Invalda INVL: The audit of the annual reports of INVL Baltic Farmland will be…
Shareholders of INVL Baltic Farmland, a company that invests in farmland, will vote on whether to pay a higher fee for auditing services for 2022 as well as which auditing firm will audit the farmland. next year and on the terms of payment for these services.
An extraordinary general meeting of shareholders of INVL Baltic Farmland will be held on October 31.
The investment firm’s financial reports for 2022 are being audited by PricewaterhouseCoopers. It is proposed that the shareholders of INVL Baltic Farmland approve additional remuneration to the audit firm for its services, but not more than EUR 6,000 (excluding VAT). Audit costs are increasing due to the obligation for listed companies to prepare and publish audited annual reports in the European Single Electronic Format (ESEF), which increases the amount of audit work.
If the shareholders of INVL Baltic Farmland approve it, the same auditing firm – PricewaterhouseCoopers – will carry out the audit of the company’s annual financial reports for 2023. This would be the last year of this auditor, because under the current regulations, the same auditing firm cannot audit the activities of a company for a longer period of time. 10 years old. The fees envisaged for the audit services, in addition to the ESEF costs, are 12,200 euros, which would be indexed to the average annual inflation rate for the month of April of the current year.
INVL Baltic Farmland expects this year a turnover of EUR 718,000 and a consolidated net profit of EUR 646,000. Operating forecasts are based on current leases and assume that during that year the value of the Company’s land will not change, that there will be no further purchases or sales of land and that there will be no change in provisions for receivables or impact of tenant debts on the amount of management costs.
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 leased to agricultural companies and farmers.
Invalda Invl AB published this content on October 07, 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unmodified, on October 07, 2022 06:21:05 UTC.