Agrowill Group, AB Interim unaudited information for 12 months ended 31 December 2013

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| Source: Agrowill Group
multilang-release

Agrowill Group, AB provides the Interim unaudited financial information for the 12
months ended 31 December 2013 and confirmation of the responsible persons (attached).

 

The total revenue for the twelve months of 2013 was LTL 82.6 million (EUR 23.9 million), a decrease of 5 percent as compared to the audited revenue of LTL 86.7 million (EUR 25.1 million) for the twelve months of 2012.

Loss for the period of twelve months of 2013 amounted to LTL 4.7 million (EUR 1.36 million), in comparison with the audited profit of LTL 5.4 million (EUR 1.56 million) for the same period year ago.

EBITDA for the twelve months of 2013 was LTL 13.9 million (EUR 4 million), a decrease of 36 per cent over the total audited EBITDA LTL 21.8 million (EUR 6.3 million) for the same period year ago.

 

The main reasons for the decrease in revenues and profitability were the marginally lower harvest (decrease of around 10 percent), as well as significantly reduced worldwide crop-growing prices – the gross profitability of crop-growing fell from LTL 16.8 million (EUR 4.9 million) in 2012 to LTL 5.7 million (EUR 1.7 million) in 2013.

Additionally, after the Group companies started paying their restructuring debts, the debt extinguishment and amortization were reviewed, and a one-off interest expense of around LTL 5.1 million (EUR 1.5 million) was booked in the period.

The strategy of the Group to differentiate activities and increase the animal herds in 2013 allowed to significantly raise the volumes of raw milk sold, and, together with increase in milk prices resulted in a fourth quarter profit for the Group in 2013.

 

         Vladas Bagavičius
         Chairman of the Board
         +370 5 233 5340