Annual Financial Report
|
2024
GROUP MANAGEMENT REPORT 2024
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TABLE OF CONTENTS
1 DEVELOPMENT OF THE PIERER MOBILITY GROUP .............................................................. 3
1.1 THE COMPANY .................................................................................................................. 3
1.2 RESTRUCTURING PROCEEDINGS KTM AG, KTM COMPONENTS GMBH AND KTM
FORSCHUNGS & ENTWICKLUNGS GMBH ..................................................................... 3
1.3 CHANGES IN SHAREHOLDINGS ..................................................................................... 5
1.4 ACTIVITIES AND SUCCESSES IN RACING ..................................................................... 6
2 ECONOMIC ENVIRONMENT AND MARKET DEVELOPMENT .................................................. 6
2.1 NATIONAL ECONOMY ....................................................................................................... 6
2.2 MOTORCYCLE MARKET ................................................................................................... 8
2.3 BICYCLE MARKET ............................................................................................................. 8
3 FINANCIAL PERFORMANCE INDICATORS ................................................................................ 9
3.1 KEY FIGURES .................................................................................................................... 9
3.2 BUSINESS DEVELOPMENT AND ANALYSIS OF KEY EARNINGS FIGURES .............. 10
3.3 BALANCE SHEET ANALYSIS .......................................................................................... 13
3.4 LIQUIDITY ANALYSIS ...................................................................................................... 14
3.5 INVESTMENT ................................................................................................................... 14
4 NON-FINANCIAL STATEMENT .................................................................................................. 15
4.1 ESRS 2 – GENERAL DISCLOSURES ............................................................................. 16
4.2 EU TAXONOMY: DISCLOSURES IN ACCORDANCE WITH ARTICLE 8 OF REGULATION
(EU) 2020/852 (TAXONOMY REGULATION) ................................................................... 34
4.3 ESRS E1 CLIMATE CHANGE .......................................................................................... 49
4.4 ESRS E5 RESOURCE USE AND CIRCULAR ECONOMY ............................................. 60
4.5 ESRS S1 OWN WORKFORCE ........................................................................................ 65
4.6 ESRS S2 WORKERS IN THE VALUE CHAIN .................................................................. 79
4.7 ESRS S4 CONSUMERS AND END-USERS .................................................................... 85
4.8 ESRS G1 BUSINESS CONDUCT .................................................................................... 91
4.9 APPENDIX ........................................................................................................................ 97
5 RESEARCH & DEVELOPMENT (R&D) AND NEW MODELS ................................................. 106
5.1 ORGANIZATION ............................................................................................................. 106
5.2 RESEARCH AND DEVELOPMENT ACTIVITIES ........................................................... 106
5.3 OUTLOOK 2025 AND BEYOND ..................................................................................... 109
5.4 NEW MOTORCYCLE MODELS ...................................................................................... 110
5.5 NEW BIKE MODELS ....................................................................................................... 112
6 OPPORTUNITY AND RISK REPORT ........................................................................................ 113
6.1 RISK MANAGEMENT SYSTEM ...................................................................................... 113
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6.2 Enterprise Risk Management (ERM) ............................................................................... 113
6.3 PRESENTATION OF OPPORTUNITIES, RISKS AND MEASURES TAKEN .................. 114
7 DISCLOSURES PURSUANT TO SECTION 243A (PARA 1) UGB ........................................... 123
8 KEY FEATURES OF THE INTERNAL CONTROL SYSTEM § 243a (PARA 2) UGB ............... 127
8.1 CONTROL ENVIRONMENT ........................................................................................... 127
8.2 RISK ASSESSMENT ...................................................................................................... 128
8.3 CONTROL MEASURES ................................................................................................. 128
8.4 COMMUNICATION AND MONITORING ........................................................................ 128
9 EVENTS AFTER THE BALANCE SHEET DATE ...................................................................... 129
10 OUTLOOK ................................................................................................................................. 129
10.1 BUSINESS DEVELOPMENT .......................................................................................... 129
10.2 MOTORSPORT............................................................................................................... 130
10.3 INVESTMENTs ................................................................................................................ 131
10.4 FINANCING SITUATION ................................................................................................ 131
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1 DEVELOPMENT OF THE PIERER MOBILITY
GROUP
1.1 THE COMPANY
PIERER Mobility AG is the holding company of KTM AG, one of Europe's leading motorcycle
manufacturers. With a focus on the premium segment, the company combines brands such as KTM,
Husqvarna and GASGAS under one roof. The premium brand range also includes the high-performance
components of the WP brand and the special KTM X-BOW high-performance sports cars. Husqvarna
and GASGAS electric bicycles as well as bicycles of the Felt brand complement the two-wheeler range
of the PIERER Mobility Group (the "Group").
The shares of PIERER Mobility AG are primarily listed in the "Swiss Performance Index (SPI)" of the
SIX Swiss Exchange in Zurich and are also listed in the prime market segment of the Vienna Stock
Exchange.
1.2 RESTRUCTURING PROCEEDINGS KTM AG, KTM COMPONENTS GMBH
AND KTM FORSCHUNGS & ENTWICKLUNGS GMBH
SITUATION AND STATUS OF THE RESTRUCTURING PROCEDURES
KTM AG is a 100% subsidiary of PIERER Mobility AG and was responsible for more than 95% of the
PIERER Mobility Group's revenue in H1 2024.
In November 2024, in the course of liquidity planning for the 2025 financial year, it became clear that
KTM had to cover significant additional liquidity requirements. Despite intensive efforts to resolve the
situation out of court together with creditors and lenders, on November 29th, a court "restructuring
procedure with self-administration" was filed over the assets of KTM AG and its subsidiaries KTM
Components GmbH and KTM Forschungs & Entwicklungs GmbH. The aim of the proceedings was to
agree on a restructuring plan with the creditors within the time frame provided for by law, specifically by
February 25, 2025, and to continue the KTM Group after approval and fulfilment of this plan.
In addition to negotiations with creditors, the Group initiated a series of measures to reduce costs in the
short term and redimension production in Austria in the long term. It was decided to interrupt production
in Mattighofen/Munderfing from December 13, 2024 to March 2025 and then to continue in one-shift
operation (previously in two-shift operation). This measure was accompanied by a further reduction in
staff and a temporary (for the period of the interruption of production) reduction in working hours from
the standard 38.5 hours per week to 30 hours per week. In addition to short-term cost reductions, this
measure supported the accelerated reduction of high inventories. Further information on the measures
initiated in the course of the restructuring process can be found in the chapter "Events after the
accounting date".
The creditors accepted the restructuring plans of the three companies on February 25, 2025. A cash
ratio of 30% has been agreed with the creditors of KTM AG, which had to be deposited with the
restructuring administrator by May 23, 2025. The court is expected to confirm the restructuring plans in
June 2025. After the legal entry into force, the restructuring proceedings of KTM AG as well as the two
subsidiaries have come to an end.
The accounting in the notes to the consolidated financial statements and the reporting in the following
Group management report were unchanged under the assumption that KTM would continue to operate.
This assessment is based on current findings and developments in connection with the restructuring
procedure. In principle, the restructuring procedure is therefore not accompanied by any change in the
accounting principles applied and in accounting and valuation policies.
GROUP MANAGEMENT REPORT 2024
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The resulting restructuring profit of 70% of the registered creditors' claims can only be realised by the
KTM Group with the legally binding confirmation of the restructuring plan by the insolvency court and its
prerequisites.
As of the balance sheet date, the restructuring proceedings did not change the respective character or
maturities of the reported debts, and the debt-discharging effect of the restructuring plan is not to be
recognised in the balance sheet until the 2025 financial year. Against this background, there is also no
need to disclose contingent liabilities from this.
MAIN REASONS FOR OPENING RESTRUCTURING PROCEEDINGS UNDER INSOLVENCY LAW
ABOUT KTM AG
The causes of the insolvency of KTM AG can be traced back to a series of several circumstances and
cannot be reduced to a single fact.
High inventories at dealers with lagging high production
Until the end of 2023, the KTM Group's motorcycle business was characterized by steadily increasing
production and sales volumes and consequently increasing sales. At the same time, production
capacities were continuously expanded and increased. As dealer sales to end customers in 2023 could
not increase to the same extent as KTM Group sales to dealers, there was a high dealer inventory at
the end of 2023.
The year 2024 was a good year for the KTM Group in terms of end customer sales, but the KTM Group's
sales figures paint a challenging picture. As a result, the turnover achieved fell short of expectations, as
dealers and importers were unable to absorb any further quantities due to the tradition of the previous
two years, and the KTM Group was subsequently only able to achieve limited sales. End customer
demand was therefore increasingly met from the inventories of dealers and importers. In the USA, there
was a general decline in demand for motorcycles and the economic development in Europe was
unexpected and largely weak. The KTM Group therefore decided to discontinue all sales measures that
had long payment terms in the fourth quarter of the 2024 financial year.
Comprehensive dealer financing
The sales volumes of 2023 could only be achieved by granting particularly long payment terms of 270
to even 360 days towards the end. These extremely long payment terms have led to working capital
requirements almost doubling. In addition, the interest had to be borne for these long financing periods.
Increase in production costs in Austria
By far the largest production site of the group is Mattighofen/Munderfing. In the last three years, wage
and salary costs in Austria have risen by around 25% and material costs by around 15%, not least due
to collective agreements. This led to a loss of competitiveness on the world market. In addition, the
reduced production volumes led to insufficient coverage of fixed costs. Cost increases could only be
partially passed on to end customers, which led to falling contribution margins overall.
High R&D spending, scope and complexity of product portfolio
Due to the growth of recent years and the multi-brand strategy pursued, the KTM Group has developed
a diverse product portfolio with several brands. This resulted in an enormous effort for research and
development (R&D). In the last two years alone, capitalized R&D expenses increased by € 288 million.
Relatively high expenditure on motorsport
Motorsport is important for the KTM Group in several respects. On the one hand, motorsport is used by
the KTM Group to gain essential insights into the further development of motorcycles and to test new
technologies and developments under extreme conditions. On the other hand, racing successes vis-à-
vis end customers underpin the brand positioning and contribute to brand awareness and sharpening.
Nevertheless, the expenditure for the motorsport commitment was relatively high.
Loss-making business units: PIERER New Mobility and MV Agusta
During the Corona pandemic, the demand for bicycles increased rapidly, which led to overheating in the
bicycle market and distortions throughout the supply chain. As a result, inventories reached record
levels. The reduction of these stocks to a normal level continues, while at the same time there is massive
GROUP MANAGEMENT REPORT 2024
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pressure on sales prices. On the customer side, the increased cost of living in the core market of Europe
led to a loss of purchasing power. This led to a decline in demand for premium (electric) bicycles. The
resulting liquidity requirements from the resulting loss situation of the PIERER New Mobility subgroup
were mainly covered by KTM AG.
In the 2024 financial year, the KTM Group sold the business with new mobility products bundled in the
PIERER New Mobility GmbH subgroup to PIERER Mobility AG as of June 1, 2024. As of the balance
sheet date of December 31, 2024, KTM AG had financial claims against PIERER New Mobility GmbH
in the amount of € 372.0 million.
In the 2022 and 2024 financial years, KTM AG acquired a total of 50.1% of the shares in the loss-making
motorcycle manufacturer MV Agusta Motor S.p.A., Varese, Italy, in two stages. The aim was to increase
the production volume and adapt the product range in such a way that the profit zone could be reached
as quickly as possible. The contracts provided for working capital financing and compensation to support
MV Agusta Motor S.p.A.'s loss-making situation. The necessary liquidity of around € 220 million was
ultimately raised by KTM AG.
Unstable financing structure
In the fall of 2024, it became apparent that the thresholds of the financial covenants could probably not
be met at the end of the year.
The increase in working capital led to the full use of financing frameworks related to working capital
credit lines, factoring or supply chain financing. Therefore, not enough new funds could be raised within
the existing lines.
Overall, KTM's net debt, excluding receivables from financing activities, increased from € 444.8 million
to € 1,607.1 million over the last 18 months. This increase is mainly due to the above-mentioned areas
of financing of the PIERER New Mobility subgroup (approx. € 331 million), the MV Agusta financing
(approx. € 217 million), the increase in investments in research and development and the build-up of
working capital via working capital financing of approx. € 508 million.
1.3 CHANGES IN SHAREHOLDINGS
KTM AG's previous stake in MV Agusta Motor S.p.A., Varese, Italy, was increased to 50.1% in March
2024, making the company a fully consolidated subsidiary. At the end of the 2024 financial year, the
Executive Board of KTM AG passed a resolution to sell the shares held in all MV Agusta companies in
the 2025 financial year. The related assets and liabilities were measured as a disposal group in
accordance with IFRS 5 and reported separately.
PIERER Green Energy GmbH was acquired by PIERER Industrie AG, Wels, with effect from June 1,
2024. At the same time, the company was merged with KTM Immobilien GmbH.
PB Invest GmbH was acquired by KTM Components GmbH from PIERER Industrie AG with a legally
effective contract dated September 2, 2024. PB Invest GmbH was a holding company whose only
significant asset was its 100% shareholding in Vöcklabrucker Metallgießerei GmbH. Therefore, PB
Invest GmbH was merged with KTM Components GmbH at the time of acquisition and Vöcklabrucker
Metallgießerei GmbH became a fully consolidated subsidiary of the KTM Group. The date of the initial
consolidation was September 1, 2024, and on December 13, 2024, the management of Vöcklabrucker
Metallgießerei GmbH filed for bankruptcy proceedings. The bankruptcy proceedings were accompanied
by the loss of control within the meaning of IFRS 10, as the company has since been liquidated by a
court-appointed liquidator. Against this background, the KTM Group has simplified the deconsolidation
of Vöcklabrucker Metallgießerei GmbH as of December 1, 2024, as no significant transactions or
changes in the net assets, financial position or results of operations of Vöcklabrucker Metallgießerei
GmbH occurred in the period between December 1 and 13, 2024.
For further changes in shareholdings, please refer to Note 9 "Changes in the scope of consolidation".
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1.4 ACTIVITIES AND SUCCESSES IN RACING
20 WORLD TITLES AND MANY PRESTIGIOUS ACHIEVEMENTS IN 2024
The PIERER Mobility Group was represented in MotoGPTM by two factory teams: Red Bull KTM
Factory Racing and Red Bull GASGAS Tech 3.
For both of them, the 2024 season was challenging but successful.
For the Red Bull KTM Factory Racing team, Brad Binder achieved a Grand Prix and a Sprint podium in
Qatar. In the overall standings, he was the best MotoGP rider of the PIERER Mobility squad with 5th
place. Development rider and MotoGP legend Dani Pedrosa competed in the Jerez sprint with a wildcard
and celebrated an impressive podium finish. KTM finished the MotoGP season in 2nd place in the
constructors' standings.
The Red Bull GASGAS Tech3 team and Pedro Acosta caused a stir in MotoGP: Acosta secured five
podiums in Grand Prix and four in sprint races as "Rookie of the Year 2024". With his third place at the
Portuguese GP, he became the third-youngest podium rider in MotoGP history (19 years). He will join
the Red Bull KTM Factory Racing Team in 2025. The Tech3 team returns to the iconic orange colours
of Red Bull KTM Tech3 for the 2025 season. The riders will be Enea Bastianini and Maverick Viñales.
In the Moto3 World Championship, Colombian David Alonso dominated for CFMOTO KTM. With 14
victories in the season, he broke the record for the most victories per season.
In off-road motorcycle racing, Husqvarna factory rider Billy Bolt dominated the 2024 FIM SuperEnduro
World Championship and won his fourth consecutive title. In the AMA Supercross series, Chase
Sexton finished third overall in the 450SX class and won the AMA Pro Motocross 450 Championship.
Tom Vialle secured the AMA Supercross 250 East Division on KTM, while RJ Hampshire was successful
in the West Division on his Husqvarna.
Manuel Lettenbichler triumphed again in the FIM Hard Enduro World Championship, despite a single
injury-related retirement. Josep Garcia prevailed in the FIM EnduroGP World Championship and also
won the Enduro1 World Championship. Garcia triumphed at the International Six Days of Enduro and
secured a historic fourth overall victory.
At the 2024 Dakar Rally, Kevin Benavides finished 4th for KTM, while Daniel Sanders made a comeback
with a win at the Rallye du Maroc in October 2024.
Red Bull GASGAS Factory Racing's Jorge Prado became FIM MXGP World Champion in 2024 and Kay
de Wolf won the MX2 crown on Husqvarna. Other riders such as Sasha and Lucas Coenen, Liam Everts,
Andrea Adamo and Simon Längenfelder celebrated podiums and victories.
For GASGAS Factory Racing, Jaime Busto celebrated podium finishes in the overall standings of the
TrailGP and X-Trail World Championships.
2 ECONOMIC ENVIRONMENT AND MARKET
DEVELOPMENT
2.1 NATIONAL ECONOMY
The difficult macroeconomic conditions at the beginning of the 2024 financial year have lasted longer
than originally expected. Growth in the eurozone remained low, with the important German market in
particular in recession. In the US, consumer purchasing power remained low due to the high cost of
living and the long period of expensive consumer loans.
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The outlook for the global economy remains gloomy. The impact of the Russian-Ukrainian war, which
has been going on since 2022, the recent developments of the war in the Middle East and the ongoing
tensions there, as well as significantly higher inflation rates, among other factors, have led to a slowdown
in the global economy. Although global economic growth remains weighed down, the global economy
as a whole has shown remarkable resilience. However, there are considerable regional and national
differences.
In spring 2025, the new US administration implemented extensive and significant import tariffs that affect
all major economic regions worldwide. At the time of writing, it is not foreseeable how much these new
tariffs will have in place and what countermeasures will be taken by other economic areas. It is also
unclear whether the tariffs will lead to new trade alliances. It is to be expected that tariffs will increase
prices for consumers and reduce the disposable income of private households.
Furthermore, the US has made efforts to end the war in Ukraine. This was accompanied by a reduction
in military aid to Ukraine. The European Union has responded and wants to mobilise up to €800 billion
for rearmament. The EU deficit limits are to be relaxed in favor of an increase in the national defense
spending of the member states.
In addition to these two topics, the situation in the Middle East (especially in and around Israel or in
connection with the nuclear program in Iran and uncertainties of the transport route through the Gulf of
Aden) as well as the tensions between China and Taiwan pose risks.
IMF GROWTH FORECAST
1)
2025
2026
World economy
2.8%
3.0%
Advanced economies
1.4%
1.5%
Eurozone
0.8%
1.2%
Germany
0.0%
0.9%
United States
1.8%
1.7%
Emerging and developing countries
3.7%
3.9%
China
4.0%
4.0%
India
6.2%
6.3%
1)
IMF (International Monetary Fund), World Economic Outlook, April 2025
GROUP MANAGEMENT REPORT 2024
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2.2 MOTORCYCLE MARKET
In the 2024 financial year, registration figures increased by 7% (+245,000 motorcycles). The different
regions show a clearly differentiated picture.
In Europe, the market in terms of new registrations (i.e. exclusive motocross models) rose to more than
900,000 motorcycles (+14.3%), including a one-off effect of one-day registrations at the end of 2024 due
to the changeover to Euro homologation on 1 January 2025. The effect of one-day registrations in
Europe can be estimated at just under 10 percentage points, which reduces the real growth of the
European motorcycle market to about 4 – 5%. Accordingly, the increase in registrations is particularly
noticeable in the growth rates of the European core markets of Germany (+20.2%), Italy (+15.0%) and
Spain (+18.3%). The KTM group's market share increased from 10.5% to 11.1% (measured by the three
core brands KTM, Husqvarna and GASGAS).
In North America, sales (in contrast to Europe including motocross models) fell by 1.8% to 475,000 units
sold. The market share of the KTM Group's three core brands fell from 12.8% to 11.3% in the 2024
financial year. Especially in the high-sales months of August and September, demand in the USA fell by
8.1% (August) and even by 14.6% (September). The segment of high-margin off-road motorcycles came
under additional pressure in the USA (-6.8%).
The Australian and New Zealand markets continued to decline (-3.8%). It comprises a total volume of
65,000 motorcycles. The market share of KTM, Husqvarna and GASGAS fell to 18.6% (previous year:
21.0%).
The relevant Indian motorcycle market (S2/S3 segment) was once again clearly on the upswing in 2024
(+10.8%) and had a volume of around 1.35 million motorcycles sold. The strategic partner Bajaj sold
over 60,000 KTM and Husqvarna motorcycles in India. The market share of these brands fell to 4.5%
(previous year: 5.3%).
The Asian region was marked by significant losses in 2024 (-17.7%), with the markets in Thailand
(-22.3%) and China (premium importer market; -28.8%) being particularly affected. In Japan
(motorcycles >250cc), the decline was only 2.6% and thus noticeably smaller. Nevertheless, the market
share of KTM's core brands in this important growth region has risen to 5.1% (previous year: 4.4%),
indicating a market-related outperformance of the KTM brands. In China in particular, the market share
of KTM brands increased to 11.3% in 2024 (previous year: 8.5%).
In addition, global economic uncertainties have significantly impacted the motorcycle market in 2024.
Factors such as fluctuating exchange rates, rising production costs, and supply chain disruptions have
created a challenging environment for manufacturers and consumers alike. These uncertainties have
led to cautious spending and investment decisions in various regions, which has further influenced the
market dynamics.
2.3 BICYCLE MARKET
During the Corona pandemic, the demand for bicycles increased rapidly, which led to overheating in the
bicycle market and distortions throughout the supply chain. As a result, inventories reached record
levels. The reduction of these stocks to a normal level continues, while at the same time there is massive
pressure on sales prices. On the customer side, the increased cost of living in the core market of Europe
led to a loss of purchasing power. This caused a decline in demand for premium electric bicycles and
bicycles.
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3 FINANCIAL PERFORMANCE INDICATORS
3.1 KEY FIGURES
Unless otherwise stated, all values in €m.
Explanations of the alternative performance measures can be found in the glossary.
EARNINGS FIGURES
2023
2024
∆
Revenue
2,661
1,879
-29.4%
EBITDA
324
-481
>-100.0%
EBITDAmargin
12.2%
-25.6%
-37.7pp
EBIT
160
-1,184
>-100.0%
EBIT margin
6.0%
-63.0%
-69.0pp
Net income
76
-1,080
>-100.0%
Earnings per share (€)
2.37
-29.30
>-100.0%
SEGMENT RESULTS
2023
2024
∆
Motorcycle
Revenue
2,416
1,804
-25.4%
EBITDA
371
-221
>-100.0%
EBITDA margin
15.4%
-12.2%
-27.6pp
EBIT
214
-887
>-100.0%
EBIT margin
8.9%
-49.2%
-58.1pp
Bicycle
Revenue
241
111
-53.7%
EBITDA
-42
-256
>-100.0%
EBITDA margin
-17.4%
-230.0%
-212.6pp
EBIT
-47
-291
>-100.0%
EBIT margin
-19.6%
-261.1%
-241.5pp
BALANCE SHEET FIGURES AS OF DEC 31
2023
2024
∆
Balance sheet total
2,953
2,396
-18.9%
Equity
909
-194
>-100.0%
Equity ratio
30.8%
-8.1%
-38.9pp
Working capital employed
531
525
-1.1%
Net debt
776
1,643
>100.0%
Gearing
85.3%
847.9%
762.6pp
CASH FLOW AND CAPITAL EXPENDITURES
2023
2024
∆
Cash flow from operating activities
-111
-436
>-100,0 %
Cash flow from investing activities
-302
-341
-12,7 %
Free cash flow
-413
-777
88,0 %
Cash flow from financing activities
399
695
74,3 %
CAPEX
284
233
-18,0 %
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3.2 BUSINESS DEVELOPMENT AND ANALYSIS OF KEY EARNINGS FIGURES
SALES
The total sales figures of motorcycles and (electric) bicycles of the PIERER Mobility Group are as
follows:
Motorcycles
In the 2024 financial year, the Group sold 292,497 motorcycles (-21.5%). This figure includes KTM and
Husqvarna motorcycles sold by partner Bajaj in India and Indonesia. Of total sales, 212,685 units were
for the KTM brand (-22.8%), 50,977 units for the Husqvarna brand (-21.9%), 18,814 units for the
GASGAS brand (-31.5%) and 3,748 units for the MV Agusta brand (+102.4%). In addition, the Group
sold 6,273 CFMOTO motorcycles (+150.6%).
The KTM brand thus accounted for 72.7% of all motorcycles sold, Husqvarna 17.4%, GASGAS 6.4%,
CFMOTO 2.1% and MV Agusta 1.3%.
Sales of motorcycles with electric drive declined at a low level. 5,889 units were sold worldwide (-12.4%),
almost exclusively (96.3%) in the off-road market segment. This means that 2.0% of the total
motorcycles sold had an electric drive.
All relevant markets showed a decline in sales figures. The decline of 18.7% (-25,549 units) in Europe
and 27.5% (-26,963 units) in North America deserves special mention.
The Group sold 37.9% of its motorcycles in Europe (+1.3 percentage points compared to the previous
year), 24.3% in North America including Mexico (-2.0 percentage points compared to the previous year)
and 21.2% via its partner Bajaj in India
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and Indonesia (+3.4 percentage points compared to the previous year). A further 16.6% (-2.7 percentage
points compared to the previous year) were sold in other regions.
Bicycles
In the 2024 financial year, the Group sold 106,311 bicycles (-31.8%).
On the one hand, at the end of 2023, the group divested itself of the R Raymon brand, which accounted
for 66.9% of total sales (104,336 units). In addition, the Johansson electric cargo bike business was sold
on October 1, 2024. The Group sold 3,639 of these units in 2024 (previous year: 189 units). On the other
hand, the remaining core brands increased their sales in the 2024 financial year: Husqvarna E-Bicycles
(+104.1%), GASGAS (+227.2%) and Felt (+67.9%). As a consequence, sales of electric bicycles fell by
only 32.5% to 66,880 units and that of bicycles by 30.5% to 39,431 units.
58.9% of the electric bikes sold were of the Husqvarna E-Bicycles brand and 37.5% were of the
GASGAS brand. In the case of bicycles, almost all sales (91.3%) were accounted for by the Felt brand.
From a regional perspective, Europe, especially the DACH region, was the largest sales market in the
2024 financial year.
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RESULTS ANALYSIS
Motorcycle segment
In the 2024 financial year, sales of € 1,803.8 million (previous year: € 2,416.4 million) were generated
in the motorcycle segment (-25.4% compared to the previous year). EBITDA in the 2024 financial year
amounted to € -220.6 million (previous year: € 371.0 million) and EBIT amounted to € -887.1 million
(previous year: € 214.4 million). This corresponds to an EBITDA margin of -12.2% (previous year:
15.4%) and an EBIT margin of -49.2% (previous year: 8.9%).
In Europe, sales amounted to € 982.5 million (previous year: € 1,229.0 million) compared to the previous
year's level, which corresponds to a 54.5% share of sales (previous year: 50.9%). In North America, the
Motorcycle Division recorded sales of € 517.0 million (previous year: € 754.4 million). This accounted
for 28.7% of sales in North America (previous year: 31.2%). In the other countries, sales decreased
slightly year-on-year by 29.7% to € 304.3 million. The share of sales in the other countries was 16.9%
(previous year: 17.9%).
Bicycle segment
In the 2024 financial year, the bicycle division generated sales of € 111.5 million (previous year: € 240.7
million). This represents a 53.7% year-over-year loss in revenue. EBITDA in 2024 was € -256.4 million
(previous year: € -41.8 million) and EBIT was € -291.1 million (previous year: € -47.1 million).
GROUP MANAGEMENT REPORT 2024
L-13
3.3 BALANCE SHEET ANALYSIS
The balance sheet structure of the PIERER Mobility Group is composed as follows:
December 31, 2023
December 31, 2024
in €m
Share
in €m
Share
1,333.8
45.2%
947.5
39.5%
1,615.4
54.7%
1,241.7
51.8%
3.7
0.1%
206.7
8.7%
2,952.9
100.0%
2,395.8
100.0%
909.3
30.8%
-193.7
-8.1%
1,130.0
38.3%
196.1
8.2%
913.6
30.9%
2,326.3
97.1%
0.0
0.0%
67.2
2.8%
2,952.9
100.0%
2,395.8
100.0%
The PIERER Mobility Group's total assets decreased from € 2,952.9 million to € 2,395.8 million (18.9%)
compared to the consolidated financial statements as of December 31, 2023.
Non-current assets decreased by € 386.3 million (-29.0%) to € 947.5 million (This decrease is mainly
due to impairment losses made in the course of the impairment test in accordance with IAS 36: On the
one hand, goodwill was fully impaired (€ -131.7 million) and on the other hand, property, plant and
equipment and intangible assets (in particular development costs) were impaired on a pro rata basis
(€ -131.7 million).226.7 million). Property, plant and equipment decreased by € 114.6 million and
intangible assets by € 192.3 million. Deferred tax assets increased by € 74.2 million in the 2024 financial
year, mainly due to the capitalization of deferred taxes on loss carryforwards.
Within current assets, inventories in particular decreased by € 239.4 million. On the other hand, the main
changes relate to the reduction of cash and cash equivalents in the amount of € 95.6 million. Overall,
this led to a 23.1% reduction in current assets to € 1,241.7 million.
Current financial liabilities increased by € 1,640.7 million year-on-year to € 1,712.8 million. The increase
is primarily due to the short-term funds raised to cover the identified financing needs, which ultimately
led to the insolvency proceedings. To explain the background, please refer to the explanations under
point 1.2 "Restructuring proceedings KTM AG, KTM Components GmbH and KTM Forschungs &
Entwicklungs GmbH".
Non-current liabilities decreased by 82.7% to € 196.1 million, mainly due to adjustments to the maturities
of financial liabilities.
Equity decreased by € 1,103.0 million to € -193.7 million- in the 2024 financial year.
GROUP MANAGEMENT REPORT 2024
L-14
3.4 LIQUIDITY ANALYSIS
Cash flow from operations amounted to € 436.0 million in the 2024 financial year-, significantly below
the previous year's figure of € -110.9 million, mainly due to the negative earnings trend. Cash outflow
from investments amounted to € -340.5 million and is above the previous year's figure of € -302.1 million.
This increase is mainly due to higher payouts for the acquisition of subsidiaries and companies
accounted for using the equity method (effect of € -57.7 million). As a result, free cash flow amounted to
€ -776.5 million (previous year: € -413.0 million).
After taking into account the cash flow from financing activities of € 694.7 million, cash and cash
equivalents decreased compared to December 31, 2023 by € 87.4 million (including foreign currency
effects of € -5.6 million) to € 171.6 million
3.5 INVESTMENT
In the current financial year, total investments of € 272.0 million (previous year: € 316.5 million) including
IFRS 16 lease additions of € 39.2 million (previous year: € 32.5 million) were made in the PIERER
Mobility Group. Capital expenditures excluding leasing projects are distributed among development
projects (including tools), property, plant and equipment and intangible assets as follows:
In the past financial year, as usual, high investments were made in series development projects
(including tools). Investments in development projects (including tools) account for 75% of total capital
expenditure, which is higher than the previous year's level (previous year: 69%). The high level of
investment in series product development is one of the key success factors of the PIERER Mobility
Group. At 15%, investments in infrastructure (property, plant and equipment) were also slightly below
the previous year's level of 20%. A further 10% (previous year: 11%) was attributable to intangible assets
(IT, licenses).
As in previous years, the main investment projects in 2024 are mainly development projects and the
purchase of tools and equipment.
MANAGEMENT REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS 2024
L-15
4 NON-FINANCIAL STATEMENT
This non-financial statement was prepared in accordance with Section 267a of the Austrian Commercial
Code (UGB) as part of the management report of the consolidated financial statements in line with the
requirements of the Austrian Sustainability and Diversity Improvement Act (“Nachhaltigkeits- und
Diversitätsverbesserungsgesetz”, NaDiVeG). The non-financial statement was prepared in accordance
with the European Sustainability Reporting Standards (ESRS) in preparation for the reporting obligation
under the CSRD. In accordance with ESRS 1.136 comparative information is not reported. PIERER
Mobility AG includes further information and metrics on the basis of the Taxonomy Regulation (EU)
2020/852.
The material topics of PIERER Mobility AG are discussed in greater detail in the following chapters in
accordance with the Austrian NaDiVeG:
• Environmental information (environmental issues): E1 and E5;
• Social information (social and employee issues, respect for human rights): S1, S2 and S4;
• Governance information (respect for human rights, fight against corruption and bribery): G1.
TABLE OF CONTENTS
4.1 ESRS 2 – General disclosures
Environmental Information
4.2 EU Taxonomy: Disclosures in accordance with Article 8 of Regulation (EU) 2020/852 (Taxonomy
Regulation)
4.3 ESRS E1 Climate change
4.4 ESRS E5 Resource use and circular economy
Social Information
4.5 ESRS S1 Own workforce
4.6 ESRS S2 Workers in the value chain
4.7 ESRS S4 Consumers and end-users
Governance Information
4.8 ESRS G1 Business conduct
MANAGEMENT REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS 2024
L-16
4.1 ESRS 2 – GENERAL DISCLOSURES
BASIS FOR PREPARATION
BP-1 – General basis for preparation of sustainability statements
PIERER Mobility AG has prepared the non-financial statement on a consolidated basis. The scope of
consolidation for the non-financial statement is the same as that of the 2024 consolidated financial
statements with the exceptions given below (see chapter XII. “Group companies (schedule of equity
holdings)” of the Notes). The content of the non-financial statement focuses on the activities of the
PIERER Mobility Group (the “Group”). If required (for comprehensibility), information about the Group’s
up- and downstream value chain is, as far as possible, included. The Group’s double materiality
assessment took into consideration its entire value chain, focusing on direct business partners. Further
information on the up- and downstream value chain, including with regard to disclosed concepts,
measures and metrics, is given in the respective sections on the topical standards. Special attention
was paid to completeness in the compilation of the information, in particular that relating to the
company’s own operations. However, no guarantee can be provided as to the completeness of the
qualitative disclosures, in particular as with regard to future developments and know-how.
The ESRS were applied voluntarily based on the prevailing legislation in Austria at the time at which the
report was drawn up. The following group companies are not included (or are included only partially):
• Vöcklabrucker Metallgießerei GmbH (VMG):
1
Due to the initiation of bankruptcy proceedings, this
company was deconsolidated at the end of November 2024. Consequently, social and
governance data are not included in this statement. Based on the environmental data available
for 2023, calculations were established for 2024 using assumptions and estimations for the period
from September to November 2024.
• PIERER IMMOREAL GmbH: this company was only part of the Group for a short period and was
therefore not included in the scope of the non-financial statement.
The associated companies specified in chapter XII. “Group companies (schedule of equity holdings)” of
the Notes are taken into consideration as follows:
COMPANY
PARTICIPATION
(FY 2024)
OPERATIONAL
CONTROL
PART OF THE
VALUE CHAIN
CONSIDERATION IN
NON-FINANCIAL STATEMENT
AS PART OF THE
VALUE CHAIN
GHG BALANCES
Kiska GmbH
50%
No
Yes
Yes
In scope 3
KTM Asia
Motorcycle
Manufacturing Inc.
40%
Yes
Yes
Yes
In all
relevant scopes
CFMOTO-KTMR2R
Motorcycles Co.
49%
No
Yes
Yes
In scope 3
PIERER IMMOREAL
GmbH
Not included in the scope of the non-financial statement.
LX media GmbH
20%
No
Yes
Yes
in scope 3
AC styria
Mobililtätscluster
GmbH
12.3%
No
No
No
No (not relevant)
1
Merged into the PIERER Mobility Group on September 1, 2024.
MANAGEMENT REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS 2024
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BP-2 – Disclosures in relation to specific circumstances
Estimations and outcome uncertainty
When compiling the non-financial statement, the Group paid particular attention to the completeness
and accuracy of the data disclosed. Where possible, the Group used primary data to calculate
quantitative information in relation to its own operations. Due to the limited availability of data in the
upstream and downstream value chain and its high complexity, only a limited amount of primary data
could be used to calculate the key figures. Consequently, assumptions and estimates were made. There
is therefore a particularly high level of outcome uncertainty in relation to quantitative disclosures
regarding the up- and downstream value chain, for example Scope 3 GHG emissions or the expected
working life of the Group’s products in comparison with industry data. Further information on the
calculation and estimation of disclosures and the certainty of this can be found together with the data
disclosed in the sections on the calculation principles and assumptions. In addition, some extrapolations
had to be made on the basis of headcount or production figures. This applied in particular to figures for
E1 and E5 and for companies with fewer than 50 employees. However, extrapolations were also used
in other cases where the data was incomplete. Further information on the extrapolations can be found
in the sections on calculation principles and assumptions.
Changes in preparation or presentation of sustainability information
In this non-financial statement, the Group is reporting in compliance with the ESRS for the first time.
This has resulted in a material change from the way reporting was carried out previously, which included
a separate sustainability report (non-financial report pursuant to Section 267a of the Austrian
Commercial Code (UGB) prepared in accordance with the requirements of the Global Reporting Initiative
(GRI). This change required multiple amendments to the processes and methods used for reporting and
the data points to be collected. Due to the limited comparability of the information against the disclosures
for previous periods, this non-financial statement for financial year 2024 does not provide comparative
figures against previous years. In terms of the reporting pursuant to the EU Taxonomy Regulation, the
process used in the previous year was followed. As a result of revaluations or new insights, minor
adjustments were made to the reported figures. These are described in section 4.2 of this management
report on EU Taxonomy.
General information regarding disclosed figures and information
The figures disclosed in this report have not been validated by an external body (with the exception of
the audit). The consumption figures for the motorcycles, which have been used to establish the Scope
3.11 GHG emissions, are based on data calculated using the World-harmonized Motorcycle Test Cycle
(WMTC). The collection of these values is monitored by TÜV Rheinland. This body and the German
KBA review the data collected and issue a report. For further information, see E1-6 and the description
of valuation principles and assumptions related to ESRS E1. The MDR-A requirements of ESRS 2 have
only been fully implemented for significant actions.
The whole process of creating a product in motorcycle manufacturing – from market analysis, the idea
for the product, design studies, construction and development, cooperation with suppliers, the
procurement of components for series production, parts production, assembly of the engine and vehicle,
through to packing and dispatch – is mapped by an integrated management system according to ISO
9001:2015 and ISO 14001:2015 and controlled using the KTM process management system. The scope
of certification of ISO 9001:2015 covers the production sites in Mattighofen, Munderfing and Graz, KTM
Forschungs & Entwicklungs GmbH, KTM Informatics GmbH, the logistics sites in Munderfing and
Schalchen as well as the sales subsidiaries located in Mattighofen and Graz. The scope of certification
of ISO 14001:2015 covered KTM Components GmbH and KTM Forschungs & Entwicklungs GmbH, as
well as the divisions at KTM AG’s Austrian production and logistics sites in Munderfing and Mattighofen.
Further information on the BP-2 requirements is provided together with the disclosures to which it
relates.
MANAGEMENT REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS 2024
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Information on the Group’s current economic situation and its impacts on sustainability
activities
KTM AG is a principal subsidiary of the holding company PIERER Mobility AG. On November 29, 2024,
restructuring proceedings were opened in respect of KTM AG and two of its subsidiaries. These
proceedings had a direct impact on the economic situation of Avocodo GmbH and PIERER E-Commerce
GmbH, which led to insolvency of these two companies in January 2025. Against this background, the
focus of the Executive Board members of PIERER Mobility AG, who are also members of the Executive
Board of KTM AG, was on the continuation of the KTM Group in particular.
GOVERNANCE
GOV-1 – The role of the administrative, management and supervisory bodies
PIERER Mobility AG is an “Aktiengesellschaft” (stock corporation) under Austrian law. This legal form
provides for a dual system with separation of corporate governance (Executive Board) and supervision
(Supervisory Board) at the level of the governing bodies. As of December 31, 2024, the Executive Board
consisted of Stefan Pierer (CEO) and Gottfried Neumeister (Co-CEO); the Supervisory Board consisted
of six people. Neither body has any representatives of the employees or other members of the workforce.
The Executive Board and Supervisory Board cooperate at regular intervals on the basis of open and
transparent discussion.
The PIERER Mobility AG Executive Board manages the company, under its own responsibility, as
required for the company’s welfare, taking into consideration the interests of the shareholders,
employees and the public interest. Executive Board members are appointed by the Supervisory Board.
The Supervisory Board is tasked with monitoring corporate governance. In certain business cases
specified in the Austrian Stock Corporation Act (AktG), the Articles of Association and the rules of
procedure, the Executive Board must seek the approval of the Supervisory Board.
The rules for proper corporate governance are set out in, among others, the Austrian Code of Corporate
Governance (ÖCGK), to which PIERER Mobility AG is committed. As a company listed in Switzerland,
PIERER Mobility AG is also subject to the rules of the Swiss Directive on Information Relating to
Corporate Governance of the SIX Swiss Exchange (“Swiss Directive on Corporate Governance”).
The members of the Executive Board and the Supervisory Board as of December 31, 2024 were as
follows:
Executive Board
Stefan Pierer has been a member of the PIERER Mobility AG Executive Board since June 2, 2015. In
1987, he founded the current PIERER Mobility Holding Group, where he acts as majority shareholder
and Executive Board member. He has been a shareholder and Executive Board member of KTM AG
since 1992. He is responsible for: strategy, research and development, product management,
production, quality management, supply chain management, purchasing, IT, sustainability, personnel,
property, motorsport and X-BOW.
Gottfried Neumeister has been Co-CEO of PIERER Mobility AG since September 1, 2024. Between
March 2012 and June 2023, he held senior positions, including Co-CEO, at DO & CO Aktiengesellschaft.
Prior to this, Mr. Neumeister founded flyniki together with Niki Lauda and in his capacity as General
Manager was responsible for the successful development of the aviation business (until its sale to Air
Berlin). He is responsible for: global sales, marketing, PG&A, customer service, brand management,
finances and taxes, risk management, corporate communications, investor relations, sustainability, legal
affairs and joint ventures.
Supervisory Board
Josef Blazicek was a member of the Supervisory Board from 2008 to 2025, serving as Chairman from
2015 to 2025. He worked in the banking sector until 2000 as a securities and capital market specialist.
Since then, Josef Blazicek has been a partner in the QINO Group/Ocean Consulting GmbH. Josef
Blazicek holds Supervisory Board seats in various Pierer Group companies.
MANAGEMENT REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS 2024
L-19
Rajiv Bajaj has been a member and Deputy Chair of the Supervisory Board since 2022. He holds an
MSc in manufacturing systems engineering and started his career working in the Streamlines
Manufacturing Systems department at Bajaj Auto Ltd. in 1990. In 1995, Mr. Bajaj switched department
and worked as General Manager and Vice President in the R+D and Engineering department. In 2000,
as Deputy General Manager, he started reorienting the marketing, sales and service interfaces and
promoted export initiatives. Mr. Bajaj has been General Manager of Bajaj Auto Ltd. since 2005.
Iris Filzwieser has been a member of the Supervisory Board since 2022. She holds a doctorate in
mining engineering and is, among other things, the founder and General Manager of METTOP GmbH,
president of Austrian Cooperative Research, a member of the managerial advisory board of the Delta
Academy at the University of Leoben, a member of the jury for Austrian research company FFG, a
member of the assembly of delegates of the Austrian Science Fund (FWF) and a Council Member at
Vienna University of Technology.
Michaela Friepess has been a member of the Supervisory Board since 2022. After completing a degree
in business studies, she started her career as a financial analyst and worked in the Business
Development department at GE Capital Bank in Vienna and Paris. In September 2003, she joined the
Pierer Group. Ms. Friepess is a specialist with comprehensive practical experience in the areas of capital
market, corporate governance, compliance and sustainability. Most recently, she was a member of the
Executive Board of Pierer Industrie AG, where she was responsible for Investor Relations, Compliance
and Sustainability until October 2024. Ms. Friepess is an authorized signatory of Pierer
Konzerngesellschaft mbH.
Srinivasan Ravikumar has been a member of the Supervisory Board since 2022. He started his career
in the Corporate Finance department at Bajaj Auto Ltd. in 1984. In 1994, he took over the management
of the Business Development department. Srinivasan Ravikumar is currently Chief Business
Development Officer and responsible for the Business Development & Assurance department. He is
also a member of the Corporate Management Committee, Investment Committee and Foreign
Exchange Management Committee of Bajaj Auto Ltd. His area of responsibility includes corporate
strategy, business development, foreign collaborations and IP management.
Friedrich Roithner has been a member of the Supervisory Board since 2023. After obtaining a degree
in business administration, he worked as an audit assistant at a tax consultancy and audit firm. From
1992 onwards, he was employed by Austria Metall AG, where he was a member of the Executive Board
from 2002 to 2006. He joined the CROSS Group (now PIERER Mobility Group) in 2007 and was a
member of the Executive Board from 2010 to 2023, serving as CFO from 2015 to 2023.
Composition and diversity
Executive Board: Selection criteria for Executive Board members are their specialist qualification,
leadership qualities, previous performance and knowledge of the company.
A person’s age and sex play no role in the decision to appoint members of the Executive Board and do
not lead to any preference or disadvantage in the selection process. The members of the Executive
Board are all men (proportion of women: 0%) and were born between 1956 and 1977.
Supervisory Board: The Supervisory Board should comprise personnel with the requisite professional
and personal qualities. Consideration must be given to ensuring a professionally balanced composition
that reflects the structure and business activities of the Group. Appropriate consideration must be given
to diversity aspects of the Supervisory Board to ensure that both genders and different ages are
represented.
For supervisory boards of listed companies with at least six members, Austrian Law
2
provides a
minimum gender quota of 30%. The Supervisory Board of PIERER Mobility AG is composed of two
women and four men (proportion of women: 33%). The members of the Supervisory Board were born
between 1957 and 1972. Four members are Austrian citizens and two are Indian citizens.
2
See: Austrian Act on Equality Between Men and Women on Supervisory Boards (“Gleichstellungsgesetz von Frauen und Männern im Aufsichtsrat” – GFMA-G), 2017
MANAGEMENT REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS 2024
L-20
Furthermore, the Group’s diversity policy stipulates the following for the Supervisory Board:
• A minimum of one financial expert must hold a seat on the Supervisory Board. This requirement is
fulfilled by Friedrich Roithner.
• Wherever possible, the Supervisory Board should include a total of two members with
international experience or special expertise in one or more of the markets outside Austria that
are of importance to the PIERER Mobility Group. This requirement is fulfilled by Rajiv Bajaj and
Srinivasan Ravikumar.
• Wherever possible, the Supervisory Board should include one member who, by virtue of his/her
prior experience, has detailed knowledge of PIERER Mobility AG. This requirement is fulfilled by
Josef Blazicek, Michaela Friepess and Friedrich Roithner.
• Wherever possible, the Supervisory Board should include one member who, by virtue of his/her
experience and knowledge, can transfer ESG expertise within the Group. This requirement is
fulfilled by Michaela Friepess and Iris Filzwieser.
Some members of the Supervisory Board perform management functions in other companies, in which
they must likewise deal with the implications of European sustainability requirements. Furthermore, they
expand their sustainability-related expertise through various training opportunities and ongoing
information about the latest developments. There are currently no defined training measures for
Supervisory Board members. The involvement of the Audit Committee and the Committee for
Compliance, Investor Relations (IR) and Sustainability (ESG) in structuring and drawing up the non-
financial statement is described in the “Supervisory Board Committees” section.
PIERER Mobility AG uses the Austrian Code of Corporate Governance to define the independence of
the members of the Supervisory Board. Consequently, of the six members of the Supervisory Board,
four are independent in accordance with C-Rule 53 (67%) and therefore do not have any business or
personal relations with the company or its Executive Board that constitute a material conflict of interest.
Furthermore, one member is independent under C-Rule 54 (17%).
Channels for steering sustainability aspects
Sustainability Steering Committee (SSC): A Sustainability Steering Committee (SSC) was set up at
the level of PIERER Mobility AG in financial year 2024. It is led by the ESG & Risk Management lead
and the Sustainability team of Pierer Industrie AG and includes representatives of the main specialist
divisions of PIERER Mobility AG. This guarantees that the sustainability-related impacts, risks and
opportunities (IROs) are made transparent and monitored and that there is coordination with the higher-
level Pierer Industrie AG. A coordination meeting (ESG coordination meeting) takes place at least once
every two weeks between the SSC leaders and any other participants attending for specific reasons, for
example the Chair of the Committee for Compliance, IR and ESG. One of the tasks of the SSC is to
implement the CSRD/ESRS within the Group. The ESG Management team, whose leadership is
represented on the SSC, coordinates the preparation of the sustainability statement at an operative level
and was responsible for conducting the double materiality assessment. During the assessment process,
it carefully studied the Group’s material IROs. The team has specialist expertise and many years of
experience in the field of sustainability.
The SSC prepares the information required for the Executive Board of PIERER Mobility AG. Each
Executive Board member is responsible for the sustainability issues, including defining measures and
targets, in their own areas of the business at an operative level.
Committees of the Supervisory Board: The Supervisory Board of PIERER Mobility AG has three
committees: the Audit Committee, the Remuneration Committee and the Committee for Compliance, IR
and ESG. The Audit Committee is, among other things, responsible for the auditing and preparation for
the approval of the management report. As of financial year 2024, the non-financial statement is a
component of the management report. This means that the Audit Committee is responsible for auditing
the non-financial statement. The Committee for Compliance, IR and ESG also focuses on the
sustainability-related issues and regularly reviews whether the Compliance, IR and ESG objectives
pursued by PIERER Mobility AG are being met. For this purpose, at least one representative from these
committees attends the ESG coordination meetings, which generally take place once every two weeks.
MANAGEMENT REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS 2024
L-21
The committees are therefore kept up to date with any developments in the field of sustainability and
the process for structuring and drawing up the non-financial statement and may fulfill their oversight
function during the course of the year.
Steering by Executive Board members: Sustainability aspects affect large areas of corporate planning
and activity within the Group. The members of the Executive Board are (directly and indirectly) informed
by the SSC, the other KTM AG Executive Board members and their division heads about the
sustainability aspects that are relevant to their respective area of responsibility. There are currently no
defined training measures for Executive Board members. However, various (company-internal and
external) experts are available to the members of the Executive Board when required. Furthermore, the
members of the Executive Board have the required expertise regarding sustainability-related
components thanks to their management functions in other companies. Moreover, discussions take
place (during the year, for example as part of the preparation of the annual financial statements) with
members of the Supervisory Board, in particular members of the Audit Committee and the Committee
for Compliance, IR and ESG. Further information on the steering of sustainability aspects can be found
in section GOV-2.
Changes after the end of the reporting period
In the Extraordinary General Meeting of January 27, 2025, the Chair, Josef Blazicek, resigned his
Supervisory Board seat and Mr. Stephan Zöchling was appointed. In the Supervisory Board meeting
held later the same day, Mr. Zöchling was elected as the new Chair of the Supervisory Board and new
members were appointed to the committees of the Supervisory Board.
On January 23, 2025, Stefan Pierer handed over the role of CEO to Gottfried Neumeister. Mr. Pierer
took up the role of Co-CEO.
GOV-2 – Information provided to and sustainability matters addressed by the
undertaking’s administrative, management and supervisory bodies
The material IROs of the Group and their management are discussed in the ESG coordination meetings
and technical discussions held between the division heads, committees, and administrative and
management bodies. Further information on the coordination meetings can be found in section GOV-1
“Channels for steering sustainability aspects.”
The material IROs (see SBM-3) feed indirectly into the corporate strategy and associated transaction
decisions. As almost all the identified material topics were relevant in the past (see for example the
voluntarily audited sustainability report for 2023
3
), they are generally handled by the Group at operative
level. In the case of strategic and relevant operational decisions, they are brought into the overall
context. In connection with this incorporation of sustainability aspects into the strategy, please refer to
section SBM-1. The material risks and opportunities were identified by the risk management as part of
the materiality assessment (see IRO-1) and therefore are directly linked to the risk management
process. This process includes reporting to the Executive Board of KTM AG, which, together with the
PIERER Mobility AG Group Executive Board, is responsible for its monitoring. Further information on
the process can be found in the management report in section 6 ”Opportunities and risk report”.
In financial year 2024, in addition to the sustainability topics addressed on an ongoing basis, the
administrative, management and supervisory bodies also studied, in greater detail, topics surrounding
climate change mitigation, in particular as part of the development of the decarbonization strategy, as
well as the implications of the personnel strategy, and employee satisfaction.
Members of the Supervisory Board’s Committee for Compliance, IR and ESG (see GOV-1) were
involved in the work of the SSC. They were also informed by the Executive Board about projects, the
course of business and business planning, including the non-financial performance indicators, and
supported the Executive Board in an advisory capacity on material strategic decisions. The Supervisory
Board also dealt with the corporate governance of the company and compliance management. In
financial year 2024, the Supervisory Board examined new regulations and the current legal framework
3
Accessible at: https://www.pierermobility.com/en/sustainability/publications
MANAGEMENT REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS 2024
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conditions on sustainability issues. Before the non-financial statement is disclosed, it is presented to the
Committee for Compliance, IR and ESG, the Audit Committee, and, finally, the entire Supervisory Board.
GOV-3 – Integration of sustainability-related performance in incentive schemes
The variable remuneration of the Executive Board incorporates only financial figures (and therefore no
specific sustainability-related targets and/or impacts). The remuneration of the Executive Board and
Supervisory Board is based on the remuneration policy decided by the Annual General Meeting. The
specific parameters for Executive Board remuneration are agreed between each member of the
Executive Board and the company, represented by the Supervisory Board. The Remuneration
Committee set up by the Supervisory Board deals with general questions relating to Executive Board
remuneration. The Supervisory Board considers the established remuneration arrangements to be
suitable for the Executive Board of PIERER Mobility AG. Due to the company’s special shareholder
structure – with a core shareholder represented on the Executive Board and Supervisory Board – the
Executive Board is not expected to make any short-term profit maximization to the detriment of the long-
term performance of the company. Rather, the Supervisory Board acts on the assumption that the
Executive Board takes a holistic approach in which non-financial matters are essential for long-term
successful management, which guarantees the company’s existence and the sustainability of the
business model.
Supervisory Board remuneration consists exclusively of an attendance fee for Supervisory Board and
committee meetings. In order to guarantee impartial supervision of corporate governance by the
Supervisory Board, the members of the Supervisory Board are not granted any variable remuneration.
GOV-4 – Statement of due diligence
The table below shows the key steps in the process in place to ensure compliance with due diligence;
the steps are described in this non-financial statement.
CORE ELEMENTS OF
DUE DILIGENCE
PARAGRAPHS IN THE SUSTAINABILITY STATEMENT
Embedding due diligence
in governance, strategy
and business model
ESRS 2 GOV-2: Information provided to and sustainability matters addressed by the
undertaking’s administrative, management and supervisory bodies
ESRS 2 SBM-3: Material impacts, risks and opportunities and their interaction with
strategy and business model
Engaging with affected
stakeholders in all key
steps of the due diligence
ESRS 2 GOV-2: Information provided to and sustainability matters addressed by the
undertaking’s administrative, management and supervisory bodies
ESRS 2 SBM-2: Interests and views of stakeholders
ESRS 2 IRO-1: Description of the processes to identify and assess material impacts,
risks and opportunities
ESRS 2 MDR-P: Policies adopted to manage material sustainability matters
ESRS S1-2: Processes for engaging with own workers and workers’ representatives
about impacts
ESRS S1-3: Processes to remediate negative impacts and channels for own workers
to raise concerns
ESRS S2-2: Processes for engaging with value chain workers about impacts
ESRS S2-3: Processes to remediate negative impacts and channels for value chain
workers to raise concerns
ESRS S4-2: Processes for engaging with consumers and end-users about impacts
ESRS S4-3: Processes to remediate negative impacts and channels for consumers
and end-users to raise concerns
ESRS G1-1: Corporate culture and business conduct policies and corporate culture
ESRS G1-3: Prevention and detection of corruption and bribery
MANAGEMENT REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS 2024
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Identifying and assessing
adverse impacts
ESRS 2 SBM-3: Material impacts, risks and opportunities and their interaction with
strategy and business model
ESRS 2 IRO-1: Beschreibung des Verfahrens zur Ermittlung und Bewertung der
wesentlichen Auswirkungen, Risiken und Chancen
ESRS S2-4: Taking action on material impacts on value chain workers, and
approaches to managing material risks and pursuing material opportunities related to
value chain workers, and effectiveness of those actions
Taking actions to address
those adverse impacts
“Impact, risk and opportunity management” sections in the respective chapters on
the thematic standards
Tracking the effectiveness
of these efforts and
communicating
„Metrics and targets“ sections in the respective chapters on the thematic standards
GOV-5 – Risk management and internal controls over sustainability reporting
The Group’s internal control system for sustainability reporting is responsible for ensuring the regularity
and reliability of the information, compliance with the relevant regulatory requirements, and data
protection.
Risks in connection with the non-financial statement are ascertained and monitored by the Group’s ESG
and risk management, taking into consideration the findings made during financial reporting. The
identified risks that are considered to be relevant include incomplete or incorrect recording and
presentation of relevant facts, errors in collecting evidence, and incorrect calculations. The
implementation of new reporting standards increases the complexity in reporting and may lead to delays.
There is also a risk of data being accessed by unauthorized persons or of data being manipulated, IT
systems failing and data being lost.
The organizational structure of the Group forms the basis for the control environment and the internal
control system within the company. Due to the number of divisions involved in drawing up the non-
financial statement, the pooling of competences and responsibilities in the Group’s ESG and risk
management is important for supporting the divisions and for correct data consolidation. Comprehensive
change management makes it possible to trace data sources and therefore the link between raw data
and reported information. Regular reporting by ESG management to members of the SSC and the audit
and approval of the entire non-financial statement by SSC members ensure the plausibility and validity
of the data. A member of the Supervisory Board regularly attends SSC coordination meetings. IT risks
are addressed by a stringent access management policy and back-up copies. In order to prepare for
any delays, a project plan was drawn up, which takes these into consideration and allows the Group to
react promptly. A detailed analysis of the requirements of the reporting standard has been carried out in
order to identify any potential problem areas in good time and allow suitable preparatory steps to be
taken. In the future, the internal control system for non-financial reporting will be further developed along
the model of the internal control system for financial reporting.
STRATEGY
SBM-1 – Strategy, business model and value chain
PIERER Mobility AG is the parent company of the PIERER Mobility Group. It is one of Europe’s leading
motorcycle manufacturers, focusing on the premium segment. Until the initiation of the restructuring
proceedings, the Group was broken down into the strategic core areas of (i) “Motorcycles”, (ii) “Bicycles”,
(iii) “Design, R&D”, (iv) “Digital Transformation, IT” and (v) “Motorsport.” Its central motorcycle production
sites are located in Austria, Italy and Spain. It also has strategic partnerships with companies in India
(Bajaj) and China (CFMOTO). As at the reporting date of December 31, 2024, the Group had 5,310
employees, 4,805 of whom in Europe and 349 in North America (including Mexico). The exact
distribution of the employees by country is shown in section S1-6.
MANAGEMENT REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS 2024
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Value chain
The Group has a global, highly fragmented value chain. Central input parameters include materials,
semi-finished products and finished products used, for example, for motorcycle assembly. The goods
purchased primarily include products made of steel, aluminum, plastic and rubber. Multi-use racks and
cardboard packaging are often used for packaging and shipment. Further information on material flows
can be found in section E5-4. Due to the complexity of the upstream value chain, it is difficult to trace
the purchased goods back to their source. However, the central process steps of the upstream value
chain are raw material mining, processing into primary and secondary products, and transport and
storage processes. Furthermore, the reprocessing of end-of-life products and their recirculation is part
of the up- and downstream product value chains. The majority of the purchasing volume for the series
production of motorcycles in Austria are located in Europe (85%). As an OEM (Original Equipment
Manufacturer), the Group works closely with its (mostly longstanding) partners.
The Group provides its customers, investors and stakeholders value in the following areas:
• Manufacture and marketing of KTM, Husqvarna, GASGAS and MV Agusta premium motorcycles
• Offer of Husqvarna and GASGAS e-bicycles and Felt bicycles
• Offer of IT solutions and online marketing products
• Metal cast parts (until insolvency of VMG on December 13, 2024)
• Jobs with high safety standards
• Employee benefits
• Dividends and interest on debt financing
In 2024, the majority of the Group’s turnover was made in the motorcycle segment; for this reason, the
focus of this sustainability report is on motorcycle assembly. The Group markets its products and
services in numerous countries via a global network of dealers. Its largest sales markets are in Europe,
North America (including Mexico) and India/Indonesia (via Bajaj). No material changes in the sales
markets were seen in financial year 2024. In addition to the network of dealers, the Group works with
numerous authorized dealers that are able to perform professional repairs and maintenance work and
can therefore extend the working life of the vehicles. Once the products have reached the end of their
life, it is assumed that they will be disassembled. Certain raw materials, for example metals, can then
be returned to the material cycle.
