S.C. Fondul Proprietatea SA · BVB:FP
S.C. Fondul Proprietatea SA — Fondul Proprietatea — Shareholder Meeting (November 2012)
21 slides from S.C. Fondul Proprietatea SA's shareholder meeting presentation, Nov 23, 2012
Slide 1: General Shareholders Meeting
General Shareholders Meeting 23 November 2012 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 and its contents are confidential and must not be distributed, published or reproduced (in whole or in part) by any medium or in any form, or disclosed or made available by recipients to any other person. By attending this presentation and/or receiving this
Slide 3: Disclaimer
DISCLAIMER 2 Disclaimer This presentation is addressed only to qualified investors within the meaning of Article 2(1)(e) of the Prospectus Directive (“Qualified Investors”). The Fund has not authorized any offer to the public of securities in any member state of the European Economic Area (the “EEA”
Slide 4: Fund Information
Fund Information This material is intended solely for the recipient and should not be reproduced, copied or re-transmitted. Not intended for public use.
Slide 5: The Fund–Key Facts
FONDUL PROPRIETATEA – GENERAL SHAREHOLDERS MEETING 4 The Fund–Key Facts Fund Details as at 31 October 2012 Dividends RON EUR4 Base Currency RON 2006 0.00250 0.0070 Fund Launch Date 28 December 2005 2007 0.00660 0.0018 Franklin Templeton Appointment Date 29 September 2010 2009 0.081605 0.0193 Listing
Slide 6: Shareholders Structure
FONDUL PROPRIETATEA – GENERAL SHAREHOLDERS MEETING 5 Shareholders Structure1 Evolution (% Held) 100% 6% 9% 8% 11% 11% 11% Largest Shareholders 2 12% 12% 11% 14% 20% Elliott Associates 14.95% 27% 75% 10% 37% 9% 43% City of London 48% 50% 52% 53% 9.69% 9% Investment Management3 31% The Royal Bank of 5
Slide 7: Net Asset Value
FONDUL PROPRIETATEA – GENERAL SHAREHOLDERS MEETING 6 Net Asset Value Cumulative Performance Third Quarter 2012: 1.71% Cumulative Performance YTD: -8.04% NAV (RON)/Share DIVIDEND DIVIDEND 0.03141 0.03854 1.3500 1.2004 1.1942 1.1919 1.1754 1.1625 1.1951 1.1922 1.1572 1.1688 1.1692 1.1450 1.1352 1.1290
Slide 8: Update on Fund Management Strategy
Update on Fund Management Strategy This material is intended solely for the recipient and should not be reproduced, copied or re-transmitted. Not intended for public use.
Slide 9: Portfolio and Corporate Actions
FONDUL PROPRIETATEA – GENERAL SHAREHOLDERS MEETING 8 Portfolio and Corporate Actions • Portfolio Structure: – Listing the largest portfolio companies – Disposing of some unlisted companies (i.e. electricity and gas distribution companies) – Active portfolio management • Dividend Policy: all dividend
Slide 10: Dividends–Top 20 Portfolio Companies
FONDUL PROPRIETATEA – GENERAL SHAREHOLDERS MEETING 9 Dividends–Top 20 Portfolio Companies 2012 Dividend 2011 Dividend 2012 FP Net 2011 FP Net Top 20 Holdings1 2011 Profit 2010 Profit Payout % Payout % Dividend Dividend 1 OMV Petrom SA 3,685.6 2,189.7 47% 46% 353.1 201.6 2 Romgaz SA 1,031.7 651.2 90%
Slide 11: Dividends – Limitations
FONDUL PROPRIETATEA – GENERAL SHAREHOLDERS MEETING 10 Dividends – Limitations • Dividend Policy: all dividends received from portfolio companies and interest on cash (less operating expenses and applicable taxes) are intended to be passed on to shareholders. According to the current legislation, in
Slide 12: Secondary Listing on the Warsaw Stock Exchange
FONDUL PROPRIETATEA – GENERAL SHAREHOLDERS MEETING 11 Secondary Listing on the Warsaw Stock Exchange On 27 June 2012, the Fund’s shareholders: • Approved the details of the secondary listing plan on the WSE • Empowered the Fund Manager to file the documentation for the secondary listing by 31 Decemb
Slide 13: Secondary Listing on the WSE – Institutions
FONDUL PROPRIETATEA – GENERAL SHAREHOLDERS MEETING 12 Secondary Listing on the WSE – Institutions Consortium Member Consortium Member Consortium Member Securities Joint Global Coordinator Joint Global Coordinator Co-Manager Co-Manager and Joint Bookrunner and Joint Bookrunner Auditor PR agency Golin
Slide 14: Buy-Back Programs (I)
FONDUL PROPRIETATEA – GENERAL SHAREHOLDERS MEETING 13 Buy-Back Programs (I) Second Buy-Back Program: • New buy-back program to repurchase 1.1 bn shares, equivalent to 7.9% of the Fund’s issued share capital was approved by shareholders at the 25 April 2012 Extraordinary General Shareholders Meeting
Slide 15: Buy-Back Programs (II)
FUND MANAGEMENT STRATEGY 14 Buy-Back Programs (II) Average Daily Turnover for Q3 2012 (EUR thousands) 3,500 3,249 2,800 2,100 1,400 700 550 301 255 138 114 32 31 0 FP OMV BRD SIF Oltenia SIF Moldova Banca Transelectrica Transgaz Transilvania Second Buy-Back Program: • Available cash as at 31 October
Slide 16: GSM Agenda
GSM Agenda This material is intended solely for the recipient and should not be reproduced, copied or re-transmitted. Not intended for public use.
Slide 17: EGM and OGM Agenda – November 2012
FONDUL PROPRIETATEA – GENERAL SHAREHOLDERS MEETING 16 EGM and OGM Agenda – 23 November 2012 • Extension until 30 June 2013 of the authorization of Franklin Templeton Investment Management Limited United Kingdom, Bucharest Branch, regarding the secondary listing procedures for listing Fondul Propriet
Slide 18: 2013 Budget
2013 Budget This material is intended solely for the recipient and should not be reproduced, copied or re-transmitted. Not intended for public use.
Slide 19: Principal 2013 Budget Assumptions
FONDUL PROPRIETATEA – GENERAL SHAREHOLDERS MEETING 18 Principal 2013 Budget Assumptions Please note that the following assumptions were used in the preparation of the 2013 Budget which are not necessarily the intended future course of actions in the management of Fondul Proprietatea. • The Fund’s eq
Slide 20: 2013 Budget for Fondul Proprietatea
FONDUL PROPRIETATEA – GENERAL SHAREHOLDERS MEETING 19 2013 Budget for Fondul Proprietatea RON 2013 Budget 2012 Budget Variance (%) I. INCOME FROM CURRENT ACTIVITY: 660,296,492 529,530,294 25% • Dividend income 618,171,289 509,465,353 21% • Interest Income 42,125,203 20,064,941 110% II. EXPENSES FROM
Slide 21: Fondul Proprietatea Franklin Templeton Investment Management UK Bucharest Branch
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 intended for public
Fondul Proprietatea — Shareholder Meeting (November 2012) on 6ix