Interim Report January - March 2022
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Book value of land and forest amounts to 36,356 (17,966.4) TEUR
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Equity amounts to EUR 0.9 (0.707) per share
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Earnings per share EUR 0.005 (0.007)
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Property holdings amounts to 7,489 (5,670) hectares
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Timber volume is estimated at 1,063,000 (650,000) cubic meters
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Net sales 341.5 (245.8) TEUR
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Operating profit 145.7 (122.8) TEUR
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Change in value, forest 67.5 (61.1) TEUR
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Net profit 191.5 (151.7) TEUR
(Data in parentheses refer to the corresponding period last year)
Latvian Forest Company
Latvian Forest Company AB (publ) is a Swedish listed company that acquires and manages forest properties on advantageously valued forest in Latvia. The three main foundations of the business are, in addition to forest being a sought-after real asset that grows by its own power,
- an expected increase in the price levels of Latvian forest and agricultural properties.
- to create added value through active forest management.
- to create value by building up a larger property portfolio.
The expansion is financed by carrying out new share issues in stages as properties are acquired and the business develops. Through Latvian Forest Company, shareholders become co-owners of many properties instead of one individual, which provides a good spread of risk. The activities carried out in ongoing forestry create the turnover needed to cover the company's costs over time and, in the long term, 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 takes place in Swedish kronor.
Status & property holdings
Investments in forest properties have been made continuously and the holdings at the end of the period amounted to a total of 7,489 (5,670) hectares. Of these, 5,914 (3,636) hectares were forest and 1,576 (2,034) other land, whereof 1,011 (1,391) hectares agricultural land. At the same time, the total growing stock was estimated at about 1,063,000 (650,000) cubic meters after felling and purchases/sales of property. This is 37% more than at the end of the first quarter of 2021.
On the 5,914 hectares that the company owned at the end of this period, the existing growing stock is estimated at 1,063,000 m3. The company management estimates that immediately fellable forest amounts to 323,000 m3. Within the next 10 years, the company management expects to be able to fell 466,000 m3. According to updated information, the company management estimates that there are 180 m3 of growing forest per hectare. More than 70% of the company holdings consist of land types corresponding to bonity classes IA, I and II. Only 0.6% of the company holdings have management measures prohibited due to nature conservation restrictions. Over 70% of the growing stock consists of the three most important industrial wood species: birch, pine, and spruce.
(Map of existing property holdings)
A more detailed description of the company holdings is available on the company website with a link here: www.latvianforest.se
Felling and clearing
During the first quarter, the company has sold felling rights or felled a total of 9,051 cubic meters, which is only part of the year's planned approximately 40,000 cubic meters in felling volumes, i.e., sales of root items. The average felling price was EUR 39,77 per cubic meter with an income equivalent to 360 TEUR. The company has not cleared or carried out planting during the first quarter.
(Example of clearing of aspen stock near Irsi, Livonia)
Sales and earnings
Net sales in the first quarter amounted to TEUR 341.5 (245.8) and relate to revenue from felling, i.e., sales of root items. Operating profit was TEUR 145.7 (122.8) for the first quarter. Net profit for the period was 191.7 (151.7) TEUR.
The estimated fair value of forest assets was TEUR 26,930 (10,375). In aggregate, the value of forest land and other land amounted to TEUR 35,883.8 (17,553).
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 associated with felling.
External costs consist largely of purchased services related to forest management, other consulting services such as accounting, auditing, legal advice, and costs for travel, rent, and transport. Variable costs for purchase commissions have been recorded to some extent as part of the acquisition cost of the individual properties and in these cases do not affect the result. Other variable compensations for clearing are recorded under raw materials and supplies (previously cost of goods sold). The total costs for the first quarter were 194.7 (123) TEUR.
Timber and forest property market
The company management notes that the demand for all types of wood products has continued to increase. It touches on several factors that have affected the positive price increase at the same time. On February 24, Russia attacked Ukraine and a full-scale war broke out. As a result, economic sanctions have been imposed. As a result, a total of 9 million cubic meters of cellulose wood imported from Finland has begun to disappear. Yet almost at risk 8 million cubic meters of sawn timber disappear from the European market.
