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Key figures

KEY FINANCIAL AND PERFORMANCE INDICATORS OF THE GROUP

Based on data from audited financial statements for the respective years

 

2021

2020

2019

Key financial data

 

 

 

Net interest income (EUR ’000)

 16 717

 14 572

 11 569

Operating profit (EUR ’000)

 13 829

 5 539

 8 131

Profit for the period (EUR ’000)

 13 829

 5 539

 8 131

Cos to income ratio (CIR)

39.46%

47.51%

52.58%

Employees

 226

 211

 203

Total assets (EUR ’000)

 976 204

 850 704

 560 061

Financial debt (EUR ’000)

 360 909

 342 490

217 943

Tangible common equity (TCE) / Total tangible managed assets (TMA) *

33.82%

33.56%

29.40%

Equity and reserves (EUR ’000)

 440 736

 382 594

 232 738

Total risk coverage: (EUR ’000)

 285 954

 180 205

 87 456

Risk coverage reserve

 159 196

 112 567

 99 778

Risk coverage reserve used for provisions

 (29 496)

 (28 197)

 (27 829)

Portfolio loss reserve (specific reserve capital)

 159 700

 102 264

 15 507

Portfolio loss reserve used to compensate provisions in the distribution of annual profit

 (3 446)

 (6 429)

 -  

Liquidity ratio for 180 days **

518%

464%

582%

Net Cash flows from operating activities (EUR ’000)

 49 555

 21 966

 39 813

Net Cash flows from financing activities (EUR ’000)

 43 768

 165 800

 18 700

Net Cash flow from investing activities (EUR ’000)

 4 553

 (4 016)

 (11 230)

Support instruments gross value (EUR ’000), of which

 979 130

872 302

 667 649

Financial instruments gross value (EUR ’000) ***

 

 

 

Loans (excluding sales and leaseback transactions)

 315 674

 302 481

 225 144

Guarantees

 414 978

 359 605

 284 232

Venture capital funds

 85 973

 73 165

 68 331

Land Fund, of which:

 79 163

 68 258

 39 634

           - sales and leaseback transactions

 32 999

 31 500

 15 268

           - investment properties

 46 164

 36 758

 24 366

Total

 895 788

 803 509

 617 341

Number of transactions

 30 978

 26 578

 22 437

Volumes issued (EUR ’000) (by financial instrument) ***

 

 

 

Loans (excluding sales and leaseback transactions)

 100 966

 138 238

 64 320

Guarantees

 126 997

 137 425

 98 240

Venture capital funds

 29 158

 14 014

 9 022

Land Fund, of which:

 10 595

 28 191

 16 384

           - sales and leaseback transactions

 3 254

 16 796

 7 239

           - investment properties

 7 341

 11 395

 9 145

Total

 267 716

 317 868

 187 966

Number of transactions

 6 579

 6 147

 5 559

Total contribution to economy, including the participation of the final recipients (EUR ’000)

 791 646

696 306

531 661

Leverage for raised private funding

177%

114%

142%

Volume of support programmes funding per employee (EUR ’000)

 3 964

 3 808

 3 041

Long-term rating assigned by Moody’s Investors Service

 Baa1

 Baa1

 Baa1 

 

* TMA includes off-balance sheet item outstanding guarantees.

** The calculation of liquidity ratio takes into account the previous experience and management estimate of the expected amount and timing of guarantee claims

*** Taking into account the significance of the volume, the Land Fund portfolio, which consists of leaseback transactions and investment properties, is also presented in the operational volumes for the period. As in compliance with the accounting principles and IFRS the leaseback transactions are accounted for under the loans, the loan volume in this table has been reduced for the volume of the leaseback transactions as it is recorded under the Land Fund portfolio. 

 

  

KEY FINANCIAL AND PERFORMANCE INDICATORS

Based on data from audited financial statements for the respective years

 

2021

 

2020

 

2019

2018

2017

(corrected) *

2016

(corrected) *

Key financial data

 

 

 

 

 

 

Net interest income (EUR ’000)

 16 717

 14 572

 11 569

 11 302 **

 11 602

 11 024

Operating profit (EUR ’000)

 13 829

 5 539

 8 131

 4 092

 8 709

 2 170

Profit for the period (EUR ’000)

 13 829

 5 539

 8 131

 4 092

 8 709 *

 2 170

Cos to income ratio (CIR)

39.46%

47.51%

52.58%

74.84% ***

50.30% *

88.40%

Employees

 226

 211

 203

 222

 230

 242

Total assets (EUR ’000)

 976 204

 850 704

 560 061

 495 939

 453 668 *

 443 400 *

Financial debt (EUR ’000)

 360 909

 342 490

 217 943

 177 249

 146 157

 141 854

Tangible common equity (TCE) / Total tangible managed assets (TMA) ****

33.82%

33.56%

29.40%

31.70%

35.10% *

36.50%

Equity and reserves (EUR ’000)

 440 736

 382 594

 232 738

 221 590

 222 848 *

 210 406 *

Total risk coverage: (EUR ’000)

