This is a translation of the original version in Hungarian.

Rába Járműipari Holding Nyrt.

Consolidated Financial Statements

for the year ended 31 December 2024

Date, Győr,19 March 2025

 
 
 
  
2
 
 
Table of Contents 
 
Consolidated Statement of Comprehensive Income ............................................................................. 4 
Consolidated Statement of Changes in Equity ...................................................................................... 5 
Consolidated Statement of Cash Flows ................................................................................................. 6 
Notes to the Consolidated Financial Statements ................................................................................... 7 
Note 1   Reporting entity .................................................................................................... 7 
Note 2   Basis of preparation ............................................................................................. 7 
Note 3   Significant accounting policies ............................................................................. 9 
Note 4   Fair value measurement .................................................................................... 26 
Note 5   Financial risk management ................................................................................ 26 
Note 6   Consolidated companies .................................................................................... 29 
Note 7  Property, plant and equipment ............................................................................ 31 
Note 8   Intangible assets ................................................................................................ 34 
Note 9   Investment property ........................................................................................... 35 
Note 10   Other investments ............................................................................................... 35 
Note 11  Inventories ........................................................................................................... 36 
Note 12  Trade and other receivables ............................................................................... 37 
Note 13  Cash and cash equivalents ................................................................................. 38 
Note 14  Equity .................................................................................................................. 39 
Note 15  Provisions ............................................................................................................ 39 
Note 16  Loans, borrowings and leases ............................................................................ 40 
Note 17  Trade and other financial liabilities; Other non-current liabilities ........................ 44 
Note 18  Segment reporting ............................................................................................... 45 
Note 19  Revenue .............................................................................................................. 48 
Note 20  Operating costs ................................................................................................... 49 
Note 21  Staff costs............................................................................................................ 50 
Note 22  Other income and expenses ............................................................................... 50 
Note 23  Finance income and costs .................................................................................. 52 
Note 24  Income tax ........................................................................................................... 53 
Note 25  Transactions between related parties with participating interest ........................ 56 
Note 26  Financial risks ..................................................................................................... 59 
Note 27  Earnings per share .............................................................................................. 67 
Note 28  Capital commitments and contingencies ............................................................ 68 
Note 29  Lease liabilities .................................................................................................... 68 
Note 30  Subsequent events and Miscellaneous .............................................................. 68 
Note 31  Disclosures required by the Hungarian Act on Accounting ................................. 68 
 
 

Rába Járműipari Holding Nyrt.

Consolidated Statement of Financial Position

for the year ended 31 December 2024 (amounts in THUF)

Assets
Property, plant and equipment	7	29 546 702	31 069 604
Intangible assets	8	42 069	753 469
Investment property	9	331 522	317 635
Other investments	10	2 655	8 058
Egyéb hosszú lejáratú eszközök	26	0	60 283
Deferred tax assets	24	34 242	65 082
Total non-current assets		29 957 190	32 274 131
Inventories	11	14 032 500	12 555 901
Trade and other financial receivables	12	7 437 601	8 256 171
Other non-financial assets and receivables	12	2 108 463	2 702 737
Nyereségadó követelés	24	0	64 437
Cash and cash equivalents	13	4 412 448	613 444
Total current assets		27 991 012	24 192 690
Total assets		57 948 202	56 466 821
Equity and liabilities
Share capital	14	13 473 446	13 473 446
Treasury shares	14	-108 952	-108 952
Retained earnings	14	10 631 766	10 674 744
Total equity		23 996 260	24 039 238
Loans and borrowings	16,29	10 500 743	11 695 996
Deferred tax liabilities	24	320 177	330 763
Provisions	15	0	49 429
Other non-current liabilities	17	2 730 162	2 315 483
Total non-current liabilities		13 551 082	14 391 671
Provisions	15	407 318	251 425
Current portion of loans and borrowings	16	5 854 163	5 923 355
Trade and other financial liebilities	17,29	8 476 871	6 577 880
Other non-financial liabilities	17	5 492 617	5 283 252
Income tax liability	24	169 891	0
Total current liabilities		20 400 860	18 035 912
Total equity and liabilities		57 948 202	56 466 821

31 December 2024

Note

31 December 2023

Rába Járműipari Holding Nyrt.

Consolidated Statement of Comprehensive Income

for the year ended 31 December 2024 (amounts in THUF)

Consolidated Statement of Comprehensive Income

	Note
Revenue	19	72 841 899	57 736 215
Cost of sales	20	-61 876 183	-48 455 151
Gross profit		10 965 716	9 281 064
Selling and marketing expenses	20	-590 728	-335 875
General and administrative expenses	20	-9 249 191	-8 237 950
Other income	22	752 914	2 478 668
Other expenses	22	-468 537	-905 780
Impairment loss on trade receivables and contract
assets	22	-69 988	-90 068
Total other operating expenses		-9 625 530	-7 091 005
Operating profit		1 340 186	2 190 059
Finance income	23	1 479 716	130 704
Finance costs	23	-866 586	-1 690 381
Net finance income/ costs		613 130	-1 559 677
Profit before tax		1 953 316	630 382
Taxation	24	-769 549	-587 404
Profit for the year		1 183 767	42 978
Total comprehensive income for the year		1 183 767	42 978
Basic earnings per share (HUF)	27	89	3
Diluted earnings per share (HUF)	27	89	3

31 December 2024

31 December 2023

Rába Járműipari Holding Nyrt.

Consolidated Statement of Changes in Equity

for the year ended 31 December 2024 (amounts in THUF)

Consolidated Statement of Changes in Equity

				Other
				comprehensive
	Share capital	Treasury shares	Retained earnings	income		Total equity
Balance at 1 January 2023	13 473 446	-108 952	9 447 999		0	22 812 493
Profit for the year	0	0	1 183 767		0	1 183 767
Balance at 31 December 2023	13 473 446	-108 952	10 631 766		0	23 996 260
Profit for the year	0	0	42 978		0	42 978
Balance at 31 December 2024	13 473 446	-108 952	10 674 744		0	24 039 238

Rába Járműipari Holding Nyrt.

Consolidated Statement of Cash Flows

for the year ended 31 December 2024 (data are in THUF unless otherwise indicated)

Consolidated Statement of Cash Flows
		31 December	31 December
		2023	2024
Cash flows from operating activities
Profit before tax		1 953 316	630 382
Adjustments for non-cash items:
Effect of revaluation of FX cash and cash equivalents	23	114 894	-37 834
Interest income	12	-43 726	0
Interest expenses	17	77 561	27 253
Depreciation and amortization	7,8	2 544 739	2 759 820
Impairment and scrapping of intangible assets, property, plant and equipment	22	10 455	650 000
Allowance for bad and doubtful debts	12, 26	69 988	90 068
Impairment, scrapping of inventories carried at net realisable value	11	334 223	825 785
Changes in provisions	15	32 641	-106 464
Gain or loss on sale of property, plant and equipment and intangible assets	22	5 096	-2 049 123
Gain or loss on acquisition of subsidiaries, share of profit or loss of associate		0	31 347
Period-end revaluation of loans	16, 23	-687 715	917 779
Changes in working capital:
Changes in trade and other receivables	12	2 511 549	-1 605 439
Changes in inventories	11	1 620 487	650 813
Changes in trade and other liabilities as well as in other non-current liabilities	18	-316 249	-1 938 731
Taxes paid	24	-670 984	-856 739
Interest paid	23	-443 893	-480 156
Net cash from / used in operating activities		7 112 382	-491 239
Cash flows from investing activities
Acquisition of property, plant and equipment and intangible assets	7,8	-6 059 152	-5 818 840
Proceeds from sale of property, plant and equipment and intangible assets	22	428	2 086 081
Acquisition of subsidiary, net of cash acquired	6, 10	-2 450	-36 750
Interest received	23	298 841	115 078
Net cash used in investing activities		-5 762 333	-3 654 431
Cash flows from financing activities
Loans and borrowings	16	5 533 280	10 008 505
Repayment of loans and borrowings	16	-10 917 660	-9 661 839
Dividends paid		0	0
Net cash from / used in financing activities		-5 384 380	346 666
Net increase/decrease in cash and cash equivalents		-4 034 331	-3 799 004
Cash and cash equivalents at 1 January		8 561 673	4 412 448
Changes in cash and cash equivalents		-4 034 331	-3 799 004
Effect of revaluation of FX cash and cash equivalents		-114 894	37 834
Cash and cash equivalents at 31 December		4 412 448	613 444

Note

Rába Járműipari Holding Nyrt.

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024 (data are in THUF unless otherwise indicated)

The Notes on pages 7 to 65 form an integral part of these consolidated financial statements..

Notes to the Consolidated Financial Statements

Figures in the Notes are in thousands of forints unless otherwise indicated.

In the Notes, the term “balance sheet” shall mean the statement of financial position and the term “in-

come statement” shall mean the statement of comprehensive income.

Note 1 Reporting entity

Rába Járműipari Holding Nyrt. (“the Company” or “Rába”) is a company incorporated under the laws of

Hungary. The Company was transformed from a state owned enterprise into a company limited by

shares on 1 January 1992.

Address of the Company’s registered office: Hungary 9027 Győr, Martin út 1.

The consolidated financial statements as at and for the year ended 31 December 2024 comprise the

Company and its subsidiaries (Note 6) (together referred to as the “Group”). The Group’s core activity

is the manufacture of vehicle components, mainly axles and chassis.

Shareholders

As at 31 December 2023 and 2024 the following shareholders were listed in the register of

shareholders:

31 December 2023

31 December 2024

Publicly held shares

24.76

Nemzeti Védelmi Ipari Innovációs Zrt.

54.34

Széchenyi István Egyetemért Alapítvány

20.00

Treasury shares

0.90

100.00

Note 2 Basis of preparation

a) Statement of compliance

The consolidated financial statements have been prepared in accordance with International Financial

Reporting Standards as adopted by the EU, as well as with the provisions of Act C of 2000 on Account-

ing in effect in Hungary relating to entities preparing IFRS annual financial statements.

The Group recognizes assets expected to be realized during the normal operating cycle, or used or

sold within the operating cycle and anticipated to be realized within 12 months from the end of the

reporting period, as current assets. All other assets are classified as non-current assets.

The Group classifies its liabilities as current liabilities if they are expected to be settled during the normal

operating cycle and are due within 12 months of the end of the reporting period. Additionally, liabilities

for which the Group has no unconditional right to defer settlement beyond 12 months are also classified

as current liabilities. All other liabilities are classified as long-term liabilities.

The Group also classifies its financial liabilities due within 12 months of the reporting period as current

liabilities if they had an original maturity of more than 12 months and an agreement was reached after

the reporting period but prior to the approval of the financial statements for disclosure.

The financial statements were authorised for issue by the Board of Directors on 19 March 2025.

b) Basis of measurement

In preparing the financial statements, management must assess the entity's ability to continue as a

going concern. The Group prepared its financial statements assuming that the business will continue

to operate.

Except for the items listed in Note 4, the consolidated financial statements have been prepared on a

historical cost basis.

The methods used to measure fair values are detailed in Note 4.

Rába Járműipari Holding Nyrt.

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024 (data are in THUF unless otherwise indicated)

The Notes on pages 7 to 65 form an integral part of these consolidated financial statements..

c) Functional and presentation currency

These consolidated financial statements are presented in Hungarian forints (“HUF”), which is the

Group’s functional currency. All financial information presented in HUF has been rounded to the nearest

thousand.

d) Estimation uncertainties

The preparation of financial statements in conformity with IFRSs requires management to make

judgements, 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.

The 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 af-

fected.

Significant areas of estimation uncertainty and critical judgements in applying accounting policies that

have the most significant effect on the amounts recognised in the consolidated financial statements are

as follows:

i) Deferred tax assets

A deferred tax asset is recognised in the consolidated balance sheet only if the future utilisation of the

tax loss is ensured. The recognition of such deferred tax assets is subject to the utilisation of tax loss

carry forwards. The utilisation of certain amounts of such tax loss that can be carried forward is subject

to statutory limitations and is dependent on the amount of future taxable income of the Group compa-

nies (can be used up to 50% of it). The Group assessed the reported amount of deferred tax asset for

tax losses that can be carried forward based on future taxable profit estimated on the basis of the

approved strategic business plans of the relevant entities. If the future taxable profit of the Group sig-

nificantly differs from the amounts that were estimated, such differences could impact the amount of

deferred tax assets and income tax expense of the Group.

ii) Allowance for bad and doubtful debts

The Group recognises impairment allowance for bad and doubtful debts to cover losses arising from

inability of customers to pay. Impairment allowance for bad and doubtful debts amounted to THUF

90.068. Estimates used to assess the appropriateness of impairment allowance for bad and doubtful

debts are based on ageing of receivables, the country risk of the customer‘s country of origin, forward-

looking information, creditworthiness of the customer, changes in customer payment terms. In the case

of trade receivables the Group applies the simplified approach under IFRS 9 5.5.15 and always

measures the loss allowance at an amount equal to lifetime expected credit losses for trade receivables

that result from transactions that are within the scope of IFRS 15 and that do not contain a significant

financing component, using a provision matrix.

iii) Depreciation/Amortisation

Property, plant and equipment as well as intangible asset are recorded at cost and are written down

over their useful lives using the straight-line method, or effective from 1 January 2019, using the unit of

production method in the case of assets initially recorded after 1 January 2019. Depreciation and amor-

tisation charge for the year ended 31 December 2023 amounted to THUF 2,503,838 and for the year

ended 31 December 2024 THUF 2,759,820. Useful lives are determined based on previous experience

relating to similar assets, expected technological development and changes in broader economic or

industry factors. Estimated useful lives are reviewed annually. The residual value of assets is assessed

on an item-by-item basis based on the expected value at the end of the useful life.

iv) Capitalisation of internally generated intangible assets

Expenditure is capitalised only if development costs can be measured reliably, the product or process

is technically and commercially feasible, future economic benefits are probable, and the Group intends

to and has sufficient resources to complete development and to use or sell the asset.

Rába Járműipari Holding Nyrt.

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024 (data are in THUF unless otherwise indicated)

The Notes on pages 7 to 65 form an integral part of these consolidated financial statements..

v) Warranty provisions

The Group considers that the accounting estimate related to the determination of the provisions is a

significant accounting estimate since it involves assumptions about future warranty claims. The Group

recognised warranty provision in an amount of THUF 29,683 for the year ended 31 December 2023

and THUF 1,773 for the year ended 31 December 2024.

General provisions for warranties are recognised based on historical experience. Provisions for special

cases are recognised based on the claims received and the expected cost of repair. The appropriate-

ness of the provisions is reviewed quarterly.

vi) Fair values

Fair value measurement is described in Note 4. Fair values as at 31 December 2023 and 2024 are

presented in the respective Notes.

vii) Impairment test of non-financial assets

Each year the Group assesses whether there are any external or internal indications specified in IAS

36 which would require to perform an impairment test in relation to tangible or intangible assets.

Impairment is presented under Note 7. Furthermore, during inventory taking of tangible assets the Group

assesses whether impairment or scrapping is necessary at the level of individual assets; in 2024 no

impairment was accounted for under this title.

viii) Impairment of inventories and estimation of the realisable value

Inventories are stated in the balance sheet at the lower of cost and net realisable value.

The Group estimates the net realisable value as the estimated selling price in the ordinary course of

business less the estimated costs of completion and the estimated costs necessary to make the sale.

ix) Measurement of investment property

The Group records its investment properties at cost, their fair value is presented in the Notes. The fair

value was measured by an independent expert as at 31 December 2023. During estimation the refer-

ence values of property of similar nature, location and condition were also taken into account. Principal

assumptions and fair values are presented in Note 9.

x) Government grants

The Group has government grants awarded by tenders that typically relate to construction of property,

plant and equipment, which are accounted for in income in proportion to the depreciation of the related

asset. These are publicly available tenders, therefore the Group treats these as government grants

received as a public-sector entity.

Note 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 consistently applied by Group entities. The amended

standards that became effective in the reporting year had no material impact on the financial statements.

The Group has further examined the standards that are not yet in force to determine their potential

impact on the financial statements, but no material impact has been identified.

a) Amended standards and interpretations issued by IASB that are effective and have been

adopted by the European Union

A number of new standards are effective for financial years beginning after 1 January 2024 and earlier

application is permitted. The Group did not use the option of early adoption.

• IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-

current (Amendments)

The amendments are effective for annual reporting periods beginning on or after January 1, 2024,

and are applied retrospectively in accordance with IAS 8. The objective of the amendments is to

clarify the principles in IAS 1 for the classification of liabilities as either current or non-current. The

amendments clarify the meaning of a right to defer settlement, the requirement for this right to

Rába Járműipari Holding Nyrt.

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024 (data are in THUF unless otherwise indicated)

The Notes on pages 7 to 65 form an integral part of these consolidated financial statements..

exist at the end of the reporting period, that management intent does not affect current or non-

current classification, that options by the counterparty that could result in settlement by the transfer

of the entity’s own equity instruments do not affect current or non-current classification. Also, the

amendments specify that only covenants with which an entity must comply on or before the re-

porting date will affect a liability’s classification. Additional disclosures are also required for non-

current liabilities arising from loan arrangements that are subject to covenants to be complied

within twelve months after the reporting period.

• IFRS 16 Leases: Lease Liability in a Sale and Leaseback (Amendments)

The amendments are effective for annual reporting periods beginning on or after January 1, 2024.

The amendments are intended to improve the requirements that a seller-lessee uses in measuring

the lease liability arising in a sale and leaseback transaction in IFRS 16, while they do not change

the accounting for leases unrelated to sale and leaseback transactions. Under the amendments,

the seller-lessee determines ‘lease payments’ or ‘revised lease payments’ in such a way that the

seller-lessee would not recognise any amount of the gain or loss that relates to the right of use it

retains. Applying these requirements does not prevent the seller-lessee from recognising, in profit

or loss, any gain or loss relating to the partial or full termination of a lease. In accordance with IAS

8, the amendments apply retrospectively to sale and leaseback transactions entered into after the

date of initial application, being the beginning of the annual reporting period in which an entity first

applied IFRS 16.

• IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments Disclosures - Supplier

Finance Arrangements (Amendments)

The amendments are effective for annual reporting periods beginning on or after January 1, 2024.

The amendments supplement requirements already in IFRS and require an entity to disclose the

terms and conditions of supplier finance arrangements. Additionally, entities are required to dis-

close at the beginning and end of reporting period the carrying amounts of supplier finance ar-

rangement financial liabilities and the line items in which those liabilities are presented as well as

the carrying amounts of financial liabilities and line items, for which the finance providers have

already settled the corresponding trade payables. Entities should also disclose the type and effect

of non-cash changes in the carrying amounts of supplier finance arrangement financial liabilities,

which prevent the carrying amounts of the financial liabilities from being comparable. Furthermore,

the amendments require an entity to disclose at the beginning and end of the reporting period the

range of payment due dates for financial liabilities owed to the finance providers and for compara-

ble trade payables that are not part of those arrangements.

b) Standards and interpretations issued by the IASB and adopted by the EU, not yet effective

• IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability

(Amendments)

The amendments are effective for annual reporting periods beginning on or after January 1, 2025,

with earlier application permitted. The amendments specify how an entity should assess whether

a currency is exchangeable and how it should determine a spot exchange rate when exchangea-

bility is lacking. A currency is considered to be exchangeable into another currency when an entity

is able to obtain the other currency within a time frame that allows for a normal administrative delay

and through a market or exchange mechanism in which an exchange transaction would create

enforceable rights and obligations. If a currency is not exchangeable into another currency, an

entity is required to estimate the spot exchange rate at the measurement date. An entity’s objective

in estimating the spot exchange rate is to reflect the rate at which an orderly exchange transaction

would take place at the measurement date between market participants under prevailing economic

conditions. The amendments note that an entity can use an observable exchange rate without

adjustment or another estimation technique.

Rába Járműipari Holding Nyrt.

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024 (data are in THUF unless otherwise indicated)

The Notes on pages 7 to 65 form an integral part of these consolidated financial statements..

c) Standards and interpretations issued by the IASB but not adopted by the EU

• IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures - Classification

and Measurement of Financial Instruments (Amendments)

The amendments are effective for annual reporting periods beginning on or after January 1, 2026.

Early adoption of amendments related to the classification of financial assets and the related dis-

closures is permitted, with the option to apply the other amendments at a later date. The amend-

ments clarify that a financial liability is derecognised on the ‘settlement date’, when the obligation

is discharged, cancelled, expired, or otherwise qualifies for derecognition. They introduce an ac-

counting policy option to derecognise liabilities settled via electronic payment systems before the

settlement date, subject to specific conditions. They also provide guidance on assessing the con-

tractual cash flow characteristics of financial assets with environmental, social, and governance

(ESG)-linked features or other similar contingent features. Additionally, they clarify the treatment

of non-recourse assets and contractually linked instruments and require additional disclosures

under IFRS 7 for financial assets and liabilities with contingent event references (including ESG-

linked) and equity instruments classified at fair value through other comprehensive income. The

amendments have not yet been endorsed by the EU.

• IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures - Contracts

Referencing Nature-dependent Electricity (Amendments)

The amendments are effective for annual reporting periods beginning on or after January 1, 2026,

with earlier application permitted. The amendments include clarifying the application of the 'own-

use' requirements, permitting hedge accounting if contracts in scope of the amendments are used

as hedging instruments, and introduce new disclosure requirements to enable investors to under-

stand the impact of these contracts on a company's financial performance and cash flows. The

clarifications regarding the 'own-use' requirements must be applied retrospectively, but the guid-

ance permitting hedge accounting have to be applied prospectively to new hedging relationships

designated on or after the date of initial application. The amendments have not yet been endorsed

by the EU.

• IFRS 18 Presentation and disclosure in financial statements

IFRS 18 introduces new requirements on presentation within the statement of profit or loss. It

requires an entity to classify all income and expenses within its statement of profit or loss into one

of the five categories: operating; investing; financing; income taxes; and discontinued operations.

These categories are complemented by the requirements to present subtotals and totals for ‘op-

erating profit or loss’, ‘profit or loss before financing and income taxes’ and ‘profit or loss’.

It also requires disclosure of management-defined performance measures, which are subtotals of

income and expenses, and includes new requirements for aggregation and disaggregation of fi-

nancial information based on the identified ‘roles’ of the primary financial statements and the notes.

In addition, there are consequential amendments to other accounting standards.

IFRS 18 is effective for reporting periods beginning on or after January 1, 2027, with earlier appli-

cation permitted. Retrospective application is required. The amendments have not yet been en-

dorsed by the EU.

• IFRS 19 Subsidiaries without Public Accountability: Disclosures

IFRS 19 permits subsidiaries without public accountability to use reduced disclosure requirements

if their parent company (either ultimate or intermediate) prepares publicly available consolidated

financial statements in compliance with IFRS accounting standards. These subsidiaries must still

apply the recognition, measurement and presentation requirements in other IFRS accounting

standards. Unless otherwise specified, eligible entities that elect to apply IFRS 19 will not need to

apply the disclosure requirements in other IFRS accounting standards. IFRS 19 is effective for

Rába Járműipari Holding Nyrt.

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024 (data are in THUF unless otherwise indicated)

The Notes on pages 7 to 65 form an integral part of these consolidated financial statements..

reporting periods beginning on or after January 1, 2027, with early application permitted. The

amendments have not yet been endorsed by the EU.

• Annual Improvements to IFRS Accounting Standards – Volume 11

The IASB’s annual improvements process deals with non-urgent, but necessary, clarifications and

amendments to IFRS. In July 2024, the IASB issued Annual Improvements to IFRS Accounting

Standards — Volume 11. An entity shall apply those amendments for annual reporting periods

beginning on or after January 1, 2026. The Annual Improvements to IFRS Accounting Standards

- Volume 11, includes amendments to IFRS 1, IFRS 7, IFRS 9, IFRS 10, and IAS 7. These amend-

ments aim to clarify wording, correct minor unintended consequences, oversights, or conflicts be-

tween requirements in the standards. The standard has not been endorsed by the EU.

• Amendments in IFRS 10 Consolidated Financial Statements and IAS 28 Invest-

ments in Associates and Joint Ventures: Sale or Contribution of Assets between

an Investor and its Associate or Joint Venture

The amendments address an acknowledged inconsistency between the requirements in IFRS 10

and those in IAS 28, in dealing with the sale or contribution of assets between an investor and its

associate or joint venture. The main consequence of the amendments is that a full gain or loss is

recognised when a transaction involves a business (whether it is housed in a subsidiary or not). A

partial gain or loss is recognised when a transaction involves assets that do not constitute a busi-

ness, even if these assets are housed in a subsidiary. In December 2015 the IASB postponed the

effective date of this amendment indefinitely pending the outcome of its research project on the

equity method of accounting. The amendments have not yet been endorsed by the EU.

d) Basis of consolidation

i) The consolidated annual financial statements comprise the Company and the subsidiaries controlled

by it.

The Group controls an investee when it is exposed, or has rights, to variable returns from its involve-

ment with the investee and has the ability to affect those returns through its power over the investee.

An investor has power over an investee when the investor has existing rights that give it the current

ability to direct the relevant activities of the investee. Relevant activities are activities of the investee

that significantly affect the investee’s returns.

Subsidiaries are presented in Note 6 (Rába Futómű Kft., Rába Jármű Kft., Rába Járműalkatrész Kft.,

REKARD Kft.).

The financial statements of the subsidiaries are included in the consolidated financial statements from

the date on which control commences until the date on which control ceases.

ii) 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 be-

tween 20 and 50 percent of the voting power of another entity. Joint ventures are those entities over

which the Group has joint control, established by contractual agreement and requiring unanimous con-

sent for strategic financial and operating decisions. The companies are presented in detail in Note 10.

Associates and joint ventures are accounted for using the equity method (equity-accounted investees),

and are recognised initially at cost; afterwards the Group increases or decreases the carrying amount

to recognise the Group‘s share of profit or loss of the investee after the date of acquisition .

When the Group acquires control over another entity (acquiree) (business combination), the transaction

is recognised as follows. The acquisition date is the date on which the Group effectively obtains control

of the acquiree. Prior to this, advances for investments are recognised within trade and other receiva-

bles. Goodwill – which is the excess of the consideration paid for the acquiree over the Group’s interest

in the acquisition-date value of the acquired identifiable assets, liabilities and contingent liabilities – is

recognised within intangible assets in the consolidated financial statements at cost less accumulated

impairment. Goodwill acquired is tested for impairment at least annually, or more frequently if events

or changes in circumstances indicate that goodwill might be impaired.

Rába Járműipari Holding Nyrt.

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024 (data are in THUF unless otherwise indicated)

The Notes on pages 7 to 65 form an integral part of these consolidated financial statements..

iii) Transactions eliminated on consolidation

Intra-group balances and transactions, and any unrealised income and expenses arising from intra-

group transactions are eliminated during consolidation. 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.

e) Foreign currency transactions

Transactions in foreign currencies are translated into HUF, which is the functional currency of all Group

entities, at the exchange rates at the dates of the transactions.

Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated

into 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 using 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 translated into the functional currency at the exchange rate at the date that the fair value was

determined. Foreign currency differences arising on translation are recognised in the consolidated in-

come statement.

f) Financial instruments

Initial recognition and measurement

The Group recognises financial instruments in the statement of financial position when it becomes a

party to the contractual provisions of the instrument. The Group applies settlement date accounting for

regular-way purchases or sales of financial assets.

At initial recognition, the Group measures a financial asset or financial liability at its fair value plus or

minus, in the case of a financial asset or financial liability not at fair value through profit or loss, trans-

action costs that are directly attributable to the issue or acquisition of the financial asset or financial

liability (except for trade receivables, where there is no significant financing component; these are rec-

ognised at transaction price as per IFRS 15).

Classification of financial assets

On initial recognition the Group classifies the financial assets as measured at amortised cost, at fair

value through other comprehensive income or at fair value through profit or loss.

Financial assets that are debt instruments are measured by the Group at amortised cost, if both of the

following conditions are met:

• the financial asset is held within a business model whose objective is to hold financial assets

to collect contractual cash flows; and

• the contractual terms of the financial asset give rise, on specified dates, to cash flows that are

solely payments of principal and interest on the principal amount outstanding (hereinafter re-

ferred to as: SPPI).

Financial assets that are debt instruments are measured by the Group at fair value through other com-

prehensive income if both of the following conditions are met:

• the financial asset is held within a business model whose objective is achieved by both collect-

ing contractual cash flows and selling financial assets; and

• the contractual terms of the financial asset give rise, on specified dates, to cash flows that are

solely payments of principal and interest on the principal amount outstanding.

As a rule, investments in equity instruments (which relates to all investments in equity instruments

which is not considered an equity investment in a subsidiary, joint venture or associate) shall be meas-

ured at fair value through profit or loss; however, on initial recognition the Group may make an election

to present subsequent changes in the fair value of the instrument in other comprehensive income rather

Rába Járműipari Holding Nyrt.

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024 (data are in THUF unless otherwise indicated)

The Notes on pages 7 to 65 form an integral part of these consolidated financial statements..

than in profit or loss. This election shall be made on an instrument-by-instrument basis and is irrevoca-

ble; the related decision is made by the Group at initial recognition.

Business model applied to manage financial assets

Upon the initial recognition of a financial asset, the Group assesses whether based on the facts and

circumstances that exist at that date it holds the given financial asset in a business model whose ob-

jective is to hold assets to collect contractual cash flows, or both to collect contractual cash flows and

to sell financial assets.

As at 31 December 2023 and 31 December 2024, for all debt instruments the objective of the Group’s

business model is to hold to maturity and collect the contractual cash flows.

Assessment of contractual cash flows

On initial recognition the Group examines the contractual cash flows of financial assets that are debt

instruments, based on which it determines whether the contractual terms of the given financial asset

give rise, on specified dates, to cash flows that are solely payments of principal and interest on the

principal amount outstanding (SPPI test passed) or not (SPPI test not passed).

When assessing whether the contractual terms of the financial asset give rise, on specified dates, to

cash flows that are solely payments of principal and interest on the principal amount outstanding, prin-

cipal is the fair value of the financial asset at initial recognition. Interest consists of consideration for the

time value of money, for the credit risk associated with the principal amount outstanding during a par-

ticular period of time and for other basic lending risks and costs (for example liquidity risk and admin-

istrative costs), as well as profit margin.

The Group analyses the contractual terms of the financial asset to determine whether they give rise to

cash flows that are solely payments of principal and interest on the principal amount outstanding, i.e.

whether they are consistent with the terms of a basic loan agreement.

In respect of its debt instruments as at 31 December 2023 and 31 December 2024, the Group deems

that the contractual terms of those instruments give rise, on specified dates, to cash flows that are

solely payments of principal and interest on the principal amount outstanding.

Classification of financial liabilities

The Group classifies all financial liabilities as subsequently measured at amortised cost, except for

financial liabilities measured at fair value through profit or loss. The latter liabilities, including derivative

instruments that are liabilities, shall be measured subsequently at fair value.

Derecognition of financial assets and financial liabilities

The Group derecognises financial assets when its rights to the contractual cash flows cease or expire,

or if the contractual rights related to the asset are transferred in a transaction in which either:

• substantially all of the risks and rewards of ownership are transferred; or

• the Group neither transfers nor retains substantially all of the risks and rewards of ownership

and it does not retain control of the asset.

The gain or loss on the derecognition is the difference between the carrying amount and the consider-

ation received, and it is recognised in profit or loss .

The Group derecognises financial liabilities when the contractual obligations are discharged, cancelled

or expire. The difference between the carrying amount of a financial liability (or part thereof) extin-

guished or transferred to a third party and the consideration paid is recognised in profit or loss.

i ) Non-derivative financial instruments

Non-derivative financial instruments comprise investments in equity and debt securities, trade and other

financial receivables, cash and cash equivalents, loans and borrowings, as well as trade and other

financial liabilities.

Subsequent to initial recognition non-derivative financial instruments are measured as described below.

Rába Járműipari Holding Nyrt.

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024 (data are in THUF unless otherwise indicated)

The Notes on pages 7 to 65 form an integral part of these consolidated financial statements..

Cash and cash equivalents

Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are

repayable on demand and form an integral part of the Group’s cash management are included as a

component of cash and cash equivalents for the purpose of the statement of cash flows.

Trade and other financial receivables

Trade and other financial receivables shall be measured at amortised cost using the effective interest

method, less accumulated impairment losses. The amount of impairment losses is included in

Impairment loss on trade receivables and contract assets.

Other investments

Gidrán Páncélozott Járművek Kft. was established in December 2023; it carried out no activity in 2024

yet. The Group has 49% ownership share in the company. It is presented un detail in Note 10.

Loans and borrowings

Loans and borrowings are recognised initially at fair value, less transaction costs. Subsequent to initial

recognition, loans and borrowings are measured at amortised cost using the effective interest method.

Information on fair values is disclosed in the Notes. The fair value of loans and borrowings for disclosure

purposes is the present value of future principal and interest cash flows discounted using the reporting-

date market interest rate.

When borrowings are repurchased or settled before maturity, any difference between the amount repaid

and the carrying amount is recognised immediately in profit or loss.

Borrowing costs include interest and other costs incurred by the Group in connection with borrowing

funds.

Other non-derivative financial instruments

Other non-derivative financial assets are measured at amortised cost using the effective interest

method, less any impairment losses.

Other non-derivative financial liabilities (including trade and other financial liabilities) are measured at

amortised cost using the effective interest method.

g) Share capital

Ordinary shares

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary

shares and share options are recognised as a deduction from equity, net of any tax effects.

Repurchase of share capital (treasury shares)

When treasury shares are repurchased, the amount of the consideration paid, which includes directly

attributable costs, is recognised as a deduction from equity.

h) Property, plant and equipment

i) Recognition and measurement

Items of property, plant and equipment are measured at cost less accumulated depreciation and

impairment losses.

Historical cost includes expenditure that is directly attributable to the acquisition of the items. The cost

of self-constructed assets includes the cost of materials and direct labour, any other costs directly

attributable to bringing the assets to a working condition for their intended use, and the costs of

dismantling and removing the items and restoring the site on which they are located. Purchased

software that is integral to the functionality of the related equipment is capitalised as part of that

equipment. Borrowing costs attributable to the acquisition, construction or production of assets are

capitalised.

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.

Rába Járműipari Holding Nyrt.

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024 (data are in THUF unless otherwise indicated)

The Notes on pages 7 to 65 form an integral part of these consolidated financial statements..

Any gain or loss on sale of an item of property, plant and equipment is recognised in the income state-

ment on a net basis within other income or other expenses.

ii) Subsequent expenditure

The cost of replacing part of an item of property, plant and equipment is recognised in the carrying

amount of the asset 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 amount 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 the income statement using the straight-line method, based on the useful

lives of each part of an item of property, plant and equipment. Land is not depreciated. For assets

where production output can be measured well, a material difference is expected between production

in different years and the depreciation of the asset is more closely related to the units produced, the

unit of production method can be used; reasons for the use of this method must be provided.

The estimated useful lives for the reporting period and the comparative period are as follows:

- Buildings 10-50 years

- Plant and equipment 3-25 years

The Group accounts for depreciation on right-of-use assets as described in

Accounting for leased

assets.

Depreciation methods, useful lives and residual values are reviewed at each reporting date.

i) Intangible assets

i) Formation and restructuring, Research and development

To assess whether an internally generated intangible asset meets the criteria for recognition, the Group

classifies the generation of the asset into:

• a research/assessment phase; and

• a development phase.

