Quarterly Report • May 15, 2023
Quarterly Report
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Report of the Board of Directors of S.I.F. Oltenia S.A. - as of 31 March 2023-
according to Law No. 24/2017, Regulation No. 7/2020, Regulation No. 5/2018 and Rule No. 39/2015
| GENERAL INFORMATION | 3 |
|---|---|
| I. IMPORTANT EVENTS |
4 |
| II. THE MAIN RISKS AND UNCERTAINTIES LIKELY TO AFFECT FUTURE ACTIVITY | 8 |
| III. ECONOMIC AND FINANCIAL INFORMATION | 9 |
| 1. Portfolio management 9 | |
| 2. The value of the asset 14 | |
| 3. SIF5 share 15 | |
| 4. The management of monetary instruments 16 | |
| 5. The Economic and Financial Status 17 | |
| 6. The management of material risks 19 | |
| IV. LITIGATIONS IN WHICH THE COMPANY IS INVOLVED | 29 |
| V. EVENTS AFTER THE REPORTING PERIOD | 29 |
| VI. ANNEXES | 31 |
The Quarterly Report as of 31.03.2023 was prepared in accordance with Law No. 24/2017, republished, on issuers of financial instruments and market operations, F.S.A. Regulation no. 5/2018 on issuers of financial instruments and market operations, as subsequently amended and supplemented, F.S.A. Regulation no.7/2020 on the authorisation and operation of alternative investment funds and Rule no. 39/2015 for the approval of the Accounting Regulations in accordance with International Financial Reporting Standards, applicable to entities authorised, regulated and supervised by the Financial Supervisory Authority in the Financial Instruments and Investments Sector, as well as the Investor Compensation Fund, as subsequently amended and supplemented.
Date of the report: 31.03.2023 Company name: S.I.F. OLTENIA S.A. Registered seat: Craiova, 1 Tufanele street, Dolj County, postal code 200767 Telephone/fax: 0251-419.343; 0251-419.340 Company registration no. RO 4175676 Trade Register No. J16/1210/30.04.1993 FSA Register number:: PJR07.01AFIAA/160004/15.02.2018 FSA Register number: R.I.A.I.F.: PJR09FIAIR/160001/08.06.2021 ISIN: ROSIFEACNOR4 LEI Code: 254900VTOOM8GL8TVH59 Regulated market where the issued securities are transacted: Bucharest Stock Exchange, Premium Category (SIF5 market symbol) Subscribed and paid registered capital: 50,000,000 lei Number of issued shares: 500,000,000
Nominal value: 0.10 RON/share
The main features of the securities issues by the issuer: the shares of S.I.F. Oltenia S.A. are nominal, issued in dematerialized form and grant equal rights to their holders. The shares of the company are listed in the Premium category of the Bucharest stock Exchange, being negotiable and freely transferable, in accordance with legal provisions.
S.I.F. Oltenia S.A. is established as a legal person under private law, of Romanian nationality, organized as a joint stock company. According to the applicable legal provisions, the company is classified as a closed-ended Alternative Investment Fund (A.I.F.) for retail investors, diversified and self-managed. The company is authorized by the Financial Supervisory Authority as an Alternative Investment Fund Manager (A.I.F.M.) under Authorization No. 45/15.02.2018 and as a Retail Investor Alternative Investment Fund (R.I.A.I.F.) from 08.06.2021, according to Authorization no. 94/08.06.2021.
S.I.F. Oltenia S.A. is listed on the Bucharest Stock Exchange starting with 01.11.1999, with a free-float of 100%.
The main field of activity of the company is NACE code 649 - other activities of financial intermediation, excluding insurance activities and pension funds, and its main activity is NACE code 6499 - other financial intermediation n.e.c.
The main activities that can be carried out by S.I.F. Oltenia S.A. are the following:
a) portfolio management;
b) risk management.
The company, as an A.I.F.M., can also carry out other activities such as:
administration of the entity;
a) legal and fund accounting services;
f) record keeping.
activities relating to the assets of the A.I.F., namely services necessary for the performance of the A.I.F.M.'s management tasks, infrastructure management, real estate management, advice to entities on capital structure, industrial strategy and related matters, advice and services on mergers and acquisitions of entities, as well as other services related to the management of the A.I.F. and other assets in which it has invested.
RAIFFEISEN BANK S.A. is responsible for carrying out the storage activities provided for by the laws and regulations of the F.S.A.
The records of the shareholders of S.I.F. Oltenia S.A. are kept by DEPOZITARUL CENTRAL S.A. Bucureşti.
In the first three months of 2023, the main events of the activity of S.I.F. Oltenia S.A. were:
On 28 February 2023, the company published the preliminary financial results as of 31 December 2022, which were brought to the attention of investors through the BVB website and the company's website www.sifolt.ro, Investors Info section.
Through the current report no. 2784/28.02.2023, the Financial Investment Company Oltenia S.A. informed the investors and shareholders of the initiation of the necessary steps for the sale of the 11.464% stake held within the share capital of Relee S.A. Medias (RELE), by the method "special sale by order" on the market of special offers and operations managed by BVB.
On 17 March 2023, the Board of Directors called the Ordinary General Shareholders Meeting of S.I.F. Oltenia S.A. and the Extraordinary General Shareholders Meeting of S.I.F. Oltenia S.A. for 27 April 2023.
The Ordinary General Shareholders meeting of S.I.F. Oltenia S.A. had on its agenda:
Approval of the reduction of the subscribed share capital of the S.I.F. Oltenia S.A. Company from 50,000,000 lei to 47,500,000 lei, by cancelling a number of 25,000,000 own shares acquired by the Company following the public offer to buy its own shares during - 08.062022-22.06.2022 in applying the redemption programme approved by the general shareholders meeting;
The approval of the change of the name of the company from "Societatea de Investiții Financiare Oltenia S.A." to "Infinity Capital Investments S.A." and the approval of the corresponding amendment of Article 1 paragraph (1) of the Company's Articles of association, which will have the following content: "The name of the company is Infinity Capital Investments S.A."
Approval of the amendment of the company's Articles of association as follows:
(1) The name of the company is Infinity Capital Investments S.A.
(2) Legal status: The company is established as a Romanian private shareholding company and classified, according to the applicable regulations, as a closed-ended Alternative Investment Fund (A.I.F.) for retail investors, diversified and self-managed. The company is authorized by the Financial Supervisory Authority as an Alternative Investment Fund Manager and Alternative Investment Fund for Retail Investors (A.I.F.R.I.).
(3) Operation of the company: The company is authorized by the Financial Supervisory Authority and operates in accordance with:
- legal regulations on companies;
Art. 2 The headquarters and duration of the company
(3) The duration of the company is 99 years.
Art. 4 Registered Capital
(1) The subscribed and paid registered capital is 47,500,000 lei.
(1) The registered capital is divided into 475,000,000 shares with a nominal o value of 0.1 lei each.
(5) The redeemed shares may be used for the purpose of reducing the registered capital, for the stabilization of the share price on the capital market and/or for the remuneration of the members of the Board of Directors, senior management and employees of the company under a Stock Option Plan (SOP) programme in compliance with specific legislation and regulations on sound remuneration policies.
Art. 6 Shareholders
(1) Any person who legitimately acquires shares issued by the company may become a shareholder.
(2) The reference date for identifying the shareholders entitled to attend and vote at the general meetings, as well as the registration date for determining the shareholders to receive dividends and on which the effects of the decisions of the general meetings will be broken, will be determined according to the applicable legal regulations in force.
(3) The record of the shares and the shareholders is kept according to the legal provisions by Depozitarul Central S.A.
(4) The status of shareholder of the company is attested by an account statement issued by the entity keeping, according to the law, the records of shares and shareholders. Persons whose account includes shares issued by Infinity Capital Investments S.A. are presumed to be their owners.
(4) The Extraordinary General Meeting shall meet whenever required, in order to decide on:
a) changing the legal status of the company and/or changing the form of administration by appointing an alternative external investment fund manager, in accordance with the law;
(13) Each share gives the right to one vote, except for the limitations laid down in the articles of association or in the regulations and legal provisions.
The company shall determine for each decision at least the number of shares for which valid votes have been cast, the proportion of the share capital represented by those votes, the total number of valid votes cast, and the number of votes cast "for" and "against" each decision and, where appropriate, the number of abstentions.
The position of "abstention" adopted by a shareholder in respect of items on the agenda of a general shareholders meeting of Infinity Capital Investments S.A. shall be an expressed vote.
The attendance notice for the company's general shareholders meeting shall include mentions regarding the qualification of the position of abstention as an expressed vote.
Art. 8 The Board of Directors
(6) The directors shall be compensated for the work done; the monthly compensation and other rights due to the directors shall be determined by decisions of the Ordinary General Shareholders meeting of the company.
The remuneration of directors shall consist of a monthly fixed allowance and a variable component. The general limits of the variable remuneration are determined by decisions of the Ordinary General Shareholders meeting of the company.
Variable remuneration can be granted both in cash and/or through the allocation of financial instruments and/or derivatives (shares, options granted under Stock Options Plans, etc.).
Variable remuneration may be granted to members of the Board of Directors, members of the senior management and employees of the company, according to the general limits approved by the General Shareholders meeting, subject to the achievement of the net profit indicator and the approval of the annual financial statements by the General Shareholders meeting.
The fund for the award of variable remuneration for the achievement of the net profit performance indicator will be determined and recorded as a provision, so that the realization of the net profit established through the Income and Expenditure Budget is not jeopardized. The variable remuneration will be paid out after approval of the annual financial statements.
In the case of instruments granted under Stock Options Plan for administrators and directors, the allocation criteria are established in accordance with the specific legislation, as well as with the provisions of the articles of association and the administration and mandate contracts, while, for employees, the Board of Directors establishes the eligibility criteria for SOP beneficiaries, the number of instruments to be granted to each category of beneficiaries, in accordance with the provisions of the specific legislation on sound remuneration policies, as well as SOP implementation mechanisms.
(13) The Board of Directors shall meet at the company's head office or in another place to be convened in the call, and the meetings shall be convened and held in accordance with the applicable legal provisions, as well as the internal rules of the Board of Directors. Participation in the meetings of the Board of Directors can also take place through the means of remote communication: teleconference; videoconference; Internet conference or intranet, etc.
The members of the Board of Directors may be represented in the meetings of the board by other members based on a power of attorney. A member of the Board may represent only one other member in a meeting.
The power of attorney will be sent to the Secretariat before the meeting begins. In urgent circumstances or where the directors are unable to attend the meeting, the President of the Board may decide that the meeting shall be held and that voting shall be transmitted by electronic means, in accordance with the procedure laid down in the rules of procedure of the Board of Directors.
(16) The Board of Directors shall have the following basic powers:
………………………………………………………………………………………………
k) acts of acquisition, transfer, exchange or guarantee of assets belonging to the category of the company's fixed assets, includign securities or other financial instruments, the amount of which exceeds, individually or in aggregate, during a financial year, 20% of the total of the fixed assets, excluding claims, are entered by the company's directors or managers, only after prior approval by the Extraordinary General Shareholders meeting pursuant to Article 91 (1) of Law no. 24/2017, or any legal provisions in force at the time the documents were drawn up.
l) leases of tangible assets, for a period exceeding one year, the aggregate or individual value of which in relation to the same co-contractor or persons involved or acting in concert exceeds 20% of the value of the total fixed assets, less claims on the date of conclusion of the legal act, as well as associations for a period of more than one year, exceeding the same value, are approved in advance by the Extraordinary General Shareholders meeting according to Article 91 (2) of Law no. 24/2017, or any legal provisions in force at the time of drawing up the documents.
The Company may borrow or loan funds on a temporary basis, in compliance with the legislation and regulations in force.
- Approval of the development of a Stock Option Plan program, which aims to grant option rights for the acquisition of shares free of charge by administrators, directors, employees, for the purpose of ensuring their loyalty, retention and motivation, as well as for rewarding them for the activity carried out within the Company. The programme will be carried out under the following conditions:
(a) under the Stock Option Plan, a maximum of 2,000,000 shares allocated to administrators, directors, employees will be granted option rights.
(b) in the case of the option rights granted to administrators, directors, employees of the Company, the right of option may be exercised after a period determined by the decision of the Board of Directors implementing the "Stock Option Plan" program.
(c) the "Stock Option Plan" programme may include the Company's administrators, directors, employees, according to the performance criteria established by the Board of Directors.
(d) the Board of Directors shall be empowered to take all the necessary measures and to fulfil all formalities required for the approval and implementation of the Stock Option Plan, such as, without limitation: (i) determining the criteria on whose basis the option rights will be granted to the Company's staff; (ii) determining the positions in the organizational chart, as well as in the structure of the Board of Directors, for which the stock option plan will be applicable; (iii) the period between the date of granting the right of option and the date of exercising the right of option; (iv) the conditions for exercising the right of option and, implicitly, for acquiring shares; (v) the period within which the right of option holder must exercise the right of option; (vi) preparation and publication of information documents in accordance with the law, etc.
(e) the implementation shall be made by the Board of Directors of the Company, in compliance with the decision of the Extraordinary General Shareholders meeting, and/or with the help of a specialized consultant.
(f) the implementation of the programmes shall be carried out in compliance with the legal obligations for the preparation and publication of the information documents in accordance with the law and the applicable FSA regulations.
(i) the purpose of the programme: The Company shall redeem shares in the programme for their distribution free of charge to the Company's administrators, directors, employees, for ensuring their loyalty, as well as for rewarding the activity carried out within the Company, according to the performance criteria to be established by the Board of Directors.
(ii) the maximum number of redeemable shares: no more than 2,000,000 shares;
(iii) minimum price per share: 0.1 lei;
(iv) Maximum price per share: 4.45 lei;
(v) duration of the programme: no more 18 months from the date of registration with the trade register; (vi) the payment of the shares acquired within the programme shall be made from the distributable profit or the available reserves of the company registered in the last approved annual financial statement, except for the legal reserves, based on the financial statements 2021, according to the provisions of Art. 103 1 d) of the Law on companies no. 31/1990.
Through the current report no. 3670/27.02.2023, the Financial Investment Company Oltenia S.A. informed the investors and shareholders of the initiation of the necessary steps for the sale of the 2.37% stake held in the share capital of Elba S.A., by the "AON" (all or nothing) principle, valid as of 27 March 2023.
• Steps to sell the share package held at TURISM FELIX S.A. Băile Felix (TUFE)
Through the current report no. 3677/28.03.2023, the Financial Investment Company Oltenia S.A. informed the investors and shareholders of the initiation of the necessary steps for the sale of the 29.27% stake held within the share capital of TURISM FELIX S.A. Băile Felix (TUFE), by the method "special sale by order" on the market of special offers and operations managed by BVB.
• The sale of the stake held at TURISM FELIX S.A. Baile Felix (TUFE)
Through the current report no. 3855/30.03.2023, the Financial Investment Company Oltenia S.A. informed the investors and shareholders of the sale of the 29.27% stake held within the share capital of TURISM FELIX S.A. Băile Felix (TUFE), by the method "special sale by order" on the market of special offers and operations managed by BVB.
S.I.F. Oltenia S.A. faces both the specific risks arising from its current operation and the indirect risks arising from the activities of the portfolio companies and the domestic and international macroeconomic environment.
Given that the company assumed a medium risk appetite, it has been continuously sought to address all specific risks at the medium level.
The main risks of the company (market risk, credit risk, liquidity risk, operational risk, sustainability risk) are monitored, assessed and managed. Risks shall be prioritized and measures to mitigate exposure shall be established in accordance with the risk tolerance limits as established by existing procedures and approved by the Board of Directors.
Risk management is accomplished by integration into daily activities and by planning and developing the business according to the established risk appetite.
By the nature of the business the company is exposed to different types of risks associated with the financial instruments and markets in which it is exposed.
At the company level, developments in the financial market are continuously monitored to identify possible events that could impact the company's activity.
After a year in 2022 when the macroeconomic environment was affected due to high inflation and tightening financial conditions, the economic outlook remains uncertain.
Although recent forecasts indicate a slowdown in inflation and the risk of a deep recession no longer appears, price growth could remain high for longer than previously expected. The recent market pressure on the global banking sector following the collapse of mid-sized banks in the United States and the emergency merger of Credit Suisse, in default, and the Union Bank of Switzerland (UBS), has highlighted the high and continuous market uncertainty, but also the sensitivity of the European financial system to exogenous shocks.
The Board of Directors of S.I.F. Oltenia S.A. is aware that these developments may influence the future activity of the company, and their effect on the future results of the company will be continuously monitored with a view to implementing effective measures to ensure business continuity.
On 31.03.2023, the assets of the company - valued according to the provisions of the F.S.A. Regulation No. 7/2020 - had a market value of 2,222,926,591 lei, up by 7.2076% compared to the value on 31.03.2022 (2,395,592,509 lei). Compared to the value recorded at 31.12.2022, the assets on the reporting date show a decrease of 0.3348% (2,422,592,329 lei).
This depreciation was influenced by the energy shock created by the military conflict, aggravated by inflationary pressures having negative influences on the quotations of listed shares, which recorded declines and high volatility on the capital market.
| 31.03.2022 | 31.03.2022 | |||
|---|---|---|---|---|
| Market value | Share in total | Market value | Share in | |
| - lei - | S.I.F. assets | - lei - | total S.I.F. | |
| -%- | assets | |||
| -%- | ||||
| TOTAL ASSETS | 2,222,926,591 | 100.000 | 2,395,592,509 | 100.0000 |
| Financial assets | 2,150,782,100 | 96.7545 | 2.315.911,692 | 96.6739 |
| Financial assets measured at amortized | 2,869,077 | 0.1291 | 6,815,769 | 0.2845 |
| cost | ||||
| Listed corporate bonds | - | - | - | - |
| Unlisted corporate bonds | 2,869,077 | 0.1291 | 6,815,769 | 0.2845 |
| Financial assets assessed at fair value through the profit or loss account |
4,600,939 | 0.2070 | 4,630,917 | 0.1933 |
| AIF/UCITS units - listed | - | - | ||
| AIF/UCITS units - unlisted | 4,600,939 | 0.2070 | 4,630,917 | 0.1933 |
| Financial assets assessed at fair value through other elements of the |
2,143,312,084 | 96.4185 | 2,304,465,006 | 96.1960 |
| comprehensive income | ||||
| Listed shares traded in the last 30 days | 2,052,569,724 | 92.3364 | 2,054,340,312 | 85.7550 |
| Listed shares not traded in the last 30 days |
756,984 | 0.0341 | 88,765,060 | 3.7053 |
| Unlisted shares | 89,985,376 | 4.0481 | 161,359,634 | 6.7357 |
| Cash (Total cash and cash equivalents) | 46,304,516 | 2.0830 | 2,975,606 | 0.1242 |
| Deposits | 11,706,432 | 0.5266 | 652,894 | 0.0273 |
| Other assets | 14,133,543 | 0.6358 | 76,052,317 | 3.1747 |
The structure of assets under management as at 31.03.2022 is as follows:
The graphical representation of the structure of managed assets as of 31.03.2023, compared to the same period of the previous year, is as follows:
On 31.03.2023, financial assets of the type of shares have a market value of 2,143,312,084 lei, respectively 96.4185% of the total assets managed compared to 96.1960% on 31.03.2022 (2,304,465,006 lei).
On 31.03.2023, the amounts placed in bank deposits and current accounts amounting to 58,010,948 lei have a share of 2.6097% in total managed assets, a significant increase compared to 31.03.2022 (3,628,500 lei).
The value of 46,304,516 lei of the available cash includes the value of the sale of the Turism Felix (TUFE) share package on 30.03.2023, i.e. 44,451,843.86 lei.
The portfolio of S.I.F. Oltenia S.A., on 31.03.2022, includes participations in the share capital of 39 issuers, compared to 40 issuers on 31.03.2022 and 31.12.2022.
| 31.03.2023 | 31.03.2022 | |||
|---|---|---|---|---|
| No. of issuers |
Market value - lei - |
No. of issuers |
Market value - lei - |
|
| finance, banks | 2 | 807,086,925 | 3 | 1,033,567,947 |
| oil resources, methane gas and related services |
2 | 344,816,439 | 2 | 320,373,517 |
| financial intermediation | 6 | 296,653,984 | 5 | 195,740,057 |
| lease and sublease of real estate | 7 | 234,854,180 | 7 | 286,742,563 |
| energy and gas transportation | 2 | 133,691,126 | 2 | 105,062,063 |
| food industry | 2 | 106,987,744 | 2 | 64,726,377 |
| pharmaceutical industry | 1 | 100,559,737 | 1 | 97,153,538 |
| construction, machinery, manufacturing |
4 | 47,150,126 | 4 | 51,072,511 |
| electronic, electrotechnical industry | 3 | 37,268,305 | 3 | 25,937,313 |
| tourism, public food catering, leisure | 5 | 31,998,341 | 6 | 101,566,365 |
| other industries | 4 | 2,245,177 | 4 | 531,438 |
| metallurgical industry | 1 | 0 | 1 | 21,991,317 |
| Total portfolio of shares | 39 | 2,143,312,084 | 40 | 2,304,465,006 |
Compared to 31 March 2022, the portfolio structure by sector is:
Structure of the equity portfolio according to the market on which it is traded:
| 31.03.2023 | 31.03.2022 | |||
|---|---|---|---|---|
| Issuers | The market value of the package - RON - |
Issuers | The market value of the package - RON - |
|
| BVB listed companies | 13 | 1,727,700,316 | 15 | 1,814,756,943 |
| AERO listed companies | 10 | 324,869,408 | 8 | 239,583,369 |
| listed and non-traded companies |
1 | 756,984 | 3 | 88,765,060 |
| closed companies | 12 | 89,985,376 | 11 | 161,359,634 |
| companies in reorganization, liquidation |
3 | 0 | 3 | 0 |
| Total portfolio of shares | 39 | 2,143,312,084 | 40 | 2,304,465,006 |
As of 31.03.2022, the composition of the portfolio of shares by categories of holding is as follows:
| 31.03.2023 | 31.03.2022 | |||||||
|---|---|---|---|---|---|---|---|---|
| The size of the stock packages |
The market value of the package |
The market value of the package |
||||||
| Issuers | - lei - | -%- | Issuers | - lei - | -%- | |||
| holdings up to 5% |
10 | 1,291,710,774 | 60.27 | 11 | 1,466,731,144 | 63.65 | ||
| holdings of 5% to 33% |
16 | 491,561,760 | 22.93 | 17 | 469,999,535 | 20.40 | ||
| holdings of 33% to 50% |
- | - | - | - | - | - | ||
| holdings of more than 50% |
13 | 360,039,550 | 16.80 | 12 | 367,734,327 | 15.96 | ||
| TOTAL | 39 | 2,143,312,084 | 100.00 | 40 | 2,304,465,006 | 100.00 |
The graphical representation of the equity portfolio per holding categories as of 31.03.2023, compared to the same period of the previous year, is as follows:
Among assets such as shares, as of 31.03.2023, the most important holdings in terms of asset weight are:
| No. | Issuer | Symbol | 31.03.2023 | 31.03.2022 | ||||
|---|---|---|---|---|---|---|---|---|
| Total value - RON - |
Share in the issuer's registered capital -%- |
Share in total S.I.F. assets -% |
Total value - RON - |
Share in the issuer's registered capital -%- |
Share in total S.I.F. assets -% |
|||
| 1 | BANCA TRANSILVANIA S.A. Cluj-Napoca | TLV | 479,993,982 | 3.4784 | 21.5928 | 512,294,853 | 3.3266 | 21.3849 |
| 2 | B.R.D. – GROUPE SOCIETE GENERALE S.A. Bucureşti |
BRD | 327,092,943 | 3.9508 | 14.7145 | 481,278,168 | 3.9508 | 20.0902 |
| 3 | OMV PETROM S.A. Bucureşti | SNP | 271,531,899 | 0.9463 | 12.2150 | 246,349,663 | 0.9253 | 10.2835 |
| 4 | LION CAPITAL S.A. | SIF1 | 168,723,959 | 13.5144 | 7.5901 | 92,531,177 | 7.7381 | 3.8626 |
| 5 | ANTIBIOTICE S.A. Iaşi | ATB | 100,559,737 | 27.0379 | 4.5237 | 97,153,538 | 26.4081 | 4.0555 |
| 6 | ARGUS S.A. Constanța | UARG | 93,996,970 | 86.416 | 4.2285 | 61,840,112 | 86.416 | 2.5814 |
| 7 | S.I.F. MUNTENIA S.A. | SIF4 | 91,212,623 | 9.9356 | 4.1032 | 85,512,208 | 9.4357 | 3.5696 |
| 8 | FLAROS S.A. Bucureşti | FLAO | 88,484,374 | 81.0712 | 3.9805 | 88,495,724 | 81.0712 | 3.6941 |
| 9 | S.N.T.G.N. TRANSGAZ S.A. Mediaş | TGN | 75,913,032 | 2.0665 | 3.4150 | 51,825,243** | 2.0665 | 2.1634** |
| 10 | S.N.G.N. ROMGAZ S.A. Mediaş | SNG | 73,284,540 | 0.4795 | 3.2967 | 74,023,854 | 0.4795 | 3.0900 |
| 11 | MERCUR S.A. Craiova | MRDO | 52,670,784* | 97.8593 | 2.3694* | 85,133,633 | 97.8593 | 3.5538 |
| Total top 10 holdings | 1,770,794,059 | 79.6604 | 1,824,612,930 | 76.1656 | ||||
| Total assets | 2,222,926,591 | 2,395,592,509 |
* As of 31.03.2023, Mercur S.A. Craiova did not belong to the top 10 companies in terms of share in the total assets of the R.I.A.I.F. (these figures were not included). ** As of 31.03.2022, Transgaz S.A. Medias did not belong to the top 10 companies in terms of share in the total assets of the R.I.A.I.F. (these figures were not included).
It is noted that 3 of the top 10 most important holdings (BANCA TRANSILVANIA S.A., B.R.D. - Groupe Societe Generale, OMV PETROM S.A.) represent, on 31.03.2023, 48.5224% of the total assets of S.I.F. Oltenia S.A.
