SIF Transilvania (SIF3.RO) has not published its first half results yet.
SIF Moldova (SIF2.RO) was the most profitable, with RON128.8 million in the first half, 284.5% higher than in the same time of 2011. The company stepped up its share sales program prompted by the forecast about quote declines on the capital markets. According to the latest reports, SIF Moldova sold about RON28 million worth of its Erste stake and about RON3 million worth of its BRD shares in the first three months of the year.
SIF Banat-Crisana (SIF1.RO) is next in the ranking, with RON96.4 million profit, almost 580% higher than in the first half of 2011. Most of this profit comes from the conclusion of the deal with Erste, to which it sold its BCR stake. The company announced in March it had sold the last of its BCR shares to Erste, and got RON72.8 million.
SIF Oltenia (SIF5.RO) posted RON54.2 million income, an increase of 83.7% year-on-year, probably because of the sale of small stakes in its portfolio. SIF Oltenia is the only one that also posted an increase of 6.6% in net assets in the first half, while other SIFs witnessed decline in this department, by as much as 8.6% in SIF Moldova’s case.
SIF Muntenia (SIF4.RO) posted the lowest profit of the regional investment funds, RON51.9 million, even though it had the best performance on the stock market, rising by almost 30% this year. SIF Muntenia’s profit rose by 400% compared with the first half of last year. The company collected RON53.5 million for the last of its BCR shares in April, after having traded some of its stake in Romania’s largest bank in exchange for 0.38% in Erste.
Out of the four SIFs considered, SIF Moldova is trading at the lowest discount to net asset value, 35.8%. SIF Banat’s discount to net asset value stands at 57.7%. The lower the discount of a specific fund, the more optimistic the investors are about it.
Fondul Proprietatea’s discount fell to 49.4% from about 55% because the fund registered its shares in Hidroelectrica, a company gone insolvent, as worth zero. It had previously valued its 20% stake in this company at RON3.288 billion. In June, the net asset of the fund went down from the RON15.677 billion or RON1.1688/share reported on May 31 to RON12.497 billion lei or RON0.9317/share. The fund in June posted the lowest net asset value per share since it started calculating it. The NAVPS had only gone below RON1 in September and October 2010.
Fondul Proprietatea gained RON573.8 million in first half; most of its profit came from the dividends paid by OMV Petrom (SNP.RO), where it owns 20%. From the record RON3.7 billion profit Petrom made in 2011, the fund collected more than RON350 million as dividends.
(English version by Loredana Fratila-Cristescu)
| FP | SIF1 | SIF2 | SIF4 | SIF5 | |
| H1 profit 2012 (million lei) | 573.8 | 96.4 | 128.8 | 51.9 | 54.2 |
| H1 profit 2011 (million lei) | 543.1 | 14.2 | 33.5 | 10.2 | 29.5 |
| Profit variation 2012/2011 | 5.7% | 578.8% | 284.5% | 408.8% | 83.7% |
| Net asset value (million lei) | 12,497 | 1,268 | 1,002 | 1,171 | 1,511 |
| NAVPS on June 30 2012 | 0.9317 | 2.3117 | 1.9305 | 1.4519 | 2.6054 |
| NAVPS on December 31 | 1.0778 | 2.3631 | 2.1142 | 1.5335 | 2.4429 |
| NAVPS H1 trend | -13.5% | -2.1% | -8.6% | -5.3% | 6.6% |
| Share price (July 13. in lei) | 0.4711 | 0.978 | 1.24 | 0.74 | 1.2 |
| Discount to NAVPS | -49.4% | -57.7% | -35.8% | -49.0% | -53.9% |
| Share performance 2012 | 10.33% | 8.31% | 14.81% | 29.60% | 13.53% |