Waberer’s International Nyrt.                                                                      figures in kEUR unless indicated otherwise

Financial statements for 2021

 

1

0

3

8

7

1

2

8

5

2

2

9

1

1

4

0

1

 

Statistical code

 

 

0

1

-

1

0

-

0

4

1

3

7

5

 

Registration number

 

 

 

 

WABERER'S International NyRt.

 

 

2021

 

 

FINANCIAL STATEMENTS

 

IN ACCORDANCE WITH THE INTERNATNIOAL FINANCIAL REPORTING STANDATDS (IFRSs) AS ADOPTED BY THE EU

 

Date: Budapest, 2022. Március 16.

 

 

 

 

 

Manager of Company

(representative)

Waberer’s International Nyrt.

Financial statements for 2021

figures in kEUR unless indicated otherwise

 WABERER'S International NyRt.

STATEMENT OF FINANCIAL POSITION

 data in thousand EUR

Registration number

Note

31 December 2020

31 December 2021

 

 

 

 

NON-CURRENT ASSETS

 

 

Property

6

5 764

5 555

Fixed assets not yet capitalized

6

14

86

Vehicles

6

24 104

22 083

Other equipment

6

1 435

1 001

Total property, plant and equipment

 

31 317

28 725

 

 

 

Intangible assets

5

13 338

12 152

Investment in related companies

7

38 247

38 175

Other non-current financial assets

8

4

6

Deferred tax asset

 

1 456

3 209

TOTAL NON-CURRENT ASSETS

 

84 362

82 267

 

 

 

CURRENT ASSETS

 

 

Inventories

9

784

1 066

Current income taxes

1 025

568

Trade receivables

10

25 531

34 922

Receivables from realted companies

11

78 108

81 458

Other current assets and derivatives

12

3 864

10 410

Cash and cash equivalents

13

41 564

18 284

Assets classified as held for sale

 

0

0

TOTAL CURRENT ASSETS

 

150 876

146 708

 

 

 

 

TOTAL ASSETS

 

235 238

228 975

 

 

 

SHAREHOLDERS' EQUITY

14

 

 

Share capital

6 179

6 147

Reserves and retained earnings

2 869

24 975

TOTAL SHAREHOLDERS' EQUITY

 

9 048

31 122

 

 

 

LIABILITIES

 

 

LONG-TERM LIABILITIES

 

 

Long-term portion of leasing liabilities

15

29 452

23 203

Long-term loans and borrowings

 

15 983

Deferred tax liability

0

0

Provisions

16

21

9

Other long-term liabilities

2 533

1 704

TOTAL LONG-TERM LIABILITIES

 

32 006

40 899

 

 

 

CURRENT LIABILITIES

 

 

Short-term loans and borrowings

17

29 299

24 465

Short-term portion of leasing liabilities

15

38 128

18 792

Trade payables

24 546

24 707

Liabilities from related companies

11

95 687

83 284

Current income taxes

4

0

Provisions

16

3 344

2 573

Other current liabilities and derivatives

18

3 176

3 133

TOTAL CURRENT LIABILITIES

 

194 184

156 954

 

 

 

 

TOTAL LIABILITIES

 

226 190

197 853

 

 

 

 

TOTAL EQUITY AND LIABILITIES

 

235 238

228 975

Date: Budapest, 2022. Március 16.

Waberer’s International Nyrt.

Financial statements for 2021

figures in kEUR unless indicated otherwise

Waberer's International Nyrt.

STATEMENT OF COMPREHENSIVE INCOME

 data in thousand EUR

Description

Note

2020

2021

CONTINUING ACTIVITIES

 

 

 

Revenue

19

268 758

        265 728

Cost of Trucking Subcontractors

 

- 208 775

- 191 842

Cost of goods sold

 

- 14 428   

- 16 048

Direct wages, benefits & allowances

20

- 4 698   

- 8 337   

Fuel cost

21

- 2 611

- 1 136   

Toll Fees & Transit Costs

22

- 11 127

- 11 000   

Repair & maintenance

23

- 14 662   

- 11 557   

Insurance costs

23

- 1 228   

- 618   

Direct Rent

23

- 47   

  487

Other contracts

23

- 123   

- 260

Vehicle weight tax and other transport related taxes

23

- 326

- 204   

Total direct costs

 

- 258 025   

- 240 515

Net gain on fleet sales

 

- 167

744

Gross Profit

 

10 566   

        25 957   

Indirect Wages & Benefits

 

- 3 235   

- 13 854   

Other services

 

- 8 337   

- 8 376   

Selling, General and Administrative costs

24

- 21 572   

- 22 230   

Other operating income

25

    2 543   

  2 442   

Other operating expense

26

- 3 582   

- 2 226   

Profit before interest, tax, depreciation and amortization(EBITDA)

 

- 12 045   

     3 943   

Depreciation

 

- 12 662   

- 8 495   

Profit before interest (EBIT)

 

- 24 707   

- 4 552   

Financial result

27

- 18 900   

    26 298   

Profit(loss) before income tax

 

- 43 607   

             21 746   

Income Tax

28

- 350   

        761   

Profit after Tax

 

- 43 957   

    22 507   

 

 

 

 

DISCOUNTINUED OPERATION

 

 

 

Profit/loss from discountinued operation (decreased with deferred tax)

 

 

 

 

 

 

CURRENT YEAR PROFIT/LOSS

 

- 43 957   

           22 507   

 

 

 

 

OTHER COMPREHENSIVE INCOME

 

 

 

 

 

 

 

TOTAL COMPREHENSIVE INCOME

 

- 43 957   

           22 507   

Date: Budapest, 2022. Március 16.

Waberer’s International Nyrt.

Financial statements for 2021

figures in kEUR unless indicated otherwise

WABERER'S International NyRt.

