S.C. Fondul Proprietatea SA · BVB:FP
S.C. Fondul Proprietatea SA — Fondul Proprietatea — H1 2011 Earnings Presentation
22 slides from S.C. Fondul Proprietatea SA's earnings presentation, Aug 16, 2011
Slide 1: Fondul Proprietatea 2011 Semi-annual Results
Fondul Proprietatea 2011 Semi-annual Results 16 August 2011 This material is intended solely for the recipient and should not be reproduced, copied or re-transmitted. Not intended for public use.
Slide 2: Disclaimer
DISCLAIMER 1 Disclaimer This presentation 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 matters, nor is it an offering or an invitation to buy or sell shares in Fondul Proprietatea (“the F
Slide 3: Highlights
Highlights This material is intended solely for the recipient and should not be reproduced, copied or re-transmitted. Not intended for public use.
Slide 4: The Fund – Key Facts and Shareholders Structure
FONDUL PROPRIETATEA 2011 SEMI-ANNUAL REPORT 3 The Fund – Key Facts and Shareholders Structure FUND DETAILS AS OF 31 JULY 2011 Shareholders structure (% held) Base currency RON - Evolution - 100% Fund Launch Date 28 December 2005 10% 19% 24% Franklin Templeton 31% 35% 80% 40% Appointment Date 29 Sept
Slide 5: Romanian Government's options for the restitution process
FONDUL PROPRIETATEA 2011 SEMI-ANNUAL REPORT 4 Romanian Government’s options for the restitution process* •1. Propose to inject new assets in Fondul Proprietatea • Assets to be added to FP will be subject to shareholder approval • Questions regarding the valuation of the assets • No intention so far
Slide 6: Portfolio Structure
FONDUL PROPRIETATEA 2011 SEMI-ANNUAL REPORT 5 Portfolio Structure • FP’s portfolio includes stakes in 82 companies (31 listed and 51 unlisted), both privately-held and State-owned, ranging from less than 1% up to 100% • The portfolio is heavily weighted towards the electricity, oil and gas sectors (
Slide 7: Top Holdings
FONDUL PROPRIETATEA 2011 SEMI-ANNUAL REPORT 6 Value % of Representatives on Top 20 Holdings Status % STAKE (RON million) NAV Board of Directors 1. OMV Petrom S.A. Listed-SPO 2012 20% 4,285.3 26.8% YES 2. Hidroelectrica S.A. Unlisted 20% 3,340.4 20.9% YES 3. Romgaz S.A. IPO 2012 15% 1,220.2 7.6% YES
Slide 8: Net Asset Value
FONDUL PROPRIETATEA 2011 SEMI-ANNUAL REPORT 7 Net Asset Value NAV/share (RON/share) Dividend 1.2500 0.03141 1.1942 1.1919 1.1692 1.1754 1.2004 1.1625 1.1541 1.1352 1.1500 Dividend 1.1124 0.0816 1.0500 0.9792 0.9500 0.9723 0.8500 September October November December January February March April May Ju
Slide 9: Secondary Listing: Warsaw Stock Exchange
FONDUL PROPRIETATEA 2011 SEMI-ANNUAL REPORT 8 Secondary Listing: Warsaw Stock Exchange Benefits of the secondary listing: • Increased visibility among international institutional investors • Easy access into the Fund for a broader investor base, not currently investing in Romania, • Broader research
Slide 10: Buy-Back Program
FONDUL PROPRIETATEA 2011 SEMI-ANNUAL REPORT 9 Buy-Back Program Buy-Back Program Terms: • GSM approval to purchase up to 10% of outstanding shares until 1 March 2012 • Shares can only be acquired within the price range of RON 0.2 to RON 1.5 per share • Ability to purchase up to 25% of the average dai
Slide 11: 2011 SPO & IPO Timeline
FONDUL PROPRIETATEA 2011 SEMI-ANNUAL REPORT 10 2011 SPO & IPO Timeline Market Value* Company Share Sale SPO Stake (mn) OMV PETROM SPO – Q1 2012 9.8% EUR 497.2 TRANSELECTRICA SPO - 2011 15.0% EUR 55.2 TRANSGAZ SPO - 2011 15.0% EUR 93.4 ROMGAZ** IPO - 2012 15.0% EUR 287.8 Privatization Progress Petrom
