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Project summary document
Home > Projects > Project summary documents > 2008 PSDs > Viro
Project name: Viro
Country: Croatia
Project number: 39200
Business sector: Agribusiness
Public/Private: Private
Environmental category: B
Board date: 8 July 2008
Status: Passed concept review, Pending final review
Date PSD disclosed:
Date PSD updated: 6 June 2008

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Project description
and objectives: The EBRD is considering providing up to EUR 40 million senior secured loan to finance the comprehensive modernisation of Viro Tvornica Secera, Croatia’s leading sugar producer with sales of EUR 102.1 million in 2007. The company is planning this modernisation programme in order to improve its cost competitiveness and energy efficiency in advance of Croatia’s anticipated EU accession. Alongside the modernization programme, the EBRD might finance a potential capacity expansion programme of the company.

Transition impact: Corporate restructuring

Viro will invest in the modernization of its production facilities, which will generate positive effects in the production process. The benefits will be generated by:

(1) lowering operational cost through technological innovation, which will increase Viro’s processing capacity;

(2) energy efficiency investments will result in a reduction of energy consumption of approximately 30%. In line with that, the Bank has carried an energy efficiency audit at the company’s factory site.

Backward linkages and transfer of know-how

The company works with small and medium size farmers, as well as cooperatives, supporting their activities through pre-financing of their needs, such as providing seeds, fertilizers, etc. Viro’s financial support is also associated with strong technical assistance and transfer of know-how to the farmers. The company has embraced a significant programme to enlarge the area under cultivation and to improve the yields. Viro has started collaborating with the LIZ Sugar Beet Institute in Germany to help improve the land efficiency and increase know-how with the sugar beet growers. As a result of this project, the company is planning to increase sugar beet yields from 7.3 t/ha to 10 t of sugar/ha within a three year period through efficient land management and farmer education.

The client: Viro is Croatia’s leading sugar producer, with sales of EUR 102.1 million in 2007. The company holds a 68% market share in Croatia and exports approximately 43% of its sales. The company processes about 80,000 tonnes of raw sugar and 60,000 tonnes of sugar from beet sugar per annum, and is HACCP certified. In June 2007, Viro was awarded the Halal certificate for sugar, thus becoming the first sugar factory in Europe with such a certificate.

EBRD finance: Up to EUR 40 million senior secured loan out of which EUR 20 million of the loan will be offered to B-Banks.

Total project cost: Up to EUR 52 m

Environmental impact: Screening category and justification

The project was screened as B/1 requiring an environmental due diligence consisting of an Environmental Audit of the existing sugar plant and an Environmental Analysis of the proposed investment plan to ascertain future compliance with national and the EU environmental standards.

Due diligence undertaken and outcomes

The environmental due diligence was undertaken by an independent international environmental consultant and included site visit to the company. During the due diligence meetings where also held with senior technical and production managers at the corporate and site levels.

Viro operates the largest sugar processing facility in Croatia, which has been subject to a comprehensive modernization programme, which is currently being implemented with the main investments to be made in 2008 and 2009. The majority of the investments are intended to facilitat

Evo i ostatka. Nađeno na starnici EBRD.

Viro operates the largest sugar processing facility in Croatia, which has been subject to a comprehensive modernization programme, which is currently being implemented with the main investments to be made in 2008 and 2009. The majority of the investments are intended to facilitate two main objectives:

Significantly increase capacity of the plant and by exploiting economies of scale substantially increase productivity; and

Significantly reduce energy consumption and improve resource efficiency of the plant by selectively adding installations or substantially retrofitting and upgrading existing one’s.
As a result the site expects to reduce unit costs, decrease energy consumption by up to 30% and also reduce dependency on cold weather in winter time by being able to faster process sugar beet during the campaign. CO2 emissions are expected to decrease by at least 20%.

The environmental due diligence has confirmed that the plant is in compliance with National environmental standards and is in general compliance with European Union IPPC requirements as set out in the IPPC Reference Document on Best Available Techniques (BREF Note) in the Food, Drink & Milk Industries. The proposed project will further improve the environmental performance of the plant and allow for higher energy efficiency levels and future compliance with the IPPC Best Available Techniques (BAT) requirements.

Based on the environmental due diligence an Environmental and Social Action Plan (ESAP) was developed and is being agreed with the company. This includes the development of a systematic approach to environmental issues at the company, including the implementation of an environmental, health and safety management system as well as further investments to reduce energy use as well as improve the abatement of air emissions and wastewater in line with best international practice. The company will also establish a more formalised and structured stakeholder engagement programme.

