Brief presentation on the financial report and consolidated financial report 2018 20 March 2019
C ONTENT I. Executive Summary II. Main Achievements III. Outlook B RIEF PRESENTATION ON THE FINANCIAL R EPORT 2018 | 2
HIGHLIGHTS KPI S OF HETA (UGB/BWG) HETA AG Annual result • March 2015: Based on the issuing of the Austrian in EUR bn adjusted* Federal Act on the Recovery and Resolution of Banks (BaSAG) HETA performed a revaluation of its portfolio under a gone-concern-assumption 1,37 1,09 0,57 0,30 • This led to a negative result for the financial year 2014 of € -8,69bn -8,69 • In the following years HETA 2015 to 2017 achieved a positive result of overall € +2,76bn • For year 2018 the result is again positive with JE 2014 JE 2015 JE 2016 JE 2017 JE 2018 YE 2014 YE 2015 YE 2016 YE 2017 YE 2018 € +0,57bn , which is well above budget HETA Group Administrative expenses in EUR m Personal and nonpersonnel expenses • In line with its successful portfolio wind down HETA is reducing its organization and therewith -33% its cost structure as well • In 2018 these measures led to a significant cost -23% reduction by - 23% respective € -24,7m compared 159,6 to the previous year 106,9 82,2 • Therewith cost reductions are above budget as well JE 2016 JE 2017 JE 2018 YE 2016 YE 2017 YE 2018 *siehe Lagebericht 2018 Kapitel 6.2 Ergebnisentwicklung (GERMAN ONLY) B RIEF PRESENTATION ON THE FINANCIAL R EPORT 2018 | 3
HIGHLIGHTS KPI S OF HETA (UGB/BWG) „Statische“ Recovery HETA AG in EUR bn Cash OeNB incl. Ínterim distribution • Significant of „ statische “ recovery 1 increase reflecting the successful wind down measures • Initial expectations of the overall recovery amount as of YE 2023 have already been exceeded 10,1 9,5 • Though a slowdown in generating additional cash 6,2 is expected due to an even smaller residual 4,3 portfolio 2,4 YE 2014 YE 2015 YE 2016 YE 2017 YE 2018 JE 2014 JE 2015 JE 2016 JE 2017 JE 2018 1 Recovery rate as of YE 2018 doesn‘t correspond to the final quota due to the fact that future cash-outs are not included HETA Group Reduction in total assets sinceYE 2014 in EUR bn excl. Cash OeNB -90% • Rapid reduction in total assets since YE 2014 • As of 31.12.2018 total assets are below EUR 1bn • The to wind down the 9,67 internal requirement portfolio by 80% as of YE 2018 has already been 6,88 4,62 achieved in 2017 1,46 0,98 JE 2014 JE 2015 JE 2016 JE 2017 JE 2018 YE 2014 YE 2015 YE 2016 YE 2017 YE 2018 B RIEF PRESENTATION ON THE FINANCIAL R EPORT 2018 | 4
