Kofola

Kofola's net profit fell 150% yoy to CZK -8.94 mil in 1Q2020

By Helgi Analytics - August 25, 2020

Kofola made a net profit of CZK -8.94 mil with revenues of CZK 1,289 mil in 1Q2020, down by 150% and down by 0.143%, ...

Kofola's Total Cash From Operations rose 55.0% yoy to CZK -68.7 mil in 1Q2020

By Helgi Analytics - August 25, 2020

Kofola's operating cash flow stood at CZK -68.7 mil in 1Q2020, up 55% when compared to the previous year. Historically, ...

Kofola's Cash & Cash Equivalents remain unchanged yoy at CZK mil in 1Q2020

By Helgi Analytics - October 12, 2020

Kofola's total assets reached CZK 6,652 mil at the end of 1Q2020, up 2.96% compared to the previous year. Current ...

Profit Statement 2017 2018 2019
Sales CZK mil 6,963 6,159 6,409
Gross Profit CZK mil 2,829 2,855 3,065
EBITDA CZK mil 857 1,084 1,106
EBIT CZK mil 292 516 540
Financing Cost CZK mil 75.1 82.1 116
Pre-Tax Profit CZK mil 267 424 399
Net Profit CZK mil 159 -137 284
Dividends CZK mil 301 361 286
Balance Sheet 2017 2018 2019
Total Assets CZK mil 6,579 6,563 6,916
Non-Current Assets CZK mil 4,786 4,349 4,394
Current Assets CZK mil 1,793 2,214 2,522
Working Capital CZK mil -297 365 420
Shareholders' Equity CZK mil 1,974 1,475 1,514
Liabilities CZK mil 4,605 5,088 5,403
Total Debt CZK mil 2,495 3,050 3,433
Net Debt CZK mil 2,376 2,430 2,658
Ratios 2017 2018 2019
ROE % 6.74 -7.93 19.0
ROCE % 3.55 -2.97 5.97
Gross Margin % 40.6 46.4 47.8
EBITDA Margin % 12.3 17.6 17.3
EBIT Margin % 4.19 8.38 8.42
Net Margin % 2.28 -2.22 4.44
Net Debt/EBITDA 2.77 2.24 2.40
Net Debt/Equity % 120 165 176
Cost of Financing % 2.79 2.96 3.59
Valuation 2017 2018 2019
Market Capitalisation USD mil 418 267 262
Enterprise Value (EV) USD mil 530 375 379
Number Of Shares mil 22.3 22.3 22.3
Share Price CZK 384 270 280
EV/EBITDA 14.5 7.57 7.74
EV/Sales 1.79 1.33 1.33
Price/Earnings (P/E) 54.0 -44.0 21.9
Price/Book Value (P/BV) 4.34 4.08 4.12
Dividend Yield % 3.51 5.99 4.82

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overview Unit 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
income statement                      
Sales CZK mil         6,292 6,273 7,157 6,999 6,963    
Gross Profit CZK mil         1,988 2,393 2,826 2,788 2,829    
EBIT CZK mil         349 448 448 457 292    
Net Profit CZK mil         -766 246 228 86.4 159    
                         
ROE % ...       -26.2 9.42 8.23 3.09 6.74    
EBIT Margin %         5.54 7.14 6.26 6.53 4.19    
Net Margin %         -12.2 3.92 3.18 1.23 2.28    
Employees         1,630 1,587 1,961 2,129 2,091    
balance sheet                      
Total Assets CZK mil         5,885 6,044 8,491 8,020 6,579    
Non-Current Assets CZK mil         4,157 4,260 5,096 4,916 4,786    
Current Assets CZK mil         1,728 1,782 3,395 3,104 1,793    
                         
Shareholders' Equity CZK mil         2,550 2,670 2,859 2,739 1,974    
Liabilities CZK mil         3,335 3,373 5,632 5,280 4,605    
Non-Current Liabilities CZK mil         983 1,026 1,751 1,580 1,856    
Current Liabilities CZK mil         2,352 2,346 3,881 3,700 2,749    
                         
