News

23
08.2018

Interim Report January - June 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
  • Sales of 356,8 (111,8) TEUR
  • Operating profit shows 59,2 (-89,1) TEUR
  • Increase in forest value of 455,2 (357,2) TEUR
  • Net profit was 425,7 (202,4) TEUR

(Figures in brackets show corresponding period previous year)

Latvian Forest Company

Latvian Forest Company AB (public) is a Swedish listed Company investing in and operating forestry on favourable valued forests in Latvia. The three main basics of the business are, besides forest being a sought-after real asset which grows by its own power.

  • An expected increase in price levels for Latvian forest and agricultural properties
  • To create value increase through active forest management
  • To create value gains by building a larger property portfolio

The expansion is financed by new share issues as real estate is acquired and operations are being developed. The shareholders will through Latvian Forest Company become partners in many properties instead of an individual – resulting in good risk spreading. The activities undertaken in the ongoing forestry create the necessary revenue over time to cover the company's costs and eventually generate a surplus.

Latvian Forest Company AB has Euro as the accounting currency and all reporting is in Euro. Stock trading in the marketplace for shares, Aktietorget, takes place in Swedish kronor. 

Status and property ownership

Investments in forest properties have taken place continuously, and the holdings at the end of the period totaled  9.876 (9.368) hectares. Of these, 7.233 (6.860) were forests and 2.643 (2.508) other land including 1.792 (1.814) agriculture land. The company has managed to retains the percentage of forest land (73%) out of its total land. The total growing stock was estimated to be approximately 1.034.000 (940.000) cubic meters after completed felling. 

During the second quarter, a total of 0,14 MEUR was invested in 7 single properties and 128 hectares with a growing stock of approximately 7.440 cubic meters. The company management still holds the opinion that the terms are favourable for acquisition of single properties, since some foreign property owners consider it favourable to leave the Latvian market.  

Company management has put forward to the board, a strategy where agriculture land is being leased to local farmers (i), converted into forest land (ii) or sold (iii). The CEO has together with the forest manager completed a comprehensive review of the company’s agriculture land. It has been decided to convert all agriculture land units smaller than 2 hectares to forest land according to the local legislation. Units with size larger than 2 hectares shall be leased out to local farmers. The company has today 732 hectares leased out to local farmers. Further 626 hectares will be leased out in the end of 2018 and before sowing season 2019. Right now, the company management has decided to convert 125 hectares of non-productive agriculture land to forest land during 2018 and Q1 2019. This constitutes half the possession of 250 hectares of such land. The major part of mentioned 125 hectares has already been naturally afforested by inferior wood. LFC plans for completion of the existing forest land with spruce planting during spring 2019 and plants have already been ordered.

Turnover and result

Revenue during Q2 amounted to 310,3 (101,3) TEUR and mainly relates to revenue from the sale of felling, that is standing forest timber. Total revenue for the period Jan-June 2018 amounts to 356,8 (111,8) TEUR. Costs for the ongoing operations have still developed satisfactory. An increase of external costs, raw material and supplies is explained with a more active forest management and felling.

Operating profit was favourable with 173,5 (-3,4) TEUR for Q2. During Q1 the company managed to achieve an operating profit of 59,2 (-89,1) TEUR, a major improvement compared to previous year. 

Estimated fair value of the forest assets was 14.410 (13.526) TEUR. The increase in value is mainly due to the purchase of property and to the average long-term price level of saw timber and pulpwood. The real value of growing forests has been calculated on the assets that existed in the company as at June 30, 2018. The value is calculated by discounting a 100-year series of estimated felling volumes / sales revenue and forest management costs at a discount rate of 7.25% (7.25%). 

Otherwise, the results of operations are affected by normal costs for clearance, property related costs, such as new real estate measurements, inventories and stamping of stocks prior to felling, as well as certain costs associated with felling.

External costs consist largely of other purchased services in connection with forest management, other consulting services such as accounting, auditing, legal advice, as well as travel, rent and transportation costs, etc. Variable cost for purchase commissions etc. has in part been booked as part of the acquisition cost of the individual properties and in these cases does not charge the result. Other variable remuneration for clearing are recorded under commodities and supplies (previously cost of goods sold).

