AGROMINO A/S: 3Q 2019 INTERIM REPORT
3Q 2019 Highlights
- EBITDA profit of EUR 9.0 million in 9m 2019 compared to EBITDA loss of EUR 4.3 million in 9m 2018.
- Net profit of EUR 5.0 million in 9m 2019 compared to net loss of EUR 6.4 million in 9m 2018.
- A significant change in net loss in 9m 2019 in comparison with 9m 2018 was due to absence of currency translation losses from disposal of subsidiaries (EUR 10 million loss in 9m 2018).
- Both assets and liabilities were expanded as of September 30, 2019 because of IFRS 16 adoption by the Group. Assets were increased by land right-of-use assets, liabilities by lease liabilities.
- Total storage capacity increased to 121,000 tonnes due to setting up new elevator capacities in the Group (85,000 tonnes as of 31 December 2018) to solve urgent storage need after divesting 237,000 tonnes storage capacities in 2018 and 2017.
- Crop harvest completed in November with satisfactory results, mainly due to 26% increase in average net yield to 3,41 t/ha (2,70 t/ha in 2018). Winter crops were established on time. Both wheat (17,1 thousand ha) and 87 % of oilseed rape (4 947 ha out of 5 666 ha) are in good condition.
- On September 2 the general meeting of Agromino approved to acquire Resilient a.s. for an acquisition value of EUR 12,935,040 in shares, i.e. consideration of 7,473,810 newly issued ordinary shares in Agromino at a subscription price of SEK 18.6 per share. Transaction was completed on October 17 and is not included in the financials for 9m 2019 (see note 16).
Mr. Petr Toman, CEO of Agromino A/S
Tel: +38 044 586 4445, e-mail: email@example.com
Agromino is an integrated soft commodities production, storage and trading company with operations in Ukraine, Russia and Estonia. Agromino shares are traded on the main market of Nasdaq Stockholm.
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