STATEMENT OF CASH FLOWS

data in thousand EUR

Description

Note

2020

2021

Profit/loss before tax

 

-43 607

21 746

received dividend from related companies

27

-10 716

-27 041

Non-realised exchange loss/gain on other FX assets and liabilities (+/-)

27

12 388

274

Fair value difference related to financial istruments

27

-79

668

Booked depreciation and amortisation

5-6

12 662

8 495

Impairment

9-11

11 960

-755

Interest expense

27

1 992

2 114

Interest income

27

-288

-46

Difference between provisions allocated and used

16

2 025

-783

Result from sale of tangible assets

 

167

-890

Net cash flows from operations before changes in working capital

 

-13 496

3 782

Changes in inventories

9

430

-352

Changes in trade receivables

10

22 250

-9 003

Changes in receivables from related companies

11

167 069

-4 372

Changes in other current assets and derivative financial instruments

12

9 963

-5 337

Changes in trade payables

30

-18 172

190

Changes in liabilities from related companies

11

-117 328

-12 403

Changes in other current liabilities and derivative financial instruments

18

-933

-43

Income tax paid

28

-784

-539

I. Net cash flows from operations

 

48 999

(28 077)

Tangible asset additions

5

-2 003

-4 505

Income from sale of tangible assets

 

8 461

4 671

Income from sale of non-current assets held for sale

8

185

69

Received dividend from related companies

 

10 716

27 041

Additional payment to subsidiaries

 

-14 370

 

Interest income

 

288

46

II. Net cash flows from investing activities

 

3 277

27 322

Borrowings

 

0

15 984

Loan payment

17

-7 767

-4 834

Lease payment

15

-9 516

-29 288

Lease payment related to sold assets

 

-5 508

-2 273

Interest paid

27

-1 992

-2 114

III. Net cash flows from financing activities

 

(24 783)

(22 525)

 

 

 

 

IV. Changes in cash and cash equivalents

 

27 493

-23 280

Cash and cash equivalents as at the beginning of the year

13

14 071

41 564

Cash and cash equivalents as at the end of the year

13

41 564

18 284

Date: Budapest, 2022. Március 16.

Waberer’s International Nyrt.

Financial statements for 2021

figures in kEUR unless indicated otherwise

 

 

WABERER'S International NyRt.

STATEMENT OF CHANGES IN EQUITY

data in thousand EUR

 

Note

Share capital

Reserves and reatined earnings

Total shareholders' equity

Opening value as at 1 January 2020

 

6 179

46 746

52 925

Other comprehensive income

 

-

-

-

Profit/Loss for the year

-

(43 957)

(43 957)

Total comprehensive income

 

-

(43 957)

(43 957)

Other movements

80

80

Closing value as at 31 December 2020

14

6 179

2 869

9 048

Other comprehensive income

 

-

-

-

Profit/Loss for the year

-

22 507

22 507

Total comprehensive income

 

-

22 507

22 507

Other movements

-

(433)

Closing value as at 31 December 2021

14

6 179

25 376

31 122

Date: Budapest, 2022. Március 16.

Waberer’s International Nyrt.

Financial statements for 2021

figures in kEUR unless indicated otherwise

 

1. Reporting entity

 

Waberer’s International Nyrt. (hereafter: “Company”) is an enterprise based in Hungary. Registered office: 1239 Budapest Nagykőrösi út 351. The Company's core activity is transportation, forwarding and logistics services.

 

 

2. Basis of preparation

 

a) Going concern

 

The going concern can be interpreted on a group level. This segment is in accordance with the Waberer’s Group’s Notes from the financial statement.

 

As a result of the successful stabilising efforts and new business model introduced in 2020 and followed in 2021 in response to the losses suffered in 2019 and in 2020, the Group returned to profit in 2021.

The main contributor to the Group’s improved results was the turnaround to profit in our ITS business segment as a result of the measures taken. At the same time, the RCL  and the Other segments which had remained profitable in 2019 and 2020 also increased their profitability.

Owing to the prolonged and extended facilities signed on 3 March 2021, the Group’s liquidity position remained stable throughout 2021. Our three-year and five-year facilities enabled the Group to accumulate significant liquid assets to a total of EUR 58.6 million at 31 December 2021.

For the assessment of the going concern basis, Group management considered a number of various factors, including Group profits and available funding, as follows:

·       The Group’s actual profits were over the plan for 2021. The new business model adopted in the second quarter of 2020 led to improvements in the ITS segment’s operations in the second half of 2020 and in each quarter in 2021. This trend is expected to continue as the new model is now considered well established and proven. However risks associated with the adverse and rapidly changing political and economic environment might have an impact on the Company’s ability to improve its performance further.

·       Based on management’s estimate, the Group’s financial position (and also the financial position of the ITS HU and RCL segments which form a cash pool group) will remain positive due to the three-year and five-year bank facilities effected on 3 March 2021 and to other alternative financing opportunities currently under negotiation as well as to the availability of dividends from some of the Group’s other subsidiaries.

·       The working capital necessary for our operations is ensured by our three-year and five-year bank loan facilities at unchanged conditions and repayment terms upon maturity. Our bank arrangements also allow for a prolongation of our vehicle leases maturing in 2021.

·       Our loan covenants were all met in 2021. Our net debt to EBITDA has been much better than expected and has met the loan covenants with a margin that gives cause for peace of mind. However, and notwithstanding our stable profit and cash generating potential and sustained liquidity, the uncertainties caused by the unpredicted conflict in the Ukraine and the volatile conditions in markets and the global economy – both of which may lead to supply chain disruptions and inflation in our costs - creates a risk that we may not be able to comply later in 2022 with the continuously improving EBITDA covenants set in our agreements with our financiers.  Should this risk materialise, we expect normal market practice will prevail; the Company will adjust its financial plans to reflect the new reality and its aim to maintain financial stability, and will discuss these plans with the financing banks.

·       Based on the Management assessment of the current information owing to its current cash liquidity and the availability of a number of alternative funding offers, the Company expects to be able to maintain its  liquidity position even if the financing banks do not approve the development scenarios offered by an adjusted financial plan, if any, and call for cancelling the existing loan agreements.



Waberer’s International Nyrt.

Financial statements for 2021

figures in kEUR unless indicated otherwise

·       Management has also assessed the worst-case scenario ie that the banks would cancel the existing loan agreements. Based on currently available information and the current liquidity of the Company, Management considers that, even in this highly unlikely event, the Company would be able to honour its obligations. Realistic alternatives to ensure the availability of sufficient funds in such a scenario would include, in addition to intra-group dividends, taking out new, smaller overdrafts or issuing corporate bonds. The Company has received an indicative offer in respect of the last of these options. If this proceeds to fruition, we would be able to continue funding our working capital needs and would also have additional funds available to finance development projects and other investments which will assist us maintain our competitive position and profit generating potential in the long term.

 

Both management and the Board consider that the Group has sufficient funds to continue operating as a going concern in the foreseeable future, and the financial statements have been prepared on this basis.

