INVL Baltic Farmland

Interim / Quarterly Report • Jul 26, 2022

Key information for 6 months of 2022

INVL Baltic Farmland, AB was established on 29 April 2014 on the basis of a part of assets split-off from Invalda INVL, the leading investment management and life insurance group in the Baltic region.

INVL Baltic Farmland manages shares of companies investing into agricultural land. INVL Baltic Farmland has 100% in 18 companies own aproximately 3 thousand hectares of agricultural land in Lithuania

Companies - land owners and joint-stock company INVL Baltic Farmland, on 30 June 2015 have signed a Basic Property Administration Agreement with INVL Farmland Management which administrates agricultural land owned by the companies in order to ensure steady growth of income for the shareholders and the value of the land. On 28 December 2020, the Agreement's Amendment was concluded, based on which the term of the Basic Property Administration Agreement was extended until 31 December 2025.

Shares of INVL Baltic Farmland are listed on Nasdaq Vilnius stock exchange Secondary list since 4 June 2014.

The land plots which the company owns are in the most productive regions of Lithuania. They're indicated in blue

Main characteristics of INVL Baltic Farmland shares admitted to trading
Shares issued and total voting rights granted by the issued shares, units	3,291,549
Number of votes for the quorum of the General Shareholders Meeting, units	3,228,510
Nominal value for one share, EUR	0.29
Total nominal value, EUR	954,549.21
ISIN code	LT0000128753
Exchange, List	AB Nasdaq Vilnius, Secondary list

The Board of INVL Baltic Farmland (term of office 2022-2026) and the Manager (director)

25+

years in the Baltic private equity and asset management market

10+ Alvydas Banys Indrė Mišeikytė Tomas Bubinas Eglė Surplienė

years direct experience in the Baltic private equity market

25+

years experience in the Baltic finance and audit market

25+

experience in the Baltic securities market

INVL Baltic Farmland shareholders with over 5% of the authorized capital and / or votes and votes held by the Company's managers

EUR 8.20 Share price as of 30 June 2022.

EUR 26.474 mln.

Capitalisation as of 30 June 2022.

For more information please visit: https://invlbalticfarmland.com/

Key information for 6 months of 2022

	30-06-2020	30-06-2021	30-06-2022
Book value of land, EUR thousand	14,686	15,364	16,520
Cash, EUR thousand	86	164	207
Other assets, EUR thousand	532	455	406
Consolidated equity, EUR thousand	13,285	13,734	14,650
Deferred income tax liabilities, EUR thousand	1,507	1,609	1,786
Deferred revenue, EUR thousand	307	320	354
Other liabilities, EUR thousand	205	320	343
Controlled cultivated cropland area, thousand ha	3	3	3
Average rental income per hectare, EUR	206	215	239
Book value of one share (BV), EUR*	4.11	4.25	4.54
Dividend yield, %*	2.3	1.7	2.9
Profit (loss), EUR thousand	01.0.2020- 30.06.2020	01.01.2021- 30.06.2021	01.01.2022- 30.06.2022
Revenue	307	320	358
(Allowance for) reversal of impairment of trade receivables	(32)	-	-
Profit before tax	198	236	564
Net profit	165	203	483

*The Company publishes Alternative performance measures (AVR), that are in use of the Company, provides indicators definitions and calculation formulas. All the information is disclosed in the Company's web site section "Investor relations" → "Financial information and reports" → "Indicator formulas". The link is provided: https://invlbalticfarmland.com/en/investorrelations/financial-information-and-reports/

BV*, %
31 December 2019	(16.3)
31 March 2020	(2.2)
30 June 2020	8.0
30 September 2020	20.5
31 December 2020	16.4
31 March 2021	30.4
30 June 2021	103.5
30 September 2021	47.2
31 December 2021	66.3
31 March 2022	43.2
30 June 2022	80.6

INVL Baltic Farmland, AB schedule of dividends allocated per share since the beginning of the Company's operations

In 2018 the General Shareholders Meeting of the Company approved the new Dividend Payment Policy. According to the Policy, it is decided to allocate EUR 0.10 dividend per share.

The Annual General Shareholders Meeting of the Company held on 27 April 2022 approved to allocate a dividend of EUR 0.24 per share for the year 2021. The dividends for the year 2021 were paid from 25 May 2022.

For more information please visit: https://invlbalticfarmland.com/