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Key figures

Key Financial Data, Operational Volumes and Results

Key financial data 2017 2016 2015   2018 Q1 2017 Q1
  (Audited) (Audited) (Audited)   (Unaudited) (Unaudited)
Net income from interest, fees and commission (TEUR)1) 11,374 11,024 16,419   2,647 3,569
Profit (period) (TEUR)    6,945 2,170 4,924   1,892 1,768
Cost to income ratio (CIR) 2)     54.7% 88.4% 55.8%   55.5% 54.1%
Employees 230 242 282   231 226
Total assets (TEUR) 451,686 443,126 406,918   473,588 438,408
Tangible common equity (TCE)/total tangible managed assets (TMA) 3) 35.6% 35.2% 37.3%   33.9% 36.0%
Equity and reserves (TEUR) 222,486 210,094 199,610   222,756 213,693
Total risk coverage 4) (TEUR): 65,002 67,705 41,021   73,573 -
    Risk coverage reserve (TEUR) 60,060 64,833 40,662   70,872 -
    Risk coverage reserve used for provisions (TEUR)  -4,753  -4,323  -1,276   -6,994 -
    Portfolio loss reserve (specific reserve capital) (TEUR) 9,695 7,195 1,635   9,695 7,195
Liquidity ratio for 180 days 5) 507% 449% 352%   382% -
Financial instruments (gross value)             
Outstanding (TEUR) (by financial instrument)             
          Loans 207,585  217,429  218,562   203,267 212,751
          Guarantees 182,376 147,175 131,120   194,511 155,308
          Venture capital funds 7) 51,310 58,541 39,929   51,440 58,428
        Total 441,271 423,145 389,611   449,218 426,487
          Number of contracts 14,402 11,449 8,901   15,017 12,072
Volumes granted (TEUR) (by financial instrument)            
    Loans 51,869 59,465 52,329   11,507* 14,085
    Guarantees 68,615 56,109 50,065   18,319 14,208
    Venture capital funds 2,638 21,356 18,798   546 274
    Total 123,122 136,929 121,192   30,372 28,567
    Number of contracts  4,697 4,461 2,819   1,021 1,008
Leverage for raised private funding 6)  185% 162% 104%   175% 172%

*Issued loans

1)     Net Income from Interest, Fees and Commission consists of the following items of the Income statement: Net Interest Income and Net Commission Income. The indicator demonstrates operating income of ALTUM Group.

2)     Cost to Income Ratio (CIR) is calculated by dividing the sum of the Personnel expenses, Administrative expenses and Depreciation of intangible assets and property, plant and equipment by Operating income before operating expense included in the Income Statement. CIR is the indicator for establishing efficiency of the operating activities.

3)     Tangible Common Equity (TCE)/Tangible Managed Assets (TMA)

Tangible Common Equity (TCE) is calculated by subtracting from Total equity the Revaluation reserve of available for sale investments.

The Total Tangible Managed Assets (TMA) include the total assets of ALTUM Group adding the guarantees entered into the off-balance and taking into account the provisions for guarantees from which the following is subtracted: Deferred expense, Accrued income, Property, plant and equipment, Intangible assets, Other assets and Available for sale assets.

The items used to calculate both indicators (TCE, TMA) are included in the following financial statements of ALTUM Group: Statement of Financial Position and Statement of Changes in Equity, and in the following notes: Off-balance items and contingent liabilities and Provisions. TCE/TMA are used assess the Group’s capital adequacy.

 4)     Total Risk Coverage is the net funding available for covering of the expected credit losses of the state aid programmes implemented by ALTUM. The Total Risk Coverage is the sum total of Risk Coverage Reserve and Portfolio Loss Reserve (Specific Reserve Capital) less Risk Coverage Reserve Used for Provisions. The expected losses are estimated before implementation of the respective state aid programme and a portion of the public funding intended for coverage of the credit risk losses expected in the respective state aid programme is either transferred to the Portfolio Loss Reserve that is the Group’s specific reserve capital or accounted for separately as provisions for risk coverage under liabilities’ item Risk Coverage Reserve. The Portfolio Loss Reserve (specific reserve capital) is included in the Note on Reserves to the financial statements of ALTUM Group. While the Risk Coverage Reserve is included in the Note on Support Programme Funding and State Aid to the financial statements of ALTUM Group. The Risk Coverage Reserve Used for Provisions is the amount of the Risk Coverage Reserve allocated to and used for provisioning for impairment of the loan portfolio and guarantees which in its turn is included in the Note on Loans and Note on Provisions to the financial statements of ALTUM Group.

Total Risk Coverage is a key indicator for assessment of the risk coverage in the state aid programmes implemented by ALTUM and long-term financial stability of the Group.

5)     The liquidity ratio for 180 days is calculated by dividing the sum of Due from other credit institutions and Treasury with a maturity of up to 1 month and Investment securities – available for sale by sum of Total liabilities maturing within 6 months and Total financial liabilities maturing within 6 months (off-balance item). The data required for calculation of the liquidity ratio for 180 days are included in the following financial statements of ALTUM Group: Financial Position Statement and notes – Off-balance items and contingent liabilities and Maturity analysis of assets and liabilities. The liquidity ratio for 180 days represents ability of ALTUM Group to honour its obligations in due time with currently available liquid assets.

6)     Leverage for raised private funding indicates the amount of additional private funds invested in a project on top of funding provided by ALTUM. Leverage is determined considering the funding invested by a private co-financier and a project’s implementer on top of ALTUM’s funding, which, on average, makes up to 50 per cent for loans, up to 70 per cent for guarantees and venture capital (except for the first instalment of the Housing Guarantee Programme where the ratio is 795 per cent).

7)     In accordance with the accounting policies, the part of the losses from investments in associates is included.