News

30
08.2021

Interim report Jan-June 2021

Interim report Jan-June 2021

  • Book value of fixed assets 20,194.4 (12,264.8) TEUR
  • Equity amounts to EUR 0.703(0.669) per share
  • Earnings per share (EUR 0.024)
  • Property holdings amount to 5,742 (4,324) hectares
  • Timber volume estimated at 697,000 cubic meters
  • Net sales 428.5 (103.7) TEUR
  • Operating profit 166.1 (-498.6) TEUR
  • Change in value forest 1,030.6 (1,080.7) TEUR
  • Net profit 1,027.3 (498.3) TEUR

(Data in parentheses refer to the corresponding period last year)

This is Latvian Forest Company

Latvian Forest Company AB (publ) is a Swedish listed company that invests in and conducts forestry on advantageously valued forest in Latvia. The three main foundations of the business are, in addition to the fact that forests are a sought-after real asset that grows on its own,

  • an expected increase in the price levels of Latvian forest and agricultural properties.
  • to create value increase through active forest management.
  • to create value growth by building a larger property portfolio.

The expansion is financed by carrying out new rights issues in stages as properties are acquired and the business develops. Through Latvian Forest Company, shareholders become partners in many properties instead of an individual, which gives a good spread of risk. The activities carried out in day-to-day forestry create the turnover needed to cover the company's costs over time and eventually generate a surplus.

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

Status & property holdings

Investments in forest properties have been made continuously and the holdings amounted to a total of 5,742 (4.328) hectares at the end of the period. Of these, 4,226 (2.516) were forest and 1.514 (1.808) other land including 1.214 (0) hectares of agricultural land. At the same time, the total growing stock was estimated at approximately 697,000 (500,000) cubic meters after felling, property purchases and sales.  

Of the 4,226 hectares owned by the company at the end of this period, the existing growing stock is estimated at approx.  697,000  m3. Of these, about 197,000 m3 are estimated to be immediately fellable. Within the next 10 years, the company management expects to be able to fell 296,000 m3. In total, the company estimates that there are 165 m3 of growing forest per hectare of forest land. Almost 70 % of the company's holdings consist of land types corresponding to bonity classes IA, I and II (site index G34/G36, G32, G28). Only 1.8% of the company's holdings have management measures prohibited due to nature conservation restrictions. More than 70% of the growing stock consists of the three most important industrial types: birch, pine, and spruce. The average acquisition cost of one cubic meter of timber stocks corresponds to EUR 22 including the cost of acquiring agricultural land. The company's timber portfolio has grown by 40% compared to last year. The company has reduced the proportion of agricultural land and other land from 41.7% last year to 27% at the end of the second quarter of 2021.

 

(Map of existing property holdings)

Felling and clearing

The company has felled 13,804 cubic meters in the first half of the year. The average felling price was EUR 23 per cubic meter. Of the total felling volume sold, 8,788 cubic meter were grey alder sold for Eur 16.06 per cubic meter. This felling takes place on a property where the company is converting forest land into agricultural land. The property is located near Jelgava in an area where there are predominantly large country estates. Remaining sales of 5,015 cubic meter of standing forest timber were carried out at an average price of EUR 35.11 per cubic meter.

A total of 15.26 hectares were cleared during the first half of the year, of which 7.48 hectares were cleared during the second quarter. The company has carried out planting of 54,800 seedlings of spruce and oak on 26.57 hectares during the second quarter.

The company has carried out the sale of 176.6 hectares of agricultural and other land for a total of 394 TEUR during the first half of the year.

(Spruce planting of the year on agricultural land)

Turnover and profit

Sales in the first half of the year amounted to TEUR 428.5 (103.7). Operating expenses have continued to develop satisfactorily. Operating profit was TEUR 166.1 (-498.6) for the half year and TEUR 43.3 (-137.2) in the second quarter. Profit for the year was TEUR 1,027 (498.3) for the first half of the year.

The estimated fair value of forest assets was TEUR 20,194 (12,265). The increase in value can mainly be attributed to the fact that the company has acquired new properties, as well as the average long-term price level of saw logs and pulpwood. The fair value of growing forest has been calculated on the assets that were in the company as of June 30, 2021. The value is calculated by discounting a 100-year series of estimated felling volumes/sales revenues and forest management costs at a discount rate of 7,25 % (7,25 %).

