For 12 months of 2015, the unaudited consolidated net profit of the AB INVL Baltic Farmland group and the part of profit attributable to the shareholders of AB INVL Baltic Farmland was EUR 0.8 million.
Additional information:
INVL Baltic Farmland, a company that invests in agricultural land, had revenue of EUR 460,000 in 2015 and earned unaudited net income of EUR 838,000 for the year. The company began operations in April 2014, therefore the results are not comparable.
The revenue forecast for 2015 was EUR 457,000, while the forecast for net income was EUR 316,000. Profit was forecast under the assumption that the value of agricultural land holdings in the balance sheet would not change, but a valuation conducted by the company Matininkai showed that it had increased by 6.4% to EUR 11.237 million, or EUR 3,750 per hectare. Excluding the effects of the property revaluation and related deferred profit tax and management fees, INVL Baltic Farmland’s profit would have been EUR 327,000.
“Given crop farmers’ good results after the record grain harvest and restrictions on purchases of agricultural land, demand for renting such land remains strong. Last year we improved collaboration with the farmers that rent our land and we’re gradually shifting to long-term rent agreements,” said Kristina Urbonienė, the director of INVL Farmland Management, which is the administrator of INVL Baltic Farmland’s land.
She said moderate growth of income is expected in 2016.
According to Eglė Surplienė, the CEO of INVL Baltic Farmland, a proposal on dividends will be presented to shareholders after the annual results are audited. INVL Baltic Farmland’s dividend policy stipulates that dividend payments to shareholders should be no less than EUR 0.06 per share.
INVL Baltic Farmland is listed on the NASDAQ Vilnius exchange. Its subsidiaries manage 3,000 hectares of agricultural land in Lithuania which is rented out to agriculture companies and farmers. INVL Baltic Farmland's equity capital at the end of 2015 was EUR 10.57 million, or EUR 3.21 per share.
Person authorised to provide additional information:
CEO Eglė Surplienė
E-mail: [email protected]
