La Fantana expects sales stagnation

La Fantana, the largest watercooler bottler on the Romanian market, forecasts stagnating business this year, after in 2008 it recorded an around 20% sales rise, to 25 million euros. "Last year we hit our 25 million-euro sales target on the two markets where we operate, Romania and Serbia, and posted an EBITDA (earnings before interest, taxes, depreciation and amortisation) of 6.7 million euros, up 24% against 2007. However, this year we cannot rely on a sales increase any more," said Cristian Amza, CEO and minority shareholder of La Fantana. The bottler is controlled by investment fund Innova Capital, with a 92% stake, which entered this business in 2007, when another investment fund, Oresa Ventures, made its exit. Over the last five years, La Fantana's turnover rose four times, recording annual growth rates of over 20%, but for 2009 Amza expects sales to remain at the same level as last year. "We have recorded a decline in consumption as far as old customers are concerned, but it will be compensated by the new clients we acquired in the course of 2008," Amza specified.