Net Debt/EBITDA         1.65 0.962 1.33 1.72 2.77    
Net Debt/Equity %         51.7 33.1 44.7 61.6 120    
Cost of Financing % ...       6.66 5.02 3.71 2.68 2.79    
cash flow                      
Total Cash From Operations CZK mil         653 920 861 579 647    
Total Cash From Investing CZK mil         -254 -267 -1,141 -750 -470    
Total Cash From Financing CZK mil         -412 -283 1,651 -348 -1,279    
Net Change In Cash CZK mil         -12.9 369 1,371 -519 -1,131    
valuation                      
Market Capitalisation USD mil         318 284 439 319 418    
Enterprise Value (EV) USD mil         385 323 491 385 530    
Number Of Shares mil         26.2 26.2 22.1 22.3 22.3    
Share Price CZK         241 249 435 326 384    
Price/Earnings (P/E)         -8.24 26.5 42.2 84.2 54.0    
Price/Cash Earnings (P/CE)         -20.1 9.13 13.0 11.9 11.8    
EV/EBITDA         9.40 7.51 12.2 9.92 14.5    
Price/Book Value (P/BV)         2.47 2.44 3.36 2.65 4.34    
Dividend Yield %         2.28 1.70 0.209 2.15 3.51    
income statement Unit 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
income statement                      
Sales CZK mil         6,292 6,273 7,157 6,999 6,963    
Cost of Goods & Services CZK mil         4,303 3,880 4,331 4,211 4,134    
Gross Profit CZK mil         1,988 2,393 2,826 2,788 2,829    
Selling, General & Admin CZK mil ... ... ...   1,663 1,925 2,345 2,356 2,491    
Research & Development CZK mil ... ... ...   0 0 0 0 5.37    
Other Operating Expense CZK mil ... ... ... ... ... ... ... ... 187    
Staff Cost CZK mil         753 816 1,061 1,147 1,198    
Other Operating Cost (Income) CZK mil ... ... ...   24.9 0.507 27.5 17.4 107    
EBITDA CZK mil         801 920 961 980 857    
Depreciation CZK mil         452 468 513 523 565    
EBIT CZK mil         349 448 448 457 292    
Net Financing Cost CZK mil         95.1 62.8 74.7 75.5 74.4    
Financing Cost CZK mil         99.2 69.3 79.8 78.4 75.1    
Financing Income CZK mil ... ... ...   4.09 6.53 5.12 2.95 0.721    
FX (Gain) Loss CZK mil ... ... ...   -32.8 14.2 18.6 5.04 -34.2    
(Income) / Loss from Affiliates CZK mil ... ... ...   -11.0 -11.9 3.39 0.915 -11.8    
Extraordinary Cost CZK mil ... ... ...   5.26 0 0 0 0    
Pre-Tax Profit CZK mil         -557 325 322 170 267    
Tax CZK mil         203 79.2 93.3 87.0 115    
Minorities CZK mil         -0.242 -0.309 1.34 -2.97 -6.58    
Net Profit CZK mil         -766 246 228 86.4 159    
Net Profit Avail. to Common CZK mil         -766 246 228 86.4 159    
Dividends CZK mil         144 111 20.1 156 301    
growth rates                      
Total Revenue Growth % ...       2.34 -0.301 14.1 -2.20 -0.510    
Operating Cost Growth % ... ... ... ... -6.60 16.9 23.6 -2.35 12.6    
Staff Cost Growth % ...       -5.98 8.35 30.0 8.12 4.45    
EBITDA Growth % ...       1.20 14.8 4.55 1.91 -12.5    
EBIT Growth % ...       11.5 28.4 0.102 1.90 -36.1    
Pre-Tax Profit Growth % ...       -361 -158 -0.799 -47.1 56.6    
Net Profit Growth % ...       -540 -132 -7.43 -62.1 83.8    
ratios                      
ROE % ...       -26.2 9.42 8.23 3.09 6.74    
ROA % ...       -11.2 4.12 3.13 1.05 2.18    
ROCE % ...       -17.4 6.18 5.55 1.96 3.55    
Gross Margin %         31.6 38.1 39.5 39.8 40.6    
EBITDA Margin %         12.7 14.7 13.4 14.0 12.3    
EBIT Margin %         5.54 7.14 6.26 6.53 4.19    
Net Margin %         -12.2 3.92 3.18 1.23 2.28    
Payout Ratio %         -18.8 45.1 8.81 181 190    
Cost of Financing % ...       6.66 5.02 3.71 2.68 2.79    
Net Debt/EBITDA         1.65 0.962 1.33 1.72 2.77    
balance sheet Unit 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
balance sheet                      
Cash & Cash Equivalents CZK mil         201 567 1,940 1,421 290    
Receivables CZK mil         934 791 747 837 839    
Inventories CZK mil         592 422 501 485 495    
Other ST Assets CZK mil         1.35 2.45 207 361 169    
Current Assets CZK mil         1,728 1,782 3,395 3,104 1,793    
Property, Plant & Equipment CZK mil         2,690 2,815 3,509 3,443 3,385    
LT Investments & Receivables CZK mil         0 0 0 0 0    
Intangible Assets CZK mil         1,122 1,149 1,263 1,250 1,176    
Goodwill CZK mil         88.3 87.7 86.3 86.3 86.3    
Non-Current Assets CZK mil         4,157 4,260 5,096 4,916 4,786    
Total Assets CZK mil         5,885 6,044 8,491 8,020 6,579    
                         