The Group recognises research costs as cost when they arise. An intangible asset arising from devel-

opment (or from the development phase of an internal project) is recognised and costs can be capital-

ised if, and only if, the Group can demonstrate that all of the following criteria are satisfied:

• The technical feasibility of completing the intangible asset so that it will be suitable for use or

sale.

• The Group's intention to complete the intangible asset, and use it or sell it.

• The Group's ability to use or sell the intangible asset.

• How the intangible asset will generate future economic benefits. Among other things, the Group

shall demonstrate the existence of a market for the output of the intangible asset or the intan-

gible asset itself or, if it is to be used internally, the usefulness of the intangible asset.

• The availability of adequate technical, financial and other resources to complete the develop-

ment and to use or sell the intangible asset.

• The Group's ability to reliably measure the expenditure attributable to the intangible asset dur-

ing its development.

The cost of an internally generated intangible asset comprises all directly attributable costs necessary

to create, produce, and prepare the asset to be capable of operating in the manner intended by man-

agement.

If the Group cannot distinguish the research/assessment phase from the development phase of an

internal project to create an intangible asset, it shall account for the expenditure on the project as ex-

pense in the period when it is incurred.

During the year the management reviewed the recovery of internally generated intangible assets; no

expenditure was capitalised in the reporting year due to failing to meet the criteria. Expenditure on

Rába Járműipari Holding Nyrt.

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024 (data are in THUF unless otherwise indicated)

The Notes on pages 7 to 65 form an integral part of these consolidated financial statements..

research is recognised as an expense when incurred. Development expenditure on individual projects

can be carried forward if future recovery is clearly demonstrated.

The Group did not capitalise any expense related to research and development or formation and re-

structuring under intangible assets either in the previous year or in the reporting year. These expenses

are accounted for within indirect costs in the profit or loss for the year. Development expenditure can

be capitalised based on individual assessment if its recovery can be demonstrated.

ii) Other intangible assets

Other intangible assets that are acquired by the Group are measured at cost less accumulated amorti-

sation and accumulated impairment losses. The cost includes costs directly attributable individually to

the intangible asset which arose until such was ready for use, including taxes and duties.

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 brands, is

recognised in profit or loss as incurred.

iv) Amortisation

Amortisation is recognised in the income statement on a straight-line basis over the estimated useful

lives of intangible assets, other than goodwill, from the date that they are available for use. The

estimated useful lives for the reporting period and the comparative period are as follows:

- Intellectual property 3-8 years

- Rights and concessions 3-8 years

Amortisation methods, useful lives and residual values are reviewed at each reporting date.

j) Investment property

Investment property is property held either to earn rental income or for capital appreciation or for both,

rather than for sale in the ordinary course of business, use in the production or supply of goods or

services or for administrative purposes. Investment properties are measured at cost less accumulated

depreciation and accumulated impairment loss. Useful lives are determined as described in Section g).

When the use of a property changes such that it is reclassified as property, plant and equipment, its

net carrying amount at the date of reclassification remains its cost for subsequent accounting.

Estimation for the fair value of investment property is included in Notes 4 and 9.

k) Leased assets

Right-of-use assets, leased assets

A contract that conveys the right to use an underlying asset for an agreed period of time in exchange

for consideration is considered a lease.

The right to use the asset identified in the lease contract (underlying asset) is recognised as a right-of-

use asset in the statement of financial position line item which includes the underlying asset, at the

lease commencement date (the date on which the lessor makes an underlying asset available for use).

The right-of-use asset is initially measured at cost (amount of the lease liability adjusted for initial pay-

ments and restoration costs).Subsequently, it is measured at cost less any accumulated depreciation

and any accumulated impairment losses.

Depreciation is accounted for from the commencement date over the shorter of the useful life and the

lease term.

The Group uses the practical expedient provided in IFRS 16 and it does not apply the above require-

ments relating to leases to short-term leases and leases for which the underlying asset is of low value,

and recognises the lease payments (rentals) on a straight-line basis in profit or loss. The Group con-

siders assets with an individual cost not exceeding HUF 1 million and that are not dependent on, or

interrelated with, other assets (computer, telephone, vending machines operated within the Group’s

premises) low-value underlying assets .

Lease requirements are not applied to leases of intangible assets, if any; those are treated as renting

by the Group.

Rába Járműipari Holding Nyrt.

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024 (data are in THUF unless otherwise indicated)

The Notes on pages 7 to 65 form an integral part of these consolidated financial statements..

The lease liability is the present value of future lease payments. Lease payments are discounted using

the interest rate implicit in the lease, or if this is not readily determinable, then the Group uses to dis-

count lease payments the interest rate of a loan that is based on similar conditions and can be drawn

at the date when the lease contract is signed, adjusted for the terms and conditions of the lease and

the leased asset. The Group accounts for lease payments based on the effective interest rate as pay-

ment of principal and interest.

If relevant data are available, the Group excludes from the initial cost of the lease the value of other

services included in the contract, and still accounts for them as current costs in profit or loss when

incurred.

Accounting treatment for lessors

Finance lease

A finance lease is a transaction which transfers substantially all the risks and rewards incidental to

ownership of an underlying asset to the lessee. Considering its nature, a finance lease is similar to the

financing of the sale of an asset. Recognition in the financial statements is based on the real substance

of the transaction rather than its legal form (i.e. as if the lessor sold the underlying asset to the lessee).

The Group had no finance lease contracts as a lessor either in FY 2023 or FY 2024.

Operating lease

An operating lease is a transaction that does not transfer substantially all the risks and rewards inci-

dental to ownership of an underlying asset. Generally, this is a simple, short-term lease arrangement

(operating lease) whereby the rental received is recognised in the statement of profit or loss and its

primary impact on the balance sheet is related to the timing of lease payments.

l) Inventories

Inventories are measured at the lower of cost and net realisable value. The cost of inventories is based

on the weighted average cost formula, and includes expenditure incurred in acquiring the inventories,

production or conversion costs and other costs incurred in bringing them to their present location and

condition. In the case of self-manufactured inventories and work in progress, cost includes an

appropriate share of production overheads based on normal operating capacity.

Net realisable value is the estimated selling price in the ordinary course of business, less the estimated

costs of completion and selling expenses. Inventory write-offs and scrapped items are accounted for in

operating expenses.

m) Impairment

i) Financial assets

The Group recognises impairment for expected credit losses in the case of financial assets measured

at amortised cost (trade and other financial receivables) and contract assets under IFRS 15.

At each reporting date the Group measures loss allowances at an amount equal to lifetime expected

credit loss, if the credit risk of the financial asset has risen significantly since initial recognition.

If the credit risk of a financial asset is low as at the reporting date or it has not risen significantly from

the initial recognition until the reporting date, the Group measures the loss allowance for the given

financial asset at an amount equal to 12-month expected credit loss.

As an exception from the above rules, the Group always measures the loss allowance for trade receiv-

ables or contract assets that result from transactions that are within the scope of IFRS 15 which do not

contain a significant financing component in line with IFRS 15 at an amount equal to lifetime expected

credit loss.

If there are no reasonable expectations of recovering a financial asset in its entirety or a portion thereof,

then the Group reduces the gross carrying amount of the financial asset directly. A write-off constitutes

a derecognition event.

Individually significant financial assets are tested for impairment on an individual basis. The difference

between the cost of a financial asset (cash flows due over the lifetime of the financial asset) and the

Rába Járműipari Holding Nyrt.

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024 (data are in THUF unless otherwise indicated)

The Notes on pages 7 to 65 form an integral part of these consolidated financial statements..

cash flows expected to be received, discounted using the original effective interest rate, is assessed at

each reporting date. The difference shall be established for the lifetime of the asset and for a period

not more than 12 months from the reporting date. If credit risk has increased significantly since initial

recognition, impairment allowance is modified to be the expected credit loss that results from possible

default events over the expected life.

On initial recognition the Group does not consider a receivable credit-impaired and therefore does not

recognise impairment, if based on historical and forward-looking information it expects that the whole

amount of the given receivable will be settled by the contractual due date.

Receivables with less than 30 days in default are rated low-risk and thus impairment allowance is rec-

ognised for them at an amount equal to 12-month credit loss, unless there is an unrebuttable evidence

that the customer failed to meet its payment obligation due to its financial difficulties. A default more

than 30 days is considered by the Group a significant increase in credit risk and a lifetime expected

credit loss is recognised. In the case of a default more than 90 days as at the reporting date also a

lifetime expected credit loss is recognised, because the Group deems the partner non-performing (de-

fault).

Trade receivables, contract assets and lease receivables are grouped together into groups with shared

credit risk characteristics, which are tested by the Group for impairment on a collective basis. Based

on a provision matrix, lifetime expected credit loss is measured and recognised.

Default and increase in credit risk are assessed on a collective basis – by market category – , based

on historical statistic data and using loss rates.

When individual large items influence the data and/or an unrebuttable evidence is available indicating

that the default is not a significant increase in credit risk, impairment of the receivables is calculated

after adjustment for these items to avoid distortions.

As at the reporting date the Group assesses expected credit loss for outstanding receivables based on

historical information using the loss rate related to the given ageing category, then adjusts it based on

forward-looking information.

If the credit risk on a financial asset for which a lifetime expected credit loss was recognised later

improves so that the recognition criteria for lifetime expected credit loss are no longer met, the loss

allowance is measured at an amount equal to 12-month credit losses.

ii) Non-financial assets

Except for deferred tax assets and inventories, at each reporting date the Group reviews the carrying

amounts of its non-financial assets to determine whether there is any indication of impairment. If any

such indication exists, the asset’s recoverable amount is estimated.

For intangible assets that have indefinite lives or that are not yet available for use, the recoverable

amount is estimated at each reporting date .

The recoverable value of an asset or cash-generating unit is the higher of its value in use and its fair

value less costs of disposal.

In assessing value in use, the estimated future cash flows are discounted to their present value using

a discount rate that reflects current market assessments of the time value of money and the risks spe-

cific 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”).

An impairment loss is recognised if the carrying amount of an asset exceeds its estimated recoverable

amount. Impairment losses are recognised in the income statement. Impairment losses recognised in

respect of cash-generating units shall be allocated first to reduce the carrying amount of any goodwill

allocated to the units and then the carrying amount of the other assets in the unit (group of units) are

reduced on a pro rata basis.

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, if no impairment loss had been recognised.

Rába Járműipari Holding Nyrt.

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024 (data are in THUF unless otherwise indicated)

The Notes on pages 7 to 65 form an integral part of these consolidated financial statements..

On each balance sheet date, the Group assesses whether there is any indication (indicator) that an

asset needs to be impaired. If there is an indicator or annual impairment test is required for an asset,

the Group will estimate the recoverable value of the asset. The recoverable amount is the higher of the

fair value less disposal costs and the value in use of the asset or CGU (cash-generating unit). The

recoverable value must be determined for individual assets, except where the asset does not generate

inflows that is largely independent of those from other assets or groups of assets. If the carrying amount

of an asset or CGU exceeds the recoverable value, the asset is subject to impairment and must be

written off at its recoverable value.

When determining value in use, estimated future cash flows are discounted to their present value using

a pre-tax discount rate that reflects current market estimates of the time value of money and the risks

specific to the asset. Recent market transactions are taken into account when determining fair value

less disposal costs. Where such transactions cannot be identified, an appropriate valuation model

should be applied. These calculations are supported by valuation multiples, quoted share prices of

listed companies or other available fair value indicators.

The Group bases its impairment calculation on the most recent plans and forecast calculations, which

are prepared separately for the Group's CGUs (cash generating units) to which each asset is allocated.

These plans and forecast calculations are typically for five years. To forecast future cash flows after the

fifth year, the long-term growth rate is calculated and applied.

Impairment losses from continuing operations are recognised in the income statement in the expense

categories corresponding to the function of the impaired assets, with the exception of properties previ-

ously recognised in Other comprehensive income.

Assets with no related goodwill are measured at each reporting date to determine whether there is any

indication that the impairment loss previously recognised no longer exists or has decreased. If there is

such an indication, the Group will estimate the recoverable value of the asset or CGU. Previously rec-

ognised impairment losses can only be reversed if the assumptions used to determine the recoverable

value of the asset have changed since the last time when impairment loss was accounted for. Write-

back is limited so that the book value of the asset does not exceed its recoverable value and does not

exceed the carrying amount determined by deducting depreciation. Such write-back is recognised in

the income statement, unless the asset is shown at the revalued amount, in which case the write-back

is treated as revaluation increment.

Impairment of non-financial assets occurs when the carrying amount of an asset or cash-generating

unit exceeds its recoverable value, which is the higher of its fair value less disposal costs and its value

in use. The calculation of fair value less disposal costs is based on data from binding sales transactions

conducted at arm's length, less the additional costs of asset disposal. The calculation of the use value

is based on the DCF model. Cash flows are derived from plans for the next five years and do not include

restructuring activities to which the Group has not yet committed or significant future investments that

will improve the performance of the tested CGU assets. The recoverable value is sensitive to the dis-

count rate used for the DCF model, as well as to the expected future cash inflows and the growth rate

used for growth purposes. The main assumptions used to determine the recoverable value of the vari-

ous CGUs, including the sensitivity analysis, are included and explained in more detail in Note 7.

n) Employee benefits

Short-term employee benefit obligations are measured on an undiscounted basis and are recognised

when the related service is provided.

A provision is recognised for the amount expected to be paid under short-term cash bonuses 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.

Contributions and taxes are paid at the statutory rates in force during the year. Employer’s tax and

contribution expenses on wages and other staff benefits are accounted for in profit or loss in the period

when the related wages and other staff costs are incurred.

The Group pays social contribution tax to the state budget.

Rába Járműipari Holding Nyrt.

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024 (data are in THUF unless otherwise indicated)

The Notes on pages 7 to 65 form an integral part of these consolidated financial statements..

Termination benefits are recognised as an expense when the Group is demonstrably committed,

without realistic possibility of withdrawal, to a formal detailed plan to either terminate employment before

the normal retirement date, or to provide termination benefits as a result of an offer made to encourage

voluntary redundancy. Termination benefits for voluntary redundancies are recognised as an expense

if the Group has made an offer of voluntary redundancy, it is probable that the offer will be accepted,

and the number of acceptances can be estimated reliably.

o) 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.

Warranties

A provision for warranties is recognised when the underlying products or services are sold. The

provisions are based on historical warranty data and a weighting of possible outcomes against their

associated probabilities.

Restructuring

A provision for restructuring is recognised when the Group has approved a detailed and formal restruc-

turing plan, and the restructuring has either commenced or has been announced publicly.

Provisions for environmental protection liabilities

A provision for an obligation relating to elimination of pollution is recognised when the pollution occurs.

In the case of pollution caused by commissioning of property, plant and equipment that is to be elimi-

nated upon decommissioning, environmental protection costs are capitalised in the value of the asset.

Environmental protection costs arising during production of inventories are capitalised in the cost of

inventories or recognised as costs, depending on their nature.

p) Revenue

The four strategic divisions of the Group is the manufacture of

- axles, axle main components and parts developed for commercial utility vehicles, agricultural

power machines and earthwork machines (axle segment)

- parts for passenger cars (parts segment),

- special vehicles (vehicles segment), and

- gearboxes developed for commercial vehicles and agricultural power machines and their as-

sembled parts (gear unit segment).

Under the provisions of the related standard (IFRS 15), the Group may recognise revenue when it

satisfies a performance obligation by transferring a good or service to a customer. An asset is trans-

ferred when (or as) the customer obtains control of that asset.

A contract is an agreement between two or more parties that creates enforceable rights and obligations.

Contracts can be written, oral or implied by an entity's customary business practices. Irrespective of

the form, contracts shall have commercial substance. Further condition is that it shall create rights and

obligations that are legally enforceable.

A contract can be accounted for when all of the following criteria are met:

• the parties to the contract have approved the contract and are committed to perform their re-

spective obligations;

• the Group can identify each party’s rights regarding the goods or services to be transferred;

• the Group can identify the payment terms for the goods or services to be transferred;

• the contract has commercial substance (i.e. the risk, timing or amount of the Group’s future

cash flows is expected to change as a result of the contract); and

Rába Járműipari Holding Nyrt.

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024 (data are in THUF unless otherwise indicated)

The Notes on pages 7 to 65 form an integral part of these consolidated financial statements..

• it is probable that the Group will collect the consideration to which it will be entitled in exchange

for the goods or services that will be transferred to the customer. In evaluating whether col-

lectability of an amount of consideration is probable, the Group shall consider only the cus-

tomer’s ability and intention to pay that amount of consideration when it is due.

In case of contract modifications, the change in the content of the contract shall be examined, because

in some cases a contract modification shall be accounted for as a separate contract.

The Group shall combine two or more contracts entered into at or near the same time with the same

customer (or related parties of the customer) and account for the contracts as a single contract if one

or more of the following criteria are met:

• the contracts are negotiated as a package with a single commercial objective,

• the amount of consideration to be paid in one contract depends on the price or performance of

the other contract; or

• the goods and services promised in the contracts (or some goods or services promised in each

of the contracts) are a single performance obligation.

A contract does not exist if each party to the contract has the unilateral enforceable right to terminate

a wholly unperformed contract without compensating the other party (or parties). A contract is wholly

unperformed if both of the following criteria are met:

• the Group has not yet transferred any promised goods or services to the customer; and

• the Group has not yet received, and is not yet entitled to receive, any consideration in exchange

for promised goods or services.

The companies of the Group apply guarantees, payment deadlines and quality guarantees typical for

the industry.

Prices in contracts are typically determined in USD or in EUR, which is in line with industry practice.

