(story to be published in tomorrow's issue, March 16)
Transilvania financial investment company (SIF) over 1999 registered net profit of 122.28 billion lei, about 34 percent higher in nominal terms as compared to results obtained on the previous year, shows the company in a release published on Tuesday. SIF Transilvania last year registered total revenues of 257.81 billion lei and total expenditures of 107.88 billion lei. The outlook of the financial investment companies for this year, according to the revenues and expenditures budget, is relatively comparable to the one on 1999, the company estimating net profit amounting to 120 billion lei, almost two billion lei lower than in 1999. "Yesterday was actually the last day when investors could make transfers in order to be registered as shareholders in SIF Transilvania's registry, to be able to participate in the General Assembly of Shareholders. Moreover, numerous shareholders that held more than 0.1 percent of the company's shares preferred to split their portfolios in several accounts in order to be able to vote. This is how the high value of transfers registered at the beginning of this week can be accounted for," a trader said. The payment of dividends to shareholders registered before the reference date is to be made starting June 1, according to the same sources. Most of the profit derived last year by SIF Transilvania (namely 71,45 percent) will go to dividends distributed to shareholders. The rest of the profit will go to own financing sources (20.79 percent), legal reserves (6.13 percent) and to the employees participation fund (1.63 percent). The share capital subscribed, worth 546.07 billion lei, did not post any modifications throughout 1999 and is divided into shares with a nominal value of 1,000 lei. At present, the portfolio structure of SIF Transilvania includes, according to the total nominal value of the stake, shares in companies listed on the Bucharest Stock Market - 3.80 percent - and in companies listed on Rasdaq - 71,95 percent - in closed companies 23.87 percent - and in unlisted companies - 0.38 percent. Last year the value of SIF Transilvania share portfolio had a positive evolution, posting a growth worth 337.64 billion lei, the release further shows. The most important increase of the portfolio nominal value (81.32 percent) was triggered by an increase in the share capital of the companies in the portfolio, with the building and land reassessment differences. A positive influence on the portfolio of the financial investment companies in 1999 was represented by the process of regulating the capital quotas with the State Ownership Fund.
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