As of 30 June 2023, JSC Development Finance Institution Altum (hereinafter – Company) had an outstanding gross portfolio of EUR 1,055 million, of which the gross portfolio of financial instruments totalled EUR 975 million, comprised of 34,780 contracts, including:

• guarantees portfolio of EUR 482 million, the total number of contracts 27,181,
• loan portfolio of EUR 319 million, the total number of contracts 6,387,
• investments in venture capital funds for the total amount of EUR 90 million, the total number of projects financed by funds 198,
• Land Fund of EUR 83 million, the total number of transactions 1,014.

Since the beginning of the year, the Company’s financial instruments portfolio has grown by EUR 10.9 million in terms of volume and by 2.4% (804 projects) in terms of the number of projects.

According to the unaudited interim condensed reporting data, in the 6 months of 2023 the Company generated EUR 7.9 million in profit.

Reinis Bērziņš, Chairman of the Management Board of Altum:

“The cautious and wait-and-see attitude of companies and individuals towards new investments and taking on new credit obligations, which was affected by high inflation, rising prices and the repeated increase of interest rates by the European Central Bank, are important factors characterizing the second quarter of this year. Developments in the Latvian economy are largely reflected in ALTUM's portfolio. In these circumstances, the programmes under the EU Resilience and Recovery Fund introduced by ALTUM to support sustainable business projects, the total amount of which exceeds EUR 200 million, and which offer a unique capital rebate component, that is especially important in the current conditions of credit slowdown, are significant. In August of this year, the first capital rebates for successfully implemented energy efficiency projects for companies have already been applied, and more and more new transactions in these financial instruments are expected in the following quarters. Investments in the economy’s flagships are promoted by the large investment loan programme with a capital rebate, while in the SMEs segment, the loan programme for mitigating the consequences of Russian war in Ukraine is constantly relevant, in which the volume of new transactions continues to grow.”.

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