Published: 2019-04-01 15:53:38 CEST
Attīstības finanšu institūcija Altum
Annual Financial Report

Audited JSC Development Finance Institution Altum Consolidated and Separate Annual Report for the year ended 31 December 2018

Inside information, 2019-04-01 15:53 CEST -- According to the audited report in 2018 JSC Development Finance Institution Altum Group (hereinafter – Altum Group) has operated at 4.092 million euros profit. The parent company of the Group - JSC Development Finance Institution Altum (hereinafter – the Company) recorded a profit of EUR 4.462 mln.

In order to eliminate the differences between consolidated and separate (the Company’s) financial statements the financial accounting principles for investments in venture capital funds have been unified as of 2018.

The volume of the guarantees portfolio exceeded the volume of the loan portfolio in the 2nd quarter of 2018, which is in line with the objective of Altum Strategy set for 2016 – 2018: to substantially increase the volume of operations by shifting the focus toward indirect financial instruments (guarantees).


Reinis Bērziņš, CEO of Altum:

The successful performance of Altum during the last year is an indicator of gradual economic growth of Latvian business community and people, facilitated by our funding, understanding and service. Good financial performance is achieved thanks to increasing business volume and cost-efficiency.

Continuing our course of action, in the current year we aim at becoming increasingly effective by optimising programme management costs and making the customer application assessment more effective as well by focusing on sustainable fund raising for financial instruments.

In March of this year, the credit rating agency Moody’s re-affirmed the long-term credit rating of Altum to the high Baa1 level and upgraded the baseline credit assessment to baa3. This shows the Altum growth, realizing the special role in the field of financial services. At the same time such rating improves our efficiency in dealing with investors and in our ability of raising funds in capital markets for financing sustainable business projects that are vital for the national economy.”

Altum is a state-owned company of Latvia that ensures access of the enterprises and households to the financial resources by means of support financial instruments - loans, guarantees, investments in venture capital funds - in the areas defined as important and to be supported by the state, thus developing the national economy and consequently enhancing mobilization of the private capital and financial resources. On 25 March 2019 Moody’s Investors Service (Moody’s) reconfirmed Altum’s Baa1 long-term issuer rating, with outlook stable. The baseline credit assessment (BCA) was upgraded to investment grade rating baa3. The assigned Moody’s rating of Altum is one of the highest credit ratings assigned to corporate entities in Latvia. On 24 October 2017 the bonds issued by Altum were quoted on a regulated market – Baltic Bond List of Nasdaq Riga.

         Laura Lapkovska
         AS Attīstības finanšu institūcija Altum Investors Relationships Division
         Tel.: +371 67774023, +371 26165699