The economic constraints on buying Russian crude oil and gas are already leading to higher energy prices for consumers. Among other things, this means rising prices and demand for wood chips and firewood.
The long-term demand for timber products in Europe is also positively driven by wood construction, packaging boom and the drive towards a sustainable energy sector. Overall, an increased need for 200 million cubic meters and 25 million tons of pulp over the next decade could be predicted, as stated in Danske Bank's Forest & Economy newsletter.
Proposals from the EU, such as the EU taxonomy and the new EU Forest Strategy, seem to be moving towards ever higher standards in terms of sustainable forest management and biodiversity considerations. Biodiversity is also an issue that has generally climbed higher on the agenda, both for investors and political decision-makers. In addition, the importance of the role of forests as a carbon sink is highlighted. Issues that could mean lower levels of logging and less influence for the forest owner.
The above-mentioned principles have materialized in a forestry declaration for Lithuania. There predicts, among other things, an increased importance of sustainability in forestry and the role of forests as a carbon sink. In addition, the declaration refers to better integration between industry, forest owners and the state, as well as synchronization of future planning.
The prices of forest properties have risen due to record prices on the timber market. An increasing number of new players are also establishing their operations in Latvia with the interest in acquiring and owning forest properties. However, the company management has been able to continue to acquire new properties by actively using their experience and knowledge to identify and acquire forest properties at a favorable price.
(Soil preparation for planting spruce on agricultural land near Rezekne, Latgale)
Financing
Latvian Forest Company carried out a new issue of Class-B shares with preferential rights for existing shareholders, which ended on January 28, 2022. In total, the issue was subscribed to 154.2 percent, of which 93.7 percent with the support of subscription rights and 60.4 percent without the support of subscription rights. The rights issue has raised approximately MSEK 25 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 share issues will primarily take place within the framework of new share issues with preferential rights for existing shareholders. However, this does not prevent that directed issues may be carried out, for example, in the case of acquisitions of property portfolios or in special situations where a directed issue may be required. The objective is that existing shareholders should not be disadvantaged if a directed issue is carried out.
Share
At the end of the period, the share capital amounted to EUR 4,106,436 divided into 80,000 Class-A shares and 36,583,521 Class-B shares. Class-A shares represent ten votes and Class-B shares one vote each. Each share has a quota value of 0.112 Euro in share capital. According to the latest data obtained by the company, the five largest shareholders in terms of votes control 67.6% of the capital and 67.2% of the votes.
Significant events at the end of the period
Property holdings at the time of this report amount to 7.165 hectares. At the same time, the total growing stock was estimated at about 1.076.000 cubic meters after completed felling and property purchases and sales. The company has sold 476 hectares of agricultural and other land for EUR 1,340,410 in accordance with the previous efficiency plan.
Next report
The report for the period January to June 2022 is scheduled to be published on August 22, 2022.
Annual Report and Annual General Meeting
Notice of the Annual General Meeting on June 30, 2022 will be made and the Annual report and related material will be available no later than two weeks before the meeting.
About this report
This report has not been subject to special scrutiny by the company's auditor.
Stockholm, 2022-05-27
Board
For further information please contact:
Aleksandrs Tralmaks, CEO
+37129203972
info@latvianforest.se
Or visit our website: www.latvianforest.se
Latvian Forest Company offentliggör emissionsmemorandum
10.04.2024
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Latvian Forest Company genomför företrädesemission om 27,3 Mkr för fortsatt expansion
02.04.2024
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Ändrat datum för offentliggörande av bokslutskommuniké 2023
19.02.2024
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Interim report Jan-Sept. 2023
22.11.2023
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FLAGGING MESSAGE Galjaden Invest AB has reduced its holding in Latvian Forest Company AB
20.09.2023
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Interim report Jan-June 2023
25.08.2023
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COMMUNIQUÉ FROM THE ANNUAL GENERAL MEETING
26.06.2023
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NOTICE LFC ANNUAL GENERAL MEETING 2023 - MAY 30, 2023
30.05.2023
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Interim report January-March 2023
24.05.2023
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THE BUYER WITH WHOM LATVIAN FOREST COMPANY AB HAS NEGOTIATED THE SALE OF ITS TWO LATVIAN SUBSIDIARIES HAS ANNOUNCED THAT IT DOES NOT INTEND TO COMPLETE THE CONTEMPLATED TRANSACTION.