One of the company's performance indicators is the net asset value. S.I.F. Oltenia S.A. publishes the net asset value per share on a monthly basis, in accordance with the legal regulations in force. The reporting of the values of NAV and UNAV shall be submitted to the F.S.A. within 15 calendar days from the end of the reporting period. The monthly net asset values are calculated by the company and certified by the depository company – Raiffeisen Bank. They were submitted to the Bucharest stock Exchange and to the Financial Supervisory Authority and published on the company's website www.sifolt.ro.
The net asset of the company on 31.03.2023 is 2,098,298,480 lei. It corresponds to a net asset value per unit of 4.4175 lei/share.
In the first quarter of 2023, the net asset value developed as follows:
| Date | Net asset value | VUAN |
|---|---|---|
| - lei - | - RON/share - | |
| 31.01.2023 | 2,159,754,067 | 4.5469 |
| 28.02.2023 | 2,185,743,607 | 4.6016 |
| 31.03.2023 | 2,098,298,480 | 4.4175 |
The net asset value was influenced by the developments on the main market managed by the Bucharest Stock Exchange. The monthly report "The Statement on assets and liabilities" was published according to legal regulations on the BVB website and is available on the company's website at www.sifolt.ro/ro/Activ/2023/activ.html.
On 31.03.2023, the net asset value recorded a decrease of 0.3544% compared to the value on 31.03.2022 (4.4019 lei) and 0.3452% compared to the value on 31.12.2022 (4.4328 lei).
The market value of the listed and traded shares is calculated in accordance with the F.S.A. Regulation no. 9/2014 and represents:
the closing price of the market section considered to be the principal market on the day for which the calculation is made, in the case of shares admitted to trading on that regulated market or
the reference price for the day for which the calculation is made, in the case of shares traded on trading systems other than regulated markets, including other alternative trading systems, provided by the operator of that trading system for each of the segments of that system. The price used as a reference price shall be calculated on the basis of the trading activity on the day for which the calculation of the asset is made, used as a benchmark at the opening of the day-ahead trading session.
Shareholding companies not admitted to trading on a regulated market or on trading facilities, including alternative trading facilities in Romania, where S.I.F. Oltenia S.A. holds more than 33% of the registered capital are assessed exclusively in compliance with International Valuation Standards, based on a valuation report that is updated at least on an annual basis. This is the case of Complex Hotelier Dâmbovița S.A. Târgoviște, Provitas S.A. București, Turism S.A. Pucioasa, Gemina Tour S.A. Râmnicu Vâlcea and Voltalim S.A. Craiova, which were assessed on the basis of financial statements as of 30.09.2022 through the income-based valuation approach, and the company Gravity Capital Investments S.A. which was assessed on the basis of the financial statements as of 31.10.2022 through the cost-based valuation approach.
Shares not admitted to trading on a regulated market or on trading facilities, including alternative trading facilities in Romania, issued by companies where S.I.F. Oltenia S.A. holds less than 33% of the registered capital are assessed: (i) at the book value per share as resulting from the last approved annual financial statement of the concerned entity. In the case of credit institutions, the carrying amount per share shall be based on the calculation of the equity value contained in the monthly reports submitted to the National Bank of Romania, if these reports are available or (ii) at the value determined by applying valuation methods in accordance with international valuation standards (where the fair value principle is used).
This is the case with the issuers of Turism Lotus Felix S.A. Baile Felix and Elba S.A. Timisoara, which were evaluated on the basis of the financial statements on 30.09.2022, by the income-based valuation approach.
In accordance with the valuation policies and methods, following the authorization as Alternative Investment Fund for Retail Investors (F.I.A.I.R), by the F.S.A. Regulation no. 20/2020 amending and supplementing the F.S.A. Regulation no. 9/2014 on the authorization and functioning of investment management companies, undertakings for collective investment in transferable securities and depositaries of undertakings for collective investment in transferable securities, it is provided that, for the calculation of the net asset value in the case of joint stock companies admitted to trading on a regulated market or a multilateral trading system with a liquidity considered by S.I.F. Oltenia S.A. as irrelevant for the application of the valuation method by marking to the market, the shares of those companies shall be valued in the assets of S.I.F. the assets of S.I.F. Oltenia S.A. according to the valuation standards in force, according to the law, on the basis of a valuation report.
Thus, internal analyses regarding the liquidity of the issuers from the portfolio of S.I.F. Oltenia S.A. listed on the regulated market or on the AeRO market have been carried out in order to identify the situations in which the principle of measurement by marking to market is not relevant, following the provisions of IFRS 13 "Fair value measurement" regarding the definition of the "active market" and the main aspects to be considered when measuring the fair value.
In the case of issuers listed on a stock market but with very low liquidity and high volatility, the fair value has been determined in accordance with international valuation standards on the basis of an effective valuation report by an independent and updated ANEVAR authorized valuer, updated at least annually. This is the case with Mercur S.A. Craiova, Univers S.A. Râmnicu Vâlcea, Alimentara S.A. Slatina, Flaros S.A. București, COS Târgoviște S.A. Targoviste, Construcții Feroviare S.A. Craiova and Lactate Natura S.A. Targoviste which were appraised based on the financial statements of 30.09.2022, of the companies IAMU S.A. Blaj (a company appraised on the basis of the financial statements from 30.06.2022) and Sinterom S.A. Cluj, (a company appraised on the basis of financial statements from 31.12.2022).
This ensures both an increased convergence between the monthly reporting of the net asset and the financial-accounting statement and a reduction in the monthly volatility of the value contained in the calculation of the net asset value.
The securities issued by the mutual fund are assessed taking into account the last unit value of the net asset, calculated and published.
The valuation methods used by the company for the valuation of the financial assets in the portfolio are published on the company's website www.sifolt.ro, under Investors info/Reports/Asset Valuation Methods.
The closing price on 31.03.2023 for a SIF5 share was 1.7200 lei, having the same value as the closing price on 31.12.2022 (1.7200 lei).
The evolution of SIF5 shares during the first quarter of 2023 compared to the BET index and the BET-FI index is as follows:
The maximum closing price of a SIF5 share in the first quarter of 2023, on the main market, was 1,8400 lei (a price reached at the trading session of 01.03.2023 - the day after the publication of the preliminary results of 2022), and the minimum price of 1.6800 lei was recorded at the meeting of 24.03.2023. In the first quarter of 2023, a total
of 4,413,337 SIF5 shares were traded, of which 3,863,337 shares on the main market and 550,000 shares on the Deals market.
The policy of placing cash has sought to diversify risk both through the use of several types of investment instruments and through cooperation with several banking institutions.
S.I.F. Oltenia S.A. holds cash and placements on the money market totaling 58,010,948 lei, as of 31.03.2023, with the following structure:
| Type of financial asset | Present value (calculated according to F.S.A. Regulation No. 9/2014) - lei - |
Share in total S.I.F. assets (%) |
|---|---|---|
| Bank deposits in lei* | 11,706,432 | 0.5266 |
| Bank deposits in foreign currency * (RON equivalent) |
- | - |
| Current accounts and cash accounts in RON |
45,596,226 | 2.0512 |
| Current accounts and cash accounts in foreign currency (RON equivalent) |
708,290 | 0.0319 |
| TOTAL | 58,010,948 | 2.6097 |
* Bank deposits in lei and foreign currency also include - according to F.S.A. Regulation No. 9/2014 receivable interests.
The cash resources were placed on different due dates, with the aim of securing the liquidity needed to pay the overdue debts.
As of 31.03.2023, monetary instruments have a share of 2.6097% in the total assets of S.I.F. Oltenia S.A. The money resources are used to make investments in financial instruments that contribute to long-term net asset growth.
The simplified interim financial statements of S.I.F. Oltenia S.A. as of 31 March 2023, unaudited, have been prepared in accordance with Rule no. 39/2015 for the approval of the Accounting Regulations conforming to the International Financial Reporting Standards, applicable to the entities authorized, regulated and supervised by the Financial Supervisory Authority in the Financial Instruments and Investments Sector, as well as the Investor Compensation Fund, as subsequently amended and supplemented.
| 31 March | 31 December | |
|---|---|---|
| In lei | 2023 | 2022 |
| Assets | ||
| Cash and current accounts | 46,304,516 | 2,241,614 |
| Deposits placed in banks | 11,706,432 | 12,881,011 |
| Financial assets assessed at fair value through the profit or loss account |
4,600,939 | 4,475,075 |
| Financial assets appointed at fair value through other comprehensive income elements |
2,143,312,084 | 2,193,709,763 |
| Bonds at the amortized cost | 2,869,077 | 2,927,744 |
| Tangible assets | 12,222,704 | 12,400,450 |
| Other assets | 1,910,839 | 1,732,250 |
| Total assets | 2,222,926,591 | 2,230,367,907 |
| Payables | ||
| Payable dividends | 49,129,507 | 49,300,619 |
| Current tax liabilities | 137,343 | (93,891) |
| Financial debt at amortized cost | 1,361,366 | 2,096,313 |
| Deferred tax liabilities | 64,201,689 | 63,154,039 |
| Other payables | 9,798,206 | 10,314,900 |
| Total payables | 124,628,111 | 124,771,980 |
| Equity | ||
| Registered capital | 50,000,000 | 50,000,000 |
| Legal reserves | 10,003,314 | 10,003,314 |
| Retained earnings | 901,117,127 | 885,081,368 |
| Reserves from the reassessment of tangible assets | 7,315,981 | 7,408,018 |
| Reserves from the reassessment of financial assets at fair value through other elements of the comprehensive income |
549,667,957 | 572,907,170 |
| Other reserves | 643,561,019 | 643,561,019 |
| Own shares | (63,366,918) | (63,364,962) |
| Total equity | 2,098,298,480 | 2,105,595,927 |
| Total payables and equity | 2,222,926,591 | 2,230,367,907 |
Cash and cash equivalents as of 31.03.2023 have a value of 46,304,516 lei and are significantly higher than those on 31.12.2022 (2,241,614 lei). This increase is influenced by the collection of the value of the Turism Felix (TUFE) stock package sold on 30.03.2023.
Bank deposits register a decrease of 9.1187% as of 31.03.2023 compared to the existing value as of 31.12.2022, the available cash being invested in financial instruments, according to the relevant regulations.
| 31 March 2023 |
31 March 2022 |
|
|---|---|---|
| In lei | ||
| Incomes | ||
| Gross incomes from dividends | - | 66,530,925 |
| Incomes from interests | 260,506 | 108,279 |
| Other operational incomes | 28,601 | 10,972 |
| Expenses | ||
| Net profit/(Net losses) from the revaluation of financial assets at fair value | ||
| through the profit or loss statement | 125,864 | (21,546) |
| (Losses)/reversal of impairment losses on financial assets | - | - |
| Expenditure on salaries, allowances and similar expenses | (1,975,221) | (1,957,932) |
| Other operational expenses | (1,668,261) | (1,215,783) |
| Profit before taxation | (3,228,511) | 63,454,915 |
| Profit tax | (27,902) | (3,326,546) |
| Net profit of the financial year | (3,256,413) | 60,128,369 |
| Other elements of the comprehensive income Increase/(decrease) in the reserve from the revaluation of the tangible assets, net of deferred tax |
- | |
| (Loss)/net gain from the revaluation of equity measured at fair value through other comprehensive income ("FVTOCI") net of deferred tax |
(4,047,034) | (55,702,285) |
| Total other elements of the comprehensive income | (4,047,034) | (55,702,285) |
| Total comprehensive income for the financial exercise | (7,303,447) | 4,426,084 |
| The result per basic share and diluted | ||
| Net result per share | - | 0.1203 |
| Net profit per share, also including earnings from the sale of financial assets | ||
| measured at fair value through other comprehensive income | - | 0.0089 |
| ▪ In the first quarter of 2023, S.I.F. Oltenia S.A. did not receive dividend income from the portfolio companies, |
and the obtained income came mainly from interest.
▪ The company's expenses on 31.03.2023 (3,643,482 lei) are higher than those made in corresponding period of 2022 (3,201,584 lei). A significant share of this increase is driven by "Other operational expenses", including "External benefits expenses" (54% increase compared to 31.03.2022), "Depreciation expenses for tangible and intangible assets" (increase by 28% compared to 31.03.2022) and "Raw materials and materials expenses" (increase by 113% compared to 31.03.2022), protocol, advertising and publicity expenses (increase by 380% compared to 31.03.2022, from 3,436 lei to 16,502 lei).
The main economic and financial results on 31.03.2023
| Indicator name | 31.03.2023 | 31.03.2022 - lei - |
|---|---|---|
| TOTAL REVENUES | 414,971 | 66,656,499 |
| TOTAL EXPENSES | (3,643,482) | (3,201,584) |
| GROSS RESULT - Profit | (3,228,511) | 63,454,915 |
| INCOME TAX | (27,902) | (3,326,546) |
| NET RESULT– Profit/Loss | (3,256,413) | 60,128,369 |
Interest revenues are detailed as follows:
| In lei | 31 March 2023 |
31 March 2022 |
|---|---|---|
| Incomes from interests for bank deposits | 204,579 | 57,080 |
| Incomes from interests for current bank accounts | - | - |
| Interest - bonds revenues | 55,927 | 51,199 |
| Total | 260,506 | 108,279 |
The risk management policy includes the procedures required to assess exposure to the main categories of relevant risks, which may have an impact on the performance of the activity and on the fulfilment of obligations stipulated in the regulatory framework. The risk management activity, which is an important component of the company's activity, covers both general risks and specific risks, as required by national and international legal regulations. S.I.F. Oltenia S.A. is or can be subject to financial risks resulting from the activity undertaken for the achievement of the established goals.
Managing significant risks involves providing the framework for the identification, assessment, monitoring and control of those risks with a view to maintaining them at an acceptable level in relation to the company's risk appetite and its ability to mitigate or hedge those risks. Risk monitoring is carried out at each hierarchical level, with procedures for supervising and approving decision-making limits.
The risk profile is the evaluation of gross and, as the case may be, net (after considering risk mitigators) risk exposures, at a certain moment in time, aggregated within each relevant category of risk, as well as between them, based on current or anticipated assumptions. Through its risk profile S.I.F. Oltenia S.A. has established, for each risk category, the level up to which the Company is willing to take or accept risks, provided that significant risks are kept under control.
The overall risk profile taken by S.I.F. Oltenia S.A. corresponds to a medium risk appetite.
Investments in the Company's shares involve not only specific benefits, but also the risk that objectives are not achieved, as well as losses to investors, since revenues from investments generally are proportional to risk. In its current activities, the Company may face both the specific risks resulting from its current operation, as well as indirect risks resulting from the performance of operations and services in cooperation with other financial entities.
The main financial risks identified in the activity of S.I.F. Oltenia S.A. are as follows:
- liquidity risk;
- operational risk;
Market risk is the risk of losses in on- and off-balance-sheet positions arising from movements in market prices (e.g. stock prices, interest rates, foreign exchange rates). The company monitors the market risk with the objective of optimizing profitability in relation to the associated risk, in accordance with the approved policies and procedures. From the company's point of view, the relevant market risks are: price risk (position risk), currency exchange risk, interest rate risk.
The price (position) risk is caused by market price volatility, such as fluctuations in the market in financial instruments, as a result of changes in market prices, either caused by factors affecting all instruments traded on the market (systemic component) or by factors specific to individual instruments or their issuer (non-systemic component). S.I.F. Oltenia S.A. monitors both the systemic component (general risk determined by macro-factors) and the specific risk arising from the issuers' own activity, so that when price risks are not consistent with internal policies and procedures, it will act accordingly by rebalancing the asset portfolio. Given the specific nature of the activity of S.I.F. Oltenia S.A., price risk is a relevant risk for the company.
The interest rate risk is the current or future risk of loss of profits and capital due to adverse changes in interest rates.
Most of the assets in the portfolio do not bear interest. As a result, the company is not significantly affected by the interest rate risk. Interest rates applied to cash and cash equivalents are short-term.
As of 31 March 2023, S.I.F. Oltenia S.A. had bank deposits in the amount of 11,706,432 lei , which represents 0.5266% of the total assets. The company follows the evolution of monetary policy in order to monitor the effects that may influence interest rate risk.
Moreover, the exposure of the company to the change in fair value or future cash flows due to interest rate fluctuations is low, the share of covered bonds issued by Mercur S.A. in the total asset of the company is only 0.1291%, so the interest rate risk is not significant.
S.I.F Oltenia S.A. did not use derivative financial instruments in the first quarter of 2023 to hedge against interest rate fluctuations.
Foreign exchange risk is the risk of losses resulting from changes in foreign exchange rates.
This risk concerns all positions held by the company in foreign currency deposits, financial instruments denominated in foreign currency, regardless of the holding period or the level of liquidity recorded by the respective positions. During the reporting period, the Company did not use derivative financial instruments to protect itself against interest rate fluctuations.
The company is continuously seeking to minimize possible adverse effects associated with market risk through a policy of prudential diversification of the portfolio of financial assets under management.
On 31 March 2023 the cash in foreign currency was 708,290 lei, representing 1.22% of the total cash and 0.0319% of the total financial assets, so that the foreign exchange risk is insignificant.
In this context, during the reporting period, the Company did not use derivative financial instruments to protect itself against interest rate fluctuations.
As of 31.03.2023, the market risk falls within the approved risk limits for a medium risk appetite.
Liquidity risk is the risk that a position in the portfolio of the company cannot be sold, liquidated or closed at limited costs within a reasonably short period of time.
The Company aims to maintain a level of liquidity appropriate to its underlying obligations, based on an assessment of the relative liquidity of the assets on the market, considering the period required for liquidation and the price or value at which the respective assets can be liquidated, as well as their sensitivity to market risks or other external factors.
The company constantly monitors the liquidity profile of the asset portfolio, analysing the impact of each asset on the liquidity, as well as the significant, contingent or other kind of liabilities or commitments, that the company may have regarding its underlying obligations.
The liquidity risk for payment obligations is very low, as the company's current debt is covered by holdings in current accounts and/or short-term deposits.
The company constantly monitors the liquidity profile of the portfolio, analysing the impact of each asset on the liquidity, adopting a prudent policy regarding the cash outflows, permanently evaluating the quantitative and qualitative risks of the positions held and of the expected investments to be made.
As of 31.03.2023, the liquidity risk falls within the approved risk limits for a medium risk appetite.
The credit risk is the current or future risk of profit and capital impairment, as the debtor fails to meet its contractual obligations or liabilities.
The main credit risk elements identified, which may significantly influence the activity of S.I.F. Oltenia S.A. are as follows:
the risk of non-collection of dividends from portfolio companies;
the risk of not receiving the value of the contract, in the case of the activity of selling the shares in "closed" companies;
the risk generated by investments in bonds and/or other credit instruments;
settlement risk in the case of transactions in shares issued by listed companies;
risk of bankruptcy or insolvency.
The indicators used to measure risk per classes of issuers are the following: the exposure rate to high-risk issuers (over the next 2 years), the exposure rate to unlisted assets, the exposure rate by business sectors.
In the case of the company, the credit risk is largely determined by the exposures on asset items of the type of "shares", which represent 96.4185% of the managed assets, assessed according to the legal provisions.
The high exposure sector remains the finance and banking sector with an exposure of over 30% in total assets. On 31 March 2023 the share of this sector in the total portfolio of shares was about 37.66%. Exposure to the sector is monitored, with the liquid nature of investments being a positive aspect of these holdings, as the issuers in the portfolio are Banca Transilvania S.A. and B.R.D. – Groupe Societe Generale S.A.
S.I.F. Oltenia S.A. is exposed to credit risk through investments in bonds and by holding current accounts and bank deposits, as well as other receivables.
As of 31 March 2023, the company held bonds issued by Mercur S.A., with a very low share (0.1291%) in the total assets; such bonds are guaranteed and are not admitted to trading.
As for the company's available funds, they are mainly placed with the most important banking institution in the system, Banca Transilvania. Fitch Ratings reconfirmed Banca Transilvania's long-term rating at BB+, with a stable outlook.
The assessment of the main elements of credit risk as of 31.03.2023 results in the conclusion that they fall within the risk limits approved for an average risk appetite.
Operational risk means the risk of loss resulting from inadequate or failed internal processes, people and systems or from external events, and includes legal risk.
The operational risk category refers to:
- legal risk - a subcategory of operational risk representing the risk of loss as a result of both fines, penalties and penalties to which the company is liable in case of non-application or faulty application of legal or contractual provisions, the fact that the contractual rights and obligations of the company and/or its counterparty are not properly established;
- compliance risk - current or future risk of damage to profits, own funds or liquidity, which may result in significant financial losses or damage the reputation of the company as a result of breach or non-compliance with the legal and regulatory framework, agreements, recommended practices or ethical standards applicable to its activities;
IT risk - a subcategory of operational risk that refers to the risk caused by inadequate strategies and IT policies, of information technology and information processing, regarding its management capacity, integrity, controllability and continuity or the improper use of information technology.
money laundering and terrorist financing risk (SB/FT) – the inherent risk, namely the level of money laundering and terrorist financing risk before its mitigation, meaning that the impact and likelihood of involvement of regulated entities in SB/FT operations are analysed.
With a view to assessing the level of operational risk to which it is exposed, S.I.F. Oltenia S.A. acts to identify and frame operational risk events within specific categories, that will allow to establish the most efficient methods of controlling and reducing potential effects. The functional departments within S.I.F. Oltenia S.A. are responsible for the preliminary analysis of the operational risks arising in their area of activity.
With a view to assessing the level of operational risk to which it is exposed, S.I.F. Oltenia S.A. acts to identify and frame operational risk events within specific categories, that will allow to establish the most efficient methods of controlling and reducing potential effects. The functional structures within S.I.F. Oltenia S.A. are responsible for the preliminary analysis of the operational risks arising in their area of activity. S.I.F. Oltenia S.A. uses self-assessment as a tool to analyse and manage operational risk.
Operational risks are assessed and monitored so that the investment objectives of the company, as approved by shareholders, are achieved by generating benefits for investors.
In March 2023, the internal assessment of the operational risks generated by it systems for 2022 was carried out, in accordance with Article 49 letter a) of the F.S.A. Rule no. 4/2018. In terms of F.S.A. Rule no. 4/2018 on the management of operational risks generated by information systems used by authorized/licensed/registered entities, regulated and/or supervised by the Financial Supervisory Authority, the company falls within the "medium" risk category.
The Company has a policy of maintaining an optimum level of equity in order to develop the company and achieve the proposed objectives. The main objective of the Company is the continuity of the activity in order to increase the value of the total asset in the long term.
Taking into account the complexity of the activity of S.I.F. Oltenia S.A., the volume of activity, the personnel structure, the level of computerization, the complexity of the monitoring and control procedures and the other intrinsic aspects related to the risk policy of the company, the operational risk at the level of the company falls within the assumed risk appetite.
It represents an environmental, social or governance event or condition which, if it occurs, could have a potential or actual adverse material impact on the value of the investment. Sustainability risks are integrated into the classification and management of existing risks, as they also affect the existing types of risk to which the company is exposed in its activities. The company shall incorporate sustainability risks into the risk culture. The company integrates into the decision-making process and assesses the relevant sustainability risks, i.e. those environmental, social or governance events or conditions that, if they occur, could have an impact on the profitability of the investments.
A. Classification within the requirements imposed by art. 35 (2) of Law No. 243/2019
S.I.F. Oltenia S.A. may not hold more than 10% of its assets in securities and money market instruments issued by the same issuer, with the exception of securities or money market instruments issued or guaranteed by a Member State, by the public authorities of a Member State, by a third country or by public international bodies to which one or more Member States belong.
The limit of 10% may be increased up to a maximum of 40%, provided that the total value of the securities held by the R.I.A.I.F. in each of the issuers in which it has holdings of up to 40% shall in no case exceed 80% of the value of its assets.
| Issuer | Total value - lei - |
Percentage in total R.I.A.I.F. assets -%- |
|---|---|---|
| BANCA TRANSILVANIA CLUJ | 479,993,982 | 21.5929 |
| B.R.D. - GROUPE SOCIETE GENERALE BUCUREȘTI |
327,092,943 | 14.7145 |
Holdings in excess of 10 % of the total assets of S.I.F. Oltenia S.A. are as follows:
| OMV PETROM. | 271,531,899 | 12.2151 |
|---|---|---|
| TOTAL holdings of more than 10% | 1,078,618,824 | 48.5225 |
| Total assets - lei | 2,222,926,591 |
It is noted that in the case of holdings with Banca Transilvania, B.R.D. - Groupe Societe Generale and OMV Petron, the exception mentioned in Article 35(2)(a) of Law no. 243/2019 is applicable, i.e. the 10 % limit may be increased up to a maximum of 40 %, provided that the total value of securities held by S.I.F. Oltenia S.A. in each of the issuers in which it has holdings of up to 40 % must in no case exceed 80 % of the value of its assets;
S.I.F. Oltenia S.A. may not hold more than 50% of its assets in securities and money market instruments issued by entities belonging to the same group.
The portfolio highlights the Banca Transilvania group, the Bucharest Stock Exchange group and Mercur S.A.
