ENG Waberers IFRS Consolidated Financial Statement and Notes 2015.12.31

WABERER'S International NyRt.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
data in EUR
Description Note FY 2014 FY 2015
restated
NON-CURRENT ASSETS
Property 8 15,972,261 17,995,891
Construction in progress 8 2,680,605 4,940,740
Vehicles 8 227,001,566 235,625,070
Other equipment 8 5,208,625 5,708,837
Total property, plant and equipment 250,863,057 264,270,538
Intangible assets 7 1,020,616 1,144,032

Goodwill 7 18,262,009 18,502,088
Other non-current financial assets 10 684,594 812,467
Deferred tax asset 30 346,857 462,926
TOTAL NON-CURRENT ASSETS 271,177,133 285,192,051
CURRENT ASSETS
Inventories 11 3,262,669 2,877,932
Current income taxes (corporation and special tax, business tax) 30 253,584 1,615,659
Trade receivables 12-13 82,624,817 87,621,441
Other current assets and derivatives 14 37,412,962 48,423,174
Cash and cash equivalents 16 20,939,007 10,439,523
Assets classified as held for sale 15 1,923,861 4,550,122
TOTAL CURRENT ASSETS 146,416,900 155,527,851
TOTAL ASSETS 417,594,033 440,719,902
SHAREHOLDERS' EQUITY 17
Share capital 5,128,910 5,128,910
Reserves and retained earnings 85,590,301 95,525,261
Translation difference (228,713) (137,140)
Total equity attributable to the equity holders of the parent company 90,490,498 100,517,031
Minority interest 4,303,430 4,729,127
TOTAL SHAREHOLDERS' EQUITY 94,793,928 105,246,158
LIABILITIES
LONG-TERM LIABILITIES
Long-term portion of long-term loans 21 19,548,050 8,622,375
Long-term portion of leasing liabilities 18 153,889,616 146,852,798
Deferred tax liability 30 5,764,715 5,065,663
Provisions 19 957,116 949,920
Other long-term liabilities 20 6,114,822 6,311,990
TOTAL LONG-TERM LIABILITIES 186,274,319 167,802,746
CURRENT LIABILITIES
Short-term loans and borrowings 32 - 29,910,880
Short-term portion of leasing liabilities 18 51,230,071 51,153,118
Trade payables 29 75,289,235 70,329,329
Current income taxes (corporation and special tax, business tax) 30 640,195 238,293
Provisions 19 2,189,539 4,603,025
Other current liabilities and derivatives 22 7,176,746 11,436,352
TOTAL CURRENT LIABILITIES 136,525,786 167,670,998
TOTAL LIABILITIES 322,800,105 335,473,743
TOTAL EQUITY AND LIABILITIES 417,594,033 440,719,902
Budapest, 16 March 2016

WABERER'S International NyRt.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
data in EUR
Description FY 2014 FY 2015
restated
Note information data information data
Continuing activities
Net Revenue 23 496,199,940 522,480,448
Cost of recharged services 23 95,560,571 112,893,649
Adjusted revenue 400,639,369 409,586,799
Other direct costs 24 340,107,335 351,070,246
from this: depreciation and amortization 24 38,334,358 45,343,718
CONTRIBUTION 2 / GROSS MARGIN 60,532,034 58,516,553
Indirect costs 25 37,646,882 44,595,120
from this: depreciation and amortization 25 3,557,526 4,212,160
Other income 26 19,572,168 16,601,302
Other expenses 27 17,134,051 10,773,458
Analysis of profit before interest and tax :

Profit before interest, tax, depreciation and amortization (EBITDA) 67,215,153 69,305,155
Depreciation and amortization 41,891,884 49,555,878
Profit before interest and tax (EBIT) 25,323,269 19,749,277
Interest income 98,286 84,260

Interest expense 28 7,218,850 6,373,537
Other finance results 29 (1,919,667) 3,390,445
of which: realised foreign exchange impact (783,778) 64,537
non-realised foreign exchange impact (287,815) (184,662)
results of valuation of derivative transactions (888,157) 3,510,570
Net results on selling of investments 23,992 23,877
Net finance results (9,016,239) (2,874,955)
- -
PROFIT (LOSS) BEFORE INCOME TAX 16,307,030 16,874,322
Income taxes 30 5,226,428 4,454,433
PROFIT (LOSS) FOR THE YEAR 11,080,602 12,419,889
DISCOUNTINUED OPERATION
Profit/loss from discountinued operation - -
(decreased with deferred tax)
CURRENT YEAR PROFIT/LOSS 11,080,602 12,419,889
OTHER COMPREHENSIVE INCOME

Items to be reclassified subsequently to profit or loss
Fair-value of cash-flow hedged transaction (fuel and FX) - less deferred tax (675,394) (1,383,057)
Translation difference from foreign entities 4,679 131,554
OTHER COMPREHENSIVE INCOME (670,715) (1,251,503)
TOTAL COMPREHENSIVE INCOME 10,409,887 11,168,386
PROFIT/LOSS
attributable to equity holders of the parent 9,929,833 11,267,883
from non-controlling interest 1,150,769 1,152,006
Current year Profit/Loss 11,080,602 12,419,889
Number of shares 14,654,028 14,654,028
EPS 0.76 0.85
TOTAL COMPRENSIVE INCOME

from shareholders 9,259,118 10,016,380
from non-controlling interest 1,150,769 1,152,006
TOTAL COMPRENSIVE INCOME 10,409,887 11,168,386

WABERER'S INTERNATIONAL NyRt.
CONSOLIDATED STATEMENT OF CASH FLOWS
data in EUR
Description Note FY 2014 FY 2015
Profit/loss before tax 16,307,030 15,892,995

Non-realised exchange loss/gain on leases (-) 29 280,524 (24,111)
Non-realised exchange loss/gain on other FX assets and liabilities (-) 29 503,254 208,773
Booked depreciation and amortisation 8 41,891,884 49,555,878
Impairment 13 5,004,372 173,963
Interest expense 28 7,218,850 6,373,537
Interest income (80,562) (84,260)
Difference between provisions allocated and used 19 (1,026,337) 2,406,290
Result from sale of tangible assets 26 (151,414) (27,090)
Result from sale of non-current assets held for sale 15, 26 (8,182,232) (5,891,213)
Net cash flows from operations before changes in working capital 61,765,369 68,584,763
Changes in inventories 11 3,733,044 312,417
Changes in trade receivables 12 (3,182,152) (5,001,079)
Changes in other current assets and derivative financial instruments 14 (8,104,775) 1,055,261
Changes in trade payables 32 10,788,478 (5,503,245)
Changes in other current liabilities and derivative financial instruments 22 (2,006,851) 1,243,765
Income tax paid 30 (5,137,269) (6,770,092)
I. Net cash flows from operations 57,855,845 41,206,829
Tangible asset additions 7 (7,612,567) (10,324,344)
Tangible asset additions financed with loan (36,492,370) (23,603,705)
Income from sale of tangible assets 7 413,295 194,176
Income from sale of non-current assets held for sale 15 42,868,916 30,012,811
Changes in other non-current financial assets 10 121,281 (127,873)
Prepayment made for acquisition 14 - (12,714,962)
Interest income 80,562 84,260
II. Net cash flows from investing activities (620,883) (3,764,675)
Borrowings 32 36,492,370 23,603,705
Repayment of loans, borrowings 32 (8,347,216) -
Lease payment 18 (40,495,753) (39,292,120)
Lease payment related to sold assets (32,621,666) (24,920,084)
Interest paid 28 (7,218,850) (6,373,537)
Dividend paid - (959,602)
III. Net cash flows from financing activities (52,191,115) (47,941,637)
IV. Changes in cash and cash equivalents 5,043,847 (10,499,484)

Cash and cash equivalents as at the beginning of the year 32 15,895,160 20,939,007
Cash and cash equivalents as at the end of the year 32 20,939,007 10,439,523

WABERER'S INTERNATIONAL NyRt.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
data in EUR
Total equity attributable to
Reserves and retained Translation the equity holders of the Non controlling Total shareholders'
Note Subscribed capital
earnings difference parent company interest equity
Opening value as at 1 January 2014 5,128,910 76,351,007 (233,392) 81,246,525 3,777,984 85,024,509
Fair-value of cash-flow hedged transaction (FX) - less deferred tax 22, 30 - (675,394) - (675,394) - (675,394)
Exchange difference on foreign operations - - 4,679 4,679 - 4,679
Other comprehensive income - (675,394) 4,679 (670,715) - (670,715)
Profit/Loss for the year - 8,497,174 - 8,497,174 969,594 9,466,768
Adjustment on correction of error 6 - 1,432,659 - 1,432,659 181,175 1,613,834
Total comprehensive income - 9,254,439 4,679 9,259,118 1,150,769 10,409,887
Increase due to business combination - - - - 233,684 233,684
Dividend paid to external owners - - - - (665,171) (665,171)
Other movements - (15,145) - (15,145) (193,836) (208,981)
Closing value as at 31 December 2014 5,128,910 85,590,301 (228,713) 90,490,498 4,303,430 94,793,928
Opening value as at 1 January 2015 5,128,910 85,590,301 (228,713) 90,490,498 4,303,430 94,793,928
Fair-value of cash-flow hedged transaction (FX) - less deferred tax 22, 30 - (1,383,057) - (1,383,057) - (1,383,057)
Exchange difference on foreign operations - - 131,554 131,554 - 131,554
Other comprehensive income - (1,383,057) 131,554 (1,251,503) - (1,251,503)
Profit/Loss for the year - 11,267,883 - 11,267,883 1,152,006 12,419,889
Total comprehensive income - 9,884,826 131,554 10,016,380 1,152,006 11,168,386
Increase due to business combination - - - - 240,079 240,079
Dividend paid to external owners - - - - (959,602) (959,602)
Other movements - 50,134 (39,981) 10,153 (6,786) 3,367
Closing value as at 31 December 2015 5,128,910 95,525,261 (137,140) 100,517,031 4,729,127 105,246,158

Waberer’s International Nyrt.
Consolidated financial statements for 2015 figures in EUR 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 consolidated financial statements as at and for the year ended 31 December
2015 comprise the Company and its subsidiaries (hereinafter collectively referred to as: the “Group”, and
separately as “Group entities”) as well as the Group’s interests in associates and jointly controlled entities. The
Group's core activity is transportation, forwarding and logistics services.
2. Basis of preparation
(a) Statement of compliance
The Group's consolidated financial statements were prepared in accordance with International Financial
Reporting Standards (IFRS) as adopted by the European Union.
The IFRS comprise accounting standards issued by the IASB and its predecessor, as well as interpretations issued
by the International Financial Reporting Interpretations Committee (IFRIC) and its predecessor.
The consolidated financial statements were approved by the Board of Directors on 16 March 2016.
(b) Basis of measurement
With the exception of derivative financial instruments, which were measured at fair value, the consolidated
primary financial statements were prepared on a historic cost basis.
The methods used for fair value measurement are detailed in Note 32.
(c) Functional and presentation currency
On 31 December 2012, management decided to change the Company’s presentation currency. The Group’s sales
revenues are generated and its costs incur predominantly in EUR and changes in the local Hungarian economy
have very little effect on EUR rates. 95% of the Company’s business is done within the European Union. The
Group is financed in EUR and, owing to the special and EU-wide nature of the Company’s business, the CDS
rates for Hungary are barely considered by the Group’s funders and creditors when establishing their interest
premiums. Accordingly, the consolidated financial statements are prepared in EUR which has been the
Company’s presentation currency since 1 January 2013.
The change in the presentation currency according to IAS 8 qualifies as a change in the accounting policy.
Therefore items shown in the notes for prior periods are presented as if the currently used currency has always
been in place.
(d) Use of estimates and judgments
The preparation of financial statements in accordance with the following accounting policies requires
management to make judgments, estimates and assumptions that affect the application of accounting policies and
the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are
recognised in the period in which the estimate is revised and in any future periods affected.
Information about significant areas of estimation uncertainty and critical judgments in applying accounting
1
policies that have the most significant effect on the amounts recognised in the financial statements are described
in the notes below:
§ measurement of recoverable amount of cash-generating unit containing goodwill (see Note 7. a)

§ provisions and contingent items (see Notes 19 and 33)
§ measurement of financial instruments (Note 32. d)
§ classification of leases (Note 3. g)
§ recording of gain on fleet sales (Note 3. h).
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 Group entities.
(a) Basis of consolidation
(i) Subsidiaries
Subsidiaries are entities controlled by the Group. Control exists when the Group has the power to govern the
financial and operating policies of an entity so as to obtain benefits from its activities. In assessing control,
potential voting rights that presently are exercisable are taken into account. The financial statements of
subsidiaries are included in the consolidated financial statements from the date that control commences until the
date that control ceases. The accounting policies of subsidiaries were amended if this was necessary to ensure
consistency with the policies applied by the Group.
(ii) Associates and jointly-controlled entities (equity accounted investees)