Trade Payables CZK mil         1,566 1,630 1,986 1,779 1,631    
Short-Term Debt CZK mil         665 559 1,641 1,676 1,015    
Other ST Liabilities CZK mil         1,640 1,747 964 751 517    
Current Liabilities CZK mil         2,352 2,346 3,881 3,700 2,749    
Long-Term Debt CZK mil         761 778 1,320 1,207 1,480    
Other LT Liabilities CZK mil         175 174 231 206 262    
Non-Current Liabilities CZK mil         983 1,026 1,751 1,580 1,856    
Liabilities CZK mil         3,335 3,373 5,632 5,280 4,605    
Preferred Equity and Hybrid Capital CZK mil ... ... ...   0 0 0 0 0    
Share Capital CZK mil ... ... ...   3,737 2,413 267 267 2,230    
Treasury Stock CZK mil         0 0 0 0.915 492    
Equity Before Minority Interest CZK mil         2,545 2,663 2,810 2,737 1,978    
Minority Interest CZK mil         4.95 7.34 49.2 2.90 -3.68    
Equity CZK mil         2,550 2,670 2,859 2,739 1,974    
growth rates                      
Total Asset Growth % ...       -23.9 2.70 40.5 -5.55 -18.0    
Shareholders' Equity Growth % ...       -22.7 4.71 7.09 -4.20 -27.9    
Net Debt Growth % ...       -16.3 -32.9 44.3 32.2 40.7    
Total Debt Growth % ...       -8.33 -6.28 122 -2.63 -13.5    
ratios                      
Total Debt CZK mil         1,426 1,336 2,962 2,884 2,495    
Net Debt CZK mil         1,319 885 1,277 1,689 2,376    
Working Capital CZK mil         -40.4 -417 -738 -456 -297    
Capital Employed CZK mil         4,117 3,843 4,358 4,459 4,489    
Net Debt/Equity %         51.7 33.1 44.7 61.6 120    
Current Ratio         0.735 0.760 0.875 0.839 0.652    
Quick Ratio         0.482 0.579 0.692 0.610 0.411    
cash flow Unit 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
cash flow                      
Net Profit CZK mil         -766 246 228 86.4 159    
Depreciation CZK mil         452 468 513 523 565    
Non-Cash Items CZK mil ... ... ...   1,034 63.0 51.5 192 -46.7    
Change in Working Capital CZK mil         -67.4 139 69.1 -223 -30.1    
Total Cash From Operations CZK mil         653 920 861 579 647    
                         
Capital Expenditures CZK mil         -170 -21.3 -668 -169 -420    
Net Change in LT Investment CZK mil ... ... ...   0 0 -44.9 -32.3 1.50    
Net Cash From Acquisitions CZK mil ... ... ... ... ... ... ... ... -50.8    
Other Investing Activities CZK mil         -170 -21.3 -713 -201 0    
Total Cash From Investing CZK mil         -254 -267 -1,141 -750 -470    
                         
Dividends Paid CZK mil ...       -144 -112 -12.0 -156 -312    
Issuance Of Shares CZK mil ... ... ...   0 0 101 -3.74 -491    
Issuance Of Debt CZK mil ...       -274 -172 1,569 -177 -477    
Other Financing Activities CZK mil ... ... ...   6.57 0 -6.72 -10.9 0    
Total Cash From Financing CZK mil         -412 -283 1,651 -348 -1,279    
                         
Effect of FX Rates CZK mil ... ... ... ... ... ... ... ... -29.6    
Net Change In Cash CZK mil         -12.9 369 1,371 -519 -1,131    
ratios                      
Days Sales Outstanding days         54.2 46.0 38.1 43.7 44.0    
Days Sales Of Inventory days         50.2 39.7 42.2 42.1 43.7    
Days Payable Outstanding days         133 153 167 154 144    
Cash Conversion Cycle days         -28.5 -67.6 -87.1 -68.5 -56.3    
Cash Earnings CZK mil         -314 714 741 609 724    
Free Cash Flow CZK mil         399 653 -280 -171 177    
Capital Expenditures (As % of Sales) %         2.70 0.340 9.34 2.41 6.04    
other ratios Unit 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
                       
