Virksomhedsform
Aktieselskab
Etableret
1958
Størrelse
Store
Ansatte
310
Omsætning
886 MDKK
Bruttofortj.
203 MDKK
Primært resultat (EBIT)
-17.888.000 DKK
Årets resultat
-38.526.000 DKK
Egenkapital
947 MDKK
annonce

Flere nøgletal og analyser?

Med en Bisbase Premium konto får du flere nøgletal for både virksomheder, koncerner og brancher samt adgang til eksklusive brancher indeholdende virksomheder nøje sammensat af eksperter. Og vil du lave dine egne analyser kan du også det! Det tager få minutter at få adgang - og det behøver ikke at koste dig noget!

Rang Årets resultat

Rang i branche
341/344
"Bund 10%"
Rang i Danmark
340.879/342.443
"Bund 10%"

Direktion top 3

Bestyrelse top 3

Michael Ring 8Bestyrelsesformand
Torsten Steenholt 4Næstformand
Per Falholt 16Bestyrelsesmedlem

Legale ejere top 3

Tegningsregler

Selskabet tegnes af formanden for bestyrelsen sammen med en direktør, af 3 medlemmer af bestyrelsen i forening eller af den samlede bestyrelse

Stamoplysninger baseret på CVR

NavnCo-Ro A/S
BinavneBigaro Food A/S, Cadiso Food A/S, Co Ro A/S, Co-Ro Food A/S, Unicad Food A/S, Co-Ro A/S Vis mere
CVR63548715
AdresseHolmensvej 11, 3600 Frederikssund
BrancheFremstilling af færdigretter [108500]
Etableret27-10-1958 (65 år)
VirksomhedsformAktieselskab
Antal ansatte288 (årsværk:272)
ReklamebeskyttelseNej
RevisorEy Godkendt Revisionspartnerselskab siden 10-10-2014
Regnskabsperiode01-01 til 31-12
Selskabskapital23.000.000 DKK
22.000.000 DKK (17-06-2002 - 23-05-2011)
20.000.000 DKK (30-08-1987 - 16-06-2002)
Vedtægter seneste09-05-2018

Medlem af brancherne

Formål

Selskabets formål er at drive fabrikation og handel og dermed beslægtet virksomhed.

Regnskab

 202220212020
Valuta/enhed000' DKK000' DKK000' DKK
Omsætning
885.765
0%
887.794
-12%
1.011.759
-4%
Bruttofortjeneste
203.379
-19%
250.074
-7%
268.245
-11%
Årets resultat
-38.526
-
15.644
-
-55.458
-
Egenkapital
947.429
-3%
980.329
+4%
942.831
-10%
Balance
1.232.282
+5%
1.170.170
+3%
1.131.228
-9%

Ledelsesberetning

Letter from the CEO2022 marked CO-RO’s 80thanniversary. Throughout theyear, our great employees andpartners celebrated our long andproud heritage of refreshing anddelighting consumers around theglobe.Operationally, our business momentumcontinued throughout the year. Weexecuted our “Balanced Growth”strategy, delivered solid sales growth,and strengthened our organization andmarket positions.2022 in summary•Double digit revenue growth(+12,3%) driven by good performancein our core Middle East and Africaregion and growth in Asia.•Record sales of our biggest brand,Sunquick, and market share growth ofSuntop in the Middle East markets.•Best ever results on employeesatisfaction, innovation sales andefficiency savings.•Step-up on our ESG agenda, includingmapping of global CO2 emissions.•Positive, but lower Ebit margin (downby 1.6%pp) due to increase in inputcosts, higher investments in innovationand in our new business in Egypt.•Significantloss on financial itemsdue to currency devaluation in severalmarkets.Coping with inflation and fluctuationsin financial marketsLike most other companies, we facedsteep rises in input and utility costs,especially in Europe after the pointlesswar in Ukraine. Our great employeesand partners acted fast to increase salesprices and implement cost efficiency ini-tiatives. However, the impact comes withsome delay and although we managedto reduce the gap between cost inflationand price increases during Q3 and Q4, itwas not enough to fully offset the costincreases within 2022.Several of our subsidiaries in developingmarkets were in 2022 impacted by cur-rency devaluations leading to losses onfinancial items of 43 mDKK.Despite the negative financial result,I am proud of how our dedicated andhard-working organization has copedwith the challenges and ensured ourbusiness, people and brands are in goodshape for the years to come.2023 – positive momentum, butcontinued high volatilityWe are entering 2023 with strongin-market momentum. We expect goodsales growth in all 3 regions, mainly driv-en by price increases and new innova-tions. However, the volatile environmentwill continue to impact our business andoperations.With this in mind, we updated our“Balanced Growth” strategy for 2023/24,with increased focus on winning incore markets, building 1-2 new scalemarkets, and accelerating our initiativeswithin sugar reduction, efficiencies, andsustainability.In 2023 we look forward to goinglive with our brand-new factory inBangladesh and launching Sunquick inthis high growth market. In Denmark, wewill initiate the exciting process of build-ing a new, best-in-class and CO2 neutralcompound factory.Reminiscing on CO-RO’s 80-year longhistory, I would like to extend a warmthank you to our employees, customers,and our valued partners for their relent-less efforts to overcome the many macrochallenges and help deliver continuedbusiness growth.Søren Holm JensenPresident & CEOManagement reviewPRINCIPAL AND KEY FIGURESManagement review

