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SIF Banat Crisana : Quarterly Report as of September 30, 2022


QUARTERLY REPORT

AS OF SEPTEMBER 30, 2022

prepared pursuant to the provisions of

Law no. 24/2017, Law no. 74/2015, Law no. 243/2019, ASF Regulation no. 10/2015, ASF Regulation no. 7/2020, ASF Regulation no. 5/2018, and ASF Rule no. 39/2015

this report is provided as a free translation from Romanian, which is the official and binding document

SIF BANAT-CRIȘANA | QUARTERLY REPORT as of September 30, 2022

CONTENTS

1. GENERAL INFORMATION

3

2. MAIN FINANCIAL AND OPERATIONAL INFORMATION

4

3. PORTFOLIO AS OF SEPTEMBER 30, 2022

5

4. THE SHARES ISSUED BY SIF BANAT-CRIȘANA

11

5. THE MANAGEMENT OF SIGNIFICANT RISKS

14

6. SIGNIFICANT EVENTS DURING Q3 2022

22

7. FINANCIAL POSITION AND RESULTS AS OF SEPTEMBER 30, 2022

23

8. EVENTS AFTER THE REPORTING PERIOD

26

9. ANNEXES

Annex 1 – Condensed interim standalone financial statements as of September 30, 2022, prepared pursuant to the Financial Supervisory Authority Rule no. 39/2015 for the approval of accounting regulations in accordance with the International Financial Reporting Standards applicable to entities authorised, regulated, and supervised by the Financial Supervisory Authority, operating in the Financial Instruments and Investments Sector – unaudited

Annex 2 – Net asset statement as of September 30, 2022, prepared pursuant to Annex 10 of Regulation no. 7/2020

Annex 3 – Detailed statement of investments as of September 30, 2022, pursuant to Annex 11 of Regulation no. 7/2020

2

SIF BANAT-CRIȘANA | QUARTERLY REPORT as of September 30, 2022

1. GENERAL INFORMATION

CORPORATE NAME

COMPANY TYPE

Societatea de Investiții Financiare Banat-Crișana S.A. (hereinafter referred to as “SIF Banat-Crișana”or “the Company”)

  • joint stock company, Romanian legal entity with entire private capital
  • established as a self-managed investment company, authorized by the Financial Supervisory Authority as Alternative Investment Fund Manager (AIFM) – Authorization no. 78 / 09.03.2018, and as closed- ended alternative investment fund, diversified, addressed to retail investors (AIFRI) – Authorization no. 130 / 01.07.2021

SHARE CAPITAL

▪ RON 51,542,236.30 – subscribed and paid-in capital

▪ 515,422,363 shares issued; 507,510,056 outstanding as of 30.09.2022

▪ RON 0.10 per share nominal value

REGISTRATIONS

▪ Number in Trade Register J02/1898/1992

▪ Tax Identification Code RO 2761040

▪ Number in ASF AFIAA Register PJR07.1AFIAA / 020007 / 09.03.2018

▪ Number in ASF FIAIR Register PJR09FIAIR / 020004 / 01.07.2021

▪ Legal Entity Identifier (LEI) 254900GAQ2XT8DPA7274

MAIN ACTIVITY

Main activity is, as per the classification of economic activities in the

national economy (CAEN): financial intermediation, except for insurance

and pension funds (CAEN code 64), and the main object of activity: Other

financial intermediation n.c.a. (CAEN code 6499):

portfolio management

risk management

▪ other activities carried out within the collective management of an

investment fund, allowed by the legislation in force

TRADING MARKET

The company is listed since November 1, 1999 on the regulated market

of Bucharest Stock Exchange (BVB) – Premium category – ticker SIF1

FINANCIAL AUDITOR

Deloitte Audit S.R.L.

DEPOSITARY BANK

Banca Comercială Română (BCR)

SHARES AND

SHAREHOLDERS’ REGISTRY

Depozitarul Central S.A. Bucharest

HEADQUARTERS

Arad, 35A Calea Victoriei 310158, Romania

TEL +40257 304 438 FAX +40257 250 165

EMAIL sifbc@sif1.ro WEB www.sif1.ro

BRANCH OFFICE

SIF Banat-Crișana SA Arad-BucharestBranch-Rahmaninov

46-48 S. V. Rahmaninov Str., 3rd floor, sector 2, 020199, Bucharest

CONTACT Investor Relations: email investitori@sif1.ro tel +40257 304 446

3

SIF BANAT-CRIȘANA | QUARTERLY REPORT as of September 30, 2022

2. MAIN FINANCIAL AND OPERATIONAL INFORMATION

MAIN BALANCE SHEET ITEMS [RONm]