Employees         1,630 1,587 1,961 2,129 2,091    
Cost Per Employee USD per month         1,968 2,004 1,888 1,779 2,034    
Cost Per Employee (Local Currency) CZK per month         38,495 42,839 45,071 44,888 47,738    
Operating Cost (As % of Sales) % ... ... ...   26.5 31.0 33.6 33.6 38.0    
Research & Development (As % of Sales) % ... ... ...   0 0 0 0 0.077    
Staff Cost (As % of Sales) %         12.0 13.0 14.8 16.4 17.2    
Effective Tax Rate %         -36.5 24.4 28.9 51.1 43.0    
Revenues From Abroad CZK mil         3,944 3,835 4,278 3,922 3,825 ... ...
Domestic Revenues CZK mil         2,348 2,438 2,879 3,077 3,138 ... ...
Revenues From Abroad (As % Of Total) %         62.7 61.1 59.8 56.0 54.9 ... ...
Total Revenue Growth (5-year average) % ... ... ... ... ... -7.71 -1.83 3.66 2.52    
Total Revenue Growth (10-year average) % ... ... ... ... ... ... ... ... ... ...  
valuation Unit 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
                       
Market Capitalisation USD mil         318 284 439 319 418    
Enterprise Value (EV) USD mil         385 323 491 385 530    
Number Of Shares mil         26.2 26.2 22.1 22.3 22.3    
Share Price CZK         241 249 435 326 384    
EV/EBITDA         9.40 7.51 12.2 9.92 14.5    
Price/Earnings (P/E)         -8.24 26.5 42.2 84.2 54.0    
Price/Cash Earnings (P/CE)         -20.1 9.13 13.0 11.9 11.8    
P/FCF         15.8 9.99 -34.3 -42.4 48.3    
Price/Book Value (P/BV)         2.47 2.44 3.36 2.65 4.34    
Dividend Yield %         2.28 1.70 0.209 2.15 3.51    
Free Cash Flow Yield %         6.40 10.7 -2.67 -2.13 1.81    
Earnings Per Share (EPS) CZK         -29.3 9.40 10.3 3.87 7.12    
Cash Earnings Per Share CZK         -12.0 27.3 33.6 27.3 32.5    
Free Cash Flow Per Share CZK         15.2 24.9 -12.7 -7.68 7.96    
Book Value Per Share CZK         97.4 102 130 123 88.6    
Dividend Per Share CZK         5.51 4.24 0.909 7.00 13.5    
EV/Sales         1.20 1.10 1.64 1.39 1.79    
EV/EBIT         21.6 15.4 26.1 21.3 42.6    
EV/Free Cash Flow         18.9 10.6 -41.8 -56.7 70.0    
EV/Capital Employed         1.85 1.93 2.80 2.21 2.51    
Earnings Per Share Growth % ...       -540 -132 9.67 -62.5 84.0    
Cash Earnings Per Share Growth % ...       -151 -328 23.0 -18.6 18.8    
Book Value Per Share Growth % ...       -22.7 4.75 26.9 -5.14 -27.9    
sales geography Unit 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
                       
Sales in Czechia CZK mil         2,348 2,438 2,879 3,077 3,138 ... ...
Sales in Poland CZK mil         2,862 2,632 2,380 1,793 1,324 ... ...
Sales in Czechia (As % of Total) %         37.3 38.9 40.2 44.0 45.1 ... ...
Sales in Poland (As % of Total) %         45.5 42.0 33.3 25.6 19.0 ... ...

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Kofola's Net Margin fell 150% yoy to -0.694% in 1Q2020

By Helgi Analytics - August 25, 2020

Kofola made a net profit of CZK -8.94 mil with revenues of CZK 1,289 mil in 1Q2020, down by 150% and down by 0.143%, respectively, compared to the previous year. This translates into a net margin of -0.694%. Historically, between 2012-03-31 and 1Q2020, ...

Kofola's Net Debt/EBITDA fell 7.53% yoy to 2.39 in 1Q2020

By Helgi Analytics - August 25, 2020

Kofola's net debt stood at CZK 2,639 mil and accounted for 170% of equity at the end of 1Q2020. The ratio is down 21.2 pp compared to the previous year. Historically, the firm’s net debt to equity reached a high of 231% in 2Q2019 and a low of ...

