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Key figures

KEY FINANCIAL AND PERFORMANCE INDICATORS OF THE GROUP

Key financial data

2019
(audited)

2018
(audited)

2017
(restated*)

Net income from interest, fees and commission (tEUR) ** 11,569 11,554** 11,602*
Profit for the period (tEUR) 8,131 4,092 8,709*
Cost to income ratio (CIR) *** 52.6% 77.1%*** 50.3%*
Employees 203 222 230
Total assets (tEUR) 560,061 495,939 453,668*
Tangible common equity (TCE) | Total tangible managed assets (TMA)**** 29.4% 31.7% 35.1%*
Equity and reserves (tEUR)  232,738 221,590 222,848*
Total risk coverage: (tEUR) 87,456 77,815 67,593
    Risk coverage reserve  99,778 85,276 62,651
    Risk coverage reserve used for provisions  -27,829 -19,268 -4,753
    Portfolio loss reserve (specific reserve capital)  15,507 11,807 9,695
Liquidity ratio for 180 days ***** 582% 227% 482%*
Financial instruments (gross value)       
Outstanding (tEUR) (by financial instrument)      
    Loans 240,412 217,131 207,585
    Guarantees 284,232 236,895 182,376
    Venture capital funds
68,331 59,698 62,299
    Total 592,975 513,724 452,260
          Number of contracts  22,022 18,280 14,402
Volumes issued (tEUR) (by financial instrument)      
    Loans***  71,559 66,443 51,869
    Guarantees 98,240 88,765 68,615
    Venture capital funds 9,022 4,149 2,638
    Total 178,821 159,357 123,122
          Number of contracts  5,466 5,464 4,697
Total contribution to economy, including the participation of the final recipients, by volumes issued in the period (EUR ’000) 531,661 460 045 370,560
Leverage for raised private funding 142% 162% 185%
Volume of support programmes funding per employee (tEUR ‘000) 2,915 2 314 1,966
Long-term rating assigned by Moody's Investors Service Baa1 Baa1 Baa1

* Due to the change of accounting policy on investments in venture capital funds and adoption of IFRS 9 requirements that affect the accounting of public funding risk coverage the comparatives for 2017 have been restated.
** Due to reclassification of fees and commission related to lending activities following the industry practise, excludes fees and commission not related to lending activities, the comparatives for 2018 have been reclassified with subsequent ratio recalculation.
*** Due to reclassification of staff and administrative costs to be compensated as well as respective income on compensation, the comparatives for 2018 have been reclassified with subsequent ratio recalculation.
**** TMA, taking into account the net outstanding guarantees recorded in the off-balance sheet.
***** Liquidity ratio calculation takes into account the previous experience and management estimate of expected amount and timing of guarantees claims.

 

Key financial data 2019
(audited)
2018
(audited)
2017
(restated*)
2016
(restated*)
2015
(restated*)
Net income from interest, fees and commission (tEUR) ** 11 569 11,554 11,602* 11,024 16,419
Profit for the period (tEUR) 8 131 4,092 8,709* 2,170 4,924
Cost to income ratio (CIR) *** 52.6% 77.1% 50.3%* 88.4% 55.8%
Employees 203 222 230 242 282
Total assets (tEUR) 560 061 495,939 453,668* 443,400* 406,918
Tangible common equity (TCE)/total tangible managed assets (TMA)**** 29.4% 31.7% 35.1%* 36.5%* 37.3%
Equity and reserves (tEUR) 232 738 221,590 222,848* 210,406* 199,610
Total risk coverage: (tEUR) 87 456 77,815 67,593* 66,508* 41,021
    Risk coverage reserve 99 778 85,276 62,651* 63,636* 40,662
    Risk coverage reserve used for provisions -27 829 -19,268  -4,753  -4,323  -1,276
    Portfolio loss reserve (specific reserve capital) 15 507 11,807 9,695 7,195 1,635
Liquidity ratio for 180 days***** 582% 227% 482%* 449% 352%
Financial instruments (gross value)          
Outstanding (tEUR) (by financial instrument)          
          Loans 240 412 217,131 207,585  217,429  218,562
          Guarantees 284 232 236,895 182,376 147,175 131,120
          Venture capital funds 68 331 59,698 62,299 64,785 44,378
        Total 592 975 513,724 452,260 429,389  394,060
          Number of contracts 22 022 18,280 14,402 11,449 8,901
Volumes granted (tEUR) (by financial instrument)          
    Loans 71 559 66,443 51,869 59,465 52,329
    Guarantees 98 240 88,765 68,615 56,109 50,065
    Venture capital funds 9 022 4,149 2,638 21,356 18,798
    Total 178 821 159,357 123,122 136,929 121,192
    Number of contracts  5 466 5,464 4,697 4,461 2,819
Total contribution to the economy, including the contribution
of the final recipients, by volumes issued in the period (tEUR)
531 661 460 045 370 560 359 706 248 665
Leverage for raised private funding 142% 162% 185% 162% 104%
Volume of support programmes funding per employee (tEUR) 2 915 2 314 1 966 1 749 1 382
Long-term rating assigned by Moody's Investors Service Baa1 Baa1 Baa1 - -

