S.I.F. Transilvania Company Presentation Q3 2017

Transcription

1 S.I.F. Transilvania Company Presentation Q

2 Agenda Fund Information Strategy Appendix 2

3 sep. 11 dec. 11 mar. 12 iun. 12 sep. 12 dec. 12 mar. 13 iun. 13 sep. 13 dec. 13 mar. 14 iun. 14 sep. 14 dec. 14 mar. 15 iun. 15 sep. 15 dec. 15 mar. 16 iun. 16 sep. 16 dec. 16 mar. 17 iun. 17 sep. 17 Fund Information Fund Data Joint-stock company that operates like a closed-end investment fund, currently classified by local securities regulator FSA as Other collective investment undertakings (NON-UCITS) with a diversified investment policy ; S.I.F. Transilvania aim to transpose the provisions of Law no. 74/2015 with regard to alternative investment fund managers; Listed on Bucharest Stock Exchange main market, Premium segment; Maximum ownership threshold at 5% of the share capital (voting rights for stakes above 5% are suspended); RON NAV vs share price evolution EUR NAV (September-2017) 950,548, ,681,359 NAV/share (September-2017) Total number of shares 2,184,286,664 Shareholding Structure 100% 90% 14% 12% 9% 6% 6% 5% 5% 5% 6% 6% 6% 6% 6% 5% 5% 5% 5% 4% 4% 18% 17% 17% 16% 16% 18% 21% 22% 80% 22% 23% 24% 26% 2% 2% 2% 31% 32% 32% 32% 32% 32% 32% 2% 70% 1% 1% 2% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 60% 1% 50% 40% 30% 68% 70% 73% 76% 76% 74% 72% 72% 71% 70% 68% 67% 62% 62% 62% 62% 63% 63% 63% 20% 10% 0% Romanian Individuals Foreign Individuals Romanian Institutionals Foreign Institutionals Dividends, Dividend Yields & Price performance 0,80 100% 0,70 90% 0,60 80% 70% 0,50 60% 64% 0,40 50% 0,30 39% 40% 0,20 30% 20% 0,10 10% 0,00 0% Discount NAV/Share (RON) Price / share (RON) 12% 10% 8% 6% 4% 2% 0% Bonus shares 10% 8% 5% 0,0000 0,0125 0,0265 0, Dividend (RON/share) Yield Source: S.I.F. Transilvania 3

4 Number of Portfolio Companies Number of portfolio companies Sep Sep Sep-17 Listed equity Unisted equity Total * excluding pending sales according to Law no. 151 / 2014 Source: S.I.F. Transilvania. 4

5 Portfolio Overview Fair Value of RON m 992,0 with holdings in 146 companies Asset Class Breakdown Sector Breakdown Unlisted equity 8% Bonds 2% Listed equity 87% Fund units & ETFs 3% IT & Telecom 0,22% Pharma 1,4% Transport 0,44% Others 0,19% Tourism 26% Industry 12% Energy 10% Financial 41% Construction 2% Listed vs Unlisted Holdings Real Estate 6% Majority vs Minority Stakes Other listed securities 1% Unlisted equity 8% Liste equity 87% Other unlisted securities 4% Between 5% and 33% 7% Between 33% and 50% 5% Majority stakes 39% Below 5% 49% Source: S.I.F. Transilvania 5

6 Top 5 holdings Company Sector Largest Shareholder Status Stake held % 1 BRD - GROUPE SOCIETE GENERALE Bucuresti Financial Groupe Societe Generale BSE Listed 3,34% 2 TURISM FELIX Baile Felix Tourism S.I.F. Transilvania BSE Listed 63.2% 3 S.N.G.N. ROMGAZ Sibiu Energy Romanian State BSE Listed 0.48% 4 FEPER Bucuresti Industry S.I.F. Transilvania BSE Listed 85.8% 5 ARO PALACE Brasov Tourism S.I.F. Transilvania BSE Listed 85.7% Source: S.I.F. Transilvania 6

7 RONm Market Valuation NAV valuation vs. Market Capitalization September , ,00 900,00 800,00 700,00 600,00 16% 25,57 47,63 22% 25,57 47,63 39% 500,00 950,55 400,00 300,00 583,20 622,44 671,56 200,00 100,00 0,00 Market cap Traded shares on regulated markets, cash&cash equivalents, Fund and ETFs Top 10, cash & cash equivalents, Funds and ETFs NAV Market cap Traded shares on regulated markets Top Ten Cash and cash equivalents Fund Units & ETFs NAV Source: S.I.F. Transilvania 7

