Attīstības finanšu institūcija Altum
Financial Statement Release
JSC Development Finance Institution Altum unaudited interim condensed report for the twelve-month period ended 31 December 2019
Inside information, 2020-02-28 14:43 CET --
JSC Development Finance Institution Altum Group’s (hereinafter – Altum Group) outstanding financial instruments portfolio (gross) is of 592 million euros as at 31 December 2019, comprised by 22,022 contracts, including:
• guarantees portfolio of 284 million euros, the total number of contracts 15,615;
• loan portfolio of 240 million euros, the total number of contracts 6,166;
• investments in venture capital funds for the total amount of 67 million euros, the total number of projects financed by funds – 241.
Since the beginning of the year, Altum Group’s financial instruments portfolio has grown by 15.2% (78 million euros) in terms of volume and by 20.5% (3,742 projects) in terms of the number of projects. Among financial instruments, the fastest growth is seen in the guarantee portfolio, which has grown by 20% (47 million euros) in terms of volume and by 31% in terms of the number of projects.
In 12 months of 2019 Altum Group has operated at 8.1 million euros profit.
Reinis Bērziņš, CEO of ALTUM:
“In 2019, the volume of Altum’s financial instrument portfolio increased in all segments, reaching the largest new transaction volume in the SME and Midcap segment where in recent years the range of financial instruments was improved significantly, inter alia, focusing on the funding of companies in regions. In this context, both the energy efficiency programme for companies financed by funds raised by green bonds and micro-loan programme for rural areas, which is a growing and perspective segment, should be highlighted. In 2019, the average volume of new loans issued grew by 16% due to both the increased transaction amounts in the SME growth loan programme and the centralised procedure of reviewing applications for micro loans that was introduced in the previous year, thus increasing the capacity of regional centres for dealing with large projects. Targeted improvement of the product range and ongoing promotion of efficiency has resulted in increasing the financial instrument portfolio from EUR 350 million to almost EUR 600 million over five years as well as helped to achieve good financial result for 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
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