HKScan’s long-term strategic target is to grow into a versatile food company. In the current exceptional and rapidly changing operating environment, our focus in 2023 is on strengthening our financial base and improving the profitability of our core business. Our core business includes meat, meat products and ready-made foods, such as meals, meal components and snacks.
Our aim is to grow in poultry products, meals, snacks and new product categories and to strengthen in growing and new sales channels. We also aim to respond to changes in our operating environment, both at the customer and consumer interface. We want to renew commercially and strengthen our relationship with consumers through our trusted brands.
Creating customer-driven value
The key driver of value creation in HKScan’s business is growth in the core business by increasing the added value of products and strengthening the value creation capabilities of the company’s own brands. In Denmark, for example, we have implemented our strategy by increasing sales of fresh and ready-to-use products of higher added value.
Building responsibility as a value-creating basis for business plays a key role in creating differentiating value in the market. Our responsibility work focuses on the business needs and the expectations and requirements of key stakeholders.
Partnerships supporting our strategic change
Within our financial resources, we are seeking new growth and seizing business opportunities that drive our strategy. Partnerships offer HKScan the opportunity to move into new business areas quickly and flexibly. In Finland, our partners include Mäkitalon Maistuvat Oy and Boltsi Oy. In Sweden, we collaborate with Scandinavian Aquasystems AB on Gårdsfisk fish products.
Strategic renewal requires better profitability and stronger balance sheet
Advancing our long-term strategy will require HKScan to achieve a stronger balance sheet. To increase financial flexibility, we are constantly assessing the position of our businesses within the Group. In December 2022, we communicated that HKScan has signed an agreement to sell its Baltic businesses to the Estonian AS Maag Grupp. The transaction is expected to be closed in the second half of 2023 and it is subject to approval by the competition authorities in Estonia and Latvia.
Long-term financial targets