News

24
02.2023

Year-end report 2022

The period January-December 2022

  • Book value of land and forest assets amounts to 38,752.7 (37,509.7) TEUR
  • Equity amounts to EUR 0.914 (0.914) per share
  • Property holdings amount to 7,751 (7,315) hectares
  • The timber volume is estimated at about 1,140,000 (1,042,000) cubic meters
  • Sales amounted to 2,108.8 (863.0) TEUR
  • Operational EBIT was 1,081.6 (176.4) TEUR
  • Changes in value forests amounted to 3 (8,376.0) TEUR
  • Profit after tax amounted to 2,197 (8,256.6) TEUR

 The period October-December 2022

  • Net sales amounted to 9 (192.8) TEUR
  • Operational EBIT was -92.1 (-69.9) TEUR
  • Changes in value forests amounted to -265.8 (2,755.9) TEUR
  • Profit after tax amounted to 9 (2,521.8) TEUR                                                                                                                                                       

(Data in brackets refer to the corresponding period previous year)

Latvian Forest Company

Latvian Forest Company AB (publ) is a Swedish listed company that acquires and manages forest properties, preferably but not exclusively in Latvia. The starting point is the belief that forest is a safe investment and that forestry is a stable and value creating business.

In addition to forest being a sought-after asset that grows by its own power, the main foundations of the business consist of: (1) value creation for shareholders through active forest management, (2) value creation through consolidating a larger holding of real estate, and (3) a belief in a general increase in the price levels of Latvian forest and agricultural properties.

The expansion is financed by carrying out new issues in stages as properties are acquired and the business develops. Since Latvian Forest is a partner in most properties, shareholders get a good spread of risk.

The prices of Latvian forest properties are today significantly lower than is common in the EU and in Sweden. The price of the final product timber, on the other hand, is in many cases in line with what can be obtained on the common timber and pulpwood market around the Baltic Sea. This creates opportunities for profitable forestry and a good future return at low risk. Most factors indicate that conditions will remain favorable for investments in Latvian forest properties.

Latvian Forest Company AB has euro as its accounting currency and all reporting is in euros. Trading in the share on Spotlight Stock Market takes place in Swedish kronor.

Status and property holdings

The way the business is structured, and the strategy is formulated, the real estate holdings in Latvian Forest do not have to achieve a certain given volume. The holdings that exist today is considered sufficient to be able to generate enough ongoing revenue over time to be able to cover the costs of the current organization. The goal is to continue expansion until it is no longer considered favorable for existing and new shareholders to continue with an acquisition-driven expansion.

Investments in forest properties have been made continuously and the holdings at the end of the period amounted to a total of 7,751 (7,315) hectares. Of these, 6,396 (5,712) were forest and 1,355 (1,595) were other land, of which 911 (1,064) were agricultural land and 444 (531) other land. At the same time, the total growing stock was estimated at about 1,140,000 (1,042,000) cubic meters after completed felling and property sales. The breakdown by country is as follows: The company owns 6,042 hectares of land, of which 4,743 hectares are forest land with 785,517 cubic meters of growing stock in Latvia. In Lithuania, the company owns 1,709 hectares of which 1,653 hectares are forest land with 353,766 cubic meters of growing stock.

The average growing stock was approximately 180 cubic meters per hectare of forest land. The company has acquired forest in both Latvia and Lithuania.

(Map of existing real estate holdings in Latvia and Lithuania)

The company has acquired 368 hectares with approx. 40,000 cubic meters of growing stock in the fourth quarter. Of these, 284 hectares with 33,000 cubic meters were in Lithuania. It is worth noting that among them were 74.5 hectares of agricultural land with 10–12-year-old oak, spruce, and birch plants.

(Forest in southern Latvia)

In total, the company has acquired 862 hectares in 2022 with approx. 118,000 cubic meters of growing stock. Of these, 366 hectares in Lithuania with 52,000 cubic meters, and 578 hectares in Latvia with 66,825 cubic meters in growing stock. The company has sold 496 hectares for 1,46 MEUR or 3,000 EUR/hectare. Of the land sold, 441 hectares were agricultural land and other land.

The company management has continued to streamline the holding with the intention of creating a higher proportion of forest land.  In 2022, the company has managed to optimize the portfolio to a proportion where forest land corresponds to 82% of the holding comparatively with 78% at the end of 2021 and 68% at the end of 2020.  

