Teksts
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Audited financial results of Reverta for 2016 are the same
as unaudited financial results published on 28 February 2017.
Audited 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. 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.
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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