Associates are those entities in which the Group has significant influence, but not control, over the financial and
operating policies. Significant influence is presumed to exist when the Group holds between 20% and 50% of the
voting power of another entity. Jointly-controlled entities are those entities over whose activities the Group has
joint control, established by contractual agreement and where unanimous consent is required for strategic
financial and operating decisions.
Associates and jointly-controlled entities are accounted for using the equity method (equity accounted investees),
and are initially recognised at cost. The Group’s investments include goodwill identified on acquisition, net of
any accumulated impairment losses. The consolidated financial statements include the Group’s share of the
income and expenses and equity movements of equity-accounted investees, after adjustments to align the
accounting policies with those of the Group, from the date that significant influence or joint control commences
until the date that significant influence or joint control ceases. When the Group’s share of losses exceeds its
interest in an equity accounted investee, the carrying amount of that interest (including any long-term
investments) is reduced to nil and the recognition of further losses is discontinued except to the extent that the
Group has an obligation or has made payments on behalf of the investee.
(iii) Transactions eliminated on consolidation

Intra-group balances, and any unrealised income and expenses arising from intra-group transactions are
eliminated in preparing the consolidated financial statements. Unrealised gains arising from transactions with
equity accounted investees are eliminated against the investment to the extent of the Group’s interest in the
investee. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is
no evidence of impairment.
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(b) Foreign currency
(i) Foreign currency transactions

Transactions in foreign currencies are translated to the respective functional currencies of Group entities at
exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies
at the reporting date are retranslated to the functional currency at the exchange rate at that date. The foreign
currency gain or loss on monetary items is the difference between amortised cost in the functional currency at the
beginning of the period, adjusted for effective interest and payments during the period, and the amortised cost in
foreign currency translated at the exchange rate at the end of the period. Non-monetary assets and liabilities
denominated in foreign currencies that are measured at fair value are retranslated to the functional currency at the
exchange rate at the date that the fair value was determined. Gains and losses arising on remeasurement are
included in the consolidated profit or loss for the period, with the exception of gains and losses on the
remeasurement of available-for-sale equity instruments.
(ii) Foreign operations

The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on
acquisition, are translated to Hungarian forints at exchange rates at the reporting date. The income and expenses
of foreign operations are translated to forints at exchange rates at the dates of the transactions.
Foreign currency differences are recognised directly in equity, in the foreign currency translation reserve
(translation reserve). When a foreign operation is disposed of, in part or in full, the relevant amount in the
translation reserve is transferred to profit or loss.
Foreign exchange gains and losses arising from a monetary item receivable from or payables to a foreign
operation, the settlement of which is neither planned nor likely in the foreseeable future, are considered to form
part of a net investment in a foreign operation and are recognised directly in equity in the foreign currency
translation reserve.
(c) Financial instruments
(i) Non-derivative financial instruments

Non-derivative financial instruments comprise investments in equity and debt securities, trade and other
receivables, cash and cash equivalents, loans and borrowings, and trade and other payables.
Non-derivative financial instruments are recognised initially at fair value plus, for instruments not at fair value
through profit or loss, at fair value adjusted for any directly attributable transaction costs. Subsequent to initial
recognition non-derivative financial instruments are measured as described below.
Cash and cash equivalents comprise cash balances and call deposits.
Available-for-sale financial assets
The Group’s investments in equity securities and certain debt securities are classified as available-for-sale
financial assets. Subsequent to initial recognition they are measured at fair value, and changes therein, other than
impairment losses, and foreign exchange gains and losses on available-for-sale monetary items, are recognised
directly in equity. When an investment is derecognised, the cumulative gain or loss in equity is transferred to
profit or loss.
Other
Other non-derivative financial instruments are measured at amortised cost using the effective interest method,
less any impairment losses.
3
(ii) Borrowing costs

Borrowing costs that are directly attributable to the acquisition or construction of a qualifying asset are
capitalised as part of the cost of the given asset. Other borrowing costs are expensed when incurred.
(iii) Derivative financial instruments
The Group 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 and changes therein are
recognised through profit and loss.
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 the case of hedging transactions closed in the reporting period and in accordance with the company's
accounting policies, any realised profit or loss is recognised in the same way as for the hedged product, i.e. under
direct costs: raising the incomes in the case of a gain and lowering the income in the case of a loss.
(iv) Share capital
Ordinary shares
Ordinary shares are classified as equity. Incremental costs directly attributable to the issuance of new ordinary
shares are recognised as a deduction from equity, net of any tax effects.
Repurchase of share capital (treasury shares)

When share capital recognised as equity is repurchased, the amount of the consideration paid, including directly
attributable costs, is recognised as a deduction from equity net of any tax effects. Repurchased shares are
classified as treasury shares and are presented as a deduction from total equity. When treasury shares are sold or
subsequently reissued, the amount received is recognised as an increase in equity, and the resulting surplus or
deficit on the transaction is transferred to/from retained earnings.
(d) 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 2007, when the Group switched to IFRS reporting, based on their fair values as of 1 January 2006.
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.
4
(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 Group 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. Leased assets are depreciated over the shorter of the lease
term and their useful lives, unless it is reasonably certain that the Group will obtain ownership by the end of the
lease term. Land is not depreciated.
The estimated useful lives for the current and comparative period are as follows:
· buildings 30 years
· plant and equipment 7 years
· vehicles 4-5 years
· other fixtures and fittings 7 years
The average useful life of the Company’s leased trucks is four years during which their acquisition cost is written
off on a straight line basis to a 48% residual value, in case of trailers, the useful life is five years. If the lease term
is prolonged for two more years, the residual value changes accordingly so that straight line depreciation applies
for two more years to the new residual value.
Depreciation methods, useful lives and residual values are reassessed at each reporting date.
(e) Intangible assets
(i) Goodwill
Goodwill (negative goodwill) arises on the acquisition of subsidiaries, associates and jointly-controlled entities.
Cost of goodwill
On 1 January 2007 the Company decided to apply IFRS 3 Business Combinations retrospectively for business
combinations created on or after 1 January 2006. The carrying value on 1 January 2006 of the goodwill from
business combinations pre-dating 1 January 2006 is the carrying value as at 1 January 2006 determined on the
basis of Hungarian accounting standards. For subsequent business combinations the Company determines the
goodwill as the difference between the consideration paid and the fair value of the net assets acquired.
Acquisition of minority interests

Acquisitions of minority interests in subsidiaries are treated as transactions between equity holders and as such
the results are recorded directly in equity upon the acquisition.
Subsequent measurement
Goodwill is measured at cost less accumulated impairment losses. In respect of equity accounted investees, the
carrying amount of goodwill is included in the carrying amount of the investment.
(ii) Other intangible assets

Other intangible assets acquired by the Group which have definite useful lives are recognised at cost less
accumulated amortisation and accumulated impairment losses.
(iii) 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 expenditure, including expenditure on internally generated goodwill
and brands, is recognised in profit or loss when incurred.
5
(iv) 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 3 years
· rights and concessions 6 years
(f) Investment property

Investment property is held to earn rentals 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.
(g) Leased assets

Leases in terms of which the Group assumes substantially all the risks and rewards of ownership are classified as
finance leases. When lease transactions are classified the risk derived from the change in the residual value of the
leased assets is taken into account.
Upon initial recognition the leased asset is measured at an amount equal to the lower of its fair value and the
present value of the minimum lease payments. Subsequent to initial recognition, the asset is accounted for in
accordance with the accounting policy applicable to that asset.
Other leases are operating leases and are not recognised on the Group’s statement of financial position.
(h) Gain on fleet sales
The net result of the sale of the fixed assets held for sale (mainly vehicles purchased from the financial lease
contract) is recognized in other income or other expense.
(i) 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.
(j) Impairment loss
(i) Financial assets

A financial asset is assessed at each reporting date to determine whether there is any objective evidence that it is
impaired. A financial asset is considered to be impaired if objective evidence indicates that one or more events
have had a negative effect on the estimated future cash flows of that asset.
An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference
between its carrying amount and the present value of the estimated future cash flows discounted at the original
effective interest rate. Impairment losses for available-for-sale financial assets are calculated at fair value.
Individually significant financial assets are tested for impairment on an individual basis. The remaining financial
assets are assessed collectively in groups that share similar credit risk characteristics.
6
All impairment losses are recognised in profit or loss. If impairment must be recognised, any cumulative loss that
had been recognised directly in equity in relation to available-for-sale financial assets is recognised in the
statement of comprehensive income.
An impairment loss is reversed if the reversal can be related objectively to an event occurring after the
impairment loss was recognised. For financial assets measured at amortised cost and available-for-sale financial
assets that are debt securities, the reversal is recognised in profit or loss. For available-for-sale financial assets
that are equity securities, the reversal is recognised directly in equity.
(ii) Non-financial assets

The carrying amounts of the Group’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. For goodwill and intangible assets that have
indefinite useful lives or that are not yet available for use, the recoverable amount is estimated at each reporting
date.
The Group examines on an annual basis whether there are any indications of impairment, and reviews whether
the recording of impairment may be justified for goodwill. Accordingly, the recoverable amount of the cash-
generating unit to which the goodwill is related must be estimated. To determine the recoverable amount the
Group assesses the future cash flows of the cash-generating unit, and selects an appropriate discount rate to
calculate the present value of the cash flows.
The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less
costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using
a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific
to the asset. For the purpose of impairment testing, assets are grouped together into the smallest group of assets
that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or
groups of assets (“cash-generating unit”). The goodwill acquired in a business combination, for the purpose of
impairment testing, is allocated to cash-generating units that are expected to benefit from the synergies of the
combination.
An impairment loss is recognised if the carrying amount of an asset or its cash-generating unit exceeds its
recoverable amount. All impairment losses are recognised in profit or loss. Impairment losses recognised in
respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to the
units and then to reduce the carrying amount of the other assets in the unit (group of units) on a pro rata basis.
An impairment loss in respect of goodwill is not reversed. 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.
(k) 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 Group'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
7
Group'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 Group 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.
(l) 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 Group 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 Group 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 Group 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.
(m) Provisions
A provision is recognised if, as a result of a past event, the Group 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.
(n) Revenues
Net sales revenues include amounts billed to customers for products or services delivered during the financial
year. Net sales revenues are recognised when the amount of revenues becomes evident or when it is probable that
the Group will be able to realise the billed amount. Sales revenues include the billed amounts less VAT and any
applicable discounts.
(i) Services
Revenues from services rendered are recognised in profit and loss in accordance with the percentage of
completion of the transaction on the reporting date. The percentage of completion is determined by assessing the
work performed.
(ii) Rental revenue

Revenue from renting investment property is recognised evenly in profit and loss over the term of the rental.
Rental incentives provided are recognised as an integral part of the total rental revenue over the term of the
rental.
8
(o) Leasing fees

Lease payments made under operating leases are recognised in profit or loss on a straight-line basis over the term
of the lease. Lease incentives received are recognised as an integral part of the total lease expense, over the term
of the lease.
Minimum lease payments made under finance leases are apportioned between finance expense and the reduction
of the outstanding liability. The finance charge shall be allocated to each period during the lease term so as to
produce a constant periodic rate of interest on the remaining balance of the liability.
(p) 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 available-for-sale financial assets and changes in the fair value of
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 Group’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.
Exchange gains and losses are recognised net.
(q) 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.
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.
9
(s) IFRS and IFRIC interpretations adopted in current year
The Group has not adopted any new or amended IFRS or IFRIC interpretations during the year.
(t) Standards issued but not yet effective
The standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Company’s
financial statements are disclosed below. The Group intends to adopt these standards, if applicable, when they become
effective.
IFRS 9 Financial Instruments

In July 2014, the IASB issued the final version of IFRS 9 Financial Instruments that replaces IAS 39 Financial
Instruments: Recognition and Measurement and all previous versions of IFRS 9. IFRS 9 brings together all three
aspects of the accounting for financial instruments project: classification and measurement, impairment and hedge
accounting. IFRS 9 is effective for annual periods beginning on or after 1 January 2018, with early application
permitted. Except for hedge accounting, retrospective application is required but providing comparative information is
not compulsory. For hedge accounting, the requirements are generally applied prospectively, with some limited
exceptions. The Group is currently assessing the impact of the standard and plans to adopt the new standard on the
required effective date.
IFRS 15 Revenue from Contracts with Customers