The Banca Transilvania Group consists of: Banca Transilvania and Fondul Deschis de Investiții BT INDEX RO, which is a stock fund managed by BT Asset Management S.A.I..
| Issuer | total value - lei - |
Percentage in total R.I.A.I.F. assets -%- |
||
|---|---|---|---|---|
| 31.03.2023 | ||||
| BANCA TRANSILVANIA | - shares | 479,993,982 | 21.5929 | |
| - bonds | - | - | ||
| BT INDEX RO | 3,388,660 | 0.1524 | ||
| Total | 483,382,642 | 21.7453 | ||
| Total assets - lei | 2,222,926,591 |
The B.V.B. group consists of the Bucharest Stock Exchange and Depozitarul Central S.A.- in which B.V.B. has a holding of 69.0421% of the share capital according , to the Articles of Association of 04.03.2021.
| Issuer | total value - lei - |
Percentage in total R.I.A.I.F. assets -%- |
|||
|---|---|---|---|---|---|
| 31.03.2023 | |||||
| BUCHAREST STOCK EXCHANGE | 32,657,633 | 1.4691 | |||
| DEPOZITARUL CENTRAL | 1,256,529 | 0.0565 | |||
| Total | 33,914,162 | 1.5257 | |||
| Total assets - lei | 2,222,926,591 |
| Issuer | total value - RON - |
Percentage in total R.I.A.I.F. assets -%- |
||
|---|---|---|---|---|
| 31.03.2023 | ||||
| MERCUR S.A. | - shares | 52,670,784 | 2.3694 | |
| - bonds | 2,869,077 | 0.1291 |
| Total | 55,539,861 | 2.4985 |
|---|---|---|
| Total assets - lei | 2,222,926,591 |
It is noted that the holding limit for financial instruments issued by the same group is respected.
| No. | Issuer | Symbol | Total value - lei - |
Share in the issuer's registered capital -%- |
Percentage in total R.I.A.I.F. assets -%- |
|
|---|---|---|---|---|---|---|
| 1 | DÂMBOVIȚA | COMPLEX HOTELIER | 9,599,989 | 99.9999 | 0.4319 | |
| 2 | GRAVITY CAPITAL INVESTMENTS |
86,999 | 99.9889 | 0.0039 | ||
| 3 | VOLTALIM CRAIOVA | 45,793,257 | 99.5506 | 2.0600 | ||
| 4 | MERCUR CRAIOVA | |||||
| - shares | MRDO | 52,670,784 | 97.8593 | 2.3694 | ||
| - bonds | 2,869,077 | 0.1291 | ||||
| 5 | TARGOVISTE | LACTATE NATURA | INBO | 12,990,774 | 93.7015 | 0.5844 |
| 6 | GEMINA TOUR RM.VÂLCEA | 3,433,464 | 88.2866 | 0.1545 | ||
| 7 | ARGUS CONSTANTA | UARG | 93,996,970 | 86.4160 | 4.2285 | |
| 8 | ALIMENTARA SLATINA | ALRV | 13,720,321 | 85.2258 | 0.6172 | |
| 9 | FLAROS BUCURESTI | FLAO | 88,484,374 | 81.0712 | 3.9805 | |
| 10 | CRAIOVA | CONSTRUCTII FEROVIARE | CFED | 2,245,177 | 77.5001 | 0.1010 |
| 11 | UNIVERS RM. VÂLCEA | UNVR | 28,245,297 | 73.7494 | 1.2706 | |
| 12 | PROVITAS BUCURESTI | 4,272,902 | 70.2780 | 0.1922 | ||
| 13 | TURISM PUCIOASA | 4,499,242 | 69.2191 | 0.2024 | ||
| TOTAL | 362,908,627 | 16.3257 | ||||
| Total assets - lei | 2,222,926,591 |
For the group to which the A.I.F.M. that administers the relevant A.I.F. belongs, this limit shall be 40 %;
The companies that are part of the S.I.F. Oltenia S.A. Group account for 16.3257% of the total assets of the company, and it is therefore concluded that the limit is respected.
S.I.F. Oltenia S.A. has no investments falling into this category.
S.I.F. Oltenia S.A. has no investments falling into this category.
S.I.F. Oltenia S.A. is required to keep the value of current accounts and cash within a maximum of 20% of its assets. This limit may be exceeded up to a maximum of 50% provided that the amounts involved derive from the issue of equity securities, from investments that are due or from the sale of the portfolio financial instruments and that such excess does not cover more than 90 days.
| Market - RON - |
Share in total assets -%- |
|
|---|---|---|
| Current accounts and cash in RON | 45,596,225 | 2.0512 |
| Current accounts and cash in foreign currency | 708,290 | 0.0319 |
|---|---|---|
| Total current accounts and cash | 46,304,516 | 2.0830 |
| Total assets | 2,222,926,591 |
The value of current accounts and cash stays within the imposed limit.
S.I.F. Oltenia S.A. may not establish and hold bank deposits with the same bank representing more than 30% of its assets.
S.I.F. Oltenia S.A. had deposits in lei and foreign currency at Banca Transilvania on 31.03.2023.
| Value - RON - |
Share in total assets -%- |
|
|---|---|---|
| Total deposits in RON | 11,706,432 | 0.5266 |
| Total deposits in foreign currency | - | - |
| Deposits with Banca Transilvania | 11,706,432 | 0.5266 |
| Total assets | 2,222,926,591 | |
It is noted that the imposed limit is observed.
S.I.F. Oltenia S.A. has no investments falling into this category.
S.I.F. Oltenia S.A. has no investments falling into this category.
S.I.F. Oltenia S.A. may not hold more than 50% of its assets in units not admitted to trading on a trading venue or on an exchange in a third country issued by other A.I.F.s of the open-ended type.
S.I.F. Oltenia S.A. does not have investments that fall into the open-ended type A.I.F.
For the group to which the A.I.F.M. that administers the relevant A.I.F. belongs, this limit shall be 40 % of their assets;
None of the companies controlled by S.I.F. Oltenia S.A. belongs to the category: "open-ended investment fund".
| S.I.F. Oltenia S.A. holds as at 31.03.2023 the following UCITS units authorised by the F.S.A.: | |||||||
|---|---|---|---|---|---|---|---|
| Issuer | Total value - lei - |
Weight in the total assets of S.I.F. - % - |
|||||
|---|---|---|---|---|---|---|---|
| UCITS authorized by F.S.A. | |||||||
| BT INDEX RO | 3,388,660 | 0.1524 | |||||
| (FDIR - Open-ended investment fund in Romania ) | |||||||
| FDI NAPOCA | 277,110 | 0.0125 | |||||
| (FDIR - Open-ended investment fund in Romania ) |
| FDI TRANSILVANIA | 398,576 | 0.0179 | ||||
|---|---|---|---|---|---|---|
| (FDIR - Open-ended investment fund in Romania ) | ||||||
| FDI TEHNOGLOBINVEST | 536,593 | 0.0241 | ||||
| (FDIR - Open-ended investment fund in Romania ) | ||||||
| Total UCITS authorised by the F.S.A. | 4,600,939 | 0.2070 | ||||
| UCI admitted to trading | ||||||
| S.I.F. Banat Crișana S.A. | 168,723,959 | 7.5902 | ||||
| S.I.F. Muntenia S.A. | 91,212,623 | 4.1033 | ||||
| Total UCI | 259,936,582 | 11.6934 | ||||
| Total UCITS authorised by F.S.A. and UCI admitted | ||||||
| to trading | 264,537,521 | 11.9004 | ||||
| Total assets | 2,222,926,591 |
It is noted that the imposed limit is observed.
S.I.F. Oltenia S.A. may not grant loans of financial instruments representing more than 20% of its assets, and the period for which the loan is granted may not exceed 12 calendar months, in accordance with the regulations issued by the F.S.A on margin and loan transactions. The limit of 20 % of their asset may be increased to 30 %, subject to the approval of the F.S.A., under the conditions laid down in the F.S.A. Regulations;
S.I.F. Oltenia S.A. does not have any financial instrument loans.
S.I.F. Oltenia S.A. may not grant cash loans, may not participate/subscribe to syndicated loans, may not guarantee cash loans in favour of a third party, with the exception of entities in the group of which R.I.A.I.F. is a member. established as an investment company up to 10% of its assets and may not acquire directly, partially or in full portfolios of loans issued by other financial or non-financial entities, with the exception of investment placements in financial instruments issued by internationally recognised financial institutions, credit institutions or non-banking financial institutions authorised by the NBR or other central banks of a Member State or third countries.
S.I.F. Oltenia S.A. has not granted cash loans, has not participated/subscribed to syndicated loans, has not guaranteed cash loans in favour of a third party and has not directly, partially or fully acquired loan portfolios issued by other financial or non-financial entities.
S.I.F. Oltenia S.A. may not hold more than 40% of the value of its assets in securities, money market instruments not admitted to trading on a trading venue or stock exchange in a third country, with the exception of government securities and bonds issued by the Ministry of Public Finance, as well as holdings acquired by the company by law - in which case no holding limit is established.
As of 31.03.2022, the category of securities not admitted to trading (unlisted) on a trading venue or stock exchange in a third country includes the following companies:
| No. | Issuer | No. of held shares |
Total value (lei) |
Share in the issuer's registered capital (%) |
Percentage in total R.I.A.I.F. assets (%) |
|---|---|---|---|---|---|
| 1. | BIROUL DE INVESTIȚII REGIONAL OLTENIA IFN |
272,411 | 2,716,241 | 19.4540 | 0.1222 |
| O'S.I.F. OLTENIA S.A | ||
|---|---|---|
| 2. | COMPLEX HOTELIER DÂMBOVIȚA |
1,754,221 | 9,599,989 | 99.9999 | 0.4319 |
|---|---|---|---|---|---|
| 3. | COREALIS CRAIOVA | 655,757 | 1,667,245 | 11.4189 | 0.0750 |
| 4. | COS TARGOVISTE | 6,142,826 | 0 | 8.9220 | 0.0000 |
| 5. | DEPOZITARUL CENTRAL BUCUREȘTI |
9,878,329 | 1,256,529 | 3.9057 | 0.0565 |
| 6. | ELBA TIMISOARA | 39,628 | 4,146,437 | 2.3694 | 0.1865 |
| 7. | ELECTRO TOTAL BOTOȘANI | 57,909 | 0 | 29.8562 | 0.0000 |
| 8. | GEMINA TOUR RM.VÂLCEA | 757,888 | 3,433,464 | 88.2866 | 0.1545 |
| 9. | GRAVITY CAPITAL INVESTMENTS S.A. |
8,999 | 86,999 | 99.9889 | 0.0039 |
| 10. | PROVITAS BUCURESTI | 35,139 | 4,272,902 | 70.2780 | 0.1922 |
| 11. | SAGRICOM ULMI | 57,941 | 0 | 4.2057 | 0.0000 |
| 12. | SANEVIT ARAD | 792,662 | 0 | 13.2841 | 0.0000 |
| 13. | TURISM LOTUS FELIX | 347,859,802 | 12,513,071 | 27.4554 | 0.5629 |
| 14. | TURISM PUCIOASA | 1,010,599 | 4,499,242 | 69.2191 | 0.2024 |
| 15. | VOLTALIM CRAIOVA | 45,793,257 | 99.5506 | 2.0600 | 45,793,257 |
| TOTAL | 89,985,376 | 4.0481 |
Holdings in securities and money market instruments as of 31.03.2023 are as follows:
| Holdings in securities and money market instruments | Market - RON - |
Share in the total assets -%- |
|---|---|---|
| shares held in close-ended issuers | 89,985,376 | 4.0481 |
| unlisted corporate bonds | 2,869,077 | 0.1291 |
| TOTAL | 92,854,453 | 4.1771 |
| Total assets | 2,222,926,591 |
The holdings in securities and money market instruments not admitted to trading represent 4.7037% of the total assets of S.I.F. Oltenia S.A. — the holding limit is found to have been met.
S.I.F. Oltenia S.A. may not hold more than 20% of the value of its assets in shares issued by limited liability companies governed by Law no. 31/1990, republished, as subsequently amended and supplemented.
S.I.F. Oltenia S.A. does not hold shares issued by limited liability companies.
S.I.F. Oltenia S.A. may not hold more than 10% of the value of its assets in greenhouse gas emission allowances.
S.I.F. Oltenia S.A. SA does not hold any greenhouse gas emission allowances.
According to article 35 (1) (g) of Law no. 243/2019, "The investments of a R.I.A.I.F. can only be made in one or several of the following assets: money market instruments, other than those traded on a trading venue, which are liquid and have a value that can be accurately determined at any time, excluding commercial papers, provided that the issue or issuer is subject to regulations relating to the protection of investors and their savings (...)".
S.I.F. Oltenia S.A. does not have investments in instruments such as commercial bills (checks, promissory notes, bills of exchange).
Pursuant to article 136 (5) of Law No. 126/2018 on markets in financial instruments, no shareholder of a market operator may hold, directly or together with the persons with whom he acts in concert, more than 20 % of the total voting rights.
| Issuer | No. of shares held by S.I.F. |
Total value - lei |
Share in the issuer's registered capital - % - |
Share in total S.I.F. assets - % - |
|---|---|---|---|---|
| BURSA DE VALORI BUCUREȘTI S.A. |
691,899 | 32,657,633 | 8.5958 | 1.4691 |
It is noted that the imposed limit is observed.
According to the Articles of Association of the Company, the shareholders of Depozitarul Central S.A may not hold more than 5% of the voting rights.
| Issuer | No. of shares | Total value - lei |
Share in the issuer's registered capital - % - |
Share in total SIF assets - % - |
|---|---|---|---|---|
| DEPOZITARUL CENTRAL S.A. BUCUREȘTI |
9,878,329 | 1,256,529 | 3.9057 | 0.0563 |
It is noted that the imposed limit is observed.
According to the Company's Articles of association, the shareholders of Banca Transilvania may not own more than 10% of the Bank's total share capital unless: (i) with the approval of the G.S.M.; and (ii) in accordance with all the procedures required by the law.
| Issuer | No. of shares | Total value - lei |
Share in the issuer's registered capital - % - |
Share in total SIF assets - % - |
|---|---|---|---|---|
| BANCA TRANSILVANIA S.A. | 24,615,076 | 490,332,314 | 3.4784 | 21.9844 |
During the first quarter of 2022, the company's assets portfolio fell within the limits stipulated by the legal provisions specific to the capital market.
Leverage means any method by which the company increases the exposure of the portfolio it manages either by borrowing cash or securities, by derivative positions or by any other means. Leverage is expressed as the ratio of its exposure (both gross and commitment methods) to its net asset value.
As of 31 March 2023, S.I.F. Oltenia SA did not use leverage to invest in assets. In the first quarter of 2023, S.I.F. Oltenia S.A. did not use SFTs and total return swaps as defined by Regulation (EU) 2365/2015 on transparency of securities financing transactions and transparency of reuse and amending Regulation (EU) No 648/2012.
According to Regulation (EU) No 231/2013, and Article 38(4) of Law No 243/2019, the leverage ratio calculated on 31.03.2023 is as follows:
Gross method: Lever level 1.0317 SIF5 exposure 2,164,915,643 Commitment method: Lever level 1.0594 SIF5 exposure 2,222,926,591
According to the risk management policy, stress tests shall be carried out at least annually and whenever the situation so requires. By the date of this report, no stress tests have been carried out on the documented methodology, which will take place in the fourth quarter of 2023 at a date to be notified to the Financial Supervisory Authority.
As of 31 March 2023, there are 22 cases pending before the courts. The company has a standing in 11 litigations, a passive procedural quality in 6 litigations, it is in insolvency in 3 cases, has the capacity of intervener in one case and is called as a guarantor in one case.
Through the current report no. 4352/11.04.2023, the Financial Investment Company Oltenia S.A. informed the investors and shareholders of the initiation of the necessary steps for the sale of the 8.57% stake held within the share capital of TUȘNAD S.A. BĂILE TUȘNAD, by the "special sale by order" method on the market of special offers and operations managed by BVB.
▪ Steps to sell the share package held with SINTEROM S.A. Cluj
Through the current report no. 4589/19.04.2023, the Financial Investment Company Oltenia S.A. informed the investors and shareholders of the initiation of the necessary steps for the sale of the 23.18% stake held in the share capital of Sinterom S.A. Cluj, through the "special sale by order" method on the market of special offers and operations managed by BVB.
(i) The purpose of the programme: The Company shall redeem shares in the programme for their distribution free of charge to the Company's administrators, directors, employees, for ensuring their loyalty, as well as for rewarding the activity carried out within the Company, according to the performance criteria to be established by the Board of Directors.
(iv) Maximum price per share: 4.45 lei;
(v) Duration of the programme: no more 18 months from the date of registration with the trade register;
(vi) The payment of the shares acquired within the programme shall be made from the distributable profit or the available reserves of the company registered in the last approved annual financial statement, except for the legal reserves, based on the financial statements 2021, according to the provisions of Art. 1031 d) of the Law on companies no. 31/1990.
In February 2022, an armed conflict broke out between Russia and Ukraine, which affected economic stability. The medium and long-term impact of this conflict and the sanctions imposed on Russia cannot be accurately anticipated at this time, the conflict is still ongoing. Given that the company does not have direct exposures in Russia or Ukraine, we believe that the company's ability to continue its activity in the foreseeable
future will not be significantly affected, although there is still uncertainty about the development of the conflict and the potential impact on countries in the neighbourhood of the conflict area and the global economy.
The World Economic Outlook, April 2023,1, published by the International Monetary Fund forecasts that global inflation will fall from 8.7% in 2022 to 7.0% in 2023, due to lower commodity prices, but core inflation is likely to decline more slowly. The return to the target in terms of inflation is unlikely before 2025 in most cases.
For advanced economies, the upward trend of the economy is expected to decline by half in 2023 to 1.3%, before rising to 1.4% in 2024. With the slowdown, these economies will see unemployment rise: an increase of 0.5% on average from 2022 to 2024. Emerging and developing economies are seeing prospects in stronger environments compared to advanced economies (with regional variations).
The first three months of 2023 indicate that the European Union's economy seems to avoid recession. The European Commission's latest forecast (2023a) increased the economic growth forecast compared to expectations (to 0.8% for the EU, compared to 0.3% forecast in the EC since November 2022). Inflation is also expected to slow further this year to 5.6% in the Euro area and 6.4% in the EU.
In February-March 2023, the volatility of the EUR/RON exchange rate oscillated between 2-3% and the exchange rate oscillated close to the level of EUR 4.94/RON. In terms of the capital market, the Bucharest Stock Exchange and the main European capital markets recorded increases in the first two weeks of 2023. In March-April 2023, contagion between the stock markets of Austria, Poland, Hungary, Bulgaria increased sharply due to increased risks to financial stability, especially in the banking sector2 .
The market capitalization registered a 3.5% increase at the end of March 2023 compared to the end of 2022, as shown by the monthly report for March, published by the F.S.A.3 The BVB indices showed negative developments (1 month). The registered decreases were between -0.88% (ROTX index) and -3.70% (BETAero index).
In March 2023, the first 3 companies traded at BVB were: Fondul Proprietatea S.A. (FP) with a share of 34.34% of the total value traded in the respective period, OMV Petrom S.A. (SNP: 14.77) and Banca Transilvania S.A. (TLV: 10.79%).
In line with the strategic objectives, S.I.F. Oltenia S.A. will continue to closely follow the evolution of the companies in the portfolio, so that the impact brought by the vulnerabilities of the Russian-Ukrainian war is minimal.
Information to shareholders and investors will continue to be a priority, with communication through current reports, e-mails and the company's website.