Otherwise, the result of normal costs for clearing, property-related costs such as new property measurements, inventories and stamping of stocks for fellings, as well as certain costs associated with preparing felling, are affected.

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

Timber and forest property market

Company management monitors how the market develops for timber and pulpwood. The global timber market has been very volatile in the first half of the year. Trading in timber on the NASDAQ stock exchange started on about  670 USD/1000 lbs in January 2021. On May 5, the price reached an all-time high of 1,670 USD/1,000 lbs, and was followed by a very rapid drop to 522 USD/1000 lbs on August 8, 2021. There were not the same fluctuations on the Latvian market, but the demand for timber was very strong.  The expectation is that strong demand will continue as a result of the need for reconstruction following floods in Austria, Germany, and Belgium. In mid-June, the purchase price for coniferous timber was EUR 125/m3. This is all-time high record price.

Global trends have not had the same impact on the Latvian pulpwood market. Pulpwood prices have not recovered in the same way as timber prices. For example, one cubic meter of broad-leaved pulpwood was priced at EUR 54 in February 2019. While the purchase prices currently for the same range are EUR 40 per cubic meter. The price of coniferous pulpwood has halved over the same period from EUR 60 to EUR 30 per cubic meter.  This may be since the Latvian market is driven by spot prices.

The demand for birch veneer stocks, and therefore also prices, has been quite stable and has been around EUR 80 per cubic meter since 2018. There was a short-term decrease in both demand and prices in late 2020 and early 2021, but prices have risen again in June.

According to a study by the brokerage firm Latio, the prices of forest properties in different countries around the Baltic Sea are compared. The Swedish properties are priced at EUR 58-62 per cubic meter of growing stock  in Sweden where the growth rate is similar to the Latvian ones. In Estonia, forest properties are priced at EUR 29 per cubic meter of growing stock. The growth rate in Estonia is 2-3 cubic meters lower than in Latvia. The most favourable price picture appears to be in Lithuania with EUR 18 per cubic meter of growing stock and a growth rate exceeding the Latvian by 1-2 cubic meter per hectare on average. The prices of Finnish forest properties correspond to EUR 28-32 per cubic meter depending on region where the growth rate per season can vary between 4-8 cubic meter per hectare.

Global trends have not taken hold in Latvia. The prices of forest properties have still been at the favorable level, even though the timber market has been quite volatile. During the second quarter, several new entrants have established their operations in Latvia with the interest in acquiring forest properties. However, it has not affected LFC's ability to acquire new properties as the company management actively uses its experience and knowledge to identify and acquire forest properties at an affordable price

Financing

Latvian Forest Company carried out a new rights issue of Class-B shares with preferential rights for existing shareholders that ended on May 5, 2021. In total, the issue was subscribed for at 138.8 percent, of which 98.7 percent was subscribed for with subscription rights and 40.1 percent without subscription rights. The rights issue has contributed approximately 78.2 MSEK with the aim of financing continued expansion through the acquisition of additional forest properties.

Financing strategy

Following comments from and probing among shareholders and potential investors, the Board of Directors has decided that future financing in the form of new issues will primarily take place within the framework of new issues with preference for existing shareholders. However, this does not prevent directed issues from being carried out, for example, in the case of acquisitions of property portfolios or in specific situations where a directed issue may be required. However, the aim is that existing shareholders should not be disadvantaged if a directed issue is carried out.

Share

At the end of the period, after the rights issue was registered, the share capital amounted to 3,733,124 EUR   divided into 80,000 Class-A shares and 33,250,474 Class-B shares. Class A-shares represent ten votes and Class- B shares one vote each. Each share has a quota value of EUR 0.112 in share capital. According to the latest data obtained, the five largest shareholders in terms of voting rights control 67.6% of the capital and 67.2% of the votes.

Significant events after the end of the period

Property holdings at the time of this report amount to 5,785 hectares. At the same time, the total growing stock was estimated at approximately 701,000 cubic meters after completion of fellings, property purchases and sales.