Felling and clearing

The company has planned for a felling volume of 40.000 cubic meters during 2018. During the second quarter felling of 8.300 cubic meters has been made, at a total income of 300TEUR. A total of 10.087 cubic meters has been felled this year resulting in an income of 342 TEUR, equivalent to  34 EUR per cubic meter. Felling is done through standing forest timber for sale. Remaining volumes will be felled later during coming periods. The company is, according to the new forest management plan, more actively engaged in measures to increase the long term value  of the forest resources. A total of 225 hectares has been cleared during the first six months 2018, whereof 36 hectares during the second quarter.  

Financing

No new share issues have been made and no loans have been raised during the first 2 quarters 2018.

Financial strategy

The Board has, following the views and probing among various shareholders and potential investors, decided that future funding in the form of new share issues will primarily take place with preference for existing shareholders. However, this does not prevent directed share issues from being completed, for example, when acquiring real estate portfolios or in special situations where a directed share issue may be required. The objective is for existing shareholders not to be at disadvantage if a directed share issue is made.

Share

Share capital at the end of period amounted to 2.297.307 EUR divided into 80.000 A-shares and 20.431.061 B-shares. A-shares represent ten votes and B-shares one vote each. Each share represents 0.112 Euro (1.0 SEK) in share capital. The five largest shareholders, according to the latest data, control 67,6% of the share capital and 67,2% of the votes.

Market

The management of Latvian Forest Company still holds the opinion that the market is favourable for acquiring single properties, although the market for timber is at a record high. Quite opposite, the smaller local forest owners tend to sell their property after felling to avoid investments in different forest actions. Also, some foreign investors in forestry tend to sell their possession due to generational renewal, and the two largest forest company’s (Foran Real Estate and Bergvik Skog) have made share dealings.

Interest for wood products is an all-time high. The price is high for timber as well as for wood pulp. The historic record high price rise will continue in the autumn according to industry representatives. There are reasons to be optimistic. The nearest market around the Baltic see has been severely affected by warm weather resulting in less felling volume as precaution of forest fire. This is on top of an earlier deficit caused by the extremely wet summer in 2017. The Nordic and especially Swedish sawmills have the lowest stocks of sawn finished products since autumn of 2009 according to Skogsindustrierna.    

In addition, timber prices on the North American market have galloped and most experts believe the decline in Chinese import of timber will turn during the end of 2018 and start of 2019.  This will favour the Latvian export of timber, as already increased by close to 10% in the beginning of 2018. The belief is strong for a continuation of the positive trend during 2018, as confirmed by the increase of felling permits issued by the Latvian National Board of Forestry. 

The local production of veneer and particle boards is by tradition strong in Latvia, being one of the world’s largest exporter of those wood products. Latvijas Finieris and Kronospan Riga, have increased their revenue more than 15 % compared to last year and the market shows a growing interest for birch as wood type.

The market for pulp wood also shows a high demand with good prospects for the future. This explains by the demand for long fiber exceeds the supply.  The prediction is for 1,5 million ton/year of new capacity to be added to the market during this year and next year.

Latvia has become Europe’s and the world’s leading exporter of energy forest products such as chips, wood granulate and briquettes. New investments in Latvia during recent years have added close to 300 000 ton giving a total capacity of almost 700 000 ton.

To sum up, the management of Latvian Forest Company holds the opinion that the favourable price level on wood products will remain during 2018 and beginning of 2019. This encourage us to implement the existing felling plan this year and to do similar for the first six months of 2019.    

Events after the end of the period

The property holdings amount to 10.020 hectares at the time of this report. The company has also managed to sell 7.560 cubic meter felling rights generating an income of 278 TEUR.

Other company news

LFC has updated its homepage  www.latvianforest.se with an interactive map where you can find the company’s property holdings. Latvian Forest Company is now also on Instagram,

https://www.instagram.com/latvianforestcompany/ where you can follow the daily news from our forest.  Latvian Forest Company were proud supporters of this year’s European Forestry Workers' Championship in orienteering  that took place in Sigulda, Latvia between the 6 and 10 of August.

Next report

Interim report for the period Januari – September, 2018 is scheduled for publication on November 23, 2018.

Accounting principle

This interim report has been prepared for the Group in accordance with IFRS (International Financial Reporting Standards) as adopted by the EU and the Swedish Annual Accounts Act. The parent company's accounts have been prepared in accordance with RFR 2 Accounting for Legal Entities and the Swedish Annual Accounts Act. 

