As at 30 June 2022 JSC Development Finance Institution Altum (hereinafter – Company) had an outstanding gross portfolio of 1,022 million euros, of which the gross portfolio of financial instruments totalled 934 million euros, comprised of 32,813 contracts, including:

• guarantees portfolio of 443 million euros, the total number of contracts 24,976;
• loan portfolio of 320 million euros, the total number of contracts 6,625;
• investments in venture capital funds for the total amount of 86 million euros, the total number of projects financed by funds 237;
• Land Fund of 84 million euros, the total number of transactions 975.

Since the beginning of the year, the Company’s financial instruments portfolio has grown by 4.2% (37.8 million EUR) in terms of volume and by 5.9% (1,835 projects) in terms of the number of projects.

According to the unaudited interim condensed reporting data, in the first 6 months of 2022 the Company generated 6.3 million euros in profit.

Reinis Bērziņš, Chairman of the Management Board of Altum:

“This summer, ALTUM portfolio crossed the EUR 1 billion mark. These investments’ actual impact on the economy is at least 2.7 times higher, namely, it is close to EUR 3 billion. In the first half, our focus was on the development of new EU Recovery and Resilience Facility programmes, so they could be offered to our customers in the fourth quarter of the year. These will include new financial instruments for climate change mitigation at small and medium-sized enterprises and apartment buildings, ensuring better accessibility of sustainable financing in Latvia, as well as a support programme for public housing construction, which will improve availability of housing and economic development in the regions. In order to help businesses continue successful operations in the current circumstances affected by Russia’s war in Ukraine, we will launch another two new financial instruments in the near future: loan and guarantee programmes for businesses affected by the steeply rising prices of resources and availability of resources, businesses whose supply chains have been impacted or disrupted, whose operations have been affected by the sanctions on Russia and Belarus, and others. In order to support companies affected by the war, the Cabinet of Ministers has approved allocation of EUR 95 million – financing that has been returned or has not been utilized due to declining demand during the Covid-19 crisis programmes. ALTUM will also be the central institution for cooperation with businesses during implementation of these programmes”.

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