{"id":43963,"date":"2026-04-02T20:02:17","date_gmt":"2026-04-02T20:02:17","guid":{"rendered":"https:\/\/www.europesays.com\/cz\/43963\/"},"modified":"2026-04-02T20:02:17","modified_gmt":"2026-04-02T20:02:17","slug":"do-konce-roku-o-nas-jeste-uslysite-slibuje-prvni-dama-komarkovy-kkcg","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/cz\/43963\/","title":{"rendered":"Do konce roku o\u00a0n\u00e1s je\u0161t\u011b usly\u0161\u00edte, slibuje prvn\u00ed d\u00e1ma Kom\u00e1rkovy KKCG"},"content":{"rendered":"

Rozhovor si tak\u00e9 m\u016f\u017eete poslechnout v\u00a0audioverzi.<\/p>\n

V \u0159eck\u00fdch Ath\u00e9n\u00e1ch pr\u0161\u00ed tak dvakr\u00e1t do roka. A\u00a0pr\u0161elo i\u00a0ve \u010dtvrtek, v\u00a0den, kter\u00fd si \u010desk\u00fd miliard\u00e1\u0159 Karel Kom\u00e1rek vybral pro slavnostn\u00ed zazvon\u011bn\u00ed na \u00favod obchodn\u00edho dne akci\u00ed sv\u00e9ho Allwynu na \u0159eck\u00e9 burze.<\/p>\n

A\u00a0d\u00e9\u0161\u0165 p\u0159inesl \u0161t\u011bst\u00ed, hned r\u00e1no, je\u0161t\u011b b\u011bhem zvon\u011bn\u00ed, za\u010dala cena akci\u00ed r\u016fst zhruba o\u00a0t\u0159i\u00a0procenta.<\/p>\n

\u201eObdob\u00ed je bou\u0159liv\u00e9 a\u00a0v\u0161ichni samoz\u0159ejm\u011b vn\u00edm\u00e1me, \u017ee sv\u011bt dnes nen\u00ed jednoduch\u00fd. Jsme tedy moc r\u00e1di, \u017ee se v\u0161e poda\u0159ilo, \u017ee jsme to dot\u00e1hli do konce a\u00a0u\u017eili si p\u011bt minut sl\u00e1vy. Te\u010f ale zase mus\u00edme d\u00e1t hlavy dol\u016f a\u00a0mus\u00edme j\u00edt pracovat,\u201c \u0159ekl po slavnostn\u00edm zazvon\u011bn\u00ed Karel Kom\u00e1rek.<\/p>\n

P\u0159i setk\u00e1n\u00ed s\u00a0novin\u00e1\u0159i pak dodal, \u017ee kdy\u017e firma v\u00a0roce 2013\u00a0vstupovala do \u0158ecka, situace v\u00a0zemi nebyla p\u0159\u00edli\u0161 dobr\u00e1 a\u00a0dal\u0161\u00ed investo\u0159i si \u0165ukali na \u010delo. Tehdy by ho pr\u00fd rozhodn\u011b nenapadlo, \u017ee firma n\u011bkdy skon\u010d\u00ed na ath\u00e9nsk\u00e9 burze. \u201eByla to sice divok\u00e1 j\u00edzda, ale s\u00a0odstupem \u010dasu se uk\u00e1zalo, \u017ee to bylo spr\u00e1vn\u00e9 rozhodnut\u00ed,\u201c dodal Kom\u00e1rek.<\/p>\n

Proslov Karla Kom\u00e1rka po slavnostn\u00edm zazvon\u011bn\u00ed a\u00a0uveden\u00ed Allwyn na burzu v\u00a0Ath\u00e9n\u00e1ch.Video: Zuzana Hodkov\u00e1<\/p>\n

Slavnostn\u00edmu aktu p\u0159ihl\u00ed\u017eeli i\u00a0dal\u0161\u00ed \u010deln\u00ed p\u0159edstavitel\u00e9 skupiny KKCG, kter\u00e1 vstup na burzu bere jako velkou v\u00fdzvu. Jak ale v\u00a0rozhovoru pro Seznam Zpr\u00e1vy Byznys<\/a> \u0159ekla finan\u010dn\u00ed \u0159editelka a\u00a0\u010dlenka p\u0159edstavenstva KKCG Kate\u0159ina Kohlmayer, i\u00a0kdy\u017e byl cel\u00fd proces vstupu na burzu velice n\u00e1ro\u010dn\u00fd, dnes u\u017e KKCG \u0159e\u0161\u00ed dal\u0161\u00ed priority a\u00a0dal\u0161\u00ed velk\u00e9 p\u0159\u00edle\u017eitosti v\u00a0jin\u00fdch oblastech. \u201eKa\u017ed\u00fd n\u00e1\u0161 pil\u00ed\u0159 se d\u00edv\u00e1 po p\u0159\u00edle\u017eitostech, tak\u017ee rozpracovan\u00fdch transakc\u00ed je hodn\u011b,\u201c \u0159\u00edk\u00e1 Kohlmayer.<\/p>\n

