SIF MUNTENIA SA SIF Muntenia S.A.
Financial Statements
as at 31 December 2023
prepared according to 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 of the Financial Instrument and Investment Sector
Table of Contents
The Independent Auditor's Report | |
Financial Statements | |
The Statement of Profit or Loss and Other Comprehensive | 1 |
Income | |
The Statement of Financial Position | 2 |
The Statement of Changes in Equity | 3 - 4 |
The Cash Flow Statement | 5 - 6 |
Notes to the Financial Statements | 7 - 44 |
The Statement of Profit or Loss and Other Comprehensive Income
for the financial year ended 31 December 2023
In RON
Income
Gross dividend income
Interest income
Other operating income
Net investment gain/(loss)
Net foreign exchange gain/(loss)
Net gain/(Net loss) on financial assets at fair value through profit or loss
Expenses
Management fees
Expenses on the remuneration of the members of the Board of Shareholders' Representatives and salaries (Establishments)/Reversals of impairment of other assets
Other operating expenses
Profit/(Loss) before tax
Profit tax
Net profit/(Net loss) for the period
Other comprehensive income
Items that cannot be reclassified as profit or loss
Revaluation at fair value of financial assets at fair value through other comprehensive income
Deferred tax for the reserve related to financial assets at fair value through other comprehensive income transferred to retained earnings
Other comprehensive income
Total comprehensive income for the period Earnings per share
Basic
Diluted
Note | 2023 | 2022 |
6 | 82,513,919 | 95,371,319 |
7 | 6,581,063 | 3,933,391 |
12,265 | 100,169 | |
(348,116) | 199,770 | |
8 | 187,959,686 | (96,956,230) |
22 | (50,226,268) | (29,414,617) |
22 | (449,905) | (451,005) |
14 | (920,478) | 2,532,118 |
9 | (4,170,567) | (4,573,461) |
220,951,599 | (29,258,546) | |
10 | (8,148,578) | (3,962,753) |
212,803,021 | (33,221,299) |
198,310,166 | (77,638,761) | |
10, | (35,540,285) | 17,857,409 |
16 | ||
162,769,881 | (59,781,352) | |
375,572,902 | (93,002,651) | |
19 | 0.273 | (0.043) |
19 | 0.273 | (0.043) |
The financial statements were authorised for issue by the Board of Directors on 22 March 2024 and were signed on its behalf by SAI Muntenia Invest S.A., the manager of SIF Muntenia S.A., through:
MANAGER, | DRAFTED BY |
SAI MUNTENIA INVEST S.A. | SAI MUNTENIA INVEST S.A. |
Nicușor Marian BUICĂ | Irina MIHALCEA |
CEO | Chief Accountant |
The notes on pages 7 to 44 are an integral part of the Financial Statements.
1
The Statement of Financial Position
as at 31 December 2023
In RON | Note |
Assets | |
Cash and cash equivalents | 11 |
Deposits with banks | 12 |
Financial assets at fair value through profit or loss | 13 a) |
Financial assets at fair value through other | 13 b) |
comprehensive income | |
Other assets | 14 |
Total assets | |
Liabilities | |
Dividends payable | 15 |
Deferred income tax liabilities | 16 |
Other liabilities | 17 |
Total liabilities | |
Equity | |
Share capital | 18 a) |
Own shares | 18 e) |
Retained earnings |
Reserves from revaluation of financial assets at | 18 b) |
fair value through other comprehensive income | |
Total equity | |
Total liabilities and equity |
31 December | 31 December |
2023 | 2022 |
46,871,575 | 4,513,714 |
159,986,022 | 131,997,371 |
1,058,064,333 | 911,914,156 |
1,062,061,318 | 888,016,951 |
2,708,399 | 3,163,730 |
2,329,691,647 | 1,939,605,922 |
567,056 | 567,056 |
71,444,815 | 31,091,052 |
23,687,765 | 49,528,705 |
95,699,636 | 81,186,813 |
859,471,059 | 859,471,059 |
(38,175,588) | (38,175,588) |
1,070,950,729 | 824,016,476 |
341,745,811 | 213,107,162 |
2,233,992,011 | 1,858,419,109 |
2,329,691,647 | 1,939,605,922 |
The financial statements were authorised for issue by the Board of Directors on 22 March 2024 and were signed on its behalf by SAI Muntenia Invest S.A., the manager of SIF Muntenia S.A., through:
MANAGER, | DRAFTED BY |
SAI MUNTENIA INVEST S.A. | SAI MUNTENIA INVEST S.A. |
Nicușor Marian BUICĂ | Irina MIHALCEA |
CEO | Chief Accountant |
The notes on pages 7 to 44 are an integral part of the Financial Statements.