Sustainability position
One of the Group’s primary sustainability goals is to contribute to decarbonization. To this end, work
began in financial year 2024 on the development of a decarbonization strategy for internal business
activities, taking into consideration the up- and downstream value chain. This includes company sites in
various regions and greenhouse gas emissions from all three scopes of the Greenhouse Gas Protocol
(GHG protocol). Due to the complex (and in some cases multistage), globally fragmented up- and
downstream value chain, far-reaching impacts on business activities are expected, from a geographical
perspective. The focus of the decarbonization strategy is on the motorcycle segment, which accounts
for the largest share of GHG emissions. Motorcycle emissions reduction measures have already been
implemented in the past, with for example, the development and market introduction of electric battery-
powered vehicles. Another part of the business concept in 2024 was the marketing of bicycles and e-
bicycles, which constitute low-emission transport technology. However, the Group’s sees its next steps
toward decarbonization and the associated company developments as a challenge, for which additional
measures will be required in the future. Some of these are described in E1-3. The sections under SBM-
3 examine further sustainability risks and opportunities in the topical standards.
MANAGEMENT REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS 2024
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SBM-2 – Interests and views of the stakeholders
The presence of the products from the company’s different divisions means that the Group has a range
of stakeholders in the global market. Their interests and approaches are balanced as fairly as possible.
The Group always strives to maintain a continuous dialog with its stakeholders.
The sustainability-related outcomes of the stakeholder dialog are taken into consideration in the Group’s
business processes and double materiality assessment and discussed in coordination meetings, as
described in GOV-1 and GOV-2. The insights gained from this stakeholder involvement feeds into
management decisions and plays a significant role in management action. From this, measures are
derived, for example the long-term safeguarding of jobs, which underscore the role and profile of the
Group as an attractive employer and one of the largest in the region; the successive reduction of
emissions, in particular Scope 3 emissions, primarily in the usage phase of the motorcycles, as
highlighted by the efforts made and initial steps taken to develop a decarbonization strategy; or correct
and transparent governance of business relationships in the global markets in which the Group is active.
KEY
STAKEHOLDERS
INCLUSION
PURPOSE
RESULTS
Employees
and their
representatives
Employee appraisals,
training, works
meetings, employee
representatives,
information events,
written and verbal
business
correspondence,
intranet, PITBOARD
PIERER Mobility places great
value on the interests of its
employees and endeavors to
implement these where
economically feasible.
Respect for human and
employment rights always
has the highest priority and is
taken into consideration in all
processes.
This inclusion gives employees and
their representatives the opportunity
to gain information about the latest
developments and contribute their
knowledge. Employee
representatives are always involved
in far-reaching decisions so that the
employees’ interests can be taken
into consideration as effectively as
possible.
User
(end-user)
Customer experience
camps & adventure
rallies, discussions
with dealers, market
research, test rides,
software/tools, product
data sheets, websites,
Social media, written
and verbal business
correspondence
Including users should lead to
a better understanding of
their expectations and
requirements. At the same
time, users gain information
about developments that are
relevant to them.
Customer requirements and
feedback feed into future product
developments. Product quality and
safety are of great importance.
Suppliers
Trade fairs, online
tools, written and
verbal business
correspondence,
supplier visits
Suppliers constitute a key
pillar of the Group’s day-to-
day business. Through
regular discussions, the
suppliers receive the support
they need, while the Group
can ensure its requirements
are met. Furthermore,
suppliers constitute the
interface with the upstream
value chain.
By holding discussions with
suppliers, long-term business
relationships can be established. If
possible, a local procurement
strategy should be prioritized.
Dealers
Trade fairs, product
presentations,
software solutions,
written and verbal
business
correspondence
Dealers form the interface
with the end customers. The
aim of the discussions here is
to gain insights into the
requirements of and
challenges faced by the
dealers as well as those of
the customer.
Due to their special position in the
downstream value chain, dealers
are a significant stakeholder group.
They receive support through, for
example, software solutions and
financing options.
MANAGEMENT REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS 2024
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Capital market
Financial reports
(semi-annual, annual),
Annual General
Meeting, ESG ratings,
events and
roadshows, personal
discussions,
membership of and
collaboration on
(inter)national
initiatives (e.g. CIRA,
IR-Club Schweiz),
website, social media,
written and verbal
business
correspondence,
financial media
The primary purpose of
information transmission lies
in the disclosure of (price-
)relevant information for
capital market
representatives.
Capital market representatives are
informed of the latest developments
as regards the Group multiple times
throughout the year. In addition, the
Investor Relations team is always
available for any questions or
issues. Capital market representa-
tives have the opportunity to
communicate their interests and
expectations at topic-specific and
event-related meetings – this input
is incorporated into the further
development of communication
tools/channels (e.g. reports, IR
presentations, website). Through
the provision of information for ESG
ratings, capital market representa-
tives are able to develop an
independent picture of the Group’s
performance – at the same time,
active exchange (with rating
agencies, peers, industry represen-
tatives) helps to improve the score.
(further information on ratings can
be found below this table).
Politicians,
networks and
associations
Company
representatives in
networks and
associations
The Group is represented in
various networks and
associations in order to
ensure an exchange of
experience and knowledge
with other companies and
organizations. The aim is the
mutual sharing of expertise
and the use of synergies.
European Association of Motorcycle
Manufacturers (ACEM, Stefan
Pierer is Vice-President);
Presidency (Stefan Pierer) of the
Federation of Upper Austrian
Industry; at the PIERER Mobility
Group sites, the management is in
regular contact with relevant
local/regional government officials
and authorities (provision of
company data, annual report and
sustainability report); involvement in
the association z.l.ö. –
zukunft.lehre.österreich;
cooperation with Hotspot
(Lebensraum) Innviertel and
Innovations- und
Technologietransfer Salzburg; part
of the regional advisory board at the
Arbeitsmarktservice (AMS) in
Braunau; cooperation with
Arbeitsmedizinischer Dienst; Delta
Academy at the University of
Leoben (Stefan Pierer is a member
of the management board); ESG
activities are reinforced by
membership of the “respACT-
Austrian Business Council for
Sustainable Development”.
MANAGEMENT REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS 2024
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In its Code of Conduct (see section G1-1), the Group has established principles for fair, trusting and
respectful cooperation and respect for human rights, both for itself and its business partners. The area
of application of the Code of Conduct therefore includes the up- and downstream value chain and should
help to protect workers in the value chain. No explicit inclusion of these workers took place. The interests
and perspectives of the workers in the value chain are taken into consideration indirectly via the Value
Chain Risk Analysis. Furthermore, they can also report their concerns to the Group via the whistleblower
system. Further information on the workers in the value chain can be found in section ESRS S2.
Consumers and end-users form a further key stakeholder group. Their interests feed into product and
quality management, among other things, and therefore into the Group’s business model. Attention is
paid to the rights of consumers and end-users, including their human rights. Further information on how
the Group handles consumers and end-users can be found in section ESRS S4.
ESG ratings
ESG ratings are used to assess the sustainability performance of companies and institutions by
considering their exposure to ESG risks and their impacts on the social and ecological environment.
4
The scores in the table below show the sustainability performance ratings of the Group, as assessed by
various ESG ratings agencies (the data from financial year 2023 were used as the basis for the rating).
Further information on the ESG ratings can be found on the company website.
5
RATED BY
SCORE
UPDATE
EthiFinance (formerly Gaïa Research)
60
October 31, 2024
Inrate
C+
June 25, 2024
S&P Global CSA
46
December 18, 2024
Sustainalytics
10.4
May 23, 2024
SBM-3 – Material impacts, risk and opportunities and their interaction with strategy and
business model
During the double materiality assessment, 32 IROs were identified as being material. They are described
in more detail in this non-financial statement. For improved readability, the IROs are presented in greater
detail in the respective ESRS chapters. The IROs identified are mostly covered by the ESRS disclosure
requirements. Individual, company-specific indicators have been used in a supplementary capacity and
help to create a more comprehensive picture (these can be found in E1, E5, S1, S2, S4 and G1). This
company-specific information has been identified separately in the chapters on the topical standards.
No IROs were identified that were presented exclusively using company-specific information. The
following IROs were assessed as material during the double materiality assessment:
4
European Commission (2024), ESG rating activities, available at: https://finance.ec.europa.eu/sustainable-finance/tools-and-standards/esg-rating-
activities_en#:~:text=Ratings%20on%20environmental%2C%20social%20and,on%20people%20and%20the%20environment
5
Available at: https://www.pierermobility.com/en/sustainability/esg-ratings
MANAGEMENT REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS 2024
L-28
ESRS
TOPIC
IRO #
IRO
PRIMARILY
RELATES TO
6
OO
VC
ACTION TAKEN
E1 Climate change
Climate change
mitigation
01
Greenhouse gas emissions
(Scope 1 and 2)
X
Establishing climate
change mitigation
measures
02
Greenhouse gas emissions
(Scope 3)
X
03
New regulations in the field of
sustainability focusing on
fighting climate change
X
Climate change
adaptation
04
Transitional risks due to the
development toward a low
GHG society, e.g. declining
acceptance of combustion
engines
X
X
Energy
05
Consumption of non-renewable
energy in vehicle production
X
06
Consumption of non-renewable
energy in the vehicle product
usage phase
X
07
Production and use of
renewable energy (Mattighofen
and Munderfing)
X
08
Dependence on reliable energy
supply for production and
assembly activities
X
Multiple sourcing &
boosting
independence
E5 Use of resources
and circular economy
Resources inflows,
including resource
use
09
Consumption of primary and
secondary materials in
production processes
X
10
Risk of delays in the supply
chain and limited material
availability
X
X
Resource outflows
related to products
and services
11
Long-term commitment of
resources to products and a
resource cycle that is not fully
closed
X
X
Promoting the circular
economy
S1 Own workforce
Secure employment
12
Restructuring can lead to
uncertainties, redundancies
and dissatisfaction
X
IROs arise from the
current situation (see
SBM-1)
13
Temporary reduction in working
hours
X
14
Risk to staff and lack of skilled
workers
X
Improvement in
working conditions
Health and safety
15
Serious occupational accidents
can occur in production and
during test rides
X
Training and skills
development
16
Securing future prospects and
developing employee skills
through further training
opportunities
X
Equal treatment and
equal opportunities
for all
17
Intercultural cooperation and
individual development
X
18
Gender disparity in pay and
leadership positions
X
Data privay
19
Risk of data loss or misuse
X
Data security, data
protection
20
Violation of data protection
regulations and subsequent
fines
X
6
OO: Own Operations; VC: Value Chain
MANAGEMENT REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS 2024
L-29
S2 Workers in
the value chain
Working conditions
21
Potentially poor working
conditions in certain sectors of
the upstream value chain
X
Contractual conditions
with direct business
partners and minimum
requirements as
regards ESG
performance for
suppliers in particular
Other work-related
rights
22
Potential occurrence of forced
labor and child labor in certain
sectors of the upstream value
chain
X
S4 Consumers and end
-users
Personal safety of
consumers and/or
end-users
23
Product defects may lead to
safety risks
X
Research and
development,
customer service
activities
24
Financial risks due to product
defects
X
25
New technological innovations
to protect end-users and other
road users
X
X
Customer
satisfaction
26
Customer satisfaction,
increased resale and
recommendation rates
X
Data privacy
27
Risk of data loss or misuse
X
X
Data security, data
protection
28
Risk of violation of data
protection regulations and
subsequent fines
X
X
G1 Business conduct
Corporate culture
29
Promotion of a responsible
corporate culture
X
X
Raising awareness,
transparency
Management of
supplier
relationships
including payment
practices
30
Quota-based payments to
suppliers as part of
restructuring proceedings
X
Ends upon/after
conclusion of
restructuring
proceedings or in its
aftermaths
Protection of
whistleblowers
31
Strengthening the trust and
feeling of security of
whistleblowers
X
X
Raising awareness,
transparency
Corruption and
bribery
32
Risk of financial losses due to
corruption and bribery
X
X
The material IROs identified feed indirectly into the corporate strategy and business model. Further
information on the action taken to handle the material IROs at the level of the administrative and
management bodies can be found in sections GOV-1 and GOV-2. To date, no material changes have
been made to the business model based on the IROs. The impact of material risks and opportunities on
the business model was assessed by the Group’s risk management as part of scenario analyses (e.g.
the climate risk and vulnerability analysis) among others. The analyses focused on the short-term time
horizon. In the case of long-term risks and opportunities, an additional analysis of their long-term
influence on the business model was carried out. The respective influence of the individual risks and
opportunities on the business model, and the way in which these and the material consequences are
dealt with are shown in the respective descriptions in the chapters on the topical standards. For
information on the general corporate strategy and resilience, see sections BP-2 and SBM-1. The current
financial effects of the material risks and opportunities are mainly reflected in the income statement
(primarily sales in the motorcycle segment, operating expenses) and the Group’s capital expenditure
and are validated as part of the risk assessment. As an example, in financial year 2024, the Group
invested € 27.8 million in the research and development of alternative drive technologies in order to
manage the impacts of IROs 03 and 04.
In addition, (potential) climate-related effects on the consolidated financial statements are evaluated. As
stated in the 2024 consolidated financial statements under 7. “Estimates and discretionary decisions“ in
the Notes, climate-related factors, among others, are taken into account when assessing the impairment
of assets.
MANAGEMENT REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS 2024
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Changes to the non-financial statement
In financial year 2024, the Group prepared a non-financial statement in line with the requirements of the
ESRS for the first time. Although the 2023 materiality assessment was already based on the procedure
given in the ESRS for determining material IROs, full transition took place in financial year 2024. The
biggest change lay in identifying the relevant content of the IROs at a greater level of detail instead of
the aggregated treatment of material topics that has been used to date. For this reason, it is only possible
to conduct a limited comparison of the analyses and their outcomes. Financial year 2024 saw the
following changes to the material topics and IROs compared with the previous year:
• Circular economy and resource outflow as new material topics,
• Waste is no longer a material topic,
• Identification of IROs in relation to workers in the value chain for the first time,
• New IROs in relation to business conduct identified based on detailed breakdown.
The materiality assessment is checked each year and amended if necessary to ensure it is up to date.
The underlying inclusion of stakeholders (e.g. focus interviews) for determining IROs is planned for
financial year 2027. This time scale may be shortened if required.
IMPACT, RISK AND OPPORTUNITY MANAGEMENT
IRO-1 – Description of the processes to identify and assess material impacts, risks and
opportunities
Material topics
A double materiality assessment was carried out in 2024 to identify the material topics. It was split into
the inside-out and the outside-in perspective. The inside-out perspective considers the influence of the
Group on its surroundings and is based on an impact assessment conducted by the ESG management
team. The outside-in perspective describes the influence of sustainability topics on the Group. Here, the
focus was on financial risks and opportunities, taking into consideration dependencies, determined and
assessed by the risk management team. In this way, sustainability risks were evaluated in the same way
as other company risks. The survey process was integrated into the risk management process and
derives from the knowledge gained. Throughout the materiality assessment process, regular exchanges
took place between ESG and risk management to ensure that mutual influences could be taken into
account.
1. PIERER Mobility Group context analysis
2. Identification of IROs throughout the value chains and divisions of the company
3. Assessment of the IROs determined across various time horizons
Context analysis
During the context analysis, the up- and downstream value chains and the Group’s internal activities
and sites were evaluated as effectively as possible in order to determine potential IROs. In addition,
analyses were conducted of the peer group and the requirements of sector-specific sustainability
reporting standards. The stakeholders (e.g. employees, capital market) were incorporated into the
process by means of focus interviews and technical discussions. The identification of IROs was based
on the ESRS 1 AR 16 long list. The topics were supplemented with the knowledge gained from the
context analysis. Furthermore, publicly available studies and analyses
7
were used to identify IROs and
assess these in a subsequent analytical step. This step was concluded via an initial selection of topics
and IROs that are connected to the Group.
7
Natura 2000: https://natura2000.eea.europa.eu/; Key Biodiversity Areas: https://www.keybiodiversityareas.org/sites/search; Unesco World Heritage Convention:
https://whc.unesco.org/en/interactive-map/; Aqueduct Water Risk Atlas: https://www.wri.org/data/aqueduct-water-risk-atlas; Swiss Re rds4c:
https://identity.swissre.com/; CICES: https://cices.eu/; FEMA’s international survey on motorcycle emissions: https://www.femamotorcycling.eu/wp-
content/uploads/documents_library/web_results_emissions_survey_fema2021.pdf
MANAGEMENT REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS 2024
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Assessment of IROs
The next step was an assessment of the materiality of the individual IROs. This assessment of the
impacts examined the criteria of scale, scope, reversibility and probability, each on a five-stage scale,
defined using qualitative and quantitative parameters. In the case of positive IROs, the reversibility
criterion was omitted without being replaced. In the case of actual impacts or impacts relating to human
rights, a probability of 100% was adopted.
The assessment of the risks and opportunities examined the scale and probability (likewise using a five-
stage scale), taking into consideration both implications of the material impacts and dependency
situations. The Group’s risk management approach, which involved assessing risks and opportunities
using various simulation models and distributions (e.g. binomial distribution, PERT distribution), formed
the basis for the assessment. This ensures that sustainability risks are considered in the same way as
other company risks. Both the impacts and the risks and opportunities were assessed specifically for
the time horizons applicable in each case. The period with the highest assessment was decisive for the
subsequent categorization into material and non-material IROs on the basis of a materiality threshold.
To be classified as material, the topic from the inside-out or outside-in perspective merely needed to
exceed the threshold for materiality. The internal controls described in GOV-5 were also applied for the
double materiality assessment.
CRITERION
UNDERLYING QUESTIONS
Impacts
Scale
How severe is the impact on the environment, people
affected or society, taking any measures already in
existence into consideration? Planned measures were not
taken into consideration.
Scope
How far-reaching are the implications measured based on
geographical scales or number of people affected?
Reversibil-ity
How easily can the original situation be restored?
Risks and
opportunities
Scale
How large and serious is the risk or opportunity, taking
existing measures into consideration?
Impacts, risks and
opportunities
Probability
How probable is the occurrence of the impact, risk or
opportunity within a defined time period?
Additions due to the topical requirements for the materiality assessment
E1 – Climate change
As a manufacturer of motorized vehicles, the Group contributes to climate change through greenhouse
gas emissions. A large proportion of these GHG emissions occur in the downstream value chain,
specifically in the vehicle usage phase (Scope 3.11 of the Greenhouse Gas Protocol, GHG protocol).
When assessing the materiality of the GHG emissions, the Group took into consideration its GHG
balances from previous years and used these to identify its primary emissions drivers. Further
information on the current GHG balance can be found in section E1-6. Furthermore, external factors
such as societal and regulatory change were also taken into consideration. When determining the
climate-related physical risks, the Group used the climate risk and vulnerability analysis carried out at
site level in financial year 2023. A dedicated software solution was used to analyze the physical climate-
related impacts (chronic and acute) on the business. The first step was to assess which physical climate
risks (e.g. heat, heavy precipitation, flooding) could potentially impact the Group's operations. Potential
losses include damage to the Group's infrastructure and production interruptions due to physical climate
events. The Group's production-relevant locations (mainly plants and warehouses) and the locations of
strategic partners were then analyzed with regard to their current and future exposure to physical climate
risks. The periods up to 2030 and 2060 as well as the climate scenarios SSP1-2.6, SSP2-4.5 and SSP5-
8.5 were considered. The reasons behind selecting these time horizons and climate scenarios were,
firstly, external factors, such as mandatory requirements in regulations or contracts. Secondly, these
MANAGEMENT REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS 2024
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horizons and scenarios provide a broadly diversified view of the potential risks, as marginal positions
are considered in each case. The climate scenarios are defined as follows:
8
• SSP1-2.6: Achieving net-zero emissions by 2070
• SSP2-4.5: no change in CO
2
emissions before mid-century compared to the current level of
emissions
• SSP5-8.5: CO
2
emissions double by 2050
During the analysis, potential exposure and existing remedial action were evaluated. As part of the
analysis, potential exposure and existing mitigation measures were assessed. Impacts and mitigation
measures were assigned to all identified physical climate risks. The already implemented mitigation
measures significantly reduce the impact of the climate risks and no further action is required at this
time. Climate-related transition risks and opportunities were incorporated into the risk management
process over various time periods. Climate scenarios were not taken into consideration here as the risk
management methods already provide for a differentiated view. However, the assessments took into
account the current climate policy situation in the European Union, which is aligned with the Paris
Agreement. The analysis focused on business activities that could potentially be affected, and is set to
be further expanded in line with the development of the decarbonization strategy. The initial results are
expected to be published in the sustainability statement for financial year 2025.
E2 – Pollution
The presence of waste management systems was taken into consideration in the assessment of the
IROs associated with pollution. The hazardous working and operating materials used were analyzed
and split into substances of high concern and substances of very high concern. Preventative measures
aimed at preventing these substances from leaking were examined, taking into consideration the various
departments and stakeholders. The analysis focused on the Group’s production sites in Mattighofen and
Munderfing. Furthermore, all production sites were reviewed as to their distance from particularly
valuable environmental areas
9
. At sites located in the vicinity of such areas, supplementary protective
measures had already been implemented in the past. Local communities were consulted at the
Munderfing site via focus interviews.
E3 – Water and marine resources
The Group conducted a database-supported site analysis into potential water risks. Water management
was analyzed in the light of the site’s activities in areas of increased water risk. These were sites in
India, the United States and the Philippines. The site in the USA is an office site. The site in the
Philippines is an assembly site. Neither activity is water-intensive and therefore the impacts and risks
were assessed as immaterial. At the strategic partner's site in India, the partner has implemented a
comprehensive water management system. Local communities were only consulted at the Munderfing
site via focus interviews. No significant IROs related to water and marine resources were identified.
8
For further information, see: IPCC, 2023: Climate Change 2023: Synthesis Report. Contribution of Working Groups I, II and III to the Sixth Assessment Report of the
Intergovernmental Panel on Climate Change [Core Writing team: H. Lee and J. Romero (eds.)]. IPCC, Geneva, Switzerland, 184 pp., doi: 10.59327/IPCC/AR6-
9789291691647
9
Natura 2000: https://natura2000.eea.europa.eu/; Key Biodiversity Areas: https://www.keybiodiversityareas.org/sites/search; Unesco World Heritage Convention:
https://whc.unesco.org/en/interactive-map/
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E4 – Biodiversity and ecosystems
The assessment of the impacts on biodiversity and ecosystems was based on a data-based
10
site
analysis conducted using multiple databases, which aimed to identify sites in the vicinity of particularly
valuable environmental areas. One site (Varese, Italy) was identified as being in the vicinity of a
particularly valuable environmental area. This site had already implemented sufficient measures to
protect against possible impacts on the valuable environment, meaning that no negative impacts on the
area are expected in the short-, medium- or long-term. In addition, the Group looked at the impacts of
raw material extraction on biodiversity in the upstream value chain.
Dependency on ecosystem services was taken into consideration by risk management on the basis of
the Common International Classification of Ecosystem Services (CICES) V.5.2.
11
Dependency on
ecosystem services 3.1.1.1 and 6.1.1.1 was identified. A serious deterioration in ecosystem services, in
both the short- and long-term, is however considered to be unlikely and the dependency is therefore
assessed as non-material. No further risks and opportunities were considered. Local communities were
not consulted.
E5 – Use of resources and circular economy
To determine material IROs in connection with the use of resources and the circular economy, the Group
considered its various business activities and its resource inflows and outflows in the previous year. For
its resource inflows, the manufacture of vehicles and inflows for metal casting were identified as relevant.
The vehicles are also relevant in terms of the resource outflow and the circular economy. In financial
year 2024, the Group procured various (raw) materials, including steel, aluminum, plastic and rubber.
An analysis of the materials used by weight can be found in section E5-4. Local communities were not
consulted.
G1 – Business conduct
With the exception of the management of supplier relationships, there are no significant, relevant
differences between the Group’s companies, sites or business activities in terms of business conduct.
Consequently, no distinction was made by site, activity, sector or structure of the transaction for the
purposes of determining material IROs in connection with business conduct as the possible governance-
related IROs at PIERER Mobility AG are holistically considered and defined by the legal department. In
the analysis of the management of supplier relationships, the economic position of the respective
companies was taken into consideration. IROs were identified specifically for those companies subject
to restructuring proceedings.
IRO-2 – Disclosure requirements in ESRS covered by the undertaking’s sustainability
statement
In order to ensure comprehensive reporting, the ESRS data points were mapped with the material
IROs.
12
Data points to which no material IROs could be allocated were analyzed as to their relevance
for the Group and its stakeholders and, where applicable, reported. An overview containing the
disclosure requirements addressed in this non-financial statement can be found in the appendix of this
non-financial statement. Furthermore, the non-financial statement contains information based on other
EU legal regulations. The summary drawn up in this regard can be found in the appendix, too.
10
Natura 2000: https://natura2000.eea.europa.eu/; Key Biodiversity Areas: https://www.keybiodiversityareas.org/sites/search; Unesco World Heritage Convention:
https://whc.unesco.org/en/interactive-map/
11
Accessible at: https://cices.eu/
12
In this way, the requirements of ID 177 of the EFRAG SR TEG Meetings (July 1, 2024) in relation to the mapping of material topics with disclosure requirements were
taken into consideration.
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4.2 EU TAXONOMY: DISCLOSURES IN ACCORDANCE WITH ARTICLE 8 OF
REGULATION (EU) 2020/852 (TAXONOMY REGULATION)
Within the framework of the EU Action Plan on Sustainable Finance, the redirection of capital flows into
sustainable investments is a key objective. Considering this, the EU Taxonomy Regulation (Taxonomy
Regulation, Regulation (EU) 2020/852) came into force in mid-2020 as a uniform and legally binding
classification system that defines which economic activities are considered environmentally sustainable
in the EU. In addition to this, the European Commission has also enacted various delegated regulations,
in particular the “Disclosures Delegated Act” (EU) 2021/2178, the “Environmental Delegated Act” (EU)
2023/2486 (environmental objectives 3 to 6) and the “Climate Delegated Act” (EU) 2021/2139 in
conjunction with (EU) 2023/2485 (environmental objectives 1 to 2).
The EU Taxonomy contains the following six environmental objectives:
1. climate change mitigation;
2. climate change adaptation;
3. sustainable use and protection of water and marine resources;
4. transition to a circular economy;
5. pollution prevention and control;
6. protection and restoration of biodiversity and ecosystems.
When classifying economic activities, a distinction is made between taxonomy eligibility and taxonomy
alignment. An economic activity is taxonomy-eligible if it is listed in the catalog of the Taxonomy
Regulation and therefore has the potential to contribute to the achievement of one or more
environmental objectives. For taxonomy alignment, the cumulative test and fulfillment of the following
three conditions must be demonstrated:
• The economic activity contributes substantially to one or more of the six environmental objectives.
• It does not significantly harm any of the other (one or more) environmental objectives (“Do No
Significant Harm”, DNSH).
• The minimum standards with regard to social and governance criteria are complied with
(minimum safeguards).
The results of this classification are to be reported annually on a company-specific basis. This includes
the disclosure of defined key performance indicators in relation to revenue, capital expenditure (CapEx)
and operating expenditure (OpEx). As the requirements for sustainable economic activities for the
respective environmental objectives of the Taxonomy Regulation have been published gradually,
reporting relief measures were applied in previous financial years. For financial year 2024, taxonomy
eligibility and taxonomy alignment are reported in full for all six environmental objectives for the first
time.
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REPORTING FOR FINANCIAL YEAR 2024
Based on Article 8 (1) of the Taxonomy Regulation in conjunction with Section 243b and Section 267a
of the Austrian Commercial Code (UGB), PIERER Mobility AG is obliged to apply the regulatory
provisions of the Taxonomy Regulation. Pursuant to Section 245a (1) of the UGB, the consolidated
financial statements of PIERER Mobility AG have been prepared in accordance with the IFRS as of
reporting date December 31, 2024. The amounts used to calculate the revenue, CapEx and OpEx key
performance indicators are based on the figures reported through full consolidation. Consequently,
companies accounted for using the equity method are not included. The scope of consolidation is the
same as that used for the financial reporting (for further information, see chapters II. “Scope of
consolidation” and XII. “Group companies (schedule of equity holdings)” of the Notes).
The process for implementing the requirements pursuant to the Taxonomy Regulation is based on the
assessment methodology used in financial year 2023. It includes criteria for clearly assigning the
company’s economic activities to the economic activities listed in the Taxonomy Regulation. In line with
the principle of consistency of assessment, the methodology used in the previous year was continued
for financial year 2024. This is reflected in the percentages of taxonomy-eligible or taxonomy-aligned
revenue, capital expenditure and operating expenditure.
For financial year 2024, all environmental objectives were checked for taxonomy alignment for the first
time. Due to investments, for example in the areas of waste management and building efficiency, new
non-revenue-related economic activities were also identified (for example CE 2.7. “Sorting and material
recovery of non-hazardous waste”, CCM 7.5. “Installation, maintenance and repair of instruments and
devices for measuring, regulation and controlling energy performance of buildings”). Furthermore, the
company bicycles reported under operating expenditure could, for the first time, be classified as
taxonomy-aligned (after full submission of evidence demonstrating alignment). They fall under economic
activity CCM 6.4. “Operation of personal mobility devices, cycle logistics”.
The Taxonomy Regulation requirements were processed primarily by the ESG Management department
in collaboration with the Controlling, Accounting and Investor Relations departments. Additional
departments were also involved where required (for example, Property Management, Quality
Management and the Legal department). Taxonomy eligibility and alignment was ascertained in the
following process steps:
7. Definition of the companies to be included
8. Analysis of revenue-related economic activities
9. Analysis of non-revenue-related economic activities
10. Assignment of activities to economic activities (taxonomy eligibility)
11. Fulfillment of technical screening criteria for a substantial contribution
12. Provision of evidence for DNSH criterion
13. Compliance with the minimum safeguards
14. Calculation of Taxonomy key performance indicators
15. Consolidation
16. Reporting, including notification forms
Regulatory developments and clarifications regarding interpretation on the part of the EU may, in future,
lead to a need for adjustment and corresponding explanations when reporting pursuant to the Taxonomy
Regulation. In the event of any changes to the assessment methodology, the comparative figures from
the previous period are also recalculated for the purposes of comparability.
MANAGEMENT REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS 2024
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ECONOMIC ACTIVITIES
The analysis of economic activities was split into the consideration of revenue-related and non-revenue-
related economic activities.
• Revenue-related economic activities generate revenue for the company and include the entire
product range as well as the associated investments and costs.
• Non-revenue-related economic activities relate to investments and costs that are not related to
the business model and revenues, but that take place in the context of the business activity.
A key factor in analyzing and classifying the revenue-related activities, particularly in the Group’s mobility
sector, was differentiating the business model and the drive technology. The business model is divided
up into “trade” and “manufacturing/assembly.” If products were bought in and then resold without any
significant change, they were assigned to the “trade” business model and accordingly reported as non-
taxonomy-eligible (see section “Revenue-related economic activities”). Differentiating the drive
technology into combustion engines and electric battery-powered vehicles is important for the
assessment of taxonomy-alignment and is explained in more detail in section “Alignment conditions”.
In the case of the PIERER Mobility Group, the following economic activities were analyzed:
Revenue-related economic activities
The Group’s business comprises the development, manufacture/assembly and sale of two-wheeled and
four-wheeled motor vehicles. All activities directly related to this were assigned to the environmental
objective “Climate change mitigation” and subsequently to economic activity CCM 3.3. “Manufacture of
low carbon technologies for transport”. The two-wheeled and four-wheeled motor vehicles were
therefore classified as a taxonomy-eligible economic activity. The assignment to this economic activity
does not include vehicles that are assembled by the Group’s partners or purchased externally and have
been identified as trade goods.
Another area of the Group’s business is the trade in (electric) bicycles. These products are mostly
purchased for trade purposes and were therefore not assigned to economic activity CCM 3.3.
“Manufacture of low carbon technologies for transport”. Following the sale of the Johansson cargo bike
business on October 1, 2024, the cargo bikes were also completely excluded from the allocation.
Products that could not be directly assigned to an economic activity were classified as non-taxonomy-
eligible. This included, among other things, the sale of PG&A items purchased for trade purposes, as
well as chassis components and their technical accessories (for example WP products), as they do not
result in an improvement in environmental performance. Furthermore, the business activities include
services in the areas of research and development, and digital transformation, which are primarily used
for internal purposes. Services provided to third parties in these areas could not be assigned to any
economic activity and were therefore reported as not being taxonomy-eligible. The motorsport business
segment was also classified as non-taxonomy-eligible.
For financial year 2024, the following substantial revenue-related economic activities were therefore
analyzed in relation to the Taxonomy Regulation:
CODE
ECONOMIC ACTIVITY
DESCRIPTION
CCM
1)
3.3.
Manufacture of low carbon technologies for
transport
Assembly and sale of motor vehicles
1)
CCM: Climate change mitigation
MANAGEMENT REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS 2024
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Non-revenue-related economic activities
The analysis of non-revenue-related economic activities is based initially on discussions with the
specialist departments, focusing on Property Management. As part of the further analysis, the clear
assignability of costs to the respective economic activity was verified in order to rule out double counting
in the calculation.
For financial year 2024, the following substantial non-revenue-related economic activities were analyzed
in relation to the Taxonomy Regulation:
CODE
ECONOMIC ACTIVITY
DESCRIPTION
CE
1)
2.7.
2)
Sorting and material recovery of non-
hazardous waste
Karopack machine (see section E5-2)
CCM 6.4.
Operation of personal mobility devices, cycle
logistics
Company bicycles (bicycle leasing)
CCM 6.5.
Transport by motorbikes, passenger cars and
light commercial vehicles
Company vehicles (passenger cars)
CCM 6.6.
Freight transport services by road
Heavy goods vehicles (HGVs)
CCM 6.13.
2)
Infrastructure for personal mobility, cycle
logistics
Bicycle racks, charging stations for pool e-
bicycles (see section E1-3)
CCM 7.4.
Installation, maintenance and repair of
charging stations for electric vehicles in
buildings (and parking spaces attached to
buildings)
E-charging infrastructure for company vehicles
CCM 7.5.
2)
Installation, maintenance and repair of
instruments and devices for measuring,
regulation and controlling energy performance
of buildings
Smart meters, energy management,
Computer-Aided Facility Management (CAFM;
see section E1-3)
CCM 7.6.
Installation, maintenance and repair of
renewable energy technologies
Photovoltaic systems (see section E1-3),
energy ring to increase the amount of
electricity generated by photovoltaic systems
and used by the company
CCM 7.7.
Acquisition and ownership of buildings
Purchase, rental and leasing of buildings
1)
CE: Transition to a circular economy
2)
Identified as new economic activities in reporting year 2024.
In the previous year, the CAFM was assigned to the environmental objective “Transition to a circular
economy” (economic activity CE 4.1. “Provision of IT/OT data-driven solutions”). Following a revaluation
(for more information, see section E1-3), the CAFM was assigned in financial year 2024 to the
environmental objective “Climate change mitigation” (economic activity CCM 7.5. “Installation,
maintenance and repair of instruments and devices for measuring, regulation and controlling energy
performance of buildings”).
ALIGNMENT CONDITIONS
Substantial contribution
In order to assess the fulfillment of the technical screening criteria for a substantial contribution to the
environmental objective “Climate change mitigation”, the motor vehicles were classified by drive
technology as either combustion engines or electric battery-powered vehicles for economic activity
CCM 3.3. “Manufacture of low carbon technologies for transport”. Vehicles in the motorcycle segment
(vehicles belonging to Class L) make a substantial contribution to achieving the environmental objective
simply with their CO
2
exhaust emissions of 0 g of CO
2
-eq/km. By December 31, 2025, passenger
vehicles (vehicles belonging to Class M1) may emit maximum CO
2
emissions of 50 g of CO
2
/km to fulfill
the requirements. Based on these screening criteria, only the electric battery-powered motorcycles of
the Group make a substantial contribution to achieving the environmental objective.
MANAGEMENT REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS 2024
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The non-revenue-related economic activities for the environmental objective “Climate change mitigation”
meet the relevant technical screening criteria for a substantial contribution to the environmental
objective. Exceptions include company vehicles and trucks in the vehicle fleet (economic activities
CCM 6.5. “Transport by motorbikes, passenger cars and light commercial vehicles” and CCM 6.6.
“Freight transport services by road”) and all activities from economic activity CCM 7.7. “Acquisition and
ownership of buildings”. It was not possible to report a taxonomy-aligned percentage for these three
economic activities as either there was a lack of corresponding evidence or the requirements regarding
a substantial contribution to the environmental objective could not be met.
The Karopack machine shreds cardboard waste and processes it for reuse as filling material for
shipping. This can then replace the majority of the filling material formerly used, which must be
purchased. The machine was assigned to economic activity CE 2.7. “Sorting and material recovery of
non-hazardous waste” and fulfills the requirements for a substantial contribution to the environmental
objective “Transition to a circular economy”. Pursuant to Commission Notice C/2023/267, requirements
arising from the technical screening criteria may be waived or considered to have been fulfilled if the
economic activity does not fall within the scope of the formulated requirements. Following a detailed
review of the Karopack machine (for example, analysis of activity and capacity), it was determined that
the machine does not fall within the scope of the conclusions on the best available techniques (BAT) for
waste treatment (Implementing Decision (EU) 2018/1147). Nevertheless, proper waste management
was demonstrated via the internal waste management concept and practices.
Do No Significant Harm (DNSH)
The DNSH criterion was examined for all economic activities that fulfilled the technical screening criteria
for a substantial contribution to an environmental objective.
To avoid significant harm to the environmental objective “Climate change adaptation”, the PIERER
Mobility Group carried out a climate risk and vulnerability analysis. In the course of the analysis, the
climate impacts on the locations that are relevant to the economic activities were examined. First of all,
the physical climate impacts were reviewed to assess their potential influence on the economic activities
and climate projections were then used to identify current and future climate risks at the selected
locations. Finally, the impacts on the economic activities and corrective measures were assigned. For
more information, please refer to the section IRO-1. To be able to rule out any impairment of the other
environmental objectives, the corresponding requirements were analyzed and information and evidence
were provided if necessary. If no evidence is required or if the economic activity does not fall within the
scope of the formulated requirements of the DNSH criterion, the requirement should be regarded as
fulfilled.
The assessment of the DNSH criterion showed that the activities from the following economic activities
met the requirements of the Taxonomy Regulation and that there was no substantially negative impact
on any other environmental objective:
• CE 2.7. „Sorting and material recovery of non-hazardous waste“
13
• CCM 6.4. „Operation of personal mobility devices, cycle logistics“
• CCM 6.13. „Infrastructure for personal mobility, cycle logistics“
14
• CCM 7.4. „Installation, maintenance and repair of charging stations for electric vehicles in buildings
(and parking spaces attached to buildings“
• CCM 7.5. “Installation, maintenance and repair of instruments and devices for measuring,
regulation and controlling energy performance of buildings”
• CCM 7.6. “Installation, maintenance and repair of renewable energy technologies”
13
Reference to Commission Notice C/2023/267: Requirements of the DNSH criterion for the environmental objective “Pollution prevention and control” are deemed to
be fulfilled as the activity does not fall within the scope of Implementing Decision (EU) 2018/1147 and the machine is not a plastics recycling facility.
14
Reference to Commission Notice C/2023/267: Requirements of the DNSH criterion for the environmental objectives “Transition to a circular economy” and “Pollution
prevention and control” are considered to be fulfilled as the activities do not result in significant construction and demolition waste, nor in noise, dust, or pollutant
emissions.
MANAGEMENT REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS 2024
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The Group was not fully able to provide the required evidence to meet the DNSH criterion relating to
economic activity CCM 3.3. “Manufacture of low carbon technologies for transport”. As a result, no
taxonomy alignment was achieved for this economic activity.
Minimum safeguards
Finally, it must be ensured that activities comply with the OECD Guidelines for Multinational Enterprises,
UN Guiding Principles on Business and Human Rights, ILO Core Labor Standards and the International
Bill of Human Rights. This is guaranteed via the PIERER Mobility Group’s Code of Conduct, which lays
down the framework conditions for the Group’s business activities and forms the basis for any
collaboration both within the Group and with external partners.
In addition, as part of its corporate due diligence, the Group addresses relevant risks, for example in
relation to human rights (including child labor and forced labor, employment rights and consumer rights),
bribery, attempted bribery and extortion, taxation and fair competition. These efforts extend across all
company locations and the supply chains to identify and address potential impacts on these areas.
Further information on PIERER Mobility AG’s due diligence is available in section GOV-4.
CALCULATION OF KEY PERFORMANCE INDICATORS
All fully consolidated companies were included in the calculation of the key performance indicators
pursuant to the Taxonomy Regulation. Double counting was avoided as the assignment to an economic
activity took place either directly or on the basis of an appropriate breakdown.
Revenue KPI
The revenue KPI is the ratio of revenue from taxonomy-eligible or taxonomy-aligned economic activities
in a financial year to total revenues in this financial year. The amounts reported under this item in the
consolidated income statement represent the basis for revenue (denominator).
REVENUES (€m)
2023
1)
2024
From customer contracts
2,647.9
1,866.9
Other revenues
13.3
12.1
Total
2,661.2
1,879.0
3)
Amounts have been rounded in such a way that the row totals correspond to the grand total.
The total revenue in financial year 2024 of € 1,879.0 million (2023: € 2,661.2 million) (see chapter 3.1.
“Group figures” in the management report on the consolidated financial statements 2024) forms the
denominator for the Group’s revenue KPI in accordance with the Taxonomy Regulation. A detailed
analysis of the revenues was used to allocate the respective revenue to the taxonomy-eligible economic
activities. The relevant allocated percentages form the numerator of the revenue from the taxonomy-
eligible economic activities for the financial year 2024.
Two- and four-wheeled motor vehicles, regardless of their drive technology, were assigned to economic
activity CCM 3.3. “Manufacture of low carbon technologies for transport” and reported as taxonomy-
eligible. The calculation of taxonomy-eligible revenue did not include economic activities that could not
be assigned to any of the economic activities listed in the Taxonomy Regulation and were therefore not
considered to be taxonomy-eligible. This relates, for example, to the sale of vehicles from outsourced
production or the trade in PG&A products. Taxonomy alignment for economic activity CCM 3.3.
“Manufacture of low carbon technologies for transport” could not subsequently be determined because
the alignment conditions were not fully met.
MANAGEMENT REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS 2024
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Compared with the previous year, there was a decrease in revenue in financial year 2024 of around
29% (for further details, see chapter 3.2. “Business development and analysis of earnings ratios” in the
management report on the consolidated financial statements 2024). This had an impact on the amount
of taxonomy-eligible revenue, but did not, however, have any material impact on the proportion of
taxonomy-eligible revenue as a share of total PIERER Mobility AG revenue (2024: 62.36%, 2023:
64.48%).
CapEx KPI
The taxonomy-eligible or taxonomy-aligned CapEx indicates the proportion of capital expenditure
(CapEx) that is either associated with taxonomy-eligible or taxonomy-aligned economic activities or with
the acquisition of products and services from taxonomy-eligible or taxonomy-aligned economic
activities.
In accordance with the Taxonomy Regulation, the basis for the capital expenditure (denominator)
includes additions to property, plant and equipment and intangible assets before depreciation,
amortization and any revaluations, and without any changes to the fair value. The denominator also
includes additions to property, plant and equipment and intangible assets resulting from business
combinations (application of IFRS (IAS 16, 38, 40, 41, IFRS 16) or national accounting policies if IFRS
are not applied). Additions to goodwill are not to be included in the calculation.
CAPITAL EXPENDITURE (€m)
2023
1)
2024
IAS 16 Property, plant and equipment
96.8
206.9
IAS 38 Intangible assets
170.5
204.7
IFRS 16 Leases
32.5
44.6
Total
299.8
456.2
1)
The values for “IAS 16 Property, plant and equipment” and “IFRS 16 Leases” for financial year 2023 were adjusted in
the table in reporting year 2024 due to a corrected assignment. The adjustments were minimal and did not result in
any change in total capital expenditure in financial year 2023.
The denominator for the Group’s CapEx KPI for financial year 2024 comprises additions to tangible and
intangible assets and additions from capitalized rights of use to the aforementioned assets, amounting
to € 456.2 million (2023: € 299.8 million) (see additions, changes in the scope of consolidation and
transfers in Notes 24. “Intangible assets” and 25. “Plant, property and equipment”
15
). This includes
additions from changes in the scope of consolidation, which amounted to € 193.9 million in financial
year 2024 (2023: € 0.1 million) (for example MV Agusta; for details on the changes in the scope of
consolidation, see Note 9. “Changes in the scope of consolidation”). This does not include additions
from advance payments in respect of property, plant and equipment and intangible assets amounting to
€ 69.1 million (2023: € 32.6 million). However, related transfers to the tangible and intangible assets
totaling € 47.4 million (2023: € 12.5 million) and € 9.6 million (€ 3.2 million), respectively, were included
in the calculation.
To calculate the numerator, a detailed analysis of the capital expenditure of the denominator was
conducted, in which the first step was to determine taxonomy eligibility through assignment of the capital
expenditure to the economic activities. The second step was to assess the taxonomy-eligible capital
expenditure for taxonomy alignment. The numerator includes capital expenditure for economic activities
that are either associated with a taxonomy-eligible or taxonomy-aligned economic activity or constitute
an acquisition of products and services from a taxonomy-eligible or taxonomy-aligned economic activity.
Investments that could not be assigned to any economic activity (for example undeveloped land and
daycare centers) were reported as non-taxonomy-eligible.
15
The amounts from transfers and changes in the scope of consolidation reported in notes 24. “Intangible assets” and 25. “Property, plant and equipment” to the
consolidated financial statements 2024 cannot be directly reconciled to the denominator of the CapEx KPI. For example, in accordance with the Taxonomy
Regulation, non-current assets held for sale from transfers and disposals from changes in the scope of consolidation were not included in the denominator of the
CapEx KPI.
MANAGEMENT REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS 2024
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Investments associated with economic activity CCM 3.3. “Manufacture of low carbon technologies for
transport” include all activities related to a revenue-generating activity. These include, for example,
production facilities, operational and business equipment, capitalized research and development costs,
and tools. Investments that were directly assigned to a non-taxonomy-eligible revenue-related activity
(for example motorsport, PG&A) were classified as non-taxonomy-eligible investments. Investments
associated with bicycles were, as in the previous year, identified as taxonomy-eligible, as it would be
possible to record them as taxonomy-eligible revenue if the company produced them itself. Due to the
incomplete fulfillment of the alignment conditions, it was not possible to record any taxonomy-aligned
percentages for the capital expenditure associated with the manufacture of motor vehicles.
Likewise, no taxonomy alignment could be recorded for investments in the fields of transport by motor
vehicles (economic activities CCM 6.5. “Transport by motorbikes, passenger cars and light commercial
vehicles” and CCM 6.6. “Freight transport services by road”) and CCM 7.7. “Acquisition and ownership
of buildings”, as the alignment conditions were not fully met.
All activities from the following economic activities make a substantial contribution to the environmental
objective “Climate change mitigation” and were recorded as taxonomy-aligned following a successful
review of the alignment conditions:
• Capital expenditure for photovoltaic systems and in connection with the setup of a company-
owned energy ring to increase the amount of electricity generated through photovoltaic systems
and used by the company were assigned to economic activity CCM 7.6. “Installation, maintenance
and repair of renewable energy technologies”.
• Investments in systems for more efficient energy usage in buildings were assigned to economic
activity CCM 7.5. “Installation, maintenance and repair of instruments and devices for measuring,
regulation and controlling energy performance of buildings”.
• The installation of charging stations for electric vehicles and the directly associated costs (e.g.,
excavation work) were assigned to economic activity CCM 7.4. “Installation, maintenance and
repair of charging stations for electric vehicles in buildings (and parking spaces attached to
buildings)”.
• Costs for the provision of new bicycle racks and the conversion of the charging stations for pool e-
bicycles to foster environmentally friendly employee mobility were assigned to economic activity
CCM 6.13. “Infrastructure for personal mobility, cycle logistics”.
The Karopack machine, which was assigned to economic activity CE 2.7. “Sorting and material recovery
of non-hazardous waste”, makes a substantial contribution to the environmental objective “Transition to
a circular economy”. Capital expenditure for the Karopack machine was recorded as taxonomy-aligned
as the alignment conditions were met.
The comparison of the financial years 2023 and 2024 shows an increase in investments for the
denominator pursuant to the Taxonomy Regulation, primarily attributable to additions through business
combinations. When considering the percentages of taxonomy-eligible capital expenditure in the total
denominator capital expenditure, there is a slight drop in the proportion of non-taxonomy-aligned CapEx
in comparison with the previous year (2024: 93.00%, 2023: 94.07%), while the proportion of taxonomy-
aligned CapEx rose slightly (2024: 0.87%, 2023: 0.30%).
OpEx KPI
The taxonomy-eligible or taxonomy-aligned OpEx indicates the proportion of operating expenditure
(OpEx) within the meaning of the Taxonomy Regulation that is either associated with taxonomy-eligible
or taxonomy-aligned economic activities or with the acquisition of products and services from taxonomy-
eligible or taxonomy-aligned economic activities.
Pursuant to the Taxonomy Regulation, the basis for the operating expenditure (denominator) includes
the direct, non-capitalized costs of research and development, building renovation measures, short-term
leases, service and repair, and all other direct expenses for the ongoing maintenance of property, plant
and equipment by the company or third parties that are necessary to ensure the ongoing and effective
functioning of these assets (e.g., cleaning costs).
MANAGEMENT REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS 2024
L-42
OPERATING EXPENDITURE (€m)
2023
2024
1)
Short-term leasing
26.0
34.3
Maintenance and repair
21.1
17.8
All other direct expenditure related to the daily maintenance of fixed
property, plant, and equipment
2.7
2.7
Total
49.8
54.8
1)
Amounts have been rounded in such a way that the row totals correspond to the grand total.
For the calculation of the denominator for the Group’s OpEx KPI, operating expenditure for short-term
rent and short-term leasing, maintenance and repair expenses and all cleaning costs were included as
other direct expenses associated with the daily maintenance of fixed property, plant and equipment.
Operating expenditure for the denominator amounts to € 54.8 million for financial year 2024 (2023:
€ 49.8 million).
The numerator was derived from the analysis of the expenses from the accounts specified for the
denominator and their assignment to the economic activities, which first enabled the determination of
taxonomy eligibility. The taxonomy-eligible operating expenditure was then assessed for taxonomy
alignment. The same assessment methodology and logic was used as for the capital expenditure.
The largest proportion of taxonomy-eligible operating expenditure is associated with economic activity
CCM 3.3. “Manufacture of low carbon technologies for transport”, as these costs ensure the ongoing
functioning of the company. Furthermore, costs for short-term leasing in the area of transport by motor
vehicles (economic activities CCM 6.5. “Transport by motorbikes, passenger cars and light commercial
vehicles” and CCM 6.6. “Freight transport services by road”) and costs linked to the maintenance of the
associated vehicles were classified as taxonomy-eligible. No taxonomy-aligned percentages could be
recorded for the taxonomy-eligible operating expenditure of the three economic activities as either there
was a lack of corresponding evidence or they did not fulfill the requirement of substantial contribution to
an environmental objective.
Costs arising from the acquisition of company bicycles for employees (bicycle leasing), which are
classified as low-value assets, were reported as operating costs and assigned to economic activity
CCM 6.4. “Operation of personal mobility devices, cycle logistics”. With this economic activity, the Group
made a substantial contribution to the environmental objective “Climate change mitigation”. In financial
year 2024, all necessary evidence to meet the alignment conditions was provided for the company
bicycles, representing a change compared to the previous year.
In comparison with financial year 2023, there were no material changes to the amounts in reporting year
2024. When considering the percentages of taxonomy-eligible operating expenditure in the total
denominator operating expenditure, there is a slight drop in the proportion of non-taxonomy-aligned
OpEx in comparison with the previous year (2024: 90.34%, 2023: 91.63%), while the proportion of
taxonomy-aligned OpEx rose slightly (2024: 0.67%, 2023: 0.00%).
MANAGEMENT REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS 2024
L-43
EU TAXONOMY: NOTIFICATION FORMS IN ACCORDANCE WITH DELEGATED REGULATION (EU) 2023/2486
TEMPLATE FOR THE KPIS OF REVENUE
1)
Financial year 2024
Year
Substantial contribution criteria
DNSH-Criteria ("Does Not
Significantly Harm")
Economic activities (1)
Code (2)
Revenue (3)
Proportion of revenues,
year 2024 (4)
Climate change mitigation (5)
Climate change adaption (6)
Water (7)
Pollution (8)
Circular economy (9)
Biodiversity (10)
Climate change mitigation (11)
Climate change adaptation (12)
Water (13)
Pollution (14)
Circular economy (15)
Biodiversity (16)
Minimum safeguards (17)
Proportion of Taxonomy
-aligned
(A.1) or
-eligible (A.2) revenue,
year 2023 (18)
Category enabling activity (19)
Category transitional activity (20)
in €m
%
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
%
E
T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1 Environmentally sustainable activities (Taxonomy-aligned)
Turnover of environmentally sustainable activities
(Taxonomy-aligned) (A.1)
0.0
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
-
-
-
-
-
-
-
0.00%
Of which enabling
0.0
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
-
-
-
-
-
-
-
0.00%
E
Of which transitional
0.0
0.00%
0.00%
-
-
-
-
-
-
-
0.00%
T
A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
EL; N/EL
EL; N/EL
EL; N/EL
EL; N/EL
EL; N/EL
EL; N/EL
Manufacture of low carbon technologies for
transport
CCM 3.3.
1,171.7
62.36%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
64.48%
Turnover of Taxonomy-eligible but not
environmentally sustainable activities
(not Taxonomy-aligned activities) (A.2)
1,171.7
62.36%
62.36%
0.00%
0.00%
0.00%
0.00%
0.00%
64.48%
A. Turnover of Taxonomy-eligible activities
(A.1 + A.2)
1,171.7
62.36%
62.36%
0.00%
0.00%
0.00%
0.00%
0.00%
64.48%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
1)
Rounding differences have not been adjusted in the notification form.
Turnover of Taxonomy-non-eligible activities
707.3
37.64%
Total
1,879.0
100.00%
MANAGEMENT REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS 2024
L-44
TEMPLATE FOR THE KPIS OF CAPEX (part 1)
1)
Financial year 2024
Year
Substantial contribution criteria
DNSH-Criteria ("Does Not
Significantly Harm")
Economic activities (1)
Code (2)
CapEx (3)
Proportion of CapEx,
year 2024 (4)
Climate change mitigation (5)
Climate change adaption (6)
Water (7)
Pollution (8)
Circular economy (9)
Biodiversity (10)
Climate change mitigation (11)
Climate change adaptation (12)
Water (13)
Pollution (14)
Circular economy (15)
Biodiversity (16)
Minimum safeguards (17)
Proportion of Taxonomy
-aligned
(A.1) or
-eligible (A.2) CapEx,
year 2023 (18)
Category enabling activity (19)
Category transitional activity (20)
in €m
%
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
%
E
T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1 Environmentally sustainable activities (Taxonomy-aligned)
Sorting and material recovery of non-
hazardous waste
CE 2.7.
0.2
0.05%
N/EL
N/EL
N/EL
N/EL
Y
N/EL
Y
Y
Y
Y
Y
Y
J
-
Infrastructure for personal mobility, cycle
logistics
CCM 6.13.
0.1
0.01%
Y
N
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
J
-
E
Installation, maintenance and repair of
charging stations for electric vehicles in
buildings (and parking spaces attached to
buildings)
CCM 7.4.
0.1
0.02%
Y
N
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
J
0.01%
E
Installation, maintenance and repair of
instruments and devices for measuring,
regulation and controlling energy
performance of buildings
CCM 7.5.
0.1
0.02%
Y
N
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
J
-
E
Installation, maintenance and repair of
renewable energy technologies
CCM 7.6.
3.5
0.77%
Y
N
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
J
0.29%
E
CapEx of environmentally sustainable activities
(Taxonomy-aligned) (A.1)
3.9
0.87%
0. 82%
0.00%
0.00%
0.00%
0.05%
0.00%
J
Y
Y
Y
Y
Y
Y
0.30%
Of which enabling
3.7
0.82%
0.82%
0.00%
0.00%
0.00%
0.00%
0.00%
J
Y
Y
Y
Y
Y
Y
0.30%
E
Of which transitional
0.0
0.00%
0.00%
-
-
-
-
-
-
-
0.00%
T
MANAGEMENT REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS 2024
L-45
TEMPLATE FOR THE KPIS OF CAPEX (part 2)
1)
Financial year 2024
Year
Substantial contribution criteria
DNSH-Criteria ("Does Not
Significantly Harm")
Economic activities (1)
Code (2)
CapEx (3)
Proportion of CapEx,
year 2024 (4)
Climate change mitigation (5)
Climate change adaption (6)
Water (7)
Pollution (8)
Circular economy (9)
Biodiversity (10)
Climate change mitigation (11)
Climate change adaptation (12)
Water (13)
Pollution (14)
Circular economy (15)
Biodiversity (16)
Minimum safeguards (17)
Proportion of Taxonomy
-aligned
(A.1) or
-eligible (A.2)
CapEx
,
year 2023 (18)
Category enabling activity (19)
Category transitional activity (20)
in €m
%
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
%
E
T
A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
EL; N/EL
EL;
N/EL
EL;
N/EL
EL;
N/EL
EL;
N/EL
EL;
N/EL
Manufacture of low carbon technologies
for transport
CCM 3.3.
360.8
79.08%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
77.68%
Transport by motorbikes, passenger cars
and light commercial vehicles
CCM 6.5.
7.7
1.69%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
3.58%
Freight transport services by road
CCM 6.6.
1.6
0.35%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
1.02%
Acquisition and ownership of buildings
CCM 7.7.
54.2
11.88%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
11.75%
Provision of IT/OT data-driven solutions
CE 4.1.
0.0
0.00%
-
-
-
-
-
-
0.03%
2)
CapEx of Taxonomy-eligible but not
environmentally sustainable activities
(not Taxonomy-aligned activities) (A.2)
424.3
93.00%
93.00%
0.00%
0.00%
0.00%
0.00%
0.00%
94.07%
A. CapEx of Taxonomy-eligible activities (A.1 + A.2)
428.2
93.87%
93.82%
0.00%
0.00%
0.00%
0.05%
0.00%
94.37%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
1)
Rounding differences have not been adjusted in the notification form.
2)
In financial year 2023, the Computer-Aided Facility Management (CAFM) was allocated to economic activity
CE 4.1. and reported as a not taxonomy-aligned activity (A.2). Following a revaluation, for financial year 2024,
the CAFM was assigned to economic activity CCM 7.5. and classified as a taxonomy-aligned activity (A.1).
CapEx of Taxonomy-non-eligible activities
28.0
6.13%
Total
456.2
100.00%
MANAGEMENT REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS 2024
L-46
TEMPLATE FOR THE KPIS OF OPEX (part 1)
1)
Financial year 2024
Year
Substantial contribution criteria
DNSH-Criteria ("Does Not
Significantly Harm")
Economic activities (1)
Code (2)
OpEx (3)
Proportion of OpEx,
year 2024 (4)
Climate change mitigation (5)
Climate change adaption (6)
Water (7)
Pollution (8)
Circular economy (9)
Biodiversity (10)
Climate change mitigation (11)
Climate change adaptation (12)
Water (13)
Pollution (14)
Circular economy (15)
Biodiversity (16)
Minimum safeguards (17)
Proportion of Taxonomy
-aligned
(A.1) or
-eligible (A.2) OpEx,
year 2023 (18)
Category enabling activity (19)
Category transitional activity (20)
in €m
%
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
%
E
T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1 Environmentally sustainable activities (Taxonomy-aligned)
Operation of personal mobility devices,
cycle logistics
CCM 6.4.