The framework contracts that determine the unit prices of products to be delivered for several years in

advance, based on the information and the economic environment known at the time when the agree-

ment is concluded, regardless of the expected volume, always have a clause ensuring a separate ne-

gotiation/consulting process to manage unexpected, significant and occurred/predictable changes be-

tween the parties in an amicable way. For such supplementary contracts in general we can state that

they apply for and regulate the situation between the parties as long as the considerably changed

circumstances prevail, and they do not become integral parts of the underlying framework contract. In

such supplementary contracts the parties also agree on the date the agreed price changes/additional

provisions shall apply from. In the case of such contracts as well the revenues from product sales are

recognised at a point in time. These contracts cover only sale of goods and include no other services.

In the case of framework agreements, the individual orders are considered performance obligations, as

in the framework agreements neither party has an obligation to perform or to order; in the case of other

contracts, the Group assesses on a contract-by-contract basis whether the contract or the related order

is considered a performance obligation, depending on whether the parties to the contract have any

obligation to deliver or to order under the contract.

A contract modification is a change in the scope or price (or both) of a contract that is approved by the

parties to the contract. A contract modification exists when the Group and its customer(s) approve a

modification that either creates new or changes existing contractual enforceable rights and obligations.

If the parties to the contract have not approved a contract modification, the Group continues to apply

the rules included in this section to the existing contract until the contract modification is approved.

In determining whether the rights and obligations that are created or changed by a modification are

enforceable, the Group considers all relevant facts and circumstances. If the parties to a contract have

approved a change in the scope of the contract but have not yet determined the corresponding change

in price, the Group estimates the change to the transaction price arising from the modification in ac-

cordance with rules relating to estimating variable consideration and to constraining estimates of vari-

able consideration.

The Group accounts for a contract modification as a separate contract if both of the following conditions

are present:

Rába Járműipari Holding Nyrt.

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024 (data are in THUF unless otherwise indicated)

The Notes on pages 7 to 65 form an integral part of these consolidated financial statements..

• the scope of the contract increases because of the addition of promised goods or services that

are distinct; and

• the price of the contract increases by an amount of consideration that reflects the Group’s

stand-alone selling prices of the additional promised goods or services and any appropriate

adjustments to that price to reflect the circumstances of the particular contract.

If the above criteria are not met and a contract modification is not accounted for as a separate contract,

the Group accounts for the promised goods or services not yet transferred at the date of the contract

modification (i.e. the remaining promised goods or services) in whichever of the following ways is ap-

plicable:

a) It accounts for the contract modification as if it were a termination of the existing contract and

the creation of a new contract, if the remaining goods or services are distinct from the goods

or services transferred on or before the date of the contract modification. The amount of con-

sideration to be allocated to the remaining performance obligations (or to the remaining distinct

goods or services in a single performance obligation) is the sum of:

o i. the consideration promised by the customer (including amounts already received

from the customer) that was included in the estimate of the transaction price and that

had not been recognised as revenue; and

o ii. the consideration promised as part of the contract modification.

b) It accounts for the contract modification as if it were a part of the existing contract if the remain-

ing goods or services are not distinct and, therefore, form part of a single performance obliga-

tion that is partially satisfied at the date of the contract modification. The effect that the contract

modification has on the transaction price, and on the Group’s measure of the stage of comple-

tion of the contract, is recognised as an adjustment to revenue (either as an increase in or a

reduction of revenue) at the date of the contract modification (i.e. the adjustment to revenue is

made on a cumulative catch-up basis).

c) If the remaining goods or services are a combination of items (a) and (b), then the Group ac-

counts for the effects of the modification on the unsatisfied (including partially unsatisfied) per-

formance obligations in the modified contract in a manner that is consistent with the objectives

of this paragraph.

The table below summarises the main sources of revenue of the Group and the features considered in

connection with the recognition of revenue:

Product / service /

type of contract

Nature of goods or ser-

vice promised to transfer

Performance obligation

Payment terms

Discount, rebate, reim-

bursement, credit, price

discount, incentive, per-

formance commissions,

penalties or similar re-

lated titles

Return, reim-

bursement and

other similar obli-

gations

Manufacture of axles

and axle compo-

nents and parts, for

use in medium and

heavy trucks, buses

and other vehicles.

Goods promised to trans-

fer:

Axles for use in various

motor vehicles.

Performance obligation is

satisfied at a point in time:

When the products are

transferred, in accordance

with INCOTERMs set forth

in the contract (typically

EXW, DDU, FCA).

Fixed consideration.

There is no significant fi-

nancing component. The

payment deadline is typi-

cally between 30 and 60

days.

The contracts typically do

not include variable consid-

eration.

Typically, no right

of return was set

forth in the con-

tracts except for

return due to qual-

ity complaints.

Manufacture and

sale of vehicles

parts, including pas-

senger car seats and

parts of seats, parts

and components of

utility vehicles, as

well as machined

parts for heavy duty

vehicles.

Goods promised to trans-

fer:

Parts for use in various

items.

Performance obligation is

satisfied:

When the products are

transferred, in accordance

with INCOTERMs set forth

in the contract (typically

EXW, DDU, FCA).

Fixed consideration.

There is no significant fi-

nancing component. The

payment deadline is typi-

cally between 30 and 60

days.

The contracts typically do

not include variable consid-

eration.

Typically, no right

of return was set

forth in the con-

tracts except for

return due to qual-

ity complaints .

Rába Járműipari Holding Nyrt.

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024 (data are in THUF unless otherwise indicated)

The Notes on pages 7 to 65 form an integral part of these consolidated financial statements..

Manufacture of truck

and bus chassis and

related parts, other

metal structures for

vehicles, and as-

sembly of vehicles.

Goods promised to trans-

fer:

Chassis, related parts,

metal structures.

Performance obligation is

satisfied:

When the products are

transferred, in accordance

with INCOTERMs set forth

in the contract (typically

EXW, DDU, FCA).

Fixed consideration.

There is no significant fi-

nancing component. The

payment deadline is typi-

cally between 30 and 60

days.

The contracts typically do

not include variable consid-

eration.

Typically, no right

of return was set

forth in the con-

tracts except for

return due to qual-

ity complaints.

Servicing of military

vehicles (provision of

services)

Nature of service promised

to transfer: Serviced vehi-

cle

Performance obligation is

satisfied at a point in time:

When the service report is

transferred.

Fixed consideration.

There is no significant fi-

nancing component. The

payment deadline is typi-

cally between 30 and 60

days.

The contracts typically do

not include variable consid-

eration.

Typically, no right

of return was set

forth in the con-

tracts except for

return due to qual-

ity complaints.

a) financing obligation

The average payment deadline at the Group is normally 30 to 90 days after performance.

In general, when satisfying its obligations the Group does not identify a financing obligation to be treated

separately in cases where its partners have to meet their payment liability by no later than one year

after the contractual obligation is satisfied.

If the payment deadline of a partner is more than one year after the performance, the Group applies a

discount rate when recognising the revenue that is equivalent to the stand-alone price of an independ-

ent financing obligation.

b) warranty obligations connected to sale

For its products the Group provides warranties typical in the given industry. The Group recognises such

warranties in its books in accordance with IAS 37.

c) costs of obtaining a contract and costs incurred to fulfil a contract

Incremental costs of obtaining a contract that are expected to be recovered during the performance of

the contract are not typical for the Group; it does not recognise such costs as assets.

d) initial recognition of receivables

The Group monitors its markets and partners on a continuous basis, performs risk analysis and devel-

ops its receivables management and delivery policies accordingly to minimise its losses arising from

non-payment.

e) advances from customers

Cash amounts received by the Group from its customers before it satisfies its obligations are presented

as a contract liability until the related obligations are satisfied.

Sale of assets/goods and services

Revenue is recognised when performance obligations under the identified contract with a customer are

satisfied. If the identification criteria are not met for a contract, the consideration received is recognised

as a contract liability and the Group subsequently reassesses the performance criteria. Revenue is

recognised when the obligation was satisfied, or the contract was terminated or suspended and a sub-

stantial part of the consideration payable by the customer was received and is non-refundable.

As a practical expedient, the Group does not disclose the transaction price allocated to the performance

obligations that are unsatisfied (or partially unsatisfied) as at the reporting date, if the original expected

duration of the contract is one year or less.

q) Government grants

Government grants are recognised initially when there is reasonable assurance that they will be re-

ceived and the Group will comply with the conditions associated with the grant. Grants that compensate

Rába Járműipari Holding Nyrt.

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024 (data are in THUF unless otherwise indicated)

The Notes on pages 7 to 65 form an integral part of these consolidated financial statements..

the Group for expenses incurred are recognised on a systematic basis in the same periods in which

the expenses are recognised. Grants that compensate the Group for the cost of an asset are recognized

in the income statement within other income on a systematic basis over the useful life of the asset.

Grants are accounted for and presented on a gross basis in the income statement.

A grant may not be recognised directly as a change in equity.

r) Finance income and costs

Finance income comprises the following: dividend income from investments in equity instruments, in-

terest income from financial assets measured at amortised cost, interest income related to financial

instruments containing a significant financing component. The Group recognises interest income in the

income statement using the effective interest method.

Finance costs comprise the following: interest expenses on loans, costs related to bank documentary

transactions, costs of assuming payments risks (e.g. bank guarantee fees, expenses related to letters

of credit, etc.), lease-related financing administrative costs, interest expenses on financial instruments

containing a significant financing component. Borrowing costs are recognised in the income statement

using the effective interest method. Impairment loss recognised on financial assets measured at amor-

tised cost is included in the ’Impairment loss on trade receivables and contract assets’ line item.

Exchange gains and losses by title (trade receivable, trade liability and FX cash) are presented on a

net basis within finance income or finance expenses.

s) Income taxes

Income tax expense comprises current and deferred tax. Income tax expense is recognised in the

income statement except to the extent that it relates to items recognised in other comprehensive in-

come or directly in equity, in which case it is recognised in other comprehensive income or in equity.

Current tax is the expected corporation tax payable on the taxable income for the reporting year, the

business tax and the innovation contribution using tax rates enacted or substantively enacted at the

reporting date, and any adjustment to tax payable in respect of previous years.

Deferred tax is recognized using the balance sheet method, providing for temporary differences be-

tween the carrying amounts of assets and liabilities for financial reporting purposes and the amounts

used for taxation purposes. 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 substan-

tively enacted by the reporting date. Deferred tax assets and liabilities are offset if there is a legally

enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by

the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle

current tax liabilities and assets on a net basis or their tax assets and liabilities will be realised simulta-

neously.

A deferred tax asset is only 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 still probable that the related tax benefit will

be realised.

t) Segment reporting

An operating segment is a component of the Group that engages in business activities from which it

may earn revenues and incur expenses (including revenues and expenses relating to transactions with

other components of the same entity); whose operating results are regularly reviewed by the Group’s

chief operating decision maker to make decisions about resources to be allocated to the segment and

assess its performance; and for which discrete financial information is available.

Segment information is presented by division. The business segments are determined based on the

Group’s management and internal reporting structure.

Inter-segment pricing is determined on an arm’s length basis.

Segment profit or loss, segment assets and segment liabilities include items directly attributable to a

segment. Unallocated items include income, expenses, assets and liabilities of the holding centre.

Segment capital expenditure is the total cost incurred during the period to acquire property, plant and

equipment, and intangible assets other than goodwill.

Rába Járműipari Holding Nyrt.

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024 (data are in THUF unless otherwise indicated)

The Notes on pages 7 to 65 form an integral part of these consolidated financial statements..

u) Earnings per share

The Group presents basic and diluted earnings per share (EPS) data for its ordinary shares. Basic EPS

is calculated by dividing the profit or loss attributable to ordinary shareholders of the Company by the

weighted average number of ordinary shares outstanding during the period.

Diluted EPS is determined by adjusting the profit or loss attributable to ordinary shareholders and the

weighted average number of ordinary shares outstanding for the effects of all dilutive potential ordinary

shares.

Note 4 Fair value measurement

A number of the Group’s accounting policies and disclosures require the measurement of fair value, for

both financial and non-financial assets and liabilities. Fair values have been determined for

measurement and/or disclosure purposes based on the following methods. When applicable, further

information about the assumptions made in measuring fair values is disclosed in the Note specific to

that asset or liability.

The fair value is based on market values, being the estimated amount for which an asset could be

exchanged on the measurement date between a willing buyer and a willing seller in an arm’s length

transaction after proper marketing, whereby the parties had each acted knowledgeably, prudently and

without compulsion.

Investment property

As at 31 December 2024 and in the comparative period, the investment property of the Group was

valued by an independent valuer who holds a recognised and relevant professional qualification and

has recent experience in the location and category of the investment property being valued.

During valuation the valuer primarily used the sales comparison approach.

Trade and other receivables

The fair value of trade and other receivables is estimated at the present value of future cash flows

discounted using the reporting-date market interest rate.

Loans and borrowings

The fair value of loans and borrowings for disclosure purposes is the present value of future principal

and interest cash flows discounted using the reporting-date market interest rate. For leases, the market

interest rate is determined based on similar lease agreements.

Note 5 Financial risk management

a) Overview

The Group is exposed to the following risks arising from financial instruments:

- credit risk

- liquidity risk

- market risk.

This Note presents information about the Group’s exposure to the above risks, the Group’s objectives,

policies and processes for measuring and managing risk, and the Group's management of capital.

Further quantitative disclosures are included in Note 26 to these consolidated financial statements.

The Board of Directors has overall responsibility for the establishment and oversight of the Group’s risk

management framework.

The Group’s risk management policies are established to identify and analyse the risks faced by the

Group, to set appropriate risk limits and controls and to monitor risks and adherence to limits. Risk

management policies and systems are reviewed regularly to reflect changes in market conditions and

the Group’s activities. The Group, through its management standards and procedures, aims to maintain

a disciplined and constructive control environment in which all employees understand their roles and

obligations.

Rába Járműipari Holding Nyrt.

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024 (data are in THUF unless otherwise indicated)

The Notes on pages 7 to 65 form an integral part of these consolidated financial statements..

b) Credit risk

Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument

fails to meet its contractual obligations, and arises principally from the Group’s trade receivables.

Trade and other receivables

The Group’s exposure to credit risk is influenced mainly by geographical segment, previous experience

and individual characteristics of individual customers.

The demographics of the Group’s customer base, including the default risk of the industry and countries

in which customers operate, has an influence on credit risk. The credit risk is concentrated mainly by

geographical segment.

The Group has established a credit policy under which each new customer is analysed individually for

creditworthiness before the Group’s standard payment and delivery terms and conditions are offered.

For each major customer a purchase limit or payment collateral is determined, which constitutes the

maximum debt amount. Such limits and collateral are reviewed on a continuous basis. Customers are

rated and approved in an electronic system that manages customer risks in a uniform format at Rába

Group level. The limits are determined based on the geographical region, volume of turnover, and the

customer’s individual credit rating. The Group only accepts orders from customers in regions with a

higher credit risk in return for an advance payment or collateral. Most of the Group’s customers have

been purchasing goods from the Group for years.

In addition to the customer rating/limit system, the company has a customer credit insurance policy

covering its customer portfolio including key customers in markets deemed to carry an above-average

risk. The insurance company also rates these customers individually, and insures them up to their

individual customer limits.

The Group recognised THUF 150,227 impairment on trade receivables as at 31 December 2024 and

THUF 89,179 as at 31 December 2023. Besides the risk on receivables the maximum exposure to

credit risk is represented by the carrying amount of financial assets, including derivative financial

instruments, in the consolidated balance sheet. The COVID-19 situation did not significantly affect the

collection of receivables, and the proportion of overdue receivables and late payments did not grow as

a result either. The Group continues to treat the collection of receivables as a priority, and goods are

delivered only after payment to customers who have been late with payments in the past. The above

had no impact on the impairment calculation method either .

Rába Járműipari Holding Nyrt.

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024 (data are in THUF unless otherwise indicated)

The Notes on pages 7 to 65 form an integral part of these consolidated financial statements..

Investments

The Group limits its exposure to credit risk by investing in liquid securities or deposits, and by only

maintaining business relations with partners that have good credit ratings. The management does not

expect any of its partners to default on its obligations. The Group regards investing in Hungarian

government bonds and in deposits at banks with a credit rating equivalent or similar to that of Hungarian

government bonds to be an acceptable risk.

c) Liquidity risk

Liquidity risk is the risk that the Group will be unable to settle its financial liabilities when they fall due.

The Group’s approach to managing liquidity is to ensure, as far as possible, that it will always have

sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without

incurring unacceptable losses or risking damage to the Company’s reputation.

The Group has a prudent liquidity management policy, which is maintained by means of holding

sufficient amounts of cash, marketable securities and revolving credit lines that are available for making

all operational and debt service related payments when those become due.

The Group reviews its capital structure and the maturity of its liabilities on a regular basis to maintain a

capital structure matching its asset structure. The main goal is to finance non-current assets from non-

current liabilities.

The Group has a joint account management system (cash pool system), which is a tool facilitating the

optimisation of cash management. Liquidity risk within the Group can be reduced to a minimum by

aligning short-term surpluses and shortages at the individual companies within the Group.

In the management’ opinion and based on business plans available, the Group can generate sufficient

cash flow to meet its liabilities.

d) Market risk

Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and

equity prices will affect the Group’s income or the value of its holdings of financial instruments. The

objective of market risk management is to manage and control market risk exposures within acceptable

parameters, while optimising the return.

The Group may buy and sell derivatives, and also incur financial liabilities, in order to manage market

risks. All such transactions are carried out within the guidelines approved by the Board of Directors.

Currency risk

The Group is exposed to currency risk mainly on sales that are denominated in a currency other than

the respective functional currencies of Group entities, primarily the Euro (EUR) and the U.S. Dollars

(USD).

The primary tool of mitigating currency risk is a natural hedge, whereby the Group seeks to align the

foreign currency structure of its expenses with the foreign currency composition of income as much as

possible.

Foreign exchange risks are hedged in accordance with the current exchange rate hedging strategy

approved by the Board of Directors of RÁBA Nyrt.

As at the end of 2023 and 2024 the Group had no forward FX transactions.