IFRS 15 was issued in May 2014 and establishes a five-step model to account for revenue arising from contracts with
customers. Under IFRS 15, revenue is 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. The new revenue standard will
supersede all current revenue recognition requirements under IFRS. Either a full retrospective application or a
modified retrospective application is required for annual periods beginning on or after 1 January 2018. Early adoption
is permitted.
The Group is currently assessing the impact of the standard and plans to adopt the new standard on the required
effective date.
IFRS16 Leases
IFRS 16 was issued in January 2016 which requires lessees to recognise assets and liabilities for most leases. The new
standard will be effective for annual periods beginning on or after 1 January 2019. Early application is permitted,
provided the new revenue standard, IFRS 15 Revenue from Contracts with customers, has been applied, or is applied
at the same date as IFRS 16. The Group is currently assessing the impact of the standard and plans to adopt the new
standard on the required effective date.
Amendments to IFRS 11 Joint Arrangements: Accounting for Acquisitions of Interests

The amendments to IFRS 11 require that a joint operator accounting for the acquisition of an interest in a joint
operation, in which the activity of the joint operation constitutes a business, must apply the relevant IFRS 3 principles
for business combinations accounting. The amendments also clarify that a previously held interest in a joint operation
is not remeasured on the acquisition of an additional interest in the same joint operation while joint control is retained.
In addition, a scope exclusion has been added to IFRS 11 to specify that the amendments do not apply when the
parties sharing joint control, including the reporting entity, are under common control of the same ultimate controlling
party.
The amendments apply to both the acquisition of the initial interest in a joint operation and the acquisition of any
additional interests in the same joint operation and are prospectively effective for annual periods beginning on or after
1 January 2016, with early adoption permitted. The Group is currently assessing the impact of the standard and plans
to adopt the new standard on the required effective date.
10
Amendments to IAS 16 and IAS 38: Clarification of Acceptable Methods of Depreciation and Amortisation
The amendments clarify the principle in IAS 16 and IAS 38 that revenue reflects a pattern of economic benefits that
are generated from operating a business (of which the asset is part) rather than the economic benefits that are
consumed through use of the asset. As a result, a revenue-based method cannot be used to depreciate property, plant
and equipment and may only be used in very limited circumstances to amortise intangible assets. The amendments are
effective prospectively for annual periods beginning on or after 1 January 2016, with early adoption permitted. The
Group is currently assessing the impact of the standard and plans to adopt the new standard on the required effective
date.
Amendments to IAS 27: Equity Method in Separate Financial Statements

The amendments will allow entities to use the equity method to account for investments in subsidiaries, joint ventures
and associates in their separate financial statements. Entities already applying IFRS and electing to change to the
equity method in its separate financial statements will have to apply that change retrospectively.
For first-time adopters of IFRS electing to use the equity method in its separate financial statements, they will be
required to apply this method from the date of transition to IFRS. The amendments are effective for annual periods
beginning on or after 1 January 2016, with early adoption permitted. The Group is currently assessing the impact of
the standard and plans to adopt the new standard on the required effective date.
Amendments to IFRS 10 and IAS 28: Sale or Contribution of Assets between an Investor and its Associate or Joint
Venture
The amendments address the conflict between IFRS 10 and IAS 28 in dealing with the loss of control of a subsidiary
that is sold or contributed to an associate or joint venture. The amendments clarify that the gain or loss resulting from
the sale or contribution of assets that constitute a business, as defined in IFRS 3, between an investor and its associate
or joint venture, is recognised in full. Any gain or loss resulting from the sale or contribution of assets that do not
constitute a business, however, is recognised only to the extent of unrelated investors’ interests in the associate or
joint venture. These amendments must be applied prospectively and are effective for annual periods beginning on or
after 1 January 2016, with early adoption permitted. The Group is currently assessing the impact of the standard and
plans to adopt the new standard on the required effective date.
Annual Improvements 2012-2014 Cycle

These improvements are effective for annual periods beginning on or after 1 January 2016. They include:
IFRS 5 Non-current Assets Held for Sale and Discontinued Operations

Assets (or disposal Companys) are generally disposed of either through sale or distribution to owners. The amendment
clarifies that changing from one of these disposal methods to the other would not be considered a new plan of
disposal, rather it is a continuation of the original plan. There is, therefore, no interruption of the application of the
requirements in IFRS 5. This amendment must be applied prospectively.
IFRS 7 Financial Instruments: Disclosures

(i) Servicing contracts
The amendment clarifies that a servicing contract that includes a fee can constitute continuing involvement in a
financial asset. An entity must assess the nature of the fee and the arrangement against the guidance for continuing
involvement in IFRS 7 in order to assess whether the disclosures are required. The assessment of which servicing
contracts constitute continuing involvement must be done retrospectively. However, the required disclosures would
not need to be provided for any period beginning before the annual period in which the entity first applies the
amendments.
(ii) Applicability of the amendments to IFRS 7 to condensed interim financial statements
The amendment clarifies that the offsetting disclosure requirements do not apply to condensed interim financial
statements, unless such disclosures provide a significant update to the information reported in the most recent annual
report. This amendment must be applied retrospectively.
IAS 19 Employee Benefits

The amendment clarifies that market depth of high quality corporate bonds is assessed based on the currency in which
11
the obligation is denominated, rather than the country where the obligation is located. When there is no deep market
for high quality corporate bonds in that currency, government bond rates must be used. This amendment must be
applied prospectively.
IAS 34 Interim Financial Reporting

The amendment clarifies that the required interim disclosures must either be in the interim financial statements or
incorporated by cross-reference between the interim financial statements and wherever they are included within the
interim financial report (e.g., in the management commentary or risk report). The other information within the interim
financial report must be available to users on the same terms as the interim financial statements and at the same time.
This amendment must be applied retrospectively.
These amendments are not expected to have any impact on the Company.
Amendments to IAS 1 Disclosure Initiative

The amendments to IAS 1 Presentation of Financial Statements clarify, rather than significantly change, existing IAS
1 requirements. The amendments clarify:
· The materiality requirements in IAS 1
· That specific line items in the statement(s) of profit or loss and OCI and the statement of financial position
may be disaggregated
· That entities have flexibility as to the order in which they present the notes to financial statements
· That the share of OCI of associates and joint ventures accounted for using the equity method must be
presented in aggregate as a single line item, and classified between those items that will or will not be
subsequently reclassified to profit or loss
Furthermore, the amendments clarify the requirements that apply when additional subtotals are presented in the
statement of financial position and the statement(s) of profit or loss and OCI. These amendments are effective for
annual periods beginning on or after 1 January 2016, with early adoption permitted. The Group is currently assessing
the impact of the standard and plans to adopt the new standard on the required effective date.
Amendments to IFRS 10, IFRS 12 and IAS 28 Investment Entities: Applying the Consolidation Exception
The amendments address issues that have arisen in applying the investment entities exception under IFRS 10. The
amendments to IFRS 10 clarify that the exemption from presenting consolidated financial statements applies to a
parent entity that is a subsidiary of an investment entity, when the investment entity measures all of its subsidiaries at
fair value.
Furthermore, the amendments to IFRS 10 clarify that only a subsidiary of an investment entity that is not an
investment entity itself and that provides support services to the investment entity is consolidated. All other
subsidiaries of an investment entity are measured at fair value. The amendments to IAS 28 allow the investor, when
applying the equity method, to retain the fair value measurement applied by the investment entity associate or joint
venture to its interests in subsidiaries.
These amendments must be applied retrospectively and are effective for annual periods beginning on or after 1
January 2016, with early adoption permitted. The Group is currently assessing the impact of the standard and plans to
adopt the new standard on the required effective date.
4. Earnings per share
The share capital of Waberer’s International Nyrt. is EUR 5,128,910 comprising 14,654,028 registered
dematerialised ordinary shares of a nominal value of EUR 0.35 each. Therefore the share capital of Waberer’s
International Nyrt. was EUR 5,128,910 both at 31 December 2014 and 31 December 2015. EPS is calculated
based on the net profit for the year and the weighted average number of ordinary shares.
12
Earnings per share 2014 2015
Net profit after tax EUR 11,080,602 12,419,889
Weighted average ordinary shares 14,654,028 14,654,028
Earnings per share EUR 0.76 0.85
Diluted earnings per share EUR 0.76 0.85
5. Segment information
With a view to ensuring transparent operations, IFRS 8 Operating Segments requires listed companies to provide
enhanced disclosures about their operating segments. The Group has identified two operating segments
(International and Domestic) as set out below and the Group’s overall operations are directed by Group
management as aligned to these segments. The two operating segments include the following activities:
International: international FTL transport and shipping, and international forwarding

Domestic: international FTL and LTL transport and shipping, warehousing, and vehicle repairs for
third parties
Financial information about the Group’s segments is presented below.
13
Sales revenues and key comprehensive income statement items:

2014
Inter-segment
Item International Domestic transfers Total
Sales to third parties 418,621,273 77,578,667 496,199,940

Inter-segment sales 6,349,936 1,445,921 (7,795,857) -
Sales revenues 424,971,209 79,024,588 (7,795,857) 496,199,940
EBITDA 59,302,199 7,912,954 67,215,153

impairment 37,293,746 4,598,138 41,891,884
EBIT 22,008,454 3,314,815 - 25,323,269
2015
Inter-segment
Item International Domestic transfers Total
Sales to third parties 435,016,199 87,464,249 522,480,448

Inter-segment sales 7,112,119 623,439 (7,735,558) -
Sales revenues 442,128,318 88,087,688 (7,735,558) 522,480,448
EBITDA 58,219,922 11,085,233 69,305,155

impairment 43,858,679 5,711,844 49,570,523
EBIT 14,375,889 5,373,388 - 19,749,277
Interest received/paid:
2014 2015
Item International Domestic International Domestic
Interest received 96,921 1,365 74,545 9,715
Interest paid 6,236,391 982,459 5,355,816 1,017,721
Income taxes
2014 2015
actual income taxes 4,198,192 1,028,236 3,525,485 771,936
- income taxes paid 4,846,862 864,449 4,124,931 881,185
- deferred tax (648,670) 163,787 (442,434) (109,249)
Non-current assets:
2014 2015
Properties 14,172,269 1,799,992 15,902,844 2,093,047
Capital expenditures 2,219,651 460,954 4,424,271 516,469
Vehicles 208,802,435 18,199,131 210,021,752 25,603,318
Other equipment 2,859,991 2,348,634 3,463,836 2,245,001
Intangible assets 559,711 460,905 728,269 415,763
Goodwill 15,925,168 2 336,841 15,925,167 2,576,921
Other long-term financial
assets 415,664 268,930 812,212 255
Deferred tax assets 209,856 137,001 450,360 12,566
14
Events without significant cash movements:

2014 2015
Unrealised foreign exchange

gain or loss on leases - (280,524) - 24,111
Unrealised foreign exchange

gain or loss on other foreign
exchange assets and liabilities (320,746) (182,508) (164,468) (44,305)
Impairment loss 3,241,404 1,762,968 41,841 132,122
Difference between provisions

made and released 677,932 348,405 2,363,012 43,278
6. Correction of an error
During 2015 the management identified an error regarding deferred tax, which related to the previous year. The error
has been corrected by restating each of the affected financial statements line items for the prior periods, as follows:
Inpact on equity 31 December 2013 31 December 2014
Deferred tax asset - (137,001)

Total assets - (137,001)
Reserves and retained earnings 437,177 1,869,834

Total equity attributable to the equity holders
of the parent company 437,177 1,869,834
Minority interest 142,977 324,152
Total Shareholers’ Equity 580,154 2,193,986
Deferred tax liability (580,154) (2,056,985)

Total Liabilities (580,154) (2,056,985)
Net impact on equity (580,154) (2,193,986)
Inpact on statement of profit or loss 31 December 2013 31 December 2014
Income taxes (580,154) (1,613,834)

Net impact on profit for the year (580,154) (1,613,834)
Attributable to
equity holders of the parent (437,177) (1,432,659)
non-controlling interest (142,977) (181,175)
Impact on basic and diluted earnings per share (EPS)

Earnings per share 31 December 2013 31 December, 2014
Basic, profit for the year attributable to
ordinary equity holders of the parent 0.02 0.10
15
7. Intangible assets
Opening at 1 January 2014 Intangible assets Goodwill Total

Gross value 11,602,926 18,262,009 29,864,935
Cumulative amortisation and
impairment 10,060,071 - 10,060,071
Net value 1,542,855 18,262,009 19,804,864
Changes in 2014
Additions and capitalisations 750,565 - 750,565
Amortisation (1,272,804) - (1,272,804)
Disposals - - -
Net closing value 1,020,616 18,262,009 19,282,625
Closing at 31 December 2014

Gross value 12,333,449 18,262,009 30,595,458
impairment 11,312,833 - 11,312,833
Net value 1,020,616 18,262,009 19,282,625

Changes in 2015
Additions and capitalisations 1,386,547 240,079 1,626,626
FX changes shown in foreign
currencies (26,263) - (26,623)
Amortisation (1, 236,868) - (1,236,868)
Disposals - - -
Net closing value 1,144,032 18,502,088 19,646,120
Closing at 31 December 2015

