Publication of creditor information
In its ad hoc statement of 13 August 2015 the management board of HETA ASSET RESOLUTION AG (Heta) announced that starting from the publication of the Interim Financial Report of 30 June 2015 onwards and subject to legal restrictions it would enter in a structured dialogue with its creditors and investors aiming to provide them with further business relevant information
Heta has therefore published a company presentation today that can be downloaded from the HETA website under Investor Relations/Investor information (https://www.heta-asset-resolution.com/en/press/press-releases/press-releases-2015) with the goal to provide additional transparency to creditors and investors.
Supervisory Board appoints new member of the Management Board
Heta Asset Resolution announces the appointment of Mag. Arnold Schiefer as new member of the Board. Mag. Schiefer will join the Board of Heta Asset Resolution as of 1st October 2015 and promote the wind-down process.
Implementation of the Memorandum of Understanding of 7 July 2015
On 7 July 2015 the Republic of Austria and the Free State of Bavaria signed a Memorandum of Understanding („MoU“) defining the cornerstones for an out-of-court settlement of the disputes pending between the Republic of Austria, HETA ASSET RESOLUTION AG („HETA“), Bayerische Landesbank, Anstalt des öffentlichen Rechts („BayernLB“) and Kärntner Landesholding. As regards to HETA this mainly concerns the proceedings of BayernLB pending before the regional court/court of appeals of Munich (Landgericht / Oberlandesgericht München) on the legal qualification of certain loans granted by BayernLB to HETA as equity substituting as well as the proceedings initiated by the Republic of Austria against BayernLB and HETA on the grounds of error with respect to the share purchase agreement of 29 December 2009 (regarding the emergency nationalisation of HETA) with HETA as defendant in each proceeding.
Heta sells Croatian 5-star hotel including marina to Odien Hotels N.V.
Yesterday (September 16th, 2015), Heta Asset Resolution AG (Heta) and Odien Hotels N.V., an affiliate of the investment company Odien Group based in the Czech Republic, signed an agreement about the sale of the Grand Hotel Lav d.o.o. and the Grand Marina Lav d.o.o. The purchase price was not disclosed. Numerous interested parties participated in the sales process.
Publication Interim Financial Report 2015
- Result of the first six months 2015 EUR -1.1 billion mainly due to two special effects: revocation of HaaSanG by the Constitutional Court of Austria (EUR -0.8 billion) and further expenditures in connection with the sale of the SEE network (EUR -0.2 billion)
- Implementation of the preliminary wind-down plan already under way: portfolio reduction ahead of preliminary plan, risk provisions develop according to plan, administrative expenditures (except for legal costs and court fees) better than expected; liquid funds improving due to BaSAG moratorium from EUR 2.6 billion to EUR 3.3 billion
- Interim financial figures for the holding Heta pursuant to UGB/BWG as at 30th June 2015: total assets unchanged at EUR 9.6 billion due to payment moratorium, result after tax totals EUR -1.1 billion, negative equity at EUR -8.1 billion (31 December 2014: EUR -7.0 billion)
- Consolidated financial statements pursuant to IFRS as at 30 June 2015: total consolidated assets drop from EUR 12.0 billion to EUR 11.6 billion, consolidated result after tax at EUR -1.1 billion, negative equity (capital deficit) at EUR -5.8 billion.
Rainer Jakubowski leaves the HETA Board as of 31st July 2015
The Supervisory Board of HETA ASSET RESOLUTION AG announces that Dr. Rainer Jakubowski resigns as member of the Executive Board as of Friday, 31st July 2015 at his own request and leaves the Board to pursue other professional perspectives in the future.
Chairman of the Supervisory Board Michael Mendel, „The Supervisory Board acknoweldges this request by Rainer Jakubowski with great respect thanking him for his untiring commitment and his great expertise and integrity in fulfilling this task.“ Through his work Dr. Jakubowski has provided an important contribution to the speedy transition from the old regime of a regulated bank to today’s deregulated restructuring unit HETA ASSET RESOLUTION AG. The Supervisory Board and the Executive Board of HETA wish him all the best for his future career.
The Executive Board of HETA is thus composed of Chairman Wirt.-Ing. Sebastian Prinz von Schoenaich-Carolath and the Board members Mag. Martin Handrich and Mag. Alexander Tscherteu.
General solution between Republic of Austria and the Land of Bavaria
HETA ASSET RESOLUTION AG (HETA) welcomes the political initiative between the Republic of Austria and the Land of Bavaria to reach a comprehensive general solution for the ongoing legal disputes.
The HETA Board was not involved in these political negotiations between the Republic of Austria and the Land of Bavaria of which it was informed today only briefly prior to the respective announcement of the agreement by the Federal Minister of Finance.
The current agreement is a Memorandum of Understanding between the Land of Bavaria and the Republic of Austria, whose implementation requires further bilateral agreements between Bayerische Landesbank, HETA, and the Republic of Austria.
Jointly with the Austrian Financial Market Authority as resolution authority HETA will verify and decide whether a comprehensive general solution can be approved in the interest of HETA and of its creditors. HETA will initiate this process without delay and closely cooperate with the committee of experts set up by the Ministry of Finance and chaired by Dr. Irmgard Griss.
Pre-closing of SEE network sale to Advent International and EBRD
Heta Asset Resolution AG announces that based on a disposition authorisation issued by FIMBAG (Finanzmarktbeteiligungsgesellschaft des Bundes) it has yesterday, June 30th, in Vienna together with representatives of US-fund Advent International and the European Bank for Reconstruction and Development (EBRD), performed a so-called „pre-closing“ with respect to the sale of all shares of Hypo Group Alpe Adria AG (SEE-network). Pursuant to the pre-closing the seller and buyer have confirmed the completion of and compliance with all agreed closing conditions with a few exceptions.
