As at 31 March 2023 JSC Development Finance Institution Altum (hereinafter – Company) had an outstanding gross portfolio of EUR 1,031 million, of which the gross portfolio of financial instruments totalled EUR 964 million, comprised of 34,330 contracts, including:

• guarantees portfolio of EUR 477 million, the total number of contracts 26,751;
• loan portfolio of EUR 312 million, the total number of contracts 6,369;
• investments in venture capital funds for the total amount of EUR 92 million, the total number of projects financed by funds 194;
• Land Fund of EUR 83 million, the total number of transactions 1,016.

Since the beginning of the year, the Company’s financial instruments portfolio has grown by EUR 0.4 million in terms of volume and by 1% (354 projects) in terms of the number of projects.

According to the unaudited interim condensed reporting data, in the 3 months of 2023 the Company generated EUR 3.9 million in profit.

Reinis Bērziņš, Chairman of the Management Board of Altum:

“ALTUM's portfolio of financial instruments reflects developments in the Latvian economy. In the first quarter of the year, companies actively repaid the obligations of support instruments used during the Covid-19 pandemic, the total portfolio of these pandemic instruments shrinking by almost a quarter since the end of 2022. At the same time, the indirect impact of the war unleashed by Russia’s aggression in Ukraine continues and the SME segment’s companies are very actively using the special loan programme to mitigate the consequences of the war, in which we have already issued more than EUR 7 million in loans. The global rise in interest rates has encouraged both the desire of companies to reduce existing credit obligations from their own resources and to wait with a decision on taking new credit obligations. ALTUM's portfolio of financial instruments increased in the first quarter of the year in the SME and Midcaps segment and in the Individuals segment, where housing guarantees and support instruments for the energy efficiency of multi-apartment buildings provided the largest increase in the portfolio. The portfolio of the Land Fund also showed an increase. Currently, the Recovery and Resilience Facility’s programme for the energy efficiency for companies has been actively launched, where the first projects of the first round of the programme have already been approved and the submission of projects for the second round is also open. The projects of this programme, like the projects of the digitalization programme of the Recovery and Resilience Facility, will result in new volumes in the following quarters of the year.”.

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 16 December 2022 Moody’s Investors Service (Moody’s) affirmed the Company’s Baa1 long-term issuer rating, with outlook stable, same as affirmed on 25 March 2019. The baseline credit assessment (BCA) is also affirmed at Baa3, together with the short-term issuer rating at P-2. 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