Latvian Forest Company (LATF) Q3 2024 earnings summary

Executive summary

• Latvian Forest Company manages and acquires forest properties in Latvia and Lithuania, focusing on long-term value creation through forestry and land management.

• As of September 30, 2024, holdings total 8,458 hectares with an estimated 1,144,000 m³ standing timber.

• The company continues to expand its portfolio, recently acquiring 180 hectares and selling 2.3 hectares of agricultural land.

Financial highlights

• Book value of fixed assets: €42,978,000 (up from €41,859,000 year-over-year).

• Net sales YTD: €961,600 (down from €1,065,000 year-over-year).

• Operating income YTD: -€95,600 (down from €77,100 year-over-year).

• Net profit YTD: €580,900 (down from €944,600 year-over-year).

• Earnings per share YTD: €0.015 (down from €0.026 year-over-year).

• Equity per share: €0.908 (down from €0.931 year-over-year).

Outlook and guidance

• Management is monitoring market conditions for acquisition opportunities as property supply increases and seller expectations remain high.

• A major land sale agreement for 665 hectares (93,000 m³ timber) at €4.12 million is expected to close in December, pending regulatory approvals.