Gross value 13, 707,411 18,502,088 32,209,499
impairment 12,563,379 - 12,563,379
Net value 1,144,032 18,502,088 19,646,120
(a) Goodwill
Goodwill generated by means of business combinations is allocated at the time of the acquisition to cash-
generating units that are likely to benefit from the impacts of the business combination. Most of the carrying
value of goodwill is allocated to the international transportation and forwarding cash-generating unit in its
entirety and totalled EUR 15,925,167 at the end of 2014. On 26 April 2013, Waberer’s Logisztika Kft. acquired
60%, and therefore controlling influence, in Szemerey Transport Zrt. in a share swap transaction. In line with the
Group’s accounting policies goodwill of EUR 2,336,842 is presented in the consolidated balance sheet. In 2015,
the goodwill on Szemerey Transport was adjusted. As a result, goodwill increased by EUR 240,079 in 2015. The
amount of goodwill related to the acquisition of Szemerey Transport Zrt. is not attributable to the assets as it
reflects a fair value difference at the time of the acquisition and was recognised against minority interest.
16
The basis for the recoverable amount calculation is the five-year plans approved by management, on which basis
the cash flows are projected for the purpose of determining the value in use.
The annual plans for 2016-2018 are expressed in EUR and if the items arising in HUF, it can be converted to
HUF at a 309 HUF/EUR rate if necessary. The basis year is 2015 and reflected actual figures at the time of the
planning. Compared to 2015, the fleet is expected to increase by 2.3% in 2016 and then by 100 vehicles on
average in each year afterwards. The target is a fleet of 3,435 vehicles by the end of 2018 in international
shipping and a fleet of 639 for domestic shipping. Fuel costs are expected to fall by 12% in 2016 compared to
2015 and are expected to remain unchanged in the ensuing years. No significant change in envisaged in transit
costs. Driver costs are planned to increase by an annual average of 12% but maintenance costs are expected to
drop after 2015 at an average of 2.6% as a result of an increasingly younger fleet with an average vehicle age of
less than two years. A significant increase in insurance costs is envisaged as a result of increased mandatory
vehicle insurance premiums and a large number of damage incidents. All the other costs have been planned to
increase by 0.5% and 1.5% respectively, while payroll costs are expected increase at inflation+1% for
administrative staff and slightly higher for trading staff.
The plans predict a considerable increase in the number of kilometres driven (200 km/truck per month each
year), and cargo capacity levels are also expected to increase by 0.2% over the year.
The plans were based on the existing company structure with the only difference that the percentage of franchise
fleet will increase along with the importance of having agency offices abroad in the international shipping line.
The plans were compiled in a KPI-driven model in which the three main factors – influencing cash flows – were
the fuel price, the number of kilometres driven and the fee level.
Changes in main factors at EBIT level:

· an increase in fuel prices by 1 euro cent would cause a cash decrease of EUR 1.3 million.
· an increase in the number of kilometres driven by 1 million kilometres would raise the cash generating
ability by EUR 0.24 million
· one euro cent increase in fees would improve the cash generating ability by EUR 4.2 million
Main changes expected at Group level in comparison to 2014 used for the 2015 planning:
· 3.4% growth in fleet
· 3.3% increase in the number of kilometres driven
· 1.9% reduction in fees
· 12.0% reduction in fuel prices (in EUR)
· 6.5% increase in driving cost
· 0.2% increase in truck load
(b) Intangible assets with indefinite useful lives
Other than goodwill, the Group has no assets with indefinite useful lives recorded under intangible assets.
17
8. Tangible assets
Construction in Other
Properties progress Vehicles equipment Total
Opening at 1 January 2014
Gross value 22,791,676 946,387 252,180,121 15,188,553 291,106,737
Cumulative depreciation and

impairment loss 5,163,807 - 76,603,201 11,131,846 92,898,854
Net value 17,627,869 946,387 175,576,920 4,056,707 198,207,883
Changes in 2014
Additions and capitalisations 2,194,218 136,483,516 128,455,747 3,324,074 270,457,555
FX effect of assets carried in FX (213,079) (13,888) (655,579) (51,675) (934,221)
Depreciation (904,307) - (37,882,628) (1,832,145) (40,619,080)
Impairment (2,731,551) (761,371) (66,426) - (3,559,348)
Derecognition (889) - (1,945,860) (288,336) (2,235,085)
Capitalisation . (133,974,039) - - (133, 974,039)
Reclassification to non-current
assets held for sale - - (36,480,608) - (36,480,608)
Closing net value 15,972,261 2,680,605 227,001,566 5,208,625 250,863,057
Closing at 31 Dec 2014
Gross value 24,771,668 2,680,605 299,032,717 16,482,370 342,967,360

impairment loss 8,799,407 - 72,031,151 11,273,745 92,104,303
Net value 15,972,261 2,680,605 227,001,566 5,208,625 250,863,057
Changes in 2015
Additions and capitalisations 3,105,034 89,896,145 81,709,675 2,821,662 177,532,516
FX effect of assets carried in FX (21,350) - 169,967 (116,747) 31,870
Depreciation, impairment (1,060,054) - (45,232,920) (2,026,036) (48,319,010)
18
Derecognition - - - (178,667) (178,667)
Capitalisation - (87,636,010) - - (87,636,010)
Reclassification to non-current
assets held for sale - - (28,023,218) - (28,023,218)
Closing net value 17,995,891 4,940,740 235,625,070 5,708,837 264,270,538
Closing at 31 Dec 2015
Gross value 27,874,334 4,940,740 323,656,273 18,806,776 375,278,123

impairment loss 9,878,443 - 88,031,202 13,097,940 111,007,585
Net value 17,995,891 4,940,740 235,625,071 5,708,836 264,270,538
(a) Movements in tangible assets

The Group's most important property is located in Nagykőrösi út and had a carrying value of HUF 2,600 million
as at 31 December 2015 (31 December 2014: HUF 2,650 million); based on an appraisal by Eston Kft. its fair
value is HUF 3,140 million (31 December 2014: HUF 3,220 million based on an appraisal by Eston Kft.). The
Company performed a significant investment by purchasing and renovating a hotel in order to rent out the
property. The total value of the investment exceeded EUR 2.6 million. Further increase in the value of properties
is due to smaller renovation and expansion on properties of domestic warehousing and international road
transportation.
In 2008, Waberer’s Romania carried out a major property investment and acquired a new business site and
constructed an office building plus service buildings. The investment was capitalised in 2009; the carrying value
of the property in Csíkszereda as at 31 December 2013 was EUR 2,948 thousand. As a result of a fair valuation
by property values, an impairment loss totalling EUR 1,040 has been recognised on the site in Romania in 2014.
(b) Mortgaged assets
The Group repaid all its loans in 2014 and therefore the above listed properties became unencumbered. None of
the Group’s properties presented in the balance sheet as at 31 December 2014 are mortgaged.
(c) Leased assets
Tangible assets contain assets acquired by the Group as a result of finance leases. The gross value of assets
leased as at 31 December 2014 totalled EUR 237,977 thousand, with a cumulative depreciation of EUR 65,260
thousand and a carrying value of EUR 208,717 thousand. At 31 December 2015, the gross value of leased assets
totalled EUR 277,025 thousand, cumulative depreciation EUR 74,336 thousand and carrying value EUR 202,689
thousand.
As in 2014 the Group continued its pre-crisis (per-2008) vehicle acquisition practice also in 2015 and replaced
four-year old vehicles with ones equipped with EURO 6 engines under a financial lease and an export enhancing
development loan totalling EUR 75 million.
19
(d) Commitments as of reporting date to purchase assets
The Group has general agreements for asset purchases for three years, which relate only to recommended
quantities but do not imply any future obligations.
(e) Tentative construction cost of properties as at 1 January 2007
The initial cost of property, plant and equipment was determined on 1 January 2007, when the Group switched
to IFRS reporting, and are based on their fair values as at 1 January 2006. The Group continues to depreciate
properties based on the useful lives determined on 1 January 2006.
9. Investments in subsidiaries and joint ventures

Ownership Ownership
Company Country Scope of activities ratio 2014 ratio 2015
Waberer's - Szemerey international transportation and
Logisztika Kft. Hungary forwarding, logistics 60.00% 60.00%
Merged into
Waberer’s -
Szemerey
Logisztika
Locosped Kft. Hungary vehicle rental 100.00% Kft.
Delta Rent Kft. Hungary vehicle trade 100.00% 100.00%
international transportation and
Waberer's Romania SA Romania forwarding 100.00% 100.00%
Waberer's Espana Spain international transportation 100.00% 100.00%
international transportation and
Royalsped Románia Romania forwarding 95.00% 95.00%
Waberer's Polska Poland international forwarding 100.00% 100.00%
Waberer's Slovakia Slovakia logistics 100.00% 100.00%
Waberer’s France France trading agent 100.00% 100.00%
Waberer’s UK Limited UK trading agent 100.00% 100.00%
Waberer’s Benelux B.V. Holland trading agent 100.00%
Waberer’s Italia SRL Italy trading agent 100.00%
Interszervíz Hargita Kft. Romania vehicle repairs 100.00% Ceased
Cseri Intertrans Kft. Hungary international transportation 100.00% 51.00%
Simon Intertrans Kft. Hungary international transportation 51.00% 51.00%
Molnár S Intertrans Kft. Hungary international transportation 100.00% 100.00%
Kovács Á Intertrans Kft. Hungary international transportation 51.00% 51.00%
Molnár N Intersped Kft. Hungary international transportation 51.00% 51.00%
Réthi Intertrans Kft. Hungary international transportation 51.00% 51.00%
Vágenhoffer Intertrans Kft. Hungary international transportation 51.00% 51.00%
VT Intertrans Kft. Hungary international transportation 51.00% 51.00%
Pálinkás Intertrans Kft. Hungary international transportation 51.00% 51.00%
Székely Intertrans Kft. Hungary international transportation 51.00% 51.00%
Szabó Intertrans Kft. Hungary international transportation 51.00% 51.00%
Kerekes Intertrans Kft. Hungary international transportation 51.00% 51.00%
Veres Intertrans Kft. Hungary international transportation 51.00% 51.00%
Zsemlye Intertrans Kft. Hungary international transportation 51.00% 51.00%
Bódi Intertrans Kft. Hungary international transportation 51.00% 51.00%
S Tóth Intertrans Kft. Hungary international transportation 51.00% 51.00%
Vándor Intertrans Kft. Hungary international transportation 51.00% 51.00%
Transpont Hungária Kft. Hungary international transportation 51.00% 51.00%
Kanczler Intertrans Kft. Hungary international transportation 51.00% 51.00%
TT Intertrans Kft. Hungary international transportation 51.00% 100.00%
20
Euro-Unió Trans Kft. Hungary international transportation 100.00% 100.00%

Rapid Teherautószerviz Hungary vehicle repairs 51.00% 51.00%
Waberer’s Network Kft. Hungary international groupage forwarding 99.00% 99.00%
Gervin Trans Kft. Hungary international transportation 51.00%
MIS Transport Kft. Hungary international transportation 51.00%
Crossroad Transport Kft. Hungary international transportation 51.00%
Cosmos-Transport Kft. Hungary international transportation 51.00%
Lean Logistic Kft. Hungary international transportation 51.00%
Del af Europa Transp. Kft. Hungary international transportation 51.00%
PM Intersped Kft. Hungary international transportation 51.00%
Return Transport Kft. Hungary international transportation 100.00%
VB-Transport Kft. Hungary international transportation 100.00%
JIT Euro Trans Kft. Hungary international transportation 100.00%
Tracking Transport Kft. Hungary international transportation 51.00%
Mojo Trans Kft. Hungary international transportation 51.00%
WM Log Kft. Hungary international transportation 51.00%
SZ-M Cargo Kft. Hungary international transportation 51.00%
SOLID Transport Kft. Hungary international transportation 100.00%
Cargo Hungária Kft. Hungary international transportation 100.00%
Szala Transport Kft. Hungary international transportation 100.00%
TMT International Kft. Hungary international transportation 100.00%
In 2010 the Group's Management decided to establish a franchise company involving nine international hauliers,
a service franchise company and a separate groupage freight company operating as part of Waberer’s
International Zrt. The Group continued the establishment of franchise companies in 2011 and another eight new
companies were founded as a result. In 2012 one new franchise was established and a former external
subcontractor was involved in the acquisition of ownership of a franchise system. In 2013, the Group’s
management decided to establish three more franchise companies and 18 more franchise companies were
established in 2015.
On 26 April 2013, Waberer’s Logisztika Kft. acquired 60%, and therefore controlling influence, in Szemerey
Transport Zrt. in a share swap transaction while the former private person owner of Szemerey Transport Zrt.
acquired Waberer’s International Nyrt’s 40% share in Waberer’s Logisztika Kft. In view of the draft pre-merger
balance sheet of Szemerey Transport Zrt. as at 30 June 2013, the owners of Waberer’s Logisztika Kft. and
Szemerey Transport Zrt. decided to merge Szemerey Transport Zrt. into Waberer’s Logisztika Kft. at book value
as at 31 December 2013. Following the merger, the company’s name changed to Waberer’s-Szemerey Logisztika
Kft. On 30 June 2015, Locosped Kft., Waberer-Szemerey Logisztika Kft’s 100% subsidiary, merged into its
parent company.
In 2014, the Group’s management decided to open trade agencies across Europe, with the first in Paris, the
second in Warsaw and the third in London successfully started their activity. Further trading agencies were
opened in 2015 in Amsterdam and in Milan.
21
10. Other non-current financial assets
31 December 2014 31 December 2015
Loan to franchise owners 272,644 651,918
Hungaroring Rt. interest 139,380 139,380