8 Strategy Main Short-Term and Mid-Term Objectives based on the Strategic Guidelines for Remuneration and consolidation of the capital invested Shareholder remuneration by implementing a mix of complementary instruments: Distribution of cash dividends with an attractive yield; Carrying out share buyback programs followed by cancellation of shares and decrease of the company share capital; Carrying out a process for consolidating the face value of S.I.F. Transilvania shares. Portfolio management Speeding up and completing the portfolio restructuring process by: Applying the exit strategy with focus on unlisted shares with low growth potential; Completing the stabilization and balancing processes regarding the activities of the companies in which S.I.F. Transilvania holds the majority stake and wich have benefited from investitional programs. Operationalizing the investment vehicle which will manage the shares held in non-operational companies. Increasing the portfolio efficiency by: Implementing an active portfolio management; Promoting innovative and efficient management and administration systems: Promoting corporate governance principles; Implementing efficient monitoring and control/auditing systems. Investment/ disinvestment activity Developing efficient marketing and trading programs for selling the shares included in the exit category; Developing efficient investment programs with investment yields at levels accessible to sophisticated investors by: Acquisition of highly-liquid shares issued by listed companies with attractive shareholder remuneration policies; Increase of speculative activities on the capital market; Investment diversification and portfolio optimization by acquiring variable and fixed-income financial instruments, on various markets. This material is intended exclusively for the recipient; reproduction, copying or retransmission is strictly forbidden 8

9 Appendix 9

10 Appendix NAV Structure ASSETS Q A. Financial Asset Portfolio A.1. Unlisted shares A.2. Listed Shares a. Traded in the last 30 days b. Not traded in the last 30 days B. Cash and bank accounts C. Receivables 5.65 D. Other Assets D.1. D.2 Intangible & Tangible Assets - Non-financial Assets D.3. Bank deposits (gurantees) 0.00 D.4. Corporate Bonds (incl. interest) D.5. Mutual or investment funds - fund units D.6. Shares to be received - from bonds conversion 0.00 D.7. Other financial fixed assets - guarantees 0.02 D.8. Inventory - Non-financial Assets 0.07 D.9. Mutual or investment funds - fund units (foreign and FP) D.10. Other current assets (49.82) E. Prepaid expenses 0.23 TOTAL ASSETS 1, TOTAL LIABILITIES Provisions 0.00 Uncollected revenues 0.00 SHARHOLDER S EQUITY TOTAL LIABILITIES & EQUITY 1, NET ASSET VALUE (RONM) NET ASSET VALUE (EURM) NET ASSET VALUE PER SHARE (RON) According to the F.S.A. Regulation no.9/2014 Source: S.I.F. Transilvania 10

11 Q Results Statement of financial position in RONm Q FY 2016 Cash and cash equivalents Financial assets at fair value through profit or loss Financial assets available fors ale Intangible assets Tangible assets Other financial assets 5, Other assets 0,32 3,31 Total assets 1, Provisions Other financial liabilities Other liabilities Current income taxe liabilities Deffered income tax liabilities Total Liabilities Share capital Revaluation reserve for premises and equipment Revaluation reserve for investment securities available for sale Other reserves Retained earnings/current result Total Equity Total Liabilities and Equity 1, Source: 2017 Q3 financial results IFRS 11

12 Q Results Statement of profit or loss and other comprehensive income in RONm Q Q Dividend income Interest income Net gains from disposal of investment securities available for sale Net gains financial assets at fair value through profit or loss Other operating income or expenses ,32 Total net income Personnel expense (7.53) (8.32) Fees and commissions expense (1.06) (1.92) Other operating expenses (4.47) (3.63) Profit before tax Income tax (4.62) (6.58) Net profit at 30 September Other comprehensive income Items that may be reclassified subsequently to profit or loss: Gain/loss from investment securities available for sale, net of deffered tax (35.14) Items that will not be reclassified to profit or loss: Revaluation of premises and equipment Total other comprehensive income at 30 September (35.14) Total comprehensive income at 30 September Source: 2017-Q3 financial results - IFRS 12

