Perform orman ance Portfolio tfolio Strat trategy egy Bucharest Stock Exchange, Premium Category: SIF2 ISIN: ROSIFBACNOR0 Bloomberg: BBG000BMN5F5 Reuters: SIF2.BX Phone: 004 0234 576740 Fax: 004 0234 570062 e-mail: sifm@sifm.ro website: www.sifm.ro
ABOU OUT US SIF Moldova is a joint stock company, focused mainly on the Romanian Type pe market, operating as a closed financial investment company with main investments in equities, having a medium level of risk. The company was set up in accordance with the provisions of Law 133/1996 for the conversion of the Private Property Funds into Finan ancia ial l auditor or Lega gal framewo work Financial Investment Companies and is classified as “non - UCITS”, with a diversified investment policy, certified by Romanian FSA with the Certificate no. 258/Dec. 14, 2005. Custodi odian • Assets under management as defined by FSA regulations; • Other related activities, in compliance with legal regulations in force; Purpo rpose se Depos osit itory ory • According to the classification of activities in the national economy NACE Rev. 2, the activities performed by SIF Moldova are included in NACE Code 6499 “Other financial services not elsewhere classified” . BOARD RD Shar areholding lding structu cture Feb. . 2017 Shar areho eholder ers Horia CIORCILA 5.7 mn mn Board member Costel CEOCEA, PhD Chairman of Investment Strategies Committee and Romanian President and CEO Foreign Nominations Committee individuals corporates 42.8% 18.6% Octavian RADU Claudiu DOROS, MBA Board Member Vice President and Deputy CEO Radu HANGA, MBA Board Member Chairman of Audit Committee Romanian Foreign Catalin IANCU, MBA corporates individuals Board Member Gheorghe ALBU, PhD 38.2% 0.4% Executive Director Board Member 2
Organ ganiza zatio tiona nal Char art GENERAL MEETING NG OF SHAREHOLD LDERS INVESTMENT POLICIES AND STRATEGIES COMMITTEE BOARD OF DIRECTORS AUDIT COMMITTEE NOMINATION COMMITTEE INTERNAL INTERNAL RISK AUDIT PRESIDENT & CEO CONTROL MANAGEMENT MANAGEMENT COMMITTEE VICE PRESIDENT & EXECUTIVE VE DIRECT CTOR DEPUTY CEO CORPORATE “MAJORITY HOLDINGS” FINANCIAL LEGAL “CORE” “SELL” Transactions ns GOVERNANCE (DEPARTMENT) (SERVICE) Portfol olio Portfol olio o Portfol olio (OFFICE) (SERVICE) Accountancy cy HR HR – Logistics ics Back Offi fice ce Asset valuation (SERVICE) (OFFICE) (OFFICE) (OFFICE) 3
Assets ets under der mana nagement gement Feb. 2017 2017 Indicator ator 2016 2016 Feb. 2017 Out utstand anding ng 1,038, 8,17 179, 9,17 176 shares es Total assets mn RON 1,694 1,839 408 RON EUR Net assets mn RON 1,587 1,735 385 Face value 0.1 0.02 NAV per share RON 1.54 1.69 0,37 Share capital 103,817,917 Market price RON 0.78 0.82 0,,8 22,867,383 Market Cap 859,612,357 Discount: Market price / NAV per share % 50 51 51 190,601,409 NAV per share RON Market price RON Discount % 1.80 60% 1.69 1.60 50% Evolu olution ion: Feb 2017 / 2013 (%) 1.23 51% 1.40 Total assets 37 1.20 40% 40% NAV per share 37 1.00 0.82 30% Market price 11 0.80 BET-FI 2 0.60 20% 0.74 0.40 10% 0.20 0.00 0% 2013 2014 2015 2016 Feb'2017 Note – Historical data have been restated to ensure comparability with those recorded on 2015, 2016 4 (influenced by the share capital increase – multiplication factor 2).
