JSC Development Finance Institution Altum Group’s (hereinafter – Altum Group) outstanding gross portfolio is of 978 million euros as at 31 December 2021, of which the gross portfolio of financial instruments totalled 895 million euros, comprised by 30,978 contracts, including:

·      guarantees portfolio of 414 million euros, the total number of contracts 23,345;

·      loan portfolio of 316 million euros, the total number of contracts 6,476;

·      investments in venture capital funds for the total amount of 86 million euros, the total number of projects financed by funds 235;

·      Land Fund of 79 million euros, the total number of transactions 922.

Since the beginning of the year, Altum Group’s financial instruments portfolio has grown by 11.4% (91 million euros) in terms of volume and by 16.6% (4,400 contracts) in terms of the number of contracts.

According to the unaudited interim condensed reporting data, in 12 months of 2021 Altum Group has operated at 14 million euros profit.

Reinis Bērziņš, Chairman of the Management Board of Altum:

“At the end of 2021, ALTUM's portfolio approached the important EUR 1 billion mark. We estimate that the real economic impact of these investments is at least 2.7 times higher, close to EUR 3 billion. Last year was another period of growth for ALTUM and we have closed it with a good financial result. While 2021 was shadowed by Covid-19 from the first to the last day, all through the year ALTUM funding was used overwhelmingly to invest in business growth and strengthening exports. So, entrepreneurs have adapted to the circumstances and business growth did not cease as supported by financial instruments. The largest growth in the portfolio was driven by ALTUM's Capital Fund operations, agricultural land acquisition programme, SME growth loans and financing of energy efficiency projects. The guarantee portfolio has also grown significantly as ALTUM continues to cooperate with the private sector in promoting access to funding for both business development and affordable housing for private individuals, where 2021 witnessed a significant increase in demand.

In 2022, we will not only continue all the ongoing state support programmes, but also launch a number of new ones. We are actively working on the development of programmes supported by the EU Recovery and Resilience Facility for climate change mitigation projects in the SME and multi-apartment building segments, which will provide greater access to sustainable finance in Latvia. A new financial instrument for the construction of affordable housing will be developed. At the beginning of the year, together with the IDAL and the Ministry of Economics, we launched a new EUR 100 million programme for medium-sized and Midcap enterprises to avail of loans with capital rebate for investment projects. We will proceed with using a variety of sources of funding, including the third bond issue programme launched last October.”

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. 

         Laura Lapkovska
         AS Attīstības finanšu institūcija Altum Investors Relationships Division
         Tel.: +371 67774023, +371 26165699
         E-mail: Laura.Lapkovska@altum.lv