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SIF MOLDOVA S.A. - SIF2

NAV as of date August 31, 2018

Release Date: 9/14/2018 6:30:10 PM

IRIS Code: B20EF

Report date: September 14, 2018

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

Trade Register Number: J04/2400/92

LEI: 254900Y1O0025N04US14

Share capital: 101.317.917,6 RON

Number of issued shares: 1,013,179,176

Nominal Value: 0.1 RON/share

Ownership structure: 100% private

Free float: 100%

ASF Register: PJR071AFIAA/040002

Regulated market on which the issued securities are traded: Bucharest Stock Exchange, Premium category

International identifiers:

Bucharest Stock Exchange: SIF2

ISIN: ROSIFBACNOR0

Bloomberg: BBGID BG000BMN5F5

Reuters: SIF2.BX

To: BUCHAREST STOCK EXCHANGE

FINANCIAL SUPERVISORY AUTHORITY

Financial Instruments and Investments Sector

Please find attached SIF Moldova Assets and Liabilities Statement as of August 31, 2018, in compliance with the ASF Regulation 9/2014 - Annex 16 - along with a brief analysis of the main variations registered in the value and structure of the assets under management.

The total value of the assets under management was of 2.073 billion lei, up 2.4% from the previous month, due to the increase value of the following:

· shares listed on BSE-REGS: + 48.3 million lei;

· unlisted shares: + 3.9 million lei (includes the value of the shares subscribed to the share capital increase of Agrointens);

· listed non-UCITS shares: + 0.5 million lei;

· non-traded fund units: + 1.4 million lei.

These increases have exceeded the decreases in value of the following:

· shares listed on BSE-ATS: - 0.9 million lei;

· listed and not traded shares in the last 30 days: - 6.8 million lei;

· bank deposits: - 3.5 million lei.

The weight of the main asset classes in the total value of the assets under management as of August 31, 2018: listed shares 73.9% (+0.3%), unlisted shares 9.2% (-0.02%), fund units 9.3% (-0.1%), monetary instruments 6.1 (-0.3%).

Compared to the previous month, the share price recorded a decrease of 1.5% (SIF2 = 1.34000 lei), the NAV per share marked an increase of 2.1% (NAV/ share = 1.9106 lei), resulting in an increase of the SIF2 price/NAV per share discount from 27% to 30%.

The net result at August 31, 2018 is RON 87 million, comprised of the net profit (RON 70 million) and the net gain on disposal of assets reflected in the retained earnings (RON 17 million) - accounting treatment according to IFRS 9.

Claudiu Doros

CEO

Catalin Nicolaescu

Compliance Officer

STATEMENT OF ASSETS AND LIABILITIES OF SIF MOLDOVA

Date of calculation 31/08/2018 - Monthly, balanta IFRS

Annex 16

LEI

% total assets

1

NON-CURRENT ASSETS OF WHICH:

372.183.068,17

17,955

1.1

Intangible assets

13.428,00

0,001

1.2

Tangible assets

11.873.387,00

0,573

1.3

Financial assets, of which:

360.296.253,17

17,382

1.3.1

Listed shares, of which:

5.099.578,49

0,246

1.3.1.1

shares listed but never traded

0,00

0,000

1.3.1.2

shares listed but never traded in the last 30 days

5.099.578,49

0,246

1.3.2

Unlisted shares (closed), of witch:

186.716.490,84

9,008

1.3.2.1

Unlisted shares (closed)

185.233.027,12

8,936

1.3.2.2

untraded SICAR shares

1.483.463,72

0,072

1.3.3

Government securities

0,00

0,000

1.3.4

Certificates of deposit

0,00

0,000

1.3.5

Bank deposits

0,00

0,000

1.3.6

Unlisted bonds, of which:

7.542.645,85

0,364

1.3.6.1

Municipal bonds

0,00

0,000

1.3.6.2

Corporate bonds

7.542.645,85

0,364

1.3.7

Listed but never traded in the last 30 trading days, of which:

97.367,80

0,005

1.3.7.1

Municipal bonds

97.367,80

0,005

1.3.7.2

Corporate bonds

0,00

0,000

1.3.8

Newly issued securities

0,00

0,000

1.3.9

UCITS and non-UCITS equity securities

160.727.857,19

7,754

1.3.9.1

Not-traded fund units (non-UCITS)

160.727.857,19

7,754

1.3.9.2

Not-traded shares (non-UCITS)

0,00

0,000

1.3.9.3

ETF

0,00

0,000

1.3.10

Total other financial assets, of which:

112.313,00

0,005

1.3.10.1

Loans granted to group entities, associated entities and jointly controlled entities

0,00

0,000

1.3.10.2

Other financial assets (bail + guarantees administrators)

112.313,00

0,005

2

CURRENT ASSETS, OF WHICH:

1.700.353.313,96

82,031

2.1

Inventories

16.213,00

0,001

2.2

Claims, of which:

7.330.268,00

0,354

2.2.1.