Sorin - Iulian Cioacă Mihai Trifu President - General Manager Vice-president - Deputy General Manager
1 https://www.imf.org/en/Publications/WEO/Issues/2023/04/11/world-economic-outlook- April -2023
2 https://asfromania.ro/uploads/articole/attachments/64537d4b41b3a411338552.pdf
3 Idem
| Index | Formula | Result |
|---|---|---|
| Current liquidity index | Current assets / Current debts |
1.1438 |
| Indebtedness index | Borrowed capital / Shareholders' equity x 100 |
- |
| Borrowed capital / Capital employed x 100 | - | |
| Flow rate -customers | Average balance clients /Turnover x 90 | - |
| Turnover rate of fixed assets |
Turnover / Fixed assets |
0.0003 |
Sorin - Iulian Cioacă President - General Manager
Valentina Vlăduțoaia Financial Department Manager
Viorica Bălan Compliance Officer
| Net assets | 2,105,595,927 lei | 2,098,298,480 lei |
|---|---|---|
| Total assets | 2,230,367,907 lei | 2,222,926,591 lei |
| Beginning of the reporting period | End of the reporting period | Differences (lei) | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Name of the item | % of total assets |
Currency | Lei | % of the net assets |
% of total assets |
Currency | Lei | |||
| I. | Total assets | 740,323 | 2,229,627,584 | 708,290 | 2,222,218,301 | (7,441,315) | ||||
| 1 | Securities and money market instruments of which: | 99.9111 | 94.3219 | 0 | 2,103,724,387 | 97.8568 | 92.3704 | 0 | 2,053,326,708 | (50,397,679) |
| 1.1 Securities and money market instruments admitted or traded on a regulated market in Romania, of which: shares, other similar securities (mentioning each category), bonds (by issuer category), other debt securities ( mentioning by type and issuer category), other securities, money market instruments(by category); |
99.9111 | 94.3219 | 0 | 2,103,724,387 | 97.8568 | 92.3704 | 0 | 2,053,326,708 | (50,397,679) | |
| - Shares | 99.9111 | 94.3219 | 0 | 2,103,724,387 | 97.8568 | 92.3704 | 0 | 2,053,326,708 | (50,397,679) | |
| 1.2 Securities and money market instruments admitted to or dealt in on a regulated market of a Member State, of which: shares, other securities treated as such (by class), bonds (by class of issuer), other debt securities (by type and class of issuer), other securities, money market instruments (by class); |
0.0000 | 0.0000 | 0 | 0 | 0.0000 | 0.0000 | 0 | 0 | 0 |
| Net assets | 2,105,595,927 lei | 2,098,298,480 lei |
|---|---|---|
| Total assets | 2,230,367,907 lei | 2,222,926,591 lei |
| Beginning of the reporting period | End of the reporting period | Differences (lei) | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Name of the item | % of total assets |
Currency | Lei | % of the net assets |
% of total assets |
Currency | Lei | |||
| 2 | 1.3 Securities and money market instruments admitted to official listing on a stock exchange in a third country or traded on another regulated market in a third country, which operates regularly and is recognised and open to the public, approved by the A.S.F., of which: shares, other securities treated as such (with a list of each class), bonds (by class of issuer), other debt securities (with a list by type and by class of issuer), other securities, money market instruments (by class). Newly issued securities |
0.0000 0.0000 |
0.0000 0.0000 |
0 0 |
0 0 |
0.0000 0.0000 |
0.0000 0.0000 |
0 0 |
0 0 |
0 0 |
| 3 | Other securities and money market instruments referred to in Article 83(1)(a) of O.U.G. No 32/2012 of which: securities (by categories and by type of issuer) and money market instruments (by |
|||||||||
| categories). | 4.4127 | 4.1658 | 0 | 92,913,120 | 4.4252 | 4.1771 | 0 | 92,854,453 | (58,667) | |
| - Shares not admitted to trading | 4.2736 | 4.0346 | 0 | 89,985,376 | 4.2885 | 4.0481 | 0 | 89,985,376 | 0 | |
| Bonds not admitted to trading | 0.1390 | 0.1313 | 0 | 2,927,744 | 0.1367 | 0.1291 | 0 | 2,869,077 | (58,667) | |
| 4 | Bank deposits of which: | 0.6118 | 0.5775 | 0.00 | 12,881,010.70 | 0.5579 | 0.5266 | 0.00 | 11,706,432.32 | (1,174,578) |
| 4.1 Bank deposits with credit institutions in Romania; | 0.6118 | 0.5775 | 0.00 | 12,881,010.70 | 0.5579 | 0.5266 | 0.00 | 11,706,432.32 | (1,174,578) | |
| 4.2 Bank deposits made with credit institutions in a Member State; |
0.0000 | 0.0000 | 0 | 0 | 0.0000 | 0.0000 | 0 | 0 | 0 | |
| 4.3 Bank deposits made with credit institutions in a third country. |
0.0000 | 0.0000 | 0 | 0 | 0.0000 | 0.0000 | 0 | 0 | 0 |
| Net assets | 2,105,595,927 lei | 2,098,298,480 lei |
|---|---|---|
| Total assets | 2,230,367,907 lei | 2,222,926,591 lei |
| Beginning of the reporting period | End of the reporting period | Differences (lei) | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Name of the item | % of total assets |
Currency | Lei | % of the net assets |
% of total assets |
Currency | Lei | |||
| 5 | Derivatives traded on a regulated market: | 0.0000 | 0.0000 | 0 | 0 | 0.0000 | 0.0000 | 0 | 0 | 0 |
| 5.1 Derivatives traded on a regulated market in Romania, by category; |
0.0000 | 0.0000 | 0 | 0 | 0.0000 | 0.0000 | 0 | 0 | 0 | |
| 5.2 Derivatives traded on a regulated market in a Member State, by category; |
0.0000 | 0.0000 | 0 | 0 | 0.0000 | 0.0000 | 0 | 0 | 0 | |
| 5.3 Derivatives traded on a regulated market in a third country, by category; |
0.0000 | 0.0000 | 0 | 0 | 0.0000 | 0.0000 | 0 | 0 | 0 | |
| 5.4 Derivatives traded outside regulated markets, by instrument category; |
0.0000 | 0.0000 | 0 | 0 | 0.0000 | 0.0000 | 0 | 0 | 0 | |
| 6 | Current accounts and cash | 0.1065 | 0.1005 | 740,322.59 | 1,501,288.21 | 2.2068 | 2.0830 | 708,290.36 | 45,596,225.35 | 44,062,905 |
| 7 | Money market instruments other than those traded on a regulated market, as referred to in Article 82(g) of O.U.G. No 32/2012 - Repo contracts on securities |
|||||||||
| 0.0000 | 0.0000 | 0 | 0 | 0.0000 | 0.0000 | 0 | 0 | 0 | ||
| 8 | Equity interests of FIA/OPCVM | 0.2125 | 0.2006 | 0 | 4,475,075 | 0.2193 | 0.2070 | 0 | 4,600,939 | 125,864 |
| 9 | Dividends or other rights receivable | 0.0000 | 0.0000 | 0 | 0 | 0.0000 | 0.0000 | 0 | 0 | 0 |
| 10 | Other assets (amounts in transit, amounts with distributors, amounts with S.S.I.F., etc.). |
0.6712 | 0.6336 | 0 | 14,132,703 | 0.6736 | 0.6358 | 0 | 14,133,543 | 840 |
| Net assets | 2,105,595,927 lei | 2,098,298,480 lei |
|---|---|---|
| Total assets | 2,230,367,907 lei | 2,222,926,591 lei |
| Beginning of the reporting period | End of the reporting period | Differences (lei) | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Name of the item | % of total assets |
Currency | Lei | % of the net assets |
% of total assets |
Currency | Lei | |||
| II. | Total liabilities | 0 | 124,771,980 | 0 | 124,628,111 | (143,869) | ||||
| 1 | Expenses for the payment of fees due to A.F.I.A. | 0.0000 | 0.0000 | 0 | 0 | 0.0000 | 0.0000 | 0 | 0 | (0) |
| 2 | Expenses for payment of fees due to the depositary | 0.0019 | 0.0018 | 0 | 40,878 | 0.0019 | 0.0018 | 0 | 40,047 | (831) |
| 3 | Expenses for the payment of fees due to intermediaries |
0.0000 | 0.0000 | 0 | 0 | 0.0000 | 0.0000 | 0 | 0 | 0 |
| 4 | Expenses on turnover fees and other banking services |
0.0002 | 0.0002 | 0 | 4,973 | 0.0001 | 0.0001 | 0 | 2,505 | (2,468) |
| 5 | Interest expenses | 0.0000 | 0.0000 | 0 | 0 | 0.0000 | 0.0000 | 0 | 0 | (0) |
| 6 | Issuance expenses | 0.0000 | 0.0000 | 0 | 0 | 0.0000 | 0.0000 | 0 | 0 | (0) |
| 7 | Expenses with the payment of commissions/fees due to F.S.A. |
0.0085 | 0.0081 | 0 | 180,000 | 0.0000 | 0.0000 | 0 | 0 | (180,000) |
| 8 | Financial audit costs | 0.0435 | 0.0411 | 0 | 916,190 | 0.0000 | 0.0000 | 0 | 0 | (916,190) |
| 9 | Other approved expenditure | 5.8715 | 5.5430 | 0 | 123,629,939 | 5.9375 | 5.6046 | 0 | 124,585,559 | 955,620 |
| 10 | Redemptions payable | 0.0000 | 0.0000 | 0 | 0 | 0.0000 | 0.0000 | 0 | 0 | (0) |
| III. | Value of net assets(I-II) | 740,323 | 2,104,855,604 | 708,290 | 2,097,590,190 | (7,297,446) |
GENERAL MANAGER Depository Certification Sorin-Iulian Cioacă Raiffeisen Bank
| Run ning no. |
Item name | 31/03/2023 | 31/03/2022 | Differences |
|---|---|---|---|---|
| 1 | Net asset value (of which broken down by class of fund units) |
2,098,298,480 | 2,200,935,798 | -102,637,318 |
| 2 | Number of fund units/shares outstanding (broken down by class of fund units) |
475,000,000 | 500,000,000 | -25,000,000 |
| 3 | Unit value of net assets (broken down by class of fund units) |
4.4175 | 4.4019 | 0.0156 |
GENERAL MANAGER Depository Certification Sorin-Iulian Cioacă Raiffeisen Bank
2,222,926,591 lei
I. Securities admitted or traded on a regulated market in Romania
| Running no. |
Issuer | Share symbol |
Date of last trading session |
No. of shares held |
Nominal value |
Share value | Total value | Percentage of the issuer's share capital |
Percentage of the issuer's share capital |
Total number of shares |
|---|---|---|---|---|---|---|---|---|---|---|
| lei | lei | lei | % | % | ||||||
| 1 | ALIMENTARA SLATINA | ALRV | 30/09/2022 | 350,342 | 2.4300 | 39.1626 | 13,720,321 | 85.2258 | 0.6172 | 411,075 |
| 2 | ALTUR SLATINA | ALT | 30/03/2023 | 14,266,350 | 0.1000 | 0.0500 | 713,318 | 4.6615 | 0.0321 | 306,048,670 |
| 3 | ANTIBIOTICE IASI | ATB | 31/03/2023 | 181,515,771 | 0.1000 | 0.5540 | 100,559,737 | 27.0379 | 4.5238 | 671,338,040 |
| 4 | ARGUS CONSTANTA | UARG | 30/03/2023 | 30,920,056 | 1.5000 | 3.0400 | 93,996,970 | 86.4160 | 4.2285 | 35,780,466 |
| 5 | B.R.D.-GROUPE SOCIETE GENERALE BUCURESTI |
BRD | 31/03/2023 | 27,533,076 | 1.0000 | 11.8800 | 327,092,943 | 3.9508 | 14.7145 | 696,901,518 |
| 6 | BANCA TRANSILVANIA CLUJ | TLV | 31/03/2023 | 24,615,076 | 10.0000 | 19.5000 | 479,993,982 | 3.4784 | 21.5929 | 707,658,233 |
| 7 | BURSA DE VALORI BUCURESTI | BVB | 31/03/2023 | 691,899 | 10.0000 | 47.2000 | 32,657,633 | 8.5958 | 1.4691 | 8,049,246 |
| 8 | C.N.T.E.E. TRANSELECTRICA BUCURESTI |
TEL | 31/03/2023 | 2,427,651 | 10.0000 | 23.8000 | 57,778,094 | 3.3118 | 2.5992 | 73,303,142 |
| 9 | CONSTRUCTII FEROVIARE CRAIOVA |
CFED | 29/03/2023 | 2,725,325 | 0.8500 | 0.8238 | 2,245,177 | 77.5001 | 0.1010 | 3,516,546 |
| 10 | ELECTROMAGNETICA BUCURESTI |
ELMA | 31/03/2023 | 190,381,673 | 0.1000 | 0.1700 | 32,364,884 | 28.1614 | 1.4560 | 676,038,704 |
| 11 | FLAROS BUCURESTI | FLAO | 13/08/2019 | 1,233,390 | 2.5000 | 71.7408 | 88,484,374 | 81.0712 | 3.9805 | 1,521,366 |
| 12 | IAMU BLAJ | IAMU | 31/03/2023 | 1,884,289 | 2.5000 | 6.3157 | 11,900,586 | 19.8343 | 0.5354 | 9,500,149 |
| 13 | LACTATE NATURA TARGOVISTE |
INBO | 17/10/2022 | 10,567,092 | 1.2500 | 1.2294 | 12,990,774 | 93.7015 | 0.5844 | 11,277,401 |
2,222,926,591 lei
I. Securities admitted or traded on a regulated market in Romania
| Running no. |
Issuer | Share symbol |
Date of last trading session |
No. of shares held |
Nominal value |
Share value | Total value | Percentage of the issuer's share capital |
Percentage of the issuer's share capital |
Total number of shares |
|---|---|---|---|---|---|---|---|---|---|---|
| 14 | LION CAPITAL | SIF1 | 31/03/2023 | 68,586,975 | 0.1000 | 2.4600 | 168,723,959 | 13.5144 | 7.5902 | 507,510,056 |
| 15 | MERCUR CRAIOVA | MRDO | 17/05/2022 | 7,104,836 | 2.5000 | 7.4134 | 52,670,784 | 97.8593 | 2.3694 | 7,260,260 |
| 16 | OMV PETROM BUCURESTI | SNP | 31/03/2023 | 589,645,817 | 0.1000 | 0.4605 | 271,531,899 | 0.9463 | 12.2151 | 62,311,667,058 |
| 17 | S.N.G.N. ROMGAZ S.A. | SNG | 31/03/2023 | 1,848,286 | 1.0000 | 39.6500 | 73,284,540 | 0.4795 | 3.2968 | 385,422,400 |
| 18 | SANTIERUL NAVAL ORSOVA | SNO | 31/03/2023 | 3,200,337 | 2.5000 | 4.9600 | 15,873,672 | 28.0168 | 0.7141 | 11,422,919 |
| 19 | SIF MUNTENIA | SIF4 | 31/03/2023 | 77,959,507 | 0.1000 | 1.1700 | 91,212,623 | 9.9356 | 4.1033 | 784,645,201 |
| 20 | SINTEROM CLUJ | SIRM | 23/03/2023 | 1,555,509 | 2.5000 | 11.9977 | 18,662,550 | 23.1833 | 0.8395 | 6,709,612 |
| 21 | SNTGN TRANSGAZ MEDIAS | TGN | 31/03/2023 | 243,311 | 10.0000 | 312.0000 | 75,913,032 | 2.0665 | 3.4150 | 11,773,844 |
| 22 | TUSNAD BAILE TUSNAD | TSND | 31/03/2023 | 25,861,924 | 0.1000 | 0.0755 | 1,952,575 | 8.5691 | 0.0878 | 301,802,818 |
| 23 | UNIVERS RM.VALCEA | UNVR | 09/11/2022 | 587,519 | 2.5000 | 48.0755 | 28,245,297 | 73.7494 | 1.2706 | 796,642 |
| 2,052,569,724 | 92.3364 | 67,530,355,366 |
Total assets
2,222,926,591 lei
I. Securities admitted or traded on a regulated market in Romania
| Running no. |
Issuer | Share symbol |
Date of last trading session |
No. of shares held |
Nominal value |
Share value | Total value | Percentage of the issuer's share capital |
Percentage of the issuer's share capital |
Total number of shares |
|---|---|---|---|---|---|---|---|---|---|---|
| ---------------- | -------- | ----------------- | --------------------------------- | ----------------------- | ------------------ | ------------- | ------------- | ------------------------------------------------ | ------------------------------------------------ | --------------------------- |
Shares not traded in the last 30 trading days (business days)
| Running no. |
Issuer | Share symbol |
Date of last trading session |
No. of shares held |
Nominal value |
Share value | Total value | Percentage of the issuer's share capital |
Share in total assets of F.I.A.I.R. |
Total number of shares |
|---|---|---|---|---|---|---|---|---|---|---|
| lei | lei | lei | % | % | ||||||
| 1 | RELEE MEDIAS | RELE | 19/08/2022 | 62,080 | 2.5000 | 12.1937 | 756,984 | 11.4644 | 0.0341 | 541,503 |
| 756,984 | 0.0341 | 541,503 |
GENERAL MANAGER Depozitary Certification Sorin-Iulian Cioacă Raiffeisen Bank
Total assets
2,222,926,591 lei
| Running no. |
Issuer | No. of shares held |
Nominal value |
Share value | Total value | Percentage of the issuer's share capital |
Share in total assets of F.I.A.I.R. |
Total number of shares |
|---|---|---|---|---|---|---|---|---|
| lei | lei | lei | % | % | ||||
| 1 | BIROUL DE INVESTITII REGIONAL OLTENIA IFN |
272,411 | 16.0000 | 9.9711 | 2,716,241 | 19.4540 | 0.1222 | 1,400,280 |
| 2 | COMPLEX HOTELIER DAMBOVITA | 1,754,221 | 2.5000 | 5.4725 | 9,599,989 | 99.9999 | 0.4319 | 1,754,223 |
| 3 | COREALIS CRAIOVA | 655,757 | 2.5000 | 2.5425 | 1,667,245 | 11.4189 | 0.0750 | 5,742,726 |
| 4 | COS TARGOVISTE | 6,142,826 | 0.1000 | 0.0000 | 0 | 8.9220 | 0.0000 | 68,850,123 |
| 5 | DEPOZITARUL CENTRAL BUCURESTI |
9,878,329 | 0.1000 | 0.1272 | 1,256,529 | 3.9057 | 0.0565 | 252,919,526 |
| 6 | ELBA TIMISOARA | 39,628 | 2.5000 | 104.6340 | 4,146,437 | 2.3694 | 0.1865 | 1,672,496 |
| 7 | ELECTRO TOTAL BOTOSANI | 57,909 | 2.5000 | 0.0000 | 0 | 29.8562 | 0.0000 | 193,960 |
| 8 | GEMINA TOUR RM.VILCEA | 757,888 | 2.5000 | 4.5303 | 3,433,464 | 88.2866 | 0.1545 | 858,441 |
| 9 | GRAVITY CAPITAL INVESTMENTS SA |
8,999 | 10.0000 | 9.6676 | 86,999 | 99.9889 | 0.0039 | 9,000 |
| 10 | PROVITAS BUCURESTI | 35,139 | 10.0000 | 121.6000 | 4,272,902 | 70.2780 | 0.1922 | 50,000 |
| 11 | SAGRICOM ULMI | 57,941 | 2.5000 | 0.0000 | 0 | 4.2057 | 0.0000 | 1,377,690 |
| 12 | SANEVIT ARAD | 792,662 | 0.1000 | 0.0000 | 0 | 13.2841 | 0.0000 | 5,967,000 |
| 13 | TURISM LOTUS FELIX | 347,859,802 | 0.1000 | 0.0360 | 12,513,071 | 27.4554 | 0.5629 | 1,266,999,819 |
| 14 | TURISM PUCIOASA | 1,010,599 | 2.5000 | 4.4521 | 4,499,242 | 69.2191 | 0.2024 | 1,460,000 |
| 15 | VOLTALIM CRAIOVA | 5,997,519 | 2.5000 | 7.6354 | 45,793,257 | 99.5506 | 2.0600 | 6,024,596 |
| 89,985,376 | 4.0481 |
Sorin-Iulian Cioacă Raiffeisen Bank
GENERAL MANAGER Depository Certification
Detailed statement of the investments on 31/03/2023
Total assets 2,222,926,591 lei
| Running no. |
Issuer | No. bonds held |
Purchase date |
Coupon date |
Coupon maturity date |
Initial Value | Daily increase |
Cumulative interest |
Discount /Cumulative Premium |
Total Value | Percentage in total bonds of the issuer |
Share in total assets of F.I.A.I.R. |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| lei | lei | lei | % | % | ||||||||
| 1 | MERCUR CRAIOVA | 286 | 15/09/2021 | 15/09/2023 | 15/09/2023 | 2,860,000 | 201.38 | 9,077 | 2,869,077 | 87.1795 | 0.1291 | |
| 2,869,077 | 0.1291 |
GENERAL MANAGER Depository certification Sorin-Iulian Cioacă Raiffeisen Bank
Detailed statement of the investments on 31/03/2023
Total assets
2,222,926,591 lei
| Running no. |
Name of the bank | Establishment date |
Maturity date |
Initial value | Daily increase |
Accrued interest |
Total value | Percentage in the total assets of F.I.A.I.R. |
|---|---|---|---|---|---|---|---|---|
| lei | lei | lei | lei | % | ||||
| 1 BANCA TRANSILVANIA | 29/03/2023 | 13/04/2023 | 1,400,000.00 | 237.2222 | 711.67 | 1,400,711.67 | 0.0630 | |
| 2 BANCA TRANSILVANIA | 30/03/2023 | 13/04/2023 | 2,000,000.00 | 338.8889 | 677.78 | 2,000,677.78 | 0.0900 | |
| 3 BANCA TRANSILVANIA | 23/03/2023 | 06/04/2023 | 700,000.00 | 118.6111 | 1,067.50 | 701,067.50 | 0.0315 | |
| 4 BANCA TRANSILVANIA | 24/03/2023 | 07/04/2023 | 2,000,000.00 | 338.8889 | 2,711.11 | 2,002,711.11 | 0.0901 | |
| 5 BANCA TRANSILVANIA | 30/03/2023 | 13/04/2023 | 2,000,000.00 | 338.8889 | 677.78 | 2,000,677.78 | 0.0900 | |
| 6 BANCA TRANSILVANIA | 30/03/2023 | 13/04/2023 | 800,000.00 | 135.5556 | 271.11 | 800,271.11 | 0.0360 | |
| 7 BANCA TRANSILVANIA | 31/03/2023 | 18/04/2023 | 500,000.00 | 84.7222 | 84.72 | 500,084.72 | 0.0225 | |
| 8 BANCA TRANSILVANIA | 31/03/2023 | 18/04/2023 | 2,000,000.00 | 338.8889 | 338.89 | 2,000,338.89 | 0.0900 | |
| 9 BANCA TRANSILVANIA | 31/03/2023 | 01/04/2023 | 299,858.44 | 33.3176 | 33.32 | 299,891.76 | 0.0135 | |
| 11,706,432.32 | 0.5266 |
Sorin-Iulian Cioacă Raiffeisen Bank
GENERAL MANAGER Depository Certification
Total activ
2,222,926,591 lei
| Running no. |
Name of the bank | Currency | Current amount |
Data scadenței |
Valoare inițială |
Creștere zilnică |
Dobinda cumulată |
Curs valutar BNR |
Valoare totală |
Pondere în activul total al F.I.A.I.R. |
|---|---|---|---|---|---|---|---|---|---|---|
| valuta | valuta | valuta | lei | lei | % | |||||
| 0.00 | 0.0000 |
Sorin-Iulian Cioacă Raiffeisen Bank
GENERAL MANAGER Depository Certification
2,222,926,591 lei
| Running no. |
Name of the bank | Current amount | Percentage in the total assets of F.I.A.I.R. |
|---|---|---|---|
| lei | % | ||
| 1 BANCA TRANSILVANIA | 52,303.10 | 0.0024 | |
| 2 BCR | 1,058,070.88 | 0.0476 | |
| 3 BRD GSG | 24.17 | 0.0000 | |
| 4 EXIMBANK | 732.77 | 0.0000 | |
| 5 RAIFFEISEN BANK | 32,229.87 | 0.0014 | |
| 6 Sume in curs de decontare | 44,450,000.00 | 1.9996 | |
| 7 Numerar si echivalente numerar | 2,864.56 | 0.0001 | |
| 45,596,225.35 | 2.0512 |
Sorin-Iulian Cioacă Raiffeisen Bank
GENERAL MANAGER Depository Certification
2,222,926,591 lei
| Running no. |
Name of the bank | Currency | Current amount |
NBR exchange rate |
Updated amount | Percentage in the total assets of F.I.A.I.R. |
|---|---|---|---|---|---|---|
| valuta | lei | % | ||||
| 1 BANCA TRANSILVANIA | USD | 274.58 | 4.5463 | 1,248.32 | 0.0001 | |
| 2 BCR | EUR | 142,862.75 | 4.9491 | 707,042.04 | 0.0318 | |
| 708,290.36 | 0.0319 |
Sorin-Iulian Cioacă Raiffeisen Bank
GENERAL MANAGER Depository Certification
2,222,926,591 lei
| Running no. |
Name of the fund | Date of last trading session |
No. of fund units held |
Value of fund unit (VUAN) |
Market price | Total value | Percentage in total equity interests of O.P.C.V.M./ AOPC |
Percentage in the total assets of F.I.A.I.R. |
|---|---|---|---|---|---|---|---|---|
| lei | lei | lei | % | % | ||||
| 1 | BT INDEX RO | 146,000.000 | 23.2100 | 3,388,660 | 1.4784 | 0.1524 | ||
| 2 | FDI NAPOCA | 381,222.000 | 0.7269 | 277,110 | 1.6376 | 0.0125 | ||
| 3 | FDI TRANSILVANIA | 7,444.000 | 53.5433 | 398,576 | 1.2329 | 0.0179 | ||
| 4 | FDI TEHNOGLOBINVEST | 382.990 | 1,401.0625 | 536,593 | 9.4783 | 0.0241 | ||
| 4,600,939 | 0.2070 |
Sorin-Iulian Cioacă Raiffeisen Bank
GENERAL MANAGER Depository Certification
Detailed statement of the investments on 31/03/2022
2,222,926,591 lei
| Run ning no. |
Issuer | Share symbol |
Ex-dividend date |
No. of shares held |
Gross dividend | Amount to be collected |
Percentage in the total assets of F.I.A.I.R. |
|---|---|---|---|---|---|---|---|
| lei | lei | % | |||||
| 0.00 | 0.0000 |
GENERAL MANAGER Depository Certification Sorin-Iulian Cioacă Raiffeisen Bank
| Runni ng ro. |
Item name | 31/03/2023 | 31/12/2022 | 31/09/2022 |
|---|---|---|---|---|
| 1 | Activ net | 2,098,298,480 | 2,105,595,927 | 2,005,946,799 |
| 2 | Valoare unitară a activului net | 4.4175 | 4.4328 | 4.2230 |
Explanatory note:
1) The company SINTEROM Cluj company was evaluated according to international evaluation standards based on the financial statements on 31.12.2022 using the income approach evaluation method.
2) The company GRAVITY Capital Investments was evaluated based on the financial statements on 31.10.2022 using the cost approach evaluation method.
3) The company COS Târgoviște company was evaluated based on the financial statements on 30.09.2022 using the cost approach evaluation method.
4) The company CONSTRUCTII Feroviare Craiova was evaluated based on the financial statements on 30.09.2022 using the cost approach evaluation method.
5) The company FLAROS Bucharest company was evaluated based on the financial statements on 30.09.2022 using the cost approach evaluation method.
6) The company ALIMENTARA Slatina company was evaluated based on the financial statements on 30.09.2022 using the income approach evaluation method. 7) The company LACTATE Natura Târgoviște company was evaluated according to international evaluation standards based on the financial statements on 30.09.2022 using the cost approach evaluation method.
8) The company COMPLEX HOTELIER Dâmbovița company was evaluated based on the financial statements on 30.09.2022 using the income approach evaluation method.
9) The company TURISM Pucioasa company was evaluated based on the financial statements on 30.09.2022 using the income approach evaluation method.
10) The company PROVITAS Bucharest was evaluated based on the financial statements on 30.09.2022 using the income approach evaluation method.
11) The company GEMINA Tour Râmnicu Vâlcea company was evaluated based on the financial statements on 30.09.2022 using the income approach evaluation method.
12) The company IAMU Blaj company was evaluated based on the financial statements on 30.06.2022 by the income approach evaluation method.
13) The company UNIVERS Râmnicu Vâlcea was evaluated based on the financial statements on 30.09.2022 using the income approach evaluation method.
14) The company TURISM Lotus Felix was evaluated based on the financial statements on 30.09.2022 using the income approach evaluation method. 15) The company VOLTALIM Craiova company was evaluated based on the financial statements on 30.09.2022 using the income approach evaluation method.
16) The company MERCUR Craiova company was evaluated based on the financial statements on 30.09.2022 using the income approach evaluation method.
17) The company ELBA Timișoara company was evaluated based on the financial statements on 30.09.2022 using the income approach evaluation.
GENERAL MANAGER Depository Certification Sorin-Iulian Cioacă Raiffeisen Bank
(to be filled in on a monthly basis)
| The manner in which the net asset value is calculated (according to F.S.A. Regulation no. 7/2020) |
Amount (lei) | |
|---|---|---|
| 1. | Intangible assets | 34,454 |
| 2. | Tangible assets | 12,222,704 |
| 3. | Real estate investments | 1,100,816 |
| 4. | Biological assets | 0 |
| 5. | Assets representing rights to use support assets under a leasing contract | 0 |
| 6. | Financial assets | 2,150,782,100 |
| 6.1. | Financial assets evaluated at amortised cost | 2,869,077 |
| 6.1.1. | Corporate bonds | 2,869,077 |
| 6.1.1.1. | Listed corporate bonds | 0 |
| 6.1.1.2. | Unlisted corporate bonds | 2,869,077 |
| 6.2. | Financial assets evaluated at fair value through profit or loss | 4,600,939 |
| 6.2.1. 6.2.2. |
Equity interests in F.I.A. / O.P.C.V.M. – listed Equity interests in F.I.A. / O.P.C.V.M. – unlisted |
0 4,600,939 |
| 6.3. | Financial assets at fair value through other items of comprehensive income |
2,143,312,084 |
| 6.3.1. | Listed shares traded in the last 30 days | 2,052,569,724 |
| 6.3.2. | Listed shares not traded in the last 30 days | 756,984 |
| 6.3.3. | Unlisted shares | 89,985,376 |
| 6.4 | Shares due according to subscriptions to the share capital increase | 0 |
| 7. | Cash and cash equivalents | 46,304,516 |
| 8. | Bank deposits | 11,706,432 |
| 9. | Other assets | 538,479 |
| 9.1. | Dividends or other rights receivable | 0 |
| 9.2. | Other assets | 538,479 |
| 10. | Accrued expenses | 237,090 |
| 11. | Total assets | 2,222,926,591 |
| 12. | Total liabilities | 115,370,148 |
| 12.1. | Financial liabilities measured at amortised cost | 50,737,851 |
| 12.1.1. | Trade debts | 938,748 |
| 12.1.2. | Payment dividends | 49,129,507 |
| 12.1.3. | Other debts at amortized cost | 669,596 |
| 12.2. | Deferred income tax liabilities | 64,201,689 |
| 12.3. | Other liabilities | 430,608 |
| 13. | Provisions for risks and expenses | 9,255,363 |
| 14. | Deferred income | 2,600 |
| 15. | Equity, of which: | 2,098,298,480 |
| 15.1. | Share capital | 50,000,000 |
| 15.2. | Items treated as equity | 0 |
| 15.3. | Other equity items | 546,862,805 |
| 15.4. | Share premiums | 0 |
| 15.5. | Revaluation reserves | 7,315,981 |
| 15.6. | Reserves | 656,369,945 |
| 15.7. | Own shares | 2,500,000 |
| 15.8. | Retained earnings | 904,373,080 |
| 15.9. | Result of the financial year | -3,256,413 |
| 15.10. | Losses on the issue, redemption, sale, transfer free of charge or cancellation of equity instruments |
60,866,918 |
| 16. | Net assets (11 - 12 - 13 - 14) | 2,098,298,480 |
(to be filled in on a monthly basis)
| The manner in which the net asset value is calculated (according to F.S.A. Regulation no. 7/2020) |
Amount (lei) | |
|---|---|---|
| 17. | Number of shares issued and in circulation excluding own shares repurchased |
475,000,000 |
| 18. | Unit value of net assets | 4.4175 |
| 19. | Number of companies in the portfolio , of which: | 39 |
| 19.1. | Companies admitted to trading on an EU trading venue | 24 |
| 19.2. | Companies admitted to trading on an exchange in a third country | 0 |
| 19.3. | Companies not admitted to trading. | 15 |
According to Article 38 para. 4 of Law no. 243 / 2019 S.I.F. Oltenia publishes the leverage level and exposure value according to the provisions of EU Regulation 231 / 2013 calculated by the gross approach and the commitment approach.
| Gross approach: | |
|---|---|
| Leverage level | 1.0317 |
| SIF5 exposure | 2,164,915,643 |
| Commitment approach | |
| Leverage level | 1.0594 |
| SIF5 exposure | 2,222,926,591 |
Statement certified by Depozitar Raiffeisen Bank S.A.
