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BAMC is getting it done

Bank Assets Management Company is fully on track to fulfilling its mission and long-term objectives. Results so far are exceeding short term targets. Cash generation during 2013 to mid 2015 exceeds 311 Million, or almost 20% of the transferred portfolio (at transfer value).

In 2014 BAMC established a robust and well-functioning organization. Having concluded its first phase of operations that included finalizing the transfers of assets from 6 banks and building its operational capabilities, BAMC today operates as a company with 96 employees with an average -including the managements’- net salary of €2.000 (€3.500 gross) and is in full implementation of the second phase of its operations. The focus now is on the process of restructuring still operational businesses, adding value to, and optimizing the value of, the assets with the aim of finding good long-term owners and generating cash flow that will be used to repay and unburden the tax payers of some of the financial obligations caused by the losses in the banks in Slovenia.

BAMC manages exposures in 563 cases (companies or groups of companies). The vast majority of the cases were in bankruptcy at the time of the transfer of the claims to BAMC. BAMC is pursuing restructuring strategies in approximately 110 companies at present, and with substantial progress. Financial restructuring has been put in place in more than 70% of the companies (mid 2015).

Net profit for 2014 amounts to €36,4 million and the value of BAMC’s equity has increased by €17,2 million, from €157,9 million to €175,0 million. It can be noted that BAMC also contributed to the state owned banks by paying interest on issued bonds in the amount of 41.9M and paid to the state 14.1M for the guarantees for its issued bonds during 2014.