2
The Statement of Changes in Equity (continued)
for the financial year ended 31 December 2023
In RON | Share capital | Own shares | Reserves from the | Retained | Total |
revaluation of | earnings | ||||
financial assets at | |||||
fair value through | |||||
other | |||||
comprehensive | |||||
income |
Balance as at 31 December 2022
Comprehensive income
Profit for the period
Other comprehensive income
Revaluation at fair value of financial assets at fair value through other comprehensive income, net of deferred tax*)
Reserve relating to financial assets at fair value through other comprehensive income transferred to retained earnings
Total comprehensive income for the period
Transactions with shareholders, recognised directly in equity
Forfeited dividends
Share capital decrease
Own shares redeemed
Total transactions with shareholders, recognised directly in equity
Balance as at 31 December 2023
859,471,059 | (38,175,588) | 213,107,162 | 824,016,476 | 1,858,419,109 | ||||
- | - | - | 212,803,021 | 212,803,021 | ||||
- | - | 162,769,881 | - | 162,769,881 | ||||
- | - | (34,131,232) | 34,131,232 | - | ||||
- | - | 128,638,649 | 246,934,253 | 375,572,902 | ||||
- | - | - | - | - | ||||
- | - | - | - | - | ||||
- | - | - | - | - | ||||
- | - | - | - | - | ||||
859,471,059 | (38,175,588) | 341,745,811 | 1,070,950,729 | 2,233,992,011 | ||||
*) Reserves from the revaluation at fair value of financial assets at fair value through other comprehensive income shall not be re-classified as profit or loss.
MANAGER, | DRAFTED BY |
SAI MUNTENIA INVEST S.A. | SAI MUNTENIA INVEST S.A. |
Nicușor Marian BUICĂ | Irina MIHALCEA |
CEO | Chief Accountant |
The notes on pages 7 to 44 are an integral part of the Financial Statements.
3
The Statement of Changes in Equity (continued)
for the financial year ended 31 December 2023 | |||||
Reserves from | |||||
the revaluation | |||||
Share | of financial assets | ||||
In RON | Own shares | at fair value | |||
capital | |||||
through other | |||||
comprehensive | |||||
income | |||||
Balance as at 31 December 2021 | 859,471,059 | - | 310,503,415 | ||
Comprehensive income | |||||
Loss for the period | - | - | - | ||
Other comprehensive income |
Retained | Total | |
earnings | ||
806,896,611 | 1,976,871,085 | |
(33,221,299) | (33,221,299) | |
- |
Revaluation at fair value of financial assets at fair value through other comprehensive income, net of deferred tax*)
Reserve relating to financial assets at fair value through other comprehensive income transferred to retained earnings
Total comprehensive income for the period
Transactions with shareholders, recognised directly in equity
Forfeited dividends
Share capital decrease
Own shares redeemed
Total transactions with shareholders, recognised directly in equity
Balance as at 31 December 2022
- | - | (59,781,352) | ||
- | - | (37,614,901) | ||
- | - | (97,396,253) | ||
- | - | - | ||
- | - | - | ||
- | (38,175,588) | - | ||
- | (38,175,588) | - | ||
859,471,059 | (38,175,588) | 213,107,162 | ||
- | (59,781,352) | |
37,614,901 | - | |
4,393,602 | (93,002,651) | |
12,726,263 | 12,726,263 | |
- | - | |
- | (38,175,588) | |
12,726,263 | (25,449,325) | |
824,016,476 | 1,858,419,109 | |
*) Reserves from the revaluation at fair value of financial assets at fair value through other comprehensive income shall not be re-classified as profit or loss.
MANAGER, | DRAFTED BY |
SAI MUNTENIA INVEST S.A. | SAI MUNTENIA INVEST S.A. |
Nicușor Marian BUICĂ | Irina MIHALCEA |
CEO | Chief Accountant |
The notes on pages 7 to 44 are an integral part of the Financial Statements.