In respect of other monetary assets and liabilities held in foreign currencies, the Group ensures that its

net exposure is kept to an acceptable level by buying or selling foreign currencies at spot rates when

necessary to address short-term balances.

In the year ended 31 December 2024, 97% of the Group’s revenue was realised in EUR and 3% in

USD (2023: EUR: 97%, USD: 3%).

Interest bearing borrowings are denominated in currencies that match the cash flows generated by the

underlying activities of the Group, primarily in EUR and USD.

Rába Járműipari Holding Nyrt.

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024 (data are in THUF unless otherwise indicated)

The Notes on pages 7 to 65 form an integral part of these consolidated financial statements..

Interest rate risk

The Group adopts a policy that ensures that more than 50 percent of its exposure to changes in interest

rates on loans is on a fixed rate basis. This is achieved by entering into loan agreements with a fixed

interest rate for the whole term. As at 31 December 2023, 77% of the loans bore fixed interest and 23%

bore floating interest; the loans are medium-term loans for export financing and covid-related loss mit-

igation purposes, and are repayable in part in instalments, in part in one amount when they expire. As

at 31 December 2024, 66% of the loans bore fixed interest and 34% bore floating interest; the loans

are medium-term loans for export financing, investment and covid-related loss mitigation purposes and

short-term loans for working capital financing purposes. The cash pool system operated by the Group

efficiently helps to keep the interest rate risk at a minimum, as Group members with temporary surplus

liquidity can finance Group members with temporary liquidity shortages. This way, by exploiting the

spread between the bank deposit and credit interest rates, significant amounts can be saved in interest.

e) Capital management

The Board’s policy is to maintain a strong capital base so as to maintain investor, creditor and market

confidence and to sustain future development of the business.

The Board seeks to maintain a balance between the higher returns that might be possible with higher

levels of borrowings and the advantages and security afforded by a sound capital position.

There were no changes in the Group’s approach to capital management during the year.

Based on the Hungarian Civil Code, shareholders’ equity may not fall below 66% of the share capital,

and for limited liability companies the required minimum of the ratio of equity to registered capital is

50%. As at 31 December 2023 and 2024, the Group met these externally imposed capital requirements.

f) Capital position of the Group

As at 31 December 2024, the equity of the Group amounted to THUF 24,039,028 (as at 31 December

2023: THUF 23,996,260), while its share capital totalled THUF 13,473,446 (as at 31 December 2023:

13,473,446); the ratio of equity to share capital was 178% (as at 31 December 2023: 178%). The ratio

of equity improved because of the profitable operation of the Group. Each company met the statutory

capital requirements both in the reporting year and the previous year.

Note 6 Consolidated companies

Interest

2023

2024

Rába Futómű Kft.

100.0

Rába Járműalkatrész Kft.

100.0

Rába Jármű Kft.

100.0

REKARD Kft.

100.0

The level of interest in consolidated companies is equivalent to the voting power held.

a) Rába Futómű Kft.

Registered office: Hungary 9027 Győr, Martin út 1. Registered capital amounted to THUF 9,765,800

as at 1 January 2023, as at 31 December 2023 and as at 31 December 2024. 100% of the registered

capital was made available to Rába Futómű Kft. by Rába Járműipari Holding Nyrt.

Rába Futómű Kft. manufactures axles and axle components and parts, for use in medium and heavy

trucks, buses and other vehicles. It manufactures a wide range of products, based on its own develop-

ments and patents. The company performs its activities in Győr.

Rába Járműipari Holding Nyrt.

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024 (data are in THUF unless otherwise indicated)

The Notes on pages 7 to 65 form an integral part of these consolidated financial statements..

b) Rába Járműalkatrész Kft.

Registered office: Hungary 9027 Győr, Martin út 1. Registered capital amounted to THUF 300,000 as

at 1 January 2023, as at 31 December 2023 and as at 31 December 2024. 100% of the registered

capital was made available to Rába Járműalkatrész Kft. by Rába Járműipari Holding Nyrt.

Rába Járműalkatrész Kft. manufactures vehicles parts, including passenger car seats and parts of

seats (e.g. seat frames and covers), parts and components of utility vehicles, as well as machined parts

for heavy duty vehicles. The company performs its activities at two sites, in Mór and in Sárvár.

c) Rába Jármű Kft.

Registered office: Hungary 9027 Győr, Martin út 1. Registered capital amounted to THUF 835,100 as

at 1 January 2023, as at 31 December 2023 and 31 December 2024. 100% of the registered capital

was made available to Rába Jármű Kft. by Rába Járműipari Holding Nyrt.

Rába Jármű Kft. manufactures truck and bus chassis and related parts, other metal structures for ve-

hicles, and assembles vehicles. Since 2021 manufacturing activities have been carried out by Rába

Futómű. Since 2021 Rába Jármű Kft. has been performing servicing. The development activity has

been transferred from Rába Futómű Kft. to Rába Jármű Kft. The company performs its activities in

Győr.

d) REKARD Kft.

Registered office: Hungary 9027 Győr, Kandó Kálmán utca 5. Registered capital amounted to THUF

100,000 as at 1 January 2023, as at 31 December 2023 and 31 December 2024. 100% of the registered

capital was acquired by Rába Járműipari Holding Nyrt. through purchase.

REKARD Hajtómű- és Gépgyártó Kft. manufactures bearings and powertrain components. The com-

pany performs its activities in Győr.

Rába Járműipari Holding Nyrt. acquired 24.9% shareholding in REKARD Kft. on 14 May 2019. The

remaining 75.1% business share was acquired on 1 July 2022. The transaction resulted in THUF

428,209 gain. Furthermore, business relationships between the Group and Rekard Kft. included a loan

and an agreement relating to assigned receivables, the settlement of which gave rise to THUF 605,741

gain accounted for in the ’Settlement of pre-existing relationship with acquiree’ line item.

Rába Járműipari Holding Nyrt.

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024 (data are in THUF unless otherwise indicated)

The Notes on pages 7 to 65 form an integral part of these consolidated financial statements..

Note 7 Property, plant and equipment

Gross carrying amount

Balance at 1 January 2023 14 552 783 46 394 169 2 378 408 63 325 360

Additions 15 964 1 996 042 4 037 413 6 049 419

Disposals -29 655 -1 521 540 0 -1 551 195

Balance at 31 December 2023 14 539 092 46 868 671 6 415 821 67 823 584

Accumulated depraciation

Balance at 1 January 2023 4 947 832 32 334 527 0 37 282 359

Depreciation 383 888 2 120 618 0 2 504 506

Impairment -4 424 -11 243 0 -15 667

Disposals -33 000 -1 461 286 0 -1 494 286

Balance at 31 December 2023 5 294 296 32 982 616 0 38 276 912

Net carrying amount as at 1

January 2023

9 604 951 14 059 642 2 378 408 26 043 001

Net carrying amount as at 31

December 2023

9 244 796 13 886 055 6 415 821 29 546 672

Gross carrying amount

Balance at 1 January 2024 14 539 092 46 868 671 6 415 821 67 823 584

Additions 453 102 3 537 494 4 941 963 8 932 559

Disposals -71 581 -2 977 401 -3 993 560 -7 042 542

Balance at 31 December 2024 14 920 613 47 428 764 7 364 224 69 713 601

Accumulated depreciation

Balance at 1 January 2023 5 294 296 32 982 616 0 38 276 912

Depreciation 394 931 2 306 799 2 701 730

Extraordinary depreciation 0 650 000 650 000

Impairment and reversal thereof 0 0 0

Disposals -55 431 -2 929 214 -2 984 645

Balance at 31 December 2024 5 633 796 33 010 201 0 38 643 997

Net carrying amount as at 31

December 2024

9 286 817 14 418 563 7 364 224 31 069 604

Plant and

equipment

Land and

buildings

Under

construction

Total

The Group has recognized THUF 650,000 impairment on plant and equipment relating to Rába Futómű

Kft. as CGU.

The Group has identified 4 main CGUs (cash generating units), each of which is considered a subsid-

iary in accordance with segment reporting. CGUs (subsidiaries) are presented in the financial state-

ments at cost less accumulated impairment (for individual CGUs, no impairment was recognised in the

past).

When determining the value in use of the CGU, cash flows were discounted at an after-tax interest rate

of 9.1%.

Rába Futómű Kft. (and related assets – PP&E), as CGU:

Rába Járműipari Holding Nyrt.

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024 (data are in THUF unless otherwise indicated)

The Notes on pages 7 to 65 form an integral part of these consolidated financial statements..

The recoverable value THUF 20,830,000 of Rába Futómű Kft. CGU as of 31 December 2024 was

determined using five-year cash-flow forecasts from the Rába Group's financial plans based on value-

in-use calculation. Forecasted cash flows have been updated to reflect operational cost saving oppor-

tunities. As a result of the analysis, THUF 650,000 impairment was recognized on the tangible assets

of Rába Futómű Kft. in the year under review.

Discount rates − Discount rates mean the current market assessment of the risks specific to each CGU,

taking into account the time value of money and the individual risks of the underlying assets not included

in cash flow estimates. The discount rate is calculated based on the specific circumstances of the Group

and its operating segments, and is derived from the Weighted Average Cost of Capital (WACC). The

WACC also takes into account debt and equity. The cost of equity is derived from the expected return

on equity by the Group's investors. The cost of debt is based on interest-bearing borrowings the Group

has to settle. Segment-specific risk is built in using individual beta factors. Beta factors are evaluated

annually based on publicly available market data. The discount rate is adjusted to take into account the

specific amount and timing of future tax flows in order to reflect the pre-tax discount rate.

As part of its technical modernization efforts, the Group is enhancing the existing machinery fleet

through the utilization of investment loans. During the year under review, a borrowing cost of THUF

28,525 was capitalized for technical machinery. Applied capitalization rate: 2.81%.

Leased assets

This category includes passenger cars and trolleys .

Changes in assets under construction (additional details for the above table):

Assets under

construction

Opening balance at 1 January 2 378 408

Additions 6 003 822

Disposals -1 966 409

Closing balance as at 31 December 2023 6 415 821

Additions 4 941 963

Disposals -3 993 560

Closing balance as at 31 December 2024 7 364 224

Rába Járműipari Holding Nyrt.

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024 (data are in THUF unless otherwise indicated)

The Notes on pages 7 to 65 form an integral part of these consolidated financial statements..

Changes in right-of-use assets (additional details for the above table):

Gross carrying amount

Balance at 1 January 2023 342 487 342 487

Correction of opening balance 8 724 8 724

Additions 58 348 58 348

Disposals -33 034 -33 034

Balance at 31 December 2023 376 525 376 525

Accumulated depreciation

Balance at 1 January 2023 250 018 250 018

Correction of opening balance 13 107 13 107

Depreciation 65 636 65 636

Disposals -33 243 -33 243

Balance at 31 December 2023 295 518 295 518

Net carrying amount as at 31

December 2023

81 007 81 007

Gross carrying amount

Balance at 1 January 2024 376 525 376 525

Additions 73 654 73 654

Disposals -20 774 -20 774

Balance at 31 December 2024 429 405 429 405

Accumulated depreciation

Balance at 1 January 2024 295 518 295 518

Depreciation 57 138 57 138

Disposals -14 443 -14 443

Balance at 31 December 2024 338 213 338 213

Net carrying amount as at 31

December 2024

91 192 91 192

Total

Right-of-use

assets

Rights to use expire in 2027 at the latest. Lease liability by term is presented in Note 29.

Collateral

As at 31 December 2024, properties with a gross value of HUF 16,601 million and machinery with a

gross value of HUF 1,832 million (2023: property with a gross value of HUF 15,446 million) are mort-

gaged as collateral for bank loans .

Rába Járműipari Holding Nyrt.

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024 (data are in THUF unless otherwise indicated)

The Notes on pages 7 to 65 form an integral part of these consolidated financial statements..

Note 8 Intangible assets

Gross carrying amount

Balance at 1 January 2023 1 011 064 367 927 1 488 056 2 867 047

Additions - acquisition 0 0 9 733 9 733

Disposals 0 0 -426 -426

Balance at 31 December 2023 1 011 064 367 927 1 497 363 2 876 354

Accumulated amortisation

Balance at 1 January 2023 1 011 044 367 566 1 441 101 2 819 711

Amortisation 20 0 14 980 15 000

Disposals 0 0 -426 -426

Balance at 31 December 2023 1 011 064 367 566 1 455 655 2 834 285

Net carrying amount as at 1

January 2023

20 361 46 955 47 336

Net carrying amount as at 31

December 2023

0 361 41 708 42 069

Gross carrying amount

Balance at 1 January 2024 1 011 064 367 927 1 497 363 2 876 354

Additions - acquisition 0 0 769 021 769 021

Disposals 0 0 0 0

Balance at 31 December 2024 1 011 064 367 927 2 266 384 3 645 375

Accumulated amortisation

Balance at 1 January 2024 1 011 064 367 566 1 455 655 2 834 285

Rekard opening correction 0 0 97 97

Amortisation 0 0 57 524 57 524

Disposals 0 0 0 0

Balance at 31 December 2024 1 011 064 367 566 1 513 276 2 891 906

Net carrying amount as at 31

December 2024

0 361 753 108 753 469

Total

Intellectual

property

Development

Rights and

concessions

Development recognised under intangible assets include the costs expected to be recovered of devel-

oping and further developing the product development process of axle parts designed by the Group as

well as the manufacturing process of customer-designed products (preparation of prefabrication draw-

ings, design and technological documents, manufacturing of prototypes, test manufacturing, and deliv-

ery of prototypes).

In the reporting year the Group carried out no research and development.

Intellectual property includes technical software (design, technology control and development pro-

grammes, rating systems and documentation).

The Group's new corporate governance system was implemented during the year under review.

The main item within rights and concessions is the right to use external software applied by the Group.

The Group typically has assets written down to zero that are not used.

Rába Járműipari Holding Nyrt.

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024 (data are in THUF unless otherwise indicated)

The Notes on pages 7 to 65 form an integral part of these consolidated financial statements..

Note 9 Investment property

Investment property comprises a land to be sold in several phases. The revenue expected from the

sale exceeds significantly the carrying amount of the property.

The fair value of the investment property is THUF 7,180,600 as at 31 December 2024 (31 December

2023: THUF 6,663,000). The Group applies the cost model to investment properties, consequently,

these properties are recognised at net carrying amount in the balance sheet, rather than at fair value.

The fair value was determined by an external independent appraiser. The appraisal was performed

taking prices observable on the market for similar properties into account. No binding period exists as

at the date of preparation of the annual financial statements.

The table below presents the carrying amounts of investment properties:

31 December 2023 31 December 2024

Városrét investment property (land) 331 522 317 635

Total investment properties 331 522 317 635

The land is not depreciated. The book value of land sold during the year under review is THUF 13,887.

Note 10 Other investments

The ’Other’ line includes THUF 100 interest in Rába Energiaszolgáltató Kft., THUF 85 interest in Veolia-

Bakonyi Erőmű Zrt. and THUF 20 interest in Ikarus Zrt. as at 31 December 2023 and 2024.

Presentation of the shareholding acquired in Gidrán Páncélozott Járművek Kft.:

Registered seat: Hungary 9027 Győr, Martin út 1. The amount of the registered capital on 31 December

2023 and 31 December 2024 is THUF 5,000. The company was registered with the Court of Registra-

tion on 9 January 2024. Rába Jármű Gyártó és Kereskedelmi Kft. provided 49% of the registered capital

to Gidrán Páncélozott Járművek Kft. on the basis of the Articles of Association signed on 15 December

2023, the remainder is owned by Nurol Makina Hungary Kft. In the current year, the owners made an

additional payment of THUF 75,000, which was accounted for in the capital reserve. The company

prepares its financial statements in accordance with IFRS standards.

Gidrán Páncélozott Járművek Kft.’s profit or loss for the year 2024: THUF -63,973, of which 49% was

recognized as impairment.

Change in the value of the share:

Opening balance on 1 January 2 450

Increase in the current year 36 750

Impairment of shares -31 347

31 December 2024 7 853

Rába Járműipari Holding Nyrt.

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024 (data are in THUF unless otherwise indicated)

The Notes on pages 7 to 65 form an integral part of these consolidated financial statements..

Note 11 Inventories

31 December 2023 31 December 2024

Raw materials 7 546 601 7 319 543

Semi-finished goods 4 706 344 3 010 915

Finished goods 1 677 021 2 213 699

Goods 102 534 11 744

Total inventories 14 032 500 12 555 901

Changes in write-down:

2023 2024

Opening balance at 1 January 1 205 184 857 630

Opening adjustment 0 334

Reporting-year impairment 180 425 260 655

Reversal of impairment -166 168 -72 797

Derecognition due to sale, scrapped items and use -361 811 -392 848

Total inventories 857 630 652 974

During 2024 the scrap relating to the production was THUF 637,927 (2023: THUF 319,966)

Collateral

As at 31 December 2024, mortgages are registered on inventories with a value of HUF 10,359 million

(2023: HUF 11,585 million) as collateral for bank loans.

The positive change in the market environment impacting the value of inventories made it possible to

reverse part of the impairment of inventories described earlier.

Rába Járműipari Holding Nyrt.

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024 (data are in THUF unless otherwise indicated)

The Notes on pages 7 to 65 form an integral part of these consolidated financial statements..

Note 12 Trade and other receivables

31 December 2023

31 December 2024

Trade receivables

7 483 054

8 406 398

Allowance for bad and doubtful debts

-89 179

-150 227

Net trade receivables

Interest receivable

7 393 875

43 726

8 256 171

Total financial assets

7 437 601

8 256 171

Deferred expenses and accrued income

14 245

257 568

Advances

673 226

650 981

VAT receivable

1 195 721

1 650 232

Other

225 270

143 956

Total non-financial assets

2 108 463

2 702 737

Total receivables

9 546 064

10 958 908

Trade receivables are denominated in the following currencies

Trade receivables

31 December 2023

31 December 2024

HUF

213 392

240 976

EUR

6 889 296

7 572 228

USD

334 913

442 924

GBP

Total financial assets in HUF

7 437 601

8 256 171

31 December 2023 31 December 2024

Forint 1 390 539 2 062 044

EUR 714 517 640 693

USD 3 050 0

GBP 357 0

Total non-financial assets in HUF 2 108 463 2 702 737

Non-financial assets are denominated in the following currencies:

The Group’s exposure to credit and currency risks as well as impairment losses related to trade and

other receivables are disclosed in Notes 5 and 26.

