The total consolidated Agrowill Group Group’s revenue for the six months of 2012 was
LTL 16,439 million (EUR 4,761 million), an increase by 27 per cent over the total revenue
of LTL 12,900 million (EUR 3,736 million) for the first half of 2012.
EBITDA for the six months of 2012 went down by 10 per cent to LTL 3,220 million
(EUR 0,933 million), as compared to LTL 3,561 million (EUR 1,031 million) in the six
months of 2011.
Net loss in January-June of 2012 amounted to LTL 5,167 million (EUR 1,496 million).
It was a profit of LTL 2,560 million (EUR 0,741 million) over same period a year ago.
Agrowill Group AB provides the Interim unaudited financial information for the 6 months
ended 30 June 2012 and confirmation of the responsible persons.
Agrowill Group, one of the largest agricultural companies in the Baltic states, reached its
targets set for the second quarter of this year. Although the Group incurred a loss of
LTL 5,2 million during the reference period, the result was expected and will ensure good
financial results in the third quarter.
“These results are typical for all entities engaged in grain growing as the first half of the
year is the period for the production process when operators buy fertilisers, chemicals
and fuel and hire labour. All these costs are carried as work in progress in the books and
the operating result can only be seen after the harvest,” says Agrowill Group Chairman
of the Board Vladas Bagavičius. “Currently, only the dairy sector generates revenue but
the sector makes up a small part of the total Group revenue. The majority of this year’s
revenue and profit will be calculated after the harvest and delivery of grain for processing,
which will take place in the third quarter.”
This year’s excellent yield is expected to contribute to good financial results. Although the
weather has not been very favourable for harvesting for Lithuanian farmers this year, the
Company plans a 50% increase in the grain yield and 20% in rapeseed yield compared
to the previous year. The total productivity of fields of the Company is by 10–15% higher
than the national average.
The Group has already harvested about 60% of all crops (including almost all winter
crops) and, if weather conditions are good, plans to complete the harvest in the second
half of September.
Agrowill Group expects to see its EBITDA rise to LTL 20 million this year (up from
LTL 11,9 million in 2011). According to the Chairman of the Board, the only obstacle to
achieve this target is bad weather which may force the Company to leave some fields
unharvested and has already had a negative effect on the yield quality.
Vladas Bagavičius
Chairman of the Board
tel. +370 610 31807
