As of 30 June 2024, JSC Development Finance Institution Altum (hereinafter – ALTUM) had the gross portfolio of support instruments of EUR 1,123 million, of which the gross portfolio of financial instruments totalled EUR 1,120 million, comprised of 36,814 contracts, including:

• loan portfolio of EUR 416 million, the total number of contracts 6,748,
• guarantees portfolio of EUR 496 million, the total number of contracts 28,709,
• investments in venture capital funds for the total amount of EUR 92 million, the total number of projects financed by funds 209,
• Land Fund of EUR 116 million, the total number of transactions 1,148.

Since the beginning of the year, ALTUM’s financial instruments portfolio has grown by EUR 89 million in terms of volume and by 4.3% (1,503 projects) in terms of the number of projects.

According to the unaudited interim condensed reporting data, in the six months of 2024 ALTUM generated EUR 12.8 million in profit.

Reinis Bērziņš, Chairman of the Management Board of Altum:

“In the first six months of this year, ALTUM carried out active lending, which is also reflected in the six months operating results. During this period, the pace of financing to companies has increased both in the programmes of the EU Recovery Fund and in the Investment loans programme for Midcaps with a capital rebate. Support for such sustainable projects contributes to the corporates’ competitiveness and further growth. New, large-scale projects in the affordable housing construction programme under the Recovery Fund were also approved.

There is still a high demand for loans to companies with ticket size up to EUR 100 thousand with reduced collateral requirements to promote lending in the regions. In the first six months of this year, 488 applications amounting to EUR 16 million have been approved, which is double the amount compared to the first quarter. In general, the volume of new transactions has increased by 53% in the six months of this year compared to the year before. This confirms that entrepreneurs are ready to invest using the support mechanisms of ALTUM’s programmes, which is essential for investments to continue even in conditions of high funding costs and inflation. ALTUM will continue to support the growth of Latvia's economy with its knowledge and competence in the next period as well.”.

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 2 February 2024 Moody’s Investors Service (Moody’s) affirmed the Company’s Baa1 long-term issuer rating, with outlook stable, following update of rating methodology. The rating and the short-term issuer rating at P-2, same as affirmed on 16 December 2022. As of 2 February 2024, the Altum’s stand-alone assessment set at current baa3 replaces the withdrawn Baseline Credit Assessment. 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