The company has planted 95,720 spruce and pine plants on a total of about 50 hectares in 2021. The company management has proposed, and the Board of Directors has approved, that 118,580 plants on a total of 65.29 hectares should be planted in Latvia 2022. The company has cleared 77 hectares and planted 82,450 seedlings in 2022.

(Result of mechanical clearance near Ergli, Latvia)

The company has sold felling rights for 39,419 cubic meters in 2022. The average felling price was EUR 53 per cubic meter.

Sales and earnings

Sales in the fourth quarter amounted to 150.9 (193.2) TEUR and relate to income from felling volume, i.e., sale of root items, as well as lease income from agricultural land. Total net sales for the year amounted to 2,108.8 (863.0) TEUR. The costs of operating activities have continued to develop satisfactorily. Operating profit was 1,081.6 (176.4) TEUR for 2022. Earnings before interest and taxes was 1,904.2 (176.4) TEUR in 2022. The cost increase is due to legal and other costs related to probing new acquisition opportunities.  Total profit for the year was 2,197.0 (8,256.6) TEUR.

The estimated value of fixed assets totaled 38,752 (35,971) TEUR. The increase in value can mainly be explained by the fact that the company has acquired new properties. The value of growing forest has been calculated by discounting cash flow in a 100-year series of estimated felling volumes/sales revenue and forest management costs at a discount rate of 7.25% (6.75%). The net income from the sale of root items is set at an average price in euros per cubic meter, based on historical data for the range of different timber and pulpwood.

Otherwise, the result is affected by normal costs for clearing, property-related costs such as new property measurements, inventories and stamping of stocks before felling, as well as certain costs in connection with felling.

External costs largely consist of purchased services related to forest management, other consulting services such as accounting, auditing, legal advice, costs for travel, rent and transport, etc. Variable costs for purchase commissions have been recorded to some extent as part of the acquisition costs of the individual properties and in these cases do not affect the result. Other variable compensation for clearing is recorded under raw materials and supplies (previous cost of goods sold).

Financing

The Board of Directors has, after comments from shareholders and potential investors, decided that future financing, in the form of new issues, will primarily take place within the framework of rights issues. This does not prevent directed issues from being carried out, for example in the case of acquisitions of property portfolios or in special situations where a directed issue may be required (see section "Significant events after the end of the period").

During the fourth quarter, no loans were raised, and no new issues were carried out.

Equity and valuation

In connection with the transition to IFRS, it was decided to no longer continuously publish an estimated net asset value, but instead to report equity per share. The difference is mainly that the net asset value also takes into account estimated excess values on the land. However, according to IFRS, only forest assets are recorded at an estimated fair value. Equity per share at the end of the period was EUR 0.914 (0.914) per share.

Share

At the end of the period, the share capital amounted to EUR 4,106,436.97 divided into 80,000 Class-A shares and 36,583,521 Class-B shares. Class A-shares represent ten votes and B-shares one vote each. Each share has a quota value of 0.112 Euro in share capital. According to the latest data obtained from the company, the five largest shareholders in terms of voting rights control 67.6% of the capital and 67.2% of the votes.

Timber and forest property market

The global timber market has been very volatile in recent years and especially in 2022. Trading in timber on the NASDAQ stock exchange began at about USD 1.329/LBS in January 2022. By the end of the third quarter, the price stabilized around USD 410/LBS and was stable around USD 430/LBS. This corresponds to the price level of timber on the NASDAQ before the corona pandemic.

The same trends can also be observed on the Latvian and Lithuanian markets, with the purchase price for softwood timber at EUR 155/m3 in mid-June, with a rapid decline to the equivalent of EUR 86/m3 by the end of 2022. This indicate that the prices of softwood timber will be further adjusted downwards.

The development of the pulpwood market has been incredibly volatile. An example: While the purchase price of one cubic meter of hardwood pulpwood was about 125 EUR at the beginning of the fourth quarter 2022, it dropped to only EUR 80,27 per cubic meter by the end of the quarter.

The demand for birch veneer logs, and therefore also price, has reached record levels equivalent to EUR 232 per cubic meter of premium class range in early September 2022 and has not changed until the end of the fourth quarter. However, we predict that these record prices will not be long-lasting.

The geopolitical concern has been most reflected in the price level of energy wood, including raw material for wood chips. When in 2021 the price of branches was around 8 EUR/cubic meter, they have risen to the peak figure of 25 EUR per cubic meter.  Not even the mild winter has had a negative impact on the price level.

