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Limassol, Cyprus, 27
th
March 2024
CONSOLIDATED
NON-FINANCIAL
REPORT FOR 2023
ASBISC ENTERPRISES PLC

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Table of Contents
LETTER FROM THE CEO .............................................................. 3
ABOUT THE REPORT ................................................................... 4
BUSINESS MODEL ........................................................................ 6
STRATEGIC CAPITALS’ DEVELOPMENT ................................. 14
CORPORATE GOVERNANCE ..................................................... 20
STAKEHOLDERS AND MATERIALITY ....................................... 27
HUMAN CAPITAL AND EMPLOYEE POLICIES ......................... 31
INTELLECTUAL CAPITAL ........................................................... 37
SOCIAL CAPITAL AND POLICIES .............................................. 40
HUMAN RIGHTS AND POLICIES ................................................ 43
NATURAL CAPITAL AND ENVIRONMENTAL POLICIES .......... 47
POLICIES AGAINST BRIBERY AND CORRUPTION .................. 63
RISK MANAGEMENT ................................................................... 65
NON-FINANCIAL INDICATORS & GRI & IIRC & SASB &
TCFD ALIGNMENT ...................................................................... 70

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Consolidated Non-financial Report of ASBISc Enterprises Plc for 2023
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Letter from the CEO
ASBIS remains
true to its values
Dear Stakeholders,
It is with great pleasure that I present ASBIS’
seventh Consolidated Non-financial Report.
2023 has been another year in a row, during which
ASBIS’ business model flexibility has proven of
crucial importance. Before the unprecedented
attack on Ukraine in February 2022, Russia has
been ASBIS’ largest market for years. In 2022, we
decided to cease all activity there and took all
necessary steps to meet the requirements of
sanctions on Russia as well as Belarus. 2023
results have been negatively affected by closing
down ASBIS’ operations in that country. We thus
remained true to our values and stood up for
human rights. We continue to operate in Ukraine,
supporting its economy and people to the best of
our abilities.
Despite these turbulences, in 2023 ASBIS further
strengthened its business, geographical presence
(high growth rates in Kazakhstan, Poland, Czech
Republic, Azerbaijan and building a stronger
foothold in South Africa) and competences,
enhanced product offering (strong performance of
new own brands (AENO) and business units
(AROS) as well as the established Canyon and
Prestigio). These have translated into growing
revenues and high gross profit margin, while EBIT
and net income (to a stronger extent) have been
affected by sizeable write-offs for Russian
operations. Strong cash flows have allowed us to
maintain a strong cash position. These have
translated into continued dividend payments.
ASBIS has once again proved its resiliency and
preparation for future changes within the
demanding IT distribution.
On top of putting our values into practice, we
continued to work on our non-financial reporting.
For 2022 reporting we have been awarded the title
of Climate Aware Company, third year in a row.
Our 2023 report not only meets the EU
requirements, but also includes SASB Standards,
TCFD Recommendations, IIRC Framework and
has been prepared with reference to GRI
Standards. We also present the first findings from
double materiality assessment according to ESRS.
We promise to continue our actions for the benefit
of all our stakeholders in 2024.
Siarhei Kostevitch
Chairman & CEO

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Consolidated Non-financial Report of ASBISc Enterprises Plc for 2023
4
About the Report
Report created
according to
internationally
recognized
standards and
recommendations
[GRI 2-3, 2-4, 2-5]
This Non-financial Report has been prepared by
ASBIS based on 2023 data for the whole Group,
for dates encompassing January 1, 2023 until
December 31, 2023. The report also encompasses
comparable consolidated data for 2022.
As ASBIS’ shares are listed on the Warsaw Stock
Exchange in Poland, the Report has been created
in accordance with the Polish Bill of Accounting
(which implements the 2014/95/EU Directive into
Polish law) requirements. The Report has been
prepared on the Group level, as on the
consolidated level ASBIS meets the criteria of
article 55.2b. Both in 2023 and in 2022 the Group
employed more than 500 employees on average,
its assets exceeded PLN 102m and turnover
exceeded PLN 204m. Similar disclosure
requirements are also mandatory in Cyprus, where
ASBIS headquarters are located. Summary of
alignment of disclosures with Polish Bill of
Accounting and thus EU Non-financial Reporting
Directive is available at the end of the Report.
The Report is published together with ASBIS
Consolidated Financial Report for 2023 along with
the Polish Ministry of Finance Bill on current and
periodical reports. The Report is compliant with the
requirement of the Polish Bill of Accounting listed
in articles 49b points 2-8. ASBIS non-financial
report is being prepared on an annual basis and
the reporting period is aligned with financial
reporting.
While preparing the report the Board of Directors
took into consideration also the non-binding EU:
(1) guidelines on non-financial reporting:
methodology for reporting non-financial
information (2017/C215/01), (2) the guidelines on
non-financial reporting: supplement on reporting
climate-related information (2019/C209/01) as well
as 3) the final version of European Sustainability
Reporting Standards (ESRS) which was applied
for double materiality assessment, which is
presented in this Report.
The Report has been prepared based on policies
present in the Group and long-standing practices.
ASBIS’ Report has been prepared in line with
internationally recognized SASB Standards
(Sustainability Accounting Standards Board – now
part of IFRS Foundation) – for the fourth year in a
row. Following SASB’s Sustainable Industry
Classification System® we report according to the
Consumer Goods sector and Multiline and
Specialty Retailers & Distributors industry
standard. On top, since 2021 ASBIS continues to
apply TCFD’s climate-related financial disclosure
recommendations in its Non-financial Report.

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Consolidated Non-financial Report of ASBISc Enterprises Plc for 2023
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A summary of financially material disclosures in
line with SASB Standards and TCFD
Recommendations is available at the end of the
Report.
Aiming to provide a comprehensive disclosure on
sustainability topics, ASBIS continued its
disclosures on material impacts “with reference to
GRI Standards”. A GRI Content Index is available
at the end of the Report. Also in this Report, ASBIS
continues to apply the Integrated Reporting
Framework for merging financial and non-financial
information. Again, details of alignment have been
presented at the end of this Report.
The scale of disclosures for 2023 has been stable
YoY. No data for 2022 has been restated. The
Report preparation has been supervised by two
Executive Directors, in frames of scope of
information revealed and quality of data provided.
The Report has been created with due diligence
and care, yet it has not been verified by any
external third party.
In case of questions about the Report please
contact Stelios Souzou at s.souzou@asbis.com or
b.basa@asbis.com.

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Consolidated Non-financial Report of ASBISc Enterprises Plc for 2023
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Business model
ASBIS is a leading
Value Add EMEA
distributor
[GRI 2-1, 2-2, 2-6]
OVERVIEW
ASBISc Enterprises Plc is a leading Value Add
Distributor, developer and provider of ICT, IoT
products, solutions, and services to the markets of
Europe, the Middle East, and Africa (EMEA) with
local operations in Central and Eastern Europe,
the Baltic republics, the former Soviet Union, the
Middle East and North Africa, combining a broad
geographical reach with a wide range of products
distributed on a "one-stop-shop" basis. Our focus
is on the following countries: Kazakhstan, Ukraine,
Slovakia, Poland, Czech Republic, Romania,
Croatia, Slovenia, Bulgaria, Serbia, Hungary,
Middle East countries (i.e., United Arab Emirates,
Qatar and other Gulf states) and Latvia.
The Group distributes IT components (to
assemblers, system integrators, local brands and
retail) as well as A-branded finished products like
desktop PCs, laptops, servers, and networking to
SMB and retail. Our IT product portfolio
encompasses a wide range of IT components,
blocks and peripherals, and mobile IT systems. We
currently purchase most of our products from
leading international manufacturers, including
Apple, Intel, Advanced Micro Devices ("AMD"),
Seagate, Western Digital, Samsung, Microsoft,
Toshiba, Dell, Acer, Lenovo and Hitachi. In
addition, a part of our revenues is comprised of
sales of IT products under our private labels:
Prestigio, Prestigio Solutions, Canyon, Perenio,
AENO, LORGAR and CRON ROBOTICS.
ASBISc commenced business in 1990 in Belarus
and in 1995 we incorporated our holding Company
in Cyprus and moved our headquarters to
Limassol. The Company’s registered and principal
administrative office is at 1, Iapetou Street, 4101,
Agios Athanasios, Limassol, Cyprus. Our Cypriot
headquarters support, through two master
distribution centres (located in Prague and Dubai)
and two supplementary in Tbilisi and
Johannesburg, our network of 31 warehouses
located in 34 countries. This network supplies
products to the Group's in-country operations and
directly to its customers in approximately 60
countries.
ASBIS’ shares are listed on the Warsaw Stock
Exchange and are present in key indices: WIG140,
WIG-ESG, mWIG40TR, WIGdiv, mWIG40, WIG,
CEEplus.

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Consolidated Non-financial Report of ASBISc Enterprises Plc for 2023
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VISION
Be the leading Value Add Distributor, OEM and
Solutions Provider of IT, IoT, AI across CEE, FSU,
MEA
MISSION
represented by 5 focus areas:
Develop and Market IT, IoT, AI solutions
Gain expertise in consultative business
Excel and leverage on Distribution
Grow profitably Own Brands
Manage risks and Zero regulatory issues
VALUES
TRANSPARENCY
We follow high standards of integrity and maintain openness in
communication, striving to build trust with everyone we interact
with at every stage of cooperation.
We believe that a competent, motivated, well-trained and a
diverse team will be able to deliver on ASBIS strategy and
develop the Company.
RESPECT
We respect individuality, provide equal opportunities and
encourage diversity in opinions and approaches to work,
creating an environment where people of different nationalities,
cultures, religions, ages, and genders can feel comfortable and
engaged.
We believe that a competent, motivated, well-trained and a
diverse team will be able to deliver on ASBIS strategy and
develop the Company.
PARTNERSHIP
We work with advanced technologies, but most importantly we
work with people, so strong and mutually beneficial
relationships are the foundation of our success.
We take pride in the team spirit of our employees, their
enthusiasm and skill, which we try to maintain knowing that
together we can achieve great things.
LEADERSHIP
Strong leaders lead by example. We strive to be an example for
others and help develop leadership skills in our employees.
Our desire to develop professional skills and personal qualities
allows us to grow leaders whose example inspires all team
members and makes us stronger.
MISSION AND VISION
Mission and vision of ASBIS are the guidelines by
which the Board of Directors looks at the Company
and conducts business. These are communicated to
employees and to external stakeholders.

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Consolidated Non-financial Report of ASBISc Enterprises Plc for 2023
8
We are
honest
We promote
diversity
We are team
players
We use
good
judgment
We are
responsible
We stick to
the law and
our policies
Never
compromise
on integrity
Just say no
Select
business
partners
carefully
We are
trustworthy
ASBIS 10 GUIDING PRINCIPLES

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Consolidated Non-financial Report of ASBISc Enterprises Plc for 2023
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Over 60 entities
forming the Group
[GRI 2-2, 2-3, 2-4, 2-6]
Both financial and non-financial data have been
prepared based on the same number of fully
consolidated entities and the parent company. As
ASBIS is a publically listed company, its consolidated
financial statements undergo audit and are available
to the public. There are no material associates. No
material M&A activity took place.
Representative offices/
Warehouses/Branches
ASBISC ENTERPRISES PLC
Limassol, Cyprus
ASBIS Middle East FZE
Dubai, U.A.E.
ASBC Kazakhstan LLC
Almaty, Kazakhstan
i-Care LLC
Almaty, Kazakhstan
Sarovita Ltd
Limassol, Cyprus
R.SC.Scientists Ltd
Limassol, Cyprus
Real Scientists Ltd
London, United Kingdom
ASBC MMM
Baku, Azerbaijan
ASBIS d.o.o.
Sarajevo, Bosnia
ASBIS AZ LLC
Baku, Azerbaijan
Atlantech Ltd
Ras Al-Kaimah, U.A.E.
ASBISC ENTERPRISES PLC
Agency
Warehouse
ASBIS-Ukraine Ltd
Kiev, Ukraine
iSupport Ltd
Kiev, Ukraine
SIA Joule Production
Riga, Latvia
Euro-Mall s.r.o.
Bratislava, Slovakia
E.M Euro-mall Ltd
Limassol, Cyprus
Euromall Bulgaria
Sofia, Bulgaria
I ON LLC
Kiev, Ukraine
Acean.PL Sp. z o.o.
Warsaw, Poland
Prestigio Plaza Kft
Budapest, Hungary
ASBC SRL
Chisinau, Moldavia
Perenio IoT spol. s.r.o.
Prague, Czech Republic
Prestigio Plaza Ltd
Limassol, Cyprus
ASBC Entity
Tashkent, Uzbekistan
ASBC LLC
Yerevan, Armenia
ASBC LLC
Tbilisi, Georgia
ASBC South Africa (Pty) Ltd
Johannesburg, South Africa
Breezy Trade-In Ltd
Limassol, Cyprus
Breezy Georgia LLC
Tbilisi, Georgia
Breezy-M
Chisinau, Moldavia
Breezy Poland Sp. z o.o.
Warsaw, Poland
Breezy LLC
Kiev, Ukraine
Breezy Service LLC
Kiev, Ukraine
Breezy Kazakhstan TOO
Almaty, Kazakhstan
Breezy LLC
Misnk, Belarus
Maksolutions LLC
Minsk, Belarus
ASBIS DE GmbH
Munich, Germany
Asbis Baltics SIA
Riga, Latvia
CJSC "ASBIS"
Minsk, Belarus
E-Vision
Minsk, Belarus
S.C. ASBIS Romania S.R.L.
Bucharest, Romania
ASBIS Morocco s.a.r.l.
Casablanca, Morocco
ASBIS SK spol. s.r.o.
Bratislava, Slovakia
ASBIS PL Sp. z o.o.
Warsaw, Poland
Budapest, Hungary
ASBIS d.o.o.
Belgrade, Serbia
ASBISC-CR d.o.o.
Zagreb, Croatia
ASBIS CZ spol. s.r.o.
Prague, Czech Republic
UAB Asbis Vilnius
Vilnius, Lithuania
ASBIS d.o.o.
Trzin, Slovenia
Asbis China Corp.
Shenzhen, China
ASBIS Bulgaria
Sofia, Bulgaria
ASBIS Kypros Ltd
Limassol, Cyprus
Budapest, Hungary
ASBIS Kazakhstan LLP
Almaty, Kazakhstan
ASBC
Minsk, Belarus
Entoliva Ltd
Limassol, Cyprus
ASBIS Georgia LLC
Tbilisi, Georgia
ASBIS CA LLC
Tashkent, Uzbekistan
S.A.
ASBIS s.r.l.
Chisinau, Moldavia
ASBC Morocco s.a.r.l.
Casablanca, Morocco
Asbis Africa (Pty) Limited
Johannesburg, South Africa
I.O.N. Clinical Trading Ltd
Limassol, Cyprus
ASBIS AM LLC
Yerevan, Armenia
91.15%
85%
90%
65.85%
55%

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Consolidated Non-financial Report of ASBISc Enterprises Plc for 2023
10
We think globally
and act locally
[GRI 2-6]
VALUE CHAIN
ASBIS value chain starts with extraction of minerals
needed for production of electronics sold e.g.
aluminium, cobalt, copper, gold, lithium, tin, tungsten,
silicon, carbon as well as plastic and iron from which
components are created. These are sourced by
OEMs (original equipment manufacturers), private
labels producers and other producers manufacturing
electronics and hardware such as smartphones,
CPUs, PCs, laptops, HDDs and peripherals.
While choosing its offer, ASBIS analyzes market
trends, evaluates potential demand and looks for
profit opportunities. Based on our analysis, we later
on select products and product groups that will be
distributed and sold. Product offering is adjusted
according to market changes and the profit it
generates. Then the Company creates a strategy to
develop certain product groups and customer
demands. In 2023, the number of active articles in
offer grew to c.254 ths from c.236 ths in 2022 due to
adding more private labels and third party products.
While setting the product offering, we co-operate with
our suppliers. In 2023 the number of suppliers
increased to 2,046 versus 1,454 in 2022, due to
modifications in our product offer (incl. private labels).
We have long-term relations with our suppliers based
on mutual trust and understanding of mutual needs
and constraints. Most of these are large international
companies. We strive to provide our suppliers full
visibility by reporting to them crucial information on a
daily/weekly basis, including stock levels, sales-out
reports by country, thus assisting them in monitoring
customer demand and allowing them time to
comprehend and react to specific market
peculiarities, trends and dynamics. In 2023, a
significant portion of our revenues was generated
from ten biggest suppliers, like in 2022. Yet, we
believe that we place no reliance on any of our
suppliers since we carry for every product category a
wide portfolio of brands. We choose new suppliers
based on the market trend demands.
Placing an order depends on the supplier: it can be
done via our supplier’s on-line system or email. We
operate a system of centralized purchasing through
our headquarters in Limassol, Cyprus, however we
also possess a purchasing office in China. Country
managers communicate expected sales levels and
targets, analyzed by product lines and suppliers, to
our product line managers who then identify
purchasing requirements for the forthcoming three
weeks and in turn forward this information to vice
president of product marketing who verifies and,
upon agreement, consolidates the information.
Information is then presented to the management,
holding weekly meetings to review and approve
requirements.
Shipping of electronics and hardware from OEMs,
private labels producers, other producers to ASBIS
takes place mostly via marine transportation.
Suppliers deliver goods to our two master distribution
centers (Prague and Dubai) and two regional
distribution centres (Tbilisi and Johannesburg).

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Consolidated Non-financial Report of ASBISc Enterprises Plc for 2023
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We strive to keep our stock, including stock in transit,
for our main product lines at a level of four weeks of
sales, and to cover four to five weeks of revenues for
other product lines in order to ensure adequate
supply, while reducing the length of time over which
we hold our inventory at our warehouses.
Having purchased the goods, we act as a non-
exclusive distributor. We are responsible for
promoting, marketing, advertising, selling, and
providing training and after-sales support for each
supplier's products in the respective markets. A
monitoring mechanism is established by the
suppliers to ensure that minimum sales targets are
met, pursuant to which we are responsible for
providing our suppliers with various reports, including
weekly inventory reports and monthly point of sales
reports. The aim of ASBIS is to be one of the top
distributors for every supplier to get most of the
supplier`s support.
We order large volumes of products to benefit from
economies of scale and resell these at competitive
prices to our customers. We have no reliance on any
single customer. Our biggest customer was only
responsible for some 6.6% of total revenues in 2023.
Our active customers (c. 20,000 in 2023, stable YoY)
can place orders via our IT platform which is called
IT4Profit and by telephone call or email. In 2023 and
2022 c.60% of sales were conducted on-line, based
on our IT4Profit platform. It allows not only electronic
trading with customers but also data exchange
between the parent company and its subsidiaries. In
all regions we co-operate both with large enterprises
and mid-size companies. In all regions we are looking
for well-established companies with proven products
and business models. Our clients are in vast majority
corporates. These include a broad range of corporate
clients: system integrators, resellers (including value
added resellers, SMB resellers), retail companies,
PC assemblers, service centers and telecom
companies.