 285 954

 180 205

 87 456

 77 815

 67 593 *

 66 508 *

Risk coverage reserve

 159 196

 112 567

 99 778

 85 276

 62 651

 63 636 *

Risk coverage reserve used for provisions

 (29 496)

 (28 197)

 (27 829)

 (19 268)

 (4 753)

 (4 323)

Portfolio loss reserve (specific reserve capital)

 159 700

 102 264

 15 507

 11 807

 9 695

 7 195

       Portfolio loss reserve used to     

       compensate provisions upon

       approval of the annual report

 (3 446)

 (6 429)

 -  

 -  

 -  

 -  

Liquidity ratio for 180 days *****

518%

464%

582%

227%

482% *

449%

Net Cash flows from operating activities (EUR ’000)

 49 555

 21 966

 39 813

 7 997

 (10 146)

 34 518

Net Cash flows from financing activities (EUR ’000)

 43 768

 165 800

 18 700

 12 013

 22 299

 5 560

Net Cash flow from investing activities (EUR ’000)

 4 553

 (4 016)

 (11 230)

 8 307

 3 891

 759

Support instruments gross value (EUR ’000), of which

 979 130

 872 302

 667 649

 553 628

 465 724

 

Financial instruments gross value (EUR ’000) ***

 

 

 

 

 

 

Loans (excluding sales and leaseback transactions)

 315 674

 302 481

 225 144

 210 208

 207 065

 217 429

Guarantees

 414 978

 359 605

 284 232

 236 895

 182 376

 147 175

Venture capital funds

 85 973

 73 165

 68 331

 59 698

 62 299

 64 785

Land Fund, of which:

 79 163

 68 258

 39 634

 21 717

 11 328

 4 635

           - sales and leaseback transactions

 32 999

 31 500

 15 268

 6 923

 520

 -

           - investment properties

 46 164

 36 758

 24 366

 14 794

 10 808

 4 635

Total

 895 788

 803 509

 617 341

 528 518

 463 068

 434 024

Number of transactions

 30 978

 26 578

 22 437

 18 603

 14 655

 11 561

Volumes issued (EUR ’000) (by financial instrument) ******

 

 

 

 

 

 

Loans (excluding sales and leaseback transactions)

 100 966

 138 238

 64 320

 59 608

 51 349

 59 465

Guarantees

 126 997

 137 425

 98 240

 88 765

 68 615

 56 109

Venture capital funds

 29 158

 14 014

 9 022

 4 149

 2 638

 21 356

Land Fund, of which

 10 595

 28 191

 16 384

 10 823

 6 359

 3 704

           -  sales and leaseback transactions

 3 254

 16 796

 7 239

 6 835

 520

 -   

           - investment properties

 7 341

 11 395

 9 145

 3 988

 5 839

 3 704

Total

 267 716

 317 868

 187 966

 163 345

 128 961

 140 634

Number of transactions

 6 579

 6 147

 5 559

 5 590

 4 839

 4 537

Total contribution to the economy, including the contribution of the final recipients (EUR ‘000)

 791 646

696 306

 531 661

 460 045

370 560

359 706

Leverage for raised private funding

177%

114%

142%

162%

185%

162%

Volume of support programmes funding per employee (EUR ’000)

 3 964

 3 808

 3 041

 2 381

 2 013

 1 793

Long-term rating assigned by Moody’s Investors Service

 Baa1

 Baa1

 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 and 2016 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

****** Taking into account the significance of the volume, the Land Fund portfolio, which consists of sales and leaseback transactions and investment properties, is also presented in the outstanding volumes and in volumes issued in the period. Since according to the accounting principles and IFRS the sales and leaseback transactions are accounted for under the loans, the volume of loans presented in this table has been reduced for the volume of the sales and leaseback transactions as it is recorded under the Land Fund portfolio.

 

 

DEFINITIONS OF RATIOS

Net income from interest

“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 anymore. 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.

Operating profit

“Operating profit” is calculated by deducting “Operating expenses” from “Operating income before operating expenses” included in the Statement of Comprehensive Income. “Operating expenses” is calculated as the sum of “Staff costs”, “Administrative expense”, “Amortisation of intangible assets and depreciation of property, plant and equipment” and “Impairment gain / (loss), net” included in the Statement of Comprehensive Income.


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.

Financial debt

“Financial debt” is calculated as the sum of “Due to credit institutions”, “Due to general government entities”, “Financial liabilities at amortised cost – issued debt securities” and “Support programme funding” included in the Statement of Financial Position less difference between “Risk Coverage Reserve” and “Risk Coverage Reserve Used for Provisions”.

“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 Support Programme Funding to the Financial statements of ALTUM Group.

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” and “Portfolio loss reserve used to compensate provisions upon approval of the annual report”. 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 Support Programme Funding to the Financial statements of ALTUM Group. “Portfolio loss reserve used to compensate provisions upon approval of the annual report” is disclosed in the Note on Reserves to the Financial statements of the 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.

Support instruments gross value

“Support instruments gross value” is calculated as the sum of the gross values of the portfolios of grants, loans, guarantees, venture capital funds and Land Fund 

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 report 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.

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