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2023 Annual report
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2023 Annual report
Talgo has a commercial and customer management policy and a fair competition policy, together with an extensive network of sales representatives around the world, particularly in the areas of greatest railway activity such as India, North Africa, the Persian Gulf, Latin America and EU countries.
During the 2023 financial year, Talgo continued to consolidate markets and collaborate with existing customers, highlighting the extension of the contract with Deutsche Bahn, the award of 8 new trains with Danske Statsbaner, the achievement of an extension of the maintenance contract for Egyptian trains for an additional 6 years and the extension of maintenance contracts for the Spanish RENFE fleet.
In 2023, global economic performance proved resilient, although growth slowed during the year as a result of tightening monetary policies. Headline inflation declined during the year, reflecting lower demand and lower commodity and energy prices.
The S&P 2023 was up 18% while the Eurostoxx 50 was up 19% for 2023. In Spain, the Ibex-35 was up 23%, its biggest gain since 2009. Talgo shares also recovered during the year, registering a gain of 33% for the year
Thus, the stock began with a negative performance in the first half of the year, but commercial success combined with positive results boosted the value in the second half of the year to reach highs of €4.48 in December.
Talgo’s average daily trading volume for the year decreased significantly by -32% to 118 thousand shares traded daily.
The Talgo Group has a high degree of employment stability, as reflected in its permanent hiring rate of 93% in 2023. Talgo’s workforce in 2023 averaged 3,140 people (2,173 in Spain and 967 in subsidiaries), an increase of 14.89% compared to 2022.
Talgo has an equality committee made up of members of management and workers’ representatives, which, among other functions, is responsible for promoting the implementation of the equality plan that the group applies, and for monitoring and evaluating the degree of compliance with the measures adopted.
Year after year, Talgo works to implement measures that enable greater balance and gender equality in different positions and departments, continuing in 2023 with initiatives that increase the participation of women in positions of responsibility.
In addition, Talgo continues to be a member of the Charter for Diversity, an initiative led by the Diversity Foundation, which demonstrates the company’s commitment to the directives promoted by the European Commission on diversity and non-discrimination.
Likewise, this commitment to diversity is shown by the renewal of the “CEO for Diversity” alliance that promotes innovation in diversity, equity and inclusion strategies in Spanish companies, an initiative of the Adecco Foundation and the CEOE.
At the end of the 2023 financial year, the Talgo Group had 25 employees with a disability of more than 33%, of whom 6 are women and 19 are men. These people are represented in all categories of the workforce.
The Group has carried out training and awareness-raising initiatives during 2023, giving visibility to the International Day of Persons with Disabilities, World Down’s Syndrome Day and World Mental Health Day, etc.
Within the framework of the agreement signed with the Adecco Foundation since 2007, Talgo Spain has been developing a programme called “Family Plan”.
In 2023, the Talgo Group remained committed to talent and to an inspiring and motivating leadership model that contributes to the development of teams and the achievement of the company’s objectives.
In 2023, Talgo signed and renewed collaboration agreements with various universities, training centres, foundations and associations that are aligned with Talgo when it comes to people.
Talgo has a comprehensive annual training plan for the entire organisation that includes actions aimed at developing skills, competencies for project execution.
In 2023, multiple projects and activities have been carried out with the aim of improving and consolidating the working conditions of Talgo employees and collaborators.
The Talgo Group has a management system on which all environmental and sustainability measures are developed.
The implementation of the circular economy involves developing products that can be reused at the end of their life cycle.
The activities carried out in this area within the organisation include the Life Cycle Assessment (LCA) of the ECx DB – F073 train, and the calculation of the recyclability and recoverability values for the train manufactured for the DSB operator in the F081 project.
To carry out the LCA, the sources of impacts and possible points of improvement were identified to reduce environmental impact throughout the train’s life cycle.
Furthermore, when studying the recyclability and recoverability of the F081-DSB train, the indices of both were calculated, through the analysis of the materials used for their manufacture, obtaining 94.0% and 97.7% respectively.
Talgo draws up the annual carbon footprint report based on the GHG Protocol methodology, to monitor greenhouse gas (GHG) emissions and identify improvements to reduce them.
The newly implemented “Procurement” organisation is responsible for this element of the Talgo Group’s value chain, and the purchasing policy underpins its actions with due attention to social, labour (including equality and equity), ethical and environmental issues.
The new multi-annual Strategic Procurement Plan (PEC) 2022-2026 contains the main lines of action, strategies and initiatives to achieve this vision by 2026. Purchasing activities are managed through the “PR07 Purchasing” corporate process. Within this framework, the Group is developing a process of re-engineering the sustainability management of its purchasing and the responsibility of its supply chain.
The main mechanism and organiser of the Group’s social action is the Talgo Foundation, which was established in 2013 with the aim of contributing to meeting global and national challenges in the social sphere..
In 2023, investment in Talgo’s social action projects increased by 41.36%, exceeding €469,783 in 30 initiatives. It is estimated that the direct impacts achieved in the Company reached 60,129, representing tremendous progress compared to 2022 (15,000) for Talgo in its role as a force to improve its immediate social and economic surroundings.
Focusing on professional development, technology and innovation in the railway sector as drivers of change, activities in 2023 included:
