AVG: Interim information of Agrowill Group AB for the 9 months period ended 30 September 2015
Net profit for the nine months of 2015 was EUR 9.91 million. Agrowill Group, AB had a net profit of EUR 9.18 million over the same period a year ago.
Net profit for the nine months of 2015 was positively impacted by revaluation of investment property by EUR 7.39 million, while net profit in 2014 was impacted by write off negative goodwill of EUR 9.04 million according to IFRS after merger of Agrowill Group, AB and „Baltic Champs“, UAB at the end of 1st quarter 2014.
The Russian embargo on food product imports resulted in a decrease of the profitability of mushroom and compost sales, but the profitability remained positive. Milk sales result was impacted by the same embargo and by lower global milk prices. While the profitability of crop sales increased significantly, mostly due to a greater harvest.
Agrowill Group designated its all owned and leased farmland areas, a total of about 24 000 hectares, for organic farming and follows the rules of organic farming since mid-June of this year.