WABERER'S GROUP
Q1 2024 results
Budapest, 15 May 2024
BUILDING THE NUMBER ONE COMPLEX LOGISTICS SERVICE PROVIDER IN CENTRAL AND EASTERN EUROPE.
COMPLEXITY I EXPANSION I SUSTAINABILITY I STABILITY I PEOPLE-FOCUSED
Disclaimer
This presentation may contain forward-looking statements. Statements that are not historical facts, including statements
about our beliefs and expectations, are forward-looking statements. These statements are based on current plans, estimates and projections, and therefore should not have undue reliance placed upon them. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events. Forward-looking statements involve inherent risks and uncertainties. We caution you that a number of important factors could cause actual results to differ materially from those contained in any forward-looking
statement. Such factors are described in, among other things the 2023 Annual Report, dated 12 April 2024, and available
on our website at https://www.waberers.com.
2
AGENDA
- Status of strategic projects & outlook for 2024
- Main resolutions of the Annual General Meeting & new shareholder structure
- Group and segment level results
- Reporting of jointly controlled entities
Key messages
- Record consolidated revenue (EUR 196.7 m) - revenue increase driven segments with higher profitability margin (RCL and insurance segment)
- EUR 8.5 m quarterly Group level EBIT (in line with the average of the previous quarters; EUR 2.8 m decrease vs. Q1 2023) - further expansion of the Contract Logistics (RCL) and Insurance segments, decrease due to weak demand in Europe and a significant increase in tolls in the Transportation and Freight Forwarding segment (ITS)
- Milestones of strategic development objectives in Q1 2024 - Waberer's Group has successfully completed the acquisition of 51% of the shares of PSP Group (leading player in rail logistics), and 55% of the shares of MD International (Serbian FMCG distributor company) and the development of the Ecser logistics center development is in the final phase
IV. Unchanged annual EBIT forecast - EUR 40+ m, similar to last year's record result
Delivering Results with Strategy 2027
Contract Logistics (RCL)
International
Transportation &
Freight Forwarding
(ITS)
2023
Focus warehouse logistics
in Hungary
Value added services 38% of revenues
Freight forwarding 26% of revenues
Focus on Road Transportation
2027
Focus: CEE region
Significant in-house and
e-commerceimprovement and powerful
own warehouse capacity
Value added services 60% of revenues
Freight forwarding 35% of revenues
Focus on Multimodal Transportation
Insurance | Generally MTPL and casco | |
insurance service portfolio | ||
Expanded non-life insurance service
portfolio
with potentially involving a partner
Strategic milestones of 2024 and outlook
Annual EBIT expectations of more than EUR 40 million, with strong Q3 and Q4 results expected; strategic projects already closed with an expected annualised EBIT potential of EUR 4 - 5 million
Status of Strategic projects
Contract Logistics (RCL)
Transportation & Freight Forwarding (ITS) | Insurance | |
- MDI (Serbia) acquisition
- Closing: March 2024
- P&L impact from Q2 2024
- Ecser warehouse development
- Launch of operations: Summer 2024
- P&L impact: from Q3 2024
- PSP (rail logistics) acquisitions
- Closing: February 2024
- P&L impact from Q1 2024
- Expected results announcement of the sale of Posta Insurance companies during the summer of 2024
- Debrecen warehouse development
- Planning phase
- Completion in 2025
Consolidated EBIT expectations | ||||||||||
Actuals 2023 | Budget 2024 | • | Q1 results were affected by a sharp increase in transit | |||||||
costs in the ITS segment, which will be reflected in | ||||||||||
service prices from the upcoming quarters | ||||||||||
• | European industrial production and Hungarian | |||||||||
consumption data may stabilise in the second half of | ||||||||||
the year | ||||||||||
Q1 | Q2 | Q3 | Q4 | • | Combined annualized EBIT generation capability of | |||||
MDI, PSP and the Ecser warehouse is EUR 4-5 | ||||||||||
2024 annual EBIT expectation: similar to 2023, EUR 40+ m | ||||||||||
million | 6 | |||||||||
Main resolutions of the AGM and new shareholder structure
Increasing dividend payments, new governing body members, MOL Group's purchase of a 15% stake
Election of new members of the governing bodies
New shareholder structure