(Pine plantation near Riga damaged by summer high temperature)

Next report

The report for the period January to September2021 is scheduled to be published on November 12, 2021.  

About this report

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

Stockholm, 2021-08-30

Board

For further information please contact

Aleksandrs Tralmaks, CEO

+37129203972

info@latvianforest.se

Or visit our website: www.latvianforest.se

 

CONSOLIDATED INCOME STATEMENT, (TEUR)

 

 

       

 

 

 

 

YTD 2021

YTD 2020

Q2 2021

Q2 2020

Full year 2020

Net sales

 

 

428.5

100.7

182.7

85.9

259.6

Other income

 

 

0.0

3.0

0.0

0.1

0.2

Total revenue

 

 

428.5

103.7

182.7

86.0

259.8

Raw materials and supplies

 

 

-94.5

-64.3

-45.2

-49.5

-186.7

Other external costs

 

 

-166.9

-533.2

-108.9

-171.3

-600.1

Personnel costs

 

 

0.0

0.0

14.7

0.0

-76.2

Depreciation and amortization

 

 

-1.0

-4.8

0.0

-2.4

-6.6

Operating profit

 

 

166.1

-498.6

43.3

-137.2

-609.8

Capital gain property sales

 

 

0.0

0.0

0.0

0.0

130.2

Operating income

 

 

166.1

-498.6

43.3

-137.2

-479.6

Financial income

 

 

25.1

0.0

15.7

0.0

45.7

Financial expenses

 

 

-194.5

-79.0

-152.9

125.9

-142.1

Net financial items

 

 

-169.4

-79.0

-137.2

125.9

-96.4

Change in value forest

 

 

1 030.6

1 080.7

969.5

217.3

1 722.8

Profit before tax

 

 

1 027.3

503.1

875.6

206.0

1 146.8

Current tax

 

 

0.0

-4.8

0.0

-4.8

-7.8

Deferred taxes

 

 

0.0

0.0

0.0

0.0

0.0

PROFIT FOR THE YEAR

 

 

1 027.3

498.3

875.6

201.2

1 139.0

                 

SHARE DATA

 

30.06.2021

30.06.2020

31.12.2020

Average number of shares

 

33 330 474

20 511 061

20 511 061

Number of shares

 

33 330 474

20 511 061

20 511 061

Earnings per share, EUR

 

0.031

0.024

0.056

Equity per share, EUR

 

0.703

0.669

0.700

Cash flow from operating activities per share, EUR

 

0.036

-0.030

-0.050

 

CONSOLIDATED CHANGES IN EQUITY (TEUR)

Share capital

Other capital contributed

Retained earnings incl. profit for the year

Total equity

 

Equity January 1, 2020

2 297.3

0.0

10 922.2

13 219.5

 

Profit for the period

 

 

1 139.0

1 139.0

 

Equity December 31, 2020

2 297.3

0.0

12 061.2

14 358.5

 

Equity January 1, 2021

2 297.3

0.0

12 061.2

14 358.5

 

Profit for the period

 

 

498,3

498,3

 

Equity March 31, 2021

2 297.3

0.0

12 559,5

14 856,8

 

Equity April 1, 2021

2 297.3

0.0

12 212.9

14 510.2

 

New share issue

1 435.8

6 242.5

0.0

7 678.3

 

Change of capital structure in subsidiaries

 

 

300.7

300.7

 

Currency difference

 

 

59.8

59.8

 

Profit for the period

 

 

875.6

875.6

 

Equity June 30, 2021

3 733.1

6 242.5

13 449.0

23 424.6

 
           

 

CONSOLIDATED BALANCE SHEET, (TEUR)

 

30.06.2021

30.06.2020

31.12.2020

ASSETS

 

 

 

 

Forest land and other land

Note 2

7 528.5

3 840.7

6 916.9

Biological assets, growing forest

Note 2

12 321.3

8 290.9

9 492.4

Furniture

 

-

-

-

Rights of use

Note 1

2.8

10.5

3.8

Long-term claim

 

336.5

 

334.1

Deposits and down payments

 

5.3

122.7

5.3

Total fixed assets

 

20 194.4

12 264.8

16 752.5

Accounts receivable

 