 

* Due to change of accounting policy on investments in venture capital funds and adoption of IFRS 9 requirements that effects the accounting of public funding risk coverage the comparatives for 2017 and2016 have been restated.
** Due to reclassification of fees and commission related to lending activities following the industry practise, excludes fees and commission not related to lending activities, the comparatives for 2018 have been reclassified with subsequent ratio recalculation.
*** Due to reclassification of staff and administrative costs to be compensated as well as respective income on compensation, the comparatives for 2018 have been reclassified with subsequent ratio recalculation.
**** TMA includes off-balance sheet item outstanding guarantees.
***** Liquidity ratio calculation takes into account the previous experience and management estimate of expected amount and timing of guarantees claims

 
DEFINITIONS OF RATIOS

Net income from interest, fees and commission “Net income from interest, fees and commission” is equal to the item “Net interest income” in the Statement of Comprehensive Income. Until 2018 this ratio included the following items of the Statement of Comprehensive Income: “Net interest income” and “Net income from fees and commissions”. In 2019 following the industry practise Fee and commission income from lending activities is reclassified to Interest income from “Net income from fees and commissions”. Subsequently the fee and commission income not related to lending activities is reclassified within Other income and as such is not included in this ratio. The item “Net income from fees and commissions” is not applicable in The Statement of Comprehensive Income any more. The comparatives have been reclassified accordingly.. ALTUM uses this indicator as the key financial metric for profitability by evaluating ALTUM Group’s net income amount generated by the portfolio of financial instruments and recognised in the Statement of Comprehensive income. ALTUM management measures and monitors the actual performance of this indicator on a quarterly basis compared to the approved level in ALTUM Group’s budget.

Cost to income ratio (CIR) “Cost to income ratio” (CIR) is calculated by dividing the amount of “Staff costs”, “Administrative expense”, “Amortisation of intangible assets and depreciation of property, plant and equipment” by “Operating income before operating expenses” included in the Statement of Comprehensive Income. ALTUM uses CIR to evaluate the operational efficiency. This is one of the measures of operational efficiency which ALTUM management assesses on a quarterly basis in the management reports to evaluate the outputs from different operational activities and efficiency improving measures.

Tangible common equity (TCE) / Tangible managed assets (TMA) 

“Tangible Common Equity” (TCE) is calculated by subtracting the revaluation reserve of available for sale investments from total equity.
The amount of “Total managed assets” (TMA) is calculated by adding the guarantees shown as off-balance sheet items to the total assets of ALTUM Group taking into account provisions for these guarantees and subtracting “Deferred expense”, “Accrued income”, “Property, plant and equipment”, “Intangible assets”, “Other assets” and “Assets held for sale”.
Data for the calculation of both indicators (TCE, TMA) are obtained from ALTUM Group’s Financial statements: Statement of Financial Position and Consolidated Statement of Changes in Equity, notes - Off balance sheet items and contingent liabilities and Provisions. ALTUM uses the ratio “TCE/TMA” to evaluate ALTUM Group’s capital position adequacy and to measure ALTUM Group’s tangible common equity in terms of ALTUM Group’s tangible managed assets including the off-balance sheet item Guarantee portfolio. The Risk and Liquidity Management Committee of ALTUM monitors its level on a quarterly basis.

