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— INVESTOR PRESENTATION, FEBRUARY 2019 —
This presentation is intended for the information of the recipient and cannot be reproduced, copied or re-transmitted and is subject to update, completion, revision and
amendment and such information may change materially. The information contained in this presentation is subject to change without notice, it may be incomplete or
condensed, and it may not contain all material information concerning the Company. The information contained in this document has not been independently verified and
no representation or warranty expressed or implied is made as to, and no reliance should be placed on the fairness, accuracy, completeness or correctness of this
information. Any opinions expressed in relation thereto are subject to change without notice. Past performance is no guarantee of future results.
This document does not constitute an offer or invitation to purchase any shares.
• closed-end investment company, self managed, authorized as alternative investment fund manager (AIFM)
• successor of Private Ownership Fund I Banat-Crișana (FPP I)
• in 1991, 30% of state stakes in companies were transferred to five regional funds of private ownership (FPPs)(Law no. 58/1991)
• set up as joint stock company in November 1996
• the Law no. 133/1996 transformed the Private Ownership Funds into financial investment companies (SIFs)
• following the capitalization of a portion of the profits recorded by FPP I and its distribution as shares for thepopulation, in 1996 over 8.5m Romanian citizens became shareholders of SIF Banat-Crișana
• Romanian legal entity with private capital
• headquartered in Arad, branch office in Bucharest
2
Share capitalRON 51,746,072.40
Total number of shares517,460,724
Outstanding shares517,371,068
Nominal value of shareRON 0.1000
Trading marketBucharest Stock Exchange (BVB),Premium category, type: shares, ticker SIF1
Part of BVB indicesBET-XT, BET-FI, BET-BK, BET-XT-TR
ISIN codeROSIFAACNOR2
Bloomberg IDSIF1:RO
Reuters IDSIF1.BX
Market capitalizationRON 1,032 m (January 31, 2019)
Net asset valueRON 2,124 m (January 31, 2019)
3
SHAREHOLDERS’ STRUCTURE
Y/E 2018
■ 40.54%Romanian individuals
■ 0.34%non-resident individuals
■ 37.52%Romanian legal entities
■ 21.58%non-resident legal entities
■ 0.02%treasury stockfollowing an unfinished buyback program in 2018, for a stock option plan
OWNERSHIP THRESHOLD: 5% of share capital currently, since 2012 | 1% between 2005-2012 | 0.1% between 1997-2005
4
1,297 1,317
1,597 1,604
1,857 1,920
2,593
2,213
496666 709 715
926 1,017
1,440
1,055
2011 2012 2013 2014 2015 2016 2017 2018
100
700
1,300
1,900
2,500
NAV AND MARKET CAPITALIZATION
net asset value market capitalizationRON m
values at year end; market capitalization calculated using the closing price of the last trading session of the year; SIF Banat-Crișana’s NAV calculated acc. to Romanian Accounting Standards (RAS) until 2014, starting 2015 under IFRS
5
63.01
100.51
80.14
134.17
75.32 81.3669.55
55.2665.46
2011 2012 2013 2014 2015 2016 2017 Q3 2017 Q3 2018
0
20
40
60
80
100
120
140
NET PROFITnet profit (calculated acc. to RAS until 2014, IFRS 2015-2018)
RON m
6
BUY-BACK PROGRAMS
2016: a buy-back program for 5.62% of the share capital was concluded in august 2016, out of which 28.85m shares were canceled in 2017 and 2m shares canceled in 2018 (total cost: RON 53 m)
