Teksts
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The unaudited financial report of joint-stock company Reverta
shows that the company has succeeded in overcoming obstacles
created by unfavourable external conditions and in completing the
year 2015 with good performance results. Reverta has repaid EUR 53
m to the State Treasury, of which EUR 30.7 m was the repayment of
the principal amount and EUR 22.3 m was interest on the State aid
provided for Parex Banka. In 2015 Reverta recovered EUR 61.3 m from
the restructuring and sale of distressed assets.
In line with the Restructuring Plan, which envisages termination of
all Reverta’s operations by the end of 2017, during the reporting
period the company continued persistent work on the restructuring
of the distressed assets portfolio. As a result of this, at the end
of 2015 Reverta’s total assets were EUR 144.6 m, as compared to EUR
220.3 m on 31 December 2014.
The Chairperson of the Management Board of Reverta Solvita Deglava
points out: “Reverta’s operation is being gradually downsized and
amended to suit the reducing assets, including, the staff numbers
have been decreased two times since the beginning of Reverta to
ensure that the company’s high efficiency is retained. Calculations
show that each employee has recovered from the distressed assets
approximately EUR 6 m.”
Since 1 August 2010, the State has received from Reverta a total
amount of EUR 610.8 m in the form of various payments, of which EUR
366.6 m was paid directly to the State Treasury. In addition to
this, Reverta has also disbursed term deposits, interest on
subordinated capital and other big volume payments.
Solvita Deglava underlines: “We continue to do our best to recover
as much State money as possible. It is not an easy task in view of
the significant impact made both by the Russian crisis and the
economic situation in Latvia and Europe. Besides, only the most
complicated assets are left in our portfolio as all other
distressed assets have been already restructured and disposed of
during the five years of Reverta’s operation.”
Overall, Reverta has rcovered EUR 666.2 m from the restructuring of
distressed loans, sales of bonds, and disposal of real estate
properties.
For additional information:
Joint-stock company Reverta is one of the largest distressed asset
managers in the Baltic countries. Since 1 August 2010 Reverta has
recovered more than EUR 666.2 m from the restructuring and sales of
distressed assets.
Following a request by the Latvian Privatisation Agency, KPMG
Baltics is currently analysing the situation in the distressed
asset market in order to provide recommendations on future disposal
strategy of Reverta, including potential sales strategies along
with a justified opinion on whether there are grounds to reconsider
the existing sales strategy.
To learn more about Reverta, please visit our web page:
http://www.reverta.en
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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