Zvenku vstup na burzu vypad\u00e1 jen jako \u201ep\u0159eklopen\u00ed\u201c OPAP na Allwyn. Co v\u0161echno to znamenalo uvnit\u0159 firmy?<\/p>\n

Bylo toho hodn\u011b. Museli jsme vymyslet n\u011bco, co by fungovalo mezi \u0158eckem a\u00a0\u0160v\u00fdcarskem, a\u00a0z\u00e1rove\u0148 bylo jednoduch\u00e9 pro ty investory, kter\u00e9 jsme u\u017e v\u00a0OPAP m\u011bli. Aby to pro n\u011b fungovalo, nem\u011blo to \u017e\u00e1dn\u00e9 negativn\u00ed da\u0148ov\u00e9, technick\u00e9 nebo operativn\u00ed komplikace.<\/p>\n

Norm\u00e1ln\u011b by asi v\u011bt\u0161\u00ed firma n\u011bjak\u00fdm zp\u016fsobem pohltila tu men\u0161\u00ed, ale tady je to naopak. My jsme vlastn\u011b OPAP ponechali, p\u0159esunuli ho do Lucemburska a\u00a0p\u0159ejmenovali. V\u00a0tom p\u016fvodn\u00edm OPAP jsme m\u011bli zhruba 52\u00a0procent a\u00a0do n\u011bj jsme p\u0159ikontribuovali v\u0161echny ostatn\u00ed byznysy, kter\u00e9 Allwyn vlastnil. V\u00fdm\u011bnou za tuto kontribuci jsme dostali dal\u0161\u00ed akcie a\u00a0stali se 78,5% akcion\u00e1\u0159em OPAP. Ten zbytek z\u016fstal minoritn\u00edm akcion\u00e1\u0159\u016fm, kte\u0159\u00ed tam u\u017e byli. Jen s\u00a0n\u00e1mi \u201ep\u0159ecestovali\u201c a\u00a0souhlasili, \u017ee tu firmu p\u0159ejmenujeme.<\/p>\n

P\u0159\u00edprava byla asi dva roky, tak\u017ee dva roky, ne\u017e jsme to m\u011bli p\u0159ipraven\u00e9 intern\u011b. T\u00fdm OPAP jsme do toho zapojili v\u00a0z\u00e1\u0159\u00ed 2024.<\/p>\n

M\u00e1me statis\u00edce r\u016fzn\u00fdch akcion\u00e1\u0159\u016f, to je jin\u00e9<\/p>\n

Dnes se u\u017e obchoduje s\u00a0akciemi Allwyn, v\u00a0\u010dem je dne\u0161n\u00ed Allwyn jin\u00fd ne\u017e ten, kter\u00fd na burze nebyl?<\/p>\n

V\u00a0tom, \u017ee m\u00e1 minoritn\u00ed investory. M\u00e1me investory, se kter\u00fdmi mus\u00edme komunikovat, kte\u0159\u00ed jsou na\u0161i partne\u0159i a\u00a0sleduj\u00ed na\u0161e v\u00fdsledky. Prost\u011b ten rozd\u00edl je v\u00a0tom, \u017ee u\u017e to nen\u00ed stoprocentn\u011b priv\u00e1tn\u00ed firma. Allwyn m\u011bl partnery u\u017e p\u0159edt\u00edm, ale to byly konkr\u00e9tn\u00ed firmy, kde jsme si mohli kdykoliv zavolat a\u00a0n\u011bco probrat. Te\u010f m\u00e1me statis\u00edce r\u016fzn\u00fdch akcion\u00e1\u0159\u016f, se kter\u00fdmi mus\u00edme komunikovat jinak. D\u011blat pro n\u011b prezentace, diskutovat a\u00a0je to i\u00a0jin\u00fd zp\u016fsob komunikace. Je to nov\u00e1 realita, na kterou si mus\u00edme zvyknout, i\u00a0kdy\u017e ani tady neza\u010d\u00edn\u00e1me od nuly, proto\u017ee Allwyn m\u011bl spoustu zalistovan\u00fdch dluhopis\u016f. Ale\u00a0to je n\u011bco jin\u00e9ho ne\u017e akcie, kde investor bere v\u011bt\u0161\u00ed riziko a\u00a0\u010dek\u00e1 ho v\u011bt\u0161\u00ed v\u00fdnos.<\/p>\n

