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Here you can find information about Viro sugar factory business activities.

For further information please contact:
Ana Smoljo 
tel: +385 1 4500 222
e-mail: press@secerana.hr

Press

Viro recorded several times higher profit in 2010

Zagreb, February 14 2011 – In 2010 Viro Sugar Factory realized profit before tax, depreciation, and amortization in the amount of HRK 80.12 million, which is 29 percent more in comparison to the previous year. Total revenues increased by 26 percent in compared to a year before and amounted to HRK 731.87 million.
Net profit increased by several times in comparison to 2009 amounting to HRK 42.16 million in last year which is realized primarily thanks to increased sugar realization and significant decrease of financial expenses. 
 
During last year, total realized expenses amounted to HRK 689.71 million, which presents the increase of 19.79 percent in comparison to the previous year. Financial expenses decreased by 70.62 percent amounting to HRK 21.60 million in 2010.
Share of export revenues increased from 25.91 percent to 27.10 percent, while domestic sales share increased from 65.56 percent to 69.84 percent.
 
Total sugar realization in 2010 increased by 33 percent in relation to the previous year. The basic reason for that is increased sugar realization on EU export market so in 2010 85 percent more sugar was placed to export than last year. Besides, the increase was also the result of realization of total quantity of sugar produced from raw sugar on domestic market.
 
Such business results are realized primarily due to long-term investments into modernization of production equipment which resulted with decrease of all costs per unit, especially the natural gas consumption.  
With significant decrease of natural gas consumption, which is the main energy source for the sugar production, CO2 emissions to atmosphere were reduced by 20 percent.  
 
The largest part of investments in 2010, 67.94 percent of total investments, refers to investments into technology and equipment maintenance. Total investments amounted to somewhat more than EUR 7.8 million.
 
Shares trading and price
At the end of 2010 price of Viro's share amounted to HRK 360. During last year share turnover amounted to HRK 38,478,250, while market capitalization at the end of the year totaled HRK 499.2 million. Profit per share amounted to HRK 30.41.
 
Development plans for 2011
Production/financial plan for 2011 anticipates contracting of beet production on 11,000 acres, according to which Viro plans to process over 600,000 tons of sugar beet in order to produce 80,000 tons of sugar, 20,000 tons of molasses and 23,000 tons of dry beet pulp on pellets form. Since the beet production has been already fully contracted Viro is expecting good financial/production results for 2011.
Planned sugar production for 2011 is by 10 percent higher compared to last year’s. Production of 30.000 tons of sugar based on cane raw sugar is planned for local market exclusively while a larger part of 80.000 tons is aimed mostly for the export on EU markets.