The largest vertically integrated organic food producer in Europe, the AUGA group, has published a consolidated annual report. Along with an overview of the audited financial results, the company also issued a Sustainability Report, presenting the company’s main achievements in the areas of environmental, social responsibility, and sustainable governance.
“Although 2020 was an extraordinary year for the whole the world, the challenges we could not have foreseen did not prevent the AUGA group from achieving good financial results and reaching environmental, social, and governance goals. The group companies are actively working to implement the strategy’s new goals to increase the efficiency of business segments. We hope that the R&D activities we have been developing for several years will allow us to introduce new technologies in production that will reduce the greenhouse gas emissions generated by the group’s activities. With the help of innovation, we will be able to offer consumers organic food at no cost to nature in the future”, – says Kęstutis Juščius, CEO of AUGA group.
The consolidated annual report contains general information about the company: a description of the operations, strategy, and values, as well as the management structure, personnel, and remuneration policy. The consolidated annual report discloses updated information of business segments and general financial data, following the assessment of independent auditors PwC Lietuva.
Audited financial results of the group companies are broadly in line with the preliminary results published on February 26, 2021. Following the audit, the group’s net profit increased to EUR 1.79 million from the previously announced EUR 0.89 million. The most significant impact on this change was due to the revaluation of investments in the acquired company Grybai LT, KB.
This Sustainability Report covers all the group’s companies’ activities in the period from January 1 until December 31, 2020. This year marks the first time that this report is integrated into the company’s consolidated annual report. The results are reported following two international sustainability standards: Global Reporting Initiative (GRI) and Nasdaq ESG reporting guide for Companies Listed in the Nordic and Baltic Markets.
During the reporting period, the group companies managed to reduce the emissions generated by their activities. In 2020, emissions amounted to 68,133 tons of CO2 eq., when in 2019, it was 72,820 t CO2 eq. The group’s lower CO2 footprint in 2020 was achieved by reducing the amount of manure used to fertilize the soil and lower crop residues due to changes in crop area proportions. The impact on emissions of the technological projects being developed in the company will yet be visible in the future. In the same year, the environmental management system was fully implemented in the group of companies.
In the area of social responsibility, the company paid great attention to ensuring the health and safety of employees at work. The benefits provided by supplementary health insurance were expanded, the activities of employees working on farms and in the offices were reorganized, and the employee share option program was continued.
The principles of sustainable governance continued to be actively applied in the group companies. The company paid great attention to establishing and maintaining investor relations and implementing the company’s policies. AUGA groups’ performance was assessed by independent international analysts: WOOD & Company, Enlight Research, and LHV Bank.
This is the fourth Sustainability Report published by the AUGA group.
The consolidated annual report, together with the financial results, the auditors’ report, and the Sustainability Report, can be found here.