KOFOLA ČESKOSLOVENSKO A.S.

CONSOLIDATED ANNUAL FINANCIAL

REPORT OF THE ISSUER 2022

BOARD OF DIRECTORS REPORT

This version of consolidated annual report has not been prepared in a single electronic reporting format

("the ESEF") and represents unofficial version of the official consolidated annual report published in

accordance with ESEF in XHTML format. The Company made all the steps to ensure this version fully

corresponds with the original version, except for usage of machine readable XBRL tagging, which are

included only in the official XHTML version. In case of any difference in the presented information, opinions

or interpretations the official version in XHTML format is legally binding.

A-0

The official consolidated annual report prepared in ESEF format is accessible on the following link: https://investor.kofola.cz.

TABLE OF CONTENTS

Table of contents

A. BOARD OF DIRECTORS REPORT

A-0

KOFOLA AT A GLANCE

A-4

CHAIRMAN´S STATEMENT

A-9

KOFOLA GROUP

A-10

3.1.

Kofola ČeskoSlovensko

A-10

3.2.

Kofola Group

A-10

3.3.

Group structure

A-11

3.4.

Successes and Awards

A-12

BUSINESS OVERVIEW AND OTHER MATTERS

A-14

4.1.

Business overview

A-14

4.2.

Auditors remuneration

A-24

4.3.

Intellectual property and licences

A-24

4.4.

Research and development and other information

A-25

4.5.

Technology and production and other non-current assets

A-25

4.6.

Additions to property, plant and equipment and intangibles and their condition

A-25

4.7.

Capital sources

A-26

4.8.

Regulatory environment

A-26

4.9.

COVID-19 and Ukraine crises

A-26

4.10.

Subsequent events

A-27

RISK MANAGEMENT

A-28

5.1.

Principal risks faced by the Group

A-28

5.2.

Approach to market trends and development

A-35

NON-FINANCIAL INFORMATION

A-36

6.1.

Non-financial information

A-36

CORPORATE GOVERNANCE REPORT

A-37

7.1.

Shares and shareholders

A-37

7.2.

Information pursuant to Capital Markets Act section 118.5a-k

A-38

7.3.

Corporate governance code

A-44

7.4.

Bodies of the Company

A-44

7.5.

Description of diversity policy applied to governance bodies

A-56

7.6.

Financial reporting process

A-56

REPORT ON RELATIONS

A-57

8.1.

Structure of relations between related parties and the description of the entities

A-57

8.2.

Structure of relations and ownership interests between related entities as at 31 December 2022

A-59

8.3.

Role of the controlled entity in the organisational structure

A-59

8.4.

Method and means of control

A-59

8.5.

List of acts with value exceeding 10% of equity of controlled entity

A-60

8.6. List of mutual contracts between controlled entity and controlling entity or between controlled entities . A-60

8.7.

Assessment of advantages and disadvantages arising from relations between related entities

A-63

STATUTORY DECLARATION

A-64

INDEPENDENT AUDITOR´S REPORT

A-65

Kofola ČeskoSlovensko Group

A-1

Consolidated annual financial report 2022

Table of contents

B. CONSOLIDATED FINANCIAL STATEMENTS

B-0

CONSOLIDATED FINANCIAL STATEMENTS

B-1

1.1.

Consolidated statement of profit or loss

B-1

1.2.

Consolidated statement of other comprehensive income

B-2

1.3.

Consolidated statement of financial position

B-3

1.4.

Consolidated statement of cash flows

B-4

1.5.

Consolidated statement of changes in equity

B-5

GENERAL INFORMATION

B-7

2.1.

Corporate information

B-7

2.2.

Group structure

B-8

SIGNIFICANT ACCOUNTING POLICIES

B-9

3.1.

Statement of compliance and basis of preparation

B-9

3.2.

Functional and presentation currency

B-9

3.3.

Foreign currency translation

B-9

3.4.

Consolidation methods

B-10

3.5.

Accounting methods

B-11

3.6.

New and amended standards adopted by the Group

B-21

3.7.

Significant estimates and key management judgements

B-22

3.8.

Standards issued but not yet effective

B-22

3.9.

Approval of consolidated financial statements

B-22

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

B-23

4.1.

Segment information

B-23

4.2.

Revenue

B-27

4.3.

Expenses by nature

B-27

4.4.

Other operating income

B-28

4.5.

Other operating expenses

B-28

4.6.

Finance income

B-28

4.7.

