AUGA group, RAB published Audited Results for 2024
AUGA group, RAB
2025-08-07
AUGA group, RAB published Audited Results for 2024
AUGA group, RAB, code 126264360, address Konstitucijos pr. 21C, Vilnius (hereinafter – the Company), has published the Company's consolidated and separate financial statements, consolidated management report and independent auditor's report for the year ended 31 December 2024, as well as the sustainability report for the reporting period (attached).
The audited revenue of the Company and its subsidiaries (hereinafter – the Group) for 2024 amounted to EUR 85.4 million (EUR 77.4 million in 2023).
The Group incurred an audited net loss of EUR 32.4 million in 2024 (unaudited net loss of EUR 26.9 million for 2024 was announced on July 1, 2025). Net loss for 2023 was EUR 18.4 million.
The auditors also issued a qualified opinion, indicating that a material uncertainty exists which may cast significant doubt on the Company’s and the Group’s ability to continue as a going concern, related to the restructuring of the Company and certain entities within the Group (further detailed in the independent auditor’s report).
As the Company previously announced, 2024 was a challenging year. The Group's management made every effort to refinance the bonds issued by the Group companies, the maturity of which was in 2024, as well as to extend the existing financing agreements. However, considering that this could not be successfully completed, the Company and part of its Group companies initiated restructuring processes.
Despite the difficult situation of the group of Companies, during 2024, AUGA group team took steps not only to ensure a new 2025 harvest season, improve milk yields in dairy farming activities, and preserve relationships with its long-standing partners and customers, but also to fundamentally reconsider the benefits and values created by the Group structure, and optimize its operation so that it meets the expectations of everyone – creditors, shareholders, and employees.
The main business segment that caused the largest loss was the crop segment, which had a total loss of EUR 10.48 million. These losses were mainly due to increased production costs, lower prices compared to previous periods and unfavorable weather conditions for the cultivation of legumes during this season. Additionally, taking into account the circumstances, due to the need for cash flows, the Group sold most of the current year's harvest in the fall, during the harvest, when historically prices are not the most favorable, which had an additional impact on the result.
The Group's financial year result specified in the audited set of annual financial statements of the Group differs from the unaudited annual results of 20241 (hereinafter – the Unaudited Results) announced on 1 July 2025 by more than 10%. Net loss according to the Unaudited Results – EUR 26,866 thousand, according to the audited annual financial statements of the Group – EUR 32,441 thousand. The difference is EUR 5,575 thousand. The majority of the difference – EUR 5,249 thousand – arose due to the recorded impairment of the Group's intangible assets under development. The Group decided to suspend the development and expansion of technologies, and reassessed the value of the intangible assets under development taking into account the fact that the Group is currently unable to provide development plans for the technologies under development due to uncertainty.
Other differences between the audited and Unaudited results include a decrease in other intangible assets of EUR 326 thousand.
It is important to emphasize that the aforementioned impairment does not change the value of the remaining assets and the Group retains the rights related to these created assets, but is currently unable to provide reliable business plans until the Group's situation is stabilized.
On September 4, 2024, the Group's management announced a revised forecast for the Group's EBITDA, which amounted to EUR 11.5 million. The Group's audited EBITDA in the reports shows a profit of EUR 0.075 million. The main reasons for such a deviation are:
- Significantly worse than planned overall result of the crop production and biomethane segment (loss of EUR 10.5 million compared to profit forecast of EUR 2.6 million);
- Worse than planned gross profit of the mushroom growing segment (1.59 million EUR compared to the forecast of 2.2 million EUR);
- Higher than planned operating expenses (EUR 12 million compared to the forecast of EUR 10.4 million).
- The decrease in EBITDA was partially offset by a better result in the dairy segment (EUR 5.12 million compared to the plan of EUR 2 million) and higher depreciation expenses.
Although operating (selling and administrative) costs are higher than planned, they are significantly lower compared to 2023, when they amounted to almost EUR 14 million.
Contacts:
Chief Financial Officer of company under restructuring AUGA group, AB
Kristupas Baranauskas
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