The SIFs (Financial Investment Companies) will collect dividends worth a total of 200 million RON (59 million euros) from BCR, BRD and Petrom this year, around 17% higher than last year.
The SIFs had received 170 million RON (some 48 million euros) worth of dividends from the three companies in 2006.
Erste Bank officials stated on Wednesday that they would support the proposition to have 55% of BCR's net profit disbursed as dividends. BCR made 756.3 million RON (214.5 million euros) net profit last year, so that the value of dividends amounts to 415.9 million RON (124 million euros). At the same time, BRD announced it would propose to disburse 256 million RON (75 million euros) in dividends to its shareholders.
The dividends collected from the top two banks in the system, BCR and BRD-Groupe Societe Generale, have been one of the most important streams of annual profit for the SIFs.
Each SIF will collect about 25 million RON (7.45 million euros) in dividends from BCR and an average of 13 million RON (3.38 million euros) from BRD. The SIFs own stakes of 6% in BCR each and approximately 5% in BRD.
SIF Oltenia (SIF5) should get the highest amount of dividends from the two banks, approximately 39.1 million (11.67 million euros). SIF Oltenia owns 6.12% in BCR, for which it will collect 25.45 million RON (7.6 million euros), and 5.34% in BRD, which will bring another 13.65 million RON (4.07 million euros).
Other than its interests in the banks, SIF Oltenia also owns about 0.85% in Petrom, from which it could receive 8.88 million RON (2.65 million euros) in dividends. Petrom will propose to its shareholders a gross dividend of 0.0179 RON/share, 37% higher than last year
SIF Oltenia could therefore collect a total of 48 million RON (14.3 million euros) in dividends from the three companies, 21% more than last year.
"The dividends collected from the companies in the portfolio account for about 40-45% of the annual profit of the SIFs. In the case of SIF Oltenia, if we add these dividends to the profit generated in the first three months of the year, we arrive at the net profit we derived last year," stated Tudor Ciurezu, vice-chairman of SIF Oltenia's Board of Directors.
SIF Moldova (SIF2) could receive almost 25 million RON (7.46 million euros) from BCR, where it owns 6%. SIF Moldova could collect another 12.9 million RON (3.85 million euros) from BRD, where it owns slightly more than 5.04%, and 1.23 million RON (0.36 million euros) from Petrom, wherein it holds about 0.1%. Overall, SIF Moldova could get 39.1 million RON (11.67 million euros) from the three companies.
SIF Muntenia (SIF4) will collect 38.4 million RON (11.46 million euros) in dividends from BCR and BRD, while SIF Transilvania (SIF3) will get 37.7 million RON (11.25 million euros) and SIF Banat-Crisana (SIF1) around 36.7 million RON (10.95 million euros).
The three SIFs will receive similar dividends from BCR wherein they own 6% each, with the difference made up from the dividends collected from BRD, in which they hold an unequal amount of shares.
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