Preface of the CEO
The past year has been a period of significant progress and solid achievements for our Group. Our strategic vision and execution have not only expanded our reach, but also significantly strengthened our position in key sectors and markets focused on sustainability and innovation. This annual report outlines how our strategy and focus on emerging opportunities have driven our performance and positioned us for future growth, with substantial and continuous benefits from the long-term subsidized investments in infrastructure for the energy transition towards an emission-free economy.
Strategic expansion
2023 was a landmark year for Wolftank Group, driven by our focused buy-and-build strategy and our clear strategic vision. We have strengthened our position in our core businesses of Industrial Coatings and Maintenance as well as Environmental Services. These core businesses are generating solid and consistent returns, while we are building on our expertise and capitalize on the opportunities in the dynamically expanding hydrogen and renewable energy sector.
One of our key strategic highlights was the acquisition of a majority stake in Petroltecnica. With its 70-year history, Petroltecnica brings a wealth of experience and a market leading position that enhances our service offering and reinforces our environmental mission. This move not only expands our environmental remediation capabilities, but also strengthens our P&L account and market presence, positioning us well for further growth. In addition, the operational and strategic performance of Mares, our joint venture with Kuwait Petroleum, exceeded our expectations in its first full solar year of consolidation, with earnings and revenues above targets.
Sustainable foundations and future-oriented initiatives
Our core businesses, particularly environmental remediation and industrial coatings, remain the foundation of our operations. The stability and maturity of these segments provide a competitive advantage and increase our resilience in more volatile markets. This underlying strength supports our ambitious efforts in hydrogen and renewable energy, which are positioned for strong growth in the years ahead.
The supportive environment created by the U.S. Inflation Reduction Act motivated us to make a strategic entry into the promising Californian market. With the establishment of Wolftank USA Inc. we will capitalize on the opportunities presented by the U.S. commitment to climate protection, including significant investments in climate initiatives. The groundwork laid this year is critical to our strategic commitment to bring Wolftank’s mobile refueling solutions to the U.S. market.
In addition, our strategic refocusing in Spain on the hydrogen business through significant restructuring and our entry into the intralogistics market in Germany are examples of our dynamic strategy and our ability to move and adapt to seize new opportunities.
Set for growth
Looking ahead, Wolftank Group is exceptionally well positioned for a thriving future. Our comprehensive range of engineering and environmental services covers the entire value chain in the remediation of contaminated sites and facilities. Our commitment to sustainability is evident in our advanced fueling technologies and our role in developing the infrastructure necessary for zero-emission mobility.
In conclusion, our strategic initiatives in 2023 have strengthened Wolftank Group’s position as a leader in the green economy, leveraging technological innovation and market expansion to drive sustainable growth. Our entry into new markets, coupled with our strategic acquisition of Petroltecnica and new partnerships – among others, with the multinationals Matrix Service in the US and Enermech in Australia – has expanded our capabilities and improved our market position. Going forward, we will continue to focus on driving innovation, expanding our geographic footprint and increasing shareholder value, while making a positive contribution to environmental sustainability.
With these accomplishments and our strategic direction, I am confident in our ability to meet the challenges and seize the opportunities that lie ahead as we continue our journey toward a sustainable and profitable future. My sincere thanks go to our innovative and motivated team, as well as to our customers, our stakeholders and our partners for the trust they have placed in us. Together, we are building a better tomorrow. Simply speaking, we lead the energy transition towards an emission-free sustainable economy.
Dr. Peter M. Werth
Preface of the Supervisory Board
As we look back on the past year, our guiding principle remains the same: to invest in environmental protection while achieving solid financial returns. This dual objective is challenging but critical, and Wolftank Group has distinguished itself as a leader in this field, truly embodying an investment with impact.
In 2023, Wolftank Group has successfully navigated the complexities of the energy transition, turning it into a strong and long-term business case. The management team has capitalized on emerging opportunities within this transition, not only mitigating potential losses, but also significantly enhancing the ability to fulfill larger orders, particularly in the growing hydrogen infrastructure market.
Sustainable investment and environmental protection
Wolftank Group’s commitment to innovate is demonstrated by the R&D efforts that have continued throughout the year. These initiatives ensure that Wolftank Group remains at the forefront, ready with effective solutions as the global shift from fossil fuels to renewable, carbon-neutral and ultimately zero-emission fuels accelerates.
Strengthening ESG commitment and global recognition
The Wolftank Group’s business is fundamentally based on the values of ethical and social responsibility. This year also marked a significant advancement in our environmental, social and governance (ESG) commitments. This annual report is the fourth to integrate financial and non-financial reporting, a proactive step towards full compliance with the upcoming CSRD mandates in 2025. As a demonstration of our commitment to global sustainability standards, we have been accepted into the UN Global Compact by Chairman Antonío Gutierrez, a recognition that underscores our active contribution to the UN’s sustainability and climate goals.
Empowerment and Governance
The Supervisory Board maintained a robust and continuous dialog with the management team throughout the year, ensuring thorough discussion and evaluation of key decisions. Our corporate governance framework ensures transparency and fairness for all stakeholders and governs our interactions and responsibilities. Working with such a dedicated management team has been both productive and a pleasure for us.
As we look into the future, Wolftank Group remains committed to advancing the principles of ecology, innovation and collaboration. We are poised to support the path of sustainable growth, leveraging strategic initiatives and governance frameworks to benefit our stakeholders and the broader community in our relentless pursuit of a greener and more sustainable future.
Investor relations
Share
The share of Wolftank-Adisa Holding AG is listed with the ticker symbol WOLF in the direct market plus segment of the Vienna Stock Exchange (ISIN: AT0000A25NJ6) and with WAH in the m:access segment of the Munich Stock Exchange (WKN: A2PBHR) and is traded on Xetra and various other share trading platforms. On the stock exchange with the highest trading volume, Xetra Frankfurt, the share started the year at EUR 13.3 and closed in December at EUR 10.5. During the year, the share reached a high of EUR 14.9 (10 February) and a low of EUR 9.6 (21 December). The decreasing share price towards the end of year was mainly caused by external events such as the ceased activity of various small-cap funds in Germany and France, as well as the hydrogen peer group downturn of average >80%.
Capital measures
To support its strategic expansion and reinforce its commitment to developing innovative energy and environmental solutions, Wolftank Group implemented key capital measures in 2023. These measures have been important in strengthening the Group’s financial base and enabling further growth in zero-emission mobility and infrastructure solutions. The main purpose of the capital measures was to ensure a healthy financing of the very strong project pipeline, especially in the Hydrogen & Renewable Energies Business Unit, which has the largest order backlog in its history at the beginning of 2024.
In January 2023, the Group completed a capital increase, raising EUR 5.9 million to support its business expansion. The move increased the number of shares to 4,801,504 and strengthened the Group’s capabilities in providing turnkey modular hydrogen fueling systems, among other state-of-the-art technologies.
In October, Wolftank Group carried out another capital increase by issuing 224,807 new bearer shares, utilizing the authorized capital from the Annual General Meeting of 2 June 2023. This increased the company’s share capital to EUR 5,026,311. This strategic initiative aimed at strengthening the equity base, supporting current and planned projects and taking into account the sustainable development of the Group. In particular, C.&S. Consulenze e Servizi Srl, the former majority owner of Petroltecnica Spa, reinvested half of the proceeds of its sale in this capital increase, fully supporting the Group’s vision for growth in the environmental sector.
These capital measures across the Group highlight Wolftank’s strategic financial management and investment in the future of energy and environmental solutions. By strengthening its financial base and investing in innovative developments and projects, Wolftank Group is well positioned to lead the transition to a sustainable and zero-emission future.
Shareholder structure
Capital markets communication
In 2023, Wolftank Group continued to develop its communication with the capital markets. The Management engaged extensively with investors, held numerous investor meetings, and participated in several prestigious investor conferences, including the Hamburger Investoren Tage (HIT), Münchner Kapitalmarktkonferenz (MKK), Wiener Börse Investorenmeeting, and the Alster Research Investor Meeting focused on Renewable Energies. These engagements were complemented by numerous one-on-one meetings, which enabled us to deepen the relationship with the investor community.
Wolftank Group’s performance and potential are continuously evaluated by financial institutions such as mwb Research (former Alster Research), Bankhaus Metzler and Montega, as well as GBC and Baader Bank The insightful research reports produced by these analysts are readily available on Wolftank Group’s website, ensuring transparency and accessibility to all interested parties.
Wolftank Group’s Investor Relations team is committed to maintaining open lines of communication. All investor-related information is published on the company’s website, providing an easy way for interested parties to stay informed. Individuals can join the Group’s investor mailing list to receive the latest updates directly by email. For direct enquiries, the Investor Relations team can be contacted at investor-relations@wolftankgroup.com or via the contact form on the website, ensuring that stakeholders have access to the information they need.
The Annual General Meeting was held on 2 June 2023 in Innsbruck. This event provided a valuable opportunity for shareholders to engage directly with the management team, allowing for in-depth discussions on the company’s progress and future direction. Further confirming its commitment to transparency and engagement, Wolftank Group was honored at the Vienna Stock Exchange Awards ceremony in June as a pioneer of the “direct market plus”.
Financial Calendar
| 17.05.2024 | Publication of the annual results 2023 |
| 28.05.2024 | Record date “Annual General Meeting” |
| 07.06.2024 | 15th Annual General Meeting |
| 12.06.2024 | Ex-dividend date |
| 13.06.2024 | Dividend record date |
| 14.06.2023 | Dividend payment date |
| 25.09.2023 | Publication of the 2024 half-year results |