Agrowill Group continuing active development

On 11 July, Agrowill Group, the largest agricultural investment and development company in the Baltic states, signed an agreement on the acquisition of a 74% stake in agricultural company Tetirvinai. The transaction will be closed after the Competition Council gives permission for it.

“We are continuing targeted development by acquiring only the most modern and advanced agricultural companies,” Valentas Šulskis, General Manager of Agrowill Group, said.

According to audited data, unconsolidated net earnings of agricultural company Tetirvinai in 2007 totalled LTL 7.2 million (EUR 2.1 million) and net profit made up LTL 2.0 million (EUR 0.6 million). 

The company controls some 2,750 ha of fertile land and keeps some 580 dairy cows in completely new buildings in Pasvalys district. Average annual milk yields per cow make up 7 tons. According to an approved project, after a new farm is built, the herd of cows is planned to be doubled. The company has applied for EU Structural Fund support for co-financing the construction of the new complex. 
Tetirvinai is an advanced agricultural company that has fully upgraded its machinery and has its own modern warehouses and elevators for drying and storing its grain. The company’s holding complies with the requirements of the EU Nitrates Directive. 
In 2007, consolidated net profit of Agrowill Group totalled LTL 31.9 million (EUR 9.2 million). In 2007, its earnings made up LTL 69 million (EUR 20 million). Excluding the effect of revaluation of investment properties, net profit in 2007 amounted to LTL 9.8 million (EUR 2.8 million) and earnings from the main activities reached LTL 43 million (EUR 12.5 million).

Agrowill Group currently operates 15 agricultural and 23 land management companies. The Group owns some 29,000 hectares of farmland and a herd of some 5,600 dairy cows in the Baltic region.

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