About this report

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

Stockholm, 2018-08-23

The Board

 

For further information please contact

Aleksandrs Tralmaks, CEO

+37129203972

info@latvianforest.se

Visit our website: www.latvianforest.se

 

CONSOLIDATED INCOME STATEMENT (TEUR)

 

YTD 2018

YTD 2017

Q2 2018

Q2 2017

Net sales

 

356.0

111.6

309.5

101.1

Other operating income

 

0.8

0.2

0.8

0.2

Total income

 

356.8

111.8

310.3

101.3

Materials and services

 

-72.6

-39.3

-30.8

-20.2

Other operating expenses

 

-199.7

-143.7

-96.2

-75.2

Personnel expenses

 

-25.1

-17.7

-9.7

-9.2

Depreciation and write-down

 

-0.2

-0.2

-0.1

-01.1

Other expenses

 

0.0

0.0

0.0

0.0

Operating profit

 

59.2

-89.1

173.5

-3.4

Capital gain property sales

 

3.1

-

-

-

Operating profit before change in value forest

 

62.3

-89.1

173.5

-3.4

Change in value forest

 

455.2

357.2

122.2

178.0

Operating profit

 

517.5

268.1

295.7

174.6

Financial income

 

0.5

5.1

0.4

3.4

Financial expenses

 

-92.3

-45.8

-25.6

-18.7

Net financial items

 

-91.8

-40.7

-25.2

-15.3

Profit before tax

 

425.7

227.4

270.5

159.3

Income tax

 

-

-

-

-

Deferred tax

 

-

-25.0

-

-18.9

NET PROFIT/LOSS FOR THE PERIOD

 

425.7

202.4

270.5

140.4

 

STOCK DATA

 

 2018-06-30

2017-06-30

Average number of shares

 

20,511,061

15,856,792

Number of shares

 

20,511,061

15,856,792

Earnings per share after tax, Euro  

 

0.021

0.013

Equity per share, Euro (before and after dilution)

 

1.047

1.068

Cash flow from current operations per share, Euro

 

-0.008

-0.007

 

CONSOLIDATED BALANCE SHEET

(TEUR)

 

 2018-06-30

2017-06-30

2017-12-31

ASSETS

 

 

 

 

Subscribed, not yet paid share capital

 

-

2,440.8

 

Forest and other forest land

 

7,726.5

7,322.9

7,489.8

Biological assets, growing forests

 

14,410.7

13,526.8

13,834.1

Inventories

 

1.0

0.2

0.1

Deposits

 

5.9

5.9

5.9

Deferred tax claim

 

0.0

161.4

-

Total fixed assets

 

22,144.1

23,458.0

21,329.9

Accounts receivables

 

36.2

19.3

9.1

Current receivables

 

50.7

56.5

47.1

Cash and cash equivalents

 

1,116.6

130.1

1,651.5

Total current assets

 

1,203.5

205.9

1,707.7

TOTAL ASSETS

 

23,347.6

23,663.9

23,037.6

         

EQUITY AND LIABILITIES

       

Equity

 

21,481.0

19,373.7

21,057.3

Long term liabilities

 

1,758.8

1,758.8

1,758.8

Deferred tax liabilities

 

0.0

1,470.7

-

Interest-bearing liabilities

 

0.0

955.7

-

Tax debt

 

-

-

-

Accounts payables

 

58.8

31.2

164,9

Other payables

 

4.7

5.3

2,0

Accrued expenses and prepaid income

 

44.3

68.5

54,1

TOTAL LIABILITIES

 

1,866.6

4,290.2

1,979.8

TOTAL EQUITY AND LIABILITIES

 

23,347.6

23,663.9

23,037.6

Pledged collateral: General pledge of assets

 

1,764.7

2,720.4

1,764.7

Solidity

 

92.0%

81.9%

91.4%

Debt/equity ratio

 

0.09

0.22

0,09

 

CONSOLIDATED STATEMENT OF CASH FLOW (TEUR)

 

 2018-06-30

2017-06-30

2017-12-31

Operating profit

 

517.5

268.1

321.4

Adjustments for non-cash items:

 

 

 

 

 -  Change in value forest

 

-455.2

-357.2

-480.6

 - Depreciation and write-down

 

0.2

0.2

0.3

 - Received interest

 

0.5

1.6

-

 - Paid interest

 

