If you can see this message, your browser does not support canvas and needs an update. Sorry. :(
Thursday, March 21, 2019 
Market Status: OPEN
About us and Governance Investor Relations Contact
Advanced search

Market News


Preliminary financial results for 2017

Release Date: 2/15/2018 8:09:00 AM

IRIS Code: 6C302

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 approval of the Accounting Regulations compliant with IFRS applicable to entities authorized, regulated and supervised by the Financial Supervisory Authority (FSA) Financial Instruments and Investments Sector.

Total assets held by SIF Banat-Crisana as at December 31, 2017 amounting to RON 2,478.2 mn, 17.4% up as compared to 2016, resulting from the rise of fair value of financial assets.

Within the total assets, the financial assets have the most significant weight, of 99% (2016: 98.9%), mainly comprising financial assets available for sale, cash and cash equivalents and investments held to maturity.

Total liabilities rose as compared to 2016, mainly resulting from a higher deferred tax related to reserves to the fair value measurement of securities.

As at December 31, 2017, the equity is RON 2,281.6 mn, up 16.8% as compared to the end of the previous year, due to the increased reserve from fair value measurement of financial assets available for sale and other reserves.

Revenues from dividends, interest and other revenues, as at December 31, 2017 (preliminary) amounted to RON 84.9 mn.

Budget indicators for 2017 were focused on the performance of assets and their capacity of generating revenues from dividends. The proposed objectives were attained, a consistent profit was achieved without significant sales of securities from the portfolio.

During the year, there have been taken advantaged of several sale opportunities, mainly divestments from holdings that fell outside the investment strategy.  The volume and value of sales made stood at the previous year’s level. Net profit on sale of assets amounted to RON 2.2 mn.

Adjustments for impairment of assets, preliminary for 2017, represent a net income of RON 3.9 mn, compared to a net expense of RON 5.5 mn in 2016, as a result of the reversal of some adjustments related to investments in fund units, provided that there were no significant expenses on adjustment during the year 2017.

Other operating expenses include functioning expenses, that stood at the same level as the previous year.

Preliminary net profit for the year 2017 amounts to RON 69.5 mn, 13% above the projected budget.

Income tax was determined under the provisions of the Tax Code, including expenses related to tax on profit, tax on dividends recorded at gross value and changes of deferred tax.

Other comprehensive income includes changes in fair value of financial assets available for sale (net amount transferred to profit and loss and net change in fair value). Preliminary value of other comprehensive is positive, amounting to RON 259.3 mn. Due to the accelerated advance of the fair value of the company’s portfolio of financial assets available for sale listed on stock exchange, this value is significantly higher than the previous year.

Total comprehensive income for the period shows an increase of 50.4% over the previous year, due to the progress of Other comprehensive income, as mentioned above.



The preliminary financial results for the year ended December 31, 2017 are available for the public and investors on company's website, www.sif1.ro.

Further information can be obtained from SIF Banat-Crisana’s Investor Relations Dept., telephone / fax: +40257 304 446 / +40257 250 165, e-mail: comunicare@sif1.ro.



Information provided by IRIS, the news platform of the Bucharest Stock Exchange.


Bucharest Stock Exchange ("BVB") is not responsible for the content of this News item. Issuers whose financial instruments are traded on markets operated by BVB are required to report in accordance with current legal and regulatory provisions. BVB publishes these Reports as market administrator, appointed by ASF. When, for investors’ information, Reports are published, either signed by different persons, or with conflicting information, legal liability lies fully with the signatories. BVB disclaims any obligation or responsibility towards issuers or third parties, regarding the reality, completeness and accuracy of information provided by them and distributed by BVB. Website users are responsible for checking content. Any news item (including any prospectus) which is addressed solely to the persons and countries specified therein should not be relied upon other than by such persons and/or outside the specified countries. Terms and conditions, including restrictions on use and distribution apply.

©2016 Bucharest Stock Exchange. All rights reserved