GlobeNewswire by notified

AB Linas Agro Group results for the 3 months of 2023/2024 financial year


Consolidated revenue of AB Linas Agro Group and its controlled companies (the Group) for the three months of the financial year 2023/2024 exceeded EUR 420 million and was 29% lower compared to the corresponding period of the previous year.

The Group sold almost 765 thousand tons of various products, or 20% less than in the same period last year.

Consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) for the three months were almost EUR 30 million, 35% lower than the previous year. Net profit fell by 46% to EUR 15 million.

3 months
3 months
compared with
2022/2023, %
Total tons951,201765,179-20
Revenue, thousand EUR590,063420,405-29
Gross profit, thousand EUR56,05948,250-14
EBITDA, thousand EUR45,66129,736-35
Operating profit, thousand EUR38,17622,038-42
Net profit, thousand EUR28,14315,159-46

"We entered the 2023/2024 financial year by reviewing the segmentation of the Group's activities, leaving four operating segments instead of five. We have three groups of core activities: partnership with farmers, farming, food production. The main change from the previous periods is that we have merged the operating segments ‘Grains, oilseeds and feed’ and ‘Products and services for farming’ into one, called ‘Partners for farmers’ These two activities are very closely linked, often difficult to separate, and we see them as a single line of action. All other business segments have remained essentially unchanged, with only minor changes in their names," said Mažvydas Šileika, CFO of AB Linas Agro Group.

The merger of the two operating segments resulted in the new segment ‘Partners for farmers’ generating 79% of the Group's revenue. The segment generated revenue of almost EUR 331 million, gross profit of EUR 33.5 million and operating profit of EUR 18.0 million.

"In the first half of the 2022/2023 financial year, we had high fertilizer prices, which combined with the rise in grain prices resulted in higher profitability, but this year the profits from fertilizer and grain trading have returned to normal, although I would describe the trading itself as successful. Those high prices last year have also increased the self-cost of grain sown last year and harvested this year, so the year is not favorite for agricultural companies so far," said M. Šileika.

The ‘Food Production’ segment accounted for 24% of the Group's total revenue with the segment’s revenue amounting to EUR 100 million. The gross profit of this business was EUR 16.0 million and the operating profit was EUR 7.3 million.

"We are particularly pleased with the recovery of poultry business, which has been loss-making for several years and has now turned profitable, with a gross profit of more than EUR 10 million. The jump in quality in the two years since the acquisition of the poultry farms in Lithuania is also evident - we are now producing 80% of our chicken without antibiotics in Lithuania," said M. Šileika.

The ‘Farming’ segment accounted for 3% of the Group's revenue. The segment’s revenue was EUR 12 million, the gross loss was EUR 2.4 million and the operating loss was EUR 3.6 million.

"We sold 10% less crop production and 2.5% more milk than at the same time last year. Crop production was 4% lower and of poorer quality than last year, with second-class wheat dominating and wheat accounting for 61% of the total harvest. The cost of production for the 2023 harvest was 20-25% higher than in 2022, while market prices for the production fell by 20-30% compared to last year's prices. Income from crop production fell by almost 23%, while income from milk production fell by almost 29%. Both crop and livestock farming were loss-making", M. Šileika described the situation in farming.

The ‘Other products and services’ segment accounted for 1% of the Group's revenue, remained unchanged over the year and amounted to over EUR 5 million. The Gross profit from this activity was EUR 1.1 million and operating profit EUR 0.3 million.

AB Linas Agro Group, which will change its name in December, owns the largest agricultural and food production group in the Baltic States, employing almost 5 thousand people.

The Group operates along the entire food production chain from field to fork, producing, processing, and marketing agricultural and food products, and providing goods and services to farmers. In July, the Group acquired a modern robotic plant in Širvintos (Lithuania) from AUGA group, AB, which is active in the production and sale of ready-to-eat food products; its main products are organic soups, curries, cereal dishes, and organic canned vegetables in packages- about 70 product names.

Consolidated Unaudited Financial statements and Consolidated Interim Report of AB Linas Agro Group for the three-month period ended 30 September 2023

AB Linas Agro Group Chief Financial Officer Mažvydas Šileika
Mob. +370 619 19 403


To view this piece of content from, please give your consent at the top of this page.
To view this piece of content from, please give your consent at the top of this page.

