ROMANIA INVESTOR DAY, APRIL 2016

Transcription

1 ROMANIA INVESTOR DAY, APRIL 2016 This presentation is intended solely for the recipient and cannot be reproduced, copied or re-transmitted. Not for public use. The information contained in this document has not been independently verified and no representation or warranty expressed or implied is made as to, and no reliance should be placed on the fairness, accuracy, completeness or correctness of this information. Past performance is no guarantee of future results. This document does not constitute an offer or invitation to purchase any shares.

2 closed-end investment company, self managed successor of Private Ownership Fund I Banat-Crișana (FPP I) in 1991, 30% of state stakes in companies were transferred to five regional funds of private ownership (FPPs) (Law 58/1991) set up as joint stock company in November 1996 the Law 133/1996 transformed the Private Ownership Funds into financial investment companies (SIFs) following the capitalization of a portion of the profits recorded by FPP I and its distribution as shares for the population, in 1996 over 8.5m Romanian citizens became shareholders of SIF Banat-Crișana Romanian legal entity with private capital headquartered in Arad, branch office in Bucharest 2

3 Share capital RON 54,884, Total number of shares 548,849,268 Nominal value of share RON Trading market Bucharest Stock Exchange (BVB), Premium category, type: shares, ticker SIF1 Part of BVB indices BET-XT, BET-FI, BET-BK, BET-XT-TR ISIN code ROSIFAACNOR2 Bloomberg ID SIF1:RO Reuters ID SIF1.BX Market capitalization RON 840m (March 31, 2016) Net asset value RON 1,730m (February 29, 2016) 3

4 SHAREHOLDERS STRUCTURE breakdown as per holdings Y/E % Romanian individuals 5,772,614 shareholders 0.46% non-resident individuals 1,938 shareholders 32.93% Romanian legal entities 222 shareholders 23.97% non-resident legal entities 41 shareholders OWNERSHIP THRESHOLD 5% of share capital since % between ,1% between

5 NAV AND MARKET CAPITALIZATION RON m 1,900 net asset value market capitalization 1,542 1,597 1,604 1,857 1,300 1,361 1,297 1,317 1, values at year end; market capitalization calculated using the closing price of the last trading session of the year; SIF Banat-Crișana s NAV calculated acc. to Romanian Accounting Standards (RAS) for , and IFRS for

6 NET PROFIT & DIVIDEND PAYOUT Payout ratio net profit (calculated acc. to RAS , IFRS 2015) dividend % 24.5% 89.7% 87.11% 0% 0% 40.9% RON m TBD** * 2015 management proposal: a buy-back programme for 5.62% of the share capital (30.85m shares) to be concluded in 12 months between RON/sh , out of which 28.85m shares to be canceled and 2m shares to be distributed via Stock Option Plan to employees **TBD: calculated as total buy-back size multiplied by the average repurchase price (throughout the entire buy-back programme) * 6

7 DIVIDEND YIELD 0.10 RON 0.08 RON 0.06 RON 0.04 RON 0.02 RON 0.00 RON gross DPS DIVY 0.03 RON 0.05 RON RON 0.10 RON 0.10 RON 10.1% 8.4% 5.9% 3.2% 3.8% 0.0% 0.0% 8.75% * 12% 10% 8% 6% 4% 2% 0% DIVY calculated using the closing price at registration date * Shareholders benefit calculated considering the repurchasing of 30.85m shares and canceling of 28.85m shares Yield estimated at 8.75% is calculated at current market share price ( ron/sh 1.53 ). Yield could change, subject to maket conditions 7

8 ASSETS UNDER MANAGEMENT asset class breakdown (weight in total assets) 1.5% 8.4% 1.8% 2.7% 9.8% 75.8% total assets under management RON 1,754 m listed shares value RON 1,329 m unlisted shares value RON m unlisted non-ucits securities value RON 46.6 m unlisted corporate bonds value RON 31.8 m bank deposits and cash available value RON m receivables and other assets value RON 26.8 m weight in total assets; values calculated as at acc. to. FSA Reg. 9/2014 and FSA Reg. no. 10/2015 8