Statement prepared on the basis of the trial balance determined on the basis of the A.S.F. Rule 39 / 2015 for the approval of the Accounting Regulations in compliance with the International Financial Reporting Standards, applicable to entities authorized, regulated and supervised by the Financial Supervisory Authority in the Financial Instruments and Investments Sector, as well as the Investor Compensation Fund
In accordance with IFRS 9, effective from 01.01.2018, the results of transactions with financial assets measured at fair value through other comprehensive income are reflected in retained earnings
GENERAL MANAGER Depository Certification
Sorin – Iulian Cioacă Raiffeisen Bank
Assets in the portfolio of S.I.F. Oltenia S.A. that have been evaluated using valuation methods in accordance with International Valuation Standards*
| Running | Tax | No. of the | No./date of the | Amount | ||
|---|---|---|---|---|---|---|
| no. | Name of the issuer | Identification Code |
shares | evaluation report | lei/share | total |
| 1 | SINTEROM CLUJ | 202123 | 1,555,509 | 4250/07.04.2023 | 11.9977 | 18,662,550 |
| 2 | GRAVITY CAPITAL INVESTMENTS SA | 46979099 | 8,999 | 11825/08.11.2022 | 9.6676 | 86,999 |
| 3 | COS TÂRGOVIȘTE | 913720 | 6,142,826 | 10770/13.10.2022 | 0.0000 | 0.0000 |
| 4 | CONSTRUCȚII FEROVIARE CRAIOVA | 2292068 | 2,725,325 | 12982/12.12.2022 | 0.8238 | 2,245,177 |
| 5 | FLAROS BUCUREȘTI | 350944 | 1,233,390 | 249/04.01.2023 | 71.7408 | 88,484,374 |
| 6 | ALIMENTARA SLATINA | 1513357 | 350,342 | 13157/16.12.2022 | 39.1626 | 13,720,321 |
| 7 | LACTATE NATURA TÂRGOVIȘTE | 912465 | 10,567,092 | 888/11.01.2023 | 1.2294 | 12,990,774 |
| 8 | COMPLEX HOTELIER DÂMBOVIȚA | 10108620 | 1,754,221 | 910/11.01.2023 | 5.4725 | 9,599,989 |
| 9 | TURISM PUCIOASA | 939827 | 1,010,599 | 932/12.01.2023 | 4.4521 | 4,499,242 |
| 10 | PROVITAS BUCUREȘTI | 7965688 | 35,139 | 962/12.01.2023 | 121.6000 | 4,272,902 |
| 11 | GEMINA TOUR RM.VÂLCEA | 1477750 | 757,888 | 960/12.01.2023 | 4.5303 | 3,433,464 |
| 12 | IAMU BLAJ | 1766830 | 1,884,289 | 2618/22.02.2023 | 6.3157 | 11,900,586 |
| 13 | UNIVERS RM.VÂLCEA | 1469006 | 587,519 | 1864/03.02.2023 | 48.0755 | 28,245,297 |
| 14 | TURISM LOTUS FELIX | 26261034 | 347,859,802 | 2701/23.02.2023 | 0.0360 | 12,513,071 |
| 15 | VOLTALIM CRAIOVA | 12351498 | 5,997,519 | 1941/07.02.2023 | 7.6354 | 45,793,257 |
| 16 | MERCUR CRAIOVA | 2297960 | 7,104,836 | 2719/24.02.2023 | 7.4134 | 52,670,784 |
| 17 | ELBA TIMIȘOARA | 1816318 | 39,628 | 2274/15.02.2023 | 104.6340 | 4,146,437 |
Explanatory note
1) The company SINTEROM Cluj company was evaluated according to international evaluation standards based on the financial statements on 31.12.2022 using the income approach evaluation method.
2) The company GRAVITY Capital Investments was evaluated based on the financial statements on 31.10.2022 using the cost approach evaluation method.
3) The company COS Târgoviște company was evaluated based on the financial statements on 30.09.2022 using the cost approach evaluation method.
4) The company CONSTRUCTII Feroviare Craiova was evaluated based on the financial statements on 30.09.2022 using the cost approach evaluation method.
5) The company FLAROS Bucharest company was evaluated based on the financial statements on 30.09.2022 using the cost approach evaluation method. 6) The company ALIMENTARA Slatina company was evaluated based on the financial statements on 30.09.2022 using the income approach evaluation method. 7) The company LACTATE Natura Târgoviște company was evaluated according to international evaluation standards based on the financial statements on 30.09.2022
using the cost approach evaluation method. 8) The company COMPLEX HOTELIER Dâmbovița company was evaluated based on the financial statements on 30.09.2022 using the income approach evaluation method.
9) The company TURISM Pucioasa company was evaluated based on the financial statements on 30.09.2022 using the income approach evaluation method.
10) The company PROVITAS Bucharest was evaluated based on the financial statements on 30.09.2022 using the income approach evaluation method.
11) The company GEMINA Tour Râmnicu Vâlcea company was evaluated based on the financial statements on 30.09.2022 using the income approach evaluation method. 12) The company IAMU Blaj company was evaluated based on the financial statements on 30.06.2022 by the income approach evaluation method.
13) The company UNIVERS Râmnicu Vâlcea was evaluated based on the financial statements on 30.09.2022 using the income approach evaluation method.
14) The company TURISM Lotus Felix was evaluated based on the financial statements on 30.09.2022 using the income approach evaluation method.
15) The company VOLTALIM Craiova company was evaluated based on the financial statements on 30.09.2022 using the income approach evaluation method.
16) The company MERCUR Craiova company was evaluated based on the financial statements on 30.09.2022 using the income approach evaluation method. 17) The company ELBA Timișoara company was evaluated based on the financial statements on 30.09.2022 using the income approach evaluation.
Sorin – Iulian Cioacă
GENERAL MANAGER Depository Certification Raiffeisen Bank
prepared in accordance with Norm no. 39/2015 for the approval of Accounting Regulations compliant with International Standards of Financial Reporting,
applicable to authorized entities, settled and supervised by the Financial
Supervision Authority from the Sector of Financial Instruments and Investments, as well as the Investor Compensation Fund
UNAUDITED
CONTENTS
| SIMPLIFIED INTERIM INDIVIDUAL STATEMENT OF PROFIT OR LOSS AND OF OTHER ELEMENTS OF THE COMPREHENSIVE INCOME |
2 |
|---|---|
| SIMPLIFIED INTERIM INDIVIDUAL STATEMENT OF THE FINANCIAL POSITION | 3 |
| SIMPLIFIED INTERIM INDIVIDUAL STATEMENT OF EQUITY CHANGES | 4 – 5 |
| SIMPLIFIED INTERIM INDIVIDUAL STATEMENT OF CASH FLOWS | 6 – 7 |
| NOTES TO THE SIMPLIFIED INTERIM INDIVIDUAL FINANCIAL STATEMENTS | 8 – 48 |
| In lei | Note | 31 March 2023 |
31 March 2022 |
|---|---|---|---|
| Incomes | |||
| Gross incomes from dividends | 7 | - | 66,530,925 |
| Incomes from interests | 8 | 260,506 | 108,279 |
| Other operational incomes | 9 | 28,601 | 10,972 |
| Expenses Net profit/(Net losses) from the revaluation of financial assets at fair value through the profit or loss statement |
125,864 | (21,546) | |
| (Losses)/reversal of impairment losses on financial assets | - | - | |
| Expenditure on salaries, allowances and similar expenses | 10 | (1,975,221) | (1,957,932) |
| Other operational expenses | 11 | (1,668,261) | (1,215,783) |
| Profit before taxation | (3,228,511) | 63,454,915 | |
| Profit tax | 12 | (27,902) | (3,326,546) |
| Net profit of the financial year | (3,256,413) | 60,128,369 | |
| Other elements of the comprehensive income Increase/(decrease) in the reserve from the revaluation of the tangible assets, net of deferred tax (Loss)/net gain from the revaluation of equity measured at fair value through other comprehensive income ("FVTOCI") net of deferred tax |
- (4,047,034) |
(55,702,285) | |
| Total other elements of the comprehensive income | (4,047,034) | (55,702,285) | |
| Total comprehensive income for the financial exercise | (7,303,447) | 4,426,084 | |
| The result per basic share and diluted | 23 | ||
| Net result per share | - | 0.1203 | |
| Net profit per share, also including earnings from the sale of financial assets measured at fair value through other comprehensive income |
- | 0.0089 |
The simplified interim financial statements were approved by the Board of Directors in the meeting of 12 May 2023 and were signed on their behalf by:
| Sorin – Iulian Cioacă | Mihai Trifu | Valentina Vlăduțoaia |
|---|---|---|
| President - General Manager | Vice-president - Deputy General Manager | Economic Manager |
| In lei | Note | 31 March 2023 |
31 December 2022 |
|---|---|---|---|
| Assets | |||
| Cash and current accounts | 13 | 46,304,516 | 2,241,614 |
| Deposits placed in banks | 14 | 11,706,432 | 12,881,011 |
| Financial assets assessed at fair value through the profit or loss account Financial assets appointed at fair value through other comprehensive |
15 | 4,600,939 | 4,475,075 |
| income elements | 15 | 2,143,312,084 | 2,193,709,763 |
| Bonds at the amortized cost | 15 | 2,869,077 | 2,927,744 |
| Tangible assets | 16 | 12,222,704 | 12,400,450 |
| Other assets | 17 | 1,910,839 | 1,732,250 |
| Total assets | 2,222,926,591 | 2,230,367,907 | |
| Payables | |||
| Payable dividends | 18 | 49,129,507 | 49,300,619 |
| Current tax liabilities | 137,343 | (93,891) | |
| Financial debt at amortized cost | 19 | 1,361,366 | 2,096,313 |
| Deferred tax liabilities | 20 | 64,201,689 | 63,154,039 |
| Other payables | 21 | 9,798,206 | 10,314,900 |
| Total payables | 124,628,111 | 124,771,980 | |
| Equity | |||
| Registered capital | 22 | 50,000,000 | 50,000,000 |
| Legal reserves | 10,003,314 | 10,003,314 | |
| Retained earnings | 901,117,127 | 885,081,368 | |
| Reserves from the reassessment of tangible assets Reserves from the reassessment of financial assets at fair value through |
7,315,981 | 7,408,018 | |
| other elements of the comprehensive income | 549,667,957 | 572,907,170 | |
| Other reserves | 643,561,019 | 643,561,019 | |
| Own shares | (63,366,918) | (63,364,962) | |
| Total equity | 2,098,298,480 | 2,105,595,927 | |
| Total payables and equity | 2,222,926,591 | 2,230,367,907 |
The simplified interim financial statements were approved by the Board of Directors in the meeting of 12 May 2023 and were signed on their behalf by:
| Sorin – Iulian Cioacă | Mihai Trifu | Valentina Vlăduțoaia |
|---|---|---|
| President - General Manager | Vice-president - Deputy General Manager | Economic Manager |
| In lei | Registered capital | Reserves from the reassessment of tangible assets |
Reserves from the reassessment of financial assets at fair value through other elements of the comprehensive income net of deferred tax |
Retained earnings | Legal reserves | Other reserves | Own shares | TOTAL |
|---|---|---|---|---|---|---|---|---|
| BALANCE AS OF 1 January 2023 | 50,000,000 | 7,408,018 | 572,907,170 | 885,081,368 | 10,003,314 | 643,561,019 | (63,364,962)- | 2,105,595,927 |
| COMPREHENSIVE INCOME | ||||||||
| Profit/loss for the period ended on 31 March 2022 | - | - | - | (3,256,413) | - | - | - | (3,256,413) |
| Other elements of the comprehensive income Reassessment of the tangible assets, net of deferred tax |
- | - | - | - | - | - | - | |
| The fair value remeasurement of FVTOCI equity instruments, net of deferred tax |
- - |
- | (4,047,034) | - | - - |
- - |
- - |
- (4,047,034) |
| Total comprehensive income for the period | (4,047,034) | (3,256,413) | (7,303,447) | |||||
| Transfers other than those relating to transactions with shareholders | ||||||||
| The transfer of the revaluation reserve to retained earnings as a result of derecognition of property, plant and equipment |
(92,037) | 92,037 | ||||||
| (Gain)/loss on the transfer as a result of the sale of FVTOCI equity instruments |
- | - | (19,192,179) | 19,192,179 | - | - | - | - |
| Total transfers other than those relating to transactions with shareholders |
- | (92,037) | (19,192,179) | 19,284,216 | - | - | - | - |
| Transactions with shareholders Reduction of registered capital Redeemed own shares Cancelled own shares Other own funding sources Dividends prescribed by law |
- - - - - |
- - - - - |
- - - - - |
- - - - - |
- - - - - |
- - - - - |
- (1,956) - - - |
- (1,956) - - - |
| Total transactions with shareholders directly recognized in equity | - | - | - | - | - | - | (1,956) | (1,956) |
| Payable dividends for 2022 | - | - | - | - | - | - | - | - |
| Total shareholder transactions (dividends) | - | - | - | - | - | - | (1,956) | (1,956) |
| Other items | - | - | - | 7,956 | - | - | - | 7,956 |
| BALANCE AS OF 31 March 2023 | 50,000,000 | 7,315,981 | 549,667,957 | 901,117,127 | 10,003,314 | 643,561,019 | (63,366,918) | 2,098,298,480 |
The simplified interim financial statements were approved by the Board of Directors in the meeting of 12 May 2023 and were signed on their behalf by:
Sorin – Iulian Cioacă Mihai Trifu Valentina Vlăduțoaia
President - General Manager Vice-president - Deputy General Manager Economic Manager
The attached notes are an integral part of these individual financial statements.
| In lei | Registered capital | Reserves from the reassessment of tangible assets |
Reserves from the reassessment of financial assets appointed at fair value through other elements of the comprehensive income Retained earnings |
Legal reserves | Other reserves | Own shares | TOTAL | |
|---|---|---|---|---|---|---|---|---|
| BALANCE AS OF 1 January 2022 (carried over) | 50,000,000 | 7,241,779 | 778,347,775 | 731,780,300 | 10,003,314 | 620,260,258 | - | 2,197,633,426 |
| Corrections | - | 445,378 | 44,204,055 | (2,372,264) | - | - | - | 42,277,169 |
| BALANCE AS OF 1 January 2022 (re-stated*) | 50,000,000 | 7,687,157 | 822,551,830 | 729,408,036 | 10,003,314 | 620,260,258 | - | 2,239,910,595 |
| COMPREHENSIVE INCOME | ||||||||
| Profit of the period ended on 31 March 2022 | - | - | - | 60,128,369 | - | - | - | 60,128,369 |
| Other elements of the comprehensive income Reassessment of the tangible assets, net of deferred tax The fair value remeasurement of FVTOCI equity instruments, net of |
- | - | - | - | - | - | - | - |
| deferred tax Total comprehensive income for the period Transfers other than those relating to transactions with shareholders The transfer of the revaluation reserve to retained earnings as a result |
(55,702,285) (55,702,285) |
60,128,369 | (55,702,285) 4,426,084 |
|||||
| of derecognition of property, plant and equipment (Gain)/loss on the transfer as a result of the sale of FVTOCI equity |
- | (92,262) | - | 92,262 | - | - | - | - |
| instruments | - | - | (12,183,222) | 12,183,222 | - | - | - | - |
| Total transfers other than those relating to transactions with shareholders |
- | (92,262) | (12,183,222) | 12,275,484 | - | - | - | - |
| Transactions with shareholders Reduction of registered capital |
- | - | - | - | - | - | - | - |
| Redeemed own shares | - | - | - | - | - | - | - | - |
| Cancelled own shares | - | - | - | - | - | - | - | - |
| Other own funding sources Dividends prescribed by law |
- - |
- - |
- - |
- - |
- - |
- - |
- - |
- - |
| Total transactions with shareholders directly recognized in equity | ||||||||
| Other items having an impact on equity Payable dividends for 2021 |
- - |
- - |
- - |
- - |
- - |
- - |
- - |
- - |
| Total shareholder transactions (dividends) | - | - | - | - | - | - | - | - |
| Other items | 6,585 | - | - | 6,585 | ||||
| BALANCE AS OF 31 March 2022 | 50,000,000 | 7,601,480 | 754,666,323 | 801,811,889 | 10,003,314 | 620,260,258 | - | 2,244,343,264 |
* The restatements for comparability are presented in note 4 of the financial statements.
The simplified interim financial statements were approved by the Board of Directors in the meeting of 12 May 2023 and were signed on their behalf by:
| Sorin – Iulian Cioacă |
Mihai Trifu | Valentina Vlăduțoaia |
|---|---|---|
| President - General Manager |
Vice-president - Deputy General Manager |
Economic Manager |
The attached notes are an integral part of these individual financial statements.
In lei
| Name of the element | Reporting period | |||
|---|---|---|---|---|
| 31 March 2023 |
31 March 2022 |
|||
| A | 1 | 2 | ||
| Cash flows from operating activities | ||||
| Net loss/(net profit) of the financial year | (3,256,414) | 60,128,369 | ||
| Adjustments: | ||||
| (Gain)/Loss for financial assets at fair value through profit or loss | (125,864) | 21,546 | ||
| Dividend income | - | (66,530,925) | ||
| Incomes from interests | (260,506) | (108,279) | ||
| Establishment/(resumption) of benefits granted to the employees | (162,318) | - | ||
| Income tax | 27,902 | 3,326,546 | ||
| Other adjustments | 308,807 | (169,669) | ||
| Changes in operating assets and liabilities | (3,468,393) | (3,332,412) | ||
| Changes in financial assets at fair value through other elements of the comprehensive income |
47,609,583 | 7,194,560 | ||
| Changes in bonds at amortized cost | 58,667 | 35,941 | ||
| Changes in other assets | (178,589) | 466,855 | ||
| Changes in other liabilities | (1,089,323) | (2,264,963) | ||
| Received interests | 259,663 | 111,729 | ||
| Income tax paid in respect of comprehensive income | - | (16,857,300) | ||
| Net cash from operating activities | 43,191,608 | (14,645,590) | ||
| Cash flows from investment activities | ||||
| Purchase of tangible and intangible assets | (140,644) | (29,535) | ||
| Proceeds from the sale of immovable property and investment property | 7,631 | - | ||
| Net cash from investment activities | (133,013) | (29,535) | ||
| Cash flows from financing activities: | ||||
| Paid dividends | (171,112) | (242,684) | ||
| Own shares redeemed | - | - | ||
| Net cash used in financing activities | (171,112) | (242,684) | ||
| Net increase/(decrease) of cash and cash equivalents | 42,887,483 | (14,917,809) | ||
| Cash and cash equivalents at the beginning of the reporting period | 15,116,891 | 18,546,307 | ||
| Cash and cash equivalents at the end of the reporting period | 58,004,374 | 3,628,498 |
The attached notes are an integral part of these individual financial statements.
| In lei | 31 March 2023 |
31 March 2022 |
|---|---|---|
| Cash in the cashier's office | 2,865 | 2,943 |
| Current accounts in banks | 46,301,651 | 2,969,099 |
| Deposits placed in banks | 11,699,858 | 652,892 |
| Cash and cash equivalents | 58,004,374 | 3.624.9344 |
| Attached receivables | 6,574 | 2 |
| Other values | - | 3,564 |
| Total | 58,010,948 | 3,628,500 |
| In lei | 31 March 2023 |
31 March 2022 |
|---|---|---|
| Cash and current accounts | 46,304,516 | 2,972,042 |
| Deposits placed in banks | 11,706,432 | 652,894 |
| Less claims attached to bank deposits | (6,574) | (2) |
| Other values | - | 3,564 |
| Cash and cash equivalents in the statement of cash flows | 58,004,374 | 3,628,498 |
The simplified interim financial statements were approved by the Board of Directors in the meeting of 12 May 2023 and were signed on their behalf by:
| Sorin – Iulian Cioacă | Mihai Trifu | Valentina Vlăduțoaia |
|---|---|---|
| President - General Manager | Vice-president - Deputy General Manager | Economic Manager |
Societatea de Investiții Financiare Oltenia S.A. ("the Company" or "S.I.F. Oltenia S.A.") was founded on 1 November 1996 in Craiova – Romania, being the successor of V Oltenia Private Property Fund, reorganized and transformed according to the provisions of Law no. 133/1996, a law for the transformation of the Private Property Funds into financial investment companies.
According to the applicable legal provisions, the company is classified as a closed-ended Alternative Investment Fund (A.I.F.) for retail investors, diversified and self-managed.
S.I.F. Oltenia S.A. is authorized by the Financial Supervisory Authority as an Alternative Investment Fund Manager (A.I.F.M.) under Authorization No. 45/15.02.2018 and as a Retail Investor Alternative Investment Fund (R.I.A.I.F.) from 08.06.2021, according to Authorization no. 94/08.06.2021. The Company operates in compliance with the provisions of Law no. 74/2015 regarding alternative investment fund managers, Law no. 24/2017 on issuers of financial instruments and market transactions, republished and as subsequently amended and supplemented and Law no. 31/1990 (R) on companies, as subsequently amended and supplemented, Law 243/2019 regarding alternative investment funds, F.S.A. Regulation no. 5/2018 on financial instrument issuers and market operations, F.S.A. Regulation no. 7/2020 on the authorization and operation of alternative investment funds and Norm no. 39/2015 for the approval of Accounting Regulations in accordance with International Financial Reporting Standards, applicable to entities authorised, regulated and supervised by the Financial Supervisory Authority in the Financial Instruments and Investments Sector, as well as the Investment Compensation Fund.
The Company is self-administered and has its registered office in Craiova, 1 Tufanele street, zip code 200767, Dolj county.
The Company is registered at the Trade Register Office attached to the Dolj Court, under the Registration Number J16/1210/1993, company registration number 4175676, fiscal attribute RO.
The shares of the Company are listed with the Bucharest Stock Exchange in the Premium category (SIF5 market symbol).
The Company's shareholders and shares records are kept according to law by the Depozitarul Central S.A. Bucharest.
The depositing activity provided by the legislation is provided by Raiffeisen Bank S.A.
The main field of activity is NACE code 649 - other financial intermediation, except insurance and pension funds, and the main activity is NACE code 6499 - other financial intermediation n.e.c.
In accordance with the articles of association, the Company can perform the following main activities:
The company, as an A.I.F.M., can also carry out other activities such as:
administration of the entity;
a) legal and fund accounting services;
f) record keeping.
activities relating to the assets of the A.I.F., namely services necessary for the performance of the A.I.F.M.'s management tasks, infrastructure management, real estate management, advice to entities on capital structure, industrial strategy and related matters, advice and services on mergers and acquisitions of entities, as well as other services related to the management of the AIF and other assets in which it has invested.
The subscribed and paid-up social capital is 50,000,000 RON, divided into 500,000,000 shares with a nominal value of 0.1 RON/share.
The main characteristics of the shares issued by the company are: ordinary, nominative, of equal value, issued in a dematerialized form, fully paid when subscribed, registered to the account and granting equal rights to their holders, except for the limitations in the legal provisions and regulations.
The individual financial statements drawn up as of 31 March 2023 are not audited.
The simplified interim individual financial statements ("financial statements") have been prepared in accordance with Norm no. 39/2015 for the approval of the Accounting Regulations conforming to the International Financial Reporting Standards, applicable to the entities authorized, regulated and supervised by the Financial Supervisory Authority in the Financial Instruments and Investments Sector, as well as the Investor Compensation Fund, as subsequently amended and supplemented.
The simplified interim individual financial statements were approved by the Board of Directors in the meeting of 12 May 2023. These financial statements were drawn up based on the continuity principle, implying that the Company will pursue its activity in the foreseeable future.
According to the provisions of Regulation (EU) No 1606/2002 of the European Parliament and of the Council of the European Union of 19 July 2002, as well as Law no. 24/2017 - republished on financial instrument issuers and market operations, the Company must draw up and submit annual consolidated financial statements to the F.S.A., according to the International Financial Reporting Standards ("IFRS"), within 4 months from the end of the financial exercise. The consolidated financial statements of S.I.F. Oltenia S.A. as of 31 December 2022 have been prepared, approved and made available to the public in electronic format on the company's website: www.sifolt.ro.
The Company's accounting records are kept in lei.
The presentation adopted by the Company is based on the liquidity within the statement of the financial position, and the presentation of the income and expenses was made in relation to their nature in the statement of the overall result. The Company considers that these presentation methods provide information that is reliable and more relevant than those that would have been presented based on other methods permitted by IAS 1 "Presentation of financial statements".
These simplified interim individual financial statements were drawn up based on the continuity principle, implying that the Company will pursue its activity in the foreseeable future.
The Company's management believes that the Company will normally continue its activity in the future and, accordingly, the individual financial statements were prepared on this basis (see also Note 2 (f) "Impact of the Russian-Ukrainian military conflict and other international trends, on the position and financial performance of the Company").
The management of the Company considers that the functional currency, as defined by IAS 21 "The effects of the exchange rate change", is the Romanian leu (RON or lei). The individual financial statements are presented in RON, rounded to the nearest RON, the currency that the Company's management has chosen as the presentation currency.
The simplified interim individual financial statements are drawn up based on the fair value convention for financial assets and debts at their fair value through the profit and loss statement and for financial assets appraised at their fair value through other items of the comprehensive income.
Other financial assets and debts, as well as non-financial assets and debts are presented at the depreciated cost, revaluated value or historical cost.
The preparation of the simplified interim individual financial statements in compliance with IFRS implies the management's use of estimates, judgments and assumptions that affect the enforcement of accounting policies, as well as the reported value of assets, payables, incomes and expenses. The estimates and assumptions associated with these judgments are based on historical experience as well as on other factors considered reasonable in the context of these estimates. The results of these estimates form the basis of judgments regarding the accounting values of assets and liabilities that cannot be obtained from other sources of information. The obtained results may be different from the values of the estimates.
The company periodically reviews estimates and assumptions underlying accounting records.
Revisions to accounting estimates are recognized in the period in which the estimate is revised, if the revision affects only that period, or in the period when the estimate is revised and future periods, if the revision of the estimate affects both the current and future periods.
The information and reasoning relating to the determination and application of accounting policies and the determination of accounting estimates with the highest degree of uncertainty in terms of estimates, which have a material impact on the amounts recognized in these annual financial statements, shall be as follows:
The Russian-Ukrainian military conflict has had and is expected to continue to have a negative impact on many economic sectors, also given the important role played by Russia in the energy raw materials market in Europe.
