Settlement with creditors, sale of Serbian shares, new Supervisory Board member
- HETA settles eligible liabilities and gives senior creditors significant additional revenues in excess of half a billion Euros.
- Sale of all shares of HETA LEASING D.O.O. BEOGRAD and HETA ASSET RESOLUTION D.O.O. BEOGRAD.
- New member of the Supervisory Board of HETA ASSET RESOLUTION AG
Wind-down plan 2018 approved, reappointment of Board member Schiefer
- Supervisory Board approves the updated Wind-Down plan pursuant to GSA.
- Mag. Arnold Schiefer confirmed as member of the Management Board of HETA ASSET RESOLUTION AG for another year.
- Ordinary Shareholder’s Meeting makes a decision about a second interim distribution to HETA creditors.
Remarkable wind-down performance of HETA
- HETA ASSET RESOLUTION AG (HETA) generated a profit from ordinary activities in the amount of EUR +1.09 billion in the past financial year – the third record year in a row.
- Settlement in the BaSAG regime was faster than planned in 2017 as well. The balance sheet excluding cash was reduced by EUR 2.2 billion to EUR 1.5 billion in the course of the year. Thus the reduction of 80 % of the balance sheet total (planned for the end of 2018) has already been achieved one year earlier.
- The fast and highly profitable wind-down allowed an early satisfaction of creditor claims in the amount of EUR 5.8 billion in July 2017. Despite this huge payment, HETA ended the year 2017 with a free cash position of EUR 3.7 billion. photo credits © Harald Klemm
Release of the 2017 Annual and Consolidated Financial Statements
- The annual financial statements according to the Austrian Commercial Code (UGB)/Austrian Banking Act (BWG) report a result from ordinary activities (EGT) of EUR +1,085.2 million (2016: EUR +1,363.2 million) for the year 2017. A net profit is not recorded since this amount is mathematically set to zero with the creation of a provision. Total assets of EUR 6.5 billion as at 31 December 2017 consist of EUR 5.0 billion in balances at the Austrian National Bank (OeNB) and EUR 1.5 billion in assets that must still be wound down.
- The consolidated financial statements, which were converted from IFRS to UGB/BWG in 2017, report a positive EGT of EUR +1,035.7 million (reference value UGB/BWG for 2016: EUR +1,365.9 million).
- In mid-2017 a total of EUR 5.8 billion was distributed to creditors, of which EUR 4.5 billion was paid out and EUR 1.3 billion was secured.
- For 2018, HETA expects that the disposal of group units will continue at the present dynamic pace, and that a second interim distribution will also take place this year.