As at 31 March 2022 JSC Development Finance Institution Altum (hereinafter – Company) had an outstanding gross portfolio of 997 million euros, of which the gross portfolio of financial instruments totalled 912 million euros, comprised of 31,933 contracts, including:

• guarantees portfolio of 423 million euros, the total number of contracts 24,038;
• loan portfolio of 314 million euros, the total number of contracts 6,683;
• investments in venture capital funds for the total amount of 90 million euros, the total number of projects financed by funds 237;
• Land Fund of 85 million euros, the total number of transactions 975.

Since the beginning of the year, the Company’s financial instruments portfolio has grown by 1.8% (16,3 million EUR) in terms of volume and by 3.1% (955 projects) in terms of the number of projects.

According to the unaudited interim condensed reporting data, in the first 3 months of 2022 the Company generated 1,8 million euros in profit.

Reinis Bērziņš, Chairman of the Management Board of Altum:

“All over the world, the first quarter of this year was marked by significant economic and financial turbulences and uncertainties caused by Russia’s warfare in Ukraine. The sanctions imposed on Russia and Belarus, rapidly rising commodity prices and scarcity of resources, disrupted or blocked supply chains affected a broad range of entrepreneurs, directly and indirectly impacting Latvia’s enterprises and their ability to ensure successful business operations. Together with policy makers, we are actively preparing financial instruments to support Latvian companies affected by the war and sanctions, where ALTUM will be the central institution for cooperation with entrepreneurs. The Cabinet of Ministers has earmarked 94,9 million euros for the support of war-affected companies from the repaid or unused resources in the support programs for Covid-19 -affected companies. While still using all the existing support instruments, we are also continuing work on the European Recovery and Resilience Facility’s climate action programs in the segments of small and medium-sized enterprises and apartment houses, which will ensure more extensive access to sustainable financing in Latvia”.

JSC Development Finance Institution Altum is a Latvian state-owned company providing enterprises and households access to 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) reaffirmed Altum’s Baa1 long-term issuer rating, with the 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 26165699
         E-mail: Laura.Lapkovska@altum.lv