4
The Cash Flow Statement
for the financial year ended 31 December 2023 | ||||
In RON | Note | 2023 | 2022 | |
Operating activities | ||||
Profit/(Loss) before tax | 220,951,599 | (29,258,546) | ||
Adjustments: | ||||
Establishments/(Reversals) of impairment of other | 14 | 920,478 | (2,532,118) | |
assets | ||||
(Net gain)/Net loss on financial assets at fair value | 8 | (187,959,686) | 96,956,230 | |
through profit or loss | ||||
Gross dividend income | 6 | (82,513,919) | (95,371,319) | |
Interest income | 7 | (6,581,063) | (3,933,391) | |
Net foreign exchange gain/(loss) | 348,116 | (199,770) | ||
Interest expenses related to the lease contract liability | 14i) | 1,171 | 1,932 | |
Adjustments for suppliers - invoiced to be received | 21,672,737 | 2,417,979 | ||
Other adjustments | 8,680 | 9,006 | ||
Changes in assets and liabilities related to operating | ||||
activities | ||||
Net receipts of financial assets at fair value through profit | 41,817,620 | 14,121,214 | ||
or loss | ||||
Net receipts/(Net payments) of financial assets at fair | 24,265,799 | (24,289,518) | ||
value through other comprehensive income | ||||
Receipts from financial assets measured at amortised | - | 5,919,900 | ||
cost | ||||
Net receipts/(Net payments) of other assets | 1,934,998 | (623,599) | ||
(Net payments)/Net receipts of other liabilities | (47,502,460) | 19,724,427 | ||
Net investment in deposits with a maturity of more than | 12 | (54,440,768) | (22,878,914) | |
3 months and less than a year | ||||
Dividends received | 77,031,268 | 92,638,687 | ||
Interest received | 6,018,252 | 3,447,454 | ||
Net cash resulting from operating activities | 15,972,822 | 56,149,653 | ||
Investment activities | ||||
Payments for purchases of tangible and intangible assets | (417) | (329) | ||
Net cash used in investment activities | (417) | (329) | ||
Financing activities | ||||
Payments related to the lease contract liability, including | 14i) | (10,324) | (10,298) | |
interest | ||||
Payments for redemption of own shares | 18 e) | - | (38,175,588) | |
Net cash used in financing activities | (10,324) | (38,185,886) | ||
Net increase in cash and cash equivalents | 15,962,081 | 17,963,438 | ||
Effect of exchange rate changes on cash and cash | (358,292) | 228,128 | ||
equivalents | ||||
Cash and cash equivalents as at 1 January | 31,267,786 | 13,076,220 | ||
Cash and cash equivalents as at 31 December | 46,871,575 | 31,267,786 | ||
5
The Cash Flow Statement (continued)
for the financial year ended 31 December 2022
The cash and cash equivalents as at 31 December include:
In RON
Petty cash Cash at bank
Bank deposits with the original maturity shorter than three months
Related receivables
Cash and cash equivalents
Note | 2023 | 2022 | |
11 | 1,309 | 1,553 | |
11 | 20,764,322 | 4,512,161 | |
11 | 25,880,220 | 26,754,072 | |
11 | 225,724 | - | |
46,871,575 | 31,267,786 | ||
MANAGER, | DRAFTED BY |
SAI MUNTENIA INVEST S.A. | SAI MUNTENIA INVEST S.A. |
Nicușor Marian BUICĂ | Irina MIHALCEA |
CEO | Chief Accountant |
The notes on pages 7 to 44 are an integral part of the Financial Statements.
6
Notes to the Financial Statements
for the financial year ended 31 December 2023
1. The reporting entity
SIF Muntenia S.A. ("the Company") is a collective investment undertaking established in 1996 through the reorganisation and transformation of Fondul Proprietății Private IV Muntenia, pursuant to Law no. 133/1996 for the transformation of Private Property Funds into financial investment companies, and is classified as a type of other collective investment undertakings (OCIU) according to Law no. 297/2004 on the capital market. SIF Muntenia SA operates in Romania in accordance with the provisions of the Companies Law no. 31/1990, Law no. 297/2004 on the capital market and Law no. 24/2017 on issuers of financial instruments and market operations. Under Authorisation no. 151/09.07.2021, the Financial Supervisory Authority authorised the Company as an Alternative Investment Fund intended for Retail Investors (AIFRI). The Company registered office is in 46-48 Serghei Vasilievici Rahmaninov St., the ground floor, room 2, 2nd District, Bucharest, Romania.
The sole activity of the Company covers the OCIU nature of the fund, as the Company carries out activities such as:
- Performing financial investment, in order to maximise the value of its own shares, according to the regulations in force;
- Managing the investment portfolio and exercising all rights associated with the instruments in which it invests;
- Managing risks;
- Carrying out other ancillary and adjacent activities, according to regulations in force.
The Company operates on the basis of a management contract concluded with Societatea de Administrare a Investiţiilor Muntenia Invest S.A., certified as an Alternative Investment Fund Manager (AIFM) under number PJR07 1AFIAI/400005. According to the provisions of art. 3(2) of Law no. 74/2015, as subsequently amended and supplemented, AIFM means any legal person whose main activity is the management of one or more alternative investment funds.
The Company shares have been listed on the Bucharest Stock Exchange regulated market, in the premium category, under code SIF4, since 1 November 1999.
The records of the shares and shareholders are kept according to the law by Depozitarul Central S.A. of Bucharest. The asset depositing services are provided by BRD - Groupe Société Générale S.A. - a company authorised by the Financial Supervisory Authority (FSA).