DEVELOPMENT IN FINANCIAL YEAR2022Financial results for the yearAs 2022 unfolded, it became clear thatit would become a year anything butnormal. The terrible situation in Ukrainehave touched all of us, with its personaltragedies and devastating consequences.Ripple effects can be felt throughout theglobe, and we have seen energy- andraw materials prices soaring through theroof whilst supply chains continued tobe disrupted all over the world. On topof that, Covid have continued to play itsrole in many of our Asian markets.The ever-strong commitment from ouremployees and partners around theworld coupled with the impact of theabove-mentioned elements, have ledto a financial result in 2022 where ourstrong brands and products have secureda 12.3% increase in revenue (in reportedcurrencies) or 1,915 mDKK.Production cost rose significantly com-pared to last year as a consequence ofhigh prices on commodities and unex-pected high inflation. Distribution costand Administration cost were equallyimpacted by high inflation, high freightcost etc., but with our strong efficiencyagenda and strong cost control we man-aged to secure a spending in percentageof revenue slightly lower than last year.The time gap between the rising inputcost and increases in sales prices led toa decline in EBITDA of 23.2 mDKK thusending at 151.2 mDKK.We continued to invest in capabilities,systems and machinery, albeit at aslightly more prudent level than last year.Earnings before Interest and Tax (EBIT)amounted to 11.4 mDKK for the full year.Net financials showed an increase inexpenses, leading to -42.9 mDKK in 2022against last year’s expense of 5.8 mDKK.Our global footprint in fragile marketsexposes CO-RO to currency fluctuations.In 2022 we saw significant devaluationof several of our trading currencies, theEgyptian Pound and Sri Lankan Rupee inparticular. The operational result com-bined with the poor financial items led anet profit for 2022 of -46.4 mDKK.We are proud of the strong progress inmost markets with market-share gains insuch volatile times, leading to a revenuein line with expectations, as well as thegood progress in projects and initiatives,but the dire circumstances and delay inpassing on the high input prices, lead toan EBIT for 2022 which was below man-agement’s expectations.Balance sheet, Investments & CashFlowsCO-RO Group total assets at 31December 2022 amounted to 1,905mDKK against 1,900 mDKK at 31December 2021.Investments were slightly lower thanlast year as management decided totake a more prudent approach given thevolatile circumstances. We finished ourproduction facility in Bangladesh andestablished Ready-To-Drink productioncapabilities in Malaysia, while at thesame time continuing to invest in generalmaintenance and improvements in allour plants. All investments made in 2022were funded internally.Trade Working Capital declined slightly innominal terms despite the increased ac-tivity and ended at 500 mDKK or 26.1%of revenue (down 3.4 %-points from lastyear). The high commodity prices as wellas mitigating actions taken to avoid out-of-stock situations from disrupted supplychains have increased our inventory in2022, but tighter cash-managementcontrols have let to lower receivablesoffsetting the increase.Consolidated net cash flows ended at -5mDKK in 2022 compared to -87 mDKK in2021. Cash flows from operating activ-ities improved by 56 mDKK mainly fromless capital tied up in Working Capital,and as investments were also at a slightlylower level than last year they more orless balanced out leaving a full year netcash flow just below zero. Group solven-cy rate remains high at 49.7% vs 51.6%last year.
17-05-2023

Kort