Audited results of INVL Baltic Farmland of 2022

The audited consolidated net profit of INVL Baltic Farmland, AB amounted to EUR 1,968 thousand, the revenue was EUR 722 thousand for the period of 2022 (for 2021 – consolidated net profit was EUR 1,411 thousand, revenue was EUR 665 thousand).

The initial forecast of INVL Baltic Farmland for year 2022 was income of EUR 718 thousand and net profit of EUR 646 thousand.

INVL Baltic Farmland had revenue of EUR 722 thousand in 2022 and earned audited net profit of EUR 1,968 thousand for the year. Profit was forecasted under the assumption that the value of agricultural land holdings in the balance sheet would not change (except for the evaluation of the land plot sale transaction) 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 9.5% to EUR 18.09 million compared to previous year, or EUR 5.87 thousand per hectare. Excluding these non-estimated factors and the related income tax expense, INVL Baltic Farmland's profit would be EUR 632 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 2022.

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 consolidated revenue of EUR 722,000 in 2022 and an audited consolidated net profit of EUR 1.97 million. Compared to 2021, the company’s revenue grew 8.6% and its net profit was up 39.5%.

"Last year was a good year for farmers due to both weather conditions and good grain prices on the market. The favourable market trends enabled the company to increase the value of its assets and exceed its financial targets for 2022,” says Juste Gumovskiene, the director of INVL Farmland Management, which administers INVL Baltic Farmland’s land.

Based on the rental agreements in place, in 2022 INVL Baltic Farmland planned to obtain revenue of EUR 718,000 and a consolidated net profit of EUR 646,000.

The net profit forecast for 2022 assumed that during the year the value of the company’s land holdings would not change (though the sale of a plot of more than 17 hectares of land in March 2022 was taken into account) and did not envisage any change in customers’ debts. However, based on a valuation carried out by Corporation Matininkai, the value of INVL Baltic Farmland’s land holdings increased by 9.5% over the year to EUR 18.09 million, or EUR 5,870 per hectare. Excluding the factors not considered in the forecast and the related profit tax expense, INVL Baltic Farmland’s profit would amount to EUR 632,000.

INVL Baltic Farmland’s equity at the end of last year was EUR 16.1 million. Equity per share was EUR 5.00 and, also taking into account the dividends paid out in 2022, increased 13.2% during the year.

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

• INVL_BF_factsheet_2022
• abinvlbalticfarmland-2022-12-31-en
• AB INVL Baltic Farmland Annual Information 2022