31.12.2021

30.09.2022

Total assets, of which

3,607.39

3,129.30

Total financial assets

3,579.13

3,094.11

Equity (own capital)

3,416.13

2,996.07

Total liabilities

191.26

133.23

FINANCIAL PERFORMANCE [RONm]

30.09.2021

30.09.2022

Operating income

125.61

172.51

Gain/(Loss) on investment

224.53

(143.13)

Operating expenses

14.94

14.45

Gross profit / (Loss)

335.20

14.93

Net profit / (Loss)

321.60

7.27

PERFORMANCE OF SHARES AND NET ASSET

31.12.2021

30.09.2022

Share price (end of period, RON)

2.5400

2.4500

NAV/S* (RON)

6.7170

5.8902

Accounting net asset / share (RON)

6.7311

5.9035

Nominal value of share (RON)

0.1

0.1

Number of shares issued

515,422,363

515,422,363

Number of outstanding shares

507,510,056

507,510,056

  • calculated acc. to ASF regulations
  • calculated considering the shares repurchased by the Company

OPERATIONAL DATA

31.12.2021

30.09.2022

Number of permanent employees

34

32

Branch offices

1

1

SHAREHOLDING STRUCTURE as of September 30, 2022

number of shareholders

holdings

Romanian individuals

5,739,622

39.70%

Non-resident individuals

2,113

0.33%

Romanian legal entities

113

38.69%

SIF Banat-Crișana

1

1.54%

Non-resident legal entities

25

19.74%

TOTAL

5,741,874

100%

4

SIF BANAT-CRIȘANA | QUARTERLY REPORT as of September 30, 2022

3. PORTFOLIO AS OF SEPTEMBER 30, 2022

Investment objective and policy

SIF Banat-Crișana’s investment strategy aims to maximize the portfolio performance to increase the value of the assets under management and the investment income. The financial objective is to reap an aggregate return on the portfolio generated from dividend and capital gains.

SIF Banat-Crișana’s objective is the efficient management of a diversified portfolio comprised of high- quality assets, capable of providing a steady flow of revenues, the preservation and medium-long term capital growth, to increase the value for shareholders and obtain as high yields for the invested capital.

The strategic allocations by asset classes and within each class are based on assessments of the individual attractiveness of investment opportunities, under the conditions of the macroeconomic and market environment at the time.

Investments are performed over a certain period, complying to the regulated prudential terms, under appropriate risk monitoring and control, to ensure a steady balance of risk and expected return. The investment decision-making process is formalized through internal procedures and the levels of competence approved by the company’s Board of Directors. The company applies an exit strategy tailored to the specifics of each investment, defined based on the applied strategy, the investment objectives, the conditions of the exit transaction.

During the reporting period, SIF Banat-Crișana had under management a complex portfolio, consisting of the following main categories of financial instruments: shares, bonds, and fund units.

Analysing the factors and elements generating effects on the investment activity and on the areas in which SIF Banat-Crișana has exposures, the objectives pursued during Q3 2022 continued the investment strategy approved by the shareholders, having as major lines of action:

  • calibration of the portfolio on financial assets / instruments that benefit from an inflationary context
  • continuing the portfolio restructuring by reducing minority interests that do not fit the Company’s investment strategy
  • active management in majority interests do develop the business and their performance
  • maintaining a diversified portfolio
  • integrating the sustainability risk
  • maintaining transparency and good corporate governance

Net Asset Value

SIF Banat-Crișana’s net asset value (NAV) was of RON 2,989.34m as of September 30, 2022, down 5.66% vs. RON 3,158.63m, the value recorded as of June 30, 2022, and 12.92% lower as compared to September 30, 2021. Net asset value per share (NAV/S) was of RON 5.8902 as of September 30, 2022 (June 30, 2022: RON 6.2238/share).

5

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Disclaimer

Societatea de Investitii Financiare Banat Crisana SA published this content on 15 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 November 2022 16:31:09 UTC.

Publicnow 2022

All news about SIF BANAT-CRISANA

Sales 2021 470 M
99,1 M
99,1 M
Net income 2021 415 M
87,6 M
87,6 M
Net cash 2021 1 933 M
408 M
408 M
P/E ratio 2021 3,10x
Yield 2021 2,36%
Capitalization 1 264 M
266 M
266 M
EV / Sales 2020 -3,38x
EV / Sales 2021 -1,33x
Nbr of Employees 72
Free-Float 98,5%



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