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OPUS GLOBAL Nyrt 2020 Annual Report OPUS GLOBAL Nyrt. Consolidated, IFRS 21/04/2021 2020.04.09.– 2020.xx.xx OPUS GLOBAL Nyrt.’s Consolidated Annual Report for the Year 2020, based on the IFRS Standards Foreword by the Chairperson of the Board of Directors Dear Shareholders, The year 2020 will enter the yearbooks as a memorable year not only for our Company, but also for the Hungarian and global economy. In the first wave of the Coronavirus pandemic, one of the biggest challenges, for both private persons and economic actors, was fight against the unknown: we did not know the pathogen, we could not have an idea of the manner it spread, and more importantly, it had no antidote. As it spread like wildfire around the world, it entailed confinement. Countries, settlements, institutions and, as a consequence, plants and businesses closed up. Due to the unpredictable effects of the pandemic, uncertainty has increased and the economic recovery has been interrupted. One of the - perhaps - biggest challenges of 2020 was to ensure operation in this ever-changing unknown environment, while protecting the health of our employees and partners with the utmost care. At OPUS GLOBAL, in addition to ensuring smooth production, we also had to reconsider our plans for sustainable growth. At the same time, we did not let go of our strategic objectives: as a leading group of listed industrial producers and service provider companies in Hungary, we endeavour to create as much value as possible. OPUS GLOBAL Nyrt. proved to be crisis-proof due to its diversified operations, and the benefits of diversification were also supported by an independent credit rating agency. It is well known that one of the biggest victims hardest hit by the crisis caused by the pandemic situation is tourism, which is one of the important divisions of our company group through Hunguest Hotels. In March 2020, we suspended the operation of our hotels, and as a result of the forced closures due to the pandemic, we made the reasonable decision to bring forward the hotel renovations originally planned for 2021. We believe that after the opening, Hungarian tourism will regain its strength, and that every forint invested in the renovations will serve the quality and safe rest of the Hungarian people. We are determined to turn OPUS GLOBAL Nyrt.’s Hunguest Hotels, including already four-star and four-star superior hotels, into the flagship of the division in order to further strengthen rural Hungary. Companies belonging to other divisions of OPUS GLOBAL were less affected, but the economic effects of the pandemic situation were not completely avoided. Although it has become more difficult to procure raw materials, we have ensured continuous production thanks to our flexible response. Moreover, due to the changed needs, we increased the production of alcohol as a raw material for hand sanitizers by KALL Ingredients Kft. and Viresol Kft., falling within the food industry division. With this move, we are making efforts at serving the increased Hungarian market demands, apparently with success. As in the previous years, our construction companies maintained their market-leading position, and had continuous orders. The development of the Hungarian section of the Budapest-Belgrade railway line, which was launched last year, is also significant on an international scale. By 2020, we had created a “clean slate” situation for our existing and potential investors in our energy portfolio. Although the end of the acquisition process for TITÁSZ, announced in 2019, will only be completed in 2021, it can be said that as a result of the extensive and comprehensive review and subsequent transactions, we may become an unavoidable factor in the energy market in possession of our 50 per cent share in TITÁSZ, and 50 percent ownership title to TIGÁZ, thus fulfilling our previously made commitments. At OPUS GLOBAL, we believe that one of the keys to economic success is the ability to react quickly to the changed circumstances. Although the targets set in early 2020 needed to be kept under review, despite the difficulties we were able to adapt to the changing challenges, and managed to reduce the adverse effects of the pandemic on a consolidated level. I am convinced that, once we have left the Coronavirus behind, the region's economy will start to grow significantly again, and OPUS GLOBAL will also have grand opportunities in this trend. Dr Beatrix Mészáros Chairman of the Board of Directors OPUS GLOBAL Nyrt. OPUS GLOBAL Nyrt. tel.: +36 1 433 0700 1062 Budapest, Andrássy út 59. e-mail: [email protected] Cg.: 01-10-042533 www.opusglobal.hu 2 OPUS GLOBAL Nyrt.’s Consolidated Annual Report for the Year 2020, based on the IFRS Standards OPUS GLOBAL Nyrt.’s 2020 Consolidated Annual Report and 2020 Consolidated Financial Statements Compiled According to the International Financial Reporting Standards Adopted by the European Union TABLE OF CONTENTS I DESCRIPTION OF THE COMPANY ...................................................................................................................... 