Panevezys, Lithuania, 2014-02-10 14:00 CET (GLOBE NEWSWIRE) --
On 7 February 2014, AB Linas Agro Group acquired 100% of the shares in Latvian poultry companies SIA Lielzeltini, registration number 40003205232, SIA Cerova, registration number 43603019946, and SIA Broileks, registration number 50103262981. The total purchase price for these shares is about EUR 6.5 million (the final price may vary depending on additional conditions).
In addition, AB Linas Agro Group extended a loan in the amount of EUR 4,711,711 to SIA Lielzeltini and a loan in the amount of EUR 611,231 to SIA Cerova to refinance their previous loans. Both loans bear interest rate of 4% per year and have to be repaid by 30 June 2016.
SIA Broileks, SIA Cerova and SIA Lielzeltini are entities operating in poultry industry. Their core activity is meat poultry and broilers breeding. SIA Lielzeltini produces chicken meat and a range of processed chicken meat products, as well as combined feed for own consumption and sale, its revenue totaled EUR 26 million in 2013 (EUR 21 million in 2012). SIA Broileks is engaged in growing and sale of live chicken with the sales revenue of EUR 1.2 million in 2013 (same like in 2012). The core activity of SIA Cerova is incubation of hatching eggs and sale of day-old chicks. The sales of the company amounted to EUR 2.5 million in 2013 (EUR 2 million in 2012).
“We completed the acquisition process of the group of Latvian poultry companies. It took a little longer than expected, but ended successfully. Restructuring procedure of the largest Latvian chicken meat producer AS Putnu fabrika Kekava (PFK) ended in the first half of January. The performance of the company is good – revenue totaled EUR 39 million in 2013 and were 18% higher compared to 2012“, said Deputy Managing Director of AB Linas Agro Group Andrius Pranckevičius.
AB Linas Agro Group expects that in the future the acquired group of Latvian companies will generate revenue of around EUR 70 million.
About AB Linas Agro Group
AB Linas Agro Group is an agribusiness parent company engaged in the production and trade of grains, oilseeds, feedstuff and agricultural inputs. It controls companies in Lithuania, Latvia, Estonia and Denmark. The group consists of international agricultural production trading company in Lithuania AB Linas Agro, grain storage company UAB Linas Agro Grūdų centras KŪB (controlling grain storages in Joniškis, Kėdainiai, Kupiškis, Pasvalys, Šakiai district, Šiauliai and Vilkaviškis), Latvian trading company SIA Linas Agro, international trading company Linas Agro A/S in Denmark, group of companies ŽŪB Landvesta, managing agricultural land, holding of agricultural companies UAB Linas Agro Konsultacijos, agricultural inputs supplier UAB Dotnuvos Projektai, operator of lignin biofuel accumulation UAB Lignineko, logistic company UAB Jungtinė Ekspedicija, AS Putnu Fabrika Kekava and other companies. The financial year of the Group begins on 1 July. The total headcount of the Group exceeds 1,700 employees. Consolidated revenue of AB Linas Agro Group for financial year 2012/2013 ended June 2013 totaled LTL 2,043 million, EBITDA – LTL 127 million.
Together with partners, the Group owns grain storage company Karčemos Kooperatinė Bendrovė.
From 17 February 2010 AB Linas Agro Group is included in the main list of companies of NASDAQ OMX Vilnius stock exchange.
More information:
Andrius Pranckevičius
Deputy Managing Director of AB Linas Agro Group
Phone +370 687 71 419
E-mail a.pranckevicius@linasagro.lt