Revenue in Bulgaria for the 2009|10 financial year was € 20.3 million (prior year: € 36.2 million). The economic crisis weighed on consumer confidence and drove declines in sugar sales to food retailers and the industrial market segment.
In the 2009|10 financial year AGRANA acquired sole ownership of the distribution and packaging firm that was previously jointly owned with Bulgarian sugar company Zaharni Zavodi AD. AGRANA is continuing the trading activities in Bulgaria with sugar available in the Group in order to ensure the security of supply to the market. The temporary undersupply and partial disruptions of business resulting from the termination of the joint venture arrangement adversely affected the operation’s performance. As a consequence, plans for the 2010|11 financial year call for cost reductions and business consolidation.