Trade bills receivable

0,00

0,000

2.2.2.

Other claims

7.330.268,00

0,354

2.3

Cash availability

661.596,89

0,032

2.3.1

amounts in current accounts and in the financial investments services company accounts

626.285,73

0,030

2.3.2

amounts under settlement

35.311,16

0,002

2.3.3

amounts in transit

0,00

0,000

2.4

Short-term financial investments, of which:

1.566.776.740,51

75,587

2.4.1

Listed shares, of which:

1.453.812.666,60

70,137

2.4.1.1

listed on BVB

1.356.840.142,21

65,459

2.4.1.2

listed on foreign markets

0,00

0,000

2.4.1.3

listed on ATS

96.972.524,39

4,678

2.4.2

Unlisted shares (unlisted but traded on BVB)

0,00

0,000

2.4.3

Traded bonds, of which:

0,00

0,000

2.4.3.1

Municipal bonds

0,00

0,000

2.4.3.2

Corporate bonds

0,00

0,000

2.4.4

UCITS and non-UCITS equity securities

104.274.023,86

5,031

2.4.4.1

Traded fund units (non-UCITS)

0,00

0,000

2.4.4.2

Non-traded fund units (UCITS)

31.855.772,89

1,537

2.4.4.3

Traded shares (non-UCITS)

72.418.250,97

3,494

2.4.4.4

ETF

0,00

0,000

2.4.5

Dividends or other receivables, of which:

8.690.050,05

0,419

2.4.5.1

Preference/allocation rights

0,00

0,000

2.4.5.2

dividends due from listed issuers

4.695.050,05

0,227

2.4.5.3

bonus shares

0,00

0,000

2.4.5.4

shares distributed with cash contribution

3.995.000,00

0,193

2.4.5.5

amounts due from capital decreases

0,00

0,000

2.5

Newly issued securities

0,00

0,000

2.6

Government securities

0,00

0,000

2.7

Bank deposits

125.269.655,12

6,043

2.8

Certificates of deposit

0,00

0,000

2.9

Other assets

298.840,44

0,014

2.9.1

Amounts to be cashed as a result of withdrawal from companies

298.721,44

0,014

2.9.2

Other current assets

119,00

0,000

3

DERIVATIVES

0,00

0,000

4

ACCRUED EXPENSES

287.534,00

0,014

5

TOTAL ASSETS

2.072.823.916,13

100,000

6

TOTAL LIABILITIES, of which:

179.148.967,00

#Error

6.1

Loans from bond issue

0,00

#Error

6.2

Amounts due to credit institutions

0,00

#Error

6.3

Advance payments received from clients

0,00

#Error

6.4

Trade creditors

465.227,00

#Error

6.5

Trade bills payable

0,00

#Error

6.6

Amounts due to group entities

910.000,00

#Error

6.7

Amounts due to associated entities and jointly controlled entities

9.320.000,00

#Error

6.8

Other liabilities, of which:

168.453.740,00

#Error

6.8.1

Dividends due to the shareholders

71.800.517,00

#Error

6.8.2

Amounts subscribed and not paid to the share capital increases of the issuers

470.000,00

#Error

6.8.3

Other debts

96.183.223,00

#Error

6.9

Debts from financial leasing operations

0,00

#Error

6.10

Debts resulting from derivative operations

0,00

#Error

7

PROVISIONS FOR LIABILITIES AND EXPENSES

8.592.542,00

#Error

8

DEFERRED INCOME, of which:

6.488,00

#Error

8.1

Subventions for investments

0,00

#Error

8.2

Deferred Income

6.488,00

#Error

8.3

Deferred income related to the assets received by transfer from clients

0,00

#Error

9

EQUITY CAPITAL, of which:

