Frigoglass Romania, supplier of personalised commercial refrigeration solutions and services, ended the first four months of the year with 24 million euros in turnover, up 10% on the corresponding period of last year, and achieving half of the business plan for 2005.
"Our deliveries to Western Europe went up because, as of 2004, the Greek group has been concentrating the bulk of production in its Romanian-based plant," said Caius Dinu, the financial officer of Frigoglass Romania.
According to Dinu, the plant based in Timisoara has thus become the main supplier of refrigerating cases in Western Europe, with exports surging to 85% of the total in April, from last year''s average of 75%. "Our current results are supported by the investments we made last year, to achieve a 25% increase in the production capacities," Dinu stated.
However, for the Timisoara-based company, Q1 financial figures are not a reason to change annual forecasts. "We make most of our turnover in the first half of the year, with April, May, June as the best months. In August, the plant is closed, and, starting September, we work at much smaller capacities," Dinu explained.
The company''s business plan stipulates that the current production target, 100,000 cases annually, should be met in the first six months. "For the time being, we are considering this possibility and we will see whether we have the necessary resources to endorse the plan," Dinu says. To this end, the company will acquire a new production line in August. The investment budget for this year amounts to 2.5 million euros, of which almost one million euros have already been spent buying machinery and tools.
Last year, the company invested over 5 million euros, half of the money in the expansion of the plant of Timisoara (adding 6,500 square metres), and the other half in the acquisition of equipment to develop and diversify the production.
For the entire year, Frigoglass Romania counts on turnover worth 50 million euros, up 16% on 2004.
The company, producing vertical refrigerating cases under the Frigorex and Norcool brands, addresses producers and distributors of soft drinks, dairies and mineral water. "We only work based on firm orders and the current output has already been sold. The risks are not very high because we only work with multinationals to which we sell big quantities," Dinu concluded. dana.ciriperu@zf.ro
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