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WKN: A0NJBT | ISIN: LT0000127466 | Ticker-Symbol: W9Z
Frankfurt
01.11.24
08:04 Uhr
0,111 Euro
0,000
0,00 %
1-Jahres-Chart
AUGA GROUP AB Chart 1 Jahr
5-Tage-Chart
AUGA GROUP AB 5-Tage-Chart
RealtimeGeldBriefZeit
0,1130,12202.11.
GlobeNewswire (Europe)
204 Leser
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AUGA group, AB interim financial results for the 6-month period ended 30 June 2024

In the first half of 2024, the sales revenue of AUGA group, AB and its subsidiaries (hereinafter - the Group) amounted to EUR 34.67 million, compared to EUR 37.28 million in the same period in 2023.

The Group had a gross profit of EUR 3.45 million in the first half of 2024, whereas in the same period last year gross profit was EUR 1.80 million. The Group's EBITDA in the reporting period was EUR 6.43 million, compared to EUR 3.57 million a year earlier.

"The results for the first half of 2024 show moderate growth, with the dairy segment's performance pleasing. The Group's main focus this year is on optimising its operations and steadily improving efficiency. To improve the Group's performance, we conducted a review of the economic units of the agricultural operations and reduced the number of loss-making farmland plots, and we continue to successfully reduce operating costs," said Kestutis Jušcius, the Chair of the Board of AUGA group, AB.

Crop growing segment

In the first half of 2024, the segment's total revenue amounted to EUR 9.42 million. This was lower compared to 2023 due to the sale of the smaller leftover harvest from previous year. (Sales revenue in 2023 was EUR 13.74 million).

Gross profit, including sales of agricultural products, changes in the fair value of biological assets and agricultural subsidies, was EUR 1.52 million after the first half of 2024. In the same period of 2023, gross profit was EUR 1.25 million.

Dairy segment

In the first half of 2024, the dairy segment achieved better results. Average milk yields rose 7% in the reporting period compared to a year earlier, while the cost per tonne of raw milk production decreased 16%. Total sales revenue grew 7% in the first half of the year to EUR 8.33 million, compared to EUR 7.77 million in the same period of 2023.

The segment had a gross profit of EUR 0.86 million for the first half of 2024, compared to a gross loss of EUR 0.14 million in the same period last year.

According to the Group, the cost of production will decrease even further near term to enable improvement in the segment's results. From the end of the third quarter, conventional dairy farms will use feed from the new harvest with a lower cost than the previous feed.

Mushroom growing segment

This segment's financial results for the first half of 2024 are similar to those for the same period of 2023. The cost of sales rose 2% in the reporting period, but that was offset by an 8% increase in selling prices.

Sales revenue for the mushroom segment in the first half of 2024 totalled EUR 15.49 million. In the same period in 2023, it was EUR 15.28 million.

The mushroom segment had a gross profit of EUR 0.94 million in the first 6 months of 2024, compared to EUR 1.00 million in the same period last year.

Fast-moving consumer goods (FMCG) segment

The FMCG segment had sales of EUR 1.42 million in the first half of 2024. Sales in the same period last year were EUR 0.49 million (excluding the operating results of Kooperatine Bendrove Grybai LT, which was sold in mid-2023).

While sales in this segment show only a moderate growth trend, steps that have been taken to expand sales distribution and enlarge sales channels are enabling the growth of operational profitability.

The FMCG segment had a gross profit of EUR 0.12 million in the first half of 2024. In the same period in 2023, it had a loss of EUR 0.29 million.

Operating costs

The Group continues to successfully reduce operating costs. In the first half of 2024, the Group's operating costs decreased by 16% to EUR 5.53 million, compared to EUR 6.56 million in the first half of last year.

Strategy implementation

The Group announced already at the start of 2024 that, with the aim of improving overall financial results, it would conduct a review of the economic units of the agricultural operations. After assessing the long-term performance of farms and the efficiency of the land under cultivation, the Group decided to discontinue some of its agricultural activities in the Mažeikiai region. As of September 2024, the Group will no longer operate on 3,300 hectares of land currently managed by the cooperative company Mažeikiu ukiai. In certain regions, the Group has also reduced its operations on unproductive land areas, which total an additional 432 hectares across various locations. The Group estimates that the smaller area of land under cultivation will not only improve overall results but will also reduce the need for working capital.

Financial data in MS Excel format

To facilitate investors' access to and analysis of the Group's financial data, the Group has prepared and makes publicly available on its website historical financial data, including data for the most recent reporting period, in MS Excel format. The data can be accessed at the following link: https://auga.lt/en/investors/reports-and-presentations1/quarterly-and-annual-reports/

Contacts:
CFO of AUGA group, AB
Kristupas Baranauskas
+370 5 233 5340


© 2024 GlobeNewswire (Europe)
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