JSC Development Finance Institution Altum Group (hereinafter - the Group) closed the year 2017 with a profit of EUR 6.945 mln. The parent company of the Group - JSC Development Finance Institution Altum (hereinafter – the Company) recorded a profit of EUR 5.884 mln in year 2017. The risk coverage eligibility principles with regard to the public funding were aligned in the audited report of the Group and Company for year 2017 boosting the Group’s profit.

As at 31 December 2017 the Group’s (gross) outstanding financial instruments portfolio of the support programmes amounted to EUR 441.3 mln including 14,402 projects, split among:

• guarantee portfolio of EUR 182.4 mln, total number of contracts 8,057;
• loan portfolio of EUR 207.6 mln, total number of contracts 6,156;
• investments in venture capital funds totalling EUR 51.3 mln, total number of funded projects – 189.

In year 2017 the Group’s portfolio of financial instruments increased by 4% (EUR 18.1 mln) in terms of volume and by 26% in terms of the number of projects (2,953 projects). The guarantee portfolio, presenting a 24% increase in terms of volume (EUR 35.2 mln) and - 63% increase in terms of the number of transactions, had recorded the fastest growth among the financial instruments’ portfolios. The rapid increase of the guarantee financial instruments in the Group’s portfolio of transactions complies with the development strategy of the Company for years 2016-2018.

The parent company of the Altum Group - JSC Development Finance Institution 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. In June 2017 the Moody’s assigned to the Company a long-term credit rating Baa1 with a stable outlook. On 24 October 2017 the bonds issued by JSC Development Finance Institution 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
         E-mail: Laura.Lapkovska@altum.lv