Romanian revenue retreated in the 2009|10 financial year from € 155.1 million to € 139.6 million. This was attributable to the declining volumes and prices of quota sugar. Quantities fell both in industrial sales and the sugar trading business. The market share was slightly below the prior-year level of almost 50%.
In the financial year under review, the rising world market price of sugar posed a significant challenge in the purchasing of raw sugar and caused elevated margin pressure for the refinery in Romania. The raw sugar imports from the LDC and ACP countries to the EU are subject to a minimum price. As the increased EU demand for raw sugar currently exceeds the supply from these countries, this led to import prices that were well above the world market price and the minimum price.
When the Romanian currency strengthened in the course of the 2009|10 financial year, a portion of the currency translation losses from the prior 2008|09 financial year was recouped