Kofola confirmed a very good result of last year with EBITDA operating profit of 1.25 billion crowns

In its annual report, the Kofola Group confirmed the preliminary results published in February. The EBITDA guidance for 2024 remains in the range of CZK 1.55 - 1.80 billion with management estimating revenue growth of 25%.

The Czech beverage company can consider 2023 a successful year, despite a decline in sales and rising raw material costs. Despite an 8.7% decline in litres sold in the group's key CzechoSlovak market, sales grew 10.1% year-on-year. 

"We were also successful in the Adriatic region, with sales up by 7.3% (on a 4.5% decline in litres sold) and an increase in EBITDA by almost 13%," says Kofola Group CFO Martin Pisklák, adding: "We are even more pleased with the results in our fragrance segment (Fresh & Herbs), where sales grew by almost 18% and EBITDA doubled."

EBITDA for the whole group increased by 13%, so the overall result of the beverage company is more than good. "We have achieved this thanks to the tremendous commitment of our employees and the loyalty of our customers. We greatly appreciate this support and we have to thank them again," confirms Jannis Samaras, CEO of the Kofola Group. 

In the first quarter of 2024, the Group completed two significant acquisitions - the purchase of MIXA VENDING, a beverage and snack machine business, and a majority stake in Pivovary CZ Group, which brings together the major Moravian breweries Zubr, Holba and Litovel.

"The development so far in the first three months of 2024, which always have the smallest impact on annual EBITDA, is very positive. Revenues are up 14% year-on-year, and litres sold are up by 7%. Energy prices are currently falling, as is the price of sugar or sweeteners," comments Martin Pisklák on the outlook. 

Kofola leaves unchanged the guidance for 2024 published in February, taking into account the newly added companies in the group (especially Pivovary CZ Group), with EBITDA between CZK 1.55 and 1.80 billion and sales growth of 25%. It is likely to narrow the EBITDA target range when it publishes its first quarter results on 3 June.

In June, the Annual General Meeting will be held to approve the 2023 financial statements. The exact date will be specified by Kofola.