Once a customer files the order, we have to deliver
it. We operate through 31 warehouses in 34
countries. Customer orders are mainly served
through the supply of local offices, and in the event
that local inventory levels are insufficient, additional
inventory is drawn from one of the distribution
centers. Each local office operates its own logistics
function and is responsible for direct shipments to its
customers. Our headquarters monitor and assess the
performance of each local logistics center by using a
number of key performance indicators, including
transit time of incoming shipments, order fulfilment,
(such as pick, pack and ship time and the percentage
of orders shipped to commitment by date and time),
on-time delivery, transport, cost per kilogram shipped
and cycle count performance. We know average time
of delivering an order is important for our customers.
In 2023 the average time of processing orders
increased from 15.5 hours in 2022 to 18 hours due to
growth in the number of orders processed.
Distribution is done by ships, airplanes and trucks.
ASBIS does not
do business
directly with
public sector
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Consolidated Non-financial Report of ASBISc Enterprises Plc for 2023
12
At the end of 2023 we ran 33 Apple stores in 9 FSU
countries (27 stores in 2022) and 5 Bang & Olufsen
stores with 4,798 m2 floorspace, providing us with
a direct exposure to our customers.
Lead time depends on supplier`s stock location
and way of delivery. It can vary from several days
to 2-3 months. Same applies for own brands as
well. Sale to the end customer is conducted by
ASBIS’ business partners and stores.
ASBIS’ value chain ends with the end of life of
products and goods distributed. These could be
topped-up or recycled (at least partially), yet could
also end up on landfill.
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Consolidated Non-financial Report of ASBISc Enterprises Plc for 2023
13
ASBIS VALUE CHAIN
UPSTREAM
DOWNSTREAM
ASBIS
Extraction of
minerals needed
for production of
electronics (e.g.
aluminium, cobalt,
copper, gold,
lithium, tin,
tungsten, silicon,
carbon as well as
plastic and iron)
and sourcing of
components.
Key locations:
Americas, Asia,
EMEA, Australia
Manufacturing
of electronics and
hardware e.g.
smartphones,
CPUs, PCs,
laptops, HDDs,
peripherals include
OEMs (original
equipment
manufacturers),
private labels
producers, other
producers.
Key locations:
production mostly
Asia, also EMEA and
US
Sale
of IT components
of OEMs and
private labels from
ASBIS distribution
centres,
warehouses and
retail stores
financed from own
equity and
financing
institutions.
Key locations:
EMEA
Distribution
from ASBIS to
vendors, business
customers and
stores via ships,
airplanes and
trucks.
Key locations:
EMEA
Shipping
of electronics and
hardware from
OEMs, private
labels producers,
other producers to
ASBIS mostly via
marine
transportation.
Key locations:
from Asia to EMEA
Purchasing
conducted on-line
or off-line via
vendors, business
customers and for
ASBIS’ retail
stores.
Usage and end of
life treatment of
products
distributed via
recycling,
refurbishment,
reuse or landfill.
Key locations:
EMEA
Key locations:
EMEA
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Consolidated Non-financial Report of ASBISc Enterprises Plc for 2023
14
Strategic capitals’ development
What we put into the Group
How we process capitals
What we give back
daily operations, including
taking decisions what to order
and in what quantities
_
amendments and upgrades
to product offering, discussions
with suppliers
_
hiring and retaining
of employees
_
creating financial statements,
discussions with investors and
banks, paying taxes and social
charges
_
back-office maintenance
Financing capital
equity, generated cash as well as bank loans and
factoring arrangements.
Manufacturing capital
the production capacities of our suppliers and partners,
our distribution centres & warehouses and inventory.
Intellectual capital
the brands and IPs that we possess.
Human capital
our employees working in subsidiaries in EMEA countries,
their know-how and engagement.
Social capital
strong reputation that ASBIS possesses among its
customers and suppliers, our relations and impact on
local societies.
Natural capital
natural resources that are used to manufacture products
that we distribute.
Financing capital
generation of cash flows that can be reinvested into the
Company or paid out as dividends.
Manufacturing capital
supporting suppliers and the manufacturers they engage,
supporting private label production in China and our DCs.
.
Intellectual capital
development of possessed brands, especially private
labels.
Human capital
development of employees, trainings, internal promotions,
new opportunities.
Social capital
strengthening our relations with suppliers, customers and
local societies.
Natural capital
recycling initiatives introduced.
ASBIS business can also be looked at from the perspective of six capitals that the Group possesses and processes in day-to-day operations.
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Consolidated Non-financial Report of ASBISc Enterprises Plc for 2023
15
ASBIS’ 2023
results marked by
write-offs from
Russia
FINANCIAL CAPITAL
The financial capital of ASBIS consists of equity,
generated cash as well as bank loans and
factoring arrangements. These allow us to operate
on a daily basis. ASBIS financial capital is
supported by our history of flexibility and adapting
to changing external surroundings which has once
again been proven in 2023, in which ASBIS
developed new markets to make up for the closed
Russian operations. ASBIS followed all required
sanctions on Russia as well as Belarus, while
continued to operate on the Ukrainian market
which was the second largest one.
ASBIS diversified its operations, by moving
stronger to, among others, Kazakhstan, Georgia,
Armenia. These proactive moves have allowed the
FSU (Former Soviet Union) region to remain the
largest one, exceeding half of our revenues in
2023 (and 2022). CEE (Central and Eastern
Europe) remained the second market, while MEA
(Middle East and Africa) the third one, leaving the
fourth place for Western Europe (WE). We
continued to improve our portfolio of products and
services, among others in own brands –
development of relatively new AENO and the
established Canyon and Prestigio and new
businesses line like AROS. As a result, Group
revenues grew 14% YoY in 2023.
The IT distribution business is characterized by
relatively low margins. In 2023 our gross profit
margin reached 8.24% (versus 8.47% in 2022),
thus remaining at a high and satisfactory level.
REVENUES (US$ m)
2023 REVENUE SPLIT (US$ m)
2,690
3,061
2022 2023
FSU
51%
CEE
26%
MEA
14%
WE & Other
9%
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Consolidated Non-financial Report of ASBISc Enterprises Plc for 2023
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We continue to
pay dividends
[GRI 201-1]
Direct economic
value generated and
distributed
US$ m
Direct economic
value generated:
revenues
3,061
Economic value
distributed
3,029
- operating costs
excl. employees
2,835
- employee wages
and benefits
114
- payments to
government
12
- payments to
providers of capital
68
Economic value
retained
32
Operating cost cautiousness is important for
ASBIS as it helps to build our financial capital.
These include among others selling and logistics
costs as well as employee expenses. In 2023
ASBIS increased its headcount, due to
geographical expansion and investments in new
business units. Still, these coupled with US$ 3m
bad debt provision for Russia, 2023 EBIT was
stable YoY. However, due to US$ 11.5m losses on
reclassification of FX and US$10.5m impairment
loss, 2023 net income fell 30% YoY. Due to the
strong standing of the Company, ASBIS does not
use equity financing and finances its growth via
debt and factoring.
Strong financial capital allows ASBIS to remain a
dividend paying company. Our dividend policy is to
pay dividends at levels consistent with our growth
and development plans, while maintaining a
reasonable level of liquidity. To share with
shareholders, on 7
th
December 2023, the
Company paid out the interim dividend from 2023
profits of US$ 0.20 per share, with a total amount
of US$ 11.1m.
EBIT (US$ m)
NET INCOME (US$ m)
Financial capital affects all other capitals as due to
its generation we can remunerate our employees
(human capital), develop our intellectual capital
and support our social capital.
111
112
2022 2023
76
53
2022 2023
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Consolidated Non-financial Report of ASBISc Enterprises Plc for 2023
17
Modern
distribution
centres add to our
manufacturing
capital
MANUFACTURING CAPITAL
ASBIS manufacturing capital consists of
production capacities of our suppliers and
partners, our distribution centres and warehouses
due to which we can distribute goods sold to our
customers as well as inventory on hand. Our
Cyprus HQs as well as regional offices add to our
manufacturing capital.
Our suppliers’ manufacturing facilities are based
all over the world. Our distribution network is based
on more than 30 in-country stock points - across
CEE, FSU, Gulf, Caucasus, and Africa-
replenished via two master distribution centers in
Prague (the Czech Republic) and Dubai (the
United Arab Emirates) and two regional distribution
centers in Johannesburg (South Africa) and Tbilisi
(Georgia).
The facility in Prague can consolidate orders and
fulfill deliveries to any of ASBIS’s local distribution
centers and subsidiaries, and serve customers
across the globe. The leased area covers 14,000
m2. Dubai serves our operations in the ME and
Eastern and Northern African countries. It is owned
and has an area of 8,200 m2. The distribution
center in Johannesburg serves as a consolidation
point for the customers located in South Africa and
across the Sub-Saharan region. The lease covers
an area of 3,800 m2. The distribution center in
Tbilisi mainly serves the countries in the Caucasus
region – it is the smallest with 3,000 m2.
The total warehouse space of ASBIS, including
main, regional and local distribution centers,
currently amounts to c. 63,000 m2. ASBIS has
started building a new distribution center in
Kazakhstan with an area of c. 20,000 m2 due to
significant demand increase from 2022. It is to be
put into operation at the beginning of 2025 at the
latest.
ASBIS new offices in Limassol, Cyprus are
situated on land leased from the Ministry of
Commerce. The building is owned by the
Company – the premises used to be a factory,
which we renovated to be fit as offices. It is
c.11,100 m2 including the parking lot. The building
has the capacity to facilitate more than 300
employees. At the moment 270 employees work
there. The premises are equipped with the latest
technology. The whole building is indirectly
powered by solar energy, through the purchase of
electricity from a producer and supplier of clean
energy.
Our manufacturing capital supports our financial
capital as thanks to it we can conduct our
operations. It also helps our human capital by
allowing our employees to work in proper
conditions. As such it supports development of
intellectual capital and social capital (by
strengthening relations with local communities).
Our human, social, intellectual and natural capital
are described in separate sections of the Report.
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Consolidated Non-financial Report of ASBISc Enterprises Plc for 2023
18
Our operations
support UN SDGs
[GRI 2-22]
STRATEGY
Business strategy
Our business strategy remains the same over the
years. ASBIS intends to grow its business and
increase its profitability, mainly by improving its
operating efficiency in the distribution of IT
components and by increasing sales of its private
label products. This is to be achieved by:
increasing or retaining sales and market share
in the CEE region, selected FSU countries and
the Middle East and Africa;
enhancing product portfolio (smartphones, IT
components, VAD) and improving gross profit
margin;
further optimizing our private label business;
controlling our cost structure, enhancing
operating efficiency and automated processes,
including our online sales channels;
engaging in alternative investments and new
technologies.
We will continue to implement the strategy as well
as conduct any necessary tactical changes
resulting from short- and medium-term changes on
the IT distribution market.
Support for UN SDGs
ASBIS’ 2020-22 CSR Strategy has come to an end
with a sizeable success in accomplishing its main
goals. The Company now focuses on supporting
attainment of the United Nations Sustainable
Development Goals for 2015-2030, among others:
SDG 5 Gender Equality (we have a diverse
Board of Directors in terms of gender, experience
and age as well as diverse employees,
representing different regions and cultures),
SDG 8 Decent Work and Economic Growth (we
have subsidiaries in 34 countries and operate in
some 60 countries; we offer our employees fair
wages and permanent employment contracts),
SDG 9 Industry Innovation and Infrastructure (we
introduce innovative solutions into our portfolio
and acquire new ideas; we help our customers in
emerging markets upgrade their IT infrastructure
to more environmentally sound one; we support
local communities),
SDG 12 Responsible Consumption and
Production (we engage in waste reduction
initiatives, support responsible purchases by our
customer and expand the Breezy initiative for
trading in used appliances),
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Consolidated Non-financial Report of ASBISc Enterprises Plc for 2023
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SDG 13 Climate Action (we broaden our eco-
friendly product offering, we measure our carbon
footprint, we introduced a policy that all new
corporate cars must be hybrid).
2024 OUTLOOK
Key aspects of our 2024 plans encompass:
growing geographical exposure (Armenia,
Georgia, Azerbaijan, Morocco, Moldova,
Western Europe and South Africa),
continued focus on CIS countries, excl. Russia
and Belarus, development in Southern Europe,
new products introduction – new Apple products,
more Robotic Solutions, more sustainable
products, more emphasis on private labels,
continued focus on business customers but a
growing retail customers’ base.
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Consolidated Non-financial Report of ASBISc Enterprises Plc for 2023
20
Corporate governance
Corporate
governance
matters for ASBIS
[GRI 2-9, 2-10, 2-11, 2-12,
2-13, 2-14, 2-15,2-17,
2-18, 2-19, 2-20, 405-1]
ASBIS’ shares are listed on the Warsaw Stock
Exchange (WSE) in Poland, on the main market.
We follow and comply with “hard law” and “soft law”
that are prevailing on our main listing place. The
“soft law” is the Code of Best Practices of WSE
(issued in 2021) which was approved by ASBIS’
Board of Directors. Each year together with its
annual report the Company files a statement of
compliance. If any rules are not followed, these are
communicated and explained (following the
“comply or explain rule”).
Although our listing takes place in Warsaw where
civil law prevails, the corporate rules and corporate
structure originate from Cyprus, where we are
incorporated and where common law prevails. We
thus operate based on publically available
documents, which were filled with the Registrar of
Companies in Cyprus. These are:
Memorandum of Association – which contains
fundamental conditions based on which we
are allowed to operate,
Articles of Association – which define the
responsibilities of directors, the kind of
business to be undertaken and ways in which
shareholders can influence the Board of
Directors.
The Company is governed by a Board of Directors
(BoD) which consists of both executive directors
(EDs) and non-executive directors (NEDs), all
managed by the CEO (Chief Executive Officer).
The aim of executive directors is to set the strategy
of the Company and to manage the Company by
supervising managers, assuring financing is
available and managing risk. The role of non-
executive directors is to supervise the way the
executive directors perform their duties, to
scrutinize the performance of BoD and
constructively challenge its decisions.
The management of the business and the conduct
of the affairs of the Company are vested in the
directors. The Board of Directors should maintain
a healthy system of internal controls in order to
safeguard shareholders’ investments and the
Company’s assets. The Directors may exercise all
the powers of the Company to borrow money, and
to charge or mortgage its undertaking, property
and uncalled capital, or any part thereof, and to
issue debentures, debenture stock and other
securities whether outright or as security for any
debt, liability or obligation of the Company or of any
third party.
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Consolidated Non-financial Report of ASBISc Enterprises Plc for 2023
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All shareholders
are equal - one
ASBIS share
equals one vote
The Board of Directors performs its work on a
permanent basis. However, one third of directors
should retire every year by rotation. We have eight
directors at the date of publication of the Report
(five are executive and three non-executive). So,
at least two (or more) directors need to retire and
be re-elected every year. None of the directors is
an employee representative. The non-executive
directors are independent ones.
The Board of Directors is appointed by the General
Meeting of Shareholders which takes place at least
annually. The annual general meeting approves
the financial statements of the Company,
distribution of profits (dividend) and discharges the
Board of Directors members from their liabilities
related to former year performance, elects
directors in place of those retiring, appoints them
and sets the remuneration of auditors. Other
general meetings are extraordinary meetings
taking place on special occasions.
An annual general meeting, and a meeting for the
passing of a special resolution, shall be called by
at least twenty-one days’ notice in writing, and all
other meetings shall be called by at least fourteen
days’ notice in writing. The notice shall be
exclusive of the day on which it is served or
deemed to be served and of the day for which it is
given. It shall specify the place, the day and the
hour of meeting and in cases of special business,
the general nature of that business. The
Company's Articles of Association do not provide
for general meetings to be held outside Cyprus.
The largest shareholder in the Company is its
founder and the CEO, Siarhei Kostevitch. He
controls the Company having effectively an almost
37% stake. Four remaining executive directors
hold combined a c.1.4% stake. As of the day of
publication of the Report, there is no institutional
investor above the 5% reporting hurdle. ASBIS has
a sizeable free float of c.63% (incl. the 1.4% stake).
Thus, ASBIS’ founder, Siarhei Kostevitch, is the
largest shareholder, Chair of the Board of Directors
and the CEO. Since 1990 he has been fully
committed to the Company and has supported
ASBIS while weathering several crises. During
2006 and following the AIM listing ASBIS had an
NED as Chair who resigned during the crisis of
2008-09. Ever since Siarhei Kostevitch has
undertaken the role of Chair to steer the Company
until its current standing. Still, being also the major
shareholder, he has always been able to separate
his roles between the executive role and the
fundamentally more compliant role of the
Chairman of the Board of Directors. He is also
assisted by NEDs and since 2009 we have not
faced any issues with compliance and reporting.
On top, dealing with conflicts of interest is
described in our Code of Conduct.
Each share confers the right to cast one vote. Each
shareholder is entitled to attend the meeting, to
address the meeting, and, if voting rights accrue to
him or her, to exercise such voting rights.
Shareholders may attend meetings in person or be
represented by a proxy authorized in writing.
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Consolidated Non-financial Report of ASBISc Enterprises Plc for 2023
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ASBIS has both an
Audit and a
Remuneration
Committee
No special rights attach to any specific shares and
there are no different classes of shares.
There is both an Audit Committee and a
Remuneration Committee at ASBIS. The Audit
Committee consists of the three NEDs and one
executive director (the CFO, an attending member)
and is chaired by Maria Petridou. The Committee
meets at least twice a year. It is responsible for
ensuring that the Group’s financial performance is
properly monitored, controlled and reported. It also
meets the auditors and reviews reports from the
auditors relating to accounts and internal control
systems. The Audit Committee meets at least once
a year with the auditors.
The Remuneration Committee encompasses the
three NEDs and an executive director (the CEO,
an attending member) and is chaired by Tasos
Panteli. It sets and reviews the scale and structure
of the executive Directors’ remuneration
packages, including share options and terms of
their service contracts. The remuneration and the
terms and conditions of the non-executive
Directors are determined by the Directors with due
regard to the interests of the shareholders and the
performance of the Group. The Committee also
makes recommendations to the Board concerning
the allocation of share options and/or treasury
shares to directors, managers and employees.
According to Articles of Association, remuneration
of the directors will be determined in general
meetings on the recommendation of the
Remuneration Committee. Any director performing
special or extraordinary services in the conduct of
the Company’s business or in discharge of his
duties as director, or who travels or resides abroad
in discharge of his duties as director may be paid
such extra remuneration as determined by the
directors, upon recommendation by the
Remuneration Committee. Executive Directors are
also entitled to receive a bonus every quarter
depending upon quarterly results. The bonus
consists of a certain amount or percentage which
is agreed and described in each Director’s service
agreements or contracts, as applicable, however,
Directors only receive such a bonus to the extent
profit meets certain pre-set budgetary figures.