9 STOCK PORTFOLIO sector breakdown 5.2% 7.6% 4.2% 8.2% 5% 10.8% 58.9% RON 1,621 m banking - financials worth RON m 13 companies commerce - real estate worth RON m 21 companies tourism and public food services worth RON m 4 companies cardboard and paper worth RON 84.2 m 6 companies energy-utilities worth RON 81.8 m 11 companies pharmaceuticals worth RON 68.8 m 2 companies others worth RON m 104 companies weight in stock portfolio; values calculated as at acc. to. FSA Reg. 9/2014 and FSA Reg. no. 10/2015 9

10 TOP 10 COMPANIES IN PORTFOLIO Company (ticker) sector stake held by SIF1 value* of holding (RON m) % of NAV** ERSTE GROUP BANK AG (EBS) banking - financial 0.61% % BANCA TRANSILVANIA (TLV) banking - financial 4.44% % BRD - GROUPE SOCIÉTÉ GÉNÉRALE (BRD) banking - financial 1.95% % SIF IMOBILIARE (SIFI) financial services applicable to real estate 99.99% % SIF HOTELURI (CAOR) tourism & public food services 98.99% % VRANCART (VNC) cardboard and paper 74.72% % BIOFARM (BIO) pharmaceuticals 22.06% % AZUGA TURISM tourism & public food services 98.94% % SIF MOLDOVA (SIF2) other financial intermediations 4.96% % SNGN ROMGAZ (SNG) energy-utilities 0.37% % TOTAL 1, % * calculated as at acc. to. FSA Reg. 9/2014 and FSA Reg. no. 10/2015 ** NAV calculated under IFRS: RON 1,856.8m as at

11 TOP 10 LISTED COMPANIES IN PORTFOLIO Company (ticker) sector stake held by SIF1 value* of holding (RON m) % of NAV** ERSTE GROUP BANK AG (EBS) banking - financial 0.61% % BANCA TRANSILVANIA (TLV) banking - financial 4.44% % BRD - GROUPE SOCIÉTÉ GÉNÉRALE (BRD) banking - financial 1.95% % SIF IMOBILIARE (SIFI) financial services applicable to real estate 99.99% % SIF HOTELURI (CAOR) tourism & public food services 98.99% % VRANCART (VNC) cardboard and paper 74.72% % BIOFARM (BIO) pharmaceuticals 22.06% % SIF MOLDOVA (SIF2) other financial intermediations 4.96% % SNGN ROMGAZ (SNG) energy-utilities 0.37% % SIF MUNTENIA (SIF4) other financial intermediations 4.97% % TOTAL 1, % * calculated as at acc. to. FSA Reg. 9/2014 and FSA Reg. no. 10/2015 ** NAV calculated under IFRS: RON 1,856.8 m as at

12 TOP 10 UNLISTED COMPANIES IN PORTFOLIO Company sector stake held value* of holding by SIF1 (RON m) % of NAV AZUGA TURISM tourism & public food services 98.94% % NAPOMAR machinery 99.43% % SAI MUNTENIA INVEST other financial intermediations 99.96% % CENTRAL real estate 63.51% % MINERVA real estate 18.59% % GAZ VEST energy-utilities 25.82% % HORA woodworking 8.56% % EXIMBANK banking - financial 0.31% % REMEX woodworking 10% % BT ASSET MANAGEMENT other financial intermediations 10% % TOTAL % * calculated as at acc. to. FSA Reg. 9/2014 and FSA Reg. no. 10/2015 ** NAV calculated under IFRS: RON 1,856.8 m as at

13 7% 18% 46% 29% total revenues [RON m] RAS 4% 9% 20% 67% total revenues [RON m] RAS 6% 11% 9% 74% total revenues [RON m] RAS revenues from transactions (disposal of financial assets) revenues from non-current financial assets (dividends, capital increases) interest revenues other revenues (reversal of provisions, reactivated receivables etc.) values calculated acc. to Romanian Accounting Standards (RAS) 4% 13% 13% 70% total revenues [RON m] % 2% 5% 90% total revenues [RON m] % 10% 6% 32% 52% total gains [RON m] gains from transactions revenues from dividends interest revenues foreign exchange gains other revenues values calculated acc. to IFRS 2013 RAS 2014 RAS 2015 IRFS 13