Total risk coverage 

“Total Risk Coverage” is the net funding available for covering the expected credit losses of the State aid programmes implemented by ALTUM. “Total Risk Coverage” is calculated as the total of “Risk Coverage Reserve” and “Portfolio Loss Reserve” (Specific Capital Reserves) less “Risk Coverage Reserve Used for Provisions”. The expected losses are estimated before implementation of the respective State aid programme and part of the public funding received under respective State aid programme for coverage of expected losses on credit risk is transferred either to “Portfolio Loss Reserve” as ALTUM Group’s specific capital reserve or accounted separately as provisions for risk coverage under liabilities item “Risk Coverage Reserve”. “Portfolio Loss Reserve” (specific capital reserve) is disclosed in the Note on Reserves to the Financial statements of the ALTUM Group. “Risk Coverage Reserve” is disclosed in the Note on Support Programme Funding to the Financial statements of ALTUM Group. “Risk Coverage Reserve Used for Provisions” is the amount of “Risk Coverage Reserve” allocated to and used for provisioning for impairment loss on loan portfolio and guarantees which in its turn is disclosed in the Note on Loans and Note on Provisions to the Financial statements of ALTUM Group.
“Total Risk Coverage” is key indicator to be used for assessment of ALTUM’s risk coverage on implemented programmes and long-term financial stability.


180-day liquidity ratio “180-days-liquidity ratio” is calculated by dividing the amount of the balances “Due from other credit institutions and the Treasury” with a maturity of up to 1 month and “Financial assets at fair value through other comprehensive income and Investment securities” by the amount of the total liabilities maturing within 6 months and total financial commitments maturing within 6 months (off-balance sheet items). The data required for the calculation of the “180-days liquidity ratio” is disclosed in the following ALTUM Group’s Financial statements: Statement of Financial Position and notes – Maturity profile of assets and liabilities under the section of Risk Management, Off-balance sheet items and contingent liabilities. ALTUM uses the “180-days-liquidity ratio” to assess and monitor ALTUM Group’s ability to fulfil ALTUM Group’s contractual and/or contingent liabilities during 6 (six) month with the currently available liquidity resources. “180-days-liquidity ratio” helps to manage ALTUM Group’s liquidity risk in line with ALTUM Group’s/ALTUM’s funding management objectives and risk framework. Risk and Liquidity Management Committee of ALTUM monitors its level on a quarterly basis.

Total contribution to the economy, including the participation of the final recipients, by volumes issued in the period The 'total contribution to the economy, including the participation of the final recipients, by volumes issued in the period’ is calculated by adding to the volumes issued by ALTUM the financing provided by the private co-financier and the project promoter.

Leverage for raised private funding “Leverage for raised private funding” indicates the amount of additional private funds invested in a project in addition to ALTUM’s financing. “Leverage for raised private funding” is determined considering the financing invested by a private co-financier and a project’s implementer, which, on average, makes up to 50 per cent for loans, up to 70 per cent for guarantees and venture capital (except for housing loan guarantees’ programme for the first instalment with a ratio of 795 per cent) in addition to ALTUM’s funding.

Employees Average number of employees in the period excluding members of the Council and the Audit Committee.

Volume of support programmes funding per employee "Support programmes funding per employee" is calculated by dividing the gross value of the Financial Instruments Portfolio by the average number of employees during the period, excluding members of the Supervisory Council and the Audit Committee.

Venture capital The Venture Capital Funds presented at their gross value.