AUSTRIA/EAST EUROPE: FURTHER CUTBACKS AT AGRANA

Article Abstract:

The Austrian sugar and starch manufacturer Agrana is to close a further sugar mill in Hungary, the one in Acs. The Hungarian subsidiary Magyar Cukor, which holds 37% of the local market, has already closed two and sold two mills. About 150 jobs will go in Hungary. Agrana has so far invested about Sch 1bn in the Hungarian sugar industry. In year 2000 Magyar Cukor is expected to make a profit of Sch 30mn, following a losses of about Sch 150mn in the past three years. In 1999 turnover amounted to Sch 950mn. Agrana is to cut another 800 jobs in Romania. Including the Czech Republic, the total number of staff in eastern central Europe is to be reduced by more than 1,200 from 4,900 at present. Profitability is to be raised to western standards. The company has production plants also in Austria and Slovakia. Agrana, a joint venture of Raiffeisen and German Sudzucker, expects a marked increase in financial year 2000/2001. In the financial year to 29 February 2000 turnover is expected to rise from Sch 9.402bn to Sch 9.5bn, while profit after taxes should remain unchanged. A clear improvement is expected in earnings before interest and taxes.

Foreign operations, Plant shutdown, Hungary, Romania, Sugar & Confectionery Products, Sugar and Confectionery Product Manufacturing, Sweeteners

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AUSTRIA: IMPROVEMENT FOR AGRANA IN 1999/2000

Article Abstract:

In the financial year to 29 February 2000 the Austrian sugar and starch producer Agrana saw a 2.7% increase in turnover to Sch 9.67bn. Operating profit grew 11.4% to Sch 647mn and profit for the year 44% to Sch 303mn. The improvement is attributed to starch operations in Austria and Hungary.

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AUSTRIA: AGRANA RESULTS FOR 1999

Article Abstract:

The Austrian sugar and starch producer Agrana Zucker und Starke AG (that was created in the merger of Agrana Starke-GesmbH and Agrana Zucker-GesmbH) generated 28% of group turnover and 42% of group profits in eastern Europe in the financial year to 29 February 2000. Operations in Hungary (Magyar Cukor) developed particularly well. The group has sugar factories also in the Czech Republic (Cukrovar Hrusovany), Romania and Slovakia. Agrana expects sugar production in Europe to fall by 10% in year 2000. In 1999/2000 Agrana increased turnover from Sch 9.42bn to Sch 9.67bn. Earnings before interest and taxes rose from Sch 581mn to Sch 647mn and profit for the year from Sch 211mn to Sch 303mn. Profits from Austrian operations declined. On the whole, Agrana expects further growth in the current year. Agrana is to invest Sch 250mn in expanding its starch factory in Aschach, which is working to capacity. In summer 2000 Agrana is to launch a business-to-business e-commerce solution.

General services, European Union, Agrana, Starke AG

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