141.5

5.0

19.9

Short-term receivables

 

865.2

207.5

85.7

Cash and cash equivalents

 

5 218.2

1 864.4

651.0

Total current assets

 

6 224.9

2 076.9

756.6

TOTAL ASSETS

 

26 419.3

14 341.7

17 509.1

EQUITY AND LIABILITIES

 

     

Equity

 

23 424.6

13 717.8

14 358.5

Provisions

Note 1

2.8

10.5

3.8

Interest-bearing long-term liabilities

 

1 031.3

 

2 934.4

Interest-bearing current liabilities

 

1 477.5

-

29.0

Accounts payable

 

324.7

402.0

28.4

Other liabilities, non-interest-bearing

 

32.8

36.3

27.0

Accrued expenses and deferred income

 

125.6

175.1

128.0

Total liabilities

 

2 991.9

613.4

3 146.8

TOTAL EQUITY AND LIABILITIES

 

26 419.3

14 341.7

17 509.1

Collateral securities

 

0.0

0.0

1 080.1

Solidity

 

88.7%

95.6%

82.0%

Debt/Equity ratio

 

0.13

0.04

0.22

 CONSOLIDATED CASH FLOW STATEMENT, (TEUR)

30.06.2021

30.06.2020

31.12.2020

 

Operating income

166.1

-498.6

-609.8

 

Adjustment records:

 

 

 

 

 - Depreciation fixed assets

1.0

4.8

6.6

 

 - Interest received

15.7

0.0

5.4

 

 - Interest paid

-119.4

-0.2

-39.7

 

Realized currency changes

-

-

130.2

 

Cash flow from operating activities before changes in working capital

63.4

-494.0

-507.3

 

Cash flow from changes in working capital

1 144.2

-125.5

-519.2

 

Cash flow from operating activities

1 207.6

-619.5

-1 026.5

 

Investment activities

 

 

 

 

Sales/Purchase of land +/-

-614.2

1 664.4

-1 411.8

 

Sales/Purchases of biological fixed assets +/-

-1 798.3

-4 055.0

-4 614.4

 

Increase in long-term receivables

 

 

-301.4

 

Deposits

-297.9

-2.9

114.5

 

Cash flow from investment activities

-2 710.4

-2 393.5

-6 213.1

 

Financing activities

 

 

 

 

New share issue

8 038.8

-

-

 

Dividend to shareholders

-

-

-

 

Change in loans

-1 903.1

-

2 934.4

 

Cash flow from financing activities

6 135.7

0.0

2 934.4

 

CASH FLOW FOR THE YEAR

4 632.9

-3 013.0

-4 305.2

 

Cash and cash equivalents at the beginning of the year

651.0

4 956.2

4 956.2

 

Currency rate change in cash and cash equivalents

-65.7

-78.8

0.0

 

Cash flow for the year as described above

4 632.9

-3 013.0

-4 305.2

 

Cash and cash equivalents at the end of the period

5 218.2

1 864.4

651.0

 

 PARENT COMPANY INCOME STATEMENT, (TEUR)

YTD 2021

YTD 2020

Q2 2021

Q2 2020

Full year 2020

Net sales

0.0

3.0

-

-

15.0

Other external costs

-90.2

-443.2

-52.6

-111.4

-517.1

Personnel costs

-

-

-

-

-25.6

Operating income

-90.2

-440.2

-52.6

-108.4

-527.7

Financial income

28.5

19.1

11.5

3.6

30.8

Financial expenses

-127.6

-79.0

-98.4

125.9

-134.6

Net financial items

-99.1

-59.9

-86.9

129.5

-103.8

Profit after financial items

-189.3

-500.1

-139.5

21.1

-631.5

PROFIT FOR THE PERIOD

-189.3

-500.1

-139.5

21.1

-631.5

 

 

 

PARENT COMPANY BALANCE SHEET, (TEUR)

30.06.2021

30.06.2020

31.12.2020

 

 

ASSETS

 

 

 

 

 

Shares in subsidiaries

8 655.7

7 962.8

8 638.1

 

 

Receivables group companies

6 746.8

1 700.6

4 013.1

 

 