As disclosed in note 33, subsequent events, the Group is closely monitoring the developments of the economy especially the war in Ukraine and the effects of that conflict on capital markets, industries and supply chains. Although there is no direct information causing doubts regarding the Group’s ability to continue as a going concern, the turbulent changing of the political and economic environment in the future might represent an uncertainty related to meeting short and mid-term business plans and external financing requirements. These facts and circumstances combined all together represent a material uncertainty related to the Group’s ability to continue as a going concern and thus might cause it to be unable to realize its assets and discharge its liabilities in the normal course of business.  However, management believes the successful closure and subscription for the currently ongoing bond issuance which is expected to be completed in early April will improve the liquidity position of the Group significantly and thus the current material uncertainty will cease.

The consolidated financial statements do not contain any adjustments of the amounts and classifications presented which would be necessary if the going concern basis was no longer valid.

 

3. Significant accounting policies

 

The accounting policies set out below have been applied consistently to all periods presented in these consolidated financial statements and have been applied consistently by the entity.

 

      I.    Standards issued but not yet effective or not yet adopted by the EU

 

       i.         IFRS 3 Business Combinations; IAS 16 Property, Plant and Equipment; IAS 37 Provisions, Contingent Liabilities and Contingent Assets as well as Annual Improvements 2018-2020 (Amendments)

The amendments are effective for annual periods beginning on or after 1 January 2022 with earlier application permitted. The IASB has issued narrow-scope amendments to the IFRS Standards as follows:

Ø  IFRS 3 Business Combinations (Amendments) update a reference in IFRS 3 to the Conceptual Framework for Financial Reporting without changing the accounting requirements for business combinations.

Ø  IAS 16 Property, Plant and Equipment (Amendments) prohibit a company from deducting from the cost of property, plant and equipment amounts received from selling items produced while the company is preparing the asset for its intended use. Instead, a company will recognise such sales proceeds and related cost in profit or loss.

Ø  IAS 37 Provisions, Contingent Liabilities and Contingent Assets (Amendments) specify which costs a company includes in determining the cost of fulfilling a contract for the purpose of assessing whether a contract is onerous.

Ø  Annual Improvements 2018-2020 make minor amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 9 Financial Instruments, IAS 41 Agriculture and the Illustrative Examples accompanying IFRS 16 Leases.

 

The amendments have not yet been endorsed by the EU. Management has assessed the impacts of the amendment and intends to first apply them for financial reporting purposes at the earliest upon endorsement by the EU.



Waberer’s International Nyrt.

Financial statements for 2021

figures in kEUR unless indicated otherwise

     ii.         IFRS 17: Insurance Contracts

The standard is effective for annual periods beginning on or after 1 January 2021 with earlier application permitted if both IFRS 15 Revenue from Contracts with Customers and IFRS 9 Financial Instruments have also been applied. In its March 2020 meeting the Board decided to defer the effective date to 2023. IFRS 17 Insurance Contracts establishes principles for the recognition, measurement, presentation and disclosure of insurance contracts issued. It also requires similar principles to be applied to reinsurance contracts held and investment contracts with discretionary participation features issued. The objective is to ensure that entities provide relevant information in a way that faithfully represents those contracts. This information gives a basis for users of financial statements to assess the effect that contracts within the scope of IFRS 17 have on the financial position, financial performance and cash flows of an entity and will be applied as of 1 January 2023.

       i.         Amendments in IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and Joint Ventures: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture IFRS 10:

The amendments address an acknowledged inconsistency between the requirements in IFRS 10 and those in IAS 28, in dealing with the sale or contribution of assets between an investor and its associate or joint venture. The main consequence of the amendments is that a full gain or loss is recognized when a transaction involves a business (whether it is housed in a subsidiary or not). A partial gain or loss is recognized when a transaction involves assets that do not constitute a business, even if these assets are housed in a subsidiary. In December 2015 the IASB postponed the effective date of this amendment indefinitely pending the outcome of its research project on the equity method of accounting. The amendments have not yet been endorsed by the EU.

       i.         IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current (Amendments)

The amendments were initially effective for annual reporting periods beginning on or after January 1, 2022 with earlier application permitted. However, in response to the covid-19 pandemic, the Board has deferred the effective date by one year, i.e. 1 January 2023, to provide companies with more time to implement any classification changes resulting from the amendments. The amendments aim to promote consistency in applying the requirements by helping companies determine whether, in the statement of financial position, debt and other liabilities with an uncertain settlement date should be classified as current or non-current. The amendments affect the presentation of liabilities in the statement of financial position and do not change existing requirements around measurement or timing of recognition of any asset, liability, income or expenses, nor the information that entities disclose about those items. Also, the amendments clarify the classification requirements for debt which may be settled by the company issuing own equity instruments.

In November 2021, the Board issued a public draft (ED), which clarifies how to treat liabilities that are subject to covenants to be complied with, at a date subsequent to the reporting period. In particular, the Board proposes narrow scope amendments to IAS 1 which effectively reverse the 2020 amendments requiring entities to classify as current, liabilities subject to covenants that must only be complied with within the next twelve months after the reporting period, if those covenants are not met at the end of the reporting period.

Instead, the proposals would require entities to present separately all non-current liabilities subject to covenants to be complied with only within twelve months after the reporting period. Furthermore, if entities do not comply with such future covenants at the end of the reporting period, additional disclosures will be required. The proposals will become effective for annual reporting periods beginning on or after 1 January 2024 and will need be applied retrospectively in accordance with IAS 8, while early adoption is permitted. The Board has also proposed to delay the effective date of the 2020 amendments accordingly, such that entities will not be required to change current practice before the proposed amendments come into effect. These Amendments, including ED proposals, have not yet been endorsed by the EU.

       i.         IFRS 16 Leases-Cοvid 19 Related Rent Concessions (Amendment)

The Amendment applies to annual reporting periods beginning on or after 1 April 2021, with earlier application permitted, including in financial statements not yet authorized for issue at the date the amendment is issued.

In March 2021, the Board amended the conditions of the practical expedient in IFRS 16 that provides relief to lessees from applying the IFRS 16 guidance on lease modifications to rent concessions arising as a direct consequence of the covid-19 pandemic. Following the amendment, the practical expedient now applies to rent concessions for which any reduction in lease payments affects only payments originally due on or before 30 June 2022, provided the other conditions for applying the practical expedient are met.

Waberer’s International Nyrt.

