KEDIPES net cash inflow at €114.3m in Q4 2024

President of the Board of Directors of the Cyprus Asset Management Company Ltd (KEDIPES) Lambros Papadopoulos said that net cash inflow for the fourth quarter of 2024 amounted to €114.3 million.

He also described the signing of the preliminary agreement with Hellenic Bank for the termination of the Loan Guarantee Scheme and the repurchase of the relevant portfolio of non-performing loans as "an important development for KEDIPES."

Presenting the results for the fourth quarter of 2024 and the preliminary results of the first quarter of 2025, Papadopoulos described the net cash inflow for the fourth quarter of 2024 as “satisfactory and within the framework of KEDIPES’ business plan”.

He pointed out that a recovery in operations is expected in the remaining of 2025 after the low returns of the first quarter, which amounted to €72 million.

Meanwhile, according to a KEDIPES press release, cash inflow for the 4th quarter of 202 showed a significant increase of 26.4% compared to the 3rd quarter of 2024, while total inflow amounted to €460.4 million for 2024.

It is added that the loan solutions for the 4th quarter amounted to €232 million with restructurings (€57 million) and other consensual solutions, at 87% of the total solutions.

The press release says that the cumulative cash inflow from the start of operations of KEDIPES on September 1, 2018 until March 31, 2025 amount to € 2,636 million, with the total deleveraging excluding contractual loan interest, being over 46%.

In addition, Director of Financial Management of KEDIPES, Lambros Papalambrianou, said that cash flows are the most important indicator for the performance of KEDIPES.

Through these flows, he noted, they cover the costs of managing assets, and thus the repayment of state aid is ensured. He noted that for 2024, cash flows increased by €460 million, resulting in a cumulative total of €2,564 million.

This revenue, he said, was achieved by deleveraging approximately 45% of the assets under management.

Papalambrianou noted that of the total amount of €2,564m, €1,470m have already been allocated for the repayment of state aid, a percentage that corresponds to approximately 57%.

Furthermore, he said that the current repayment rate of state aid ranges from 65% to 70% of revenue. He also said that with the €40 million paid in the first quarter, the total amount that has been allocated for repayment now amounts to €1,510 million.

He said that if the €100 million that constitute a reserve for the “Rent vs. Installment” Plan are also included, as well as the €130 million in immovable properties that have been pledged for transfer to the state, the total amount reaches €1,740 million.

Concluding, he said that this corresponds to 49% of the state aid given in 2018.