In accordance with the Rules of Ljubljanska borza, d. d., Ljubljana, and applicable law, Družba za upravljanje terjatev bank, d. d. (“BAMC”), Davčna ulica 1, Ljubljana, hereby issues the audited annual report for the financial year 2019.
2019 was another successful year for BAMC. Cash generation in the amount of €220,8 million represented a surpassing the Financial plan for the year, while statutory cost efficiency was also ensured by rational operations. Net profit in the amount of €40,2 million increased BAMC’s equity to €242,1 million, which is already more than the initial amount provided by the owner (the Republic of Slovenia) in 2013. All yearly key performance indicators, defined in the Guidelines on the operations of BAMC adopted by the Government of the Republic of Slovenia were thus met.
BAMC portfolio size decreased by 16% in total in 2019, mostly in the portfolio of claims, where some D/RE conversions were also made, resulting in a smaller net reduction in the real estate portfolio despite over €30 million of real estate sales. A net increase of the equity portfolio is attributable to the conversion of claims into 100% ownership of the company Istrabenz turizem, d. d.
While financing costs decreased by a quarter, comparable operating costs in 2019 were 15% lower than in 2018. Total operating costs were slightly higher than the costs of the previous year, but solely due to additional long‑term provisions made and lost lawsuit costs.
Additional 10 restructuring cases were successfully closed in 2019, surpassing half of restructurings managed by BAMC on a cumulative level. Additionally to these 130 restructuring cases, BAMC also cumulatively manages 631 larger recovery cases, where the share of closed or cases with after-recovery procedures is as well 50%.
BAMC repaid €132 million of principal in accordance with applicable loan repayment schedules, and also made an early repayment of an additional €15 million worth of loan principal for a total of €147 million debt repayment in 2019. Since its inception, BAMC already repaid €1,4 billion of all liabilities related to asset transfers. BAMC also paid €147,2 million of interest on its debt since 2013 until year-end 2019, as well as €70,9 million of guarantee fees.
KPMG Slovenija, d. o. o., Železna cesta 8a, Ljubljana, performed the audit of the 2019 financial statements, and issued an unqualified opinion on 28 July 2020. The audited annual report was reviewed and approved by the Board of Directors on 29 July 2020, and will be sent to the Government of the Republic of Slovenia acting in the capacity of the general meeting, for adoption.
Audited Annual Report 2019 is available on http://www.dutb.eu.