Rába Járműipari Holding Nyrt.

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024 (data are in THUF unless otherwise indicated)

The Notes on pages 7 to 65 form an integral part of these consolidated financial statements..

Note 13 Cash and cash equivalents

31 December 2023 31 December 2024

Bank 4 412 448 613 444

-of which current account deposit 990 871 613 444

-of which fixed deposit 3 421 577 0

Petty cash 0 0

Total cash 4 412 448 613 444

31 December 2023 31 December 2024

HUF 3 471 337 20 290

EUR 869 042 497 275

USD 71 750 95 521

GBP 319 358

Total cash in HUF 4 412 448 613 444

Current account deposits by currency:

31 December 2023 31 December 2024

HUF 61 337 20 290

EUR 857 465 497 275

USD 71 750 95 521

GBP 319 358

Total current account deposits in HUF 990 871 613 444

Fixed deposits by currency:

31 December 2023 31 December 2024

HUF 3 410 000 0

EUR 11 577 0

USD 0 0

GBP 0 0

Total fixed deposits in HUF 3 421 577 0

Cash and cash equivalents are denominated in the following currencies:

The average interest rate on cash and cash equivalents was 4.91% as at 31 December 2024 and

5.79% as at 31 December 2023.

The Group’s exposure to interest rate and currency risks related to cash and cash equivalents is

described in Note 5.

In the reporting year interest income from cash and cash equivalents amounted to THUF 115,078 (in

the previous year THUF 298,841).

Rába Járműipari Holding Nyrt.

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024 (data are in THUF unless otherwise indicated)

The Notes on pages 7 to 65 form an integral part of these consolidated financial statements..

Note 14 Equity

Share capital

As at 31 December 2024, the issued share capital consisted of 13,473,446 category ‘A’ ordinary shares

listed at the Budapest Stock Exchange (2023: 13,473,446 shares) of HUF 1,000 face value each. The

holders of ordinary shares are entitled to receive dividends as declared from time to time and are

entitled to one vote per share at the general meetings of the Company. All shares rank equally with

regard to the Company’s residual assets.

Treasury shares

Treasury shares amounted to THUF 108,952 as at 31 December 2024 (120,681 shares) (as at 31

December 2023: THUF 108,952; 120,681 shares). In respect of the Company’s shares that are held

by the Group (“treasury shares”), all rights are suspended until those shares are reissued.

Retained earnings

Retained earnings amounted to THUF10,674,744 on 31 December 2024 (THUF 10,631,766 on 31

December 2023). The change comprises comprehensive income for the current year: THUF 42,978.

Other comprehensive income

The Group reported no Other comprehensive income as of 31 December 2024 and 31 December 2023.

Dividends paid

Dividends are recognised as a liability in the period when they are approved.

The Group did not pay dividends in 2024 and in 2023.

Note 15 Provisions

Warranties Related to employees Other Total

Opening, 1 January 2023 2 460 118 005 254 212 374 677

Provisions recognised during the year 38 961 123 536 6 960 169 457

Provisions used during the year -11 738 -125 078 0 -136 816

Provisions released during the year 0 0 0 0

Closing, 31 December 2023 29 683 116 463 261 172 407 318

Provisions recognised during the year 0 249 665 200 249 865

Provisions used during the year -17 200 -123 536 0 -140 736

Provisions released during the year -10 710 0 -204 883 -215 593

Closing, 31 December 2024 1 773 242 592 56 489 300 854

Rába Járműipari Holding Nyrt.

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024 (data are in THUF unless otherwise indicated)

The Notes on pages 7 to 65 form an integral part of these consolidated financial statements..

Warranties

Related to

employees

Other Total

Non-current provisions 0 0 0 0

Current provisions 29 683 116 463 261 172 407 318

31 December 2023 29 683 116 463 261 172 407 318

Non-current provisions 0 0 49 428 49 428

Current provisions 1 773 242 592 7 061 251 426

31 December 2024 1 773 242 592 56 489 300 854

Warranties

The provision for warranties relates to trucks, chassis sold. The provision is based on estimates

determined on the basis of historical warranty data relating to similar products and services, and its

amount is also affected by new products, changed designs and other events influencing product quality.

Since the manufacture of the products subject to the warranty was gradually reduced and finally

discontinued, the related provision was also used and released.

Liabilities related to employees

Due to the expected termination of employment, provisions were made on 31 December 2024 in ac-

cordance with the obligations under the provisions of the Labour Code, and in accordance with the

Group's remuneration policies for liabilities arising in connection with employee benefits.

Other

The ’Other’ provision is the amount of an estimated outflow of resources – mainly due to findings of

authorities – of other obligations resulting from a past event.

The amount of provisions recognised approximates the expected outflows of economic benefits. It is

expected that the event underlying the provisioning, the main outflow of resources will occur in 2025.

THUF 49,429 has been allocated for long-term provisions. The provision has not been discounted.

Note 16 Loans, borrowings and leases

This Note provides information on the terms and conditions of the Group’s interest-bearing loans and

borrowings, as well as on the lease liability. Loans and borrowings are measured at amortised cost.

For more information about the Group’s exposure to interest rate, foreign currency and liquidity risks,

see Note 5 and Note 26.

Reporting-year interest expense on loans and borrowings amounted to HUF 507 million (previous year

HUF 444 million), while exchange loss arising from changes in foreign exchange rates totalled HUF

1.258 million (previous year HUF 755million).

Carrying amount of liabilities by current/non-current category:

31 December 2023 31 December 2024

Current loans 5 854 163 5 923 355

Of which lease 37 649 21 066

Non-current 10 500 743 11 695 996

- One to five years

10 500 743 11 695 996

Of which lease 41 569 70 836

Total non-current and current financial

liabilities

16 354 906 17 619 351

Existing bank credit lines provide an appropriate basis for the financing of the Group; furthermore, HUF

11,147 million undrawn credit line is available for the Group.

Rába Járműipari Holding Nyrt.

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024 (data are in THUF unless otherwise indicated)

The Notes on pages 7 to 65 form an integral part of these consolidated financial statements..

Changes in current and non-current financial liabilities:

Current loans and

borrowings

Non-current

loans and

borrowings

Lease

liabilities

Total

Opening, 1 January 2023 7 964 535 14 382 586 79 880 22 427 001

Cash inflows from financing activities 3 549 714 1 941 266 42 300 5 533 280

Cash outflows used in financing

activities

-10 874 698 0 -42 962 -10 917 660

Reclassification 5 873 159 -5 873 159 0 0

Revaluation -696 196 8 481 0 -687 715

Closing, 31 December 2023 5 816 514 10 459 174 79 218 16 354 906

Cash inflows from financing activities 6 407 412 3 527 439 73 654 10 008 505

Cash outflows used in financing

activities

-9 600 869 0 -60 970 -9 661 839

Reclassification 2 937 784 -2 937 784 0 0

Revaluation 341 448 576 331 0 917 779

Closing, 31 December 2024 5 902 289 11 625 160 91 902 17 619 351

Rába Járműipari Holding Nyrt.

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024 (data are in THUF unless otherwise indicated)

The Notes on pages 7 to 65 form an integral part of these consolidated financial statements..

Loans, borrowings and leases:

Type Currency

Year of

maturit

31 December 2023 31 December 2024

Bank loan 2009/081 EUR 2023 1 569 398 1 681 370

Bank loan G3M-080047 EUR 2024 459 336 0

Bank loan TCF-DK-26/2018 EUR 2025 612 448 218 715

Bank loan F1A-10186441 EUR 2025 0 1 148 252

Bank loan TCF-R-16/2024 EUR 2025 0 1 094 940

Bank loan G3M-081352 EUR 2024 1 224 896 0

Bank loan 2021/002 EUR 2024 1 224 896 0

Bank loan GYŐR-22-0052/1 EUR 2027 2 143 568 1 722 378

Bank loan GYŐR-22-0052/2 EUR 2025 1 339 730 1 435 315

Bank loan TCF-R-126/2022 EUR 2027 3 827 800 4 100 900

Bank loan 007L827223470001 EUR 2027 3 062 240 3 280 720

Bank loan GYŐR-23-0028/1 EUR 2030 0 2 262 606

Bank loan 042L865203430003M EUR 2024 51 292 0

Bank loan 042L808231650002M EUR 2026 695 966 447 371

Bank loan 042L801213420002M-01 EUR 2024 64 118 132 912

Bank loan TZ-049833 HUF 2025 0 1 970

Lease liability EUR 79 218 91 902

Total non-current and current

financial liabilities

16 354 906 17 619 351

Weighted average interest rate of loans in 2024 was 2.81% (in 2023 2.38 %).

The bank loans of the Group are secured by collateral.

66% of the Group’s loans bears fixed interest and 34% bears floating interest; the loans are medium-

term loans for export financing and investment purposes, and are repayable in part in instalments, in

part in one amount when they expire.

The medium-term loans are supplemented with general short-term working capital financing loan facil-

ities.

Breakdown of lease liabilities by term is included in Note 29.

Rába Járműipari Holding Nyrt.

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024 (data are in THUF unless otherwise indicated)

The Notes on pages 7 to 65 form an integral part of these consolidated financial statements..

Mortgages as at 31 December 2023

Company Bank

Asset category

Asset value*

(HUF million)

Rába Nyrt. K&H Bank Zrt. property 889

Rába Nyrt. CIB Bank Zrt. property 5 917

Rába Nyrt. Raiffeisen Bank Zrt. property 2 893

Rába Nyrt. MBH Bank Zrt. property 430

Rába Nyrt. Erste Bank Zrt. property 4 362

Rába Nyrt. MBH Bank Zrt. property 955

Rába Nyrt. Erste Bank Zrt. insurance policy n.a

Rába Futómű Kft. Raiffeisen Bank Zrt. inventories 11 585

Rába Futómű Kft. CIB Bank Zrt. trade receivable 1 043

Rába Futómű Kft. Raiffeisen Bank Zrt. trade receivable 1 082

Rába Futómű Kft. K&H Bank Zrt. trade receivable 30

Rába Futómű Kft. MBH Bank Zrt. trade receivable 869

Rekard Kft. MBH Bank Zrt. machinery 256

Mortgages as at 31 December 2024

Company Bank

Asset category

Asset value*

(HUF million)

Rába Nyrt. K&H Bank Zrt. property 1 271

Rába Nyrt. CIB Bank Zrt. property 6 710

Rába Nyrt. Raiffeisen Bank Zrt. property 2 484

Rába Nyrt. MBH Bank Zrt. property 983

Rába Nyrt. Erste Bank Zrt. property 4 362

Rába Nyrt. MBH Bank Zrt. property 791

Rába Nyrt. Erste Bank Zrt. insurance policy n.a

Rába Futómű Kft. Raiffeisen Bank Zrt. inventories 10 359

Rába Futómű Kft. CIB Bank Zrt. trade receivable 439

Rába Futómű Kft. Raiffeisen Bank Zrt. trade receivable 2 187

Rába Futómű Kft. K&H Bank Zrt. trade receivable 32

Rába Futómű Kft. MBH Bank Zrt. trade receivable 357

Rába Futómű Kft. K&H Bank Zrt. machinery 1 575

Rekard Kft. MBH Bank Zrt. machinery 256

* For properties the appraised value of the property, while for inventories the carrying amount of the

inventories

These assets serve as collateral for the above loans as well as for current account overdrafts and cash

pool loans. The cash pool and other loan facilities are backed by the property mortgage of Rába

Járműipari Holding Nyrt.

Rába Járműipari Holding Nyrt.

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024 (data are in THUF unless otherwise indicated)

The Notes on pages 7 to 65 form an integral part of these consolidated financial statements..

Note 17 Trade and other financial liabilities; Other non-current liabilities

31 December 2023

31 December 2024

Trade liabilities

8 216 849

6 476 986

Accrued supplier costs

Interest payment liability

182 461

77 561

73 641

27 253

Financial liabilities

8 476 871

6 577 880

Other accrued expenses, deferred revenues

128 452

285 489

Advances received

Advances related to grants

528 347

3 022 982

343 416

3 022 982

Tax liabilities

213 063

169 859

Wages and related contributions

1 473 018

1 068 791

VAT liability

123 840

315 909

Other

2 915

76 806

Non-financial liabilities*

5 492 617

5 283 252

Total trade and other liabilities

13 969 488

11 861 132

Financial liabilities by currency:

31 December 2023

31 December 2024

HUF

1 600 716

1 667 322

EUR

6 858 261

4 883 627

USD

1 150

3 332

GBP

16 430

23 003

SEK

314

596

Total

8 476 871

6 577 880

Trade creditors by geography:

31 December 2023

31 December 2024

Domestic trade creditors

5 278 502

4 341 280

Foreign trade creditors

2 938 347

2 135 706

Total

8 216 849

6 476 986

The ’Advances received and other accruals of non-financial liabilities’ line includes THUF 337,887,

which was originally denominated in EUR, while the other items are recognized in HUF.

The Group’s exposure to currency and liquidity risks related to trade and other liabilities is described in

Notes 5 and 26. All non-financial liabilities are HUF-based.

Rába Járműipari Holding Nyrt.

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024 (data are in THUF unless otherwise indicated)

The Notes on pages 7 to 65 form an integral part of these consolidated financial statements..

Other non-current liabilities

31 December 2023

31 December 2024

Deferred income from government grants

2 730 162

2 271 081

Deferred income from environmental protection in-

vestments

44 402

Total

2 730 162

2 315 483

Deferred income from government grants:

Grant

received

Amount used

in previous

years

Opening

balance

Grant

received in

the reporting

year

Amount

used during

the year

Closing

balance

Rába Futómű Kft.

4 536 629 2 183 143 2 353 486 0 203 858 2 149 628

Rába Járműalkatrész Kft.

708 596 331 919 376 677 0 37 851 338 826

Grand total 6 137 904 3 407 741 2 730 163 0 241 709 2 488 454

Distribution of deferred government grant revenues by maturity: current part: THUF 217,373, non-cur-

rent part: THUF 2,271,081. Total THUF 2,488,454.

The current part is reported on the balance sheet line Other non-financial liabilities.

Government grants primarily relate to acquisition of assets and are accounted for over the useful life of

the asset financed from the grant.

In the management’s opinion no circumstances exist as at 31 December 2024 that would impose an

obligation on the Companies to repay the grants .

Note 18 Segment reporting

Segment information is presented by business segment, in accordance with the internal reporting

structure of the Group. Segment income and expenses, segment assets and segment liabilities include

items directly attributable to a segment.

From a business perspective the Group has four main segments: Segment information is prepared by

the Group for the management based on this business segmentation. The management is responsible

for allocating business resources to the segments and for assessing performance.

Main segments of the Group:

- Axle

- Vehicles

- Parts

- Gear unit

The Axle segment includes the manufacture and sale of axles, axle components and axle parts; the

Vehicles segment includes the manufacture of truck and bus chassis and related parts, as well as the

assembly and sale of vehicles; the Parts segment includes the manufacture of vehicle parts, seat

frames, pressed components, sewing of seat covers as well as the sale of these products. The gear

unit segment includes agricultural parts. In addition, the Company has revenue from renting, which is

less than 1 % of the total revenue of the Group.

Rába Járműipari Holding Nyrt.

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024 (amounts in THUF)

The Notes on pages 7 to 58 form an integral part of these consolidated financial statements.

31 December 2023 Axle Vehicle Parts Gear unit

Total

segments

Unallocated Total separate

Intersegment

eliminations

Consolidated

External revenue 41 897 203 2 291 812 23 222 472 4 772 156 72 183 644 658 255 72 841 899 0 72 841 899

Intersegment revenue 290 210 353 231 7 264 204 875 855 579 3 449 445 4 305 024 -4 305 024 0

Total sales revenue 42 187 413 2 645 043 23 229 736 4 977 031 73 039 223 4 107 700 77 146 923 -4 305 024 72 841 899

Cost of sales -37 275 734 -2 005 576 -20 128 882 -3 843 044 -63 253 236 -814 793 -64 068 029 2 191 846 -61 876 183

Gross profit 4 911 679 639 467 3 100 854 1 133 987 9 785 987 3 292 908 13 078 894 -2 113 178 10 965 716

Selling and marketing expenses -376 602 -20 863 -128 059 -60 607 -586 131 -14 596 -600 728 10 000 -590 728

General and administrative expenses -6 001 065 -167 021 -1 976 064 -668 233 -8 812 383 -2 241 891 -11 054 274 1 805 083 -9 249 191

Other income 1 223 009 12 787 264 400 40 414 1 540 609 16 941 1 557 550 -809 732 747 818

Other expenses -487 410 -32 440 -148 879 -42 042 -710 771 -368 930 -1 079 700 546 271 -533 429

Total other operating expenses -5 642 068 -207 538 -1 988 602 -730 468 -8 568 676 -2 608 476 -11 177 152 1 551 622 -9 625 530

Operating profit -730 389 431 929 1 112 252 403 519 1 217 311 684 432 1 901 743 -561 557 1 340 186

Interest income 337 037 106 779 78 944 1 349 524 109 303 893 828 002 -529 161 298 841

Interest expenses -469 507 -13 689 -59 364 -37 687 -580 246 -301 979 -882 225 438 332 -443 893

Tax expense -317 689 -62 038 -222 351 -76 829 -678 907 -90 641 -769 549 0 -769 549

Assets

Property, plant and equipment 18 203 133 690 692 2 218 658 926 646 22 039 128 7 127 471 29 166 599 380 103 29 546 702

Intangible assets 30 775 516 1 007 226 32 524 9 518 42 042 27 42 069

Investment property 0 0 0 0 0 724 606 724 606 -393 084 331 522

Other non-current assets 0 0 0 0 0 823 627 823 627 -823 627 0

Inventories 11 045 006 51 611 1 832 450 1 114 858 14 043 925 71 693 14 115 618 -18 713 14 096 905

Trade and other receivables 6 432 106 4 352 051 5 367 447 472 704 16 624 309 4 447 717 21 072 026 -11 590 367 9 481 659

Cash and cash equivalents 3 682 559 15 888 10 022 4 188 3 712 658 699 790 4 412 448 0 4 412 448

Liabilities

Other non-current liabilities 2 353 486 0 376 676 0 2 730 162 0 2 730 162 0 2 730 162

Provisions 78 629 14 061 98 631 34 653 225 974 181 344 407 318 0 407 318

Trade and other liabilities* 13 454 806 272 087 3 281 359 435 473 17 443 726 8 190 577 25 634 303 -11 664 814 13 969 488

Capital expenditure 3 555 809 639 860 635 842 745 615 5 577 126 666 797 6 243 923 0 6 243 923

Depreciation and amortisation 1 626 598 25 536 443 962 183 673 2 279 768 274 833 2 554 601 -50 763 2 503 838

Rába Járműipari Holding Nyrt.

