OREANDA-NEWS. June 01, 2016. Agrowill Group, AB provides the Interim unaudited financial information for the three months ended 31 March 2016 and confirmation of the responsible persons.

The total consolidated revenue of Agrowill Group, AB for the first quarter of 2016 was EUR 8.92 million. For the same period of 2015 the total consolidated revenue of the company was EUR 8.91 million.

Net profit for the three months of 2016 was EUR 0.55 million. Agrowill Group, AB had a net loss of EUR 0.56 million over the same period a year ago.

Net profit for Q1 2016 was positively impacted by the increase of subsidies. During the Q1 2016 direct agricultural subsidies and the subsidies for transition to organic farming were accounted while during the same period of 2015 only direct agricultural subsidies were accounted – the Company applied for certification of organic farming only in Q2 2015. Since applications were confirmed at the end of 2015, Company accounted 1/4 of subsidies planned to receive during 2016. Difference between subsidies over Q1 2016 and Q1 2015 is around EUR 1.3 million.

Profit of mushroom and compost sales increased. The sales results of milk during the first three months of 2016 compared to 2015 were negatively impacted by lower global milk prices. The profitability of crop sales decreased, mostly due to smaller volumes of grain sold during the reported period in 2016 compared to 2015.

EBITDA for the three months of 2016 was EUR 2.15 million. Agrowill Group, AB had EBITDA of EUR 1.17 million over the same period a year ago.