"We are optimistic about the future. The market forecasts point to sustained and continuous growth in our turnover and in the coming years our markets and products will expand" said the Chairman of Azkoyen, Ignacio Orbaiceta, during the General Shareholders Meeting held today, Wednesday 31 May, in Peralta (Navarre).

He described 1999 as "very positive" for the Azkoyen Group, with an increase in sales of 11.1% and net profits after tax of 1,724 million pesetas, an increase of 21.3% on those recorded in 1998. The Chairman maintained that the forthcoming entry into force of the euro is forcing the Group to allocate considerable resources to making the necessary technical and production adaptations so that it can be in the front line of competition. The Azkoyen Group's machines are already prepared for the new demands of methods of payment, in particular adaptation to the euro.

During 1999, investments in tangible fixed assets amounted to 2,341, which was used to increase production capacity in methods of payment and vending. Expenditure on R&D&I (a total of 955 million pesetas) increased by 26% during the 1999 financial year. The Azkoyen Group allocates 5% of its sales to research and development, which is a particularly significant figure in this type of industry.

Vending and catering were the fastest growing lines of business, and within that sector, coffee is playing an important role. The new coffee roasting plant, which following an investment of 600 million pesetas was inaugurated in the first quarter of this financial year, is now fully operational and has the latest machines and roasting system. Its production capacity is more than 10,000 tonnes per year.

According to the Group's predictions, sales of coffee in the catering trade in 2001 will reach 4,000 million pesetas, which will represent around 10% of the domestic market.