Baltic Champs' 2023 profit in the millions was replaced by a loss of EUR 0.9 million last year

The financially struggling mushroom cultivation company „Baltic Champs, which is being restructured and is owned by the „Auga Group“, one of the largest organic food producers in the Baltics, made a loss of €870.9 thousand last year. The year before, it had made a net profit of €8.5 million.

The company's revenue in 2024 will be €31.05 million, down 9% from €34.1 million in 2023, according to a report filed with the Centre of Registers.

The draft profit distribution shows that the company had an accumulated loss of €1 million, which has been carried forward to the following year.

The company had an average of 442 employees last year (486 in 2023).

„Auga Group“ announced at the end of June that it was looking for a buyer for „Baltic Champs“ shares – with a sale expected next year. „The sale of shares is one of the four main strategic actions and measures proposed in the restructuring plan of „Auga group“ (...) Until the creditors and the shareholders approve the draft plan, no practical implementation steps have been taken, only preparatory work, – commented the interim head of „Auga group“, Elina Chodzkaite-Barauskiene, to BNS.

She said that the baseline scenario of the restructuring plan envisages that „Baltic Champs“ shares will be sold by the end of 2026.

BNS previously reported that „Auga Group“ has total creditor claims of EUR 94 million. The disputed claims of EUR 53 million mainly relate to the company's obligations, such as sureties, guarantees for other group companies, which are also being restructured.