SIF TRANSILVANIA S.A.

SIF TRANSILVANIA S.A.

About SIF TRANSILVANIA S.A.

Societatea de Investitii Financiare Transilvania S.A. (S.I.F. Transilvania) is a closed-end financial investment company, self-managed. The company is authorized and supervised by the Romanian Financial Supervisory Authority (F.S.A.), being included in the category of „Other collective investment undertakings (NON-UCITS) with a diversified investment policy”. The Company is managed in a two-tier management system by an Executive Board which is controlled by a Supervisory Board.

S.I.F. Transilvania is organized as a joint-stock company with entirely private share capital, the shares issued being held by individual and institutional shareholders, both Romanian and foreign. The shares are traded on the Bucharest Stock Exchange (under SIF3 symbol) since November 1, 1999. The shareholders register is kept, under contract and law provisions, by the central depository company – Depozitarul Central S.A. Bucharest.

S.I.F. Transilvania aim is to manage the portfolio investments and to continuously identify investment opportunities under the condition of ensuring a reasonable level of the investment risk, with the view of offering to its shareholders the opportunity of achieving attractive returns and the increase of the capital invested. The investment portfolio consists of stocks, bonds and other investment instruments, the main sectors in which the company holds investments being tourism, financial sector (banking and non-banking), real estate and energy.

 

The custody and depository services related to the financial instruments held by S.I.F. Transilvania are provided by BRD-Groupe Société Générale. The annual financial statementsof the Companyare audited by the financial auditor (statutory) Deloitte Audit S.R.L. Bucuresti.

S.I.F. Transilvania is a full member of the European Private Equity & Venture Capital Association (E.V.C.A.) with headquarters in Brussels, the Romanian Association of Assets Managers (A.A.F.) as well as of the Brasov Chamber of Commerce and Industry.

President: STEFAN SZABO

Shareholder structure

Shareholder Shares Percent
Alti actionari 2,184,286,664 100.00%
Total 2,184,286,664 100%

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 0.012100 N/A 04/24/2019 10/03/2019 10/02/2019 02/18/2019 10/24/2019
2017 0.010000 N/A 04/27/2018 10/05/2018 10/04/2018 03/09/2018 10/26/2018
2016 0.020000 03/29/2017 04/28/2017 10/06/2017 10/05/2017 03/06/2017 10/27/2017
2015 0.026530 03/29/2016 04/28/2016 10/06/2016 10/05/2016 03/08/2016 10/28/2016
2014 0.012500 03/30/2015 04/29/2015 06/25/2015 06/24/2015 03/04/2015 07/01/2015

NAV as of October 31, 2019

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2019 Q3 Report

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2019 Q3 Report availability and conference call

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NAV as of September 30, 2019

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Litigation - File no. 508/64/2014

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Litigation - File no. 1380/62/2019

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Manager's transactions - art.19 MAR

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Communique on payment of 2018 dividends

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NAV as of August 30, 2019

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FSA Decision no. 1109/04.09.2019

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2019 Q3 Report

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H1 2019 Report

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2019 Q1 financial results

No.4308/15.05.2019 COMMUNIQUE regarding S.I.F. Transilvania’s results for Q1 2019 S.I.F Transilvania recorded at 31.03.2019 a net profit of RON 19.65 million, RON 12.42 m ...

2018 Annual Report

No. 3843/24.04.2019 To: Bucharest Stock Exchange Financial Supervisory Authority - Financial Instruments and Investments Sector COMMUNIQUE In accordance with La ...

Preliminary financial results as at 31 December 2018

No. 1482 /15.02.2019 To: Bucharest Stock Exchange Financial Supervisory Authority - Financial Instruments and Investments Sector CURRENT REPOR ...

2018 Q3 report

No. 13030/15.11.2018 COMMUNIQUE regarding S.I.F. Transilvania’s results for Q3 2018 S.I.F Transilvania recorded at 30.09.2018 a net profit of RON 63.48 million, RON 5.83 ...

H1 2018 Report

No. 9153/16.08.2018 COMMUNIQUE regarding S.I.F. Transilvania results for H1 2018 S.I.F Transilvania recorded at 30.06.2018 a net profit of RON 45.47 million, RON 1.30 mil ...

2018 Q1 Report

No. 5085/15.05.2018 COMMUNIQUE regarding S.I.F. Transilvania results for Q1 2018 S.I.F Transilvania recorded at 31.03.2018 a net profit of RON 8.08 million, respectively ...

2017 Annual report

No. 4495/27.04.2018 To: Bucharest Stock Exchange Financial Supervisory Authority - Financial Instruments and Investments Sector COMMUNIQ ...

Preliminary financial results 2017

No. 1420/15.02.2018 To: Bucharest Stock Exchange Financial Supervisory Authority - Financial Instruments and Investments Sector CURRENT REPORT ...

Annual financial information

2016 2017
Total Revenues 137,607,513 137,607,513
Total assets 924,391,090 924,391,090
Profit for the year 68,799,669 53,817,209
Profit before tax 60,423,263 60,423,263
Employees 57 57
Total Current Liabilities 83,471,863 83,471,863
Total liabilities 83,471,863 83,471,863
Total Receivables 5,005,616 5,005,616
Total Expenses 77,184,250 77,184,250
Total equity 872,820,095 872,820,095
Subscribed Capital 218,428,666 218,428,666
Total Non-current Assets 967,092,436 967,092,436
Net Current Assets / Net Current Liabilities -42,701,346 -42,701,346
Total Current Assets 40,647,131 40,647,131
Revenues from current activity - Total 137,607,513 137,607,513
Result from current activity 60,423,263 60,423,263
Back payments - Total 76,677,316 76,677,316
Expenses from current activity - Total 77,184,250 77,184,250

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 April 06, 2017

SIF3 incotro?

SIF3 - SIF TRANSILVANIA S.A.

April 06, 2017 - Calitatea portofoliului SIF3 nu este sub nici o formă punctul forte al acesteia. Discount-ul la care se tranzacționează acțiunile sale în piață, poate fi considerat însă un aspect pozitiv pentru investitori. În cazul acțiunilor SIF3 am identificat un posibil declin al acestora cu 4,54% față de prețul de închidere din data de 5 aprilie 2017. Aceasta în condițiile în care discountul la care se tranzacționează acțiunile SIF3 în piață este de aproximativ 41%.

ANALYST REPORT March 16, 2017

Romanian SIFs. Not for the faint-hearted

SIF3 - SIF TRANSILVANIA 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

SIF3 - SIF TRANSILVANIA 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

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