Valuation of SIF Banat-Crișana’s assets
The valuation of the assets for the calculation of SIF Banat-Crișana’s net assets is performed in accordance with the provisions of ASF Regulation no. 9/2014 (art. 113-122) amended and supplemented by the ASF Regulation no. 2/2018 and ASF Regulation no. 20/2020, and the provisions of ASF Regulation no. 10/2015 (update of the valuation methods for the calculation of net asset value as of August 31, 2020).
| Asset category | Valuation methods | |
|---|---|---|
| 1 | 2 | 3 |
| 1. Financial instruments admitted to trading or traded in the last 30 trading days on a regulated market or under systems other than the regulated markets including under an alternative trading system in Romania, in a member or non-member state | ||
| 1.1 | Shares | a) At the closing price on the market section considered as main market or at the reference price provided on trading systems others than the regulated markets including the alternative systems by the operator of the respective trading system as of day for which the calculation is made b) By way of exception from the provisions of section a) above, in the case of joint stock companies admitted to trading on a regulated market or a multilateral trading system with a liquidity considered by SIF Banat-Crișana, based on a prudential value judgment regarding the active market defined by International Financial Reporting Standard 13 - Fair value measurement (IFRS 13), as irrelevant for the application of the mark to market valuation method, the shares of those companies will be measured in SIF Banat-Crișana’ assets in accordance with the evaluation standards in force, according to the law, based on an evaluation report. SIF Banat-Crișana maintains this valuation method for a period of at least one calendar year, for the respective shares considered illiquid |
| 1.2 | Fixed income financial instruments | Method based on the daily recognition of the interest and discount /premium depreciation for the period since the date the investment was performed |
| 1.3 | Money market instruments | Method based on the daily recognition of the interest and discount/premium depreciation for the period since the date the investment was performed |
| 1.4 | Derivative financial instruments | At the closing price of the market section considered as main market or at the reference price provided on trading systems others than the regulated markets including the alternative systems by the operator of the respective trading system as of the day for which the calculation is made |
| 1.5 | Equity securities issued by O.P.C. | At the closing price of the market section considered as main market or at the reference price provided on trading systems others than the regulated markets including the alternative systems by the operator of the respective trading system as of the day for which the calculation is made |
| 2.0 Financial instruments not admitted to trading on a regulated market or under trading systems others than the regulated markets including under an alternative trading system in Romania in a member of non-member state | ||
| 2.1 | Shares | The book value per share as it results from the latest annual financial statement (prepared in accordance with the Romanian Accounting Regulations applicable to the issuer or prepared in accordance with IFRS) of the respective entity. Where SIF Banat-Crișana owns more than 33% of the share capital, exclusively as per the international valuation standards based on an evaluation report, updated at least annually. For credit institutions, the calculation of the book value per share is based on the equity value as entered in the monthly reports submitted to the National Bank of Romania |
| 2.2 | Fixed income financial instruments | Method based on the daily recognition of the interest and discount / premium depreciation for the period since the date the investment was performed |
| 2.3 | Money market instruments | Method based on the daily recognition of the interest and discount/premium depreciation for the period since the date the investment was performed |
| 2.4 | Derivative financial instruments | Value determined by the application of valuation methods in accordance with the International valuation standards (where the fair value principle is used) and approved by the the board of directors / the management of the asset management company / self-managed investment company |
| 2.5 | Equity securities issued by O.P.C. | The latest calculated and published net asset value per share, published by their administrator or published by internationally recognized private companies (for example, Bloomberg, Reuters). |
| 3.0 Financial instruments admitted to trading on a regulated market, under an alternative system or under systems others than the regulated markets, but not traded in the last 30 trading days | ||
| The book value per share as it results from the latest annual financial statement (prepared in accordance with the Romanian Accounting Regulations applicable to the issuer or prepared in accordance with IFRS) of the respective entity. For credit institutions, the calculation of the book value per share is based on the equity value entered in the monthly reports submitted to the National Bank of Romania. | ||
| 4.0 Holdings in current accounts | ||
| The available balance as of the date for which the calculation is made. Amounts in the current accounts of of the Undertakings for Collective Investments. For credit institutions undergoing bankruptcy procedure, it will be included in the net asset as zero. |
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| 5.0 Bank deposits and certificates of deposit | ||
| Method based on the daily recognition of the interest for the period since the date the investment was performed | ||
| 6.0 Shares suspended from trading for a period of at least 30 trading days, in case of the occurrence of events such as those provided in art. 224 par. (5) in Law no. 297/2004 (any new events occurred in the issuer’s activity that have not been made public and that may lead to changes in the share prices, due to the effect of these events on the status of company’ assets or financial or on the overall activity of the issuer) | ||
| The weighted average price for the last 30 days, calculated until the date of occurrence of such an event | ||
| 7.0 Shares not traded or admitted to trading but not traded in the last 30 business days whose financial statements are not available within 90 days from the legal dates for submission | ||
| As zero or |
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| At the value set by using the information in the quarterly/half-yearly financial statements posted on the website of the regulated market or the alternative trading system, if this information is available | ||
| 8.0 Shares of companies undergoing bankruptcy procedure or reorganization (are included in the net asset of the Undertakings for Collective Investments (O.P.C.) from the date the communique was posted on the website of the regulated market or the alternative trading system on which these are traded) | ||
| As zero | ||
| 9.0 Shares of companies undergoing judicial winding-up or other forms of winding-up and those in temporary or permanent cessation of activity | ||
| As zero (from the date the communique was posted on the website of the regulated market or the alternative trading system on which these are traded) | ||
| 10.0 Shares of companies in the portfolio not admitted for trading on a regulated market or under trading systems others than the regulated markets including the alternative systems or admitted to trading on a regulated market or under trading systems others than the regulated markets including the alternative systems but not traded for the last 30 days, with negative values of the equity. | ||
| As zero | ||
| 11.0 Shares held by the Undertakings for Collective Investments (O.P.C.) resulting from the participation in the share capital increase in exchange for non-cash contribution, as well as those for cash contribution | ||
| The closing price of the market section considered as main market or |
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| The reference price provided on the trading systems others than the regulated markets including the alternative systems by the operator of the respective trading system as of the day for which the calculation is made | ||
| 12.0 Shares issued by companies admitted to trading on a regulated market or in trading systems other than the regulated markets, but not traded during the last 30 trading days, in respect of which ASF or another competent authority has decided to initiate the financial recovery procedure through special administration | ||
| The book value per share, as evidenced by the entity's last annual financial statement approved. In the case of credit institutions, the book value per share is based on the value of equity included in the monthly reports transmitted to BNR *National Bank of Romania) |
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| 13.0 Shares resulting from splitting / consolidation of the nominal value admitted to trading on a regulated market or in trading systems other than regulated markets | ||
| By dividing the price before the split to the splitting coefficient, respectively by multiplying it by the consolidation coefficient. | ||
| 14.0 The registration of financial instruments in the portfolio is performed from the date of the transaction | ||
| 15.0 Dividends and shares distributed without any cash consideration as a result of participation in the capital increases are recorded in SIF Banat-Crișana's assets on the first day when the investors who buy the shares can no longer participate in the capital increase | ||