Kofola has published its annual report with a full set of results for last year, which confirmed the already announced (February 15, 2024) selected operational indicators. In our view, the outlook for strong sales growth of +14% in 1Q24, despite the fact that the first quarter is seasonally the weakest, is important information. This confirms Kofola's strong position despite concerns about a drop in demand due to the VAT increase on soft drinks since the beginning of the year.