JSC Development Finance Institution Altum unaudited interim condensed report for the nine months period ending 30 September 2024Inside information, 2024-11-28 16:01 CET --
As of 30 September 2024, JSC Development Finance Institution Altum (hereinafter – ALTUM) had the gross portfolio of support instruments of EUR 1,166 million, of which the gross portfolio of financial instruments totalled EUR 1,162 million, comprised of 37,740 contracts, including:
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loan portfolio of EUR 450 million, the total number of contracts 6,910,
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guarantees portfolio of EUR 501 million, the total number of contracts 29,467,
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investments in venture capital funds for the total amount of EUR 94 million, the total number of projects financed by funds 204,
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Land Fund of EUR 116 million, the total number of transactions 1,159.
Since the beginning of the year, ALTUM’s financial instruments portfolio has grown by EUR 128 million in terms of volume and by 6.9% (2,429 projects) in terms of the number of projects.
According to the unaudited interim condensed reporting data, in the nine months of 2024 ALTUM generated EUR 26.6 million in profit.
Reinis Bērziņš, Chairman of the Management Board of Altum:
“In the nine months of this year, ALTUM actively lent, and in the nine months of 2024, the volume of new transactions, compared to the same period a year earlier, has increased by 48%. The programmes of the EU Recovery Fund, as well as the programme of large investment loans with a capital rebate, have a great influence on the growth of the financing rate. In the EU Recovery Fund programme for promoting the energy efficiency of multi-apartment buildings with submitted projects, all available financing has been reserved for the moment, as well as the renovation of the first building has already been completed, while in the Recovery Fund programme for the affordable housing construction, the first transactions have been issued and construction of affordable housing has started.
At the end of September, the portfolio of guarantees exceeded half a billion euros for the first time, which was provided by support programmes for individuals - housing guarantees for families, soldiers and young professionals, as well as guarantees for the promotion of energy efficiency of multi-apartment buildings. In nine months, the demand for loans to companies with ticket size up to EUR 100 thousand with reduced collateral requirements remains stable, thanks to the significantly reduced requirements for collateral, promoting lending in regions, where 73% of new transactions are outside Riga. In total, 690 applications worth EUR 24 million have been approved in the first nine months of this year, marking a steady increase in demand since the introduction of reduced collateral requirements at the beginning of 2024.”.
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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