In 2020 in line with EU requirements, ASBIS’
general meeting approved the remuneration policy
for the Board of Directors. The first statement on
remuneration was presented to the AGM in 2021,
while 2023 one will be presented to the AGM in
2024. Remuneration of the directors is included in
the Annual Report as well as in the Statement on
Board of Directors remuneration. Overall:
there are both fixed and variable
payments (the latter dependent on
completion of specific tasks set at the
beginning of the quarter),
there are recruitment incentives in the
form of relocation bonuses (case-by-case
basis),
termination payments exist as per local
regulation,
there are no clawbacks,
there are provident fund contributions from
both the company and the employee.
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Consolidated Non-financial Report of ASBISc Enterprises Plc for 2023
23
A diverse Board
and management
pipeline
2022
Male
Female
Management
(SASB)
31
27
All other
1,431
733
2023
Male
Female
Management
(SASB)
32
30
All other
1,761
850
Our Board of Directors is diverse in terms of
experience and has assigned responsibilities.
Siarhei Kostevitch, the CEO, is primarily
responsible for carrying out strategic plans and
policies as established by the Board of Directors.
Constantinos Tziamalis, Deputy CEO, has the
primary responsibility for the accounts receivable
and supervision of Credit Control Department. He
is also in charge of the Investor Relations
department. On top, Constantions, is also
responsible for risk identification and mitigation,
and climate change and environment protection.
Marios Christou, the CFO of the Group, is
responsible for handling of funds, keeping financial
records and financial planning of the Company. In
addition, he controls the Treasury Department
which is concerned with the receipt, custody,
investment and disbursement of corporate funds,
as well as borrowings. Julia Prihodko, Chief
Human Relations Officer, manages and provides
strategy on the people function for the Group,
leads the implementation of HR policies and
programs. Hanna Kaplan leads all projects of
finance/IT integration and the automation of the
reporting systems of the Group. Competences of
our non-executive directors are also diverse. Maria
Petridou has a financial background, Tasos Panteli
has a legal background while Constantinos
Petrides has experience in working with European
Commission.
At the end of 2023 there were three women on
ASBIS board – two were Executive Directors and
one a Non-executive Director. As a result, women
constitute 37.5% of our Board of Directors.
As gender diversity is important to us, we are
working on the pipeline of women in senior
positions. If we take all the boards of our
subsidiaries into account, as many as 20 women
sit on our boards, which translates into a sizeable
51% share. The picture also looks favourably if we
look at split of management (understood as in
SASB as board plus store managers) where at the
end of 2023 48% (47% at the end of 2022) share
were women versus 33% share among remaining
employees. Ethnic diversity at ASBIS is growing
YoY, with Hispanic, Afro-American, Asian
employees being present.
2022
Asian
White
Management
(SASB)
4
61
All other
35
2,110
2023
Asian
White
Management
(SASB)
3
54
All other
41
2,549
2022
Black
Hispanic
Management
(SASB)
4
2
All other
5
1
2023
Black
Hispanic
Management
(SASB)
4
1
All other
19
2
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Consolidated Non-financial Report of ASBISc Enterprises Plc for 2023
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CORPORATE GOVERNANCE
APPOINTS
Non-executive officers
supervise the decisions taken by the executive directors, support
the Company with their experience and independent judgement
Executives
Non-executives
Siarhei Kostevitch
Chairman, Chief Executive Officer
Constantinos Tziamalis
Deputy CEO
Marios Christou
Chief Financial Officer
Julia Prihodko
Chief Human Relations Officer
Tasos Pantelli
Non-executive Director
BoD excl. CEO
1.4%
Other free-float
63.2%
TOTAL
100.0%
approves the annual financial statements of the Company,
decides on profit distribution (dividend),
appoints Board of Directors (both executive and non-executive
officers)
Executive officers
set the strategy for the Company,
supervise all the key elements of the Company’s business:
operations, finance, risk, plans
SHAREHOLDERS’ MEETING
(gathers at least once a year)
BOARD OF DIRECTORS
(consists of at least 3 directors)
Maria Petridou
Non-executive Director
CEO & Founder
36.8%
Constantinos Petrides
Non-executive Director
Hanna Kaplan
Executive Director
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Consolidated Non-financial Report of ASBISc Enterprises Plc for 2023
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Board evaluation
is conducted by
shareholders
We also care for board stability, yet also recognize
the need for our Board of Directors to take on new
competences along with growing geographical and
business presence. Over the last five years the
rotation level (understood as changes in persons
holding those positions) reached 22% while 25%
in 2023 (two new persons added to the Board of
Directors).
The Board of Directors together with extended
management team is responsible for preparation
of ASBIS mission, vision, values and strategy. The
Board of Directors has created a subcommittee led
by the HR director which ensures that organization
shows its sensitivity to economy, environment and
people and through this ensures that our
employees are fully aware and undertake all
actions to follow these processes. The HR team is
presenting the results of the outcomes of these
processes (which derive from surveys conducted
internally) to the Board of Directors and based on
the results actions are proposed. The Board of
Directors has set Key Performance Indicators
(KPIs) for all processes and these are reviewed
once per quarter.
Each member of the Board of Directors is assigned
specific responsibilities and oversees certain
functions of the Group. These responsibilities are
further delegated to departmental managers and
from there on to lower-level personnel. The
communication between the hierarchy levels is
very frequent and any issues that arise are
reported immediately. The Board is always very
approachable and in constant communication with
the employees.
The Board of Directors is also responsible for
reviewing and approving the sustainability
information enclosed in the Non-financial Report
as well as the material topics. It also strives to
communicate and discuss sustainability topics with
employees.
Evaluation of the Board of Directors actions is
conducted by the shareholders who grant
discharge to the directors for their actions in a
given year. So far the Board’s performance has not
been examined and reviewed by an independent
party.
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Consolidated Non-financial Report of ASBISc Enterprises Plc for 2023
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Board of Directors
Executive
Non-Executive
Siarhei Kostevitch
CEO
Constantinos
Tziamalis
Deputy CEO
Marios Christou
CFO
Julia Prihodko
CHRO
Tasos Panteli Maria Petridou
Organizational
strategy
Capital allocation
decisions
Leadership
Business risk
management
Investor relations
Climate risk
management
Financial
management
Treasury operations
Human resources
Audit Committee
Remuneration
Committee
Audit Committee
Remuneration
Committee
Delegation to:
Chief Operating
Officer
Business Unit
Leaders
Product Line Mangers
Delegation to:
Credit Controllers
FX Risk Managers
CSR team
Investors relations
team
Delegation to:
Financial Controllers
Treasury team
Delegation to:
HR managers
Hanna Kaplan
Constantions
Petrides
Audit Committee
Remuneration
Committee
Accounting
Financial
management
Delegation to:
Financial Controllers
Chief accountant
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Consolidated Non-financial Report of ASBISc Enterprises Plc for 2023
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Stakeholders and materiality
Updated
stakeholder
groups and first
double-materiality
assessment
[GRI 2-29, 3-1, 3-2, 3-3]
At ASBIS we take all our stakeholders into account
while conducting our business operations. When
preparing this Report the Board of Directors
analysed and updated the stakeholders groups as
well as approved the results of the first double-
materiality assessment conducted in line with
ESRS (European Sustainability Reporting
Standards).
In preparation for upcoming sustainability reporting
ASBIS conducted a new stakeholder mapping.
The analysis showed seven material stakeholder
groups, though these have been modified
compared to the groups used in previous Non-
financial Reports. Material stakeholder groups
have been assessed based on their relation to the
Company, impact on the Company, Company’s
impact on them as well as methods and frequency
of contact.
As a result, seven groups of stakeholders were
identified: capital market participants (analysts and
investors) and financial institutions (banks,
insurers, factoring companies), suppliers and
service providers, customers, employees and
Board of Directors, governing and public
institutions, local communities and media and
public opinion. Details with methods of
engagement are presented in the table below.
Conduct of the first double materiality assessment
took place in line with ESRS and EFRAG’s
guidance. Apart from updating stakeholder groups,
it also involved mapping the value chain of ASBIS
and identifying actors in upstream and
downstream.
Double materiality assessment was conducted in
several steps which involved: 1) internal
stakeholders’ engagement to narrow down the list
of material impacts and their type and severity, 2)
financial materiality assessment and 3) external
stakeholder engagement in the form of panel and
survey. Board of Directors has been engaged in all
the steps and approved the first double materiality
assessment. A list of material topics, material
based on impact, risks or opportunities, is
presented below. ASBIS plans to continue to
upgrade its methodology of double materiality
assessment to assure all material topics are
mapped and represented via appropriate
indicators.
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Consolidated Non-financial Report of ASBISc Enterprises Plc for 2023
28
ASBIS STAKEHOLDERS
ASBIS
Employees and Board
of Directors
Customers
Media and public opinion
Capital market
participants and financial
institutions
Governing and
public institutions
Suppliers and service providers
Local communities
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Consolidated Non-financial Report of ASBISc Enterprises Plc for 2023
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Capital market participants
and financial institutions
Suppliers and service providers
Customers
Employees and Board
of Directors
Governing and public
institutions
Local communities
Media and public opinion
Who are
they?
A varied group of stakeholders.
Capital market participants
include: analysts issuing
recommendations for ASBIS,
institutional investors (mutual
funds and pension funds, Polish
and international ones) and
individual investors. Financial
institutions include insurers,
banks as well as factoring
companies.
Suppliers are companies from
which we source goods that we
resell later. We co-operate with
suppliers who produce for us our
private label products as well as
with suppliers from which we
obtain third party goods, e.g.
OEM (original equipment
manufacturers). Scale of our
suppliers differs. Service
providers include, among others,
logistics operators that transport
the goods from our distribution
centers to our customers.
We have both corporate and
individual customers. Vendors
and resellers are businesses to
whom we sell our goods, large
retail networks to which we also
deliver our products as well as
enterprises. Individual
customers are people who
ultimately use the products that
we are selling, both our private
labels as well as the third party
hardware and software. Also,
people coming directly into our
stores are also our customers.
Internal stakeholders.
Employees are a diverse group,
as ASBIS’ operations are
conducted in 4 regions of the
EMEA markets. On top, the
Group’s employees have
different functions, ranging from
administration and finance, to
logistics and management,
marketing and sales. Board of
Directors is the key body
responsible for management
and supervision of ASBIS’
operations.
These include not only
institutions based in Cyprus,
where the headquarters are
located, but in each of the
countries present and especially
in Poland (in Warsaw), where
ASBIS’ shares are listed.
Local communities for ASBIS
are located in venues where
ASBIS has a material presence
via its offices or/and distribution
centres and warehouses. We
treat families of our employees
as our local community
stakeholders.
Local and international business
and industry media in countries,
in which we operate. Collective
opinion on ASBIS and its
presence in IT distribution
sector.
How do we
engage?
- preparation of financial
and non-financial reports
as well as current reports,
- participation in one-on-
one meetings, group
meetings, conference
calls and
videoconferences with
investors, analysts and
financing institutions,
- running the investor
relations internet portal
- maintaining long-term
relations based on trust,
respect and
understanding of needs,
- daily operational contact
via emails and
telephones,
- face-to-face meetings
when necessary
- maintaining long-term
relations based on trust,
respect and
understanding of needs,
- daily operational contact
via emails and telephones
with large vendors and
large business customers,
- face-to-face meetings
when necessary with
representatives of large
vendors and large
business customers,
- contact with retail
customers in stores
- Board of Directors,
especially the Executive
Directors, are in daily
contact with key
employees and is focused
on providing the best
possible conditions to
employees,
- open dialog run by
managers, regular
performance monitoring,
culture of constructive
feedback,
- development possibilities
and market remuneration
supplemented by perks
- payment of all due taxes
and social charges,
- providing all necessary
reports and explanations,
transparent and outgoing
approach
- caring for families of our
employees as our local
stakeholders,
- engaging in local societies
lives, e.g. via dedicated
actions (different in each
countries),
- donating money to
charities and engaging in
initiatives that are
important to locals
- group and one-on-one
meetings with press and
media representatives
after quarterly reports
publications and on-
demand,
- distribution of press
releases,
- running webpage and
social media accounts
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Consolidated Non-financial Report of ASBISc Enterprises Plc for 2023
30
List of material
topics
List of material topics as established in the first
double materiality assessment. We will continue to
work on double materiality assessment thus the list
may evolve.
Material topic
Impact
Financial
1
Climate change
adaptation
YES
YES
2
Climate change
mitigation
YES
YES
3
Energy consumed
YES
NO
4
Air pollution
YES
NO
5
Microplastics
YES
NO
6
Circular economy
YES
YES
7
Working conditions (own
workforce)
YES
YES
8
Security of employment
(own workforce)
YES
NO
9
Adequate wages (own
workforce)
YES
YES
10
Social dialogue (own
workforce)
YES
NO
11
Work life balance (own
workforce)
YES
NO
12
Health and safety (own
workforce)
YES
NO
13
Equal treatment and
opportunities (own
workforce)
YES
YES
14
Gender equality and
equal pay (own
workforce)
YES
YES
15
Workforce training and
development (own
workforce)
YES
NO
Material topic
Impact
Financial
16
Measures against
violence and
harassment in the
workplace (own
workforce)
YES
NO
17
Diversity (own
workforce)
YES
YES
18
Working conditions
(workforce in the value
chain)
NO
YES
19
Child labour (workforce
in the value chain)
NO
YES
20
Forced labour
(workforce in the value
chain)
NO
YES
21
Information related
impacts for consumers
and end-users
YES
NO
22
Consumers and end-
users access to (quality)
information
YES
NO
23
Health and safety of
consumers and end-
users
NO
YES
24
Business conduct
YES
NO
25
Corporate culture
YES
NO
26
Protection of whistle-
blowers
YES
NO
27
Management of
relationships with
suppliers, including
payment practices
YES
YES
28
Corruption and bribery
YES
NO
29
Data security
NO
YES
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Consolidated Non-financial Report of ASBISc Enterprises Plc for 2023
31
Human capital and employee policies
We are honest
What we say is true and
forthcoming. We are open
and transparent in our
communications with each
other, our partners and
customers.
[GRI 2-7, 2-8, 2-30, 401-1,
404-3, 405-1, 405-2]
Our employees form the human capital that powers
our organization. Thanks to their commitment we
can run our operations, develop our intellectual,
social and financial capital. ASBIS’ future depends
on employees’ know-how, engagement, flexibility
and ability to cope with everyday situations.
HUMAN CAPITAL
We operate in some 60 countries and our
employees are located in 34 countries, in which we
hold subsidiaries. Countries we operate fall in
different regions with different cultures and
religions. Only some 11% of our employees work
for the parent company, with the balance working
for subsidiaries. In 2023, we employed on average
2,673 people, up 20% YoY.
AVERAGE NUMBER OF EMPLOYEES
2023 EMPLOYEES BY FUNCTIONS
2022 EMPLOYEES BY FUNCTIONS
220
301
2,222
2,673
2022 2023
Parent company Group employees
Sales and
marketing,
1,484
Administration
and IT, 419
Finance,
213
Logistics,
557
Sales and
marketing,
1,213
Administration
and IT, 338
Finance,
200
Logistics,
471
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Consolidated Non-financial Report of ASBISc Enterprises Plc for 2023
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We are diverse in
terms of
nationalities,
gender and age
The most common form of employment at ASBIS
is a permanent position – it applied to some 98%
of employees in 2023, stable YoY. We do not have
employees with non-guaranteed working hours per
day as well as part-time employees. We had 301
contractors at the end of 2023.
54% of our employees are employed in the FSU
region. The second largest region based on
employment is the CEE region, which employed
40% of average number of employees in 2023,
leaving the MEA and other regions each with 3%
of headcount, respectively.
2023 AVERAGE EMPLOYEES
BY REGIONS
ASBIS employees are diverse in terms of age. In
2023 some 60% of our employees were between
30 to 50 years old, while around 32% were below
30 years old. On top, some 33% of our employees
in 2023 were women (stable YoY).
2023 AVEARGE EMPLOYEES BY AGE
In 2023 we hired on average 1,307 people, the
majority also in the FSU region. At the same time,
760 people left ASBIS in 2023. We calculate
voluntary and involuntary turnover of our
employees in stores. In 2023, the voluntary
turnover in stores reached c.45% and involuntary
c.23%, which shows a significant YoY growth
along with growing number of stores and retail
business. Overall, on the Group level rotation
reached 30%, out of which 19% was the voluntary
turnover and 11% involuntary.
We have a comprehensive HR Management
Policy at the Group level to standardize processes
related to Human Resources. Our HR
Management Policy encompasses six key topics:
hiring, team building, motivation, leadership,
diversity and anti-mobbing. On top, it also
addresses employer branding actions.
FSU
54%
CEE
40%
MEA
3%
Other
3%
below 30
years old
32%
30 years
old to 50
60%
above 50
years old
8%
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Consolidated Non-financial Report of ASBISc Enterprises Plc for 2023
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We promote
diversity
We recognize that each of
us is different and that
each person deserves
respect. We promote
diversity in opinions and in
workforce. We employ
people of various
nationalities, cultures,
religions, ages and
gender.
The aim of the hiring process is to find the right
candidates to fill in for our vacancies and to identify
and attract people who will be building the
Company with us. The recruitment process is
oriented on: (1) judging the candidates based on
their competences, (2) assuring objectivity of
assessment, also by using IT tools, (3) giving equal
opportunities to candidates regardless of their
gender, social or marital status, age or disabilities,
and (4) respecting their rights and relevant laws.
While filling in a position we resort to internal and
external recruitment. We search for employees
from within ASBIS to allow them to develop as well
as advertise the opening outside. If possible, we
prioritize internal promotions versus external to
promote long-term commitments. While searching
for new talents we rely on our Employer Branding
initiatives. To increase the transparency and
objectivity of the hiring process each candidate has
at least two meetings with ASBIS managers with
different levels of seniority, before a decision is
taken.
We understand that we are stronger as a team. To
build and maintain our team we need to focus on:
proper onboarding of our new hires, motivation of
our employees and building leaders that will shape
the future of ASBIS. We want our new hires to feel
welcomed and needed the moment they cross the
doors of ASBIS offices. We believe this is a key to
retaining them.
It is our aim to acknowledge all employees with our
Mission and Vision, corporate culture as well as to
help them identify new roles and responsibilities.
We aim to ensure that our employees are
equipped with relevant tools and resources to
perform their tasks and that their adaptation is
effective and comfortable. The welcome package
for each of our new employees includes a:
welcome letter, employment contract, information
form, details of the Company’s structure, job
description, documents that need to be filled in, a
handbook with corporate policies and a list of
trainings to be performed. Our policies are aimed
to shorten the time it takes an employee to become
an effective member of our team.
Hire the best
Build a team
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Consolidated Non-financial Report of ASBISc Enterprises Plc for 2023
34
We are team
players
Every employee is
important to us. We
recognize that together we
can achieve more. We
foster our team spirit.