Considering all above, the prices of forest properties have been affected and sellers are beginning to expect more aggressive valuations for properties. This can be observed both in Latvia and Lithuania. However, LFC has succeeded in acquiring new properties, as the company management actively uses its experience and knowledge to identify and acquire forest properties at a favorable price.

(Forest in Lithuania after thinning)

Significant events after the end of period

Latvian Forest Company AB enters a letter of intent regarding the sale of its two Latvian subsidiaries to a Sweden-based well-established company active in the forest industry. The transaction includes 5.880 hectares with a growing stock of 770.000 m3 and with an estimated asset value of 37.100.000 EUR.

The sale of the two subsidiaries, and thus indirectly a significant part of the company operations, is expected to take place after due diligence, which is expected to be completed by the end of March 2023. The buyer is a Sweden-based, well-established company active in the forest industry.

The final purchase price is intended to amount to the estimated value of the company’s forest and agricultural properties (37.1 MEUR) plus/minus the working capital of the subsidiaries as per the closing date, subject to any adjustments agreed between the parties in the share transfer agreement. Based on the operating balance sheets available at the end of 2022, an estimated net of the purchase price amounts to approximately 28.6 MEUR after adjustment for net working capital (0.5 MEUR), deduction of cost for M&A insurance and other transaction costs (approximately 0.4 MEUR), repayment of outstanding shareholder loans under special agreement (6.6 MEUR) and repayment of bank loans (1.6 MEUR).

The transaction is not intended to involve the company's Lithuanian subsidiary, Lithuanian Forest Company UAB with 1.709 hectares land and about 353.000 m3 of growing stock. The intention is further to also omit 162 hectares land with about 17.000 m3 of growing stock in Latvia. This portfolio consists of a contiguous property with a recreation area covering 105 hectares in southeastern Latvia, a 24-hectare beachfront property with a building permit on the Gulf of Riga, as well as properties that the company has acquired after December 31, 2022.

The letter of intent is not binding on the parties but constitutes a stated intention to negotiate and sign a final transfer agreement. Since the sale of the shares in the two Latvian subsidiaries entails the disposal of a substantial proportion of the company's assets, the transaction will be submitted to the shareholders at an Extraordinary General Meeting. The Company's Board of Directors will convene an Extraordinary General Meeting as soon as a binding share transfer agreement has been entered into, whereby the completion of the transaction will be conditional on the decision of the General Meeting. According to the preliminary schedule, share transfer agreements are expected to be concluded at the end of April.

The property holdings at the time of this report amount to 7,781 hectares with 1,043,000 cubic meters of growing stock.

Related party transactions

During the year, the parent company has received market-based interest on its transactions with subsidiaries.

Next report

The interim report for the period Jan-Mar 2023 is scheduled to be published on May 24, 2023.

Dividend

The Board has not yet decided on dividends for 2022 but will return to the matter later in the spring.

Annual Report and Annual General Meeting

The Annual Report for the financial year 2022 is scheduled to be published in the usual manner at the end of May or the beginning of June 2023. The Annual Report will be available at the company's office and website and will be available on Spotlight Stock Market's website. The Annual General Meeting is scheduled to be held in Stockholm in June 2023. The date of publication of the Annual Report and the time and place of the Annual General Meeting will be presented as soon as possible, but no later than in connection with the notice of the Annual General Meeting.

Accounting principles

The year-end report for the Group has been prepared in accordance with IFRS and IAS 34 Interim Report and the Annual Accounts Act. For the parent company, the interim report has been prepared in accordance with the Annual Accounts Act, which is in accordance with the provisions of RFR 2 Accounting for Legal Entities. Amounts are given in TEUR unless otherwise stated.

The fair value of growing forest has been calculated on the assets that were in the company as of December 31, 2022.  The value is calculated by discounting a 100-year cash flow from biological fixed assets (forest) at an interest rate of 7.25% (6.75%). See also the section "Sales and earnings".

For a description of risks, uncertainties, and risk management, please refer to the company's Annual report for

2019, Note 20.

About this report

This report has not been subject to special review by the company's auditor.

Stockholm, 2023-02-24

The Board

For further information, please contact: Aleksandrs Tralmaks, CEO info@latvianforest.se

Or visit our website: www.latvianforest.se

 

 

 

 

 

 

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  • Earnings per share 0,008 (0,0039) EUR
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