Consolidated revenue of AB Linas Agro Group went up 7%, EBITDA went down 23%
Consolidated revenue of AB Linas Agro Group in twelve months of 2015/16 financial year totaled EUR 616 million and was 7% more as compared to previous year (EUR 574 million). Sales revenue for Q4 went up 10% to EUR 141 million as compared to the previous year (EUR 129 million).
The Group’s sales volume in tons reached 2.2 million tons of various grains and agricultural inputs and was 12% more as compared to previous year (1.96 million tons).
Around 1.8 million tons of various grains and feedstuff were sold as compared to 1.6 million tons a year ago. The sales of traditional crops (wheat, rapeseed, barley) increased the most by 17%: their sales revenue rose from EUR 245 million to EUR 288 million. The sales volume of feedstuff decreased from EUR 144 million to EUR 99 million.
The grain storage facilities owned by the Group collected and processed over 541 thousand tons of various grains or 9% more as compared to the respective period of FY 2014/15 (497 thousand tons). Differently from the previous season, this year the harvested grain was dry and therefore the drop in revenue from drying services has been recorded.
The Group increased sales of various new and used agricultural equipment and machinery by 61% to 1,499 units over the reporting period as compared to previous year. The sales of new agricultural machinery in units increased by 81% in Latvia, by 57% in Lithuania and by 61% in Estonia as compared to previous year. Sales of tractors grew the most or by 96% to 308 units in all Baltic states. Successful sales has been recorded also in construction of new elevators as almost 36 new objects has been launched what was 1.7 times more as compared to previous year.
Revenue gained from sales of fertilizers, seeds and plant protection products increased by 13.5% to EUR 92 million. Unfortunately, falling world prices for grain and energy commodities had a direct impact on fertilizer prices drop. That had negative impact on sales profit margins for fertilizers, where gross profit dropped from EUR 2.8 million to EUR 0.4 million.
Gross profit in trade of seeds and plant protection products grew 24% to EUR 4.8 million.
Group controlled farms harvested a record amount of various crops or 92 thousand tons what was 6% more if compared to previous year. Almost 77 thousand tons of crops were sold or 14% more if compared to previous year. Almost 31.2 thousand tons of raw milk has been sold over the referenced period or almost the same if compared to the respective period of previous year (31.3 thousand tons). The raw milk purchase price was 13% less compared to what was a year ago. By comparing the average milk purchase price in FY 2015/16 to the same price in FY 2014/15, we evaluate, that the Group have lost more than 1 million euros in profit because of the decreased milk purchase prices.
The poultry companies produced 38 thousand tons of live weight or 1.7% more as compared to previous year (37 thousand tons of live weight). Around 29.4 thousand tons of poultry and poultry products were sold (29 thousand tons a year before).
The Group’s gross profit reached EUR 40.6 million or was 2% less than a year before (EUR 41.5 million).
Consolidated EBITDA decreased from EUR 21.8 million to EUR 17.7 million. EBITDA for Q4 totaled to EUR 4.4 million as compared to the previous year (EUR 7.2 million).
The Group’s operating profit reached EUR 7.8 million or was 37% less as compared to the respective period of the previous year (EUR 12.3 million).
Profit before taxes amounted to EUR 5.9 million (compared to EUR 10.4 million in previous year). The net profit attributable to the Group stood at EUR 4.6 million (EUR 8.7 million in previous year).