Locosped Kft. share 268,930 merged into Waberer’s-
Szemerey Logisztika Kft.
Other 3,640 21,169
Total 684,594 812,467
For the information of the market value of the other non-current assets refer to section 32.
11. Inventories

Inventories
Fuel inventories 1,583,253 1,825,554
Spare parts, tyres, lubricants, other materials 763,496 718,548
Other materials 915,920 333,830
Total: 3,262,669 2,877,932
Fuel inventories as at the reporting date show the fuel in the lorries and at the filling station. The values of these
inventories were determined as follows:
- inventory at filling station by means of a physical stock count
- fuel in lorries using an estimate based on the data in the route registration system.
12. Receivables
Trade receivables 85,445,453 90,408,149

Impairment loss on doubtful receivables (2,820,636) (2,786,708)
Total 82,624,817 87,621,441
Receivables increased significantly by EUR 5 million from 31 December 2014 to 31 December 2015 primarily as
a result of increased sales revenues. The turnover of debtors remained 61.5 days in both 2014 and 2015.
As a result of the Group’s rigorous credit rating and collection processes, the provision made for doubtful debts
slightly decreased on the previous year.
22
13. Movements in impairment loss
Impairment of Impairment of Non-current assets Other impairment

debtors inventories held for sale losses
1 January 2014 3,427,174 84,246 22,891 2,312,447
Increase 316,195 - - 591,186
Decrease 922,733 10,842 - 302,817
31 Dec 2014 2,820,636 73,404 22,891 2,600,816

Increase 94,958 73,320 - 280,866
Decrease 128,885 116,866 - 568,021
31 Dec 2015 2,786,709 28,858 22,891 2,313,661
Other impairment loss was recorded on other current assets, including debts of former employees, receivables
from insurance companies, receivables related to guarantees and loans disbursed. The significant drop in other
impairment losses was due to the write-off of lapsed receivables.
The reduction in the group amount of impairment loss on receivables in 2015 was due to the derecognition of
previously fully impaired bad debts.
14. Other current assets and derivative financial instruments
MWST and excise tax 20,657,822 18,085,653

Tax receivables 2,554,087 3,167,160
Loans granted 1,173,114 737,287
Receivables from employees 951,543 1,137,482
Advances receivable 1,828,565 12,714,962
Accruals 5,842,681 6,517,096
Other 1,226,616 1,514,721
Derivative transactions 3,178,534 4,548,813
Total 37,412,962 48,423,174
Most other current assets include MWST and excise tax, which is derived from VAT and excise tax receivables
from foreign tax authorities. As of 2012, excise tax can be reclaimed not only on fuel purchased abroad but also
on fuel purchased inland.
The Group switched to collective VAT payment as of 1 August 2013 and the taxes payable and reclaimed by the
Group members are netted off as a result.
The value of derivatives at the reporting date is determined using a measurement technique based solely on
market inputs. Accordingly, any gain on the year-end revaluation of derivative contracts open at the year-end
was recognised among other current assets, while any revaluation loss was recognised among other current
liabilities.
23
Advance payments receivable include a contractual advance payment of HUF 4 billion (EUR 12,714,962) paid
by the Company to buy Wáberer Hungária Zrt. of the related sale-purchase covenants met so far. The details of
the transactions are described in note 35.
As at 31 December 2014 the Company had the following open derivative contracts:
Partner bank Contract type Currency Amount of trade

ING Bank N.V Forward – sale EUR 14,500,000 EUR
K&H Bank. Forward – purchase EUR 5,000,000 EUR
Citibank Plc Forward – sale EUR 10,000,000 EUR
As at 31 December 2015, the Company had the following open derivative contracts:
Partner bank Contract type Currency Amount of trade

ING Bank N.V Forward – sale EUR 56,000,000 EUR
K&H Bank. Forward – purchase EUR 5,000,000 EUR
UniCredit Bank. Forward – sale EUR 20,000,000 EUR
Citibank Plc Forward – sale EUR 30,000,000 EUR
Erste Bank Forward – sale EUR 6,000,000 EUR
K&H Bank. Commodity swap – diesel – purchase Mt 10,600 Mt
Market value information related to the derivatives is detailed in note 32. The above open derivative contracts
mature within one year.
15. Non-current assets held for sale
Amount 1,923,861 4,550,122

Number of assets 201 173
Non-current assets held for sale includes vehicles, the lease contract of which has expired and the Group intends
to sell them. The Group acquires the vehicles from the lessor at their residual value specified in the lease
contract, then upon the sale it realises the difference between the sales price and the carrying value as profit or
loss: this resulted in a gain of EUR 8,182,232 in 2014 and EUR 5,891,213 in 2015.
Movements in non-current assets held for sale were as follows:
1 January 2014 129,937

Reclassified from Tangible assets 36,480,608
Disposals 34,686,684
31 December 2014 1,923,861
Reclassified from Tangible assets 28,023,218
Disposals 25,396,957
31 December 2015 4,550,122
24
16. Liquid assets
Liquid assets include petty cash and bank balances. The total amount of the balances at 31 December 2015 was
10.499.484 EUR lower than at 31 December 2014.. The significant decrease in cash flows in 2015 was due to
the advance payment referred to in note 14.
17. Equity
At 31 December 2015 the share capital of Waberer’s International Nyrt. was 14,654,024 dematerialized shares
each with a face value of EUR 0.35, therefor the share capital at 31 December 2015 is EUR 5,128,910.
Reserves include the profits and losses of previous years, the reporting year profit or loss, and the results of
transactions with equity holders, as presented in the statement of changes in equity. The reserves row does not
represent the dividend payable because the dividend is determined based on the figures presented in the stand
alone statutory financial statements prepared in accordance with the Hungarian accounting law. In the
consolidated financial statements, the dividends payable based on the Hungarian statutory annual report to the
minority shareholders are disclosed in the changes in equity in the year when the disbursement was made.
Main rights and obligations of the shareholders
Shareholders shall be entitled to exercise shareholder rights vis-à-vis the Company in possession of the shares or
certificate of ownership, following their entry into the register of shareholders. No certificate of ownership is
required for the exercising of shareholder rights, if entitlement is verified by way of the shareholder identification
procedure.
1. Right to receive dividend

Shareholders shall be entitled to receive a share from the Company’s profit that is available and has been
ordered for distribution by the General Meeting in the percentage consistent with the nominal value of their
shares. Dividends shall be paid to the shareholders that are listed in the register of shareholders at the date of
the shareholder identification relating to the dividend payment date announced by the Company. The date of
the shareholder identification relating to the dividend payment date cannot be earlier than the fifth trading
date following the general meeting resolving on the dividend payment. Dividends may be paid by means
other than cash. Shareholders shall be entitled to receive dividends based on the capital contributions they
have already paid up.
The Company shall pay dividend to the shareholders by way of bank transfer as of the date specified by the
relevant resolution of the General Meeting. The dividend payment period shall commence on the date
determined in the resolution of the General Meeting on the approval of the annual financial statement
prepared in accordance with the Accounting Act and the utilization of after tax profit. However, at least ten
business days shall expire between the date of the first publication of the communication containing the
resolution of the General Meeting on the amount of dividend to be paid and the date of commencement of
dividend payment and the date of commencement of the distribution of dividend.
Shareholders may claim the dividend as from the date of commencement of dividend payment until the
expiry of the limitation period specified by law (five years). Thereafter any claim for dividend shall lapse.
The General Meeting, and pursuant to Section 3:263 (3) of the Civil Code, the Board of Directors shall also
be entitled to adopt a decision on the payment of interim dividends between the approval of two consecutive
financial statements if the legal conditions are met.
Dividends payable in respect of treasury shares shall be considered as distributions due to the shareholders
entitled to receive dividends in proportion to the nominal value of their shares.
25
2. Right to information and to attend the General Meeting
The Board of Directors shall provide information to all shareholders which are necessary for the discussions
held in connection with the items placed on the agenda of the General Meeting in such manner that, upon
written request submitted by the shareholder at least eight days before the date set for the General Meeting,
the relevant information is provided to the shareholder at the latest three days before the date set for the
General Meeting.
The Board of Directors shall disclose to the shareholders the key data of the financial statements and the key
data of the report of the Board of Directors and the Supervisory Board prepared in connection with the
financial statements at least twenty-one (21) days before the General Meeting.
Each shareholder shall be entitled participate in, request information and make comments and proposals, as
well as to vote at the General Meeting, if it holds shares with voting rights. Shareholders may exercise their
voting rights, only if they have performed their capital contribution. Shareholders may also exercise their
shareholder rights through authorized proxy. Shareholders may not be represented by a member of the Board
of Directors, a member of the Supervisory Board or the auditor. The authorization for representation shall be
prepared in the form of a notarial deed or a private deed of full evidentiary force. Shareholders may appoint
nominees to exercise their rights vis-à-vis the Company, and upon being registered in the register of
shareholders, such nominee shall exercise shareholder rights vis-à-vis the Company in his own name and for
the benefit of the shareholder. Only those shareholders or shareholder proxies may attend the General
Meeting who were entered into the register of shareholders by no later than on the second business day
preceding the date of commencement of the General Meeting. Each share having a nominal value of EUR
0.35 shall carry one vote. Each shareholder must cast all of his votes in the same way.
The General Meeting shall have a quorum if it was convened in accordance with the relevant rules and
regulations, and if the Shareholders representing more than 50% of the registered capital of the Company are
present. The General Meeting adopts its resolutions by a simple majority of the votes considered upon the
establishment of a quorum, except for the matters indicated by the law and specified in the Articles of
Association, in respect of which the General Meeting adopts its resolutions by a three-quarters majority of
the votes. Any resolution of the General Meeting which discriminates against the rights attached to a certain
series of shares may only be passed, if the shareholders of the share series in question grant their explicit
consent.
3. Minority rights
Shareholders of the Company who control at least 1% of the voting rights may at any time request that the
General Meeting be convened, indicating the reason and purpose thereof. If the Board of Directors fails to
take measures for convening the General Meeting for the earliest date possible within eight days from receipt
of the request, the General Meeting shall be convened, upon the request of the shareholders making the
proposal, by the court of registry, or the court of registry shall empower the requesting shareholders to
convene the meeting. The expected costs of such meeting shall be advanced by the requesting shareholders.
At the meeting convened upon the request of minority shareholders the General Meeting shall resolve
whether the costs incurred are to be borne by the shareholders making the proposal or the Company.
If the General Meeting has refused to consider or put to vote a proposal that the last annual financial
statement or any financial event or undertaking which occurred in relation to the activity of the management
in the past two years be examined by an auditor to be specifically entrusted with this task, upon request by
the shareholder or shareholders controlling at least 1% of the voting rights, which request is to be submitted
within thirty days from the date of the relevant General Meeting under penalty of forfeiture of rights, the
court of registry shall order such examination at the cost of the Company and appoint the auditor.
If the General Meeting has refused to consider or put to vote a proposal that a claim by the Company against
26
any shareholder, Board member, member of the Supervisory Board, or the auditor be enforced, the
shareholders controlling at least 1% of the voting rights may also enforce such claim themselves on behalf of
and to the benefit of the Company within thirty days from the date of the relevant General Meeting under
penalty of forfeiture of rights.
If shareholders controlling at least 1% of voting rights in the Company notify the Board of Directors about a
proposal regarding additions to the agenda in accordance with the provisions on setting the items of the
agenda, or a draft resolution concerning any item already on the agenda or to be put on the agenda within
eight (8) days from the publication of the notice on the convening of the General Meeting, the Board of
Directors shall publish a communication on the supplemented agenda and the draft resolutions submitted by
the shareholders upon being notified of the proposal. The issues indicated in the notice shall be deemed to
have been put on the agenda.
4. Shareholders of the Company controlling at least 1% of voting rights and any creditor of the Company with
a claim which is not yet due at the time of distribution and reaches 10% of the registered capital until the
expiry of the one year limitation period as from the date of distribution may request, with the simultaneous
advancing of costs, that the court of registry appoint an auditor to examine whether such disbursement is
lawful. Any payment made in cash or otherwise shall be construed as a distribution, with the exception of
employee shares provided without compensation or at a discounted price, as well as shares provided without
compensation from the share capital increased by the conversion of assets which do not form part of the
share capital into share capital.
18. Leasing liabilities
The Company acquires the vehicles it needs for its basic operations using finance leases.
For trucks, the maturity of the Group’s lease contracts is 4 years, while for trailers it is 5 years.
The Company acquires the vehicles directly from the manufacturers, who provide a repurchase guarantee not
only for the end of the term but also during the term.
The following table shows the break-down of future lease payments (capital and interest) by maturity:
Within 6 Over 5
6-12 months 1-2 years 2-5 years
months years
Total
EUR
31 December 2014
Finance lease liabilities, capital 26,718,272 24,511,799 52,716,584 99,394,698 1,778,334 205,119,687
Finance lease liabilities, interest 2,427,719 2,065,075 3,113,771 2,303,410 30,042 9,940,017
Total 29,145,991 26,576,874 55,830,355 101,698,108 1,808,376 215,059,704
31 December 2015
Finance lease liabilities, capital 25,620,371 25,532,747 56,700,350 90,152,448 - 198,005,916
Finance lease liabilities, interest 1,614,727 1,375,182 1,977,231 1,620,080 - 6,587,220

