INVL Baltic Farmland, a company that invests in agricultural land, will pay shareholders larger than usual dividends for 2022, allocating EUR 484,000 or EUR 0.15 per share. That and other decisions were adopted at the company’s annual general meeting of shareholders which took place today.
“INVL Baltic Farmland’s good performance last year enables it to pay larger dividends than the minimum of EUR 0.10 per share stipulated in the company’s dividend policy,” Alvydas Banys, INVL Baltic Farmland Chairman of the Board, says.
The meeting of the company’s shareholders on Wednesday, besides approving INVL Baltic Farmland’s 2022 financial statements, also established new procedures for the acquisition of own shares.
Under the new rules, an existing reserve of EUR 3.08 million would be used for own share purchases. The number of own shares acquired by INVL Baltic Farmland may not exceed 10% of the company’s share capital, and purchases of own shares will be allowed for 18 months from the date of the decision’s adoption at the shareholders’ meeting. The maximum purchase price per share is EUR 5.00 and the minimum EUR 3.00.
Shareholders also approved a proposal to update the company’s Audit Committee regulations as well as the wording of its Articles of Association and its Remuneration Policy due to amendments to the Law on Companies.
Last year, the farmland investment company had consolidated revenue of EUR 722,000 and consolidated net profit of EUR 1.97 million. Compared to 2021, revenue was up 8.6% and net profit grew 39.5%.
This year INVL Baltic Farmland plans consolidated revenue of EUR 790,000 and a net profit of EUR 365,000. The forecasts assume that during 2023 the value of the company’s land holdings will not change, no new agreements on the purchase or sale of land will be signed, and there will be no change in the impairment of trade receivables and no impact of trade receivables on the size of the administration fee.
INVL Baltic Farmland is listed on the Nasdaq Vilnius stock exchange. Its subsidiaries own approximately 3,000 hectares of agricultural land in Lithuania which is rented out to agriculture companies and farmers.