JSC Development Finance Institution Altum Group unaudited interim condensed report for the six months period ended 30 June 2020
27 August 2020
JSC Development Finance Institution Altum Group’s (hereinafter – Altum Group) outstanding portfolio (gross) is of 707 million euros as at 30 June 2020, comprised by 24,085 contracts, including:
- guarantees portfolio of 322 million euros, the total number of contracts 16,939;
- loan portfolio of 264 million euros, the total number of contracts 6,230;
- investments in venture capital funds for the total amount of 69 million euros, the total number of projects financed by funds 251;
- Land Fund of 52 million euros, the total number of transactions 665.
Since the beginning of the year, Altum Group’s financial instruments portfolio has grown by 14.6% (90 million EUR) in terms of volume and by 7.4% (1,648 projects) in terms of the number of projects.
According to the unaudited interim condensed reporting data, in 6 months of 2020 Altum Group has operated at 0.74 million euros profit.
Reinis Bērziņš, Chairman of the Management Board of Altum:
“The operational results of the first half-year illustrate clearly the role of ALTUM in averting the downturn of economy. As swiftly as possible ALTUM set up designated working capital and guarantee instruments for support of the crisis-stricken companies. The impact of these instruments is evident – the cumulative effect that ALTUM’s financial instruments granted to the entrepreneurs since the start of the crisis up to this day have exerted on the national economy surpasses 450 million euro. Having expanded the range of the state aid instruments ALTUM has made it possible for the exporting companies to insure their transactions concluded with the European Union member states disregarding of the volume of the export and has recorded nearly a five-fold increase in interest about the export credit guarantee instrument. ALTUM is glad to support the entrepreneurs of Latvia with funding and competence not only in regular circumstances, but also in economic slowdown when the private sector financiers adopt a more conservative stance to evaluation of the business projects while the businesses require additional funding more than ever.”