Scandi Standard-Baltics, acquired by Swedes, raises €2.9 million

Sweden's „Scandi Standard, one of the largest chicken production groups in the Nordic countries and Ireland, indirectly owns the loss-making Joniškis district meat processing company „Scandi Standard-Baltics“ (formerly „Delikatesas“), which has raised €2.9 million in a capital increase in an attempt to stabilise its financial situation. 

The capital will be increased by a cash contribution, according to the minutes of the shareholders' meeting submitted to the Centre of Registers on 25 July by a decision of the company's sole shareholder, &bdash; „Scandi Standard Lithuania Holding“.   

The company's capital will be increased through a share premium - the difference between the nominal value of one share (one euro) and the issue price (EUR 2.9 million), thereby increasing the authorised capital from EUR 19,998 to EUR 19,999.

According to the 2024 report submitted to the Centre of Registers, at the end of the year, the company's current liabilities exceeded current assets by €4.4 million (€10.4 million), which is 2.3 times less than in 2023 (€10.12 million).

The company says it intends to generate sufficient funds to cover these liabilities, and will turn to group companies or banks if it needs additional funding.

The company's revenue fell 28% last year to €12.27 million (€17.06 million in 2023), while its net loss declined by almost 24% to €3.07 million (€4.02 million in 2023). 

According to the company's management, the company intends to increase its sales volumes this year: „The company will aim to expand its sales markets and stabilise its financial position.“

– six more „highly profitable“ Lithuanian poultry farms for €18 million.

Currently, „Scandi Standard-Baltics“ employs 102 people, according to „Sodros“ data.