The total revenue of the Group for the twelve months of 2014 was LTL 114.8 million (EUR 41.9 million). In 2013 Agrowill Group AB collected audited revenue of LTL 82.6 million (EUR 23.9 million) while Baltic Champs UAB received revenue of LTL 32.8 million (EUR 9.5 million), Agrowill Group said in a statement.
The profit for the year ended 31 December 2014 amounted to LTL 30.7 million (EUR 8.9 million). In comparison, Agrowill Group AB had a net loss of LTL 4.7 million (EUR 1.36 million) and Baltic Champs UAB earned a profit of LTL 5.1 million (EUR 1.5 million) for the same period a year ago.
EBITDA for the twelve months of 2014 was LTL 21.3 million (EUR 6.2 million). For the same period of 2013 the total audited EBITDA of Agrowill Group AB was LTL 13.9 million (EUR 4 million).
The gross profitability of Agrowill Group, AB increased compared to 2013 mostly due to the profitable growing of mushrooms. Meanwhile, the profitability of milk sales increased slightly because of higher cow productivity, although in the second half of 2014 profitability was harmed by the fall in milk prices caused by the food product embargo by Russia. The profitability of grain sales in 2014 had decreased from the previous year due to lower grain prices in global markets persisting during the year.
Net profit was highly impacted by the write off of negative goodwill in the amount of LTL 25.86 million (EUR 7.49 million) according to IFRS after the 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.