Board of Directors: | Supervisory Board: | ||||||
3% | |||||||
Zsolt Barna - chairman | Éva Hegedűs - chairman | ||||||
Barna Erdélyi | Krisztián Hall | 30% | BDPST Group | ||||
Szabolcs Tóth - new member | David Thompson | 52% | MOL Group | ||||
Barlai Róbert | Botond Rencz - new member | Other insitutional and retail investors | |||||
György Dr. Bacsa - new, non- | Sándor Székely | Treasury shares and shares owned by the | |||||
15% | ESOP organization | ||||||
executive member | AttilaVerestóy | ||||||
Decision on the 2024 dividend
Dividend amount: HUF 120 per share, 20% annual increase
Dividend payment start date: 3. July 2024
MOL Group's acquisition of a 15% stake has been closed
Based on the strategic agreement signed at the time of the acquisition, the range of logistics services provided to MOL Group has been further expanded
Trend of financial performance on quarterly basis
Quarterly EBIT performance in line with the average of the last 3 years, increase in indebtedness due to acquisitions and logistics centre development
Group EBIT (EUR mn)
12.1 | 14.3 | -24% | |||||||||||||||||
10.3 | 9.7 | 11.2 | 9.3 | ||||||||||||||||
8.3 | 8.0 | 8.5 | |||||||||||||||||
7.7 | |||||||||||||||||||
6.6 | |||||||||||||||||||
3.5 | 4.5 | 4.6 | |||||||||||||||||
1.2 | |||||||||||||||||||
0.1 | |||||||||||||||||||
-2.7 | |||||||||||||||||||
Q1 20 | Q2 20 | Q3 20 | Q4 20 | Q1 21 | Q2 21 | Q3 21 | Q4 21 | Q1 22 | Q2 22 | Q3 22 | Q4 22 | Q1 23 | Q2 23 | Q3 23 | Q4 23 | Q1 24 |
Group net indebtedness and leverage (EUR mn)
187 | 176 | 164 | 182 | 203 | 214 | 237 | ||||||||||||||
161 | 149 | 145 | 150 | |||||||||||||||||
123 | 120 | 122 | 127 | |||||||||||||||||
115 | 112 | |||||||||||||||||||
3.2 | 3.1 | 2.9 | 2.2 | 2.1 | 1.7 | 1.6 | 1.6 | 1.7 | 2.0 | 1.8 | 1.9 | 1.9 | 2.0 | 2.2 | 2.2 | 2.5 | ||||
Q1 20 | Q2 20 | Q3 20 | Q4 20 | Q1 21 | Q2 21 | Q3 21 | Q4 21 | Q1 22 | Q2 22 | Q3 22 | Q4 22 | Q1 23 | Q2 23 | Q3 23 | Q4 23 | Q1 24 | ||||
Consolidated quarterly results
Record quarterly revenue, consolidated EBIT in line with the average of previous years
Group revenue (EUR mn)
+11% | |
177 | 197 |
Q1 23 | Q1 24 |
- Group revenue
- 11% increase resulted in revenue of EUR 197 m, a record quarterly figure for the Group.
- Group EBIT
- Similar to the previous quarters' average EBIT, resulting in EUR 8.5 m performance.
- Further improvement in the contract logistics and the insurance segment's performance, with weak demand in Europe leading to a decrease in the transportation and freight forwarding segment.
- Group Net Income
- Lower net income due to negative (non-cash,non-realised) FX effects, lower interest income and higher leasing related interest costs.
Group EBIT (EUR mn)
-24% | |
11.2 | |
8.5 | |
Q1 23 | Q1 24 |
Group net income (EUR mn)
Main drivers: | |||||||
-89% | • Change in EBIT: - 2.7 m EUR | ||||||
• | FX impact: -3.9 m EUR | ||||||
10.4 | • | Deferred taxes: - 0.9 m EUR | |||||
• Decreasing interest income & | |||||||
increasing lease related | |||||||
interest costs: - 1.8 m EUR | |||||||
1.1 | |||||||
Q1 23 | Q1 24 | 9 | |||||
Quarterly segment results
RCL and insurance (segments with major strategic focus in the Group) have further improved their results, partly offsetting the weaker quarterly performance of the international transportation business that faced market challenges
ITS (EUR mn) | |||
+6% | -211% | ||
111 | 118 | 1.8 | |
23 Q1 | 24 Q1 | -2.0 | |
Revenue | 23 Q1 | 24 Q1 | |
EBIT | |||
RCL (EUR mn) |
ITS
- Increasing revenue despite the weak European demand
- Sharp increase in toll fees and transit costs resulted in decreasing EBIT performance
RCL
- 2nd highest EBIT performance in the past three years
- Expanding in the in-house logistics business and acquiring new domestic transportation customers
Insurance
- 15% increase in the contract portfolio
- Record quarterly segment EBIT due to high investment result
Insurance (EUR mn)
+17% | |
50 | 59 |
23 Q1 | 24 Q1 |
Revenue |
+15% | |
4.0 | 4.6 |
23 Q1 | 24 Q1 |
EBIT |
+22% | |
19 | 23 |
23 Q1 | 24 Q1 |
Revenue |
+9% | |
5.4 | 5.9 |
23 Q1 | 24 Q1 |
EBIT |
Note: ITS: International Transportation and Freight Forwarding segment; RCL: Regional Contract Logistics | 10 |
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Waberer's International Nyrt. published this content on 15 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 May 2024 15:29:06 UTC.