The unaudited financial report of joint-stock company Reverta shows that the company has succeeded in overcoming obstacles created by unfavourable external conditions and in completing the year 2015 with good performance results. Reverta has repaid EUR 53 m to the State Treasury, of which EUR 30.7 m was the repayment of the principal amount and EUR 22.3 m was interest on the State aid provided for Parex Banka. In 2015 Reverta recovered EUR 61.3 m from the restructuring and sale of distressed assets.
In line with the Restructuring Plan, which envisages termination of all Reverta’s operations by the end of 2017, during the reporting period the company continued persistent work on the restructuring of the distressed assets portfolio. As a result of this, at the end of 2015 Reverta’s total assets were EUR 144.6 m, as compared to EUR 220.3 m on 31 December 2014.
The Chairperson of the Management Board of Reverta Solvita Deglava points out: “Reverta’s operation is being gradually downsized and amended to suit the reducing assets, including, the staff numbers have been decreased two times since the beginning of Reverta to ensure that the company’s high efficiency is retained. Calculations show that each employee has recovered from the distressed assets approximately EUR 6 m.”
Since 1 August 2010, the State has received from Reverta a total amount of EUR 610.8 m in the form of various payments, of which EUR 366.6 m was paid directly to the State Treasury. In addition to this, Reverta has also disbursed term deposits, interest on subordinated capital and other big volume payments.
Solvita Deglava underlines: “We continue to do our best to recover as much State money as possible. It is not an easy task in view of the significant impact made both by the Russian crisis and the economic situation in Latvia and Europe. Besides, only the most complicated assets are left in our portfolio as all other distressed assets have been already restructured and disposed of during the five years of Reverta’s operation.”
Overall, Reverta has rcovered EUR 666.2 m from the restructuring of distressed loans, sales of bonds, and disposal of real estate properties.
For additional information:
Joint-stock company Reverta is one of the largest distressed asset managers in the Baltic countries. Since 1 August 2010 Reverta has recovered more than EUR 666.2 m from the restructuring and sales of distressed assets.
To learn more about Reverta, please visit our web page: http://www.reverta.en
For more information contact:
Marita Ozoliņa
Head of Communication and Marketing Department
Tel.: 67779142 or 29287169
E-mail: marita.ozolina@reverta.lv
