Agrowill Group AB, one of Lithuania's agricultural market leaders, has proven to be profitable this year, earning an unaudited profit of LTL 0.347 million in the first eight months of this year. In the first eight months of this year, the company's turnover made up LTL 27.042 million and EBITDA amounted to LTL 11.694 million. “Following several years of intensive reorganisation of agricultural companies' activities, we have cut operating costs, increased working efficiency and have already achieved positive financial results this year. Decisive actions in the area of efficiency enhancement and strengthening of the managerial base suggest that we have overcome the most difficult phase of the company's existence and have managed to earn a profit even under the conditions of an economic crisis,” Algirdas Pereckas, General Manager of Agrowill Group, has said. In his words, the EBITDA target for 2010 is LTL 13 million. Agrowill Group currently has some 3,000 cows. The company controls 32,000 ha of land, which has yielded 41,800 tons of grain and oilseed rape this year. The General Meeting of Agrowill Group shareholders has recently decided to more than double the authorised capital of the company from LTL 27,687,747 to LTL 65,260,397. The main purpose of attraction of new investors is to strengthen the capital base and seek to achieve a strategic objective in future, namely to boost shareholder equity to LTL 100 million. This will facilitate further consolidation of the company's business. Agrowill Group says it will continue developing its current activities, increasing its operating efficiency and strengthening the company's financial performance. About Agrowill Group Established in 2003, Agrowill Group is a centrally-managed and one of the largest companies engaged in primary agricultural production in Eastern Europe. The company is seeking to not only become the most modern company in its area but has also set itself the objective of becoming an EU leader in terms of milk yields per cow, grain yields per hectare and the number of motor hours per unit of machinery, using economies of scale. This can be achieved through appropriate production planning, best use of the existing infrastructure and provision of services to external customers. Agrowill Group currently operates more than 40 enterprises which either own or lease a total of some 32,000 hectares of farmland, more than 700 units of machinery, 250,000 square metres of various manufacturing facilities, and has some 3,000 dairy cows. The largest shareholders of Agrowill Group are Vretola Holdings Limited and Volemer Holdings Limited. The company's shares are quoted on OMX Vilnius Stock Exchange. For more information, please contact: Algirdas Pereckas, General Manager of Agrowill Group, tel. 8-699-14227.