The Kofola beverage group’s sales rose 7.5 percent yearly to CZK 6.636 billion last year. According to the preliminary results, EBITDA (operating profit before depreciation and amortization) rose 9.2 percent to CZK 1.125 billion, returning to the level before the coronavirus pandemic, despite significant market constraints, especially in the first half of the year.
In addition, the group announced that it is considering selling its 4.87 percent stake in Kofola, which subsidiary Radenska currently holds. It plans to use the proceeds to fund development activities.
“In 2021, we are targeting full-year sales growth of five percent and net debt to EBITDA ratio of below 3.5. We are pleased to have exceeded all our targets, “said Martin Pisklák, CFO of Kofola Group.
Further development
Kofola’s operating profit increased by almost CZK 100 million year-on-year and exceeded the estimate, which was in the range of CZK 1.08 – 1.12 billion. Kofola expects further development.
In December, it announced that it would become a co-owner of General Plastic, a Slovak producer of PET bottle preforms. It will have a one-third stake. The transaction is still subject to approval by the relevant competition authorities. Kofola said the acquisition is linked to its long-term goal of sustainable packaging business.
Kofola’s management is considering using the funds from the sale of part of the company’s shares specifically to finance development activities.