Teksts
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H1 2016 financial statement of joint-stock company Reverta shows
recovery of EUR 38.1 m during the period, as compared to EUR 20.6 m
last year. Overall, since 1 August 2010 Reverta has recovered EUR
704.3 m from the restructuring and sales of distressed assets which
is more than 63 % of all distressed assets in its portfolio.
“On average, the value of real estate properties in the market has
decreased by approximately 50 % as compared to 2007/2008; whereas
real estate properties in Reverta’s portfolio often have lost even
up to 90 per cent of their initial market value. Thus, we can
assert that the recovered 63 per cent can be regarded as a very
positive outcome,” points out Solvita Deglava, Chairperson of the
Management Board of Reverta.
During H1 2016 Reverta has paid the State Treasury EUR 30.2 m which
is three times as many as in the same period last year. Of this
sum, EUR 21.5 m was used to repay the principal amount and EUR 8.7
m was used to repay the interest.
As Reverta has already informed, the first half of 2016 was marked
by the completion of several large and complex deals in Latvia,
Russia, Lithuania, and Estonia. For example, Reverta has concluded
a large and complex project in Russia, which had continued for
eight years, and has become a lawful owner of a 1000 m2 commercial
space on the prestigious Frunzenskaya Naberezhnaya in Moscow,
Russia. Reverta has also successfully completed the largest and
most complex loan project in Lithuania for the total deal amount of
EUR 10.6 m.
Since 1 August 2010, when Parex banka was restructured, the state
has received from Reverta more than EUR 641 m in the form of
various payments, of which EUR 397 m (as at 30 June 2016) was paid
directly to the State Treasury. In addition to that, Reverta has in
due time disbursed term deposits, interest on subordinated capital
and other big volume payments.
Notwithstanding the slow development of the real estate market of
Latvia, Reverta’s proceeds from the sales of real estate properties
were EUR 12.9 m during the first half of the year, thus exceeding
the results of the last year by EUR 7.2 m. The reason for this was
the reconstruction, lease and subsequent sale of the airBaltic
headquarters. The sales figures also benefited from the regular
revision of property prices.
As a result of the effective workout of assets, on 30 June 2016
Reverta’s total assets were EUR 104.5 m, as compared to EUR 194.9 m
at the same period last year.
After the reporting period, in August 2016 Reverta maid another
regular payment to the State Treasury in the amount of EUR 4 m,
thus a total of EUR 401 m has been already paid to the
Treasury.
For additional information:
Reverta is a distressed assets manager, the main competencies of
which are loan restructuring, debt recovery and real estate
management.
In order to implement the EC approved Restructuring Plan which
envisages completion of the workout of Reverta’s portfolio and
closing of all operations by the end of 2017, Reverta has signed an
agreement with KMPG Baltics for receiving expert’s advice on the
sales process of its loan and real estate portfolios.
In order to continue the work that already has been done and to
maximise proceeds from already commenced workout processes, the
workout of separate portfolio items will be carried on along with
the overall sales process until the final sale of the remaining
portfolio.
To learn more about Reverta, please visit our web page:
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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