2021
CONSOLIDATEDANNUAL REPORT
2
TABLE OF CONTENTS
TABLE OF CONTENTS
MESSAGE FROM THE CEO 4
MANAGEMENT REPORT 6
WABERER'S GROUP 6
Key performance indicators 6
Key financial indicators 7
Company structure 8
STRATEGY 9
Infrastructure modernisation 10
Increase service complexity 12
Diversification 14
BUSINESS ENVIRONMENT
AND RESULTS 15
Economic environment 15
Revenue 16
Gross profit, EBITDA and EBIT 16
Net income 16
Cash flow 17
Net debt 17
INVESTOR RELATIONS/
OWNERSHIP STRUCTURE 18
Shareholder structure 18
Analysts 18
Capital market performance 19
Investor relations 19
Analysis based decision making along the entire value chain 22
information exchange with drivers 20 Control dashboard for optimal resource
DIGITAL TRANSFORMATION 20 | INTERNAL CONTROLS AND |
RISK MANAGEMENT | 42 |
Effective communication and real time | |
Internal control system | 42 |
Risk management framework | 43 |
Risk factors | 43 |
Market risk factors | 44 |
Regulatory risk factors | 46 |
Financial risk factors | 46 |
Operational risk factors | 47 |
Insurance-specific risk factors | 48 |
DECLARATION | 49 |
INDEPENDENT | |
AUDIT REPORT | 52 |
CONSOLIDATED | |
FINANCIAL STATEMENTS | 60 |
NOTES | 68 |
and truck route planning 20
Increased fleet efficiency via smart forklifts 21
INNOVATION 22
Testing alternative fuel vehicles 23
Real time trailer monitoring 23 Development of workshop and site efficiency
monitoring systems 24
Implementation of voice picking warehousing operations 24
SUSTAINABILITY 25
Environmental sustainability 25
Compliance 28
Social responsibility 28
HUMAN RESOURCES 34
CORPORATE GOVERNANCE
AND CORPORATE BODIES 36
Board of Directors 36
Chief Executive Officer 38
Introduction of the management 38
Supervisory Board 39
Audit Committee 41
Nomination and Remuneration Committee 41
4 MESSAGE FROM THE CEO MESSAGE FROM THE CEO Despite the unpredictable business environment, the business year of 2021 was a great success for Waber-er's Group. The shortage of com-ponents, which complicated our customers' business processes and the disruption of global logistics processes in 2021 made the demand for logistics services unpredictable, were all effects that in themselves generated significant risks to be managed. Nevertheless, as a result of our flexibility and successful busi-ness model change of Waberer's Group, we closed the most profita-ble year since business year of 2017, meanwhile Company's indebtedness level was significantly reduced. Segment (ITS) was the successful implementation and fine-tuning of the business model change (intro-duction of the "Tradelane Model"). The evidence for the success of the project is the fact that we managed to achieve a recurring EBIT1 im-provement of EUR 22.3 million in one year in our international trans-portation business, and we were once again able to turn the Group'sThe tightness of the domestic la-bour market and - in contrast to the flexibility resulting from the highly standardized equipment and servic-es of the ITS segment - the difficul-ties of the reallocation of dedicated resources that characterize certain business lines of the RCL segment have generated challenges to our Company. Nevertheless, in 2021 - with a slight increase in sales reve- In the first half of 2021, Waberer's new ownership structure was final-ized as a result of acquisitions by professional and financial investors who expressed their long-term sup-port and joined us with significant development plans. I would like to thank my colleagues who work in our trucks, warehouses, and in the offices throughout the year. The logistics sector is particularly sensitive to the current la-bour market situation, so I am especially proud that our employee-centric thinking at Waberer's and our ability to attract regional labour force ensures that we have the ne-cessary workforce for our operation. We also agreed with our financ-ing banks in the first half of the year, and they expressed their support to our Company and also provide a sol-id basis for both our operation and business development plans by hav-ing access to long-term financing fa-cilities. largest revenue-generating segment to a positive EBIT range. Special thanks to the work of my colleagues and their faith in the project - with their