0.4
0.67%
Y
N
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
-
OpEx of environmentally sustainable activities
(Taxonomy-aligned) (A.1)
0.4
0.67%
0.67%
0.00%
0.00%
0.00%
0.00%
0.00%
Y
Y
Y
Y
Y
Y
Y
0.00%
Of which enabling
0.0
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
-
-
-
-
-
-
-
0.00%
E
Of which transitional
0.0
0.00%
0.00%
-
-
-
-
-
-
-
0.00%
T
MANAGEMENT REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS 2024
L-47
TEMPLATE FOR THE KPIS OF OPEX (part 2)
1)
Financial year 2024
Year
Substantial contribution criteria
DNSH-Criteria ("Does Not
Significantly Harm")
Economic activities (1)
Code (2)
OpEx (3)
Proportion of OpEx,
year 2024 (4)
Climate change mitigation (5)
Climate change adaption (6)
Water (7)
Pollution (8)
Circular economy (9)
Biodiversity (10)
Climate change mitigation (11)
Climate change adaptation (12)
Water (13)
Pollution (14)
Circular economy (15)
Biodiversity (16)
Minimum safeguards (17)
Proportion of Taxonomy
-aligned
(A.1) or
-eligible (A.2) OpEx,
year 2023 (18)
Category enabling activity (19)
Category transitional activity (20)
in €m
%
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
%
E
T
A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
EL; N/EL
EL;
N/EL
EL;
N/EL
EL;
N/EL
EL;
N/EL
EL;
N/EL
Manufacture of low carbon technologies
for transport
CCM 3.3.
46.8
85.34%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
85.15%
Operation of personal mobility devices,
cycle logistics
CCM 6.4.
0.0
0.00%
-
-
-
-
-
-
0.36%
2)
Transport by motorbikes, passenger cars
and light commercial vehicles
CCM 6.5.
2.7
4.91%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
5.58%
Freight transport services by road
CCM 6.6.
0.1
0.10%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
0.55%
OpEx of Taxonomy-eligible but not
environmentally sustainable activities
(not Taxonomy-aligned activities) (A.2)
49.5
90.34%
90.34%
0.00%
0.00%
0.00%
0.00%
0.00%
91.63%
A. OpEx of Taxonomy-eligible activities (A.1 + A.2)
49.9
91.01%
91.01%
0.00%
0.00%
0.00%
0.00%
0.00%
91.63%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
1)
Rounding differences have not been adjusted in the notification form.
2)
In financial year 2023, the company bicycles (bicycle leasing) under economic activity CCM 6.4. were reported
as a not taxonomy-aligned activity (A.2). Since all evidence required to meet the alignment conditions was
provided, the activity was classified as a taxonomy-aligned activity for the first time in financial year 2024 (A.1).
OpEx of Taxonomy-non-eligible activities
4.9
8.99%
Total
54.8
100.00%
MANAGEMENT REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS 2024
L-48
PROPORTION OF
REVENUE/TOTAL REVENUE
PROPORTION OF
CAPEX/TOTAL CAPEX
PROPORTION OF
OPEX/TOTAL OPEX
in %
Taxonomy-
aligned per
objective
Taxonomy-
eligible per
objective
Taxonomy-
aligned per
objective
Taxonomy-
eligible per
objective
Taxonomy-
aligned per
objective
Taxonomy-
eligible per
objective
CCM
0.00%
62.36%
0.82%
93.82%
0.67%
91.01%
CCA
-
-
-
-
-
-
WTR
-
-
-
-
-
-
CE
-
-
0.05%
0.05%
-
-
PPC
-
-
-
-
-
-
BIO
-
-
-
-
-
-
EU TAXONOMY: NOTIFICATION FORM IN ACCORDANCE WITH
DELEGATED REGULATION (EU) 2022/1214
Following the delegated act in relation to nuclear and natural gas, which has expanded the EU Taxonomy
Regulation, only the first table from Annex 7 is reported. Based on the current interpretation of the legal
situation, the other notification forms do not have to be filled in and published if all the answers on
notification form 1 are "No".
TEMPLATE 1 NUCLEAR AND FOSSIL GAS RELATED ACTIVITIES
Row
Nuclear energy related activities
1.
The undertaking carries out, funds or has exposures to research, development, demonstration an
deployment of innovative electricity generation facilities that produce energy form nuclear processes
with minimal waste from the fuel cycle.
No
2.
The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear
installations to produce electricity or process heat, including for the purposes of district heating or
industrial processes such as hydrogen production, as well as their safety upgrades, using best
available technologies.
No
3.
The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations
that produce electricity or process heat, including for the purposes of district heating or industrial
processes such as hydrogen production from nuclear energy, as well as their safety upgrades.
No
Fossil gas related activities
4.
The undertaking carries out, funds or has exposures to construction or operation of electricity
generation facilities that produce electricity using fossil gaseous fuels.
No
5.
The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of
combined heat/cool and power generation facilities using fossil gaseous fuels.
No
6.
The undertaking carries out, funds or has exposures to construction, refurbishment and operation of
heat generation facilities that produce heat/cool using fossil gaseous fuels.
No
GROUP MANAGEMENT REPORT 2024
L-49
4.3 ESRS E1 CLIMATE CHANGE
STRATEGY
E1-1 Transition plan for climate change mitigation
A transition plan for climate change mitigation is currently in development. The aim is to complete this
transition plan in financial year 2025 and to release it in the next sustainability statement.
ESRS 2 SBM-3 Material impacts, risks and opportunities and their interaction with
strategy and business model
TOPIC
IRO
MATERIAL IMPACTS, RISKS OR OPPORTUNITIES
TIME
HORIZON
SHORT
-TERM
MEDIUM
-TERM
LONG
-TERM
Climate
change
mitigation
01
Greenhouse gas emissions (Scope 1 and 2)
The PIERER Mobility Group sites generate greenhouse gas
emissions that contribute to climate change.
Negative
(OO)
X
X
X
02
Greenhouse gas emissions (Scope 3)
Greenhouse gas emissions that contribute to climate change are
generated in the Group’s up- and downstream value chain. The
majority of these emissions are generated during the usage phase of
the vehicles (Scope 3.11).
Negative
(VC)
X
X
X
03
New regulations in the field of sustainability focusing on fighting
climate change
New regulations that have already been published or are still in
development, along with any new regulations that may be issued in
the future, may require the PIERER Mobility business model to be
adapted and therefore constitute a climate-related transition risk.
Risk
(OO)
Climate
change
adaptation
04
Transitional risks due to the development toward a low GHG
society, e.g. declining acceptance of combustion engines
Societal developments due to climate change and growing
environmental consciousness may require the PIERER Mobility
business model to be adapted and therefore constitute a climate-
related transition risk.
Risk
(OO,
VC)
Energy
05
Consumption of non-renewable energy in vehicle production
(Non-)renewable energy sources are used at the sites and, in
particular, in vehicle assembly.
Negative
(OO)
X
X
X
06
Consumption of non-renewable energy in the vehicle product
usage phase
Combustion engines primarily run on fossil fuels.
Negative
(VC)
X
X
X
07
Production and use of renewable energy (Mattighofen and
Munderfing)
The Group has installed photovoltaic systems and the associated
infrastructure at its sites in Mattighofen and Munderfing to generate
and use renewable energy
Positive
(OO)
X
X
X
08
Dependence on reliable energy supply for production and
assembly activities
A failure in the energy supply may lead to restrictions in production
and assembly processes.
Risk
(OO)
The analysis of the impact of climate change on the Group’s strategy and business model was integrated
into the Group’s risk management. In this process, two significant transition risks were identified that
may have an impact on the Group’s business model (see IRO 03 and IRO 04). Here, analysis processes
GROUP MANAGEMENT REPORT 2024
L-50
as described in ESRS 2 SBM-3 and IRO-1 were applied. In addition, a climate risk and vulnerability
analysis was carried out for the Group’s production sites, which assessed physical climate risks with
regard to three climate scenarios over two time periods. The analysis focused on producing business
activities. Further information can be found in IRO-1 Additions due to the topical requirements for the
materiality assessment and E1-Climate change. The analysis considered various physical climate risks
that could have an impact on the Group's locations or its business activities (e.g. heatwaves, river
flooding). In a further step of the analysis, the potential impact of physical climate risks on the Group
and existing mitigation measures were taken into account. These significantly reduce the potential
impact of physical climate risks, meaning that no further action is required for the time being and no
significant risk has been identified.
IMPACT, RISK AND OPPORTUNITY MANAGEMENT
E1-2 Policies related to climate change mitigation and adaptation
Environmental policy
The environmental policy provides the framework for environmentally friendly behaviour within the
Group. It is regularly updated and published on the PIERER Mobility AG website, where it can be
accessed at any time by internal and external stakeholders.
16
The environmental policy was developed
within the framework of the ISO 14001:2015-certified environmental management system and applies
to defined companies at the Mattighofen, Munderfing and Schalchen sites. Top-level responsibility lies
with the Executive Board of KTM AG. The environmental policy covers topics such as managing
resources, committing to comply with legal regulations (environmental, occupational health and safety,
and climate laws, ordinances, regulations and official requirements), incorporating ecological criteria in
procurement, and addressing greenhouse gas emissions over the entire product life cycle. (IRO 01, 02,
03, 04, 05, 06, 07, 08)
VMG produced premium-quality aluminum cast parts. VMG’s quality and environmental policy covered
how the company handled environmental and climate-relevant matters, its compliance with high quality
demands and meeting customer expectations. VMG’s environmental management was ISO 14001:2015
certified and managed by an appointed person for this purpose. Top-level responsibility for this lies with
the VMG company management. The policy was accessible on the company’s website. (IRO 01, 02, 03,
04, 05, 06, 07, 08)
Environmental report
The environmental report accessible on the Intranet covers the KTM AG company sites falling within the
scope of ISO 14001 and is regularly updated. The report describes the environmental performance of
the certified companies in relation to, for example, material flows, energy management and emissions
into the environment. Objectives, measures and principles of action to improve environmental
performance are defined. Top-level responsibility for the internal environmental report lies with the
Executive Board of KTM AG. The report is drawn up by Group quality management. (IRO 01, 03, 05,
08)
Code of Conduct
The Group Code of Conduct forms the basis for a responsible and ethical corporate culture. It applies
to all employees, managers and board members, as well as business partners, suppliers, customers
and consultants (together referred to as “business partners”). It is also the basis for the business
relationships with all business partners (in particular suppliers) and is an integral part of the contract. It
describes, among other things, the Group’s fundamental approach to sustainability, environmental and
climate protection, and animal welfare. Further information on the Code of Conduct (such as its
availability, scope of application and relevant responsibilities) can be found in section G1-1. (IRO 01,
02, 03, 04, 05, 06, 07, 08)
16
Available at: https://www.pierermobility.com/en/sustainability/publications
GROUP MANAGEMENT REPORT 2024
L-51
E1-3 Actions and resources in relation to climate change policies
In financial year 2024, it was not possible to quantify the reduction in greenhouse gas emissions
expected and achieved as a result of the measures taken. This quantification will be established as part
of the development of the transition plan for climate change and is therefore expected to be published
in financial year 2025. Financial, personnel, organizational and material resources were made available
for the management of the material IROs associated with climate change and climate change adaptation
in order that the measures listed could be initiated or implemented.
Research and development measures
As greenhouse gas emissions increase in the Earth’s atmosphere and climate change advances at
pace, the Group is well aware of its responsibility to contribute to decarbonization. The Group is
committed to embracing new technology and is conducting research to develop new systems with lower
greenhouse gas emissions and reduce the emissions of its current systems. (IRO 01, 02, 03, 04, 05,
06)
• “LiONESS”: KTM is working in cooperation with various research partners to further develop
batteries for L-category vehicles while focusing on energy efficiency and safety. The “LiONESS”
project, supported by FFG (an Austrian research promotion agency), aims to develop new
simulation and measurement methods. Based on a multi-disciplinary assessment, these
developments will make it possible to optimize these battery systems, taking into consideration
efficiency, safety and sustainability. This includes, among other things, improving the energy
density, the thermal stability and the recyclability of the batteries. Likewise, potential options for a
secondary usage of the batteries are being considered. KTM is responsible for product
management and for transitioning the targeted developments and methods into the company.
Furthermore, there is also a need to incorporate the sustainability requirements developed as part
of the project into the general product requirements. The project was launched in March 2024
with the aim of completion in January 2027.
• “EMotion”: The four-year research project entitled “EMotion” came to a conclusion in the first
quarter of 2024. The aim of the project was to develop energy-efficient electric L-category
vehicles. Two prototypes (4 kW and 8 kW) were developed, which enabled progress to be made
in various areas including lightweight construction, powertrain efficiency and user-oriented HMI
(Human Machine Interface). The final project phase focused on the field testing of the vehicles
under real-world conditions. The vehicle tests showed a reduction in energy consumption when in
use thanks to eco-coaching approaches, such as recuperation strategies. The acquired expertise
and the knowledge gained will be used for further development work on series-production
vehicles and in various work processes.
• H
2
Genset test operation: In financial year 2024, the Group tested the use of mobile hydrogen-
powered generators. One possible area of application is on offroad circuits. Here, a sufficient
energy supply for charging electric vehicles is not always guaranteed. Thanks to the mobile
hydrogen fuel cell, power can be produced from hydrogen, thereby reducing reliance on local
infrastructure. During the test, green hydrogen was used to enable environmentally friendly use of
the generator. The test successfully showed that it is possible to use these generators to charge
multiple vehicles at the same time. In addition to the lack of emissions, another positive aspect of
the hydrogen fuel cell is its low noise pollution when compared with diesel units. In the future, this
H2Genset generator could be used for test rides and races.
• “LENS”: KTM is an active partner of the LENS research project, which is supported by the
“Horizon Europe” research and innovation program. The three-year research project (September
2022 – August 2025) supports authorities, cities and legislators in developing suitable measures
to reduce noise and air emissions from L-category vehicles. Interventions and best practices to
combat noise and pollutant emissions from lightweight vehicles are being developed and
promoted. In addition, proposals are being developed for regulations to improve the performance
of future vehicles, including emission control under real driving conditions and regulatory
enforcement of measures to improve manipulation safety. KTM’s contribution over the course of
the reporting year included providing test motorcycles and its expertise, and supporting the
project partners in preparing the outcome reports.
GROUP MANAGEMENT REPORT 2024
L-52
• Exchangeable battery systems: As part of the Group, KTM Forschungs & Entwicklungs GmbH
continues its commitment as a founding member of the Swappable Batteries Motorcycle
Consortium (SBMC). The consortium aims to make it easier to use L-category lightweight electric
vehicles with swappable batteries and to promote the development and use of the charging
infrastructure required for this. Common battery specifications facilitate the introduction of
swappable battery stations. This is seen as key to the development of low-voltage electric
mobility. While activities in 2023 primarily focused on building and validating functional prototypes,
those for 2024 covered the transfer of the development results into standardization activities at
CEN and ISO level. Another focus point was on preparing for field tests in collaboration with
battery manufacturers and operators of battery-changing stations. The KTM research department
is also a partner of the “Stan4SWAP” project supported by the EU as part of “Horizon Europe.”
One of the aims of this project is to draw up a standardization roadmap for battery-changing
systems in L-category vehicles by November 2025.
Electric battery-powered motorcycles
The Group has been researching alternative drive technologies, such as electric battery-powered
vehicles, for many years. The Group sells these under its KTM, Husqvarna and GASGAS core brands.
Here, the research and development activities are broken down into High Volt (> 60 Volt) and Low Volt
(< 60 Volt). In financial year 2024, accrued development costs for electric battery-powered vehicles were
allocated to economic activity “3.3 Manufacture of low carbon technologies for transport” pursuant to the
EU Taxonomy Regulation and reported as taxonomy-compliant. (IRO 02, 03, 04)
• KTM FREERIDE E: In the low-voltage area, financial year 2024 saw the introduction of the fully
reworked 2025 KTM FREERIDE E, which is available for sale from financial year 2025 onwards.
The newly developed lithium-ion battery has a capacity of 5.5 kWh and can easily be replaced.
Full battery charging via a conventional household electricity supply is possible in around eight
hours and gives an Enduro riding time of up to three hours. From model year 2026, a full charge
should be possible using a 3.3 kW charger within two hours. The working life of the lithium ion
batteries is over 1,000 charging cycles before it falls to 80% SoH (State-of-Health). The KTM
Freeride E is road-legal and can be ridden with driver’s license class A1.
• GASGAS TXT (in development): In the future, one of the research and development focus
areas will be on further developing the GASGAS TXT model, which is already being used in
racing situations at the TrialGP. In comparison with other electric motorcycles, one of the stand-
out features is that this model has been developed with a gearbox, gears, a mechanical clutch
and an oscillating weight. It is expected that the GASGAS TXT will be added to the Group’s
product range in the medium-term.
• KTM E9 (in development): The KTM E9, which is currently in development, represents a
synergy between the fields of e-bikes and e-motocross and aims to attract a new target group. In
financial year 2024, an initial vehicle prototype was built and tested both on the test bench and in
the field. The plan for 2025 is to progress to series readiness and then transition to production.
The KTM E9 will be available as a low-emission and low-noise offroad vehicle that will not require
a driver’s license.
Activities for vehicles with combustion engines
Work to implement the EU5+ emissions standard for the Group’s offroad and street motorcycles was
completed. From financial year 2025 onwards, all newly registered vehicles in Europe will meet the
EU5+ requirements. (IRO 02, 03, 06)
Property management measures
In order to reduce climate and environmental impacts at its sites, the Group is taking measures to
increase energy efficiency and promote the use of renewable energy. These activities focus on the
Group’s sites in Mattighofen, Munderfing and Schalchen, although measures will also be implemented
at its other sites. (IRO 01, 02, 03, 05, 07, 08)
GROUP MANAGEMENT REPORT 2024
L-53
• Smart meters, energy management & CAFM: The Group has a smart meter network at its
Austrian production sites, and selected other sites, that it plans to continuously develop. The
smart meters record detailed energy and consumption data. These data are sent to an energy
management software program with the aim of helping to achieve more efficient energy usage.
This process is supported by Computer-Aided Facility Management (CAFM), which was newly
implemented in financial year 2024. This introduction of CAFM enables more efficient facility
management. When combined, these measures improve data availability and form the basis for
efficiency and energy-saving measures, which should lead to a reduction in Scope 1 and 2 GHG
emissions in future. The investments were identified as taxonomy-compliant and recorded
accordingly in the “EU Taxonomy” chapter.
• Renewable energy from photovoltaics: Financial year 2024 saw the commissioning of
photovoltaic modules on the roofs of the KTM motorsport building (approximately 375 kWp) and a
logistics center (approximately 3,705 kWp) at the Munderfing site. The electricity generated is
distributed to the Group’s attached plant via its internal energy network, which led to a high
internal consumption rate of 80% in financial year 2024. The investments were identified as
taxonomy-compliant and recorded accordingly in the “EU Taxonomy” chapter.
• Conversion to LED lights: The gradual installation of LED lights is increasing the Group’s
energy efficiency. New LED lights were installed at the locations in Mattighofen, Munderfing,
Schalchen and Anif in the 2024 financial year. At the same time, smart lighting concepts are being
installed to enable usage-specific lighting. The aim of these measures is to continuously reduce
energy consumption for lighting and bring about cost savings.
• Bike and e-charging infrastructure: To foster more environmentally friendly employee mobility,
120 bike and 12 scooter parking spaces were created at the Mattighofen site in financial year
2024. Furthermore, improvements were made to the charging infrastructure for the pool e-bikes
and electric battery-powered company vehicles. These measures may help to reduce the Group’s
Scope 3 GHG emissions. The investments were identified as taxonomy-compliant and recorded
accordingly in the “EU Taxonomy” chapter.
Further measures to increase efficiency
Increases in efficiency are one of the key ways of reducing GHG emissions and the use of resources.
In financial year 2024, the following measures were implemented (IRO 01, 02, 03, 05, 08):
• Adaptive Control and Monitoring (ACM) suite: In order to save energy, time and resources in
engine production, the Group implemented the Siemens ACM suite in financial year 2024. The
system detects the capacity utilization of linked machines and optimizes their feed speed. This
enables machining times to be reduced by around 10% per component. This technology is being
used on milling machines used to manufacture engine cases, cylinder heads and cylinders. In
addition to increasing efficiency and reducing energy consumption per part, the software package
also allows the tools used to be monitored.
• Engine cold testing: The introduction of cold tests in engine testing can reduce fuel
consumption, maintenance costs, noise emissions and cycle times compared to warm tests. With
the new test methods, the engines are no longer operated with fuel. The engine is simply turned
over using an asynchronous motor and then the gears are switched through during the starter
test. Error detection is similar to that used in the warm method, ensuring that product quality is
maintained. Selected engine models are currently being tested using the cold test method.
Decisions will be made in financial year 2025 as to whether other models will be switched to this
method.
GROUP MANAGEMENT REPORT 2024
L-54
Measures in aluminum casting at the Vöcklabruck site
• Aluminum produced with low GHG emissions: Aluminum casting at the Vöcklabruck site only
uses aluminum that has been produced using energy from renewable sources.
• Increases in efficiency: Investigations took place over the course of financial year 2024 into
alternative materials with a view to reducing emissions in the manufacture of casting cores. In
addition, machine parameters were adjusted, which led to a reduction in both the chemicals used
and emissions. What’s more, in aluminum casting, measures were successfully implemented to
enable the company to react flexibly to changes in the order situation and capacity utilization.
When capacity utilization was low, machines were switched off, which naturally brought with it a
reduction in energy consumption. (IRO 01, 03)
METRICS AND TARGETS
E1-4 Targets related to climate change mitigation and adaptation
With the development of the decarbonization strategy, the Group is establishing targets related to
climate change mitigation and adaptation. The strategy and targets are expected to be published in
financial year 2025. The effectiveness of the policies and actions in relation to the material IROs is
monitored individually by the responsible departments. However, there is not yet an overarching
procedure for monitoring effectiveness.
E1-5 Energy consumption and mix
ESRS E1-5, 37 - 38
ENERGY CONSUMPTION AND MIX
UNIT
2024
(1) Fuel consumption from coal and coal products
MWh
0,00
(2) Fuel consumption from crude oil and petroleum products
MWh
13,214.16
(3) Fuel consumption from natural gas
MWh
32,048.97
(4) Fuel consumption from other fossil sources
MWh
1,311.00
(5) Consumption of purchased or acquired electricity, heat, steam, and
cooling from fossil sources
MWh
2,449.00
(6) Total fossil energy consumption
(calculated as the sum of lines 1 to 5)
MWh
49,028.88
Share of fossil sources in total energy consumption
63.34%
(7) Consumption from nuclear sources
MWh
270.65
Share of consumption from nuclear sources
in total energy consumption
0.35%
(8) Fuel consumption for renewable sources, including biomass (also
comprising industrial and municipal waste of biologic origin, biogas,
renewable hydrogen, etc.)
MWh
561.51
(9) Consumption of purchased or acquired electricity, heat, steam, and
cooling from renewable sources
MWh
24,316.35
(10) The consumption of self-generated non-fuel renewable energy
MWh
3,232.46
(11) Total renewable energy consumption
(calculated as the sum of lines 8 to 10)
MWh
28,110.32
Share of renewable sources in total energy consumption
36.31%
Total energy consumption (calculated as the sum of lines 6, and 11)
MWh
77,409.84
GROUP MANAGEMENT REPORT 2024
L-55
Energy production (ESRS E1-5 39)
ENERGY SOURCE
UNIT
2024
Renewable sources (photovoltaics)
MWh
4,276.87
Non-renewable sources
MWh
0.00
The energy intensity from activities in high climate impact sectors per net revenue (from activities in high
climate impact sectors was 0.04 MWh/kEUR in financial year 2024.
The average CO
2
emissions of the reported motorcycle fleet of 325,907 units were 96.12 g/km
17
in
financial year 2024 (internal calculation by PIERER Mobility AG). Non-road-legal models were also
included for the first time, which resulted in an observed increase in average consumption compared to
the previous year. Excluding the non-road-legal models led to average emissions of 79.01 g/km (2023:
80.11 g/km). This therefore represents a 2.77% reduction in CO
2
emissions of road-legal models
compared with base year 2016 (2023: 1.42%). A comparison of the entire fleet, including non-road-legal
models, is not possible because non-road-legal models were not recorded for the base year. The
average fuel consumption for road-legal models in comparison with 2023 fell by 0.05 l/100 km, sitting at
3.37 l/100 km in fuel consumption in financial year 2024.
18
The average fleet consumption for all models
was 4.13 l/100 km. The fleet consumption of road-legal models fell by 3.63% compared with base year
2016 (2016: 3.5 l/100 km).
Share of bikes without a combustion engine and investments in R&D for alternative drive
technologies (company-specific figures)
In financial year 2024, a total of 75,852 (previous year: 116,410) electric motorcycles, electric bikes and
electric scooters were sold. The share of all bikes without a combustion engine was 33.9%.
19
RESEARCH AND DEVELOPMENT (R&D)
UNIT
2024
Number of employees in R&D
Headcount
1,173
Share of employees in R&D of all employees
22.1%
R&D investments (rounded, development costs incl. tools)
€m
175
thereof investments in alternative drive technologies
€m
27.8
R&D expenditure from turnover
12.5%
17
Since 01/2016, all L-category vehicles in the EU must be registered according to the new type test cycle WMTC. This concerns all two-, three- or four-wheel vehicles
according to Article 4 and Annex I (Enduro motorcycles (L3e-AxE (x = 1, 2 or 3)), trial motorcycles (L3e-AxT (x = 1, 2 or 3)) and heavy off-road quads (L7e-B)) of EU
Regulation 2013/168/EU, which are intended to be driven on public roads. The fleet value is based on the homologated test values according to WMTC
18
The consumption is based on the homologated test values according to WMTC.
19
In financial year 2023, electric balance bikes were included in the list. Due to a system-side process adjustment, these are not reported in the 2024 list. The value for
2024 includes electric motorcycles, electric bicycles, e-scooters and non-e-bicycles.
GROUP MANAGEMENT REPORT 2024
L-56
E1-6 Gross scopes 1,2,3 and total GHG emissions
ESRS E1-6, 48-52
SCOPE 1 GHG EMISSIONS
UNIT
2024
Gross Scope 1 GHG emissions
t CO
2
e
13,172.63
thereof GHG emissions of fully consolidated companies
t CO
2
e
12,778.83
thereof GHG emissions of associated companies with operational control
t CO
2
e
393.80
Percentage of Scope 1 GHG emissions from regulated emission trading schemes
0.19%
SCOPE 2 GHG EMISSIONS
Gross location-based Scope 2 GHG emissions
t CO
2
e
5,737.09
thereof GHG emissions of fully consolidated companies
t CO
2
e
3,993.26
thereof GHG emissions of associated companies with operational control
t CO
2
e
1,853.83
Gross market-based Scope 2 GHG emissions
t CO
2
e
3,394.62
thereof GHG emissions of fully consolidated companies
t CO
2
e
1,540.79
thereof GHG emissions of associated companies with operational control
t CO
2
e
1,853.83
SIGNIFICANT SCOPE 3 GHG EMISSIONS
Total Gross indirect (Scope 3) GHG emissions
t CO
2
e
1,647,470.40
1 Purchased goods and services
t CO
2
e
285,666.53
2 Capital goods
t CO
2
e
26,494.11
3 Fuel and energy-related activities (not included in Scope1 or Scope 2)
t CO
2
e
Not significant
4 Upstream transportation and distribution
t CO
2
e
82,519.56
5 Waste generated in operations
t CO
2
e
Not significant
6 Business traveling
t CO
2
e
Not significant
7 Employee commuting
t CO
2
e
Not significant
8 Upstream leased assets
t CO
2
e
Not relevant
9 Downstream transportation
t CO
2
e
Not relevant
10 Processing of sold products
t CO
2
e
Not relevant
11 Use of sold products
t CO
2
e
1,252,790.20
12 End-of-life treatment of sold products
t CO
2
e
Not significant
13 Downstream leased assets
t CO
2
e
Not relevant
14 Franchises
t CO
2
e
Not relevant
15 Investments
t CO
2
e
Not significant
TOTAL GHG EMISSIONS
Total GHG emissions (location-based)
t CO
2
e
1,666,382.14
Total GHG emissions (market-based)
t CO
2
e
1,664,039.66
ESRS E1-6, 54
ENERGY INTENSITY PER NET REVENUE
UNIT
2024
Total GHG emissions (location-based) per net revenue
t CO
2
e / €k
0.89
Total GHG emissions (market-based) per net revenue
t CO
2
e / €k
0.89
GROUP MANAGEMENT REPORT 2024
L-57
CALCULATION PRINCIPLES AND ASSUMPTIONS
Principles and assumptions for E1-5 Energy consumption and mix
DATAPOINT, DISCLOSURE
DESCRIPTION
The PIERER Mobility
Group’s energy
consumption and mix
(E1-5 37 a-c, 38 a-e, 39)
Due to the complexity of the company structure, a bimodal approach was used to
calculate energy consumption values. Consumption values and activities at the
sites of the most relevant subsidiaries (selection criteria: number of employees >
49 on reporting date 12/31/2024 or producing company) were recorded directly.
Consumption values and activities at the sites of all other subsidiaries were
calculated by extrapolation based on the data collected of internally comparable
companies. Where the available consumption and activity data were incomplete,
these were also determined by extrapolation. Energy consumption values of
associates and investments were not included in the calculation.
Depending on the site, the data collected were based on invoices or meter
readings as well as internal evaluations. Care was taken to use comparable
companies as a basis for the extrapolations. Consumption at VMG and the Graz
site was estimated on the basis of the previous year's figures. Due to changes in
the scope of consolidation, VMG was only included in the balance sheet of the
Group for three months.
CO
2
emissions and fuel
consumption of products
pursuant to WMTC cycle
(company-specific
disclosure)
The calculation for CO
2
emissions and fuel consumption of the sold vehicle fleet is
based on the specifications and assumptions of the World-Harmonized
Motorcycle Test Cycle (WMTC). This method was chosen because it provides a
globally harmonized approach. Previously, the calculations were based on the
specifications and assumptions of the New European Driving Cycle (NEDC) or the
voluntary commitment of the ACEM (European Association of Motorcycle
Manufacturers). When the WMTC test cycle and the EURO 4 emissions standard
were introduced on January 1, 2016, the reporting year 2016 was chosen as the
base year. To allow better understanding, the vehicle consumption is not stated in
joules, but as usual in l/100 km. Non-road-legal models were taken into account in
the calculation for the first time in financial year 2024.
Energy intensity of
activities in high climate
impact sectors (E1-5 40)
The ESRS classification was followed to determine the energy intensity per net
revenue in connection with activities in high climate impact sectors. In line with
this, sectors in sections A to H and section L of Regulation (EU) 2022/1288 are
considered to be high climate impact. When considering these sections and
analyzing the Group’s revenue-related economic activities, it is apparent that
these activities generate external revenue in sectors specified in sections C
(manufacturing), G (wholesale and retail trade; repair of motor vehicles and
motorcycles) and L (real estate activities). The relevant business areas were
taken into consideration in the assessment. This assessment included activities
connected with manufacturing or trade, for example consumption in research and
development. Therefore, only the subsidiaries Avocodo GmbH and PIERER
Innovation GmbH were classified as non-climate-intensive. Due to a different
segment definition in the financial reporting, a direct reconciliation is not possible.
Net revenue can be found in section III “Segment reporting” of the Notes.
GROUP MANAGEMENT REPORT 2024
L-58
Principles and assumptions for E1-6 Gross GHG emissions
DATAPOINT,
DISCLOSURE
DESCRIPTION
Gross GHG
emissions, general
disclosures
The provisions of the GHG protocol formed the basis for calculating the Group’s
greenhouse gas emissions (GHG emissions). Particular attention was paid to the use
of emission factors, which look at the climate-changing greenhouse gases CO
2
, CH
4
,
N
2
O, HFCs, PFCs, SF
6
and NF
3
, collectively referred to as CO
2
e. Further information
on the emission factors used can be found in direct connection with the scopes.
Due to the complexity of the company structure, a bimodal approach to calculating
GHG emissions was used, similar to that used for energy requirements (E1-37 a-c,
38a-e, 39). GHG emissions of associates were taken into consideration in the balance
sheet, with a distinction made between companies with and without operational control,
taking into account the position of the companies in the up- and downstream value
chain. Investments (<20% equity holding) without operational control and that are not
part of the Group’s value chain were not considered to be material to the GHG balance
sheet and therefore not taken into consideration.
Data accuracy and outcome certainty: Due to the use of extrapolation, average
sector data and emission factors, the GHG balance sheet is subject to a certain level of
inaccuracy. The assumptions made are described in greater detail in the sections
below.
Scope 1 greenhouse
gas emissions
(E1-6 48a-b, 50a-b)
Scope 1 GHG emissions include the Group’s direct emissions (combustion processes).
This includes emissions from local heating systems, test benches, coolants and the
Group’s vehicle fleet. Emission factors developed by the UK Government Department
for Energy Security and Net Zero (DESNZ) were used to calculate the GHG emissions.
The Scope 1 balance sheet also takes into consideration emissions subject to
regulated emissions trading schemes. This relates to only 0,19% of total Scope 1 GHG
emissions. For these emissions, the emission factor used in the emissions trading
scheme was used. Biogenic emissions were taken into account through the choice of
emission factors or calculated separately (e.g. pellets). The latter amounted to 12.03
tonnes of CO
2
e.
Scope 2 greenhouse
gas emissions
(E1-6 49a-b, 50 a-b)
The Scope 2 GHG emissions were determined using both market-based and location-
based methods. These emissions sources include the Group’s power consumption.
Where possible, attention was paid to ensure the use of market-specific emission
factors for the market-based method. It was contractually established to a certain
extent at the Group’s Austrian sites that energy comes from renewable sources. In
some cases, the electricity source is not governed by contract, but the energy provider
subsequently reports the power provided as renewable. The market-based emission
factors were adjusted correspondingly. Market-based emission factors were not
available for the other sites, as a result of which the emission factors of the location-
based method were used. Location-based emission factors were used for 23% of
consumed energy (in kWh) under the market-based method. For the location-based
method, the DESNZ emission factors and factors from the Industrial Design &
Engineering MATerials database (IDEMAT) were used. The database does not show
the proportion of biogenic emissions separately so these cannot be reported separately.
Scope 3 greenhouse
gas emissions
(E1-6 51)
The calculation of the Scope 3 GHG emissions is based on the PIERER Mobility
Group’s activity data and associated emissions in the up- and downstream value chain.
No specific emissions data (0%) from suppliers were used to calculate the Scope 3
GHG emissions. Biogenic emissions are reported. After estimating the GHG emissions
per sub-scope, a materiality threshold of 1% of total Scope 3 GHG emissions was set.
This meant that only sub-scopes that accounted for more than 1% of the Scope 3 GHG
emissions were reported and included in the overall balance. In addition, the relevance
of the sub-scopes for individual companies was taken into account and these were
identified as not material for some divisions.
3.1 Purchased
goods and services
When determining the GHG emissions in connection with purchased goods and
services, a method was used that differentiates between series purchasing for
motorcycle production and non-series purchasing. In addition, flows of goods
purchased for trade purposes were recorded by means of quantitative extrapolation.
The GHG emissions from series purchasing were calculated based on groups of goods
with DESNZ and IDEMAT emission factors and factors developed by the German
Federal Office for Economic Affairs and Export Control (BAFA) (average data method).
Due to the complex calculations, information by group of goods for the KTM Group is
not available at the time of publication of this report. As a result, the relevant GHG
emissions were calculated on the basis of data from the previous year and adjusted
using production quantities. The expenditure-based approach was selected to calculate
GROUP MANAGEMENT REPORT 2024
L-59
20
The emission factors were accessed at: https://carbonsaver.org/tools/carbon_factors_database.php
emissions for non-series purchasing, using the emission factors developed by the UK
Government Department for Environment, Food & Rural Affairs (DEFRA).
20
3.2 Capital goods
GHG emissions from capital goods were calculated using the spend-based approach
on the basis of CapEx data (excluding leases). DEFRA emission factors were used for
this purpose.
3.3 Fuel and energy-
related activities (not
included in Scope 1
or 2)
Scope 3.3 was not considered material. Emissions were less than 1% of total Scope 3
GHG emissions.
3.4 Upstream
transportation and
distribution
GHG emissions from transport and logistics processes were calculated using the
spend-based approach on the basis of the corresponding cost. DEFRA emission
factors were used for this purpose.
3.5 Waste generated
in operations
Scope 3.5 was not considered material. Emissions were less than 1% of total Scope 3
GHG emissions.
3.6 Business travel
Scope 3.6 was not considered material. Emissions were less than 1% of total Scope 3
GHG emissions.
3.7 Employee
commuting
The estimated GHG Emissions were less than 1% of total Scope 3 GHG emissions.
3.8 Upstream leased
assets
GHG emissions from the operation of leased assets are already included in Scope 1
and 2.
3.9 Downstream
transportation and
distribution
No relevant downstream transportation of the Group’s products takes place. Emerging
emissions are assigned to the product usage phase (Scope 3.11) or are reported under
Scope 3.4.
3.10 Processing of
sold products
No relevant processing of sold products takes place. In accordance with the GHG
protocol, no emissions are reported in this category.
3.11 Use of sold
products
Emissions from motorcycles, e-bikes and cars sold were calculated. For the
motorcycles, the energy requirement in l/100 km or kWh/100 km is recorded directly
using the WMTC cycle. DESNZ emission factors were used, with particular attention
paid to recording well-to-wheel emissions. GHG emissions from e-bikes and cars were
calculated using the average data method with Mobitool (v 3.0) emission factors. In
some cases, assumptions were made regarding the lifetime mileage of the vehicles in
order to calculate GHG emissions in the product usage phase. For non-homologated
vehicles, assumptions were also made regarding consumption in l/100 km or
kWh/100 km.
3.12 End-of-life
treatment of sold
products
Scope 3.12 was not considered material. Emissions were less than 1% of total Scope 3
GHG emissions.
3.13 Downstream
leased assets
The offering of leased goods by the Group is not a material line of business. Any
income resulting from this is low compared to the total revenue, and therefore, Scope
3.13 is not considered to be material and any resulting GHG emissions are not
reported.
3.14 Franchises
The Group has no franchising. Consequently, no GHG emissions are reported for this
sub-scope.
3.15 Investments
GHG emissions of associates without operational control with equity holdings ≥ 20%
(see BP-1) were combined under Scope 3.15. GHG emissions for Kiska GmbH and LX
media GmbH were recorded using a key based on headcount and included
proportionately in the Group balance sheet. To calculate the GHG emissions of
Zhejiang CFMOTO-KTMR2R Motorcycle Co., Ltd, Hangzhou City, a key was calculated
on the basis of the quantities produced and emissions reported proportionately. Scope
3.15 was not considered material. Emissions were less than 1% of total Scope 3 GHG
emissions.
Greenhouse gas
intensity of the
products (E1-6 54)
To calculate the GHG intensity per net revenue, the total GHG emissions (location-
based and market-based) were used, taking into consideration all units of business as
denominators. The numerators are composed of the total net revenue as given in
section III. “Segment reporting” of the Notes.
GROUP MANAGEMENT REPORT 2024
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4.4 ESRS E5 RESOURCE USE AND CIRCULAR ECONOMY
STRATEGY
ESRS 2 SBM-3 Material impacts, risks and opportunities and their interaction with
resource use and circular economy
TOPIC
IRO
TIME
HORIZON
MATERIAL IMPACTS, RISKS OR OPPORTUNITIES
SHORT
-TERM
MEDIUM
-TERM
LONG
-TERM
Resource
inflows,
including
resource
use
09
Consumption of primary and secondary materials in production
processes
Primary and secondary materials such as aluminum, steel and
plastics are required for the manufacture of the PIERER Mobility
Group’s products.
Negative
(VC)
X
X
X
10
Risk of delays in the supply chain and limited material availability
Delays in the supply chain and limited material availability may delay
the production process.
Risk
(VC,
OO)
Resource
outflows
related to
products
and
services
11
Long-term commitment of resources to products and a resource
cycle that is not fully closed
Valuable resources and raw materials are tied up in the Group’s
products for long periods. Once the product life cycle has come to an
end, the Group cannot guarantee that all raw materials will be fully
returned to the cycle.
Negative
(OO,
VC)
X
X
IMPACT, RISK AND OPPORTUNITY MANAGEMENT
E5-1 Policies related to resource use and circular economy
Code of Conduct
The Code of Conduct forms the basis for a responsible and ethical corporate culture and is binding for
employees, managers, board members and business partners. It describes, among other things, the
Group’s fundamental approach to conflict minerals, chemicals and hazardous substances. Further
information on the Code of Conduct (such as its availability, scope of application and relevant
responsibilities) can be found in section G1-1. (IRO 09, 10, 11)
Environmental policy and internal environmental report
The environmental policy drawn up as part of the ISO 14001 certification and the associated internal
environmental report describe how the Group monitors material flows and handles resources. Further
information (such as availability, key contents, scope of application and relevant responsibilities) can be
found in section E1-2. The same applies to the quality and environmental policy of the Group’s aluminum
foundry VMG. (IRO 09, 11)
So far, the Group's policies do not specifically address the shift away from the use of primary raw
materials, including the increased use of secondary (recycled) resources.
GROUP MANAGEMENT REPORT 2024
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Guideline on responsible procurement of raw materials for aluminum casting
Group company VMG does not use materials produced illegally or under ethically objectionable
conditions. This is laid down in its guideline on responsible procurement of raw materials. Likewise, it
does not use raw materials with conflict minerals subject to embargoes or import restrictions. The
guideline, which is accessible internally, was under the responsibility of the VMG management. (IRO 09)
E5-2 Actions and resources related to resource use and circular economy
Conservation of natural resources is a multifaceted process that can be looked at from various
perspectives: product design, use of materials and the process to be followed. The design of the Group’s
bikes and motorcycles fosters their repairability and recyclability. By replacing or maintaining individual
components, product usage can be extended. The owner’s manuals for the products provide customers
and workshops with information about the service intervals to be observed. In addition, authorized
workshops receive regular training on how to correctly perform the work required. Further information
on this can be found in section S4 Figures and Targets. Using alternative raw materials (for example
recycled plastics) can promote the circular economy.
Promote circular economy through the use of secondary raw materials
The Group endeavors to consider the impact of its products on the climate and environment at the
design stage and throughout their life cycle. This means it creates more durable, easily repairable
products that can, where possible, be broken down into reusable or recyclable parts and materials at
the end of their useful life. (IRO 09, 10, 11)
• Using recycled plastics: In order to increase the proportion of recycled materials in products and
promote the circular economy, an analysis of the plastic components used was carried out in the
2024 financial year, which were categorized into three requirement classes. The aim was to identify
components that can be manufactured from recycled plastics available on the market without
compromising their mechanical and visual properties. To date, prototype components of a plastic
frame protector could be manufactured from ecologically and economically favorable recycled
plastics. These prototypes have been tested on the test bench and during road tests.
• Closed-loop recycling plastics: The project entitled “closed-loop recycling plastics” is a further
development of the general analysis into the use of recycled plastics and was also launched in
financial year 2024. The division of the plastic components installed in series products into
requirement classes, which has already been established, also serves as the basis for closed-loop
recycling. The aim here is to identify suitable components that meet relevant requirements, such
as material type, color, ability to be combined with other materials and ability to be dismantled.
Internally available material sources that can be fed back into the cycle and are available in
sufficient quantities were identified. In collaboration with external partners, the plastic waste
identified was recycled into plastic compound for further use in component manufacture. In the
subsequent step, the plastic compound was processed into new components. These components
are currently undergoing material and component testing in the laboratory and road tests. The
primary aim of the project is to provide insights into the technical feasibility of the closed-loop
process.
GROUP MANAGEMENT REPORT 2024
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Conservation of resources in production and development processes
Resources such as energy and metals are used in the development and manufacture of motorcycle
components and in their assembly. The Group is continuously taking measures to reduce its resource
consumption.
• Karopack machine: Following a trial of the Karopack machine in 2023, it was integrated into the
Group’s ongoing processes in financial year 2024. The machine at the Mattighofen site shreds
cardboard waste and processes it for reuse as filling material for shipping. This can then replace
the majority of the purchased filling material formerly used. Investments made in financial year 2024
were identified as taxonomy-compliant and recorded accordingly in the “EU Taxonomy” chapter.
(IRO 09, 10, 11)
• Promoting system simulations: R&D is working on various simulation methods with the aim of
increasing resource conservation and reducing greenhouse gas emissions in the development
process. Through computer-aided component backups, functional checks and optimizations in the
development process, fewer physical prototypes will be required in future. This leads to a reduction
in material and energy consumption. Resource consumption can also be reduced in production
thanks to the virtually optimized motorcycle and its components. Finally, simulations enable long-
term considerations for the development of more durable products, through which we can reduce
the demand for spare parts and new products. A comprehensive virtual prototype (digital twin) is
currently in development as part of a development project. This can further minimize resource
consumption by better connecting simulations and further synchronizing them with tests and
physical prototypes. Due to the complexity of the digital twin, its entry into use is not expected for
a few years (medium- to long-term time horizon). (IRO 09, 11)
• Packaging management: Optimizing material flows both to and from production in Mattighofen
and Munderfing is a key aspect of efficient supply and disposal processes. Here, logistics
planning plays a crucial role and packaging management becomes especially important. The aim
is to design and optimize packaging and load carriers in such a way that processes run more
smoothly and efficiently throughout the value chain. One promising approach here is the
increased use of multi-use load carriers and packaging. Operationally, the use of multi-use
packaging is being accelerated for local suppliers in particular. Packaging tests are being carried
out to identify waste and develop universal packaging solutions for a range of items. Furthermore,
the packaging regulations for supply partners are being reworked with the aim of serving as a
useful guide when designing packaging for purchased parts.
The use of multi-use containers at the Vöcklabruck production site has also helped to promote
the circular economy in the field of packaging. Selected supplied products were delivered in multi-
use containers. The aluminum cast parts were transported in multi-use containers (gitterboxes
and pallet boxes on Euro pallets) internally and even when they left the site. (IRO 09, 10, 11)
• Energy-saving measures are described in more detail in section E1-3.
Measures for addressing the risk of delayed deliveries or limited material availability
In order to reduce the procurement risk, the Group has defined the use of “second sources” in its
purchasing strategy for certain groups of goods. The aim here is to diversify the supply chain. The
purchasing strategy is supplemented by multiple goods group strategies, which are set to be further
developed over the course of financial years 2024 and 2025. The Group also carries out supplier risk
assessments of tier-1 suppliers, the results of which are incorporated into the product group strategies.
(IRO 10)
GROUP MANAGEMENT REPORT 2024
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METRICS AND TARGETS
E5-3 Targets related to resource use and circular economy
To date, no targets have been set for the IROs relating to resource use and circular economy. The
effectiveness of the policies and actions in relation to the material IROs is monitored individually by the
responsible departments. However, there is not yet an overarching procedure for monitoring
effectiveness.
E5-4 Resource inflows
Materials used by weight (entity-specific disclosure)
MATERIAL
UNIT
2024
Steel
t
15,188.49
Aluminum
t
14,085.50
Cardboard
t
5,324.96
Plastic
t
3,573.99
Rubber
t
1,995.78
Electronics
t
799.13
Carbon
21
t
348.18
Copper
t
274.43
Accumulators
22
t
264.72
Textile
t
134.32
Total
t
41,989.49
ESRS E5-4, 31a-c
UNIT
2024
Total weight of products and materials used
Proportion of sustainably sourced biological materials in total weight
t
0%
Weight of reused or recycled secondary components, products or materials used
Proportion of reused or recycled secondary components, products or materials used
t
0%
E5-5 Resource outflows
One of the Group’s core activities is the assembly of two- and four-wheel vehicles. Both means of
transport have a multi-year working life under normal usage and can be repaired and dismantled. In this
way, a large amount of the materials used can be returned to the cycle. Particular attention is paid to
lightweight construction for both motorcycles and cars. The Group’s product range also includes
(e-)bikes and IT solutions.
ESRS E5-5 36a-c
The expected working and useful life of the Group’s vehicles depends on the way customers use and
maintain the vehicles and can therefore vary widely. In the case of street motorcycles, the Group expects
a lifetime mileage of around 70,000 kilometers. This figure is around 10,000 kilometers for offroad
motorcycles. In the case of e-bikes, a lifetime mileage of 10,000–12,000 kilometers is expected. Similar
values can be seen in industry comparisons. The industry comparison values are based on estimates
and online research and are therefore subject to great uncertainty. The expected lifetime mileage of one
of the Group’s cars is around 14,000 kilometers. It is not possible to conduct an industry comparison
here because there are barely any comparable products (road-legal high-performance sports cars) on
the market. The Group’s vehicles can be repaired easily. Spare parts are available. The Group’s trained
network of dealers and workshops also helps to extend the working life of the products. Further
information on this can be found in section S4-4 and the associated figures and targets. Around xx% of
products and their packaging (multi-use packaging not included here) can be recycled.
21
This figure only represents the weight of the carbon components on bicycles.
22
The figure given represents only the weight of the e-bicycle batteries. Motor batteries are listed in the electronics materials group.
GROUP MANAGEMENT REPORT 2024
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CALCULATION PRINCIPLES AND ASSUMPTIONS
ESRS
DISCLOSURE
REQUIREMENT
PARAGRAPH
DATAPOINT,
DISCLOSURE
CALCULATION PRINCIPLES AND ASSUMPTIONS
Materials used by weight (entity-specific
disclosure)
The Group performs a material flow analysis annually to
determine the materials used for motorcycle series
production at its Mattighofen, Munderfing and Schalchen
sites. Due to the complexity of the data, they will not be
available until part-way through the next year. For this
reason, the reported material flows were extrapolated on
the basis of the quantities produced. In addition, material
flows for motorcycles that were produced at other sites or
procured externally, and the X-BOWs offered by the Group,
were extrapolated based on quantities. Material flows in
connection with supporting business processes and those
due to bicycle trade (quantity-based extrapolation) were
added. Non-series purchasing was not considered to be
material in this context and was therefore not taken into
consideration in this configuration.
E5-4
30
Description of
resource inflows
For the method used to record the total weight of products
and materials used, please refer to the entity-specific
disclosure “materials used by weight”.
Primary data on the upstream value chain could not be
included due to the complexity of the value chain. Attempts
have been made to obtain a more comprehensive overview
of the value chain by means of the Value Chain Risk
Analysis. However, this has not yet been finalized.
Information on the proportion of sustainably sourced
biological materials could not be reported. To be classified
as sustainable, a raw material must be certified in
accordance with a recognized certification system. Due to
the aggregation of the resource inflows at goods group
level, this detailed assessment and subsequent reporting of
the proportion of sustainably sourced biological materials
was not possible.
The reported value for reused or recycled components
represents the proportion of secondary aluminum and
secondary steel. The German aluminum/steel mix was used
for this calculation. The proportion reported is therefore
subject to a high degree of outcome uncertainty.
E5-5
36a
Expected
durability
The expected durability of the vehicles marketed by the
Group was estimated based on test data (e.g. working life
of the engines) and assessments from customer service.
The disclosures relating to the value chain are based on
estimates and online research and are therefore subject to
a high degree of outcome uncertainty. For cars, no
comparison values are given as there are hardly any
comparable products (road-legal high-performance sports
cars) on the market. For IT solutions, the disclosure was not
considered to be relevant.
E5-5
36b
Reparability
The vehicles marketed by the Group can be repaired easily.
Spare parts are available.
E5-5
36c
Recyclable
proportion of
products and
packaging
The materials steel, aluminum, plastic and cardboard have
been classified as recyclable and their proportions in
products and packaging have been reported accordingly.
GROUP MANAGEMENT REPORT 2024
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4.5 ESRS S1 OWN WORKFORCE
STRATEGY
ESRS 2 SBM-3 Material impacts, risks and opportunities and their interaction with own
workforce
TOPIC
IRO
TIME
HORIZON
MATERIAL IMPACTS, RISKS OR OPPORTUNITIES
SHORT
-TERM
MEDIUM
-TERM
LONG
-TERM
Secure
employment
12
Restructuring has led and continues to lead to uncertainty,
redundancies and dissatisfaction
Restructuring measures can lead to redundancies, uncertainties
and dissatisfaction among an undertaking’s own workforce. The
negative impact arises from the Group’s current economic situation.
(one-off event)
Negative
(OO)
X
X
13
Temporary reduction in working hours
23
As part of cost reductions, a reduction in working hours and pay was
agreed, which may have negative impacts on employees. (one-off
event)
Negative
(OO)
X
14
Personnel risk and lack of skilled workers
High levels of staff turnover can lead to an outflow of knowledge and,
in the long-term, a shortage of skilled workers.
Risk
(OO)
Health and
safety
15
Serious occupational accidents can occur in production and
during test rides
Serious occupational accidents, especially those involving
production employees or test riders, cannot always be prevented.
(one-off event)
Negative
(OO)
X
X
X
Training and
skills
development
16
Securing future prospects and developing employee skills
through further training opportunities
Through further training opportunities, the Group helps its
employees to secure their future prospects and to develop their
skills.
Positive
(OO)
X
X
X
Equal
treatment
and equal
opportunities
for all
17
Intercultural cooperation and individual development
The Group brings together people of many different nationalities and
age groups, which creates fresh momentum and allows employees
to learn from one another.
Positive
(OO)
X
X
X
18
Gender disparity in pay and leadership positions
The Group has a greater proportion of male employees, both in the
overall workforce and on the management team. The gender pay
gap of the Austrian sites is 18.9%.
24
(systemic)
Negative
(OO)
X
X
X
Data
protection
19
Risk of data loss or misuse
A potential loss or misuse of personal data affects the rights of data
subjects. (systemic)
Negative
(OO)
X
X
X
20
Violation of data protection regulations and subsequent fines
Violating data protection regulations can lead to heavy fines.
Risk
(OO)
23
No policies, measures or targets have been established in relation to the temporary reduction of working hours and pay, as the impact of this change will only be
temporary.
24
Further information about the gender pay gap, including the calculation method, can be found in S1-16.
GROUP MANAGEMENT REPORT 2024
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The Group’s workforce was taken into account when determining material impacts, risks and
opportunities and in the reporting for “ESRS 2 General disclosures”. Potentially affected own workers
were identified in the course of the double materiality assessment (see IRO-1), in which both the
activities and the working environment were taken into account, as well as the characteristics of the
workforce. Among other measures, discussions were held with personnel management experts and
employee representatives during the assessment, in order to gain a better understanding of the potential
impacts. There have been no negative impacts on own workers as a result of transition plans for
reducing negative impacts on the environment and achieving greener and more climate-neutral
operations, as the Group has not yet finalized transition plans (see also section E1-1). On the reference
date of December 31, 2024, the Group employed a total of 5.310 people, 2.129 of which are blue-collar
workers and 3.358 of which are white-collar workers. By the end of financial year 2024, all but four
temporary workers in the Group had been reduced, meaning that IRO 12 in particular also applies to
this group of employees. Further information about the workforce can be found in section “S1-6
Characteristics of the undertaking’s employees”.
Information on the current economic situation:
A special situation has arisen at the PIERER Mobility Group as a result of the restructuring proceedings
initiated in November 2024 under the responsibility of its core holding KTM AG (and two subsidiaries).
A restructuring plan had to be agreed with creditors within 90 days (by the end of February 2025). The
continued existence of the Group was to be secured through a reduction in size. During the restructuring,
there was a reduction in production volume and number of employees, which could lead to uncertainties
and dissatisfaction among the Group’s own workforce.
IMPACT, RISK AND OPPORTUNITY MANAGEMENT
S1-1 Policies related to own workforce
The Group has defined the following policies with regard to the IROs in connection with its workforce.
The Group respects human rights and promotes fair working conditions. Employees can contact their
managers, the works council, company doctors, occupational psychologists, the HR or legal department
or safety specialists at any time or can communicate via the whistleblower system.
Occupational Health and Safety Policy
The Group strives to create a working environment in which employees are optimally protected from
risks to their health or injury by means of suitable measures and processes. The Occupational Health
and Safety Policy covers the most important principles and measures for protecting the health of its
employees. In addition, numerous safety training sessions and courses have been introduced to
maintain a high level of safety and to prevent accidents at work. The Occupational Health and Safety
Policy is available on the Group’s website.
25
The Health & Safety team is responsible for the targeted
further development of occupational health and safety initiatives for KTM AG employees. It is supported
by safety experts and occupational health and psychology specialists. At the top level, the Executive
Board or management is responsible for implementing the policy.
Occupational health and safety at the Vöcklabruck production site (aluminum casting) was based on the
principle of preventing/minimizing the risk before the implementation of technical, organizational and
personal measures and was described in VMG’s occupational health and safety guidelines. The policy
described the prevention of hazards, the handling of chemicals and the organization of occupational
health and safety. Company management at VMG was responsible for this internal policy. (IRO 14, 15)
25
Available at: https://www.pierermobility.com/en/sustainability/publications
GROUP MANAGEMENT REPORT 2024
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Diversity and Anti-Discrimination Policy
The Diversity and Anti-Discrimination Policy governs how diversity is to be experienced and promoted
within the Group and how different forms of discrimination and harassment are prevented. The policy
does not just cover employees’ workplaces, but also explicitly takes work-related settings and online
situations into account. It applies to all employees, managers and board members worldwide. The policy
defines relevant terms and helps employees to identify inappropriate behaviors. Nationality, skin color,
ethnic or national origin, sex, sexual orientation, religion, age, ideology, culture, state of health or other
aspects governed by local laws are mentioned as possible reasons for discrimination. Should violations
of the guidelines occur, reporting options are outlined, such as the internal compliance contact point or
the whistleblower system. The Group always strives to ensure complete confidentiality. No employee
should suffer disadvantages as a consequence of reporting a violation of the policy in good faith. The
Diversity and Anti-Discrimination Policy is available on the company’s website.
26
The relevant managers
and ultimately the Executive Board or company management are responsible for the implementation of
the policy. (IRO 14, 17, 18)
Guidelines on the use of the whistleblower system
27
The internal guidelines for whistleblowers, which can be accessed via the Intranet, set out the process
structure and protect the whistleblower submitting a report via the whistleblowing system. The guidelines
set out the reporting process and information about confidentiality and data protection. The guidelines
have been created by the Group’s Legal department and will be updated as necessary. The relevant
managers and ultimately the Executive Board or company management are responsible for the
implementation of the guidelines. (IRO 12, 14, 19, 20)
Declaration on Modern Slavery and Human Trafficking
The Declaration on Modern Slavery and Human Trafficking
28
summarizes the Group’s approach to
preventing modern slavery and human trafficking. As an accompanying document to the Code of
Conduct, the Declaration also applies to contractual partners and should therefore also impact the value
chain. It places particular focus on respect for human rights. Further information about this declaration
(such as its availability and relevant responsibilities) can be found in section S2-1. (IRO 12, 14)
Code of Conduct
The Code of Conduct of the Group forms the basis for a responsible and ethical corporate culture that
is binding for all employees, managers, board members and external contractual partners. Among other
things, it describes principles relating to human rights, diversity, fair working conditions, occupational
health and safety, forced and compulsory labor, child labor and human trafficking. The Group and its
business partners are committed to complying with the applicable national and international laws,
regulations and guidelines as well as the ILO core labor standards (in particular ILO C138 on the
minimum age for admission to employment, ILO 182 on the prohibition and immediate action for the
elimination of the worst forms of child labor, ILO 29 on forced or compulsory labor and ILO 105 on the
abolition of forced labor). Further information on the Code of Conduct (such as its availability and
relevant responsibilities) can be found in section G1-1. (IRO 12, 14, 15, 16, 17, 18, 19, 20)
Data protection management system
The Group has developed a comprehensive data protection strategy to ensure and consistently improve
the protection of personal data. The strategy, which can be accessed via the Intranet, covers many
different aspects of data protection, which are explained in more detail using specific guidelines. The
data protection strategy also covers the up- and downstream value chain and all relevant geographical
regions to the greatest extent possible. It is overseen by the Group’s data protection team. The relevant
managers and ultimately the Executive Board or company management are responsible for its
implementation. The strategy includes the internal data protection policy for employees, which governs
all of the Group’s data processing activities, in particular with regard to all personal data of current and
former employees, managers and board members. The Code of Conduct (see above and in section
G1-1 regarding availability, responsibilities and scope of application) complies with the data protection
regulations. Alignment with the strict European General Data Protection Regulation and other relevant
26
Available at: https://www.pierermobility.com/en/sustainability/publications
27
Note: Although the guidelines have only been published internally, external parties can also submit reports via the whistleblower system. Further information can be
found in sections G1-1, G1-3 and on the system’s website: https://pierermobility.integrityline.com/
28
Available at: https://www.pierermobility.com/en/sustainability/publications
GROUP MANAGEMENT REPORT 2024
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national and international standards ensures that the Group meets legal requirements. Regular training
courses, updates and communication of policies ensure that both internal and external stakeholder
groups understand and comply with the data protection requirements. (IRO 19, 20)
Information Security Framework Directive
The Group’s internal Information Security Framework Directive was comprehensively revised in financial
year 2024 and is based on the requirements of ISO 27001. The directive applies to all employees of the
Group as well as to associated units and third parties that work with the corresponding IT systems and
to all systems connected to the PIERER Mobility AG networks (e.g., mobile and network devices). The
directive serves as a framework for ensuring information security within the Group. Information security
is an essential part of data protection. In addition to the description of security governance, the directive
includes measures to ensure IT security, such as data leak prevention, identity and access management,
information risk management and the development of secure software. The IT Security & Risk
Management team is responsible for implementing this directive. The Information Security Framework
Directive, which can be accessed via the Intranet, is referenced in other documents, such as the data
classification guidelines, the security governance policy and the IT emergency handbook. (IRO 19, 20)
S1-2 Process for engaging with own workforce and workers’ representatives about
impacts
In the Group, 73.7% of the total workforce (headcount) is represented by the KTM AG, KTM F&E GmbH
and KTM Components GmbH works councils. They are involved in the decision-making processes for
personnel-related, far-reaching developments. Employees can contact the works councils at any time
with their concerns, for advice or if they need representation. In addition, employees can discuss their
concerns with their managers, company doctors, the HR or legal department and security specialists at
any time, or can communicate via the whistleblower system. In addition, performance talks are held for
employees
29
on an annual basis, allowing for structured discussion between employees and managers.
