{"id":7740,"date":"2018-11-30T12:25:53","date_gmt":"2018-11-30T10:25:53","guid":{"rendered":"https:\/\/www.altum.lv\/jsc-development-finance-institution-altum-group-unaudited-interim-condensed-report-for-the-nine-months-period-ended-30-september-2018\/"},"modified":"2022-05-19T10:51:53","modified_gmt":"2022-05-19T08:51:53","slug":"jsc-development-finance-institution-altum-group-unaudited-interim-condensed-report-for-the-nine-months-period-ended-30-september-2018","status":"publish","type":"post","link":"https:\/\/www.altum.lv\/en\/jsc-development-finance-institution-altum-group-unaudited-interim-condensed-report-for-the-nine-months-period-ended-30-september-2018\/","title":{"rendered":"JSC Development Finance Institution Altum Group unaudited interim condensed report for the nine months period ended 30 September 2018"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"7740\" class=\"elementor elementor-7740 elementor-5260\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section altum__default elementor-element elementor-element-cf17695 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"cf17695\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-3b20ea2\" data-id=\"3b20ea2\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-39c67f9 elementor-widget elementor-widget-text-editor\" data-id=\"39c67f9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"news-opening__intro\"><p>JSC Development Finance Institution Altum Group\u2019s (hereinafter \u2013 Altum Group) outstanding financial instruments portfolio (gross) is of 485 million euros as at 30 September 2018, comprised by 17,296 contracts, including:<\/p><p>\u00a0<\/p><\/div><div class=\"news-opening__main\"><ul><li>guarantees portfolio of 223 million euros, the total number of contracts 10,900;<\/li><\/ul><ul><li>loan portfolio of 214 million euros, the total number of contracts 6,209;<\/li><\/ul><ul><li>investments in venture capital funds for the total amount of 48 million euros, the total number of projects financed by funds \u2013 187.<\/li><\/ul><p>\u00a0<\/p><p>Since the beginning of the year, Altum Group\u2019s financial instruments portfolio has grown by 10% (43.8 mln EUR) in terms of volume and by 20% (2,894 projects) in terms of the number of projects. Among financial instruments, the fastest growth is seen in the guarantees portfolio, which has grown by 22% (40.7 mln EUR) in terms of volume and by 35% in terms of the number of projects.<br \/><br \/>The volume of the guarantees portfolio exceeded the volume of the loan portfolio in the 2nd quarter of 2018, which is in line with the objective of Altum Strategy set for 2016 \u2013 2018: to substantially increase the volume of operations by shifting the focus toward indirect financial instruments (guarantees).<br \/><br \/>Altum Group has operated at 0.976 million euros profit in 9 months of 2018.<\/p><\/div><p>\u00a0<\/p><p>\u00a0<\/p><div class=\"news-opening__main\"><h3>Reinis B\u0113rzi\u0146\u0161, CEO of Altum:<\/h3><p>\u00a0<\/p><p>\u201cIn the nine months period the amount of funding issued within the framework of our financial instruments has increased by 22% compared to the respective period of the previous year. The total funding that we have issued during the said period exceeds 111 million euro, while, as foreseen by ALTUM strategy, the indirect financial instruments or guarantees surpass the loans substantially in the new transactions and account for 56% of the new transactions. At the same time ALTUM has the capacity to increase notably the amount of funding to be is issued to entrepreneurs should all the companies in need of funding that have been declined by banks due to them being without sufficient track record or small-scale, short of required equity or collateral or lacking respective guarantee approached us.\u201d<\/p><p><br \/>Altum is a state-owned company of Latvia that ensures access of the enterprises and households to the financial resources by means of support financial instruments &#8211; loans, guarantees, investments in venture capital funds &#8211; in the areas defined as important and to be supported by the state, thus developing the national economy and consequently enhancing mobilization of the private capital and financial resources. In June 2017 the Moody\u2019s assigned to the Company a long-term credit rating Baa1 with a stable outlook. The assigned Moody\u2019s 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 quoted on a regulated market \u2013 Baltic Bond List of Nasdaq Riga.<\/p><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>JSC Development Finance Institution Altum Group\u2019s (hereinafter \u2013 Altum Group) outstanding financial instruments portfolio (gross) is of 485 million euros as at 30 September 2018, comprised by 17,296 contracts, including: [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":4456,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[25],"tags":[],"class_list":["post-7740","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.3 - 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