal: •Intensive research conferences eve
Slide 55: Step 4. Construct Templeton Emerging Markets Fund
APPENDIX 2 54 STEP 4. Construct Templeton Emerging Markets Fund Evaluation and Portfolio Maintenance What are our client’s guidelines and/or constraints? Construct Portfolio What is the best combination of stocks for creating a diversified portfolio with the greatest appreciation potential? Peer Rev
Slide 56: Step 5. Evaluation and Portfolio Maintenance
APPENDIX 2 55 STEP 5. Evaluation and Portfolio Maintenance Evaluation and Portfolio Maintenance Construct Portfolio What are the performance contributors/detractors? Peer Review In-Depth Fundamental Analysis • Identify • Potential Bargains TEMPLETON EMERGING MARKETS PROCESS TEMPLETON EMERGING MARKET
Slide 57: Franklin Templeton’s Philosophy on Risk Management
APPENDIX 2 56 Franklin Templeton’s Philosophy on Risk Management: Built on the 3Rs • Franklin Templeton takes a comprehensive, disciplined approach to risk management across portfolios and strategies • Our overarching philosophy is based on our belief that investment risks should be: • Recognized –
Slide 58: Appendix 3 – Global Emerging Markets Group Team
Appendix 3 – Global Emerging Markets Group Team
Slide 59: The Fund Manager
APPENDIX 3 58 The Fund Manager The Fondul Proprietatea portfolio is managed by Greg Konieczny, with the support of a team of local investment analysts, who all report to Dr. Mark Mobius, Executive Chairman of the Templeton Emerging Markets Group Mark Mobius, Ph.D. Executive Chairman, Templeton Emerg
Slide 60: Global Emerging Markets Group Team
APPENDIX 3 59 Global Emerging Markets Group Team The following 5 investment analysts are based in the Bucharest office and support Mr. Konieczny in his daily management of the Fund and interaction with the portfolio companies ADRIAN CIGHI Investment Analyst Franklin Templeton Investment Management L
Slide 61: Global Emerging Markets Group Team
APPENDIX 3 60 Global Emerging Markets Group Team DAN GHEORGHE Investment Analyst Franklin Templeton Investment Management Ltd., Bucharest, Romania - Dan Gheorghe, investment analyst, joined the Templeton organization in 2010 in the Bucharest office. Mr. Gheorghe currently has research responsibility
Slide 62: Global Emerging Markets Group Team
APPENDIX 3 61 Global Emerging Markets Group Team The Templeton Emerging Markets Group has staff based in numerous other countries who can share local insight and experience if Fondul’s management team look to diversify a portion of the portfolio outside Romania. MATJAZ SCHROLL Vice President Vice Pr
Slide 63: Global Emerging Markets Group Team
APPENDIX 3 62 Global Emerging Markets Group Team GENNADY ZHILYAEV Vice President / Deputy Director Templeton Asset Management Ltd. - Russia Rep Office, Moscow, Russia - Gennady Zhilyaev, vice president/deputy director, joined the Templeton organization in 2005. Mr. Zhilyaev is currently responsible
Slide 64: Global Emerging Markets Group Team
APPENDIX 3 63 Global Emerging Markets Group Team CARLOS VON HARDENBERG Senior Executive Director Vice President Templeton Asset Management Ltd., Istanbul, Turkey - Carlos von Hardenberg joined the Templeton organization in 2002. Mr. von Hardenberg is primarily responsible for the Turkish market in a
Slide 65: Appendix 4 – Romania’s Agreement with the IMF
Appendix 4 – Romania’s Agreement with the IMF
Slide 66: Austerity Measures agreed with IMF start to bear fruit
APPENDIX 4 65 Austerity Measures agreed with IMF start to bear fruit Consolidated public budget deficit (cash basis) •Austerity package focused on cutting expenses 2% • Reform of public wages legislation 0% • Reform of public pension legislation -2% • Budget deficit - from 7.4% of GDP in 2009, to: -
Slide 67: Appendix 5 – Other Relevant Portfolio Companies
Appendix 5 – Other Relevant Portfolio Companies
Slide 68: GDF Suez Energy Romania – Company Overview
APPENDIX 5 67 GDF Suez Energy Romania – Company Overview Quick Facts Shareholding Structure Sector: Natural Gas Supply Romania Gas Holding (GDF) 51% Type: Unlisted Ministry of Economy 37% Weight in NSC NAV: 1.97% Fondul Proprietatea 12% FP stake: RON 303 mn ( EUR 71 mn) • Largest supplier on the reg
Slide 69: GDF Suez Energy Romania – Valuation
APPENDIX 5 68 GDF Suez Energy Romania – Valuation GDF Suez Energy Romania NSC NAV EUR 589 mn Fair value resulted • The figures presented herein are the based on 2009 multiples from PE result of a limited valuation, based only on the peer group comparison methodology Fair value resulted from EV/EBIT
Slide 70: CE Turceni – Company Overview
APPENDIX 5 69 CE Turceni – Company Overview Quick Facts Shareholding Structure Sector: Electricity generation Ministry of Economy 75.21% Type: Unlisted Fondul Proprietatea 24.79% Weight in NSC NAV: 3.46% • IPO of the company FP stake: RON 530 mn (EUR 124 mn) • Efficiency gains bringing the company i
Slide 71: CE Turceni – Valuation
APPENDIX 5 70 CE Turceni – Valuation CE Turceni NSC NAV EUR 499 mn Fair value resulted • The figures presented herein are the result from PE of a limited valuation, based only on the based on 2011e multiples peer group comparison methodology Fair value resulted from P/B Fair value resulted from EV/E
Slide 72: CN Aeroporturi Bucuresti – Company Overview
APPENDIX 5 71 CN Aeroporturi Bucuresti – Company Overview Quick Facts Shareholding Structure Sector: Airport management Ministry of Transportation 80% Type: Unlisted Fondul Proprietatea 20% Weight in NSC NAV: 2.10% Market share – passenger traffic 2009 FP stake: RON 322 mn (EUR 75 mn) Cluj Napoca,Ot
Slide 73: CN Aeroporturi Bucuresti – Potential
APPENDIX 5 72 CN Aeroporturi Bucuresti – Potential Passenger traffic evolution for 2005 – 2009 period • Number of passengers kept growing in 2009 despite of a 10 50 4 2 .5 9.1 9.1 7.1% decline in GDP. 8 40 7.8 • The number of passengers would need to grow by 6 2 6 .7 30 21.7% just to come at a par w
Slide 74: CN Aeroporturi Bucuresti – Valuation
APPENDIX 5 73 CN Aeroporturi Bucuresti – Valuation Aeroporturi Bucuresti NSC NAV EUR 376 mn EV per Passenger (2009 figures) - EUR 141 150 128 Fair value resulted 101 106 based on 2011e multiples from PE 93 100 55 56 50 Fair value resulted from P/B 0 Save CN Flughafen Aeroports de Copenhagen Flughafe
Slide 75: Appendix 6 – Shareholders’ Rights
Appendix 6 – Shareholders’ Rights
Slide 76: Quorum and majority requirements for General Shareholders Meetings
APPENDIX 6 75 Quorum and majority requirements for Ordinary General Shareholders Meetings: • Quorum of at least 25% of the total number of shares for the first meeting and majority of expressed voting rights to pass a decision • No quorum requirement for the second meeting Quorum and majority requir
Fondul Proprietatea — Investor Presentation (February 2011) on 6ix