Teksts
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The unaudited performance results 2013 of JSC Reverta show that the
Company continues to perform in line with the Restructuring Plan
and has recovered more than half a billion euros (EUR 511.7m) from
the distressed loans portfolio since 01 August 2010.
In 2013, EUR 57.3m has been paid to the State Treasury in repayment
of State Aid. This sum comprised the principal in the amount of EUR
32.2m and the interest in the amount of EUR 25.1m. The total of the
cash funds recovered through the management of the loan portfolio
and the realisation of the assets of Reverta was EUR 86.9m.
Overall, since 01 August 2010 to the end of 2013, Reverta has paid
EUR 157.8m to the Treasury in repayment of State Aid to Parex
banka. In addition the Syndicated Loan of Parex banka (which was
State guaranteed) of EUR 234m was repaid in term and in full
together with interest of EUR 10.6m. The repayment to the Treasury
has started a year earlier and has been made in a larger amount
than envisaged in the Restructuring Plan.
“Since the beginning of Parex banka/Reverta on 01 August 2010, we
have recovered more than half a billion euros. The result achieved
clearly shows the appropriateness of our chosen strategy. The
management of the remaining loans becomes more and more complicated
and time-consuming because the comparatively more ordinary loans
have already been realised and the remaining ones are characterised
by lengthy court proceedings, distinct repayment difficulties and
counteractions of some defaulting borrowers. Nevertheless, we
expect to be able to make repayments to the Treasury in 2014 at
least in the amounts of the year 2013,” says the Chairperson of the
Management Board of Reverta Solvita Deglava.
With the income level of the general population gradually
stabilising and even starting to grow, the well-considered sales
strategy has allowed for recovery of EUR 37.8m from the real estate
portfolio, and this is the best real estate sales performance since
the beginning of Parex banka/Reverta on 01 August 2010.
The reporting period ended with a EUR 136,4 m loss, which reflects
the underlying nature of the Company and the approved Budget 2013.
As in years before, the loss mostly comprises provisions for
impairment of the loan portfolio and net interest expense.
“There are also significant differences observed in the historical
value of the collaterals pledged in favour of Parex banka and their
current and actual market value – quite often the value has
decreased even by 90 per cent,” points out Solvita Deglava.
A significant amount of interest – an average of EUR 4.3m per year
– is paid on the sub-debts (the subordinated capital). The largest
part of these payments is made to persons associated with the
former Parex banka.
At the end of 2013, the total assets of Reverta were EUR 339.5m. As
a result of a successful loan restructuring and recovery, the net
balance sheet value of the loan portfolio has decreased to EUR
276,1 m.
For additional information:
Reverta is a distressed assets manager, the main competencies of
which are loan restructuring, debt recovery and real estate
management.
As of today, the Privatisation Agency of Latvia holds 84.15% of
Reverta’s shares, the European Bank for Reconstruction and
Development – 12.74% of shares, and the rest – 3.11% of shares
belong to other shareholders.
To learn more about Reverta, please visit the corporate web-page of
the Company: www.reverta.lv.
For more information, contact:
Marita Ozoliņa
Head of Communication and Marketing Department
Tel.: 67779142 or 29287169
E-mail: marita.ozolina@reverta.lv
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