Ljubljana, 28 September 2017 - In the first half of 2017, BAMC successfully exceeded all of its strategic targets. Cash flows from asset management operations amounted to 246.4 million EUR, or 12.2% of the value of the assets acquired and merged, already surpassing in 6 months the full year statutory target. From its incorporation until mid-year 2017, BAMC generated 1,109.2 million EUR of inflows, representing 54.8% of assets transferred to it over the course of implementing measures to strengthen bank stability and the merger of the two banks. BAMC has so far repaid almost 1 billion EUR of its debt in net terms, achieved savings in operation costs and financial expenses to the tune of 15.5 million EUR compared to the previous period and ultimately generated a profit of 17.1 million EUR.
The high volume of cash flows generated has allowed BAMC to repay its financial obligations at an accelerated speed in the first half-year period. In February, BAMC made an early repayment of 168.0 million EUR of the syndicated long-term loan, followed by a further early repayment of 70 million EUR in addition to 51 million EUR regular repayment. Since its inception BAMC has thus repaid more than 1.7 billion EUR of high cost debt, which was partially refinanced with 723 million EUR new low cost and flexible funding, resulting in an overall 977 million EUR net repayment. BAMC has paid 133 million EUR's worth of interest on its debt since 2013, as well as 52 million EUR in guarantee fees paid to the state.
The result of halved cost of financing, positive effects of process optimization, post-merger cost reduction of 14% and further improvement on realized profit from closed transactions all contributed to the company's excellent half-year result of 17.1 million EUR in profits.
Peak performance of DUTB, which evolved into an internationally recognised knowledge center for restructuring and managing nonperforming loans, manifested also in business successes across the entire spectrum of activities. Among the high profile transactions the financial restructuring and sale of equity of Cimos, refinancing and full repayment of six debtors in the amount of more than 100 million EUR is worth mentioning. DUTB has also become a decisive player in the real estate market with a constant flow of carefully designed and value enhancing deals, including the landmark sale of apartments in Celovški dvori and Nokturno residential complex. Notable progress was achieved even in the more difficult industrial and commercial segment, with numerous sales, including the TVM, Vošnjakova and Primorje buildings.