English
Ovidiu Vrânceanu,Braşov
SIF Transilvania has announced intent to disburse dividends for 2008 between 17 August and 23 October 2009. The financial investment firm will pay 3 hundredths of a RON (0.03 RON) per share minus the dividend tax calculated as per the quotas applicable on the date of the payment. Shareholders registered as such by 15 May 2009 are entitled to receive dividends from the net profit made in the financial year 2008. The eligibility date was decided by the General Meeting of Shareholders.
Shareholders who held between 500 and 100,000 shares by the eligibility date, have not received dividends for the previous years and did not request payment by bank transfer until 30 June will receive their dividends by post and pay for the related fees. Business shareholders who hold over 100,000 shares will receive their dividends by bank transfer. Individual shareholders who hold more than 500 shares and requested payment to their account by 30 June will receive it to their account. Payment can also be made in cash at the firm"s offices in Brasov, Bucharest, Buzau, Constanta, Targu Mures, Sibiu and Focsani.
Dividends disbursed in the previous years and dividends disbursed from the profit made in 2008 which are not collected by shareholders until 23 October 2009, will be paid afterwards only on demand. In order to prepare the database required for the disbursement of dividends, SIF Transilvania will suspend payments due for the previous years and not collected by 31 July 2009 in the period between 1 and 16 August 2009.
• Declining profit forecast for 2009
SIF Transilvania (SIF3) concluded 2008 with a net profit of 94.68 million RON, down by 14% year-on-year. However, the figures did not include the depreciation of the assets, which means that the firm thus managed to reduce expenses by 41%. Revenues from current operations decreased by 25% last year to 145.77 million RON, compared to 195.52 million RON in 2007. Expenses related to current operations amounted to 42.53 million RON, down by 41% from the 72.15 million RON posted in 2007. The value of the provisions created in 2008 was only 863,000 RON. SIF Transilvania"s net assets depreciated two-fold in 2008, plunging from 2.77 billion RON in 2007 to 1.34 billion RON.
Projections for this year include a net profit of 55 million RON, down by 42% from 2008, when the firm secured 94.6 million RON. Revenues are projected to decrease by 26%, while spending will gain 19%. Specifically, the firm is planning to have revenues of 145.7 million RON (107.7 million RON in 2008) and expenses of 50.7 million RON (42.5 million RON in 2008).
SIF Transilvania expects to collect dividends totalling 48 million RON, up by 4.62% from the 45.8 million RON collected last year. Revenues from the sale of stock in its portfolio would total 55 million RON. The firm is planning to invest 45.6 million RON this year and will cover the full cost of such investments from equity. The investment budget for this year is 59% smaller than the 112 million RON spent in 2008. SIF Transilvania has a share capital of 109.2 million RON divided into 1.09 billion shares with a face value of 0.1 RON.
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