We believe that the best way to motivate
employees is to: offer a transparent career path,
fair and transparent remuneration as well as
development and training opportunities. Career
paths depend on the place of start and area where
they originated. Employees are informed about
their potential career path the moment they start
work. Remuneration brackets are set for each
position. Employees are motivated by bonuses
based on their achievements. In order to make
sure that we pay market salaries, we try to keep
up-to-date with the latest developments on the
markets where we hold subsidiaries and we do our
research on job portals.
Motivation is also linked with a fair assessment.
We run an assessment model which for each level
of our hierarchy focuses on hard criteria
(effectiveness measured by KPIs) and soft criteria
(like behavior, environment and empowerment).
We also want the salaries to include not only a
fixed but also a variable component, to align the
remuneration of employees with the performance
of the whole Company. The variable part of the
remuneration relates to profitability bonus and/or
commission and management bonus. We have an
in-house grading system. 55% of permanent
employees received a performance review in
2023.
The Company provides access for all employees
to its IT platform and managers can assign their
subordinates certain tasks or the employees log
their tasks on a quarterly basis. From the results of
their tasks, managers can check the employees’
progress and if these are visible, the managers can
grant a bonus on a quarterly basis. This allows
employees to work effectively and obtain
constructive feedback.
In 2023 average salary at ASBIS Group came in at
US$30.7 ths annually, up 5% YoY. Remuneration
depends on many factors, yet ASBIS does not pay
minimum wage in countries present (neither at
retail stores nor warehouses). We also do not pay
by the hour thus do not present this SASB
indicator, as it is not material to our business
model. We also emphasise a fair remuneration as
we want our employees to feel and be treated fairly
in all respect, including their remuneration. As a
result, we calculate and look at the gender pay gap
ratio both at the Group level as well as the key
functional units. We believe that all our employees
are fairly remunerated and the 26% gender pay
gap ratio identified for 2023 (versus 29% in 2022)
results mostly from the structure of the Group’s line
management and years of experience. Women
constitute 33% of ASBIS’ employees and 37.5% of
Board of Directors.
Keep them
motivated
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Consolidated Non-financial Report of ASBISc Enterprises Plc for 2023
35
Coincidentally, the average years of experience of
men is higher than that of women. As time goes by,
and women employees choose to stay in the
company, they will gain more experience and the
gap will be closing. As such we see higher gender
pay gap ratio in sales, marketing than in logistics
and finance departments. Still, the Board of
Directors is devoted to elimination of gender pay
gap ratio.
Also, as part of the 'Great place to work'
certification that the parent company obtained third
year in a row, employees were asked to evaluate
the Company in various ways and one of them was
remuneration.
We understand that salaries are just one part of job
satisfaction. We want our employees to have an
open line of communication with their managers.
The aim is not only to pass constructive feedback
down the line but also for employees to be able to
speak openly to their managers and communicate
issues or inefficiencies and give their feedback.
The Company organizes meetings with the
management team on a quarterly basis in order to
discuss issues and new developments with all the
general managers of the Group. We also offer
perks like: health insurance, Provident Fund in
certain countries, Christmas gifts, gatherings for
Christmas and in some cases discount card for
some restaurants and products sold.
Diversity is important for us as it is embedded in
our everyday operations. We aim to have a
balanced approach in terms of age and gender.
We recognize that each employee is unique and
has own characteristics and we wish to present all
of them with development opportunities. We want
ASBIS to be an inclusive workplace where people
of all ages, religions, origins will find a common
place to work and develop for the benefit of all
ASBIS stakeholders and to have equal
opportunities.
We encourage diversity in opinions. We believe
that exchange of ideas brings our Company
forward. We build teams of all nationalities and
ages as we wish to use the knowledge of our
experienced employees and the energy and fresh
ideas from the younger generations. It is our aim
to have a balanced gender approach for each
position which is to be filled. If balance is not
possible, we will still aim to have at least one
representative of each gender. We build a
workplace which is full of mutual respect between
employees and friendly atmosphere.
Promote
diversity
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Consolidated Non-financial Report of ASBISc Enterprises Plc for 2023
36
It is our priority for ASBIS to be a place free from
any discrimination, mobbing and illegal actions.
We are strongly against employees abusing their
positions and acting illegally, unfairly and not in a
dignified manner. This includes any forms of
harassment including proliferation of materials on
employees and their personal data. We only allow
constructive feedback. We do not tolerate sexual
harassment, any other forms of harassment. We
say no to aggressive behaviors. We encourage our
employees to report any such violations and we
assure them anonymity and legal assistance.
Finally, we would like to underline that ASBIS
considers bullying unacceptable and it is not
tolerated under any circumstances. Although we
have not faced such situations to date, it is clear to
us that any employee who will be found in violation
of the policy will be disciplined.
There were no monetary losses as a result of legal
proceedings associated with labour law violations
in 2023 and 2022. Due to fair treatment of
employees at ASBIS there was no need to create
trade unions. At the end of 2023 there were no
trade unions at ASBIS (stable YoY).
Prohibit
mobbing
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Consolidated Non-financial Report of ASBISc Enterprises Plc for 2023
37
Intellectual capital
Our intellectual
capital supports
our financial
capital
Over the 30+ years of ASBIS’ operations we have
developed a sizeable portion of intellectual capital.
The two most important elements include: IT4Profit
platform and our private labels which support our
financial and social capital.
IT4Profit is our online supply chain management
software owned by us, which was internally
developed, and which we continuously improve.
We use IT4Profit to effectively manage the flow of
goods within our distribution network. This system
collaborates and exchanges business data with
our key suppliers, master distribution centres,
subsidiaries and customers. Local subsidiaries
place their orders online through our e-market
place on www.IT4Profit.com and receive their
goods directly from one of the two distribution
centres. In addition, local logistics staff use this
online system to ensure that every online order is
picked, packed, and shipped within the allocated
timeframe. IT4Profit provides the following
functions:
interconnectivity with suppliers;
B2B and B2C online shops to our customers
for both front and back-office administration;
online supply chain management;
statistics for product pricing and product
content management,
comprehensive operational reports and a
balanced scorecards management
system.
ASBIS owns a portfolio of private labels with each
own brand having a portfolio of popular and
innovative products, meeting the needs of our
customers. In the countries where ASBIS
operates, we sell products under our own brands
with improved characteristics and capabilities at
competitive prices. The portfolio includes:
Canyon is a brand with 20-years of history,
product portfolio includes mobile and PC
accessories, wearable devices such as smart
watches and fitness trackers,
LORGAR is a brand of highly functional
gaming devices for advanced gamers who
value and enjoy gaming as their hobby,
AENO is focused on smart small domestic
appliances,
Prestigio is an international brand offering a
wide range of consumer electronics for
home, education, and office for 20 years,
Prestigio Solutions™ is an international
brand of technological solutions for business
and education,
Perenio is innovative, all-around
technological brand specializing in the
Graphics
Consolidated Non-financial Report of ASBISc Enterprises Plc for 2023
38
Awards obtained
build our
intellectual capital
Internet of Things, Smart Home/Office,
Smart Health,
CRON ROBOTICS is based on two major
segments: distribution of collaborative robots
(cobots) from leading global brands in the
sector as well as own robotic platforms under
own brand CRON ROBOTICS.
ASBIS obtained many awards over the past years,
from our business partners and independent
rating agencies. Below we present selected
awards from 2023 and comparable period.
Date
Award details
Date
Award details
January 2023
Asbis recognized for its leadership in
being a Climate-conscious Company
by Corporate Climate Crisis
Awareness Study.
October 2022
ASBIS Middle East won a prestigious
award during the ICT Champion Awards
event in Dubai.
June 2023
ASBIS has been awarded an
honourable distinction by Jamf, the
globally recognised leader in Apple-
focused endpoint management.
November 2022
ASBIS Middle East was chosen as the
Best Volume Distributor 2022 at
Reseller Middle East’s Partner
Excellence Awards.
June 2023
ASBISC has been officially ranked 3
rd
in Cyprus National Best
Workplaces™ 2023 in the medium
companies list, a category that
recognizes companies with between
100 and 250 employees, according to
Great Place to Work®.
November 2022
ASBIS Middle East won the Best
Component Distributor award during the
“Champion of the Channel” contest.
December 2023
ASBIS was awarded the title of the
top distributor of Video Surveillance
HDDs 2023 by Seagate, the leader in
mass data storage solutions.
December 2022
Asbis Slovakia was named as the
largest distributor of HP products in
2022.
Graphics
Consolidated Non-financial Report of ASBISc Enterprises Plc for 2023
39
We develop our
employees
through training
[GRI 404-1]
2023
Persons
trained
Training
hours
Average
Women
608
6,996
11.5
Men
1,242
16,316
13.1
Total
1,850
23,312
12.6
Admin
148
2,037
13.8
Sales
1,167
16,173
13.9
Logistics
114
959
8.4
Marketing
188
2,084
11.1
Finance
112
893
8.0
IT
103
1,017
9.9
Warehouse
18
150
8.3
Total
1,850
23,312
12.6
To build our intellectual capital we need to build
leaders and develop our employees, as we believe
that trainings are the key to ASBIS well-being and
long-term development. Talent identification is
important for us as it helps us to seek and develop
leaders, making sure that we have enough talent
in the organization to support its future growth.
Thus, we develop both of activities to improve all
skills. We develop and promote knowledge sharing
which is effective in developing skills. We have a
training plan and matrix in place which indicates
what training should be undertaken depending on
the seniority of the person. We aim to create a
team of effective managers.
ASBIS ensures that the employees have the
required skills and knowledge to undertake their
tasks. Our HR department is responsible for
arranging trainings for employees as per the
request of managers or directors. Trainings
depend on the department, employees’
performance and new market trends and are fully
covered by ASBIS (even if these require travelling
abroad). We see value in financing international
trainings and certificates as this improves the
performance of our employees and makes the
Company more prepared for market changes.
We expand the intellectual capital of the
organization in various ways. One of the ways is
through dedicated trainings. The Group organizes
frequent seminars on a wide range of fields. There
is a number of employees fully dedicated on this
matter. There is an online portal which includes a
library with all information one could need for their
job, like policies, manuals, business processes
etc. In addition, when needed, the directors and
departmental managers perform 1-to-1 meetings
with employees in order to pass on their
knowledge and skills in a more effective manner.
The Group also established an online learning
system, where new courses are uploaded
continuously. Some courses are mandatory, while
other are optional. All newcomers need to
complete a certain number of courses, based on
their department and position. On average, sales
and marketing employees complete the most
training hours, since it is them who need to keep
up to date with the very frequent developments in
the IT industry.
Develop
leaders
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Consolidated Non-financial Report of ASBISc Enterprises Plc for 2023
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Social capital and policies
Social capital is
ASBIS license to
operate
[GRI 2-28, 203-1, 413-1]
ASBIS’ social capital consists of our strong
reputation among our customers, suppliers,
investors as well as our relations and impacts on
local societies. Our strong reputation is a
consequence of doing what is right ethically and
legally, on all markets we operate. We do not have
a written social policy but in our actions, we are
guided by the 10 Principles.
Following the COVID-19 years, in 2022, our priority
was set on the war in Ukraine, where we had more
than 300 employees at the time of the Russian
attack. The Company helped them by facilitating
and paying for relocations (e.g. providing logistical,
legal, financial, and humanitarian aid), maintaining
their employment despite a loss of revenues and
paying their salaries in full. Our significant effort in
2022 also went to providing humanitarian aid to
Ukraine, while working with our offices in Poland,
Slovakia and Cyprus. ASBIS provided medical
equipment to hospitals across Ukraine. In addition,
5,000 iPads were donated to Ukrainian children.
The total donations provided by ASBIS (including
these related with Ukraine) exceeded US$ 3m in
2022. In 2023 donations to Ukraine amounted to
US$ 2m. These again encompassed purchasing
iPads for educational institutions and for
educational purposes. Apart from Ukraine, other
donations amounted to US$ 277 ths in 2023.
We take a decentralized approach to community
engagement and investments allowing our
subsidiaries to conduct actions they believe are
proper and needed. That need differs on
circumstances and these have been dynamically
changing over the last years.
One aspect our social impact relates to families of
our employees. We offer gifts to kids of our
employees (until these reach 18 years old)
especially in the Christmas season. We also offer
our employees opportunities to act in frames of
corporate volunteering actions (e.g., some of them
are blood donors).
We recognize that we favourably contribute to local
economies in countries and communities where
we run our operations. In Cyprus, this impact
involved: funding the skate park for the Limassol
city (cost free to the public) and engaging ASBIS
sailing team in championships, among other in
Limassol Marina. Also, ASBIS became the
headline sponsor for the Youth Tech Fest in
Nicosia, event was attended by over 1,000 children
aged 6 to 18, run under the auspices of the Ministry
of Education in Cyprus. The event embodied
children's passion for Technology, Art, Science,
and Entrepreneurship.
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Consolidated Non-financial Report of ASBISc Enterprises Plc for 2023
41
We support those
in need
We ran team building activities in the mountains in
Czech and Slovakia. The latter also organized eco-
oriented events e.g. aimed at reducing textile
waste. Our Romanian and Serbian subsidiaries
celebrated their 25th anniversaries. We continued
donations to non-profit charitable organisations
supporting people with medical conditions and
disabilities.
At the same time, we believe that our growing
portfolio of affordable products positively affects
the lives of end-consumers using them, while the
high-quality of those products reduces electronic
waste. Similarly, we point to Breezy activities via
which we offer used cell phones to customers.
To further strengthen our social capital, we engage
in activities of various associations. Both in Cyprus
and Limassol where ASBIS headquarters are
located as well as in Warsaw (Poland) where our
shares are listed. We present the list of these
associations below.
Graphics
Consolidated Non-financial Report of ASBISc Enterprises Plc for 2023
42
We engage in
activities of
various
associations
CYPRUS CHAMBER OF COMMERCE AND INDUSTRY (CCCI)
LIMASSOL CHAMBER OF COMMERCE AND INDUSTRY (LCCI)
is a private corporate body functioning under special law and is
financially independent, free of any influence by the state. The CCCI
is the union of Cypriot businessmen, the interests of whom it
promotes by submitting to the government and the Parliament the
members’ positions on matters in which they are involved, while,
through its participation in tripartite bodies and committees, it
conveys and promotes the views of the business community. The
CCCI was founded in 1927 and in 1963, a new structure was
adopted, which remains in operation to date. The membership of the
CCCI exceeds 8,000 enterprises from the whole spectrum of
business activity. Affiliated to it are more than 140 Professional
Associations from the trade, industry and services sectors.
was established in its present form in 1962 and represented the first
concerted effort of the Limassol business community to have an
organisation to defend its interests and promote the economic
development of the Limassol district. From its very inception the
Limassol Chamber of Commerce & Industry has played a leading
role in the economic life of Limassol, either by operating as a
pressure group towards the realisation of vitally important economic
projects or by developing concrete initiatives of its own in that
direction. Over the years the Limassol Chamber has continued to be
at the forefront of initiatives aiming to achieve optimum economic
development for Limassol.
CYPRUS INTERNATIONAL BUSINESS ASSOCIATION (CIBA)
TECHISLAND IN CYPRUS
was established in 1992 as a registered not-for-profit company
limited by guarantee. CIBA came to existence on the initiative of a
number of expatriate business executives who had moved their
international operations to Cyprus in order to benefit from the island’s
strategic location, bridging Europe to Middle East Africa and the Far
East, as well as to take advantage of the island’s relaxed atmosphere
and Mediterranean climate and its rather simple but competitive and
effective tax regime. Ever since its creation, CIBA has gone to great
lengths to represent and safeguard the interests of the international
businesses, their international shareholders, managers and
personnel.
is an association of companies, which aims to: change the operating
environment and give the stakeholders of the tech industry a voice,
improve the working and living conditions for world-class talent, help
raise awareness for the opportunities and growth in the tech and
innovation sectors in Cyprus, upport the ecosystem's development
and contribute to its international exposure, provide a platform for its
members for CSR activities in education, health, ecological issues,
and societal issues.
POLISH ASSOCIATION OF LISTED COMPANIES
is a self-government organization of companies listed on the Warsaw Stock Exchange, in which the membership is voluntary. The Association
undertakes the works conducive to development of capital market through educational, promotion, and lobbying activities. It acts to integrate
the environment of securities issuers by organizing training and seminars; it represents common interest of this group of entities. The basic
method of Association’s work is to communicate to the market regulators the expectations concerning the improvement of securities market
performance, and to formulate the proposals to change legal regulations, which would increase the stock exchange attractiveness as a
place, where the capital for economic entities can be raised.
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Human rights and policies
We are
trustworthy
Our word is good. We
keep our commitments to
each other and to our
stakeholders. We do the
right thing without
compromise.
We use good
judgment
We think before we act.
We use our purpose,
values and ethical
guideline as decision
filters to guide our
behavior.
[GRI 2-23, 2-24, 2-27,
406-1, 418-1]
At ASBIS we recognize the importance of
preserving human rights in our value chain. We
believe in the right to self-determination, liberty,
due process of law, freedom of movement,
thought, religion, assembly and association.
Our Human Rights & Labor Policy sets forth
ASBIS’ global standards regarding The Code of
Labour Practices. This policy of labor practice sets
forth minimum standards for working time and
working conditions and provides for observance of
all of the core standards of the International Labor
Organisation including other applicable
Conventions. The policy provides a pledge by the
Company to observe these standards and to
require its contractors, subcontractors and
suppliers to observe these standards. It also
establishes ASBIS’ general responsibilities
concerning human rights, health management,
work safety, career management, employees’
rights etc.
We take our social responsibilities seriously. We
are committed to advancing human rights through
our policies and business activities, and to work
hard to ensure that the people who make our
products are treated fairly and with respect. Our
Employment Standards and Global Supplier
Standards cover company-owned operations as
well as our supplier partners. These policies
describe the workplace practices and ethical
behavior that we require for all workers such as:
(1) prohibiting child and forced labor, (2) ensuring
nondiscrimination and equal opportunity, (3)
supporting a harassment-free and violence-free
workplace, (4) prohibiting retaliation or any form of
physical or mental disciplinary practices, (5)
respecting workers’ right to freedom of association,
(6) ensuring compliance with laws governing
working hours and wages and (7) promoting
environmental protection, health and safety.
On top, our policy also addresses health
management and work safety conditions.
Maintaining and promoting the health, motivation
and performance of employees will secure the
Company’s competitiveness in the long-term.
Work safety is our priority. Employees are to be in
a safe environment, protected from hazards of the
job.
Lack of discrimination was visible in numbers.
Total amount of monetary losses as a result of
legal proceedings associated with employment
discrimination amounted to zero in 2023 and 2022.
So far, we have not had any incidents related to
human rights abuses. However, our policies say
that in case of any future incidents the HR
department or the line manager should inform the
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Consolidated Non-financial Report of ASBISc Enterprises Plc for 2023
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Select business
partners carefully
Choose those who share
our values and high
standards for legal and
ethical business practices.
Don’t let anyone damage
our reputation and our
brand by acting illegally or
unethically in ASBIS’s
name.