Implementation requirements

The company will be required to provide the Bank with an annual environmental report, including updates on the ESAP, and notification on any material accidents or incidents
The company will implement the ESAP (as will be agreed with the Company) and an Environmental, Health and Safety Management System.
The company will conduct its business with due regard to National and EU environmental regulations and standards.
The company will facilitate periodic monitoring visits by Bank staff or appointed representatives, when deemed necessary.

Kak je sad prošlo oko 500 kom, nema me par minuta i baš onda.

oces reci da je viro na ovoj cijeni zbog teksta polanceca ili….

http://www.poslovni.hr/83494.aspx

Neznam ak si pročito to je staro tri dana i tiče se zavrzlame sladorana.
Kaj se tiče cijene tu valjda više niko nije pametan, imam jedan dio kaj držim i čekam bolja vremena.

cuo sam za to…ne brine me taj tekst…bilo ih je dosta na tu temu, a dok se ne usuglase, moramo cekati…jedno je sigurno, viro ce preuzeti sladoranu, samo je pitanje vremena…sutra ujutro sigurno nece, to nam je svima jasno…danas nije lako kupiti automobil, sami znate kaoliko u redu stojite i koliko papira i pregleda treba obaviti, da bi ga preuzeli, a tek jednu takovu tvrtku…bitno je to, da se na tome radi, i radit ce se sve dok viro ne postane vecinski vlasnik sladorane, a to je u interesu i drzave…a i svih nas dionicara vira, kao i kvalitetno poslovanje vira, i daljnje povecanje proizvodnje i izvoza…tu nema straha

cudi me kako nitko ne komentira isplatu dividende…5.7. ukupno sjeda gotovo 30mil kn na racune…ako je suditi prema zadnjoj isplati, preko 50% ponovno je zavrsilo na burzi…vasa misljenja?

sto je u biti bilo kod zadnje isplate dividende…u 2 dana je protrgovano preko 20mil kn dionica, a viro je narastao ako me sjecanje dobro sluzi oko 10%…mozda i vise…ispravite me ako grijesim s podaacima!

mislim da ovaj pad je na kratko amortizirao trezor, ali da će ispod 850 bojim se vrlo lako

Jučer sam se prvi put javija na ovaj forum prenoseći vam informaciju o zajmu vrijednom 52 mil eura – skoro 40% bilance poduzeća. Zajam će se koristiti za značajno povećanje kapaciteta pored ostalog, a nitko ni slova komentara. Sve mi se čini da ste previše zauzeti sa TA, MACD i tko kupuje koju količinu te ostalim glupostima. Već dugo pratim ovaj forum (jer sam dioničar) i čini mi se da nitko nije iznio konkretniju informaciju o budućnosti od ove koju sam vam poslao. JA tako dobar, a vi niti ne trzate.
Sretno svima.

Ajmo mi pustit Viro i manuti se prognoziranja cifra na koje bu palo, raslo i slično. To smatram da bi trebalo vrijediti najviše za ddaria jer je on najviše ljudi navlačio na dionicu, sa svojim "misterioznim" postovima.
Hvala ddario ali mislim da govorim u ime večine …samo nemoj ti više davat informacije.
Bez uvrede stari ali apsolutno ništa što si rekao nije se dogodilo zato…
Ja znam da će oni dobiti i sladoranu i da Colu jesu, ali ne razbacujem se sa datumima i cijenama na koje će dionica otić. Jer to tržište očito nije percipiralo pa je puno ljudi uletilo u HPB – ovu zamku.
Nadalje obratio bi se moderatorima koji su uopće puštali da piše takve postove. Podsjetio bih ih da kada sam ja u 8 mjesecu počeo govorit o Mlinaru, (što je nakraju ispalo sve točno) da je svaki moj post bio maknut a niti sam govorio di će bit cijena niti kada će Agrokor preuzet Mlinar, tako da bi i oni mogli poradit na kriterijima.

Hvala

Ma svi znamo da je viro legenda, međutim ja se nadam da su virini menadzeri tako pametni da s dobrim vijestima neće izlaziti u ovo šugavo vrijeme, dobri aduti se ispucavaju u pravo vrijeme inače je ćorak.
Da sad obave posao s coca colom i preuzimanje sladorane možda bi danas cijena malo skočila, a sutra opet sve po starom. Također priželjkujem da u polugodišnje izvješće stave svo moguće sra… gubitke nemam pojma sve loše jer dobro neće imati efekta. Nije baš zakonski al kad se mora:)