Audited financial results of AB Agrowill Group are better than published previously

AB Agrowill Group is convening a shareholders’ meeting where audited results for the year 2015 shall be provided for approval. The results are better than published in an unaudited preliminary report in February. The report is provided for approval later than planned due to delay of the auditor’s KPMG Baltics conclusions.
After the auditors provided with the conclusion regarding financial results of the group of companies, it was published that in 2015 net profit of AB Agrowill Group for twelve months amounted to 5.56 million Euros or by 1.7 million Euros more than it was published in the interim unaudited financial statement in February. The audited report also provides that in 2015 EBITDA for twelve months was 10.78 million Euros or by 0.22 million Euros more than published in February.
“Audited financial results are better than published in an unaudited preliminary statement. It was influenced by an additional revaluation of owned land (about 0.6 million Euros) and deferred profit tax removal from the profit and loss statement into property articles (about 0.8 million Euros), as well as other less significant corrections,” says Linas Bulzgys, CEO of Agrowill Group.
Earlier the group of companies reported that due to delay of the auditor’s KPMG Baltics conclusion the company audited financial information for the year 2015 was not published in due time. For this reason, trading of AB Agrowill Group shares was suspended in Nasdaq OMX Vilnius and Warsaw stock exchanges. Following publication of audited financial statements, share trading in the stock exchange will be resumed since 20 July.
“We have always sought and will seek for the maximum openness and transparency in dealing with investors. Our responsibility is to provide the investors with a detailed and precise information regarding the financial situation of our company in due time. Unfortunately, due to, in our opinion, unreasonable delay of KPMG Baltics audit procedures for even 2.5 months we could not do it within the time planned. We believe that it has caused significant damage to the company business reputation and image, and such audit practice should not be tolerated in the business community,” says Linas Bulzgys, CEO of Agrowill Group.
Agrowill Group continues consistent implementation of a new vision of sustainable farming. The company aims to become the most advanced organic farm in Europe by focusing on organic farming and animal products, as well as innovation development.

More info:
Linas Bulzgys, CEO of Agrowill Group, AB. Phone +370 685 16 267