Attīstības finanšu institūcija Altum
Interim report (Q1 and Q3)
JSC Development Finance Institution Altum unaudited interim condensed report for the nine-month period ended 30 September 2019
Inside information, 2019-11-29 11:11 CET --
JSC Development Finance Institution Altum Group’s (hereinafter – Altum Group) outstanding financial instruments portfolio (gross) is of 588 million euros as at 30 September 2019, comprised by 21,403 contracts, including:
• guarantees portfolio of 283 million euros, the total number of contracts 14,832;
• loan portfolio of 240 million euros, the total number of contracts 6,342;
• investments in venture capital funds for the total amount of 66 million euros, the total number of projects financed by funds – 229.
Since the beginning of the year, Altum Group’s financial instruments portfolio has grown by 14.5% (75 million euros) in terms of volume and by 17.1% (3,123 projects) in terms of the number of projects. Among financial instruments, the fastest growth is seen in the guarantees portfolio, which has grown by 19.3% (46 million euros) in terms of volume and by 24.4% in terms of the number of projects.
In 9 months of 2019 Altum Group has operated at 6.98 million euros profit.
Reinis Bērziņš, CEO of ALTUM:
“This year within a nine month period the volume of the financial instrument portfolio has increased in all segments reaching the largest volume of new transactions in SMEs and Mid-cap segment. During recent years we have significantly improved the range of the financial instruments in this segment including the focusing on financing the small and medium-sized enterprises in the regions. The loan programme funded by resources attracted by green bonds for improving the energy efficiency of enterprises as well as the small loan programme for rural areas that is a growing and perspective segment should be highlighted. An ambitious development of the product range and a continuous improvement of the efficiency of an enterprise has resulted in an increase of the financial instrument portfolio from EUR 350 million to almost EUR 600 million during less than 5 years as well as it has helped to gain a good financial result during the reporting period.”
JSC Development Finance Institution Altum is a Latvia state-owned company 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 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 listed on a regulated market – Baltic Bond List of Nasdaq Riga. ALTUM was the winner of Stock Exchange Event of the Year award in Nasdaq Baltic Awards 2019.
AS Attīstības finanšu institūcija Altum Investors Relationships Division
Tel.: +371 67774023, +371 26165699