Financial statements for 2021

figures in kEUR unless indicated otherwise

       i.         IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting policies (Amendments)

The Amendments are effective for annual periods beginning on or after January 1, 2023 with earlier application permitted. The amendments provide guidance on the application of materiality judgements to accounting policy disclosures. In particular, the amendments to IAS 1 replace the requirement to disclose ‘significant’ accounting policies with a requirement to disclose ‘material’ accounting policies. Also, guidance and illustrative examples are added in the Practice Statement to assist in the application of the materiality concept when making judgements about accounting policy disclosures. The Amendments have not yet been endorsed by the EU.

       i.         IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates (Amendments)

The amendments become effective for annual reporting periods beginning on or after 1 January 2023 with earlier application permitted and apply to changes in accounting policies and changes in accounting estimates that occur on or after the start of that period. The amendments introduce a new definition of accounting estimates, defined as monetary amounts in financial statements that are subject to measurement uncertainty. Also, the amendments clarify what changes in accounting estimates are and how these differ from changes in accounting policies and corrections of errors. The Amendments have not yet been endorsed by the EU.

       i.         IAS 12 Income taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments)

The amendments are effective for annual periods beginning on or after January 1, 2023 with earlier application permitted. In May 2021, the Board issued amendments to IAS 12, which narrow the scope of the initial recognition exception under IAS 12 and specify how companies should account for deferred tax on transactions such as leases and decommissioning obligations. Under the amendments, the initial recognition exception does not apply to transactions that, on initial recognition, give rise to equal taxable and deductible temporary differences. It only applies if the recognition of a lease asset and lease liability (or decommissioning liability and decommissioning asset component) give rise to taxable and deductible temporary differences that are not equal. The Amendments have not yet been endorsed by the EU.

 

    II.         The accounting policies adopted are consistent with those of the previous financial year except for the following amended IFRSs which have been adopted by the Entity as of 1 January 2021:

 

i.           IFRS 16 Leases - Cοvid 19 Related Rent Concessions beyond (Amendment) effective as of 1 April 2021

The amendment applies, retrospectively, to annual reporting periods beginning on or after 1 June 2020. Earlier application is permitted, including in financial statements not yet authorized for issue at 28 May 2020. IASB amended the standard to provide relief to lessees from applying IFRS 16 guidance on lease modification accounting for rent concessions arising as a direct consequence of the covid-19 pandemic. The amendment provides a practical expedient for the lessee to account for any change in lease payments resulting from the covid-19 related rent concession the same way it would account for the change under IFRS 16, if the change was not a lease modification, only if all of the following conditions are met:

Ø  The change in lease payments results in revised consideration for the lease that is substantially the same as, or less than, the consideration for the lease immediately preceding the change.

Ø  Any reduction in lease payments affects only payments originally due on or before 30 June 2021.

Ø  There is no substantive change to other terms and conditions of the lease.

Ø  Management has assessed the impacts of the amendment and considered them in it financial reports with respect to the measurement items affected by IFRS 16.

 



Waberer’s International Nyrt.

Financial statements for 2021

figures in kEUR unless indicated otherwise

     ii.         Interest Rate Benchmark Reform – Phase 2 – IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16  (Amendments)

In August 2020, the IASB published Interest Rate Benchmark Reform – Phase 2, Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16, completing its work in response to IBOR reform. The amendments provide temporary reliefs which address the financial reporting effects when an interbank offered rate (IBOR) is replaced with an alternative nearly risk-free interest rate (RFR). In particular, the amendments provide for a practical expedient when accounting for changes in the basis for determining the contractual cash flows of financial assets and liabilities, to require the effective interest rate to be adjusted, equivalent to a movement in a market rate of interest. Also, the amendments introduce reliefs from discontinuing hedge relationships including a temporary relief from having to meet the separately identifiable requirement when an RFR instrument is designated as a hedge of a risk component. There are also amendments to IFRS 7 Financial Instruments: Disclosures to enable users of financial statements to understand the effect of interest rate benchmark reform on an entity’s financial instruments and risk management strategy. While application is retrospective, an entity is not required to restate prior periods. Management has assessed the impacts of the amendments and applied  these for the financial year started 1 January 2021.

    iii.         IFRS 17:  Insurance Contracts IFRS 4: Insurance Contracts (Amendments) Effective as of 1 January 2021

The amendments to IFRS 17 are effective, retrospectively, for annual periods beginning on or after January 1, 2023, with earlier application permitted. The amendments aim at helping companies implement the Standard. In particular, the amendments are designed to reduce costs by simplifying some requirements in the Standard, make financial performance easier to explain and ease transition by deferring the effective date of the Standard to 2023 and by providing additional relief to reduce the effort required when applying IFRS 17 for the first time.

The amendments to IFRS 4 change the fixed expiry date for the temporary exemption in IFRS 4 Insurance Contracts from applying IFRS 9 Financial Instruments, so that entities would be required to apply IFRS 9 for annual periods beginning on or after 1 January 2023.

(a)     Financial instruments

 

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.

A financial asset is any asset which is:

a)     cash;

b)     an equity instrument of another entity;

c)     a contractual right:

(i)     to receive cash or another financial asset from another entity; or

(ii)   to exchange financial assets or financial liabilities with another entity under conditions that are potentially favourable to the Group; or

d)     a contract that will or may be settled in the entity's own equity instruments and is:

(i)     a non-derivative for which the Group is or may be obliged to receive a variable number of the entity's own equity instruments; or

(ii)   a derivative that will or may be settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity's own equity instruments.

A financial liability is any liability which is:

a)     a contractual obligation:

(i)     to deliver cash or another financial asset to another entity; or

(ii)   to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the Company; or

b)     a contract that will or may be settled in the entity's own equity instruments and is:

(i)     a non-derivative for which the Company is or may be obliged to deliver a variable number of the entity's own equity instruments; or

(ii)   a derivative that will or may be settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity’s own equity instruments.

An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities.

Waberer’s International Nyrt.

Financial statements for 2021

figures in kEUR unless indicated otherwise

A derivative is a financial instrument with all three of the following characteristics:

a)     its value changes in response to the change in an underlying. An underlying may be a specified interest rate, financial instrument price, commodity price, foreign exchange rate, index of prices or rates, credit rating or credit index, or other variable, provided in the case of a non-financial variable that the variable is not specific to a party to the contract;

b)     it requires no initial net investment or an initial net investment that is smaller than would be required for other types of contracts that would be expected to have a similar response to changes in market factors; and

c)     it is settled at a future date.

Derivative financial instruments

 

The Company holds derivative financial instruments to hedge its foreign currency risk exposures.

Derivatives are recognised initially at fair value; attributable transaction costs are recognised in profit or loss when incurred. Subsequent to initial recognition, derivatives are measured at fair value at year-end; the effective part of the fair value is recognised directly in other comprehensive income while the ineffective part is recognised through profit or loss.