S.I.F. Oltenia S.A. has no direct exposures in Russia or Ukraine.
The first quarter of 2023 was difficult for the capital market; the shock created by the military conflict was aggravated by inflationary pressures having negative influences on the quotations of listed shares, which recorded declines and high volatility on the market.
Against the background of inflationary pressures stemming, in particular, from the increase in prices of raw materials at global level, the National Bank of Romania operated, starting with September 2021, major successive monetary policy interest rates (also enhanced by the beginning of the military conflict in Ukraine). This reached 6.75% in November 2022 and 7% in early January 2023. The generalized increase in interest rates that resulted from this had a negative effect on the stock prices with B.V.B.
Internally, the additional risks relate to the delay in reforms and the absorption of European funds, in particular through the National Recovery and Resilience Plan (NRRP) and the risk of default of loans contracted by the non-governmental sector.
As a result of these domestic and international events and trends, the Company recorded a decrease in the fair value of investments in portfolio shares and fund units (see Note 15 a) and b).
S.I.F. Oltenia S.A. analysed, on the basis of existing data, the possible developments of the domestic and international economic environment as a result of this event, including the impact on the sectors of activity in which the Company has exposure, crisis simulations were made according to risk procedures and it was concluded, from all this, that profitability of the Company may be affected, but in the short or medium term, and no difficulties are expected in meeting the Company's commitments, and business continuity is not affected.
The prolongation of the war in Ukraine and the extension of the associated sanctions generate uncertainties and risks regarding the outlook of economic activity, the medium-term evolution of inflation, with an impact on the evolution of the quotations of financial instruments, including on the Bucharest Stock Exchange, where high volatility is expected to continue, at least in the short term, on a 3-6-month horizon.
The management closely monitors the evolution of this conflict and other global events and trends and their impact and the measures taken internationally on the economic environment at national level, the market where the company's assets are exposed.
The significant accounting policies enforced in these simplified interim individual financial statements comply with those in the annual financial statements of the Company for the financial exercise ended on 31 December 2022 and were consistently enforced for all the periods presented in these simplified interim financial statements.
As of 01 January 2022, the Company has changed its accounting policy regarding employee benefits, including performance bonuses granted to employees. According to IAS 19 – Employee benefits, performance bonuses are part of salary, allowances and other similar expenses.
In addition, for presentation purposes, due to the qualitative significance of the information at the level of the financial situation, expenditure on salaries, allowances and other similar expenditure was presented separately in the statement of financial position.
Also, since 01 January 2022, the Company has also amended its accounting policy with regard to fees, administration and supervisory fees in accordance with IAS 1 – Presentation of financial statements.
Reclassifications have no impact on the Company's profit or loss account, income, cash flow statement or earnings per share as of 31 March 2023 because they were prepared in line with the new accounting policies.
According to the specificities of its activity, the Company is or can be subject to risks resulting from the activity undertaken for the achievement of the established goals.
Through the risk management system, the Company provides significance to the management of risks, policies and procedures regarding the management of risks that are significant and relevant for the investment strategy.
The risk management policy sets out the main coordinates of the activity of controlling and managing issues that may or even have an impact on the activity.
The risk management activity, a major component of the Company's activity, deals with both general and specific risks, as set out in national and international legal regulations.
The Company's organizational chart includes the Risk Management Bureau, which is hierarchically and functionally independent from the other departments of the Company.
The company attaches great importance to effective risk management as an important component of the strategic objectives of company management.
Managing significant risks involves providing the framework for the identification, assessment, monitoring and control of those risks with a view to maintaining them at an acceptable level in relation to the company's risk appetite and its ability to mitigate or hedge those risks.
Risk monitoring is carried out at each hierarchical level, with procedures for supervising and approving decision-making limits.
Internal reporting of risk exposure is made on a continuous basis, on each line of business, as the Company's management is constantly informed about the risks that may arise in the course of the business.
The risk profile is the evaluation of gross and, as the case may be, net (after considering risk mitigators) risk exposures, at a certain moment in time, aggregated within each relevant category of risk, as well as between them, based on current or anticipated assumptions. Through its risk profile, the Company has established, for each risk category, the level by which the Company is willing to take or accept risks, provided that significant risks are kept under control.
The global risk profile undertaken by the Company is average and corresponds to an average risk appetite.
Investments in the Company's shares involve not only specific benefits, but also the risk that objectives are not achieved, as well as losses to investors, since revenues from investments generally are proportional to risk. In its current activities, the Company may face both the specific risks resulting from its current operation, as well as indirect risks resulting from the performance of operations and services in cooperation with other financial entities.
The main risks identified in the activity of the Company are:
Market risk is the risk of losses in on- and off-balance-sheet positions arising from movements in market prices (e.g. stock prices, interest rates, foreign exchange rates). The company monitors the market risk with the objective of optimizing profitability in relation to the associated risk, in accordance with the approved policies and procedures. From the Company's point of view, the relevant market risks are: price risk (position risk), currency exchange risk, interest rate risk.
The company is exposed to the following market risks:
The price (position) risk is caused by market price volatility, such as fluctuations in the market in financial instruments, as a result of changes in market prices, either caused by factors affecting all instruments traded on the market (systemic component) or by factors specific to individual instruments or their issuer (non-systemic component). S.I.F. Oltenia S.A. monitors both the systemic component (general risk determined by macro-factors) and the specific risk arising from the issuers' own activity, so that when price risks are not consistent with internal policies and procedures, it will act accordingly by rebalancing the asset portfolio. Given the specific nature of the activity of S.I.F. Oltenia S.A., price risk is a relevant risk for the company.
The market value of the portfolio of listed shares presented in the hierarchy of fair values at Level 1 (on BVB - regulated market, BVB-AeRO - alternative trading system), as of 31 March 2023, represents 85.03% (31 December 2022: 83.38%) of the total value of the managed portfolio.
The company also monitors the concentration of risk across activity sectors, as follows:
| Structure of the portfolio Market value of the package Economic sectors with a share in 31.03.2023 |
Market value of the package 31.12.2022 |
|||
|---|---|---|---|---|
| the value portfolio of S.I.F. (in descending order): | (lei) | % | (lei) | % |
| finance, banking | 807,086,925 | 37.58% | 848,262,302 | 38.59% |
| oil resources, methane gas and related services | 344,816,439 | 16.05% | 317,424,040 | 14.44% |
| financial intermediation | 296,653,984 | 13.81% | 287,501,561 | 13.08% |
| lease and sublease of real estate | 234,854,180 | 10.93% | 234,854,180 | 10.68% |
| energy and gas transport | 133,691,126 | 6.22% | 123,814,159 | 5.63% |
| food industry | 106,987,744 | 4.98% | 121,210,970 | 5.51% |
| pharmaceutical industry | 100,559,737 | 4.68% | 102,737,926 | 4.67% |
| machine building industry and processing | 47,150,126 | 2.20% | 49,608,599 | 2.26% |
| electronic, electrotechnical industry | 37,268,305 | 1.74% | 32,699,145 | 1.49% |
| tourism, public food catering, leisure | 31,998,341 | 1.49% | 73,351,704 | 3.34% |
| fund units | 4,600,939 | 0.21% | 4,475,075 | 0.20% |
| Miscellanea | 2,245,177 | 0.10% | 2,245,177 | 0.10% |
| TOTAL | 2,147,913,023 | 100% | 2,198,184,838 | 100% |
Based on the analysis of the data presented above, as of 31 March 2023 the Company mainly held shares with issuers who are active in the field of finance, banking with a share of 37.58% of the total portfolio, decreasing compared to 31 December 2022, when the same sector of activity registered a weight of 38.59% (a decrease determined by the evolution of prices on the capital market).
The exposure by counties on 31 March 2023, respectively on 31 December 2022 was as follows:
| 31 March | 31 December | |||
|---|---|---|---|---|
| Exposure by counties | 2023 | % | 2022 | % |
| BUCHAREST | 906,738,880 | 42.31% | 901,035,180 | 41.07% |
| CLUJ | 498,656,532 | 23.27% | 511,311,058 | 23.31% |
| ARAD | 168,723,959 | 7.87% | 166,666,349 | 7.60% |
| SIBIU | 149,954,556 | 7.00% | 137,561,962 | 6.27% |
| DOLJ | 105,092,704 | 4.90% | 105,092,704 | 4.79% |
| IAȘI | 100,559,737 | 4.69% | 102,737,926 | 4.68% |
| CONSTANȚA | 93,996,970 | 4.39% | 108,220,196 | 4.93% |
| VÂLCEA | 31,678,761 | 1.48% | 31,678,761 | 1.44% |
| DÂMBOVIȚA | 27,090,005 | 1.26% | 27,090,005 | 1.23% |
| MEHEDINȚI | 15,873,672 | 0.74% | 16,001,685 | 0.73% |
| OLT | 14,433,639 | 0.67% | 14,447,905 | 0.66% |
| BIHOR | 12,513,071 | 0.58% | 53,456,007 | 2.44% |
| ALBA | 11,900,586 | 0.56% | 11,900,586 | 0.54% |
| TIMIȘ | 4,146,437 | 0.19% | 4,146,437 | 0.19% |
| HARGHITA | 1,952,575 | 0.09% | 2,363,002 | 0.11% |
| Total | 2,143,312,084 | 100% | 2,193,709,763 | 100% |
Foreign exchange risk is the risk of losses resulting from changes in foreign exchange rates. This risk concerns all positions held by the company in foreign currency deposits, financial instruments denominated in foreign currency, regardless of the holding period or the level of liquidity recorded by the respective positions. During the reporting period, the Company did not use derivative financial instruments to protect itself against interest rate fluctuations.
Given that most of the Company's assets are expressed in national currency, exchange rate fluctuations do not directly affect the Company's activity. These fluctuations have an influence on the assessment of investments such as foreign currency deposits and current account availability.
Cash in foreign currency represented only by cash is, as of 31 March 2023, 0.03% (31 December 2022: 0.03%) of the total financial assets, so that the currency risk is insignificant.
Investments in bank deposits in foreign currency are constantly monitored and investment/disinvestment measures are taken, depending on the forecast evolution of the exchange rate.
The concentration of assets and liabilities by types of currencies is summarized in the following table:
| In lei | Accounting value |
RON | EUR (RON equivalent) |
USD (RON equivalent) |
|---|---|---|---|---|
| 31.03.2023 | ||||
| Financial assets | ||||
| Cash and current accounts | 46,304,516 | 45,596,226 | 707,042 | 1,248 |
| Deposits placed in banks | 11,706,432 | 11,706,432 | ||
| Financial assets assessed at fair value through the | ||||
| profit or loss account | 4,600,939 | 4,600,939 | ||
| Financial assets appointed at fair value through other | ||||
| comprehensive income elements | 2,143,312,084 | 2,143,312,084 | ||
| Bonds at the amortized cost | 2,869,077 | 2,869,077 | ||
| Total financial assets | 2,208,793,048 | 2,208,084,758 | 707,042 | 1,248 |
| Financial debt | ||||
| Payable dividends | 49,129,507 | 49,129,507 | ||
| Financial debt at amortized cost | 1,361,366 | 1,361,366 | ||
| Total financial liabilities | 50,490,873 | 50,490,873 | ||
| The net position | 2,158,302,175 | 2,157,593,885 | 707,042 | 1,248 |
| In lei | EUR | USD | ||
| Accounting | (RON | (RON | ||
| value | RON | equivalent) | equivalent) | |
| 31.12.2022 | ||||
| Financial assets | ||||
| Cash and current accounts | 2,241,614 | 1,501,291 | 706,860 | 33,463 |
| Deposits placed in banks | 12,881,011 | 12,881,011 | ||
| Financial assets assessed at fair value through the | ||||
| profit or loss account Financial assets appointed at fair value through |
4,475,075 | 4,475,075 | ||
| other comprehensive income elements | 2,193,709,763 | 2,193,709,763 | ||
| Bonds at the amortized cost | 2,927,744 | 2,927,744 | ||
| Total financial assets | 2,216,235,207 | 2,215,494,884 | 706,860 | 33,463 |
| Financial debt | ||||
| Payable dividends | 49,300,619 | 49,300,619 | ||
| Financial debt at amortized cost | 2,096,313 | 2,096,313 | ||
| Total financial liabilities | 51,396,932 | 51,396,932 | ||
| The net position | 2,164,838,275 | 2,164,097,952 | 706,860 | 33,463 |
The interest rate risk is the current or future risk of loss of profits and capital due to adverse changes in interest rates.
The interest rate directly influences the income and expenditure attached to the financial assets and liabilities bearing variable interest rates.
Most of the assets in the portfolio do not bear interest. As a result, the Company is not significantly affected by the interest rate risk. Interest rates applied to cash and cash equivalents are short-term.
In order to benefit from the interest rate volatility, for greater flexibility in the policy of allocating the money availabilities, it will be intended that the placing of the money availabilities in monetary instruments will be made especially in the short term, for no more than 3 months.
A factor of increase of the interest rate risk is represented by investments in bonds. In the third quarter of 2021, S.I.F. Oltenia S.A. diversified its portfolio through the purchase of guaranteed bonds issued by Mercur S.A. The share of such instruments in the company's total assets on March 2023 is only 0.13% (31 December 2022: 0.13%).
S.I.F Oltenia S.A. did not use derivative financial instruments in the first quarter of 2023 to hedge against interest rate fluctuations.
Hence, it can be concluded that the interest rate risk is not significant.
The following table summarizes the Company's exposure to the interest rate risk.
| In lei | Accounting value |
Less than 3 months |
Between 3-12 months |
More than 12 months |
No interest |
|---|---|---|---|---|---|
| 31.03.2023 | |||||
| Financial assets | |||||
| Cash and current accounts | 46,304,516 | 46,304,516 | |||
| Deposits placed in banks Financial assets assessed at fair value through |
11,706,432 | 11,706,432 | |||
| the profit or loss account Financial assets appointed at fair value through other comprehensive income |
4,600,939 | 4,600,939 | |||
| elements | 2,143,312,084 | 2,143,312,084 | |||
| Bonds at the amortized cost | 2,869,077 | 9,077 | 2,860,000 | - | |
| Total financial assets | 2,208,793,048 | 11,706,432 | 9,077 | 2,860,000 | 2,194,217,539 |
| Financial debt | |||||
| Payable dividends | 49,129,507 | 49,129,507 | |||
| Financial debt at amortized cost | 1,361,366 | 1,361,366 | |||
| Total financial liabilities | 50,490,873 | 50,490,873 | |||
| The net position | 2,158,302,175 | 11,706,432 | 9,077 | 2,860,000 | 2,143,726,666 |
• The interest rate risk(continued)
| Between | |||||
|---|---|---|---|---|---|
| Accounting | Less than 3 | 3 and 12 | More than 12 | ||
| In lei | value | months | months | months | No interest |
| 31.12.2022 | |||||
| Financial assets | |||||
| Cash and current accounts | 2,241,614 | 2,241,614 | |||
| Deposits placed in banks | 12,881,011 | 12,881,011 | |||
| Financial assets assessed at fair value through the profit or loss account |
4,475,075 | 4,475,075 | |||
| Financial assets appointed at fair value through other comprehensive income |
|||||
| elements | 2,193,709,763 | 2,193,709,763 | |||
| Bonds at the amortized cost | 2,927,744 | 67,744 | 2,860,000 | - | |
| Total financial assets | 2,216,235,207 | 12,881,011 | 67,744 | 2,860,000 | 2,200,426,452 |
| Financial debt | |||||
| Payable dividends | 49,300,619 | 49,300,619 | |||
| Financial debt at amortized cost | 2,096,313 | 2,096,313 | |||
| Total financial liabilities | 51,396,932 | 51,396,932 | |||
| The net position | 2,164,838,275 | 12,881,011 | 67,744 | 2,860,000 | 2,149,029,520 |
The credit risk is the current or future risk of profit and capital impairment, as the debtor fails to meet its contractual obligations or liabilities.
The main elements of credit risk that are identified and can significantly influence the activity of the Company are:
The indicators used to measure the insolvency risk of issuers are the following: the exposure rate to high-risk issuers (over the next 2 years), the exposure rate to unlisted assets, the exposure rate by business sectors.
In the case of the Company, the credit risk is largely determined by the exposures on asset items of the type of "shares", which represent 96.42% of the managed assets, assessed according to the legal provisions.
Through the specificities of its portfolio, the sector with high exposure if the "finance and banking" sector, with an exposure of more than 20% in total assets, which held 37.58% of the total share portfolio as of 31 March 2023. Exposure to the sector is monitored, with the liquid nature of investments being a positive aspect of these holdings, as the the main issuers are Banca Transilvania and B.R.D. – Groupe Societe Generale.
S.I.F. Oltenia S.A. is exposed to credit risk through investments in bonds and by holding current accounts and bank deposits, as well as other receivables.
As of 31 March 2023, the company held bonds issued by Mercur S.A., with a very low share (0.13%) in the total assets; such bonds are guaranteed and are not admitted to trading.
As for the company's cash, it is held in several banks, so as to avoid the concentration risk. Bank deposits are held with the most important bank institution in the system, Banca Transilvania. Fitch Ratings reconfirmed Banca Transilvania's long-term rating at BB+, with a stable outlook.
The assessment of the main elements of credit risk results in the conclusion that they fall within the risk limits approved for an average risk appetite.
| In lei | Rating | 31 March 2023 |
31 December 2022 |
|---|---|---|---|
| Fitch: BBB- (assimilated to | |||
| EximBank | sovereign rating) | 733 | 932 |
| Banca Transilvania | Fitch: BB+ | 11,759,983 | 12,990,734 |
| B.R.D. - Groupe Societe Generale | Moody's: Baa1 | 24 | 96 |
| Raiffeisen Bank | Moody's: Baa1 | 32,230 | 192,531 |
| BCR | Moody's: Baa1 | 1,765,113 | 1,936,704 |
| Banca Transilvania* | Fitch: BB+ | 44,450,000 | - |
| Total available cash in banks | 58,008,083 | 15,120,997 | |
| Cash and other values | 2,865 | 1,628 | |
| Total current accounts and | |||
| deposits, of which: | 58,010,948 | 15,122,625 | |
| Cash and current accounts | 46,304,516 | 2,241,614 | |
| Deposits placed in banks | 11,706,432 | 12,881,011 | |
| Total cash, accounts and deposits | |||
| placed with banks | 58,010,948 | 15,122,625 | |
| *On March 31, 2023, the amount of 44,450,000 lei was being settled from Raiffeisen Bank to Banca Transilvania. | |||
| 31 March | 31 December | ||
| In lei | Rating | 2023 | 2022 |
| Bonds issued by Mercur S.A. | Without rating | 2,869,077 | 2,927,744 |
| Financial assets at amortized cost | |||
| In lei | 31 March 2023 |
31 December 2022 |
|
| Trade receivables and various debtors | 10,175 | 17,914 | |
| Advance payments to suppliers | 4,196 | 4,416 | |
| Other financial assets at amortized cost | 23,540 | 48,855 | |
Total trade receivables and other various debtors 37,911 71,185
Liquidity risk is the risk that a position in the portfolio of the company cannot be sold, liquidated or closed at limited costs within a reasonably short period of time.
The Company aims to maintain a level of liquidity appropriate to its underlying obligations, based on an assessment of the relative liquidity of the assets on the market, considering the period required for liquidation and the price or value at which the respective assets can be liquidated, as well as their sensitivity to market risks or other external factors.
The company constantly monitors the liquidity profile of the asset portfolio, analysing the impact of each asset on the liquidity, as well as the significant, contingent or other kind of liabilities or commitments, that the company may have regarding its underlying obligations.
The liquidity risk for payment obligations is very low, as the company's current debt is covered by holdings in current accounts and/or short-term deposits.
The liquidity risk is mainly related to the shares held in the "closed" type companies existing in the managed portfolio. Thus, the sale of shareholdings - in the event of negative aspects in their economic and financial situation or in the pursuit of obtaining liquidity cannot be made fast enough, with the risk of not being able to obtain a price higher or at least equal to the one for which these shareholdings are valued in the calculation of the net asset, according to the F.S.A. regulations.
| In lei | Accounting value |
Less than 3 months |
Between 3 and 12 months |
More than 12 months |
No preset maturity |
|---|---|---|---|---|---|
| 31.03.2023 | |||||
| Financial assets | |||||
| Cash and current accounts | 46,304,516 | 46,304,516 | |||
| Deposits placed in banks | 11,706,432 | 11,706,432 | |||
| Financial assets assessed at fair value | |||||
| through the profit or loss account | 4,600,939 | 4,600,939 | |||
| Financial assets appointed at fair | |||||
| value through other comprehensive | |||||
| income elements | 2,143,312,084 | 2,143,312,084 | |||
| Bonds at the amortized cost | 2,869,077 | 9,077 | 2,860,000 | - | |
| Total financial assets | 2,208,793,048 | 58,010,948 | 9,077 | 2,860,000 | 2,147,913,023 |
| Financial debt | |||||
| Payable dividends | 49,129,507 | 25,830,209 | 23,299,298 | ||
| Financial debt at amortized cost | 1,361,366 | 1,361,366 | |||
| Total financial liabilities | 50,490,873 | 25,830,209 | 24,660,664 | ||
| The net position | 2,158,302,175 | 32,180,739 | 9,077 | 2,860,000 | 2,123,252,359 |
The company constantly monitors the liquidity profile of the portfolio, analysing the impact of each asset on the liquidity, adopting a prudent policy regarding the cash outflows, permanently evaluating the quantitative and qualitative risks of the positions held and of the expected investments to be made.
As of 31.03.2023, the liquidity risk falls within the approved risk limits for a medium risk appetite. The negative net position recorded in the maturity band of up to 3 months is due to the payment dividends of the previous three financial years, which were not claimed by the shareholders (see note 18). The company constantly monitors the dividend payments made and places the excess liquidity in financial instruments, according to the investment policy.
The structure of assets and liabilities in terms of liquidity is analysed in the following table:
| In lei | |||||
|---|---|---|---|---|---|
| Accounting value |
Less than 3 months |
Between 3 and 12 months |
More than 12 months |
No preset maturity |
|
| 31.12.2022 | |||||
| Financial assets | |||||
| Cash and current accounts | 2,241,014 | 2,241,014 | |||
| Deposits placed in banks | 12,881,011 | 12,881,011 | |||
| Financial assets assessed at fair value through the profit or loss account Financial assets appointed at fair value |
4,475,075 | 4,475,075 | |||
| through other comprehensive income elements |
2,193,709,763 | 2,193,709,763 | |||
| Bonds at the amortized cost | 2,927,744 | 67,744 | 2,860,000 | - | |
| Total financial assets | 2,216,235,207 | 15,122,625 | 67,744 | 2,860,000 | 2,198,184,838 |
| Financial debt | |||||
| Payable dividends | 49,300,619 | 25,958,768 | 23,341,851 | ||
| Financial debt at amortized cost | 2,096,313 | 2,096,313 | |||
| Total financial liabilities | 51,396,932 | 25,958,768 | 25,438,164 | ||
| The net position | 2,164,838,275 | -10,837,143 | 67,744 | 2,860,000 | 2,172,746,674 |
Operational risk means the risk of loss resulting from inadequate or failed internal processes, people and systems or from external events, and includes legal risk.
The operational risk category refers to:
Operational risk means the risk of loss resulting from inadequate or failed internal processes, people and systems or from external events, and includes legal risk. The operational risk category refers to:
- Legal risk - a subcategory of operational risk representing the risk of loss as a result of both fines, penalties and penalties to which the company is liable in case of non-application or faulty application of legal or contractual provisions, the fact that the contractual rights and obligations of the company and/or its counterparty are not properly established;
- Compliance risk - current or future risk of damage to profits, own funds or liquidity, which may result in significant financial losses or damage the reputation of the company as a result of breach or non-compliance with the legal and regulatory framework, agreements, recommended practices or ethical standards applicable to its activities;
IT risk - a subcategory of operational risk that refers to the risk caused by inadequate strategies and IT policies, of information technology and information processing, regarding its management capacity, integrity, controllability and continuity or the improper use of information technology.
Money laundering and terrorist financing risk (SB/FT) – the inherent risk, namely the level of money laundering and terrorist financing risk before its mitigation, meaning that the impact and likelihood of involvement of regulated entities in SB/FT operations are analysed.
With a view to assessing the level of operational risk to which it is exposed, S.I.F. Oltenia S.A. acts to identify and frame operational risk events within specific categories, that will allow to establish the most efficient methods of controlling and reducing potential effects. The functional departments within S.I.F. Oltenia S.A. are responsible for the preliminary analysis of the operational risks arising in their area of activity.
The person responsible for risk management shall be responsible for implementing and developing measures for the management of operational risk.
S.I.F. Oltenia S.A. uses self-assessment as a tool to analyse and manage operational risk.
The person in charge with managing risks updated the risk register on 31 March 2023, as operational risk events were carefully monitored and timely remedied, so as not to affect the company's activity.
In March 2023, the internal assessment of the operational risks generated by it systems for 2022 was carried out, in accordance with Article 49 letter a) of the FSA Rule no. 4/2018. In terms of FSA Rule no. 4/2018 on the management of operational risks generated by information systems used by authorized/licensed/registered entities, regulated and/or supervised by the Financial Supervisory Authority, the company falls within the "medium" risk category.
The Company has a policy of maintaining an optimum level of equity in order to develop the company and achieve the proposed objectives. The main objective of the Company is the continuity of the activity in order to increase the value of the total asset in the long term.
Taking into account the complexity of the activity of S.I.F. Oltenia S.A., the volume of activity, the personnel structure, the level of computerization, the complexity of the monitoring and control procedures and the other intrinsic aspects related to the risk policy of the company, the operational risk at the level of the company falls within the assumed risk appetite.
Sustainability risk is an environmental, social or governance event or condition which, if it occurs, could have a potential or actual adverse material impact on the value of the investment. Sustainability risks are integrated into the classification and management of existing risks, as they also affect the existing types of risk to which the company is exposed in its activities. The company shall incorporate sustainability risks into the risk culture. The company integrates into the decision-making process and assesses the relevant sustainability risks, i.e. those environmental, social or governance events or conditions that, if they occur, could have an impact on the profitability of the investments.
