Teksts
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Unaudited financial results of joint-stock company Reverta for
2016 (hereinafter also referred to as the Reporting Period) show
that funds recovered in 2016 amount to EUR 74.1 m, as compared to
EUR 61.3 m over the same period in 2015. This is a result of
several large projects having been completed in Latvia, Lithuania,
Estonia, and Russia after many years of work.
The largest projects completed in 2016 were the Lithuanian loan
project (EUR 10.6 m), Meridiane – a valuable land plot in Tallinn
(EUR 9 m), the reconstruction, lease and subsequent sales of the
central office building of airBaltic (EUR 6.19 m), and the sales of
a commercial property at Frunzenskaya Naberezhnaya in Moscow (EUR
2.3 m).
During the Reporting Period, Reverta has repaid the State Treasury
EUR 60 m, of which EUR 40 m was used to repay the principal, and
EUR 20 m was used to repay the interest on State aid granted to
Parex Bank.
‘2016 was a difficult but also successful year because after many
years of sustained efforts we managed to conclude several
complicated projects outside Latvia. As a result, since August 2010
till the end of 2016, we have recovered EUR 740 m or 66 per cent of
all assets received from Parex Bank,’ points out Solvita Deglava,
Chairperson of the Management Board of Reverta.
‘Already since the start of our operation we have been informing
supervisory authorities and the wider public that loss will have to
be recognised and the recovery of the State aid in its entirety
would be a miracle. Nevertheless, we have done everything in our
power to recover as much as possible and to reduce loss. The amount
of the recovered State aid will depend on what will be the
conclusion of the commenced sales process of the remaining
difficult assets,’ says Solvita Deglava.
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 Reverta’s loan and real estate portfolios. After
having examined data available on Reverta’s virtual data room,
seven potential investors made non-binding bids. In line with the
recommendation of the consultant KPMG Baltics, four best tenderers
were invited to participate in a more thorough examination of
Reverta’s loan portfolio.
At the end of the Reporting Period Reverta’s total asset portfolio
was EUR 57.2 m – as a result of an intensive workout, over a year
Reverta’s assets have decreased by EUR 87,4 m or 60 per
cent.
Additional information:
Reverta’s main competencies are loan restructuring, debt recovery
and real estate management. According to the Restructuring Plan
approved for Parex banka by the
European Commission, Reverta’s economic activities will be
discontinued at the end of 2017. By this term Reverta has to
complete sales of its portfolio and cease all operations.
To learn more about Reverta, please visit our web page:
www.reverta.lv.
For more information contact:
Marita Ozoliņa
Head of Communication and Marketing
Tel.: 67779142 or 29287169
E-mail: marita.ozolina@reverta.lv
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