Unaudited consolidated net profit as well as consolidated net profit attributable to shareholders of INVL Baltic Farmland amounted to EUR 206 thousand for 6 months of 2015.
Additional information:
INVL Baltic farmland – the company investing in agricultural land income in the first half of 2015 reached EUR 230 thousand while net profit amounted to EUR 206 thousand. INVL Baltic Farmland was established in April, 2014 therefore 2014 data is not comparable (EUR 55 thousand revenue and EUR 38 thousand profit).
Income for the first half of 2015 makes 51 percent of the forecasted total income for 2015 (EUR 450 thousand) and net profit makes almost four fifths – 79 percent of the total forecasted net profit for 2015 (EUR 260 thousand). Better than forecasted results are due to the fact that administrative costs were lower than expected and EUR 26 thousand written-off debts were collected.
Taking into consideration better than expected results of the first half of 2015 the Board of INVL Baltic Farmland has adjusted its forecast for the full year 2015. Forecasted income planned at EUR 457 thousand and net profit at EUR 316 thousand. Forecast is based on the assumption that value of the land stays at the same level.
According to Kristina Urbonienė – director of INVL Farmland Management – the company administrating the land owned by INVL Baltic Farmland, at the moment we are negotiating terms of rental agreements and planning that due to growing demand, caused by the implemented barriers to acquire land, rental prices should go up by 10 percent compared to 2015.
Additionally, as expressed by the director this year record crop yield is expected and crop growing farmers should be working profitably and willing to grow their working fields.
Starting from 1 July 2015 agricultural land owned by INVL Baltic Farmland is administrated by INVL Farmland Management – company owned by one of the biggest asset management companies in the Baltics Invalda INVL.
Secondary companies of INVL Baltic Farmland – company listed on NASDAQ Vilnius stock exchange own 3 thousand hectares of farmland in Lithuania which is rented to agricultural companies and farmers. At the end of the first half of 2015 INVL Baltic Farmland equity was EUR 9.938 million or EUR 3.02 per share.
The person authorized to provide additional information:
Egle Surpliene
Director
E-mail: [email protected]
INVL Baltic Farmland_interim report_2015_IH.pdf
INVL Baltic Farmland_confirmation of responsible persons_2015_IH.pdf
INVL Baltic Farmland_financial statements_2015_IH.pdf
INVL Baltic Farmland_fact sheet_2015_IH.pdf
