News

25
05.2020

Interim report Jan-Mar 2020

 Interim report Jan-Mar 2020

  • Book value of fixed assets 10,161.1 (24,733.2) TEUR
  • Equity amounts to EUR 0.680 (EUR 1.117) per share
  • Earnings per share -0.022 (-0.028) EUR
  • Property holdings amount to 4,059 (10, 614) hectares
  • Timber volume estimated at 396,567 (1,015,000) cubic meters
  • Net sales 8 (75.2) TEUR
  • Operating profit - 361.4 (-541.7) TEUR
  • Change in value, forest 863.4 (0) TEUR
  • Net profit TEUR 297.1 (-575.3) TEUR

 (Parentheses data 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 in Latvia. The three main foundations of the business are, in addition to forest being a sought-after real asset that grows on its own merits:

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

The expansion is financed by new share issues in stages as properties are acquired and the business develops. Through Latvian Forest being a partner in most properties, shareholders receive a good diversification. The activities carried out in the day-to-day forest sector generate the turnover needed to cover the company's costs over time and generate a surplus in the long term.

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

Status & property ownership

Investments in forest properties have been made continuously and holdings totaled 4,059 (10,614) hectares at the end of the period. Of these, 2,434 (8,060) hectares were forest and 1.625 (2,554) other land including 1,306 (1,943) hectares of agricultural land. At the same time, the total growing stock was estimated at approximately 400,000 (1,015,000) cubic meters after felling, purchases and sales of property. Of these, 132,000 cubic meters are immediately fellable.

Within the next 10 years, the company's management estimates that it will be able to fell 177,000 cubic meters. The company estimates that there is a total of 162 cubic meters of growing forest per hectare, which is 40 cubic meters more per hectare than in the portfolio sold to SCA last year. Close to 70% of the company's holdings consist of land types corresponding to Site productivity class IA, I and II. Only in 0.6% of the company's holdings, maintenance measures are prohibited due to nature conservation restrictions. More than 70% of the growing stock consists of the three most important types of wood, i.e. birch, pine and spruce. The average acquisition price was approximately EUR 21 per cubic meter, including the cost of acquiring agricultural land.

(Map of the existing property portfolio)

Of 1,306 hectares of agricultural land about 753 hectares of farmland is leased to local farmers with an average income of EUR 70/ha and year excluding VAT. The remainder consists mostly of naturally afforested land, which the company gradually converts into woodland by making new forest plans and implementing plantings of spruce.  The existing growing stock on such land is, in a conservative view, 25,000 cubic meters. The company plans to convert 600 hectares of agricultural and other land into woodland within the next two years. The remaining agricultural land will be disposed of and the management estimates the price of agricultural land in each region at an average of EUR 2,500 per hectare, equivalent to approximately 1,880 TEUR. According to this assumption, the company has been able to acquire one cubic meter of standing forest for EUR 16/cubic meter. A detailed description is available on the company's website.

Turnover and earnings

Net sales for the period amounted to 14.8 (75.2) TEUR and mainly consist of lease income from agricultural land.

The estimated fair value of forest resources amounted to 4.02 (16.52) MEUR. In total, the value of forest land, other land and forest assets amounted to 10.16 (24.73) MEUR.

Further, the result is affected by normal costs for clearing, property-related costs such as new property measurements, inventory and stamping of stocks for felling, and certain costs associated with felling. Direct management costs during the third quarter were 29 TEUR.  

The external costs consist to a large extent of 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 have partly been recorded as part of the acquisition cost of the individual properties and in these cases do not burden the result. Other variable allowances including management and clearing are recorded with raw material and supplies (previous cost of goods sold).

During the first quarter, the company had an extra 87.3 TEUR in legal expenses. These costs are attributed to the arbitration initiated by the company's former CEO Fredrik Zetterström against the company. Fredrik Zetterström demands compensation of 378 TEUR from Latvian Forest based on a profit-sharing agreement. The company has denied the claim in its entirety. Final hearings have been held and arbitration is expected on May 20, 2020.

Felling and clearing

The company has not carried out sale of standing forest timber, which had been planned for the first quarter of 2020, due to a continued weakening of the timber market at the beginning of the year. The situation deteriorated further because of the Corona crisis. Decision has been made to carry out felling of approx. 40,000 cubic meters after a noted improvement of the economic situation. The company has prepared the necessary documentation and applied for logging concessions of the above volume, which has been authorized by the Forest Board. The Board of Directors will evaluate the economic situation of timber products and will instruct the company management to carry out felling at the first signs of improvement.  

A total of 10 hectares were cleared during the first quarter. The company management has planned to carry out planting of 68,360 spruce plants on 45.03 hectares during the second quarter. At the time of publication of this report, the lion´s share of the planting has already been carried out.

