JSC Reverta nine months unaudited financial statement

In the first nine months of 2016 joint-stock company Reverta recovered EUR 54.3 m through the restructuring and sales of distressed assets, as compared to EUR 34.6 m at the same period last year. State Treasury received EUR 42.7 m, which is twice as much as during the same period in 2015.  

„The better than expected outcome can be explained by the completion of several large and complex deals in Latvia and abroad. We have been fighting hard for the completion of these projects already since 2010 and have encountered both counteractions by clients and slowness and deficiencies of the Latvian judicial system. Consequently, I can say that in 2016 we are gathering fruit of many years of hard work,” stresses Solvita Deglava, Chairperson of the Management Board of Reverta.

Between 1 August 2010 and 30 September 2016, Reverta has recovered EUR 720.4 m from the restructuring of distressed loans, sales of bonds, and disposal of real estate properties, of which EUR 409.3 m was direct payments to the State Treasury. In addition to that, Reverta has disbursed term deposits, interest on subordinated capital and other big volume payments. Overall, in the form of various payments the State has received from Reverta EUR 653.3 m.  

Reverta’s losses in the first nine months of this year were in the amount of EUR 26.8 m, as compared to EUR 32.6 m at the same period last year. As before, the loss comprises provisions for the impairment in distressed asset value and large interest payments to the State Treasury on the State aid provided for Parex Banka. During the nine months of 2016 Reverta’s interest payments to the Treasury amounted to EUR 12.7 m.

On 30 September 2016 Reverta’s total assets were EUR 91.1 m.
     
For additional information:
Reverta is a distressed assets manager, the main competencies of which are loan restructuring, debt recovery and real estate management.
To learn more about Reverta, please visit our web page: www.reverta.lv.

For more information contact:
Marita Ozoliņa
Head of Communication and Marketing Department
Tel.: 67779142 or 29287169
E-mail: marita.ozolina@reverta.lv