SIF OLTENIA S.A.

SIF OLTENIA S.A.

About SIF OLTENIA S.A.

S.I.F. Oltenia S.A. is a closed-end financial investment company established in accordance with the provisions of the Law no.133/1996 regarding the conversion of the Private Property Funds into Financial Investment Companies,certified by RNSC/FSA under the number PJR09SIIR/160003/14.02.2006.
S.I.F. Oltenia S.A. falls under the category of “Other Undertakings for Collective Investment” (UCI) with a diversified investment policy and operates as a joint stock company, self-managed, with fixed entirely private capital. The share capital amounts to 58,016,571 lei divided into 580,165,714 nominative ordinary shares with a nominal value of 0.10 lei. The depository activities – stipulated by the law and the regulations of Financial Supervision Authority – are provided by Raiffeisen Bank S.A.
The records of S.I.F. Oltenia S.A. shareholders are kept by the CENTRAL DEPOSITORY Bucharest.
S.I.F. Oltenia S.A. is listed on the Bucharest Stock Exchange as from  01.11.1999, with a free-float of 100%.
S.I.F. Oltenia S.A. is a member of the Association of the Fund Managers in Romania (AAF), the Capital Market Professionals Organization (OPPC) and associate member of the European Venture Capital Association (EVCA).
S.I.F. Oltenia S.A. is a firm presence on the Romanian capital market as result of the sustained trading activity on Bucharest Stock Exchange.
Activity aims to: qualitative restructuring of the share portfolio  through a dynamic investment policy; establishment of a diversified portfolio with a low-risk; maintaining a high level of liquidity of the portfolio managed, allowing both the realization of the investment policy as well as of the dividend one;  organizational development; implementation of the corporate governance principles.
S.I.F. Oltenia S.A. acts by complying with the legislation in force to accomplish the foreground strategic target, that is incentivising the company’s shareholders by increasing the share price and the paid dividend.

President: TUDOR CIUREZU

Shareholder structure

Shareholder Shares Percent
Alti actionari 580,165,714 100.00%
Total 580,165,714 100%

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
2017 0.070000 N/A 04/25/2018 10/03/2018 10/02/2018 03/22/2018 10/24/2018
2016 0.090000 08/23/2017 09/06/2017 10/11/2017 10/10/2017 08/01/2017 11/01/2017
2015 0.130000 04/14/2016 04/29/2016 09/12/2016 09/09/2016 03/21/2016 10/03/2016
2014 0.120000 04/02/2015 04/29/2015 08/28/2015 08/27/2015 03/11/2015 09/17/2015
2013 0.160000 06/27/2014 07/29/2014 08/14/2014 08/12/2014 06/03/2014 10/01/2014

Threshold notification <5%

               CURRENT REPORT according to the  F.S.A. Regulation no. 5/2018 on issuers of financial instruments and market operations   Report date: 19.02.2019 Name of the issuer: Societatea de Investitii Financiare OLTENIA S.A. Headquarters: Dolj County, Craiova, 1 Tufanele Street, postal code 200767 Phone/Fax: 0251-4 ...

Notification - Results of the purchase public offer

NOTIFICATION ON THE RESULTS OF THE PURCHASE PUBLIC OFFER   according to the art. 76 par.2 of the ASF Regulation no. 5/2018 regarding the financial instrument issuers and market operations Report Date: 14.02.2019 The public offer for purchasing the shares issued by SIF Oltenia SA, launched by SIF Oltenia SA, was carried out during the ...

NAV as of date 31.01.2019 - operative data

SIF Oltenia S.A. ANNEX 16 Statement of assets and debts on 31/01/2019 (it is filled in every month)                                          OPERATIVE DATA Calculation modality of the net asset value  (according to RNSC regulations n ...

2019 Financial calendar

Hereby we send you the Financial Communication Schedule of S.I.F. OLTENIA S.A. for the year 2019 according to Book I, Title II, Chapter VI, Section 2, art. 92 of the Bucharest Stock Exchange Code in conjunction with art. 247 of FSA Regulation no.5/2018.   FINANCIAL COMMUNICATION SCHEDULE FOR THE YEAR 2019   It ...

Approval share purchase public offer document by the FSA

CURRENT REPORT according to the  F.S.A. Regulation no. 5/2018 on issuers of financial instruments and market operations   Report date: 17.01.2019 Name of the issuer: Societatea de Investitii Financiare OLTENIA S.A. Headquarters: Dolj County, Craiova, 1 Tufanele Street, postal code 200767 Phone/Fax: 0251-419.335 / 0251-419.3 ...

NAV as of date 31.12.2018 - operative data

SIF Oltenia S.A. ANNEX 16 Statement of assets and debts on 31/12/2018 (it is filled in every month)                                          OPERATIVE DATA Calculation modality of the net asset value  (according to RNSC regulations n ...