Deposits

5.3

5.3

5.3

 

 

Total fixed assets

15 407.8

9 668.7

12 656.5

 

 

Short-term receivables

48.1

172.4

41.2

 

 

Cash and bank

4 831.3

1 784.2

583.7

 

 

Total current assets

4 879.4

1 956.6

624.9

 

 

TOTAL ASSETS

20 287.2

11 625.3

13 281.4

 

 

                     

EQUITY AND LIABILITIES

 

 

 

Equity

18 758.0

11 450.2

11 318.8

 

Interest-bearing liabilities

-

-

1 888.6

 

Other liabilities

1 479.4

11.9

29.0

 

Accrued expenses and deferred income

49.8

163.2

45.0

 

Total liabilities

1 529.2

175.1

1 962.6

 

TOTAL EQUITY AND LIABILITIES

20 287.2

11 625.3

13 281.4

 

Solidity

92.5%

98.5%

85.2%

 

               

PARENT COMPANY CASH FLOW STATEMENT, (TEUR)

30.06.2021

30.06.2020

31.12.2020

Operating income

-90.2

-440.2

-527.7

Adjustment records:

 

 

 

 - Interest received

19.1

19.1

30.8

 - Capital gain on sale of shares in subsidiaries

 

 

 

 - Interest paid

-92.9

-0.2

-32.2

 - Realized currency changes

 

 

0.0

Cash flow from operating activities before changes in working capital

-164.0

-421.3

-529.1

Cash flow from changes in working capital

-440.3

-439.0

1 377.3

Cash flow from operating activities

-604.3

-860.3

848.2

Investment

 

 

 

Sale/Purchase of shares in subsidiaries +/-

-17.6

-7 959.9

-8 635.2

Cash flow from investment activities

-17.6

-7 959.9

-8 635.2

Financing activities

 

 

 

New share issue

7 628.5

-

-

Dividend to shareholders

-

-

-

Decrease/Increase of claim group companies +/-

-2 733.7

5 870.9

3 558.4

Cash flow from financing activities

4 894.8

5 870.9

3 558.4

CASH FLOW FOR THE YEAR

4 272.9

-2 949.3

-4 228.6

Cash and cash equivalents at the beginning of the year

583.7

4 812.3

4 812.3

Cash flow for the year as described above

4 272.9

-2 949.3

-4 228.6

Currency rate change in cash and cash equivalents

-25.3

-78.8

0.0

Cash and cash equivalents at the end of the period

4 831.3

1 784.2

583.7

Note 1, Leasing, IFRS 16

       

As of January 1, 2019, the company applies IFRS 16 New Leasing Standard. This means that all leases are recognized in the balance sheet as rights of use on the asset side or provisions on the liability side with equal amounts, after which they are written off on a straight-line basis over the term of the contract.

 

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18.09.2020

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LATVIAN FOREST COMPANY AB (PUBL.) SIGNS CONDITIONAL PURCHASE AGREEMENT REGARDING THE PURCHASE OF ALL SHARES OF LATFOLDE AB
18.09.2020

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Interim report Jan-June 2020
26.08.2020

Interim report Jan-June 2020

  • Book value of fixed assets 12,264.8 (0) TEUR
  • Equity amounts to 0.669 (1.154) EUR per share
  • Earnings per share 0.024 (0.474) EUR
  • Property holdings amount to 4,324* (0) hectares
  • Timber volume estimated at 500,000* (0) cubic meters
  • Net sales 103.7 (15.6) TEUR
  • Operating profit -498.6 (0) TEUR
  • Change in value, forest 1,080.7(0) TEUR
  • Net profit 498.3 (9,726.4) (0) TEUR

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LATVIAN FOREST COMPANY AB HAS SOLD 195.7 HECTARES OF FARMLAND AND A 2.3 HECTARE FARM.
20.07.2020

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COMMUNIQUÉ FROM THE ANNUAL GENERAL MEETING
29.06.2020

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NOTICE OF ANNUAL GENERAL MEETING OF LATVIAN FOREST COMPANY AB (PUBL)
29.06.2020

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Interim report Jan-Mar 2020
25.05.2020

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Arbitration Institute has adjudicated on claims from former CEO Fredrik Zetterström
20.05.2020

