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    SIF1   ROSIFAACNOR2

SIF BANAT-CRISANA

(SIF1)
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SIF Banat Crisana : Consolidated Half-Year Report as at June 30, 2021

09/30/2021 | 11:22am EST

prepared pursuant to ASF Regulation no. 5/2018, Law no. 24/2017, and ASF Rule no. 39/2015

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

CONSOLIDATED REPORT OF SIF BANAT-CRIȘANA'S BOARD OF DIRECTORS FOR H1 2021 | 1

CONTENTS

1. GENERAL INFORMATION ON SIF BANAT-CRIȘANA GROUP

1.1

Presentation of the Group

3

1.2

Entities included in the consolidation

3

2. PRESENTATION OF THE ENTITIES WITHIN THE GROUP

2.1

Information on the activity of SIF Banat-Crișana

5

2.2

Information on the entities included in the consolidation

9

3. SUMMARY OF CONSOLIDATED FINANCIAL DATA FOR THE GROUP AS OF 30.06.2021

3.1

Bases of presentation of consolidated statements

11

3.2

Consolidated profit and loss and other comprehensive income

11

3.3

Consolidated statement of financial position

13

3.4

Presentation on segment

13

4. DESCRIPTION OF MAIN RISKS FOR THE GROUP

14

5. THE MARKET OF SECURITIES ISSUED BY THE GROUP

18

6. CORPORATE GOVERNANCE

20

7. OTHER INFORMATION

Events after the reporting period

26

ANNEXES

ANNEX 1 Condensed interim consolidated financial statements as of June 30, 2021, prepared pursuant to Rule no. 39/2015 for the approval of the Accounting Regulations compliant to the International Financial Reporting Standards, applicable to entities authorized, regulated, and supervised by the Financial Supervisory Authority (ASF) - Financial Instruments and Investments Sector - unaudited

CONSOLIDATED REPORT OF SIF BANAT-CRIȘANA'S BOARD OF DIRECTORS FOR H1 2021 | 2

1. GENERAL INFORMATION ON SIF BANAT-CRIȘANA GROUP

1.1 PRESENTATION OF THE GROUP

This report presents SIF Banat-Crișana's consolidated financial results as of the end of first semester, ended on June 30, 2021, prepared in accordance with the International Financial Reporting Standards adopted by the European Union, and ASF Rule no. 39/2015 for the approval of the Accounting Regulations compliant with the International Financial Reporting Standards, applicable to entities authorized, regulated, and supervised by ASF from the Financial Instruments and Investments Sector.

The Company's consolidated financial statements prepared for the first semester 2021 include the Company and its subsidiaries (hereinafter referred to as "Group"). For H1 2021, the Group comprises SIF Banat-Crișana (parent company), SAI Muntenia S.A. and Administrare Imobiliare S.A..

1.2 ENTITIES INCLUDED IN THE CONSOLIDATION Subsidiaries

Subsidiaries are entities controlled by the Company. The control exists when the Company is exposed or has rights to the variable return based on its participation in the investee entity and could influence those revenues through its authority over the entity in which it invested. When assessing control, potential voting rights that are exercisable or convertible at that time are considered.

The financial statements of subsidiaries are included in the consolidated financial statements from the moment the exertion of control begins and until its termination. Accounting policies of subsidiaries have been changed to align them with those of the Group.

The list of investments in subsidiaries as of June 30, 2021, and December 31, 2020, is as follows:

No.

Company name

Stake held (%)

June 30, 2021

December 31, 2020

1

(SIF Imobiliare PLC Nicosia)

99.99

99.99

2

(SIFI SPV TWO)

99.99

99.99

3

SAI Muntenia Invest SA Bucharest

99.98

99.98

4

(SIF1 IMGB)

99.92

99.92

5

(Napomar SA Cluj Napoca)

99.43

99.43

6

(SIF Hoteluri SA Oradea)

99.00

99.00

7

(Azuga Turism SA Bucharest)

98.94

98.94

8

Administrare Imobiliare SA

97.40

97.40

9

(Silvana SA Cehu Silvaniei) - bankruptcy

96.28

96.28

10

(Iamu SA Blaj)

76.70

76.70

11

(Vrancart SA Adjud)

75.06

75.06

12

(Central SA Cluj)

74.53

74.53

13

(Uniteh SA Timișoara)*

36.34

36.34

14

(SIFI Cj Logistic)*

5.53

5.53

15

(Ario SA Bistrița) - bankruptcy

93.64

93.64

* the majority shareholder in Uniteh SA and SIFI CJ Logistic is SIF Imobiliare Plc

The subsidiaries shown in brackets in the table above were excluded from the consolidation following the periodic analysis of the status of investment entity according to IFRS 10.