Manager's transactions - art.19 MAR

CURRENT REPORT according to the  F.S.A. Regulation no. 5/2018 on issuers of financial instruments and market operations    Report date: 07.01.2019 Name of the issuer: Societatea de Investitii Financiare OLTENIA S.A. Headquarters: Dolj County, Craiova, 1 Tufanele Street, postal code 200767 Phone/Fax: 0251-419.335 / 0251-419.3 ...

Submission to the FSA Public Offer Document for Purchase of Shares SIF5

CURRENT REPORT according to the  F.S.A. Regulation no. 5/2018 on issuers of financial instruments and market operations   Report date: 14.12.2018 Name of the issuer: Societatea de Investitii Financiare OLTENIA S.A. Headquarters: Dolj County, Craiova, 1 Tufanele Street, postal code 200767 Phone/Fax: 0251-419.335 / 0251-419.340 ...

NAV as of date 30.11.2018

SIF Oltenia S.A. ANNEX 16 Statement of assets and debts on 30/11/2018 (it is filled in every month)                                      Calculation modality of the net asset value  (according to RNSC regulations no. 15/2004) Value (lei) 1 ...

NAV as of date 31.10.2018

SIF Oltenia S.A. ANNEX 16 Statement of assets and debts on 31/10/2018 (it is filled in every month)                                      Calculation modality of the net asset value  (according to RNSC regulations no. 15/2004) Value (lei) 1 ...

2018 Q3 reports

QUARTERLY REPORT as of 30.09.2018 complying with F.S.A. Regulation no. 5/2018 and Law no.24/2017   The activity of SIF OLTENIA SA during the nine months of the year 2018 has been carried o ...

2018 Half-year financial consolidated results

Half-yearly report as of 30.06.2018 – Consolidated Financial Statements     The consolidated financial statements have been established in accordance with the Rule no. 39/2015 for the approval ...

H1 2018 Report

THE REPORT OF THE ADMINISTRATION BOARD on 30.06.2018   HALF-YEARLY REPORT under F.S.A.  Regulations no. 5/2018   The activity of S.I.F. OLTENIA S.A. during the first semester ...

2018 Q1 report

QUARTERLY REPORT as of 31.03.2018 complying with R.N.S.C. / F.S.A. Regulation no. 1/2006 and Law no.24/2017   The activity of SIF OLTENIA SA during the first three months of the year 2018 ...

2017 Annual report

CURRENT REPORT according to the R.N.S.C. (C.N.V.M.) Regulation no. 1/2006 regarding the issuers and the securities transactions   Report date: 25.04.2018 Name of the issuer: Societatea de ...

2017 Preliminary financial results

ANNUAL PRELIMINARY FINANCIAL RESULTS AS OF 31.12.2017   SIF OLTENIA SA activity during the year 2017 has been carried out in line with the strategy approved by the OGSM. As of 31.12.2017, ...

2017 Q3 financial results

   

Annual Consolidated Financial Results as of 31.12.2016

PRESS RELEASE   S.I.F. OLTENIA S.A. informs the investors that the Consolidated Financial Statements as of December 31st, 2016, approved by the Ordinary General Shareholders Meeting, will be a ...

2017 H1 financial results

THE REPORT OF THE ADMINISTRATION BOARD on the simplified interim individual financial statements for 30.06.2017   HALF-YEARLY REPORT under R.N.S.C.  / F.S.A.  Regulations no. 1/2006 ...

2017 Q1 financial results

QUARTERLY REPORT as of 31.03.2017 complying with R.N.S.C. / F.S.A. Regulation no. 1/2006   The activity of SIF OLTENIA SA during the first three months of the year 2017 has been carried ou ...

Annual financial information

2016 2017
Total Revenues 263,293,213 263,293,213
Total assets 912,509,003 912,509,003
Profit for the year 101,271,377 94,876,130
Profit before tax 113,167,847 113,167,847
Employees 50 50
Total Current Liabilities 76,733,706 76,733,706
Total liabilities 76,733,706 76,733,706
Total Receivables 17,448,279 17,448,279
Total Expenses 150,125,366 150,125,366
Total equity 864,086,810 864,086,810
Subscribed Capital 58,016,571 58,016,571
Total Non-current Assets 932,138,700 932,138,700
Net Current Assets / Net Current Liabilities -19,629,697 -19,629,697
Total Current Assets 57,012,734 57,012,734
Revenues from current activity - Total 263,293,213 263,293,213
Result from current activity 113,167,847 113,167,847
Expenses from current activity - Total 150,125,366 150,125,366

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

SIF5 - SIF OLTENIA 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

SIF5 - SIF OLTENIA 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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