SIF BANAT-CRIȘANA S.A.

SIF BANAT-CRIȘANA S.A.

About SIF BANAT-CRIȘANA S.A.

Societatea de Investitii Financiare Banat-Crisana is a Romanian legal entity, established in 1997 as a joint stock company with private capital in, being the successor of Private Ownership Fund I (FPP) Banat-Crisana. The company is one of the main performers of the Romanian capital market, with over 20 years of activity and expertise in managing financial assets.

SIF Banat-Crisana is a closed-end investment company, self-managed, with a diversified investment policy, under the authorization and supervision of the Romanian Financial Supervisory Authority (FSA/ASF).

The investment objective of SIF Banat-Crisana is managing a diversified portfolio of quality assets, apt to provide both income on short-term as well as preservation and growth of capital on medium-long term. Asset allocation strategy pursues the maximization of portfolio performance pursuant to prudential standards established by the Romanian capital market. Portfolio exposure consists of approximately 90% of the net asset value (NAV) in stocks, mainly shares of companies listed on the Bucharest Stock Exchange.

President: BOGDAN-ALEXANDRU DRĂGOI

Shareholder structure

Shareholder Shares Percent
Alti actionari 548,849,268 100.00%
Total 548,849,268 100%

Info provided by: DEPOZITARUL CENTRAL Date: 06/14/2017

Market statistics

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Dividends

Year Dividend Reference date for GMS GMS date (dividend) Record Date Ex-dividend Date Announcement Date Payment date
2014 0.100000 04/10/2015 04/29/2015 08/14/2015 08/13/2015 03/13/2015 N/A
2011 0.100000 03/28/2012 04/26/2012 05/18/2011 05/16/2012 03/02/2012 08/03/2012
2010 0.103000 03/28/2011 04/28/2011 05/16/2011 05/12/2011 03/08/2011 06/21/2011
2009 0.050000 03/30/2010 04/30/2010 05/18/2010 05/14/2010 03/10/2010 06/14/2010
2008 0.030000 03/19/2009 04/25/2009 05/14/2009 05/12/2009 03/10/2009 N/A

NAV as of date 12/31/2018

      STATEMENT OF annex  no. 16       assets and liabilities of SIF Banat-Crisana as at     ...

NAV as of date 11/29/2018

      STATEMENT OF annex  no. 16         assets and liabilities of SIF Banat-Crisana as at     ...

NAV as of date 10/31/2018

      STATEMENT OF annex  no. 16       assets and liabilities of SIF Banat-Crisana as at         10/31/2018     ...

Q3 2018 Report

PRESS RELEASE SIF Banat-Crisana’s quarterly report as at September 30, 2018 November 6, 2018, Arad | SIF Banat-Crisana informs the investors that the Quarterly Report as at September 30, 2018, prepared pursuant to the provisions of Regulation no. 5/2018, Regulation no. 15/2004, Rule no. 39/2015 and Law no. 24/2017 will be made available to ...

Notification-buyback of own shares during the week 22.10-26.10.2018

CURRENT REPORT according to Regulation no. 5/2018 and Law no. 24/2017 on issuers of financial instruments and market operations Report date: October 29, 2018 Issuer Societatea de Investitii Financiare Banat-Crisana SA (SIF Banat-Crisana) | Registered office 35A Calea Victoriei, Arad 310158, Romania | Phone +40257 304 438 | Fax  ...

Suspension of buyback program

CURRENT REPORT according to Regulation no. 5/2018 and Law no. 24/2017 on issuers of financial instruments and market operations Report date: October 25, 2018 Issuer Societatea de Investitii Financiare Banat-Crisana SA (SIF Banat-Crisana) | Registered office 35A Calea Victoriei, Arad 310158, Romania | Phone +40257 304 438 | Fax  ...

