JSC Development Finance Institution Altum Group unaudited interim condensed report for the three months period ended 31 March 2021
Inside information, 2021-05-31 14:16 CEST --
JSC Development Finance Institution Altum Group’s (hereinafter – Altum Group) outstanding portfolio (gross) is of 833 million euros as at 31 March 2021, comprised by 27,560 contracts, including:
guarantees portfolio of 374 million euros, the total number of contracts 20,159;
loan portfolio of 313 million euros, the total number of contracts 6,373;
investments in venture capital funds for the total amount of 76 million euros, the total number of projects financed by funds 270;
Land Fund of 71 million euros, the total number of transactions 758.
Since the beginning of the year, Altum Group’s financial instruments portfolio has grown by 3.7% (30 million EUR) in terms of volume and by 3.7% (982 projects) in terms of the number of projects.
According to the unaudited interim condensed reporting data, in 3 months of 2021 Altum Group has operated at 2.3 million euros profit.
Reinis Bērziņš, Chairman of the Management Board of Altum:
“Despite the impact of the viral pandemic, which continued throughout the reporting period, ALTUM continued to develop, which is also reflected in the growing volumes of operations. In the first quarter of this year, the amount of new transactions was 63% higher than in the same period last year, and the largest increase in the amount of new transactions was observed in the segment of small and medium-sized enterprises where the growth pace was twice as fast as in the first quarter of 2020. At the same time, the demand for specialised financial instruments, designed to help overcome the impact of Covid-19, has declined, indicating that companies have adapted to the market situation and are ready to invest in growth and further development. The results of the first quarter of this year attest to the growth of ALTUM, and we are ready to continue performing our complementary role in the financing market, supporting those who need short-term aid as well as those who are planning meaningful long-term investments but, for some reason, do not qualify for bank financing.”
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.
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