Waberer’s - Rec. EBIT turned positive on solid RCL performance
- Group EBIT amounted to EUR 0.1mn, resulted in the first profitable quarter on operating level since Q3/18 due to the solid performance in RCL segment.
- Waberer's reported a rec. net loss of EUR 2.5 mn for Q1/20 vs net loss of EUR 4.4mn for Q1/19. Group revenues fell 5% to EUR 174mn. International transportation segment (ITS) shrunk due to fleet reduction program, which resulted in a 17% YoY decline in revenues, but Regional segment (RCL) mitigated the negative impact of deteriorating ITS as sales jumped by 33% due to client acquisitions. Group EBITDA was up by 1% YoY, totaling EUR 15.4mn in Q1/20 vs EUR 15.2mn in Q1/19. CEO Mr. Erdélyi said that Q1/20 results were in line with their expectations, with showing better utilization rates as a result of transformation initiatives and successful client acquisitions (CEO may refer to AUDI contract). CEO highlighted that COVID-19 has a significant impact on the Company as demand for international transportation plunged by 40-50% in mid-March. In contrast, coronavirus pandemic had a short-term positive impact on regional segment as volumes grew, but it changed rapidly as stockpiling effect is running out. However, in light of the weakness of automotive industry, order flow will be subdued. Financial stability remained secured partly as a result of debt moratorium in Hungary. Strategic review process has been suspended. Reported figures include non-recurring items in an extent of EUR -0.6mn related to advisory costs.
Waberer's International Nyrt, formerly Waberer's International Zrt, is a Hungary-based company engaged in the provision of the transportation services in the region of Central and Eastern Europe. The Company provides international road transportation, forwarding of LTL and groupage cargo, overseas and air transportation management, customs services, vehicle repair, second hand vehicle sales and logistics services. The Company operates also through subsidiaries, including Waberer's Logisztika Ltd that is charge of domestic transportation activities and operates with four divisions - gas, food, dry-cargo transportation and large truck operation, and H-Rapid service that operates within the dry-cargo division, delivering freight to its destination within 24 hours. Waberer's International Nyrt manages also subsidiaries in Romania, Poland and Slovakia as well as in the western region, in Spain and Germany.
Concorde Securities Ltd. is Hungary’s leading independent company engaged in investment banking activities. It provides its clients with integrated financial services, including securities trading, research, corporate financing advisory, capital market transactions, wealth management and investment advisory. The operational management of the company is the responsibility of the CEO, while the owners/managers (who control one-third of the company through their shares and options) are in charge of its strategic governance. Concorde Securities Ltd. is a member of the Budapest, Frankfurt, Warsaw and Bucharest stock exchanges, as well as of the Hungarian Association of Investment Service Providers.
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