INVL Baltic Farmland clarifies that a technical error occurred in the notification of the unaudited results of INVL Baltic Farmland for 6 months of 2022 that were announced on 26 July 2022 (in the notification text, additional information section) and the the change in net profit was incorrectly stated. Net profit in the first half of this year increased by 137.9 percent, instead of 37.9, as was written. Here is the full corrected text. There are no errors in the attached attachments, so they are not repeated.
Unaudited consolidated net profit of the INVL Baltic Farmland amounted to EUR 483 thousand for 6 months of 2022 and the revenue was EUR 358 thousand (for 6 months of 2021 consolidated net profit was EUR 203 thousand, revenue was EUR 320 thousand).
INVL Baltic Farmland, a company that invests in agricultural land, had revenue of EUR 358,000 in the first half of this year and an unaudited net profit of EUR 483,000. Compared to the same period last year, the company’s revenue grew 11.9%, while its net profit increased 137.9%. The factor that most impacted performance was the sale in March of a plot of more than 17 hectares of land.
INVL Baltic Farmland’s equity at the end of June was EUR 14.65 million, or EUR 4.54 per share. Equity per share increased 12.5% from a year earlier, also taking into account the dividends that were paid out.
“The current situation in the cereals market is favourable for domestic farmers. According to the forecasts of Lithuanian analysts, this year’s grain harvest is expected to be some 10-12% larger than last year’s. Good cereal yields and high purchasing prices will enable Lithuanian farmers to achieve good results and us to meet the goals that were set,” said Justė Gumovskienė, the director of INVL Farmland Management, which administers INVL Baltic Farmland’s land.
INVL Baltic Farmland plans revenue of EUR 718,000 this year and a consolidated net profit of EUR 646,000. The operating forecasts are based on the rental agreements that are in place and assume that during this year the value of the company’s land holdings will not change, there will be no further 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.
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