SIF MOLDOVA S.A.

SIF MOLDOVA S.A.

About SIF MOLDOVA S.A.

Type - SIF Moldova is a non-UCITS, focused mainly on the Romanian market, operating as a closed-end fund with investments in shares, having a medium level of risk and temporary liquidity investments in fixed income instruments.

Legal framework - SIF Moldova is a closed-end financial investment company, established in accordance with the provisions of Law no. 133/1996 for the conversion of the Private Property Funds into Financial Investment Companies, classified in the “non-UCITS” category, with a diversified investment policy, certified by Romanian FSA with Certificate no. 258/Dec 14, 2005.

Purpose of activity:

  • Management of financial instruments as defined by ASF regulations;
  • Other related activities, in compliance with legal regulations in force;
  • According to the classification of activities in the national economy NACE Rev. 2, the activities performed by SIF Moldova are included in NACE Code 6499 “Other financial services not elsewhere classified”.

General information:

  • Subscribed and paid-in share capital:      51.908.958,8 RON
  • No. of outstanding shares:                                    519.089.588
  • Nominal value:                                            0,1 RON/share
  • Shareholding structure:                            100% private
  • free float:                                                       100%
  • Regulated market trading issued securities:

                                                 Bucharest Stock Exchange – Premium Tier

  • International identifiers:                           Bucharest Stock Exchange: SIF2

ISIN: ROSIFBACNOR0

Bloomberg: BBGID BBG000BMN5F5

Reuters:  SIF2.BX

President: COSTEL CEOCEA

Shareholder structure

Shareholder Shares Percent
Alti actionari 1,038,179,176 100.00%
Total 1,038,179,176 100%

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

Market statistics

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Volume

Dividends

Year Dividend Reference date for GMS GMS date (dividend) Record Date Ex-dividend Date Announcement Date Payment date
2018 0.030400 N/A 04/18/2019 05/10/2019 05/09/2019 03/14/2019 05/30/2019
2017 0.050000 N/A 04/27/2018 09/12/2018 09/11/2018 03/23/2018 10/02/2018
2016 0.044000 03/21/2017 04/04/2017 09/12/2017 09/11/2017 02/24/2017 10/02/2017
2015 0.045000 04/14/2016 04/25/2016 06/08/2016 06/07/2016 03/21/2016 06/30/2016
2014 0.101200 03/19/2015 04/02/2015 06/09/2015 06/08/2015 02/25/2015 06/30/2015

NAV as of date June 28, 2019

Report date: July 12, 2019 Current report according to: Law 24/2017, ASF Regulation 10/2015 and 9/2014 Issuer name: Societatea de Investitii Financiare MOLDOVA S.A. Headquarters: 94C Pictor Aman street, Bacau Phone/fax/e-mail: 0234576740 / 0234570062 / sifm@sifm.ro Sole registration number at the Trade Register Office: 2816642 ...

2019 Financial Communication Calendar Change

Report date: June 14, 2019 Information according to: Law 24/2017, FSA Regulation 5/2018 Issuer name: Societatea de Investitii Financiare MOLDOVA S.A. Headquarters: 94C Pictor Aman street, Bacau Phone/fax/e-mail: 0234576740 / 0234570062 / sifm@sifm.ro Sole registration number at the Trade Register Office: 2816642 Trade Regis ...

NAV as of date May 31, 2019

Report date: June 13, 2019 Current report according to: Law 24/2017, ASF Regulation 10/2015 and 9/2014 Issuer name: Societatea de Investitii Financiare MOLDOVA S.A. Headquarters: 94C Pictor Aman street, Bacau Phone/fax/e-mail: 0234576740 / 0234570062 / sifm@sifm.ro Sole registration number at the Trade Register Office: 2816642 ...

Financial calendar Update 2019

Report date: June 12, 2019 Information according to: Law 24/2017, FSA Regulation 5/2018 Issuer name: Societatea de Investitii Financiare MOLDOVA S.A. Headquarters: 94C Pictor Aman street, Bacau Phone/fax/e-mail: 0234576740 / 0234570062 / sifm@sifm.ro Sole registration number at the Trade Register Office: 2816642 Trade Regis ...

Q1 2019 Report

Report date: May 15, 2019 Information according to: Law 24/2017, ASF Regulation 5/2018, BSE Market Operator Code   Issuer name: Societatea de Investitii Financiare MOLDOVA S.A. Headquarters: 94C Pictor Aman street, Bacau Phone/fax/e-mail: 0234576740 / 0234570062 / sifm@sifm.ro Sole registration number at the Trade Register Off ...

NAV as of date April 30, 2019

Report date: May 15, 2019 Current report according to: Law 24/2017, ASF Regulation 10/2015 and 9/2014 Issuer name: Societatea de Investitii Financiare MOLDOVA S.A. Headquarters: 94C Pictor Aman street, Bacau Phone/fax/e-mail: 0234576740 / 0234570062 / sifm@sifm.ro Sole registration number at the Trade Register Office: 2816642 ...

Dividend payment for 2018

Report date: May 7, 2019 Information according to: Law 24/2017, FSA Regulation 5/2018 Issuer name: Societatea de Investitii Financiare MOLDOVA S.A. Headquarters: 94C Pictor Aman street, Bacau Phone/fax/e-mail: 0234576740 / 0234570062 / sifm@sifm.ro Sole registration number at the Trade Register Office: 2816642 Trade Registe ...