14 Financial Assets Available For Sale (AFS) Financial Assets Held For Trading (HFT) Deferred Tax Shares Received Free of Charge IFRS (International Financial Reporting Standards) valued at fair value differences (temporary increase / decrease) are recognized in a reserves account reflecting fair value measurement in case of impairment (under IAS39), the impairment is recognized through P&L and is not reversed until a transaction occurs valued at fair value, through P&L, based on the closing price for the last trading session of the financial year for those temporary differences arising between the tax base for calculating the tax for assets and liabilities and their carrying amount used for reporting in the financial statements do not affect the P&L account RAS (Romanian Accounting Standards) only the negative differences are recognized, in a reserve account for impairment in case of bankruptcy or insolvency of the investee, the investment is considered fully depreciated and recognized through P&L valued at cost less impairment, the positive differences to the cost of acquisition are not recognized not recognized the nominal value of the shares received free of charge are recognized as income or reserves Revenues From Dividends recognized at gross value at registration date recognized at net value By applying IAS 29 (Financial reporting in hyperinflationary economies), the value of financial assets available for sale that the Company purchased before December 31, 2003, and accounted at cost, has been adjusted with the inflation index between acquisition date and December 31, The main effect of applying IAS 29 is the increase of the cost of these financial assets held by the Company. 14

15 BET-FI [points] SIF1 [RON/share] SIF1 vs. BET-FI 33,000 32,000 31,000 30,000 29,000 28,000 27,000 26,000 25,000 31, , , , Mar. 15 Apr. May Jun. Jul. Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. 16 highlighted values are recorded at the close of trading sessions , , BET-FI -9.7% , , SIF1 +8.9%

16 SIF1 RON/share 3.50 RON 3.00 RON % 51% % % % 51% 50% 2.50 RON 48% 49% 49% 49% 48% 2.00 RON 1.50 RON 1.00 RON 46% 46% 45% % 46% 46% % SIF1 NAV/sh % discount 47% 46% 45% 44% 43% 0.50 RON Jan. 15 Feb. Mar. Apr. May Jun. Jul. Aug. Sept. Oct. Nov. Dec. Jan. Feb % SIF1 closing price at the date of report for NAV/sh (calculated and reported throughout 2015 acc. to RAS, and under IFRS in 2016) Management s proposal for shareholders approval on April 25 (26), 2016, targeting the reduction of the discount to NAV: a buy-back programme for 30.85m shares (5.62% of the share capital) to be concluded in 12 months, followed by the cancelation of 28.85m shares and distribution of 2m shares to employees via Stock Option Plan 16

17 SIF RELATED create a core portfolio structure aimed at providing steady, constant and predictable returns to shareholders active involvement in majority-owned companies in order to increase performance restructure the existing portfolio with an aim to reduce exposure in minority-stake companies MARKET RELATED promote SIF Banat-Crișana within the capital market events (either individually or along with BSE, brokers) in order to increase transparency and attract new investors/shareholders active involvement in targeting and attracting new IPOs from privately-owned companies, in order to develop the local capital market 17

18 [RON] * REVENUES 145,724,591 96,888,200 Dividend revenues 34,072,103 93,866,000 Interest revenues 6,461,141 2,850,000 Revenues from disposal of financial assets 92,740,063 - Other operating revenues 11,225, ,200 Revenues from foreign exchange differences 1,226,155 - EXPENSES 57,380,101 21,479,300 Expenses with disposal of financial assets 38,109,822 - Expenses from foreign exchange differences 1,152,269 - Impairment expenses 2,333,292 - Commissions expenses 2,443,923 2,324,840 Other operating expenses 13,340,795 19,154,460 Profit before tax 88,344,490 75,408,900 NET PROFIT 75,324,568 71,872,450 % of revenues 52% 74% * as per management s proposal for GMS approval on April 25 (26),

19 April 25 (26), 2016 Annual General Meeting of Shareholders for the approval of the financial statements FY 2015 April 27, 2016 Submission of 2015 Annual Report financial statements FY 2015 May 16, 2016 Submission of the Quarterly Report financial results for Q as at March 31, 2016 August 12, 2016 Submission of the Semi-Annual Report financial results for H as at June 30, 2016 August 31, 2016 Submission of the consolidated financial statements FY 2015 November 8, 2016 Submission of the Quarterly Report financial results for Q as at September 30, 2016 to be communicated later Meetings with financial analysts, investment advisers, rating agencies, other specialists on the capital market 19

20 HEADQUARTERS Calea Victoriei 35A Arad , ROMANIA TEL FAX BUCHAREST BRANCH Calea Floreasca nr. 175, 7th floor, room A1 S1, Bucharest , Romania TEL FAX