Dear
shareholders
We want
to bring your
attention to some
of SIF Moldova achievements made last
year andthe main objectives for 2011,
as it were presented
and approved by
the General Meeting of Shareholders
of April
4, 2011.
During 2010
we managed to
maintain at a high level
the net profit achieved in the
recent years (98
million RON in 2008,
101 million RON in
2009 and 96 million
RON in 2010). We have
managed to maintain
the financial stability
of the company, in
order to meet your expectations. We
kept at the same
time, the long-term
resources needed to
develop the company
and we managed to
get the first
place in
our sector of
activity in
Romania.
The investment policy, mainly
aimed at portfolio restructuring and orientation on the best
performing sectors of the economy has led to visible results
since 2010, through the increased exposure on the Romanian
energy sector and the opportunity called Fondul Proprietatea,
with a temporary reduction of the exposure in the financial
sector.
In
2011 and
in the coming years we will
reap the "fruits"
of this active management
strategy. We are sure
that the allocation
on two main pillars in
the context of a
precise definition of the investment
limits by sectors, by
types of financial
instrument, with the option of
supplementing it on the foreign markets,
will lead to
a "success
story" of SIF2 share on the
Bucharest Stock
Exchange, as it will
be a unique
opportunity to
invest in just
one security so that the investment to be in the entire
Romanian
economy.
We want
to mention that
the dividend for
2010 of 0.09
RON/share is
the largest in
SIF Moldova existence.
The distribution rate
of the net profit
approaches 50%,
given that SIF
Moldova paid
each year over
75% of
the amount due
to the shareholders.
For the fiscal year
2010 the total amount
of the dividend
exceeds 46 million
RON, that’s over
83% of the total cash
of the company, which is 56 million RON at December 31,
2010.
Our proposal
for 2011 and
in perspective,
approved by
the shareholders, aims a predictable
dividend policy that ensures a
higher return than investing in the securities
of many companies in
Europe (Press Release
concerning the payment of dividends, February 25,
2011).
We act with
dynamism to maintain a high level of financial
performance. The steps started in the current mandate of the
Board on the following directions:
active
portfolio management, implementing corporate governance
principles, risk management, organization based on procedures
and ensuring compliance in the decision-making and operational
area - will continue.
We aim, determined,
to achieve
the quantified targets established in
"The Investment Policy
Statement”,
approved by the
shareholders, to
increase the value and
the return on the managed
assets, so
that SIF2
share to become a
favorite security for
the investors, with
predictable benefits
for them.
We still consider that the modification of
the Articles of Incorporation
of SIF
Moldova is very
important, in order to be
aligned with
the latest
regulations of the companies
and in accordance with the provisions
of the capital market. The changes
mainly concern:
detailing the object
of the company, lowering
the quorum needed for the
meeting and
for the adopting of
future resolutions
of the general
meetings of the
shareholders, which is aimed to make
flexible making future important decisions and
to allow an
increased involvement
of the shareholders,
the opportunity to
list SIF 2 share in
parallel, on
another regulated
market, but especially
the removal of
any shareholding
threshold for SIF2, ensuring compliance
of the legislative framework,
favorable
to shareholders.
In
an objective process
of communication it can be
noticed that SIF
Moldova has
begun and will
continue to
differentiate itself as
an investment company
that has the
ability to
dynamically adapt
to the evolution of
the financial markets
and environment in
which it
operates.
Costel CEOCEA,
President & CEO