Audited results of INVL Baltic Farmland group of 2021
The audited consolidated net profit of INVL Baltic Farmland, AB amounted to EUR 1,411 thousand, the revenue was EUR 665 thousand for the period of 2021 (for 2020 – consolidated net profit was EUR 895 thousand, revenue was EUR 649 thousand).
The initial forecast of INVL Baltic Farmland for year 2021 was income of EUR 665 thousand and net profit of EUR 385 thousand.
INVL Baltic Farmland had revenue of EUR 665 thousand in 2021 and earned unaudited net profit of EUR 1,411 thousand for the year. Profit was forecasted under the assumption that the value of agricultural land holdings in the balance sheet would not change and the change in the value of trade receivables by the buyers was not assessed, but a valuation conducted by the company Matininkai showed that land holding value had increased by 8.2% to EUR 16.62 million compared to previous year, or EUR 5.36 thousand per hectare. In addition, EUR 1 thousand reversal of impairment of trade receivables was recognized and due to decrease of overdue debts during the year the administration fee was increased by EUR 19 thousand. Excluding these non-estimated factors and the related income tax expense, INVL Baltic Farmland’s profit would be EUR 359 thousand. Therefore, after assessing the favourable market trends that allowed to increase the value of assets, it can be stated that INVL Baltic Farmland has accomplished and exceeded the calculated profit forecasts for 2021.
The annual information is published in the European Single Electronic Format (ESEF) in compliance with the requirements of Commission Delegated Regulation (EU) 2019/815 of 17 December 2018 (zip file attached). This is the official format for the annual information that will be approved by the Ordinary General Shareholders‘ Meeting. The annual information (without the auditor‘s report) is additionally provided in pdf format as a copy of the published ESEF information.
Additional information:
INVL Baltic Farmland, a company that invests in agricultural land, had revenue of EUR 665,000 in 2021 and an audited net profit of EUR 1.411 million for the year. Compared to 2020, the company’s revenue grew 2.5% and its net profit increased 58%.
INVL Baltic Farmland’s equity at the end of 2021 was EUR 14.9 million, or EUR 4.63 per share. Equity per share increased 10% during the year, also accounting for dividends paid out in 2021.
A valuation of INVL Baltic Farmland’s assets at the end of 2021 showed that the value of its land holdings increased 8% during the year to EUR 16.6 million, or EUR 5,400 per hectare, considering the total plot area owned. The valuation was performed by Korporacija Matininkai.
INVL Baltic Farmland had published a forecast that its revenue in 2021 would be EUR 665,000 and its net profit would be EUR 385,000.
The forecast was made assuming that the value of agricultural land on the balance sheet would not change and a change in customer debts was not considered. Excluding the factors not considered in the forecast and related profit tax expenses, INVL Baltic Farmland’s profit would be EUR 359,000. INVL Baltic Farmland can thus be said to have met and exceeded its financial targets for 2021 amid favourable market trends which allowed it to increase the value of its assets.
“2021 remained a strong and successful year. Favourable climate conditions and high grain prices the last couple of years have allowed farmers to improve their situation and achieve good farming results,” said Justė Gumovskienė, the director of INVL Farmland Management, which administers INVL Baltic Farmland’s land
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
Attachments
- Annual information_INVL_Baltic_Farmland_2021
- INVL_BF_factsheet_2021 annual
- abinvlbalticfarmland-2021-12-31-en
