Kofola Was Among the First to Publish in ESEF in the Czech Republic
Finalizing an annual financial report can be strenuous work, and we would not blame the reporting team at Kofola ČeskoSlovensko a.s. if they had an extra helping of their own soft drink, when they were working to become one of the first companies to publish in ESEF in the Czech Republic.
Kofola ČeskoSlovensko a.s. was among the first Czech companies to publish their annual financial report in ESEF, and after they published their report, we sat down with Václav Novák, Group Reporting Manager at Kofola, to talk about the new reporting format and why they chose ParsePort as their XBRL provider.
The Ability to Keep Working in Excel Is What Mattered
When we sat down with Václav Novák the first thing we asked was, what led them to choose the ParsePort XBRL Converter. “We met with many different providers before we decided, and out of everyone we met with, you were the only ones who had a product that worked with Excel, which is something we really wanted. The ability to keep working in Excel makes it a lot simpler for us in every single aspect of the reporting process.”
“Now, instead of learning to use new software we simply create an Excel file with the annual figures and mapping, and a PDF with our designed report, and we can then convert the two files into an ESEF file. I think we made a great choice choosing ParsePort as our supplier,” Václav Novák said.
Kofola Got the Help They Needed to Publish in ESEF in the Czech Republic
The hours leading up to the publishing deadline can be very stressful, and we want to make sure that our customers get the help they need when they need it. Saying that is one thing, but living up to it is another thing entirely, which is why we of course asked Václav Novák how Kofola experienced their interactions with the ParsePort team.
“From the very beginning everything was 100% professional, but what impressed us most was the efficiency of your support team. I was really surprised at how prompt your responses to our emails were. In most cases we had an answer within mere hours, which was very helpful,” Václav Novák said.
“You were also a big assistance when solving the validation errors, and you didn’t hesitate to adjust when we found mistakes in the documents, which we had delivered to you.”
Kofola Only Changed the Proposed Mapping in One Place
When we helped Kofola with their mapping, we created a mapping template based on their 2019 annual report. This approach let us handle a lot of the work long before deadline, which meant that Kofola only had to perform minor alterations during those hectic weeks leading up to the publishing date.
But no matter how you look at it, the mapping is still one of those things that can take a lot of time. Whether you do it ahead of time or the days before you publish, it is still a big task.
“We only had to change the mapping you proposed in one place, and in places your suggestions were even better than our own. It really surprised me, that your team had such a firm grasp on our specific needs, but that just goes to show, that choosing a provider with a decade’s worth of experience in XBRL really pays off,” Václav Novák said.
ESEF in the Czech Republic
The Czech Republic was among the four countries who opted not to delay the implementation of the new reporting format (the other countries opting not to delay the ESEF implementation were Austria, Germany and Slovenia).
This means that companies may have had to get ready fast, especially if they were waiting to find out if they were required to publish in ESEF in the Czech Republic, or if they could wait until next year. That was not the case for Kofola, however, who had already decided to use the ParsePort XBRL Converter for their ESEF reporting.
Kofola Has a Plan for Publishing in ESEF in 2022
On the 14th of April Kofola ČeskoSlovensko a.s. joined the ranks of companies who have published in ESEF in the Czech Republic, and the resulting report is nothing short of spectacular.
Finishing off our conversation, we asked Václav Novák what their plans for next years ESEF reporting was, “Everything I’ve said during our conversation is why we feel our money was invested properly, and I can say with certainty, that we will continue with ParsePort as our supplier next year.”