Timber and forest property market

As a repeat, it can be pointed out that forest properties in Latvia often consists of small properties of between 5 and 40 hectares. After the War of Independence (in the 1920s), land formerly owned by the Baltic nobility was distributed to those who participated in the War of Independence. As a rule, such a property included both a piece of productive agricultural land and some woodland. A family was supposed to be able to make a living on such a property. Latvian Forest buys such properties to create a more efficient use of the properties and to streamline the forestry business with regard to scalable finances.

Already during the end of 2019, the wood prices had fallen significantly because of a decrease in demand and abundant supply. On the Latvian timber market, wood prices decreased with 11-14 % in 2019 compared to the previous year. The situation deteriorated further since the spread of the Corona virus and various travel restrictions around the world. As a result, the market for timber exports stalled at the end of March and the beginning of April. At the same time, it has created favorable acquisition opportunities. Latvian Forest identifies several sources for the purchase of properties with advantageous outcome:

  •  Many of the local logging companies have suffered from liquidity shortages. This leads to an increased need to divest real estate holdings of felled forest to release funds to cope during the crisis.
  • The same lack of liquidity also affects private individuals who in such a situation start to sell properties instead of carrying out the felling themselves.
  • There is a planned administrative reform with the intention of merging the country's smaller municipalities into larger administrative units. Most Latvian municipalities sell their property holdings before the merger.
  • Some of the smaller Scandinavian forest owners are probing for the same reasons mentioned above the possibility of selling their property holdings. Latvian Forest may acquire such assets by paying partly in cash and partly by issuing new shares.

At the same time, company management has observed a strong interest in investing in other real assets from both institutional and private investors with an ability to pay. These investors predict that the economic measures initiated by world governments to save businesses and jobs will, in the longer term, create a situation for increased inflation rates. Forests and, to some extent, agricultural assets are the asset class with best chances of maintaining the value if inflation increases.

Financing

During the first quarter, no loans were taken, and no new share issues were carried out.

Financing strategy

Following comments from and probing among various shareholders and potential investors, the Board of Directors has decided that future financing in the form of share issues will primarily take place within the framework of share issues with preferential rights for existing shareholders. However, this does not prevent directed issues from being carried out e.g. in the case of the acquisition 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.

Shares

At the end of the period, the share capital amounted to EUR 2,297,307 divided into 80,000 Class-A shares and 20,431,061 Class-B shares. Class-A shares represent ten votes and Class-B shares one vote each. Each share represents 0.112 Euro (SEK 1.0) in share capital. According to the latest data, the five largest shareholders in terms of votes control 67.6% of the capital and 67.2% of the votes.

Significant events after the end of the period

The Board of Directors monitors developments regarding the Corona pandemic and continuously evaluates how this may affect the company's operations both short and long term. At present, it is not possible to make a reasonable assessment of the extent to which this will affect the business and thus the company's results and position going forward.

Next report

The interim report for the period January to June 2020 is scheduled for publication on August 21, 2020.

Annual Report and Annual General Meeting

Notice of The Annual General Meeting, June 29, 2020 has been issued and the Annual Report and related materials will be available no later than two weeks before the Annual General Meeting. 

Changes in Accounting Principles

Starting from January 1, 2018, the company practice IFRS 15, revenue from contracts with customers, with full retrospective approach. An entity recognises revenue when the customer receive control over purchased goods or services and can make use of it. The effect for the company is as good as none.

Note 1 - IFRS 15, Revenue from contracts with customers

TEUR

Jan - Mar 2020

Jan - Mar 2019

Felling rights

  0

43

Land, hunting and fishing rights

  0

  6

Other

15

  4

Total

15

53

     

- whereof net sales

15

53

- whereof other revenue

  0

  0

     

Time of revenue recognition

   

Goods, services transferred to customer

   

at a time

15

53

Goods, services transferred to customer

 

 

over time

  0

  0

     

Latvian Forest Company AB has no performance commitments.

For the most part, the company sells felling rights. These are then prepared by the company so that the buyer can start felling immediately. Almost everything the company sells is available to the customer at the same time as payment is made. This means that the customer receives full benefit of the goods or services directly upon payment.

