In the fourth quarter of 2024, the portfolio of KEDIPES, a company specialising in asset management, increased by 114.3 million euros.
Compared with the third quarter of 2024, this represents an increase of 26.4%. On a year-on-year basis, there was a decrease of 11.8%.
In turn, the total cash inflows for the 12 months of 2024 amounted to 460.4 million euros. KEDIPES' cumulative cash inflows since inception (9 January 2018 to 31 December 2024) amounted to €2.564 billion.
Operating and asset management expenses totalled €26.3 million in Q4 2024, up 9.3% from €24.1 million in Q3 and down 16.8% year-on-year. This compares with operating expenses of € 31.7 million in the fourth quarter of 2023. Annualised income from loan and property management in 2024 amounted to €2.478 million, or 30.8% of the nominal value of the loan and property portfolio of €8.051 million as of 9 January 2018.
Strong buyer interest contributed significantly to doValue's campaign to promote mid-market properties.
The cumulative proceeds from the sale of properties through it totalled € 231.5 million in the fourth quarter of 2024, compared to € 123.6 million in the third quarter of 2024 and € 231.7 million in the fourth quarter of 2023.
The cumulative cash inflow from the inception of KEDIPES to the fourth quarter of 2024 was €4,557 million, or 61.8% of the original loan balance of €737.1 million.
Assets at the end of the fourth quarter of 2024 increased to €6,049 million. This included €191 million in cash, €384 million in real estate and €672 million in serviced loans.
The total gearing from the start of operations to the fourth quarter of 2024 was 263.7%. Excluding interest capitalisation, total gearing since inception was 45.0%.
Regarding the repayment of state aid, it should be noted that it amounted to € 310 million in cash in 2024, while a provision of € 100 million in cash is maintained to finance the rent-to-own scheme. KEDIPES is also expected to repay a new state aid of €40 million for the first quarter of 2025.