AGROMINO A/S: YEAR-END 2019 INTERIM REPORT
2019 Year-end highlights
• EBITDA profit of EUR 9.9 million in 12m 2019 compared to EBITDA loss of EUR 7.6 million in 12m 2018.
• Net profit of EUR 2.6 million in 12m 2019 compared to net loss of EUR 9.6 million in 12m 2018.
• A significant change in net loss in 12m 2019 in comparison with 12m 2018 was due to absence of currency translation losses from disposal of subsidiaries (EUR 10 million loss in 12m 2018).
• Both assets and liabilities were expanded as of December 31, 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 in 2019 completed with satisfactory results, mainly due to 31% increase in average net yield to 3,54 t/ha (2,70 t/ha in 2018).
• Winter crops of harvest 2020 were established on time.
• 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 included in the financials for 12m 2019 since October 17 till December 31, 2019.
• Combined harvest of the group including Resilient has reached 198 thousand tonnes brutto Agromino itself harvested 156 thousand brutto tonnes compared to 124 thousand brutto tonnes in 2018.
Mr. Petr Toman, CEO of Agromino A/S
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