The effect of the merger between Agrowill Group, AB, Baltic Champs, UAB and eTime invest, UAB is incorporated into the provided Group‘s consolidated financial statements for the 9 months period ended 30 September 2014 .
The total consolidated revenue of Agrowill Group, AB for the nine months of 2014 was LTL 96.991 million (EUR 28.091 million). For the nine months of 2013 the total consolidated revenue of Agrowill Group, AB was LTL 50.148 million (EUR 14.524 million) while the revenue of Baltic Champs, UAB was LTL 12.474 million (EUR 3.163 million).
Net profit for the first nine months of 2014 was LTL 31.696 million (EUR 9.18 million). Agrowill Group, AB had a net loss of LTL 5.326 million (EUR 1.543 million) and Baltic Champs, UAB had a net profit of LTL 2.796 million (EUR 0.81 million) over the same period a year ago.
Net profit was highly impacted by write off negative goodwill according to IFRS after merger of Agrowill Group, AB and „Baltic Champs“, UAB. Net profit also was impacted by sale of the part of the land plots which haven‘t been used for direct agricultural activities.
The gross profitability of Agrowill Group, AB increased due to profitable growing of mushrooms, while the profitability of milk sales dropped due to a fall in raw milk prices caused by embargo of the food products to Russia.
Vladas Bagavičius
Member of the Board;
+370 5 233 53 40
