SIF Transilvania Financial Investment Company (SIF3) registered in H1, 2021 a net profit of 58.27 million lei, compared to losses of 40.598 million lei reported at the end of June 2020, according to the data sent on Friday to the Bucharest Stock Exchange.
The company's net revenues were of 73.767 million lei, by 59.22 million lei higher compared to those provided in the budget of revenues and expenditures for H1, 2021, agerpres.ro confirms.
Operational expenses registered on June 30, 2021 amounted to 14.18 million lei, by 4.83 million lei higher than those provided in the BVC, and represent 74.65 pct of those provided for in the budget approved for this year.
Gross profit, in the amount of 59.58 million lei, exceeded by 54.38 million lei the one provided for in the budget for H1, 2021, mainly due to the net gain in financial assets recognized at fair value through profit and loss account of 47.98 million lei and the achievement of higher dividend income compared to the initial forecasts due to the bringing forward of the date of collection of some dividends related to the participations held from the third quarter to the second quarter of 2021.
During the first half of 2021, investment efforts were mainly focused on the acquisition of financial instruments listed on the local regulated market, characterized by high liquidity. Thus, the investments made in the first six months of 2021 consisted mainly in acquisitions at the level of the long-term portfolio, amounting to 94.5 million lei, aiming at consolidating participations in issuers with a stable dividend policy: Banca Transilvania and Evergent Investments (SIF Moldova).
The sales made in the same period at the level of the long-term portfolio of FVTOCI amount to 60.3 million lei, the most important decreases aiming at marking some profits on the BRD Groupe Societe Generale, Romgaz, Nuclearelectrica, Electrica and Fondul Proprietatea issuers. Also, the participations held within Alumil and Antibiotice Iasi were fully capitalized considering the evolution in recent years of these issuers' share price and the limited upside resulting from the fundamental analysis. As a result of the sales made, the company marked at the level of the entire FVTOCI portfolio a net profit from transactions of 23.3 million lei (retained earnings), the release mentions.
Regarding the short-term portfolio included in the FVTPL category, Sphera Francise Group shares were acquired, the share weightings of BRD Groupe Societe Generale and OMV Petrom were reduced, and the share packages held in Conpet and Teraplast were fully capitalized. The total value of sales was 29.5 million lei. Additionally, S.I.F. Transylvania participated in the Transport Trade Services IPO by acquiring shares worth 1.9 million lei, shares that were subsequently capitalized during the same semester. Thus, at the level of the entire portfolio included in the FVTPL category, the marked gain is 1.8 million lei.
On June 30, 2021, the total assets of the company increased by 300.66 million lei compared to the same period of 2020 and by 163.33 million lei compared to the end of the previous year, to 1.463 billion lei, mainly due to the significant increase in the value of assets recognized at fair value through other elements of the overall result (39.8 pct compared to June 30, 2020, and 24.01 pct compared to June 31, 2020, respectively), triggered by the increase in the prices of the listed shares.
The debts registered by the company at the end of the first semester of 2021 amount to 144.23 million lei, by 6.09 million lei higher compared to those registered in the same period of the previous year.
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