AgroGeneration posts profit in 2020
AgroGeneration posted EUR 2.65 mln of net profit for the year 2020 vs EUR 17.36 mln of net loss in 2019.
The company marks that this improvement, despite the currency translation differences of EUR (4.2) mln, has been driven by an achieved net profit and by the revaluation of assets (appraised by an independent expert) for EUR 8.4 mln.
Its revenues stood at EUR 39.1 mln, up EUR 8.5 mln from EUR 30.6 mln in 2019, primarily resulting from the sale of 175.7 thou. t (+14.8 thou. t vs 2019) of crops from 2019 inventories and the 2020 harvest, which were sold with significantly improved crop prices.
The gross profit came to EUR 16.45 mln vs EUR 1.96 mln of loss in 2019, operating profit reached EUR 11.2 mln compared to €(19.9) mln in 2019.
EBITDA reached a significantly improved EUR 19.56 mln vs EUR(1.18) mln in 2019.
The Group reduced the amount of its net debt: from EUR 35.6 mln as of the end of 2019 to EUR 25.1 mln as of the end of 2020.
"AgroGeneration now benefits from a balanced and sound financial structure and management plans to continue to gradually reduce its debt so as to further reduce interest expenses," the report reads.
In 2019, the company's net loss was 2.7x higher YoY.
