Waberer’s acquires Gyarmati Trans Kft
Waberer’s announced this week to have acquired the logistics operation of Budapest-based Gyarmati Trans Kft, ...
THIRD QUARTER FINANCIAL REPORT
Stabilised group level performance, further improving ebit
Budapest, 5 November 2021 – WABERER’S INTERNATIONAL Nyrt. today reports its financial results for the three months ended 30 September 2021 and first 3 quarters of 2021.
Highlights Q3 2021
– Revenue increased by 7.9% in the third quarter of 2021 on a year-on-year basis and reached EUR 147.8 million. The change compared to the previous quarter (Q2 2021) was -1.4% and both the ITS and RCL segments were affected. The quarter-by-quarter change was mostly driven by seasonal patterns (summer holidays and seasonal production decrease at major factories during the holiday season).
– Recurring EBIT reached EUR 6.6 million in Q3 2021 which is a EUR 5.4 million improvement compared to Q3 2020, while year-to-date recurring EBIT increased by EUR 20.3 million compared to the first nine months of 2020 and reached EUR 18.9 million. The quarterly EBIT increase is mostly attributable to the ITS segment (+6.7 million year-on-year increase). The ITS segment further improved compared to the previous (Q2 2021) quarter and achieved the second consecutive quarter with positive EBIT performance. Quarterly recurring EBIT decreased by EUR 1.2 million in the RCL segment in Q3 2021 mostly due to return of the normal pre-covid expense level. There was no change in the recurring EBIT in the Other segment compared to Q3 2020.
– Recurring Net income increased to EUR 3.3 million in the third quarter of 2021 which is a EUR 4.5 million improvement on a year-on-year basis while year-to-date cumulative recurring Net Income reached EUR 12.1 million in 2021, a EUR 27 million improvement compared to the first nine months of 2020.
– Net financial indebtedness further decreased compared to the previous quarter and was EUR 112 million on 30 September 2021, a decrease of EUR 48.6 million compared to 30 September 2020. The net leverage ratio on 30 September 2021 was 1.6x LTM (Last twelve months) recurring EBITDA (30 September 2020: 2.9x). The continuous net debt decrease since the second quarter of 2019 has been driven by the fleet size decrease in the ITS segment and the postponement of fleet replacements. The decrease has also been supported by improved cash generation in recent quarters.
– Non-recurring items were not incurred in the first nine months of 2021.
Management believes that:
– The success of the new operational model has been proven for several quarters;
– Allowing for the seasonal effects during the quarter, the efficiency level – reached in the last 1-2 quarters – was successfully maintained;
– The number and the volume of the risks affecting the logistics industry is increasing, such as the chip and other components shortage that affects more and more customers, the unpredictable changes of the global supply chain processes, the increasing pressure of labour force shortages, and the temporary shortage of Adblue, an indispensable component of the modern EURO6 diesel engines providing significantly lower emission levels during operation.
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