help we were able to carry out perhaps the most successful busi-ness turnaround story in Hungary in the recent years. nue - we managed to maintain the level of outstanding profit-generat-ing capacity of the previous year. Turning to the business seg-ments, the most important task for our International Transportation In our regional contract logistics (RCL) segment, our target was to maintain the high level of profita-bility achieved in the previous year. Last but not least, our insurance segment also achieved the highest results since our IPO, continuous-ly demonstrating the viability of a business model of operating on a fo-cused market segment. I am proud that Wáberer Hungária Biztosító is part of our Group as the most effi-cient insurance company in Hungary. Consolidated recurring EBIT [EUR mn] 29,7 26,2 20,7 27,2 17,2 2,1 -2,0 2014 2015 2016 2017 2018 -11,0 2019 2020 2021 We believe that based on the successful 2021 business year, the implementation of the Company's strategy - presented at the end of last year - will further increase Waberer's role in the European logistics market, expand the com-plexity of our service portfolio and, last but not least, enables the Com-pany to further develop our profita- bility level in mid-term. 1 Non-recurring items were not incurred in 2021. In 2020, the one-time cost of business model change in the ITS segment and goodwill impairment were categorized as non-recurring items in the value of EUR 26.6 million. TABLE OF CONTENTS | MESSAGE FROM THE CEO 5 Finally, I would like to thank my colleagues who work in our trucks, warehouses, and in the offices throughout the year. The logistics sector is particularly sensitive to the current labour market situation, so I am especially proud that our em-ployee-centric thinking at Waberer's and our ability to attract regional labour force ensures that we have the necessary workforce for our operation. ZSOLT BARNA Chief Executive Officer |
6
WABERER'S GROUP
KEY PERFORMANCE INDICATORS
KEY FINANCIAL INDICATORS
WABERER'S GROUP
MANAGEMENT REPORT
International fleet
Domestic fleet
Forklifts
INTERNATIONAL TRANSPORTATION SEGMENTREGIONAL CONTRACT LOGISTICSINSURANCE
Leading own-fleet and freight for-warder player in the European FTL market with Hungarian and Polish HUB
Complex logistics service portfo-lio with industry specific solutions covering domestic transportation, home delivery, fresh food logistics, inhouse logistics, etc.
Wide range of non-life insurance service portfolio with customer-cen-tric, responsible and transparent op-eration supported by state-of-art IT support
8
STRATEGY
COMPANY STRUCTURE
International business unit
Regional business unit
Insurance
STRATEGY
Waberer's International Nyrt. or Waberer's Group,2 one of Europe's leading international road haulage company and group, and the largest operators in the Hungarian logistics market, has a group-wide strategy built on providing a unique set of services to its customers. The key as-pects of this strategy are cost efficiency, high quality service to key customers and the creation of a range of high value-added services within our services portfolio.
As the Group's two distinct segments (International Transportation Segment (ITS) and Regional Contract Logistics (RCL) have different operations, market positions and clients, our general strategy is also applied differently.
Fleet replacement Warehouse developement Digitalization
INFRASTRUCTURE MODERNISATIONINCREASED SERVICE COMPLEXITY
Value added services E-commerce Inhouse logistics expansion Waberer's Go GreenRegional expansion Forwarding expansion New insurance segments
DIVERSIFICATION
in order to ensure a sustainable logistics infrastructure at low costs;
in order to achieve higher oper-ating margins and to establish long-term strategic client rela-tionships;
in order to reduce industry and customer risks and to exploit new growth potentials.
2 "Waberer's", "the Group", or "the Company" are hereinafter used interchangeably and all denote Waberer's International Nyrt., including all its sub-sidiaries.
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Waberer's International Nyrt. published this content on 08 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 April 2022 16:19:01 UTC.