The performance talks are coordinated by Human Resources. Further information about the
performance talks can be found in section S1-13. 98.9% of Group employees are covered by collective
agreements or have contracts with conditions similar to collective bargaining agreements. These govern
the rights and obligations of employers and employees within the framework of the employment
relationship.
In January 2024, the subsidiary Avocodo GmbH, working with ASZ (“Arbeitsmedizinische und
Sicherheitstechnische Zentrum in Linz GmbH”), conducted an anonymous online employee survey
among its permanent employees (response rate: 69.4%). It included questions about working conditions
and mental health in the workplace as well as a general employee survey. The evaluation showed that
Avocodo scored better than the industry average for 25 out of 26 questions. The survey results were
presented to the management of Avocodo GmbH. Internal communication was identified as an area with
potential for improvement. A kick-off workshop with the motto “NextGen Avocodo” was held in summer
2024 to identify and define common values.
29
The performance talks are aimed at employees in Austria.
GROUP MANAGEMENT REPORT 2024
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S1-3 Processes to remediate negative impacts and channels for own workers to raise
concerns
The Group strives to prevent negative impacts on its own employees. Corresponding measures are
described in section ESRS S1-4. Employees can also discuss their concerns with, for example, their
managers, the works council, company doctors, the HR or legal department or safety specialists at any
time, or can communicate via the whistleblower system. Information about these reporting options, such
as the internal guideline on the whistleblower system or specific contact details, have been made
available on the Intranet. The whistleblower system was specifically referred to in an employee
communication (Intranet post, PITBOARD article) and in the Compliance and Code of Conduct e-
learning course, which should increase internal awareness of the system. In addition, all employees
receive a copy of the Code of Conduct, which refers to the whistleblower system, when they sign their
contract, and they are notified of any changes to its content. Protection of whistleblowers is enshrined
in company principles. Complaints are prioritized and tracked depending on the type of report and
reporting channel. The legal department monitors incoming reports to the whistleblower system, thereby
ensuring the effectiveness of the system. Further information on the whistleblower system, including the
follow-up by the legal department or, if required, by external experts, can be found in sections G1-1 and
G1-3. Employees at the Vöcklabruck production site can also (anonymously) submit information via a
mailbox.
There were negative impacts on the Group’s own workforce during the restructuring proceedings. The
processes were overseen by the Chamber of Labor of Upper Austria and the works councils, which
supported the workforce and mitigated the negative impacts. Care was taken to prevent cases of
hardship.
S1-4 Taking action on material impacts on own workforce, and approaches to mitigating
material risks and pursuing material opportunities related to own workforce, and
effectiveness of those actions
Measures relating to working conditions and employee satisfaction, occupational health and safety,
training and further training opportunities and diversity and equal opportunities were defined and
implemented by the Group’s Human Resources department. When identifying measures, internal
specialists take into account both legal regulations and requirements and information from the specialist
departments. Data protection measures are identified and overseen by the legal department, whereas
the IT department is responsible for data security measures. The specialist departments are also
responsible for monitoring the effectiveness of the measures. This can take the form, for example, of
knowledge checks at the end of training courses or, in the case of cybersecurity measures, of the
evaluation of data on fake phishing emails. After completing system-based training courses, employees
have the opportunity to evaluate the training in terms of its content, methods and practical relevance.
This is used to monitor the effectiveness of the training. A high score for practical relevance indicates
that the training courses are particularly applicable to employees’ everyday work. The annual
performance talks also serve as an opportunity to provide feedback. Material, financial and personnel
resources were allocated to the management of material IROs, allowing the stated measures to be
initiated or implemented.
Measures relating to working conditions and employee satisfaction
PIERER Mobility sees itself as having a special responsibility toward its employees. Focus is therefore
placed on fair and employee-friendly working conditions. Measures are managed, tracked and
monitored by the Human Resources department. Employees can contact the HR department at any
time with suggestions for improvement. (IRO 12, 14)
• Culture: The Group is relying on its resilient culture to provide the best possible support during
company restructuring. Internal organizational development experts are working closely with teams
and managers to develop solutions for challenges relating to structural, team and knowledge
management. This includes, in particular, reflecting on tasks and processes within the teams,
moderating workshops such as process analyses and actively encouraging discussion within the
team and beyond the team with its interfaces. Based on current models and interventions,
workshop settings are developed with the aim of achieving the greatest possible success. These
are used on an ongoing basis during the current restructuring process.
GROUP MANAGEMENT REPORT 2024
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• Expansion of the new remuneration model: In financial year 2023, the Group introduced an
overtime flat rate as a pilot project, rolling it out further in 2024. The flat rate creates transparency
regarding the remuneration of overtime, which is now paid quarterly. Overtime worked is recorded
daily and then paid quarterly. This ensures that employees are compensated fairly and
appropriately for any additional work they do.
• Increased meals allowance: In some divisions of KTM AG and KTM Components GmbH, a meal
allowance is granted per active working day, on the basis of an agreement between the works
council and the company representative. This was increased from € 2.00 to € 2.50 in August 2024.
This aims to increase awareness of the company as an attractive employer and to improve
employee retention and appreciation.
• Negative impacts on the Group’s own workforce during the restructuring proceedings of
KTM AG. The processes were overseen by the Chamber of Labor of Upper Austria and the works
councils, which supported the workforce. Care was taken to prevent cases of hardship. These
measures, plus the other measures listed in this section, are intended to mitigate the negative
impacts.
Measures to promote occupational health and safety (IRO 14, 15)
The Group has set itself the goal of achieving a high level of performance when it comes to occupational
safety at all its sites and in all areas of the business.
A regular review of workplaces and processes with regard to their safety, which can also be used to
monitor and follow-up measures, is an essential part of occupational safety measures. Improvement
measures are implemented if necessary. In addition to regular investigations, case-based analyses of
accidents and near-misses are carried out in order to ensure continued safety in the workplace.
In addition to standardized measures on employee health and safety (these are summarized in PIERER
Mobility AG’s published Occupational Health and Safety Policy, see section S1-1), the following
measures have been implemented in financial year 2024:
• Health and safety software: The implementation of the health and safety software (comprising
modules on occupational safety, incident/accident management, management of hazardous
materials) continued during financial year 2024, and the associated processes were gradually
integrated into standard operations. This management system is used to digitize the documentation
of activities relating to occupational health and safety and employee safety. This is intended to
ensure systematic improvement and centralized control and to reduce human resources costs. The
Human Resources Project Management Office is leading the project. Rollout to the Austrian sites
in Mattighofen, Munderfing, Schalchen and Anif is planned for financial year 2025.
• Improvement of ergonomics: Measures and projects to improve workplace ergonomics are being
implemented on an ongoing basis. In financial year 2024, for example, a review of fork production
processes in the component plant and improvements to logistics processes in the engine plant
were completed.
• Quality seal for promotion of health in the workplace: The subsidiary Avocodo GmbH (software
development) has been certified under the Quality Seal for Promotion of Health in the Workplace
(BGF) from the Austrian Health Insurance Fund (ÖGK) since 2013. The fourth recertification for the
period 2025–2027 took place in financial year 2024, underlining Avocodo’s ongoing commitment to
the health and wellbeing of its employees.
• Health Months: In reporting year 2024, Avocodo developed a new initiative which focused on
selected health topics (e.g. mental health, nutrition, movement) on a monthly basis. These “Health
Months” served to boost employees’ physical and mental health, to raise awareness of this
important topic and to strengthen the community within the working environment and beyond.
GROUP MANAGEMENT REPORT 2024
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• Training sessions and training courses: The continuous further development and adaptation of
training courses relating to occupational health and safety to align them with company requirements
is extremely important in the Group. In financial year 2024, the following training courses were
adapted to company requirements and will run from now on:
o Newly designed high-voltage training courses became part of a centralized training process
in financial year 2024 and are intended to contribute to the implementation of safety
standards when working with electric vehicles.
o The “Ergonomics Workshop for Computer Workstations” pilot project ran successfully and
will be integrated into the regular program from 2025. This meant that another measure
could be introduced to preemptively prevent musculoskeletal disorders.
o Special management training for Group sub-divisions (primarily in production and
workshops) is at the conception stage and should be implemented in 2025. The aim is to
create awareness of responsibility.
o Dangerous goods training: a new online course was introduced during financial year 2024
on the principles of transporting dangerous goods and the applicable regulations. The
learning objectives are the handling of dangerous goods and improvement of occupational
safety. Annual participation in this online course is mandatory for all employees who are
directly or indirectly involved in the transport of dangerous goods. Digitization of the training
course means that it can not only be provided in multiple languages, but can also be
completed at any time and in any location.
• “Apprenticeship instead of emptiness” to support apprentices during their apprenticeship
PIERER Mobility AG attaches great importance to actively supporting the mental health of its
apprentices throughout their training. Since November 2024, apprentices and trainees at the
Austrian locations have been given the opportunity to consult with an apprentice coach for the first
time. Once a week, external, trained consultants are available to discuss general difficulties or
problems with self-organization. The aim is to help apprentices to master the challenges of
demanding training and growing up. The program is fully funded by the Austrian Federal Ministry
of Economics and Labor and its implementing partners.
Training and further training opportunities
The Group takes the approach of enabling employees to develop their career within the company and
engage in lifelong learning by undertaking further training and education. The measures are managed,
tracked and monitored by the KTM Academy team. Employees can contact the team with questions or
suggestions for improvement at any time. The following new training courses were introduced in financial
year 2024 (IRO 14, 16):
• Skill orientation: In 2023 and 2024, an intradisciplinary KTM project team spent 12 months
exploring the issue of “competences” and trying to answer the following questions: “Which skills
and competences should company employees possess, regardless of role?” “How do these skills
manifest themselves in behavior?” Interviews were carried out, current job postings analyzed and
a benchmark analysis conducted. Fourteen competences were identified as a result, which are
used to define employees’ personal goals during annual performance reviews.
• Leading through Change – empowering leaders in uncertain times: In the ever-changing world
of business, the ability to manage change effectively is critical. The KTM Academy offers a three-
part webinar series entitled “Leading through Change”, which managers are free to attend
whenever is convenient for them. The aim is to empower managers and give them the tools for
leadership in times of crisis and change.
GROUP MANAGEMENT REPORT 2024
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• ProjectNET – network for project managers: In June 2024, the KTM Academy organized its first
network event for project managers. The primary aim of this event was to discuss practical issues
and establish an interdisciplinary, internal company network. As a group, participants compiled a
list of current issues and discussed the conflict between agile and conventional methods, drawing
on their own experiences. They then worked together in small groups to explore how PMOs can
support project managers in this task. A total of 39 project managers from various divisions of the
company took part.
• Supporting apprentices
o Internships abroad: Apprentices already have the opportunity to gain work experience
abroad during their training period. From the second year of their apprenticeship, they are
offered the chance to spend several weeks doing an internship abroad, either within the
Group or at another company. In financial year 2024, seven apprentices began an
internship abroad. In addition to expanding their technical knowledge, the aim of the
internships abroad is to improve English skills and to promote an intercultural exchange of
knowledge between apprentices.
o “Apprentice Hackathon” and “Austrian Skills”: In order to consistently provide
apprentices with new impulses in their training, the Group takes part in regional and
national competitions. Three apprentices from the Group took part in the “Apprentice
Hackathon”, focusing on the subject of app programming. They claimed second place in
the overall standings and won the Community Award category. Apprentices are expected
to receive another opportunity to prove their skills on the national stage in November 2025,
in the “Motorcycle Technology” division of the “Austrian Skills” competition. The Group
subsidiary KTM AG is also involved in the conception and design of the competition, and
places considerable emphasis on the topic of compliance.
Initiatives for promoting diversity and equal opportunities
The Group regards it as particularly important for all employees to be treated with fairness and respect.
The aim is to promote social justice while combating and preventing discrimination and inequality.
Measures are managed, tracked and monitored by the Human Resources department. Employees can
contact the Human Resources department with questions or suggestions for improvement at any time.
(IRO 14, 17, 18)
• Revision of the management structure: As of spring 2024, the entire company’s management
structure was redefined. The aim of this restructuring was to streamline the organization with flatter,
clearly defined hierarchies in order to increase efficiency and be more effectively positioned to
confront future challenges. The restructuring also focused on ensuring fairness, transparency and
comparability within the company. Management levels have been redefined on the basis of
quantitative and qualitative criteria.
• Job architecture: After data collection, preparation and validation in 2023, job architecture
implementation at the Group began during financial year 2024. This involves categorizing jobs into
16 job families and 12 hierarchy levels. It makes it possible to compare positions with companies
in related industries and facilitates the standardization of internal processes. Job architecture
should, for example, lead to better and more objective comparability in the fields of strategic
personnel planning, career development and remuneration, and thus increase fairness.
• Offers for international employees: Welcome to Austria: Since 2024, the Group has been offering
an online course series entitled “Welcome to Austria” to new employees coming from abroad. Three
e-learning units provide information about legal orientation and integration in Austria. The aim is to
make arrival in Austria easier for new employees and to answer many open questions before their
first working day. In financial year 2024, 66 employees completed one of the courses.
• Girls’ Day: The Group once again participated in the EUREGIO Girls’ Day in financial year 2024,
giving female potential future employees the chance to learn more about new professional fields.
In April 2024, 15 young women were given the opportunity to gain insights into metal and
automobile technology and gain practical experience in selected technical process steps.
GROUP MANAGEMENT REPORT 2024
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• Summer break childcare: In cooperation with the “Kinderfreunden” family organization and
Schalchen elementary school, the Group has been offering a free childcare service for the past four
years during the summer break. In financial year 2024, a total of 50 children took part in the vacation
program, which included visits to the apprentice workshop and the KTM Motohall. The program is
intended to make working life easier for parents during the summer break and is primarily aimed at
employees at the Mattighofen, Munderfing and Schalchen sites.
Data protection measures
The mandatory “Data Privacy” e-learning course, which must be completed once a year, teaches all
participating employees about data protection requirements. The e-learning course was fully revised in
2024 to meet all data protection requirements. Participation is assessed annually and follow-up action
taken where appropriate. In addition to the mandatory e-learning course, the Group also offers additional
training if necessary to cover specific requirements and scenarios that go beyond the content of the
“Data Privacy” e-learning course. The training courses are supplemented by audits and risk
assessments.
The Group’s data protection measures are preventive actions taken to ensure high standards in the
handling of personal data. To date, there are no known cases in which an individual’s right to data
protection has been significantly breached. The introduction of the mandatory e-learning course and the
regular adaptation of the guidelines therefore serve to proactively prevent such cases. (IRO 19, 20)
Cybersecurity measures
The Group addresses IT and cyber risks through the continuous further development of security
measures, the use of state-of-the-art technologies and a multilevel security concept. (IRO 19, 20)
• Information security policies: The Group’s information security policies were comprehensively
revised and updated in financial year 2024. The policies are currently being rolled out to the
individual divisions. The next step is to provide training on the Information Security Framework
Directive. This will be integrated into existing IT security awareness training courses.
• Security Operation Center (SOC): In financial year 2024, the Group began revising the SOC. This
work is expected to be completed in financial year 2025. An SOC is used to standardize and
coordinate cybersecurity technologies and processes. The Group’s cybersecurity can be improved
by changing providers and expanding the scope of application.
• Anti-phishing: IT security awareness training sessions were held in financial year 2024 and
relevant information was published on the Intranet to raise awareness among the Group’s
employees. To raise awareness, the IT security team simulated phishing emails as a hands-on
exercise for employees. A Phish Alert button was enabled in email inboxes during financial year
2024, allowing suspicious emails to be analyzed in a regulated process and deleted if necessary.
• TISAX-2 certification: In August 2024, the Thalheim sites and the IT head office at the Mattighofen
site were re-certified in accordance with the requirements of TISAX-2 (Trusted Information Security
Assessment Exchange). The certification is valid for three years and demonstrates the high IT
security standards met by the Group.
GROUP MANAGEMENT REPORT 2024
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METRICS AND TARGETS
S1-5 Targets related to managing material negative impacts, advancing positive impacts,
and managing material risks and opportunities
To date, no targets have been set for the IROs relating to company workers. The effectiveness of the
policies and actions in relation to the material IROs is monitored individually by the responsible
departments. Examples of how measures are monitored can be found in section S1-4. However, there
is not yet an overarching procedure for monitoring effectiveness.
S1-6 Characteristics of the undertaking’s employees
As at December 31, 2024, PIERER Mobility AG employed 5,310 people, 4,805 of which in Europe and
349 in North America. The corresponding figure in the consolidated financial statements can be found
at 22. Employees. A total of 1,043 employees left the Group in the financial year. This represents a
turnover of 18.6%. The fluctuation is partly due to the reduction of the workforce in the course of the
restructuring proceedings of KTM AG. For more information about these restructuring proceedings, see
section SBM-2 in the chapter on ESRS 2 and section SBM-3 in this topical standard.
ESRS S1-6, 50 a
GENDER
NUMBER OF EMPLOYEES
(HEADCOUNT)
Male
3,976
Female
1,334
Other
0
Not disclosed
0
Total employees
5,310
ESRS S1-6, 50 a
COUNTRY
NUMBER OF EMPLOYEES
(HEADCOUNT)
Austria
4,099
USA
306
Italy
277
Spain
175
Germany
86
Australia
47
Other
320
This means that 77.2% of the total workforce is employed in Austria.
ESRS S1-6, 50 b
2024
FEMALE
MALE
OTHER
NOT DISCLOSED
TOTAL
Number of employees (headcount)
1.334
3,976
0
0
5,310
Number of permanent employees (headcount)
1.332
3,963
0
0
5,295
Number of temporary employees (headcount)
2
13
0
0
15
Number of non-guaranteed hours employees (headcount)
0
0
0
0
0
GROUP MANAGEMENT REPORT 2024
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S1-9 Diversity metrics
ESRS S1-9, 64a
GENDER
NUMBER OF EMPLOYEES
IN MANAGEMENT (HEADCOUNT)
SHARE OF EMPLOYEES IN
MANAGEMENT
Male
86
90.5%
Female
9
9.5%
Other
0
0.0%
Not disclosed
0
0.0%
Total
95
ESRS S1-9, 64b
AGE GROUP
NUMBER OF EMPLOYEES
(HEADCOUNT)
SHARE OF EMPLOYEES
< 30 years
1,343
25.3%
30 – 50 years
3,053
57.5%
> 50 years
914
17.2%
S1-13 Training and skills development metrics
ESRS S1-13, 83 a
GENDER
EMPLOYEES WITH REGULAR
CAREER DEVELOPMENT
REVIEWS (HEADCOUNT)
SHARE OF EMPLOYEES (TOTAL)
WITH
REGULAR CAREER
DEVELOPMENT REVIEWS
Male
1,473
37.0%
Female
497
37.6%
Other
0
0.0%
Not disclosed
0
0.0%
Total
1,970
37.1%
ESRS S1-13, 83b
GENDER
AVERAGE NUMBER OF
TRAINING HOURS PER YEAR (HOURS)
Male
24.5
Female
25.9
Other
0.0
Not disclosed
0.0
Total
24.8
Entity-specific disclosure: persons trained in data protection
TRAINING METHOD
NUMBER OF EMPLOYEES
TRAINED IN
DATA PROTECTION
(HEADCOUNT)
SHARE OF EMPLOYEES
TRAINED IN DATA
PROTECTION
Data protection training
3,763
70.9%
GROUP MANAGEMENT REPORT 2024
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S1-14 Health and safety metrics
As at the reporting date of December 31, 2024, 73.7% of the Group’s employees were covered by a
health and safety management system. This corresponds to all employees at Austrian sites, with the
exception of the sites of Avocodo GmbH and PIERER Innovation GmbH.
ESRS S1-14, 88b-d
DATA POINT
UNIT
EMPLOYEES
NON-EMPLOYEES IN
THE OWN WORKFORCE
Fatalities as a result of
work-related injuries
Number
0
0
Fatalities due to
work-related ill health
Number
0
0
Recordable work-related
ill health
Number
0
0
Recordable
work-related accidents
Number
43
0
Rate of recordable
work-related accidents
Recordable work-related
accidents / 1,000,000
working hours
3.9
0
ESRS S1-14, 88e
REASONS
NUMBER OF DAYS LOST
(EMPLOYEES)
NUMBER OF DAYS LOST
(NON-EMPLOYEES
Reason 1: work-related injuries as a result of
accidents at work
849
n/a
Reason 2: fatalities from work-related accidents
0
n/a
Reason 3: work-related ill health
0
n/a
Reason 4: fatalities from ill health
0
n/a
Total
849
7
S1-16 REMUNERATION METRICS (PAY GAP AND TOTAL REMUNERATION)
ESRS S1-16, 97a-b
REMUNERATION METRICS
2024
Gender-Pay-Gap (Austrian sites)
18.9%
Total remuneration ratio (Austrian sites)
25.9 : 1
The gender pay gap, defined as the difference between the average wage level of female and male
employees expressed as a percentage of the average wage level of male employees, was 18.9% in
Austria. This can largely be explained by positions within the group and part-time working arrangements.
Outside of Austria, not all data was available in full, meaning that assumptions had to be made regarding
gender-specific salary distributions per functional area, resulting in a gender pay gap of -5.7%.
The ratio of the annual total remuneration of the highest-paid individual to the median annual total
remuneration of all employees in Austria (excluding the highest-paid individual) was 25.9 : 1. As with the
gender pay gap, not all data was available for the non-Austrian companies, which is why estimates again
had to be made regarding the salary distributions. The median per country was calculated from the
average income per functional area and weighted per headcount. This value was set in relation to the
remuneration of the highest-paid person (who is remunerated in Austria). The ratio of the highest-paid
person to all non-Austrian employees was 25.3 : 1.
Work is underway to calculate the gender pay gap and the ratio of total annual remuneration for the non-
Austrian companies (< 30% of the total number of employees) in the same way as for the Austrian
companies in order to report a total figure for the Group in future.
GROUP MANAGEMENT REPORT 2024
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More detailed descriptions of the calculation methods can be found in section calculation principles and
assumptions of this topic standard.
S1-17 Incidents, complaints and severe human rights impacts
ESRS S1-17, 102-104
DATAPOINT
UNIT
2024
Total number of incidents of discrimination, including harassment, reported in
the reporting period
Number
3
Number of complaints filed through channels and, where applicable, to the
National Contact Points for OECD Multinational Enterprises (excluding reported
cases of discrimination and harassment)
Number
5
Total amount of fines, penalties, and compensation for damages as a result of
the incidents and complaints of discrimination disclosed
€
0
Number of severe human rights incidents
Number
0
Total amount of fines, penalties and compensation for damages for the severe
human rights incidents
€
0
CALCULATION PRINCIPLES AND ASSUMPTIONS
ESRS
DISCLOSURE
REQUIREMENT
PARAGRAPH
DATAPOINT,
DISCLOSURE
CALCULATION PRINCIPLES AND ASSUMPTIONS
General information about the quantitative
datapoints relating to PIERER Mobility Group
employees
Unless otherwise specified, the evaluations were carried
out using the Group’s ERP system. Companies without
ERP access (DealerCenter Digital GmbH, KTM Motohall
GmbH) are excluded. Data for these companies were
added manually where possible. Further information
about this can be found in the rows below. With the
exception of the turnover rate, all disclosures and
calculations are based on data from the reporting date of
December 31, 2024. The headcount includes six external
workers, of which four are temporary workers and two are
foundation apprentices.
S1-6
50a
Employees by
gender and
country
So far, no employee has specified their gender as
“diverse”. This selection option is available worldwide.
Gender has been recorded for all employees. Data from
DealerCenter Digital GmbH and KTM Motohall GmbH
were added to the headcount manually.
S1-6
50b
Employee by type
of contract
Temporary employment contracts were agreed with
freelance service providers, interns, seasonal workers
and temporary workers. All other employees had
permanent contracts. The Group does not have any non-
guaranteed hours employees (defined as employees
without a guaranteed minimum number of working hours).
Data from DealerCenter Digital GmbH and KTM Motohall
GmbH were added to the headcount manually.
S1-6
50c
Employee
turnover
The definition of turnover includes natural turnover.
Departures due to fixed-term employment contracts
reaching their term were not taken into account. The
employee turnover rate was calculated on the basis of the
average number of employees in financial year 2024.
S1-9
66a
Gender
distribution at
management
levels
The definition of managers used here includes Board
members (excl. members of the Executive Board of
PIERER Mobility AG), general managers, division
managers and subdivision managers. Only companies
with ERP access were taken into account.
S1-9
66b
Distribution of
employees by age
group
See general information about the quantitative datapoints
relating to Group employees. Data from DealerCenter
Digital GmbH were added manually.
S1-13
83a
Employees with
regular career
Performance talks are recorded in the ERP system. They
are to be carried out annually for employees in Austria.
Feedback meetings with apprentices also take place on a
GROUP MANAGEMENT REPORT 2024
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development
reviews
regular basis. The figure represents the total number of
performance talks carried out and apprentices who had
feedback meetings.
S1-13
83b
Training hours per
employee
Successfully completed training courses are monitored
online by the KTM_academy team and by the Group's
ERP system. To calculate the average hours of training
per employee by gender, the total number of hours of
training per gender was added up and divided by the
gender headcount. Only companies with ERP access
were taken into account.
Entity-specific
disclosure
Data protection
training figures
Successfully completed training courses are monitored
online by the KTM_academy team and by the Group's
ERP system. The system sends invitations to all
employees. Only companies with ERP access were taken
into account.
S1-14
88a
Health and safety
management
The Group has an occupational health and safety
management system in place at its Austrian sites (except
for the sites of Avocodo GmbH and PIERER Innovation
GmbH). All employees at the included sites are covered
by this management system.
S1-14
88b, d, e
Occupational
safety metrics
Metrics are recorded using a dedicated tool for the
Austrian companies with the exception of Avocodo GmbH
and PIERER Innovation GmbH, which is used to collect
and analyse accident figures. Data for the excluded and
non-austrian companies were extrapolated based on the
headcount and the total number reported. In future, it is
planned to collect the key figures for S1-14 for the
companies not covered by the tool (<30% of the total
number of employees). An estimate is currently still
included. The figures for external workers were not
extrapolated, as they were almost completely dismissed
during the year.
S1-14
88c
Rate of recordable
work-related
accidents
Metrics are recorded using a dedicated tool for the
Austrian companies with the exception of Avocodo GmbH
and PIERER Innovation GmbH, which is used to collect
and analyse accident figures. In calculating the rate of
recordable work-related accidents, the number of
recordable work-related accidents was divided by the total
number of hours worked multiplied by 1,000,000 by the
workforce and. The number of working hours for the rate
of reportable work-related accidents was recorded using
the ERP system.
S1-16
97a
Gender pay gap
The gender-specific total salaries and wages as well as
working hours of the Austrian companies (taking all new
hires and departures into account; with the exception of
KTM Motohall GmbH and DealerCenter Digital GmbH;
concerns 0.4% of the total workforce) were recorded
using the ERP system.
For all other countries (with the exception of KTM
Sportmotorcycle India Private Limited; concerns: 0.5% of
the total workforce), wages and salaries per functional
area were also analysed using the ERP system and
calculated per gender under the assumption that women
and men are paid equally. The assumption was based on
an evaluation in previous years, which showed
comparable remuneration per gender and function. Gross
salaries and wages (including bonuses, allowances, etc.)
and benefits in kind were taken into account. In addition,
only the average national normal working hours (taking
part-time regulations into account) could be used to
calculate the gender pay gap for the non-Austrian sites.
The gender pay gap was calculated as a percentage of
the average salary level of male employees.
S1-16
97b
Renumeration gap
between all
employees
(without the
The wages and salaries of Austrian companies (taking all
new hires and departures into account) were analysed
using the Group's ERP system (with the exception of KTM
Motohall GmbH and DealerCenter Digital GmbH;
GROUP MANAGEMENT REPORT 2024
L-79
highest paid
person) and the
highest paid
person
concerns 0.4% of the total workforce). When calculating
total remuneration, gross salaries and wages (including
bonuses, allowances, etc.) and benefits in kind were
taken into account and the median of the employees' total
annual remuneration was calculated. This value was set
in relation to the total remuneration of the highest-paid
person. For the other locations outside Austria, the
median per country was calculated from the average
income per functional area and weighted per headcount.
This value was set in relation to the remuneration of the
highest-paid person (who is remunerated in Austria).
S1-17
103 a – d,
104 a, b
Cases of
discrimination and
severe human
rights incidents
The Legal department monitors reporting systems relating
to discrimination and severe human rights incidents. The
reasons for the three discrimination incidents mentioned
were two times discrimination based on the person’s
ethnic origin and one time harassment.
4.6 ESRS S2 WORKERS IN THE VALUE CHAIN
STRATEGY
ESRS 2 SBM-3 Material impacts, risks and opportunities and their interaction with
strategy and business model
TOPIC
IRO
TIME
HORIZON
MATERIAL IMPACTS, RISKS OR OPPORTUNITIES
SHORT
-TERM
MEDIUM
-TERM
LONG
-TERM
Working
conditions
21
Potentially poor working conditions in certain sectors of the
upstream value chain
There may be shortcomings in occupational safety,
discrimination/inequality and/or inadequate wages in certain
sectors (especially the textile and electrical/electronics sectors) of
the upstream value chain. (systemic)
Negative
(VC)
X
X
X
Other work-
related rights
22
Potential occurrence of forced labor and child labor in certain
sectors of the upstream value chain
There may be forced and/or child labor in certain sectors (especially
the textile and electrical/electronics sectors) of the upstream value
chain. (systemic)
Negative
(VC)
X
X
X
The negative impacts identified are impacts that could potentially occur in the upstream value chain of
the PIERER Mobility Group. They were identified as part of a Value Chain Risk Analysis (for more
information, see section S2-4).
GROUP MANAGEMENT REPORT 2024
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IMPACT RISK AND OPPORTUNITY MANAGEMENT
S2-1 Policies related to value chain workers
Declaration on Modern Slavery and Human Trafficking
The Declaration on Modern Slavery and Human Trafficking summarizes the Group’s approach to
preventing modern slavery and human trafficking within the Group and is also intended to apply to its
value chain. Particular attention is paid to the respect for human rights, which are to be protected by the
Code of Conduct, for example. In addition, the Group has established a sustainability assessment for
its suppliers and places sustainability demands on its contractual partners. As an accompanying
document to the Code of Conduct (see section G1-1), the Declaration on Modern Slavery and Human
Trafficking is binding for all contractual partners and is published on the PIERER Mobility website.
30
The
Declaration is regularly reviewed by the Group’s Legal department and updated as required to meet the
high standards. It is the responsibility of departmental managers and ultimately senior management to
ensure that the policy is implemented. (IRO 21, 22)
Internal guideline on the whistleblower system
The Group has set up a global whistleblower system (see section G1-1 for information on the content of
the internal guideline, its scope, responsibilities and availability), which is accessible to employees and
third parties. Workers in the value chain can contact the whistleblower system at any time.
In financial year 2024, the Group used the SupplierAssurance platform to better monitor sustainability
in the upstream supply chain. The self-assessment questionnaire assessing the sustainability of
suppliers that can be found on that platform includes questions on their approach to human rights and
working conditions. (IRO 22)
Code of Conduct
The Code of Conduct is the key document governing the conduct of PIERER Mobility and its business
partners, including the Group’s suppliers, and prohibits any form of child or forced labor. Among other
things, it describes principles relating to human rights, respect, integrity, health protection and
occupational safety. The Group and its business partners are committed to complying with the applicable
national and international laws, regulations and guidelines as well as the ILO core labor standards (in
particular ILO C138 on the minimum age for admission to employment, ILO 182 on the prohibition and
immediate action for the elimination of the worst forms of child labor, ILO 29 on forced or compulsory
labor and ILO 105 on the abolition of forced labor). Further information on the Code of Conduct (such
as its availability, scope of application, responsibilities and references to international standards and
guidelines) can be found in section G1-1. (IRO 21, 22)
If, despite the preventive measures, there is a violation of the Code of Conduct or the Declaration on
Modern Slavery and Human Trafficking, the Group will take appropriate action. The central goal is to
remedy and prevent violations and to actively and effectively improve the sustainability performance of
business partners. In serious cases or if the business partner in question refuses to accept the measures
imposed, the Group reserves the right to terminate the ongoing business relationship. No cases of non-
compliance with the Code of Conduct in the up- or downstream supply chain were reported in financial
year 2024. Further measures with regard to the rights and working conditions of workers in the up- and
downstream value chain can be found in section S2-3.
S2-2 Process for engaging with value chain workers about impacts
The Group currently does not have any processes for engaging with value chain workers about impacts.
The potential impacts in the value chain were determined by means of the Value Chain Risk Analysis
(for further information, see S2-4), which is regarded as indirect engagement with value chain workers.
In addition, value chain workers can contact the established whistleblower system at any time (see G1-
1). All information received by the whistleblower system is checked individually and follow-up measures
are taken if necessary.
30
Available at: https://www.pierermobility.com/en/sustainability/publications
GROUP MANAGEMENT REPORT 2024
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S2-3 Process to remediate negative impacts and channels for value chain workers to
raise concerns
Options for value chain workers to report their concerns and other measures to promote the
implementation of the Code of Conduct are described in detail in section G1-1. The reporting options
are accessible to employees and third parties, including value chain workers. The follow-up process for
submitted and reported issues is also described in detail in section G1-1 and is coordinated by the
Group’s Legal department. The internal guideline on the whistleblower system described in G1-1 defines
regulations for the protection of whistleblowers. There are currently no procedures in place to promote
the availability of the processes at the workplace of the value chain workers. To date, value chain
workers have not been explicitly involved in implementing the reporting channels.
S2-4 Taking action on material impacts on value chain workers, and approaches to
managing material risks and pursuing material opportunities related to value chain
workers, and effectiveness of those actions
• Value Chain Risk Analysis: The Group analyzes its value chain in order to identify potential
sustainability risks in the value chain at an early stage. This analysis was comprehensively
revised and refined in reporting year 2024. In addition to the abstract risk, which is based on
publicly available indices and studies on sector and country risks, a specific risk is now also taken
into account. The latter is made up of stakeholder-specific indicators and allows a more
differentiated picture of the risks in the value chain. Also, the scope of the analysis was expanded.
In addition to the upstream value chain, the company’s own business areas and the downstream
value chain are now taken into account as far as possible. The analysis focuses on the Group’s
immediate up- and downstream business partners. (IRO 21, 22)
• Training on the Corporate Sustainability Due Diligence Directive (CSDDD): In financial year
2024, a new training course was developed on the CSDDD and its scope of application, legal
framework conditions and requirements, in order to prepare the affected employees in Purchasing
and Quality Management for dealing with the Directive. The CSDDD describes the due diligence
obligations of organizations in the up- and downstream value chain. The training explains the
measures already taken by the Group and links them to the CSDDD. It is completed by taking a
quiz that assesses the learning outcomes. (IRO 21, 22)
The Group will continue to monitor, evaluate and improve its efforts to meet its obligation of due diligence
in relation to human rights. The Group takes reports received via the whistleblower system seriously
and follows them up. To date, no reports of violations have been received that have led to legally relevant
compliance cases. The measures are identified and supported by internal experts in Purchasing, Legal
and Quality Management. Should violations of the Code of Conduct or other relevant, agreed
compliance guidelines occur despite the measures described, the Group reserves the right to implement
suitable measures. These are described in S2-1. The Code of Conduct forms the framework for the
economic activities of the Group and its business partners and helps to avoid negative impacts of the
Group’s activities on workers in the value chain.
Material, financial and personnel resources were allocated to the management of material IROs,
allowing the above-mentioned measures to be initiated or implemented.
GROUP MANAGEMENT REPORT 2024
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METRICS AND TARGETS
S2-5 Targets related to managing material negative impacts, advancing positive impacts,
and managing material risks and opportunities
To date, the Group has not set any targets for the IROs related to value chain workers. The effectiveness
of the policies and actions in relation to the material IROs is monitored individually by the responsible
departments. However, there is not yet an overarching procedure for monitoring effectiveness.
Entity-specific disclosures
• Purchasing: The identified impacts on workers in the value chain were potential negative
impacts, that were identified in the process of the value chain risk analysis. The analysis took into
account the probability of poor working conditions in the upstream value chain to the best of its
ability, which was greatest in the textile and electrical/electronics sectors. Furthermore, the
identified risk of child labor is highest in the textile sector. The analysis also showed that the risk
of poor working conditions, child labor and forced labor is lower in European countries than in
other regions of the world. A large proportion of the total volume of components purchased for
motorcycle series production at the European sites comes from Europe. The purchasing volume
for series production amounted to approx. € 803 million in financial year 2024 — geographical
breakdown: 26% from Austria, 61% from Austria/Germany/Italy and 85% from Europe.
In financial year 2024, the volume of indirect materials and services purchased for the plants in
Austria was approx. € 207 million. The majority was procured within Austria: 62% within Austria,
81% within Austria/Germany/Italy and 97% within Europe. The risk of poor working conditions can
therefore be reduced by sourcing a high proportion of components from Europe. (IRO 21, 22)
Purchase volume per continent (series purchasing)
Europe 85%, Asia 12%, North America 2%
GROUP MANAGEMENT REPORT 2024
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Purchase volume in Europe (series purchasing)
Identifying supplier-specific risks using the Value Chain Risk Analysis enables the Group to classify its
suppliers according to their ESG performance in relation to the procurement volume: Suppliers are
classified as insignificant, low, medium, high or very high risk. In financial year 2024, the distribution was
as follows:
Total risks in the upstream supply chain (by share of procurement volume)
(IRO 21, 22)
GROUP MANAGEMENT REPORT 2024
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Reported cases of non-compliance with the Code of Conduct in the up- and downstream value
chain (ESRS S2-4, 36)
DATAPOINT
2024
Number of reported cases of non-compliance with the Code of Conduct
in the up- and downstream value chain
0
Number of reported cases of non-compliance with the Code of Conduct
in the up- and downstream value chain that have led to compliance-
relevant cases
0
CALCULATION PRINCIPLES AND ASSUMPTIONS
ESRS
DISCLOSURE
REQUIREMENT
PARAGRAPH
DATAPOINT,
DISCLOSURE
CALCULATION PRINCIPLES AND ASSUMPTIONS
Geographical distribution of purchasing volume
(entity-specific disclosure)
The evaluation is carried out using the Group’s ERP
system. A distinction is made between series purchasing,
non-series purchasing and purchasing for the Group’s
bicycle segment.
Assessment of the ESG risk of suppliers
(entity-specific disclosure)
The categorization of suppliers is based on the Value Chain
Risk Analysis, taking into account the abstract and specific
risk.
ESRS S2-4
36
Reported cases of
non-compliance
with the Code of
Conduct
Cases received via the Group’s whistleblower system were
evaluated. This is monitored by the Legal department. The
Legal Department also serves as the contact for the
national contact point in connection with the OECD
Guidelines. No complaints were forwarded to the Group via
the OECD national contact point in financial year 2024.
GROUP MANAGEMENT REPORT 2024
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4.7 ESRS S4 CONSUMERS AND END-USERS
STRATEGY
ESRS 2 SBM-3 Material impacts, risks and opportunities and their interaction with
strategy and business model
TOPIC
IRO
TIME
HORIZON
MATERIAL IMPACTS, RISKS OR OPPORTUNITIES
SHORT
-TERM
MEDIUM
-TERM
LONG
-TERM
Personal
safety of
consumers
and/or end-
users
23
Product defects may lead to safety risks
Product defects in the mobility products of the PIERER Mobility
Group can lead to traffic accidents and injuries to users and other
road users. (systemic)
Negative
(VC)
X
X
X
24
Financial risks due to product defects
Product defects increase the risk of litigation. In addition,
compensation payments, costs associated with recalls and
reputational damage, and other financial losses may be incurred.
Risk
(OO, VC)
25
New technological innovations to protect end-users and
other road users
The Group is continuously researching new technologies to
increase the safety of its mobility products. This can have a positive
impact on end-users and other road users by increasing road
safety.
Positive
(OO, VC)
X
X
X
Customer
satisfaction
26
Customer satisfaction, increased resale and recommendation
rates
A high level of customer satisfaction increases the resale and
recommendation rates.
Opportunity
(VC)
Data
protection
27
Risk of data loss or misuse
Potential data loss and misuse can result in a violation of the
rights of data subjects. (systemic)
Negative
(OO, VC)
X
X
X
28
Risk of violation of data protection regulations and
subsequent fines
Violations of data protection regulations can result in heavy fines.
Risk
(OO, VC)
When determining the material IROs in relation to consumers and end-users, the double materiality
assessment focused on motorcycle users, since these are by far the largest customer group of PIERER
Mobility. The other business areas of the Group were also taken into account in the assessments; for
example, IRO 26, 27 and 28 may affect all consumers and end-users of the Group. The potentially
affected consumers and end-users were identified on the basis of a context analysis, which included an
analysis of the value chains and business areas. The analysis is described in more detail in section
IRO-1.
The increasing connectivity of motorcycles increases the risk of data loss or misuse, which includes
issues relating to the right to privacy and the protection of personal data. The right to freedom of
expression is not affected. Due to legal requirements, not everyone has access to the Group’s products
(e.g. driver’s licenses required for vehicles in class L). In order to ensure the safe use of the Group’s
motorcycles, the Group publishes owner’s manuals for each motorcycle model in several languages.
The owner’s manuals contain service schedules and information on the correct use of the motorcycles.
GROUP MANAGEMENT REPORT 2024
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IMPACT RISK AND OPPORTUNITY MANAGEMENT
S4-1 Policies related to consumers and end-users
Quality policy
The Group’s quality policy forms the basis of quality management at KTM AG level and reinforces the
focus on the four pillars defined by the company: innovation, globalization, brands and people. Special
emphasis is placed on the training and further education of employees. The quality policy is regularly
updated and applies to companies covered by ISO 9001 at the Mattighofen, Munderfing, Schalchen and
Graz sites. Further information on the quality policy (e.g., on its availability or responsibilities) can be
found in section E1-2. More detailed information (availability, content, scope of application and
responsibilities) on the quality and environmental policy of the aluminum foundry at the Vöcklabruck site
can be found in section E1-2. (IRO 23, 24, 26)
Code of Conduct
The Code of Conduct is the key document governing the conduct of PIERER Mobility and its business
partners. Among other things, it describes principles relating to human rights, respect and integrity. In
particular, the “OECD Guidelines for Multinational Enterprises on Responsible Business Conduct” and
the ILO core labor standards (in particular ILO C138 on the minimum age for admission to employment,
ILO 182 on the prohibition and immediate action for the elimination of the worst forms of child labor, ILO
29 on forced or compulsory labor and ILO 105 on the abolition of forced labor) apply. The Group and its
business partners do not condone human rights violations of any kind. Further information on the Code
of Conduct (such as its availability, scope of application and relevant responsibilities) can be found in
section G1-1. (IRO 23, 24, 25, 26, 27, 28)
The Group is not aware of any cases of non-compliance with the Code of Conduct and thus with the
international standards listed therein in the up- or downstream value chain. Processes for engaging with
consumers and end-users can be found in G1-1 and the SBM-3 sections of this topical standard and of
ESRS 2.
Cybersecurity policy
The cybersecurity policy describes the Cybersecurity Management System (CSMS) of the Group and
defines responsibilities. Particular attention is paid to the identification and assessment of risks. The
objective of the CSMS is to protect all of the Group’s series-production vehicles from cybersecurity risks
throughout their entire product life cycle (see also S4-4). At the top level, the Executive Board of the
Group is responsible for the policy accessible on the Intranet. (IRO 27, 28)
S4-2 Process for engaging with consumers and end-users about impacts
The views of consumers and end-users are taken into consideration in business decisions. For example,
the Group’s Customer Service is in touch with the dealers and workshops that are in direct contact with
the consumers and end-users (especially motorcyclists and cyclists). In addition, the Group organizes
events such as training sessions (street, offroad, race tracks) and tours every year, thus establishing
direct links with motorcyclists. Furthermore, there is an ongoing dialog with consumers and end-users
via newsletters and social media. All consumers and end-users can address their concerns to the
Group’s whistleblower system at any time (for more information on the availability of the system, its
scope of application and responsibilities, see G1-1). The viewpoints and requirements of consumers
and end-users are taken into account in the product specifications.
GROUP MANAGEMENT REPORT 2024
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S4-3 Process to remediate negative impacts and channels for consumers and end-users
to raise concerns
Options for consumers and end-users to report their concerns and other measures to promote the
implementation of the Code of Conduct are described in detail in section G1-1. The Code of Conduct is
published on the Group’s website and is therefore accessible to consumers and end-users at all times.
The whistleblower system, which is also described in G1-1, is accessible to all interested parties. In
addition, a contact option has been set up on the websites of the core brands to allow potential
cybersecurity vulnerabilities to be reported. The reporting options are available to employees and third
parties, including consumers and end-users. There are currently no procedures in place to promote the
availability of the processes for consumers and end-users. Nor have consumers and end-users been
explicitly involved in the process of implementing the reporting channels to date. Measures for reducing
negative impacts and promoting positive impacts can be found in section S4-4.
S4-4 Taking action on material impacts on consumers and end-users, and approaches to
mitigating material risks and pursuing material opportunities related to consumers and
end-users, and effectiveness of those actions
The Group will continue to monitor, evaluate and improve its efforts to meet its obligation of due diligence
in relation to human rights. This includes manufacturing safe products. The measures were identified
and developed on the basis of the Group’s many years of experience in the field of mobility and by
analyzing legal requirements. Ongoing research and development activities can improve the
characteristics of motorcycles, thereby reducing negative impacts on consumers and end-users and
achieving positive impacts. No cases of non-compliance with the Code of Conduct and therefore
violation of human rights in the downstream value chain were reported to the Group in the financial year.
Material, financial and personnel resources were provided for the management of material IROs,
allowing the measures mentioned to be initiated or implemented.
Quality management
The Group has set itself the goal of manufacturing particularly safe and high-quality products. A high
level of quality enables products to be used reliably and safely. This is ensured by an ISO 9001:2015-
certified quality management system at the KTM Group’s relevant sites (such as Production, Logistics,
and Research and Development). The measures described below focus on the production sites in
Austria and Spain. (IRO 23, 24, 26)
• Ongoing quality management measures: Quality Management implements a number of
measures to ensure high product quality and the early detection of non-conformities: regular
internal system, process and product audits, in-process inspections, the implementation of FMEAs
(failure mode and effects analyses) and the creation of production control plans. If deviations are
detected in the product, process or system audits, the relevant department is notified immediately.
The department in question carries out cause analyses and implements corrective measures and,
if necessary, reassesses these during subsequent audits. Furthermore, Quality Management is
responsible for document control, process and knowledge management and the coordination of
quality control circles, which also contribute to the continuous improvement of product quality.
• Assembly process & end-of-line test: Each and every vehicle component is checked by
experienced and trained employees according to an inspection plan. During vehicle assembly, all
motorcycles are subjected to an end-of-line test (test bench run). This process step is secured by
system so that no vehicle can leave production without being approved. If a malfunction is detected
during the assembly process, it is recorded in the ERP system by the post-assembly personnel and
then corrected. The data are evaluated daily and made available to the relevant employees and
management. If it is determined that there is systematic non-compliance with product conformity,
cause analyses are carried out on a case-by-case basis.
GROUP MANAGEMENT REPORT 2024
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• Supplier management: In addition to monitoring in-house production processes, quality
assurance in the upstream value chain is also important. This is continuously promoted by
systematic supplier management including supplier evaluations and audits. In addition, the Group
carries out incoming goods inspections in order to detect any deviations at an early stage. In the
event of deviations, an action plan is drawn up and implemented, which also tracks the action taken.
Improving customer satisfaction through customer service
Customer expectations have changed dramatically in recent years due to general market developments.
In order to continue meeting expectations, customer service activities for all brands were further
expanded in financial year 2024. The effectiveness of the customer service and quality management
measures is monitored, among other things, by recording the warranty applications. (IRO 23, 24, 26)
• Extended manufacturer’s warranty: The extension of the 24-month manufacturer’s warranty for
selected street models (LC8c models and LC8 Street and Travel models) by a further 12 or 24
months introduced in 2023 was also continued in financial year 2024, in order to strengthen trust
in the reliability of the products, and the image of the premium brands. To benefit from this,
customers simply need to make a service appointment with an authorized workshop. For more
information, consumers and end-users can visit the Group’s brand websites.
31
This measure can
remediate negative impacts on consumers and end-users.
• Internal task force for customer satisfaction: In financial year 2024, a cross-divisional task force
on customer satisfaction was set up within the Group.
32
Managers from Research and
Development, Quality Management and Customer Service are proactively working on initiatives
that positively impact customer satisfaction. Technical and structural challenges are identified and
analyzed, and possible solutions are developed.
• Training for two-wheeler mechanics: The previous year’s improvement measures regarding
access to KTM’s service world were continued in financial year 2024. New dealers and mechanics
were given targeted training in how to use products, technologies, systems and processes
efficiently and correctly (more information on the training can be found in the section on metrics
and targets in this topical standard). The training program is revised annually and updated with
regard to current models. In addition, several improvements were implemented during 2024, in
particular:
o Extension of the training concept to include product and sales training
o Improved solution for assigning training materials to the relevant target groups
o Introduction of an early-warning system for cross-departmental project monitoring for the
timely delivery of training materials
o Revision of the SAP training report to better illustrate market-specific requirements
• Workshop evaluations: As an important management tool for ensuring the quality of specialist
dealer workshops and thus customer satisfaction with the service, the workshop evaluations for the
main sales markets in Europe were also continued in financial year 2024. These ongoing
evaluations focus on customer satisfaction with the service and cover four requirements that must
all be met. Six different metrics relating to service quality, implementation of market campaigns,
and customer loyalty are used to quantify workshop performance. They are an important
management tool for identifying trends at an early stage and for being able to respond to them
where necessary.
31
For example: https://www.ktm.com/en-us/service/warranty.html, https://www.husqvarna-motorcycles.com/en-us/service/extended-warranty.html
32
No end date has yet been defined for the task force. For the time being, the intention is for it to continue indefinitely.
GROUP MANAGEMENT REPORT 2024
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Research and development for greater product safety
The Group’s Research and Development department is working on solutions to increase product and
riding safety that can be incorporated into the Group’s motorcycles after completion of the R&D activities
and are thus available to consumers and end-users. In some cases, it is also possible to retrofit models
that have already been sold. (IRO 25, 26)
• Preventing accidents through wireless communication: As part of its membership in the CMC
(Connected Motorcycle Consortium), the Research and Development department continued to
work with other motorcycle and car manufacturers to analyze accident scenarios and how to avoid
them using wireless communication. The next generation of vehicles is ready for the retrofitting of
wireless technology. The research activities in financial year 2024 focused on determining reaction
times and deriving the necessary warning times. An agreement regarding the wireless standard is
still pending. Once available, the Group’s motorcycles can be equipped with the new technology,
which will increase the safety of end-users.
• Audible warning messages: The project on audible warning messages that can be perfectly heard
by all age groups, carried out in cooperation with the University of Dresden, was completed in
financial year 2024. The visual warning messages on the dashboard will in future be supplemented
by audible messages that are easier to hear. As communication systems become more widely used,
the Group expects a growing number of users and thus an improvement in road safety. The
implementation in selected series-production vehicles is planned with the new generation of
electronics.
• SOS signal: Rapid and efficient assistance after accidents can be crucial. In financial year 2024,
the Group developed audible and visual SOS signals that are triggered automatically after an
accident in order to make it easier to locate the people involved. This alerts passers-by and rescue
organizations and directs them to the accident site more quickly. At the same time, the risk of
subsequent accidents can be reduced.
IT security of the products
In addition to the measures described in section S1-4 relating to the cybersecurity of the Group’s
systems, the Group is also focusing on the IT security of its motorcycles. (IRO 26, 27, 28)
According to current European law, the security of the IT systems in vehicles needs to be increased and
more stringent cybersecurity protection needs to be guaranteed. A regulation requiring proof of
cybersecurity for the entire product life cycle in order for type approval to be granted currently only
applies to four-wheel vehicles. The RED DA (the delegated act to the European Union’s Radio
Equipment Directive), which comes into force in August 2025, also requires the use of corresponding
components in powered two-wheelers (motorcycles, electric bicycles). Additional regulations in relation
to cybersecurity – the Cyber Resilience Act (CRA), UNECE R155 – will need to be implemented for
powered two-wheelers from 2027.
• Cybersecurity Management System (CSMS): As already defined in the Cybersecurity Policy,
PIERER Mobility operates a CSMS in accordance with ISO/SAE 21434 in order to meet the legal
requirements upon entry into force of the regulations. The CSMS is supported by the Vehicle
Security team, which works closely with those responsible for research and development. By 2027,
the system should be fully developed and ensure that newly developed components meet the EU
requirements. A uniform cybersecurity interface has been created for managing requirements with
existing and new suppliers, which will be rolled out gradually.
• Vulnerability management: The Group always endeavors to use the best available security
measures. However, vulnerabilities in products, services or systems cannot be ruled out. To identify
potential IT risks at an early stage, the Group has implemented a vulnerability management system.
This system constantly governs the monitoring of external developments and steers the handling
of warning messages that may be received via various communication channels, such as a specific
tool for risk identification or through reports from Research and Development.
GROUP MANAGEMENT REPORT 2024
L-90
METRICS AND TARGETS
S4-5 Targets related to managing material negative impacts, advancing positive impacts,
and managing material risks and opportunities
To date, the Group has not set any targets with regard to material impacts, risks and opportunities in
connection with consumers and end-users. The effectiveness of the policies and actions in relation to
the material IROs is monitored individually by the responsible departments. However, there is not yet
an overarching procedure for monitoring effectiveness.
Entity-specific disclosures
• Recalls: In financial year 2024, there were no product recalls due to defects. Further information
on recalls (including from previous years) can be found on the product websites.
33
As an additional
safety feature, every KTM, Husqvarna and GASGAS motorcycle owner can find out whether their
vehicle is affected by a recall or a safety warning under “Service and Safety Check”
34
on the
corresponding product website. (IRO 23, 24, 26)
• Training for two-wheeler mechanics: A year-over-year decrease in face-to-face training and a
corresponding increase in online training was expected and observed in financial year 2024. In
total, 73 (-12% year on year (YoY)) partially parallel face-to-face training courses took place on a
total of 176 (-25% YoY) training days. In addition, 27 new courses were added to the online learning
management system. 496 (-11% YoY) participants from 39 countries received face-to-face training.
In financial year 2024, 806 new bronze-level mechanics were added to the network of dealers,
meaning that 97.8% (+19% YoY) of dealers now employ a mechanic at this level in their workshop.
The number of online training sessions completed was 71,408 (+31% YoY) by 5,478 participants
from 2,007 dealers.
CALCULATION PRINCIPLES AND ASSUMPTIONS
ESRS
DISCLOSURE
REQUIREMENT
PARAGRAPH
DATAPOINT,
DISCLOSURE
CALCULATION PRINCIPLES AND ASSUMPTIONS
Recalls
(entity-specific disclosure)
Recalls and safety warnings are coordinated by Customer
Service.
Training for two-wheeler mechanics
(entity-specific disclosure)
The training courses for two-wheeler mechanics are
coordinated and monitored by the company’s internal
Dealer Training department. The evaluation is carried out
in the Group’s ERP system, taking into account the training
courses completed.
33
Motorcycles: https://www.ktm.com/en-us/service/Safety.html, https://www.husqvarna-motorcycles.com/en-us/service/safety-information.html,
https://www.gasgas.com/en-us/service/safety-information.html; electric bicycles: https://www.husqvarna-bicycles.com/en-us/support/safety-information.html,
https://www.gasgas.com/bicycles/en-us/support/safety-information.html
34
See, by way of example: https://www.gasgas.com/en-us/service/service-and-safety-check.html
GROUP MANAGEMENT REPORT 2024
L-91
4.8 ESRS G1 BUSINESS CONDUCT
ESRS 2 SBM-3 Material impacts, risks and opportunities and their interaction with
strategy and business model
TOPIC
IRO
TIME
HORIZON
MATERIAL IMPACTS, RISKS OR OPPORTUNITIES
SHORT
-TERM
MEDIUM
-TERM
LONG
-TERM
Corporate
culture
29
Promotion of a responsible corporate culture in
collaboration with internal workers and external business
partners throughout the value chain.
Positive
(OO, VC)
X
X
X
Management
of
relationships
with suppliers
including
payment
practices
30
Quota-based payments to suppliers as part of
restructuring proceedings
35
Due to the restructuring proceedings affecting KTM AG, KTM
Components GmbH and KTM Forschungs & Entwicklungs
GmbH, quota-based payments may take place.
Negative
(VC)
X
X
Protection of
whistleblowers
31
Strengthening the trust and feeling of security of
whistleblowers
By enabling multiple reporting options (some of which are
anonymous) and promoting their use, the PIERER Mobility
Group is strengthening the trust and feeling of security of
whistleblowers.
Positive
(OO, VC)
X
X
X
Corruption
and bribery
32
Risk of financial losses due to corruption and bribery
Breaches of anti-corruption and bribery regulations may lead
to financial losses.
Risk
(OO, VC)
IMPACT RISK AND OPPORTUNITY MANAGEMENT
G1-1: Corporate culture and business conduct policies
Code of Conduct
The Group Code of Conduct forms the basis for a responsible and ethical corporate culture. It applies
to all employees, managers and board members, as well as business partners. The Code of Conduct
includes detailed guidelines for respecting human rights, environmental protection, fair working
conditions and ethical business practices. At the same time, it compels strict compliance with
international standards such as the OECD guidelines, ILO conventions (in particular ILO C138 on the
minimum age for admission to employment, ILO 182 on the prohibition and immediate action for the
elimination of the worst forms of child labor, ILO 29 on forced or compulsory labor and ILO 105 on the
abolition of forced labor) and conventions against child and forced labor. The Code of Conduct is
available on a permanent basis on the company’s website,
36
where it is transparently and easily
accessible for all relevant stakeholders.
35
No policies, measures or targets have been established in relation to quota-based payments to suppliers during the restructuring proceedings, as the impact of this
will only be temporary.
36
Available at: https://www.pierermobility.com/en/sustainability/publications
GROUP MANAGEMENT REPORT 2024
L-92
In order to be able to identify and investigate concerns regarding potential breaches of the Code of
Conduct effectively, the Group has established a system of internal and external reporting channels,
including the anonymous whistleblower system. This allows employees and third parties to report
breaches safely, confidentially and, if preferred, anonymously. Protection of whistleblowers is enshrined
in company principles and sanctions against whistleblowers acting in good faith are not permitted. Here,
the Group pays particular attention to compliance with national and international provisions on
combating corruption (e.g. UNCAC, OECD Guidelines for Multinational Enterprises). See also further
explanations given in section S1-3.
In order to guarantee that all employees (irrespective of position or function) understand the company’s
ethical standards and implement them in their day-to-day work, the Group has introduced an annual
mandatory e-learning program on compliance and the Code of Conduct. The e-learning program is
continuously updated. It requires employees to deal with specific examples of corruption and bribery in
order to familiarize them with practical scenarios and foster their understanding of the potential risks.
