JSC Development Finance Institution Altum unaudited interim condensed report for the three months period ending 31 March 2024Inside information, 2024-05-30 09:21 CEST --
As of 31 March 2024, JSC Development Finance Institution Altum (hereinafter – ALTUM) had the gross portfolio of support instruments of EUR 1,141 million, of which the gross portfolio of financial instruments totalled EUR 1,074 million, comprised of 35,933 contracts, including:
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guarantees portfolio of EUR 483 million, the total number of contracts 28,063,
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loan portfolio of EUR 384 million, the total number of contracts 6,547,
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investments in venture capital funds for the total amount of EUR 97 million, the total number of projects financed by funds 208,
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Land Fund of EUR 110 million, the total number of transactions 1,115.
Since the beginning of the year, ALTUM’s financial instruments portfolio has grown by EUR 41 million in terms of volume and by 1.8% (622 projects) in terms of the number of projects.
According to the unaudited interim condensed reporting data, in the 3 months of 2024 ALTUM generated EUR 5.8 million in profit.
Reinis Bērziņš, Chairman of the Management Board of Altum:
“The first quarter of 2024 is characterized by an increase in lending volumes. This year, the volume of new transactions in three months is 51% higher than in the same period last year. Lending in the regions has significantly increased - in the first quarter of this year, 31% of new transactions took place outside Riga, while a year ago they were 14%. The activity of companies was greatly encouraged by the reduced interest rates and collateral requirements introduced by ALTUM - a fixed rate of 3.5% was introduced in the farmers' working capital programme, while with the aim of promoting lending in the regions, simplified collateral requirements and the application process were introduced for loans with the total ticket size up to EUR 100 thousand. As a result, both the demand and the speed of processing applications have increased. Also, the demand for transactions of the Land Fund managed by ALTUM has increased this year, and in February of this year the fund's total property portfolio already exceeded EUR 100 million. This year, we are continuing to focus on lending in the programmes under the EU Resilience and Recovery Fund (RRF), where there is great interest in both the energy efficiency programme for companies and the digitalization programme. On the other hand, 50% of the available funding currently has been already reserved for the submitted projects in the energy efficiency programme for multi-apartment buildings under the RRF”.
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
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