AutoWallis has launched a results-based new remuneration policy to support its strategic goals in the form of an Employee Share Ownership Plan (ESOP). The company listed in the Premium category of the Budapest Stock Exchange is planning to nearly triple the group’s revenue in 2021 as compared to last year, which would then probably exceed HUF 230 billion, while its EBITDA could be over HUF 6 billion. The goal of the two-year plan is to provide further incentives to a certain circle of managers and employees, and make them interested in the achievement of the group’s strategic objectives.
AutoWallis has launched a results-based new remuneration policy to support its strategic goals in the form of an Employee Share Ownership Plan (ESOP). Only certain managers and employees of AutoWallis and its subsidiaries (the Group) are eligible participate in this plan. As is known, the ESOP was launched with the help of the company's main owner, Wallis Asset Management, in 2019, which provided a portfolio of nearly 20 million shares free of charge. There are 25 managers of AutoWallis and its subsidiaries participating in the plan expiring in 2022, who would receive actual shares when meeting the profitability targets set within the remuneration policy. The 700,000 shares necessary for launching this new plan are provided by AutoWallis from its treasury share of 8.6 million shares. The term of this plan is 24 months, and the participants will receive the shares within the context of this remuneration policy only when the set results objectives are met. AutoWallis CEO Gábor Ormosy said that the ESOP, which is now to be launched every year in a similar structure, effectively supported the company’s shareholder value creation strategy and it was a further incentive for key managers to achieve the objectives set. He added that the company was striving to nearly triple last year’s revenue in 2021, which is expected to exceed HUF 230 billion, while its EBITDA could be over HUF 6 billion.