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024 (amounts in THUF)

The Notes on pages 7 to 58 form an integral part of these consolidated financial statements.

31 December 2024 Axle Vehicle Parts Gear unit

Total

segments

Unallocated Total separate

Intersegment

eliminations

Consolidated

External revenue 37 439 501 1 993 068 15 542 383 2 098 268 57 073 220 662 995 57 736 215 0 57 736 215

Intersegment revenue 122 334 415 379 50 095 170 948 758 756 3 651 766 4 410 522 -4 410 522 0

Total sales revenue 37 561 835 2 408 447 15 592 478 2 269 216 57 831 976 4 314 761 62 146 737 -4 410 522 57 736 215

Cost of sales -32 876 695 -1 414 533 -13 363 100 -2 196 064 -49 850 392 -1 042 279 -50 892 671 2 437 520 -48 455 151

Gross profit 4 685 140 993 914 2 229 378 73 152 7 981 584 3 272 482 11 254 066 -1 973 002 9 281 064

Selling and marketing expenses -179 820 -3 490 -103 209 -28 607 -315 126 -20 749 -335 875 0 -335 875

General and administrative expenses -5 170 342 -494 842 -2 123 134 494 742 -8 283 060 -1 983 950 -10 267 010 2 029 060 -8 237 950

Other income 966 611 16 896 160 792 74 853 1 219 152 1 559 518 2 778 670 -300 002 2 478 668

Other expenses -778 464 -6 808 -20 718 -16 756 -822 746 -2 038 694 -2 861 440 1 865 592 -995 848

Total other operating expenses -5 162 015 -488 244 -2 086 269 465 252 -8 201 780 -2 483 875 -10 685 655 3 594 650 -7 091 005

Operating profit/ loss -476 875 505 670 143 109 -392 100 -220 196 788 607 568 411 1 621 648 2 190 059

Interest income 135 766 8 666 1 462 0 145 894 79 066 224 960 -109 881 115 079

Interest expenses -444 811 -23 249 -38 341 -41 916 -548 317 -87 456 -635 773 128 364 -507 409

Tax expense -288 454 -66 633 -146 261 3 576 -497 772 -89 632 -587 404 0 -587 404

Assets

Property, plant and equipment 19 685 423 724 671 1 930 525 941 716 23 282 335 7 443 220 30 725 555 344 049 31 069 604

Intangible assets 710 035 65 841 129 711 071 41 414 752 485 985 753 469

Investment property 0 0 0 0 0 713 725 713 725 -396 090 317 635

Other non-current assets 0 60 283 0 0 60 283 848 336 908 619 -848 336 60 283

Inventories 10 325 302 176 735 1 354 478 700 591 12 557 107 7 652 12 564 759 -8 858 12 555 901

Trade and other receivables 8 034 614 4 820 322 2 711 708 457 466 16 024 110 4 429 183 20 453 293 -9 429 948 11 023 345

Cash and cash equivalents 497 687 30 498 19 187 19 557 566 929 46 515 613 444 0 613 444

Liabilities

Other non-current liabilities 1 969 598 301 483 2 271 081 0 2 271 081 0 2 315 483

Provisions 49 275 41 870 38 254 0 129 399 181 344 310 743 0 300 854

Trade and other liabilities 12 050 324 610 805 2 290 248 841 583 15 792 961 8 190 577 23 983 538 -9 443 652 11 861 132

Capital expenditure 4 527 399 93 394 545 033 119 768 5 285 594 666 797 5 952 391 0 5 818 840

Depreciation and amortisation 1 973 273 105 525 309 903 114 194 2 502 895 274 833 2 777 728 -46 203 2 759 820

Rába Járműipari Holding Nyrt.

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024 (amounts in THUF)

The Notes on pages 7 to 58 form an integral part of these consolidated financial statements.

Note 19 Revenue

Revenue by geographical region:

Europe 66 900 403 51 317 004

"-of which: Hungary 19 389 404 14 197 082

"-of which: Germany 28 682 476 20 987 273

"-of which: Europe - other countries 18 828 523 16 132 649

America 3 816 283 4 965 034

Asia 2 098 055 1 440 294

Australia 27 158 13 883

Total revenue 72 841 899 57 736 215

Revenue by activity:

31 December 2023 31 December 2024

Sale of products 69 538 503 55 691 819

Provision of services 2 847 173 1 578 792

Rental income 456 223 465 604

Total revenue 72 841 899 57 736 215

Rába Járműipari Holding Nyrt.

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024 (amounts in THUF)

The Notes on pages 7 to 58 form an integral part of these consolidated financial statements.

Note 20 Operating costs

31 December 2023 31 December 2024

Raw materials and consumable goods 47 308 712 33 662 173

Services used 9 669 046 8 551 504

Staff costs 12 224 875 11 386 704

Depreciation and amortisation 2 503 838 2 759 820

Own performance capitalised 9 631 668 775

Total operating costs 71 716 102 57 028 976

Cost of sales 61 876 183 48 455 151

Selling and marketing expenses 590 728 335 875

General and administrative expenses 9 249 191 8 237 950

Total operating costs 71 716 102 57 028 976

Rába Járműipari Holding Nyrt.

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024 (amounts in THUF)

The Notes on pages 7 to 58 form an integral part of these consolidated financial statements.

Note 21 Staff costs

31 December 2023 31 December 2024

Wages and salaries 9 872 789 9 194 868

Wage contributions 1 364 556 1 225 292

Other staff costs 987 530 966 544

Total staff costs 12 224 875 11 386 704

In 2024 average headcount was 1,314 (2023: 1,322).

Note 22 Other income and expenses

Rába Járműipari Holding Nyrt.

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024 (amounts in THUF)

The Notes on pages 7 to 58 form an integral part of these consolidated financial statements.

31 December 2023 31 December 2024

Gain on sale of property, plant and

equipment

0 2 063 019

Damage compensations and penalties

received

64 611 99 639

Government grants 483 020 244 969

Expired liabilities 61 459 25 818

Other 143 824 45 223

Total other income 752 914 2 478 668

Taxes -354 077 -351 750

Impairment and scrapping of property,

plant and equipment as well as intangible

assets

-10 455 -650 000

Loss on sale of property, plant and

equipment

-5 096 0

Provisions released

687 215 593

Fines, damage compensation, loss events

-56 928 -50 757

Other -42 668 -68 866

Total other expenses -468 537 -905 780

Total net other income 284 377 1 572 888

Impairment loss on trade receivables and

contract assets

-69 988 -90 068

The investment property includes a plot of land to be sold in several phases. The revenue from the property sold in

2024 is THUF 1,326,916, accounted for as other income .

Rába Járműipari Holding Nyrt.

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024 (amounts in THUF)

The Notes on pages 7 to 58 form an integral part of these consolidated financial statements.

Note 23 Finance income and costs

31 December 2023 31 December 2024

Interest income 298 841 115 078

Exchange gain on trade receivables and

trade payables

254 936 13 690

Exchange gain on FX reserves and FX

loans

889 982 0

Other 35 957 1 936

Total finance income 1 479 716 130 704

Interest expense

-443 893 -507 409

Exchange loss on trade receivables and

trade payables

-390 187 105 780

Realized loss on FX reserves and FX loans

0 -1 257 793

Other -32 506 -30 959

Total finance costs -866 586 -1 690 381

Net finance income/ costs 613 130 -1 559 677

Interest income for 2023 and 2024 typically relates to cash and cash equivalents. The year-end FX difference on

cash and cash equivalents is THUF 37,834 gain; and on the year-end revaluation of loans it is THUF 17,779 loss.

Rába Járműipari Holding Nyrt.

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024 (amounts in THUF)

The Notes on pages 7 to 58 form an integral part of these consolidated financial statements.

Note 24 Income tax

Composition of income tax expense for the period:

31 December 2023 31 December 2024

Corporation tax 135 068 70 441

Business tax 472 197 457 225

Innovation contribution 82 576 79 995

Deferred tax 79 708 -20 257

Total income tax expenses 769 549 587 404

All subsidiaries of Rába are subject to the Hungarian corporation tax and local business tax.

Rába is resident for tax purposes in Hungary and it pays corporation tax based on its net profit or loss. In 2024 the corporation tax was 9% of the adjusted

non-consolidated pre-tax profit. It has a local tax liability on revenues less material costs, cost of goods sold and the value of re-invoiced services, the rate

of which is 1.6% in Győr and 2% at the other sites.

As at 31 December 2024, the balance of corporation tax and business tax assets and liabilities is THUF 64,437 income tax receivable, and as at 31

December 2023, THUF 169,891 income tax liability for the Group, which includes transfer of the innovation contribution in the previous year. As from FY

2023, income tax liability is recognised in a separate line item rather than within other non-financial liabilities.

Deferred taxes were assessed based on the expected time of recovery, using future tax rates that became known in 2024 (the same as the above rates).

As at 31 December 2024, deferred tax assets amounted to THUF 65,082 (in 2023: THUF 32,242) and deferred tax liabilities to THUF 330,763 (in 2023:

THUF 320,177).

The net balance of deferred tax assets and liabilities relates to the following items:

Rába Járműipari Holding Nyrt.

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024 (amounts in THUF)

The Notes on pages 7 to 58 form an integral part of these consolidated financial statements.

31 December 2023

Increase in

profit

Decrease in

profit

31 December 2024

Tax loss carried forward 183 564 0 45 445 229 009

Rába Nyrt. 0 0 6 232 6 232

Rába Futómű Kft. 183 564 0 0 183 564

Rába Jármű Kft. 0 0 0 0

Rába Járműalkatrész Kft. 0 0 7 713 7 713

Rekard Kft. 0 0 31 500 31 500

Lease -206 -88 360 66

Rába Nyrt. 97 0 32 129

Rába Futómű Kft. -234 -88 0 -322

Rába Jármű Kft. -63 0 96 33

Rába Járműalkatrész Kft. -58 0 175 117

Rekard Kft. 52 0 57 109

Trade and other receivables

12 116 -1 407 2 812 13 521

Rába Nyrt. 0 0 530 530

Rába Futómű Kft. 9 688 0 1 244 10 932

Rába Jármű Kft. 707 -707 0 0

Rába Járműalkatrész Kft. 701 -700 0 1

Rekard Kft. 1 020 0 1 038 2 058

Provisions 46 923 -15 699 1 728 32 953

Rába Nyrt. 16 321 -890 0 15 431

Rába Futómű Kft. 7 077 0 1 728 8 805

Rába Jármű Kft. 11 529 -7 370 0 4 160

Rába Járműalkatrész Kft. 8 877 -4 320 0 4 557

Rekard Kft. 3 119 -3 119 0 0

Property, plant and equipment

-466 788 -4 993 6 478 -465 303

Rába Nyrt. 13 002 -2 775 0 10 227

Rába Futómű Kft. -473 333 -1 071 0 -474 404

Rába Jármű Kft. 6 175 0 686 6 861

Rába Járműalkatrész Kft. -12 645 0 5 792 -6 853

Rekard Kft. 13 -1 147 0 -1 134

Development reserve

-61 544 -14 382 0 -75 926

Rába Nyrt. 0 0 0 0

Rába Futómű Kft. -27 901 -7 191 0 -35 092

Rába Jármű Kft. -17 730 -2 557 0 -20 287

Rába Járműalkatrész Kft. -15 913 -4 634 0 -20 547

Total net deferred tax -285 729 -36 480 56 463 -265 746

Rába Nyrt. 29 420 -3 665 6 794 32 549

Rába Futómű Kft. -301 139 -8 350 2 972 -306 517

Rába Jármű Kft. 618 -10 633 782 -9 234

Rába Járműalkatrész Kft. -19 038 -9 654 13 680 -15 012

Rekard Kft. 4 204 -4 266 32 595 32 533

Deferred tax assets (+) liabilities (-)

-320 177 -330 763

Deferred tax assets (+) liabilities (-)

34 242 65 082

Rába Járműipari Holding Nyrt.

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024 (amounts in THUF)

The Notes on pages 7 to 58 form an integral part of these consolidated financial statements.

Tax losses of the Group carried forward amounted to THUF 18,747,487 as at 31 December 2024, of which THUF 683,846 can be used until 2025, THUF

498,009 until 2026, THUF 714,371 until 2027, THUF 1,427,314 until 2028, THUF 2,807,754 until 2029 and the remaining amount until 2030 (as at 31 December

2023, THUF 16,711,198 of which THUF 416,473 can be used until 2024, THUF 666,239 until 2025, THUF 498,009 until 2026, THUF 714,371 until 2027 and

the remaining amount until 2030). The Group uses its losses carried forward based on the FIFO method.

No deferred tax to be recognised in other comprehensive income arose.

A deferred tax asset is only recognised by the Group 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 still probable that the related tax

benefit will be realised. Accordingly, as at 31 December 2024, the Group accounted for THUF 229,009 deferred tax assets for THUF 2,544,544 tax loss (as at

31 December 2023, THUF 183,564 deferred tax assets for THUF 2,039,599 tax loss). Losses carried forward, for which deferred tax assets were recognised,

can be used until 2030 at the latest.

31 December 2023

31 December 2024

Profit before tax

1 953 316

630 382

Calculated corporation tax

175 798

56 734

Local business tax and innovation

contribution

554 772

537 220

Under- and over-recognition in previ-

ous years

38 979

-6 550

Total tax expenses

769 549

587 404

Effective tax rate

39%

93%

In 2024 the corporation tax rate applicable to the tax base of the Rába Group calculated under Hungarian tax laws was 9%.

Rába Járműipari Holding Nyrt.

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024 (amounts in THUF)

The Notes on pages 7 to 58 form an integral part of these consolidated financial statements.

Note 25 Transactions between related parties with participating interest

i) Transactions with subsidiaries

31 December 2023 31 December 2024

Other long-term receivables 823 627 848 336

Receivables 11 349 947 9 391 268

Liabilities 11 349 947 9 391 268

Revenues 4 305 024 4 410 522

Other income and expenses 5 490 84 409

Financial income and expenses 18 693 6 108

The above transactions with related parties and associated companies were carried out in the ordinary course of business and substantially under the same

conditions, including interest and collateral, as comparable transactions with companies in a similar financial situation. The transactions did not involve any

risks beyond the normal risk of repayment and did not represent any other adverse characteristics.

Transactions related to subsidiaries are filtered out during consolidation.

ii) Transactions with key management personnel

The aggregate amounts of transactions and existing balances with key management personnel and entities over which they have control or significant influence

were as follows:

Rába Járműipari Holding Nyrt.

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024 (amounts in THUF)

The Notes on pages 7 to 58 form an integral part of these consolidated financial statements.

2023 2024 2023 2024

Staff benefits for key

management personnel

327 515 312 491 63 856 43 548

Honorarium paid to the Board of

Directors

52 800 52 800 0 0

Honorarium paid to the

Supervisory Board*

27 336 23 533 0 0

Senior executives of the Group as at 31 December 2024:

Rába Járműipari Holding Nyrt.

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024 (amounts in THUF)

The Notes on pages 7 to 58 form an integral part of these consolidated financial statements.

Name

Position

BoD

AC Mgm

Hetzmann Béla Chairman of the Board x

Dr. Szász Károly Board member x

dr. Csüllög Nóra Board member x

Lang-Péli Éva Board member x

Majoros Csaba Board member x

Mráz Dániel Emanuel Board member x

dr. Szabó-Szombati Tibor Board member x

Sárközi Dávid Soma Chairman of the Supervisory Board x x

dr. Szabó Sándor József Member of the Supervisory Board x x

Dr. Antal Ferenc Member of the Supervisory Board x x

Hetzmann Béla President-CEO x

Lang-Péli Éva General Deputy CEO x

Szilágyi Roland Rába Futómű Kft. Managing Director x

Urbányi László Rába Járműalkatrész Kft. Managing Director x

Torma János Rába Jármű Kft. Managing Director x

Vincze Péter Rába Jármű Kft. Managing Director x

Urbányi László REKARD Kft. Managing Director x

Horváth Gábor Rába Futómű Kft. Chairman of the Supervisory Board

Kiss Zsolt Rába Futómű Kft. Member of the Supervisory Board

dr. Frank József Rába Futómű Kft. Member of the Supervisory Board

Lang-Péli Éva

Rába Járműalkatrész Kft. Chairwoman of the Supervisory Board

Szabó Gergely László

Rába Járműalkatrész Kft. Member of the Supervisory Board

Vámos János

Rába Járműalkatrész Kft. Member of the Supervisory Board

Lang-Péli Éva

Rába Jármű Kft. Chairwoman of the Supervisory Board

Farkas Ákos Árpád Rába Jármű Kft. Member of the Supervisory Board

Boldis Géza István Rába Jármű Kft. Member of the Supervisory Board

Horváth Gábor REKARD Kft. Chairman of the Supervisory Board

Csehi Tibor REKARD Kft. Member of the Supervisory Board

Boros Ildikó REKARD Kft. Member of the Supervisory Board

BoD - Board of Directors

SB - Supervisory Board

AC - Audit Committee

Mgm – Management

Rába Járműipari Holding Nyrt.

