Kofola eskoSlovensko: commentary on results for 3Q 2021

24.11.2021 08:56, BABKOFOL

Financial results for 3Q 2021
thousand. K 3Q 2021 Market consensus * 3Q 2020

and / and

Inputs 2114 2116 2081 1,6 %
EBITDA

517

506 557 -7,2 %
EBIT 369 351 400 -7,8 %
is zisk
262 260 312 -16,0 %
Earnings per share (K)
11,7 14,0 -16,0 %

* average according to Kofola survey

Note: the results are one-off effects

Kofola confirmed our assumptions and presented the published summer season. In line with the current, sales surpassed last year’s record, in particular in 3Q 2021 the interim increased by 1.6% to 2114 million K. The driving force was the tourist adriatic region, which recorded a 13.2% increase in the level of 445 million K. Very sunny The same Czech-Slovak segment also reported losses of 1,499 million CZK and, according to our assumptions, they matched the record level.

The favorable development of needs was also reflected in the operating profit EBITDA, which in 3Q 2021 reached the level of 517 million K (-7.2% y / y), which is dark, respectively. mrn did not expect the market, respectively. not our estimates. At first glance, the US segment was impressed by the operating profitability of the Fresh & Herbs division (eg UGO bars and salads), which amounted to CZK 17 million (compared to a loss of CZK 5 million). It is clear that UGO is recovering over time, and its solar performance is behind the fact that EBITDA has slightly exceeded market estimates.

Kofola mrn’s management adjusted the year’s EBITDA outlook. The current interval was set in the range of 1080 to 1120 million K. The upper edge of the original 1150 million K was thus slightly reduced. However, this is not a sharp correction of the forecast.

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for 3Q 2021 according to the assumptions of good, the view slightly corrected to the upper edges. From the overall point of view, we evaluate the day of the results of the report as neutral and slightly positive.

Jan Raka, analyst, Fio banka, as

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