The management policy regarding capital adequacy focuses on maintaining a solid capital base in order to support the continued development of the Company and to achieve the investment objectives.
The Company's equity consists of the share capital, the reserves created, the current result and the deferred result. As of 31 March 2023, the Company's equity is 2,098,298,480 RON (31 December 2022: 2,105,595,927 lei).
The accounting values and fair values of financial assets and liabilities are presented as of 31 March 2023, as follows:
| In lei | Financial assets at fair value through profit or loss |
Financial assets at fair value through other elements of the comprehensive income |
Amortized cost Total book value | Fair value | |
|---|---|---|---|---|---|
| Cash and current accounts | - | - | 46,304,516 | 46,304,516 | 46,304,516 |
| Deposits placed in banks Financial assets assessed at fair value |
- | - | 11,706,432 | 11,706,432 | 11,706,432 |
| through the profit or loss account Financial assets appointed at fair value through other comprehensive |
4,600,939 | - | - | 4,600,939 | 4,600,939 |
| income elements | - | 2,143,312,084 | - | 2,143,312,084 | 2,143,312,084 |
| Bonds at the amortized cost | - | - | 2,869,077 | 2,869,077 | 2,869,077 |
| Total financial assets | 4,600,939 | 2,143,312,084 | 60,880,025 | 2,208,793,048 | 2,208,793,048 |
| Payable dividends | - | - | 49,129,507 | 49,129,507 | 49,129,507 |
| Financial debt at amortized cost | - | - | 1,361,366 | 1,361,366 | 1,361,366 |
| Total financial liabilities | - | - | 50,490,873 | 50,490,873 | 50,490,873 |
The accounting values and fair values of financial assets and liabilities are presented as of 31 December 2022 as follows:
| In lei | Financial assets at fair value through profit or loss |
Financial assets at fair value through other elements of the comprehensive income |
Amortized costTotal book value | Fair value | |
|---|---|---|---|---|---|
| Cash and current accounts | - | - | 2,241,614 | 2,241,614 | 2,241,614 |
| Deposits placed in banks | - | - | 12,881,011 | 12,881,011 | 12,881,011 |
| Financial assets assessed at fair value through the profit or loss account Financial assets appointed at fair value through other comprehensive |
4,475,075 | - | - | 4,475,075 | 4,475,075 |
| income elements | - | 2,193,709,763 | - | 2,193,709,763 | 2,193,709,763 |
| Bonds at the amortized cost | - | - | 2,927,744 | 2,927,744 | 2,927,744 |
| Total financial assets | 4,475,075 | 2,193,709,763 | 18,050,369 | 2,216,235,207 | 2,216,235,207 |
| Payable dividends | - | - | 49,300,619 | 49,300,619 | 49,300,619 |
| Financial debt at amortized cost | - | - | 2,096,313 | 2,096,313 | 2,096,313 |
| Total financial liabilities | - | - | 51,396,932 | 51,396,932 | 51,396,932 |
Dividend income is recorded at gross value. The tax rates for dividends for the reporting period were 5% and zero (31 December 2022: 5% and zero).
Dividend income according to the main counterparties is presented as follows:
| In lei | 31 March 2023 |
31 March 2022 |
|---|---|---|
| B.R.D.- GROUPE SOCIETE GENERALE S.A. București | - | 66,530,925 |
| TOTAL | --------- | 66,530,925 |
| In lei | 31 March 2023 |
31 March 2022 |
|---|---|---|
| Incomes from interests for bank deposits | 204,579 | 57,080 |
| Incomes from interests for current bank accounts | - | - |
| Interest - bonds revenues | 55,927 | 51,199 |
| Total | 260,506 | 108,279 |
| In lei | 31 March 2023 |
31 March 2022 |
|---|---|---|
| Other operating revenues | 13,662 | 1,363 |
| Other financial revenues | 14,939 | 9,609 |
| Total | 28,601 | 10,972 |
| In lei | Number of beneficiaries as at 31 March 2023 |
Amount (lei) on 31.03.2023 |
Number of beneficiaries as at 31 March 2022 |
Amount (lei) on 31.03.2022 |
|---|---|---|---|---|
| Fixed remuneration | 5 | 295,956 | ||
| The Board of Directors | 2 | 576,143 | 5 | 295,953 |
| The senior management | 3 | 99,322 | 2 | 587,611 |
| Personnel with control duties Identified staff whose actions have a major impact |
3 | 104,139 | ||
| on the risk profile of the AIF | 3 | 308,842 | 3 | 278,340 |
| Employees | 30 | 774,485 | 35 | 606,755 |
| Total fixed remuneration | 2,054,748 | 1,872,798 | ||
| Variable remuneration | ||||
| The Board of Directors | - | - | - | - |
| The senior management | - | - | - | - |
| Personnel with control duties | - | - | - | - |
| Identified staff whose actions have a major impact on the risk profile of the AIF |
- | - | - | - |
| Employees | - | - | - | - |
| - | - | |||
| Total variable remuneration | - | - | ||
| Social and assimilated contributions | 82,791 | 85,134 | ||
| Net expenditure/income from provisions relating to unearned leave |
(162,318)* | - | ||
| Net expenditure/income from incentive provisions | - | - | ||
| Total salaries, allowances, contributions and | ||||
| similar expenses | 1,975,221 | 1,957,932 |
* The amount of 162,318 lei represents the reversal of provisions for annual leave made in the first quarter of 2023.
| 31 March 2023 |
31 March 2022 |
|
|---|---|---|
| Staff with mandate contract | 2 | 2 |
| Employees with higher education | 25 | 22 |
| Employees with upper secondary education | 9 | 16 |
| Employees with general education | 3 | 3 |
| Total | 39 | 43 |
The evolution of the number of employees by categories during the reporting period is as follows:
| No. of employees 31 December 2022 |
Inflows Employees in the first quarter 2023 |
Employee outflows in the first quarter 2023 |
No. of employees 31 March 2023 |
|
|---|---|---|---|---|
| Employees with higher education | 25 | 1 | 1 | 25 |
| Employees with upper secondary education |
10 | - | 1 | 9 |
| Employees with general education | 3 | - | - | 3 |
| Total | 38 | 1 | 2 | 37 |
Between 01 January 2023 and 31 March 2023, the average number of employees was 37 (01 January 2022 - 31 March 2022: 35), and the actual number of employees registered on 31 March 2023 was 37 (31 March 2022: 41).
The company makes payments to institutions of the Romanian state in the account of the pensions of its employees.
All employees are members of the pension plan of the Romanian state. The company does not operate any other pension or benefit plan after retirement and, therefore, has no other obligations regarding pensions. Moreover, the Company is not obliged to provide additional benefits to employees after retirement.
| lei | 31 March 2023 |
31 March 2022 |
|---|---|---|
| Expenditure on external supplies | 350,710 | 227,016 |
| Fees and commissions | 628,452 | 667,290 |
| Expenditure on the depreciation and amortization of tangible and intangible assets | 233,435 | 181,864 |
| Other operating expenses | 331,513 | 85,677 |
| Raw materials and materials expenses | 107,649 | 50,497 |
| Expenses on protocol, advertisement and publicity | 16,502 | 3,436 |
| Total | 1,668,261 | 1,215,783 |
The expenses for fees payable to S.S.I.F. for share transactions is represented by the fee charged for the sale of securities on the regulated market.
Fees relating to the acquisition of shares other than those recorded in the profit or loss statement shall be recorded in the carrying amount of financial assets.
External benefits expenses include expenses with active evaluation reports, maintenance and repair expenses, utilities.
Fees and commissions expenses are mainly represented by the fee paid to the FSA, in the amount of 339,474 lei as of 31 March 2023 (345,898 lei as of 31 March 2022).
Reconciliation of profit before tax with the expense on profit tax in the profit or loss statement
| In lei | 31 March 2023 |
31 March 2022 |
|---|---|---|
| Current profit tax | ||
| Current profit/income tax (16%) | 1,931 | - |
| Dividend tax | - | 3,326,546 |
| Total | 1,931 | 3,326,546 |
| Deferred income tax | ||
| Liabilities related to profit participation and other benefits | 25,971 | - |
| Total corporate income tax in the financial year | 27,902 | 3,326,546 |
| Profit before taxation | (3,228,511) | 63,454,915 |
| Tax according to the statutory tax rate of 16% (2022: 16%) | (516,562) | 10,152,786 |
| The effect on the profit tax of: | ||
| Non-deductible expenses | 559,679 | 403,622 |
| Non-taxable income | (25,971) | (10,644,948) |
| Recording temporary differences and the impact of tax loss on deferred tax | 25,971 | - |
| Dividend tax (5%) | - | 3,326,546 |
| Other items | (15,215) | 88,540 |
| Profit tax | 27,902 | 3,326,546 |
As of 31 March 2023, the non-deductible expenses on which the income tax effect has been calculated mainly include expenses related to non-taxable income.
| In lei | 31 March 2023 |
31 December 2022 |
|---|---|---|
| Cash in the cashier's office | 2,865 | 1,628 |
| Current accounts in banks | 46,301,651 | 2,239,983 |
| Other values | - | 3 |
| Cash and cash equivalents | 46,304,516 | 2,241,614 |
Current accounts opened with banks are permanently available to the Company and are not restricted.
| In lei | 31 March 2023 |
31 December 2022 |
|---|---|---|
| Sight deposits | 11,699,858 | 12,875,280 |
| Attached claims | 6,574 | 5,731 |
| Total deposits in banks | 11,706,432 | 12,881,011 |
Bank deposits are permanently available to the Company and are not restricted or encumbered.
| In lei | Market value on 31 March 2023 |
Market value on 31 December 2022 |
|---|---|---|
| - Fund units | 4,600,939 | 4,475,075 |
| Total | 4,600,939 | 4,475,075 |
The movement of financial assets in the reporting period ending on 31 March 2023 and 31 December 2022 is presented in the following table:
| Fair value movement for financial investments measured at fair value through the profit and loss statement |
31 March 2023 |
31 December 2022 |
|
|---|---|---|---|
| Initial balance | 4,475,075 | 4,652,462 | |
| Purchases | - | - | |
| Sales | - | - | |
| Net fair value change | 125,864 | (177,387) | |
| Final balance | 4,600,939 | 4,475,075 |
b) The financial assets measured at fair value through other comprehensive income elements are as follows:
| Fair value movement for the financial investments measured at fair value through other elements of the comprehensive income |
31 March 2023 |
31 December 2022 |
|
|---|---|---|---|
| Initial balance | 2,193,709,763 | 2,373,923,240 | |
| Purchases | 1,203,360 | 182,158,654 | |
| Sales | 48,812,943 | 102,752,368 | |
| Fair value change | (2,788,096) | (259,619,763) | |
| Final balance | 2,143,312,084 | 2,193,709,763 |
The trading activity of S.I.F. Oltenia S.A. aimed to implement the investment strategy, in order to ensure the required conditions for consolidating and rebalancing the portfolio taking into account the market opportunities and the need to respect the prudential limitations related to the activity of alternative investment funds.
The share inflows during the first quarter of 2023 are in the amount of 1.2 million lei and represent the purchase of shares of S.I.F. Muntenia on the capital market.
The sale value of the shares in the first quarter of 2023 was 48.81 million lei and represents the sale value of the shares in the following issuers from the Company's portfolio: Turism Felix Băile Felix (44.56 million lei) and C.N.T.E.E. Transelectrica (4.25 million lei).
The share inflows during 2022 were in the amount of 182.16 million lei and mainly represent the purchase of shares on the capital market in S.I.F. Banat-Crișana (84.37 million lei), S.I.F. Muntenia (43.77 million lei), Banca Transilvania (20.77 million lei), O.M.V. Petrom (10.33 million lei) Lactate Natura (10.25 million lei), Bucharest Stock Exchange (8.12 million lei), Electromagnetica (1.85 million lei), Antibiotice (2.28 million lei) and Gravity Capital Investments (0.09 million lei).
The sale value of the shares in the first quarter of 2022 was 102.75 million lei and represents the sale value of on the capital market of the shares in the following issuers from the Company's portfolio Banca Transilvania (52.43 million RON), EximBank (42.42 million RON) and S.N.G.N. Romgaz (6.95 million lei) and C.N.T.E.E. Transelectrica (0.96 million lei). The sales decisions are analysed by the management of the company together with the Investment and Portfolio Directorate and take place when the company identifies reasonable opportunities to maximize investment returns.
| No. | Group | Market value on 31 March 2023 - lei - |
Percentage of total assets - % - |
|---|---|---|---|
| 1 | BANCA TRANSILVANIA CLUJ | 479,993,982 | 22% |
| 2 | B.R.D.- GROUPE SOCIETE GENERALE BUCHAREST | 327,092,943 | 15% |
| 3 | O.M.V. PETROM BUCHAREST | 271,531,899 | 12% |
| 4 | LION CAPPITAL | 168,723,959 | 8% |
| 5 | ANTIBIOTICE IAȘI | 100,559,737 | 5% |
| 6 | ARGUS CONSTANȚA | 93,996,970 | 4% |
| 7 | S.I.F. MUNTENIA | 91,212,623 | 4% |
| 8 | FLAROS BUCHAREST | 88,484,374 | 4% |
| 9 | S.N.T.G.N. TRANSGAZ MEDIAȘ | 75,913,032 | 3% |
| 10 | S.N.G.N. ROMGAZ | 73,284,540 | 3% |
| No. | Group | Market value on 31 December 2022 - lei - |
Percentage of total assets - % - |
|---|---|---|---|
| 1 | BANCA TRANSILVANIA CLUJ | 490,332,314 | 22% |
| 2 | B.R.D.- GROUPE SOCIETE GENERALE BUCHAREST | 357,929,988 | 16% |
| 3 | O.M.V. PETROM BUCHAREST | 247,651,243 | 11% |
| 4 | S.I.F. BANAT-CRIȘANA | 166,666,349 | 8% |
| 5 | ARGUS CONSTANȚA | 108,220,196 | 5% |
| 6 | ANTIBIOTICE IAȘI | 102,737,926 | 5% |
| 7 | S.I.F. MUNTENIA | 92,351,408 | 4% |
| 8 | FLAROS BUCHAREST | 88,484,374 | 4% |
| 9 | S.N.G.N. ROMGAZ | 69,772,797 | 3% |
| 10 | S.N.T.G.N. TRANSGAZ MEDIAȘ | 67,032,181 | 3% |
c) Bonds at the amortized cost
| 31 March 2023 |
31 December 2022 |
|
|---|---|---|
| Bonds issued by Mercur S.A. | 2,869,077 | 2,927,744 |
| Total bonds at the amortized cost - gross amount | 2,869,077 | 2,927,744 |
| Expected loss of credit | - | - |
| Total bonds at the amortized cost | 2,869,077 | 2,927,744 |
As of 31 March 2023 bonds at the amortized cost include the unlisted corporate bonds issued by Mercur S.A. Craiova. The bonds were purchased in the offer sent to less than 150 investors by Mercur S.A. Craiova during 09.09.2021-13.09.2021. A number of 680 bonds with the following features were purchased:
For the calculation of fair value, for equity instruments (shares), the Company uses the following hierarchy of methods:
- Tier 1: quoted (unadjusted) prices in active markets for identical assets and liabilities;
- Tier 2: entries other than the listed prices included in Level 1 which are observable for assets or liabilities, either directly (e.g. prices) or indirectly (e.g. price derivatives);
- Tier 3: valuation techniques based largely on unobservable elements. This category includes all instruments for which the evaluation technique includes elements that are not based on observable data and for which unobservable input parameters can have a significant effect on the evaluation of the instrument.
| 31.03.2023 | ||||
|---|---|---|---|---|
| In lei | Tier 1 | Tier 2 | Tier 3 | Total |
| Financial assets at fair value through the profit | ||||
| or loss account Financial assets at fair value through other |
4,600,939 | - | - | 4,600,939 |
| elements of the comprehensive income | 1,821,697,286 | - | 321,614,798 | 2,143,312,084 |
| Total | 1,826,298,225 | - | 321,614,798 | 2,147,913,023 |
| 31.12.2022 | ||||
| In lei | Tier 1 | Tier 2 | Tier 3 | Total |
| Financial assets at fair value through the profit | ||||
| or loss account | 4,475,075 | - | - | 4,475,075 |
| Financial assets at fair value through other | ||||
| elements of the comprehensive income | 1,828,425,408 | - | 365,284,355 | 2,193,709,763 |
| Total | 1,832,900,483 | - | 365,284,355 | 2,198,184,838 |
d) Hierarchy of fair values (continued)
| Tier 3 fair value movement | 31.03.2023 | 31.12.2022 | |
|---|---|---|---|
| Initial balance | 365,284,355 | 407,453,030 | |
| Purchases | - | 10,345,338 | |
| Sales | (44,563,253) | (42,416,586) | |
| Reclassifications from level 1 | - | 51,409,859 | |
| Net fair value change | 893,696 | (61,507,286) | |
| Final balance | 321,614,798 | 365,284,355 |
The fair value measurement of the equity investments (equity instruments - shares) held as of 31 March 2023 was performed as follows:
for securities listed on an active market, the market value was determined by considering the quotation of the last trading day (closing quotation on the main capital market for those listed on the regulated market - BVB, respectively the reference price for the alternative system - AeRO for level 1.
for securities listed with no active market or unlisted, the fair value has been determined in accordance with international valuation standards on the basis of an effective valuation report by an independent and updated ANEVAR authorized valuator, updated at least annually.
d) Hierarchy of fair values (continued)
| Financial assets | Fair value on 31.03.2023 |
Valuation technique | Unobservable input, average values | The relationship between unobservable inputs and fair value |
|---|---|---|---|---|
| Listed minority interests without | 2,709,559 | Book-based approach - net book assets |
Book value of assets | The higher the book value of assets, the higher the fair value |
| an active market | Book value of payables | The higher the book value of payables, the lower the fair value |
||
| Listed minority interests without | Book-based approach - net corrected |
Market value of the assets | The higher the market value of assets, the higher the fair value |
|
| an active market | 103,720,325 | assets | Market value of the payables | The higher the market value of payables, the lower the fair value |
| Listed minority interests without 30,563,136 an active market |
Income-based approach – discounted cash flow method |
The weighted average cost of capital: 16.67% |
The higher the weighted average cost of capital, the higher the fair value. |
|
| Growth rate of long-term income: 3.2% | The higher the growth rate of long-term income, the higher the fair value. |
|||
| Unlisted minority interests | Book value of assets | The higher the book value of assets, the higher the fair value |
||
| 5,640,015 | Book-based approach - net book assets |
Book value of payables | The higher the book value of payables, the lower the fair value |
|
| The weighted average cost of capital: 14.13% |
The higher the weighted average cost of capital, the higher the fair value. |
|||
| Unlisted minority interests | 16,659,508 | Income-based approach – discounted cash flow method |
Growth rate of long-term income: 3.77% | The higher the growth rate of long-term income, the higher the fair value. |
d) Hierarchy of fair values (continued)
| Financial assets | Fair value on 31.03.2023 |
Valuation technique | Unobservable input, average values | The relationship between unobservable inputs and fair value |
|---|---|---|---|---|
| Listed minority shares without an active market |
94,636,402 | Income-based approach – discounted cash flow method |
The weighted average cost of capital: 13.5% Growth rate of long-term income: 4.5% |
The higher the weighted average cost of capital, the higher the fair value. The higher the growth rate of long-term income, the higher the fair value. |
| Unlisted majority shares | 86,999 | Book-based approach - net corrected assets |
Market value of the assets Market value of the payables |
The higher the market value of assets, the higher the fair value The higher the market value of payables, the lower the fair value |
| Unlisted majority shares | 67,598,854 | Income-based approach – discounted cash flow method |
The weighted average cost of capital: 13.3% Growth rate of long-term income: 3.8% |
The higher the weighted average cost of capital, the higher the fair value. The higher the growth rate of long-term income, the higher the fair value. |
Total 321,614,798
d) Hierarchy of fair values (continued)
| Financial assets | Fair value on 31.12.2022 |
Valuation technique | Unobservable input, average values | The relationship between unobservable inputs and fair value |
|---|---|---|---|---|
| Listed minority interests without | 3,119,986 | Book-based approach - net book assets |
Book value of assets | The higher the book value of assets, the higher the fair value |
| an active market | Book value of payables | The higher the book value of payables, the lower the fair value |
||
| Listed minority interests without | Book-based approach - net corrected |
Market value of the assets | The higher the market value of assets, the higher the fair value |
|
| an active market | 103,720,325 | assets | Market value of the payables | The higher the market value of payables, the lower the fair value |
| Listed minority interests without an active market |
Income-based approach – discounted cash flow method |
The weighted average cost of capital: 16.67% |
The higher the weighted average cost of capital, the higher the fair value. |
|
| 73,822,266 | Growth rate of long-term income: 3.2% | The higher the growth rate of long-term income, the higher the fair value. |
||
| Book value of assets | The higher the book value of assets, the higher the fair value |
|||
| Unlisted minority interests | 5,640,015 | Book-based approach - net book assets |
Book value of payables | The higher the book value of payables, the lower the fair value |
| Unlisted minority interests | 16,659,508 | The weighted average cost of capital: 14.13% |
The higher the weighted average cost of capital, the higher the fair value. |
|
| Income-based approach – discounted cash flow method |
Growth rate of long-term income: 3.77% | The higher the growth rate of long-term income, the higher the fair value. |
| Financial assets | Fair value on 31.12.2022 |
Valuation technique | Unobservable input, average values | The relationship between unobservable inputs and fair value |
|---|---|---|---|---|
| Listed minority shares without an active market |
94,636,402 | Income-based approach – discounted cash flow method |
The weighted average cost of capital: 13.5% Growth rate of long-term income: 4.5% |
The higher the weighted average cost of capital, the higher the fair value. The higher the growth rate of long-term income, the higher the fair value. |
| Unlisted majority shares | 86,999 | Book-based approach - net corrected assets |
Market value of the assets Market value of the payables |
The higher the market value of assets, the higher the fair value The higher the market value of payables, the lower the fair value |
| Unlisted majority shares | 67,598,854 | Income-based approach – discounted cash flow method |
The weighted average cost of capital: 13.3% Growth rate of long-term income: 3.8% |
The higher the weighted average cost of capital, the higher the fair value. The higher the growth rate of long-term income, the higher the fair value. |
Total 365,284,355
Although the Company considers fair value estimates as presented in these financial statements to be appropriate, the use of other methods or assumptions in analysis and valuation could lead to values different from those presented.
For fair values recognized from the use of a significant number of unobservable inputs (Tier 3), changing one or more determinants in the analysis would have effects on the overall result and current result.
During the financial period ending 31 March 2023, the Company did not carry out assessments for most investments in Tier 3 financial assets, represented by equity interests of other companies.
The Company's management also analysed the evolution of the parameters used in the calculation of level 3 fair values at 31 December 2022 of these financial investments in the first quarter of 2023 and concluded that there were no significant variations compared to 31 December 2022 as presented in financial statements.
Thus, the management of the Company estimated that the impact from the presentation of the sensitivity analysis of these parameters on 31 March 2023 is not representative at the level of the interim financial statements.
e) Reserves from the reassessment of at fair value of financial assets through other elements of the comprehensive income net of deferred tax
| 31 March 2023 |
31 December 2022 |
|
|---|---|---|
| 1 January | 572,907,170 | 822,551,830 |
| (Loss)/gross gain from the reassessment of financial assets appraised at fair | ||
| value through other elements of the comprehensive income Deferred tax for gains from the reassessment of financial assets appraised at |
(2,788,096) | (259,619,763) |
| fair value through other elements of the comprehensive income | (1,258,938) | 39,423,598 |
| (Loss)/ Net gain from the reassessment of available financial assets | ||
| appraised at fair value through other elements of the comprehensive income | (4,047,034) | (220,196,165) |
| Gross deferred tax gain, relating to the transfer to the retained earnings account as a result of the sale of financial assets Deferred tax for gains from the reassessment of financial assets appraised at |
(19,421,482) | (34,889,898) |
| fair value through other elements of the comprehensive income, transferred to the carried over result, pursuant to the sale of financial assets |
229,303 | 5,441,403 |
| Net deferred tax gain related to the transfer to the retained earnings account as a result of the sale of financial assets |
(19,192,179) | (29,448,495) |
| at the end of the reporting period | 549,667,957 | 572,907,170 |
| Gross book value | 1 January 2023 |
Inflows | Transfer | Outflows | Write-off of accumulated amortization on the valuation date |
Increases from revaluation |
Revaluation decreases |
31 March 2023 |
|---|---|---|---|---|---|---|---|---|
| Tangible assets | ||||||||
| Land | 2,021,508 | - | - | - | - | - | - | 2,021,508 |
| Constructions | 9,151,034 | - | - | - | - | - | - | 9,151,034 |
| Technological equipment and means | ||||||||
| of transport | 2,212,916 | 25,348 | - | - | - | - | - | 2,238,264 |
| Other fixed assets | 204,986 | 18,998 | - | - | - | - | - | 223,984 |
| Total | 13,590,444 | 44,346 | - | - | - | - | - | 13,634,790 |
| Accumulated amortization | 1 January 2023 |
Depreciation year |
Amortization transfer |
Outflows | 31.03.2023 | |||
| Tangible assets | ||||||||
| Constructions | - | 119,133 | - | - | - | - | - | 119,133 |
| Technological equipment and means of transport |
1,069,587 | 78,391 | 16,002 | - | - | - | - | 1,163,980 |
| Other fixed assets | 120,407 | 6,280 | 2,286 | - | - | - | - | 128,973 |
| Total | 1,189,994 | 203,804 | 18,288 | - | - | - | - | 1,412,086 |
| Net book value | ||||||||
| Land | 2,021,508 | - | - | - | - | - | - | 2,021,508 |
| Constructions | 9,151,034 | - | - | - | - | - | - | 9,031,901 |
| Technological equipment and means | - | - | - | |||||
| of transport | 1,143,329 | - | - | - | 1,074,284 | |||
| Other fixed assets | 84,579 | - | - | - | - | - | - | 95,011 |
| Total | 12,400,450 | - | - | - | - | - | - | 12,222,704 |
| Gross book value | 1 January 2022 |
Inflows | Transfer | Outflows | Write-off of accumulated amortization on the valuation date |
Increases from revaluation |
Revaluation decreases |
31.12.2022 |
|---|---|---|---|---|---|---|---|---|
| Tangible assets | ||||||||
| Land | 2,436,224 | - | - | - | - | - | (414,716) | 2,021,508 |
| Constructions | 9,454,882 | - | - | - | (438,945) | 135,097 | - | 9,151,034 |
| Technological equipment and means | ||||||||
| of transport | 2,691,733 | 860,457 | - | (1,339,274) | - | - | - | 2,212,916 |
| Other fixed assets | 205,935 | 61,403 | - | (62,352) | - | - | - | 204,986 |
| Total | 14,788,774 | 921,860 | - | (1,401,626) | (438,945) | 135,097 | (414,716) | 13,590,444 |
| Accumulated amortization | 1 January 2022 |
Depreciation year |
Amortization transfer |
Outflows | Write-off of accumulated amortization on the valuation date |
Establishment of fixed asset depreciation |
Decrease in fixed assets depreciation |
31.12.2022 |
| Tangible assets | ||||||||
| Constructions | - | 438,945 | - | - | (438,945) | - | - | - |
| Technological equipment and means | ||||||||
| of transport | 2,160,957 | 247,905 | - | (1,339,275) | - | - | - | 1,069,587 |
| Other fixed assets | 164,499 | 18,260 | - | (62,352) | - | - | - | 120,407 |
| Total | 2,325,456 | 705,110 | - | (1,401,627) | (438,945) | - | - | 1,189,994 |
| Net book value | ||||||||
| Land | 2,436,224 | - | - | - | - | - | 2,021,508 | |
| Constructions | 9,454,882 | - | - | - | - | - | 9,151,034 | |
| Technological equipment and means | ||||||||
| of transport | 530,775 | - | - | - | - | - | 1,143,329 | |
| Other fixed assets | 41,437 | - | - | - | - | - | 84,579 | |
| Total | 12,463,318 | - | - | - | - | - | 12,400,450 |
The company has no restrictions on the titles of property. Tangible assets were not used as collateral. At the end of the reporting periods 31 March 2023 and 31 December 2022, the Company did not register any contractual obligations for the purchase of tangible assets.