Furthermore, a guideline was established that contains clear guidelines on conduct and recommended
actions to prevent corruption and bribery (see guidelines on dealing with invitations, G1-1). Employees
are provided with the contact details of the Legal department as part of the e-learning program so that
they can receive individual advice from the department in the event of specific queries or areas of
uncertainty.
The Group strictly complies with national and international guidelines on combating corruption and has
laid down a clear zero-tolerance policy toward corruption and bribery in its Code of Conduct. This policy
is supported by training sessions for all employees, in particular managers. Certain functions, in
particular senior positions with direct contact with external partners, are particularly exposed to the risk
of corruption due to their decision-making powers. Corruption can begin with small, initially
inconspicuous actions, meaning that, essentially, any function in the Group may potentially be at risk.
This underlines the need for groupwide awareness-raising measures.
In the case of suspected breaches of the compliance guidelines, internal investigations are immediately
initiated; these are conducted independently by the Legal department with support from external experts
where required. As soon as a report is received, it is checked and undergoes an initial assessment by
the Legal department. Specific steps are taken on a case-by-case basis. Firstly, relevant information is
gathered and discussions held with the individuals concerned. If required, meetings are held with
supervisors, HR and/or external experts. These discussions are used to comprehensively clarify the
situation and plan the required measures. Next, suitable measures are taken, which may range from
warnings to measures under employment law. Each measure is carefully coordinated with the relevant
internal departments and implemented consistently. Further steps may be derived from the reports, for
example the creation of new guidelines by the Legal department for the purposes of raising employee
awareness. Managers are further required to take preventive measures to avoid risks and ensure safe
working methods. The Code of Conduct is regularly reviewed by the Group’s Legal department and
updated as required to ensure it meets high standards. The departments, relevant managers and
ultimately company management are responsible for ensuring that the Code of Conduct is implemented.
The Code of Conduct of the Group applies in principle to all group companies. Due to the integration
into the corporate structure (under KTM Components GmbH) during the financial year 2024, VMG’s own
Code of Conduct was also in effect. This served as a guideline with clear principles governing the ethical
business practices of VMG, its employees and all business partners. The Code of Conduct described
regulations in relation to working conditions and human rights, occupational health and safety, business
ethics and environmental protection. It was accessible on the VMG website and the management of
VMG was responsible for it. (IRO 29, 31, 32)
GROUP MANAGEMENT REPORT 2024
L-93
Guidelines on dealing with invitations
The Group has internally accessible guidelines on dealing with invitations. In order to avoid conflicts of
interest, clear, strict rules on issuing and accepting invitations have been established for workers of the
Group. The aim here is to prevent bribery, corruption and other criminal offenses. Business partners are
also required to make decisions exclusively on an objective basis, as laid down in the Code of Conduct.
The guidelines have been created by the Group’s Legal department and will be updated as necessary.
The departments, relevant managers and ultimately the Executive Board or company management are
responsible for promoting the implementation of the guidelines. They are aimed specifically at the
company’s own workers and their internal and external activities. (IRO 32)
Guidelines
37
on the use of the whistleblower system
The guidelines for whistleblowers, which are available on the Intranet, set out the process structure and
protect the whistleblower submitting a report via the whistleblowing system. The guidelines set out the
reporting process and information about confidentiality and data protection. The guidelines have been
created by the Group’s Legal department and will be updated as necessary. The relevant managers and
ultimately the Executive Board or company management are responsible for the implementation of the
guidelines. (IRO 29, 30, 32)
Further information on the establishment, development and promotion of internal corporate culture can
be found in section S1-4 Measures relating to working conditions and employee satisfaction and section
S1-4 Training and further training opportunities.
G1-2 – Management of relationships with suppliers
The Group has established standard terms and conditions of purchase that govern procurement and
payment, including any associated conditions, such as quality. Here, the Group does not differentiate by
size of supplier. In addition, specific arrangements may be made with suppliers. Supplier management
takes place via a tool. To monitor social and ecological sustainability performance in the supply chain,
the Group uses the Value Chain Risk Analysis, which is described in greater detail in section S2-4. Part
of the process for assessing the specific risk took place in the form of a self-disclosure submitted by the
suppliers via a dedicated software solution. The supplier ecological and social sustainability assessment
feeds into the supplier selection process, for example as part of the supplier assessment or the Group’s
goods group strategy.
G1-3 – Prevention and detection of corruption and bribery
• Updating the Code of Conduct and associated guidelines: In 2024, the Code of Conduct,
including the content on combating corruption and bribery, and the associated guidelines were
revised and updated. Compliance with the Code of Conduct is mandatory for all employees and
business partners. The “Compliance and Code of Conduct” e-learning course must be completed
annually by all employees and supports employees in implementing the Code.
In 2025, the associated e-learning course is set to be revised and updated to ensure it continues
to meet the latest requirements. Updates to the guidelines, policies and other online training
courses will continue to take place in the future to ensure it is possible to react promptly to any
changes affecting the Group.
37
Note: The guideline is an internal document; however, external parties can also submit reports via the whistleblower system. Further information can be found at:
https://pierermobility.integrityline.com/?lang=en
GROUP MANAGEMENT REPORT 2024
L-94
OWN WORKERS
(EXCLUDING MANAGERS)
MANAGERS
Training coverage
All
4,780
707
All trained individuals
2,921
609
Share
66.8%
51.6%
Training method and duration
Computer-based training
Approximately 1h
Approximately 1h
Frequency
How often must the training courses be
completed?
Annually
Annually
Topics covered
Definition of compliance
x
x
Code of Conduct and corporate culture
x
x
Human rights, respect and integrity, diversity, fair
working conditions and sustainability
x
x
Fair competition and prohibition of cartels
x
x
Conflicts of interest, handling company property
and trade secrets, data protection
x
X
Korruption and bribery, money laudering and
financing of terrorism, export controls
x
x
Influence of the Code of Conduct on business
relationships
x
x
Consequences of non-adherence to compliance
regulations
x
x
Corruption and bribery can start on a small scale, which is why the Group takes a preventive approach:
All employees of the Group are potentially exposed to such risks, regardless of their function or area.
For this reason, the e-learning program is aimed at all employees of the Group who are connected to
the system. The members of the Group Executive Board are also included in the figures for managers.
In addition, the members of the Executive Board and the Supervisory Board receive training on all of
the above points during the course of the year.
• Measures to promote the whistleblower system: To further promote the use of the whistleblower
system, an additional reporting channel was set up in 2024, which allows external business partners
and third parties to submit reports (anonymously). This was made publicly accessible via the Code
of Conduct. Incidents reported are monitored and assessed by the Legal department directly in the
system in order to ensure efficient oversight and quick processing. Further information on the
follow-up process for reports and publication of the associated guidelines can be found in section
G1-1. These measures are part of continuous efforts to improve the prevention of corruption and
bribery and to more effectively structure company policy. Employee feedback received via the
reporting channels provides insights into the trust in the corporate culture and ethical company
management.
METRICS AND TARGETS
The Group has defined parameters to accurately assess the performance and effectiveness of the
measures taken in relation to key internal guidelines. These parameters enable it to monitor progress,
in particular in the areas of corporate culture, protection of whistleblowers and prevention of corruption
and bribery. The metrics and targets established by the Group are directly linked to the Code of Conduct
and associated guidelines and should guarantee a responsible corporate culture, protection of
whistleblowers and prevention of corruption and bribery. Specifically, an increase in the number of
graduates of the Code of Conduct and Compliance e-learning programme and the revision of the training
course were set as targets. Regular audits and evaluations help to ensure compliance with compliance
guidelines. These validations increase trustworthiness and data reliability, which are used to assess
target attainment.
GROUP MANAGEMENT REPORT 2024
L-95
G1-4 – Incidents of corruption or bribery
In financial year 2024, no breaches of corruption or bribery regulations or other compliance incidents
that led to legal proceedings were identified. There were no cases that led to disciplinary consequences
or dismissals. No contracts with business partners were terminated or not renewed as a result of
breaches. Likewise, no public court proceedings resulting from corruption or bribery were initiated or
concluded.
ESRS G1-4, 24-25
DATAPOINT
UNIT
2024
Number of convictions due to breaches of corruption and bribery regulations
Number
0
Total fines due to breaches of corruption and bribery regulations
€
0
Total number and type of confirmed incidents of corruption and bribery
Number
0
Number of confirmed incidents in which own workers were dismissed or
disciplined as a result of corruption and bribery
Number
0
Number of confirmed incidents relating to contracts with business partners that
were terminated or not renewed due to breaches in connection with corruption
and bribery
Number
0
This absence of breaches reflects the efficiency of the preventive measures that are supported by
regular training sessions and awareness-raising programs. In particular, the mandatory annual
Compliance and Code of Conduct e-learning program ensures that all employees understand and can
apply the company guidelines. During the reporting period, 66.5% of employees successfully completed
this online training course. The aim here is to increase the number of people completing the training in
the financial year 2025. A further goal is the comprehensive revision of the e-learning program on
compliance and the Code of Conduct in the financial year 2025 to make it even more practical and
easier to understand for all employees of the Group. (IRO 29, 31 32)
Metrics and targets regarding the whistleblower system (entity-specific disclosure)
In 2024, 17 incidents were reported via the whistleblower system, of which 17 were not compliance-
relevant. Expanding the system to include third parties should lead to better integrity in future. Increased
use is an indicator of a good level of acceptance of the system and trust from whistleblowers.
G1-6 – Payment practices
The Group has established standard terms and conditions of payment in its terms and conditions of
purchase.
38
According to the standard terms and conditions if all requirements are met, the invoice will
be paid within 90 days of receipt of the invoice to the bank account on file. In addition, specific
arrangements may be made with suppliers. Payments were generally made on time (taking cash
discounts in account). There were individual cases of payment deferments in financial year 2024 in
which invoices were paid after their due date. On average, it took 86 days for invoices to be settled prior
to the initiation of the restructuring proceedings. No court proceedings were opened against the Group
due to delayed payment during the financial year 2024.
38
Available at: https://ktmgroup.com/en/procurement/
GROUP MANAGEMENT REPORT 2024
L-96
CALCULATION PRINCIPLES AND ASSUMPTIONS
ESRS
DISCLOSURE
REQUIREMENT
PARAGRAPH
DATAPOINT,
DISCLOSURE
CALCULATION PRINCIPLES AND ASSUMPTIONS
G1-3
21
Information on
corruption and
bribery training
Monitoring of successfully completed training courses on
preventing corruption and bribery takes place online via the
company’s e-learning system. The system sends
invitations to all employees who are connected to the e-
learning system. The subsidiary DealerCenter Digital
GmbH was not included in the analysis.
G1-4
24a
Legal steps
resulting from
breaches of
corruption and
bribery regulations
Monitoring of legal steps resulting from breaches of
corruption and bribery regulations is conducted by the
Legal department.
G1-4
25a
Confirmed
incidents of
corruption and
bribery
Monitoring of corruption and bribery incidents is conducted
by the Legal department
G1-4
Metrics regarding the
whistleblower system (entity-
specific disclosure)
Monitoring of the whistleblower system is conducted by the
Legal department. The system is accessible to internal and
external stakeholders.
G1-6
33a
Payment periods
The calculation of the average time in days for the payment
of invoices has been carried out for KTM AG only for the
period up to 31 October 2024. The reason for choosing this
period is the start of the restructuring process in November
2024. For the calculation, the average accounts payable
for goods and services were multiplied by 365 days and
then divided by the expenses for material purchases,
including VAT.
G1-6
33b
Standard payment
terms
The standard payment terms are defined in the Group's
terms and conditions of purchase. Due to the
restructuring proceedings of KTM AG and two of its
subsidiaries, it is currently not possible to evaluate the
percentage of payments for which the standard terms are
applied. In addition, individual payment terms are often
agreed with suppliers, which would reduce the
meaningfulness of the figure.
G1-6
33c
Legal proceedings
for latepayments
Monitoring of legal steps resulting from delays in payment
is conducted by the Legal department.
GROUP MANAGEMENT REPORT 2024
L-97
4.9 APPENDIX
ESRS CONTENT INDEX (ESRS 2 IRO-2)
DISCLOSURE REQUIREMENTS
CHAPTER
OMISSION,
EXPLANATION
ESRS 2 – General Disclosures
BP-1
General basis for preparation of sustainability 36 statements
BP-1
BP-2
Disclosures in relation to specific circumstances
BP-2
The information can
be found in chapter
ESRS 2 BP-2 and in
the chapters in the
topic standards.
GOV-1
The role of the administrative, management and supervisory
bodies
GOV-1
GOV-2
Information provided to and sustainability matters addressed
by the undertaking’s administrative, management and
supervisory bodies
GOV-2
GOV-3
Integration of sustainability-related performance in incentive
schemes
GOV-3
GOV-4
Statement on due diligence
GOV-4
GOV-5
Risk management and internal controls over sustainability
reporting
GOV-5
SBM-1
Strategy, business model and value chain
SBM-1
SBM-2
Interests and views of stakeholders
SBM-2
SBM-3
Material impacts, risks and opportunities and their interaction
with strategy and business model
SBM-3
The information can
be found in chapter
ESRS 2 SBM-3 and in
the chapters in the
topic standards.
IRO-1
Description of the processes to identify and assess material
impacts, risks and opportunities
IRO-1
IRO-2
Disclosure requirements in ESRS covered by the
undertaking’s sustainability statement
IRO-2
ESRS E1 – Climate change
ESRS 2 GOV-3
Integration of sustainability-related performance in incentive
schemes
ESRS 2 GOV-3
E1-1
Transition plan for climate change mitigation
E1-1
ESRS 2 SBM-3
Material impacts, risks and opportunities and their interaction
with strategy and business model
ESRS 2 SBM-3
E1 ESRS 2
SBM-3
The information can
be found in chapter
ESRS 2 SBM-3 and in
the chapters in the
topic standards.
ESRS 2 IRO-1
Description of the processes to identify and assess material
climate-related impacts, risks and opportunities
ESRS 2 IRO-1
E1-2
Policies related to climate change mitigation and adaptation
E1-2
E1-3
Actions and resources in relation to climate change policies
E1-3
E1-4
Targets related to climate change mitigation and adaptation
E1-4
E1-5
Energy consumption and mix
E1-5
E1-6
Gross Scopes 1, 2, 3 and Total GHG emissions
E1-6
E1-9
Anticipated financial effects from material
physical and transition risks and potential climate-related
opportunities
Application of the
option for phased-in
implementation in
accordance with
ESRS 1 Annex C
GROUP MANAGEMENT REPORT 2024
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DISCLOSURE REQUIREMENTS
CHAPTER
OMISSION,
EXPLANATION
ESRS E5 – Resource use and circular economy
ESRS 2 IRO-1
Description of the processes to identify and assess material
resource use and circular economy-related impacts, risks and
opportunities
ESRS 2 IRO-1
E5-1
Policies related to resource use and circular economy
E5-1
E5-2
Actions and resources related to resource use and circular
economy
E5-2
E5-3
Targets related to resource use and circular economy
E5-3
E5-4
Resource inflows
E5-4
E5-5
Resource outflows
E5-5
E5-6
Anticipated financial effects from resource use and circular
economy-related impacts, risks and opportunities
Application of the
option for phased-in
implementation in
accordance with
ESRS 1 Annex C
ESRS S1 – Own Workforce
ESRS 2 SBM-2
Interests and views of stakeholders
ESRS 2 SBM-2
ESRS 2 SBM-3
Material impacts, risks and opportunities and their interaction
with strategy and business model
ESRS 2 SBM-3
S1 ESRS 2 SBM-3
S1-1
Policies related to own workforce
S1-1
S1-2
Processes for engaging with own workers and workers’
representatives about impacts
S1-2
S1-3
Processes to remediate negative impacts and channels for
own workers to raise concerns
S1-3
S1-4
Taking action on material impacts on own workforce, and
approaches to mitigating material risks and pursuing material
opportunities related to own workforce, and effectiveness of
those actions
S1-4
S1-5
Targets related to managing material negative impacts,
advancing positive impacts, and managing material risks and
opportunities
S1-5
S1-6
Characteristics of the undertaking’s employees
S1-6
S1-7
Characteristics of non-employee workers in the undertaking’s
own workforce
Application of the
option for phased-in
implemen-tation in
accordance with
ESRS 1 Annex C
S1-9
Diversity metrics
S1-9
S1-13
Training and skills development metrics
S1-13
S1-14
Health and safety metrics
S1-14
S1-15
Key figures for work-life balance
S1-15
S1-16
Remuneration metrics (pay gap and total remuneration)
S1-16
S1-17
Incidents, complaints and severe human rights impacts
S1-17
ESRS S2 – Workers in the value chain
ESRS 2 SBM-2
Interests and views of stakeholders
ESRS 2 SBM-2
ESRS 2 SBM-3
Material impacts, risks and opportunities and their interaction
with strategy and business model
ESRS 2 SBM-3;
S2 ESRS 2 SBM-3
S2-1
Policies related to workers in the value chain
S2-1
S2-2
Processes for engaging with workers in the value chain
S2-2
S2-3
Processes to remediate negative impacts and channels for
workers in the value chain
S2-3
S2-4
Taking action on material impacts on workers in the value
chain, and approaches to managing material risks and
pursuing material opportunities related to workers in the
value chain, and effectiveness of those actions
S2-4
S2-5
Targets related to managing material negative impacts,
advancing positive impacts, and managing material risks and
opportunities
S2-5
GROUP MANAGEMENT REPORT 2024
L-99
ESRS S4 – Consumers and end-users
ESRS 2 SBM-2
Interests and views of stakeholders
ESRS 2 SBM-2
ESRS 2 SBM-3
Material impacts, risks and opportunities and their interaction
with strategy and business model
ESRS 2 SBM-3
S4 ESRS 2 SBM-3
S4-1
Policies related to consumers and end-users
S4-1
S4-2
Processes for engaging with consumers and end-users about
impacts
S4-2
S4-3
Processes to remediate negative impacts and channels for
consumers and end-users to raise concerns
S4-3
S4-4
Taking action on material impacts on consumers and end-
users, and approaches to managing material risks and
pursuing material opportunities related to consumers and
end-users, and effectiveness of those actions
S4-4
S4-5
Targets related to managing material negative impacts,
advancing positive impacts, and managing material risks and
opportunities
S4-5
ESRS G1 Business Conduct
ESRS 2 GOV-1
The role of the administrative, supervisory and management
bodies
ESRS 2 GOV-1
ESRS 2 IRO-1
Description of the processes to identify and assess material
impacts, risks and opportunities
ESRS 2 IRO-1
G1-1
Corporate culture and business conduct policies and
corporate culture
G1-1
G1-2
Management of relationships with suppliers
G1-2
G1-3
Prevention and detection of corruption and bribery
G1-3
G1-4
Incidents of corruption or bribery
G1-4
G1-6
Payment practices
G1-6
GROUP MANAGEMENT REPORT 2024
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LIST OF DATAPOINTS IN CROSS-CUTTING AND TOPICAL STANDARDS THAT DERIVE FROM
OTHER EU LEGISLATION (ESRS 2 ANNEX B)
DISCLOSURE
REQUIREMENT AND
RELATED DATAPOINT
MATERIAL
SFDR
REFERENCE
PILLAR 3
REFERENCE
BENCHMARK
REGULATION
REFERENCE
EU CLIMATE
LAW
REFERENCE
ESRS 2 GOV-1
Board's gender diversity
paragraph 21 (d)
Yes
Indicator
number 13 of
Table #1 of
Annex 1
Commission Delegated
Regulation (EU)
2020/1816, Annex II
ESRS 2 GOV-1 Percentage of
board members who are
independent paragraph 21 (e)
Yes
Delegated Regulation
(EU) 2020/1816, Annex II
ESRS 2 GOV-4 Statement on
due diligence paragraph 30
Yes
Indicator
number 10
Table #3 of
Annex 1
ESRS 2 SBM-1
Involvement in activities
related to fossil fuel activities
paragraph 40 (d) i
Yes
Indicators
number 4 Table
#1 of Annex 1
Article 449a
Regulation (EU)
No 575/2013;
Commission
Implementing
Regulation (EU)
2022/2453 (6)
Table 1:
Qualitative
information on
Environmental risk
and Table 2:
Qualitative
information on
Social risk
Delegated Regulation
(EU) 2020/1816, Annex II
ESRS 2 SBM-1 Involvement
in activities related to
chemical production
paragraph 40 (d) ii
Yes
Indicator
number 9 Table
#2 of Annex 1
Delegated Regulation
(EU) 2020/1816, Annex II
ESRS 2 SBM-1
Involvement in activities
related to controversial
weapons paragraph 40 (d) iii
Yes
Indicator
number 14
Table #1 of
Annex 1
Delegated Regulation
(EU) 2020/181829,
Article 12(1) Delegated
Regulation (EU)
2020/1816, Annex II
ESRS 2 SBM-1
Involvement in activities
related to cultivation and
production of tobacco
paragraph 40 (d) iv
Yes
Delegated Regulation
(EU) 2020/1818, Article
12(1) Delegated
Regulation (EU)
2020/1816, Annex II
ESRS E1-1
Transition plan to reach
climate neutrality by 2050
paragraph 14
Yes
Regulation
(EU)
2021/1119,
Article 2(1)
ESRS E1-1
Undertakings excluded from
Paris-aligned Benchmarks
paragraph 16 (g)
Yes
575/2013;
Commission
Implementing
Regulation (EU)
2022/2453
Template 1:
Banking book
Climate Change
transition risk:
Credit quality of
exposures by
sector, emissions
and residual
maturity
Article12.1 (d) to (g), and
Article 12.2
GROUP MANAGEMENT REPORT 2024
L-101
DISCLOSURE
REQUIREMENT AND
RELATED DATAPOINT
MATERIAL
SFDR
REFERENCE
PILLAR 3
REFERENCE
BENCHMARK
REGULATION
REFERENCE
EU CLIMATE
LAW
REFERENCE
ESRS E1-4
GHG emission reduction
targets paragraph 34
Yes
Indicator
number 4 Table
#2 of Annex 1
Article 449a
Regulation (EU)
No 575/2013;
Commission
Implementing
Regulation (EU)
2022/2453
Template 3:
Banking book –
Climate change
transition risk:
alignment metrics
Delegated Regulation
(EU) 2020/1818, Article 6
ESRS E1-5
Energy consumption from
fossil sources
disaggregated by sources
(only high climate impact
sectors) paragraph 38
Yes
Indicator
number 5 Table
#1 and
indicator n. 5
Table #2 of
Annex 1
ESRS E1-5
Energy consumption and
mix paragraph 37
Yes
Indicator
number 5 Table
#1 of Annex 1
ESRS E1-5 Energy intensity
associated with activities in
high climate impact sectors
paragraphs 40 to 43
Yes
Indicator
number 6
Table #1 of
Annex 1
ESRS E1-6
Gross Scope 1, 2, 3 and
Total GHG emissions
paragraph 44
Yes
Indicators
number 1 and 2
Table #1 of
Annex 1
Article 449a;
Regulation (EU)
No 575/2013;
Commission
Implementing
Regulation (EU)
2022/2453
Template 1:
Banking book –
Climate change
transition risk:
Credit quality of
exposures by
sector, emissions
and residual
maturity
Delegated Regulation
(EU) 2020/1818,
Article 5(1), 6 and 8(1)
ESRS E1-6 Gross
GHG emissions intensity
paragraphs 53 to 55
Yes
Indicators
number 3 Table
#1 of Annex 1
Article 449a
Regulation (EU)
No 575/2013;
Commission
Implementing
Regulation (EU)
2022/2453
Template 3:
Banking book –
Climate change
transition risk:
alignment metrics
Delegated Regulation
(EU) 2020/1818,
Article 8(1)
ESRS E1-7 GHG
removals and carbon
credits paragraph 56
No
Regulation (EU)
2021/1119,
Article 2(1)
ESRS E1-9 Exposure of
the benchmark portfolio to
climate-related physical
risks paragraph 66
Yes
Delegated Regulation
(EU) 2020/1818, Annex II
Delegated Regulation
(EU) 2020/1816, Annex II
GROUP MANAGEMENT REPORT 2024
L-102
DISCLOSURE
REQUIREMENT AND
RELATED DATAPOINT
MATERIAL
SFDR
REFERENCE
PILLAR 3
REFERENCE
BENCHMARK
REGULATION
REFERENCE
EU CLIMATE
LAW
REFERENCE
ESRS E1-9 Disaggregation
of monetary amounts by
acute and chronic physical
risk paragraph 66 (a)
ESRS E1-9 Location of
significant assets at
material physical risk
paragraph 66 (c).
Yes
Article 449a
Regulation (EU)
No 575/2013;
Commission
Implementing
Regulation (EU)
2022/2453
paragraphs 46
and 47; Template
5: Banking book -
Climate change
physical risk:
Exposures subject
to physical risk.
ESRS E1-9
Breakdown of the carrying
value of its real estate
assets by energy-efficiency
classes paragraph 67 (c).
Yes
Article 449a
Regulation (EU)
No 575/2013;
Commission
Implementing
Regulation (EU)
2022/2453
paragraph 34;
Template 2:
Banking book -
Climate change
transition risk:
Loans
collateralized by
immovable
property - Energy
efficiency of the
collateral
ESRS E1-9 Degree of
exposure of the portfolio to
climate-related opportunities
paragraph 69
Yes
Delegated Regulation
(EU) 2020/1818, Annex II
ESRS E2-4
Amount of each pollutant
listed in Annex II of the
EPRTR Regulation
(European Pollutant
Release and Transfer
Register) emitted to air,
water and soil,
paragraph 28
No
Indicator
number 8 Table
#1 of Annex 1
Indicator
number 2 Table
#2 of Annex 1
Indicator
number 1 Table
#2 of Annex 1
Indicator
number 3 Table
#2 of Annex 1
ESRS E3-1
Water and marine resources
paragraph 9
No
Indicator
number 7 Table
#2 of Annex 1
ESRS E3-1 Dedicated
policy paragraph 13
No
Indicator
number 8 Table
2 of Annex 1
ESRS E3-1
Sustainable oceans and
seas paragraph 14
No
Indicator
number 12
Table #2 of
Annex 1
ESRS E3-4
Total water recycled and
reused paragraph 28 (c)
No
Indicator
number 6.2
Table #2 of
Annex 1
ESRS E3-4
Total water consumption in
m3 per net revenue on own
operations paragraph 29
No
Indicator
number 6.1
Table #2 of
Annex 1
GROUP MANAGEMENT REPORT 2024
L-103
DISCLOSURE
REQUIREMENT AND
RELATED DATAPOINT
MATERIAL
SFDR
REFERENCE
PILLAR 3
REFERENCE
BENCHMARK
REGULATION
REFERENCE
EU CLIMATE
LAW
REFERENCE
ESRS 2- SBM 3 - E4
paragraph 16 (a) i
No
Indicator
number 7 Table
#1 of Annex 1
ESRS 2- SBM 3 - E4
paragraph 16 (b)
No
Indicator
number 10
Table #2 of
Annex 1
ESRS 2- SBM 3 - E4
paragraph 16 (c)
No
Indicator
number 14
Table #2 of
Annex 1
ESRS E4-2 Sustainable
land / agriculture practices
or policies paragraph 24 (b)
No
Indicator
number 11
Table #2 of
Annex 1
ESRS E4-2 Sustainable
oceans / seas practices or
policies paragraph 24 (c)
No
Indicator
number 12
Table #2 of
Annex 1
ESRS E4-2 Policies to
address deforestation
paragraph 24 (d)
No
Indicator
number 15
Table #2 of
Annex 1
ESRS E5-5
Non-recycled waste
paragraph 37 (d)
Yes
Indicator
number 13
Table #2 of
Annex 1
ESRS E5-5 Hazardous
waste and radioactive waste
paragraph 39
Yes
Indicator
number 9 Table
#1 of Annex 1
ESRS 2- SBM3 - S1 Risk of
incidents of forced labour
paragraph 14 (f)
Yes
Indicator
number 13
Table #3 of
Annex I
ESRS 2- SBM3 - S1 Risk of
incidents of child labour
paragraph 14 (g)
Yes
Indicator
number 12
Table #3 of
Annex I
ESRS S1-1 Human rights
policy commitments
paragraph 20
Yes
Indicator
number 9
Table #3 and
indicator
number 11
Table #1 of
Annex I
ESRS S1-1
Due diligence policies on
issues addressed by the
fundamental International
Labor Organisation
Conventions 1 to 8,
paragraph 21
Yes
Delegated Regulation
(EU) 2020/1816, Annex II
ESRS S1-1
processes and measures
for preventing trafficking in
human beings paragraph 22
Yes
Indicator
number 11
Table #3 of
Annex I
ESRS S1-1 workplace
accident prevention policy
or management system
paragraph 23
Yes
Indicator
number 1
Table #3 of
Annex I
ESRS S1-3
grievance/complaints
handling mechanisms
paragraph 32 (c)
Yes
Indicator
number 5
Table #3 of
Annex I
GROUP MANAGEMENT REPORT 2024
L-104
DISCLOSURE
REQUIREMENT AND
RELATED DATAPOINT
MATERIAL
SFDR
REFERENCE
PILLAR 3
REFERENCE
BENCHMARK
REGULATION
REFERENCE
EU CLIMATE
LAW
REFERENCE
ESRS S1-14
Number of fatalities and
number and rate of work-
related accidents
paragraph 88 (b) and (c)
Yes
Indicator
number 2
Table #3 of
Annex I
Delegated Regulation
(EU) 2020/1816, Annex II
ESRS S1-14
Number of days lost to
injuries, accidents, fatalities
or illness paragraph 88 (e)
Yes
Indicator
number 3
Table #3 of
Annex I
ESRS S1-16
Unadjusted gender pay gap
paragraph 97 (a)
Yes
Indicator
number 12
Table #1 of
Annex I
Delegated Regulation
(EU) 2020/1816, Annex II
ESRS S1-16
Excessive CEO pay ratio
paragraph 97 (b)
Yes
Indicator
number 8 Table
#3 of Annex I
ESRS S1-17 Incidents
of discrimination
paragraph 103 (a)
Yes
Indicator
number 7 Table
#3 of Annex I
ESRS S1-17
Non-respect of UNGPs on
Business and Human
Rights and OECD
paragraph 104 (a)
Yes
Indicator
number 10
Table #1 and
indicator
number 14
Table #3 of
Annex I
Delegated Regulation
(EU) 2020/1816, Annex II
Delegated Regulation
(EU) 2020/1818
Art 12 (1)
ESRS 2- SBM3 – S2
Significant risk of child
labour or forced labour in
the value chain
paragraph 11 (b)
Yes
Indicators
number 12 and
n. 13
Table #3 of
Annex I
ESRS S2-1 Human rights
policy commitments
paragraph 17
Yes
Indicator
number 9 Table
#3 and indicator
number 11
Table #1 of
Annex 1
ESRS S2-1
Policies related to value
chain workers paragraph 18
Yes
Indicator
number 11 and
n. 4 Table #3 of
Annex 1
ESRS S2-1
Non-respect of UNGPs on
Business and Human
Rights principles and OECD
guidelines paragraph 19
Yes
Indicator
number 10
Table #1 of
Annex 1
Delegated Regulation
(EU) 2020/1816, Annex II
Delegated Regulation
(EU) 2020/1818,
Art 12 (1)
ESRS S2-1
Due diligence policies on
issues addressed by the
fundamental International
Labor Organisation
Conventions 1 to 8,
paragraph 19
Yes
Delegated Regulation
(EU) 2020/1816, Annex II
ESRS S2-4
Human rights issues and
incidents connected to its
upstream and downstream
value chain paragraph 36
Yes
Indicator
number 14
Table #3 of
Annex 1
ESRS S3-1 Human rights
policy commitments
paragraph 16
No
Indicator
number 9 Table
#3 of Annex 1
and indicator
number 11
Table #1 of
Annex 1
GROUP MANAGEMENT REPORT 2024
L-105
DISCLOSURE
REQUIREMENT AND
RELATED DATAPOINT
MATERIAL
SFDR
REFERENCE
PILLAR 3
REFERENCE
BENCHMARK
REGULATION
REFERENCE
EU CLIMATE
LAW
REFERENCE
ESRS S3-1 Non-respect of
UNGPs on Business and
Human Rights, ILO
principles or and OECD
guidelines paragraph 17
No
Indicator
number 10
Table #1
Annex 1
Delegated Regulation
(EU) 2020/1816, Annex II
Delegated Regulation
(EU) 2020/1818,
Art 12 (1)
ESRS S3-4
Human rights issues and
incidents paragraph 36
No
Indicator
number 14
Table #3 of
Annex 1
ESRS S4-1 Policies related
to consumers and end-
users paragraph 16
Yes
Indicator
number 9 Table
#3 and indicator
number 11
Table #1 of
Annex 1
ESRS S4-1 Non-respect of
UNGPs on Business and
Human Rights and OECD
guidelines paragraph 17
Yes
Indicator
number 10
Table #1 of
Annex 1
Delegated Regulation
(EU) 2020/1816, Annex II
Delegated Regulation
(EU) 2020/1818,
Art 12 (1)
ESRS S4-4
Human rights issues and
incidents paragraph 35
Yes
Indicator
number 14
Table #3 of
Annex 1
ESRS G1-1 United Nations
Convention against
Corruption paragraph 10 (b)
Yes
Indicator
number 15
Table #3 of
Annex 1
ESRS G1-1
Protection of whistle-
blowers paragraph 10 (d)
Yes
Indicator
number 6 Table
#3 of Annex 1
ESRS G1-4
Fines for violation of anti-
corruption and anti-bribery
laws paragraph 24 (a)
Yes
Indicator
number 17
Table #3 of
Annex 1
Delegated Regulation
(EU) 2020/1816,
Annex II)
ESRS G1-4 Standards of
anti-corruption and anti-
bribery paragraph 24 (b)
Yes
Indicator
number 16
Table #3 of
Annex 1
GROUP MANAGEMENT REPORT 2024
L-106
5 RESEARCH & DEVELOPMENT (R&D) AND NEW
MODELS
5.1 ORGANIZATION
The KTM Group's research and development department is globally positioned. The central
development site is located in Mattighofen. In addition to carrying out numerous research and
development projects, the R&D activities of the other locations are supported from here. Due to the local
conditions, the research site in Terrassa, Spain, is well suited for testing off-road motorcycles.
Accordingly, the research focus on site is also on off-road applications. The research activities in Varese,
Italy, focused on the further development of the MV Agusta models. In the United States, the focus is on
ensuring that products comply with the specifications specific to the North American market, as well as
on complementary developments. The PIERER Mobility Group cooperates with research institutions,
OEMs and start-ups from the motorcycle and automotive industries as well as from other branches of
industry.
The central points of the R&D activities are the early recognition of trends in the motorcycle industry and
customer requirements as well as the further development of the product portfolio from a technical and
functional point of view. Key areas of R&D activities include digitalization – both in the area of R&D itself
and product-related –, electromobility, the reduction of emissions, further developments in the areas of
safety and assistance systems, and materials research. The R&D activities cover the entire product
development process – from basic research in the field of material use, pre-development and prototype
production to series production.
As of December 31, 2024, the company employed 1,173 people in research and development (previous
year: 1,302), which corresponds to 22.1% of the total workforce. The decrease results from the various
measures taken by the PIERER Mobility Group to reduce R&D costs. Operationally, excluding the
capitalization and depreciation of development expenses, 12.5% of total sales were spent on research
and development, which corresponds to € 235.1 million in absolute terms (previous year: € 244.4
million).
COLLABORATION WITH CFMOTO AND BAJAJ
The Group's long-standing partnerships with Bajaj Auto, Pune, India, and CFMOTO, Hangzhou, China,
were continued in the 2024 financial year. The majority of development activities will continue to take
place at the Group's European research and development sites. In the future, the industrialization of
developments will be increasingly supported by these international partners. The aim is to exploit
synergies on both sides by relocating development and production processes. The cooperation with
CFMOTO is primarily managed by the joint venture.
5.2 RESEARCH AND DEVELOPMENT ACTIVITIES
DIGITISATION
The virtualization and digitization of product development are important building blocks for reducing
development times, costs and quality risks. Computer-aided component validation, function verification
and optimization in the development process mean that fewer physical prototypes are required.
Ultimately, the physical clearance testing of components and complete vehicles on appropriate test
benches is an indispensable building block in the testing of new products.
In addition, long-term simulations can promote the development of more durable products. The findings
of the simulation are summarized in the virtual prototype, the "digital twin". However, due to its
complexity, the Group does not expect the digital twin to be used for a few years.
GROUP MANAGEMENT REPORT 2024
L-107
Connectivity functions that enable data exchange between the vehicle and, for example, smartphones
have been intensively developed in recent years and are among the indispensable features, especially
in the premium segment. In addition to the development of comfort functions (e.g. telephony and
navigation), the development and testing of communication systems between the motorcycle and other
vehicles as well as between the motorcycle and (traffic) infrastructure (e.g. traffic lights) are a central
component of the activities of the reporting year. As part of its Connected Motorcycle Consortium (CMC)
membership, KTM continued to work together with other motorcycle and passenger car manufacturers
in 2024 on the analysis of accident scenarios and prevention through radio communication. This leads
to an improvement in road safety. The next generation of vehicles is already prepared for the retrofitting
of radio technology.
ACTIVITIES IN THE FIELD OF ALTERNATIVE DRIVE TECHNOLOGIES
One of the key activities for decarbonization in the field of electromobility is the expansion of the product
range. In order to meet its own performance standards, battery development is being pushed forward
and focused on suitability for series production.
Since the market launch of the KTM Freeride E in 2014, the PIERER Mobility Group has been
considered a pioneer in this field. The development of electrified motorcycle models is mainly carried
out in the in-house competence centre in Anif near Salzburg. In the 2024 financial year, the
fundamentally revised 2025 KTM Freeride E was introduced together with the newly developed, all-
electric Husqvarna Pioneer (MY25). A lithium-ion battery has been specially developed for these two
models, which has a capacity of 5.5 kWh and enables enduro riding times of up to three hours. In
addition, the partially updated, all-electric minicross models of the KTM, Husqvarna and GASGAS
brands were presented in the past fiscal year. These offer the next generation of drivers an entry point
into electric mobility and are offered in various variants.
At the same time, the group is working on other electrical products that will complement the product
portfolio in the future. The KTM E9 is intended to reach a new target group as a new hybrid of e-bikes
and e-motocross motorcycles. The aim is to reach series production readiness with the developments
in 2025 and to introduce the KTM E9 to the market in the 2026 financial year. The GASGAS TXE, which
is also under development, has already been tested in racing situations at the TrailGP. What is special
compared to other e-motorcycles is the development of this vehicle with a transmission, gears, a
mechanical clutch and a flywheel.
In addition to product developments, the Group also engaged in research on subcomponents in the
2024 financial year. As a member of several research groups, KTM has been involved in environmentally
friendly forms of mobility. The multi-year project "LiONESS", funded by the Austrian Research Promotion
Agency (FFG), aims to develop new simulation and measurement methods for the further development
of battery-powered vehicles of class L (class of motorcycles/motor vehicles). In doing so, the project
takes into account the efficiency, safety and sustainability of the batteries. KTM is responsible for product
management and the transfer of the sustainability requirements achieved into the general product
requirements.
The "EMotion" research project was successfully completed in the 2024 financial year. In four project
years, two prototypes of energy-efficient, electric L-category vehicles were developed and tested.
Criteria such as lightweight construction and efficiency were taken into account. The know-how and all
the knowledge gained through the innovative project will be used for further development work on
production vehicles and in various work processes.
In addition, the Group continued to be active in the Swappable Batteries Motorcycle Consortium (SBMC)
in the 2024 financial year. The aim of the consortium is to facilitate the use of L-category light electric
vehicles through replaceable batteries and to promote the development and deployment of relevant
charging infrastructure. Common battery specifications facilitate the introduction of stations to replace
corresponding batteries. The activities are complemented by the EU-funded project "Stan4SWAP". In
the course of this, a standardization roadmap for battery replacement of Category L vehicles is to be
developed by November 2025.
GROUP MANAGEMENT REPORT 2024
L-108
DEVELOPMENTS IN THE FIELD OF NOISE AND POLLUTANT EMISSIONS
In recent years, the noise emission behaviour of motorcycles has become an important acceptance
criterion for this vehicle category. While the noise level for street-legal motorcycles is specified and
progressively reduced by international homologation standards, there is no uniform regulation for off-
road sports motorcycles.
The EU project "LENS" aims to reduce noise and pollutant emissions. In addition to best practice
examples, proposals for regulations to improve the performance of future vehicles will also be
developed. The project is scheduled to be completed in the 2025 financial year after a three-year project
period. The contribution of KTM Forschungs & Entwicklungs GmbH in the past financial year included
the provision of test motorcycles and expertise as well as support for the partners in the preparation of
the results reports.
The implementation of the EU5+ emission requirement for the off-road and street models, which had
been planned for several years, was completed in the 2024 financial year. In the future, all new models
registered in Europe will meet these EU5+ requirements.
In the fiscal year, the development of the automated manual transmission (AMT) was completed by the
Group. From the 2025 model year, this is to be used in selected premium models. The AMT gives the
driver the flexibility to choose between manual or automated mode. Depending on the selected shift
mode, the change to the next gear is automatic or manual by means of a gear lever or paddle shifter. In
both modes, no manual clutch activation is required for starting and changing gears. In automatic mode,
you can also choose between comfort and sport mode. In MotoGP™, a 40% share of non-fossil fuels
was already used in the 2024 season. From 2027, this percentage will be increased to 100%. Testing in
motorsport and the resulting and subsequent technology transfer into series production application is
an important pillar for incorporating innovation from racing into future models of the Group. This will also
enable the gradual introduction of e-fuels and thus gradual decarbonisation in the vehicle fleet.
FUNCTIONAL MATERIAL USE
The use of high-quality materials in all vehicles, the resulting reduction in vehicle weight and the
associated potential for reducing fuel consumption and emissions as well as improving driving
characteristics are another pillar of the development philosophy pursued.
In the field of materials research, the focus in the 2024 financial year was on the development of a
catalogue for the analysis of requirements for existing and potentially future materials. Plastic
components used were assigned to different categories. Based on the requirements, components were
identified that could potentially be made from recycled plastics. The first prototypes are in the test phase.
If the results of the material and component tests are positive and proof of technical feasibility has been
provided, the recycled plastics can be released for future series use. Building on the project, internal
material sources for secondary plastics will also be analysed and an approach for closed-loop recycling
will be developed.
GROUP MANAGEMENT REPORT 2024
L-109
SAFETY AND ASSISTANCE SYSTEMS
The introduction of new safety and comfort functions in vehicles has been accompanied by a significant
increase in the complexity of the electrical/electronic system of motorcycles in recent years. In fiscal
2024, the revised radar-based assistance systems were presented in cooperation with Bosch. The front
radar system, called Adaptive Cruise Control (ACC), offers a wide range of advantages in terms of
driving comfort and safety, such as keeping distances from road users in front. The rider has three
different riding settings at his disposal: "Dynamic" with a quick response to changing traffic conditions,
"Comfort" for smooth adjustments to changes in speed, and "Group Ride", which allows riders to ride in
larger groups of motorcycles and focuses on the next object with lateral offset. In addition, the ACC
offers an overtaking assistant, cornering speed control, brake assist and collision warnings, among other
things.
The project on acoustically optimised warning messages for all age groups was completed in the 2024
financial year and a patent application was filed. The R&D team worked on acoustic warning messages
that will enable the driver to recognize a critical situation in time and to be able to react to it in time.
These new findings and developments were created through cooperation with the University of Dresden.
With the increasing spread of headsets, the group expects a large user base and thus an improvement
in safety for end customers.
If accident situations nevertheless occur, the group develops an SOS signal to make it easier to quickly
find the injured motorcyclist. The aim is to attract the attention of passers-by and rescue organisations
through acoustic and visual signals and to guide them faster and more precisely to the scene of the
accident.
5.3 OUTLOOK 2025 AND BEYOND
The company-wide digitalization initiatives will continue to address the influence of artificial intelligence,
the expansion of connectivity and the strengthening of the dealer network with B2B2C technologies. In
the future, an end-to-end data chain will be developed along the product-life and customer loyalty cycle,
which follows the service orientation and the customer-centricity approach and will increase data quality
and availability for the group and the motorcyclist. Furthermore, the Group will prioritize increasing
efficiency in the value creation processes and actively monitor trends and technologies.
Through KTM Technologies GmbH and with its ongoing new projects in the third-party customer
segment, a permanent build-up of know-how in the field of lightweight construction, composites, drive
technologies and electromobility can also be ensured.
GROUP MANAGEMENT REPORT 2024
L-110
5.4 NEW MOTORCYCLE MODELS
KTM
The KTM DUKE range celebrated its 30th anniversary in 2024. To mark this anniversary, KTM launched
three new and heavily revised motorcycle models:
• KTM 390 DUKE
With its unmistakable styling, it offers the power-to-weight ratio in its class.
• KTM 990 DUKE
It impresses with many technical innovations, a new engine and chassis.
• KTM 1390 SUPER DUKE R and KTM 1390 SUPER DUKE R EVOSThe pinnacle of hyper
naked bikes, offering improved peak performance with the usual aggressive design orientation.
Other new motorcycles are:
KTM RC 8C 2024
This motorcycle meets the needs of performance-oriented riders and experienced track racers alike.
KTM 250 SX-F Adamo Edition 2025
This collector's item is available in limited quantities and is dedicated to Andrea Adamo, the 2023 MX2
World Champion.
In addition, there have been numerous improvements in new generations of existing models:
KTM XC and XC-F Series 2025
Here, several technical updates contributed to improvements in handling and weight reduction.
KTM 450 Rally Replica 2025
This motorcycle is known from the Dakar Rally and is a symbol of rally raid championships. It received
the most comprehensive updates to date.
KTM EXC 2025 model range (2- and 4-stroke enduro range)
Here, there were extensive improvements, especially in the chassis.
KTM 125 XC-W 2025
This motorcycle has been reintroduced specifically for the Junior Enduro category.
EXC Champion Editions
This limited model series celebrates the long-standing racing success and the KTM world champions in
partnership with Red Bull.
300 XC-W und 350 XC-F Factory Edition
These limited-edition models offer the best platform for off-road racing through competitive specifications
as used by the KTM Factory Racing Team.
Freeride E
This new generation of electric recreational enduro offers a significantly increased range with a WMTC
rating of 137 km, a lightweight chassis and controllable performance through selectable riding and
recuperation modes.
In addition, other new KTM road models were presented at the EICMA motorcycle show in Milan. These
include the 990 RC R, 990 DUKE R, 1390 SUPER DUKE GT, 1390 SUPER ADVENTURE R, 390
ADVENTURE R and 390 SMC R.
GROUP MANAGEMENT REPORT 2024
L-111
HUSQVARNA
Vitpilen and Svartpilen series 2024
Since its launch in 2018, all machines have been completely redesigned with new engines, a new
chassis, top-notch technology and a new style.
Svartpilen 801
This exceptional Scrambler-inspired bike sets a new standard for mid-weight road models with a focus
on accessible performance and outstanding quality.
Vitpilen 801
This roadster model sets a new standard for middleweight road models with an emphasis on sporty
performance and outstanding quality. A new characteristic headlight and eye-catching colors make it
stand out from the competition.
Norden 901 Expedition
EU5+ and a color and graphics update make this premium model stand out in the Husqvarna Street
lineup.
TC 150 and TC 300
These two new 2-stroke machines complete Husqvarna's motocross lineup for 2025.
TE 125
Following the reintroduction of this completely redesigned motorcycle, the 2025 Enduro model range
includes four 2-stroke and four 4-stroke motorcycles.
TE 300 / FE 350 PRO
These limited-edition models offer the best platform for enduro racing through competitive specifications
such as those used by Billy Bolt and the Husqvarna Factory Racing Team.
Pioneer
This new electric recreational enduro offers silent fun with a WMTC range of 137 km, an integrated
charger and controllable power through selectable riding and recuperation modes.
Heritage Models
This limited-edition model range celebrates the brand's long-standing heritage with 1980s-inspired
graphics in a signature blue.
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GASGAS
TXE
This prototype of an electrically powered trial bike competed in the TrialGP World Championship for the
first time in 2024.
TXT GP and TXT Racing Series 2025
All six models of the trial bikes are equipped with more powerful components.
MC 150 and MC 300
With these new 2-stroke machines, GASGAS completed the 2025 motocross line.
EC 125
With the introduction of this 2-stroke machine, GASGAS has expanded the Enduro model range to
seven bikes for 2025.
EC 300 GP
This limited-edition model offers competitive specifications and celebrates GASGAS' racing heritage in
the enduro segment.
KTM SX-E 5 / Husqvarna EE 5 / GASGAS MC-E 5
The new generations of the electric sports minicycle offer 30% more riding time in the highest
performance mode thanks to integrated water cooling and have a new design to compete with
combustion engine competitors in junior competitions with the best platform.
MV AGUSTA
Fast Enduro
This new, exclusive and high-performance travel enduro impresses with its distinctive, dynamic
character and harmonious lines.
F3 Competition
This unique machine is characterized by pure sportiness, aesthetic sophistication and technical
excellence. It pays homage to the racing concept and aims to redefine the standard in the SuperSport
segment.
5.5 NEW BIKE MODELS
PIERER New Mobility presented the new models and product developments of the Husqvarna and
GASGAS brands at EUROBIKE in Frankfurt. Husqvarna was represented with its new-e-bike models:
In addition to the Grand Towner 6, which is equipped with the Enviolo system, the Crosser, the Tourer
and the Young Cross, an e-mountain bike for children, were presented. GASGAS showed the ECC and
MXC series from the new eMTB generation as well as the stylish all-round cruisers, the MOTO 1 and
MOTO 2.
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6 OPPORTUNITY AND RISK REPORT
6.1 RISK MANAGEMENT SYSTEM
The main purpose of the PIERER Mobility Group's risk management is to secure and strengthen the
company through a timely, complete and transparent assessment of financial, operational and strategic
opportunities and risks.
The Group has an enterprise risk management system that centrally records the Group-wide
opportunities and risks according to specialist areas and, if applicable, geographical areas. Operational
responsibility and the assessment of Group-wide opportunities and risks is carried out by the "Risk
Management & Dealer Financing" department of KTM AG, which is also responsible for coordination
and in which ESG management is anchored, and the local management. These report directly to the
Executive Board of KTM AG and are supervised by the latter and the Group Executive Board of PIERER
Mobility AG.
A preventive analysis of possible events is also the task of risk management. In addition, it is important
to actively manage opportunities and risks and to define and evaluate appropriate measures with the
affected business units.
6.2 ENTERPRISE RISK MANAGEMENT (ERM)
The Group's ERM ensures a continuous, multi-stage process for managing all operational and strategic
opportunities and risks. This process combines elements from the bottom-up and top-down approach
and includes the identification and evaluation of opportunities and risks as well as the definition of
measures as well as monitoring and reporting. This forms the basis for uniform reporting throughout the
Group.
As part of holistic risk management, this process also takes into account the opportunities and risks
associated with environmental, social and governance (ESG) issues.
OPPORTUNITY AND RISK MANAGEMENT
The main objective of opportunity and risk management is the active, continuous and controlled
influence of opportunities and risks. The corporate strategy and questions of profitability are taken into
account. The handling of risks and opportunities is defined on a case-by-case basis. Risks can be
minimized, avoided or, in individual cases, consciously taken. Opportunities are evaluated and, if the
result is positive, exploited through proactive action and targeted investments. Which of the strategies
mentioned is chosen is determined by the risk owner. This is followed by an ongoing evaluation of the
strategy. Risk management is regularly informed. Opportunities and risks with regard to sustainability
issues are managed in cooperation with the relevant department. This process is carried out in particular
by the upper and middle management levels of KTM AG and monitored by the Executive Board of
PIERER Mobility AG, among others.
IDENTIFICATION AND EVALUATION
As part of the process, the ERM identifies and evaluates opportunities and risks in equal measure. A
distinction is made between short-term opportunities and risks with a time horizon of up to one year and
long-term, strategic opportunities and risks with a period of five years and more. In this way, ESG-
relevant opportunities and risks with a longer time horizon are also identified and adequately evaluated.
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After the structured identification of all opportunities and risks, the overall risk inventory is consolidated.
A Monte Carlo simulation results in the overall risk position and the required key figures. In addition, the
Group's greatest opportunities and risks are identified and evaluated.
REPORTING AND MONITORING
As part of the ERM process, comprehensive reporting was implemented. Risk management reports
directly to the Board of Management of KTM AG. In addition to further monitoring, a report including
aggregation at Group level on the overall risk situation is regularly prepared for this and the Group
Management Board of PIERER Mobility AG. In addition, the Audit Committee and the Supervisory Board
are informed about the status quo and progress.
AD-HOC REPORTING OF RELEVANT RISKS
In the event of changes in the risk situation, the risk owners report on an ad hoc basis to the risk
management team and subsequently to the Executive Board of KTM AG. This allows a timely and
transparent assessment of the current overall risk situation. In 2024, an increase in ad hoc reporting
was observed.
6.3 PRESENTATION OF OPPORTUNITIES, RISKS AND MEASURES TAKEN
The following tabular overview shows the main identified opportunities, risks and measures for 2024.
The macroeconomic conditions that occurred in the course of the second half of the year led to an
unexpectedly high market and sales risk in the core markets, which also had a stronger impact than
expected on planned measures. For the 2025 financial year, a liquidity risk has been identified for KTM
AG due to the market and sales risk as well as the high level of inventory.
On November 29, 2024, KTM AG and its subsidiaries KTM Components GmbH and KTM Forschungs
& Entwicklungs GmbH filed for judicial restructuring proceedings with self-administration. The
restructuring plan drawn up afterwards was accepted by the creditors on 25 February 2025. To finance
the agreed cash quota of 30%, which is a condition precedent for the successful completion of the
restructuring proceedings, it was possible to raise funds in the three-digit million range. The confirmation
of the legal force of the restructuring plans is expected for mid-June 2025. After the legal effect has
become final, the restructuring proceedings are terminated. For a further explanation of the financial
risks arising from the restructuring proceedings and the resulting presentation in the consolidated
financial statements, please refer to the more detailed explanations in the Notes to the Consolidated
Financial Statements.
Despite the prompt updating of all opportunities and risks, short-term, unforeseeable events can lead to
the fact that the presentation of the relevant opportunities and risks does not take into account all
eventualities, in particular those of the failure of the investor talks and thus of the restructuring
proceedings.
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Opportunities/Risks
Description
Measures
INDUSTRY
Regulations
• National and international
legal frameworkconditions in
the countries of sale influence
thetechnicaldesign, vehicle
import, vehicle registration
and vehicle use of both off-
road and street motor bikes
(e.g. regional emission
regulations, regulations on
driving licences and
discussionson the regulation
of vehicles with internal
combustionengines in the EU)
• Climate protection efforts can
lead to a tightening and
expansion or to new
regulationswith an impact on
the technical design and use
of vehicles(e.g. lowering limit
values for exhaust emissions-
and driving noise and local
driving bans in cities)
• Increasing research and
development needs to comply
with existing and future
regulations
• Regulatory measures such as
environmental zones or other
localdriving bans due to
climate and air quality could
make motorcycles more
attractive as a lower-
consumption alternative to
cars
• Market segmentation ensures
that the relevant regulations-
are optimally taken into
account as early as the
product development process.
• The additional monitoring and
control by the "Regulatory
Affairs" department supports
the early identification and
cross-functional assessment
of risks, including reporting
and suggestion systems for
countermeasures - both
operationally and strategically
• As an ACEM member
(European Association of
Motorcycle Manufacturers) at
the level of KTM AG, PIERER
Mobility AG supports the
strategy for decarbonization. It
is based on the goals of the
European Green Deal and the
Climate Protection Act as well
as the European
Commission's strategy for
sustainable and intelligent
mobility
• Development of low/zero-
emission propulsion systems
and products
Product and
Technology-
development
• Technologies can prove to be
uneconomical due to changed
frameworkconditions and
externalinfluences
• Technical innovations (e.g.
the developmentof alternative
drive technologies) and the
market launch of new
products – both by the
PIERER Mobility Group and
by competitors – can
influence the market position
aswell as the technology and
innovationposition
• Strategic product
management within the
organization
• Introduction of product line
control
• Global F&E Organization
• Increasing use of digital tools
and processes for efficient
use of resources
• Proven product development
process
• Development of lower/zero-
emission drive systemsand
products
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Opportunities/Risks
Description
Measures
MARKET
Modified
Customers-
behaviour
• Persistent inflation and
economic uncertainty can
lead to consumer restraint on
the part of customers.
• Purchasing decisions in
individual countries can be
influenced by the restructuring
and the associated reporting.
• The transition to new (lower-
emission/zero-emission)
technologies can change the
existing market structure, and
suitable strategies can
increase the chances of
opening up new market
shares.
• High quality standards,
improvement of (end)
customer service and clear
positioning in the premium
segment
• Expansion of cooperation with
strategic development
partners
• Further development and
focus of strategic partnerships
in the production area of the
mid-range segment
• Consideration of customer
requirements in the product
development process to cover
customer needs
Market and
Paragraph-
developments
• The current economic
situation results in a
continuing sales risk, which
will continue in 2025.
• The increased key interest
rates in the core markets
increase the likelihood of a
recession and reduce the
disposable household income
of private individuals,
especially in the USA.
• The volatile market
environment is also
characterized by geopolitical
and country-specific political
influences.
• KTM AG's most important
individual sales markets are
Europe, the USA and India.
However, sales opportunities
generally depend on the
general economic situation in
the countries and regions as
well as possible politically
motivated trade restrictions.
• A later start of production of
the models for 2025 due to
the business interruption and
the associated challenges
may affect the expected sales
figures.
• Stringent cost management
throughout the Group
• Reduction of units produced
in Mattighofen
• Intensification of cooperation
with strategic partners
• Long-term successful market
strategy – KTM AG as one of
Europe's leading motorcycle
manufacturers with a focus on
its core business
• Strategic dealer network
development
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Opportunities/Risks
Description
Measures
Customs-
determinations
• Possible trade conflicts
between the EU, the USA and
China, especially in the field
of electromobility, lead to
changes in customs
regulations, which can lead to
higher costs and limited
availability of products or
product groups (such as
aluminium)
• Short-term and retroactive
changes in customs
regulations may result in
additional fees/costs
• Optimization of the supply
chain, establishment of long-
term partnerships with
suppliers and further
development of existing
strategic partnerships
• Additional monitoring and
control by the specialist
department
IT
Cyber Crime
• The number of cyber attacks
on large companies has
increased continuously in
recent years. In particular,
(spear) phishing and
ransomware continue to pose
a high risk potential
• Further development of the
internal emergency and crisis
organization
• "Cyber Security" awareness
measures
• Security and risk
management system for the
identification and control of
information security risks
• Cybersecurity Management
Systems for the Management
of Vehicle-Specific IT Risks
System and
Service-
Availability
• The availability of systems or
services can be impaired and
thus affect the production
process
• Regular security and risk
assessments to identify and
manage risks
Regulative
Requirements
• National and international
regulations are increasingly
affecting the IT and
information security areas
(e.g. NIS2).
• Additional and early
measures are taken to ensure
compliance with existing and
future national and
international regulations with
regard to IT and information
security
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Opportunities/Risks
Description
Measures
FINANCES
Financial risk,
Risks of balance
sheet preparation
For further explanations, including the specific measures to mitigate risks arising
from the use of financial instruments (hedging of foreign currency positions with
futures, swaps, etc.), please refer to Note 39 "Financial Risks".
Claims-
sortie
• Persistently high interest rates
and low sales figures are
increasing the pressure on
retailers. This can lead to
increased bad debts
• Close coordination with dealers
and support with targeted
programs
• Bank guarantees for security
• Strategic dealer network
development
MR
Workforce
• The attractiveness and general
image of the employer as well
as the guarantee of safety and
health protection have a
considerable influence on the
decisions of employees and
applicants, which can lead to
advantages or disadvantages in
employee retention, but also in
the competition for talent on the
labour market.