In accordance with the Company's accounting policies, any profit or loss realised on hedging transactions closed in the reporting period is recognised in the same way as for the hedged item, i.e. under direct costs: raising the incomes in the case of a gain and lowering the income in the case of a loss.

 

(b) Property, plant and equipment            

 

(i)              Recognition and measurement

Items of property, plant and equipment are measured at cost less accumulated depreciation and impairment losses. The cost values of individual assets in the categories of property, plant and equipment were determined on 1 January 2017, when the Company adopted IFRS reporting, based on their fair values as of 1 January 2016.A

 

Cost includes expenditures that are directly attributable to the acquisition of the asset. The cost of self-constructed assets includes the cost of materials and direct labour, any other costs directly attributable to bringing the asset to a working condition for its intended use, and the costs of dismantling and removing the assets and restoring the site on which they are located. Borrowing costs related to the acquisition, construction or production of qualifying assets are capitalised to the cost of the asset.

 

When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment.

Gains and losses on the disposal of an item of property, plant and equipment are determined by comparing the proceeds from the disposal with the carrying amount of the item and are recognised net in profit or loss among other income.

 

(ii)            Subsequent costs

The cost of replacing part of an item of property, plant and equipment is recognised in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Company and its cost can be measured reliably. The carrying value of the replaced part is derecognised. The costs of the day-to-day servicing of property, plant and equipment are recognised in profit or loss as incurred.

 

(iii)           Depreciation

Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives of each part of an item of property, plant and equipment and based on the amount of the depreciable asset value. The depreciable amount of an asset is its cost less any residual value. Right-of-use assets are amortised during the term of the relevant lease classified by the Company in accordance with IFRS 16. Land is not depreciated.

 

The estimated useful lives for the current and comparative period are as follows:

·                buildings                                                                         30-50 years

·                machinery, equipment                                                      7 years

·                vehicles                                                                             4-5 years

Waberer’s International Nyrt.

Financial statements for 2021

figures in kEUR unless indicated otherwise

·                other equipment and fittings                                            7 years

 

The average useful life of leased tractors is 4 years, that of semi-trailers is 10 years.

The depreciation methods, useful lives and residual values are revised at each balance sheet date.

(c) Intangible assets

 

(i)            Other intangible assets

Other intangible assets acquired by the Company which have definite useful lives are recognised at cost less accumulated amortisation and accumulated impairment losses.

 

(ii)             Subsequent expenditure

Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditures, including expenditure on internally generated goodwill and brands, is recognised in profit or loss when incurred.

 

(iii)           Amortisation

Amortisation is recognised in profit or loss on a straight-line basis, with the exception of goodwill, over the estimated useful lives of intangible assets, from the date that they are available for use. The estimated useful lives for the current and comparative period are as follows:

·       software                                                                                    10 years

·       rights and concessions                                                                 6 years

 

(d) Investment property

 

Investment property is held for rent or for capital appreciation or both, and is therefore not held for sale in the ordinary course of business, or for use for the production or supply of goods or services, or for administrative purposes. Investment property is measured at cost less accumulated depreciation.

 

  

(e) Right-of-use assets

 

Right of use assets are recorded in line with IFRS 16. A more detailed disclosure is presented in Note 3 (Application of new standards) above.

 

 (f) Gain on fleet sales

 

The gains on fleet disposal are recognised as gains on vehicles sold.

 

(g) Inventories

 

Inventories are measured at the lower of cost and net realisable value.  The cost of spare part inventories is determined at average price and the cost of tank inventories is based on the FIFO principle, and includes expenditure incurred in acquiring the inventories, their production or transformation costs, and other costs incurred in bringing them to their existing location and condition.

 

Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses.

 

(h) Impairment loss

 

(i)      Financial assets

 

The Company assesses on a forward-looking basis the expected credit losses (‘ECL’) associated with its debt instrument assets carried at amortized cost and FVOCI. The company recognizes a loss allowance for such losses

Waberer’s International Nyrt.

Financial statements for 2021

figures in kEUR unless indicated otherwise

on a daily basis. The measurement of ECL reflects:

·       An unbiased and probability-weighted amount that is determined by evaluating a range of possible outcomes;

·       The time value of money; and

·       Reasonable and supportable information that is available without undue cost or effort at the reporting date about past events, current conditions and forecasts of future economic conditions.

The measurement of the expected credit loss allowance for financial assets measured at amortized cost and FVOCI is an area that requires the use of complex models and significant assumptions about future economic conditions and credit behaviour (e.g. the likelihood of customers defaulting and the resulting losses).

The general approach reflects the pattern of deterioration or improvement in the credit quality of financial instruments. The amount of ECL recognized as a loss allowance or provision depends on the extent of credit deterioration since initial recognition. Under the general approach, there are two measurement bases:

·       12-month ECL (Stage 1), which applies to all items (from initial recognition) as long as there is no significant deterioration in credit quality

·       Lifetime ECL (Stages 2 and 3), which applies when a significant increase in credit risk has occurred on an individual or collective basis

If financial assets became credit-impaired (Stage 3) interest revenue is calculated by applying the effective interest rate (EIR) to the amortized cost (net of the impairment allowance) rather than the gross carrying amount.

The simplified approach does not require the tracking of changes in credit risk, but instead requires the recognition of lifetime ECL at all times. For trade receivables or contract assets that do not contain a significant financing component and for short term trade receivables with significant financing component (for which The Company decided not to adjust the consideration for the interest component for revenue recognition), simplified approach shall be applied. The impairment of other financial assets is recognized based on the general approach.

The Company chose to apply simplified approach for trade receivables with a significant financing component that are not considered to be short term (receivables with maturity over 12 months).

When lifetime ECLs are recognized, impairment losses are recognized through an allowance account to write down the asset’s carrying amount to the present value of expected cash flows discounted at the original effective interest rate of the asset.

The Company determines lifetime ELCs using an impairment matrix for the calculation of lifetime ECL under the simplified approach. The matrix considers certain circumstances of the debtors and the number of days past due. The impairment rates in the matrix are determined considering the general requirements of IFRS 9 for the calculation expected credit losses.

If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognized (such as an improvement in the debtor’s credit rating), the previously recognized impairment loss is reversed by adjusting the allowance account through profit or loss for the year. The reversal shall not result in a carrying amount of the financial asset that exceeds what the amortized cost would have been had the impairment not been recognized at the date the impairment is reversed.

