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Key figures

KEY FINANCIAL AND PERFORMANCE INDICATORS OF THE GROUP

Key financial data

2020
(audited)

2019
(audited)

2018
(audited)

Net interest income (EUR ’000) * 14 572  11 569  11 302 
Profit for the period (EUR ’000)  5 539  8 131  4 092 
Cos to income ratio (CIR) ** 47.51% 52.58% 74.84% **
Employees 211  203  222
Total assets (EUR ’000) 850 704   560 061  495 939 
Tangible common equity (TCE) / Total tangible managed assets (TMA) *** 33.56% 29.40% 31.70%
Equity and reserves (EUR ’000) 382 594  232 738  221 590 
Total risk coverage: (EUR ’000) 180 205  87 456  77 815 
    Risk coverage reserve 112 567  99 778  85 276 
    Risk coverage reserve used for provisions  -28 197 -27 829 -19 268
    Portfolio loss reserve (specific reserve capital)  102 264   15 507  11 807 
    Portfolio loss reserve used to compensate provisions in the distribution of annual profit -6 429 - -
Liquidity ratio for 180 days **** 464% 582% 227%
Financial instruments (gross value)      
Outstanding (EUR ’000) (by financial instrument)      
          Loans (excluding sales and leaseback transactions) 302 481  225 144  210 208 
          Guarantees 359 605  284 232  236 895 
          Venture capital funds
73 165  68 331  59 698 
          Land Fund, of which: 68 258  39 634  21 717 
                    - sales and leaseback transactions 31 500  15 268  6 923 
                    - investment properties 36 758  24 366   14 794 
        Total  803 509  617 341    528 518 
          Number of transactions  26 578  22 437  18 603 
Volumes issued (EUR ’000) (by financial instrument)      
    Loans (excluding sales and leaseback transactions) 138 238  64 320  59 608 
    Guarantees 137 425  98 240  88 765 
    Venture capital funds 14 014   9 022  4 149 
    Land Fund, of which: ***** 28 191   16 384   10 823 
                    -  sales and leaseback transactions 16 796  7 239  6 835 
                    - investment properties 11 395  9 145   3 988 
    Total 317 868   187 966  163 345 
    Number of transactions 6 147  5 559  5 590 
Leverage for raised private funding 114% 142% 162%
Volume of support programmes funding per employee (EUR ’000) 3 808  3 041  2 381 
Long-term rating assigned by Moody’s Investors Service Baa1 Baa1 Baa1

* 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. The operational volumes for 3 months of 2019 have been adjusted accordingly

 

Key financial data 2020
(audited)
2019
(
audited)
2018
(
audited)
2017
(
corrected*)
2016
(
corrected*)
2015
(
corrected*)
Net interest income (EUR ’000) ** 14 572  11 569 11 302 ** 11 602
11 024 16 419
Profit for the period (EUR ’000) 5 539  8 131 4 092 8 709* 2 170 4 924
Cos to income ratio (CIR) *** 47.51% 52.58% 74.84%*** 50.3%* 88.4% 55.8%
Employees 211 203 222 230 242 282
Total assets (EUR ’000)  850 704  560 061 495 939 453 668* 443 400* 406 918
Tangible common equity (TCE) / Total tangible managed assets (TMA) **** 33.56% 29.4% 31.7% 35.1%* 36.5% 37.3%
Equity and reserves (EUR ’000) 382 594  232 738 221 590 222 848* 210 406* 199 610
Total risk coverage: (EUR ’000) 180 205  87 456 77 815 67 593* 66 508* 41 021
    Risk coverage reserve 112 567  99 778 85 276 62 651* 63 636* 40 662
    Risk coverage reserve used for provisions  -28 197 -27 829 -19 268  -4 753  -4 323  -1 276
    Portfolio loss reserve (specific reserve capital) 102 264  15 507 11 807 9 695 7 195 1 635
    Portfolio loss reserve used tocompensate provisions upon approval of the annual report -6 429          
Liquidity ratio for 180 days ***** 464% 582% 227% 482%* 449% 352%
Financial instruments (gross value)            
Outstanding (EUR ’000) (by financial instrument)            
          Loans (excluding sales and leaseback transactions) 302 481  225 144  210 208  207 065  217 429  218 562 
          Guarantees 359 605  284 232  236 895  182 376  147 175  131 120
          Venture capital funds 73 165  68 331  59 698  62 299  64 785  44 378 
          Land Fund, of which: 68 258  39 634  21 717 11 328  4 635  991
                   - sales and leaseback transactions 31 500  15 268  6 923  520 - -
                   - investment properties 36 758  24 366  14 794  10 808  4 635  991 
        Total 803 509  617 341  513 724 463 068  434 024  395 051 
          Number of transactions 26 578  22 437  18 603  14 655  11 561  8 940 
Volumes issued (EUR ’000) (by financial instrument)            
    Loans (excluding sales and leaseback transactions) 138 238  64 320  59 608  51 349  59 465  52 329 
    Guarantees 137 425  98 240 88 765 68 615 56 109 50 065
    Venture capital funds 14 014  9 022 4 149 2 638 21 356 18 798
    Land Fund, of which: ****** 28 191  16 384  10 823  6 359  3 704  991 
                   -  sales and leaseback transactions 16 796  7 239  6 835  520 - -
                    - investment properties 11 395  9 145  3 988  5 839  3 704  991
    Total 317 868  187 966  163 345  128 961  140 634  122 183 
    Number of transactions 6 147  5 559  5 590  4 839  4 537  2 841 
Leverage for raised private funding 114% 142% 162% 185% 162% 104%
Volume of support programmes funding per employee (EUR ’000) 3 808  3 041  2 381  2 013  1 793  1 401 
Long-term rating assigned by Moody’s Investors Service 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, 2016 and 20156 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. The operational volumes for 3 months of 2019 have been adjusted accordingly.

 

DEFINITIONS OF RATIOS

Net income from interest, fees and commission “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 any more. 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.

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 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”. 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 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 – 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.

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 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.