About this report

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

Stockholm, 2020-05-22

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 2020

YTD 2019

Full year 2019

 

Net sales

 

14.8

74.9

25.8

 

Other income

 

2.9

0.3

0.3

 

Total revenue

 

17.7

75.2

26.1

 

Raw materials and supplies

 

-14.8

-35.6

0.0

 

Other external costs

 

-361.9

-569.3

-956.8

 

Personnel expenses

 

0.0

-11.9

-6.6

 

Depreciation and write-down

 

-2.4

-0.1

0.0

 

Operating profit

 

-361.4

-541.7

-937.3

 

Capital gains on property sales

 

0.0

0.0

0.0

 

Operating profit

 

-361.4

-541.7

375.6

 

Financial income

 

0.0

0.8

10 890.1

 

Financial expenses

 

-204.9

-34.4

-473.9

 

Net financial items

 

-204.9

-33.6

10 416.2

 

Change in value forest

 

863.4

0.0

1 312.9

 

Profit before tax

 

297.1

-575.3

10 791.8

 

Current tax

 

-

-

-2.9

 

Deferred taxes

 

-

-

0.0

 

PROFIT/LOSS FOR THE YEAR

 

297.1

-575.3

10 788.9

 

           

 

STOCK DATA

 

31.03.2020

31.03.2019

31.12.2019

Average number of shares

 

20 511 061

20 511 061

20 511 061

Number of shares

 

20 511 061

20 511 061

20 511 061

Earnings per share, Euro

 

0.014

-0.028

0.526

Equity per share, Euro

 

0.680

1.117

0.665

Cash flow from operating activities per share, Euro

-0,025

-0.022

-0.028

 

GROUP CHANGES IN EQUITY (TEUR)

Share capital

Other contributed capital

Balanced results incl. profit for the year

Total equity

 

Equity January 1, 2019

2 297.3

11 764.8

9 417.4

23 479.5

 

Profit/loss for the period

 

 

10 788.9

10 788.9

 

Correction for previously booked surplus values on biological fixed assets (forest)

 

 

-9 544.5

-9 544.5

 

Dividend to shareholders

 

 

-11 076.0

-11 076.0

 

Equity December 31, 2019

2 297.3

11 764.8

-414.2

13 647.9

 

Equity January 1, 2020

2 297.3

11 764.8

-414.2

13 647.9

 

Profit/loss for the period

 

 

297.1

297.1

 

Equity March 31, 2020

2 297.3

11 764.8

-117.1

13 945.0

 
           

 

           

CONSOLIDATED BALANCE SHEET, TEUR

 

31.03.2020

31.03.2019

Full year 2019

 

Assets

 

 

 

 

 

Forest and other land

 

6 120.7

8 210.7

5 505.1

 

Biological assets, growing forest

 

4 022.2

16 516.5

3 155.2

 

Equipment

 

-

0.7

-

 

Right of use

 

12.9

-

15.3

 

Deposits

 

5.3

5.3

119.8

 

Total fixed assets

 

10 161.1

24 733.2

8 795.4

 

Accounts receivable

 

9.8

23.7

9.8

 

Short-term receivables

 

421.2

145.8

29.3

 

Cash and cash equivalents

 

3 786.3

220.3

4 956.2

 

Total current assets

 

4 217.3

389.8

4 995.3

 

TOTAL ASSETS

 

14 378.4

25 123.0

13 790.7

 

EQUITY AND LIABILITIES

 

 

 

 

 

Equity

 

13 945.0

22 904.2

13 647.9

 

Provisions for right of use

 

12.9

-

15.3

 

Interest-bearing short-term liabilities

 

-

2 062.9

-

 

Accounts payable

 

354.5

66.2

59.4

 

Other liabilities, non-interest-bearing

 

27.0

8.6

6.3

 

Accrued expenses and prepaid income

 

39.0

81.1

61.8

 

Total liabilities

 

420.5

2 218.8

127.5

 

TOTAL EQUITY AND LIABILITIES

 

14 365.5

25 123.0

13 790.7

 

Collateral securities

 

0.0

1 764.10

0.00

 

Solidity

 

97.0%

91.2%

99.0%

 

Debt/equity ratio

 

0.03

0.10

0.01

 
           

 

GROUP CASH FLOW STATEMENT, TEUR

 

31.03.2020

31.03.2019

Full year 2019

 

Operating profit

 

-361.4

-541.7

-937.3

 

Adjustments for non-cash items:

 

 

 

 

 

- Depreciation and write-down

 

2.4

0.1

2.1

 

- Interest received

 

0.0

0.8

86.6

 

 

- Interest paid

 

-0.1

-14.5

-12.2

 

Translation difference of earnings in foreign currency

 

-

-

-8.5

 

Cash flow from operating activities before changes in working capital

 

-359.1

-555.3

-869.3

 

Cash flow from changes in working capital

 

-101.3

165.9

285.7

 

Cash flow from operating activities

 

-460.4

-389.4

-583.6

 

Investment activities

 

 

 

 

 

Sale/Purchase of land +/-

 

