On 27 October 2023 the Annual General Meeting of Shareholders of AB Linas Agro Group approved Financial Statements and Remuneration Report, and took note of the Consolidated Annual Report and Independent Auditor's Report for the financial year ended 30 June 2023.
During the financial year 2022/2023, the subsidiaries of AB Linas Agro Group (Group) sold 3.7 million tons of production, or the same quantity as the previous year. Consolidated Group’s revenue grew almost 6% and was close to EUR 2 billion. Consolidated earnings before interest, taxes, depreciation, and amortization (EBITDA) decreased by 49% to EUR 67 million. The Group's net profit decreased by 73% to EUR 21 million.
| 2021/2022 | 2022/2023 | Change 2022/2023 compared to 2021/2022 | |
| Sales in tons | 3,689,585 | 3,662,093 | -0.7% |
| Sales revenue, TEUR | 1,895,667 | 1,999,617 | 5.5% |
| Gross profit, TEUR | 188,859 | 137,969 | -27% |
| EBITDA, TEUR | 132,173 | 67,318 | -49% |
| Operating profit (loss), TEUR | 103,619 | 41,492 | -48% |
| Profit before tax, TEUR | 90,841 | 25,760 | -72% |
| Net profit (loss), TEUR | 77,257 | 20,817 | -73% |
Performance of business segments:
| EUR million | 2021/2022 | 2022/2023 | ||
| Revenue | Operating profit | Revenue | Operating profit | |
| Grain, Oilseeds, and Feed | 1,183 | 51.3 | 1,216 | 16.2 |
| Products and Services for Farming | 384 | 45.3 | 416 | 10.8 |
| Agricultural Production | 39 | 15.1 | 50 | 12.5 |
| Food Products | 347 | -1.8 | 416 | 7.9 |
| Other Activities | 36 | -2.0 | 22 | 0.5 |
The Group sold 2.1 million tons of grains and oilseeds during the year, the same as last year. Sales of compound feed, premixes, and raw materials for feed were 841 thousand tons, 2% less than the previous year. The total revenue of the Grain, Oilseeds, and Feed Segment grew by 3% to EUR 1.2 billion, while the operating profit decreased by 68% to EUR 16.2 million.
The Group's Products and Services to Farmers business grew 8% to EUR 416 million, while operating profit fell by 76% to EUR 11 million. Sales of seeds, plant care products, and fertilizers grew by 6% to almost EUR 308 million. Revenues from the sale and rental of agricultural machinery, supply of spare parts and servicing increased by 20% to EUR 98 million. Income from grain storage and livestock farm installation projects contracted by 15% to EUR 10 million.
The Group's agricultural companies' revenue grew by 28% during the period under review and exceeded EUR 50 million. Operating profit decreased by 17% to EUR 12.5 million.
The Food Segment, which includes the poultry and flour-related businesses, grew by 20% to EUR 416 million in the period under review. Operating profit was EUR 7.9 million, compared to a loss of EUR 1.8 million in the same period last year.
The Group's Other Activities include providing pest control and hygiene products and services, manufacturing and selling pet food, wholesale and retailing veterinary goods, and other activities not included in the other Segments. The segment's total revenue contracted by 40% to EUR 22 million, with an operating profit of EUR 0.5 million, compared to a loss of EUR 2 million the previous year.
AB Linas Agro Group owns the largest group of agricultural and food production companies in the Baltic States, employing 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.
Please contact for further information:
Mažvydas Šileika, Finance Director of AB Linas Agro Group
Mob. +370 619 19 403
E-mail m.sileika@linasagro.lt
Attachments:
The Company's set of Annual Financial Statements and Annual Report with Sustainability and Remuneration Reports
Independent Auditor’s Report
Attachments
- The Company's set of Annual Financial Statements and Annual Report with Sustainability and Remuneration Reports
- Independent Auditor's Report
