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SIF MOLDOVA S.A. - SIF2

NAV as of date January 31, 2018

Release Date: 2/15/2018 6:30:11 PM

IRIS Code: D5759

Report date: February 15, 2018

Current report according to: 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 January 31, 2018, in compliance with the ASF Regulation 9/2014 - Annex 16 - along with a brief analysis of the main variations registered in the assets under management value and structure.

The total value of the assets under management was of RON 2.048 billion, up 7% from the previous month, amid the increase in value of the following:

- Shares listed on BSE, especially from the financial and energy sectors: RON +141.99 mn;

- Non-UCITS non-traded fund units: RON +22.9 mn.

These increases have significantly exceeded the decrease in value of the following:

- Unquoted shares: RON - 1.9 mn;

- Shares quoted on BSE - ATS: RON - 14.6 mn;

- UCITS non-traded fund units: RON - 7.5 mn;

- Bank deposits: RON – 1.5 mn.

Weight of the main asset classes in the total value of the assets under management as of January 31, 2018: listed shares 80.29% (+0.9%), unlisted shares 7.79% (-0.62%), fund units 9.09% (+0.13%), monetary instruments 1.71 (-0.2%).

On January 31, 2018, the SIF2 share price closed at RON 1.56, recording an increase of 11% compared with the end of the previous month.

The NAV per share at the end of January 2018 (RON 1.9332) increased by 8% compared with the same period of the previous year.

The SIF2 price / NAV per share discount was reduced in January to 19% compared with the discount of 22% registered at the end of 2017.

Claudiu Doros

CEO

Michaela Puscas

Compliance Officer

STATEMENT OF ASSETS AND LIABILITIES OF SIF MOLDOVA

Date of calculation 31/01/2018- Monthly, balanta 1 IFRS

Annex 16

LEI

% din total active

1

NON-CURRENT ASSETS OF WHICH:

341.404.634,16

16,670

1.1

Intangible assets

20.173,00

0,001

1.2

Tangible assets

11.831.094,00

0,578

1.3

Financial assets, of which:

329.553.367,16

16,091

1.3.1

Listed shares, of which:

17.158.006,46

0,838

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

17.158.006,46

0,838

1.3.2

Unlisted shares (closed), of witch:

156.737.411,83

7,653

1.3.2.1

Unlisted shares (closed)

155.406.451,80

7,588

1.3.2.2

untraded SICAR shares

1.330.960,03

0,065

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:

7.527.064,45

0,368

1.3.6.1

Municipal bonds

0,00

0,000

1.3.6.2

Corporate bonds

7.527.064,45

0,368

1.3.7

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

106.284,67

0,005

1.3.7.1

Municipal bonds

106.284,67

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

147.915.644,75

7,222

1.3.9.1

Not-traded fund units (non-UCITS)

147.915.644,75

7,222

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:

108.955,00

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)

108.955,00

0,005

2

CURRENT ASSETS, OF WHICH:

1.706.172.897,04

83,307

2.1

Inventories

16.787,00

0,001

2.2

Claims, of which:

2.720.725,00

0,133

2.2.1.

Trade bills receivable

0,00

0,000

2.2.2.

Other claims

2.720.725,00

0,133

2.3

Cash availability

271.416,05

0,013

2.3.1

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

228.431,43

0,011

2.3.2

amounts under settlement

1.654,62

0,000

2.3.3

amounts in transit

41.330,00

0,002

2.4

Short-term financial investments, of which:

1.665.565.499,99

81,325

2.4.1

Listed shares, of which:

1.432.264.862,36

69,933

2.4.1.1

listed on BVB

1.340.468.554,55

65,451

2.4.1.2

listed on foreign markets

0,00

0,000

2.4.1.3

listed on ATS

91.796.307,81

4,482

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

233.300.637,63

11,391

2.4.4.1

Traded fund units (non-UCITS)

2.486.840,00

0,121

2.4.4.2

Non-traded fund units (UCITS)

35.856.630,93

1,751

2.4.4.3

Traded shares (non-UCITS)

194.957.166,70

9,519

2.4.4.4

ETF

0,00

0,000

2.4.5

Dividends or other receivables, of which:

0,00

0,000

2.4.5.1

Preference/allocation rights

0,00

0,000

2.4.5.2

dividends due from listed issuers

0,00

0,000

2.4.5.3

bonus shares

0,00

0,000

2.4.5.4

shares distributed with cash contribution

0,00

0,000

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

34.816.594,39

1,700

2.8

Certificates of deposit

0,00

0,000

2.9

Other assets

2.781.874,61

0,136

2.9.1

Amounts to be cashed as a result of withdrawal from companies

2.781.154,61

0,136

2.9.2

Other current assets

720,00

0,000

3

DERIVATIVES

0,00

0,000

4

ACCRUED EXPENSES

468.795,00

0,023

5

TOTAL ASSETS

2.048.046.326,20

100,000

6

TOTAL LIABILITIES, of which:

120.256.857,00

#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

997.727,00

#Error

6.5

Trade bills payable

0,00

#Error

6.6

Amounts due to group entities

0,00

#Error

6.7

Amounts due to associated entities and jointly controlled entities

0,00

#Error

6.8

Other liabilities, of which:

119.259.130,00

#Error

6.8.1

Dividends due to the shareholders

32.963.764,00

#Error

6.8.2

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

0,00

#Error

6.8.3

Other debts

86.295.366,00

#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

18.698.944,00

#Error

8

DEFERRED INCOME, of which:

6.750,00

#Error

8.1

Subventions for investments

0,00

#Error

8.2

Deferred Income

6.750,00

#Error

8.3

Deferred income related to the assets received by transfer from clients

0,00

#Error

9

EQUITY CAPITAL, of which:

1.764.018.309,00

#Error

9.1

Share capital

103.817.918,00

#Error

9.2

Premiums related to capital

0,00

#Error

9.3

Revaluation differences

9.713.543,00

#Error

9.4

Reserves

639.873.532,00

#Error

9.5

Reported result

370.652.749,00

#Error

9.6

Result of the year

-394.683,00

#Error

9.7

Profit distribution

3.155.222,00

#Error

9.8

Own shares

38.283.387,00

#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

679.597.926,00

#Error

10

TOTAL LIABILITIES

1.902.980.860,00

#Error

11

NET ASSETS

1.927.782.719,20

#Error

12

NUMBER OF ISSUED OUTSTANDING SHARES *

997.179.176

#Error

13

NET ASSET VALUE PER SHARE

1,9332

#Error

14

NUMBER OF COMPANIES IN THE PORTFOLIO, of which:

71

#Error

14.1

Companies admitted to trading on a regulated market

17

#Error

14.2

Companies admitted to trading on an alternative trading system

19

#Error

14.3

Not admitted companies to trading (closed companies)

35

#Error

15

Companies for which no financial information was collected

2

#Error

For the unlisted companies on which occurred share capital increases, the assessment through the book value/share method was carried out by using the equity in the financial statements which reflect the share capital increase.
SIF Moldova is in correspondence with the capital market institutions involved in this approach.

* 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 January 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

REGAL GALATI

1647588

REGL

1.116.258

388 / 21.02.2017

8,4008

9.377.479,00

3

TRANSTEC TECUCI

1632935

TRCS

286.699

1044 / 30.06.2017

1,5940

457.000,00

Unlisted shares (closed)

1

AGROINTENS SA BUCURESTI

33857839

1.883.661

1324 / 29.08.2017

11,3258

21.334.000,00

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

10.468.044

388 / 21.02.2017

0,7683

8.042.463,00

5

ASSET INVEST BACAU Bacau

32267040

38.330.420

388 / 21.02.2017

0,0745

2.854.757,00

6

BUCOVINA-TEX RADAUTI

2692358

77.820

388 / 14.02.2017

24,8703

1.935.406,00

7

CASA SA BACAU BACAU

8376788

3.248.682

388 / 21.02.2017

3,1515

10.238.343,00

8

DYONISOS COTESTI

7467373

772.824

1282 / 12.09.2014

0,7100

548.705,04

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

388 / 21.02.2017

0,9928

19.189.399,00

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

388 / 21.02.2017

4,7040

11.330.166,00

15

TESATORIILE REUNITE BUCURESTI

425818

10.269.277

1237 / 31.07.2017

6,1062

62.706.000,00

16

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

Back Office, Gabriela PETER

Internal Control, Michaela PUSCAS



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