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Regarding the company's former CEO Fredrik Zetterström​, the Arbitration is expected to be on May 20, 2020.
28.04.2020

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Year- end report 2019
20.02.2020

Period January-December 2019

 

  • Book value of fixed assets 8,660 (24,574) TEUR
  • Equity amounts to 0,665 (1,145) EUR per share)
  • Property holdings amount to 3,816 (10,452) hectares

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MINUTES HELD AT THE ANNUAL GENERAL MEETING OF LATVIAN FOREST COMPANY AB (PUBL)
20.12.2019

Minutes kept at the Annual General Meeting of Latvian Forest Company AB (publ), org. 556789-0495, at 10.00, Monday, December 16, 2019 in Stockholm.

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INTERIM REPORT JAN-SEP 2019
22.11.2019

  • Equity amounts to EUR 0.604 (1,125) per share
  • Profit after financial items 9,523.4 (2,020.5) TEUR
  • Earnings per share EUR 0.464 (0.099)

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LATVIAN FOREST COMPANY AB HAS SIGNED A PURCHASE AGREEMENT FOR THE ACQUISITION OF 3,460 HECTARES OF FOREST AND AGRICULTURAL LAND IN LATVIA.
12.11.2019

Parts of the acquisition have already been taken up and the remaining shall be taken later.

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NOTICE OF EXTRAORDINARY GENERAL MEETING LATVIAN FOREST COMPANY AB (PUBL)
12.11.2019

Shareholders wishing to participate in the Meeting shall be included in the share register kept by Euroclear Sweden AB ("VPC) and report their participation no later than Wednesday December 11, 2019.

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Former CEO and Board member Fredrik Zetterström has called for arbitration against Latvian Forest Company AB.
08.10.2019

LFC informs that its past CEO and board member Fredrik Zetterström has called for arbitration against Latvian Forest Company AB regarding profit sharing corresponding to EUR 378,500. 

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INTERIM REPORT JAN-JUN 2019
23.08.2019

All shares in the subsidiaries have been sold, leading to a surplus of 10,803 TEUR

  • Equity amounts to EUR 1,154 (0.676) per share
  • Profit after financial items 9,726.4 (18.3) TEUR
  • Earnings per share EUR 0.474 (0.001)

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Record day to receive dividends
01.07.2019

Today, Monday, July 1, 2019, is the record day to receive a dividend. According to a resolution of the Annual General Meeting dividend to the shareholders shall be paid EUR 0.54 per share or a total of EUR 11 075 973. 

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Annual Report and Consolidated Financial Statements for Latvian Forest Company Aktiebolag (publ)
03.06.2019

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INTERIM REPORT JAN-MAR 2019
24.05.2019

Book value of fixed assets amounts to 24,733.2 (21,924.3) TEUR

  • Equity amounts to 1,117 EUR (1,034) per share
  • Earnings per share -0.028 (0.008) EUR
  • Property holdings amount to 10,614 (9,665) hectares

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NOTICE OF THE ANNUAL GENERAL MEETING OF LATVIAN FOREST COMPANY AB (PUBL)
23.05.2019

Notice of the Annual General Meeting of Latvian Forest Company AB (publ).

Shareholders of Latvian Forest Company AB (publ), org. No. 556789-0495, (the "Company") is hereby invited to the Annual General Meeting on Thursday, June 27, 2019, at 10:00 a.m. in Galjaden Fastigheter's premises on Linnégatan 18 in Stockholm.

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Chairman of the Board Ted Alvenius leaves his post as board member and chairman of Latvian Forest Company AB with immediate effect.
20.05.2019

LFC informs that Chairman of the Board, Ted Alvenius, is of a different opinion than the remaining Board of Directors regarding a transaction involving compensation for value increase in connection with the sale of all shares in the operating subsidiaries.

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Disclosure Notice
16.04.2019

Galjaden Invest AB has increased its holding in Latvian Forest Company AB to 20.03%.

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Press Release - sale of all shares in SIA Latvijas mezu kompanija and Baltic Forest IV SIA.
08.04.2019

Latvian Forest Company has, in accordance with a resolution at the Extraordinary General Meeting on March 27, 2019, completed the sale of all shares in SIA Latvijas mezu kompanija and Baltic Forest IV SIA.

