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JSC Development Finance Institution Altum unaudited interim condensed report for the nine months period ending 30 September 2022
Emitents Attīstības finanšu institūcija Altum, AS (5493007HPQSSX8BJ4315)
Veids 2.2. Iekšējā informācija
Valoda EN
Statuss Publicēts
Datums 2022-11-29 15:46:54
Versijas komentārs

As at 30 September 2022 JSC Development Finance Institution Altum (hereinafter – Company) had an outstanding gross portfolio of 1,048 million euros, of which the gross portfolio of financial instruments totalled 953 million euros, comprised of 33,579 contracts, including:

  • guarantees portfolio of 460 million euros, the total number of contracts 25,795;
  • loan portfolio of 323 million euros, the total number of contracts 6,653;
  • investments in venture capital funds for the total amount of 86 million euros, the total number of projects financed by funds 200;
  • Land Fund of 84 million euros, the total number of transactions 931.

Since the beginning of the year, the Company’s financial instruments portfolio has grown by 6.4% (56.9 million EUR) in terms of volume and by 8.4% (2,601 projects) in terms of the number of projects.

According to the unaudited interim condensed reporting data, in the first 9 months of 2022 the Company generated 6.7 million euros in profit.

Reinis Bērziņš, Chairman of the Management Board of Altum:

“During the reporting period, the business environment is dominated by the indirect impact of the war in Ukraine caused by Russia’s aggression, which manifests itself as rapidly increasing resource prices and resource availability problems, as well as disrupted or suspended supply chains. To help entrepreneurs in these conditions to ensure successful business operations, we have opened a new loan program to help support them in overcoming the impact of the war. Also, during the period, we are focusing on the opening of the European Union's Recovery and Resilience Facility programs in the fourth quarter. The program for improving the energy efficiency of companies, the introduction of renewable energy resources technologies and the purchase of electric vehicles is of great interest from entrepreneurs already at the moment of opening. In the segment of apartment buildings, the Recovery and Resilience Facility program for improving energy efficiency is expected to be launched in December. In general, Recovery and Resilience Facility program instruments are aimed at climate change mitigating projects in the segments of small and medium-sized enterprises and apartment buildings, as well as for the construction of rental houses, which will facilitate housing affordability and economic development in the regions”.

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

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