Today, Thursday July 10th 2014, the Hellenic Financial Stability Fund (HFSF)
announced its interim financial statements for the period ended 31 March 2014.
The main points of the report are:
1. Profit for the period was €1,445 million mainly due to the positive
revaluations of the Fund’s equity portfolio and the negative impact of the
increase of the valuations of the warrants.
2. Interest income was €19 million mainly from the EFSF bonds held by the
Fund.
3. There was no commission income in 2014 as there was no underwriting
activity.
4. Personnel and operating expenses were €1,480 thousand
5. Investment Securities net of accrued interest were €10,933 million
6. Cash and cash equivalents stood at €533m increased from €489m
on 31/12/2013 mainly as a result of recoveries from the liquidations.
7. The fair value of the Fund’s shareholdings in the four systemic banks was
€25.1 billion vs €22.6 billion at year end 2013.
8. The financial liability arising out of the warrants issued increased to
€3.4 billion from €2.3 billion at the year end.
9. Significant events in 2014 per systemic bank
- Piraeus Bank: a) The bank concluded a €1.75 billion share capital
increase through the issuance of 1,029,411,764 new common shares at
an issue price of €1.70 per share. Following the said share capital
increase the Fund’s shareholding in the bank decreased from 80.95% to
67.30%.
b) On 7/7/2014 the bank announced that 4,951,260 warrants were
exercised at an exercise price of €1.77, which corresponded to the sale of
22,160,707 shares (0.36% of the bank’s share capital). Following that the
Fund’s shareholding in the bank decreased from 67.30% to 66.93%. - Alpha Bank: a) The bank concluded a €1.2 billion share capital increase
through the issuance of 1,846,153,846 new common shares at an issue
price of € 0.65 per share. Following the issue of the new shares on 4/4/2014 the Fund’s shareholding in Alpha decreased from 81.71% to
69.90%.
b) On 10/06/2014 60,899,318 warrants were exercised at an exercise
price of €0.46, which corresponded to the sale of 451,179,721 shares
(3.53% of the bank’s share capital). Following that, the Fund’s
shareholding in the bank decreased from 69.90% to 66.36%.
- National Bank of Greece: The bank concluded a €2.5 billion share capital
increase through the issuance of 1,136,363,637 new common shares at
an issue price of €2.20 per share. Following the said share capital
increase the Fund’s shareholding in the bank decreased from 84.38% to
57.24%. - Eurobank: The bank concluded a €2,864 million share capital increase through the issuance of 9,238,709,677 new common registered shares at an issue price of € 0.31 per share. Following the said share capital increase the Fund’s shareholding in the bank decreased from 95.23% to 35.41%.
It should be noted that the Fund’s participations are fair valued and any volatility in
the market is reflected on the Fund’s balance sheet thus directly affecting its
profitability and its equity. As of today, July 10th 2014, the fair value of the Fund’s
shareholdings in the four systemic banks is €18.5 billion.
The Fund has also published its half year activities report for the period January –
June 2014.