• Key employees could leave the
company
• Personnel development &
training offers for the further
training of managers and
project managers
• Programs for International
Talents
• Comprehensive apprenticeship
training programme in our own
training workshop
• Continuous development of
occupational health and safety
Personal-
cost
• As a result of collective
bargaining agreements or as a
result of macroeconomic
developments, personnel costs
may rise more sharply than
planned
• Ongoing monitoring of
personnel costs
• Adjustment of the number of
employees
• Intensification of strategic
partnerships
Cultural change
• A persistent state of uncertainty
as a result of the restructuring
process and related
restructuring of the organization
• The state of uncertainty also
has an impact on identification
with the organization and trust
in the management
• Changes in the company's
internal culture
• Focus on governance and
compliance
• Support and accompaniment of
managers
• Increased communication and
leadership visibility
• Internal support for
organizational development
• Adaptation of the organizational
and management structure
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Opportunities/Risks
Description
Measures
SOURCING AND PRODUCTION
Materials
and raw materials
• Political export restrictions
and tariffs can have a
negative impact on the price
development of materials and
raw materials
• Macroeconomic
developments or climate-
related measures can have a
negative impact on the prices
of energy-intensive resources
such as steel and aluminium
(increased use of renewable
energies, which are currently
still very limited, higher
requirements for steel
production, conversion of
production systems,
requirements for the use of
recyclates, etc.).
• A sharp increase in demand
for rare earths, for example
for battery production for
electromobility, could lead to
resource bottlenecks in the
market
• The ongoing Russia-Ukraine
conflict shows that regional
and locally limited conflicts
can have a negative impact
on the price development of
materials and raw materials
• An escalation of the conflict
between China and Taiwan
would have serious
implications for the security of
supply of electronic
components
• Technological development
and the market maturity of
new materials and raw
materials with improved
properties
• Research on alternative
materials and raw materials
and on material
reductions/functional
lightweight construction
("Sustainable Engineering")
• Greater transparency in the
cost structure through
effective cost engineering
• Implemented market
intelligence system for
electronic components as well
as the development of
different sources of supply
("multiple sourcing")
• Hedging commodity prices
through financial instruments
on the futures markets
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Opportunities/Risks
Description
Measures
Logistics and
Supply chain
• Bottlenecks or delays in
logistics can lead to
impairments in production
• Politically motivated unrest
(for example in the Gulf of
Aden, the Suez Canal or the
Taiwan Strait) can have a
negative impact on the supply
situation and logistics costs
• Supplier default risks can lead
to supply bottlenecks in the
short to medium term
• The restructuring procedure
and the associated liquidity
risk lead to an increased risk
of default on the supplier side,
which can subsequently affect
the entire supply chain
• Flexibility in the implemented
production layout guarantees
quick adaptation of production
schedules
• Long-term cooperation with
existing supply partners as
well as careful selection of
efficient new suppliers
• Maintaining supplier
relationships
• Promotion of short supply
chains and local procurement
strategies to shorten/secure
delivery times
• Increased risk management in
the supply chain
• Consistent signing of
purchasing conditions with
suppliers
• Use of alternative supply
chainsand related activitiesto
reducecosts
• Protection through the use of
"second sources" or
additional supply chains for
critical commodity groups
• Logistical procurement
structureto minimise
transportroutes and adjust the
associated costs
Supplies
(esp. Electricity and
tech. Gas)
• The supply of electricity, gas
and other energy sources is
essential for production
operations
• Due to the current multiple
sources of crisis,energy
supply may be affected and
the associated price
fluctuations may occur
• Photovoltaic systems for your
own power generation
• Ongoing implementation of
energy-saving measures
• Participation in (citizen)
energy communities, if
formally feasible
Operation-
grounds
• Impairment of the availability
of systems due to technical
faults or external influences
such as storms, floods or
other natural hazards. Such
events can affect the
production process.
• Maintenance plans and
optimized maintenance
strategy
• Regular inspections
• Emergency and crisis
management
• Insurances
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Opportunities/Risks
Description
Measures
OTHER
Product
and liability
• As a manufacturer of
premium products, quality is
an essential feature on which
PIERER Mobility focuses
• Product liability cases and
related penalties pose a risk,
especially in the U.S. market,
due to the legal system
• In addition to existing possible
causes of product-related
lawsuits, further legal risks
could be added by climate
change-related regulations
• Ensuring high quality
standards through suitable
supplier selection procedures
and the use of quality and
process management
systems and audits
• Insurances
Climate and
Environment-
Risks and
Opportunities
For further information, please refer to the Non-Financial Statement
(Section 4 of this Management Comment). Relevant information can be
found at the beginning of chapters E1 and E5 as well as in the
corresponding sections on managing impacts, risks and opportunities.
Strategic
Odds
and risks
• Strategic orientation with a
focus on the core business of
motorcycles, combined with a
strong brand identity, provide
a solid basis for future growth
• Deteriorating production
conditions in Europe (costs,
regulations, labour market)
lead to competitive
disadvantages.
• By using non-European
production sites, the
competitive disadvantages of
a European location can be
counteracted and
development and
industrialization processes
accelerated.
• Thanks to the strategic
restructuring, KTM has the
potential to emerge stronger
from the crisis
• Focus on the premium
segment and use of its own
innovative strength
• Partial relocation of production
and R&D activities to global
partners such as Bajaj Auto
(India)
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Opportunities/Risks
Description
Measures
Compliance
Risks
Common challenges in the area
of compliance:
• Violation of the minimum
standards defined in the
Code of Conduct
• Violation of national and/or
international laws
• Challenges in own business
activities and in the supply
chain
Focus topics:
• Human rights, respect,
integrity, diversity, ethical
recruitment, fair working
conditions, health protection,
occupational safety
• Sustainability, environmental
and climate protection, animal
welfare
• Fair competition, antitrust ban
• Corruption, bribery,
invitations, gifts
• Money laundering, terrorist
financing, export controls
• Taxes, Tax Strategy, Tax
Compliance, International Tax
Guidelines
• Conflicts of interest,
prohibition of insider trading,
political activities, donations,
sponsorship
• Dealing with company
property and assets, business
and trade secrets, data
protection, intellectual
property, AI tools
• Supply chain compliance
• Dealing with conflict minerals,
chemicals, pollutants
Measures to ensure compliance:
• Compliance with the Code of
Conduct
• Inclusion of employee
interests through employee
representatives
• Review of progress
• Implementation of measures
to respect human rights
• Expansion of the ESG
platform "Supplier Assurance"
(NQC)
• Determination of minimum
requirements as a basis for
supplier relationships
• Ensuring the minimum age of
employment
• Implementation of annual
training and awareness
programs
• Availability of whistleblowing
channels, extension of the
anonymous whistleblowing
system to third parties
• Automated Compliance E-
Learning
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7 DISCLOSURES PURSUANT TO SECTION 243A
(PARA 1) UGB
1. The share capital amounts to EUR 33,796,535 and is divided into 33,796,535 no-par value
bearer shares. Each no-par value share grants the same share in the share capital and the
ordinary shareholder rights in accordance with the Austrian Stock Corporation Act. These
include the right to pay the dividend resolved at the Annual General Meeting and the right to
exercise voting rights at the Annual General Meeting. Since November 14, 2016, all shares of
PIERER Mobility AG have been listed on the SIX Swiss Exchange (SIX) in the International
Reporting Standard (ISIN AT0000KTMI02). Since March 1, 2022, the shares have also been
listed on the Vienna Stock Exchange (official trading). There was no change in the share capital
in the 2024 financial year. Since PIERER Mobility AG did not acquire or sell any of its own
shares, the company did not hold any treasury shares as of December 31, 2024.
2. A syndicate agreement (the "Syndicate Agreement 2021") has been in place since 29
September 2021 between Pierer Konzerngesellschaft mbH, Pierer Industrie AG and Pierer Bajaj
AG on the one hand (the "Pierer Group") and Bajaj Auto Ltd. and Bajaj Auto International
Holdings B.V. on the other hand (the "Bajaj Group"). This agreement regulates the rights and
obligations of the two groups of companies with regard to the participation of Pierer Industrie
AG and Bajaj Auto International Holdings B.V. in Pierer Bajaj AG as the majority shareholder of
PIERER Mobility AG. The 2021 syndicate agreement stipulates that any transfer of ownership
of shares in PIERER Mobility AG will require the approval of the Supervisory Board members
of Pierer Bajaj AG nominated by Bajaj. Pierer Bajaj AG, which is economically attributable to DI
Stefan Pierer, is therefore subject to restrictions on the sale of shares in PIERER Mobility AG.
The Management Board is not aware of any other restrictions concerning voting rights or the
transfer of shares.
3. To the knowledge of the Company, as of December 31, 2024, the following shareholding in the
capital of PIERER Mobility AG amounted to at least 10 per cent:
o Pierer Bajaj AG: 74.94% (direct participation);
o Pierer Konzerngesellschaft mbH: 0.09% (direct participation) and 74.94% (indirect
participation).
4. There are no shares with special control rights.
5. There are currently no employee participation models.
6. There are no provisions going beyond the law with regard to the appointment and dismissal of
the members of the Management Board and the Supervisory Board and the amendment of the
Articles of Association.
7. Ways to issue or buy back shares:
In a first step, the possibilities that were in place on the cut-off date of December 31, 2024 are
presented. The changes to the instruments mentioned after the balance sheet date are described
at the end of this item (see also the chapter on events after the balance sheet date):
Due to the authorization granted by the Annual General Meeting on April 29, 2022 and the
amendment to the Articles of Association adopted at the same time, the Company's Articles of
Association contain the following provision as Section 5 "Authorized Capital":
a) In accordance with Section 169 of the German Stock Corporation Act (AktG), the Management
Board is authorized, with the consent of the Supervisory Board, to increase the Company's
share capital of EUR 33,796,535.00 by 29.04.2027, if necessary in several tranches, against
cash and/or non-cash contributions of up to EUR 16,898,267.00 by issuing up to 16,898,267
no-par value bearer shares to up to EUR 50,694,802.00 and to determine the issue price as
GROUP MANAGEMENT REPORT 2024
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well as the terms of issue and the further details of the implementation of the capital increase
in agreement with the Supervisory Board and, if necessary, to offer the new shares to the
shareholders for subscription by way of indirect subscription rights in accordance with Section
153 (6) of the German Stock Corporation Act (AktG).
b) The Management Board is authorised, with the consent of the Supervisory Board, to exclude
the shareholders' subscription rights in whole or in part,
(i) if the capital increase is made against cash contributions and the total share of the
Company's share capital attributable to the shares issued against cash contributions
under exclusion of subscription rights does not exceed the limit of 10% of the Company's
share capital at the time of grant,
(ii) if the capital increase is made against contributions in kind,
(iii) to serve an over-allotment option (greenshoe), and/or
(iv) for the settlement of fractional amounts.
c) The Supervisory Board is authorized to pass resolutions on amendments to the Articles of
Association resulting from the issue of shares from the authorized capital.
Due to the conditional capital created by the Annual General Meeting on April 21, 2023, and the
amendment to the Articles of Association adopted for this purpose, the Company's Articles of
Association contained the following provision as Section 5a "Contingent Capital" as of the balance
sheet date:
In accordance with Section 159 (2) (1) of the German Stock Corporation Act (AktG), the Company's
share capital will be increased by up to EUR 4,375,000,000.00 by issuing up to 4,375,000 ordinary
bearer shares with no par value (no-par value shares) for issuance to creditors of financial
instruments pursuant to Section 174 of the German Stock Corporation Act (AktG) within the
meaning of the resolution of the Annual General Meeting of 21.04.2023, which will be issued by the
Company using the authorization granted at this Annual General Meeting, increased. The capital
increase may only be carried out to the extent that the creditors of the financial instruments make
use of their exchange and/or subscription rights to shares in the Company. The issue price and the
exchange ratio are to be determined in accordance with recognised financial mathematical
methods and the share price in a recognised pricing procedure. The newly issued shares of the
conditional capital increase are entitled to dividends to the same extent as the company's existing
shares. The Management Board is authorized, with the consent of the Supervisory Board, to
determine the further details of the implementation of the conditional capital increase. The
Supervisory Board is authorized to pass resolutions on amendments to the Articles of Association
resulting from the issuance of shares from conditional capital.
The conditional capital increase serves to service any convertible bond that may be issued and
may expressly only be carried out to the extent that creditors of convertible bonds make use of their
right to exchange and/or subscribe for shares in the Company.
This conditional capital increase serves to issue new shares to creditors of financial instruments in
accordance with Section 174 of the German Stock Corporation Act (AktG), which will be issued by
the Company using the authorization granted at the Annual General Meeting on April 21, 2023. This
authorization granted by the Annual General Meeting on April 21, 2023, to issue financial
instruments in accordance with Section 174 of the German Stock Corporation Act has not yet been
used.
The Annual General Meeting on April 21, 2023, also passed the following resolutions with regard
to the acquisition and sale of treasury shares:
a) Pursuant to Section 65 (1) (8) of the German Stock Corporation Act (AktG), the Management
Board is authorized for a period of 30 months from the date of the resolution to acquire treasury
shares of the Company both on the stock exchange and over-the-counter, also to the exclusion
of the shareholders' proportional tender rights and, without having to consult the Annual
General Meeting again beforehand, to cancel these shares with the consent of the Supervisory
GROUP MANAGEMENT REPORT 2024
L-125
Board, if necessary. Trading in treasury shares is excluded as the purpose of the acquisition.
The proportion of shares to be purchased may not exceed 10% of the share capital. The
consideration per no-par value share to be acquired may not be more than 20% below or
higher than the average unweighted closing price on the SIX Swiss Exchange over the past
10 trading days. The authorisation may be exercised in whole or in part or in several
instalments and in pursuit of one or more purposes by the Company, its affiliated companies
or by third parties on their behalf. The Supervisory Board is authorized to decide on
amendments to the Articles of Association resulting from the cancellation of shares.
b) For a period of five years from the date of the resolution, the Management Board is authorized,
with the consent of the Supervisory Board, to sell or use treasury shares in any manner other
than via the stock exchange or by public offering for any legally permissible purpose, including
excluding the shareholders' proportional right to purchase (exclusion of subscription rights)
and to determine the conditions of sale. The authorisation may be exercised in whole or in part
or in several instalments and in pursuit of one or more purposes.
After the balance sheet date, there were significant changes in the options for issuing or
repurchasing shares:
The PIERER Mobility Group is in a tense economic situation. Particularly at the level of KTM AG, a
capital injection was required in the short term to meet the quota in the restructuring plan. The
raising of fresh capital is therefore a key challenge for PIERER Mobility AG in order to provide its
main subsidiary, KTM AG, with financial support.
The conditional capital increase (Conditional Capital 2023) resolved at the Annual General Meeting
on April 21, 2023 was therefore revoked at the Extraordinary General Meeting on January 27, 2025
and a new authorization and a new Conditional Capital 2025, which is to correspond to 50% of the
Company's current share capital in the future, was resolved. This gave the Management Board the
necessary flexibility to be able to react at short notice to financing and/or liquidity requirements of
the PIERER Mobility Group.
On January 27, 2025, the Extraordinary General Meeting resolved the following with regard to the
exclusion of subscription rights (on agenda item 2):
a) The Annual General Meeting revokes the authorization of the Management Board resolved at
the Annual General Meeting on April 21, 2023, with the consent of the Supervisory Board, to
issue financial instruments within the meaning of Section 174 of the German Stock Corporation
Act (AktG) until April 21, 2028.
b) The Management Board is authorized, with the consent of the Supervisory Board, until
January 27, 2030, to issue financial instruments within the meaning of Section 174 of the
German Stock Corporation Act (AktG), in particular convertible bonds, profit participation
bonds and profit participation rights, with a total nominal value of up to EUR 900,000,000.00,
which may also grant the subscription and/or exchange rights to acquire a total of up to
16,898,267 shares of the Company and/or are structured in such a way, that they may be
disclosed as equity, even in several tranches and in different combinations, including indirectly
by way of a guarantee for the issuance of financial instruments by an affiliate of the Company
with exchange and/or subscription rights to shares of the Company.
c) The Management Board may use the conditional capital and/or treasury shares or a
combination of conditional capital and treasury shares to service the exchange and/or
subscription rights.
d) Within the scope of this authorisation, the Management Board may only issue financial
instruments that grant the creditor subscription rights to acquire shares in the Company to the
extent that, upon exercise of all subscription rights of these financial instruments and taking
into account all shares that have been issued or are to be issued from the Authorised Capital
2022 (as resolved at the Annual General Meeting on 29 April 2022 on agenda item 9), no more
than 16,898,267 new shares of the Company will be created.
GROUP MANAGEMENT REPORT 2024
L-126
e) The issue price and terms and conditions of issue of the financial instruments are to be
determined by the Executive Board with the consent of the Supervisory Board, whereby the
issue price is to be determined in accordance with recognized financial mathematical methods
and the price of the Company's shares in a recognized pricing process. The issue price of the
shares to be issued upon conversion (exercise of the exchange and/or subscription rights) and
the exchange and/or subscription ratio are to be determined taking into account customary
financial mathematical methods and the price of the Company's shares (basis for calculating
the issue price); the issue price of the shares to be issued may not be less than the pro rata
amount of the share capital.
f) The shareholders' subscription rights to the financial instruments within the meaning of Section
174 (4) of the German Stock Corporation Act are excluded.
Furthermore, the following resolutions were passed at the Extraordinary General Meeting on
January 27, 2025 – with regard to the conditional capital increase (see agenda item 3):
a) The Annual General Meeting revokes the conditional increase in the Company's share capital
of up to EUR 4,375,000.00 resolved at the Annual General Meeting on April 21, 2023 in
accordance with Section 159 (2) (1) of the German Stock Corporation Act (AktG) by issuing
up to 4,375,000 ordinary bearer shares with no par value (no-par value shares) for issuance
to creditors of financial instruments in accordance with Section 174 of the German Stock
Corporation Act.
b) The Annual General Meeting resolves on the conditional increase of the Company's share
capital by up to EUR 16,898,267.00 in accordance with Section 159 (2) (1) of the German
Stock Corporation Act (AktG) by issuing up to 16,898,267 ordinary bearer shares with no par
value (no-par value shares) for issuance to creditors of financial instruments pursuant to
Section 174 of the German Stock Corporation Act (AktG), which are issued by the Company
using the authorization granted at this Annual General Meeting, insofar as the creditors of the
Financial Instruments make use of their right to exchange and/or subscribe for shares in the
Company. The issue price and the exchange and/or subscription ratio are to be determined in
accordance with customary financial mathematical methods and the price of the Company's
shares in a customary market pricing procedure (basis for calculating the issue price). The
issue price may not be less than the proportionate amount of the share capital. The newly
issued shares of the conditional capital increase are entitled to dividends to the same extent
as the company's existing shares. The Management Board is authorized, with the consent of
the Supervisory Board, to determine the further details of the implementation of the conditional
capital increase. The Supervisory Board is authorized to pass resolutions on amendments to
the Articles of Association resulting from the issuance of shares from conditional capital.
c) In addition, a resolution was passed to amend the statutes in § 5a in accordance with the
above-mentioned resolutions.
8. Agreements that become effective in the event of a change of control as a result of a takeover
offer ("change of control clauses"), change or terminate, as well as their effects, are not
disclosed by PIERER Mobility AG, as this would cause considerable damage to the company.
9. There are no compensation agreements between the Company and its members of the
Management Board and Supervisory Board or employees in the event of a public takeover offer.
GROUP MANAGEMENT REPORT 2024
L-127
8 KEY FEATURES OF THE INTERNAL CONTROL
SYSTEM § 243A (PARA 2) UGB
The internal control system of the PIERER Mobility Group has the task of ensuring the regularity and
reliability of financial reporting, compliance with the legal and internal regulations applicable to the
company, as well as the effectiveness and profitability of the company's operations, including the
protection of assets against losses due to damage and malversations. In the design of the elements of
the internal control system, internationally recognized frameworks for internal control systems (e.g.
COSO framework) were taken into account. The system includes:
• Group-wide accounting requirements
• Segregation of duties as an organisational measure
• System-supported and process-dependent controls
• Process-independent controls
• Management of balance sheet risks
The Group is committed to the continuous development and improvement of its internal control system.
To this end, its functionality is regularly monitored through process and data analyses as well as
independent, external auditing activities. The main features of the internal control system with regard to
the accounting process are presented below.
8.1 CONTROL ENVIRONMENT
The organizational structure of the PIERER Mobility Group forms the basis for the control environment
and the internal control system in the company. In the area of organizational structure in (group)
accounting, there are clear areas of competence and responsibility at the various management and
hierarchical levels of the Group. This applies on the one hand to the Group headquarters in Wels as well
as to the Austrian and all international subsidiaries.
The Group's strong international orientation and the associated decentralised corporate and location
structures will be countered by the centralisation of key corporate functions in the area of financial
reporting at the Austrian locations (especially in Mattighofen). Particularly noteworthy for the
responsibility for accounting and financial reporting are the areas of Finance, Controlling and Risk
Management & Dealer Financing, which work closely together to develop the financial figures and are
located directly under the Board of Management of KTM AG or the Group Board of Management. The
administration, organisation and responsibility of these three divisions is the responsibility of the
respective division managers. The strategy setting and monitoring of implementation is the responsibility
of the Executive Board of KTM AG and the Group Executive Board.
In terms of process organization, the Group relies on a distinctive and comprehensive set of accounting,
valuation and account assignment requirements. This provides an appropriate basis for a strong control
environment and control system. New accounting standards are assessed with regard to their impact
on the Group's financial reporting. The requirements for accounting and accounting processes are
reviewed on an ongoing basis and adjusted at least annually, more frequently, if necessary, in close
coordination with the responsible areas of responsibility. Reporting with the associated results will then
be published in the Notes to the Consolidated Financial Statements. Monitoring compliance with
accounting-related regulations and controls is the responsibility of the relevant divisional management.
GROUP MANAGEMENT REPORT 2024
L-128
8.2 RISK ASSESSMENT
Risks related to the accounting process are collected and monitored by the respective divisional
management and taken into account in the risk management process. The focus is on those risks that
are to be considered material.
The main risks in accounting include the incomplete recording of accounting-relevant facts, errors in
document entry and incorrect calculations. Complex accounting principles could lead to an increased
risk of error, incorrect reporting and late balance sheet preparation. In addition, there is a risk of data
access by unauthorized persons or data manipulation, failure of IT systems and data loss.
For the preparation of the financial statements, estimates must be made on a regular basis for which
there is an inherent risk that future developments will deviate from these estimates. This applies in
particular to the following items/items in the consolidated financial statements: social capital, outcome
of legal disputes, impairment of receivables, shareholdings and inventories. In some cases, external
experts are called in or publicly accessible sources are relied on in order to minimise the risk of
misjudgement.
8.3 CONTROL MEASURES
The Group has integrated its controls directly into the (group) accounting processes. In addition to
process-independent external control mechanisms, an essential element is the principle of separation
of functions. To ensure complete, timely and correct balance sheet preparation, quality assurance and
control measures have been implemented in all areas involved in the accounting process. All control
measures are applied in the ongoing business process to ensure that potential errors in financial
reporting are prevented, detected and corrected. The group is always looking for technical-automated
solutions to improve existing control mechanisms or implement new ones. On the one hand, the focus
is on holistic applications that span the accounting process and, on the other hand, on detailed
application automatisms, such as in the preparation of financial statements and in ongoing accounting.
Furthermore, the application of internal company guidelines leads to a uniform treatment of business
transactions as well as to uniform accounting and reporting.
Among other things, automated controls are integrated into the important IT systems with accounting
relevance, which, among other things, are intended to prevent the incorrect recording of business
transactions, to ensure the complete recording of business transactions or the evaluation of business
transactions in accordance with accounting standards, or to support the verification of consolidation. In
view of the increasing demands on IT systems in accounting and the constantly increasing technical
possibilities, the Group regularly carries out IT-supported analyses of the effectiveness of the measures
taken in order to identify and subsequently eliminate any control weaknesses that may have occurred.
Control measures with regard to IT security are a cornerstone of the internal control system. For
example, the separation of sensitive activities is supported by a restrictive assignment of IT
authorizations. The ERP software used allows automated checks to take place, such as automated
checks during invoice approval and invoice verification.
8.4 COMMUNICATION AND MONITORING
Responsibility for the effectiveness of the internal control system in the (group) accounting process is
clearly regulated and lies with the responsible managers and process owners. In addition to the results
of the company's internal assessment, the assessment of effectiveness also includes those of external
audits, e.g. as part of the annual audit or external IT security audits, as well as those of the Supervisory
Board and the Audit Committee. Weaknesses in the control system are corrected, taking into account
their possible impact on accounting processes.
GROUP MANAGEMENT REPORT 2024
L-129
In addition to the legally required financial statements, which are made available to management levels,
the Group has also implemented a comprehensive internal reporting system, which is prepared and
distributed at different levels of aggregation depending on the recipient of the report. The aim is to
simplify variance analyses, identify risks in the reporting process and enable strategic decisions through
the standardisation in internal reporting.
Other key instruments of risk monitoring and control are the company-wide guidelines on the handling
of material risks, planning and controlling processes, as well as ongoing reporting. The guidelines
include the setting and control of limits, in particular with regard to the financial volume, staggered
approval requirements up to the top management level, and procedures for limiting financial risks, e.g.
the analysis of the financial stability of suppliers, as well as the strict requirement of the four-eyes
principle for invoice and payment approvals.
In addition, the internal control system is based on precise information about the processes for
accounting and financial reporting and also includes their upstream business processes, e.g. purchase
requisitions or logistics processes. The effectiveness of the internal control system is reviewed by
management to ensure that the results, which are transmitted to management in condensed report form,
are analysed, evaluated and commented on.
The Executive Board and the Audit Committee are informed annually about the assessment of the
effectiveness of the internal control system in accounting. In the event of significant changes in the
effectiveness of the internal control system, immediate reporting is made to the Management Board and,
if necessary, to the Supervisory Board, and adequate measures are taken to increase effectiveness.
9 EVENTS AFTER THE BALANCE SHEET DATE
For information on events after the balance sheet date, please refer to Chapter XI "Events after the
Balance Sheet Date" of the Notes to the Consolidated Financial Statements.
10 OUTLOOK
10.1 BUSINESS DEVELOPMENT
KTM AG, KTM Forschungs & Entwicklungs GmbH and KTM Components GmbH were able to
successfully conclude their reorganization proceedings with the timely deposit of the cash quota and the
related court confirmation of the reorganization plan. The continued existence of the KTM Group has
thus been secured, although uncertainties remain as described below. At no time during the
reorganization proceedings did the management have any doubts as to the successful completion of
the proceedings.
Nevertheless, uncertainties remain, as the going concern forecast is subject to certain assumptions and
factors that are based on the occurrence of circumstances beyond the control of the KTM Group. In
particular, the expected macroeconomic conditions should be noted. As explained in the introduction to
the notes on the restructuring process, these circumstances represent a material uncertainty that may
cast significant doubt on the KTM Group's ability to continue as a going concern. In this case, the KTM
Group may not be able to realize its assets and pay its liabilities in the ordinary course of business. At
least for the 2025 financial year, the Group expects the economic environment to remain challenging.
This is already reflected in the expected economic growth figures in the core markets of Europe and the
GROUP MANAGEMENT REPORT 2024
L-130
USA, although uncertainties regarding current political developments and the imposition of US import
tariffs on Group products have increased considerably. In addition to the high wage settlements and the
consequences of persistently elevated inflation rates, interest rates are expected to remain essentially
at the previous elevated level. Overall, the resulting volatilities affect the Group's sales expectations in
the USA and Europe in particular.
Despite the difficult environment, the group has loyal customers. There is great demand for the
motorcycle models presented in autumn 2024. Nevertheless, the top priority is to reduce inventories. To
achieve this goal, production capacities will be reduced even further in the 2025 financial year and
calibrated accordingly to meet demand, but at the same time sufficient new models will be available at
dealerships. As a result of these measures, the Group expects its and dealers' inventories to normalise
by the end of 2025. This is in line with the management's goal of developing the previous product-related
push strategy in sales from the granting of discounts to a pull strategy in which customer demand is to
be increased through targeted advertising measures.
Due to the persistently challenging economic environment, the Management Board expects revenue for
the 2025 financial year to be below the level of the previous financial year. At the same time, some of
the cost-cutting measures taken will take longer from their implementation to their effect, so that a
positive EBIT is not expected until the 2027 financial year - with the exception of the financial year 2025,
which will show a positive EBIT due to the expected restructuring profit. With the capital contributed
expected by the future investors, as well as the release of working capital and the realisation of the
restructuring profit in the 2025 financial year, the continued existence of the KTM Group can be expected
until positive operating income is achieved again in the 2027 financial year. The strategic objective is to
place a stronger focus on the core business of motorcycles with its premium brands KTM, GASGAS and
Husqvarna. The MV Agusta brand and the associated companies and business relationships are already
classified as held for sale in the present consolidated financial statements and management report; the
management expects the sale to be finalised in the second quarter of 2025. In addition, work is also
being done to sell the business of KTM Sportcar GmbH and thus of the X-BOW. The business activities
of PIERER New Mobility GmbH and its subsidiaries are also to be discontinued by the end of 2025.
Against the background of the successful completion of the restructuring proceedings of KTM AG and
the measures taken to focus and redimension, the management assumes that the Group thus has a
stable operating and financial basis.
10.2 MOTORSPORT
The KTM Group had one of the most successful starts to a motorsport season. Winning the Dakar Rally
at the beginning of 2024 was the first highlight, followed by the Superenduro World Championship title
with seven victories out of a possible seven. This was followed by winning five out of a possible five
Motocross MX-2 World Championship rounds, eight Supercross victories and two wins out of four races
in Moto 3. In both the motocross, Supercross and Moto 3 constructors' championships, the KTM group
leads.
The focus pursued is also evident in MotoGP: the orange colour scheme will once again showcase the
MotoGP presence of the KTM Group in 2025. The Red Bull KTM Tech3 squad will join the Red Bull KTM
Factory Racing team with Grand Prix winners Enea Bastianini and Maverick Viñales. The 26-year-old
Italian and 29-year-old Spaniard will be fitted with a full KTM RC16 factory machine for the 2025 season
as part of a multi-year agreement, forming an orange Red Bull quartet alongside stars Brad Binder and
Pedro Acosta.
GROUP MANAGEMENT REPORT 2024
L-131
10.3 INVESTMENTS
The investments made in recent years have secured the necessary production capacities for the coming
years. Against this background, the targeted investments were subjected to a comprehensive
assessment with the aim of analysing their strategic relevance and operational necessity. It is expected
that this will significantly reduce capital expenditure until operating profitability is achieved without
restricting the company's substance or future viability. However, the focus of investments will continue
to be on the (further) development of existing and new models.
10.4 FINANCING SITUATION
For the conclusion of the restructuring process, the KTM Group needed fresh equity from investors. In
the course of the restructuring process, the Bajaj Group provided funds in the amount of € 800 million
via the existing links with the PIERER Mobility Group. The KTM Group received the following funds until
May 26, 2025
• Restructuring loan with a term of 3 years, i.e. until December 30, 2028, in the amount of € 450
million from Bajaj Auto International Holdings BV, Netherlands;
• Repayment of existing receivables from financing activities of KTM AG against PIERER New
Mobility GmbH by PIERER Mobility AG in the amount of € 200 million.
The successful completion of the restructuring process significantly reduced the net financial debt of the
KTM Group. The aim is to bring net financial debt to a sustainably healthy level following the ongoing
restructuring of the KTM Group.
Wels, May 27, 2025
The Executive Board
Gottfried Neumeister (CEO) Stefan Pierer (Co-CEO)
Notes 12/31/2023
No. EURk
12/31/2024
EURk
Annex I/1
Consolidated statement of financial position as at
December 31, 2024
29
30
31
32
Assets held for sale and disposal groups 33
Assets:
Non-current assets:
Goodwill
Intangible assets
Property, plant, and equipment
Investments accounted for using the equity method
Deferred tax assets
Other non-current assets
23
24
25
26
27
28
131,735
0
668,967
476,707
483,886
369,299
33,870
14,130
9,934
84,126
5,436
3,248
1,333,828
947,510
PIERER Mobility AG,
Wels
Current assets:
Inventories
Trade receivables
Receivables and other assets
Tax refund claims
Cash and cash equivalents
857,255
617,852
350,801
289,422
146,087
154,719
2,272
16,262
258,972
163,407
1,615,387
1,241,662
3,700
206,662
2,952,915
2,395,834
Notes 12/31/2023
No. EURk
12/31/2024
EURk
Non-current liabilities:
Financial liabilities
Liabilities for employee benefits
Deferred tax liabilities
Other non-current liabilities
35
36
27
37
962,849
93,353
27,967
26,907
120,665
893
18,517
74,924
1,129,998
196,077
Annex I/2
34
34
34
34
35
37
38
37
Liabilities in connection with assets held for sale and disposal groups 33
PIERER Mobility AG,
Wels
Equity and liabilities:
Equity:
Share capital
Capital reserves
Other reserves including retained earnings
Equity of the owners of the parent company
Non-controlling interests
33,797
33,797
9,949
9,949
860,515
-240,509
904,261
-196,763
5,012
3,014
909,273
-193,749
Current liabilities:
Financial liabilities
Trade payables
Provisions
Tax liabilities
Other current liabilities
72,049
1,712,769
676,978
381,857
21,871
91,715
1,824
2,959
140,922
136,973
913,644
2,326,273
0
67,233
2,952,915
2,395,834
Annex I/3
Consolidated income statement
for the financial year from 1/1/2024 through 12/31/2024
Notes
2023
2024
No.
EURk
EURk
10
2,661,210
1,879,021
11
12
13
14
15
15, 23
15, 33
16
17
18
18
18
19
2.37 -29.30
PIERER Mobility AG,
Wels
Revenue
Production costs of the services
provided to generate the revenue
Gross profit from sales
Selling and racing expenses
Research and development expenses
Administration expenses
Other operating expenses
Expenses for impairments in accordance with IAS 36
Expenses for impairments in accordance with IFRS 5
Other operating income
Earnings from at-equity holdings
Result from operating activities
Interest income
Interest expenses
Other financial and investment income (expenses)
Result before taxes
Income taxes
Profit or loss for the financial year
thereof owners of the parent company
thereof non-controlling shareholders
-1,977,117
-1,929,980
684,093
-50,959
-289,838
-299,368
-53,764
-80,437
-185,742
-197,130
-799
-57,033
0
-360,660
0
-147,311
3,736
17,703
2,338
-9,022
160,024
-1,184,217
10,669
25,837
-73,940
-123,641
-4,620
5,423
92,133
-1,276,598
-15,720
196,691
76,413
-1,079,907
80,183
-990,265
-3,770
-89,642
Undiluted (=diluted) earnings per share (EUR)
20
Annex I/4
Consolidated statement of comprehensive income
for the financial year from 1/1/2024 through 12/31/2024
Notes
2023
2024
No.
EURk
EURk
Profit or loss for the financial year
76,413
-1,079,907
Items reclassified to profit or loss
or which can be subsequently
reclassified
Foreign currency translation re foreign subsidiaries
34
-4,195
3,560
Foreign currency translation re investments accounted for using the
equity method
26, 34
-1,051
488
Valuation of cash flow hedges
34
-9,851
-8,154
Deferred tax on valuation
of cash flow hedges
34
2,340
1,921
-12,757 -2,185
PIERER Mobility AG,
Wels
Items not reclassified to
profit or loss
Revaluation of net debt from
defined benefit plans
34, 36
Tax effect
34
-485
670
112
-154
-373
516
-13,130
-1,669
63,283
-1,081,576
67,053
-991,934
-3,770
-89,642
Other net result after tax
Total comprehensive income
thereof owners of the parent company
thereof non-controlling shareholders
Annex I/5
Consolidated statement of cash flows
for the financial year 1/1/2024 through 12/31/2024
Notes
2023
2024
No.
EURk
EURk
Operations
Profit or loss for the financial year
76,413
-1,079,907
+ (-)
Interest expenses / interest income
18
63,271
97,805
+
Tax expenses
19
15,720
-196,691
+
Depreciation/amortization/impairment of property, plant and equipment
and intangible assets
23, 24, 25
163,504
703,434
+ (-)
Addition (reversal) of non-current liabilities
for employee benefits
240
-582
(-) +
Profit (loss) from equity consolidation
17
-2,338
9,022
(-) +
Profit (loss) from the diposal of fixed assets
24, 25
0
109,453
+ (-)
Other non-cash expenses (income)
VI
8,731
177,095
+
Interest received
9,630
28,293
-
Interest payments
-67,623
-109,989
-
Tax payments
-10,457
-17,292
+
Dividends received
943
599
Gross cash flow
258,034
-278,760
- (+)
Increase (decrease) in inventories
-224,004
90,849
- (+)
Increase (decrease) in trade receivables,
advance payments, other current
and non-current assets
-39,986
19,295
+ (-)
Increase (decrease) in trade payables,
advance payments and
other current and non-current liabilities
-104,895
-267,346
Increase (decrease) in the net current assets
-368,885
-157,202
Cash flow from operations -110,851 -435,962
PIERER Mobility AG,
Wels
Annex I/6
Notes
2023
2024
No.
EURk
EURk
Investing activity
-
Payments for the acquisition of intangible
assets and property, plant and equipment
24, 25
-312,950
-263,301
-
Payments for the acquisition of investments accounted for using
the equity method and other financial assets
9, 26
0
-12,490
+
Receipts from the sale of intangible
assets and property, plant and equipment
13,124
3,774
+
Receipts from the disposal of investments accounted for using
the equity method and other financial assets
26
932
0
-
Acquisition of subsidiaries
9
-1,609
-45,222
-
Payments from other assets
-1,637
-23,271
Cash flow from investing activity
-302,140
-340,510
Free Cash-Flow -412,991 -776,472
Financing activity
-
Dividend payments to third parties
-68,093
-17,653
-
Acquisition of non-controlling interests
34
-214
0
+
Contributions of equity to fully consolidated companies
by non-controlling shareholders
32
2,556
0
+
Taking out non-current interest-bearing liabilities
35, VI
504,175
47,031
-
Repayment of promissory note loan
35, VI
-24,027
0
-
Repayment of research loan
VI
-2,400
-28,824
-
Repayment of non-current interest-bearing liabilities
VI
0
-1,200
-
Repayment of lease liability
VI, 45
-25,158
-22,612
+ (-)
Change in other current financial liabilities
VI
11,823
717,935
Cash flow from financing activity
398,662
694,677
Total cash flow
-14,329
-81,795
+
Opening balance of liquid funds within the Group
278,738
258,972
+
Effect of foreign currency fluctuations
-5,437
-5,607
Closing balance of liquid funds within the Group
258,972
171,570
The Group's closing cash and cash equivalents in the above cash flow statement do not correspond to the closing cash and cash
equivalents shown in the consolidated balance sheet. This is due to the cash and cash equivalents held in the disposal group of
the MV Agusta companies in accordance with IFRS 5. For an explanation of the disposal group, please refer to the notes under
Note 33 “Assets held for sale and disposal groups”.
PIERER Mobility AG,
Wels
34
9
0
0
0
0
0
0
2,556
2,556
0
0
0
0
0
0
61
61
0
0
9
0
0
9
4
13
33,797
9,949
855,024
8,435
-2,944
904,261
5,012
909,273
Annex I/7
Consolidated statement of changes in equity
Equity of the owners of the parent company
Reserves
Reserve
Adjustment
Shares
Total
including
in
items
of non-
consoli-
Share
Capital
total
accordance
currency
controlling
dated
Notes
capital
reserves
earnings
with IFRS 9
translation
Total
shareholders
equity
No.
EURk
EURk
EURk
EURk
EURk
EURk
EURk
EURk
Balance as of January 1, 2024
33,797
9,949
855,024
8,435
-2,944
904,261
5,012
909,273
Change in accounting for puttable non-controlling interests (NCI put options)
0
0
3,250
0
0
3,250
-3,250
0
Balance as of January 1, 2024 (adjusted)
33,797
9,949
858,274
8,435
-2,944
907,511
1,762
909,273
Profit or loss for the financial year
0
0
-990,265
0
0
-990,265
-89,642
-1,079,907
Other comprehensive income
34
0
0
516
-6,233
4,048
-1,669
0
-1,669
Total comprehensive income 0
0
-989,749
-6,233
4,048
-991,934
-89,642
-1,081,576
Equity of the owners of the parent company
Reserves
Reserve
Adjustment
Shares
Total
including
in
items
of non-
consoli-
Share
Capital
total
accordance
currency
controlling
dated
Notes capital
reserves
earnings
with IFRS 9
translation
Total
shareholders
equity
No. EURk
EURk
EURk
EURk
EURk
EURk
EURk
EURk
Balance as of January 1, 2023 33,797
9,949
845,432
16,255
2,302
907,735
6,661
914,396
Profit or loss for the financial year 0
0
80,183
0
0
80,183
-3,770
76,413
Other comprehensive income 34 0
0
-373
-7,511
-5,246
-13,130
0
-13,130
Total comprehensive income 0
0
79,810
-7,511
-5,246
67,053
-3,770
63,283
20, 34
0
0
-67,593
0
0
-67,593
-500
-68,093
34
0
0
-214
0
0
-214
0
-214
37
PIERER Mobility AG,
Wels
Transactions with shareholders
Dividends to third parties
Acquisition/disposal of shares to subsidiaries
Gains and losses on hedging transactions
and hedging costs reclassified
to inventories
Options on non-controlling interests
Consolidation changes
Miscellaneous
Balance as of December 31, 2024
20, 34
0
0
-16,899
0
0
-16,899
-754
-17,653
34
0
0
0
0
0
0
-65
-65
0
0
0
-121
0
-121
0
-121
0
0
-95,574
0
0
-95,574
41,743
-53,831
0
0
0
0
0
0
49,968
49,968
0
0
254
0
0
254
2
256
33,797
9,949
-243,694
2,081
1,104
-196,763
3,014
-193,749
37
9
Transactions with shareholders
Dividends to third parties
Acquisition/disposal of shares to subsidiaries
Gains and losses on hedging transactions
and hedging costs reclassified
to inventories
Options on non-controlling interests
Capital increase by non-controlling shareholders without
changing the shareholding structure
Consolidation changes
Miscellaneous
Balance as of December 31, 2023
0
0
0
-309
0
-309
0
-309
0
0
-2,420
0
0
-2,420
0
-2,420
Appendix I/8
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE
FINANCIAL YEAR 2024
I. General information ..................................................................................................... 10
1. Company information ........................................................................................................................... 10
2. Information in connection with insolvency proceedings from material subsidiaries ............................. 10
3. Principles of financial reporting ............................................................................................................ 12
4. Changes in accounting policies ............................................................................................................ 13
5. Newly applied standards and interpretations ....................................................................................... 14
6. Standards and interpretations to be applied in the future. .................................................................... 14
7. Estimates and discretionary decisions ................................................................................................. 15
II. Scope of Consolidation ............................................................................................... 18
8. Consolidation principles and methods ................................................................................................. 18
9. Changes in the scope of consolidation ................................................................................................ 19
III. Segment reporting ................................................................................................... 23
IV. Notes to the Consolidated Income Statement ......................................................... 26
10. Revenues ......................................................................................................................................... 26
11. Cost goods sold ............................................................................................................................... 27
12. Selling and racing expenses ............................................................................................................ 27
13. Research and development expenses ............................................................................................ 27
14. Administrative expenses .................................................................................................................. 28
15. Other operating expenses and impairment losses .......................................................................... 28
16. Other operating income ................................................................................................................... 29
17. Earnings from at-equity holdings ..................................................................................................... 29
18. Financial and investment earnings .................................................................................................. 29
19. Income taxes ................................................................................................................................... 30
20. Earnings per share and proposal on the appropriation of net profit ................................................. 32
21. Expenses for the auditor of the financial statements ....................................................................... 32
22. Employees ....................................................................................................................................... 32
V. Notes to the consolidated balance sheet .................................................................... 33
23. Goodwill and impairment test according to IAS 36 .......................................................................... 33
24. Intangible assets .............................................................................................................................. 35
25. Property, plant and equipment ......................................................................................................... 39
26. Investments accounted for using the equity method ....................................................................... 42
27. Deferred tax assets .......................................................................................................................... 43
28. Other non-current assets ................................................................................................................. 45
29. Inventories ....................................................................................................................................... 45
30. Trade receivables ............................................................................................................................ 46
31. Current receivables and other assets .............................................................................................. 46
32. Cash and cash equivalents .............................................................................................................. 47
33. Assets held for sale and disposal groups ........................................................................................ 47
34. Consolidated equity ......................................................................................................................... 49
35. Financial liabilites ............................................................................................................................. 52
36. Liabilities for employee benefits ....................................................................................................... 54
Appendix I/8
37. Other current and non-current trade payables and payables .......................................................... 56
38. Provisions ........................................................................................................................................ 59
VI. Notes on the statement of cash flows ...................................................................... 59
VII. Risk Report ............................................................................................................. 60
39. Financial risks .................................................................................................................................. 60
VIII. Financial Instruments and Capital Management ...................................................... 68
40. Basic principles ................................................................................................................................ 68
41. Classification and fair values ........................................................................................................... 69
42. Set-off of financial assets and liabilities ........................................................................................... 76
43. Hedges ............................................................................................................................................ 78
44. Capital Management ........................................................................................................................ 82
IX. Leases ..................................................................................................................... 83
45. Leases as lessee (IFRS 16) ............................................................................................................ 83
46. Leases as lessor (IFRS 16) ............................................................................................................. 85
X. Explanatory notes on related parties and on the executive bodies ............................. 86
47. Related party disclosures................................................................................................................. 86
48. Governing bodies of PIERER Mobility AG ....................................................................................... 88
49. Executive Board and Supervisory Board Remuneration ................................................................. 89
XI. Events after the balance sheet date ........................................................................ 89
XII. Group companies (schedule of equity holdings) ...................................................... 91
XIII. Approval of the consolidated financial statements ................................................... 95
Appendix I/10
NOTES
FOR THE FISCAL YEAR 2024
I.
GENERAL INFORMATION
1. COMPANY INFORMATION
PIERER Mobility AG is the holding company of KTM AG, one of Europe's leading motorcycle manufacturers.
With a focus on the premium segment, the company brings together brands such as KTM, Husqvarna,
GASGAS and MV Agusta under one roof. The premium brand range also includes the high-performance com-
ponents of the WP brand and the special KTM X-BOW high-performance sports cars. Husqvarna and
GASGAS electric bicycles as well as bicycles of the Felt brand complete the two-wheeler range of PIERER
Mobility.
Until the financial year 2024, PIERER Mobility AG was included in its consolidated financial statements by
PIERER Industrie AG, Wels, and Pierer Konzerngesellschaft mbH, Wels. All companies included in the con-
solidated financial statements of Pierer Konzerngesellschaft mbH and controlled or significantly influenced by
Pierer Konzerngesellschaft mbH are shown as related parties in the category "Shareholders related compa-
nies". The consolidated financial statements of PIERER Mobility AG are filed with the Regional Court of Wels
under the number FN 78112 x. The consolidated financial statements of Pierer Konzerngesellschaft mbH are
filed with the Regional Court of Wels under the number FN 134766 k.
The shares of PIERER Mobility AG are primarily listed in the "Swiss Performance Index (SPI)" of the SIX Swiss
Exchange in Zurich and are also listed in the Prime Market of the Vienna Stock Exchange.
2. INFORMATION IN CONNECTION WITH INSOLVENCY PROCEEDINGS FROM MA-
TERIAL SUBSIDIARIES
Restructuring proceedings with self-administration of KTM AG, KTM Components GmbH and KTM For-
schungs & Entwicklungs GmbH
As of November 29, 2024, after examining the alternatives, the Board of Management of KTM AG has filed an
application for the opening of judicial restructuring proceedings with self-administration over the assets of KTM
AG (file number 17 S 56/24b) and its subsidiaries KTM Components GmbH (file number 17 S 59/24v) and
KTM Forschungs & Entwicklungs GmbH (file number 17 S 62/24k) at the Regional Court of Ried im Innkreis,
Austria. The aim of the proceedings was to agree on a restructuring plan with the creditors and to continue the
group after approval of this plan. This was to be made possible, among other things, by redimensioning the
group to ensure its continued existence in the long term. The creditors of these three companies were finally
offered a restructuring quota of 30% as a spot quota, payable by 23 May 2025.
The above-mentioned restructuring plan was finally accepted by a majority of the creditors on 25 February
2025. No appeals have been lodged by the creditors, which is why the determination of the 30% restructuring
quota can no longer be legally challenged.
The restructuring proceedings of KTM AG and its two subsidiaries were formally concluded on 23 May 2025
by the deposit of the 30% spot quota of 22 May 2025 in the amount of EUR 525,000 thousand by the court
confirmation of the restructuring plan. The final entry into force of the court confirmation will take place after
the expiry of the statutory appeal period pursuant to Section 260 IO. Based on the information provided by
legal experts, the management estimates the probability of a successful appeal to be low, even though an
appeal represents a result outside the company's control. In the unlikely event of a successful appeal, there
could be a significant delay in the completion of the restructuring proceedings and, if necessary, even sig-
Appendix I/11
nificant changes to the restructuring terms. This could also influence management's assessment of the going
concern assumption and lead to further adjustments to the consolidated financial statements.
Going concern assumption
These consolidated financial statements are prepared under the assumption of going concern. Management
believes that the Company's continued existence is predominantly likely based on the following key assump-
tions:
•
PIERER Mobility AG was able to successfully complete the search for investors and secure a total fi-
nancing volume of EUR 800,000 thousand.
•
By securing the financing, the court-determined quota of 30% was fully paid by the company on 22. May
2025 and the restructuring plan was subsequently confirmed by the court.
•
On the basis of the information provided by legal experts, the management estimates the probability of
a successful appeal to be low, although an appeal represents a result outside the control of the company
and thus a material uncertainty.
•
The management of PIERER Mobility AG and the management of Pierer New Mobility GmbH, KTM AG
and selected subsidiaries have prepared going concern forecasts for the respective companies or
(sub)groups. To ensure the quality and appropriateness of the going concern forecasts, the management
has commissioned independent experts to assist in the preparation of the going concern forecasts and
to review them. The cash flow planning for the next 18 months presented in the going concern forecast
shows what the management considers to be an appropriate liquidity reserve. However, the successful
implementation of the going concern forecast in line with planning is subject to uncertainties and is sub-
ject to exogenous and endogenous factors.
• The key assumptions for the successful implementation of the going concern forecast include:
o
Continued existence of the Group's individual companies, in particular KTM AG, KTM Compo-
nents GmbH and KTM Forschungs & Entwicklungs GmbH as well as the sales subsidiaries.
These are of essential relevance for short-term solvency;
o
Solvent liquidation of Pierer New Mobility and ability to realize the inventories still available as
of the reporting date as planned;
o
Resumption of internal service relationships, including settlements between the Group compa-
nies;
o
Unrestricted retention of existing financing by all investors on the agreed or current terms
o
Feasibility of the corresponding key plan premises, in particular the restoration of profitability
and the implementation of significant cost-saving measures.
Although management and independent experts assume that the going concern assumption is predominantly
probable at the time the planning assumptions materialize, certain assumptions and factors are subject to
material uncertainties as they are based on the occurrence of circumstances beyond the Company's control.
These include, in particular, the macroeconomic conditions expected to restore profitability, the provision of
the financing granted at least in the medium term, and the compliance of investors with the relevant provisions.
Those circumstances therefore constitute a substantial uncertainty which may raise significant doubts as to
the company's ability to continue its business. In this case, the company may not be able to realize its assets
and pay its debts in the ordinary course of business.
The management is responding to these significant uncertainties with increased monitoring of the implemen-
tation of the restructuring plan and additional initiatives to reduce costs and increase profitability. In the 2025
financial year, the company was already successful in restoring profitability and implementing cost-saving
measures on a significant scale. The necessary postponement of the resumption of full production at the
Mattighofen site from April 2025, which was planned at the beginning of the year, was taken into account in
the management's going concern forecast and had no negative impact on cash flow planning as at the balance
sheet date.
Appendix I/12
Impact of the restructuring proceedings on the valuation of assets and liabilities in the consolidated
financial statements as of December 31, 2024
On the basis of the assessments made by the management, the restructuring proceedings are generally not
accompanied by any change in the accounting principles applied and the accounting and valuation policies
(see above explanations on the assumption on the continuation of the company). The restructuring profit of
70% of the registered creditors' claims arising from the conclusion of the restructuring proceedings can only
be realised by the Group once the restructuring plan becomes legally binding and thus only in the 2025 finan-
cial year (see Section XI "Events after the balance sheet date"). Due to the ongoing restructuring proceedings
as of the balance sheet date of 31 December 2024 and the associated legal effect, the Group presents the
formerly non-current financial liabilities subject to the restructuring proceedings as short-term. In the valuation
of assets and the recognition of liabilities, the restructuring proceedings initiated in 2024 by both the KTM
Group companies described above and the Group company described below and their consequences were
taken into account on the basis of current knowledge at the time the balance sheet was prepared, although
the court confirmation of the restructuring plan on May 23, 2025 and the associated debt relief represent events
after the balance sheet date. The increased uncertainties regarding the planning assumptions as of December
31, 2024, were taken into account by applying safety discounts, in particular in the valuation of inventories and
non-financial assets.
To the extent that specific accounting measures have resulted from the restructuring proceedings, these are
explained in the relevant sections of the consolidated financial statements and management report.
Insolvency proceedings of other Group companies
On December 13, 2024, the management of Vöcklabrucker Metallgießerei GmbH filed an application for bank-
ruptcy proceedings with the Regional Court of Wels (file number 20 S 140/24z). This does not result in any
additional material risks for the KTM Group in connection with these consolidated financial statements and the
reporting in the Group management report. The resulting risks are described together with the risks from the
restructuring procedures of KTM AG, KTM Components GmbH and KTM Forschungs & Entwicklungs GmbH.
With the opening of bankruptcy proceedings, KTM AG lost control of Vöcklabrucker Metallgießerei GmbH,
which was therefore deconsolidated, as explained in more detail under point 9 "Changes in the scope of con-
solidation".
3. PRINCIPLES OF FINANCIAL REPORTING
The consolidated financial statements as of December 31, 2023 and December 31, 2024 have been prepared
in accordance with the International Financial Reporting Standards (IFRS) issued by the International Account-
ing Standards Board (IASB) and the interpretations of the International Financial Reporting Interpretations
Committee (IFRIC) as applied in the European Union. The additional requirements of Section 245a (1) of the
Austrian Commercial Code (UGB) were also met. The financial statements were prepared on the assumption
that the company will continue as a going concern, whereby reference is made in this regard to the explana-
tions under point 2 “Ongoing restructuring proceedings, information in connection with insolvency proceed-
ings”.
The accounting of the companies included in the consolidated financial statements is based on uniform ac-
counting standards. With the exception of newly applied standards and the adjustment of accounting for written
put options on non-controlling interests described below, these are identical to those of the 2023 financial year
and were applied by all companies included. The individual financial statements of all subsidiaries have been
prepared as of the reporting date of the consolidated financial statements.
The consolidated financial statements are prepared in the functional currency of the parent company, the euro.
Unless otherwise indicated otherwise, all amounts are rounded to the nearest EUR 1,000 (EUR thousand),
although rounding-related differences may occur.
Appendix I/13
The consolidated balance sheet is divided into non-current and current assets and liabilities. The presentation
of the consolidated income statement is based on the cost of sales method. The consolidated statement of
cash flows is prepared using the indirect method.
All current assets and liabilities are generally realised or settled within a period of twelve months after the
balance sheet date or a business cycle. All other assets and liabilities are generally realised or settled outside
this period.
4. CHANGES IN ACCOUNTING POLICIES
In the present consolidated financial statements, there were no further changes in accounting policies except
for the newly applied standards and the adjustment of the written put options on non-controlling interests.
In the 2024 financial year, the KTM Group adjusted the accounting for callable non-controlling interests (NCI
put options). The adjustment was made due to the acquisition of MV Agusta Motor S.p.A. described in Item 9
"Changes in the scope of consolidation", as the previously existing NCI put option, and the option liability
recognized in connection with it were of minor importance. In order to ensure a better and more accurate
presentation of NCI put options in the consolidated financial statements, the accounting has been adjusted as
follows.
Previously, a financial liability was recognised for the callable non-controlling interests and the non-controlling
interests continued to be recognised in equity. The adjusted presentation follows the so-called method of partial
profit realisation, according to which the put options of the minority shareholders are regarded as equity pro-
viders of the Group during the year and are therefore taken into account accordingly in the appropriation of
profits. On each reporting date, the corresponding non-controlling interests are derecognised against the pur-
chase price liability and equity without affecting profit or loss. The non-controlling interests in equity are reclas-
sified from the item "non-controlling interests" to the item "reserves including consolidated net profit" within
equity.
As of December 31, 2023, this will result in a reclassification of EUR 3,250 thousand (as of December 31,
2022: EUR 5,296 thousand). As the change in accounting policy is limited to this point, the Group considers
that the inclusion of a third column in the balance sheet does not provide any additional information value to
the financial statements.
The change can be summarized as follows:
THOUS 12/31/2023 12/31/2023 1/1/2023 1/1/2023 (not (adapted) (not (adjusted) adapted) adapted) Share capital 33,797 33,797 33,797 33,797 Capital reserves 9,949 9,949 9,949 9,949 Reserves including consolidated net retained profit 855,024 858,274 845,432 850,725 Other reserves 5,491 5,491 18,557 18,557 Equity attributable to shareholders of the company 904,261 907,511 907,735 913,031 Non-controlling interests 5,012 1,762 6,661 1,365 Total Equity 909,273 909,273 914,396 914,396
Appendix I/14
Published by First-time use New or Amended Standards and Interpretations the IASB 1 January 2025 Amendments to IAS 21 – Effects of Exchange Rate August 15, 2023 Changes Lack of Exchangeability
5. NEWLY APPLIED STANDARDS AND INTERPRETATIONS
The following table shows the standards and interpretations that are mandatory for the first time, which have
already been adopted by the EU Commission as of 31 December 2024:
All amended standards and interpretations are not relevant to the PIERER Mobility Group or have no material
impact.
6. STANDARDS AND INTERPRETATIONS TO BE APPLIED IN THE FUTURE
The following table shows the changes to standards and interpretations already adopted by the EU Com-
mission, which, however, were not yet mandatory at the balance sheet date and were not applied prematurely:
The IASB and the IFRIC have adopted further standards and interpretations, but these are not yet mandatory
for the 2024 financial year as they have not yet been adopted by the EU Commission. The following standards
and interpretations are included:
New or Amended Standards and Interpretations Date of application Published EU-Endorse- IASB by the IASB ment? Amendments to IFRS 9 Financial Instruments and 1/1/2026 5/30/2024 No IFRS 7 Financial Instruments: Disclosures Changes to the Classification and Measurement of Financial Instruments IFRS 18 Presentation and Disclosures in Financial 1/1/2027 4/9/2024 No Statements IFRS 19 Non-Public Accountability Subsidiaries: 1/1/2027 5/9/2024 No Disclosures Amendments to IFRS 9 Financial Instruments and 1/1/2027 12/18/2024 No IFRS 7 Financial Instruments: Disclosures Contracts Relating to Nature-dependent Power
First-time use New Standards and Interpretations Published by the IASB 1 January 2024 Amendment to IAS 1 – Classification of liabilities as current or non-current liabilities (including deferral of October 31, 2022 effective date and long-term liabilities with covenants) Amendments to IFRS 16 Leasing – Lease Liability in September 22, 2022 a Sale and Leaseback Transaction Amendments to IAS 7 and IFRS 7 – Supplier Finance May 25, 2023 Arrangements
Appendix I/15
The standards or interpretations to be applied in the future are not expected to result in any material changes
to assets, liabilities or other disclosures in the consolidated financial statements. The only exception is the first-
time application of IFRS 18. The Group is currently assessing the potential impact of the new standard, in
particular with regard to the structure of the income statement, the cash flow statement and the additional
disclosure requirements for management performance measures. The group is also looking at the impact on
the way information is grouped in the financial statements, including the items currently referred to as "other".
The PIERER Mobility Group assumes that there will be no material impact on the consolidated financial state-
ments due to the standards to be applied in the future.
7. ESTIMATES AND DISCRETIONARY DECISIONS
To a certain extent, estimates and assumptions must be made in the consolidated financial statements that
affect the assets and liabilities on the balance sheet, the disclosure of contingent liabilities at the balance sheet
date and the presentation of expenses and income in the financial year. When making estimates, the Man-
agement Board considers empirical values and current forecasts. The amounts actually generated may differ
from the estimates if assumed parameters develop contrary to expectations. If new circumstances become
known, they will be taken into account accordingly and previous assumptions will be adjusted.