The management considers that the net accounting value of the land and buildings as of 31 December 2022 represents an estimate of the fair value on the reporting date. Three valuation techniques were used in their estimation, namely: market value, value determined on the basis of discounted net cash flows and net replacement cost value. The fair value hierarchy is tier 3 for land and buildings.
The last reassessment of the land and buildings held was made on 31 December 2022, as the differences from the reassessment were registered within the equity. The re-evaluation was carried out by an authorized appraiser, a Neoconsult Valuation S.R.L., a corporate member of ANEVAR.
A sensitivity analysis was made at the value resulting from the valuation of land and buildings by estimating risk variations on the main factors of influence that were presented in the financial statements at 31.12.2022.
Since no revaluation reports have been prepared during the financial period ending on 31 March 2023 to change the fair value of the Company's land and buildings, The management of the Company estimated that the impact from the presentation of the sensitivity analysis of these influencing factors on March 31, 2023 is not representative at the level of the interim financial statements.
| In lei | 31 March 2023 |
31 December 2022 |
|---|---|---|
| Other financial assets at amortized cost | 37,911 | 71,185 |
| Other assets | 737,658 | 514,451 |
| Real estate investments | 1,100,816 | 1,100,816 |
| Intangible fixed assets | 34,454 | 45,798 |
| TOTAL | 1,910,839 | 1,732,250 |
The last valuation of the real estate investments held was made on 31.12.2022 by Neoconsult Valuation S.R.L., an ANEVAR corporate member.
The differences in the assessment were recorded in the profit or loss account.
| In lei | 31 March 2023 |
31 December 2022 |
|---|---|---|
| Other financial assets at amortized cost – Tier 1 | 37,911 | 71,185 |
| Other financial assets at amortized cost – Tier 3 | 659,215 | 659,215 |
| Expected credit risk adjustments | (659,215) | (659,215) |
| TOTAL | 37,911 | 71,185 |
| In lei | 31 March 2023 |
31 December 2022 |
|---|---|---|
| Payable dividends for 2021 | 4,427,828 | 4,466,219 |
| Payable dividends for 2020 | 7,166,552 | 7,202,979 |
| Payable dividends for 2019 | 14,235,829 | 14,289,570 |
| Payable dividends for 2018 | 20,846,544 | 20,888,941 |
| Payable dividends for 2017 | 319,887 | 319,925 |
| Total payable dividends | 49,129,507 | 49,300,619 |
|---|---|---|
| Payable dividends for 2013 | 644,642 | 644,642 |
| Payable dividends for 2014 | 484,043 | 484,043 |
| Payable dividends for 2015 | 593,214 | 593,284 |
| Payable dividends for 2016 | 410,968 | 411,016 |
| In lei | 31 March 2023 |
31 December 2022 |
|---|---|---|
| Trade payables | 938,748 | 1,610,683 |
| Financial lease-related payables | 420,113 | 480,659 |
| Other payables | 2,505 | 4,971 |
| Total | 1,361,366 | 2,096,313 |
Deferred tax liabilities are determined by the following elements:
| Taxable effect of | ||||
|---|---|---|---|---|
| In lei | Assets | Payables | Net | debt/(asset) |
| 31.03.2023 | ||||
| Tangible assets and real estate investments | 16,129,379 | - | 16,129,379 | 2,580,704 |
| Financial assets assessed at fair value through other elements of the comprehensive income |
374,141,806 | - | 374,141,806 | 59,862,689 |
| Other liabilities (employee benefits (unearned leave)) | - | 9,255,363 | (9,255,363) | (1,480,858) |
| Other elements of equity | - | (20,244,694) | 20,244,694 | 3,239,154 |
| TOTAL | 390,271,185 | (10,989,331) | 401,260,516 | 64,201,689 |
| Deferred tax liability | 64,201,689 | |||
| In lei | Assets | Payables | Net | Taxable effect of debt/(asset) |
| 31.12.2022 | ||||
| Tangible assets and real estate investments | 16,179,097 | - | 16,179,097 | 2,588,656 |
| Financial assets assessed at fair value through other elements of the comprehensive income |
367,706,587 | - | 367,706,587 | 58,833,054 |
| Other liabilities (employee benefits (unearned leave)) | - | 9,417,681 | (9,417,681) | (1,506,829) |
| Other elements of equity | - | (20,244,741) | 20,244,741 | 3,239,158 |
| TOTAL | 383,885,684 | (10,827,060) | 394,712,744 | 63,154,039 |
| Deferred tax liability | 63,154,039 |
The deferred income tax as of 31 March 2023 and 31 December 2022 is mainly determined by the financial assets assessed at fair value through other comprehensive income elements.
The net movement of the taxable position is shown as follows:
| The balance sheet item | Net taxable position for temporary differences on 31.12.2022 |
Net taxable position for temporary differences on 31.03.2023 |
The net movement between the two financial periods |
Tax effect - 16% |
Impact in |
|---|---|---|---|---|---|
| Tangible assets and real estate investments Financial assets assessed at |
16,179,097 | 16,129,379 | (49,718) | (7,952) | Other elements of the comprehensive income |
| fair value through other elements of the comprehensive income Other liabilities (employee benefits (unearned leave)) |
367,706,587 (9,417,681) |
374,141,806 (9,255,363) |
6,435,219 162,318 |
1,029,635 25,971 |
Other elements of the comprehensive income Profit and loss statement |
| Other elements of equity | 20,244,741 | 20,244,694 | (47) | (4) | Other elements of equity |
| Total | 394,712,744 | 401,260,516 | 6,547,772 | 1,047,650 | |
| The balance sheet item | Net taxable position for temporary differences on 31.12.2021 |
Net taxable position for temporary differences on 31.12.2022 |
The net movement between the two financial periods |
Tax effect - 16% |
Impact in |
| Tangible assets and real estate investments |
13,985,955 | 16,179,097 | 2,193,142 | 350,903 | Other elements of the comprehensive income |
| Financial assets assessed at fair value through other elements of the comprehensive income Other liabilities (employee |
646,508,142 | 367,706,587 | (278,801,555) | (44,608,249) | Other elements of the comprehensive income Profit and loss |
| benefits (unearned leave)) | - | (9,417,681) | (9,417,681) | (1,506,829) | statement Other elements of |
| Other elements of equity | 21,671,778 | 20,244,741 | (1,427,037) | (228,326) | equity |
| Total | 682,165,875 | 394,712,744 | (287,453,131) | (45,992,501) | |
| 21. OTHER PAYABLES In lei |
31 March 2023 |
31 December 2022 |
|||
| Salary and similar benefits, of which: | 9,751,613 | 9,948,695 | |||
| Salaries and related contributions | 496,250 | 531,014 | |||
| Performance bonuses | 8,500,000 | 8,500,000 | |||
| Provision for unearned leave | 755,363 | 917,681 | |||
| Liabilities to the state budget | 42,791 | 189,874 | |||
| Other payables | 3,802 | 176,331 | |||
| Total other payables | 9,798,206 | 10,314,900 |
During 2022, provisions on performance bonuses for employees were set up in the amount of 8,500,000 lei and 5,500,000 lei were returned.
The registered capital, according to the Company's articles of association, has the value of 50,000,000 RON, is divided into 500,000,000 shares with a nominal value of 0.1 RON/share and is the result of the direct subscriptions made to the share capital of the Company and of the conversion into shares of amounts due as dividends based on Law no. 55/1995 and through the effect of Law no. 133/1996.
The shares issued by the Company are traded on the Bucharest Stock Exchange, the Premium category (SIF5 market symbol).
The record of the shares and the shareholders is kept by Depozitarul Central S.A. of Bucharest.
The Company's shares are: ordinary, nominative, of equal value, issued in a dematerialized form, fully paid when subscribed, registered to the account and granting equal rights to their holders, except for the limitations in the legal provisions and regulations. The following events occurring during 2022 have resulted in the decrease of registered capital:
According to the articles of association, the registered capital is as follows:
| In lei | 31 March 2023 |
31 December 2022 |
|---|---|---|
| Statutory registered capital | 50,000,000 | 50,000,000 |
As of 31 March 2023, the number of shareholders is 5,728,159 (31 December 2022: 5,728,907) with the following structure:
| No. of shareholders | No. of shares | Amount (RON) | (%) | |
|---|---|---|---|---|
| 31.03.2023 | ||||
| Individuals | 5,727,979 | 208,850,917 | 20,885,092 | 42% |
| Legal entities | 180 | 291,149,083 | 29,114,908 | 58% |
| Total 31 March 2023 | 5,728,159 | 500,000,000 | 50,000,000 | 100% |
| No. of shareholders | No. of shares | Amount (RON) | (%) | |
| 31.12.2022 | ||||
| Individuals | 5,728,730 | 209,676,656 | 20,967,666 | 42% |
| Legal entities | 177 | 290,323,344 | 29,032,334 | 58% |
| Total 31 December 2022 | 5,728,907 | 500,000,000 | 50,000,000 | 100% |
The legal reserves are established according to the legal requirements, for 5% of the profit registered according to the accounting regulations applicable up to the level of 20% of the share capital according to the articles of association. The value of the legal reserve as of 31 March 2023 is 11,603,314 RON (31 December 2022: 11,603,314 lei). In the reporting period ending on 31 March 2023 and during the financial exercise 2022, the Company has not set up legal reserves from the profit, as they reached a threshold of 20% of the registered capital, based on the articles of association. The related deferred tax is 1,600,000 lei as of 31 March 2023 and 31 December 2022.
Legal reserves cannot be distributed to shareholders.
This includes the cumulative net changes in the fair values of the financial assets measured at fair value by other items of the comprehensive income, from the date of their classification in this category to their derecognition or impairment.
The reserves from the assessment of the financial assets assessed at fair value by other items of the comprehensive income are recorded at net value by the related deferred tax and are 549,667,957 RON as of 31 March 2023 (31 December 2022: 572,907,170 lei). The deferred tax related to these reserves is recorded on the equity and deducted from the reserves of the financial assets assessed at fair value by other items of the comprehensive income.
| In lei | 31 March 2023 |
31 December 2022 |
|---|---|---|
| Reserves allocated from the net profit | 470,287,061 | 470,287,061 |
| Reserves established following the enforcement of Law no. 133/1996* | 144,636,073 | 144,636,073 |
| Reserves from prescribed dividends | 28,112,816 | 28,112,816 |
| Reserves from exchange rate differences and other reserves | 525,069 | 525,069 |
| Total | 643,561,019 | 643,561,019 |
* The reserve related to the initial portfolio was established following the application of Law No. 133/1996, as a difference between the value of the contributed portfolio and the value of the registered capital subscribed to the Company. These reserves are assimilated to a contribution premium.
The Ordinary General Shareholders meeting, meeting on 28 April 2022 on the first call, decided to allocate the net profit for the financial exercise of 2021 of 37,550,738 RON for the following purposes:
a) Dividends: 15,000,000 lei (39.95% of the net profit), which ensures a gross dividend per share of 0.03 lei.
b) Other reserves (the company's own funding sources): 22,550,738 lei (60.05% of the net profit) with a view to establishing the required funds for investments.
The date of 02.08.2022 was approved as the date for dividend payment according to the provisions of art. 178 par. (2) of F.S.A Regulation no. 5/2018. The payment of the dividends distributed by S.I.F. Oltenia S.A. was made through Depozitarul Central, through the Participants in its system (according to Law no. 24/2017, art. 86 paragraph 5 and the F.S.A. Regulation no. 5/2018, art. 177) and through the Romanian Commercial Bank – the payment agent.
The payment of dividends for 2021 began on 02 August 2022 and was made by means of the Central Depository and payment agent – the Romanian Commercial Bank.
| In lei | 31 March 2023 |
31 March 2022 |
|---|---|---|
| Net profit attributable to the shareholders of the Company | (3,256,413) | 60,128,369 |
| The weighted average number of ordinary shares in circulation | 475,000,000 | 500,000,000 |
| The result per basic share | - | 0.1203 |
| In lei | 31 March 2023 |
31 March 2022 |
| Net profit attributable to the shareholders of the Company | (3,256,413) | 60,128,369 |
| Gain reflected in retained earnings attributable to ordinary shareholders (from the sale of financial assets at fair value through other comprehensive income) |
(4,047,034) | 4,426,084 |
| The weighted average number of ordinary shares in circulation | 475,000,000 | 500,000,000 |
| Result per basic share (including earnings from the sale of financial assets appraised at fair value through other comprehensive income) |
- | 0.0089 |
The Company has no kind of granted guarantees.
During its activities, the Company identified the following parties in special relations:
In accordance with the legislation in force, the Company holds control over a number of 13 issuers as of 31 March 2023 (31 December 2022: 13 issuers). All the Company's subsidiaries as of 31 March 2023 and 31 December 2022 are headquartered in Romania, and the holding percentage does not differ from the percentage of held votes.
As of 31 March 2023 and 31 December 2022, transactions and balances with related parties are presented in the following table:
| 31.03.2023 | COMPLEX HOTELIER DÂMBOVIȚA S.A. |
VOLTALIM S.A. |
MERCUR S.A. |
GEMINA TOUR S.A. |
ALIMENTARA S.A. |
FLAROS S.A. |
UNIVERS S.A. |
PROVITAS S.A. |
LACTATE NATURA S.A. |
|---|---|---|---|---|---|---|---|---|---|
| Bonds at the amortized cost | - | - | 2,860,000 | - | - | - | - | - | - |
| Interest attached to bonds Loans granted and repaid during |
- | - | 9,077 | - | - | - | - | - | - |
| the year | - | - | - | - | - | - | - | - | - |
| Increases in registered capital | - | - | - | - | - | - | - | - | - |
| 31.03.2023 | |||||||||
| Dividend income | - | - | - | - | - | - | - | - | - |
| Procurement of various services | - | - | - | 170 | - | - | - | 16,527 | - |
| Revenues from bond interests Revenues from interests for |
- | - | 55,928 | - | - | - | - | - | - |
| granted loans | - | - | - | - | - | - | - | - | - |
| 31.12.2022 | COMPLEX HOTELIER DÂMBOVIȚA S.A. |
VOLTALIM S.A. |
MERCUR S.A. |
GEMINA TOUR S.A. |
ALIMENTARA S.A. |
FLAROS S.A. |
UNIVERS S.A. |
PROVITAS S.A. |
LACTATE NATURA S.A. |
|---|---|---|---|---|---|---|---|---|---|
| Bonds at the amortized cost | - | - | 2,860,000 | - | - | - | - | - | - |
| Interest attached to bonds Loans granted and repaid during |
- | - | 67,744 | - | - | - | - | - | - |
| the year | 2,000,000 | - | - | - | - | - | - | - | - |
| Increases in registered capital | - | - | - | - | - | - | - | - | 10,255,348 |
| 31.03.2022 | |||||||||
| Dividend income | - | - | - | - | - | - | - | - | - |
| Procurement of various services | - | - | - | - | - | - | |||
| Revenues from bond interests Revenues from interests for |
- | - | 51,199 | - | - | - | - | - - |
- - |
| granted loans | 2,060 | - | - | - | - | - | - | - | - |
Members of the Board of Directors: Sorin – Iulian Cioacă - President, Mihai Trifu - Vicepresident, Codrin Matei, Mihai Zoescu and Andreea Cosmănescu.
Upper management: Sorin – Iulian Cioacă – General Director, Mihai Trifu - Deputy General Director.
Following the decisions no. 9 and 10 of the Ordinary General Shareholders meeting of 28.04.2022, by which Mrs. Andreea Cosmănescu was appointed as a member of the Board of Directors of the company, the Financial Supervisory Authority issued the authorization no. 83/18.05.2022, authorizing the changes in the organization and functioning of S.I.F. Oltenia S.A.
Members of the Board of Directors: Sorin – Iulian Cioacă - President, Mihai Trifu - Vicepresident, Codrin Matei, Mihai Zoescu and Andreea Cosmănescu.
Upper management: Sorin – Iulian Cioacă – General Director, Mihai Trifu - Deputy General Director.
The company has not granted loans or advances (except for advances for travel in the interest of the service, justified in legal terms) to the members of the Board of Directors and the management and has not recorded commitments of this nature,
The Company has not received and has not given guarantees to any affiliated party.
As of 31 March 2023, there are 22 cases pending before the courts. The company has a standing in 11 litigations, a passive procedural quality in 6 litigations, it is in insolvency in 3 cases, has the capacity of intervener in one case and is called as a guarantor in one case.
According to their scope, the cases are structured as follows:
6 cases (cancellation of GSM decisions/cancelling of operations with shares), in which the Company has the status of plaintiff;
3 cases - companies under the insolvency procedure, as follows: in one case the company has the status of unsecured creditor; in two cases it has the status of contribution creditor;
-13 – other cases.
The Company did not record any provision for future environmental costs. The management does not consider the expenses associated with these elements to be significant.
Romanian tax legislation includes rules on transfer prices between affiliated entities as of 2000.
The current legislative framework defines the principle of "market value" for transactions between affiliated persons, as well as the methods for establishing transfer prices. As a result, it is expected that the tax authorities will initiate thorough checks of the transfer prices, to ensure that the fiscal result is not distorted by the effect of the prices charged in the relations with affiliated persons. The Company cannot quantify the result of such a review.
▪ Steps to sell the share package held with TUȘNAD S.A. BĂILE TUȘNAD (TSND) Through the current report no. 4352/11.04.2023, the Financial Investment Company Oltenia S.A. informed the investors and shareholders of the initiation of the necessary steps for the sale of the 8.57% stake held within the share capital of TUȘNAD S.A. BĂILE TUȘNAD, by the "special sale by order" method on the market of special offers and operations managed by BVB.
▪ Steps to sell the share package held with SINTEROM S.A. Cluj
Through the current report no. 4589/19.04.2023, the Financial Investment Company Oltenia S.A. informed the investors and shareholders of the initiation of the necessary steps for the sale of the 23.18% stake held in the share capital of Sinterom S.A. Cluj, through the "special sale by order" method on the market of special offers and operations managed by BVB.
(v) Duration of the programme: no more 18 months from the date of registration with the trade register; (vi) The payment of the shares acquired within the programme shall be made from the distributable profit or the available reserves of the company registered in the last approved annual financial statement, except for the legal reserves, based on the financial statements 2021, according to the provisions of Art. 1031 d) of the Law on companies no. 31/1990.
Andreea Cosmănescu (01.01.2022 28.04.2022 and 18.05.2022 31.12.2022);
- to approve the Income and Expenditure Budget for 2023 and the Strategy for 2023;
The individual financial statements were approved by the Board of Directors in the meeting of 12 May 2023 and were signed on their behalf by:
Sorin – Iulian Cioacă Mihai Trifu Valentina Vlăduțoaia President - General Manager Vice-president - Deputy General Manager Economic Manager
The activity of S.I.F Oltenia S.A. during the first three months of the year 2023 has been carried out in accordance with the strategy approved by the O.G.S.M.
As of 31.03.2023, the company's assets – calculated according to F.S.A. Regulation no. 7/2020 – recorded a market value of 2,222,926,591 lei.
The portfolio companies number as of 31.03.2023 was 39, compared to 40 as of 31.03.2022. The market value of financial assets valued at fair value through other elements of the global result is 2,143,312,084 lei, down by 6.9931% compared to the same period of the previous year (2,304,465,006 lei).
S.I.F. Oltenia S.A. achieved, on 31.03.2023, total revenues in the amount of 414,971 lei representing a significant increase compared to those recorded on 31.03.2022 (66,656,499 lei).
The total expenses on 31.03.2023 are at the level of 3,643,482 lei, higher than those made on 31.03.2022 (3,201,584 lei).
On 31.03.2023, the company registered a loss of 3,256,413 lei, as a result of the nondistribution of dividends in the first quarter by the portfolio company, compared to a profit of 60,128,369 lei in the similar period of the previous year.
| 31.03.2023 | |||||
|---|---|---|---|---|---|
| No. | Issuer | Symbol | Total value -lei |
Share in the share capital of the issuer -%- |
Share in the total assets of S.I.F. -%- |
| 1 | BANCA TRANSILVANIA S.A. Cluj-Napoca |
TLV | 479,993,982 | 3.4784 | 21.5928 |
| 2 | B.R.D. – GROUPE SOCIETE GENERALE S.A. Bucuresti |
BRD | 327,092,943 | 3.9508 | 14.7145 |
| 3 | OMV PETROM S.A. Bucuresti |
SNP | 271,531,899 | 0.9463 | 12.2150 |
| 4 | LION CAPITAL S.A. | SIF1 | 168,723,959 | 13.5144 | 7.5901 |
| 5 | ANTIBIOTICE S.A. Iasi | ATB | 100,559,737 | 27,0379 | 4.5237 |
| 6 | ARGUS S.A. Constanta | UARG | 93,996,970 | 86.416 | 4.2285 |
| 7 | S.I.F. MUNTENIA S.A. | SIF4 | 91,212,623 | 9.9356 | 4.1032 |
| 8 | FLAROS S.A. Bucuresti | FLAO | 88,484,374 | 81.0712 | 3.9805 |
| 9 | S.N.T.G.N. TRANSGAZ S.A. Medias |
TGN | 75,913,032 | 2.0665 | 3.4150 |
| 10 | S.N.G.N. ROMGAZ S.A. Medias |
SNG | 73,284,540 | 0.4795 | 3.2967 |
| 11 | MERCUR S.A. Craiova* | MRDO | 52,670,784* | 97.8593 | 2.3694* |
| Total top 10 holdings | 1,770,794,059 | 79.6604 | |||
| Total asset 2,222,926,591 |
Top 10 companies from S.I.F. Oltenia S.A. portfolio as of 31.03.2023:
* On 31.03.2023, MERCUR S.A. Craiova was not part of the top 10 companies in terms of weight in the total assets of F.I.A.I.R. (the figures mentioned were not included in the calculation).
| Total asset | 2,222,926,591 lei |
|---|---|
| Net asset | 2,098,298,480 lei |
| Net asset value per share | 4.4175 lei |
Main financial results as of 31.03.2023:
| Indicator Name | 31.03.2023 | 31.03.2022 -lei |
|---|---|---|
| TOTAL INCOMES | 414,971 | 66,656,499 |
| TOTAL EXPENDITURES | (3,643,482) | (3,201,584) |
| GROSS RESULT - Profit |
(3,228,511) | 63,454,915 |
| PROFIT TAX | (27,902) | (3,326,546) |
| NET RESULT- Profit/Loss |
(3,256,413) | 60,128,369 |
Economical-financial indices as of 31.03.2023:
| Index | Formula | Result |
|---|---|---|
| Current liquidity index | Current Assets / Current debts | 1.1438 |
| Indebtedness index | Borrowed capital / Shareholders' equity x 100 Borrowed capital / Capital employed x 100 |
- - |
| Flow rate -customers | Average balance clients / Turnover x 90 |
- |
| Fixed assets turnover ratio |
Turnover / Fixed assets |
0.0003 |
The simplified interim separate financial statements as of 31.03.2023 are prepared in compliance with the Rule no. 39/2015 for approving the Accounting Regulations complying with the International Financial Reporting Standards applicable to authorized entities, regulated and supervised by the Financial Supervisory Authority of Investments and Financial Investments Sector, as well as the Investor Compensation Fund, with subsequent amendments and completions.
We mention that simplified interim separate financial statements as of 31.03.2023 are not audited by the external financial auditor of the company.
S.I.F. Oltenia S.A. informs the investors that the Quarterly Report as of 31.03.2023 –prepared in accordance with legislation in force – will be available starting from 15.05.2023, hour 08:30 a.m., thus:
• on BVB website, www.bvb.ro , market symbol SIF 5;
• on company's website, www.sifolt.ro, at the "Investors info section/Reports/Periodical reports";
• in written form at company's headoffice, 1 Tufanele Street, Craiova, Dolj County,
as well as by accessing the link below:
https://www.sifolt.ro/en/raportari/2023/tr1/tr1.html
President - General Manager Sorin-Iulian Cioaca
Vice-President - Deputy General Manager Mihai Trifu
Viorica Balan Compliance Officer
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