Panevezys, Lithuania, 2013-08-30 08:00 CEST (GLOBE NEWSWIRE) -- AB Linas Agro Group is presenting interim report and unaudited consolidated financial statements of the financial year 2012/2013 for 12 months period, ended 30 June 2013.
Revenue of AB Linas Agro Group grew by 53%, gross profit – by 65%
Consolidated revenues of AB Linas Agro Group during twelve months of financial year 2012/2013 totaled LTL 2.043 billion and were 53% more as compared to the corresponding period of the previous year (LTL 1.338 billion). The Group sold 1.78 million tons of various agricultural products and agricultural inputs or 32% more as compared to previous year (1.35 million tons).
Gross profit was record high and reached LTL 157 million or 65% more compared to LTL 95 million in fiscal year 2011/2012.
The Group’s operating profit reached LTL 103 million or was by 10% less as compared to the respective period of the previous financial year (LTL 115 million). In fact operating profit increased 2 times as 2011/2012 financial year's profit has been boosted by the sale of shares of Ukrainian subsidiary PJ-SC UKRAGRO NPK for 64 million litas.
Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to LTL 126 million (compared to LTL 127 million in previous year). The net profit attributable to the Group remained almost unchanged and was LTL 87 million compared to previous year‘s LTL 89 million.
During the reporting period, AB Linas Agro Group acquired farming company K?dainiai district Lab?navos Ž?B, logistics company UAB Jungtin? Ekspedicija, also the leading seller of agricultural machinery, seeds and grain storage equipment in Lithuania – UAB Dotnuvos Projektai.
Group’s consolidated operating costs were 63% higher due to acquisitions of several companies and amounted to LTL 80 million.
“Our results witness that we are on the right way. Even despite the good grain harvest in Lithuania, without new grain storage facilities and investments into them, we would not have been able to sell 1 million tons of grains and oilseeds – twice more than last year. Our grain storages accepted 556 thousand tons of various grains, this is 53% increase compared to the last year. Other investments proved effectiveness as well. UAB Dotnuvos Projektai alone has increased the income of our Group by LTL 190 million.
We see the clear growth perspectives in all the fields we work as well as in the Baltic region. On 16 August we received the permission by the Competition council to acquire asset management company UAB Žem?s ?kio Investicijos that owns farming company Panevezys district Žibartoniai Ž?B, now we are preparing for the company takeover. We are also expecting permission from the Competition Council of the Republic of Latvia to acquire the group of Latvian poultry enterprises this year”, – state Darius Zubas, managing director of AB Linas Agro Group.
About AB Linas Agro Group
AB Linas Agro Group is an agribusiness parent company engaged in the production and trade of grains, oilseeds, feedstuff and agricultural inputs. It controls companies in Lithuania, Latvia, Estonia and Denmark. The group consists of international agricultural production trading company in Lithuania AB Linas Agro, grain storage company UAB Linas Agro Gr?d? centras K?B (controlling 7 grain storages), Latvian trading company SIA Linas Agro, international trading company Linas Agro A/S in Denmark, group of companies Ž?B Landvesta, managing agricultural land, holding of agricultural companies UAB Linas Agro Konsultacijos, agricultural inputs supplier UAB Dotnuvos Projektai, operator of lignin biofuel accumulation UAB Lignineko, logistic company UAB Jungtin? Ekspedicija and other companies. Together with partners, AB Linas Agro Group owns grain storage company Kar?emos Kooperatin? Bendrov?. In July AB Linas Agro Group has announced its intention to acquire the group of Latvian poultry companies.
The financial year of the companies begins on 1 July. The total headcount of the Group is 1039 employees.
From 17 February 2010 AB Linas Agro Group is included in the main list of companies of NASDAQ OMX Vilnius stock exchange.
More information: Tomas Tum?nas Finance director of AB Linas Agro Group Mob. +370 682 36 616 E-mail t.tumenas@linasagro.lt Investor relations specialist Agn? Barauskait? Ph. +370 45 507 346