W IND DOWN PLAN 2018 Planned recovery amount and quota HETA AG in EUR bn as of 31.12.2023 81,3% 12 85,2% 85,4% 85,0% 84,7% 84,9% 84,5% 84,3% 73,4% 84,2% 84,0% 83,8% 83,5% 83,1% 83,3% 83,7% 83,0% 82,5% 82,6% 82,8% 82,0% 82,3% 82,1% 81,8% 81,6% 81,4% 81,3% 81,1% 80,9% 80,8% 80,1% 80,6% 80,4% 80,2% 79,9% 79,4% 79,6% 79,7% 79,2% 79,0% 78,9% 78,7% 78,5% 78,4% 78,2% 77,7% 78,0% 77,9% 66,5% 77,3% 77,2% 77,0% 77,5% 76,3% 76,7% 76,5% 76,8% 76,1% 76,0% 75,8% 75,6% 75,5% 75,3% 75,1% 74,8% 74,4% 75,0% 74,6% 73,9% 74,1% 74,3% 73,8% 73,6% 73,4% 73,2% 72,7% 73,1% 72,9% 72,4% 72,2% 72,0% 72,6% 71,7% 71,4% 71,5% 71,9% 10 71,2% 71,0% 70,9% 70,7% 70,5% 70,3% 70,2% 69,7% 70,0% 69,8% 69,5% 58,6% 69,0% 69,3% 69,1% 68,8% 68,6% 68,5% 68,3% 68,1% 68,0% 67,8% 67,3% 67,1% 67,4% 67,6% 66,6% 66,4% 66,8% 66,9% 66,1% 65,9% 66,2% 65,7% 65,6% 65,4% 65,2% 65,0% 64,9% 64,7% 64,5% 64,4% 64,2% 64,0% 63,5% 63,3% 63,7% 63,9% 63,2% 63,0% 62,8% 62,3% 62,1% 62,5% 62,7% 62,0% 61,8% 61,6% 61,5% 61,3% 61,1% 61,0% 60,4% 60,3% 60,6% 60,8% 60,1% 59,9% 59,8% 59,6% 59,4% 59,2% 59,1% 58,9% 58,7% 58,6% 58,4% 58,2% 58,0% 57,9% 57,5% 57,7% 57,2% 57,4% 8 57,0% 56,9% 56,7% 56,5% 56,3% 56,2% 56,0% 55,8% 55,7% 55,5% 55,3% 54,6% 55,1% 55,0% 54,8% 54,5% 54,3% 54,1% 54,0% 53,8% 53,6% 53,4% 53,3% 53,1% 52,9% 52,4% 52,2% 52,6% 52,8% 52,1% 51,9% 51,7% 51,6% 51,0% 51,2% 51,4% 50,9% 50,7% 50,5% 50,4% 50,2% 50,0% 49,9% 49,2% 49,5% 49,3% 49,7% 49,0% 48,8% 48,7% 48,5% 48,3% 48,1% 48,0% 47,8% 47,6% 47,5% 47,3% 46,6% 46,8% 47,0% 47,1% 46,4% 46,3% 46,1% 45,9% 45,8% 45,6% 45,4% 45,2% 45,1% 44,9% 44,7% 44,2% 44,4% 44,6% 43,9% 44,0% 43,5% 43,7% 43,0% 43,2% 43,4% 6 42,3% 42,5% 42,7% 42,9% 41,8% 41,7% 42,2% 42,0% 41,5% 41,3% 41,1% 41,0% 40,8% 40,6% 40,5% 40,3% 40,1% 40,0% 39,8% 39,6% 39,4% 39,3% 38,6% 38,8% 39,1% 38,9% 10,49 38,4% 38,2% 38,1% 37,9% 37,7% 37,6% 37,4% 37,2% 37,0% 36,9% 36,7% 36,4% 36,5% 36,2% 35,9% 36,0% 35,5% 35,7% 9,59 35,3% 35,2% 35,0% 34,8% 34,7% 34,3% 34,5% 34,1% 34,0% 33,8% 33,6% 33,5% 33,1% 33,3% 32,8% 32,6% 32,4% 33,0% 8,72 32,3% 32,1% 31,9% 31,8% 31,6% 31,4% 31,2% 30,7% 30,6% 30,9% 31,1% 30,4% 29,9% 30,0% 30,2% 29,7% 29,4% 29,5% 29,0% 29,2% 28,9% 28,7% 4 7,68 28,5% 28,3% 28,2% 28,0% 27,8% 27,7% 27,5% 26,8% 27,1% 27,0% 27,3% 26,6% 26,5% 26,3% 26,1% 26,0% 25,8% 25,6% 25,4% 25,3% 25,1% 24,9% 24,8% 24,6% 24,4% 23,7% 23,9% 24,1% 24,2% 23,2% 23,4% 23,6% 22,5% 22,7% 23,0% 22,9% 22,2% 22,0% 21,9% 22,4% 21,3% 21,5% 21,7% 20,7% 21,0% 21,2% 20,8% 20,5% 20,3% 20,1% 19,5% 20,0% 19,6% 19,8% 18,8% 19,1% 19,3% 19,0% 18,6% 18,3% 18,4% 17,6% 17,9% 18,1% 17,8% 17,4% 17,2% 17,1% 16,9% 16,4% 16,6% 16,7% 16,2% 16,0% 15,9% 15,7% 15,5% 15,4% 15,2% 14,5% 14,9% 14,7% 15,0% 2 14,2% 14,0% 14,3% 13,8% 13,7% 13,5% 13,3% 13,1% 13,0% 12,8% 12,6% 12,3% 12,5% 12,1% 12,0% 11,6% 11,8% 11,4% 10,9% 11,3% 11,1% 10,8% 10,6% 10,4% 10,2% 9,6% 9,9% 9,7% 10,1% 9,2% 9,0% 8,9% 9,4% 8,4% 8,7% 8,5% 7,9% 8,0% 8,2% 7,7% 7,3% 7,2% 7,0% 7,5% 6,8% 6,5% 6,7% 6,1% 6,3% 6,0% 5,8% 5,6% 5,3% 5,5% 5,1% 5,0% 4,8% 4,6% 3,9% 4,3% 4,1% 4,4% 3,6% 3,4% 3,8% 3,2% 3,1% 2,9% 2,7% 2,2% 2,4% 2,0% 2,6% 1,9% 1,7% 1,5% 1,2% 1,0% 0,9% 1,4% 0,7% 0,5% 0,3% 0 0,2% 0,0% Medium-term Wind down plan Wind down plan Wind down plan 2016 2017 2018 planning 2015 published in August 2016 published in August 2017 published in June 2018 published in October 