13 Contact Nicolae Iorga 2 Street, Brasov, Romania Tel: ; ; investitori@siftransilvania.ro ; actionari@siftransilvania.ro web: 13

14 Disclaimer This presentation has been prepared solely for your information and is subject to update, completion, revision and amendment and such information may change materially. No person is under any obligation to update or keep current the information contained in the presentation and these materials, and any opinions expressed in relation thereto, are subject to change without notice. This Presentation contains neither a complete nor a comprehensive financial or commercial analysis of S.I.F. Transilvania, nor does it present its position or prospects in a complete or comprehensive manner and is does not purport to contain all of the information that a person considering the purchase of S.I.F. Transilvania securities may require for a full analysis of the matters referred to herein. S.I.F. Transilvania has prepared the Presentation with due care, however certain inconsistencies or omissions might have appeared in it. Therefore it is recommended that any person who intends to undertake any investment decision regarding any security issued by S.I.F. Transilvania or its subsidiaries shall only rely on information released as an official communication by S.I.F. Transilvania in accordance with the legal and regulatory provisions that are binding for S.I.F. Transilvania.. The Presentation may and does contain forward-looking statements. However, such statements must not be understood as S.I.F. Transilvania s assurances or projections concerning future expected results of S.I.F. Transilvania. The Presentation is not and shall not be understand as a forecast of future results of S.I.F. Transilvania.. It should be also noted that forward-looking statements, including statements relating to expectations regarding the future financial results involve significant risks and uncertainties and give no guarantee or assurance that such results will be achieved. The Board s expectations are based on present knowledge, awareness, assumptions and/or views of S.I.F. Transilvania s Board s members and are dependent on a number of factors, which may cause that the actual results that will be achieved by S.I.F. Transilvania may differ materially from those discussed in the document. Many such factors are beyond the present knowledge, awareness and/or control of the Company, or cannot be predicted by it. Such forward-looking statements only speak as at the date of this Presentation and the Company is not under any obligation to update or revise such forward-looking statements to reflect new events or circumstances nor to correct any inaccuracies which may become apparent subsequent to the date hereof. The information contained within this Presentation is subject to change without notice, it may be incomplete or condensed, and it may not contain all material information concerning the Company, its subsidiaries and its affiliates and/or connected parties. No warranties or representations can be made as to the comprehensiveness or reliability of the information contained in this Presentation nor that this Presentation is suitable for the recipient s purposes.. Neither S.I.F. Transilvania nor any of its affiliates or controlling persons, nor its directors, managers, advisers or representatives of such persons shall bear any liability (including in respect of direct, indirect or consequential loss or damage) that might arise in connection with any use of this Presentation. Furthermore, no information contained herein constitutes an obligation or representation of S.I.F. Transilvania, its managers or directors, its Shareholders, subsidiary undertakings, advisers or representatives of such persons. This Presentation does not purport to contain all of the information that may be required to evaluate an investment in S.I.F. Transilvania s securities and any recipient hereof should seek its own legal, accounting and other relevant professional advice. This Presentation was prepared for information purposes only and does not constitute or form part of, and should not be construed as neither a purchase or sale offer, nor a solicitation of an offer to purchase or sell, subscribe to or acquire any securities or financial instruments or an invitation to participate in any commercial venture. This Presentation is neither an offer nor an inducement or invitation to purchase, subscribe or otherwise acquire any securities in any jurisdiction and no statements contained herein may serve as a basis for any agreement, commitment or investment decision, or may be relied upon in connection with any agreement, commitment or investment decision. No securities of S.I.F. Transilvania have been, or will be, registered under the U.S. Securities Act of 1933, as amended (the Securities Act ), and securities of S.I.F. Transilvania may not be offered or sold in the United States absent registration or an applicable exemption from, or transaction not subject to, the registration requirements of the Securities Act. This Presentation may not be distributed to, directed at or viewed by, any persons within the United States or transmitted to U.S. persons (within the meaning of Regulation S under the U.S. Securities Act of 1933, as amended (the U.S. Securities Act )). This Presentation is not an advertisement and does not comprise a prospectus for the purposes of the EU Directive 2003/71/EC or otherwise. No part of this Presentation, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. 14