Z\u00e1rove\u0148 se te\u010f hodnota Allwynu, nejhodnotn\u011bj\u0161\u00ed firmy v\u00a0portfoliu KKCG, odv\u00edj\u00ed podle burzy. Jak kl\u00ed\u010dov\u00e1 je ta volatilita pro skupinu?<\/p>\n

Uvid\u00edme, je to nov\u00e9, te\u010f v\u00e1m to neum\u00edm p\u0159esn\u011b \u0159\u00edct. Ale hodnota se v\u017edy n\u011bjak odhadovala. Te\u010f bude mnohem transparentn\u011bj\u0161\u00ed.<\/p>\n

Foto: KKCG<\/p>\n

Kate\u0159ina Kohlmayer.<\/p>\n

Hodnota Allwyn je vy\u0161\u0161\u00ed ne\u017e dnes<\/p>\n

Kdy\u017e jsme u\u00a0t\u00e9 hodnoty, kdy\u017e do Allwyn vstupoval J&T Arch, kupovali 4,27\u00a0procenta a\u00a0tehdy to nacenilo cel\u00fd Allwyn na 11,2\u00a0miliardy eur. Te\u010f po spojen\u00ed s\u00a0OPAP se hodnota sn\u00ed\u017eila\u2026<\/p>\n

Ano, cena tehdy byla vy\u0161\u0161\u00ed, tak\u017ee vstupovali za vy\u0161\u0161\u00ed valuaci. Z\u00a0jejich pohledu je to samoz\u0159ejm\u011b t\u00e9ma. Dnes jsme pod touto hodnotou, ale mysl\u00edm, \u017ee je to dan\u00e9 volatilitou trhu. Rozhodn\u011b si nemysl\u00edm, \u017ee ta spr\u00e1vn\u00e1 hodnota, kde by Allwyn m\u011bl b\u00fdt ocen\u011bn, je pod hodnotou, za kterou vstupovali. Moment\u00e1ln\u00ed situace na burz\u00e1ch je ale takov\u00e1, \u017ee v\u0161echny akcie spadly hluboko dol\u016f.<\/p>\n

Mysl\u00edm, \u017ee je to do\u010dasn\u00e9, \u017ee je to dan\u00e9 situac\u00ed na trhu. Z\u00a0na\u0161\u00ed strany nep\u0159i\u0161el \u017e\u00e1dn\u00fd negativn\u00ed v\u00fdsledek, nic takov\u00e9ho, a\u00a0to se prost\u011b srovn\u00e1 ve chv\u00edli, kdy budeme postupn\u011b zve\u0159ej\u0148ovat v\u00fdsledky a\u00a0zm\u011bn\u00ed se podm\u00ednky na trhu\u00a0\u2013 a\u0165 u\u017e \u010dist\u011b tr\u017en\u00ed, makroekonomick\u00e9 nebo geopolitick\u00e9.<\/p>\n

A\u00a0podle v\u00e1s je ta \u201espr\u00e1vn\u00e1\u201c hodnota kde? <\/p>\n

Konkr\u00e9tn\u00ed \u010d\u00edslo v\u00e1m te\u010f ne\u0159eknu, ale mysl\u00edm si, \u017ee ur\u010dit\u011b nad hodnotou, za kterou investovalo J&T.<\/p>\n

Jak moc se zm\u011bnilo fungov\u00e1n\u00ed KKCG t\u00edm, jak se m\u011bn\u00ed glob\u00e1ln\u00ed prost\u0159ed\u00ed?<\/p>\n

Kdy\u017e v\u00a0tom \u010dlov\u011bk \u017eije ka\u017ed\u00fd den, tak ty zm\u011bny nevn\u00edm\u00e1 jako n\u011bco n\u00e1hl\u00e9ho, sp\u00ed\u0161 to pro\u017e\u00edv\u00e1 postupn\u011b. Ur\u010dit\u011b ale plat\u00ed, \u017ee KKCG se tomu glob\u00e1ln\u00edmu prost\u0159ed\u00ed p\u0159izp\u016fsobuje. U\u017e je to \u0159ada let, co se pod\u00edl \u010dist\u011b \u010desk\u00e9ho byznysu ve skupin\u011b procentu\u00e1ln\u011b sni\u017euje. A\u00a0to, co se d\u011bje ve sv\u011bt\u011b a\u00a0na trz\u00edch, n\u00e1s ovliv\u0148uje \u010d\u00edm d\u00e1l v\u00edc.<\/p>\n