The Company writes off financial assets, in whole or in part, when it has exhausted all practical recovery efforts and has concluded there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include:

        ceasing enforcement activity and

        where the recovery method is foreclosing on collateral and the value of the collateral is such that there is no reasonable expectation of recovering in full.



Waberer’s International Nyrt.

Financial statements for 2021

figures in kEUR unless indicated otherwise

Uncollectible assets are written off against the related impairment loss account after all the necessary procedures to recover the asset have been completed and the amount of the loss has been determined. Subsequent recoveries of amounts previously written off are credited to impairment loss account in profit or loss for the year.

               (ii)          Non-financial assets

The carrying amounts of the Company’s non-financial assets, other than inventories and deferred tax assets, are reviewed at each reporting date to determine whether there is any indication of impairment.  If any such indication exists then the asset’s recoverable amount is estimated.

In respect of other assets, impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.

 

(i) Non-current assets held for sale

 

Non-current assets (or disposal groups comprising assets and liabilities) whose carrying amount will be recovered principally through a sale transaction rather than through continuing use are considered to be non-current assets classified as held for sale. Immediately prior to the classification as held for sale the assets (or components of the disposal group) are re-measured in accordance with the Company's accounting policies. Thereafter, the assets (or disposal group) are measured at the lower of the carrying value and the fair value less cost to sell.

Impairment losses related to a disposal group are allocated initially to goodwill and then proportionally to the other assets, apart from inventories, financial assets, deferred tax assets, employee-benefit related assets and investment properties, to which losses are not allocated, and which are still measured in accordance with the Company's accounting policies. Impairment losses related to the initial classification as held for sale and any subsequent gains or losses following re-measurement are recognised in profit or loss. Gains are recognised up to the amount of any cumulative impairment loss.

When classifying the assets back the Company compares the carrying value less impairment of the assets held for sale with the value that would have prevailed if the assets had been depreciated when carried as held for sale, before proceeding to use the lower figure, if this was not higher than the recoverable amount of the asset.

 

(j) Employee benefits

 

(i) Defined contribution plans

 

Defined contribution plans are post-employment benefit plans under which an enterprise pays fixed contributions into a separate entity but has no legal or constructive obligation to pay further contributions. Payments to defined contribution pension-benefit plans are recognised in profit and loss as employee benefit related expense when incurred.

 

(ii) Termination benefits

Termination benefits are recognised as expense when the Company is demonstrably committed to a detailed formal plan to terminate employment before the normal retirement date or to provide termination benefits as a result of an offer made in order to encourage voluntary redundancy, without a realistic possibility of withdrawal. Termination benefits for voluntary redundancies are recognised as expense if the Company has made an offer encouraging voluntary redundancy, it is probable that the offer will be accepted and the number of acceptances can be estimated reliably.

 

(iii) Short-term employee benefits

Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided.

 

A liability is recognised for the amount expected to be paid under short-term cash bonus or profit-sharing plans if the Company has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably.

 



Waberer’s International Nyrt.

Financial statements for 2021

figures in kEUR unless indicated otherwise

(k) Provisions

 

A provision is recognised if, as a result of a past event, the Company has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability.

 

       (l) Revenues

 

      IFRS 15 - Revenue from Contracts with Customers

IFRS 15 establishes a five-step model to account for revenue arising from contracts with customers and requires that revenue be recognised at an amount that reflects the consideration to which an entity expects to be entitled in exchange for transferring goods or services to a customer. Revenue is recognised when it is probable that the economic benefits associated with a transaction will flow to the enterprise and the amount of the revenue can be measured reliably. Sales are recognised when control of the goods or services are transferred to the customer. 

 

The Company has generally concluded that:

        it satisfies performance obligations at a point in time, because control is transferred to the customer on delivery of the goods;

        it is the principal in its revenue arrangements, because it typically controls the goods or services before transferring them to customers;

        significant financing component does not exist, because the period between the transfer of the promised good or service to the customer and when the customer pays for that good or service is expected to be one year or less at contract inception.

  As a result, the application of IFRS 15 - Revenue from Contracts with Customers does not have a material impact on the  

  Company’s financial statements. 

 

(m) Non-current assets held for sale

 

The profit or loss on the disposal of non-current assets held for sale is recognised as other income or other expense, as appropriate.

 

(n) Finance income and expense

 

Finance income comprises the following: interest income on investments (including available-for-sale financial assets), dividend income, gains from  the sale of financial assets at fair value through profit and loss,             financial assets at fair value through profit or loss. Interest income is recognised as it accrues, using the effective interest method. Dividend income is recognised on the date that the Company’s right to receive payment is established, which in the case of quoted securities is the ex-dividend date

 

Finance expenses comprise the following: interest expense on borrowings, unwinding of the discount on provisions, changes in the fair value of financial assets at fair value through profit or loss, and impairment losses recognised on financial assets.

 

Foreign exchange gains and losses are recognised net.

 

(o) Income tax

 

Income tax expense comprises current and deferred income taxes. Income tax expense is recognised in profit or loss except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity.

 

Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years.

Waberer’s International Nyrt.

Financial statements for 2021

figures in kEUR unless indicated otherwise

Hungarian municipal business tax payable is also presented as an income tax.

 

Deferred tax is recognised using the balance sheet method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for the following temporary differences: the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit, and differences relating to investments in subsidiaries and jointly controlled entities to the extent that they probably will not reverse in the foreseeable future. In addition, deferred tax may not be recognised for temporary taxable differences related to the initial recognition of goodwill. Deferred tax is measured at the tax rates that are expected to be applied to the temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date.

 

Deferred tax assets and deferred tax liabilities should be offset on the statement of financial position only if the entity has the legal right to offset current tax assets with current tax liabilities, and they are related to income taxes levied by the same taxing authority on the same taxable entity, or on different entities that intend to realise their current tax assets and settle their current tax liabilities either on a net basis or at the same time.

 

A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised.

 

(s)    Fair value hierarchy

 

For fair value measurement, the Group uses a fair value hierarchy in which the inputs used are classified in three categories: the most significant category (Level 1) includes inputs are quoted (unadjusted) market prices in active markets for identical assets or liabilities, while the lowest category (Level 3) includes unobservable inputs.

Where the inputs used for the fair value measurement of an asset or liability fits more than one level within the fair value hierarchy, the related asset or liability is allocated based on the lowest level input that is significant to the fair value measurement. Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable

 

Level 1 inputs

Quoted (unadjusted) market prices in active markets for identical assets or liabilities available to the entity at the time of measurement. Quoted market prices in active markets are the most reliable evidence of fair value which, if available, should be used without adjustments to measure fair value.

