Latvian Forest Company AB is a publicly traded, Swedish limited liability
company that offers private individuals and legal entities the opportunity
to invest in favorably valued forest property in Latvia.
Interim report Jan-June 2020
Period January-December 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.
Read moreParts of the acquisition have already been taken up and the remaining shall be taken later.
Read moreShareholders 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.
Read moreLFC 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.
Read moreAll shares in the subsidiaries have been sold, leading to a surplus of 10,803 TEUR
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.
Read moreBook value of fixed assets amounts to 24,733.2 (21,924.3) TEUR
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.
Read moreLFC 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.
Read moreGaljaden Invest AB has increased its holding in Latvian Forest Company AB to 20.03%.
Read moreLatvian 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.
Read moreNils Robert Persson has increased his holding in Latvian Forest Company AB.
Read moreLatvian 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
Read moreThe 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.
Read moreLATVIAN FOREST COMPANY SIGNS SHARE TRANSFER AGREEMENT WITH SCA MEZS LATVIA
Read moreLatvian 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.
Read moreWe at Latvian Forest Company are proud supporters of orienteering in Latvia.
Read moreBronsstädet 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.
Read moreFollowing the completion of its due diligence analyses, the Latvian Forest Company AB has decided to complete the previously announced acquisitions.
Read moreInterim report Jan-June 2021
(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,
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 |
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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. |
Interim report Jan-June 2020
Period January-December 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.
Read moreParts of the acquisition have already been taken up and the remaining shall be taken later.
Read moreShareholders 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.
Read moreLFC 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.
Read moreAll shares in the subsidiaries have been sold, leading to a surplus of 10,803 TEUR
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.
Read moreBook value of fixed assets amounts to 24,733.2 (21,924.3) TEUR
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.
Read moreLFC 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.
Read moreGaljaden Invest AB has increased its holding in Latvian Forest Company AB to 20.03%.
Read moreLatvian 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.
Read moreNils Robert Persson has increased his holding in Latvian Forest Company AB.
Read moreLatvian 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
Read moreThe 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.
Read moreLATVIAN FOREST COMPANY SIGNS SHARE TRANSFER AGREEMENT WITH SCA MEZS LATVIA
Read moreLatvian 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.
Read moreWe at Latvian Forest Company are proud supporters of orienteering in Latvia.
Read moreBronsstädet 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.
Read moreFollowing the completion of its due diligence analyses, the Latvian Forest Company AB has decided to complete the previously announced acquisitions.
Read more