INVL Baltic Farmland

Investor Presentation • May 8, 2019

Key information for 3 months of 2019

INVL Baltic Farmland, AB was established on 29 April 2014 on the basis of a part of assets split-off from Invalda INVL, one of the leading asset management groups in the Baltic region.

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

On 30 June 2015 the company has signed an agreement with INVL Farmland Management regarding administration of assets.

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			31.03.2017	31.03.2018
		Revenue	134	140
Shares issued, units	3,291,549	(Allowance for) reversal of impairment of trade receivables	(2)	(18)
Total voting rights granted by the issued shares, units	3,228,510	Profit before tax	96	87
Nominal value for one share, EUR	0.29	Net profit	82	71
Total nominal value, EUR	954,549.21	*Indicator formulas of INVL Baltic Farmland (https://invlbalticfarmland.com/lit/en/investor-relations/reports/indicator-formulas)
ISIN code	LT0000128753			Share price

Key figures	31-03-2017 31-03-2018 31-03-2019
Book value of land, EUR thousand	12,335	12,964	13,878
Cash, EUR thousand	451	410	433
Other assets, EUR thousand	392	553	502
Consolidated equity, EUR thousand	11,199	12,073	12,352
Deferred income tax liabilities, EUR thousand	1,125	1,238	1,383
Deferred revenue, EUR thousand	403	421	453
Other liabilities, EUR thousand	451	195	625
Controlled cultivated cropland area, thousand ha	3	3	3
Average rental income per hectare, EUR	179	187	202
Book value of one share (BV), EUR*	3.47	3.74	3.83
Dividend yield, %*	1.6	3.5	2.8
Profit (loss), EUR thousand	01.01.2017- 31.03.2017	01.01.2018- 31.03.2018	01.01.2019- 31.03.2019
Revenue	134	140	151
(Allowance for) reversal of impairment of trade receivables	(2)	(18)	(49)
Profit before tax	96	87	62
Net profit	82	71	45

Historical relation between share price and BV*, %

	Premium/ discount vs BV*, %
31 March 2017	21.5
30 June 2017	11.2
30 September 2017	7.95
31 December 2017	4.57
31 March 2018	15.5
30 June 2018	13.0
30 September 2018	4.4
31 December 2018	(0.1)
31 March 2019	(6.4)

Votes granted, (%)

Management of INVL Baltic Farmland
The Board (term of office 2018-2022)
Alvydas Banys (Chairman)
Indrė Mišeikytė
Darius Šulnis
CEO
Eglė Surplienė