As of 31 December 2024, JSC Development Finance Institution Altum (hereinafter – ALTUM) had the gross portfolio of support instruments of EUR 1,236 million, of which the gross portfolio of financial instruments totalled EUR 1,232 million, comprised of 38,730 contracts, including:
- loan portfolio of EUR 476 million, the total number of contracts 6,997,
- guarantees portfolio of EUR 524 million, the total number of contracts 30,240,
- investments in venture capital funds for the total amount of EUR 98 million, the total number of projects financed by funds 201,
- Land Fund of EUR 135 million, the total number of transactions 1,292.
Since the beginning of the year, ALTUM’s financial instruments portfolio has grown by EUR 198 million in terms of volume and by 9.7% (3,419 projects) in terms of the number of projects.
According to the unaudited interim condensed reporting data, in the twelve months of 2024 ALTUM generated EUR 33.3 million in profit.
Reinis Bērziņš, Chairman of the Management Board of Altum:
“Year 2024 has been another year of growth for ALTUM, with the portfolio of support instruments already exceeding EUR 1.2 billion, while demonstrating good operational return and profit indicators. The 4th quarter of 2024, compared to the previous three quarters, is characterized by even more rapid growth in the portfolio of financial instruments, both in terms of volume and number of supported projects. The growth was influenced by a steady increase in lending activity, especially within the programmes of the EU Recovery Fund, where the volume of loans issued in the last quarter of 2024 was close to the volume of the previous three quarters. The Large Investment Loan Programme with a capital rebate also recorded faster transaction dynamics. Throughout the reporting period, there has been high demand for lending in the regions, especially for loans to companies with a ticket size up to EUR 100 thousand with reduced collateral requirements offered by ALTUM since the beginning of 2024. 72 % of the transactions were in the regions, with the average loan amount around EUR 34 thousand. In 2025, which is the tenth operational year of ALTUM, we will continue to lend actively, maintaining our focus on the regions and implementing new EU funding programmes.”
JSC Attīstības finanšu institūcija Altum (JSC Development Finance Institution Altum) is a Latvian 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 28 January 2025 Moody’s Ratings affirmed Altum’s Baa1 long-term issuer rating, with outlook stable. The rating as well as the short-term issuer rating at P-2, the same as affirmed on 2 February 2024. ALTUM is rated by Moody’s Finance Companies Methodology, published in July 2024. On 24 October 2017 the bonds issued by Altum were listed on a regulated market – Baltic Bond List of Nasdaq Riga.