The sales revenue of AUGA group, AB and its subsidiaries (hereinafter – the Group) amounted to
The Group's gross loss in 2023 was
"Although 2023 was a challenging year, all of the Group's segments were profitable in the last quarter of the year. The largest negative impact on the annual result was caused by the falling purchase prices of organic products in the crop and dairy segments. In view of this trend, we have already decided in the summer of 2023 to cultivate a part of the land through regenerative conventional agriculture, hence in 2024 the income from the different forms of agriculture will be split approximately equally. This will diversify our income, reduce yield and income volatility, lay the foundations for more sustainable financial results. In addition, the Group continues to focus on strategic projects - the development of sustainable agricultural technologies, and in the first half of 2024 will seek to attract funding for technology development," says Kęstutis Juščius, Chair of the
Crop growing segment
The overall segment result arising from sales of agricultural products, changes in the fair value of biological assets and agricultural subsidies amounted to a gross loss of
Although drought was recorded at the beginning of 2023, winter crop yields were average. Summer crops were the most affected, their yield decreased by more than half compared to average years.
In the new season, 31% more winter crops were sown than in previous year. They are less sensitive to climate change, so even under more challenging conditions in spring or summer, they produce a larger and more stable yield. According to the Group's assessment, the quality of winter crops is good. Next season, the areas for summer organic crops, which are sensitive to climate, will be 40% smaller compared to this season.
Additionally, on
Dairy segment
Overall performance in the dairy segment was lower in 2023 than in 2022 mainly due to a 18% average decrease in product prices.
The last quarter of 2023 was already profitable, as the Group improved its milk yield, kept productions costs under control, and as product prices rose in November and December. The final gross loss for 2023 was
Mushroom growing segment
In 2023, the mushroom growing segment generated a gross profit of
Fast-moving consumer goods (FMCG) segment
In 2023, the gross profit of the FMCG segment was
In 2023, the Group introduced to consumers a new line of more sustainable organic products, which is based on daily consumption dairy products, as well as oat flakes, oatmeal porridges, eggs and vegetables. They are sold in major Lithuanian supermarket chains and HORECA channels. The Group aims to mobilize a community of conscious consumers prioritizing more sustainable products, expand the range of products, and to broaden the sales network for the products.
Operating costs
The Group's operating costs amounted to
Implementation of the strategy
The Group continues to develop its technology projects and is preparing to scale their portfolio. AUGA Tech, UAB obtained a patent in the
On
Three strategic biomethane units of the Group are being prepared for the supply of biomethane gas to the natural gas system.
Financial data in MS Excel format
To facilitate investors' access to and analysis of the Group's financial data, the Group has prepared and makes publicly available on its website historical financial data, including data for the most recent reporting period, in MS Excel format. The data can be accessed at the following link: https://auga.lt/en/investors/reports-and-presentations1/quarterly-and-annual-reports/
Contacts:
CEO of AUGA group, AB
Elina Chodzkaitė-Barauskienė
+370 5 233 5340
Attachment
- FS 2023Q4
© OMX, source