•
In particular, assumptions are made to assess the recoverability of goodwill and intangible assets with an
indeterminate useful life. Due to the impairment requirements identified in the 2024 financial year, no
goodwill was recognised as of the balance sheet date (previous year: EUR 131,735 thousand). In addition,
this impairment requirement also had an impact on the brands on the balance sheet: As of the balance
sheet date, the brands "KTM" in the amount of EUR 61,103 thousand (previous year: EUR 61,103 thou-
sand, no impact of the impairment requirement) and "GASGAS" in the amount of EUR 10,355 thousand
(previous year: EUR 13,346 thousand) were recognised in the balance sheet. The "KTM" brand was not
impaired in the 2024 financial year due to a liquidation value that exceeded the book value determined as
part of a valuation report. The "MV Agusta" brand, which was acquired and held for sale in the 2024
financial year, was subject to an impairment and was completely impaired due to the classification as held
for sale. In addition, the “FELT” brand was written off in full in the amount of EUR 3,700 thousand. Further
explanations can be found in Item 24 "Intangible assets", Item 23 "Goodwill" and Item 33 " Non-current
assets held for sale and disposal groups". Further information on impairment losses recognized can also
be found in Note 15 “Other operating expenses and impairment losses” and Note 25 “Property, plant and
equipment”.
•
Deferred tax assets on non-forfeitable tax loss carryforwards are recognised on the assumption that suffi-
cient tax income will be generated in the future to realise the tax loss carryforwards. In the event of uncer-
tainties in the assumptions, corresponding value adjustments are recognised. As of 31 December 2024,
deferred tax assets on loss carryforwards amounting to EUR 207,461 thousand (previous year: EUR
19,968 thousand) were capitalized, which will be offset against the restructuring profit in 2025, provided
that the restructuring plan is legally confirmed by the insolvency court. Pursuant to § 23a.2 of the Corporate
Income Tax Act, corporation tax is not to be assessed to the extent that it exceeds the amount correspond-
ing to the restructuring plan quota in the event of restructuring profits arising from the fulfilment of the
restructuring plan quota after the conclusion of a restructuring plan. An assessment of the tax attributable
to the restructuring profit (= differential amount) is to be refrained from to the extent resulting from the
application of the percentage corresponding to the reduction of receivables (100% less the restructuring
plan quota) to this difference amount (non-assessment amount). Further details on deferred taxes can be
found in the explanatory notes under item 27 "Deferred tax assets".
•
As part of cash flow hedge accounting, estimates are made of the occurrence and amount of future cash
flows. The planning of future cash flows is derived from sales and order quantity planning, is reviewed
monthly to ensure that targets are achieved and plausible based on past experience. As a result of the
opening of the restructuring proceedings under insolvency law, the hedging transactions were terminated
by the credit institutions with which the derivatives underlying these hedging relationships were concluded.
Appendix I/16
As a result, the Group incurred additional cash expenses and income totalling EUR -2,716 thousand. As
of the balance sheet date of 31 December 2024, the Group has some remaining foreign currency deriva-
tives in cash-flow hedge relationships. Details on the sensitivities that exist for currency and interest rate
risks can be found in the explanatory notes in point VII "Financial risks".
•
In addition, there are estimation uncertainties in the recognition and measurement of obligations for em-
ployee benefits. Assumptions are made on the following factors: expected values, demographic assump-
tions such as the retirement age of women/men and employee turnover, and financial assumptions such
as the discount rate and future wage and salary trends. As of the balance sheet date, obligations for
employee benefits amounted to EUR 26,907 thousand (previous year: EUR 27,967 thousand). Further
information can be found in the explanations under point 36 "Obligations for employee benefits".
•
In the case of provisions, estimates are made to assess the probability of occurrence and the expected
amount for the valuation of the obligation. On the one hand, these assumptions mainly relate to provisions
for guarantees and warranties. Based on empirical values, a direct correlation per product group was found
between warranty and warranty expenses incurred and sales revenues. Based on many years of experi-
ence, the Management Board assumes that this relationship will remain constant. The average percentage
of guarantee and warranty expenses as a percentage of revenue is reviewed several times a year and
adjusted as necessary. The amount of the provision is thus calculated as an average share of guarantee
and warranty expenses in revenue determined over a three-year observation period. As of December 31,
2024, provisions for guarantees and warranties in the amount of EUR 15,524 thousand (previous year:
EUR 20,523 thousand) were recognized. In addition, a restructuring provision of EUR 31,424 thousand
(previous year: EUR 0 thousand) was created as a result of the restructuring proceedings. This includes,
in particular, the costs of external consultants, the restructuring administrators and conditionally registered
claims for damages. In calculating the amount of the provision for damages, a realisation rate of 50% of
the total amount was assumed, as it is not possible to make a more precise estimate at the balance sheet
date as to which of these claims will be accepted by the Group and by the restructuring administrators.
The development of provisions for guarantees and warranties can be found in item 38 "Provisions".
•
The determination of the fair value of assets and liabilities acquired in a business combination and the
useful lives of those assets is based on management's judgments.
• Leases
In the case of leases, estimates are made about the economic useful life and interest rates. The economic
useful life is assumed to be analogous to that of non-leased assets, as their operational use does not differ
from each other. Essentially, the assumed economic useful life corresponds to the term of the leasing
contract. The interest rates used are based on interest rate swap curves of different currencies and ma-
turities based on the external rating of PIERER Mobility AG, which were used according to the duration of
the leases. Further information on this can be found under Item 25 "Property, Plant and Equipment" and
under Item 45 "Leases as lessees".
• In the case of inventories, estimates are made in connection with consumption follow-up procedures and
range analyses. In addition, impairment requirements due to long storage periods and limited sales oppor-
tunities are recorded on a case-by-case basis. Due to the risks that have become apparent in the course
of the restructuring proceedings, there is significant future uncertainty in the determination of the net real-
isable value in accordance with IAS 2 and thus in the valuation of inventories, which the calculation meth-
odology used to date does not fully meet. In particular, the success of the reduction of the high stock levels
via advertising and discount campaigns as well as an increased variability in customer demand, which
may be uncertain with regard to their purchasing decisions due to the insolvency proceedings, can be
seen as significant increased uncertainties, which are reflected in the valuation of inventories. Due to the
maintenance of warranty services, the availability of spare parts, etc. Against this background, the Group
recognized an additional impairment requirement for inventories in the 2024 financial year. Since a more
detailed allocation is not possible due to the extraordinary nature of the insolvency law processes, the
previous valuation methodology was adjusted on a flat-rate basis and the additional burden was reflected
Appendix I/17
in the regular model year devaluation based on empirical values. In order to reflect the above-mentioned
risks, a management overlay was applied in addition to the previous valuation scheme, according to which
the heuristic used for model year depreciation assumes a more advanced aging of the underlying inventory
of finished motorcycle goods. Overall, the inventory of finished motorcycle goods was devalued more
sharply by EUR 13,961 thousand.
• Furthermore, PIERER New Mobility Deutschland GmbH is subject to an ongoing tax audit in Germany.
Due to claims identified by the tax audit, there is a fundamental risk of the company having to pay tax
arrears. PIERER New Mobility GmbH considers the claim made by the tax authorities to be unfounded.
Against this background, alternative courses of action are currently being explored, in particular a cross-
border mutual agreement procedure between the tax authorities of Germany and Austria. Due to what
PIERER New Mobility GmbH considers to be an unfounded claim and an estimated low risk of paying back
taxes, this matter was not recognized in the 2024 consolidated financial statements.
The following discretionary decisions have been made in the application of accounting policies in the
PIERER Mobility Group:
• Development
Development costs are capitalized according to the accounting policy shown. The initial capitalisation of
the costs is based on assumptions made by management to assess the future economic benefits of the
expenditure incurred and the technical feasibility of the developed product or process as well as its mar-
ketability.
• Derecognition of receivables under ABS and factoring agreements
Assessments are made on the derecognition requirements of IFRS 9. For more details, see Chapter VIII
"Financial Instruments and Capital Management".
• Supplier Finance
Estimates are made on the disclosure of liabilities under the Supplier Finance Program, whereby the Sup-
plier Financing Program was discontinued due to the insolvency proceedings. For further information, see
Section 37 "Other current and non-current liabilities and trade payables".
• Consolidation
In determining whether control exists in accordance with IFRS 10, management exercises judgment in
determining the relevant activities of the subsidiaries and whether the Group currently has the ability to
direct the relevant activities based on existing rights to the subsidiaries. KTM AG and its subsidiaries were
subject to restructuring proceedings with self-administration as at December 31, 2024 (see note 2). Due
to the ongoing restructuring proceedings and the lack of financial resources of PIERER Mobility AG as at
the balance sheet date, the management has assessed whether there are financial barriers preventing
PIERER Mobility from exercising its rights as at December 31, 2024. As at the balance sheet date, the
management of PIERER Mobility AG assessed a successful completion of the restructuring process of
KTM AG while retaining control of PIERER Mobility AG as highly probable. The circumstances that oc-
curred after the balance sheet date, such as the acceptance of the quota by the creditors and the court
confirmation of the reorganization plan, confirm the assessment made on the balance sheet date from the
management's point of view. Based on these facts, the management came to the conclusion that decon-
solidation and recognition of a deconsolidation gain as of the balance sheet date and a new consolidation
of KTM AG and its subsidiaries within the balance sheet preparation period would not lead to an appropri-
ate presentation of the facts. The management of PIERER Mobility AG has therefore decided to continue
to present KTM AG and its subsidiaries as fully consolidated companies in the consolidated financial state-
ments as at December 31, 2024 and to disclose the procedure in the notes.
Appendix I/18
Impact of climate-related issues on financial reporting
In preparing the consolidated financial statements, management has taken into account the effects of climate
change, in particular in relation to the disclosures in risk reporting, non-financial reporting and the Group's
stated sustainability targets. These considerations did not have a material impact on the financial reporting
judgements and estimates. This is also in line with management's assessment that climate change is not
expected to have a material impact on the assessment of going concern in the context of financial statements.
The following points were taken into account:
• The Group continues to invest in new technologies, including the development of electric platforms,
new climate-neutral forms of propulsion and the further development of battery technologies for two-
wheelers.
• The Group continues to invest in on-site renewable energy generation solutions for our facilities.
• Management has factored the impact of climate change into a number of key estimates in the financial
statements, including:
o the estimates of future cash flows used in impairment assessments or to assess whether there
are indications of impairment;
o the carrying amount of non-current assets (e.g. intangible assets and goodwill);
o the estimates of future profitability used in our assessment of the impairment of deferred tax
assets; and
o the long-term assumptions for the identification and determination of dismantling or replace-
ment obligations.
II.
SCOPE OF CONSOLIDATION
8. CONSOLIDATION PRINCIPLES AND METHODS
All subsidiaries are included in the consolidated financial statements of PIERER Mobility AG by way of full
consolidation. Subsidiaries are companies controlled by the Group. The financial statements of subsidiaries
are included in the consolidated financial statements from the date on which control begins and until the date
on which control ends. Unless otherwise stated, the amount of non-controlling interests is recognised as the
pro rata net assets of the acquired company excluding goodwill.
Shares in associates are reported in the balance sheet item „ Financial assets accounted for using the equity
method".
The reporting currency of the PIERER Mobility Group is the euro. The subsidiaries and the investments
accounted for using the equity method prepare the annual financial statements in their functional currency.
Assets and liabilities included in the financial statements to be consolidated are translated using the mid-
market exchange rate on the balance sheet date and the items in the profit and loss account are translated
into the average foreign exchange rate for the financial year. The following exchange rates that are significant
for the PIERER Mobility Group were used for the currency translation into the reporting currency:
Appendix I/19
Closing Average price 12/31/2024 12/31/2023 2024 2023 US-Dollar 1.0389 1.1050 1.0808 1.0829 Swiss franc 0.9412 0.9260 0.9534 0.9717 Japanese Yen 163.0600 156.3300 164.0558 153.1758 South African Rand 19.6188 20.3477 19.8325 20.0410 Mexican Peso 21.5504 18.7231 20.0134 19.0658 Australian dollar 1.6772 1.6263 1.6438 1.6347 Chinese renminbi 7.5833 7.8509 7.7733 7.68399. CHANGES IN THE SCOPE OF CONSOLIDATION
All subsidiaries that are under the legal or de facto control of PIERER Mobility AG are included in the present
consolidated financial statements as of December 31, 2024. The number of companies in the scope of con-
solidation developed as follows in the 2024 financial year:
Fully consolidated companies At Equity companies Balance as of 12/31/2022 76 5 Consolidation Group Additions 4 0 Disposals of consolidation group 0 -1 Balance as of 12/31/2023 80 4 Consolidation Group Additions 9 2 Disposals of consolidation group -10 -1 of which disposals due to merger -8 0 Balance as of 12/31/2024 79 5 of which foreign companies 54 2
PIERER Mobility AG, as the parent company of the PIERER Mobility Group, was not included in this list. The
companies included in the consolidated financial statements and their first-time consolidation dates are listed
in Chapter XII "Group companies (shareholdings)".
CHANGES TO FULLY CONSOLIDATED COMPANIES
MV Agusta Motor S.p.A.
The Group's Management Board has already made the strategic decision to exercise the call option granted
to the Group under the cooperation agreement with MV Agusta Motor S.p.A. until the end of the 2023 financial
year and to acquire a further 25.0% of MV Agusta Motor S.p.A. in spring 2026. In February 2024, both parties
agreed that this call option can be exercised immediately, increasing the Group's stake in MV Agusta Motor
S.p.A., which was previously held at equity, to 50.1%. The agreement was completed in March 2024, making
MV Agusta Motor S.p.A. a fully consolidated subsidiary of the Group as of March 1, 2024.
MV Agusta Motor S.p.A. holds 100% of the shares in its subsidiaries Centro Stile MV Agusta S.r.l., Borgo
Maggiore, San Marino, and MV Agusta USA LLC, Pennsylvania, United States. These subsidiaries were also
included in the Group's first-time consolidation. In addition, MV Agusta Motor S.p.A. holds 100% of the shares
in MV AGUSTA Operations GmbH, Cologne, Germany, which has been in liquidation since February 2024.
Due to the resulting restrictions on the company's control and inmateriality, it was not included in the Group's
scope of consolidation.
Appendix I/20
Until 29 February 2024, the stake in MV Agusta Motor S.p.A. in the Group was accounted for using the equity
method, as the stake held was only 25.1%. Immediately before control is acquired, these previous shares must
be remeasured at their fair value. This resulted in income of EUR 16,339 thousand, which is reported under
other operating income. At the same time, it was recognised in profit or loss on the occasion of the fulfilment
of existing business relationships (pre-existing relationship) on the basis of valuation transactions in other
operating expenses (EUR 4,177 thousand) and on deferred tax income (EUR 961 thousand) based on them.
The agreed purchase price amounted to EUR 45,000 thousand (of which EUR 35,000 thousand in cash and
EUR 10,000 thousand in shares of PIERER Mobility AG) plus EUR 70 thousand in foreign exchange transac-
tion tax and an additional purchase price payment of at least EUR 5,000 thousand. The subsequent purchase
price payment depends on the development of the enterprise value of the acquired company on the basis of
an EBITDA multiple based on the annual financial statements for the 2026 financial year. Based on current
planning, this earn-out liability was taken into account in the purchase price with an amount of EUR 4,242
thousand.
The contractual arrangements include put options for the remaining non-controlling interests in which the
Group is the standstill. The value depends on the future development of MV Agusta Motor S.p.A., in particular
the development of the enterprise value of the acquired company on the basis of an EBITDA multiple. The
Group accounts for this right of tender of the minority shareholders according to the partial profit recognition
method, according to which the minority shareholders are allocated a share of the result and recognized in the
income statement. At the same time, the corresponding non-controlling interests are derecognised against the
purchase price liability and equity at each balance sheet date. At the time of the first-time consolidation, the
corresponding financial liability from this put option amounted to EUR 50,711 thousand according to the un-
derlying planning.
The transaction was accounted for using the acquisition method in accordance with IFRS 3 using the full
goodwill method.
The fair values of the identifiable assets and liabilities of MV Agusta Motor S.p.A. and its subsidiaries in the
scope of consolidation at the time of initial consolidation (as at 1 March 2024) are as follows:
Appendix I/21
THOUS Non-current assets 88,094 Current assets 33,511 Of which receivables from consolidated subsidiaries 1,341 Long-term liabilities 13,279 Current liabilities 44,700 Of which liabilities to consolidated subsidiaries 25,405 Net 63,626 Fair value of shares previously accounted for using the equity method 27,575 Fulfilment of existing business relationships (pre-existing relationship) 12,311 Currency 35,070 Equity Instruments 10,000 Purchase price liability 4,242 Consideration transferred 89,198 Non-controlling interests 50,711 Net -63,626 Goodwill 76,283 Consideration paid -45,070 Cash and cash equivalents received 707 Net outflow of cash and cash equivalents from the acquisition -44,363
The goodwill of EUR 76,283 thousand shown above (full goodwill method) results from the company's earnings
potential, which is not to be allocated to individually capitalisable items in accordance with IFRS. In principle,
the goodwill is to be allocated in its entirety to the cash-generating unit "KTM". Due to the temporal proximity
between the initial consolidation and the classification as a disposal group within the meaning of IFRS 5, the
scope of the transaction itself and the lack of realisation of the material and economic synergies arising from
it, goodwill in the 2024 financial year was recognised and measured as part of the disposal group. The corre-
sponding consequences of this, in particular the impairment of this goodwill, are described in more detail in
point 33 "Assets held for sale".
With the full consolidation, the Group has also acquired the "MV Agusta" brand in its entirety. The fair value of
the brand amounted to EUR 37,982 thousand. In addition, the Group has taken into account pre-existing rela-
tionships with MV Agusta Motor S.p.A., resulting in an expense of EUR 4,177 thousand due to the revaluation
of these existing relationships and a derecognition of an intangible asset in the amount of EUR 20,166 thou-
sand. The expenses incurred were recorded under other operating expenses (see above).
As part of the acquisition, fair values for trade receivables in the amount of EUR 1,947 thousand and other
receivables and assets in the amount of EUR 14,741 thousand were acquired. The receivables that are likely
to be irrecoverable are considered to be insignificant. Since full consolidation, MV Agusta Motor S.p.A. and its
subsidiaries have contributed EUR 3,944 thousand to consolidated revenues and EUR 1,901 thousand to net
income for the period (before consolidation effects). If the acquisition had already taken place on January 1,
2024, the contribution to consolidated sales would have remained unchanged and the contribution to net in-
come for the period would have amounted to EUR 2,787 thousand. The unchanged effect on Group sales is
due to the fact that MV Agusta S.p.A. generated sales exclusively with subsidiaries of the Group before full
consolidation.
At the end of the 2024 financial year, the Executive Board of KTM AG passed a resolution to sell the shares
held in all MV Agusta companies in the 2025 financial year. Your assets and liabilities have been measured
and segregated as a disposal group in accordance with IFRS 5 requirements. The related information can be
found under item 33 "Non-current assets held for sale and disposal groups".
Appendix I/22
FELT Bicycles GmbH
PIERER New Mobility has acquired 50.1% of the shares in FELT Bicycles GmbH from Pierer 2 Radbeteiligungs
GmbH with a purchase agreement dated July 1, 2024. FELT Bicycles GmbH and its 100% stake in FELT
Bicycles North America Inc., based in California, USA, was previously held by PIERER New Mobility GmbH
with a 19.9% stake using the equity method. The purchase price amounted to EUR 1,904 thousand and was
paid by bank transfer.
The transaction was accounted for using the acquisition method in accordance with IFRS 3 using the partial
goodwill method.
The fair values of the identifiable assets and liabilities of FELT Bicycles GmbH and its subsidiaries in the scope
of consolidation at the time of initial consolidation (as of July 1, 2024) are as follows:
THOUS Non-current assets 3,700 Current assets 20,887 Long-term liabilities 29 Current liabilities 21,088 Net 3,471 Fair value of shares previously accounted for using the equity method 643 Currency 1,904 Consideration transferred 2,547 Non-controlling interests 1,041 Net -3,471 Goodwill 117 Consideration paid -1,904 Cash and cash equivalents received 43 Net outflow of cash and cash equivalents from the acquisition -1,861
The goodwill of EUR 117 thousand shown above (partial goodwill method) results from the company's earnings
potential, which is not to be allocated to individually capitalisable items in accordance with IFRS. Goodwill is
allocated in its entirety to the cash-generating unit "PNM".
With the full consolidation, the PIERER Mobility Group has also fully acquired the "FELT" brand. The fair value
of the stamp amounted to EUR 3,700 thousand.
As part of the acquisition, fair values for trade receivables in the amount of EUR 2 thousand and other receiv-
ables and assets in the amount of EUR 1,463 thousand were acquired. The receivables that are likely to be
irrecoverable are considered to be insignificant. Since full consolidation, FELT Bicycles GmbH and its subsid-
iary have contributed EUR 8,362 thousand to consolidated sales and EUR 549 thousand to the net profit for
the period (before consolidation effects). If the acquisition had already taken place on January 1, 2024, the
contribution to consolidated sales would have remained unchanged and the contribution to net income for the
period would have amounted to EUR 219 thousand. The unchanged effect on consolidated sales is due to the
fact that FELT Bicycles GmbH and its subsidiary did not commence their operating activities until after full
consolidation.
In addition, FELT Bicycles GmbH has acquired 100% of the shares in the newly founded FELT Bicycles Es-
pana S.L.U, Barcelona, Spain, as of September 1, 2024. This did not result in any material effects on the net
assets, financial position or results of operations
Appendix I/23
Other
The entire shares in Pierer Green Energy GmbH were acquired by Pierer Industrie AG, Wels, with effect from
June 1, 2024, with a purchase price of EUR 250 thousand. Immediately after the initial consolidation, Pierer
Green Energy GmbH was merged into KTM Immobilien GmbH.
All of the shares in PB Invest GmbH were acquired by KTM Components GmbH from PIERER Industrie AG
with a legally binding contract with effect from September 1, 2024. PB Invest GmbH also held a 100% share
in Vöcklabrucker Metallgießerei GmbH. Both companies have therefore been fully consolidated by the Group.
The purchase price amounted to EUR 600 thousand. Immediately after the initial consolidation, PB Invest
GmbH was merged into KTM Components GmbH. On December 13, 2024, the management of Vöcklabrucker
Metallgießerei GmbH filed an application for bankruptcy proceedings with the Regional Court of Wels (file
number 20 S 140/24z). The bankruptcy proceedings were accompanied by the loss of control exercised by the
Group within the meaning of IFRS 10. Against this background, the Group has simplified the deconsolidation
of Vöcklabrucker Metallgießerei GmbH as of 1 December 2024.
Other changes in the scope of consolidation
As part of the strategic decision to restructure and realign PIERER New Mobility GmbH, the sales subsidiaries
of the bicycle division, PIERER New Mobility Suisse GmbH, PIERER New Mobility Espana S.L., PIERER New
Mobility France SAS, PIERER New Mobility Italia S.r.l. and PIERER New Mobility Benelux SA, were merged
with the KTM sales subsidiaries in the respective countries in the first half of 2024. Likewise, PIERER New
Mobility Scandinavia AB, Örebro, Sweden was merged with one of the KTM sales subsidiaries on July 25,
2024.
CHANGES IN COMPANIES ACCOUNTED FOR USING THE EQUITY METHOD
By contract dated October 4, 2024, 49.0% of the shares in PIERER IMMOREAL GmbH, Wels, Austria, were
acquired by Pierer Konzerngesellschaft mbH. The purchase price amounted to EUR 10,879 thousand. At the
same time, financial receivables against PIERER IMMOREAL GmbH in the amount of EUR 24,689 thousand
were redeemed by PIERER Industrie AG. Due to the factual circumstances, the Group exerts significant influ-
ence, which is why the company is included in the consolidated financial statements using the equity method.
Due to the temporal proximity and insignificant movements in the meantime, October 1, 2024, is used as the
acquisition date of the investment in the consolidated financial statements.
III.
SEGMENT REPORTING
At PIERER Mobility AG, business activities are managed on the basis of the two divisions "Motorcycles" and
"Bicycles". The individual divisions are managed separately and reported to PIERER Mobility AG in accord-
ance with IFRS accounting standards. The key decision-maker relevant to the segment report is the full Board
of Directors of PIERER Mobility AG. Segment reporting is carried out in accordance with the internal reports
with the Motorcycle, Bicycle and Other segments.
MOTORCYCLE:
The "Motorcycle" segment includes the development, production and sale of motorcycles under the "KTM",
"Husqvarna Motorcycles" and "GASGAS" brands as well as components under the "WP" brand. As of Decem-
ber 31, 2024, the Motorcycle segment comprises 62 subsidiaries included in the consolidated financial state-
ments in Austria, the United States, Japan, South Africa, Mexico, India, Australia and New Zealand, as well as
in various other countries in Europe and Asia. It also holds shares in assembly companies in the Philippines
and China.
Appendix I/24
BICYCLES:
PIERER New Mobility GmbH and its subsidiaries form the "Bicycle" segment of the PIERER Mobility Group.
With the brands "Husqvarna E-Bicycles", "GASGAS Bicycles" and "FELT Bicycles", the focus is on the devel-
opment, manufacture and trade of electric bicycles and bicycles. In total, the segment comprises 11 fully con-
solidated companies.
OTHER:
In the "Other" section, PIERER Mobility AG, PIERER Innovation GmbH, Avocodo GmbH, PIERER E-Com-
merce GmbH, PIERER E-Commerce North America Inc., DealerCenter Digital GmbH and Platin 1483 GmbH
are summarised.
None of the segments is dependent on external customers within the meaning of IFRS 8.34. Deliveries and
services between the segments are made at arm's length. The segment control parameter EBIT describes the
operating result for the period before financial result and income taxes. The investments relate to asset addi-
tions from property, plant and equipment and intangible assets (excluding lease additions in accordance with
IFRS 16). Earnings accounted for using the equity method are included in EBIT in accordance with the struc-
ture of the consolidated income statement. Working capital employed is the sum of inventories and trade re-
ceivables less trade payables as of the reporting date. Net debt corresponds to the sum of current and non-
current financial liabilities (including lease liabilities) less cash and cash equivalents as of the reporting date.
Appendix I/25
The segment information for the 2024 and 2023 financial years is broken down among the segments described
as follows:
1) Excluding IFRS 16 (Leasing); Lease additions amounted to EUR 39,241 thousand in 2024 (previous year: EUR 32,546 thousand)
2024 Motorcycles Bicycles Other Consolida- TOTAL tion THOUS Revenues (including revenues within the 1,803,716 111,487 66,584 -102,766 1,879,021 segments) External revenues 1,763,841 111,093 4,087 0 1,879,021 Result from operating activities -887,121 -291,096 -2,689 -3,311 -1,184,217 1) Investments 231,237 1,295 261 0 232,793 Depreciation and amortization -666,562 -34,723 -4,168 2,019 -703,434 thereof impairments in accordance with -334,684 -25,976 0 0 -360,660 IAS 36 thereof impairments in accordance with -147,311 0 0 0 -147,311 IFRS 5 Share in the result of companies accounted -1,772 -217 0 -7,033 -9,022 for using the equity method 0 0 0 0 0 Balance sheet total 2,323,364 194,529 -705,279 583,220 2,395,834 Equity -138,492 -306,691 -909,721 1,161,155 -193,749 Working Capital Employed 443,763 88,873 6,110 -13,329 525,417 Net debt -1,607,117 -376,945 336,955 4,392 -1,642,715 2023 Motorcycles Bicycles Other Consolida- TOTAL tion THOUS Revenues (including revenues within the 2,416,376 240,741 62,410 -58,317 2,661,210 segments) External revenues 2,415,979 240,681 4,550 0 2,661,210 Result from operating activities 214,442 -47,070 -8,030 682 160,024 1) Investments 256,458 26,996 504 0 283,958 Depreciation and amortization -156,507 -5,227 -3,408 1,638 -163,504 thereof impairments in accordance with 0 0 0 0 0 IAS 36 thereof impairments in accordance with 0 0 0 0 0 IFRS 5 Share in the result of companies accounted 1,632 0 0 706 2,338 for using the equity method Balance sheet total 2,777,303 408,114 78,694 -311,196 2,952,915 Equity 930,245 -3,765 283,657 -300,864 909,273 Working Capital Employed 375,820 147,770 5,410 2,078 531,078 Net debt -771,573 -222,519 217,095 1,071 -775,926
Appendix I/26
INFORMATION ABOUT GEOGRAPHICAL AREAS:
Non-current assets (excluding tax claims and financial instruments), broken down by geographical area, are
as follows:
Non-current assets THOUS 12/31/2024 12/31/2023 Austria 761,066 1,170,384 Europe (excluding Austria) 3,479 51,587 North America incl. Mexico 92,273 90,890 Other 3,318 5,597 SUM 860,136 1,318,458
The breakdown of sales revenue by geographical area can be found in point 10 "Revenues".
IV.
NOTES TO THE CONSOLIDATED INCOME
STATEMENT
The consolidated income statement is prepared according to the cost of sales method.
10. REVENUES
Revenue is generally recognised after the transfer of risk in accordance with the terms and conditions (Inco-
terms) or after the time of provision of the service, less cash discounts, customer bonuses and discounts.
The breakdown by geographical area of external sales is based on the location of the customers. Sales by
geographic region of the Group are as follows:
THOUS 2023 2024 Austria 107,545 81,139 Europe (without Austria) 1,340,260 941,341 North America and Mexico 776,022 545,448 Other 437,383 311,093 2,661,210 1,879,021
Variable considerations such as price discounts, sales bonuses and discounts are reported as revenue reduc-
tions. The obligations for variable consideration are reported as contractual obligations within the meaning of
IFRS 15. The contractual obligations for variable consideration regarding price discounts, sales bonuses and
discounts amounted to EUR 46,744 thousand as of December 31, 2024 (31.12.2023: EUR 60,956 thousand).
As warranty services are not sold separately, they are merely an assurance that the products sold will meet
the agreed specifications. Since these warranty services do not go beyond the statutory or industry-typical
warranty obligations in terms of time or content, this is a so-called assurance-type warranty, which does not
represent a separate performance obligation. Accordingly, warranty services will continue to be recognised in
accordance with IAS 37.
Appendix I/27
11. COST GOODS SOLD
The Group's cost of goods sold is made up as follows:
THOUS 2023 2024 Cost of materials and expenses for purchased services 1,727,180 1,487,058 Personnel costs 152,082 134,256 Depreciation and amortization of capitalized development costs 68,164 81,666 Depreciation and amortization of property, plant and equipment and other intan- 34,329 49,716 gible assets Other operating expenses and income -4,638 177,284 1,977,117 1,929,980
The cost of goods sold includes income from currency translation differences of EUR 846 thousand (previous
year: expenses of EUR 22,136 thousand).
Other operating expenses and income in the 2024 financial year include EUR 101,853 thousand due to the
discontinuation of development projects in the course of strategic realignments (previous year: other project
discontinuations in the amount of EUR 2,619 thousand).
12. SELLING AND RACING EXPENSES
The Group's sales and racing expenses are made up as follows:
THOUS 2023 2024 Cost of materials and expenses for purchased services 46,120 44,098 Personnel costs 122,943 119,506 Depreciation and amortization of property, plant and equipment and intangible 13,881 12,977 assets Other operating expenses 157,516 175,468 Sponsorship and other operating income -50,622 -52,681 289,838 299,368
13. RESEARCH AND DEVELOPMENT EXPENSES
The Group's research and development expenses are made up as follows:
THOUS 2023 2024 Cost of materials and expenses for purchased services 11,016 10,311 Personnel costs 40,682 43,915 Depreciation and amortization of property, plant and equipment and intangible 8,179 8,255 assets Other operating expenses 27,617 48,625 Subsidies and other operating income -33,730 -30,669 53,764 80,437
The types of expenses presented in research and development expenses include research costs and devel-
opment costs that cannot be capitalized. Personnel expenses excluding effects from capitalized development
costs amounted to EUR 116,134 thousand (previous year: EUR 109,329 thousand). Overall, research and
Appendix I/28
development expenses (before capitalized development costs) amounted to EUR 235,096 thousand (previous
year: EUR 244,371 thousand) or 12.5 % (previous year: 9.2 %) of sales.
14. ADMINISTRATIVE EXPENSES
The Group's administrative expenses are made up as follows:
THOUS 2023 2024 Cost of materials and expenses for purchased services 3,569 11,146 Personnel expenses 71,852 80,892 Depreciation and amortization of property, plant and equipment and intangible 38,951 42,308 assets Other operating expenses 78,595 69,023 Other operating income -7,225 -6,239 185,742 197,130
15. OTHER OPERATING EXPENSES AND IMPAIRMENT LOSSES
Other operating expenses and impairments are made up as follows:
THOUS 2023 2024 Changes in the scope of consolidation 0 -10,369 Other other expenses -799 -46,664 Other operating expenses -799 -57,033 Expenses with impairments in accordance with IAS 36 0 -360,660 Expenses with impairments in accordance with IFRS 5 0 -147,311 Expenses related to impairments 0 -507,971 TOTAL -799 -565,004
The expenses from the changes in the scope of consolidation relate to expenses of EUR 6,192 thousand from
the deconsolidation of Vöcklabrucker Metallgießerei GmbH, which is in bankruptcy proceedings, and expenses
of EUR 4,177 thousand from the fulfilment of pre-existing business relationships in the course of the first-time
consolidation of MV Agusta Motor S.p.A.
Other expenses in the 2024 financial year include various expenses that were incurred in connection with the
restructuring proceedings, among other things, and could not be allocated to the other sub-areas. These are
mainly expenses from legal, business and accounting consulting (EUR 18,869 thousand), expenses from
claims conditionally registered in the course of the restructuring proceedings, which are included in the re-
structuring provision (EUR 12,804 thousand), as well as personnel expenses (EUR 6,380 thousand) and bank
charges (EUR 2,850 thousand). In the previous year, this item consisted mainly of bank charges.
Expenses related to impairments include EUR 147,311 thousand from the classification of assets held for sale
and disposal groups as well as EUR 360,660 thousand from the impairment test conducted in accordance with
IAS 36. With regard to the impairment attributable to the disposal group, further information can be found under
item 33 "Non-current assets held for sale and disposal groups ". For a more detailed presentation of the allo-
cation of impairment requirements under IAS 36, please refer to Section 23 "Goodwill and impairment test
under IAS 36". Since this is a pro rata impairment of assets of the entire CGU "KTM" and the CGU "PIERER
New Mobility", an allocation to the other functional areas would, in the Group's view, distort the causal presen-
tation in the income statement. Further explanations can also be found under Section 23 "Goodwill and im-
pairment test in accordance with IAS 36".
Appendix I/29
16. OTHER OPERATING INCOME
Other operating income is recognised if the economic benefit from the underlying contract is probable and
there is a reliable determination of the income.
The Group's other operating income totalled EUR 17,703 thousand (previous year: EUR 3,736 thousand). In
the 2024 financial year, these mainly relate to the revaluation of the shares in MV Agusta Motor S.p.A. previ-
ously held using the equity method in the amount of EUR 16,339 thousand.
17. EARNINGS FROM AT-EQUITY HOLDINGS
The profit and loss share of associates accounted for using the equity method is reported in the income state-
ment as a separate item in the profit or loss of operating activities. Essentially, these are shareholdings that
are integrated into the operational business activities of the PIERER Mobility Group as key suppliers or cus-
tomers.
The result of companies accounted for using the equity method is as follows:
THOUS 2023 2024 Kiska GmbH 706 -7.033 KTM Asia Motorcycle Manufacturing Inc. -199 -799 China Zhejiang CFMOTO-KTMR2R Motorcycles Co., Ltd. 6,993 -832 MV Agusta MOTOR SPA -5,162 34 Other 0 -392 2,338 -9,022
The significant decline in the acquired earnings of Zhejiang CFMOTO-KTMR2R Motorcycles Co., Ltd. can be
attributed to the write-down of receivables of 70% of the company's receivables, in particular against KTM AG,
which is in restructuring proceedings. MV Agusta Motor S.p.A. was transferred to full consolidation as of March
1, 2024. The at-equity result of Kiska GmbH includes amortization of the company in the amount of EUR 6,142
thousand.
18. FINANCIAL AND INVESTMENT EARNINGS
The Group's financial and investment earnings is made up as follows:
THOUS 2023 2024 Interest income 10,669 25,837 Interest expenses -73,940 -123,641 Other financial and investment income -4,620 5,423 -67,891 -92,381
Appendix I/30
The Group's other financial and investment income is made up as follows:
THOUS 2023 2024 Foreign currency valuation Bank deposits -3,495 630 Foreign currency valuation of loans issued -1,955 3,216 Hedging costs 830 1,718 Valuation of interest rate swap 0 -139 Other 0 -2 -4,620 5,423
19. INCOME TAXES
The Group's income and expense are divided into current and deferred taxes as follows:
THOUS 2023 2024 Current tax -12,982 -6,982 of which from previous years 1,185 -2,601 Deferred taxes -2,738 203,673 -15,720 196,691
Income taxes include taxes on income and income paid or payable in the individual countries as well as de-
ferred taxes. The Austrian companies of the PIERER Mobility Group are subject to a corporate income tax rate
of 23%.
As of 31.12.2024, deferred tax assets on loss carryforwards of domestic companies in the amount of EUR
206,742 thousand are recognised. The underlying loss carryforwards are to be offset against the restructuring
profit in 2025. The change in deferred taxes relating to domestic loss carryforwards in the amount of EUR
187,825 thousand results from the derecognition of deferred tax assets on internal loss carryforwards capital-
ised on the previous reporting date in the amount of EUR 18,817 thousand and the capitalisation of deferred
taxes on current losses in the amount of EUR 206,742 thousand.
Until 31.12.2023, PIERER Mobility AG, Wels, together with Pierer Konzerngesellschaft mbH, Wels, formed a
group within the meaning of corporate income tax law. Since the 2024 financial year, PIERER Mobility AG,
Wels, has been a group within the meaning of corporation tax law. The tax equalization of income between
the group parent and the group member is regulated in the group and tax allocation agreement.
If positive income is attributed to the group parent by the group member, the positive tax allocation amounts
to 23% of the attributed positive income. If losses are attributed, the group member does not receive a tax
allocation. Losses that cannot be offset are kept in evidence for the group member for offsetting against its
positive or positive overall group results in the future.
The calculation of foreign income taxes is based on the laws and regulations in force or passed in the individual
countries. The income tax rates applied to foreign companies vary from 9% to 36.0%.
A reconciliation calculation between the expected tax income or tax expense for the financial year (applica-
tion of the consolidated tax rate of 23% (previous year: 24%) to earnings before taxes) and the tax expense
actually reported can be presented as follows:
Appendix I/31
THOUS 2023 2024 Earnings before income taxes 92,133 -1,276,598 Expected tax expense/income -22,112 293,618 Non-temporary differences and other tax additions -1,381 6,750 Recognition / Value adjustments / Consumption of loss carryforwards -2,764 -89,869 Taxes from previous periods 750 -20,838 Effects of foreign tax rates -839 2,498 Income from equity investments 809 -1,986 Investment Incentives 8,546 6,924 Tax rate changes 1,271 0 Other 0 -406 -15,720 196,691
In the 2024 financial year, impairment losses were recognized due to accounting in accordance with IAS 36,
which have an impact on the tax rate due to different foreign tax rates. The effects of foreign tax rates include
EUR -2,737 thousand from the impairment.
In addition, the item "non-temporary differences" includes an impact of EUR -47,389 thousand from impair-
ments of goodwill.
The non-temporary differences also include offsetting effects from intra-group write-downs and write-downs of
intra-group receivables in the amount of EUR 45,868 thousand.
The reconciliation item “Recognition / valuation allowances / utilization of loss carryforwards” results from cur-
rent losses and deductible temporary differences of companies outside the Austrian tax group for which no
deferred tax assets are recognized due to a lack of recoverability.
Taxes from previous periods mainly relate to effects in connection with the change in the Austrian group struc-
ture.
Global minimum taxation
The Group operates in various countries that have enacted new laws introducing the global minimum tax, in
particular in Austria, where the Group's ultimate parent company is based. The Group expects to be subject
to minimum tax in relation to its operations in Switzerland and Bulgaria, where the statutory tax rate is below
15%, as well as in Singapore, where taxation provides for a tax allowance that reduces our subsidiary's effec-
tive tax rate to below 15%. Since the new tax law in Austria came into force on 1 January 2024, this provision
was applied for the preparation of the 2024 consolidated financial statements.
Profits from the Group's activities in Switzerland, Bulgaria and Singapore are subject to the minimum tax, and
the tax payable on them represents an insignificant amount for the Group.
The Group applies the temporary mandatory exemption with regard to the accounting for deferred taxes re-
sulting from the introduction of the global minimum taxation and recognises any taxes incurred in connection
with the global minimum taxation as actual tax expense/income at the time of incurrence.
Appendix I/32
20. EARNINGS PER SHARE AND PROPOSAL ON THE APPROPRIATION OF NET
PROFIT
Earnings per share amounted to EUR -29.30 in the current financial year 2024 (previous year: EUR 2.37) and
are calculated as follows:
2023 2024 Result - Owner of the parent company (in EUR thousand) 80,183 -990,265 Total number of shares (units) 33,796,535 33,796,535 Impact of treasury and new shares (shares) 0 0 Weighted average of stocks 33,796,535 33,796,535 Basic (=diluted) earnings per share (EUR) 2.37 -29.30
In accordance with the provisions of the German Stock Corporation Act, the separate financial statements of
PIERER Mobility AG as of December 31, 2024, prepared in accordance with Austrian accounting standards,
form the basis for the dividend distribution.
For the 2024 financial year, it is proposed not to pay a dividend. A dividend of EUR 16,899 thousand was paid
out of the retained profit for 2023.
21. EXPENSES FOR THE AUDITOR OF THE FINANCIAL STATEMENTS
The expenses for the auditor Deloitte Audit Wirtschaftsprüfungs GmbH (previous year: KPMG Austria GmbH
Wirtschaftsprüfungs- und Steuerberatungsgesellschaft) attributable to the reporting period are as follows:
THOUS 2023 2024 Audit of the annual financial statements of all individual companies as well as 635 744 audit of the consolidated financial statements Other confirmation services 77 0 Other services 74 0 786 744
22. EMPLOYEES
The number of employees is shown including temporary workers and external employees:
Balance as of 1/1/2024 6,184 Changes in the financial year -874 Balance as of 12/31/2024 5,310
As of December 31, 2024, 3,290 employees (previous year: 3,553) and 2,020 workers (previous year: 2,631)
were employed. As of December 31, 2024, 4,099 employees (previous year: 4,970) are employed in Austria
and 1,211 employees (previous year: 1,214) abroad. On average, the group employed 5,887 people (previous
year: 6,268), of which 3,482 were white-collar workers (previous year: 3,486) and 2,406 blue-collar workers
(previous year: 2,782).
Total personnel expenses in the 2024 financial year, excluding effects from the capitalization of development
costs, amounted to EUR 450,788 thousand (previous year: EUR 456,206 thousand).
Appendix I/33
V.
NOTES TO THE CONSOLIDATED BALANCE
SHEET
23. GOODWILL AND IMPAIRMENT TEST ACCORDING TO IAS 36
In accordance with IAS 36 "Impairments", goodwill is not amortized as planned but is subject to an annual
impairment test.
For the 2024 financial year, the impairment test carried out revealed a need for impairments in the cash-
generating units "KTM", "PIERER New Mobility" (previous year: no impairment requirement).
The operating assets of the cash-generating units are compared with their value in use and depreciated to the
lower value in use, unless there is a higher fair value less cost of sale. The value in use is determined using
the discounted cash flow method, assuming a pre-tax WACC of 9.5% (2023: 11.1%) for KTM. For the "PIERER
New Mobility" CGU, an after-tax WACC of 8.1% (2023: 8.6%) was used, as the input VAT WACC is not mean-
ingful.
The forecast of cash flows is based on the financial budgets or forecast calculations approved by the manage-
ment, taking into account the medium-term strategy goals. The medium-term planning includes a more detailed
planning horizon of five years and is based on internal assumptions about future sales, price and cost devel-
opments, the future development of new markets and the composition of the product mix.
Subsequently, a rough planning phase of three years was consulted at the CGU "KTM", as at the end of the
detailed planning phase no settled condition can be assumed due to the restructuring process in the KTM
Group. A conservative sales development was assumed under the last periods of the detailed planning phase
and the EBIT margin of the last detailed planning period was maintained unchanged. Depreciation and amor-
tization and invested capital have been aligned. Subsequently, the cash flow of the last rough planning period
was used to determine the estimated cash flows beyond this period by extrapolation, assuming constant evo-
lution using a growth rate of 1% and going concern. The assumptions made are essentially based on many
years of experience, historical development and management's assessment. In addition, the plausibility of the
assumptions was analysed and assessed by external third parties in the course of the restructuring proceed-
ings, whereby the results were in turn incorporated into the business planning.
As the impairment expense determined in this way amounts to EUR 334,684 thousand for CGU "KTM" in the
current financial year (previous year: EUR 0 thousand) and EUR 25,976 thousand for CGU "PIERER New
Mobility". This is initially attributable to the goodwill of the CGU "KTM" and the CGU "PIERER New Mobility",
so that it was completely impaired. The excess amount was apportioned pro rata to the carrying amounts of
the assets within the scope of IAS 36.
Appendix I/34
The breakdown of goodwill and its distribution among the respective CGUs is as follows:
THOUS 2023 2024 Acquisition and production costs: Balance as of 01/01 150,632 151,725 Disposal 0 -4,509 Changes in the scope of consolidation 1,567 79,341 Currency translation -474 -384 Balance as of 12/31 151,725 226,173 Accumulated depreciation and amortization: Balance as of 01/01 19,977 19,990 Additions 0 206,232 Changes in the scope of consolidation 0 0 Currency translation 13 -49 Balance as of 12/31 19,990 226,173 Balance as of 12/31 131,735 0 KTM 109,766 0 PIERER New Mobility 19,457 0 Others 2,512 0
The recognized impairment charge for the CGU "KTM" for the 2024 financial year was distributed as follows:
THOUS 12/31/2024 Determined impairment requirements in accordance with IAS 36 334,684 Goodwill 109,399 Impairment charges distributed pro rata 225,285 Fixed assets 105,933 Plots 11,502 Building 49,083 Machines 25,742 Fixtures and fittings 13,946 Advance payments made and assets under construction 5,660 Intangible assets 119,352 Development 101,818 Concessions, industrial property rights and similar rights and benefits and licenses derived therefrom 4,723 Advance payments made and assets under construction 9,820 Trademark rights 2,991
Appendix I/35
The impairment loss for the "PIERER New Mobility" CGU for the 2024 financial year was distributed as follows:
THOUS 12/31/2024 Determined impairment requirements in accordance with IAS 36 25,976 Goodwill 19,577 Impairment charges distributed pro rata 6,399 Fixed assets 2,344 Building 446 Machines 1,326 Fixtures and fittings 572 Intangible assets 4,055 Trademark rights 3,700 Concessions, industrial property rights and similar rights and benefits and licenses derived therefrom 355
As already stated under item 15 "Other operating expenses and impairment losses", the Group has fully rec-
ognized the above impairment loss of EUR 360,660 thousand under other operating expenses or recognized
separately in the income statement. In our view, the pro rata allocation of impairment required by IAS 36 does
not lead to a causation-based allocation of impairment to individual assets. For this reason, the Group esti-
mates the information benefit for the report reader in the current presentation of the income statement to be
higher than if this impairment expense were allocated to the individual functional areas. If, however, an attempt
was made to allocate this impairment expense to the functional areas on the basis of simplifying various as-
sumptions, the following hypothetical breakdown would result:
THOUS 12/31/2024 Determined impairment requirements in accordance with IAS 36 360,660 Attributed to other operating expenses 360,660 Simplified allocation in the case of causal allocability Cost of production of services provided to generate sales 194,049 Selling and racing expenses 395 Research and development expenses 80 Infrastructure and administrative expenses 25,390 Other operating expenses 140,746
24. INTANGIBLE ASSETS
Intangible assets are capitalized at acquisition or production cost in the same way as property, plant and
equipment and measured less depreciation. The scheduled depreciation is determined according to the
straight-line depreciation method on the basis of the following useful lives:
In the case of self-generated intangible assets, the production period is divided into a research, development
and model maintenance phase. Costs incurred in the research and model update phase are recognised im-
mediately in the income statement. Expenditure in the development phase is capitalised as intangible assets
Years Service life Software 3 - 5 Intangible assets created by the company 5
Appendix I/36
if the criteria of IAS 38.57 are met. The intangible assets generated by the company are measured at cost less
depreciation and amortization. Scheduled depreciation is carried out according to the straight-line depreciation
method on the basis of a useful life of essentially five years. The useful life of five years, which is used in
particular for the capitalized development costs, is based on empirical values in connection with the underlying
product life cycles. The scheduled depreciation of capitalized development costs that can be clearly assigned
to specific products or processes takes place with the start of series production.
In the 2024 financial year, development costs of EUR 135,392 thousand (previous year: EUR 156,877 thou-
sand) were capitalized and a total of EUR 183,637 thousand was amortized, of which EUR 101,818 thousand
was written down from impairment in accordance with IAS 36 (previous year: EUR 68,164 thousand, of which
EUR 0 thousand was written down in accordance with IAS 36). As of 31.12.2024, development costs with a
carrying amount of EUR 352,879 thousand (previous year: EUR 506,666 thousand) are included in intangible
assets.
Intangible assets with an indefinite useful life, such as the "KTM" brands in the amount of EUR 61,103 thousand
(previous year: EUR 61,103 thousand) and "GASGAS" in the amount of EUR 10,355 thousand (previous year:
EUR 13,346 thousand) recognised as part of the "KTM" brands recognised by purchase price allocations, are
not depreciated as planned, but are subject to an impairment test in accordance with IAS 36 and any necessary
impairments are recognised in the income statement. The Management Board assumes an indefinite useful
life of the trademarks, as the rights in the relevant sales markets are not subject to any temporal, legal or
contractual restrictions and there is no economic devaluation due to the lasting recognition of the trademarks.
In the 2024 financial year, the above-mentioned brands were impaired by EUR 2,991 thousand as part of the
impairment test. The "KTM" brand was not impaired in the 2024 financial year due to a liquidation value that
exceeded the book value determined as part of a valuation report.
Appendix I/37
The breakdown of intangible assets and their development in the 2024 and 2023 financial years are presented
in the following tables:
THOUS Concessions, industrial property Customers, Advance Total rights and similar rights and Brand values, payments benefits as well as Develpment cost resulting licenses Acquisition and production costs: Balance as of 01/01/2024 101,666 767,811 33,613 903,090 Additions 4,965 135,392 19,970 160,327 Disposals -17,460 -165,292 -600 -183,352 Changes in the scope of consolidation 12,789 41,982 612 55,383 Currency translation 41 -2 0 39 Transfers 9,597 0 -9,771 -173.7 Balance as of 12/31/2024 111,598 779,891 43,824 935,313 Accumulated depreciation and amortiza- tion: Balance as of 01/01/2024 75,103 159,020 0 234,123 Additions 17,907 88,210 8 106,125 Depreciations 1,830 146,490 9838 158,158 Disposals -14,123 -38,282 -17 -52,422 Changes in the scope of consolidation 12,455 120 -8 12,567 Currency translation 24 -4 1 21 Transfers 34 0 0 34 Balance as of 12/31/2024 93,230 355,554 9,822 458,606 Carrying amount: Balance as of 12/31/2024 18,368 424,337 34,002 476,707 Balance as of 12/31/2023 26,563 608,791 33,613 668,967
Appendix I/38
THOUS Concessions, industrial property Customers, Advance Total rights and similar rights and Brand values, payments benefits as well as Develpment cost resulting licenses Acquisition and production costs: Balance as of 01/01/2023 90,640 675,834 14,561 781,035 Additions 9,081 158,177 22,241 189,499 Disposals -1,240 -66,193 -146 -67,579 Changes in the scope of consolidation 0 0 0 0 Currency translation -34 -7 0 -41 Transfers 3,219 0 -3,043 176 Balance as of 12/31/2023 101,666 767,811 33,613 903,090 Accumulated depreciation and amortiza- tion: Balance as of 01/01/2023 62,059 148,620 0 210,679 Additions 13,968 69,864 0 83,832 Disposals -909 -59,462 0 -60,371 Changes in the scope of consolidation 0 0 0 0 Currency translation -15 -2 0 -17 Transfers 0 0 0 0 Balance as of 12/31/2023 75,103 159,020 0 234,123 Carrying amount: Balance as of 12/31/2023 26,563 608,791 33,613 668,967 Balance as of 12/31/2022 28,581 527,214 14,561 570,356
With a transfer agreement dated 17.09.2013, KTM AG has acquired the license right for the use of the
"Husqvarna" brand from PIERER Industrie AG for EUR 10,000 thousand. The license right is depreciated as
planned over the remaining useful life of 3 years.
The additions to intangible assets were corrected in the cash flow statement by EUR 38,483 thousand (previ-
ous year: EUR 33,381 thousand) with regard to their ineffectiveness.
In the 2024 financial year, development costs of non-usable assets in the amount of EUR 101,835 thousand
(previous year: EUR 2,625 thousand) were impaired. The main reasons for the discontinuation of the underly-
ing development projects were the change in the economic environment as well as the insolvency law pro-
cesses in the course of the restructuring proceedings and corresponding corporate realignments.
The application of IAS 36 resulted in an impairment loss in the 2024 financial year, which was allocated pro
rata to intangible assets in the amount of EUR 119,352 thousand – after impairment of existing goodwill (fi-
nancial year 2023: no impairment requirement identified). This allocation mainly related to development costs:
In the 2024 financial year, an impairment of EUR 46,923 thousand was allocated to the development costs of
non-usable assets in accordance with IAS 36. In total, the impairment in accordance with IAS 36 within devel-
opment costs amounted to EUR 101,818 thousand (previous year: EUR 0 thousand). A corresponding list can
be found under Section 23 "Goodwill and impairment test in accordance with IAS 36".
Appendix I/39
25. PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment are valued at acquisition or production cost less depreciation. The scheduled
depreciation is determined according to the straight-line depreciation method on the basis of the following
useful lives:
Years Service life Building 10 - 50 Technical equipment and machinery 2 - 10 Fixtures and fittings 3 - 10
The calculation of the economic useful lives stated above is essentially based on empirical values on the wear
and tear of the underlying assets in the course of their operational use. The above information on the useful
life of the operating and office equipment has been changed from 3-8 years to 3-10 years compared to the
previous year. From the Group's point of view, this newly mentioned period more accurately reflects the actual
economic useful life of the underlying assets and does not lead to any changes in the assets, financial position
and results of operations presented.
The production costs of self-built plants include the individual costs, including attributable material and manu-
facturing overheads. Financing costs arising from the direct allocation of debt capital or from the application of
an average capitalisation interest rate to the expenses incurred are not capitalised in accordance with IAS 23
due to a lack of qualifying assets.
In accordance with IAS 20, investment grants from the public sector are to be treated as compensation for the
associated depreciation. The net method according to IAS 20.24 (reduction of acquisition and production costs
resulting in lower depreciation offset) is used. In the 2024 financial year, additions were reduced by a total of
EUR 12,594 thousand (previous year: EUR 14,282 thousand), of which capitalized research and development
expenses amounted to EUR 12,570 thousand (previous year: EUR 13,684 thousand).
The breakdown of property, plant and equipment and its development in the 2024 and 2023 financial years
are presented in the following tables:
Appendix I/40
THOUS Real Buildings Technical Operational Advance Total Estate plant and and business payments and machinery equipment investments in construction Acquisition and production costs: Balance as of 01/01/2024 52,731 351,511 336,627 191,724 18,629 951,222 Additions 1,887 21,128 24,094 17,888 49,167 114,164 Disposals -39 -38,418 -111,753 -22,965 -6,142 -179,317 Changes in the scope of consolidation 39 33,580 96,838 8,595 10,527 149,579 Currency translation 847 2,824 11 1,838 277 5,797 Transfers 0 3,745 38,221 5,003 -47,202 -233 Reclassification held for sale -3,735 -27,027 -466 -796 0 -32,024 Balance as of 12/31/2024 51,730 347,343 383,572 201,287 25,256 1,009,188 Accumulated depreciation and amortization: Balance as of 01/01/2024 1,032 109,580 234,389 122,335 0 467,336 Additions 270 21,795 42,853 26,996 0 91,915 Depreciations 11,541 63,022 41,516 15,229 0 140,650 Disposals -39 -36,687 -107,736 -21,086 0 -169,438 Changes in the scope of consolidation 0 18,115 83,426 7,726 0 109,475 Currency translation 0 572 -6 1111 0 1,675 Transfers 0 -21 0 -146 0 -167 Reclassification held for sale 0 -1,108 -108 -341 0 -1,557 Balance as of 12/31/2024 12,804 175,268 294,334 151,824 5,659 639,889 Carrying amount: Balance as of 12/31/2024 38,926 172,075 89,238 49,463 19,597 369,299 Balance as of 12/31/2023 51,699 241,931 102,238 69,389 18,629 483,886
Appendix I/41
THOUS Real Buildings Technical Operational Advance Total Estate plant and and business payments and machinery equipment investments in construction Acquisition and production costs: Balance as of 01/01/2023 49,328 323,605 304,099 172,244 21,456 870,732 Additions 3884 33,632 44,204 34,975 10310 127,005 Disposals 0 -7,374 -19,216 -15,976 -409 -42,975 Changes in the scope of consolidation 0 0 0 116 0 116 Currency translation -481 -1,861 -5 -1,064 -53 -3,464 Transfers 0 3,509 7,545 1,429 -12,675 -192 Balance as of 12/31/2023 52,731 351,511 336,627 191,724 18,629 951,222 Accumulated depreciation and amortization: Balance as of 01/01/2023 781 94,959 220,475 110,805 0 427,020 Additions 252 20,208 32,714 26,498 0 79,672 Disposals 0 -5176 -18,799 -14,460 0 -38,435 Changes in the scope of consolidation 0 0 0 74 0 74 Currency translation -1 -411 -1 -582 0 -995 Transfers 0 0 0 0 0 0 Balance as of 12/31/2023 1,032 109,580 234,389 122,335 0 467,336 Carrying amount: Balance as of 12/31/2023 51,699 241,931 102,238 69,389 18,629 483,886 Balance as of 12/31/2022 48,547 228,646 83,624 61,439 21,456 443,712
Additions to property, plant and equipment include investments in the amount of EUR 39,241 thousand (pre-
vious year: EUR 32,546 thousand) as additions from leases that were not cash effective at the balance sheet
date. For further details, please refer to point 45 "Leases as lessee". The additions to other property, plant and
equipment were corrected in the consolidated statement of cash flows by EUR -5,646 thousand (previous year:
EUR -4,389 thousand) with regard to their ineffectiveness.
As of the balance sheet date, property, plant and equipment in the amount of EUR 103,500 thousand (previous
year: EUR 103,500 thousand) were secured by pledge deeds entered and deposited in the land register, pri-
marily for liabilities to banks.
The application of IAS 36 resulted in an impairment loss in the 2024 financial year, which was allocated to
property, plant and equipment pro rata in the amount of EUR 108,277 thousand (2023 financial year: no im-
pairment requirement identified). A corresponding list can be found under Section 23 "Goodwill and impairment
test in accordance with IAS 36". In addition, impairment losses on property, plant and equipment in the course
of the classification of MV Agusta companies as held for sale were recognised in the amount of EUR 32,373
thousand. Further information can be found under item 33 "Non-current assets held for sale and disposal
groups".
Appendix I/42
26. INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD
The companies accounted for using the equity method are associates and not joint ventures. The interests in
associates that are included using the equity method are immaterial individually. As of December 31, 2024,
the investments accounted for using the equity method are Kiska GmbH, KTM Asia Motorcycle Manufacturing
Inc., CFMOTO-KTMR2R Motorcycles Co., Ltd., LX Media GmbH and PIERER IMMOREAL GmbH. The
Changes in companies accounted for using the equity method can be found in Section 9 "Changes in the
scope of consolidation".
Kiska GmbH is a design company that provides services in the field of development and design. The balance
sheet date of Kiska GmbH is March 31, which was set before the acquisition of the stake. A change in the
balance sheet date is not sought due to materiality considerations. For the purpose of accounting using the
equity method, an unaudited interim financial statement as of December 31 was used in each case. In the
current financial year 2024, impairment losses of EUR 6,142 thousand were recognized on the company.
KTM Asia Motorcycle Manufacturing Inc. was founded in June 2016 together with partner Ayala Corp. The
company started the CKD (completely-knocked-down) assembly for KTM motorcycles in the Philippines in
mid-2017.
KTM's joint venture in China with partner CFMOTO was established in fiscal year 2018 under the name
"Zhejiang CFMOTO-KTMR2R Motorcycles Co., Ltd.". The company commenced operations in the 2021 finan-
cial year. In Hangzhou, China, mid-range motorcycles are produced. In the 2023 financial year, the KTM Group
intensified its cooperation with CFMOTO and expanded production in the joint venture.