<\/a>Kdy\u017e se ni\u010d\u00ed hodnoty, nem\u016f\u017ee to m\u00edt pozitivn\u00ed efekt<\/p>\n

Dopad\u00e1 na v\u00e1s n\u011bjak sou\u010dasn\u00e1 v\u00e1lka v\u00a0\u00cdr\u00e1nu?<\/p>\n

Zat\u00edm jsou to nep\u0159\u00edm\u00e9 dopady, nejsme v\u00a0sektorech, kter\u00e9 by byly p\u0159\u00edmo zasa\u017een\u00e9. Samoz\u0159ejm\u011b, nep\u0159\u00edmo se to ale dot\u00fdk\u00e1 n\u00e1s v\u0161ech.<\/p>\n

Bude to m\u00edt dopad na cenu pen\u011bz do budoucna, t\u0159eba i\u00a0ve vztahu k\u00a0va\u0161emu dal\u0161\u00edmu r\u016fstu?<\/p>\n

T\u011b\u017eko se predikuje, na co konkr\u00e9tn\u011b, ale ten dopad tu ur\u010dit\u011b bude a\u00a0nebude pozitivn\u00ed. Kdy\u017e se n\u011bkde ni\u010d\u00ed hodnoty, doch\u00e1z\u00ed k\u00a0ekonomick\u00fdm destrukc\u00edm, naru\u0161uje se syst\u00e9m, ni\u010d\u00ed se infrastruktura, \u017e\u00e1dn\u00fdm zp\u016fsobem to nem\u016f\u017ee m\u00edt pozitivn\u00ed efekt.<\/p>\n

PPF te\u010f vracela s\u00eddlo do \u010ceska, vy jste \u0161li opa\u010dn\u00fdm sm\u011brem. Pro\u010d?<\/p>\n

Cel\u00e9 KKCG m\u011blo p\u016fvodn\u011b holdingovou strukturu na Kypru. Pak jsme se rozhodli p\u0159esunout ji do \u0160v\u00fdcarska\u00a0\u2013 do zem\u011b, kde m\u00e1 pan Kom\u00e1rek rezidenci. Pot\u0159ebovali jsme mezin\u00e1rodn\u00ed holding, kter\u00fd bude zast\u0159e\u0161ovat v\u0161echny na\u0161e firmy, a\u00a0p\u0159i\u0161lo n\u00e1m optim\u00e1ln\u00ed d\u011blat to ze \u0160v\u00fdcarska, z\u00a0evropsk\u00e9 zem\u011b se stabiln\u00edm re\u017eimem a\u00a0stabiln\u00edmi pravidly, kam jsme z\u00e1rove\u0148 dok\u00e1zali p\u0159esunout lidi. Vybudovali jsme to pracn\u011b a\u00a0moment\u00e1ln\u011b jsme s\u00a0t\u00edm spokojen\u00ed.<\/p>\n

V \u010cesku ale fungujeme a\u00a0investujeme \u00fapln\u011b stejn\u011b jako p\u0159edt\u00edm. Co se t\u00fdk\u00e1 investi\u010dn\u00edch aktivit, m\u00e1me tady MND, m\u00e1me Aricomu, m\u00e1me Avengu. Na to, co d\u011bl\u00e1me v\u00a0\u010desk\u00e9 ekonomice a\u00a0spole\u010dnosti, to nem\u00e1 vliv a\u00a0holding m\u00e1me\u00a0a\u00a0budeme m\u00edt ve \u0160v\u00fdcarsku.<\/p>\n

Burza je sp\u00ed\u0161 pro na\u0161e tech firmy <\/p>\n

Zm\u00ednila jste dal\u0161\u00ed firmy. Uva\u017eujete o\u00a0vstupu na burzu s\u00a0n\u011bkterou z\u00a0nich, t\u0159eba i\u00a0na pra\u017eskou?<\/p>\n

To je p\u0159ed\u010dasn\u00e9. Firma si burzu vyb\u00edr\u00e1 podle velikosti, podle toho, odkud budou investo\u0159i a\u00a0kde jsou srovnateln\u00e9 firmy. Um\u00edm si p\u0159edstavit, \u017ee men\u0161\u00ed firma, jej\u00ed\u017e core byznys je v\u00a0\u010cesku, pat\u0159\u00ed na \u010deskou burzu. A\u00a0naopak firma takov\u00e9ho rozsahu jako Allwyn pat\u0159\u00ed na mezin\u00e1rodn\u00ed burzu.<\/p>\n