BoD and they should take action depending on the
situation. In case of serious situations, dismissal of
the employee as per the employment law could be
an option. The procedure of termination is
described in the employment contracts.
Our Whistleblowing Policy (in place since 2006,
updated in 2019) allows employees to
anonymously raise concerns about possible
wrongdoing to the BoD. Concerns must be
reported in writing. They can be delivered either to
one of the Executive Directors or via a publically
available email on the webpage. The policy is
aimed not only at employees but also at ASBIS
partners, contractors and consultants. It is ASBIS
intention to treat all reports seriously and assure
appropriate investigation of each reported manner.
The policy foresees that in case of a report, a
Whistleblowing Committee will be called. It will
consist of: two Executive Directors, Head of Legal
Department and Head of HR Department. All
whistleblower reports will be dealt with in strict
confidentiality. The Whistleblowing Committee will
process the report and decide whether or not to
start an enquiry in connection to the matter. The
whistleblower will be notified of this decision and
reasons on which it is based. Findings of the
Whistleblowing Committee will be presented to the
Executive Directors of ASBIS so that they decide
on further actions. Personal data processed will be
dealt with in accordance with ASBIS Privacy
Policy. There were no whistleblowing incidents
identified in 2023 and in 2022.
ASBIS also has a Code of Conduct which sets
forth general guidance on how to carry out daily
activities in accordance with our purpose and
values, as well as in compliance with the
applicable legal requirements and ASBIS’s
policies, standards and ethical principles. The
Code includes 10 guiding principles (presented at
the beginning of this Report) which are
straightforward points written in an easy to
comprehend language and simple to follow for all
employees. The Code of Conduct also
encompasses ethical guidelines which are to
support employees in making the right choices.
The Code applies to everyone at ASBIS
worldwide. It promotes an honest and ethical
conduct, a safe working environment and
compliance with all governmental directives, laws,
rules and regulations.
Information security is managed by the Security
Committee. There are policies and best practices
in place that aim to minimize data security risks.
Some of them are the "principle of least privilege"
per service account and the "single entry point"
applied to most of IT services. In addition, the
implementation of "2-factor authentication" to our
IT services was finished in 2021, which further
increases data security. Moreover, our high
availability (HA) setups are based only on
enterprise grade solutions inclusive of vendor
support. Monitoring and notification systems help
us track any abnormal activity and respond quickly
when necessary.
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Data security is
important for
ASBIS
Currently, data security risks are addressed on an
ad-hoc basis by the IT department, mostly as
breach prevention. The IT department deploys and
supports its systems and services according to the
known best practices. They monitor the integrity,
productivity and user feedback. Any serious issues
are reported to the IT management. If the issue is
considered a data security incident, it is escalated
to the Information Security Engineer. The most
significant incidents are reported to the Security
Committee.
The Security Committee was established in
November 2021 to manage the information and
data security within the ASBIS Group. In 2023
there were no data breaches, no incidents
involving personally identifiable information (PII)
and no customers were affected in any way (all
zero for 2022 as well).
In 2019 ASBIS’ BoD approved a Supplier Code of
Conduct. Contrary to tailor made internal
documents and policies, ASBIS decided to claim
compliance with RBA’s Code of Conduct in terms
of its requirements towards suppliers. Responsible
Business Alliance is an industry coalition
committed to creating shared value for businesses,
workers and communities. The alliance is open to
companies that manufacture or contract the
manufacture of electronic goods or a product in
which electronics are essential to the primary
functionality of the product, or supply materials
used in the electronics of those goods. The RBA is
comprised of more than 500 electronics, retail,
auto and toy companies. Selected members
include: AMD, Alphabet, Amazon, Apple, Cisco,
Dell, Fujitsu, HP, IBM, Intel, Lenovo, Logitech,
Meta, Microsoft, Phillips, Seagate and Xerox.
Essentially all revenues in 2023 and in 2022 were
from products third-party certified to environmental
and/or social sustainability standards. Vast
majority of RBA’s members are ASBIS’ suppliers.
ASBIS’ position in the value chain of IT distribution
minimises its human rights risks as 88.9% of its
revenues comes from suppliers that are RBA’s
members. These are large companies, mostly
listed on NASDAQ.
2023 REVENUES BY SUPPLIERS
RBA
members,
88.9%
Not RBA
members,
5.8%
Other suppliers,
5.3%
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RBA’s Code of
Conduct is a
guidance for
ASBIS suppliers
in all key areas of
their operations
The RBA Code of Conduct (version 8.0 from 2024) is
a comprehensive one, covering five crucial topics:
labour, health and safety, environment, ethics and
management systems. The Labour part focuses on
commitment to upholding the human rights of
workers and treating them with dignity. All workers
(incl. temporary, migrant, student, contract, direct
employees, and any other type of worker) should be
free to choose their employment, while child labour
should not be used at any stage of manufacturing. A
workweek should not be more than 60 working hours,
while wages and benefits should be paid with all
applicable wage laws, including those relating to
minimum wages, overtime hours and legally
mandated benefits. The Code underlines a strict
commitment to a workplace free of harassment and
unlawful discrimination.
The Health and Safety part recognises that in
addition to minimizing work-related injuries and
illnesses, a safe and healthy working environment
enhances the quality of products and services and
worker retention and morale. The Code concentrates
on occupational safety, emergency preparedness,
and minimisation of occupational injury and illness.
That is to be achieved, among others by industrial
hygiene, limiting exposure to physically demanding
work, machine safeguarding, access to proper
sanitation, food and housing as well as appropriate
health and safety communication in the form of clean
toilet facilities, potable water and sanitary food
preparation, storage, and eating facilities.
The third part of the Code recognises that
environmental responsibility is integral to producing
world class products. As such, companies should
identify the environmental impacts and minimize
adverse effects on the community, environment, and
natural resources, while safeguarding the health and
safety of the public. All required permits should be
obtained and kept, while reporting requirements
should be followed. On top, pollution is to be
prevented, among others by reducing resource
usage, minimisation of hazardous substances, solid
waste and air emissions. Companies are to manage
water and energy consumption, with the latter being
aimed at GHG emissions reduction (Scope 1 &2).
The Ethics section underlines that to achieve
success, companies need to be socially responsible.
Business integrity among others means no to bribery
and corruption which give an improper advantage. All
dealings shall be transparently performed and
accurately reflected business books and records and
intellectual property rights respected. On top of fair
business, advertising and competition, responsible
sourcing of materials and privacy, companies are to
protect identity of whistleblowers and non-retaliation.
The fifth part of RBA Code concentrates on
management systems. Compliant companies should
have systems in place that will assure compliance
with applicable laws and conformance with the Code
on top of risk assessment and management.
Companies claiming compliance with the Code
should conduct periodic self-evaluations to ensure
conformity to legal and regulatory requirements and
shall create and maintain documents and records to
ensure regulatory compliance and conformity.
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Natural capital and environmental policies
We are
responsible
We accept the
consequences of our
actions. We admit our
mistakes and quickly
correct them. We feel
responsible for the
environment and want to
grow sustainably.
[GRI 201-2, 302-1, 304-1,
305-1, 305-2, 305-3, 305-
4, 416-1]
In ASBIS’ value chain natural capital is
transformed from natural resources used to
produce IT appliances by ASBIS suppliers to
products that ASBIS distributes. In its operations
ASBIS aims to minimize its impact on environment
and climate and takes climate risks and
opportunities into its plans.
USAGE OF CORPORATE CARS
We monitor and aim to minimize our environmental
impact by looking into the Company’s operations.
We try to minimize the usage of paper by applying
electronic invoices as much as possible. We also
limit the usage of corporate vehicles and car fleet,
which are governed by our Corporate Car Policy.
These are available only to senior executives with
limits put on the value of car, while employees pay
for fuel.
Number of corporate cars
2022
2023
Own cars
65
70
Leased cars
92
88
Total
157
158
Under corporate cars we show not only own cars
but also include leased cars, over which our
employees have control of usage.
Type of corporate cars
2022
2023
Gasoline
62
66
Diesel
76
69
Hybrid
18
21
Electric
1
2
Total
157
158
The majority of cars are diesel, with gasoline being
the second most commonly used type of corporate
car. It is ASBIS aim to reduce the usage of diesel/
petrol cars and move towards hybrids. We have
introduced a new policy that all new cars must be
hybrid – YoY we added 3 hybrids and 1 more
electric car. Overall, corporate cars have been
used with a similar YoY intensity in 2023, with the
number of kms travelled growing by 2% YoY.
Kms travelled by
corporate cars (ths)
2022
2023
Gasoline
1,142.7
1,298.4
Diesel
1,826.9
1,618.8
Hybrid
466.9
577.6
Electric
12.5
21.0
Total
3,449.1
3,515.8
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We stick to the
law and our
policies
But that’s the minimum.
We make an effort to live
up to our values and
ethical principles as well.
These numbers do not include transfer of goods.
Goods from suppliers are sent by them to our
distribution centres. We use logistics operators to
deliver goods from our distribution centres to
customers.
ELECTRICITY CONSUMPTION
ASBIS is also cautious in terms of electricity
consumption. Actions are undertaken to minimize
it, despite growing operations. Among other, we
use led lighting to lower electricity consumption.
Still, in 2023 Group electricity consumption came
in at 4.4 GWh, up 22%, above revenue dynamics,
due to broader scope of operations, growing
number of employees and expansion of
warehouse space. Electricity consumption
includes all offices from subsidiaries and
distribution centres and warehouses. All electricity
came from the grid. We plan to install solar panels
in our Middle-East operations in 2024.
PRODUCT QUALITY AND SAFETY
Our environmental and climate impact also results
from the products that we distribute and sell. All our
products are safe for our customers and end-
customers. The Group sells products
manufactured by big corporations that follow the
applicable regulation and comply with high
international standards. There were no products in
need for improvement in relation to health and
safety. The Company makes sure that producers
of goods distributed by ASBIS do not use improper
chemicals or hazardous materials. We obtain the
necessary certificates such as CE (Conformité
Européenne) and RoHS (Restrictions of
Hazardous Substances). We have our own
QA&QC (Quality Assurance and Quality Control)
team (22 people) in our Chinese and Czech offices
that conduct all the required and necessary tests.
It is in our best interest to distribute products which
are durable and meet the expectations of end-
customers. This limits customer complaints and
reduces the number and cost of warranties. When
products become defective within the
manufacturer’s warranty period due to a
production or material defect, ASBIS may choose,
at its own discretion, to deliver refurbished or new
products, to repair the products or to issue a credit
note. Warranties are especially important for
ASBIS in case of private labels, as we are then
ultimately responsible for the repair.
PACKAGING OF OUR PRODUCTS
We receive already packaged products from the
vendors such as Apple, Dell, Intel, AMD etc. all of
which are companies with very good
environmental record. In 2021, we have also seen
some of our vendors improve packaging, among
them Apple who reduced the size of all their
packaging, allowing for more items to be fitted on
the pallets, therefore minimizing the use of paper
and logistics cost which in turn contribute to even
lower carbon footprint.
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We aim to reduce
waste
What we do additionally is put overcarton over the
goods and place them on the pallets. Sometimes
we place most valuable goods inside wooden
boxes. For additional security we may use small
plastic crates (boxes). We mostly use vercarton,
wooden boxes, small plastic boxes as packaging.
We use exactly what is required. Overcarton and
wooden boxes are used only for the goods of the
highest value and only to destinations where such
security measures are needed. We use the cartons
(small boxes) received from vendors for our courier
deliveries, minimizing the quantity of additional
packaging and ways to minimize empty space in
pallets. But if needed we use empty cardboard
boxes or bubble foil. We are mainly a distributor
and have no direct impact on the actual packaging
of goods (retail packaging). We developed green
packaging for our own brands. All packages used
at DC are made from recycled materials, while
plastic blisters and hooks have been replaced with
paper trays and hooks. ASBIS reuses the cartons
that come with the products purchased by our
vendors, which results in much lower carton
usage.
WASTE REDUCTION POLICIES
We recognize that electronic waste is harmful for
the environment and we try to recycle or dispose
of it in a proper way. According to current
regulations, especially WEEE Directive (Waste
Electrical and Electronic Equipment) electronic
waste disposal has to be paid by the company
which enters the product on the market. In ASBIS
case these are our subsidiaries, which are
registered in local organizations. The latter deal
with the matter. We do provide scrap operations, it
is done by specialized companies.
We host battery recycling points in our offices
where employees can bring used up batteries to
be recycled. Recycling is performed by specialized
organizations in agreement with the government.
We also conduct standard recycling of waste in
offices.
We have certain teams of professionals who
dismantle products to be discarded (mostly PC
tablets and smartphones) by separating elements
of the products in categories depending on their
manufacturing origin, i.e. the plastic parts are put
separated to the PCBA which consists of electronic
semiconductors and each material is processed by
the appropriate specialized company.
Also, one of our revenue streams originates from
the sale of refurbished electronic products.
Through this operation, electronic products that
could have been disposed at the expense of the
environment are brought back to use.
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We measure our
carbon footprint
BUSINESS TRAVELS
We also have a Travel Policy which defines “DOs”
and “DON’Ts” for employees who travel for
business trips and conferences. Taking
environment into account, when possible, we tend
to use technology to save time on traveling to
different countries and lower our environmental
and climate impact. This has been especially
visible in 2020 and 2021 were due to lockdowns
and restrictions on travel, we have cut down on our
business trips. 2022 and 2023 have shown a
rebound in business travelling, due to growing
need for face-to-face meetings and ASBIS
geographical expansion. All types of transportation
have shown YoY growth in 2023.
Business trips
(ths kms travelled)
2022
2023
Rail
70.4
73.9
Bus
5.9
13.9
Personal car
189.4
343.7
Plane (economy)
3,377.9
5,222.3
Total
3,643.7
5,653.9
CARBON FOOTPRINT
ASBIS is an environmentally cautious company.
As a result, we continue to measure our carbon
footprint. For our calculations we used the
international GHG Protocol A Corporate
Accounting and Reporting Standard. Within the
Scope 1 concept for ASBIS Group and parent
company only combustion in corporate cars is
taken into account. There are no generation
sources within ASBIS Group. In terms of Scope 2
calculations, we use the location method and we
have applied the European Environment Agency
electricity intensity factors by countries to
electricity consumed in each country present. Even
though our distribution centres are leased, they are
core to our operations and thus we consider them
to be within the company operations boundaries.
CO
2
e tonnes
2021
2022
2023
Scope 1
490
674
685
Scope 2
891
1,488
1,834
Scope 3
(partial)*
1,560
1,705
2,675
* In terms of Scope 3 calculations we have conducted
calculations in selected areas out of the 15 ones indicated in
GHG Protocol - business travel and employee commuting
impact. For calculations, we have applied indicators, including
GWP, as publically available on GHG Protocol webpages.
2023 employee commuting calculations have been upgraded
by using UK Government GHG Conversion Factors for
Company Reporting based on 2023 full set data, following a
modified method of obtaining data.
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We calculate……..
Scope 1 & 2 GHG
emissions per
item sold
In terms of employee commuting, private cars are
our main means of transportation. It should be
taken into account that in Cyprus, where HQs are
located, no rail or subway is available. In some
other parts of the world ASBIS locations are based
near local warehouses, which are situated rather
on the outskirts of the cities due to their size and
rental space. The impact of employee commuting
to work is stronger than this of business trips in
terms of Scope 3 calculations in 2021-23.
For analysis purposes we believe it is worth
normalizing the Scope 1 & 2 emissions data by
number of articles sold. Scope 1 & 2 GHG
emissions amounted to 2,519 CO
2
e in 2023, up
16.5% YoY, due to larger scale of business. Our
estimates point that we have generated 32.7 kgs
of CO
2
e per item sold in 2023, down 1% YoY due
to: 1) 18% YoY growth in number of articles sold,
2) stable YoY Scope 1 emissions and 3) growing
electricity consumption.
Normalised
CO
2
e
2021
2022
2023
Number of
articles sold
66,760
65,511
77,068
Scope 1+2
(tonnes CO
2
e)
1,381
2,163
2,519
Kgs of CO
2
e per
article sold
20.7
33.0
32.7
In terms of waste generated, we gather information
on how much waste disposal costs are. In 2022
c.US$198.5 ths versus US$265.5 ths in 2023.
BIODIVERSITY IMPACTS
ASBIS is not active in the fossil fuel sector i.e. does
not derive any revenues from exploration, mining,
extraction, production, processing, storage,
refining or distribution, including transportation,
storage and trade, of fossil fuels. The Company’s
facilities do not operate near or in protected areas,
areas of high biodiversity outside protected areas.
We have not had any administrative, civil or legal
cases related to environment and climate within
the stated horizon. There also have not been any
malfunctions relating to any of our distribution
centres that would have any negative impact on
the environment and climate. We do not discharge
direct emissions of nitrates, phosphates and
pesticides into water and do not have direct
emissions of priority substances as defined in
Article 2(30) of Directive 2000/60/EC. On top, we
do not generate any hazardous waste as defined
in Article 3(2) of Directive 2008/98/EC and
radioactive waste as defined by Article 3(7) of
Council Directive 2011/70/Euratom. Expenses on
environment protection reached US$195 ths in
2022 and US$222 ths in 2023.
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We present……….
Taxonomy
calculations
TAXONOMY
For 2023 ASBIS presents extended Taxonomy
calculations including eligibility and alignment
calculations in all six environmental targets. These
have been prepared based on:
Regulation of the EU 2020/852 of the European
Parliament and of the Council of June 18, 2020 on
the establishment of a framework to facilitate
sustainable investment, especially article 8,
EU Commission Delegated Regulation of June 4,
2021 establishing the technical screening criteria
for determining the conditions under which an
economic activity qualifies as contributing
substantially to climate change mitigation or
climate change adaptation and for determining
whether that economic activity causes no
significant harm to any of the other environmental
objectives (Technical screening criteria),
Commission Delegated Regulation (EU)
2021/2178 of 6 July 2021 supplementing
Regulation (EU) 2020/852 of the European
Parliament and of the Council by specifying the
content and presentation of information to be
disclosed by undertakings subject to Articles 19a
or 29a of Directive 2013/34/EU concerning
environmentally sustainable economic activities,
and specifying the methodology to comply with that
disclosure obligation (Disclosure Regulation),
Commission Delegated Regulation (EU)
2022/1214 of 9 March 2022 amending Delegated
Regulation (EU) 2021/2139 as regards economic
activities in certain energy sectors and Delegated
Regulation (EU) 2021/2178 as regards specific
public disclosures for those economic activities
(expanding the Technical screening criteria),
Commission Delegated Regulation (EU)
2023/2485 of 27 June 2023 amending Delegated
Regulation (EU) 2021/2139 establishing additional
technical screening criteria for determining the
conditions under which certain economic activities
qualify as contributing substantially to climate
change mitigation or climate change adaptation
and for determining whether those activities cause
no significant harm to any of the other
environmental objectives,
Commission Delegated Regulation (EU)
2023/2486 of 27 June 2023 supplementing
Regulation (EU) 2020/852 of the European
Parliament and of the Council by establishing the
technical screening criteria for determining the
conditions under which an economic activity
qualifies as contributing substantially to the
sustainable use and protection of water and marine
resources, to the transition to a circular economy,
to pollution prevention and control, or to the
protection and restoration of biodiversity and
ecosystems and for determining whether that
economic activity causes no significant harm to any
of the other environmental objectives and
amending Commission Delegated Regulation (EU)
2021/2178 as regards specific public disclosures
for those economic activities.