2. The bases for the preparation
(a) The declaration of conformity
The financial statements have been prepared according to the provisions of FSA Norm no. 39/28 December 2015 for the approval of Accounting Regulations compliant with International Financial Reporting Standards, applicable to entities authorised, regulated and supervised by the Financial Supervisory Authority in the Financial Instrument and Investment Sector, with the subsequent amendments and additions ("FSA Norm no. 39/2015"). Within the meaning of the FSA Norm no. 39/2015, the International Financial Reporting Standards are those adopted according to the procedure provided for by Regulation (EC) no. 1606/2002 ("IFRS adopted by the European Union").
The financial statements have been prepared in accordance with requirements laid down by IFRS adopted by the EU.
The Company financial statements have been drawn up, approved and will be made available to the public in electronic format on the Company website: www.sifmuntenia.ro
These financial statements have been prepared on a going concern basis, which implies that the Company will also continue its activity, without any significant reduction thereof, in the foreseeable future.
The Company meets the criteria for classification as an investment entity in accordance with the provisions of IFRS 10 "Consolidated Financial Statements".
The criteria for classification as an investment entity were analysed in 2023 based on the following aspects:
- The communication of Company business objectives to investors;
- Exit (divestiture) strategies for investment held by the Company;
- Activities carried out by the Company with its subsidiaries;
- The valuation of Company investment based on fair value.
7
Notes to the Financial Statements
for the financial year ended 31 December 2023
2. The bases for the preparation (continued)
(a) The declaration of conformity (continued)
The application of this exception from consolidation means that an investment entity does not have to consolidate its subsidiaries or to apply IFRS 3 "Business Combinations" when it gains control of another entity. On the other hand, it must evaluate an investment in a subsidiary at fair value through profit or loss according to IFRS 9 "Financial Instruments".
(b) The presentation of the financial statements
The financial statements are presented according to the requirements of IAS 1 "Presentation of Financial Statements", and IFRS 12 "Disclosure of Interests in Other Entities". The Company has adopted a presentation based on liquidity in the statement of its financial position and a presentation of revenues and expenses according to the nature thereof in the statement of profit or loss and other comprehensive income, considering that these presentation methods provide information that is credible and more relevant than the information that would have been presented based on other methods allowed by IAS 1.
(c) Bases of measurement
The financial statements are prepared on the basis of the fair value convention for financial assets and liabilities at fair value through profit or loss and financial assets at fair value through other comprehensive income.
Other financial assets and liabilities, as well as non-financial assets and liabilities are presented at amortised cost, revalued amount or historical cost.
The methods used to measure fair value are presented in Note 3(e)(iv) and Note 5.
(d) The functional and presentation currency
The Company management deems the functional currency, as defined by IAS 21 "The Effects of Changes in Foreign Exchange Rates", to be the Romanian Leu (RON). The financial statements are prepared and presented in RON, rounded to the nearest RON, a currency which the Company management has chosen as the presentation currency. The Company has adopted the Romanian Leu as its functional currency because this is the currency of the economic environment in which it operates, i.e. on the territory of Romania. Financial assets and liabilities held by the Company are mostly denominated in this currency; sale and purchase prices of goods and services are denominated and settled in RON; funds generated by/used in operating, financing and investment activities are in RON.
(e) The use of estimates and judgments
The preparation of the financial statements according to IFRS adopted by the European Union involves the use by the management of estimates, judgments and assumptions that affect the application of accounting policies, as well as the reported value of assets, liabilities, revenues and expenses. The judgments and assumptions associated with these estimates are based on historical experience, as well as other factors deemed to be reasonable in the context of these estimates. The results of these estimates form the basis for the judgments about the book values of assets and liabilities that cannot be obtained from other sources of information. Results obtained may differ from estimated values.
The judgments and assumptions underlying them are reviewed regularly. Accounting estimate revisions are recognised during the period when the estimate is revised, if the revision only affects that period, or during period when the estimate is revised and future periods, if the revision affects both the current and future periods.
Judgments by the management in the application of IFRS that have a major effect on the financial statements, as well as estimates involving a major risk of a material adjustment during the coming year are presented in Note 4 and Note 5.
(f) Changes in accounting policies - significant information on accounting policies
The Company has also adopted the document called "Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2)" effective starting on 1 January 2023. Although the amendments have not led to changes in accounting policies in this respect, they have had an impact on the information on accounting policies disclosed in the financial statements.
The amendments provide for the disclosure of "significant" accounting policies. The amendments also provide guidance on the application of materiality in the disclosure of accounting policies.
2. The bases for the preparation (continued)
(f) Changes in accounting policies - significant information on accounting policies (continued)
8
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Societatea de Investitii Financiare MUNTENIA SA published this content on 30 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 April 2024 10:25:17 UTC.