About GlobeNewswire by notified

GlobeNewswire by notified
GlobeNewswire by notified
One Liberty Plaza - 165 Broadway
NY 10006 New York

GlobeNewswire by notified is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Subscribe to releases from GlobeNewswire by notified

Subscribe to all the latest releases from GlobeNewswire by notified by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from GlobeNewswire by notified

Vow ASA: Full year and second half of 2023 results28.2.2024 23:11:51 CET | Press release

Oslo, 28 February 2024: Vow ASA (OSE: VOW) revenues for the full year 2023 were NOK 918.5 million, a 17 per cent increase from the year before. EBITDA before non-recurring items was negative NOK 23.4 million for the full year. In addition, the company recorded non-recurring items of negative NOK 31.3 million, mainly related to non-cash balance sheet clean-up in contract accruals. This resulted in a negative EBITDA for the year of NOK 54.7 million versus a positive NOK 85.5 million in 2022. “The year 2023 was a year of high activity and revenue. A large number of projects were successfully delivered. Activity in aftersales was increasing. We also secured important new contracts and moved into position for new projects in new industry verticals,” said Henrik Badin, CEO of Vow ASA. At the end of 2023, the order backlog was NOK 1 034 million and another NOK 921 million in options. The backlog and options are providing visibility for revenues and good margins well into 2025/26. “We have als

European Energy A/S: Notice to convene ordinary general meeting28.2.2024 23:08:42 CET | Press release

Company announcement 7/2024 (28.02.2024) The Board of Directors of the Company hereby convenes an ordinary general meeting of the Company, to be held on: Thursday 14 March 2024 at 09:30 CET at the address of the Company, Gyngemose Parkvej 50, 2860 Søborg, Denmark and electronically on Teams Agenda: Election of Chair of the Annual General Meeting.Report on the activities of the Company.Presentation of the annual report with the auditors’ report for approval and discharge of the Board of Directors and the Executive Board.Resolution on the appropriation of profit or treatment of loss according to the approved annual report.Election of members to the Board of Directors.Decision regarding remuneration to the Board of Directors for the financial year 2024. Amendments to the article of association.Election of Auditor(s).AOB. Attachment Notice to convene ordinary general meeting

European Energy A/S: Full-year Financial Report 2023 - Shows resilience and growth in turbulent year28.2.2024 23:00:49 CET | Press release

Company announcement 6/2024 (28.02.2024) European Energy announces its financial report for the full-year 2023. Highlights: Record high EBITDA of EUR 178m represents a 27% increase, achieving our 2023 financial outlook. This result was driven largely by the sale of energy parks and projects, including a revaluation gain from Kassø, partly offset by increasing staff and external expenses due to higher activityRecord Electricity Generation: In 2023, our total renewable energy production reached a record high level of 1,870 GWh or +140% compared to 2022. As power prices in many markets more than halved during 2023, our power sales profit was stable compared to 2022Profitable Power-to-X Projects: Demonstrated through the profitable farm down of the world's largest e-methanol project in Kassø to Mitsui. Another achievement in 2023 was securing over DKK 1bn from Danish green hydrogen price premium tenders, ensuring significant subsidies for the next decade for three new Danish PtX projects.V

Amlan International Forges Strategic Partnership with Grupo Profil as its Newest Latin American Distributor, Amplifying Access to Innovative Gut Health Solutions for Protein Producers28.2.2024 23:00:42 CET | Press release

CHICAGO, Feb. 28, 2024 (GLOBE NEWSWIRE) -- Amlan® International, the animal health division of Oil-Dri® Corporation of America, is excited to announce its partnership with Grupo Profil as the newest distributor for the Latin American region. Known for their dedication to providing natural alternatives and comprehensive solutions in prophylaxis and nutrition to the regional livestock sector, Grupo Profil will now offer Amlan's innovative, natural feed additives to animal health retailers across Guatemala, El Salvador, and Honduras. Amlan will collaborate with Profil to expand its impact on the growing Latin American market. Profil's commitment to delivering advanced, effective solutions to the market perfectly aligns with Amlan's mission to enhance animal health and productivity while reducing reliance on antibiotics and synthetic additives. Through this partnership, Profil will distribute Amlan’s Calibrin®-Z, Calibrin®-A, Varium®, and NeoPrime®, catering to the poultry, swine, aquacult

Havila Kystruten AS: Fourth quarter 2023 accounts28.2.2024 22:24:49 CET | Press release

Summary The company has completed its first quarter with full operation of all four ships. Revenue in the fourth quarter was MNOK 249. Due to late clarification on the delivery of the last two ships, the revenue side is somewhat lower than if the pre-sale had started earlier. The last quarter of 2023 ended with an average fleet occupancy of 60%, an average cabin rate (ACR) of NOK 3,100 and a utilization rate of 1.8 per cabin. Occupancy and average price per cabin are higher than the fourth quarter of 2022, but are somewhat lower than the third quarter due to lower demand in the autumn and winter months. EBITDA was negative by MNOK 33.2 in the fourth quarter and MNOK 179 for the full year. Operating costs amounted to MNOK 283 in the fourth quarter and are mainly ordinary operating costs for operating four ships. Some of the operating costs are related to the number of passengers, while the largest cost items are not significantly affected by occupancy. MNOK 18 relates to extraordinary m

HiddenA line styled icon from Orion Icon Library.Eye