Report on the interim financial results of the AUGA, AB Group for the three-month period ended March 31, 2021

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The financial results of the AUGA group, AB and its subsidiaries (hereinafter the Group) improved, revenues and profitability increased.

The Group’s overall sales amounted to 19.48 million euros in the first quarter of 2021, an increase of 14% compared to the same period last year, when total sales amounted to to 17.04 million euros.

During the first three months of 2021, the Group’s gross margin amounted to 4.51 million euros. This represents an increase of 21% compared to the equivalent period of the previous year, when the gross margin was 3.74 million euros. In 2021, the Group achieved a net profit of 0.67 million euros, compared to 0.18 million euros a year earlier.

In 2021, the Group’s EBITDA amounted to 5.74 million euros, an increase of 16% compared to the previous year, when the EBITDA amounted to 4.95 million euros.

Main financial results, In millions of euros 3 months out of 2021 3 months out of 2020 Switch, %
Sales 19.48 04.17 14%
Gross profit (loss) 4.51 3.74 21%
Net profit (loss) 0.67 0.18 280%
EBITDA 5.74 4.95 16%

“The AUGA group companies are making great efforts to achieve the goals of the strategy. Financial and human resources are increasingly allocated for this purpose. In addition, we continue to focus on our efficiency program and improving financial results quarter by quarter. », Says Kęstutis Juščius, CEO of AUGA AB Group.

Cultivation of cultures segment

According to Group data, current conditions are favorable for agricultural production: the weather conditions for winter sowing in autumn and last winter were good and market prices are rising.

Due to the increase in the area under winter crops and the reasons mentioned above, the Group recognized a total gain of € 3.61 million on the initial recognition of biological assets at fair value for winter crops and clover seeds. This compares to a total gain of 2.72 million euros in the first quarter of 2020 and represents an increase of 33%. It should be noted that at December 31, 2020, the Group recognized a gain of € 2.02 million on the initial recognition of biological assets at fair value for crops in the 2020/2021 campaign. Thus, the gain on the initial recognition of biological assets at fair value recognized in the first quarter of 2021 amounts to € 1.59 million.

Including the results of sales of agricultural products, the gain (loss) on changes in fair value of biological assets and agricultural subsidies, the gross margin for the segment amounts to 3.43 million euros. This shows an increase of 16% compared to 2.96 million euros during the same period of 2020.

Dairy segment

The turnover of the dairy products segment amounted to 3.28 million euros in 2021. This compares to the total sales of 3.49 million euros during the same period in 2020 and represents a decrease of 6%.

Milk yields were lower than expected as changes in livestock feed did not give the desired impact. However, the Group will continue to pursue its planned program to increase its efficiency and achieve better results in this segment. As expected, the Group is increasing its number of cows and expects to reach 3.6 thousand by the end of this year.

The gross result of the dairy segment improved compared to the previous year. During the 3 months of 2021, the gross margin of the dairy segment amounted to 0.21 million euros, compared to 0.09 million euros of gross margin in 2020.

Mushroom growing segment

Overall sales in the mushroom growing segment remained similar to the previous year. Revenue for the 3-month period of 2021 was 7.26 million euros, compared to 7.28 million euros for the same period last year.

The gross margin of the mushroom growing segment amounted to 0.50 million euros in the first 3 months of 2021, demonstrating a decrease of 20% compared to the same period last year , when the gross margin of the segment was 0.62 million euros.

Although a comparison of the results shows a decrease in gross margin, the company assesses these results positively, as this segment remains affected by the COVID-19 pandemic at the beginning of 2021, while this impact did not yet exist at the first quarter 2020. In addition, a greater focus on products with higher added value has led to an improvement in profitability compared to the last quarters of 2020.

Consumer goods segment (FMCG)

This segment is of strategic importance for the Group and continues to show significant growth. Total segment sales amounted to 1.42 million euros in the first quarter of 2021. In the equivalent period last year, FMCG segment sales amounted to 0.91 million euros.

The increase in business volumes has a positive impact on profitability. In the first 3 months of 2021, the gross margin of the FMCG segment jumped to 0.38 million euros. During the same period in 2020, the gross margin amounted to 0.06 million euros.

Functionnary costs

The Group’s operating expenses in 2021 amounted to € 2.53 million compared to € 2.25 million for the same period last year. The increase is mainly related to the increase in salaries, office administration and selling expenses. In addition, Grybai LT, KB operating expenses are shown in 2021, but were not included in the same period last year, the relevant entity being included in the consolidated financial statements as of June 1, 2020 .

Financial data in an MS Excel file

In order to ensure more practical access and analysis to the Group’s financial data, the AUGA, AB group has prepared and published the data from previous and most recent reporting periods in MS Excel format available at the following link:

Mindaugas Ambrasas, AUGA group, AB financial director
Phone: +370620 67296
Email: [email protected]

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