2017: a buy-back program for 3.64% of the share capital (20m shares) was approved by the OGM, of which 0.0982% of the share capital was repurchased in 2017 (total cost: RON 1.4 m)
2018: I. a buy-back program for 3.37% of the share capital (17.46 m shares) for capital reduction purpose was approved by the OGM in April 2018
II. a buy-back program for 1.4 m shares was approved by the OGM in April 2018 for a stock option plan (partially executed)
7
weight in total assets, rounded values;
* this category includes listed non-UCITS securities (such as SIFs and FP)
values calculated based on NAV monthly report as at 31.12.2018 acc. to ASF Reg. 9/2014 and ASF Reg. 10/2015
■ listed shares*value RON 1,617 m
■ unlisted sharesvalue RON 207.4 m
■ unlisted non-UCITS securitiesvalue RON 295.7 m
■ corporate bondsvalue RON 48.7 m
■ bank deposits and cash availablevalue RON 35.2 m
■ receivables and other assetsvalue RON 25.7 m
72.5%
9.3%
13.3%
2.2%
1.6%
1.2%
ASSETS UNDER MANAGEMENT
asset class breakdown
total assets undermanagement
RON 2,230 m
8
weight in stock portfolio, rounded values, calculated as at 30.09.2018 acc. to ASF Reg. 9/2014 and ASF Reg. 10/2015
53.3%
20%
7.3%
6.6%3.9%
3.9% 5%
STOCK PORTFOLIOsector breakdown
■banking - financialsworth RON 1,188.96 m
■ commerce - real estateworth RON 446.43 m
■ cardboard and paperworth RON 162.59 m
■energy-utilities worth RON 146.33 m
■ tourism & public food servicesworth RON 88.01 m
■pharmaceuticalsworth RON 86.42 m
■other industries and activitiesworth RON 111.61 m
RON 2,230 m
9
TOP 10 COMPANIES IN PORTFOLIO
Company (ticker) sectorstake held
by SIF1
value of holding
(RON m)
% of NAV
1. BANCA TRANSILVANIA (TLV) banking - financial 4.44% 495.39 18.49%
2. SIF IMOBILIARE (SIFI) financial services applicable to real estate 99.99% 405 15.11%
3. ERSTE GROUP BANK AG (EBS) banking - financial 0.48% 346.25 12.92%
4. BRD - GROUPE SOCIÉTÉ GÉNÉRALE (BRD) banking - financial 1.95% 184.35 6.88%
5. VRANCART (VNC) cardboard and paper 75.06% 147.53 5.51%
6. BIOFARM (BIO) pharmaceuticals 23.22% 79.40 2.96%
7. SIF MOLDOVA (SIF2) other financial intermediations 4.99% 61.29 2.29%
8. SNGN ROMGAZ (SNG) energy - utilities 0.41% 53.04 1.98%
9. CONPET (COTE) energy - utilities 6.50% 48.28 1.80%
10. SIF HOTELURI (CAOR) tourism and public-food services 98.99% 47.09 1.76%
TOTAL 1,867.63 69.70%
values calculated as at 30.09.2018 acc. to ASF Reg. 9/2014 and ASF Reg. 10/2015
TOP 10 UNLISTED COMPANIES IN PORTFOLIO
Company sectorstake held
by SIF1
value of holding
(RON m)
% of NAV
1. SAI MUNTENIA INVEST other financial intermediations 99.98% 40.99 1.53%
2. NAPOMAR machinery 99.43% 31.88 1.19%
3. AZUGA TURISM tourism & public food services 99.94% 26.75 1%
4. CENTRAL real estate 67.08% 21.77 0.81%
5. MINERVA real estate 18.59% 17.86 0.67%
6. GAZ VEST energy – utilities 25.82% 14.19 0.53%
7. BT ASSET MANAGEMENT other financial intermediations 10% 3.94 0.15%
8. EXIMBANK banking – financial 0.31% 3.23 0.12%
9. DEPOZITARUL CENTRAL other financial intermediations 3.91% 1.21 0.05%
10. MOBICOM wholesale and retail trade 24.11% 0.93 0.03%
TOTAL 162.75 6.08%
values calculated as at 30.09.2018 acc. to ASF Reg. 9/2014 and ASF Reg. 10/2015
10
70%
13%
4%13%
2013 RAS
90%
5%
3%2%
2014 RAS
total revenues
[RON m]
142.1
total revenues
[RON m]
255.5
■ revenues from transactions(disposal of financial assets)
■ revenues from non-current financial assets(dividends, capital increases)
■ interest revenues
■ other revenues(reversal of provisions, reactivated receivablesetc.)
