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Contents of Business Report
Message from the CEO …………………………………………………………………………………………………………… 3
Management Report ……………………………………………………………………………………………………………….. 4
About Waberer’s Group …………………………………………………………………………………………………………… 4
Key operational indicators ………………………………………………………………………………………………… 4
Presentation of the company structure ……………………………………………………………………………….. 5
Strategy ………………………………………………………………………………………………………………………………… 5
Infrastructure development ……………………………………………………………………………………………….. 6
Increasing service complexity ……………………………………………………………………………………………. 7
Diversification …………………………………………………………………………………………………………………. 8
Business Environment & Financial results …………………………………………………………………………………. 9
Economic environment …………………………………………………………………………………………………….. 9
Revenue ………………………………………………………………………………………………………………………. 10
Gross profit, EBITDA and EBIT ……………………………………………………………………………………….. 10
Net income ……………………………………………………………………………………………………………………. 11
Cash flow ……………………………………………………………………………………………………………………… 11
Debt …………………………………………………………………………………………………………………………….. 12
Investor relations / Ownership structure …………………………………………………………………………………… 13
Shareholder structure …………………………………………………………………………………………………….. 13
Analysts ……………………………………………………………………………………………………………………….. 14
Investor Relations ………………………………………………………………………………………………………….. 14
Digital transformation …………………………………………………………………………………………………………….. 14
Technical developments ………………………………………………………………………………………………………… 15
Sustainability ………………………………………………………………………………………………………………………… 16
Environmental sustainability ……………………………………………………………………………………………. 16
EU Taxonomy report ……………………………………………………………………………………………………… 18
Compliance …………………………………………………………………………………………………………………… 19
Corporate Social Responsibility ………………………………………………………………………………………………. 19
Human resources …………………………………………………………………………………………………………………. 23
Corporate governance and corporate bodies ……………………………………………………………………………. 25
Board of Directors ……………………………………………………………………………………………………………… 25
Chief Executive Officer ………………………………………………………………………………………………………. 27
Management …………………………………………………………………………………………………………………….. 28
Supervisory Board …………………………………………………………………………………………………………….. 29
Audit Committee ……………………………………………………………………………………………………………….. 30
Nomination and Remuneration Committee …………………………………………………………………………… 31
Internal controls and risk management ……………………………………………………………………………………. 31
System of internal controls …………………………………………………………………………………………………. 31
Risk management framework ……………………………………………………………………………………………… 32
Risk factors ………………………………………………………………………………………………………………………. 32
Market risk factors …………………………………………………………………………………………………………. 32
Regulatory risk factors ……………………………………………………………………………………………………. 34
Financial risk factors ………………………………………………………………………………………………………. 35
Operational risk factors …………………………………………………………………………………………………… 36
Risk factors specific to insurance …………………………………………………………………………………….. 36
Fight against corruption and bribery ………………………………………………………………………………………… 37
The official consolidated financial statements of Waberer’s International Plc are published in ESEF format in Hungarian. This document in pdf format is the unofficial English translation of the consolidated financial statements in ESEF format, but cannot be considered as an official document.
Message from the CEO
“2022 was again a challenging year for us. We were forced to cope with the shock of the war in our neighbouring country, which affected our Company on multiple fronts. At Group level, a significant number of our hundreds of drivers of Ukrainian origin went home to protect their families and their country after the outbreak of the war, some of our customers have seen their production processes interrupted due to the termination of cooperation with Ukrainian and Russian suppliers, and inflation – at levels unseen in decades – has put us under severe pressure in term of operating costs and wages. At the end of the year, we can now say that the Company has successfully managed all these impacts, and we have achieved the highest EBIT result in Waberer’s history and, for the first time in our stock exchange history, we plan to pay a dividend to our shareholders, subject to the decision of the General Meeting. I am particularly pleased that we have succeeded in creating a balanced Group structure, where all three business segments contribute to the Group’s performance with similar weight, with ITS contributing 30% of Group-level annual EBIT, RCL 33% and Insurance 37%. This healthy balance greatly reduces the risks to the Group’s profitability, as our performance is currently not overly dependent on any one specific activity.
In 2022, strategic projects – already presented in the corporate strategy – were launched, with the first visible results seen in 2023. Our warehouse in Ecser, which is currently under construction, should reach a high state of readiness by the end of the year, while we are already working on further warehouse development projects in the background. We plan on concluding the first regional acquisition by the RCL segment in 2023, taking the first step towards providing a truly regionally focused complex logistics service. In 2023, we expect to increase the volume of logistics services that we can operate with a low environmental footprint, and thus we will place strong emphasis on expanding our rail logistics capabilities and continue our market-building role in the introduction of alternative propulsion vehicles. We also want to improve the visibility of our environmental performance by introducing a transparent ESG reporting system that will make our efforts visible to our customers, investors and financing partners. We are confident that all these efforts will give Waberer’s Group a competitive edge.”
Zsolt Barna
Chief Executive Officer
Management Report
About Waberer’s Group
3 main areas of operation:
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• International Transport Segment (ITS): One of Europe’s leading FTL (Full-Truck Load) transport service providers, with own fleet and subcontractor operations and intermodal services (combination of rail and road transport), focusing on Europe’s main industrial centres (UK, Germany, France, Italy, Spain, Poland, Hungary, Slovakia).
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• Regional Contract Logistics (RCL) segment: Market-leading Hungarian complex logistics service provider with an integrated service portfolio tailored to industry needs and customers (distribution, warehousing, home delivery, production support logistics, container transport, fresh goods logistics, etc.)
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• Insurance segment: Insurance business focusing on non-life insurance products, with a focus on Hungary. Specialist in passenger and commercial vehicle insurance (MTPL, CASCO, CRM) with a significant market share.
Key operational indicators
International fleet: 2,000 vehicles
Domestic fleet: 760 vehicles
Forklift fleet: 350 units
Warehouse area: 240,000 sqm
Number of employees: 5,900
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