AB INVL Baltic Farmland unaudited Interim information for 3 months of 2023
10 Maio 2023 - 3:00AM
AB INVL Baltic Farmland unaudited Interim information for 3 months
of 2023
For 3 months of 2023, the unaudited consolidated
net profit of AB INVL Baltic Farmland was EUR 119 thousand and the
revenue was EUR 190 thousand (for 3 months of 2022 consolidated net
profit was EUR 393 thousand and the revenue was EUR 177
thousand).
Additional information:
INVL Baltic Farmland, a company that invests in
agricultural land, had revenue of EUR 190,000 in the first quarter
of this year, 7.3% more than in the same period last year. The
company had an unaudited net profit of EUR 119,000, or 69.7% less
than in the first quarter of 2022, when profit was significantly
affected by gains from a sale of land. Excluding the impact of that
sale of land, profit was 24.6% larger in the first quarter this
year than in the same period last year.
INVL Baltic Farmland’s equity at the end of
March 2023 was EUR 15.77 million. Equity per share was EUR 4.88
and, taking into account the dividends paid out, increased 10.9%
from a year earlier.
“Good management of the portfolio of land has
enabled us to consistently grow the results even amid considerable
market uncertainty. During the quarter, we renewed leases on 1,030
hectares with farmers, with whom we continually work to build
sustainable long-term relationships,” says Justė Gumovskienė, the
director of INVL Farmland Management, which administers INVL Baltic
Farmland’s land.
She said grain procurement prices this year are
staying below last year’s highs. But the coldest part of the year
was relatively favourable for winter grain crops in many areas of
Lithuania, so the harvest of winter grains is expected to be
similar to last year. If the weather is favourable and there are no
anomalies, higher summer crop yields are forecast.
“And while increased energy costs, the change in
grain prices, and changed crop declaration rules and procedures
have led to a rather pessimistic mood in the grain sector, we see
the situation in agriculture as stable and continue working to
ensure the efficient management of assets,” Gumovskienė says.
This year INVL Baltic Farmland plans
consolidated revenue of EUR 790,000 and a net profit of EUR
365,000. The forecasts assume that during 2023 the value of the
company’s land holdings will not change, there will be no new
purchases or sales of land, and there will be no changes in
provisions for receivables or impact of tenant debts on the size of
the administration fee.
In 2022, INVL Baltic Farmland had consolidated
revenue of EUR 722,000 and a net profit of EUR 1.97 million. Of
that, EUR 484,000 of dividends were paid to shareholders, or EUR
0.15 per share, which is 50% more than the EUR 0.10 per share
amount stipulated in the company’s dividend policy.
INVL Baltic Farmland is listed on the Nasdaq
Vilnius stock exchange. Its subsidiaries own approximately 3,000
hectares of agricultural land in Lithuania which is rented out to
agriculture companies and farmers.The person authorized to provide
additional information: Director Egle Surpliene
E-mail: egle.surpliene@invaldainvl.com
- INVL_BF_factsheet_2023 1Q
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