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Based on the above mentioned legal acts, ASBIS
verified Taxonomy alignment on the consolidated
level. This has been conducted in several steps:
Verification of Taxonomy-eligibility: during this
stage we verified whether the eligible activities
defined in earlier years are still valid. Also, the
analysis has been expanded by new activities
defined in the Commission Delegated
Regulation (EU) 2022/1214, 2023/2485 and
2023/2486.
Obtaining financial elements: we gathered and
calculated financial elements needed for
disclosures, i.e. revenues, capital expenditures
and operating expenses in line with definitions
presented in Commission Delegated
Regulation (EU) 2021/2178.
In the third step we allocated the business
elements identified in step one to the financial
metrics found in step two.
Verification of Taxonomy-alignment took place
in the form of: 1) Technical screening criteria
for which we verified the “significant
contribution” and “do not significant harm”
principles as described in Commission
Delegated Regulation (UE) 2021/2139 and
2023/2485 and 2023/2486; and 2) Minimum
Safeguards in line with Platform on
Sustainable Finance recommendations.
Filling in the required latest disclosure tables
and preparing information needed as specified
in Commission Disclosure Regulation (EU)
2023/2486. ASBIS business model has mostly
not been included within legal acts related to
sustainable development Taxonomy, as these
have been focused on sectors having the
strongest climate impact.
Taxonomy eligible activities identified include:
Renovation of existing buildings (7.2) in Climate
change mitigation (CCM), Acquisition and
ownership of buildings (7.7) in Climate change
mitigation (CCM) and (5.4) Sale of second-hand
goods in Circular economy. No activities described
in Commission Delegated Regulation (EU)
2022/1214 have been found.
Financial aspects of the calculations were based
on data from ASBIS financial system and
definitions applied in Commission Delegated
Regulation 2021/2178, i.e.:
Turnover: calculated as defined in Article 2,
point (5) of Directive 2013/34/EU. Turnover
covers revenue recognised pursuant to
International Accounting Standard (IAS) 1,
paragraph 82(a), as adopted by Commission
Regulation (EC) No 1126/2008;
Capex: calculated as additions to tangible and
intangible assets during the financial year
considered before depreciation, amortisation
and any re-measurements, including those
resulting from revaluations and impairments, for
the relevant financial year and excluding fair
value changes. The denominator also covers
additions to tangible and intangible assets
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resulting from business combinations.
Specifically, capex covers, if appl: 1) a) IAS 16
Property, Plant and Equipment, paragraphs 73,
(e), point (i) and point (iii);); 2) b) IAS 38
Intangible Assets, paragraph 118, (e), point (i);
and 3) IFRS 16 Leases, paragraph 53, point (h).
As such, these differ from capital expenditures
shown in the consolidated financial statements;
Opex: calculated as direct non-capitalised costs
that relate to research and development,
building renovation measures, short-term
lease, maintenance and repair, and any other
direct expenditures relating to the day-to-day
servicing of assets of property, plant and
equipment by the undertaking or third party to
whom activities are outsourced that are
necessary to ensure the continued and
effective functioning of such assets. Thus, the
definition is much narrower than the one used
for the purpose of consolidated financial
statements.
After allocating Taxonomy-eligible activities to
financial lines, the next step involved verification of
Taxonomy-alignment, which we have conducted
for all the six environmental targets.
Environmentally sustainable activities need to add
significant contribution to one of the environmental
targets and do no significant harm to other
environmental targets. These targets encompass:
climate change mitigation, climate change
adaptation, water and marine resources, pollution,
circular economy as well as biodiversity and
ecosystems. Thus, we verified whether the
identified activities meet Technical screening
criteria as defined by Commission Delegated
Regulation 2021/2139, 2023/2485 and 2023/2486.
Minimum Safeguards verification has been
conducted based on Platform on Sustainable
Finance recommendations presented in Final
Report on Minimum Safeguards. In frames of
Human Rights, we have verified whether ASBIS
does not fulfil four premises:
The company has not established an adequate
human rights due diligence process as outlined in
the UNGPs and OECD Guidelines for MNEs.
The company has finally been found in breach of
labour law or human rights.
An OECD National Contact Point has accepted a
case, however the company refuses to engage with
the party which has initiated it, or the company has
been found non-compliant with the OECD
guidelines by the NCP.
The Business and Human Rights Resource Centre
(BHRRC) has taken up an allegation against the
company, and the company has not answered to it
within 3 months, only if these letters are less than 2
years old.
Minimum Safeguards verification carried out also
covered corruption, taxation and fair competition.
The sufficiency of due diligence processes was
checked on the basis of internal verification of
existence and effectiveness of these processes,
among others by based on the comprehensive
Business Code and Labour Policy.
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Verification of compliance concerned the OECD
Guidelines for Multinational Enterprises (June
2023) and the UN Guiding Principles on Business
and Human Rights (September 2021), including
the principles and rights set out in the eight core
conventions indicated in the International Labour
Organization Declaration on Fundamental
Principles and Rights at Work and the principles
and rights set out in the International Charter of
Human Rights. Compliance was checked using the
World Benchmark Alliance Core UNGP indicators
proposed by the Platform on Sustainable Finance.
As a result of the analysis, it was determined that
the organization has a complete due diligence
process that meets the assumptions of the
guidelines.
The conducted analysis confirmed there were no
final judgments against ASBIS. Similar information
was provided by the verification of the OECD NCP
application database and the Business and Human
Rights Resource Center (BHRRC) application
database. As a result, it was established that the
Minimum Safeguards are met at the level of
Capital Group.
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Taxonomy – Group revenues for 2023
Economic
activities
Code(s )
Absolute turnove
r
(US$ m)
Proportion
% of
turnover
Substantial contribution criteria
Do No Significant Harm criteria
Minimum
safeguards Y/N
Taxonomy
-aligned
proportion
of
revenues
a year
earlier (2022)
Category (enabling
activity)
Category (transitional
activity)
Climate
change
mitigation
(%)
Climate
change
adaptation
(%)
Water
(%)
Pollution
(%)
Circular
economy
%
Biodiversity
and
ecosystems
%
Climate
change
mitigation
(Y/N)
Climate
change
adaptation
(Y/N)
Water (Y/N)
Pollution
(Y/N)
Circular
economy
(Y/N)
Biodiversi
ty
and
ecosystem
(Y/N)
A. Taxonomy eligible activities
A1. Environmentally sustainable activities (Taxonomy-aligned)
Sale of
second hand
goods
CE
5.4
4.3
0.1%
0%
0%
0%
0%
100%
0%
Y
Y
Y
Y
Y
Y
Y
0%
-
-
Turnover of environmentally sustainable activities (Taxonomy aligned) = US$ 4.3m
of which enabling -
of which transitional -
A2. Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
None
0.0
0%
-
-
-
-
-
-
-
-
-
-
-
-
-
0%
-
-
Turnover of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy aligned) = US$ 0m
Total A1+A2 = US$ 4.3m
B. Taxonomy non-
eligible activities
3,056.9 99.9% 100%
Turnover of Taxonomy non-eligible activities = US$ 3,056.9 m
Total A + B = US$ 3,061.2 m
In 2022, we have not found any revenues for 2022 that would be Taxonomy-eligible. This changed in 2023, for which we verified eligibility and
alignment also with the four new environmental targets. Our Breezy concept meets all the criteria of circular economy 5.4.
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Consolidated Non-financial Report of ASBISc Enterprises Plc for 2023
57
Taxonomy – Capital expenditures for 2023
Economic
activities
Code
(s)
Absolute
capex
(US$ m)
Proportion
% of
capex
Substantial contribution criteria
Do No Significant Harm criteria
Minimum
safeguards Y/N
Taxonomy
-aligned
proprtion of
capex
year earlier (2022)
Category (enabling
activity)
Category (transitional
activity)
Climate
change
mitigation
(%)
Climate
change
adaptation
(%)
Water
(%)
Pollution
(%)
Circular
economy
%
Biodiversity
and
ecosystems
%
Climate
change
mitigation
(Y/N)
Climate
chang
e
adaptation
(Y/N)
Water (Y/N)
Pollution
(Y/N)
Circular
economy
(Y/N)
Biodiversity
and
ecosystem
(Y/N)
A. Taxonomy eligible activities
A1. Environmentally sustainable activities (Taxonomy-aligned)
Renovation of
existing buildings
CCM
7.2
0.0
0.0%
-
-
-
-
-
-
-
-
-
-
-
-
Y
22%
-
-
Capex of environmentally sustainable activities (Taxonomy aligned) = US$ 0.0m
of which enabling -
of which transitional -
A2. Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
Renovation of
existing buildings
CCM
7.2
0.7
2.8%
-
-
-
-
-
-
-
-
-
-
-
-
Y
0%
-
-
Acquisition and
ownership of
buildings
CCM
7.7
15.3
57.8%
-
-
-
-
-
-
-
-
-
-
-
-
Y
44%
-
-
Capex of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy aligned) = US$ 16.0 m
Total A1+A2 = US$ 16.0m 60.6% 67%
B. Taxonomy non-eligible activities
Capex of Taxonomy
non-eligible activities = US$ 10.4m 39.4% 33%
Total A + B = US$ 26.4m
The situation with capital expenditures was different than with revenues. We have found only Taxonomy-eligible but not aligned capex (60.6% of
capex) for 2023. Only 39.4% of capex were not Taxonomy-eligible for 2023.
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Consolidated Non-financial Report of ASBISc Enterprises Plc for 2023
58
Taxonomy – Opex for 2023
Economic
activities
Code(s)
Absolute
opex
(US$ m)
Proportion
% of
opex
Substantial contribution criteria
Do No Significant Harm criteria
Minimum
safeguards Y/N
Taxonomy
-aligned
proportion
of opex
year earlier (20022)
Category (enabling
activity)
Category (transitional
activity)
Climate
change
mitigation
(%)
Climate
change
adaptation
(%)
Water
(%)
Pollution
(%)
Circular
economy
%
Biodi
versity
and
ecosystems
%
Climate
change
mitigation
(Y/N)
Climate
change
adaptation
(Y/N)
Water (Y/N)
Pollution
(Y/N)
Circular
economy
(Y/N)
Biodiversity
and
ecosystem
(Y/N)
A. Taxonomy eligible activities
A1. Environmentally sustainable activities (Taxonomy-aligned)
None
0.0
0.0%
-
-
-
-
-
-
-
-
-
-
-
-
-
0%
-
-
Opex of environmentally sustainable activities (Taxonomy aligned) = US$ 0.0m
of which enabling -
of which transitional -
A2. Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
Acquisition and
ownership of buildings
CCM 7.7
2.9
53.9%
-
-
-
-
-
-
-
-
-
-
-
-
Y
54%
-
-
Opex of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy aligned) = US$ 2.9m
Total A1+A2 =US$ 2.9m 53.9% 54%
B. Taxonomy non-eligible activities
Opex of Taxonomy
non-eligible activities = US$ 2.5m 46.1% 46%
Total A + B = US$ 5.4m
In terms of opex there were no operating expenditures aligned but 54% eligible for 2023.
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Consolidated Non-financial Report of ASBISc Enterprises Plc for 2023
59
We see both
climate risks and
opportunities
CLIMATE RISKS
Climate risks are identified and managed at the
level of Board of Directors. Looking at ASBIS from
the double-materiality perspective, we see both the
ways in which ASBIS affects the environment and
ways in which environment affects ASBIS. Above,
we have described the ways via which ASBIS
business model affects climate and environment.
Below we focus on the ways that the environment
and climate can affect ASBIS, i.e. transition and
physical risks.
We recognise both the transition and physical
risks. In terms of transition risks that arise from the
transition to a low-carbon and climate-resilient
economy, we may face the following risks: policy
and legal risks (there may be laws or policies put
in place that may require a more environmentally
cautious approach to raw materials and land use),
technology risks (changes in technology used to
produce IT equipment) – these both may lead to
growing prices in terms of IT equipment and
solutions. We may also face market risk with
consumers switching to more energy-efficient
appliances or making more savvy purchases to
limit their own impact on the environment. We will
monitor these trends and introduce the latest
hardware for our customers. We may also face
reputational risks with difficulties in attracting
customers, business partners and employees if we
do not take strong enough actions against climate
changes.
In terms of physical risks resulting from climate
changes, we may face both acute and chronic
risks. Acute physical risks may arise from weather-
related events in the form of floods, fires or
droughts that may damage factories in certain
regions, cause factories to limit or temporarily stop
their production or disrupt our supply chain in other
ways. These may result in temporary limitations in
our product offering or rising prices of hardware
and components. Chronic physical risks - i.e. risks
that may result from long-term changes in climate,
may also affect ASBIS. Growing temperatures
worldwide may cause a need for more
temperature-resilient hardware and appliances
and may also result in more hardware
malfunctions that may increase warranty claims.
We present a detailed split of transition and
physical risks on the graph below. We believe that
technology and market risks are those transition
risks that are going to be the most important to
ASBIS business model over upcoming years. We
believe the chronic risks may prove more material
than the acute climate risks. On top of climate risks
described above and on the graph below we also
recognise climate opportunities. We believe that
our CSR strategy should help us benefit from
these. ASBIS could be selling new products and
solutions to its customers. These products could
be more environmentally friendly, less energy
consuming and use up fewer resources.
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We divide climate
risks and
opportunities into
short, medium
and long-term
ones
ASBIS could also further engage together with
producers in recycling and reusing initiatives. The
Company’s orientation on on-line sales could also
be leveraged into new revenues.
We look at both climate risk and opportunities in
short, medium and long-term. We present this split
in the table below. When we speak about climate,
we treat short-term as 2030, i.e. the end of 2030
UN Agenda, medium-term as 2050, i.e. by when
EU’s climate targets were set, while long-term as
2100. These are thus different time frames than
those presented in ESRS Standards.
Short-term
Climate risks
We believe that in the short-term impact of both
transition and physical risks may be rather limited.
On the transition risk side, we may see demand
moving more towards eco-products, using less
electricity. We also may feel pressure to conduct
more actions towards sustainable development in
order to retain our employees and access new
talent. There is potential for acute physical climate
risk to affect some of production sites from we
source products. These disturbances should
however be short in their nature.
Climate
opportunities
We believe we should be faced with climate
opportunities. We have strong relations with key
producers and vendors. Thus, we should be able
to obtain all latest hardware and appliances
offering. Also, our position could be strengthened
by a broad portfolio of private labels.
Medium-term
Climate risks
We believe that in the medium-term, the transition
risks may become more visible. There may be
policy and legal risks in the form of laws or policies
put in place that may require more environmentally
cautious approach to raw materials and land use
which could result in changes in product offering,
e.g. due to suspension of some products
manufacturing. Technology risks are likely to be
stronger than in short-term – changes in
technology used to produce IT equipment may be
expensive to incorporate, as a result, some portion
of the Company’s suppliers may not be able to
afford these, which may result in growing prices of
IT equipment, which our customers may not be
able to afford, Also, we may face not only acute
climate risks, but also start to experience chronic
physical risks, with either often floods or/and fires
in places from which production is sourced,
disturbing the production sites to a stronger extent
or requiring changes in sourcing countries.
Climate
opportunities
On top of product-oriented climate opportunities,
we should also experience climate-opportunities
coming from more renewables in energy mixed,
efficiency measures and waste reductions
measures, which could be undertaken.
Long-term
Climate risks
We believe that in the long-term, chronic physical
risks may be stronger than transition risks.
Depending on global scale of GHG reductions,
physical risks may be so strong in selected
countries that production will need to be
transferred. Also, rising temperatures and
potentially some electricity shortages may lead to
electronic equipment not working properly,
increasing warranty costs and decreasing
consumer satisfaction.
Climate
opportunities
We believe that in the long-term climate
opportunities may be the smallest. Much will
depend on the scale of GHG reductions and global
climate conditions.
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We stress-test our
model for
different climate
scenarios
In order to fully understand the impact of transition
and physical climate risks as well as counteractive
actions that can be taken by the Board of Directors,
we also conducted a scenario analysis. According
to Task Force for Climate Related Financial
Disclosures (TCFD) Recommendations, we
analysed the resilience of our business model
using two scenarios. One scenario assumes global
temperatures to rise less than 2°C versus the
preindustrial era, while the second one assumes
global temperatures to rise more than 2°C versus
the preindustrial era. The above mentioned
scenario analysis has been conducted on a
qualitative not quantitative basis with the use of
publically available climate scenarios as published
by IPCC (Intergovernmental Panel on Climate
Change) in AR6 (Assessment Report) publications
from 2021.
Scenario SSP1-2.6 according to which global temperatures
are unlikely to rise above 2°C versus the preindustrial levels
Possible
impact of
climate risks
We believe that in this scenario the impact of
transition risks would be much stronger than of
physical risks. In that scenario, the policy and legal
risks could be visible with new laws and
regulations being put in place, strongly limiting
using selected raw materials and technology risks
could also be visible, impacting the product
offering, tilting it towards eco-friendly products
only. Market risks may materialize with customers
being interested only in offering limited their own
carbon footprint.
Counteractive
actions that
we could take
ASBIS business model is a flexible one. The Board
of Directors will monitor all climate risks, especially
the transition ones, and will aim to use all available
climate opportunities.
Scenario SSP1-7.0 according to which global temperatures
are likely to rise above 2°C versus the preindustrial levels
Possible
impact of
climate risks
We believe in this scenario, transition risks would
not be sizeable, yet that physical risks would be
dominating. Growing temperatures worldwide may
cause the need for more temperature-resilient
hardware and appliances, may also result in more
hardware malfunctions that may increase warranty
claims. Also, certain areas from which we source
our products may no longer be available, as these
may be flooded or suffer from lack of water or
electricity. Thus, our supply chain may need to be
modified.
Counteractive
actions that
we could take
ASBIS business model is a flexible one. The Board
of Directors will monitor all climate risks, especially
the physical ones, and will aim to use all available
climate opportunities.
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62
Risks related with negative impact on climate
ASBIS operations have an impact on climate as products purchased consume natural capital, fuel is burnt while
delivering these to the Company and the Company distributing the products to its customers.
Transition risks are risks that arise from the transition to a low-carbon and climate-resilient economy. As a
result we may face the following risks:
- Policy and legal risks, there may be laws or policies put in place that may require more environmentally
cautious approach to raw materials and land use which could result in changes in product offering, e.g. due
to suspension of some products manufacturing,
- Technology risks, changes in technology used to produce IT equipment may be expensive to incorporate,
as a result, some portion of the Company’s suppliers may not be able to afford these, which may result in
growing prices of IT equipment, which our customers may not be able to afford,
- Market risks, may materialize with consumers switching to more energy efficient appliances or making
more savvy purchases to limit their own impact on environment.