Authorization appointment of company administrator

CURRENT REPORT according to Regulation no. 5/2018 and Law no. 24/2017 on issuers of financial instruments and market operations Report date: October 25, 2018 Issuer Societatea de Investitii Financiare Banat-Crisana SA (SIF Banat-Crisana) | Registered office 35A Calea Victoriei, Arad 310158, Romania | Phone +40257 304 438 | Fax  ...

Notification-buyback of own shares during the week 15.10-19.10.2018

CURRENT REPORT according to Regulation no. 5/2018 and Law no. 24/2017 on issuers of financial instruments and market operations Report date: October 22, 2018 Issuer Societatea de Investitii Financiare Banat-Crisana SA (SIF Banat-Crisana) | Registered office 35A Calea Victoriei, Arad 310158, Romania | Phone +40257 304 438 | Fax  ...

Notification - buyback of own shares 08.10-12.10.2018

CURRENT REPORT according to Regulation no. 5/2018 and Law no. 24/2017 on issuers of financial instruments and market operations Report date: October 15, 2018 Issuer Societatea de Investitii Financiare Banat-Crisana SA (SIF Banat-Crisana) | Registered office 35A Calea Victoriei, Arad 310158, Romania | Phone +40257 304 438 | Fax  ...

NAV as of date 09/28/2018

      STATEMENT OF annex  no. 16       assets and liabilities of SIF Banat-Crisana as at     ...

Q3 2018 Report

PRESS RELEASE SIF Banat-Crisana’s quarterly report as at September 30, 2018 November 6, 2018, Arad | SIF Banat-Crisana informs the investors that the Quarterly Report as at September 30, 2018 ...

2018 Half-year financial consolidated results

PRESS RELEASE Availability of SIF Banat-Crisana H1 2018 consolidated report   September 28, 2018, Arad | SIF Banat-Crisana informs the investors that the Consolidated Report for H1 2018 wi ...

Correction in H1 2018 report

      ERRATUM       Correction of the material error occured in Annex 3 of SIF Banat-Crisana H1 2018 report (January 1 - June 30, 2018) - Table 9 – for issuers of UCITS and ...

H1 2018 report

Financial results for H1 2018 Main financial indicators for SIF Banat-Crisana as at June 30, 2018: Total assets value: RON 2,573 million Net Asset Value: RON 2,382 million Net ...

Q1 2018 financial results

PRESS RELEASE Availability of SIF Banat-Crisana Q1 2018 Report   May 15, 2018, Arad | SIF Banat-Crisana informs the investors that the Quarterly Report prepared as at March 31, 2018, pursu ...

2017 Annual report

PRESS RELEASE Availability of SIF Banat-Crisana annual report for 2017   April 26, 2018, Arad | SIF Banat-Crisana informs the investors that the Annual Report of SIF Banat-Crisana, the sep ...

Preliminary financial results for 2017

Preliminary financial results for 2017   SIF Banat-Crisana submits the preliminary unaudited financial results as at December 31, 2016, prepared in compliance to the Norm 39/2015 for the appr ...

2017 Q3 report

Financial results for Q3 2017 Main financial and operational indicators for SIF Banat-Crisana as at September 30, 2017: § Net asset value: RON 2,299.96 mn § Total assets value: RON 2,321.3 ...

2017 H1 financial results

Financial results for H1 2017 Main financial indicators for SIF Banat-Crisana as at 30.06.2017: § Net asset value: RON 2,203.59 million § Total value of assets under management: RON 2,225. ...

Q1 2017 Report

Financial results for Q1 2017 Main financial and operational indicators for SIF Banat-Crisana as at March 31, 2017: § Net asset value: RON 2,114.13 mn § Carrying value of total assets: R ...