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Disclosure Notice
29.03.2019

Nils Robert Persson has increased his holding in Latvian Forest Company AB.

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NOTICE FROM EXTRAORDINARY ANNUAL GENERAL MEETING
27.03.2019

Latvian Forest Company AB (publ) held the Extraordinary Annual General Meeting on March 27, 2019. The meeting resolved on the sale of all shares in the operating subsidiaries SIA Latvijas Mezu Kompaniju and Baltic Forest IV SIA to SCA Mezs Latvija, SIA

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Summons to Extraordinary General Meeting of shareholders in Latvian Forest Company AB (publ)
13.03.2019

The shareholders of Latvian Forest Company AB (publ), Reg. No. 556789-0495 ("The Company") are hereby summoned to the Extraordinary General Meeting of shareholders to be held on Wednesday, March 27, 2019 at 10.00 in Galjaden Fastigheter premises on Linnégatan 18, Stockholm.

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Latvian Forest Company undertecknar aktieöverlåtelseavtal med SCA Mezs Latvija
08.03.2019

LATVIAN FOREST COMPANY SIGNS SHARE TRANSFER AGREEMENT WITH SCA MEZS LATVIA

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Bokslutskommuniké 2018
22.02.2019

  • Bokfört värde på mark- och skogstillgångar uppgår till 24.574 (21.323)TEUR
  • Eget kapital uppgår till 1,145 (1,027) EUR per aktie
  • Fastighetsinnehaven uppgår till 10.452 (9.599) hektar
  • Virkesvolymen uppskattas till ca 1.015.000 (995.160) kubikmeter

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Latvian Forest Company signs letter of intent with Svenska Cellulosa Aktiebolaget SCA with a view of selling the entire share capital of all its operating subsidiaries
04.02.2019

Latvian Forest Company AB signs letter of intent with Svenska Cellulosa Aktiebolaget SCA with a view of selling the company’s operations by way of sale of all shares in the operating subsidiaries SIA Latvijas mezu kompanija and Baltic Forest IV, SIA. The total sale price is estimated to 26 000 000 Euro.

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Interim Report January - September 2018
23.11.2018

  • Book value on land and forest assets of 23.840 (21.062) TEUR
  • Owners’ Equity per share was 1,125 (0,979) EUR
  • Property holdings of 10.357 (9.416) hectares
  • Timber volume was 1.016.600 (960.000) cubic meter

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Interim Report January - June 2018
23.08.2018

  • Book value on land and forest assets of 22.137 (20.850) TEUR
  • Owners’ Equity per share was 1,047 (1,068) EUR
  • Property holdings of 9.877 (9.368) hectare
  • Timber volume was 1.034.000 (940.000) cubic meter

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Come follow us on Instagram!
17.08.2018

Come follow us on Instagram

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European Foresters' Orienteering Championships 2018
01.08.2018

We at Latvian Forest Company are proud supporters of orienteering in Latvia.

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Interim Report January - March 2018
24.05.2018

  • Book value on land and forest assets of 21.924,3 (20.829,8) TEUR
  • Owners’ Equity per share was 1,034 (1,06) EUR
  • Earnings per share 0,008 (0,0039) EUR
  • Property holdings of 9.665 (9.368) hectare

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Interim Report January - March 2017
22.05.2017

  • Book value on land and forest assets of 20.829,8 (19.228) TEUR
  • Owners’ Equity per share was 1,06 (1,03) EUR
  • Earnings per share was 0,0039 EUR
  • Property holdings of 9.368 (8.590) hectare

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Bronsstädet AB largest shareholder
23.09.2014

Bronsstädet AB (556612-1124) has purchased 1.878.616 B-shares in Latvian Forest Company AB (publ). The ownership, after purchases, corresponds to 14.81 percent of capital and 14.01 percent of votes which makes Bronsstädet AB the largest shareholder in Latvian Forest Co.

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Acquisitions will be completed
04.03.2014

Following the completion of its due diligence analyses, the Latvian Forest Company AB has decided to complete the previously announced acquisitions.

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