Ale \u017ee bych m\u011bla n\u011bjak\u00e9 konkr\u00e9tn\u00ed pl\u00e1ny, o\u00a0kter\u00fdch bych te\u010f mohla mluvit, to nem\u00e1m. V\u017edy z\u00e1le\u017e\u00ed i\u00a0na velikosti. V\u00a0energetice jsou listovan\u00e9 v\u011bt\u0161inou obrovsk\u00e9 mezin\u00e1rodn\u00ed firmy typu BP, Shell a\u00a0podobn\u011b\u00a0\u2013 to jsou \u00fapln\u011b jin\u00e9 velikosti a\u00a0form\u00e1ty.<\/p>\n

Naopak v\u00a0technologi\u00edch je spousta men\u0161\u00edch inovativn\u00edch firem, kter\u00e9 jsou listovan\u00e9 bu\u010f na dom\u00e1c\u00edch trz\u00edch, nebo na Nasdaqu \u010di jinde. Tam si dovedu p\u0159edstavit, \u017ee i\u00a0na\u0161e Aricoma \u010di Avenga se sv\u00fdm r\u016fstem za p\u00e1r let dorostou do velikosti, kdy by pro n\u011b burza byla re\u00e1lnou alternativou. Jestli to ale ud\u011bl\u00e1me, to te\u010f \u0159\u00edct neum\u00edm. Ale u\u00a0nich je to pravd\u011bpodobn\u011bj\u0161\u00ed u\u017e jen proto, \u017ee ekosyst\u00e9m techov\u00fdch firem je takov\u00fd, \u017ee se obchoduj\u00ed i\u00a0spole\u010dnosti s\u00a0hodnotou 200\u00a0a\u017e 300\u00a0milion\u016f.<\/p>\n

Kde te\u010f nejen Allwyn, ale cel\u00e9 KKCG poroste nejv\u00edc?<\/p>\n

Ka\u017ed\u00fd sektor to m\u00e1 trochu jinak, z\u00e1le\u017e\u00ed na p\u0159\u00edle\u017eitostech. Ale obecn\u011b bych \u0159ekla, \u017ee na\u0161e kl\u00ed\u010dov\u00e9 trhy jsou Evropa a\u00a0Severn\u00ed Amerika.<\/p>\n

A po vstupu na burzu pracujete te\u010f na \u010dem?<\/p>\n

Pracujeme na \u0159ad\u011b dal\u0161\u00edch transakc\u00ed v\u00a0jin\u00fdch sektorech. Podali jsme nab\u00eddku na odkup akci\u00ed firmy Ferretti a\u00a0pracujeme na mnoha financov\u00e1n\u00edch. Ka\u017ed\u00fd n\u00e1\u0161 pil\u00ed\u0159 se d\u00edv\u00e1 po p\u0159\u00edle\u017eitostech, tak\u017ee rozpracovan\u00fdch transakc\u00ed je hodn\u011b. Samoz\u0159ejm\u011b procento t\u011bch, kter\u00e9 se nakonec skute\u010dn\u011b uzav\u0159ou, je v\u017edy mal\u00e9, proto\u017ee mus\u00ed splnit na\u0161e relativn\u011b p\u0159\u00edsn\u00e1 investi\u010dn\u00ed krit\u00e9ria. Ale projekt\u016f m\u00e1me rozpracovan\u00fdch opravdu hodn\u011b. Jsem si jist\u00e1, \u017ee do konce roku o\u00a0n\u00e1s je\u0161t\u011b usly\u0161\u00edte.<\/p>\n","protected":false},"excerpt":{"rendered":"Rozhovor si tak\u00e9 m\u016f\u017eete poslechnout v\u00a0audioverzi. V \u0159eck\u00fdch Ath\u00e9n\u00e1ch pr\u0161\u00ed tak dvakr\u00e1t do roka. A\u00a0pr\u0161elo i\u00a0ve \u010dtvrtek, v\u00a0den,…\n","protected":false},"author":2,"featured_media":43964,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[5001,623,5002,98,99,7526],"class_list":{"0":"post-43963","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-praha","8":"tag-allwyn","9":"tag-burza","10":"tag-kkcg","11":"tag-prague","12":"tag-praha","13":"tag-recko"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@cz\/116336901770199091","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/43963","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/comments?post=43963"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/43963\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media\/43964"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media?parent=43963"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/categories?post=43963"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/tags?post=43963"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}