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Key figures

KEY FINANCIAL AND PERFORMANCE INDICATORS OF THE GROUP

Key financial data


2019

(non audited)


2018
(audited)


2019, 9M

(non audited)

2019, 6M
(non audited)

2019, 3M
(non audited)

Net income from interest, fees and commission (tEUR)  8,723 11,554 8,723 5,716 2,903
Profit for the period (tEUR) 6,983 4,092 6,983 5,174 2,089
Cost to income ratio (CIR) 59.4% 77.1% 59.4% 57.0% 62.5%
Employees 203 222 203 202 201
Total assets (tEUR) 533,762 495,939 533,762 517,234 500,298
Tangible common equity (TCE) | Total tangible managed assets (TMA)*  29.7% 31.7% 29.7% 30.6% 31.3%
Equity and reserves (tEUR)  228,180 221,590 228,180 226,542 223,524
Total risk coverage: (tEUR) 81,371 77,815 81,371 76,955 78,582
    Risk coverage reserve  93,133 85,276 93,133 87,651 87,441
    Risk coverage reserve used for provisions  -23,569 -19,268 -23,569 -22,503 -20,666
    Portfolio loss reserve (specific reserve capital)  11,807 11,807 11,807 11,807 11,807
Liquidity ratio for 180 days ** 300% 227% 300% 340% 219%
Financial instruments (gross value)           
Outstanding (tEUR) (by financial instrument)          
    Loans 239,591 217,131 239,591 228,749 220,043
    Guarantees 282,604 236,895 282,604 273,270 252,409
    Venture capital funds
66,201 59,698 66,201 63,196 61,939
    Total 588,396 513,724 588,396 565,215 534,391
          Number of contracts  21,403 18,280 21,403 20,441 19,184
Volumes issued (tEUR) (by financial instrument)          
    Loans***  53,198 66,443 53,198 33,023 14,644
    Guarantees 80,186 88,765 80,186 56,122 26,472
    Venture capital funds 7,117 4,149 7,117 4,372 1,044
    Total 140,501 159,357 140,501 93,517 42,160
          Number of contracts  4,279 5,464 4,279 2,872 1,351
Leverage for raised private funding 137% 162% 137% 137% 157%

* TMA includes off-balance sheet item outstanding guarantees.
**Liquidity ratio calculation takes into account previous experience and management estimate of expected amount and timing of guarantees claims.
*** Loans issued. 

 

Key financial data 2018
(audited)
2017
(restated*)
2016
(restated*)
2015
(restated*)
Net income from interest, fees and commission (tEUR) 11,554 11,602* 11,024 16,419
Profit for the period (tEUR) 4,092 8,709* 2,170 4,924
Cost to income ratio (CIR) 77.1% 50.3%* 88.4% 55.8%
Employees 222 230 242 282
Total assets (tEUR) 495,939 453,668* 443,400* 406,918
Tangible common equity (TCE)/total tangible managed assets (TMA)** 31.7% 35.1%* 36.5%* 37.3%
Equity and reserves (tEUR) 221,590 222,848* 210,406* 199,610
Total risk coverage: (tEUR) 77,815 67,593* 66,508* 41,021
    Risk coverage reserve 85,276 62,651* 63,636* 40,662
    Risk coverage reserve used for provisions -19,268  -4,753  -4,323  -1,276
    Portfolio loss reserve (specific reserve capital) 11,807 9,695 7,195 1,635
Liquidity ratio for 180 days*** 227% 482%* 449% 352%
Financial instruments (gross value)        
Outstanding (tEUR) (by financial instrument)        
          Loans 217,131 207,585  217,429  218,562
          Guarantees 236,895 182,376 147,175 131,120
          Venture capital funds 59,698 62,299***** 64,785***** 44,378*****
        Total 513,724 452,260 429,389  394,060
          Number of contracts 18,280 14,402 11,449 8,901
Volumes granted (tEUR) (by financial instrument)        
    Loans 66,443**** 51,869 59,465 52,329
    Guarantees 88,765 68,615 56,109 50,065
    Venture capital funds 4,149 2,638 21,356 18,798
    Total 159,357 123,122 136,929 121,192
    Number of contracts  5,464 4,697 4,461 2,819
Leverage for raised private funding 162% 185% 162% 104%

 

* Due to change of accounting policy regarding investments in venture capital funds and adoption of IFRS 9 requirements that effects the accounting of public funding risk coverage the comparatives for 2017,2016 and 2015 have been restated.
** TMA includes off-balance sheet item outstanding guarantees.
***Liquidity ratio calculation takes into account previous experience and management estimate of expected amount and timing of guarantees claims.
**** Loans issued.
***** The Venture Capital Funds presented at their gross value.

 

DEFINITIONS OF RATIOS
Net income from interest, fees and commission “Net income from interest, fees and commission” consists of the following items in the Statement of comprehensive income: “Net interest income” and “Net income from fees and commissions”. 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 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 and State Aid 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 – Off-balance sheet items and contingent liabilities and Maturity analysis of assets and 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.

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.

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

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