Annual Report
for the year ended 31 December 2023
(the 10th reporting period)
About Altum2
Management Report3
Supervisory Council and Management Board14
Statement of Management’s Responsibility15
Financial statements:
Statement of Comprehensive Income16
Statement of Financial Position17
Statement of Changes in Equity18
Statement of Cash Flows19
Notes to the Financial Statements20
Independent Auditor’s Report113
Other Notes to the Annual Report119
AS Attīstības finanšu institūcija Altum
Doma laukums 4, Riga, LV-1050, Latvia
+ 371 67774010
Registration No:
JSC Development Finance Institution Altum
Annual report for the year ended 31 December 2023
MISSIONWe help Latvia grow!
VISION To be a partner and financial expert in economic development
VALUESExcellence / Team / Responsibility
AS Attīstības finanšu institūcija Altum (the joint stock company Development Finance Institution Altum) is a Latvian state-owned company that implements the aid and development programmes by means of financial instruments and grants pursuing the state’s policy in the national economy and provides for execution of other government assignments stipulated and delegated by laws and regulations. Elimination of the market failures with the help of various support instruments that enhance the development of national economy is the fundamental purpose of Altum’s activities.
Strategy 2022-2024
Following strategic development directions and long-term objectives are set in accordance with JSC Development Finance Institution Altum Strategy for the period 2022 – 2024:
The main financial objective in implementing the state support programmes is to ensure positive return on Altum’s capital.
The main non-financial objective is to support and facilitate availability of finances to businesses and to contribute to national economic development.
Altum priority areas include issuing and servicing guarantees and loans, venture capital investments, solutions for climate change mitigation including implementation of energy efficiency programmes in both the residential building and
corporate segment, initiation of new projects by expanding the range of the financial instruments offered, as well as developing the Latvian Land Fund.
The main target activities embrace support for entrepreneurs, farmers and certain categories of persons; energy efficiency; the management of the Latvian Land Fund.
Altum will particularly focus on environmental, social and corporate governance (ESG) considerations, both in financing decisions and in Altum's internal processes.