Agrowill Group already operating under restructuring plan and earning profit

Agrowill Group companies are operating under approved restructuring plans and have already earned a profit of LTL 3.319 million in the first three quarters of this year.
Under the restructuring plan, Agrowill Group AB will not pay its creditors in the first two years of restructuring, will pay 15% of its debts in the third year of restructuring, and will pay off a major part – 85% – of its debts in the last, fourth, year of restructuring.
Fourteen agricultural companies controlled by Agrowill Group AB already have the status of companies under restructuring and three of them are operating under approved restructuring plans. This is in line with the declared aims of the company to start the process of restructuring to restore the solvency of the group of companies and to remain one of the largest and most modern agricultural companies.
“Decisions on the start of the process of restructuring have entered into force in respect of all the agricultural companies controlled by Agrowill Group AB. We have not initiated restructuring at Grūduva UAB only. These processes mean that Agrowill Group AB will be able to focus on further optimisation of business processes, cost reduction and improvement of operational efficiency. This year, we have already started operating profitably. This proves that we have chosen the right path and we hope that the restructuring plan will be implemented successfully,” Vladas Bagavičius, Board Chairman of Agrowill Group AB, said.
In the first nine months of this year, Agrowill Group AB earned an unaudited consolidated net profit of LTL 3.319 million. In January-September last year, the company reported a net loss of LTL 39.617 million. In the first nine months of this year, the Group’s EBITDA reached LTL 12.011 million.  In the same period of 2009, it made up LTL 7.562 million.

For more information, please contact:
Vladas Bagavičius, Chairman of the Board of Agrowill Group AB, tel.  +370-610-31807

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