- Reputational risks, may come with difficulties in attracting customers, business partners and employees if
we do not take strong enough actions against climate changes.
We believe that technology and market risks are those transition risks that are going to be the most
important to ASBIS business model over upcoming years.
Physical risks are risks that arise from the physical effects of climate change. We may face both acute and
chronic risks:
- Acute physical risks may arise from weather-related events in the form of floods, fires or droughts that may
damage factories in certain regions, cause factories to limit or temporary stop their production or disrupt our
supply chain in other ways. These may result in temporary limitations in our offer or rising prices of
hardware and components.
- Chronic physical risks i.e. risks that may result from long-term changes in the climate, may also affect
ASBIS. Growing temperatures worldwide may cause the need for more temperature-resilient hardware and
appliances, may also result in more hardware malfunctions that may increase warranty claims.
We believe the cronic risks may prove more material than the acute climate risks.
Opportunities related to climate changes
ASBIS could be selling new products and solutions to its customers. These products could be more environmentally
friendly, less energy consuming and use up fewer resources. ASBIS could also further engage together with
producers in recycling and reusing initiatives. The Company’s orientation on on-line sales could also be leveraged
into new revenues.
ASBIS
CLIMATE
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Consolidated Non-financial Report of ASBISc Enterprises Plc for 2023
63
Policies against bribery and corruption
Never
compromise on
integrity
Turn down business if you
can’t do it legally and
ethically. Don’t let
pressure to succeed make
you do things you know
are legally and ethically
wrong. We speak up for
what is right. We report
misconduct immediately
when we see it.
[GRI 2-15, 205-2, 205-3]
At ASBIS we are against bribery and corruption, as
these are illegal activities. We believe it is against
the law to offer, promise, give, request, agree,
receive or accept bribes and we penalize such a
behavior. We consider corruption an obstacle to
economic and social development around the
world, as we think it has a negative impact on
sustainable development and exposed
communities. We understand that any such
actions if undertaken by our employees could
negatively affect the Company’s reputation.
We have our Business Ethics Policy which among
others incorporates an Anti-bribery and Anti-
corruption Policy. The latter explains to employees
that there can be two forms of bribery and
corruption, an active and a passive one. An active
one in which a person is one who offers, gives or
promises to give a financial or other advantage to
another individual in exchange for improperly
performing a relevant function or activity. A passive
one covers the offence of being bribed, which is
defined as requesting, accepting or agreeing to
accept such an advantage, in exchange for
improperly performing such a function or activity.
Both constitute a criminal offence and are not
accepted by ASBIS.
The Anti-bribery and Anti-corruption Policy also
explains our employees that bribery and corruption
can be conducted for the benefit of a Company and
for the benefit of a person. It can be tangible and
intangible in nature. Tangibility means that the
benefit can be measured in cash (monetary) and it
can be represented by e.g. presents, contracts,
sizeable discounts for goods and services.
Intangibility means that the benefit from the bribery
can take the form of e.g. a promotion, lower
amount of work, hiring a friend or relative.
To make the matters of bribery and corruption
more understandable to our employees, our Anti-
bribery and Anti-corruption Policy encompasses
examples of most prevalent forms of these
offences and indicates that breaches of laws can
not only result in sizeable ASBIS reputation loss
but also in unlimited fines and imprisonment for
individuals.
The Anti-bribery and Anti-corruption Policy is a
comprehensive one. It outlines ASBIS policy in
relation to sponsoring, donations and
memberships, specifies allowed practices in
relation to gifts and hospitality and allowed
behavior in during interactions with business
partners and suppliers. On top, it also specifies
how to report compliance violations, how an
investigative procedure looks like as well as
disciplinary consequences of non-compliant
conduct.
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Consolidated Non-financial Report of ASBISc Enterprises Plc for 2023
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Just say no
It’s not only OK to refuse
to follow directions that
you know are illegal or
unethical, it’s required. No
ASBIS Manager has the
authority to make you
violate the law, our Code,
policies or ethical
principles.
We recorded no corruption and bribery incidents in
2023.
Our Business Ethics Policy also encompasses
conflicts of interest. A conflict can take the form of
a business relationship with, or an interest in, a
competitor or customer of ASBIS, or participation
in sideline activities that prevent employees from
being able to fulfill their responsibilities at ASBIS.
It is important that all employees recognize and
avoid conflicts of interest, or even the appearance
of a conflict of interest, as they conduct their
professional activities. Employees must inform
their supervisor of any personal interest they could
possibly have in connection with the execution of
their professional duties.
Also, since November 2016, we have a formal
policy in place which regulates hiring of family
member at ASBIS. In the case of intention of hiring
family members in any of the legal entities of the
Group, the following must apply:
family members of 1
st
, 2
nd
degree and spouse
or spouse equivalent may not be employed in
the same department unless approved by the
company’s Board of Directors majority vote,
a supervisor or manager may not be the direct
or second level supervisor of a relative.
Prevention of any illegal activities is crucial for
ASBIS. It is also part our Vision. As a result, our
Business Ethics Code also addresses such
important topics like fraud, anti-money laundering,
anti-competitive behaviours, among many others.
We possess a comprehensive
Business Ethics Policy that we
apply every day.
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Consolidated Non-financial Report of ASBISc Enterprises Plc for 2023
65
Risk management
Risk
management
is of high
importance
to ASBIS.
Performance in the IT distribution business
depends on a sizeable number of external factors,
which are not under the Company’s management
control and on internal risk factors. Due to
relatively low margins, risk identification,
assessment and management is of high
importance to the Board of Directors.
The process of identifying and assessing the risks
within the ASBIS Group is a multi-layer process. At
the local level, this is done by the local
management through their extensive knowledge of
the markets coupled with independent analysis of
how each country is assessing the risks. Each
country is utilizing all possible tools (research,
macroeconomic analyses, etc.) and identifies the
areas of risks. The environmental/climate
measurements are currently available for each
country of our operations and are easily accessible
for us to evaluate. At the group level, the risk
identification is an ongoing daily process which is
followed by the Corporate risk management team
situated in our HQ in Cyprus.
The risk management process is a daily process
within the ASBIS Group. Our major risks contain
credit risk, FX risk, transactional risk, Political Risk
and environmental/climate risk. Having identified
the risks, the relevant team will undertake all
efforts to manage them. In case of credit risk and
FX risk (financial risks) we undertake insurance
and hedging. In case of transactional risk, we
follow all international standards and techniques
which are widely provided by external experts. As
far as the climate risk management is concerned,
this is done based on each country’s strategy
towards the climate awareness programs and the
individual actions required by the Company.
During the recent years, climate-related risk and its
management has become an integrated part of our
risk management processes and it entails all
relevant check points that have been requested by
authorities and/or the relevant environmental
ombudsman in each country. Now, at each and
every Board of Directors meeting there is a
discussion on environmental issues and all
directors are fully aware of what actions are
needed to be undertaken by the company.
Constantinos Tziamalis, deputy CEO, is among
other responsible for climate change and
environmental protection.
On top of climate/environmental risk, the Company
recognizes other non-financial risks which include
(please note this is not a full list): risk related to
employees, risk related to human rights violation,
risk related to environmental as well as risk related
to bribery and corruption. These are described in
the table below along with mitigating actions and
key financial risks.
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Consolidated Non-financial Report of ASBISc Enterprises Plc for 2023
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The Company’s Board of Directors is responsible
also for its internal control system and its
effectiveness. The Company carries out annual
reviews of its strategy, development, results and
plans. Based on conclusions drawn from that
review, a detailed budgeting process is performed
including all functional areas of the Company, with
the participation of the medium and top-level
management. During the course of the year, the
Board of Directors analyzes the current financial
results, product portfolio development, market
position and compares them with the budget, using
the management reporting system.
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Consolidated Non-financial Report of ASBISc Enterprises Plc for 2023
67
Selected
financial risks
Description
Counteracting
The war in Ukraine
The war between Russia and Ukraine (which were, before the war, the two major markets for ASBIS)
constituted a major disruption in demand in both countries, the whole region and the globe. The war has
created the most unfavorable business environment in the whole region. Despite the large geographical
presence of the Group, it is not possible to totally weather the impact of a full-scale war between these
two countries. The Company considers the situation critical, and it is extremely difficult to assess how
this will further evolve.
The Company ceased any business development in Russia,
following all sanctions imposed by suppliers and other international
organizational bodies. The Group has decided to totally divest from
Russia and has completed the sale of its subsidiary in the country
in October 2023. The Group, being fully compliant with the
directions given by the EU and its suppliers, has undertaken all
necessary actions to prevent sales of sanctioned products to
sanctioned entities and/or individuals.
The in-country
financial
conditions
affecting our major
markets, gross
profit and gross
profit margin
Throughout the years of operation, the Company has from time to time suffered from specific in-country
problems, emanating from the deterioration of specific countries’ financial situation, due to several issues
including but not limited to political instability.
We need to monitor any developments, react fast and weather
every risk showing up in a specific market to secure our results. The
Company needs to keep in mind that different in-country problems
might arise at any time and affect our operations. Even though we
have improved our procedures, we cannot be certain that all risks
are mitigated.
Credit risk
The Company buys components and finished products from its suppliers on its own account and resells
them to its customers. The Company extends credit to some of its customers at terms ranging from 7 to
90 days or, in a few cases, to 120 days. The Company’s payment obligations towards its suppliers under
such agreements are separate and distinct from its customers' obligations to pay for their purchases,
except in limited cases where the Company’s arrangements with its suppliers require the Company to
resell to certain resellers or distributors. Thus, the Company is liable to pay its suppliers regardless of
whether its customers pay for their respective purchases. As the Company’s profit margin is relatively
low compared to the total price of the products sold, in the event where the Company is not able to
recover payments from its customers, it is exposed to financial liquidity risk. The Company has in place
credit insurance which covers such an eventuality for most of its revenue.
Despite all efforts to secure our revenues, certain countries
remained non-insured (Ukraine), therefore it is very important for us
to ensure that we find other sources of securities which help us
minimize our credit risk. The Board of Directors decided to enhance
the Company’s risk management procedures. These do not
guarantee that all issues will be avoided, however, they have
granted the Company with confidence that is able to weather any
possible major credit issue that may arise.
Inventory
obsolescence and
price erosion
The Company is often required to buy components and finished products according to forecasted
requirements and orders of its customers and in anticipation of market demand. The market for IT
finished products and components is characterized by rapid changes in technology and short product
shelf life, and, consequently, inventory may rapidly become obsolete. Due to the fast pace of
technological changes, the industry may sometimes face a shortage or, at other times, an oversupply of
IT products. As the Company increases the scope of its business and of inventory management for its
customers, there is an increasing need to hold inventory to serve as a buffer in anticipation of the actual
needs of the Company’s customers. This increases the risk of inventory becoming devalued or obsolete
and could affect the Company’s profits either because prices for obsolete products tend to decline
quickly, or because of the need to make provisions or even write-offs. In an oversupply situation, other
distributors may elect to proceed with price reductions to dispose of their existing inventories, forcing the
Company to lower its prices to stay competitive.
The Company’s ability to manage its inventory and protect its
business against price erosion is critical to its success. Several of
the Company’s most significant contracts with its major suppliers
contain advantageous contract terms that protect the Company
against exposure to price fluctuations, defective products and stock
obsolescence.
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Consolidated Non-financial Report of ASBISc Enterprises Plc for 2023
68
Currency
fluctuations
The Company’s reporting currency is the U.S. dollar. In the 12M of 2023 a good portion of our
revenues was denominated in U.S. dollars, while the balance is denominated in Euro, UAH, KZT
and other currencies, certain of which are linked to the Euro. Our trade payable balances are
principally (about 85%) denominated in U.S. dollars. In addition, approximately half of our operating
expenses are denominated in U.S. dollars and the other half in Euro or other currencies, certain of
which are linked to the Euro.
As a result, reported results are affected by movements in exchange rates, particularly in the
exchange rate of the U.S. dollar against the Euro and other currencies of the countries in which we
operate, including the Ukrainian Hryvnia, the Czech Koruna, the Polish Zloty, the Croatian Kuna,
the Kazakhstani Tenge and the Hungarian Forint. In particular, a strengthening of the U.S. dollar
against the Euro and other currencies of the countries in which we operate may result in a decrease
in revenues and gross profit, as reported in U.S. dollars, and foreign exchange loss relating to trade
receivables and payables, which would have a negative impact on our operating and net profit
despite a positive impact on our operating expenses.
On the other hand, a devaluation of the U.S. dollar against the Euro and other currencies of the
countries in which we operate may have a positive impact on our revenues and gross profit, as
reported in U.S. dollars, which would have a positive impact on operating and net profit despite a
negative impact on our operating expenses. In addition, foreign exchange fluctuation between the
U.S. dollar and the Euro or other currencies of the countries in which we operate may result in
translation gains or losses affecting foreign exchange reserve. Furthermore, a major devaluation or
depreciation of any such currencies may result in a disruption in the international currency markets
and may limit the ability to transfer or to convert such currencies into U.S. dollars and other
currencies.
Despite all efforts of the Company, there can be no assurance that
fluctuations in the exchange rates of the Euro and/or other
currencies of the countries in which we operate against the U.S.
dollar will not have a material adverse effect on our business,
financial condition and results of operations. Having decided to
completely divest from Russia, the Group faced a crystallization of
the respective currency translation reserve.
Selected non-
financial risks
Description
Counteracting
Risk related to
social and
employee matters
The biggest risks that we see in relation to social and employee matters are linked to retaining employees
(especially key employees) and our ability to hire new qualified personnel in all countries of operations.
Our business depends upon the contribution of a number of our executive directors, key senior
management and personnel. There can be no certainty that their services will continue to be available
to us. We have in the past experienced and may in the future continue to experience difficulty in
identifying expert personnel in our areas of activity, and particularly in the areas of information technology
and sales and marketing, in the countries in which we operate. On average in 2023 only c.11% of our
employees were employed in the parent company with the remaining portion outside of our Cyprus
headquarters. If we are not successful in retaining or attracting highly qualified personnel in key
management positions, this could have a material adverse effect upon our business, operating results
and financial condition.
ASBIS is focused on providing its employees best possible
conditions. We aim for our employees to have a transparent career
path and a fair constructive assessment. We make sure their
remuneration is fair and offer additional perks and trainings. We
have a global HR Management Policy to standardize the approach
within the whole Group.
Risk related to
human rights
The risk is related to ASBIS as well as to our value chain. In terms of ASBIS, there is a risk, yet limited
in our opinion, that the basic rights of our employees will be violated. Despite a selection of employees,
we cannot guarantee that all employees will be fairly treated and that no mobbing and no discrimination
will take place. There is also some risk within our value chain. Some of the products that we source come
from countries like. China, Thailand, and Taiwan. We cannot guarantee that all the rights of those
employees are respected.
In terms of ASBIS employees, we counteract this risk by introducing
formal polices that define the values and the ethical aspects of our
operations. In terms of our value chain, we try to mitigate the risk
by purchasing third party software and hardware from international
companies and producers, for which corporate social responsibility
and value chain control are important. We have a Human Rights &
Labour Policy. We have also approved RBA’s Code of Conduct as
Code of Conduct for ASBIS’ suppliers.
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Risk related to our
environment and
climate impact
We see elements of our environment and climate impact which could generate risk. One is our direct
involvement. The risk is related to fuel and electricity consumption by our offices and our employees as
well as to the logistics side of our business (with goods being delivered to us from producers and later
being dispatched to customers). The other, indirect impact and risk related to environment comes from
the customers using the products that we have sold them. If these products are of poor quality and
require sizeable number of repairs they can either be thrown away quickly (harming the environment) or
customers may need to relate to warranties (which generate increased need for logistics). We also see
transition and physical risks. In terms of transition risks that arise from the transition to a low-carbon and
climate-resilient economy we may face the following risks: policy and legal risks (there may be laws or
policies put in place that may require more environmentally cautious approach to raw materials and land
use), technology risks (changes in technology used to produce IT equipment) – these both may lead to
growing prices in terms of IT equipment and solutions. We may also face market risk with consumers
switching to more energy efficient appliances or making more savvy purchases to limit their own impact
on environment. We may also face reputational risks with difficulties in attracting customers, business
partners and employees if we do not take strong enough actions against climate changes. In terms of
physical risks resulting from climate changes we may face both acute and chronic risks. Acute physical
risks may arise from weather-related events in the form of floods, fires or droughts that may damage
factories in certain regions, cause factories to limit or temporary stop their production or disrupt our
supply chain in other ways. These may result in temporary limitations in our offer or rising prices of
hardware and components. Chronic physical risks i.e. risks that may result from long-term changes in
the climate, may also affect ASBIS. Growing temperatures worldwide may cause the need for more
temperature-resilient hardware and appliances, may also result in more hardware malfunctions that may
increase warranty claims.
We minimize the risk of our direct environment impact by being cost
cautious and aiming to use less resources (water, gas, electricity)
and by focusing on high quality of products offered. This is
especially true in case of our private label products. We will be
taking actions to minimize the impact both of transition and physical
risks. We will monitor the trends and introduce the latest hardware
for our customers. We will also keep elasticity in terms of product
sourcing. Our four distribution centres are located in different areas
which should limit the acute physical risks impact.
Risk related to
bribery and
corruption
We see risks related to bribery and corruption as we operate in a B2B environment (business to
business) in some 60 countries worldwide in four different regions with diverging cultures. As contracts
signed both with suppliers and with customers are of sizeable value, we cannot exclude such a risk. The
key element of that risk is reputation risk that ASBIS would have to face, if such actions were undertaken
by our employees.
We emphasize the importance of ethics in our relations with both
suppliers and customers. We co-operate with international
companies and thus believe that this risk is limited. We have in
place our Business Ethics Code, which among others includes an
Anti-bribery and Anti-corruption Policy.
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Non-financial indicators & GRI & IIRC & SASB & TCFD
alignment
Non-financial indicators presented in this Report have been selected based on their importance to stakeholders and the Board of Directors and with the
aim to present the Group in a more comprehensive manner. The table below summarizes all the non-financial indicators included in the Report. On top,
it clarifies the way these indicators were calculated and points to the place in the Report where these can be found.
Non-financial indicator
Description
Page number
Active customers
Customers that have made at least one purchase during the year.
11
Countries with subsidiaries
Number of countries in which ASBIS established local subsidiaries.
18
Countries of operations
Number of countries, to which goods and products are delivered.
6,18,31,69
Regions of operations
Number of regions summing up culturally similar countries.
6,29.31
Active articles
Number of stock keeping units in our portfolio.
10
Number of private labels
Number of own brands under which OEM products are sold.
6,37-38
Stores
Number of retail stores with their floorspace.
12
Average time of conducting an order
Time from the moment order is received to the moment when the sales invoice is issued and goods are shipped to the customer.
11
Suppliers
Companies from which we source goods and products.
10
Transactions on-line
Percentage of transactions that are conducted by our customers on-line.