Total 27,235,098 26,907,929 58,677,581 91,772,528 - 204,593,136
27
The table shows the maturity and interest payments of lease liabilities as at 2014 and 2015 year-end, but it does
not take into account that as the assets are continuously replaced the maturing lease agreements are constantly
replaced with new ones.
The interest charges on the lease liabilities are calculated based on the EURIBOR valid on the current year at 31
December and the increased interest premiums.
19. Provisions
Litigations Guarantees Other Bonus Total
Opening at 1 January 2014 2,453,297 - 566,221 1,135,359 4,154,877

Allocation and review of previous estimates 2,256,336 394,429 1,795,110 4,445,875
Interest impact 17,725 17,725
FX gain/loss (32,267) (32,267)
Release (153,729) (153,729)
Use (3,584,246) (566,221) (1,135,359) (5,285,826)
Closing at 31 December 2014 957,116 - 394,429 1,795, 110 3,146,655
Allocation and review of previous estimates 183,553 1,997,142 2,605,883 4,786,578

Interest impact 20,719 20,719
FX gain/loss 20,292 20,292
Release (102,451) - - (102,451)
Use (129,309) (394,429) (1,795,110) (2,318,848)
Closing at 31 December 2015 949,920 - 1,997,142 2 ,605,883 5,552,945
Short-term portion 2014 - - 394,429 1,795,110 2,189,539

Long-term portion 2014 957,116 - - - 957,116
Short-term portion 2015 - - 1,997,142 2,605,883 4,603,025
Long-term portion 2015 949,920 - - - 949,920
In 2015 the client paid the EUR 1,396,973 bonus which was made in 2014.
In view of the Group’s results achieved in 2015, a provision of EUR 2,605,883 was made for bonuses to
employees, EUR 378,738 was made for untaken vacations and further provision of EUR 1,585,734 was made
for bonus of drivers.
20. Other long-term liabilities

Loans from non-related companies 6,114,822 6,311,990
Total 6,114,822 6,311,990
28
On 30 June 2009, two of the Group's subsidiaries received a loan of EUR 5 million with a term of 4 years
from one of their main suppliers. In the hope of a fruitful co-operation, on 30 June 2012, the loan was
prolonged until 30 June 2015 and then for another two years. The fee of the loan is integrated into the price
of the monthly service performed by the lender. This increase was due to a similar increase in loans during
2014 in line with the significant fleet growth.
21. Long-term loans
EXIM project loan 19,548,050 8,622,375

Total 19,548,050 8,622,375
In 2014, the Group signed loan agreements with Raiffeisen Bank, and in 2015 with CIB Bank, the refinancers of
EXIM Bank, for a total loan facility of EUR 30 million, of which EUR 38,533 was used in the past two years to
purchase vehicles. The loans are repayable in two years in one instalment at the end of the loan terms. Long-
term liabilities include a CIB Bank loan of EUR 8,622,375 maturing in July 2017. The Raiffeisen loan drawn in
2014 is presented among short-term loans as the outstanding loan of EUR 29,910,800 will be repaid in 2016.
22. Other current liabilities and derivative financial instruments
Payments to personnel 5,675,704 6,637,065

Taxes 90,255 360,980
Accruals 29,122 58,756
Other liabilities 693,145 579,104
Derivative contracts 688,520 3,800,447
Total 7,176,746 11,436,352
The content of the payment to personnel is related to the wage which is not yet paid for the direct labour.
Liabilities from derivative contracts include revaluation losses as presented in Note 14.
23. Sales revenue, consignment services
Supply of services 2014 2015

International transportation and
forwarding 412,273,038 427,779,916
Domestic transportation, logistics 72,074,724 78,186,861
Vehicle repair 1,042,412 1,586,063
Renting of real estate 1,078,204 1,481,958
Renting of vehicle 359,464 635,331
Other services 3,557,773 4 775,320
Total: 490,385,615 514,445,449
Supply of goods
Sale of fuel 4,619,861 6,956,990
Other sales 1,194,464 1,078,009
Total: 5,814,325 8,034,999
29
Total sales revenue 496,199,940 522,480,448
Income from the sale of fuel reflects fuel sold to other subcontractors.
Group-wide sales revenues increased by 5.3%, of which international transport and forwarding increased by
3.7% and domestic transport and logistics grew by 8.5% in 2015. In mileage, the increase in international
transport was 16 million km (4.4%) as opposed to a 1.3 million (3%) decrease in domestic transport. The increase
in sales per km was distorted by the lower prices due to lower fuel costs. However, this effect was set off by
increased truckloads.
For its domestic and international goods transportation operations the Group not only uses its own vehicles but
also employs subcontractors, along with other related services, which are sold on in unchanged form to its clients
(such as ferry tickets and other crossing services, and motorway tolls). The majority of the consignment services
are associated with these subcontracted transportation services.
24. Breakdown of direct costs

2014 2015
Material costs 126,293,789 113,050,379
Services used 99,581,258 103,514,713
Other services 13,424,749 20,698,462
Wage cost 21,353,284 24,308,599
Other staff benefits 35,058,682 37,336,362
Wage contributions 6,061,214 6,818,013
Depreciation 38,334,358 45,343,718
Total direct cost: 340,107,335 351,070,246
Significant changes in 2015:

Direct costs increased by 3.5% in 2015 compared to 2014. Of this increase, material costs dropped by 9.83% on
2014.
The decrease at the IRTD line was caused by the following three main factors:
a. increased annual mileage and fleet (4.3% increase)
b. lower fuel prices 12.9% decrease
c. 1.7% saving in fuel consumption due to continuously improving fleet management and to younger and
more up-to-date vehicles
The decrease in fuel costs for domestic transport was due both to declining fuel prices and a restructuring of the
domestic transport and forwarding line.
The EUR 4 million increase in services used were caused by the following factors:
a. increased annual mileage (8.5%)
b. increasing specific transit costs (4.5%)
The increase in other services compared to the previous year was caused by a material increase in mandatory
vehicle insurance.
25. Breakdown of indirect costs

2014 2015
30
Material costs 1,380,765 1,483,655

Services used 9,238,362 11,782,414
Other services 2,100,127 2,114,070
Wage cost 12,111,547 14,721,654
Other staff benefits 2,112,236 2,470,989
Wage contributions 4,563,574 5,364,791
Depreciation 3,557,526 4,212,160
Vehicle weight tax and other transportation-related taxes 2,582,745 2,445,387
Total indirect costs 37,646,882 44 595 120
Within indirect costs of services used, the Group recognises property rentals, the costs of other services related to
property management and site security costs. This is also where the costs of IT services, the audit fee and various
expert fees are recognised along with utility costs.
Indirect wage costs are mainly the compensation paid to white collar employees and senior management.
26. Other income
2014 2015
Gain on the disposal of non-current assets held

for sale 8,182,232 5,891,213
Gain on fixed asset disposals 151,414 27,090
Damages received 2,293,625 2,755,151
Reversal of impairment on receivables 154,912 448,093
Grants received 326,382 521,919
Reversal of provisions 5,439,554 2,701,089
Employee refunds 918,199 741,307
Fines, penalties, default interest 119,701 1,421,674
Reversal of impairment on inventories 7,836 -
Other income 1,978,313 2,093 ,766
19,572,168 16,601,302
Total
The majority of other income includes reversed provisions, the gains on assets held for sale and items related to
damage, which are analysed together with provisions, assets held for sale and other expenses.
27. Other expenses

2014 2015
Damages paid 1,289,540 1,346,721
Provisions 4,445,876 5,390,513
Impairment of receivables 1,050,581 358,083
Penalties, fines 3,391,741 1,101,205
Impairment of inventories - 72,320
Innovation contribution 921,061 997,574
Credit loss 27,977 191,654
Impairment loss on fixed assets 3,559,348 -
Various other expenses 2,447,927 1,315,388
Total: 17,134,051 10,773,458
31
Income and expenses related to damage comprise damages in vehicles and goods during transport and damage
suffered during customs guarantee activities, as well as the associated insurance pay-outs. The majority of the
other income and the damage-related expense recognised under other expenses is connected to Waberer’s
International Zrt., Euro-Unió Trans Kft. and to franchise companies. Revenues from damage events exceed the
expense related to damage as a result of self-funded repairs.
With respect to the fines paid in 2014, the Group used the amnesty valid in 2015 and reclaimed already paid fines
of EUR 1,315 thousand. The amount received is presented as other income.
At the end of 2014, the Group recognised an impairment loss of EUR 2,732 thousand on land and buildings and
EUR 762 thousand on software developments. No further impairment loss on non-current assets was considered
necessary or reasonable by the Group.
Miscellaneous other expenses include the amounts of financial support granted considered as tax benefit in the
corporate tax base calculations of the individual group companies (HUF 155 million in 2014). In 2015, the Group
members used the statutory option to grant financial support from their annual tax advances, therefore such
grants do not directly appear in the profit and loss account for the period.
28. Interest expense
The following table shows the breakdown of interest paid:
2014 2015
Loan interest 412,415 730,336

Lease interest 6,786 ,739 5,616,856
Other interest 19,696 26,345
Total 7,218,850 6,373,537
Loan interest include the interest on an asset purchase loan taken in 2014 as part of the Group’s export incentive
programme. The volume of asset purchase loans significantly increased in 2015 as the Group’s fleet increased,
and the amount of loan interest increased accordingly.
Within the Group, Waberer’s International Nyrt. and Waberer’s - Szemerey Kft. had significant finance leases in
2014. The interest expense on finance leases fell significantly in 2015 as a result of reduced loan interest rates
and a shift in financing towards the asset purchase loans described above.
32
29. Other financial profit or loss
2014 2015
Realised foreign exchange gain - 64 537

Realised foreign exchange loss (783,778) -
Unrealised foreign exchange loss (287,815) (184,662)
Realised gain/loss on derivatives (888,157) 2,762,205
Unrealised foreign exchange loss on derivatives (128,628) 748,365
Other 168,611 -
Total (1,919,667) 3,390,445
As of 1 January 2013, most of the companies switched over to EUR as its functional currency (except Waberer’s-
Szemerey Transport Zrt., which company use HUF as its functional currency). As a result, most of the Group is
free from further FX exposures as all the Group’s revenues are earned and 70% of its costs is incured in EUR.
The HUF GL figures of Waberer’s-Szemerey Logisztika Kft. are consolidated as translated into EUR. As a
result, any FX fluctuations caused by CHF and EUR leases are reflected in the consolidated figures.
Assets and liabilities denominated in foreign exchange are presented in Note 32. c).
30. Income tax expense
The income tax expense disclosed in the consolidated financial statements for the Group as of 31 December 2014
and 2015 comprised the following components:
2014 2015
Current income tax expense 5,711,311 5,006,116

Deferred taxes (484,883) (551,683)
Total income tax expense 5,226,428 4,454,433
The Group treats the Hungarian corporate tax and local business tax as income taxes, along with the
corresponding foreign income taxes; the impacts of the different tax bases are presented in the breakdown of the
difference between the expected tax and the recognised income tax.
In view of the functional currency switch-over to EUR as of 1 March 2013, the parent company determined the
effective rate for the calculation of deferred tax assets and liabilities to be 14%. The Company reviewed this
assumption in 2015 and approved the 14% effective rate.
Deferred tax assets and liabilities in the consolidated statement of financial position comprised the following
items as of 31 December 2014 and 2015:
33
Balance Charged Balance Charged Balance