Kofola's ROCE rose 82.1% yoy to -5.20% in 4Q2019

By Helgi Analytics - August 25, 2020

Kofola made a net profit of CZK -64.3 mil in 4Q2019, up 82.7% compared to the previous year. Historically, between 1Q2012 and 4Q2019, the company's net profit reached a high of CZK 242 mil in 3Q2019 and a low of CZK -372 mil in 4Q2018. The result implies ...

Kofola's net profit rose 308% yoy to CZK 284 mil in 2019

By Helgi Analytics - August 25, 2020

Kofola made a net profit of CZK 284 mil with revenues of CZK 6,409 mil in 2019, up by 308% and up by 4.06%, respectively, compared to the previous year. This translates into a net margin of 4.44%. On the operating level, EBITDA reached CZK 1,106 mil, ...

Kofola's price/earnings (P/E) rose 150% yoy to 21.9 in 2019

By Helgi Analytics - August 25, 2020

Kofola stock traded at CZK 280 per share at the end 2019 translating into a market capitalization of USD 262 mil. Since the end of 2014, stock has appreciated by 12.4% representing an annual average growth of 2.36%. In absolute terms, the value of the c...

Kofola's employees rose 4.00% yoy to 1,978 in 2019

By Helgi Analytics - August 25, 2020

Kofola employed 1,978 employees in 2019, up 4% compared to the previous year. Historically, between 2009 and 2019, the firm's workforce hit a high of 2,903 employees in 2009 and a low of 1,587 employees in 2014. Average personnel cost stood at USD 2,...

Kofola's Capital Expenditures fell 56.7% yoy to CZK 453 mil in 2019

By Helgi Analytics - August 25, 2020

Kofola invested a total of CZK 453 mil in 2019, up 56.7% compared to the previous year. Historically, between 2009 - 2019, the company's investments stood at a high of CZK 668 mil in 2015 and a low of CZK 21.3 mil in 2014. As a percen...

Kofola's Net Margin rose 300% yoy to 4.44% in 2019

By Helgi Analytics - August 25, 2020

Kofola made a net profit of CZK 284 mil with revenues of CZK 6,409 mil in 2019, up by 308% and up by 4.06%, respectively, compared to the previous year. This translates into a net margin of 4.44%. Historically, between 2009 and 2019, the firm’s ne...

Kofola's Share Price rose 3.58% yoy to CZK 280 in 2019

By Helgi Analytics - August 25, 2020

Kofola stock traded at CZK 280 per share at the end 2019 implying a market capitalization of USD 262 mil. Since the end of 2014, stock has appreciated by 12.4% implying an annual average growth of 2.36% In absolute terms, the value of the company fell ...

Kofola's Cash & Cash Equivalents rose 25.1% yoy to CZK 774 mil in 2019

By Helgi Analytics - August 25, 2020

Kofola's total assets reached CZK 6,916 mil at the end of 2019, up 5.38% compared to the previous year. Current assets amounted to CZK 2,522 mil, or 36.5% of total assets while cash stood at CZK 774 mil at the end of 2019. ...

More News

Kofola, a.s. is a Czech Republic-based producer of non-alcoholic beverages in the Czech Republic and Slovakia. Its products include carbonated and non-carbonated drinks, fruit beverages, grape drinks, children's beverages, spring water, nectars and juices, lemon squashes, and sports drinks. The Company’s products are distributed to Hungary, Slovenia, Croatia, Poland and the Czech Republic. Kofola, a.s. was formerly known as Santa Nápoje Krnov, a.s. The Company was founded in 1993 and is headquartered in Krnov, Czech Republic with an additional office in Poland. Kofola, a.s. operates as a subsidiary of Kofola CS a.s.

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Finance

Kofola has been growing its sales by 0.432% a year on average in the last 5 years. EBITDA has grown on average by 3.76% a year during that time to total of CZK 1,106 mil in 2019, or 17.3% of sales. That’s compared to 14.9% average margin seen in last five years.

The company netted CZK 284 mil in 2019 implying ROE of 19.0% and ROCE of 5.97%. Again, the average figures were 5.83% and 2.81%, respectively when looking at the previous 5 years.

Kofola’s net debt amounted to CZK 2,658 mil at the end of 2019, or 176% of equity. When compared to EBITDA, net debt was 2.40x, up when compared to average of 2.09x seen in the last 5 years.

Valuation

Kofola stock traded at CZK 280 per share at the end of 2019 resulting in a market capitalization of USD 262 mil. Over the previous five years, stock price grew by 12.4% or 2.36% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 7.74x and price to earnings (PE) of 21.9x as of 2019.