As of 30 September 2023, JSC Development Finance Institution Altum (hereinafter – Company) had an outstanding gross portfolio of EUR 1,084 million, of which the gross portfolio of financial instruments totalled EUR 999 million, comprised of 35,391 contracts, including:

• guarantees portfolio of EUR 487 million, the total number of contracts 27,567,
• loan portfolio of EUR 338 million, the total number of contracts 6,382,
• investments in venture capital funds for the total amount of EUR 90 million, the total number of projects financed by funds 195,
• Land Fund of EUR 83 million, the total number of transactions 1,247.

Since the beginning of the year, the Company’s financial instruments portfolio has grown by EUR 35 million in terms of volume and by 4.2% (1,415 projects) in terms of the number of projects.

According to the unaudited interim condensed reporting data, in the 9 months of 2023 the Company generated EUR 13.8 million in profit.

Reinis Bērziņš, Chairman of the Management Board of Altum:

“The first three quarters of this year are characterized by a cautious and wait-and-see attitude of entrepreneurs and individuals towards new investments, and this is also reflected in the ALTUM portfolio, at the same time, the volume of new transactions in the SMEs and Midcaps segment has slightly increased in the 9 months of this year compared to the previous year. More and more new transactions are approved in the Recovery and Resilience Fund loan programmes, where the first capital rebate disbursements are already taking place, and in general, the largest activity in loan instruments is for the implementation of energy efficiency and sustainability projects. To promote lending in banks, ALTUM has introduced two types of relief for guarantees’ instruments, setting a 0% guarantee premium for new sustainable projects and a reduction of the guarantees’ premium by 50% for all commercial guarantees. Interest rate relief has also been introduced in direct lending - the total loan rate for companies in the SME segment has been reduced by approximately half, as well as a reduced interest rate of 3.5% for farmers' working capital, which was introduced in November this year. ALTUM actively evaluates the situation in lending and analyzes the possibilities of introducing further solutions that would help to activate the financing of companies and promote the growth of the national economy.”.

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 16 December 2022 Moody’s Investors Service (Moody’s) affirmed the Company’s Baa1 long-term issuer rating, with outlook stable, same as affirmed on 25 March 2019. The baseline credit assessment (BCA) is also affirmed at Baa3, together with the short-term issuer rating at P-2. 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