1.879.354.977,00

#Error

9.1

Share capital

101.317.918,00

#Error

9.2

Premiums related to capital

0,00

#Error

9.3

Revaluation differences

9.713.543,00

#Error

9.4

Reserves

762.052.642,00

#Error

9.5

Reported result

302.758.077,00

#Error

9.6

Result of the year

70.346.661,00

#Error

9.7

Profit distribution

0,00

#Error

9.8

Own shares

28.491.201,00

#Error

9.9

Reported result due to the adoption of IAS 29 for the first time

433.706.298,00

#Error

9.10

Share capital adjustments

435.902.231,00

#Error

9.11

Other equity elements

659.461.404,00

#Error

10

TOTAL LIABILITIES

2.067.102.974,00

#Error

11

NET ASSETS

1.893.668.461,13

#Error

12

NUMBER OF ISSUED OUTSTANDING SHARES *

991.113.939

#Error

13

NET ASSET VALUE PER SHARE

1,9106

#Error

14

NUMBER OF COMPANIES IN THE PORTFOLIO, of which:

70

#Error

14.1

Companies admitted to trading on a regulated market

15

#Error

14.2

Companies admitted to trading on an alternative trading system

19

#Error

14.3

Not admitted companies to trading (closed companies)

36

#Error

15

Companies for which no financial information was collected

2

#Error

* According to article 123 paragraph (3) of FSA Regulation 9/2014, regarding the NAV/share calculation, this position represents: 'The number of

issued outstanding shares at that date, excluding the own shares bought back by the company'

ANNEX – according to Article 122 paragraph (8) of ASF Regulation no. 9/2014

SIF Moldova portfolio assets which were assessed by valuation methods in accordance with International Valuation Standards, on August 31, 2018

No.

Issuer

Fiscal Code

Symbol

Number of shares held

No/Evaluation Report date

Value

RON / share

total

Shares listed and not traded in the last 30 trading days

1

CEPROHART BRAILA

2269251

CPHA

84.385

1890 / 22.12.2017

12,3617

1.043.138,00

2

MARTENS GALATI

1627270

MABE

72.203

875 / 31.07.2018

4,7796

345.100,00

3

SPIT BUCOVINA SUCEAVA

728129

SPTU

1.162.275

388 / 21.02.2017

1,6151

1.877.219,00

4

TRANSTEC TECUCI

1632935

TRCS

286.699

1044 / 30.06.2017

1,5940

457.000,00

Unlisted shares (closed)

1

AGROINTENS SA BUCURESTI

33857839

2.212.661

755 / 29.06.2018

12,5400

27.746.768,94

2

AGROLAND CAPITAL SA BACAU

33857820

12.000

1914 / 29.12.2017

4,9583

59.500,00

3

ALIMENCO PASCANI

6101101

53.857

388 / 21.02.2017

24,8661

1.339.212,00

4

ALIMENTARA CLUJ NAPOCA

199192

5.910.898

350 / 30.03.2018

0,7104

4.199.272,21

5

ASSET INVEST BACAU

32267040

38.330.420

173 / 07.02.2018

0,0774

2.965.500,00

6

BUCOVINA-TEX RADAUTI

2692358

77.820

388 / 21.02.2017

24,8703

1.935.406,00

7

CASA SA BACAU BACAU

8376788

4.658.462

775 / 05.07.2018

2,3957

11.160.400,00

8

DYONISOS COTESTI

7467373

772.824

773 / 05.07.2018

0,6220

480.700,00

9

EXIMBANK BUCURESTI

361560

414.740

388 / 21.02.2017

6,2418

2.588.718,00

10

HOTEL SPORT CLUJ S.A. CLUJ

35075642

19.329.398

173 / 07.02.2018

0,8374

16.187.000,00

11

HUMOREANCA GURA HUMORULUI

736075

11.320

388 / 21.02.2017

36,2604

410.468,00

12

HYPERION IASI

3912346

116.433

1044 / 30.06.2017

6,2456

727.196,00

13

PARTMEN BACAU

11334812

75.748

388 / 21.02.2017

17,5467

1.329.126,00

14

RULMENTI BIRLAD

2808089

2.408.645

173 / 07.02.2018

2,5213

6.072.840,00

15

STRAULESTI LAC ALFA S.A BUCURESTI

36160878

3.880.307

843 / 20.07.2018

9,9938

38.779.000,00

16

TESATORIILE REUNITE BUCURESTI

425818

10.833.277

874 / 31.07.2018

5,3539

58.000.600,00

17

VASCAR VASLUI

829522

327.591

1481 / 29.09.2017

6,2767

2.056.200,00

Depositary Certification

BRD - Groupe Societe Generale

Securities Department

Manager, Claudia IONESCU

Certified, Gabriela-Roxana VORONCA

Prepared

SIF MOLDOVA

CEO, Claudiu DOROS

CFO, Decebal DUMITRESCU

Assets Assessment Office, Gabriela PETER

Compliance Officer, Catalin NICOLAESCU



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