Published: 2019-08-30 18:21:11 CEST
AUGA group
Half-Yearly information

Interim information of AUGA group, AB for the 6-month period ended June 30, 2019

During the first six months of 2019, AUGA group, AB and its subsidiaries (hereinafter - the Group) sales revenue amounted to EUR 28.84 million, a 15% increase compared to the same period of 2018, when it was EUR 25.01 million.

The Group’s gross profit for the first half of 2019 amounted to EUR 7.34 million and was EUR 3.05 million higher compared to the same period of 2018 (gross profit for the first half of 2018 - EUR 4.29 million).

During the first six months period of 2019, the Group earned EUR 0.34 million net profit compared to EUR 0.48 million a year earlier.

The Group’s EBITDA for the first six months of 2019 amounted to EUR 6.28 million. During the same period in 2018 the Group’s EBITDA amounted to EUR 4.10 million.

“Although the weather conditions as last year were not good, AUGA group's agricultural performance is better than last year due to better crop structure, adopted innovations and lessons we learned from last year. The stable mushroom growing segment, improving results of dairy segment and growing end-user packaged product segment sales contributed to revenue and EBITDA growth. We are also optimistic about the results of the second half of the year.” - says Kęstutis Juščius, General Manager of AUGA group, AB.

Main financial results, EUR’000 6 months of 20196 months of 2018Change, %
Gross profit (loss)6,3274,29047%
Net profit (loss) (eliminating IFRS 16 effect)65948536%
Net profit (loss) (without elimination of IFRS 16 effect)341485(30%)
EBITDA (eliminating IFRS 16 effect)6,2834,09753%
EBITDA (without elimination of IFRS 16 effect)9,334data not available-

Crop growing segment

Crop growing segment sales revenue for the half-year of 2019 amounted to EUR 8.78 million compared to EUR 7.60 million for the same period in 2018 (15% increase).

Gross profit of crop growing segment including results of sales of agricultural produce, gain (loss) on changes in fair value of biological assets and agricultural subsidies, amounted to EUR 6.31 million in the first six months of 2019 compared to EUR 4.44 million the year earlier.

The total cultivated land area by the Group amounts to around 38.56 thousand hectares in the season of 2018/2019 and is about the same as in the season of 2017/2018. In the season of 2018/2019 28.67 thousand hectares were seeded with cash crops out of which 11.50 thousand ha are dedicated to wheat, 8.04 thousand ha to legumes and 9.13 thousand ha to other cash crops.

Mushroom growing segment

The revenue of the mushroom growing segment was EUR 13.80 million for the six months of 2019, around EUR 1.46 million or 12% higher compared to the same period in 2018 when revenue was EUR 12.34 million. Revenue from mushroom sales increased by EUR 1.57 million.

Mushroom sales revenue increase relates to increased average sales prices. Serving fresh market is a priority for the Group due to better prices and the purpose of keeping strong relations with the clients. Since prices of fresh mushrooms are higher than those sold to processors, increased volume share of fresh mushrooms also had impact on average prices – both organic and non-organic average prices increased.

Dairy segment

Dairy segment sales revenue for the first half of 2019 amounted to EUR 5.21 million and was around 16% higher compared to the same period a year earlier. The increased total volume of milk sold and increased average price of milk both contributed to sales revenue growth.

Total amount of milk sold per six months of 2019 amounted to 12.69 thousand tonnes compared to 11.64 thousand tonnes during the same period of 2018 (9% increase). Average price of milk sold was around EUR 379 per tonne in the first half of 2019 or 10% higher comparedre to the same period last year.

The volume share of milk sold at organic production prices was around 64% in the first half of 2019 compared to 31% in the same period of 2018. Moreover, the total amount of organic milk sales increased from 3.57 thousand tonnes to 8.09 thousand tonnes.

The share of milk sold at organic prices remain significantly fluctuating since the sales are still dependent on several key accounts and their business needs in particular month. The Group is aiming to have a more diversified client portfolio in order to increase the stability of organic milk share of sales sales on a monthly basis.

End-consumer packaged goods segment

Total revenues of end-consumer packaged goods segment amounted to EUR 1.053 million during the first six months of 2019 compared to EUR 0.57 million a year earlier.

As mentioned in the report of the first quarter, the expansion of export volumes was led by agreements with South Korea, the United Arab Emirates, Romania, Ukraine, Northern Macedonia and Portugal. In the second quarter of the year the Group exported its products to all these countries. Trade agreements were also reached with new clients in the Czech Republic and Hungary in the second quarter of the year.

The United Arab Emirates became one of the most successful new export markets in the first half of this year. The Group started selling its products in the biggest retail chain Carrefour and other retailers in the United Arab Emirates. During the last several months this country became one of the main export markets of end-consumer packaged goods for the Group.

Further export development focus remained on the USA and Asian markets. In the US market the company is currently negotiating with potential partners, collecting orders and signing supply contracts. Compared to the first half of last year, sales of end-user packed products in Japan increased successfully. The number of retail outlets, sales geography and product range has expanded in Japan.

Preserved products, especially ready-to-eat organic soups, remain the main export product in the segment.

General Manager
Kęstutis Juščius
+370 5 233 5340


1. Confirmation of responsible persons 2019HY.pdf
2. AUGA group AB financial information for 6 months period ended 30 June 2019.pdf
3. Presentation of AUGA group financial results HY2019.pdf