11
Distribution centres
Number of distribution centres leased and owned together with their floorspace.
6,17
Warehouses
Number of warehouses operated by ASBIS.
6,11
Average number of employees
Average number of employees in the year by functions, regions and age.
23,31-32
Hiring, leaving, rotation
Average number of new employees in the period, average number of leaving employees in the period. Rotation expressed as a
percentage of people leveraging to average number of people, shown as voluntary and involuntary.
32
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Diversity indicators
Board management and overall gender and ethnic diversity.
23
Employment type
Statistics relating to types of employment used at ASBIS.
31
Donations
Value of donations given to charities and value of events sponsored.
40
Corporate cars
Number of corporate cars – owned, leased as well as kilometers travelled.
47
Electricity
Electricity consumed on the Group level.
48
GHG emissions
Emissions of greenhouse gases under Scope 1, 2 and selective elements of Scope 3. Normalised ratios.
50-51
Taxonomy
Percentage of revenues, capital expenditures and operating costs eligible according to European Union Sustainable
Development Taxonomy.
52-58
Below we present alignment with Non-financial Reporting Directive
Page number
Business model
6-14
Key performance indicators
KPIs are described in the table above
Description of risks and risk management
59-62,65-69
Main policies and their implementation
All policies are presented in the sections below
- employee matters
31-39
- social matters
40-42
- environmental matters
47-62
- human rights matters
43-46
- anti-corruption and anti-bribery policies
63-64
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Below we present alignment with International Integrated Reporting Council
Page number
Capitals
14-17,31-32,37-38,40-42,45-51
Governance
20-26
Business model
6-14
Risks and opportunities
59-62,65-69
Strategy and allocation of resources
15-16, 18
Results
15-16
Outlook
19
Approach to reporting
4-5,27-30
Below we present SASB Alignment table for the Multiline Retailer & Distributor industry within the Consumer Goods sector:
Topic
Accounting metric
Code
ASBIS Metric or Qualitative Disclosure
Page number
Energy Management in
Retail & Distribution
(1) Total energy consumed, (2) percentage grid
electricity, (3) percentage renewable
CG-MR-130a.1
ASBIS is also cautious in terms of electricity consumption. Actions
are undertaken to minimize it, despite growing operations. Among
other, we use led lighting to lower electricity consumption. Still, in
2023 Group electricity consumption came in at 4.4 GWh, up 22%,
above revenue dynamics, due to broader scope of operations,
growing number of employees and expansion of warehouse
space. Electricity consumption includes all offices from
subsidiaries and distribution centres and warehouses. All
electricity came from the grid. We plan to install solar panels in our
Middle-East operations in 2024.
48
Data Security
Description of approach to identifying and addressing
data security risks
CG-MR-230a.1
Information security is managed by the Security Committee. There
are policies and best practices in place that aim to minimize data
security risks. Some of them are the "principle of least privilege"
per service account and the "single entry point" applied to most of
IT services. In addition, the implementation of "2-factor
authentication" to our IT services was finished in 2021, which
further increases data security. Moreover, our high availability (HA)
setups are based only on enterprise grade solutions inclusive of
vendor support. Monitoring and notification systems help us track
any abnormal activity and respond quickly when necessary.
44-45
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Currently, data security risks are addressed on an ad-hoc basis by
the IT department, mostly as breach prevention. The IT department
deploys and supports its systems and services according to the
known best practices. They monitor the integrity, productivity and
user feedback. Any serious issues are reported to the IT
management. If the issue is considered a data security incident, it
is escalated to the Information Security Engineer. The most
significant incidents are reported to the Security Committee. The
Security Committee was established in November 2021 to manage
the information and data security within the ASBIS Group.
(1) Number of data breaches, (2) percentage involving
personally identifiable information (PII), (3) number of
customers affected
CG-MR-230a.2
In 2023 there were no data breaches, no incidents involving
personally identifiable information (PII) and no customers were
affected in any way (all zero for 2022 as well).
45
Labor Practices
(1) Average hourly wage and (2) percentage of in-
store employees earning minimum wage, by region
CG-MR-310a.1
Remuneration depends on many factors, yet ASBIS does not pay
minimum wage in countries present (neither at retail stores nor
warehouses). We also do not pay by the hour thus do not present
this SASB indicator, as it is not material to our business model.
34
(1) Voluntary and (2) involuntary turnover rate
for in-store employees
CG-MR-310a.2
In 2023, the voluntary turnover in stores reached c.45% and
involuntary c.23%, which shows a significant YoY growth along
with growing number of stores and retail business.
32
Total amount of monetary losses as a result of
legal proceedings associated with labor law
violations
CG-MR-310a.3
There were no monetary losses as a result of legal proceedings
associated with labour law violations in 2023 and 2022.
36
Workforce Diversity &
Inclusion
Percentage of gender and racial/ethnic group
representation for (1) management and (2) all
other employees
CG-MR-330a.1
If we take all the boards of our subsidiaries into account, as many
as 18 women sit on our boards, which translates into a sizeable
51% share. The picture also looks favourably if we look at split of
management (understood as in SASB as board plus store
managers) where at the end of 2023 48% (47% at the end of 2022)
share were women versus 33% share among remaining
employees. Ethnic diversity at ASBIS is growing YoY, with
Hispanic, Afro-American, Asian employees being present.
23
Total amount of monetary losses as a result of
legal proceedings associated with employment
discrimination
CG-MR-330a.2
Lack of discrimination is visible in numbers. Total amount of
monetary losses as a result of legal proceedings associated with
employment discrimination amounted to zero in 2023 and 2022.
43
Product Sourcing,
Packaging & Marketing
Revenue from products third-party certified to
environmental and/or social sustainability
standards
CG-MR-410a.1
Essentially all revenues in 2023 and in 2022 were from products
third-party certified to environmental and/or social sustainability
standards.
45
Discussion of processes to assess and manage
risks and/or hazards associated with chemicals
in products
CG-MR-410a.2
Our environmental and climate impact also results from the
products that we distribute and sell. All our products are safe for
our customers and end-customers. The Group sells products
manufactured by big corporations that follow the applicable
regulation and comply with high international standards. There
were no products in need for improvement in relation to health and
safety. The Company makes sure that producers of goods
48
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distributed by ASBIS do not use improper chemicals or hazardous
materials. We obtain the necessary certificates such as CE
(Conformité Européenne) and RoHS (Restrictions of Hazardous
Substances). We have our own QA&QC (Quality Assurance and
Quality Control) team (22 people) in our Chinese and Czech offices
that conduct all the required and necessary tests.
Discussion of strategies to reduce the
environmental impact of packaging
CG-MR-410a.3
We receive already packaged products from the vendors such as
Apple, Dell, Intel, AMD etc. all of which are companies with very
good environmental record. In 2021, we have also seen some of
our vendors improve packaging, among them Apple who reduced
the size of all their packaging, allowing for more items to be fitted
on the pallets, therefore minimizing the use of paper and logistics
cost which in turn contribute to even lower carbon footprint. What
we do additionally is put overcarton over the goods and place them
on the pallets. Sometimes we place most valuable goods inside
wooden boxes. For additional security we may use small plastic
crates (boxes). We mostly use vercarton, wooden boxes, small
plastic boxes as packaging. We use exactly what is required.
Overcarton and wooden boxes are used only for the goods of the
highest value and only to destinations where such security
measures are needed. We use the cartons (small boxes) received
from vendors for our courier deliveries, minimizing the quantity of
additional packaging and ways to minimize empty space in pallets.
But if needed we use empty cardboard boxes or bubble foil. We
are mainly a distributor and have no direct impact on the actual
packaging of goods (retail packaging). We developed Green
packaging for our own brands. All packages used at DC are made
from recycled materials, while plastic blisters and hooks have been
replaced with paper trays and hooks. ASBIS reuses the cartons
that come with the products purchased by our vendors, which
results in much lower carton usage.
48-49
Activity metric
Number of: (1) retail locations and (2) distribution
centers
CG-MR-000.A
At the end of 2023 we ran 33 Apple stores in 9 FSU countries (27
stores in 2022) and 5 Bang & Olufsen stores with 4,798 m2
floorspace, providing us with a direct exposure to our customers.
12
Total area of: (1) retail space and (2) distribution
centers
CG-MR-000.B
The facility in Prague can consolidate orders and fulfill deliveries to
any of ASBIS’s local distribution centers and subsidiaries, and
serve customers across the globe. The leased area covers 14,000
m2. Dubai serves our operations in the ME and Eastern and
Northern African countries. It is owned and has an area of 8,200
m2. The distribution center in Johannesburg serves as a
consolidation point for the customers located in South Africa and
across the Sub-Saharan region. The lease covers an area of 3,800
m2. The distribution center in Tbilisi mainly serves the countries in
8, 17
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the Caucasus region – it is the smallest with 3,000 m2. The total
warehouse space of ASBIS, including main, regional and local
distribution centers, currently amounts to c. 63,000 m2. ASBIS has
started building a new distribution center in Kazakhstan with an
area of c. 20,000 m2 due to significant demand increase from
2022. It is to be put into operation at the beginning of 2025 at the
latest.
Below we present the TCFD recommendations alignment table
Topic
Indicator
Page number
Comment
Governance: Disclose the organisation’s
governance around climate-related risks
and opportunities.
a. Describe the board’s oversight of climate-related risk and opportunities
23, 26, 65-66
Disclosed
b. Describe the management’s role in assessing and managing climate-related risks
and opportunities
23, 26, 65-66
Disclosed
Strategy: Disclose the actual and potential
impacts of climate-related risks and
opportunities on the organisation’s
businesses, strategy, and financial
planning where such information is
material.
a. Describe the climate-related risks and opportunities the organization has identified
over the short, medium and long term
59-61
Disclosed
b. Describe the impact of climate-related risks and opportunities on the
organisation’s businesses, strategy and financial planning
59-61
Disclosed
c. Describe the resilience of the organisation’s strategy, taking into consideration
different climate-related scenarios, including a 2 degree C or lower scenario
60
Disclosed
Risk management: Disclose how the
organization identifies, assesses and
manages climate-related risks.
a. Describe the organisation’s processes for identifying and assessing climate-
related risks
59-61, 65-66
Disclosed
b. Describe the organisation’s processes for managing climate-related risks
59-61, 65-66
Disclosed
c. Describe how processes for identifying, assessing and managing climate-related
risks are integrated into the organization’s overall risk management
59-61, 65-66
Disclosed
Metrics and targets: Disclose the metrics
and targets used to assess and manage
relevant climate-related risks and
opportunities where such information is
material.
a. Disclose the metrics used by the organization to assess climate-related risks and
opportunities in line with its strategy and risk management process
47-51
Disclosed
b. Disclose Scope 1, 2 and, if appropriate 3 greenhouse gas (GHG) emissions, and
the related risk
50-51
Disclosed
c. Describe the targets used by the organization to manage climate-related risks and
opportunities and performance against targets
-
Not disclosed due to lack
of targets
Statement of use
ASBIS has reported the information cited in this GRI content index for the period January 1, 2023 to December 31, 2023 with reference to
the GRI Standards.
GRI 1 used
GRI 1: Foundation 2021
GRI Standard
Disclosure
Page number
Disclosure
Page number
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GRI 2: General Disclosures 2021
2-1 Organizational details
6
2-2 Entities included in the
organization’s sustainability
reporting
9
2-3 Reporting period, frequency and
contact point
4-5
2-4 Restatements of information
5
2-5 External assurance
5
2-6 Activities, value chain and other
business relationships
6-14
2-7 Employees
31-39
2-8 Workers who are not employees
32
2-9 Governance structure and
composition
23,26
2-10 Nomination and selection of the
highest governance body
21
2-11 Chair of the highest governance
body
21
2-12 Role of the highest governance
body in overseeing the management
of impacts
23,26
2-13 Delegation of responsibility for
managing impacts
23,26
2-14 Role of the highest governance
body in sustainability reporting
23,26
2-15 Conflicts of interest
21,64
2-16 Communication of critical
concerns
-
2-17 Collective knowledge of the
highest governance body
23
2-18 Evaluation of the performance
of the highest governance body
25
2-19 Remuneration policies
22
2-20 Process to determine
remuneration
22
2-21 Annual total compensation ratio
-
2-22 Statement on sustainable
development strategy
18
2-23 Policy commitments
43-46
2-24 Embedding policy
commitments
43-46
2-25 Processes to remediate negative
impacts
-
2-26 Mechanisms for seeking advice
and raising concerns
-
2-27 Compliance with laws and
regulations
43-46
2-28 Membership associations
42
2-29 Approach to stakeholder
engagement
27-30
2-30 Collective bargaining
agreements
36
GRI 3: Material Topics 2021
3-1 Process to determine material
topics
27-30
3-2 List of material topics
27-30
3-3 Management of material topics
27-30
GRI 201: Economic
Performance 2016
201-1 Direct economic value
generated and distributed
16
201-2 Financial implications and
other risks and opportunities due to
climate change
59-61
201-3 Defined benefit plan obligations
and other retirement plans
-
201-4 Financial assistance received
from government
-
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GRI 202: Market Presence 2016
202-1 Ratios of standard entry level
wage by gender compared to local
minimum wage
-
202-2 Proportion of senior
management hired from the local
community
-
GRI 203: Indirect Economic
Impacts 2016
203-1 Infrastructure investments and
services supported
40
203-2 Significant indirect economic
impacts
-
GRI 204: Procurement Practices
2016
204-1 Proportion of spending on local
suppliers
-
GRI 205: Anti-corruption 2016
205-1 Operations assessed for risks
related to corruption
-
205-2 Communication and training
about anti-corruption policies and
procedures
63-64
205-3 Confirmed incidents of
corruption and actions taken
63-64
GRI 206: Anti-competitive
Behavior 2016
206-1 Legal actions for anti-
competitive behavior, anti-trust, and
monopoly practices
-
GRI 207: Tax 2019
207-1 Approach to tax
-
207-2 Tax governance, control, and
risk management
-
207-3 Stakeholder engagement and
management of concerns related to
tax
-
207-4 Country-by-country reporting
-
GRI 301: Materials 2016
301-1 Materials used by weight or
volume
-
301-2 Recycled input materials used
-
301-3 Reclaimed products and their
packaging materials
-
GRI 302: Energy 2016
302-1 Energy consumption within the
organization
48
302-2 Energy consumption outside
of the organization
-
302-3 Energy intensity
-
302-4 Reduction of energy
consumption
-
302-5 Reductions in energy
requirements of products and services
-
GRI 303: Water and Effluents
2018
303-1 Interactions with water as a
shared resource
-
303-2 Management of water
discharge-related impacts
-
303-3 Water withdrawal
-
303-4 Water discharge
-
303-5 Water consumption
-
GRI 304: Biodiversity 2016
304-1 Operational sites owned,
leased, managed in, or adjacent to,
protected areas and areas of high
biodiversity value outside protected
areas
51
304-2 Significant impacts of
activities, products and services on
biodiversity
-
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304-3 Habitats protected or restored
-
304-4 IUCN Red List species and
national conservation list species
with habitats in areas affected by
operations
-
GRI 305: Emissions 2016
305-1 Direct (Scope 1) GHG
emissions
52-53
305-2 Energy indirect (Scope 2)
GHG emissions
52-53
305-3 Other indirect (Scope 3) GHG
emissions
52-53
305-4 GHG emissions intensity
52-53
305-5 Reduction of GHG emissions
-
305-6 Emissions of ozone-depleting
substances (ODS)
-
305-7 Nitrogen oxides (NOx), sulfur
oxides (SOx), and other significant air
emissions
-
GRI 306: Waste 2020
306-1 Waste generation and
significant waste-related impacts
-
306-2 Management of significant
waste-related impacts
-
306-3 Waste generated
-
306-4 Waste diverted from disposal
-
306-5 Waste directed to disposal
-
GRI 308: Supplier
Environmental Assessment
2016
308-1 New suppliers that were
screened using environmental criteria
-
308-2 Negative environmental
impacts in the supply chain and
actions taken
GRI 401: Employment 2016
401-1 New employee hires and
employee turnover
31-32
401-2 Benefits provided to full-time
employees that are not provided to
temporary or part-time employees
-
401-3 Parental leave
-
GRI 402: Labor/Management
Relations 2016
402-1 Minimum notice periods
regarding operational changes
-
GRI 403: Occupational Health
and Safety 2018
403-1 Occupational health and safety
management system
-
403-2 Hazard identification, risk
assessment, and incident
investigation
-
403-3 Occupational health services
-
403-4 Worker participation,
consultation, and communication on
occupational health and safety
-
403-5 Worker training on occupational
health and safety
-
403-6 Promotion of worker health
-
403-7 Prevention and mitigation of
occupational health and safety impacts
directly linked by business
relationships
-
403-8 Workers covered by an
occupational health and safety
management system
-
403-9 Work-related injuries
-
403-10 Work-related ill health
-
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GRI 404: Training and Education
2016
404-1 Average hours of training per year
per employee
39
404-2 Programs for upgrading
employee skills and transition
assistance programs
-
404-3 Percentage of employees
receiving regular performance and career
development reviews
-
GRI 405: Diversity and Equal
Opportunity 2016
405-1 Diversity of governance bodies
and employees
23, 31-32
405-2 Ratio of basic salary and
remuneration of women to men
34-35
GRI 406: Non-discrimination 2016
406-1 Incidents of discrimination and
corrective actions taken
43
GRI 407: Freedom of Association
and Collective Bargaining 2016
407-1 Operations and suppliers in which
the right to freedom of association and
collective bargaining may be at risk
-
GRI 408: Child Labor 2016
408-1 Operations and suppliers at
significant risk for incidents of child labor
-
GRI 409: Forced or Compulsory
Labor 2016
409-1 Operations and suppliers at
significant risk for incidents of forced or
compulsory labor
-
GRI 410: Security Practices 2016
410-1 Security personnel trained in
human rights policies or procedures
-
GRI 411: Rights of Indigenous
Peoples 2016
411-1 Incidents of violations involving
rights of indigenous peoples
-
GRI 413: Local Communities 2016
413-1 Operations with local community
engagement, impact assessments, and
development programs
40-41
413-2 Operations with significant actual
and potential negative impacts on local
communities
-
GRI 414: Supplier Social
Assessment 2016
414-1 New suppliers that were screened
using social criteria
-
414-2 Negative social impacts in the
supply chain and actions taken
-
GRI 415: Public Policy 2016
415-1 Political contributions
-
GRI 416: Customer Health and
Safety 2016
416-1 Assessment of the health and
safety impacts of product and service
categories
-
416-2 Incidents of non-compliance
concerning the health and safety
impacts of products and services
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GRI 417: Marketing and Labeling
2016
417-1 Requirements for product and
service information and labeling
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417-2 Incidents of non-compliance
concerning product and service
information and labeling
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417-3 Incidents of non-compliance
concerning marketing communications
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GRI 418: Customer Privacy 2016
418-1 Substantiated complaints
concerning breaches of customer privacy
and losses of customer data
44-45
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