31 to 31 December to 31 December 2015
December profit/loss 2014 profit/loss
2013
Property 438,793 (173,237) 265,555 (83,346) 182,209
Vehicles
4,230,439 (611,726) 3,618,713 120,544 3,739,257
Other equipment
254,915 (90,839) 164,076 (101,292) 62,784
Intangible assets
24,072 (41,327) (17,255) (74,336) (91,591)
Goodwill
3,398,384 (228,017) 3,170,367 - 3,170,367
Investment in
associates (64,290) (105) (64,395) (27,449) (91,844)
Other long-term
financial assets - (477) (477) 581 104
Inventory
(17,034) 13,819 (3,215) - (3,215)
Trade receivables
(119,787) (4,090) (123,877) 68,960 (54,917)
Other current assets
and derivative
financial instruments (122,904) 8,852 (114,052) (166,858) (280,910)
Assets held for sale
- (1,427) (1,427) - (1,427)
Other long-term
liabilities (846,346) (7,353) (853,699) (18,322) (872,021)
Lease obligations
(long term) - - - - -
Provisions (long
term) (340,130) 200,187 (139,943) (111,250) (251,193)
Lease obligations
(current - - - - -
Provisions (current)
(282,524) (11,431) (293,955) (168,919) (462,874)
Trade payables
114,230 (114,230) - 157,012 157,012
Other current
liabilities and
derivative financial
instruments (70,662) 79,796 9,134 (401,229) (392,095)
TOTAL
6,597,156 (981,605) 5,615,551 (805,904) 4,809,647
Deferred tax asset
recognised as loss
carry forward (832,785) 621,791 (210,994) 4,084 (206,910)
Control figure/
Total 5,764,371 (359,814) 5,404,557 (801,820) 4,602,737
The figures in the table above contain the result of the separate deferred tax calculation; in addition, the deferred
tax asset derived from the consolidation of intercompany results totalled EUR 13,570 on 31 December 2014 and
EUR 0 on 31 December 2015.
34
Detailed deferred tax:
Waberer’s International Zrt deferred tax 5,259,700 4,945,925

Delta Rent Kft. deferred tax 93,043 -
Cash-flow hedge deferred tax 398,402 119,738
Deferred tax on interim profit (Waberer’s
International) 13,570 -
Deferred tax liability in the statement of
financial position 5,764,715 5,065,633
Waberer's Logisztika Kft. deferred tax (137,001) (12,566)

Delta Rent Kft. deferred tax - (8,452)
Franchise companies deferred tax (209,856) (441,908)
Deferred tax asset in statement of financial
position (346,857) (462,926)
Based on the 2015-2018 strategic plans, the Group reviewed the recovery of the deferred tax asset derived from
the loss carry forward of the Romanian subsidiary. As a result of this review, the company did not recognise
more deferred tax assets.
Under deferred tax on cash-flow hedges, the deferred tax on the fair value gain accounted for directly in equity
from the derivative contracts entered into by the Group was recognised in the sum of EUR 119,738 at 31
December 2015.
The difference between the tax payment liability based on the accounting profit and the actual tax liability is
broken down in the following table:
2014 2015
Profit before taxation under IFRS 16,307,030 16,874,322
Income tax expense 5,226,428 4,454,433
Expected tax
(14% of the pre-tax profit) 2,282,984 2,362,405
Difference 2,943,444 2,092,028
2014 2015
Impact of different tax rates (local business tax) 3,290,758 3,138,476

Effects of permanent differences (penalties, levies) 403,619 150,753
Development tax allowance (permanent difference) (301,302) (447,113)
Changes in loss carried forward 281,801 (164,437)
Financial support granted (492,235) 0
Other (239,197) (585,651)
Total 2,943,444 2,092,028
31. Management of financial risks
During its operations the Group is exposed to various types of financial risk. These risks can be classified into the
35
following groups:
· credit risk
· liquidity risk
· market risk
The management of the Group's financial risks was centralised at the Company's finance department.
This section contains a brief description of how these risks impact on the Group's exposures and what targets,
processes and internal policies the Group has elaborated and applies to measure and manage individual risks.
The Company's Board of Directors is responsible for setting the risk management guidelines and frameworks for
the Group. Their task is to design and set up a standard risk management policy and strategy, and continuously
monitor that to what risks the Group is exposed. The Board of Directors is also responsible for regularly
reviewing risk management policies and strategies, as well as updating and modifying them if market
circumstances change.
(a) Credit risk
Credit risk is the risk that the Group will incur a loss due to a client not complying with contractual terms and
conditions. From the perspective of the Group this primarily means the non-payment risk of clients.
Trade and other receivables
There is not a high concentration of credit risks in the Group. The 10 largest clients account for 20.9% of the total
revenue in 2014 and 20.8% of the total revenue in 2015.
The Company drafted a credit risk management policy based on which a review is carried out on all new clients
regarding their operations and public information available at the tax authority. Thereafter, the commercial loan
limit is determined based on the system of external and internal evaluations. The Company does not ask for any
collateral to secure individual trade receivables.
The Company has developed long-term relationships with clients, and losses are not common. The Company
monitors existing clients on a monthly basis to check the size of existing exposures and matured items. If the set
limits are reached or exceeded the system automatically blocks further transactions. The individual exposures are
grouped according to the number of days in default and the legal status of invoices.
The scope of external services and service-providers used for risk management was widened to mitigate future
risks. One segment of clients has loan insurance contracts, while a new service-provider was brought in to help
rate clients in Central and Eastern Europe more effectively.
There is centralised risk and receivables management for foreign subsidiaries once they join the central IT
system.
With the higher headcount in Collections more emphasis is now placed on proactive client management.
The calculation of impairment reflects an estimate on the extent of the likely loss for the Group from exposures
to clients. The majority of the impairment is made up from individual impairment charges on individually
significant items. The other part is the group impairment, which is recorded for incurred but as yet unidentified
losses in groups of similar assets. The allocation of group impairment is facilitated by historic loss figures.
(b) Liquidity risk
Liquidity risk is the risk that the Group will be unable to settle its financial liabilities when they fall due. The
purpose of liquidity management is to ensure sufficient resources for the settlement of liabilities when they fall
due.
36
To manage liquidity, in 2011, the Group entered into an agreement with a factoring company whose services are
used as required. In view of the Group’s outstanding liquidity position as at 31 December 2014 and 31 December
2015, the Group did not have to use either its revolving loan or factored loan facility. Accordingly, the Group had
an available loan facility of EUR 14 million at 31 December 2015 and an unused factoring facility of EUR 5
million.
With respect to the new asset purchase loans taken by the Company in 2014 and in 2015 as part of an export
incentive programme, the lending banks specified the following financial covenants.
Calculation of financial covenants for 2015:
Interest coverage
Total interest coverage 11.02
EBITDA (EUR million) 69.31
Net of the full interest (EUR million) 6.29
Minimum amount: 4.00
Debt service
Debt service ratio 1.10
Free Cash-flow (EUR million) 50.29
Full debt repayment (EUR million) 45.62
Minimum amount: 1.05
Net of debt service
Debt coverage ratio 3.26
Net debt (EUR million) 226.09
EBITDA (EUR million) 69.31
Maximum amount: 3.50
The table above shows that Waberer’s Group met all the three financial ratio requirements on 31 December 2015.
(c) Market risk
Market risk is the risk that changes in market prices, such as exchange rates, interest rates and share prices will
influence the Company's results and the fair values of financial instruments reported in the financial statements.
The purpose of managing market risk is to control the exposure affected by market risks in a way that maximises
the return achieved. The Company's treasury department focuses on market risk management.
In terms of market risk the Group is primarily exposed to exchange rate risks as well as cash-flow risks derived
from changes to interest rates and global fuel price.
Waberer’s Group is exposed to substantial market risks during its activity. The actual figures subsequently
37
calculated generally differ from the exchange rates, interest rates and commodity prices used during the planning.
Transactions concluded for hedging purposes but not included in hedge accounting are designed to protect the
Group from this uncertainty, particularly from impacts adversely affecting the planned cash flow.
Besides, the Company uses a fuel price covenant in its transportation contracts in order to mitigate its exposure to
fuel price fluctuations.
(i) Exchange rate risk
Of all the market risks, the Group was less affected by exchange rate risk in 2015 as most of the Group’s
revenues and expenses of the companies within the Group incurred in its functional currency. At some Group
members, the functional currency is RON, and it is HUF at the only domestic logistics company. Therefore,
fluctuations in the RON/EUR and in the HUF/EUR rates represent a currency risk for the Company. The ratio
and volume of transactions in foreign currencies and in the functional currencies differ. Costs incurring in foreign
currencies exceed the revenues earned in foreign currencies. Costs that incur in foreign currencies and are not
covered with corresponding revenues (natural cover) are held as an open FX position, the value of which changes
along with the relevant FX rate fluctuations. Such FX expenses related to FX rate fluctuations represent
uncertainty to our cash flows and are therefore addressed with FX hedges that qualify for hedge accounting (cash
flow hedges) under IFRS.
(ii) Interest cash flow risk
The Group pays interest on leases and loans. The interest payable generally comprises a reference interest rate
and an interest premium. The reference rate changes constantly based on supply and demand on the interbank
money market, central bank decisions and other factors.
Waberer’s Group does not enter into speculative derivative contracts, but hedge accounting is not applied for any
of the concluded contracts either given that it has yet to elaborate the documentation requirements and hedge
effectiveness testing system that is needed for this. The basic rule is still that trades may not focus on one partner
and must be diversified.
(d) Equity management
The Company aims to establish a strong equity position to retain the confidence of investors, creditors and the
market and support the future development of its business activities. The management continuously monitors
returns and the level of dividends due to owners.
The Company's Board of Directors strives to strike a balance between the advantages of a strong equity position,
security, and higher borrowings enabling higher returns.
There was no change in equity management processes and methods during 2014 or in 2015.
Legal regulations applicable for the Company and its Hungarian subsidiaries prescribe the following provisions
for equity:
To protect creditors, Section 133 (2) of Act V of 2013 on Civil Code prescribes the following in terms of equity
compliance: “If a business association’s equity is not sufficient to cover the subscribed capital prescribed for its
specific corporate form over two consecutive financial years, and the members fail to provide for the necessary
equity within a period of three months after approval of the annual account for the second year, the business
association shall be required to adopt a decision within sixty days of this deadline for its transformation. Instead
of transformation the business association may opt dissolution without succession or for merger.”
All the Hungarian members of the Group, except for five franchise companies, met the minimum equity
requirement under the companies act. For the non-conforming companies, Group management will take action to
38
remedy the equity positions of these companies within the statutory deadlines. Of the foreign Group members,
only Royalsped Romania failed to meet the Romanian national equity requirements as at 31 December 2015. In
November 2015, Group management started the merger of Royal Romania and Waberer’s Romania. In view of
applicable Romanian regulations, the merger transaction is expected to be concluded in the second half of FY
2016. Once the merger is concluded, compliance with the respective national equity requirements will be ensured
for all the foreign subsidiaries.
In accordance with government decree 261/2011. (XIII.7.) Korm. the professional conditions and licensing
procedures of domestic and international goods transportation, such activities may only be carried out in Hungary
with a licence for transporting goods by road, which is subject to the Company verifying its reputation,
professional suitability and appropriate financial background.
The financial position is appropriate if the business entity has the necessary equity to start and pursue its
activities without any problems:
i. equity (wealth) for a vehicle (trailer) or for the first vehicle (trailer) is at least EUR 9,000 and for
every additional vehicle (trailer) at least EUR 5,000 and
ii. the company constantly meets its tax, customs duty and contribution payment requirements as well
as its payment requirements to the transport authority.
The Hungarian members of the Group engaged in road transportation activities have the required level of
capitalisation.
32. Financial instruments
(a) Credit risk
Maximum exposure to credit risk of the Group is as follows:
Other investments 684,594 812,467

Trade receivables 82,624,817 87,621,441
Other current assets and derivative
financial instruments 14,201,030 27,211,445
Cash and cash equivalents 20,939,007 10,439,523
Maximum credit risk exposure 118,449,448 126,084,876
Geographical breakdown of maximum carrying value of Group's credit risk exposure to customers:
Domestic 32,861,789 37,886,780

EU countries 46,714,172 49,708,491
Countries outside the EU 3,048,856 26,170
Maximum credit risk exposure 82,624,817 87,621,441
The maximum possible exposure to credit risk is the balance of trade receivables, which increase from 2014 to
2015 as a result of an expanded fleet and acquisitions.
39
Impairment loss on trade receivables broken down by maturity:
at cost impairment at cost impairment

