Emitents | Reverta, AS (iepriekšējais nosaukums - Parex banka, AS) (097900BHBR0000064855) |
Veids | Finanšu pārskati |
Valoda | EN |
Statuss | Publicēts |
Versija | |
Datums | 2013-08-29 13:18:33 |
Versijas komentārs | |
Teksts |
Semi-annual performance data of 2013 compiled by Joint-Stock
Company Reverta show that recovery of economy brings an ever
increasing proportion of total recoveries from disposal of real
estate portfolio objects, which has reached historically highest
mark during the reporting period – EUR 14m. At the same time,
Reverta is still forced to fight for recovery of particularly
complicated debts in Russia and to pay interest on subordinated
loans to the former owners of Parex banka and their family members
– these payments amounted to EUR 2.3m during the first half of the
Year 2013. Semi-annual performance data of 2013 compiled by Joint-Stock
Company Reverta once again show ability of the Company to work in
line with aims and tasks set out and approved by the Restructuring
Plan. The only measure of Company’s performance is the amount of
funds recovered for the State budget, and, in accordance with the
Restructuring Plan, no profit can be expected in future. Although the distressed loans recovery process becomes more
complicated because of various circumstances, Reverta has recovered
EUR 35.8m during the reporting period. Like in previous periods,
funds necessary to repay the State Aid were mostly recovered from
restructured loans. Whereas income from sales of real estate
properties during the reporting period has reached EUR 14m
(compared to EUR 3m at the same period last year). Christopher Gwilliam, Chairman of the Management Board of
Reverta says: “The decision to form Reverta’s own team of real
estate sales specialists has fully proved itself to be right, and
it has allowed for a significant return from the real estate
portfolio. Recovery of economy has also had a positive impact on
our performance. But, in spite of the positive signals we see, our
largest challenges are those of recovering bad debts in Russia, as
well as our complicated obligations towards former owners of Parex
banka and their family members, which are causing losses not only
to Reverta but also the State.” Reverta’s distressed loans portfolio, EUR 387.8m as of 30 June
2013, consists of Baltic and CIS debts. Approximately 60% of all
debts are those of Latvian origin. A particularly complicated
matter is that of recovering some debts of notable amount in
Russia, for example, in the matter of Severorgsintez, where the
amount of outstanding liabilities is USD 108m, and Reverta has
encountered a grave discrimination of foreign investors and
violation of laws, which causes heavy losses to Reverta, the total
amount of which cannot be established yet. |
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