Agrowill Group reports consolidated net loss of LTL 48.269 million for 2009

Agricultural investment company Agrowill Group reported a consolidated net loss of LTL 48.269 million for 2009, a four-fold increase from LTL 12.653 million in 2008. Shareholder equity halved to LTL 51.71 million. It is four-fold lower than the company’s liabilities.  
In 2009 compared to 2008, group sales of Agrowill Group dropped by 7.23% to LTL 53.112 million, while the cost price of sales alone surged 19.5% to LTL 57.199 million. The group’s loss was also determined by administrative costs of LTL 16.91 million, financing costs of LTL 20.975 million and other operating loss of LTL 12.493 million, but financial income contributed LTL 6.196 million.
“The main problem was that fertilisers and agricultural chemicals were purchased at the end of 2008 when their prices in global markets peaked and were used in 2009 when the prices of the group’s products, both milk and grain crops, dropped significantly,” Vladas Bagavičius, a member of the Board of Agrowill Group, said.
Shareholder equity, which made up LTL 100.749 million at the end of 2008, fell to LTL 51.710 million or LTL 1.97 per share last year, but the group’s liabilities decreased by merely 15.48% to LTL 221.852 million or LTL 8.49 per share.

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