Teksts
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The Management Reverta (until 10 May 2012 known as Parex
banka) is pleased to report results for the first quarter of 2012.
We continued to meet objectives and accomplish tasks set forth, at
the same time implementing new business solutions in the area
of loan restructuring.
Owing to the success in loan restructuring Reverta was able to
repay LVL 8 million to the Ministry of Finance sooner than
envisaged in the Restructuring plan.
All in all, economic activity of Reverta has been in compliance
with the Restructuring plan and the reporting period was closed
with LVL 7.6 million in losses as planned. Similarly as before,
losses consist mainly of two items: provisions for unsecured loans
and interest expenses exceeding interest income. In comparison with
first quarter of 2011 when provisions were reduced by LVL 6
million, respective accounting period of 2012 presents additional
provisions of LVL 700,000. Net interest expenses during the
accounting period have reduced by LVL 1.2 million if compared with
the respective period of 2011 which is due to the syndicated loan
repayment (LVL 164 million) made last year.
Considering that loan portfolio of Reverta consists of distressed
loans with permanent payment discipline problems, debt recovery is
intensive. By the end of the accounting period experts of Reverta
Litigations Division worked on more than 2500 loan cases in
different stages.
In the current economic environment, and after several years of
intensive recovery work, Management believes we are entering a very
challenging phase in the corporate recoveries. We have employed a
strategy designed to minimize dependence on the State, but now we
are approaching the end of legal processes in a number of cases
where the final recoveries will be crystallized. It is clear that
substantial losses will need to be recognized.
Since distressed assets are gradually turned into recovered assets,
mainly – real estates, more and more attention is paid to
profitable disposal of them. Sale of real estates has been
activated in various market segments – economic and premium class
apartments, private house villages and development projects. During
the accounting period a modern sales platform was launched on web
site www.reverta.lv, as well as recruitment of a real estate sales
team. Growth in sales proves that such decision was correct. During
the reporting period we observed significant increase in the number
of real estate transactions.
Several significant and awaited decisions were taken during the
accounting period thus successfully closing the main stages for
transforming Reverta into professional distressed loan management
company:
- On March 15, 2012 the Financial and Capital Market
Commission approved the request of Reverta, at that time – Parex
banka, and annulled its banking licence;
- On April 27, 2012 Shareholders’ meeting of former
Parex banka approved the new company name Reverta, by making
respective amendments to the articles of association.
It has to be noted that change of status has not altered amount and
structure of clients’ obligations – Reverta will continue to use
every possible and legitimate tool to recover the state aid.
Main events after the end of the accounting period
May 10, 2012 was the first day for Reverta as a – the distressed
asset management company with an asset portfolio worth almost a
billion euro. The new brand and modern website not only mark
changes in the visual identity of the company, but also portrays
its status change.
On May 14, 2012 Reverta made the payment to the Ministry of Finance
ahead of the planned schedule. The payment was transferred in two
parts and amounted to EUR 25.2 million. Of that sum, EUR 8.4
million was paid in respect of interest for state obligations
and EUR 16.8 million capital repayment. Consequently, during
first 5 months of 2012. Reverta has repaid EUR 36.6 million
in total to the Ministry of Finance. Since 1st August 2010 a
total of EUR 47.4 million has been repaid to the State, in
additional to the repayment of the syndicated loan of EUR 233.4
million.
For
more information:
Marita Ozoliņa-Tumanovska, Manager of
Communications and Marketing Department
Tel. +371-6777-9142 or (mob.) 29287169
marita.ozolina@reverta.lv
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