 

Level 2 inputs

Directly or indirectly observable inputs, other than quoted prices, for and asset or liability and include:

-        prices of comparable assets or liabilities quoted in active markets.

-        prices of comparable assets or liabilities quoted in other than active markets.

-        observable inputs for the asset or liability, other than quoted prices, such as:

o   interest rates and yield curves observable for typical periods;

o   tentative volatily; and

o   credit spreads

o   market supported inputs.

 

Level 3 inputs

These are unobservable inputs for an asset or liability. Where no relevant observable inputs are available, unobservable inputs should be used to determine the fair value. This includes taking into consideration situations in which market activity of the asset or liability at the time of measurement is low, if any. Yet, the purpose of fair value measurement remains unchanged: an exit price at the measurement date from the perspective of the market participant who is the owner of the asset or the obligor of the liability. Therefore, unobservable inputs must reflect the assumptions, including risk assumptions, that market participants would use for pricing the asset or liability.

 



Waberer’s International Nyrt.

Financial statements for 2021

figures in kEUR unless indicated otherwise

Based on the above, the Group uses the following basis for the fair value measurement of non-current debt and equity instruments by keeping the below order of measurement procedures:

a.      listed fix and variable interest bonds and discounted treasury bonds (except government bonds and discount treasury bonds in the primary dealer system) are measured consistently in the measurement period as the aggregate of the last closing quoted net rate plus any interest accumulated until the reporting date;

b.      fix and variable interest rate in the primary dealer system with a remaining term of no more than 3 months and discounted treasury bonds are measured as the aggregate of the arithmetical average of the best net buy and sell rates published by the Sovereign Debt Management Centre (ÁKK) at the reporting date or the preceding working day plus any interest accumulated until the reporting date;

c.      government bonds and discounted treasury bonds with fix and variable interest rate with a remaining term of no more than 3 months (including securities with governmental joint and several liability) are measured as the aggregate of the net yield calculated based on the 3-month reference yield published by ÁKK at the reporting date or the preceding working day and any interest accumulated until the reporting date;

d.      for listed debt securities (except government bonds in the primary dealer system), if no quoted price over 30 days is available, the fair value is measured based on the last recorded volume weighted average net OTT price published before the reporting date plus any interest accumulated until the reporting date provided that such information is within 30 days. The same measurement method applies to unlisted debt securities;

e.      if none of the above measurement methods is practicable, the net acquisition price should be used by adding any interest accumulated since the last interest payment until the reporting date to the acquisition price.

(t)    Valuation of investments

 

The Company measures its subsidiaries at costs and records impairment if the recoverable amount is lower than the carrying amount. Carrying amount is the amount at which the investment  is recognised after deducting any accumulated impairment losses thereon. The recoverable amount of the investments is the higher of its fair value less costs of disposal and its value in use. Value in use is the present value of the future cash flows expected to be derived from an asset or cash‑generating unit. The Company is reviewing the cash generating operation of the subsidiaries and if loss is generated by the subsidiary a review is performed if the investment value should be impaired. If there is a triggering event (i.e. loss making or actual cash flows significantly lower than expected) the Company prepares a discounted cash flow model to review if the recoverable amount is higher than the carrying amount.

     Discount rate is determined to reflect the time value of money industry at entity related risks which are not included in 

 the future cash flow plans. 

(u)   The Company as a lessor

 

The Company subleases the vehicles to the franchise companies – from 1 July 2020 Nexways Cargo only. The measurement of the receivables arising from these finance leases equals to the corresponding leasing liability because all the underlying parameter (i.e. net investment, interest rate, contracted period) are the same. In the lease contract there are additional service provided in connection with the navigation, gear service, maintenance and other services related to the operation. These services recorded as revenue in The Company and other operational expense in the franchise companies. In line with the above content the invoiced rental fee consists of lease liability which is recorded as a reduction of the leasing receivables, interest which is recorded in the profit and loss account and the remaining amount is recorded as revenue of the services provided to the franchises.

 

4. Earnings per share

 

The issued share capital of Waberer’s International Nyrt. comprises 17,693,734 registered dematerialised ordinary shares of a nominal value of EUR 0.35 each.

The issued share capital of Waberer’s International Nyrt was EUR 6,192,807 at 31 December 2020 and 31 December 2021 and comprised 17,693,734 dematerialised ordinary shares of a face value of EUR 0.35 each, of which 214,699 treasury shares (total face value of EUR 75,144).

Waberer’s International Nyrt.

Financial statements for 2021

figures in kEUR unless indicated otherwise

Further to a decision of a Bord meeting of 22 February 2021, on 24 March 2021, Waberer’s International Nyrt. took ownership over 82,775 shares previously held by Waberer’s Employee Ownership Programme Organisation.

Number of treasury shares 2020.12.31: 131 924 shares       Face value: 46 173 EUR

Number of treasury shares 2021.12.31: 214 699 shares       Face value: 75 144 EUR

 

Earnings per share

2020

2021

Net profit after tax kEUR

-43 957

22 507

Weighted average of ordinary shares

17 561 810

17 497 858

Earnings per share EUR

-2,5

1,29

Diluted earnings per share EUR

-2,5

1,29

 

The weighted average of ordinary shares in 2020: 17 561 810 shares

The weighted average of ordinary shares in 2021: 17 497 858 shares

There was no diluting effect either in 2020 or in 2021, therefore diluted earnings per share are the same as earnings per share.

 

5. Intangible assets

 

Opening 1 Jan 2020

Intangible assets

Cost

29 334

Cumulative amortisation and impairment

-15 330

Net value

14 004

Changes in 2020

 

Additions and capitalisations

1 383

Depreciation

-2 049

Closing, net

13 338

Closing, 31 Dec 2020

 

Cost

30 717

Cumulative amortisation and impairment

-17 379

Net value

13 338

Changes in 2021

 

Additions and capitalisations

888

Depreciation

-2 074

Disposals

  0

Waberer’s International Nyrt.

Financial statements for 2021

figures in kEUR unless indicated otherwise

Closing, net

12 152

Closing, 31 Dec 2021

 

Cost

31 605

Cumulative amortisation and impairment

-19 453

Net value

12 152

 

 

(a)                       Intangible assets with indefinite useful lives

 

The Company has no assets with indefinite useful lives recorded under intangible assets.



Waberer’s International Nyrt.

