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Income statement decomposition and comprehensive income

in € million20152014Index 2015/2014
Operating result-25,5-31,082
Non-real estate income   0,30,2110
Non-real estate costs-14,7-14,4102
Real estate income  0,40,1447
Real estate costs-1,2-0,3350
Real estate capital gain / loss0,30,0-
Real estate revaluation-10,6-16,664
Financial result17,173,823
Interest income / expense-26,7-15,0178
Capital gain / loss53,045,2117
Other effects0,00,4-11
Other income result0,1-0,1-113
Other income0,10,04.647
Other expenses0,0-0,114
Net income before tax-8,342,7-19
Income tax0,0-6,30
Net income after tax-8,336,4-23
Change in value of available for sale financial assets-51,9-19,3269
Total comprehensive income / loss-60,217,2-351


BAMC incurred financial expenses from financial liabilities in the amount of €68,3 million in 2015 comprising interest expenses for issued bonds in the amount of €49,0 million, a loan raised in the amount of €0,1 million and fees for the guarantees issued by the Slovenian government in the amount of €19,3 million. The aforementioned expenses were up 20% on the previous year because BAMC issued two series of bonds at the end of 2014 to finance purchases of assets from Abanka and Banka Celje, resulting in an increase in its financial liabilities and consequently financial expenses.

Interest income totalled €41,2 million and was almost at the previous year's level. Interest income from the loan portfolio was up to stand at €34,2 million. The increase of 9% was primarily the result of an increase in the number of loan contracts under management due to the transfer of the loan portfolios of Abanka and Banka Celje at the end of 2014. It should be noted that BAMC recognises interest income from loans only after receiving their payment.

In October 2015 BAMC sold all of its RS38 government bonds primarily for the purpose of obtaining the necessary liquidity to repay maturing DUT01 bonds. Interest income in 2015 from the aforementioned government bonds was thus down 39% on the previous year to stand at €6,4 million.

BAMC generated a net loss of €8,3 million in 2015 compared with a net profit of €36,4 million in 2014.

Total comprehensive loss amounted to €60,2 million in 2015 comprising of:

  • net loss of €8,3 million,
  • release of revaluation surplus associated with investments in shares of Pivovarna Laško d.d. and RS38 bonds in the amount of €48,7 million[1] due to the sale of the aforementioned investments and the transfer of effects to financial income, and
  • in-substance distribution of capital to the owner based on the General Meeting resolution adopted by the Government in connection with the purchase of claims against Litostroj jeklo d.o.o. in the amount of €3,2 million.


Balance sheet summary

in € million​31 December 201531 December 2014Index 2015/2014
Real estate68,851,3134
Equity investments36,357,064
Non-performing bonds2,32,1108
Cash and equivalents167,164,3260
RS Bonds0,0171,80
Debt securities1.052,51.558,068



[1] The revaluation surplus is given in net amount, i.e. gross changes less deferred taxes.