29.04.2023
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LATVIAN FOREST COMPANY CONTINUES WORK TO COMPLETE THE SALE OF ITS SUBSIDIARIES IN LATVIA TO SWEDEN BASED, WELL ESTABLISHED COMPANY.
17.04.2023
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Changed date for Year-end report 2022
20.02.2023
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LATVIAN FOREST COMPANY ENTERS INTO LETTER OF INTENT WITH SWEDEN BASED, WELL ESTABLISHED COMPANY REGARDING THE SALE OF ITS SUBSIDIARIES IN LATVIA
15.02.2023
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Interim report Jan-Sept. 2022
23.11.2022
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New date for Interim Report January-September 2022
14.11.2022
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Interim report Jan-June 2022
22.08.2022
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COMMUNICATION FROM ANNUAL GENERAL MEETING
30.06.2022
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Last day for trading in BTA B is 2022-03-11
09.03.2022
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CHANGED DATE FOR YEAR-END REPORT 2021
18.02.2022
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LATVIAN FOREST COMPANY'S PREMIUM ISSUE SUBSCRIBED
01.02.2022
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Correction: Carry out a rights issue of SEK 25 million for continued expansion
07.01.2022
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LATVIAN FOREST COMPANY AB (PUBL.) COMPLETES PREPARATION ISSUE OF SEK 25 MILLION FOR CONTINUED EXPANSION
07.01.2022
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LATVIAN FOREST COMPANY AB (PUBL.) HAS FINISHED THE BUSINESS REGARDING THE PURCHASE OF ALL SHARES OF UAB SILUONA.
02.12.2021
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CHANGED DATE FOR INTERIM REPORT JAN-SEPT 2021
12.11.2021
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LATVIAN FOREST COMPANY AB (PUBL.) HAS SIGNED AN AGREEMENT REGARDING THE PURCHASE OF ALL SHARES OF A LITHUANIAN COMPANY OWNING 1,338 HECTARES OF LAND WITH 301,000 m³ OF LUMBER.
01.11.2021
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Interim report Jan-June 2021
30.08.2021
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CORRECTION: UPDATE IN PREVIOUS PRESS RELEASE "CHANGED DATE FOR INTERIM REPORT JANUARY-JUNE 2021" REGARDING MAR CLASSIFICATION.
23.08.2021
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ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR LATVIAN FOREST COMPANY AKTIEBOLAG 2020
03.08.2021
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COMMUNICATION FROM ANNUAL GENERAL MEETING
30.06.2021
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Interim report January-March 2021
06.06.2021
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NOTICE TO ATTEND THE ANNUAL GENERAL MEETING OF LATVIAN FOREST COMPANY AB (PUBL)
31.05.2021
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Latvian Forest Companys företrädesemission registrerad
27.05.2021
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Latvian Forest Company's rights issue oversubscribed
07.05.2021
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LATVIAN FOREST COMPANY PUBLISHES PROSPECTUS
22.04.2021
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Latvian Forest Company provide a rights issue of approximately 78.2 MSEK for continued expansion
12.04.2021
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Changed release date for Interim Report Jan-Mar 2021
12.04.2021
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Interim report Jan-Sept. 2020
30.11.2020
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AMENDED DATE OF INTERIM REPORT JAN-SEPT. 2020
19.11.2020
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LATVIAN FOREST COMPANY AB (PUBL.) HAS COMPLETED THE TRANSACTION REGARDING THE PURCHASE OF ALL SHARES IN LATFOLDE AB
30.10.2020
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LATVIAN FOREST COMPANY AB BORROWS 1.1 MEUR FROM SWEDBANK
23.10.2020
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SUPPLEMENT - 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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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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