Viro registered profit for 2011 amounting to HRK 125.58 million
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Zagreb, February 14, 2012 – In 2011 Viro sugar factory registered gross profit before depreciation in the amount of HRK 170.57 million, which represents an increase of 117 percent in comparison to the previous year. Net profit amounting to HRK 125.58 is by 198 percent higher than last year, and it is mostly the result of significant production and sugar realization increase. Total revenues in the amount of HRK 877.30 are higher by 20 percent than last year.
During last year total costs amounted to HRK 754.74 million, which represent an increase of 9.43 percent in comparison to last year. In 2011 financial costs were cut by 15.08 percent and amounted to HRK 18.35 million.
Share of revenues derived from export was increased from 27.10 percent to 38.2 percent, while share of revenues from sales in Croatia dropped from 69.84 percent to 61.49 percent.
In 2011 total sugar realization was by 9 percent lower than previous year. Main cause for the decrease is decreased sugar realization on EU export market, so in 2011 15 percent less sugar was placed to export than last year, while sugar realization on the domestic market dropped by 3 percent.
Achievement of such results mainly derives from long-term investments in production facility modernization and increase of installed processing capacity, so all costs by product unit were cut significantly.
Last year total investments amounted to around EUR 4.36 million. Most of them – 55.35 percent – are related to investments in technology and facility maintenance.
Share price development
At the end of 2011 Viro share price amounted to HRK 415.99. During last year share turnover amounted to HRK 58,950,240.19, while market capitalization amounted to HRK 576.8 million. Profit per share amounted to HRK 90.56.
Development plan for 2012
Production-financial business plan anticipates contracting of sugar beet production on 10,000 acres, which means that 550,000 tons of sugar beet will be processed out of which over 74,500 tons of sugar, 20,000 tons of molasses and 25,000 tons of dry beet pulp on pellets form will be produced.
Plan of contracting sowing areas has already been completely fulfilled and very good production-financial results can be expected in 2012, if sowing occurs in optimal agro-climate conditions.
Investment plan for 2012 is still based on increasing daily sugar production capacity of 1,400 tons, which is already being achieved in raw sugar processing.
Planed production of a total of 122,000 tons of sugar in 2012 includes 47,500 tons from refining cane raw sugar which is planned for the domestic market exclusively. Little over 74,500 tons of sugar will be produced from sugar beet, and most of this sugar is aimed for export to the European Union market. |