-615.6

-108.7

2 596.9

 

Sale/Purchase of biological fixed assets +/-

 

-3.6

-44.5

15 888.7

 

Machinery and equipment

 

-

-

0.8

 

Deposits received

 

114.5

-

-114.5

 

Cash flow from investment activities

 

-504.7

-153.2

18 371.9

 

Financing activities

 

 

 

 

 

Dividend to shareholders

 

-

-

-11 076.0

 

Change in loans

 

-

307.0

-1 758.8

 

Cash flow from financing activities

 

0.0

307.0

-12 834.8

 

CASH FLOW FOR THE YEAR

 

-965.1

-235.6

4 953.5

 

Net Cash at the beginning of the year

 

4 956.2

455.9

455.9

 

Exchange rate change in cash and cash equivalents

 

-204.8

-

-453.2

 

Cash flow for the year as above

 

-965.1

-235.6

4 953.5

 

Cash and cash equivalents at the end of the period

 

3 786.3

220.3

4 956.2

 

 

Parent Company Income Statement (TEUR)

       
 

YTD 2020

YTD 2019

Full year 2019

 

Net sales

-

15.9

17.1

 

Other external costs

-331.8

-490.7

-923.2

 

Personnel expenses

-

-

-1.9

 

Operating profit

-331.8

-474.8

-908.0

 

Profit from financial investments

 

 

 

 

Financial income

15.5

78.2

10 901.6

 

Financial expenses

-204.9

-22.3

-473.9

 

Net financial items

-189.4

55.9

10 427.7

 

Profit after financial items

-521.2

-418.9

9 519.7

 

PROFIT FOR THE PERIOD

-521.2

-418.9

9 519.7

 

 

 

 

Parent Company Balance Sheet (TEUR) 

       
 

31.03.2020

31.03.2019

Full year 2019

 

Assets

 

 

 

 

Shares in subsidiaries

7 962.8

6 073.9

2.9

 

Receivable group companies

447.0

9 380.9

7 571.5

 

Deposits

5.3

5.3

5.3

 

Total fixed assets

8 415.1

15 460.1

7 579.7

 

Short-term receivables

81.2

40.7

15.1

 

Cash and bank

3 395.4

146.2

4 812.3

 

Total current assets

3 476.6

186.9

4 827.4

 

TOTAL ASSETS

11 891.7

15 647.0

12 407.1

 

EQUITY AND LIABILITIES

 

 

 

 

Equity

11 857.5

13 516.0

12 378.7

 

Interest-bearing short-term liabilities

-

2 062.9

-

 

Other liabilities

18.3

46.0

10.4

 

Accrued expenses and prepaid income

15.9

22.1

18.0

 

Total liabilities

34.2

2 131.0

28.4

 

TOTAL EQUITY AND LIABILITIES

11 891.7

15 647.0

12 407.1

 

Solidity

99.7%

86.4%

99.8%

 
         

 

PARENT COMPANY CASH FLOW STATEMENT, TEUR

 

31.03.2020

31.03.2019

Full year 2019

Operating profit

 

-331.8

-474.8

-908.0

Adjustment for non-cash items:

 

 

 

 

- Interest received

 

15.5

78.2

98.1

- Interest paid

 

-0.1

-2.4

-12.2

- Translation difference of earnings in foreign currency

 

-

-

-8.5

Cash flow from operating activities before changes in working capital

 

-316.4

-399.0

-830.6

Cash flow from changes in working capital

 

-60.3

2 043.4

-13.6

Cash flow from operating activities

 

-376.7

1 644.4

-844.2

Investment activities

 

 

 

 

Sales/Buy of shares in subsidiaries +/-

 

-7 959.9

-

16 874.5

Cash flow from investment activities

 

-7 959.9

0.0

16 874.5

Financing activities

 

 

 

 

Dividend to shareholders

 

-

-

-11 076.0

Increase/decrease of receivables group companies +/-

 

7 124.5

-1 741.2

68.2

Cash flow from financing activities

 

7 124.5

-1 741.2

-11 007.8

CASH FLOW FOR THE YEAR

 

-1 212.1

-96.8

5 022.5

Net Cash at the beginning of the year

 

4 812.3

243.0

243.0

Cash flow for the year as above

 

-1 212.1

-96.8

5 022.5

Exchange rate change in cash and cash equivalents

 

-204.8

-

-453.2

Cash and cash equivalents at the end of the period

 

3 395.4

146.2

4 812.3

 

 

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

Read more
COMMUNIQUÉ FROM THE ANNUAL GENERAL MEETING
29.06.2020

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

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

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

Read more
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

Read more
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)

Read more
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. 

Read more
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)

Read more
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

Read more
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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