Slide 12: Top Portfolio Holdings – Expected Dividends
FONDUL PROPRIETATEA 2011 SEMI-ANNUAL REPORT 11 Top 20 Portfolio Holdings – Expected Dividends Top 20 Holdings % STAKE 2010 Profit Dividend Payout % 2011 FP Net Dividend 1. OMV Petrom S.A. 20% 2,190.0 46% 201.5 2. Hidroelectrica S.A. 20% 292.4 90% 52.5 3. Romgaz S.A. 15% 651.2 110% 106.0 4. Nuclearel
Slide 13: Active Portfolio Management
FONDUL PROPRIETATEA 2011 SEMI-ANNUAL REPORT 12 Active Portfolio Management •Protecting and unlocking the underlying value of the Fund • Actively monitoring the portfolio companies and advising on increasing efficiency, profitability, and transparency, especially for state-owned companies – 250+ Gene
Slide 14: Measures agreed by the Romanian Government with the IMF
FONDUL PROPRIETATEA 2011 SEMI-ANNUAL REPORT 13 Measures agreed by the Romanian Government with the IMF* •Reforming State Owned Enterprises • Improve corporate governance legislation for SOEs by August 2011: – Regular independent financial external audits – Quarterly financial data reporting – Moving
Slide 15: FP Market Performance
FONDUL PROPRIETATEA 2011 SEMI-ANNUAL REPORT 14 FP Market Performance NAV vs. Market Capitalisation (EUR bn) FP Share Price 4 0.7 0.65 3 Unlisted 0.6 2.21 2 0.55 0.16 Cash 0.5 1 1.40 Listed 1.42 0.45 0 0.4 25-Jan-2011 24-Feb-2011 26-Mar-2011 25-Apr-2011 25-May-2011 24-Jun-2011 24-Jul-2011 NAV Market
Slide 16: Romania Vs MSCI Eastern Europe Vs Frontier Markets Vs World: YTD Performance
FONDUL PROPRIETATEA 2011 SEMI-ANNUAL REPORT 15 Romania Vs MSCI Eastern Europe Vs Frontier Markets Vs World : YTD Performance 31-DEC-2010-10-AUG-2011 (INDEX) Romania BET (Buchare st Exchange Trading) - Price Index 130 (INDEX) M SCI AC World - Price with Gross Divide nds - Daily Official - USD (Index)
Slide 17: H1 2011 Results
H1 2011 Results This material is intended solely for the recipient and should not be reproduced, copied or re-transmitted. Not intended for public use.
Slide 18: Income Statement
FONDUL PROPRIETATEA 2011 SEMI-ANNUAL REPORT 17 Income Statement For the 6-month period ended 30 June 2010 30 June 2011 RON RON Unaudited Unaudited Revenues from current activity, out of which: 267,749,209 593,708,256 Revenues from financial assets 173,185,462 513,207,854 Interest income 53,421,869 2
Slide 19: Balance Sheet
FONDUL PROPRIETATEA 2011 SEMI-ANNUAL REPORT 18 Balance Sheet 31 December 2010 30 June 2011 audited unaudited RON RON Financial assets 10,890,522,931 12,003,138,866 Non-current assets - total 10,890,522,931 12,003,138,866 Current assets - total 1,332,432,934 1,045,861,950 Prepaid expenses 31,004 128,
Slide 20: Upcoming Events
Upcoming Events This material is intended solely for the recipient and should not be reproduced, copied or re-transmitted. Not intended for public use.
Slide 21: 2011 Upcoming Events
FONDUL PROPRIETATEA 2011 SEMI-ANNUAL REPORT 20 2011 Upcoming Events Date Event 7-9 September Fondul Proprietatea at Deutsche Bank Global Emerging Markets Conference 3-4 October Fondul Proprietatea at Erste Group Investor Conference 5 October General Shareholders' Meeting* 6/7 October Analyst and Inv
Slide 22: The End
The End This material is intended solely for the recipient and should not be reproduced, copied or re-transmitted. Not intended for public use.