values calculated acc. to Romanian Accounting Standards (RAS)
32%
52%
6%
9.9%
0.1%
0.2%
2015 IRFS
total gains
[RON m]
106.7
■ revenues from dividends
■ gains from transactions
■ interest revenues
■ gains on investment property
■ foreign exchange gains
■ other revenues
values calculated acc. to IFRS
11
93%
2%
5%
0.2%0.2%
2016 IRFS
total gains
[RON m]
109.5
92%
3%3.7%
1.1%
0.2%
0.2%
2017 IRFS
total gains
[RON m]
88.2
97%
3%
0.1%
0.2%
Q3 2018 IRFS
total gains
[RON m]
101.3
12
40,362.2943,541.57
36,696.26
34,636.37
33,287.08
2.8200 RON 3.0500 RON
2.4500 RON
2.0400 RON
1.9950 RON
1.5000
1.7000
1.9000
2.1000
2.3000
2.5000
2.7000
2.9000
3.1000
24,000
26,000
28,000
30,000
32,000
34,000
36,000
38,000
40,000
42,000
44,000
January February March April May June July August September October November December January
SIF1 (RON)BET-FI (points)
SIF1 vs. BET-FI
BET-FI SIF1
20182019
highlighted values are recorded at the close of trading sessions
-14.2% in 2018 -27.7% in 2018
SIF1 closing price at the date of reporting NAV/S
RON/share
13
1.8800 1.9240 1.9260 1.8700 1.9540 1.9400
2.0200
2.2500
2.5050 2.4750 2.5700
2.7700
3.0600
2.8800 2.8000
2.6000
2.3600
2.5300
2.6400
2.6000
2.4500 2.4000
2.3600 2.0400
1.9950
3.7743
3.9580
4.08134.0995
4.2864 4.25414.4320 4.4028
4.44474.4740 4.5698
5.01115.0028
4.8103
5.3421
5.2376
4.4279
4.60364.6863
4.7638
5.1782
5.2419
4.8469
4.27724.1048
20%
30%
40%
50%
60%
70%
1 RON
2 RON
3 RON
4 RON
5 RON
SIF1 NAV/S % discount
Jan. ‘17 Feb. Mar. Apr. May Jun. Jul. Aug. Sept. Oct. Nov. Dec. Jan.’18 Feb. Mar. Apr. May Jun. Jul. Aug. Sept. Oct. Nov. Dec. Jan.’19
SIF RELATED• improving portfolio quality as basis for increasing its value and revenue generating capacity
• active involvement in majority-owned companies to improve performance
• streamline the existing portfolio with an aim to reduce exposure in minority-stake companies
• diversify the portfolio of financial instruments
• increase visibility, transparency and improve corporate governance
MARKET RELATED
• to develop the local capital market by promoting the issuance of new financial products that would increase both liquidity as well as the number of active investors
14
15
[RON] Q3 2017 2017 Q3 2018
REVENUES 67,609,367 84,927,868 101,273,203
Dividend income 65,213,545 81,469,412 97,919,594
Interest income 2,254,104 3,277,959 3,133,997
Other operating revenues 141,718 180,497 219,612
GAIN ON INVESTMENT (20,648) 3,308,817 (20,240,023)
Net gain on foreign exchange differences 63,165 168,443 106,945
Gains on investment property * 989,353 *
Net profit / (Loss) from financial assets at fair value through profit and loss 8 30 (19,793,660)
Net profit on sale of assets (83,821) 2,150,991 (553,308)
EXPENSES 9,561,398 15,745,275 12,070,367
Impairment expenses * (3,710,134) *
Expenses on fees and commissions 1,929,673 2,717,509 2,393,051
Other operating expenses 7,631,725 16,737,900 9,677,316
Profit before tax 58,027,321 72,491,410 68,962,812
NET PROFIT 55,260,338 69,553,195 65,455,653
% of revenues 81.7% 81.9% 64.6%
* unavailable for quarterly reporting
February 28, 2019Publication of the preliminary annual financial results for 2018
second half of April, 2019Annual General Meeting of Shareholders for the approval of the financial statements FY 2018
second half of April, 2019Submission of 2018 Annual Report – separate and consolidated financial statements FY 2018
May 15, 2019Submission of the Quarterly Report – financial results for Q1 2019
August 14, 2019Submission of the half-yearly report – separate financial results for H1 2019
September 27, 2019Submission of the half-yearly report – consolidated financial statements for H1 2019
November 6, 2019Submission of the Quarterly Report – financial results for Q3 2019
to be announcedMeetings with financial analysts, investment advisers, rating agencies, other specialists on the capital market
16
HEADQUARTERS
Calea Victoriei 35A Arad 310158, ROMANIATEL +40257 304 438 FAX +40257 250 165
EMAIL [email protected]
BUCHAREST BRANCHCalea Floreasca nr. 175, 7th floor, room A1 S1, Bucharest 014459, Romania
TEL +4021 311 1647 FAX +4021 314 4487
EMAIL [email protected]
www.sif1.ro