Teksts
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Thanks to the efficient management in the existing difficult
market situation, Reverta’s performance during 2012 has been in
line with the approved Restructuring Plan and the Company has
managed to meet the key target of the year repaying to the Treasury
EUR 89.7m. Of that, EUR 28.5m was paid as interest on State Aid,
and EUR 61.2m was used to repay the principal amount of the State
Aid.
Overall, since 01st August 2010, EUR 100.5m has been repaid to the
Treasury. In addition to that, in 2011, Reverta also repaid State
guaranteed syndicated loan in the amount of EUR 234m.
“The results achieved clearly show the suitability of the chosen
strategy and the ability of Reverta to achieve optimum results in
complex and even extreme situations. It should be noted that
repossession and sales of real estates are taking up a more and
more important part of Reverta’s business, but the general
macroeconomic situation, the purchasing capacity of people,
deficiencies of certain laws and especially lengthy litigations are
considerably influencing the performance of the Company. The
lengthy litigations make it impossible to sell pledged properties
in a timely manner. As a result, quite often, the value of the
repossessed objects has decreased even by 70%,” says Christopher
Gwilliam, Chairman of the Management Board of Reverta.
The limited possibilities to realise distressed assets affects the
level of the Company’s losses. Reverta ended the year with a EUR
137.7m loss, of which, 77% was related to losses in values of
loans. Losses were already envisaged by the Restructuring Plan for
the whole duration of the Company. It should be noted that the
measure of the activities of Reverta is the amount of funds
recovered – according to the specifics of the Company’s activities
no revenue is to be expected, only recovery of funds in most
optimum amounts.
At the end of 2012, the repossessed real estate portfolio had
increased up to more than 1000 items. Notwithstanding the many
negative factors, overall Reverta has recovered EUR 107m from its
distressed assets portfolio by the end of the reporting period, and
more than EUR 419m since August 2010.
Additional information:
Reverta is the largest distressed assets manager in Baltic
countries. The main competencies of the Company are loan
restructuring, debt recovery, and real estate management.
Reverta
has recovered more than EUR 450m from development and sales of
distressed assets between 01st August 2010 and 28th February
2013.
To learn more about Reverta, please visit the Company’s web page:
www.reverta.lv.
For additional information contact:
Marita Ozolina
Head of Communications and Marketing Department
Phone: 67779142 or 29287169
E-mail: marita.ozolina@reverta.lv
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