-24.0

-45.2

-86.7

 - Translation difference of earnings in foreign currency

 

-

-

-7.6

Cash flow from operating activities before changes in working capital

 

39.0

-132.5

-253.2

Cash flow from changes in working capital

 

-212.7

22.6

127,2

Cash flow from current operations

 

-173.7

-109.9

-126,0

Investing activities

 

 

 

 

Forest and other forest land

 

-236.7

-0.1

-166.9

Biological assets, growing forests

 

-121.4

-1.6

-185.5

Inventories

 

-1.1

-

-

Cash Flow from Investing activities

 

-359.2

-1.7

-352.4

Financing activities

 

 

 

 

New share issue

 

-

-

2,850.2

Capital cost

 

-2.0

-39.0

-45.3

Change in loans

 

-

65.8

-889,9

Cash Flow from Financing activities

 

-2.0

26.8

1915,0

CASH FLOW FOR THE PERIOD

 

-534.9

-84.8

1,436.6

Net Cash at the beginning of period

 

1,651.5

214.9

214.9

Cash flow for the period as above

 

-534.9

-84.8

1,436.6

Net Cash at period end

 

1,116.6

130.1

1,651.5

 

 

 

 

 

 

STATEMENT OF CHANGES IN EQUITY (TEUR)

 

Share Capital

Other contributed capital

Retained profit incl. profit/loss for the period

Total Equity

Equity 31 December 2016/1 January 2017

 

1,776.0

9,483.2

5,509.8

16,769.0

Profit/loss for the period

 

 

 

1,483.4

1,483.4

Total revenue and expenses for the year

 

-

-

1,483.4

1,483.4

New share issue

 

521.3

2,328.9

 

2,850.2

Capital cost

 

0.0

-45.3

0.0

-45.3

Equity 31 December 2017/1 January 2018

 

2,297.3

11,766.8

6,993.2

21,057.3

 

 

 

 

 

 

Profit/loss for the period

 

 

 

425.7

425.7

Capital cost

 

 

-2.0

 

-2.0

Equity 31 March 2018

 

2,297.3

11,764.8

7,418.9

21,481.0

           

 

PARENT COMPANY INCOME STATEMENT (TEUR)

 

YTD 2018

YTD 2017

Q2 2018

Q2 2017

Net sales

 

32.0

30.2

16.4

30.2

Cost of goods sold

 

0.0

0.0

0.0

0.0

Other external expenses

 

-77.3

-64.7

-51.8

-64.7

Personnel expenses

 

0.0

0.0

0.0

0.0

Operating profit

 

-45.3

-34.5

-35.4

-34.5

Profit from financing activities

 

 

 

0.0

 

Financial income

 

131.9

115.9

67.3

115.9

Financial expenses

 

-68.3

-20.4

-14.3

-20.4

Net financial items

 

63.6

95.5

53.0

95.5

Profit before tax

 

18.3

61.0

17.6

61.0

Deferred tax

 

0.0

0.0

0.0

0.0

Net profit/loss for the period

 

18.3

61.0

17.6

61.0

 

PARENT COMPANY BALANCE SHEET

(TEUR)

 

2018-06-30

2017-06-30

2017-12-31

ASSETS

       

Subscribed, not yet paid share capital

 

-

2,440.8

-

Shares in subsidiaries

 

6,073.9

6,073.9

6,073.9

Group receivables

 

6,939.9

5,836.0

6,097.6

Deposits

 

5.9

5.9

5.9

Deferred tax claim  

 

0.0

0.0

0.0

Total fixed assets

 

13,019.7

14,356.6

12,177.4

Short term receivables

 

37.0

49.6

64.8

Cash and cash equivalents

 

839.5

38.5

1,635.6

Total current assets

 

876.5

88.1

1,700.4

TOTAL ASSETS

 

13,896.2

14,444.7

13,877.8

         

EQUITY AND LIABILITIES

       

Equity

 

13,870.1

13,407.9

13,854.3

Interest bearing liabilities

 

-

955.7

-

Other payables

 

9.3

31.6

6.3

Accrued expenses

 

16.8

49.5

17.2

TOTAL LIABILITIES

 

26.1

1,036.8

23.5

TOTAL EQUITY AND LIABILITIES

 

13,896.2

14,444.7

13,877.8

Solidity

 

99.8%

92.8%

99.8%

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  • 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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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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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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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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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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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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