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SIF MOLDOVA S.A. - SIF2

NAV as of date May 31, 2018

Release Date: 6/15/2018 8:17:40 AM

IRIS Code: C0AFC

Report date: June 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 May 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 1.945 billion lei, 5.2% lower than the previous month, due to the decrease value of the following:

· shares listed on BSE-REGS: - 93.3 million lei;

· listed non-UCITS shares: - 9.9 million lei;

· listed and not traded shares in the last 30 days: - 20.4 million lei;

· non-traded fund units: - 15.6 million lei;

· bank deposits: - 4.1 million lei.

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

· shares listed on BSE-ATS: + 18.6 million lei;

· unlisted shares: + 0.9 million lei.

Weight of the main asset classes in the total value of the assets under management as of May 31, 2018: listed shares 76.9% (-1.1%), unlisted shares 9.3% (+0.5%), fund units 8.6% (-0.3%), monetary instruments 3.1 (-0.04%).

Compared to the previous month, the share price recorded a decrease of 13.3% (SIF2 = 1.2000 lei), the NAV per share marked a decrease of 6.0% (NAV/ share = 1.7353 lei), resulting in an increase of the SIF2 price/NAV per share discount from 25% to 31%.

The net result at May 31, 2018 is 31 million lei, composed of net profit (4 million lei) and net gain on disposal of assets reflected in retained earnings (27 million lei) - accounting treatment according to IFRS 9.

Claudiu Doros

CEO

Michaela Puscas

Compliance Officer

STATEMENT OF ASSETS AND LIABILITIES OF SIF MOLDOVA

Date of calculation 31/05/2018 - Monthly, balanta IFRS

Annex 16

LEI

% total assets

1

NON-CURRENT ASSETS OF WHICH:

343.657.080,06

17,671

1.1

Intangible assets

15.689,00

0,001

1.2

Tangible assets

11.935.137,00

0,614

1.3

Financial assets, of which:

331.706.254,06

17,056

1.3.1

Listed shares, of which:

7.415.593,64

0,381

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

7.415.593,64

0,381

1.3.2

Unlisted shares (closed), of witch:

181.223.659,32

9,318

1.3.2.1

Unlisted shares (closed)

179.867.331,23

9,249

1.3.2.2

untraded SICAR shares

1.356.328,09

0,070

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:

7.660.671,01

0,394

1.3.6.1

Municipal bonds

0,00

0,000

1.3.6.2

Corporate bonds

7.660.671,01

0,394

1.3.7

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

100.204,20

0,005

1.3.7.1

Municipal bonds

100.204,20

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

135.206.570,89

6,952

1.3.9.1

Not-traded fund units (non-UCITS)

135.206.570,89

6,952

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:

99.555,00

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)

99.555,00

0,005

2

CURRENT ASSETS, OF WHICH:

1.600.837.418,89

82,315

2.1

Inventories

19.559,00

0,001

2.2

Claims, of which:

10.304.307,00

0,530

2.2.1.

Trade bills receivable

0,00

0,000

2.2.2.

Other claims

10.304.307,00

0,530

2.3

Cash availability

6.340.402,03

0,326

2.3.1

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

6.298.982,03

0,324

2.3.2

amounts under settlement

0,00

0,000

2.3.3

amounts in transit

41.420,00

0,002

2.4

Short-term financial investments, of which:

1.529.502.130,36

78,646

2.4.1

Listed shares, of which:

1.391.394.957,94

71,545

2.4.1.1

listed on BVB

1.288.414.955,89

66,250

2.4.1.2

listed on foreign markets

0,00

0,000

2.4.1.3

listed on ATS

102.980.002,05

5,295

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

128.143.396,83

6,589

2.4.4.1

Traded fund units (non-UCITS)

711.450,00

0,037

2.4.4.2

Non-traded fund units (UCITS)

30.641.503,36

1,576

2.4.4.3

Traded shares (non-UCITS)

96.790.443,47

4,977

2.4.4.4

ETF

0,00

0,000

2.4.5

Dividends or other receivables, of which:

9.963.775,59

0,512

2.4.5.1

Preference/allocation rights

0,00

0,000

2.4.5.2

dividends due from listed issuers

9.963.775,59

0,512

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

54.201.041,56

2,787

2.8

Certificates of deposit

0,00

0,000

2.9

Other assets

469.978,94

0,024

2.9.1

Amounts to be cashed as a result of withdrawal from companies

468.036,94

0,024

2.9.2

Other current assets

1.942,00

0,000

3

DERIVATIVES

0,00

0,000

4

ACCRUED EXPENSES

286.505,00

0,015

5

TOTAL ASSETS

1.944.781.003,95

100,000

6

TOTAL LIABILITIES, of which:

205.836.297,00

#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

425.752,00

#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

9.320.000,00

#Error

6.8

Other liabilities, of which:

196.090.545,00

#Error

6.8.1

Dividends due to the shareholders

82.481.027,00

#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

113.609.518,00

#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:

6.601,00

#Error

8.1

Subventions for investments

0,00

#Error

8.2

Deferred Income

6.601,00

#Error

8.3

Deferred income related to the assets received by transfer from clients

0,00

#Error

9

EQUITY CAPITAL, of which:

1.904.354.158,00

#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

751.646.099,00

#Error

9.5

Reported result

312.524.904,00

#Error

9.6

Result of the year

4.272.190,00

#Error

9.7

Profit distribution

0,00

#Error

9.8

Own shares

8.209.443,00

#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

730.893.014,00

#Error

10

TOTAL LIABILITIES

2.118.789.598,00

#Error

11

NET ASSETS

1.738.938.105,95

#Error

12

NUMBER OF ISSUED OUTSTANDING SHARES *

1.002.113.939

#Error

13

NET ASSET VALUE PER SHARE

1,7353

#Error

14

NUMBER OF COMPANIES IN THE PORTFOLIO, of which:

71

#Error

14.1

Companies admitted to trading on a regulated market

16

#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

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 May 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

SPIT BUCOVINA SUCEAVA

728129

SPTU

1.162.275

388 / 21.02.2017

1,6151

1.877.219,00

2

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

173 / 07.02.2018

12,1000

22.792.298,10

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

350 / 30.03.2018

0,7104

7.436.800,00

5

ASSET INVEST BACAU 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

3.248.682

173 / 07.02.2018

2,7714

9.003.500,00

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

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

TESATORIILE REUNITE BUCURESTI

425818

10.269.277

173 / 07.02.2018

5,5116

56.600.600,00

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

Net Asset Calculation Office, Gabriela PETER

Compliance Officer, Catalin NICOLAESCU



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