The companies Ario SA Bistrița and Silvana SA Cehu Silvaniei are in bankruptcy, so the voting rights held by SIF Banat-Crișana do not give authority over the investee entity and were therefore excluded from the consolidation.

CONSOLIDATED REPORT OF SIF BANAT-CRIȘANA'S BOARD OF DIRECTORS FOR H1 2021 | 3

Associated entities

Associated entities are those companies in which the Company can exercise significant influence, but not the control on the financial and operating policies.

The entities in which the Company holds stakes between 20% and 50% as of June 30, 2021, is of

19 (December 31, 2020: 19), of which:

  • two entities (Gaz Vest SA Arad, Biofarm SA Bucharest), on which exerts a significant influence, removed from the consolidation beginning January 1, 2018, following the classification of the Company as an investment entity;
  • 4 entities (December 31, 2020: 4) that do not qualify as associates because the Company does not exercise significant influence in those companies;
  • 13 entities (December 31, 2020: 13) in insolvency / liquidation / bankruptcy.

Transactions excluded on consolidation

Settlements and transactions within the Group, and unrealized profits arising from intragroup transactions, are fully eliminated from the consolidated financial statements.

The accounting policies disclosed in the consolidate financial statements as of December 31, 2020 (and in condensed form in the consolidated financial statements as of June 30, 2021) have been consistently used over all the periods presented in the consolidated financial statements and have been consistently applied by all entities within the Group.

CONSOLIDATED REPORT OF SIF BANAT-CRIȘANA'S BOARD OF DIRECTORS FOR H1 2021 | 4

2. PRESENTATION OF THE ENTITIES WITHIN THE GROUP

2.1 INFORMATION OF THE ACTIVITY OF SIF BANAT-CRIȘANA

CORPORATE NAME

COMPANY TYPE

SHARE CAPITAL

REGISTRATIONS

MAIN ACTIVITY

TRADING MARKET

FINANCIAL AUDITOR

DEPOSITARY BANK

SHARES AND SHAREHOLDERS' REGISTRY

HEADQUARTERS

BRANCH OFFICE

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

  • joint stock company, established as self-managed investment company, authorized by the Financial Supervisory Authority as Alternative Investment Fund Manager (AIFM) - Authorization no. 78/09.03.2018, classified as per the provisions of Law no. 243/2019 as a closed-ended alternative investment fund, diversified, addressed to retail investors (AIFRI)
  • Romanian legal entity with entire private capital
  • RON 51,542,236.30 - subscribed and paid-up capital
  • 515,422,363 shares issued, entirely outstanding
  • RON 0.10 per share nominal value
  • J02/1898/1992 at Trade Registry
  • Unique Registration Code 2761040
  • Number in ASF AFIAA Register PJR07.1AFIAA / 020007 / 09.03.2018
  • Legal Entity Identifier (LEI Code) 254900GAQ2XT8DPA7274

Main activity is, as per the classification of economic activities in the national economy (NACE): financial intermediation, except insurance and pension funds (NACE code 64), and the main object of activity:

Other financial intermediation n.c.a. (NACE code 6499):

  1. portfolio management;
  2. risk management;
  3. other activities other activities carried within the collective management of an investment fund, permitted by the legislation in force.

The company is listed since November 1, 1999 on the regulated market of Bucharest Stock Exchange (BVB) - Premium category - ticker SIF1

Deloitte Audit S.R.L.

Banca Comercială Română (BCR)

Depozitarul Central S.A. Bucharest

Arad, 35A Calea Victoriei 310158, Romania

TEL +40257 304 438 FAX +40257 250 165

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

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

CONSOLIDATED REPORT OF SIF BANAT-CRIȘANA'S BOARD OF DIRECTORS FOR H1 2021 | 5

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Societatea de Investitii Financiare Banat Crisana SA published this content on 30 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 September 2021 15:21:04 UTC.


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Sales 2020 129 M 29,7 M 29,7 M
Net income 2020 88,9 M 20,5 M 20,5 M
Net cash 2020 1 566 M 362 M 362 M
P/E ratio 2020 12,7x
Yield 2020 -
Capitalization 1 325 M 303 M 306 M
EV / Sales 2019 0,38x
EV / Sales 2020 -3,38x
Nbr of Employees 34
Free-Float 100%
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Number of Analysts 1
Last Close Price 2,57 RON
Average target price 3,50 RON
Spread / Average Target 36,2%
Managers and Directors
Bogdan-Alexandru Dragoi Chairman & Chief Executive Officer
Sorin Marica Independent Non-Executive Director
Marcel Pfister Independent Non-Executive Director
Radu-Razvan Straut Vice Chairman & Deputy General Director
Ionel-Marian Ciucioi Non-Executive Director
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