Portfoli tfolio Ove vervi view ew Feb 2017 Asset et Class Break eakdo down Secto tor Break eakdo down (% of the total assets) (% of the total assets) Pharma ma Real l estate Other assets Other assets Monetary y 2.05% 6.59% 12.38% 6.38% instrum ument nts Weigh ght Holdi dings gs 5.87% Top op > 1% of > in share are Compan panies es total al capital asset ets % Financ ncia ial Other BANCA 44.91% 38,38 7,17 sectors ors TRANSILVANIA 3.96% OMV PETROM 7,97 0,85 SNTGN 5,40 2,33 TRANSGAZ SNGN ROMGAZ 4,25 0,71 Manufa ufacturing uring Unlis isted d equitie ies Listed d equitie ies Energy AEROSTAR 4,24 14,93 8.47% 11.37% 76.38% 21.64% REAL ESTATE 3,67 99,99 ASSET SIF OLTENIA 2,60 4,95 Listed d vs Unlis iste ted d Equitie ties Majorit rity y vs Minority rity Stakes TESATORIILE 2,36 99,99 REUNITE Major orit ity y Listed d and not Below 5% (509 TRANSELECTRICA 2,11 1,58 stake kes (185 trade ded d (22 mn RON) mn RON) BIOFARM 2,01 13,62 mn RON) 1.7% 30.7% SIF MUNTENIA 1,57 4,97 Non listed (207 11.6% SIF mn RON) 12.8% 1,32 4,45 TRANSILVANIA HOTEL SPORT 1,04 99,99 CLUJ MECANICA 1,03 63, 3,30 30 CEAHLAU TOTA TAL 77,97 97 5% - 33% (909 33% - 50% (9 Listed d (1,383 mn RON) mn RON) mn RON) 56.9% 0.7% 84.4% 5
Portf tfoli olio o Feb. 2017 (% of total assets) Number r of holdin dings gs MAJORITY Y Other assets (228 mn RON) HOLDINGS (185 mn 122 122 12,37% RON) 10,08% 93 93 89 89 85 85 82 82 Object ctive: Decreasing the number of holdings and increasing the exposure per CORE (1.327 mn RON) issuer. SELL (99 mn RON) 72,17% 5,38% 2013 2014 2015 2016 Feb 2017 Portfoli olios os in 2014, 2015, 2016 Objectiv ctive: e: After a stage in which investments (% of total assets) 72.17 17 were made mainly in equities listed 69.5 68.98 98 on BSE and taking into account the current macroeconomic environment and the market conditions, the company's strategy has been refocused on investments in companies with high yield potential, in which SIF Modova to have majority / significant holdings. 13.76 76 13.83 83 11.73 73 11.28 28 10.02 02 8.47 47 8.01 01 6.65 65 5.6 CORE RE MA MAJO JORITY RITY HOLDI DING NGS SEL ELL Other her as asset ets 6
Financi nancial l perform rmance nce Net profit (mn RON) Investments (mn RON) 300 77% of 2016 2016 target 250 276 276 129% of 237 237 2016 2016 target 200 191 191 150 161 161 141 141 100 123 123 100 100 91 91 50 0 The avera rage ge pe perc rcentage ge of of the the mo monthly ly ma manage geme ment expense ses in in 2016, 2013 2014 2015 2016 repr prese sents 0.08 08% of of the the total asse sets. 1200 Manage geme ment fee and performa pe rmance bonuse bo ses in in 2016, re repre resents 1.44 44% of of the the 1000 total asse sets. 800 Investme ment nts receiv ived d divide dends nds 600 769 mil RON 769 195 mn RON 2013 – 2016 400 Profit it from sale les 200 488 488 mn RON Allocated divid idends nds 258 mn RON 0 Profit fit fr from sal ales es + rece eceive ved dividend ends Allocat cated ed divi vidend ends + In Inves vestmen ents 7
Majority ty Holdi dings ngs Veranda Mall Projec ect - Bucharest est Portf tfoli lio Re Real Estate te As Asset (RE REA) A), in in whi hich SI SIF Mold ldova ho hold lds 99 99.99 99%, ha has acquir uired shares in in Prodplast Imobili iliare S.A (PPLI) and nd Nord S.A. (NORD RD) and has subscrib ibed in in the the sha hare capit ital inc ncrease for for the the Verand nda Mall ll project. mn EUR UR Indicator ators of the e project ct Total investment ent, of which: ch: 73.2 - land 32.0 - building ngs 41.2 Bank loan to finan ance e the construct ction n works max 28.5 Revolvi ving ng bank loan to finance ance the VAT max 2.5 REA overall contribut ution, n, of which: ch: 14.6 - acquisition n of PPLI I (31.4%) and NORD RD (18.1) shares 10.0 - contribut ution to the share e capital al increa ease e of PPLI and 4.6 NORD RD Implem ement entati ation n of the project (years), of which ch: 6 - construct uction n 1 - operation n 5 Q4 2021 Exit Construct ction n param ameter ers 2basements+ground Height ht regime Opened: Octob ober er 27 27, 2016 2016 floor+mezzanine+2floors Occupancy cy rate - 97 97%, main tenants ts Carrefour, H&M Gross Leasable Area m 2 27,500 Annual al rent: 7.5 mn mn EUR a m 2 Gross Building ng Area 70,417 Parking ng places 1,210 8
Majority ty Holdi dings ngs BABA NOVAC RESIDEN ENCE Portf tfoli lio Techni hnical cal specific ficati ations ns Land (m 2 ) 13,972 Blocks of flats (units) 6 Number of apartments 363 basement Height ground floor 8 floors Project value (mn EUR) 34 7.3 SIF Moldova contribution (mn EUR) • cash 2 mn EUR • in-kind contribution (land) 5.3 mn EUR Project timeline 2017 - 2020 Stage of project ct Demolition works start September 2016 Demolition works completion November 2016 Starting of the building works - estimate Spring 2017 Completion of the first two blocks Summer 2018 9
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