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024 (amounts in THUF)

The Notes on pages 7 to 58 form an integral part of these consolidated financial statements.

According to their contract, key management personnel do not receive post-employment benefits, other long-term benefits or share-based payments. They are

due severance pay according to the Labour Code.

As of 3 March 2025, the employment status of managing director Roland Szilágyi has ben cancelled. From 3 March 2025, László Vida has been appointed to

the managing director role for Rába Futómű Ltd.

iii) Transactions and current balances with state-owned businesses

The Company has been in majority state ownership since 18 April 2012. Shareholder rights on behalf of the Hungarian State are exercised by N7 Holding Zrt.,

whose ownership share is 54.34%.

The Group’s significant balances (over HUF 50 million) between the Company and state-owned entities where the state ownership exceeds 50%. Transactions

above the threshold were made with the following partners:

• THUF 2,018,623 worth of products and services were sold to Magyar Honvédség Anyagellátó Raktár Bázis.

• THUF 94,824 of product purchases were made with HM Currus Gödöllői Harcjárműtechnikai Zrt.

iv) Transactions with Gidrán Páncélozott Járművek Kft.:

During the year under review, Rába Jármű Kft. disbursed a EUR 147,000 member loan to Gidrán Pancélott Jármű Kft., recorded under Other long-term assets,

the value of which is THUF 60,283 on the balance sheet date.

Rába Jármű Kft’s parent company, Rába Járműipari Holding Nyrt. has appeared as a company with participating interest, which provides SSC services to Gidrán

Pancélott Járművek Kft.

Note 26 Financial risks

i) Credit risk

Exposure to credit risk

The carrying amount of financial assets and current non-financial assets represents the maximum credit exposure. The Group has no non-current financial

assets. Maximum exposure to credit risk as at the reporting date:

Rába Járműipari Holding Nyrt.

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024 (amounts in THUF)

The Notes on pages 7 to 58 form an integral part of these consolidated financial statements.

31 December 2023 31 December 2024

Trade and other financial receivables 7 437 601 8 256 171

Other non-financial assets and receivables 2 108 463 2 702 737

Cash and cash equivalents 4 412 448 613 444

Net trade receivables by geographical segment as at 31 December 2023 and 2024:

Europe 6 597 680 7 137 147

"-of which: Hungary 1 195 555 1 021 578

"-of which: Germany 3 477 788 3 819 238

America 621 445 908 351

Asia 174 750 210 673

Australia 0 0

Total receivables 7 393 875 8 256 171

Ageing of net trade receivables as at 31 December 2023 and 2024:

31 December 2023

Gross receivable

Impairment

Impairment %

Net receivable

Receivables not past due

6 277.466

6 277 466

1-90 days past due

1 007 186

91-180 days past due

93 093

-7 806

8.39

85 287

Rába Járműipari Holding Nyrt.

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024 (amounts in THUF)

The Notes on pages 7 to 58 form an integral part of these consolidated financial statements.

181-365 days past due

28 776

-7 508

26.09

21 268

More than 365 days past

due

76 533

-73 865

96.51

2 668

Total past due

1 205 588

-89 179

7.4

1 116 409

Total

7 483 054

-89 179

1.19

7 393 875

31 December 2024

Gross receivable

Impair-

ment

Impairment %

Net receivable

Receivables not past due

6 710 467

1-90 days past due

1 350 809

-17

1 350 792

91-180 days past due

133 765

-6 929

5.18

126 836

181-365 days past due

101 967

-37 619

36.89

64 348

More than 365 days past

due

109 390

-105 662

96.59

3 728

Total past due

1 695 931

-150 227

8.86

1 545 704

Total

8 406 398

-150 227

1.77

8 256 171

Expected credit loss is assessed by analysing the figures of the past 3 years, also adjusted for forward-looking information.

Changes in impairment allowance for uncertain and doubtful debts:

Rába Járműipari Holding Nyrt.

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024 (amounts in THUF)

The Notes on pages 7 to 58 form an integral part of these consolidated financial statements.

1 January 2023 104 392

reversed impairment 0

impairment booked 69 988

impairment attributable to

derecognised items

-85 201

31 December 2023 89 179

reversed impairment

impairment booked 90 068

impairment attributable to

derecognised items

-29 020

31 December 2024 150 227

The Group treats receivables from sale of the asset and provision of services in accordance with the rights and obligations laid down in individual partner

contracts. This involves reviewing at least annually the risks and collateral identifiable based on the relevant contracts that can influence future cash flows from

such receivables. Based on the review, a loss allowance is recognised for the outstanding receivables at the level of the individual transactions to the extent

that the future recovery of the given receivable is at risk in spite of the integrated collateral.

The Group has no receivables that were previously written off but would be subject to enforcement procedure.

The Group recognised 100% impairment on receivables recorded among ’Other non-current assets’.

ii) Liquidity risk

The contractual maturity of the loans, including estimated interest payments, is as follows:

Rába Járműipari Holding Nyrt.

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024 (amounts in THUF)

The Notes on pages 7 to 58 form an integral part of these consolidated financial statements.

31 December 2023

Carrying amount

Contractual cash

flows

Less than 12

months

1-2 years 2-5 years

than 5

years

Fair value of future

cash flows

Bank loan TCF-DK-26/2018 612 448 616 021 411 157 204 864 0 0 610 002

Bank loan G3M-080047 459 336 460 944 460 944 0 0 0 457 558

Bank loan G3M-081352 1 224 896 1 229 122 1 229 122 0 0 0 1 220 093

Bank loan 2021/002 1 224 896 1 229 122 1 229 122 0 0 0 1 220 093

Bank loan 2009/081 1 569 398 1 605 172 1 605 172 0 0 0 1 593 381

Bank loan GYŐR-22-0052/1 2 143 568 2 227 837 570 591 560 677 1 096 569 0 2 183 591

Bank loan GYŐR-22-0052/2 1 339 730 1 416 999 51 513 1 365 486 0 0 1 396 633

Bank loan TCF-R-126/2022 3 827 800 4 173 259 72 728 72 728 4 027 803 0 4 054 681

Bank loan 007L827223470001 3 062 240 3 411 335 73 494 73 494 3 264 348 0 3 314 914

Bank loan 042L865202090001M 51 293 51 341 51 341 0 0 0 50 964

Bank loan 042L865203430003M 695 964 740 076 304 526 291 455 144 095 0 729 388

Bank loan 042L801213420002M-01 64 120 65 624 65 624 0 0 0 65 142

Lease liabilities 79 218 79 218 37 649 41 569 0 0 79 218

Total loans, borrowings and

leases

16 354 906 17 306 070 6 162 982 2 610 274 8 532 814 0 16 975 660

Rába Járműipari Holding Nyrt.

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024 (amounts in THUF)

The Notes on pages 7 to 58 form an integral part of these consolidated financial statements.

31 December 2024

Carrying amount

Contractual cash

flows

Less than 12

months

1-2 years 2-5 years

than 5

years

Fair value of future

cash flows

Bank loan TCF-DK-26/2018 218 715 219 480 219 480 0 0 0 213 529

Bank loan F1A-10186441 1 148 252 1 170 040 1 170 040 0 0 0 1 138 317

Bank loan TCF-R-16/2024 1 094 940 1 179 557 42 308 0 1 137 249 0 1 060 257

Bank loan GYŐR-23-0028/1 2 262 606 2 496 580 483 375 468 976 1 334 937 209 292 2 283 065

Bank loan 2009/081 1 681 370 1 709 650 1 709 650 0 0 0 1 663 297

Bank loan GYŐR-22-0052/1 1 722 378 1 772 829 600 679 590 058 582 092 0 1 664 505

Bank loan GYŐR-22-0052/2 1 435 315 1 462 909 1 462 909 0 0 0 1 423 246

Bank loan TCF-R-126/2022 4 100 900 4 321 665 77 917 77 917 4 165 831 0 3 882 582

Bank loan 042L808231650002M 447 371 461 147 309 267 151 879 0 0 444 638

Bank loan 042L865203430003M 3 280 720 3 503 809 78 737 78 737 3 346 334 0 3 149 800

Bank loan 042L801213420002M-01 132 912 135 368 135 368 0 0 0 131 698

Bank loan TZ-049833 1 970 2 041 2 041 0 0 0 1 986

Lease liabilities 91 902 91 902 21 066 70 836 0 0 91 902

Total loans, borrowings and

leases

17 619 351 18 526 977 6 312 838 1 438 404 10 566 443 209 292 17 148 822

The bank loans of the Group are secured by collateral.

Rába Járműipari Holding Nyrt.

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024 (amounts in THUF)

The Notes on pages 7 to 58 form an integral part of these consolidated financial statements.

Maturity analysis of trade and other financial liabilities:

31 December 2023

Carrying amount

Contractual cash

flows

Less than 12

months

1-2 years 2-5 years

than 5

years

Fair value of future

cash flows

Trade liabilities 8 216 849 8 216 849 8 216 849 - - - 8 216 849

Lease liabilities 77 561 77 561 77 561 77 561

Accrued supplier costs

182 461 182 461 182 461 - - - 182 461

Total

8 476 871 8 476 871 8 476 871 0 0 0 8 476 871

31 December 2024

Carrying amount

Contractual cash

flows

Less than 12

months

1-2 years 2-5 years

than 5

years

Fair value of future

cash flows

Trade liabilities 6 476 986 6 476 986 6 476 986 - - - 6 476 986

Interest liabilities 73 641 73 641 73 641 73 641

Accrued supplier costs

27 253 27 253 27 253 - - - 27 253

Total

6 577 880 6 577 880 6 577 880 0 0 0 6 577 880

Rába Járműipari Holding Nyrt.

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024 (amounts in THUF)

The Notes on pages 7 to 58 form an integral part of these consolidated financial statements.

iii) Currency risk

Main exchange rates during the year and as at the end of the year were as follows:

Average rate

Spot rate as at 31 December

2023

2024

2023

2024

EUR

381.95

395.20

382.78

410.09

USD

353.25

365.24

346.44

393.60

The Group has assessed the market risks to which it is exposed. Since a significant part of its income

and expenses are denominated in euros and dollars, it has carried out a sensitivity analysis of these

currencies. The method and assumptions of the sensitivity analysis have not changed compared to the

previous period.

An appreciation in the HUF at the reporting date vis-à-vis the EUR/USD as presented in the table below

would have increased (positive amounts) or decreased (negative amounts) equity and profit as shown

in the following table in THUF. The weakening of the forint would result in an opposite effect. The

analysis was based on exchange rate changes deemed reasonably possible by the Group on the

reporting date. The analysis assumes that all other variables remain constant, including interest rates.

The analysis is based on the same principles as in the case of comparative information:

Currency

31 December 2023

31 December 2024

Rate of

change

Equity

Profit or

loss

Rate of

change

Equity

Profit or

loss

EUR

-0.58%

-92,050

3.68%

516,509

USD

-1.03%

4,167

9.81%

-52,478

In the case of items denominated in EUR, liabilities exceed receivables and therefore they are expected

to have a favourable impact on earnings for the Group.

In the case of items denominated in USD, receivables exceed liabilities and therefore they are expected

to have an adverse impact on the Group's earnings.

iv) Interest rate risk

As at the reporting date 66% of the Group’s interest bearing financial instruments were fixed-rate loans,

see Note 16.

The weighted average interest rate for loans in 2024 was 2.81% (in 2024: 2.38%).

As the Group does not measure financial instruments with fixed interest at fair value through profit or

loss and it has no derivative transactions (interest rate swaps) designated as hedging instruments in a

fair value hedge, changes in the interest rate as at the reporting date would not have any impact on

profit or loss or on equity.

v) Fair values

Fair values of financial assets and financial liabilities and their carrying amount reported in the

consolidated balance sheet:

Rába Járműipari Holding Nyrt.

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024 (amounts in THUF)

The Notes on pages 7 to 58 form an integral part of these consolidated financial statements.

31 December 2023 31 December 2024

Trade and other receivables 7 437 601 8 256 171

Cash and cash equivalents 4 412 448 613 444

Non-current financial liabilities* 16 354 906 17 619 351

Trade and other liabilities 8 476 871 6 577 880

Carrying amount

*it also includes the amount of financial liabilities falling due within one year.

Except for non-current financial liabilities, the carrying amount of financial instruments is a reasonable

approximation of fair value, as they typically mature within one year.

As at 31 December 2024, the fair value of non-current financial liabilities amounted to THUF 17,148,822

and their carrying amount totalled THUF 17,619,351 (as at 31 December 2023: fair value THUF

16,975,660, carrying amount THUF 16,354,906). The Group calculates the fair value of these liabilities

using the discounted cash flow method, the discount rate used is 2.79%. Fair value measurement is

classified at Level 3 of the fair value hierarchy.

Note 27 Earnings per share

i) Basic earnings per share

The basic earnings per share amount as at 31 December 2024 was calculated based on the THUF

42,978 profit for the year (2023: THUF 1,183,767 profit) and the weighted average number of ordinary

shares outstanding: 13,352,765 shares (2023: 13,352,765 shares), as follows:

2023

2024

Issued ordinary shares at 1 January

13 473 446

Effect of treasury shares held

-120 681

Effect of share options exercised

Weighted average number of ordinary shares at 31 December

13 352 765

Profit for the year

1 183 767

42 978

Basic earnings per share (HUF/share)

ii) Diluted earnings per share

2023

2024

Weighted average number of ordinary shares

13 352 765

Number of exercisable share options

Diluted weighted average number of ordinary shares

13 352 765

Profit for the year

1 183 767

42 978

Diluted earnings per share (HUF/share)

During 2016 the share option plan was terminated, no exercisable options remained, thus the share

option has no dilutive effect. In 2024 there were no changes in the treasury shares.

Rába Járműipari Holding Nyrt.

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024 (amounts in THUF)

The Notes on pages 7 to 58 form an integral part of these consolidated financial statements.

Note 28 Capital commitments and contingencies

As at 31 December 2024, future capital expenditure, other services and ordered inventories

commitments of the Group amounted to THUF 13,292,270, of which THUF 2,990,887 relates to capital

expenditure, THUF 10,002,948 to purchase of inventories and THUF 298,435 to services. (In 2023 the

total amount was THUF 16,254,887, of which THUF 6,493,319 related to capital expenditure, THUF

8,922,368 to purchase of inventories and THUF 839,200 to services.)

The Group does not have any contingent liabilities as at 31 December 2023 and 2024.

Note 29 Lease liabilities

Maturity analysis of lease payments for the lease contracts:

31 December 2023

31 December 2024

Less than one year

37 649

21 056

Between one and five years

41 659

70 836

More than five years

Total leases

79 218

91 902

The Group typically leases vehicles and trolleys. The term of the leases is typically between 1 and 5

years. The leasing contracts do not contain any restrictions or collaterals, and the Group has not con-

tracted for leaseback transactions.

Interest expenses arising from lease liabilities are recognised under finance costs and amounted to

THUF 11,851 in 2023 (2023: THUF 4,791).

The Group disregarded the following potential future cash flows when valuing lease liabilities: variable

lease fees, the impact of renewal and decommissioning options, residual value guarantees.

Note 30 Subsequent events and Miscellaneous

Subsequent events

There were no events after the reporting date which would have an impact on the financial statements

for 2024.

Miscellaneous:

Management and effect on the Company of the Russian-Ukrainian situation: The Company and its

subsidiaries had only marginal turnover from transactions with Russian and Ukrainian partners in the

2024 financial year and it has no outstanding receivables from these partners as at the reporting date.

The over 20% annual decrease of customer demand and high cost levels left a clear mark on profita-

bility. Significant efforts in consolidating resources and limiting general expenses as well as one-off

revenues partially compensated for reduced profit levels resulting from lower sales and high purchase

price levels.

Note 31 Disclosures required by the Hungarian Act on Accounting

i) Individuals authorised to sign the consolidated annual financial statements:

Béla Hetzmann President-CEO 2800 Tatabánya, Szent István utca 104. A ép.

Éva Lang-Péli Deputy CEO, Finance 1135 Budapest, Reitter Ferenc utca 79-81. 6. em. 605

Website of the Company: www.raba.hu

ii) Company providing bookkeeping services:

As the employee of Rába Nyrt.:

Name: Melinda Kelemen Registration no.: 151546

iii) Under the Act on Accounting, the consolidated financial statements of the Rába Group have to be

audited. The audit is performed by

Rába Járműipari Holding Nyrt.

Notes to the Consolidated Financial Statements

for the year ended 31 December 2024 (amounts in THUF)

The Notes on pages 7 to 58 form an integral part of these consolidated financial statements.

Ernst & Young Könyvvizsgáló Korlátolt Felelősségű Társaság

1132 Budapest, Váci út 20.

Professional accountant responsible for the audit: János Varga

Chamber registration number: 007319

For the financial year ended 31 December 2024, the fee for the audit of the consolidated financial

statements is THUF 5,950 + VAT; the fee for the audit of standalone financial statements and the

audit of subsidiaries is THUF 31,550 + VAT. The audit contract includes the translation of the

standalone and consolidated financial statements of Rába Járműipari Holding Nyrt. from Hungarian

to English. The audit fee of the IT system is THUF 3,600.

In 2024 the Group did not use other assurance, tax advisory or other non-audit services.

iv) Proposal on the appropriation of profit after tax:

The Board of Directors does not propose dividend payment to the General Meeting.