Financial statements for 2021

figures in kEUR unless indicated otherwise

6. Tangible assets

 

Properties

Assets in the course of construction

Vehicles

Other equipment

Total

Opening at 1 January 2020

Gross value

16 504

116

88 584

11 163

           116 367

Cumulative depreciation and impairment loss

-9 828

-44 284

-8 942

-63 054

Net value

6 676

116

44 300

2 221

53 313

Changes in 2020

Additions and capitalisations

192

 -102

8

382

480

Depreciation, impairment

-1 104

-7 366

-1 160

-9 630

Derecognition

-12 839

-7

-12 846

Closing net value

       5 764

14

24 104

        1 435

31 317

Closing at 31 December 2020

Gross value

16 696

14

57 270

11 536

85 516

Cumulative depreciation and impairment loss

-10 932

-33 166

-10 101

-54 199

Net value

5 764

14

24 104

1 435

31 317

Changes in 2021

Additions and capitalisations

181

86

5 058

802

6 127

Depreciation, impairment

-374

-3 421

-1 103

-4 898

Adjustment of residual value

-16

-14

-3 773

-18

-3 821

Derecognition

        5 555

86

21 968

1 116

28 725

Closing net value

Closing at 31 December 2021

Gross value

16 288

86

51 867

11 815

91 515

Cumulative depreciation and impairment loss

-10 733

-29 898

-10 699

-62 790

Net value

5 555

86

21 968

1 116

28 725

                                                                         

Waberer’s International Nyrt.

Financial statements for 2021

figures in kEUR unless indicated otherwise

Vehicles

IFRS16 Vehicles

Opening at 1 January 2020

Gross value

88 584

85 041

Cumulative depreciation and impairment loss

-44 284

-42 513

Net value

44 300

42 528

Changes in 2020

Additions and capitalisations

8

0

Depreciation, impairment

-7 366

-7 071

Derecognition

-12 839

-12 196

Closing net value

24 104

23 261

Closing at 31 December 2020

 

 

Gross value

57 270

53 430

Cumulative depreciation and impairment loss

-33 166

-30 169

Net value

24 104

23 262

Changes in 2021

Additions and capitalisations

5 058

3 425

Depreciation, impairment

-3 421

-3 662

Derecognition

-3 773

-3 723

Closing net value

21 968

19 302

Closing at 31 December 2021

 

 

Gross value

51 867

45 629

Cumulative depreciation and impairment loss

-29 899

-26 327

Net value

21 968

19 302

 

 

(a)                       Properties

 

The following table includes the Company’s most significant properties as at 31 December 2021.

 

Property location

Country

Usage

Net value

Budapest, Nagykőrösi út 349-351

Hungary

Head Office

4 395   

Mosonmagyaróvár

Hungary

Business site – workshop

1 156  

 

 

(b)                       Movements in tangible assets

 

The cost of properties increased by kEUR 181 in 2021. Development and renovation took place on our existing properties as part of which a driver rest station with a capacity for 71 drivers was constructed at our Nagykőrösi út site and commissioned at the end of 2021.



Waberer’s International Nyrt.

Financial statements for 2021

figures in kEUR unless indicated otherwise

 

(c)                     Mortgaged assets

Contract no.

Contract type

Subject matter

Beneficiary

Secured by

Secured amount

11024/K/155/2021/3

Mortgage on property

Waberer’s International Nyrt. properties : Mosonmagyaróvár, urban zone, 2478; Mosonmagyaróvár, urban zone, 2484

 Raiffeisen Bank Zrt

Waberer’s International Nyrt

The maximum amount of liabilities secured by mortgage may not be over EUR 115,000,000

11024/K/155/2021/3

Mortgage on property

Waberer’s International Nyrt. properties :  Budapest, XXIII. distr., urban zone, 195853/13

 Raiffeisen Bank Zrt

Waberer’s International Nyrt

11024/K/155/2021/3

Mortgage on property

Waberer’s International Nyrt. properties: Budapest, XXIII. distr., urban zone, 195853/3

 Raiffeisen Bank Zrt

Waberer’s International Nyrt

11024/K/155/2021/3

Lien on specified assets

Waberer’s International Nyrt. assets other than receivables and VAT receivables

 Raiffeisen Bank Zrt

Waberer’s International Nyrt

The maximum amount of liabilities secured by mortgage may not be over EUR 115,000,000

D14N10672000IOJZM

Lien on movables

Lien on 292 Schmitz semi-trucks with ban on disposal and encumbrance

MKB Bank NYrt

Waberer’s International Nyrt

up to  EUR 4,307,560

D14N10682000JZKOM

Lien and surety agreement

Lien on receivables from a re-purchase agreement with Cargobull AG in relation to the 292 Schmitz semi-trailers

MKB Bank NYrt

Waberer’s International Nyrt

up to  EUR 4,307,560

 

The above mortgages were recorded in 2021 upon signing the Consortium financing agreement. In 2020 there were no mortgaged assets in the firm’s books.

 

(d)                       Leased assets

 

Tangible assets contain right-of-use assets. Among leased assets the trucks are leased to the Company’s subsidiaries with unchanged conditions which causes an intercompany receivable equal to the leasing liability. The Company operated 47 trucks and 2,668 trailers are presented among vehicles against leasing liabilities.

 

(e)                       Commitments as at the reporting date to purchase assets

 

The Company has general agreements for asset purchases for three years, which relate only to recommended quantities but do not imply any future obligations.

 

 

7.  Investments in subsidiaries

 

Company

Country

Scope of activities

Ownership     %

2020

Ownership %

2021

Book value

Waberer's - Szemerey Logisztika Kft.

Hungary

inland transportation, forwarding, logistics

100,00%

100,00%

6 151

Rapid Teherautószerviz

Hungary

vehicle repairs

51,00%

51,00%

26

Waberer's Slovakia

Slovakia

logistics

100,00%

100,00%

62

WSZL Automotív Kft.

Hungary

property rentals

100,00%

100,00%

-

Közdűlő Invest Kft.

Hungary

sale-purchase of own properties

100,00%

100,00%

93

KDI Property Kft

Hungary

international transportation

        0,00%

    100,00%

-

Delta Rent Kft.

Hungary

vehicle trade

100,00%

100,00%

172

Waberer’s International Nyrt.

Financial statements for 2021

figures in kEUR unless indicated otherwise

Bódi Intertrans Kft.

Hungary

international transportation

100,00%

100,00%

101

Nexways Cargo Kft.

Hungary

international transportation

100,00%

100,00%

43

LINK Sp. z o.o.

Poland

international transportation

100,00%

100,00%