Finance costs

B-29

4.8.

Income tax

B-29

4.9.

Earnings per share

B-31

4.10.

Property, plant and equipment

B-31

4.11.

Intangible assets

B-34

4.12.

Inventories

B-37

4.13.

Trade and other receivables

B-38

4.14.

Cash and cash equivalents

B-39

4.15.

Equity

B-39

4.16.

Provisions

B-41

4.17.

Bank credits and loans

B-41

4.18.

Trade and other payables

B-43

4.19.

Future commitments, contingent assets and liabilities

B-43

4.20.

Leases

B-44

4.21.

Legal and arbitration proceedings

B-45

4.22.

Related party transactions

B-45

4.23.

Financial risk management

B-46

4.24.

Capital management

B-49

4.25.

Financial instruments

B-51

4.26.

Headcount

B-51

4.27.

Acquisition of subsidiaries

B-52

4.28.

COVID-19 and Ukraine crises

B-52

4.29.

Subsequent events

B-53

Kofola ČeskoSlovensko Group

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Consolidated annual financial report 2022

Table of contents

C. SEPARATE FINANCIAL STATEMENTS

C-0

SEPARATE FINANCIAL STATEMENTS

C-1

1.1.

Separate statement of profit or loss

C-1

1.2.

Separate statement of other comprehensive income

C-1

1.3.

Separate statement of financial position

C-2

1.4.

Separate statement of cash flows

C-3

1.5.

Separate statement of changes in equity

C-4

GENERAL INFORMATION

C-5

2.1.

Corporate information

C-5

2.2.

Group structure

C-6

SIGNIFICANT ACCOUNTING POLICIES

C-7

3.1.

Statement of compliance and basis of preparation

C-7

3.2.

Functional and presentation currency

C-7

3.3.

Foreign currency translation

C-7

3.4.

Accounting methods

C-8

3.5.

New and amended standards adopted by the Company

C-17

3.6.

Significant estimates and key management judgements

C-17

3.7.

Standards issued but not yet effective

C-17

3.8.

Approval of separate financial statements

C-17

NOTES TO THE SEPARATE FINANCIAL STATEMENTS

C-18

4.1.

Segment information

C-18

4.2.

Revenue

C-18

4.3.

Expenses by nature

C-18

4.4.

Other operating income

C-19

4.5.

Other operating expenses

C-19

4.6.

Finance income

C-19

4.7.

Finance costs

C-20

4.8.

Income tax

C-20

4.9.

Earnings per share

C-21

4.10.

Investments in subsidiaries

C-22

4.11.

Property, plant and equipment

C-24

4.12.

Intangible assets

C-25

4.13.

Trade and other receivables

C-26

4.14.

Cash and cash equivalents

C-27

4.15.

Equity

C-27

4.16.

Provisions

C-29

4.17.

Bank credits and loans

C-29

4.18.

Trade and other payables

C-31

4.19.

Future commitments, contingent assets and liabilities

C-31

4.20.

Leases

C-32

4.21.

Financial risk management

C-32

4.22.

Financial instruments

C-35

4.23.

Related party transactions

C-36

4.24.

Cash and non-cash financing activities

C-39

4.25.

Headcount

C-39

4.26.

COVID-19 and Ukraine crises

C-40

4.27.

Subsequent events

C-40

Kofola ČeskoSlovensko Group

A-3

Consolidated annual financial report 2022

Table of contents

1. KOFOLA AT A GLANCE

KOFOLA GROUP

one of top producers of branded non-alcoholic beverages in Central and Eastern Europe

CZK 7.9 BN 2022

11

2,069

LISTED ON

REVENUES

PRODUCTION PLANTS

EMPLOYEES

PRAGUE STOCK EXCHANGE

CZECHIA SLOVAKIA SLOVENIA CROATIA

NO. 2

NO. 1

NO. 1

NO. 4

PLAYER IN THE SOFT

PLAYER IN THE SOFT

PLAYER IN THE SOFT

PLAYER IN THE SOFT

DRINKS MARKET

DRINKS MARKET

DRINKS MARKET

DRINKS MARKET

NO. 2

NO. 1

NO. 1

NO. 2

WATER BRAND

WATER BRAND

WATER BRAND

WATER BRAND

Kofola ČeskoSlovensko Group

A-4

Consolidated annual financial report 2022

Kofola at a glance

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Disclaimer

Kofola CeskoSlovensko AS published this content on 13 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 April 2023 15:14:11 UTC.