History of the Firm
The company KORADO was founded in 1990 as a small Czech company which over the last ten years has gone from virtually nothing to being one of the largest European producers of radiators. At the very beginning KORADO took over the tradition of manufacturing steel radiators in the plant of the company Koventa, which it acquired in small-scale privatisation. During the subsequent years KORADO significantly expanded and modernised production, which culminated in the building of a new plant in Česká Třebova.
Without connection to any foreign strategic manufacturer, using only its own know-how, the company KORADO has become one of the main European leaders in the field and at present jointly sets the new trends in the entire field of heating. At present KORADO dominates the Czech market and competes very successfully on foreign markets both on our own continent and in such exotic countries as Japan and China. If you add to this one of the most modern production plants in Europe, the skills of the Czech employees and the ability to find its own route, one can say that KORADO is a good example of a successful Czech company.
- A number of produced units of panel radiators ( PDF, 89 kB)
Successful launch of new towel rail radiators on the market with a year-to-year increase of sales by more than 40 %.
We launched a brand new technology for production of towel rail radiators.
A significant impact of the worldwide economical crisis which caused a year-to-year drop of turnover by 24%. An in-depth optimization of the working capital which lead to a significant improvement of the situation of the company.
Launch of the new production line and increase of capacity of steel panel radiators by 40% to 2,8 million pieces.
Investment into new production technologies in the total amount of CZK 700 million. This was the second biggest investment in the history of the company KORADO.
In 2007 the company KORADO, a.s. achieved the biggest turnover in its history: 2.734 billion CZK which is about 105 million EUR.
For the first time ever we have produced and sold more than 2 million steel panel radiators. The year-to-year increase in sales of steel panel radiators was more than 20%.
As in the preceding four years positive economic results were achieved in 2005.
The record-breaking amount of produced and sold panel heaters. The consolidation of a market position among the Europe producers of radiators.
Confirmation of the correctness and positive influence of organisational changes from the 2nd half of 2002. Lowering of the company's credit burden by 20%. Interim production growth of the main product range by 9,5%. Economic result of the company at the level of 111 million CZK.
Pronounced turnaround in company economic management, when KORADO, a.s. once again achieved a positive economic result after losses in the four preceding years. The level of this positive result was 31 million CZK. Significant restructuring of the largest subsidiary companies - KORADO Polska, KORADO Austria and KORADO Deutschland - commenced, with the aim of increasing the capital return of investments made.
Continuous annual growth in the number of radiators produced, first time ever for an interim drop in revenue caused by a global drop in sales, lowering of sales prices and the negative development of the exchange rate for the CZK vis-a-vis foreign currencies. At the same time, the process of looking for a strategic investor is commenced for the support of the position of KORADO on international markets.
Comprehensive restructuring of loan portfolio by KoB. Significant reduction in interest burden and financial stabilisation of the company. Reduction in the equity of the company by the overall unpaid accumulated losses of past years in the amount of CZK 1.027 million. Subsequently, after agreement with the shareholders, increase of company equity on the part of KoB by CZK 287.7 million to a value of CZK 840.7 million.
At the end of the year Česká spořitelna, a. s., transferred the loans provided to KORADO to Konsolidační banka Praha, s. p. ú.
Restructuring project "KORADO 2000".
Acquisition of 98.2 % ownership interest in production plant in Bulgaria and its complete consolidation.
Capital entry of the European Bank for Reconstruction and Development (EBRD) in the company by means of a CZK 1.03 billion investment. Increase of equity to CZK 1.580 billion. Gaining of ISO 9001 certificate and beginning of production in the newly built production plant in Česká Třebová.
Transformation into a joint-stock company and increase of equity to CZK 880 million. The company initiated the construction of the new KORADO plant with a value of almost CZK 3 billion.
The business intention for the construction of the new KORADO plant was processed.
The first significant increase in the equity of the company to the value of CZK 5 million. A decision was also taken to build a new radiator production plant on a green field site.
All loans provided by the bank for the purchase of the plant are repaid. The company KORADO reaches its maximum production capacity.
Privatisation of the company Koventa in the form of an auction for the price of CZK 130 million. After this the plant was modernised and production began.
Foundation of the company KORADO, s. r. o., with initial equity of CZK 100,000. The founders were the current shareholders, Messrs František MENCLÍK, Ludvík PETR, Miroslav VOBORA and Bedřich BRABEC.