Publication of individual and consolidated financial statements for 2014
- Due to the implications of the Wind-down Entity Act (GSA) and the issuance of the resolution authority’s decree in accordance with the Bank Recovery and Resolution Act (BaSAG), Heta has changed the accounting and valuation approach from “going concern” to “gone concern”.
- The individual financial statements for 2014 present a loss for the year amounting to EUR -7.9 billion. This is significantly determined by the results of the asset quality review (AQR). The balance sheet total for 2014 decreases by EUR 8.0 billion to EUR 9.6 billion. The capital shortfall according to the individual financial statements is EUR -7.0 billion, which is on the upper end of the AQR range communicated on 27th February 2015.
- The consolidated financial statements according to IFRS show an annual after-tax result of EUR -7.4 billion for 2014. The balance sheet total decreases by EUR 14 billion to EUR 12 billion. The capital shortfall according to consolidated financial statements (negative group equity without minorities) amounts to EUR -5.2 billion.
Equity Substitution Act (EKEG) proceedings: Heta files an appeal
The Regional Court of Munich I (Landgericht München I) today, on 8th May 2015, has announced its decision in the legal dispute between Heta Asset Resolution AG (Heta) and Bayerische Landesbank (BayernLB) and has accepted the legal arguments of BayernLB. The ruling is not final. Heta will file an appeal against it with the Supreme Regional Court of Munich (OLG München).
Heta Asset Resolution AG: Rectification regarding Liability of the Province of Upper Austria
Carinthia exclusively liable for Heta bonds.
Klagenfurt am Wörthersee, 10th March 2015.
In an article titled „Heta-Schock für Oberösterreich“ (Heta shock for Upper Austria) the daily Der Standard on 10th March 2015 reports about what obviously was a slip of the pen in the prospectus of a 500 million CHF bond issued by the former Hypo Alpe-Adria-Bank International in 2007. In the prospectus the Austrian Province of Upper Austria is also named as a deficiency guarantor in addition to the Province of Carinthia. This information is obsolete.
Der Standard quotes the following paragraph, “Furthermore, the Province of Upper Austria has accepted liabilities for … claims originated before 1st April 2007 with a maximum term until 30th September 2017.“
This error in the prospectus was already corrected in 2012. The rectification was published in a report by Credit Suisse AG on 1st October 2012 (http://www.six-swiss-exchange.com/common/official_notices/text/2012/10/83900.txt).
The corrected version of § 15 of the bond prospectus reads: “Furthermore, the Province of Carinthia has accepted liabilities for claims originated after this date before 1st April 2007 with a maximum term until 30th September 2017.“
Heta Asset Resolution AG
Tel.: + 43 (0) 664 / 8844 64 20
Tel. +43 (0) 50209 3465
Heta Board: Annual accounts of previous years fully genuine and correct
HETA reserves the right to take legal actions against wrongful allegations. Accounts of previous years were reviewed by auditors and received unqualified opinion. Assessment of assets and liabilities made according to “gone concern“ principle and as such fundamentally differs from valuation method used to date. Klagenfurt am Wörthersee, 04.03.2015. The allegation made over the last days that the accounts of Hypo Alpe-Adria-Bank International AG (today Heta Asset Resolution AG) of previous years were subject to illegal manipulations is completely unfounded and is rejected by the Board of Heta Asset Resolution. The interested parties reserve the right to take legal actions.
Resolution Authority orders resolution measures pursuant to the Austrian Banking Restructuring and Resolution Act (BaSAG)
As notified in the ad hoc releases of November 28th, 2014 and December 23rd, 2014, Heta Asset Resolution AG (HETA) is working on a liquidity- and wind-down-plan that has to meet the requirements of the Bundesgesetz zur Schaffung einer Abbaueinheit (Federal law for creation of a wind-down unit; GSA) to wind-down the assets of Heta in a proper, best and quickest-possible manner. Such liquidityand wind-down-plan will also affect the financial statements 2014 of Heta. In that respect, Heta conducts an asset quality review (AQR) with the aim to re-evaluate its assets in consideration of the aim to wind-down the assets of Heta in a proper, best and quickest-possible manner.
Press Release: Realignment of Heta Asset Resolution AG
Klagenfurt am Wörthersee (26th February, 2015) – On Thursday evening, the Supervisory Board of Heta Asset Resolution has set the course for a staff realignment of the wind-down unit Heta Asset Resolution. Wirt.-Ing. Sebastian Schoenaich-Carolath was appointed Chairman of the Executive Board, Mag. Martin Handrich and Mag. Alexander Tscherteu have become new members of the Executive Board. Dr. Rainer Jakubowski remains member of the Executive Board of Heta.
Next important step in the Hypo Group Alpe Adria AG sale process
Staff of 180 banking experts to continue the Group headquarters of Hypo Group Alpe Adria AG in Klagenfurt On 22 December 2014, Heta Asset Resolution AG (Heta) signed an agreement with a consortium of bidders consisting of Advent International, a leading international private equity investor, and the European Bank for Reconstruction and Development (EBRD) for the sale of Hypo Group Alpe Adria AG (HGAA), the South-Eastern European banking network of the former Hypo Alpe-Adria-Bank International AG, including the holding company based in Austria.