2015 • Due to the remarkable wind down performance so far HETA was able to revise up the expected overall recovery amount again Based on the existing plan HETA expects to recover overall approx. € 10,5bn as of YE 2023 , reflecting a quota • of 81,3% for all senior creditors Currently HETA is updating the wind down plan within a further increase of the recovery amount is expected. The • updated wind down plan is expected to be finalized in May 2019. B RIEF PRESENTATION ON THE FINANCIAL R EPORT 2018 | 5
C ONTENT I. Executive Summary II. Main Achievements III. Outlook B RIEF PRESENTATION ON THE FINANCIAL R EPORT 2018 | 6
H IGHLIGHTS A CHIEVEMENTS 2018 Implementation of a 2 nd interim distribution amounting to € 2,4bn 2 nd interim distribution Therewith € 7,9bn have been distributed overall so far (63,112%) Settlement of all claims and therewith reduction of complexity Reduction of BayernLB-claims down to € 2,4bn ; additional comparative Settlement with amount of € 250m in favor of HETA BayernLB Payment of guarantees in the amount of € 1,4bn in December 2018 Write off of the liabilities regarding liability remuneration for the subordinated Settlement with bond and transfer of € 264m to the OeNB-account Republic of Austria Positive impact on quota (ca. +2,6%) due to reduced basis of BaSAG-liabilities Settlement of disputable liability fee 2011 with a positive impact on HETA in Settlement with single-digit millions Carinthia Payout of € 9,3m and transfer of art in 2019 Significant reduction of pending legal cases from 6.136 cases as of YE 2017 Legal cases down to 2.135 as of YE 2018 1 Reduction of participations from 83 down to 53 legal entities Participations 1 excl. legal cases belonging to entities and portfolios up for sale B RIEF PRESENTATION ON THE FINANCIAL R EPORT 2018 | 7
C OUNTRY EXITS S TATUS SALES PROJECTS & O VERVIEW HETA-C OUNTRIES Projekt Type Signing Closing Status SERBIA Share Deal / Country exit 13.07.2018 20.12.2018 Vantage Status of sale BOSNIA Share Deal & Asset Deal / small remaining portfolio 17.05.2018 25.02.2019 1 transactions Bolero MONTENEGRO Share Deal / Country exit¹ 20.11.2018 18.03.2019 Tara CROATIA Share Deal & Asset Deal / small remaining portfolio 15.01.2019 Q2 2019 Solaris SLOVENIA Share Deal / Country exit 2 2019 2019/2020 Lara 1 Closing of Share deal done, Closing of Asset Deal scheduled for March 2019 / 2 Alternatively sale of (sub-)portfolios Status as of 31.12.2018 Status as of 31.12.2017 UKR UKR D D AUT Remaining HUN AUT HUN SLO HETA-Countries SLO KRO KRO ITA ITA SER BiH SER BiH BUL BUL MNE MNE MKD MKD sold remaining in liquidation / start of liq. soon Closing of sale soon B RIEF PRESENTATION ON THE FINANCIAL R EPORT 2018 | 8
C ONTENT I. Executive Summary II. Main Achievements III. Outlook B RIEF PRESENTATION ON THE FINANCIAL R EPORT 2018 | 9
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