ŠKODA Group reported a 26% increase in revenues to €764.7m in 2022 compared with 2021 as well as a 22% increase in adjusted Ebitda to €50.2m, a result the Czech manufacturer has described as solid.

Škoda says it is still facing the lingering effects of the Covid-19 pandemic that has hit the whole supply chain as well as the Russian invasion of Ukraine. However, it has managed to report improved performance in all of its main financial performance areas.

The company also embarked on a major transformation programme and new strategy shortly after appointing Mr Didier Pfleger as CEO in February 2022 as it seeks to become more competitive and increase its presence in the international market.

“It shows that the transformation programme that we started last year has brought its first results,” Pfleger says. “Not only did the financial figures increase within the group, but so did the production capacity and performance. In 2022 we delivered 213 cars and production hours have risen by 29% to 4.4 million.”

Other highlights during the year include the opening of a new branch office in Italy, and the acquisition of Molinari Rail’s Austrian division and The Signalling Company, Belgium, in early 2023. Overall, the company added 900 new employees across its sites in the Czech Republic and Finland during the year, taking its total to 7512 employees, an increase of 14%.

Skoda reported revenue of €604.4m in 2021, a 40.6% increase over the €470m reported in 2020. The company is owned by Czech financiers PPF, which completed the acquisition in 2018.

An in-depth interview with Didier Pfleger appeared in the May edition of IRJ. Digital subscribers can read it here.