5 II EXECUTIVE SUMMARY ....................................................................................................................................... 15 III EVENTS OF THE REPORTING PERIOD ....................................................................................................... 17 IV A BRIEF DESCRIPTION OF NON-FINANCIAL STATEMENTS ........................................................ 22 V CONSOLIDATED FINANCIAL DATA AND SHAREHOLDER INFORMATION ......................... 28 V.1 THE COMPANY GROUP’S BUSINESS ACTIVITY IN 2020 .............................................................. 29 V.2 DESCRIPTION OF BUSINESS ACTIVITY IN A BREAKDOWN BY DIVISION ....................... 33 VI OTHER NON-FINANCIAL ASSETS AND LIABILITIES ..................................................................... 112 VII AUTHORIZATION FOR DISCLOSING THE FINANCIAL STATEMENTS ............................... 118 VIII DISCLAIMER ...................................................................................................................................................... 119 ANNEX 2: DATA SHEETS RELATED TO THE FINANCIAL STATEMENTS ............................................................. 120 1 GENERAL BACKGROUND .................................................................................................................. 129 2 KEY ACCOUNTING PRINCIPLES ...................................................................................................... 137 3 NOTES TO THE INDIVIDUAL ITEMS OF THE FINANCIAL STATEMENTS ............................ 151 4 MANAGEMENT OF FINANCIAL RISKS ................................................................................................................ 191 5 FINANCIAL INSTRUMENTS ......................................................................................................................................... 198 6 RELATED PARTY TRANSACTIONS ........................................................................................................................ 199 7 CONTINGENT AND FUTURE LIABILITIES OF THE PARENT COMPANY .................................... 205 8 EVENTS AFTER THE BALANCE-SHEET CUT-OFF DATE ........................................................................ 207 9 COVID-19 EFFECTS ............................................................................................................................................................ 209 10 AUTHORIZATION FOR THE PUBLICATION OF THE FINANCIAL STATEMENTS ................. 211 OPUS GLOBAL Nyrt. tel.: +36 1 433 0700 1062 Budapest, Andrássy út 59. e-mail: [email protected] Cg.: 01-10-042533 www.opusglobal.hu 3 OPUS GLOBAL Nyrt.’s Consolidated Annual Report for the Year 2020, based on the IFRS Standards Prepared on the basis of consolidated financial statements made according to the International Financial Reporting Standards adopted by the European Union. Note: In this report of the Board of Directors, OPUS GLOBAL Nyrt. is referred to as: “Parent Company”, “Company”, “Holding Centre” or “OPUS GLOBAL Nyrt.”. If this report refers to the unit of the subsidiaries consolidated by OPUS GLOBAL Nyrt., the following terms are characteristically used: “OPUS Group”, “Company Group”, “Holding” or “Group of Companies”. OPUS GLOBAL Nyrt. tel.: +36 1 433 0700 1062 Budapest, Andrássy út 59. e-mail: [email protected] Cg.: 01-10-042533 www.opusglobal.hu 4 OPUS GLOBAL Nyrt.’s Consolidated Annual Report for the Year 2020, based on the IFRS Standards Consolidated Financial Statements of OPUS GLOBAL Nyrt. for the Year 2020 I DESCRIPTION OF THE COMPANY The Company has a history of 100 years, dating back to its 1912 foundation. Initially, the Company’s core activity was the manufacture of veterinary pharmaceutical products, but not much later it was completed by human vaccine matter. In the 1950’s, it was a predominant and state-of-the-art pharmaceutical company that united all the vaccine manufacturing institutions in Hungary. During privatisation, in 1991 the various activities performed by the Company were divided and outsourced. The Company has been an issuer om BÉT since 1998, its shares were admitted to the Budapest Stock Exchange on 22 April 1998. After several transformations and reorganisations, due to the reduction of sales revenues and the transformation of the market of veterinary drugs, as from 1999 significant reorganisation programmes were performed at the Company, and as a result, in 2009 the veterinary pharmaceutical
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