Chocolate producer Kandia-Excelent in Q4 of last year reported net income worth 14.5 million RON (4.1 million euros), almost equal to the companyes projections for the entire 2006.
Kandia-Excelent representatives had budgeted net income worth 15.6 million RON (4.4 million euros) for 2006, double the value reached in 2005. At the level of the entire 2006, the companyes income surged more than four times in RON, from 6.6m RON (1.6m euros) in 2005 to over 26.6m RON (7.5m euros) last year, according to the preliminary figures published by the company. In euros, the companyes income was 4.6% higher.
"The profit increase was generated by the results from current operations, but also by the sale of some assets," stated Sorin Alexandrescu, general manager of Kandia-Excelent.
The company last year decided to put six assets located in Bucharest and Timisoara up for sale (buildings and related plots of land).
During the same period, the companyes turnover amounted to 122.4 million RON (34.7 million euros), down around 2 million RON, but up 0.1% in euros.
Turnover announced by the company in the preliminary report is, however, below the 150 million RON projections launched early this year.
Operating revenues in 2006 reached 152.18 million RON (43.1 million euros), while operating expenses stood at 122.37 million RON (34.7 million euros).
Kandia-Excelent late last year took over the Sugus and Silvana candy unit from Kraft Foods.
The value of the deal was not disclosed.
Sales of Sugus and Silvana products over the past year accounted for 4% in turnover derived by Kraft Foods Romania.
Kandia-Excelent is the producer of Kandia, Excelenta, Laura brands, of Stil and Concerto chocolate candy and Rom and Papi chocolate bars. The company also manufactures Magura patisserie products, as well as caramels and dietetic sweets.
Excelent in 2003 merged with Kandia Timisoara chocolate producer. Prior to the merger, Excelent was the main shareholder in Kandia, after having acquired the majority stake in 2003 from Rita Handelges investment fund, a deal put at $6 million (around 5 million euros). Right after the merger, Excelent closed the Kandia chocolate plant of Timisoara and moved production facilities to Bucharest.
Kandia-Excelent is controlled by Austriaes Meinl Bank, which owns 93.12%, of which 9.16% directly and the rest through Axis Investments investment vehicle, according to market information.
According to the latest estimates, the chocolate market is worth 150 million euros a year, with chocolate tablets accounting for some 70%. However, chocolate bars and candy were the most dynamic market segments last year, according to producers.
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