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| December 03, 2021 |
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SIF BANAT CRISANA S.A. - SIF1

2021 Q3 Report

Release Date: 11/15/2021 6:05:12 PM

IRIS Code: 239AD

FINANCIAL RESULTS AS OF SEPTERMBER 30, 2021

SIF Banat-Crisana ends the nine months of 2021 with record results and a favourable financial position.

The net asset value, calculated in accordance with ASF regulations, reached RON 3,375.48m as of September 30, 2021, up 17% vs. 2020-year end.

The company had an investment policy during the first nine months of the year of fully or partially divesting from some positions in the stock portfolio, to increase its liquidity reserve and to provide an optimal positioning of liquid investments so as to maximize current opportunities, given the persistence of low interest rates on investments in bank deposits. Thus, between January and September 2021, the Company obtained gain from exchange rate differences related to foreign currency holdings of RON 2.2m, offsetting to a certain extent the decline in interest income on investments in fixed income instruments.

During the first three quarters of 2021, the Company achieved dividend income amounting to RON 122.8m, significantly higher than in the corresponding period of 2020, both due to the resumption of dividend distribution by banking companies and especially due to dividends related to interests where the Company holds the majority stake (SIF Imobiliare, Azuga Turism, Vrancart). Interest income was lower vs. the corresponding period of the previous year, influenced by the significantly lower volume of corporate bond investments vs. the first 9 months of 2020.

Gain on investment amounts to RON 224.5m at the end of Q3, mainly resulting from the valuation of the financial assets in the portfolio recorded at fair level through profit and loss (e.g. listed and unlisted shares - subsidiaries and associates, fund units and bonds). The upward trend in global stock markets has had a positive influence on the market value for locally listed stocks and accounted in this category.

Expenses as of September 30, 2021, are slightly higher vs. the corresponding period of 2020, on the back of the increase in commission expenses (directly related to investment activity and the progress of net assets) but having a clearly inferior advance vs. the progress of the net result.

Net profit as of September 30, 2021, amounting to RON 321.6m, is the combined effect of the result of the valuation at fair value of the above-mentioned shareholdings and the dividend income collected by the Company.

Total comprehensive income as of September 30, 2021, is favourable, amounting to RON 629.6m, and is the effect of recognition in other comprehensive income of the fair value increase of the portfolio of financial assets classified in FVTOCI (Assets at fair value through other comprehensive income - mainly shareholdings in the financial-banking sector).

 

The full version of Q3 2021 report is available on SIF Banat-Crisana website, www.sif1.ro, and on the link below:

 

Chairman of the Board of Directors & CEO, Bogdan-Alexandru DRAGOI

Financial Reporting Manager, Dorel BABA

 



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