Annual financial information

2016 2017
Total Revenues 255,500,156 255,500,156
Deferred Income 176,752 176,752
Total assets 1,204,052,843 1,204,052,843
Profit for the year 81,362,701 134,172,864
Profit before tax 160,814,227 160,814,227
Employees 49 49
Total Current Liabilities 15,795,247 15,795,247
Total liabilities 15,795,247 15,795,247
Total Receivables 19,571,404 19,571,404
Total Expenses 94,685,929 94,685,929
Total equity 1,154,100,892 1,154,100,892
Subscribed Capital 54,884,927 54,884,927
Total Non-current Assets 983,656,306 983,656,306
Net Current Assets / Net Current Liabilities 220,396,537 220,396,537
Total Current Assets 236,185,825 236,185,825
Revenues from current activity - Total 255,500,156 255,500,156
Result from current activity 160,814,227 160,814,227
Expenses from current activity - Total 94,685,929 94,685,929

Financial indicators

Year Financial statements Key financials Ministry of Finance format (excerpt)*
2016 Q3 2016 Download -
2016 Q1 2016 Download -
2016 H1 2016 Download -
2016 Financial preliminary results 2016 Download -
2015 H1 2015 Download -
2015 Q3 2015 Download -
2015 Financial preliminary results 2015 Download -
2015 Q1 2015 Download -
2014 Q1 2014 Download -
2014 H1 2014 Download -
2014 Q3 2014 Download -
2014 Financial preliminary results 2014 Download -
2013 Q3 2013 Download -
2013 Financial preliminary results 2013 Download -
2013 Q1 2013 Download -
2013 H1 2013 Download -
2012 Financial Preliminary Results 2012 Download -

ANALYST ESTIMATES

ANALYST REPORT March 16, 2017

Romanian SIFs. Not for the faint-hearted

SIF1 - SIF BANAT-CRIȘANA S.A.

March 16, 2017 - Our valuation of the SIFs is based on the NAVs reported as of December 2015, to which we apply a fair discount, which we have set at 50%, in line with the historical past five-year average. Our valuations result in HOLD recommendations for all five SIFs. In our valuations, we use the official NAV as reported by each SIF. Given that a large part of the SIFs’ portfolios is invested in Tier-1 companies listed on the stock exchange, the official valuation (last 90 days trading average price) should be a good reflection of the market valuation. For the unlisted part of the portfolios, we use the companies’ equity from their official valuations and, given the lack of detailed data and the large number of small companies in this group, we believe that the valuation based on equity is as good as we can get.

ANALYST REPORT April 27, 2016

Revenge of the SIFs

SIF1 - SIF BANAT-CRIȘANA S.A.

April 27, 2016 - We initiate our coverage on SIFs, with an Overweight rating on SIF1 and SIF2, while we issue an Equal weight rating on SIF3, SIF4 and SIF5 as we do not see material upside in those funds currently. We generally hold a positive view on local banks as well as on Erste, claiming their earnings prospect should remain benign on our expectation. BT already paid an exceptional dividend this year which we do not see the bank to repeat. However, cash returns from financials should be robust as CEE macro remains resilient. This is a crucial point in the investment story as stakes in banks remain significant and reliance on their disposed income is also important. SIFs are trading at large discount to their NAV (-47.6% on average), due to couple of reasons: (1) lack of liquidity (2) 5% threshold (discussed in next paragraph) (3) initial corporate governance issues (4) unlisted assets in their portfolios. Shareholding cap puts a strain on market prices so far. The current regulation limits shareholders to own not more than 5% of each fund’s shares. This was already an improvement as the initial cap was 1%. Investors are expecting a trigger in threshold once the SIFs will be registered as alternative funds but the road is still unclear whether this would imply the lift of the cap. Lifting or full elimination of the cap could bring liquidity to the market as well as better corporate governance due to more active shareholders. SIFs usually use various alternatives to distribute income to investors including stock and cash dividends and share buybacks. Adding up all the income distributions, SIF3 and SIF4 had exceptional yields of 9.7% and 17.5%, respectively, while other funds also had rather high return to shareholders. We believe that the SIFs should benefit from the uptick in Romanian macroeconomic environment via their investments e.g. in banks or real estate. In addition, the lift of 5% threshold could also be a trigger in share prices, in which case we see an upswing for all SIFs in general.

ANALYST ESTIMATES

Investor Information

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