Not yet due 75,162,058 - 79,417,075 -
overdue by 0–90 days 6,773,105 15,719 7,911,670 53,445-
overdue by 91–180 days 278,014 83,513 203,960 66,336
overdue by 181–360 days 335,225 321,909 183,838 115,069

due over 360 days 2,897,051 2,399,495 2,691,606 2,551,858
Trade receivables 85,445,453 2,820,636 90,408,149 2,786,708
Based on historic loss figures, the Company does not consider it necessary to record impairment loss on trade
receivables that are not overdue or overdue by no more than 90 days, unless the given receivable is already
subject to collection or the client is under liquidation. The majority of the trade receivables balance is from
financially sound clients.
(b) Liquidity risk
Financial liabilities broken down by maturity (only liabilities without interest):
31 December 2014
within 6 over 5
In EUR months 6-12 months 1-2 years 2-5 years years
Finance lease liabilities 26,718,272 24,511,799 52,716,584 99,394,698 1,778,334
Other long-term liabilities 19,548,050
Long-term loans - - - 6,114,822 -
Short-term loans - - - - -
Trade payables 75,289,235 - - - -
Other current liabilities and derivative
financial instruments 7,176,746 - - - -
Total 109,184,253 24,511,799 72,264,634 105,509,520 1,778,334
31 December 2015
within 6 over 5
In EUR months 6-12 months 1-2 years 2-5 years years
Finance lease liabilities 25,620,371 25,532,747 56,700,350 90,152,448 -
Other long-term liabilities 8,622,375
Long-term loans - - - 6,311,990 -
Short-term loans - 29,910,880 - - -
Trade payables 71, 310,657 - - - -
Other current liabilities and derivative
financial instruments 11,436,352 - - - -
Total 108,367,380 55,443,627 65,322,725 96,464,438 -
40
As at 31 December 2015, long-term and short-term loans included an export incentive loan repayable in one
instalment at the end of its two-year term.
(c) Foreign exchange risk
Group exposures broken down by currency:
31 December 2014
EUR HUF other total
63,928,556 17,862,456 833,805 82,624,817
Trade receivables
Loans and borrowings (19,548,050) - - (19,548,050)
Other long-term liabilities (6,114,822) - - (6,114, 822)
Finance leases (203,212,298) (1,409,002) (498,387) (205,119,687)
(54,433,558) (20,580,878) (274,799) (75,289,235)
Trade payables
Net position (219,380,172) (4,127,424) 60,619 (223,446,977)
31 December 2015
EUR HUF other Total
68,258,820 18,686,724 675,897 87,621,441

Trade receivables
Loans and borrowings (38,533,255) - - (38,533,255)
Other long-term liabilities (6,311,990) - - (6,311,990)
Finance leases (195,124,074) (2,582,682) (299,160) (198,005,916)
(56,305,346) (13,498,125) (525,858) (70,329,329)
Trade payables
(229,631,386) 2,605,917 (149,121) (226,540,377)
Net position
The Group's receivables and liabilities in HUF and in RON were remeasured as at the reporting date at an
exchange rate of 313.12 HUF/EUR and at 4.5245 RON/EUR, and in the business plan for 2015 the rate of 315
HUF/EUR was used based on foreign exchange forecasts.
Remeasuring the open currency position as at 31 December 2015 in the event of a weakening in the exchange
rate of 1 HUF/EUR would produce a foreign exchange loss of EUR 8,749. A 8.1% reasonably probable foreign
exchange fluctuation is estimated based on historic figures over a year.
The expected loss from the re-measurement of currency positions outlined above does not reflect the real foreign
currency risk, since if the euro strengthens against the forint and the lei, the exchange gain on the Group's sales
revenue in euros compensates for any exchange loss on the currency positions.
The Group enters into derivative contracts to mitigate the exchange-rate risk. As at 31 December 2015, the
positive fair value of derivative transactions based on remeasurements on the reporting date was EUR 4,548,813,
the negative fair value difference was EUR 3,800,447. In 2014, the Group presented a total of EUR 3,178,534 net
positive fair value difference and EUR 688,520 negative fair value difference in its consolidated financial
statements.
(d) Fair value of financial instruments
41
The following table presents the fair values and carrying values of financial instruments for 2014 and 2015:
EUR-ban 2014 2015

Fair value Book value Fair value Book value
Other investments 684,594 684,594 812,467 812,467
Trade receivables 82,624,817 82,624,817 87,621,441 87,621,441
Other current assets
and derivative financial
instruments 14,201,053 14,201,053 27,211,445 27,211,445
Cash and cash
equivalents 20,939,007 20,939,007 10,439,523 10,439,523
Total financial assets 118,449,471 118,449.471 126,074,876 126,074,876
Long-term loans 19 548 050 19,548,050 8,622,375 8,622,375

Finance lease liabilities 205,119 ,687 205,119 ,687 198,005,916 198,005,916
Other long-term
liabilities 6,114,822 6,114,822 6,311 ,990 6,311,990
Short-term loans - - 29,910,880 29,910,880
Trade payables 75,289,235 75,289,235 71,310,657 71,310,657
Other current liabilities
and derivative financial
instruments 7,457,709 7,457,709 10,979,287 10,979,287
Total financial
liabilities 313,248,540 313,248,540 325,141,105 325,141,105
The fair value of financial assets and liabilities is always the same as their value recognised in the statement of
financial position.
The fair values of financial instruments were determined as follows:
- Fair value of trade receivables: discounted value of future cash flows of receivables based on the market
interest rate on the reporting date. Due to that the turnover of receivables is fast there is no effect of the
discounting. As the debtor turnover is quick, discounting has no effect whatsoever.
- Fair value of derivative transactions: determined using a measurement technique based solely on market
inputs.
- Fair value of finance lease liabilities and loans: present value of future cash flows calculated based on
market interest rate on reporting date. The market interest rate used to discount finance leases is determined
with reference to similar finance lease agreements.
- Fair value of trade payables: future cash flows discounted to the reporting date. Due to that the turnover of
payables is fast there is no effect of the discounting.
(e) Interest rate risk
Fair value sensitivity review for fixed-income financial instruments

The Group generally does not have fixed-income financial assets and liabilities which are measured at fair value
through profit or loss, nor did it conclude interest rate swaps for hedging purposes, and so changes in the interest
rate would not affect the Company's profit or loss at the reporting date.
Cash flow sensitivity review for floating interest financial instruments

Based on our analyses an 10-bp change in the EURIBOR would change the interest on leasing liabilities by EUR
218,786 and the interest on loans by EUR 38,533. This change would affect the Company's profit of a year. This
42
analysis assumed that all other factors (such as currency exchange rates) remained unchanged.
33. Provisions and contingent liabilities
The details of provisions per category and any movements in provisions are presented in Note 19.
Litigations
The following table shows the provisions allocated for legal actions against the Group, broken down by years,
and the litigated amount from the legal actions for which the Company did not allocate provisions (contingent
liabilities) after deliberating on the information available. In these cases it is more likely the case will be won
than lost, and so no cash outflow is expected.
2014 2015
Litigated principal amount Litigated principal amount
Provision Contingent Provision Contingent
presented liability presented liability
Total: 957,116 1,130,186 949,920 937,690
A number of long protracted significant legal cases ended in 2015 as a result of agreements with the injured
persons. The related expenses are presented among other expenses and the related provisions were concurrently
released.
In view of the Group’s results achieved in 2015, a provision of EUR 2,605,883 was made for bonuses to
employees, EUR 378,738 was made for untaken vacations and further provision of EUR 1,585,734 was made for
bonus of drivers.
The German Customs Authority launched an investigation for the purpose of the Minimal Wage Act (hereinafter
MiLog Act) against one of the pilot of one of the franchises. In the fourth quarter the authority sent a letter about
the status of the investigation, which stated, that the company did not complied with the law, and the authority
drew attention of the company about the upper limit of the penalty.
Considering that the investigation has not been closed, and there is no decision in the case, based on the available
information, the Group could not estimate the expected obligation due to the MiLog, but it could be significant.
The Group did not make provision in the consolidated financial statement of 31 December 2015. The Group
increased the wages to decrease the financial risk related to the regulation.
34. Transactions with related parties
Transactions with management and those exercising ultimate control
The Company had no transactions with CEO-Chairman and owner György Wáberer, with W-NEW Holding Kft.
established by him and with owner Transport & Logistics Investment S.a.r.l.
The company has no transaction with the CEE Transport Holding BV.
Benefits to senior management in key positions:
2014 2015
Payroll 590,345 555,225

Fringe benefits 16,126 13,988
Total: 606,471 569,213
The members of the Board of Directors and the Supervisory Board performed their duties without compensation.
Transaction between companies and the companies which has ultimate exercision rights of the company
43
Waberer’s International Nyrt. granted a loan of EUR 536,419 to the minority owners of the new franchise
company established in the financial year of 2015.
Transactions with related parties were always carried out under normal commercial conditions and at arm’s
length prices, taking into account volumes, complexity of service, standards and seasonality.
Transaction (purchases) with related parties outside of the Group:
2014 2015
BILK LOGISZTIKAI ZRT 5,412,959 6,142,794

WÁBERER HUNGÁRIA
BIZTOSÍTÓ ZRT 13,498,539 20,331,721
LÁSZLÓTANYA KFT 84,527 88,687
Multicont Zrt 79,986 -
Közdülő-Invest Kft 994,945 814,907
Royal Sped Zrt 60,340 -
INVITEL Zrt 465,891 432,405
VN Udvar Kft 47 -
Total 20,597,234 27,810,514
The Group rents a property from BILK Zrt to carry out domestic transport operations. From Waberer’s Hungária
Biztosító Zrt the Group takes insurance services. In case of the other companies they took other services, which are
not material.
35. Subsequent events
Other than the restructuring detailed below, no business event or management decision that should have been
presented as subsequent event in accordance with relevant provisions had occurred until the preparation date of
the Company's financial statements as at 31 December 2015.
Management has decided to create 2 new franchise companies in 2016 from the units of Waberer’s International
and EURO-Unió Trans Kft.
On 28 December 2015, Waberer’s International Nyrt. signed a sale-purchase agreement with the shareholders of
Wáberer Hungária Biztosító Zrt. The sale-purchase transaction is subject to the approval of the Hungarian and
the Slovak competition authorities and the National Bank of Hungary and the approval processes are currently in
progress. Based on the agreement HUF 4 billion (EUR 12,714,962) has been paid in advance. The remainder of
the purchase price (HUF 4 billion) is subject to the approval processes and to the initial public offering of the
future parent company, Waberer’s international Nyrt.
44

ENG Waberers IFRS Consolidated Financial Statement and Notes 2015.12.31

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ENG Waberers IFRS Consolidated Financial Statement and Notes 2015.12.31

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WABERER'S International NyRt.

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

Intangible assets 7 1,020,616 1,144,032

TOTAL ASSETS 417,594,033 440,719,902

TOTAL LIABILITIES 322,800,105 335,473,743

TOTAL EQUITY AND LIABILITIES 417,594,033 440,719,902

Budapest, 16 March 2016

Note information data information data

Analysis of profit before interest and tax :

Interest income 98,286 84,260

OTHER COMPREHENSIVE INCOME

TOTAL COMPREHENSIVE INCOME 10,409,887 11,168,386

TOTAL COMPRENSIVE INCOME

Budapest, 16 March 2016

Profit/loss before tax 16,307,030 15,892,995

IV. Changes in cash and cash equivalents 5,043,847 (10,499,484)

Budapest, 16 March 2016

Increase due to business combination - - - - 233,684 233,684

Dividend paid to external owners - - - - (665,171) (665,171)

Other movements - (15,145) - (15,145) (193,836) (208,981)

Other comprehensive income - (1,383,057) 131,554 (1,251,503) - (1,251,503)

Profit/Loss for the year - 11,267,883 - 11,267,883 1,152,006 12,419,889

Total comprehensive income - 9,884,826 131,554 10,016,380 1,152,006 11,168,386

Increase due to business combination - - - - 240,079 240,079

Dividend paid to external owners - - - - (959,602) (959,602)

Other movements - 50,134 (39,981) 10,153 (6,786) 3,367

Budapest, 16 March 2016

(a) Statement of compliance

(b) Basis of measurement

(c) Functional and presentation currency

(d) Use of estimates and judgments

§ measurement of recoverable amount of cash-generating unit containing goodwill (see Note 7. a)

3. Significant accounting policies

(a) Basis of consolidation

(ii) Associates and jointly-controlled entities (equity accounted investees)

(iii) Transactions eliminated on consolidation

(b) Foreign currency

(i) Foreign currency transactions

(ii) Foreign operations

(c) Financial instruments

(i) Non-derivative financial instruments

Available-for-sale financial assets

(ii) Borrowing costs

(iii) Derivative financial instruments

(iv) Share capital

Repurchase of share capital (treasury shares)

(d) Property, plant and equipment

(i) Recognition and measurement

(ii) Subsequent costs

(e) Intangible assets

Acquisition of minority interests

(ii) Other intangible assets

(iii) Subsequent expenditure

(f) Investment property

(g) Leased assets

(h) Gain on fleet sales

(j) Impairment loss

(i) Financial assets

(ii) Non-financial assets

(k) Non-current assets held for sale

(l) Employee benefits

(ii) Termination benefits

(iii) Short-term employee benefits

(ii) Rental revenue