The fifth annual financial statements report for the period of operation of TMEDE was announced today, from 01/01/2021 to 31/12/2021, after the completion of the audit of the Independent Chartered Accountants and the issuance of the respective audit report, without any reservations. .
As mentioned in the announcement, observing the statutory provisions and applying the International Financial Reporting Standards, the fifth financial year of operation of TMEDE, from 01/01/2021 to 31/12/2021, reflects the steady upward course of the Fund since its establishment, as a result of its development strategy, the expansion of its turnover and the achievement of positive results.
Indicative of the dynamics of the Fund, but also of its decisive contribution, as a guarantee and credit body, in the development course of the sector, is, as mentioned in the announcement, the doubling of profitability before taxes, combined with the increase of revenues by 5 , 42% and the significant increase in the issuance of new letters of guarantee of good performance compared to the previous year.
In particular, despite the upheaval that the pandemic continues to produce, but also in the midst of the geopolitical implications of the war in Ukraine, the Fund has been able to increase its turnover, albeit by reducing the supply of letters of guarantee to its members. in 2021 to 8.978 million euros compared to 8.517 million euros in 2020, maintaining the same positive levels of EBITDA, amounting to 1.57 million euros, while achieving a significant increase in pre-tax profits in 2021, which reached 11.4 million euros, compared to 5.9 million euros in 2020. It is noted that the group’s Equity amounts to 168 million euros, increased by 0.55% compared to the previous year.
As mentioned among others by TMEDE:
• Created in collaboration with the Hellenic Development Bank the “EAT-TMEDE Guarantee Fund”, from which each beneficiary can receive working capital, through bank lending, for an amount of up to 200,000 euros, with the Fund assuming part of the credit risk by providing a guarantee to the banks for 80% of the financing. In fact, this is the first partnership of EBA with a private institutional body. During the first 3 months of operation of the EAT-TMEDE Fund, more than 23 million euros have been disbursed and put on the market, an amount that corresponds to covering over 34% of the total available portfolio.
• Established a new microfinance company “TMEDE Microfinance Solutions”, receiving the relevant operating license from the Bank of Greece. Through an innovative tool it responds decisively to the needs of its members for seamless access to liquidity solutions, especially for those who are just starting their careers.
• Ensured the development of Atticabank Properties SA, implementing, as its 100% shareholder, a new business plan, implementing a new forward-looking investment plan, amounting to 0.5 million euros for 2021.
• Actively participates, together with the American investment fund Ellington, in the complete transformation and development of Attica Bank through its privatization on market terms.
• In the midst of COVID-19, it strengthened its remunerative actions, through significant upgrades of the Group Insurance of its members, offering, among other things, new insurance benefits with a simultaneous reduction by 32% of their costs. In addition, it reduced again by 30% the amount of the commissions of the letters of guarantee of good execution, for the quarter 01/01/2021 – 31/03/2021.
At the same time, it explores the utilization of new financial tools and instruments to strengthen guarantee and credit resources, through the AECM, the European Investment Fund (EIF) and other bodies, in collaboration with the Ministry of Development and the Hellenic Development Bank (EBA).