AB „Agrowill Group“ reached an Agreement with AB Bank SNORAS regarding Loan Extension

AB „Agrowill Group“ reached an agreement with AB bank SNORAS on the loan
extension term for the LTL 22 million loan that was due this year. According to
the new agreement with the Bank, the Group will repay the loan by 2012. 
„Throughout 2009, alongside with strengthening its capital basis, „Agrowill
Group“ has devoted considerable attention to production management and growth
in business efficiency. As was already announced before, the Group is planning
to reach positive cashflows in 2010. „AB bank SNORAS evaluated positive changes
that „Agrowill Group“ implemented in 2009, and extended the loan for two more
years on the conditions favorable to both parties“, -  Mr. Vladas Bagavičius,
the member of the Board of „Agrowill Group“ said. 
According to him, „Agrowill Group“ has experienced several short-term  of
cashflow difficulties at the end of 2008, mainly caused by the global financial
crisis. The agricultural companies Group has optimized its activities,
survived, and protected all assets and has strengthened the main production
activities. 
At present „Agrowill Group“ cultivates and manages about  30 thousand hectares
of farmland and owns a herd of around 3,3 thousand milking cows. Today
„Agrowill Group“ and its daughter companies employ more than  400 qualified
employees. 

 
About „Agrowill Group“
One of the biggest in the Baltic States, the agricultural investment and
development company  AB „Agrowill Group“ is the only centrally managed group of
fifteen companies in Lithuania  involved in primary agricultural production. In
2009, the company evaluated its resources in a very conservative manner and did
all the necessary adjustments which caused a loss of LTL 48 million. Yet, in
2010, the company expects to work profitably. 
The main shareholders of AB „Agrowill Group“ are Linas Strėlis (AB „INVALDA“)
and AB „ŽIA VALDA“. The company shares are quoted on the Vilnius Stock
Exchange. 

For more information, please contact:
Vladas Bagavičius, the member of the Board of AB „Agrowill Group“, 
ph. no. (8~610) 31807.