2018 Annual Report

Report date: April 18, 2019 Information according to: Law 24/2017, FSA Regulation 5/2018 Issuer name: Societatea de Investitii Financiare MOLDOVA S.A. Headquarters: 94C Pictor Aman street, Bacau Phone/fax/e-mail: 0234576740 / 0234570062 / sifm@sifm.ro Sole registration number at the Trade Register Office: 2816642 Trade Regi ...

OGSM & EGSM Resolutions - April 18, 2019

Report date: April 18, 2019 Information according to: Law 24/2017, FSA Regulation 5/2018 Issuer name: Societatea de Investitii Financiare MOLDOVA S.A. Headquarters: 94C Pictor Aman street, Bacau Phone/fax/e-mail: 0234576740 / 0234570062 / sifm@sifm.ro Sole registration number at the Trade Register Office: 2816642 Trade Regi ...

NAV as of date March 29, 2019

Report date: April 15, 2019 Current report according to: Law 24/2017, ASF Regulation 10/2015 and 9/2014 Issuer name: Societatea de Investitii Financiare MOLDOVA S.A. Headquarters: 94C Pictor Aman street, Bacau Phone/fax/e-mail: 0234576740 / 0234570062 / sifm@sifm.ro Sole registration number at the Trade Register Office: 2816642 ...

Q1 2019 Report

Report date: May 15, 2019 Information according to: Law 24/2017, ASF Regulation 5/2018, BSE Market Operator Code   Issuer name: Societatea de Investitii Financiare MOLDOVA S.A. Headquarte ...

2018 Annual Report

Report date: April 18, 2019 Information according to: Law 24/2017, FSA Regulation 5/2018 Issuer name: Societatea de Investitii Financiare MOLDOVA S.A. Headquarters: 94C Pictor Aman street, ...

Unaudited Preliminary Financial Results for the financial year 2018

Report date: February 26, 2019 Information according to: Law 24/2017, FSA Regulation 5/2018 Issuer name: Societatea de Investitii Financiare MOLDOVA S.A. Headquarters: 94C Pictor Aman stre ...

Q3 2018 Report

Report date: November 15, 2018 Information according to: Law 24/2017, ASF Regulation 5/2018, BSE Market Operator Code   Issuer name: Societatea de Investitii Financiare MOLDOVA S.A. Headq ...

H1 2018 Consolidated Financial Statements

Report date: September 28, 2018 Information according to: Law 24/2017, ASF Regulation 5/2018, BSE Market Operator Code   Issuer name: Societatea de Investitii Financiare MOLDOVA S.A. Head ...

H1 2018 Report

Report date: August 13, 2018 Information according to: Law 24/2017, ASF Regulation 5/2018, BSE Market Operator Code   Issuer name: Societatea de Investitii Financiare MOLDOVA S.A. Headqua ...

Q1 2018 Report

Report date: May 15, 2018 Information according to: Law 24/2017, CNVM Regulation 1/2006, BSE Market Operator Code   Issuer name: Societatea de Investitii Financiare MOLDOVA S.A. Headquart ...

2017 Annual Report

Report date: April 27, 2018 Information according to: Law 24/2017, CNVM Regulation 1/2006 Issuer name: Societatea de Investitii Financiare MOLDOVA S.A. Headquarters: 94C Pictor Aman street ...

Unaudited preliminary financial statements for the financial year 2017

Report date: February 15, 2018 Information according to: Law 24/2017, CNVM Regulation 1/2006 Issuer name: Societatea de Investitii Financiare MOLDOVA S.A. Headquarters: 94C Pictor Aman str ...

H1 2017 consolidated financial statements

Report date: December 11, 2017 Information according to: Law 24/2017, CNVM Regulation 1/2006 Issuer name: Societatea de Investitii Financiare MOLDOVA S.A. Headquarters: 94C Pictor Aman str ...

Annual financial information

2016 2017
Total Revenues 466,402,784 466,402,784
Deferred Income 8,134 8,134
Total assets 995,348,479 995,348,479
Profit for the year 123,298,020 237,065,814
Profit before tax 280,587,968 280,587,968
Employees 42 42
Total Current Liabilities 59,498,812 59,498,812
Total liabilities 59,498,812 59,498,812
Total Receivables 96,510,277 96,510,277
Total Expenses 185,814,816 185,814,816
Total equity 935,479,471 935,479,471
Subscribed Capital 51,908,959 51,908,959
Total Non-current Assets 849,283,756 849,283,756
Net Current Assets / Net Current Liabilities 146,064,723 146,064,723
Total Current Assets 205,435,752 205,435,752
Revenues from current activity - Total 466,402,784 466,402,784
Result from current activity 280,587,968 280,587,968
Back payments - Total 46,379,372 46,379,372
Expenses from current activity - Total 185,814,816 185,814,816

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 17, 2017

SIF 2menține încrederea investitorilor

SIF2 - SIF MOLDOVA S.A.

March 17, 2017 - Portofoliul SIF 2 îl apreciez ca fiind unul de calitate, deoarece ponderea acțiunilor listate este de 74% în activele totale ale acestuia. Se observă o concentrare a portofoliului SIF 2 pe acțiunile Băncii Transilvania, lucru care consider că poate aduce un grad de risc pe termen lung, chiar dacă pâna acum TLV a înregistrat performanțe superioare mediei pieței de capital. Prețul target pentru acțiunile SIF 2 este de 1,024 lei/acțiune, cu recomandare de cumpărare în acest moment.

ANALYST REPORT March 16, 2017

Romanian SIFs. Not for the faint-hearted

SIF2 - SIF MOLDOVA 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

SIF2 - SIF MOLDOVA 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

Company Presentation

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