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    SIF1   ROSIFAACNOR2

SIF BANAT-CRISANA

(SIF1)
  Report
End-of-day quote. End-of-day quote Bucharest Stock Exchange - 01/27
2.36 RON   -1.67%
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SIF Banat Crisana : H1 2021 Report

09/01/2021 | 04:02am 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

SIF BANAT-CRIȘANA | HALF YEAR REPORT 2021

CONTENTS

GENERAL INFORMATION

3

MAIN FINANCIAL AND OPERATIONAL INFORMATION

4

1.

ANALYSIS OF SIF BANAT-CRIȘANA ACTIVITY

5

Analysis of the portfolio under management

5

The progress of net asset value

6

Portfolio structure

7

Stock portfolio management

8

Risk management

16

Other significant information

22

2.

THE SHARES ISSUED BY SIF BANAT-CRIȘANA

23

3.

CORPORATE GOVERNANCE

25

4.

FINANCIAL RESULTS AS OF JUNE 30, 2021

31

5.

EVENTS AFTER THE REPORTING PERIOD

35

6.

ANNEXES

Annex 1 Condensed interim financial statements as of June 30, 2021, 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 June 30, 2021, prepared pursuant to

Regulation no. 15/2004 (Annex 16)

Annex 3 Detailed statement of investments as of June 30, 2021, pursuant to Regulation no. 15/2004 (Annex 17)

Annex 4 Statement of the responsible persons

2

SIF BANAT-CRIȘANA | HALF YEAR REPORT 2021

GENERAL INFORMATION

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 (CAEN): financial intermediation, except insurance and pension funds (CAEN code 64), and the main object of activity:

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

  • carrying out financial investments in order to maximize the value of own shares in accordance with the regulations in force
  • management of investment portfolio and exercising all of the rights related to the instruments in which investments are made
  • risk management
  • other activities auxiliary and associated to the collective investment activity, in accordance with the regulations 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

3

SIF BANAT-CRIȘANA | HALF YEAR REPORT 2021

MAIN FINANCIAL AND OPERATIONAL INFORMATION

MAIN BALANCE SHEET ITEMS [RONm]

30.06.2020

31.12.2020

30.06.2021

Total assets, of which

2,560.23

2,883.77

3,353.02

Total financial assets

2,539.74

2,859.53

3,323.63

Equity

2,434.84

2,729.90

3,153.95

Total liabilities

125.39

153.87

199.07

FINANCIAL PERFORMANCE [RONm]

30.06.2020

31.12.2020

30.06.2021

Income

40.09

94.84

31.07

Gain / (Loss) on investments

(76.99)

27.82

207.59

Expenses

8.68

28.47

10.55

Gross profit / (Loss)

(45.59)

94.18

228.10

Net profit / (Loss)

(46.09)

92.12

216.93

FINANCIAL INDICATORS [%]

30.06.2020

31.12.2020

30.06.2021

ROE (net profit / equity)

(1.89)

3.37

7.23

ROA (net profit / total assets)

(1.80)

3.19

6.80

Gross profit margin (gross profit / total revenues)

(44.58)

30.47

95.16

PERFORMANCE OF SHARES AND NET ASSET

31.12.2020

30.06.2021

Share price (end of period, RON)

2.2000

2.7400

NAV/S* (RON)

5.6051

6.4184

Accounting net asset / share (RON)

5.3055

6.1192

Nominal value of share (RON)

0.1

0.1

Number of shares issued

515,422,363

515,422,363

Number of outstanding shares

514,542,363

515,422,363

* calculated acc. to ASF regulations

OPERATIONAL DATA

31.12.2020

30.06.2021

Number of permanent employees, end of period

34

34

Branch offices

1

1

SHAREHOLDING STRUCTURE as of June 30, 2021

number of shareholders

holdings

Romanian individuals

5,743,462

40.34%

Non-resident individuals

2,084

0.34%

Romanian legal entities

127

38.99%

Non-resident legal entities

25

20.33%

TOTAL

5,745,698

100%

4

SIF BANAT-CRIȘANA | HALF YEAR REPORT 2021

1. ANALYSIS OF SIF BANAT-CRIȘANA ACTIVITY

Analysis of the portfolio under management

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 H1 2021 continued the investment strategy approved by the shareholders, having as major lines of action:

  • improving portfolio quality by taking advantage of investment projects in sound businesses or assets, in conditions of optimizing the portfolio risk-return balance;
  • continuing the portfolio restructure by reducing exposure on minority shareholdings that do not fit in the Company's investment strategy and in the "core" portfolio;
  • active management in the majority shareholdings for the development of the business and their performances;
  • efficient portfolio management and maximising its performances, complying with all the regulatory requirements;
  • adapting the activity to the major social and economic challenges;
  • maintaining transparency and a good corporate governance.

5

Disclaimer

Societatea de Investitii Financiare Banat Crisana SA published this content on 31 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 September 2021 08:01:06 UTC.


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Financials
Sales 2020 129 M 29,1 M 29,1 M
Net income 2020 88,9 M 20,1 M 20,1 M
Net cash 2020 1 566 M 354 M 354 M
P/E ratio 2020 12,7x
Yield 2020 -
Capitalization 1 216 M 274 M 275 M
EV / Sales 2019 0,38x
EV / Sales 2020 -3,38x
Nbr of Employees 34
Free-Float 100%
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Managers and Directors
Bogdan-Alexandru Dragoi Chairman
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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