In the 2022 financial year, a cooperation agreement was concluded with the Italian motorcycle manufacturer
MV Agusta. As part of that cooperation agreement, KTM AG acquired 25.1% of the shares in MV Agusta Motor
S.p.A. based in Varese, Italy. In addition, at the beginning of March 2024, the Group acquired a further 25.0%
stake in MV Agusta S.p.A. via an early exercise of an agreed call option. MV Agusta Motor S.p.A. thus became
a fully consolidated subsidiary of the Group during the year, but its results for the months of January and
February 2024 are still part of the accounting-equity accounting.
With a contract dated October 4, 2024, KTM AG has acquired 49.0% of the shares in PIERER IMMOREAL
GmbH, Wels, Austria, from Pierer Konzerngesellschaft mbH, Wels, Austria. As at the balance sheet date, the
shares were classified as held for sale, as explained in more detail in Note 33 “Assets held for sale”.
The carrying amounts of financial assets accounted for using the equity method developed as follows in the
financial year:
THOUS 2023 2024 Book value of investments on 1/1 33,341 33,870 Acquisition of holdings 0 14,679 Changes in the scope of consolidation (step acquisition) 0 -11,066 Classification as held for sale 0 -10,748 Sale of shares -946 -3,753 Proportionate net income (minus eliminations of intercompany profits) 2,338 -2,736 Other interim result eliminations 1,131 214 Impairment of shareholdings 0 -6,286 Other comprehensive income -1,051 488 -943 -599 Distribution Other 0 67 Book value of investments on 12/31 33,870 14,130
Appendix I/43
27. DEFERRED TAX ASSETS
Deferred taxes on tax loss carryforwards are recognised considering their prompt realisation. Deferred tax
assets and liabilities are shown on a net basis with the same tax jurisdiction and similar maturity. For the
differences in the tax base of fully consolidated or equity-accounted shares to the corresponding Group equity,
deferred taxes are only deferred if realisation is likely in the foreseeable future. The calculation is based on the
income tax rate customary in the respective country at the time of the expected reversal of the difference in
value.
In total, deferred tax assets and liabilities are calculated from the following balance sheet items:
THOUS 12/31/2023 12/31/2024 Deferred tax assets: Inventories 11,709 13,970 Financial assets 61 48,776 Personnel liabilities 2,888 2,498 Accruals 259 544 Accounts payable 15,172 17,368 30,089 83,156 -40,123 -206,491 Netting Loss carryforwards 19,968 207,461 9,934 84,126 Deferred tax liabilities: Receivables and other current assets -2,034 -108,607 Intangible assets -158,754 -98,777 -160,788 -207,384 Netting 40,123 206,491 -120,665 -893
The temporary differences in deferred tax liabilities in intangible assets are mainly due to development costs
that cannot be capitalized for tax purposes and differences in the "KTM" brand's approach.
As in the previous year, deferred tax assets on financial assets largely relate to outstanding sevenths in ac-
cordance with Section 12 (3) (2) of the Austrian Tax Act (Austrian Tax Act). In the current financial year, open
sevenths from previous years amounting to EUR 197 thousand have been considered to reduce income. De-
ferred tax assets were recognised for all outstanding depreciation and amortisation in accordance with Section
12 of the Austrian Corporate Income Tax Act (ÖKtG), as the requirements of IAS 12.34 et seq. are met.
In addition, there are deferred tax assets on loss carryforwards of the Austrian PIERER Mobility AG Group in
the amount of EUR 206,742 thousand (previous year: EUR 19,968 thousand) and the KTM Australia subgroup
in the amount of EUR 719 thousand (previous year: EUR 0 thousand). Please refer to Note 19 “Income taxes”
for further details, in particular in connection with the restructuring process.
The tax loss carryforwards available and capitalised in the PIERER Mobility Group can be summarised as
follows:
Appendix I/44
Loss carryfor- thereof not Remaining loss Deferred tax as- ward recognized carryforward set THOUS 12/31/2024 12/31/2024 12/31/2024 12/31/2024 PIERER Mobility AG 898,880 0 898,880 206,742 PIERER E-Commerce GmbH 2,338 -2,338 0 0 Avocodo GmbH 4,924 -4,924 0 0 Pierer Innovation GmbH 1,187 -1,187 0 0 Other 278,578 -276,179 2,399 719 1,185,907 -284,628 901,279 207,461 Loss carryfor- thereof not Remaining loss Deferred tax as- ward recognized carryforward set THOUS 12/31/2023 12/31/2023 12/31/2023 12/31/2023 PIERER Mobility AG 85,202 -85,202 0 0 PIERER E-Commerce GmbH 11,506 -11,506 0 0 Other 86,817 0 86,817 19,968 183,525 -96,708 86,817 19,968
The tax loss in Austria can be carried forward indefinitely.
Deductible temporary differences and unused tax losses (including outstanding sevenths depreciation and
interest carried forward) on which no deferred tax assets have been capitalized amount to EUR 328,259 thou-
sand (previous year: EUR 96,708 thousand).
In addition, no deferred tax assets were recognized on loss carryforwards of subsidiaries in the amount of EUR
86,155 thousand (previous year: 2,829). Of this amount, losses of EUR 85,606 thousand (previous year: EUR
2,200 thousand) can be carried forward for an indefinite period of time and losses of EUR 549 thousand (pre-
vious year: EUR 629 thousand) can be carried forward for up to 5 years.
As of December 31, 2024 (and in the previous year), it was assumed that, due to the tax provisions currently
in force, the differences between the tax participation approach and the proportionate equity of the subsidiaries
included in the IFRS consolidated financial statements (outside-basis differences), in particular resulting from
retained earnings or uncovered losses, could remain tax-free in the foreseeable future or that the reversal of
the differences could be controlled by the Group.
Furthermore, it can be assumed that the differences between the tax participation approach and the carrying
amount of the companies accounted for using the equity method (outside-basis differences) will remain tax-
free in the foreseeable future, as no sale of these investments is planned.
In connection with investments in subsidiaries and financial assets accounted for using the equity method, no
deferred tax deferrals were recognised in accordance with IAS 12.39 for taxable temporary differences in the
amount of EUR 2,681 thousand (previous year: EUR 5,068 thousand).
Appendix I/45
Deferred taxes developed as follows in the financial year:
THOUS 2023 2024 Deferred taxes (net) on 1/1/ -110,646 -110,731 Change in the scope of consolidation 0 -11,109 Deferred taxes recognized through profit or loss -2,738 203,673 Deferred taxes recognized in other comprehensive income 2,452 1,767 Deferred taxes recognised in equity 92 36 Deferred taxes from reclassification recognised through profit or loss (previous 62 63 year) Foreign currency 47 -466 Deferred tax (net) at 12/31 -110,731 83,233
28. OTHER NON-CURRENT ASSETS
THOUS 12/31/2023 12/31/2022 Receivables from financing activities 2,597 347 Lease receivables from subleases 515 515 Other 2,324 2,385 5,436 3,247
The remaining non-current assets mainly include deposits and advance payments to suppliers.
29. INVENTORIES
Inventories are as follows:
THOUS 12/31/2023 12/31/2024 Raw materials, auxiliary materials and operating materials 174,633 96,859 Unfinished products 35,754 31,465 Finished products and goods 646,868 489,528 857,255 617,852 THOUS 12/31/2023 12/31/2024 909,411 770,272 Gross inventories - Allowances -52,156 -152,420 Net stock 857,255 617,852
With regard to the underlying estimates for the valuation of inventories, please refer to the explanations under
point 7 “Estimates and discretionary decisions”.
Appendix I/46
30. TRADE RECEIVABLES
Gross trade receivables from third parties were reduced by individual value adjustments of EUR 27,957 thou-
sand (previous year: EUR 7,406 thousand).
Impairments on receivables developed as follows:
THOUS Trade receivables Balance as of 01/01/2023 5,049 Currency conversion -94 Additions to individual valuation allowances 3,430 Allocation of impairment for expected losses 111 Utilization -305 Disbandment’s -785 Balance as of 12/31/2023 = 01/01/2024 7,406 Currency conversion 80 Additions to individual valuation allowances 22,458 Allocation of impairment for expected losses 493 Utilization -1,582 Disbandments -1,107 Reclassification held for sale -75 Changes in the scope of consolidation 284 Balance as of 12/31/2024 27,957
Expenses for the full derecognition of trade receivables amounted to EUR 2,122 thousand (previous year:
EUR 112 thousand).
31. CURRENT RECEIVABLES AND OTHER ASSETS
Subsidies will be considered as soon as there is certainty that they will flow to the PIERER Mobility Group and
that the group can meet the requirements set.
THOUS 12/31/2023 12/31/2022 Receivables from derivative financial instruments 15,666 6 Asset Backed Securities Financing (ABS) / Factoring Financing 22,733 39,875 Receivables from affiliated companies 53 2,731 Other 12,403 16,420 Other current financial assets 50,855 59,032 Subsidies 26,288 25,769 Receivables due from tax offices 24,441 26,473 Receivables from value added taxes (from tax group settlement with Pierer Industrie 8,583 3,600 AG) Advance payments on inventories and other prepayments 35,782 34,373 Other 138 5,472 Other current non-financial assets 95,232 95,687 Other current assets 146,087 154,719
Appendix I/47
The receivables sold in connection with the existing ABS and factoring programme will be fully derecognised
in accordance with the provisions of IFRS 9. As part of the ABS program, monthly revolving insured trade
receivables up to a maximum volume of EUR 350,000 thousand (previous year: EUR 350,000 thousand) are
sold. In June 2024, the KTM Group set up a similar factoring programme with Landesbank Baden-Württem-
berg, but its expiry was decided in the course of the restructuring proceedings. Further information on the ABS
and factoring programme can be found under point 41 "Classification and fair values".
32. CASH AND CASH EQUIVALENTS
Cash and cash equivalents include cash balances, bank deposits, cheques and fixed deposits with a maximum
of three months (calculated from the date of purchase). For further details on the change in the cash position,
please refer to the disclosures on the cash flow statement in Chapter VI of the Notes to the Consolidated
Financial Statements. In addition, the disposal group also includes cash and cash equivalents, as described
in item 32 "Non-current assets held for sale and disposal groups".
33. ASSETS HELD FOR SALE AND DISPOSAL GROUPS
At the end of the 2024 financial year, the Management Board made a number of decisions on the sale of various
non-current assets and associated liabilities, the impact of which on the net assets, financial position and results
of operations of the Group (relates to the Motorcycle segment) is presented below in tabular form and then ex-
planatory.
Appendix I/48
Overview of all assets held for sale and related liabilities 12/31/2024 THOUS PIERER & PIERER MV Agusta Sum MAXCOM IMMOREAL MOBILITY GmbH OOD Non-current assets: Fixed assets 30,467 0 0 30,467 Companies accounted for using the equity method 0 10,704 0 10,704 Deferred tax assets 0 0 21,792 21,792 Other non-current assets and receivables 0 24,689 289 24,977 30,467 35,392 22,080 87,940 Current assets: Supplies 0 0 76,912 76,912 Trade receivables 0 0 8,784 8,784 Advance payments 0 0 768 768 Tax assets 0 0 545 545 Other current assets and receivables 0 0 23,550 23,550 Cash and cash equivalents 0 0 8,162 8,162 0 0 118,722 118,722 Assets held for sale 30,467 35,392 140,802 206,662 Long-term debt: Financial liabilities 0 0 435 435 Obligations for employee benefits 0 0 847 847 Deferred tax liabilities 0 0 0 0 Other long-term debt 0 0 1,864 1,864 0 0 3,146 3,146 Short-term debt: Financial liabilities 0 0 29,899 29,899 Trade payables 0 0 21,507 21,507 Accruals 0 0 8,991 8,991 Tax liabilities 0 0 754 754 Advance payments 0 0 380 380 Other short-term debts 0 0 2,557 2,557 0 0 64,087 64,087 Liabilities in connection with assets held for sale 0 0 67,233 67,233
Building, equipment and land of PIERER & MAXCOM MOBILITY OOD
Not least due to the complete withdrawal of PIERER Mobility AG from the business of PIERER New Mobility
GmbH, the Executive Board of KTM AG made the decision to sell the constructed building, the land and the
associated assets of PIERER & MAXCOM MOBILITY OOD, Plovdiv, Bulgaria. As of the balance sheet date of
December 31, 2024, negotiations with a potential buyer were already well advanced, so that it can be assumed
that the sale will be sufficiently secure in the course of the 2025 financial year. Based on the negotiated purchase
price, a fair value of EUR 35,000 thousand was determined for the building with associated equipment and the
property as of December 31, 2024 (previous book value: EUR 30,467 thousand). Due to the fact that fair value
exceeded the carrying amount, no measurement difference had to be recognised under IFRS 5. The related
assets were classified as held for sale.
At equity shares in PIERER IMMOREAL GmbH and related financial receivables
In addition, the 49.0% stake in PIERER IMMOREAL GmbH, Wels, Austria, acquired on October 4, 2024, was
recognized as a non-current asset held for sale as of the balance sheet date. The shares were sold back to the
Appendix I/49
original seller, Pierer Konzerngesellschaft mbH, on 3 January 2025. The purchase price corresponded to the
original purchase price by KTM AG (EUR 10,879 thousand). There was no need for a write-down in accordance
with IFRS 5, as the carrying amount of the financial asset (EUR 10,704 thousand) is below the fair value (EUR
10,879 thousand) due to the losses of PIERER IMMOREAL GmbH assumed proportionately using the at-equity
method. At the same time, financial receivables against PIERER IMMOREAL GmbH in the amount of EUR
24,689 thousand were classified as held for sale, as they were acquired together with the shares in October 2024
and finally sold again together with the shares in January 2025.
MV Agusta
The shares in MV Agusta Motor S.p.A., Varese, Italy, as well as the shares in the other MV Agusta companies
of the KTM Group, were also the subject of ongoing negotiations on their sale as of the balance sheet date of
December 31, 2024. The sale was considered highly likely as of the balance sheet date, PIERER Mobility AG
finally announced on January 31, 2025, that a corresponding agreement had been reached with the previous
minority shareholder of MV Agusta Motor S.p.A., Art of Mobility S.A. The sale is expected to be completed in the
first half of 2025. The sale agreement covers the following companies and their assets and liabilities, which are
grouped together in a disposal group:
• MV Agusta Motorcycles GmbH, Mattighofen, Austria;
• MV Agusta Services S.r.l., Meran, Italian;
• MV Agusta Motorcycles North America, Inc., Murrieta, CA, USA;
• MV Agusta Motor S.p.A., Varese, Italy;
• MV Agusta S.r.l. Style Center, Borgo Maggiore, San Marino;
• MV Agusta USA LLC, Pennsylvania, United States.
In this disposal group, impairment losses were incurred on capitalized goodwill (EUR 76,283 thousand, see also
Note 9 “Changes in the scope of consolidation”) and on property, plant and equipment and intangible assets to
the lower of their carrying amount and fair value less costs to sell (EUR 71,028 thousand), which were recognized
under impairment losses in accordance with IFRS 5. As a result, the depreciable fixed assets of the above-
mentioned companies were devalued to zero. No cumulative income or expenses related to the disposal group
are included in other comprehensive income.
The assets and related liabilities of the "MV Agusta" disposal group as of December 31, 2024 can be found in
the introductory table above. The cash and cash equivalents included in the disposal group represent a reconcil-
iation item to the cash ending balance determined in the cash flow statement.
34. CONSOLIDATED EQUITY
The development of consolidated equity in the 2024 financial year and in the 2023 financial year is presented
in Appendix I/7.
The Company’s share capital amounts to EUR 33,796,535 and is divided into 33,796,535 no-par value bearer
shares, each of which represents an equal shareholding in the share capital. The shares grant the ordinary
rights to which shareholders are entitled under the Austrian Stock Corporation Act. These include the right to
payout the dividends resolved at the Annual General Meeting and the right to exercise voting rights at the
Annual General Meeting. All shares were paid up in full. The share capital reported in the consolidated financial
statements corresponds to the share capital reported in the individual financial statements of PIERER Mobility
AG.
The IFRS 9 reserve includes the cash flow hedge reserve. The cash flow hedge reserve comprises the
effective portion of the cumulative net changes in the fair value of hedging instruments used to hedge cash
Appendix I/50
flows until they are subsequently recognised in profit or loss or recognised directly in the cost or carrying
amount of a non-financial asset or liability.
The reserve for hedging costs shows the profits and losses of the portion excluded from the designated
hedging transaction that relates to the forward element of the foreign exchange forward transaction. These are
initially recognised as other comprehensive income and, like the gains and losses, are recognised in the re-
serve from hedging transactions.
The development of the cash flow hedge reserve and the reserve for hedging costs is explained under item
43 "Hedges".
Non-controlling interests comprise third-party interests in the equity of the consolidated subsidiaries:
2024 KTM AG Other Total THOUS Revenues 1,802,554 76,467 1,879,021 Profit/Loss -1,083,001 3,094 -1,079,907 Other comprehensive income -1,695 26 -1,669 Total -1,084,696 3,120 -1,081,576 Profit/Loss attributed to non-controlling interests -89,896 254 -89,642 Other comprehensive income assigned to -89,896 254 -89,642 non-controlling interests Non-current assets 1,023,980 -76,470 947,510 Current assets 1,298,073 150,251 1,448,324 Long-term debt -192,831 -3,246 -196,077 Short-term debt -2,269,275 -124,231 -2,393,506 Net -140,053 -53,696 -193,749 Carrying amount of non-controlling interests 1,692 1,322 3,014 Cash flow from operating activities -418,956 -17,006 -435,962 Cash flow from investing activity -338,971 -1,539 -340,510 Cash flow from financing activity 696,684 -2,007 694,677 -61,243 -20,552 -81,795 Total Cash Flow Dividends to non-controlling interests 754 0 754
Appendix I/51
2023 KTM AG Other Total THOUS Revenues 2,657,157 4,053 2,661,210 Profit/Loss 94,249 -17,83676,413 Other comprehensive income -13,080-50-13,130Total 81,169-17,88663,283Profit/Loss attributed to non-controlling interests -4,612842 -3,770Other comprehensive income assigned to -4,612842 -3,770non-controlling interests Non-current assets 1,268,966 64,862 1,333,828 Current assets 1,547,203 71,884 1,619,087 Long-term debt -1,081,711-48,287-1,129,998Short-term debt -894,346-19,298-913,644Net 840,11269,161909,273Carrying amount of non-controlling interests 3,690 1322 5,012 Cash flow from operating activities -102,840-8,011-110,851Cash flow from investing activity -308,1586,018-302,140Cash flow from financing activity 384,25614,406398,662Total Cash Flow -26,74212,413 -14,329Dividends to non-controlling interests 500 0 500
The non-controlling interests of KTM AG include non-controlling interests of subsidiaries of KTM AG and con-
cern the companies CERO Design Studio S.L., KTM MOTOHALL GmbH, MV Agusta Motorcycles GmbH and
PIERER & MAXCOM MOBILITY OOD.
In addition, the non-controlling interests were increased by EUR 50,711 thousand as a result of the first-time
consolidation of MV Agusta Motor S.p.A. and its subsidiaries in the course of the first-time consolidation. Equity
and non-controlling interests were also changed due to existing NCI put options. In this regard, the Group has
changed its accounting methodology, as explained in detail in point 4 "Changes to accounting policies". Ac-
cordingly, the affected NCI is completely derecognized when the option liability is booked at the same time as
the equity as the clearing item.
For the levels of participation, please refer to the list of participations in Chapter XII.
The impact of the transactions with non-controlling interests and the change in shareholders' equity during the
financial year is as follows: THOUS 12/31/2023 12/31/2024 Carrying amount acquired (-) or disposed of (+) for non-controlling interests 0 65Purchase price received from (+) / paid (-) to non-controlling shareholders 214 0 Differential amount recognised in equity 214 65
Appendix I/52
The development of other earnings after tax in consolidated equity was as follows:
35. FINANCIAL LIABILITES
THOUS 12/31/2024 12/31/2024 12/31/2024 12/31/2024 Carrying Term Term Nominal amount < 1 year > 1 year Promissory note loans 495,000 495,000 495,000 0 Registered bond 110,000 110,000 110000 0 Liabilities owed to credit institutions 359,445 359,445 330,613 28,832 63,415 63,415 63,415 0 Liabilities from factoring program between group companies 15,871 15,871 15,871 0 Liabilities from supplier finance program between group companies Lease liabilities 87,796 87,796 23,275 64,521 Other interest-bearing liabilities 674,595 674,595 674,595 0 Total financial liabilities 1,806,122 1,806,122 1,712,769 93,353
THOUS Provision Reserves Foreign Total Interests Total as per including currency non- consoli- IFRS 9 total translation controlling dated earnings reserve shareholders equity 2024 Currency Conversion Differences 0 0 4,048 4,048 0 4,048 Hedging of cash flows -6,233 0 0 -6,233 0 -6,233 Remeasurement of net debt from 0 516 0 516 0 516 defined benefit plans -6,233 516 4,048 -1,669 0 -1,669 2023 Currency Conversion Differences 0 0 -5,246 -5,246 0 -5,246 Hedging of cash flows -7,511 0 0 -7,511 0 -7,511 Remeasurement of net debt from 0 -373 0 -373 0 -373 defined benefit plans -7,511 -373 -5,246 -13,130 0 -13,130
Appendix I/53
THOUS 12/31/2023 12/31/2023 12/31/2023 12/31/2023 Carrying Term Term Nominal amount < 1 year > 1 year Promissory note loans 495,000 493,680 0 493,680 Registered bond 110,000 109,630 0 109,630 Liabilities owed to credit institutions 335,820 335,820 29,892 305,928 5,373 5,373 5,373 0 Liabilities from factoring program between group companies 4,904 4,904 4,904 0 Liabilities from supplier finance program between group companies Lease liabilities 73,282 73,282 19,671 53,611 Other interest-bearing liabilities 12,209 12,209 12,209 0 Total financial liabilities 1,036,588 1,034,898 72,049 962,849
Due to the opening of KTM AG's restructuring proceedings under insolvency law on November 29, 2024, there
have been no further interest or principal payments since then, as they are serviced via the offered restructur-
ing quota, specifically as a spot quota. The restructuring proceedings also had the consequence that deferred
transaction costs had to be reversed.
Regarding companies undergoing restructuring proceedings, the maturities of financial liabilities, with the ex-
ception of lease liabilities, were reclassified to short-term items in the course of the opening of insolvency
proceedings. An analogous reclassification was not carried out in the case of lease liabilities, as these were
essentially registered by the creditors on a conditional basis. If the group continues the leases, the lease
liabilities are not part of the restructuring quota and the original payment terms are retained. Since the leased
assets in question are essentially assets necessary for operations, the Group assumes that the leases will be
continued accordingly.
Only with the successful completion of the restructuring proceedings does the debt-discharging effect of the
financial liabilities become legally binding.
In April 2024, the Group took out an investment loan in the amount of EUR 35,000 thousand to finance the
acquisition of shares in MV Agusta Motor S.p.A. from Raiffeisen Bank International AG.In June 2024, a loan
of EUR 3,500 thousand was taken out from Oberbank AG, which replaced the loan of the same amount re-
ceived via the acquisition of PIERER Green Energy GmbH. In addition, EUR 17,059 thousand in research
loans were repaid in the 2024 financial year.
In the 2024 financial year, the Group raised numerous short-term funds to cover liquidity requirements. Partic-
ularly noteworthy are the raising of funds via export bill credits (EUR 88,737 thousand) as well as working
capital lines (EUR 553,839 thousand).
In addition, debt capital was raised through the supplier financing program by using it to call up intra-group
invoices between subsidiaries of the Group on an advance basis. The supplier financing program was discon-
tinued in the course of the opening of the restructuring proceedings. Since the advance trade payables at
maturity to the Group's suppliers by the credit institutions with which the programme was concluded could not
be settled by the Group, these trade payables became the Group's financial liabilities. In the 2024 financial
year, the amount amounted to EUR 54,721 thousand, of which EUR 15,391 thousand came from regular
relationships between Group companies and EUR 39,330 thousand from relationships between Group com-
panies that are in the restructuring process – specifically KTM AG, KTM Components GmbH and KTM For-
schungs & Entwicklungs GmbH (previous year: EUR 0 thousand). For further explanations, please refer to
item 37 "Other current and non-current liabilities and trade payables".
Appendix I/54
36. LIABILITIES FOR EMPLOYEE BENEFITS
The liabilities for employee benefits are made up of obligations for severance pay and anniversary bonuses:
THOUS 12/31/2023 12/31/2024 Severance 20,548 19,618 Anniversary bonuses 7,419 7,289 27,967 26,907
Special features in the course of the restructuring procedure
The opening of the restructuring proceedings on November 29, 2024 of KTM AG, KTM Components GmbH
and KTM Forschungs & Entwicklungs GmbH resulted in some special features in the accounting of obligations
for employee benefits, which are due in particular to national legal regulations, as explained below. The sala-
ries for November and the pro rata outstanding special payments were taken over by the Insolvency Remu-
neration Fund (IEF) and recognized in full, i.e. at their settlement amount, as liabilities.
In accordance with Section 25 (1c) IO, redundancies to the extent of 200 employees of KTM AG and 50 em-
ployees of KTM Components GmbH were planned on the basis of the restructuring plans within one month of
the public announcement of the opening decision (29.11.2024) with the consent of the restructuring adminis-
trator. Further redundancies within one month pursuant to Section 25 (1b) sentence 2 IO after the reporting
date (20.12.2024) were planned: 200 employees of KTM AG, 250 employees of KTM Forschungs & Entwick-
lungs GmbH and 50 employees of KTM Components GmbH.
The resulting claims of the terminated employees, including salaries and severance pay, were treated differ-
ently in the balance sheet depending on the date of termination: Claims from terminations until 31.12.2024
were recognized as a liability due to their fixed nature, while claims from terminations between 01.01.2025 and
19.01.2025 were recognized as provisions in the consolidated financial statements as of 31.12.2024 due to
uncertainties regarding the amount and due date.
In addition, the provisions for claims of the dismissed employees existing at the time of the opening of insol-
vency proceedings were reclassified into liabilities. The background is the assumption of the obligation by the
IEF. Provisions for claims whose basis for claims have ceased to exist as a result of the termination, e.g. in
the case of anniversary bonuses, were recognised in other operating income through profit or loss.
Dispatches
Due to legal regulations, the PIERER Mobility Group is also obliged to make a severance payment to all em-
ployees in Austria whose employment relationship began before January 1, 2003, upon termination by the
employer or at the time of retirement. The amount of this performance-based obligation depends on the num-
ber of years of service and on the relevant salary at the time of severance pay. For all employment relationships
established in Austria after December 31, 2002, the company pays 1.53% of the gross monthly salary monthly
into a company employee provision fund, in which the contributions are invested in an employee's account
and paid out to the employee upon termination of the employment relationship or passed on as an entitlement.
The company is only obliged to pay the contributions that are recognised in the expense for which they were
paid in the financial year for which they were paid (defined contribution obligation). For employees of Austrian
group companies who entered employment on or after 1 January 2003, contributions for severance payments
to a statutory employee provision fund amounting to 1.53% of wages or salaries were paid. In the past financial
year, premiums totalling EUR 4,688 thousand (previous year: EUR 3,595 thousand) were paid.
Appendix I/55
Net debt from defined benefit severance plans developed as follows in the fiscal year:
THOUS 12/31/2023 12/31/2024 Conditional benefit: Balance as of 01/01 19,548 20,548 Length of service 509 416 Interest expense 793 960 Payments made -861 -1.233 Actuarial gain/loss (other comprehensive income) 485 670 Reclassification held for sale 0 -847 Other 74 -896 Balance as of 12/31 20,548 19,618
The weighted remaining terms (duration) of the severance pay obligations as of December 31, 2024, are 9
years (previous year: 10 years).
Actuarial profit/loss is made up of the following factors:
THOUS 12/31/2023 12/31/2024 Change in expected values 174 234 Change in demographic assumptions 2 38 Change in financial assumptions 309 398 Actuarial gain / loss 485 670
The valuation of the obligation is based on the following assumptions:
12/31/2023 12/31/2024 Discount rate 3.51% 3.41% Wage / salary trend 3.50% 2.75% Retirement age (years) Women / men with transitional arrangements 65 years 65 years
The actuarial interest rate was set taking into account the average terms and average remaining life expec-
tancy. The discount rate is the yield earned on the market for senior fixed income industrial bonds on the
balance sheet date. Employee turnover is determined on a company-specific basis and taken into account
depending on age / length of service. The actuarial assessments are based on country-specific mortality tables.
The statutory retirement age for each country was chosen as the retirement age.
A change (+/- 0.5 percentage points) in the parameters "actuarial interest rate" and "wage/salary trend" would
have had the following impact on the present value of future payments as of December 31, 2024:
Parameter Alteration Change-0.50% +0,50% Discount rate 4.6% -4.3% Wage / salary trend -4.3% 4.6%
Appendix I/56
A change (+/- 0.5 percentage points) in the parameters "actuarial interest rate" and "wage/salary trend" would
have had the following effects on the present value of future payments as of December 31, 2023:
Parameter Alteration Change-0.50% +0,50% Discount rate 4.9% -4.5% Wage / salary trend -4.6% 4.9%
Anniversary bonuses
On the basis of collective agreements, the companies of the PIERER Mobility Group are obliged to pay anni-
versary bonuses to employees in Austria in accordance with the achievement of certain years of service (from
25 years of service) (performance-based obligation). Interest is recognised in other financial income. The ob-
ligations for claims from anniversary bonuses developed as follows:
THOUS 12/31/2023 12/31/2024 Balance as of 01/01 6,606 7,419 Length of service 601 587 Interest expense 288 371 Payments made -160 -111 Actuarial gain/loss (through profit or loss) 84 -245 Reclassification held for sale 0 12 Other 0 -744 Balance as of 12/31 7,419 7,289
The disposals in the 2024 financial year include EUR 86 thousand from the consequences of the departures
in the course of the insolvency proceedings described above.
37. OTHER CURRENT AND NON-CURRENT TRADE PAYABLES AND PAYABLES
The other long-term liabilities are essentially made up as follows:
THOUS 12/31/2023 12/31/2024 Deposits 10,881 7,338 Options on non-controlling interests 5,816 61,445 Purchase price liabilities 0 4,616 Other financial liabilities 3 118 Other long-term financial liabilities 16,700 73,517 Other long-term non-financial liabilities 1,817 1,408 Other long-term liabilities 18,517 74,925
The options on non-controlling interests relate to MV Agusta Motor S.p.A., Varese, Italy, on the one hand, and
PIERER & MAXCOM MOBILITY OOD, Plovdiv, Bulgaria, on the other. They are based on the contracts con-
cluded. As part of this, a reclassification between equity, non-controlling interests and financial liabilities is
carried out without affecting profit or loss, as explained in more detail under item 4 "Changes in accounting
policies".
The other short-term liabilities are essentially as follows:
Appendix I/57
THOUS 12/31/2023 12/31/2024 Sales bonuses 54,230 31,113 Discounts 6,726 15,631 Liabilities from derivative financial instruments 2,590 222 Other financial liabilities 9,342 8,854 Other short-term financial liabilities 72,888 55,820 Personnel liabilities 49,117 60,960 Advance payments 5,178 6,399 Liabilities of tax offices 10,049 13,915 Other non-financial liabilities 3,690 -121 Other short-term non-financial liabilities 68,034 81,153 Other short-term liabilities 140,922 136,973
Short-term personnel liabilities mainly include liabilities for unused vacations, liabilities for employee bonuses,
liabilities to regional health insurance funds and liabilities from wages.
Supplier Financing Agreements:
Until the opening of the insolvency restructuring proceedings, companies within the PIERER Mobility Group,
including KTM AG, had established revolving programs for financing supplier liabilities (Supplier Finance
Programs) with two credit institutions. This gave suppliers the opportunity to sell their receivables from the
PIERER Mobility Group to the bank before maturity. In this agreement, the credit institution agreed to pay
invoice amounts owed by the PIERER Mobility Group to participating suppliers and to receive compensation
for this from the PIERER Mobility Group later. PIERER Mobility Group has not been released from the origi-
nal legal obligation. In both quantitative and qualitative terms, there was no material change in the terms of
the contract and no significant extension of the payment terms. The PIERER Mobility Group did not incur any
additional interest on the payment of supplier liabilities to the respective bank. Since the nature and function
of the financial liability corresponded to the other trade payables, the original liabilities were not derecog-
nised but continued to be shown under trade payables. All liabilities subject to the supplier financing agree-
ments were and will be reported as current as of December 31, 2024, and 2023, respectively.
The supplier financing programs were discontinued with the opening of the insolvency restructuring proceed-
ings in mid-November. As of the balance sheet date of December 31, 2024, only those amounts are still part
of the PIERER Mobility Group's supplier financing program for which suppliers have already taken ad-
vantage of the option of early settlement of their receivables by the credit institutions.
Against this background, the PIERER Mobility Group has also incurred financial liabilities from the supplier
financing programs, which, however, do not influence the above assessment and description of the pro-
grams. This applies to the following facts, which have specific reasons:
• On the one hand, prior to the opening of the restructuring proceedings, intra-group invoices between
subsidiaries of the PIERER Mobility Group were transferred to the supplier financing programs and
advanced by the credit institutions. From the Group's point of view, interest-bearing debt capital was
raised and the PIERER Mobility Group received the corresponding liquidity At the end of the 2024
financial year, the amount amounted to EUR 15,871 thousand (previous year: EUR 0 thousand).
• On the other hand, the supplier financing agreements were discontinued in the course of the opening
of the restructuring proceedings. Since the PIERER Mobility Group could not settle the advance
trade payables by the banks with which the programme was concluded at maturity to the suppliers of
the PIERER Mobility Group, these trade payables became financial liabilities of the PIERER Mobility
Group. As of 31, December 2024, the amount amounts to EUR 39,330 thousand (previous year:
EUR 0 thousand).
Appendix I/58
All liabilities subject to the Supplier Finance programs are reported as current as of December 31, 2024, and
2023, respectively. As of December 31, 2024, these supplier finance programs affect trade payables of EUR
59,204 thousand (previous year: EUR 349.065 thousand). This corresponds to 15.5% (previous year: 51.6%)
of total trade payables as of the reporting date.
This decline is due on the one hand to the fact that the purchasing volumes of the bicycle segment were sig-
nificantly reduced in the 2024 financial year (as of the balance sheet date in the supplier financing program:
EUR 26,705 thousand; previous year: EUR 119,140 thousand). On the other hand, the supplier financing pro-
grams were discontinued with the opening of the insolvency restructuring proceedings in the motorcycle seg-
ment in mid-November, as explained above.
Further information can be found in the table below.
THOUS 12/31/2024 12/31/2023 Carrying amount of financial liabilities subject to supplier financing agreements Reported as part of trade payables and other liabilities 59,204 349,065 * Of which trade payables for which suppliers have already received payments 59,204 -from the financial services provider * Reported as part of other current financial liabilities 39,330 -* Of which other current financial liabilities for which suppliers have already 39,330 -received payments from the financial service provider Range of payment terms (in days after invoice date) * Trade payables covered by supplier financing agreements 10-90 -* Comparable trade payables not covered by supplier financing agreements 45-90 -
* The PIERER Mobility Group has made use of the opportunities to facilitate the initial application of the standard
adaptation "Amendments to IAS 7 Statements of Cash Flows and IFRS 7 Financial Instruments: Disclosures –
Supplier Financing Arrangements" and has waived comparative information for the first year of application.
The payments made by a credit institution to a supplier that is part of a supplier financing agreement are
irrelevant to the PIERER Mobility Group's balance sheet and are not cash effective.
The payments to the respective credit institution are included in the cash flow from operating activities because
they continue to be part of the normal operating cycle of the PIERER Mobility Group and their essential char-
acter remains operational, i.e. they represent payments for the purchase of goods and services.
Appendix I/59
38. PROVISIONS
The Group sets aside provisions for guarantees and warranties for known, expected individual cases. Ex-
pected expenses are primarily based on past experience and are recognized at the time the products are sold.
The estimation of future expenses is associated with uncertainties, which may lead to an adjustment of the
provisions recognized in the future. It cannot be ruled out that the actual expenditure for these measures will
exceed or fall short of the provisions created for them in an unforeseeable manner.
The development of provisions in the financial year was as follows:
THOUS Balance as Additions Disolutions Utilization Change in Balance as of the scope of of 1/1/2024 consolida- 12/31/2024 tion Current provisions Provisions for guarantee 20,523 15,492 0 -21,110 619 15,524 and warranty Provisions for restructuring 0 31,424 0 0 0 31,424 Provisions for legal actions 1,199 1,540 0 -8,347 7,726 2,118 Other provisions 149 40,540 0 -206 2,166 42,649 21,871 88,996 0 -29,663 10,511 91,715
The new provisions for restructuring created in the 2024 financial year mainly relate to expected expenses for
external consulting services particularly during the restructuring proceedings, for the remuneration of the re-
structuring administrators and for conditionally registered claims for damages. In calculating the amount of the
provision for damages, a realisation rate of 50% of the total amount was assumed, as it is not possible to make
a more precise estimate at the balance sheet date as to which of these claims will be accepted by the Group
and by the restructuring administrators.
VI.
NOTES ON THE STATEMENT OF CASH
FLOWS
Changes in the balance sheet items presented in the statement of cash flows cannot be derived directly from
the balance sheet, as non-cash effects are neutralized. Other non-cash expenses (income) mainly include
valuations of foreign currency receivables and liabilities, impairments on receivables and inventories, and non-
cash income from subsidies. The effects of changes in the scope of consolidation have been eliminated and
are reported in the cash flow from investing activities. Significant non-recurring effects in the 2024 financial
year under other non-cash expenses largely relate to write-downs on inventories and the restructuring provi-
sion recognized as a result of the reorganization process; for further information, see Note 7 “Estimates and
measurement decisions.” The effects of changes in the scope of consolidation were eliminated and are re-
ported under cash flow from investing activities.
A reconciliation between the change in the balance sheet of financial liabilities and the values presented in the
statement of cash flows can be presented as follows:
Appendix I/60
VII.
RISK REPORT
39. FINANCIAL RISKS
The PIERER Mobility Group is subject to credit, market, currency and liquidity risks with regard to its assets,
liabilities and planned transactions. The aim of financial risk management is to manage and limit these risks.
The Management Board and the Supervisory Board are regularly informed about risks that could have a sig-
nificant impact on business development.
The principles of financial risk management are defined and monitored by the Supervisory Board and the
Executive Board.
In the 2024 financial year, liquidity risks and ultimately the lack of liquidity of KTM AG led to the opening of
restructuring proceedings under insolvency law. As a result, the PIERER Mobility Group's financial risk man-
agement goals of ensuring solvency and financial flexibility at all times were missed. The restructuring plans
THOUS Balance Changes af- Changes not affecting cash flow Carrying as of fecting cash amount Acquis- Reclas- Scope of Transac- Accrued in- 1/1/2024 flow 12/31/2024 ition sifi-cation tion terest, for-consolida- costs eign ex- tion change ef- changes fect Current 52,378 687,911 0 933,478 5,417 0 10,310 1,689,494 financial liabilities Non-current 909,238 47,031 0 -933,478 3,500 2,542 0 28,833 financial liabilities Current 19,671 -22,612 0 26,775 -559 0 0 23,275 lease liabilities Non-current 53,611 0 37,006 -26,775 1,072 0 -393 64,521 lease liabilities Total 1,034,898 712,330 37,006 0 9,430 2,542 9,917 1,806,123 Balance Changes af- Changes not affecting cash flow Carrying THOUS as of fecting cash amount Acquis- Reclas- Scope of Transac- Accrued in- 1/1/2023 flow 12/31/2023 ition sifi-cation tion terest, for-consolida- costs eign ex- tion change ef- changes fect Current 54,842 -14,604 0 7,708 0 0 4,432 52,378 financial liabilities Non-current 412,523 504,175 0 -7,708 0 248 0 909,238 financial liabilities Current 21,793 -25,158 0 23,036 0 0 0 19,671 lease liabilities Non-current 46,097 0 30,650 -23,036 0 0 -100 53,611 lease liabilities Total 535,255 464,413 30,650 0 0 248 4,332 1,034,898
Appendix I/61
of the companies KTM AG, KTM Forschungs- und Entwicklungs GmbH and KTM Components GmbH were
finally approved by the creditors in court on February 25, 2025. The resulting restructuring profit of 70% of the
registered creditors' claims can only be realised by the PIERER Mobility Group with the legally binding confir-
mation of the restructuring plan by the insolvency court and its prerequisites. Only this court order constitutes
the legal act giving rise to value based on national insolvency law provisions. As of the balance sheet date of
December 31, 2024, the Group presents the formerly non-current financial liabilities subject to the restructuring
procedure as current due to their associated legal classification. However, the debt-discharging effect of the
restructuring plan is not to be recognised in the balance sheet until the 2025 financial year. However, the
successful implementation of the going concern forecast in line with planning is subject to uncertainties and is
subject to exogenous and endogenous factors.
These consolidated financial statements continue to be prepared on a going concern basis, as does the Group
management report. This assessment is based on various reasons, but in particular the timely filing of the
restructuring quota, as explained in more detail in section 2 “Ongoing restructuring proceedings, information
in connection with insolvency proceedings”. Further background information can also be found in these expla-
nations.
The opening of the restructuring proceedings under insolvency law, in particular of KTM AG, resulted in the
derivatives used in hedging relationships being terminated by the offering banks. This terminated all cash flow
hedge relationships of the PIERER Mobility Group that were based on interest rate derivatives. The PIERER
Mobility Group recycled the reserves in equity through profit or loss, as the hedging relationship hedged fluc-
tuations in variable interest rates on loans and loans taken out and the resulting future cash flows will no longer
occur due to the restructuring proceedings. Cash flow hedge hedges on foreign currencies, which were pri-
marily used in the sales subsidiaries KTM Sportmotorcycle GmbH and Husqvarna Mobility GmbH as well as
their subsidiaries, remained unaffected by the termination by the banks.
In addition, the PIERER Mobility Group had a cash flow hedge on the interest rate risk on the foreign currency
USD from future sales volume in the USA. The underlying hedging transaction was already terminated by the
PIERER Mobility Group in October 2024, before the restructuring proceedings were opened. Since the
PIERER Mobility Group continues to anticipate the occurrence of the underlying cash flows, i.e. revenue in the
USA, the associated reserve in equity could not be recognised in profit or loss when the hedging transaction
was terminated. The PIERER Mobility Group recognises this reclassification on a P&L basis on a pro rata
basis over the actual remaining term of the hedging transaction until April 2025.
• CURRENCY RISKS
As a globally active company, the PIERER Mobility Group is influenced by global economic parameters such
as changes in currency parities or developments on the financial markets. In particular, the exchange rate
development of the US dollar, which represents the highest individual risk in foreign currency risk, is important
for the development of sales and earnings. Due to the increasing importance of the USD in purchasing, the
foreign currency risk for the USD is significantly reduced ("natural hedge"). In the 2024 financial year, around
25% of sales (previous year: 26%) were generated in US dollars. Currency hedging measures, especially
hedging strategies, can largely offset these currency shifts over at least one model year.
The Group also faces currency risks if financial assets and liabilities are settled in a currency other than the
local currency of the respective company. The majority of the Group's companies’ invoice in local currency
and are largely financed in local currency. Investments are mainly made in the local currency of the investing
Group company. For these reasons, of course, currency positions usually result in closed.
The main causes of ineffectiveness in currency hedging transactions are:
• the impact of counterparty and Group credit risk on the fair value of the FX futures contracts, which is not
reflected in the change in the fair value of hedged cash flows due to changes in exchange rates, and
• Changes in the transaction date of hedged items.
Appendix I/62
A sensitivity analysis is carried out for currency risk. The effects of the change in the exchange rate of +/- 10%
on profit and loss, other comprehensive income and equity are shown. The affected bank balances, receiva-
bles and liabilities of the Group as well as future receipts and payments in foreign currency as at the balance
sheet date and the planned purchases and sales in foreign currency for the 2024 financial year were used as
a basis. It was assumed that the risk on the balance sheet date essentially represents the risk during the
financial year. The Group tax rate of 23% was used as the tax rate. It was also assumed in the analysis that
all other variables, in particular interest rates, remain constant. The analysis included those currency risks of
financial instruments that are denominated in a currency other than the functional currency and are of a mon-
etary nature.
Currency risks from euro positions in subsidiaries whose functional currency differs from the euro were allo-
cated to the currency risk of the functional currency of the respective subsidiary. Risks from foreign currency
positions other than the euro were aggregated at Group level. Exchange rate-related differences from the
translation of financial statements into the Group currency were not taken into account.
The PIERER Mobility Group bases its analysis on the following assumptions:
• For the sensitivity of profit and loss, bank balances, receivables and liabilities of the Group, as well as future
deposits and withdrawals in foreign currency that are not accounted for in the functional currency of the
Group company, are taken into account. The open derivatives of the cash flow hedge, the underlying trans-
action of which has already been realised as of the balance sheet date (income recognition), are also used.
• For the sensitivity of other comprehensive income, open derivatives of the cash flow hedge whose hedged
item has not yet been realised as of the balance sheet date are taken into account (not recognised in earn-
ings). The nominal value of the open derivatives corresponds to the exposure.
•
INTEREST RATE RISKS
Increase (+) / decrease (-) 10% increase Devaluation of 10% THOUS 31.12.2024 31.12.2023 31.12.2024 31.12.2023 Change in earnings (after tax) -20.905 -33.302 25.550 40.702 Change in currency-related cash flow hedge reserve 0 6.866 0 -8.392 Change in equity -20.905 -26.436 25.550 32.310
Some of the financial instruments have variable interest rates on both the assets and liabilities. The risk there-
fore consists of rising interest expenses or decreasing interest income, which result from an adverse change
in market interest rates. The information below relates to the characteristics of financial instruments as of the
balance sheet date and does not take into account the outcome of the restructuring proceedings of the com-
panies concerned as a value-giving event in the 2025 financial year.
As explained in the introduction, the opening of insolvency restructuring proceedings resulted in the termination
of derivatives used in hedging relationships by the banks offering them. Cash flow hedges on foreign curren-
cies, which were primarily used in the sales subsidiaries KTM Sportmotorcycle GmbH and Husqvarna Mobility
GmbH and their subsidiaries, remained unaffected by the termination by the banks. The interest rate swaps
previously used to hedge interest rate risks were no longer in place as at the reporting date of December 31,
2024.
Interest rate risks thus result mainly from original floating rate financial instruments (cash flow risk). Sensitivity
analyses were carried out for the interest rate risks of these financial instruments, which show the effects of
hypothetical changes in the market interest rate level on earnings (after tax) and equity. The affected portfolios
as of the balance sheet date were used as a basis. It was assumed that the risk at the balance sheet date
essentially represents the risk during the financial year. The group tax rate of 23% was used as the tax rate.
In addition, the analysis assumed that all other variables, especially exchange rates, remain constant.
The main causes of ineffectiveness in the context of interest rate hedging are:
Appendix I/63
• the impact of counterparty and group credit risk on the fair value of interest rate derivatives, which is not
reflected in the change in the fair value of hedged cash flows due to changes in interest rates, and
• Differences in parameters (e.g. interest rate adjustment dates) between derivatives and hedged items
A sensitivity analysis was carried out for interest rate risk. This shows the changes in the interest rate of +/- 50
basis points on profit and loss, other comprehensive income and equity.
Increase (+) / decrease (-) Increase by 50 BP Reduction of 50 BP THOUS 12/31/2024 12/31/2023 12/31/2024 12/31/2023 Change in earnings (after tax) -5,691 -2,362 5,691 2,361 Change in interest-related cash flow hedge reserve 0 1,113 0 -1,120 Change in equity -5,691 -1,249 5,691 1,241
•
DEFAULT RISKS (CREDIT OR CREDIT RISKS)
The risk of default is the risk of financial loss if a client or the contracting party to a financial instrument fails to
meet his or her contractual obligations. The risk of default generally arises from trade receivables. The maxi-
mum payment terms granted in the financial year and in the previous year ranged from 270 to 360 days, and
even 360 days towards the end of the 2024 financial year.
On the assets side, the reported book values also represent the maximum default risk. With the exception of
the set-off agreement described in item 42 of the notes to the consolidated financial statements, there are no
general set-off agreements.
Trade receivables
The default risk for receivables from customers can still be considered low overall, as the creditworthiness of
new and existing customers is constantly checked and collateral is requested.
Risk management carries out an analysis and assessment of new customers. First, these are analysed indi-
vidually with regard to their creditworthiness and standardised contracts are concluded with customers
throughout the Group. The analysis includes external ratings, where available, as well as annual financial
statements, credit agency information and bank information. Sales limits are set for each customer and con-
tinuously reviewed. All transactions that exceed these limits require the approval of the risk management de-
partment.
Default risks of receivables from customers are hedged in the Group by bank collateral (guarantees, letters of
credit). The default risks are defined in internal guidelines and continuously monitored based on this.
There are largely long-standing business relationships with dealers and importers. By continuously monitoring
the risk of default or the creditworthiness of the customers, each receivable is individually checked for the need
for a value adjustment.
A summary of the risk of default for trade receivables as of December 31, 2024, is presented in the table below.
Appendix I/64
Trade receivables Not impaired in Creditworthin- Total creditworthiness ess impaired THOUS Not overdue 220,448 0 220,448 Overdue 1-30 days 34,188 0 34,188 Overdue 31-60 days 5,446 0 5,446 Overdue 61-90 days 4,583 0 4,583 Overdue > 90 days 3,309 49,460 52,769 Total gross carrying amount 267,974 49,460 317,434 Impairment loss -794 -27,218 -28,012 Total 267,180 22,242 289,422
A summary of the risk of default for trade receivables as of December 31, 2023, is presented in the table below.
Trade receivables Not impaired in Creditworthin- Total creditworthiness ess impaired THOUS Not overdue 297,836 0 297,836 Overdue 1-30 days 18,404 0 18,404 Overdue 31-60 days 11,213 0 11,213 Overdue 61-90 days 3,145 0 3,145 Overdue > 90 days 16,594 10,916 27,510 Total gross carrying amount 347,192 10,916 358,108 Impairment loss -301 -7,006 -7,307 Total 346,892 3,910 350,801
To determine the impairment requirements for trade receivables that have not been individually value-adjusted,
the defaults of recent years were evaluated in the PIERER Mobility Group. The analysis has shown that there
is only a negligible risk for receivables with a certain overdue date. The assessment of loss ratios is based on
historical default rates related to overdue dates and taking into account forward-looking information.
With regard to the balance of financial delivery and other receivables that are neither impaired nor in arrears,
there are no indications at the balance sheet date that the debtors will not meet their payment obligations.
There are no concentration risks.
Estimation of expected credit losses
On the basis of the defaults actually observed in the past, an average default rate of 0.2% (previous year:
0.07%) of trade receivables was determined. The increase is mainly due to the fact that macroeconomic un-
certainties and persistently high interest rates have led to a difficult market environment. An additional risk is
posed by the insolvency reorganization proceedings of KTM AG in particular, which not only entails payment
difficulties for the KTM Group vis-à-vis dealers, but also uncertainties for end customers with regard to the
warranty services offered, product reliability, supply of spare parts, reputational damage and the like. Against
this backdrop, the risk premium for future-related developments was adjusted for the 2024 financial year. An
addition of EUR 493 thousand (previous year: EUR 111 thousand) was recognized as an allowance for ex-
pected losses on trade receivables.
The impairment charge for expected losses as of December 31, 2024 in the PIERER Mobility Group amounts
to EUR 794 thousand (previous year: EUR 301 thousand).
Appendix I/65
Development of impairments
The development of value adjustments in respect of trade receivables and receivables is described in the
notes under item 30 "Trade receivables".
Cash and equivalents, other assets and derivatives
Credit losses on cash and cash equivalents and other financial assets are calculated based on average default
rates and the rating of the instrument. A significant change in credit risk is determined based on rating and late
payment. Taking into account the short-term nature of these positions and in view of the good rating of the
banks, the Group expects that these holdings are financial instruments with a low risk of default and that the
expected losses are not material.
In the case of derivative financial instruments with a positive market value, the default risk is limited to their
replacement costs, whereby the default risk can be classified as low, as the counterparties are exclusively
banks with a high credit rating. There is no evidence of additional impairment requirements for financial assets.
• LIQUIDITY RISK
As already described in the introduction to this capital, the liquidity risks and ultimately the lack of liquidity of
KTM AG in particular led to the opening of restructuring proceedings under insolvency law in the 2024 financial
year.
The liquidity risks of the PIERER Mobility Group are primarily since the payments from sales revenues are
below the planned assumptions due to a weakening of demand. The PIERER Mobility Group countered this
risk by maintaining a liquidity reserve in the form of unused credit lines and, if necessary, in the form of cash
holdings at banks with a high credit rating. Due to the prolonged phase of sales revenues below expected
levels, KTM AG was no longer able to maintain and guarantee the necessary liquidity through further borrowed
funds.
As described in Note 41, the Group participates in a factoring program whose purpose is to enable efficient
payment processing and interim financing. This enables the Group to centralize payments from trade receiva-
bles while maintaining flexibility in liquidity management. The restructuring process has not increased the li-
quidity risk associated with the factoring program in relation to the receivables already purchased, as receiva-
bles purchased have not been called in due to the termination of certain programs by the financial services
provider in the meantime, but incoming payments from the properly purchased receivables must be forwarded
to the financial services provider, meaning that this process is generally liquidity-neutral. The factoring agree-
ments that continue to exist contain, among other things, extraordinary termination clauses that take effect in
certain cases (e.g. in the event of insolvency proceedings or a change of control). In the event of extraordinary
termination, liquidity risks may arise for the Group, as new receivables can no longer be sold via this program
and alternative measures may have to be taken to regain the existing flexibility in liquidity management.
With the opening of insolvency restructuring proceedings, in particular for KTM AG, covenants contained in
loan agreements also became obsolete. The loan agreements of Pierer Mobility AG contain covenants that
allow for early repayment. The company concluded standstill agreements with the lenders prior to the reporting
date, thus suspending the maturity date until May 31, 2025. The liabilities are classified as current in the con-
solidated financial statements as at December 31, 2024. Repayment will be made from existing cash and cash
equivalents by May 31, 2025.
The future safeguarding of the KTM Group's liquidity after the successful completion of the restructuring pro-
ceedings is to be ensured primarily by an equity grant and the necessary follow-up financing in the form of a
restructuring loan. In addition, the management initiated and implemented various measures, not least in the
course of the restructuring process, to minimise future liquidity risks. In particular, adjustments to production
capacities, cost-cutting and sales measures should be mentioned. In addition, the management has initiated
Appendix I/66
and implemented various measures to minimize future liquidity risks, not least as part of the restructuring
process. These include, in particular, adjustments to production capacities and management, cost-cutting and
sales measures. In addition, direct cash flow planning is carried out on a weekly basis and expenditure is
strictly controlled via internal approval processes against the background of the analysis of transactions nec-
essary for operations.
Free cash flow is a key performance indicator of the PIERER Mobility Group. The contractually agreed (undis-
counted) cash flows (interest and principal payments) and the remaining maturities of the financial debt are
made up as shown below. The information on payment terms refers to the status of contractual obligations as
of December 31, 2024; due to the insolvency proceedings, the debts subject to the proceedings were made
due immediately in accordance with legal requirements, but their execution and interest were suspended.
1) Of which in insolvency proceedings: Financial liabilities EUR 943,488 thousand; liabilities from leases un-
der conditional claim filing EUR 58,380 thousand; trade payables EUR 196,411 thousand; promissory note
loans EUR 495,000 thousand; other current and non-current financial liabilities EUR 174 thousand
THOUS Carrying Cash flow 2025 Cash flow 2026 to 2029 Cash flow from 2030 amount Fixed Vari- Repay- Fixed Vari- Repay- Fixed Vari- Repay- 12/31/2024 inte- able in- ment inte- able in- ment inte- able in- ment rest terest rest terest rest terest Financial liabilities meas- ured at fair value Fair value - hedging in- struments Other financial liabilities - derivatives with negative market value that have al- 188 0 0 188 0 0 0 0 0 0 ready been assigned to re- ceivables Other financial liabilities - derivatives with negative 34 0 0 34 0 0 0 0 0 0 market value (cash flow hedge) Total 222 0 0 222 0 0 0 0 0 0 Financial liabilities not 1)measured at fair valueAt amortized cost Interest-bearing liabilities 1,718,326 14,494 21,904 913,833 42,775 53,404 481,487 32,794 12,207 340,226 Trade payables 381,857 0 0 381,857 0 0 0 0 0 0 Other financial liabilities 129,115 0 0 129,115 0 0 0 0 0 0 (current and non-current) Total 2,229,298 14,494 21,904 1,424,805 42,775 53,404 481,487 32,794 12,207 340,226 Total 2,229,520 14,494 21,904 1,425,027 42,775 53,404 481,487 32,794 12,207 340,226
Appendix I/67
THOUS Carrying Cash flow 2024 Cash flow 2025 to 2027 Cash flow from 2028 amount Fixed Vari- Repay- Fixed Vari- Repay- Fixed Vari- Repay- 12/31/2023 interest able in- ment inte- able in- ment inte- able in- ment terest rest terest rest terest 0 0 0 0 0 0 0 0 0 0 Financial liabilities meas- ured at fair value Fair value - hedging in- 0 0 0 0 0 0 0 0 0 0 struments Other financial liabilities - derivatives with negative market value that have al- 419 0 0 419 0 0 0 0 0 0 ready been assigned to re- ceivables Other financial liabilities - derivatives with negative 1,707 0 0 1,707 0 0 0 0 0 0 market value (cash flow hedge) Total 2,126 0 0 2,126 0 0 0 0 0 0 Financial liabilities not measured at fair value At amortized cost Interest-bearing liabilities 961,616 14,447 26,773 45,743 47,971 75,308 560,402 34,031 18,810 350,806 Trade payables 676,978 0 0 676,978 0 0 0 0 0 0 Other financial liabilities 87,462 0 0 87,462 0 0 0 0 0 0 (current and non-current) Total 1,726,056 14,447 26,773 810,183 47,971 75,308 560,402 34,031 18,810 350,806 Total 1,728,182 14,447 26,773 812,309 47,971 75,308 560,402 34,031 18,810 350,806
Appendix I/68
VIII.
FINANCIAL INSTRUMENTS AND CAPITAL
MANAGEMENT
40. BASIC PRINCIPLES
The PIERER Mobility Group holds original and derivative financial instruments. Primary financial instru-
ments mainly include trade receivables, credit balances with credit institutions, liabilities to credit institutions,
trade payables and financial liabilities. The holdings of the original financial instruments are shown in the con-
solidated balance sheet or in the notes to the consolidated financial statements. Derivative financial instru-
ments are generally used to hedge existing interest rate and foreign currency risks. The use of derivative
financial instruments is subject to appropriate authorisation and control procedures within the Group. The com-
mitment to a hedged transaction is mandatory, trading transactions are not permitted. The purchases and
sales of all Financial Instruments are recorded on the Settlement Date.
With the opening of the restructuring proceedings under insolvency law, in particular of KTM AG, the majority
of the derivatives held were terminated by the financial service providers, as explained in the introduction to
Chapter VII "Risk Report". This essentially explains the significant changes in the representations in this sub-
sequent chapter.
ACCOUNTING POLICIES
The categorization is carried out depending on the contractual cash flows and the underlying business model.
The following measurement categories are represented by IFRS 9:
- AC category: At amortised cost using the effective interest method
- FVOCI category: Fair value, changes in fair value are recognised in other comprehensive income
- FVPL category: Fair value, changes in fair value are recorded in the income statement
For equity instruments (such as shares in unlisted companies), the FVOCI option can be exercised. As a result,
changes in fair value are recognised in other comprehensive income and the changes in fair value accumulated
in other comprehensive income can no longer be subsequently reclassified to the income statement. If this
option is not exercised, it is allocated to the FVPL category, with all changes in fair value recognised in profit
or loss in profit or loss.
Receivables and other assets are measured at fair value at the time of acquisition and at amortised cost in
subsequent periods. Foreign currency receivables are converted at the exchange rate on the cut-off date.
Financial receivables are assigned to the category "at amortized cost" and are measured at amortized cost.
The part of trade receivables that is part of the ABS or factoring program is assigned to the Fair Value through
Profit and Loss (FVPL) category.
Financial liabilities are measured at amortized cost. Financial debt is assigned to the category "at amortized
cost". A difference between the amount received and the repayment amount is distributed over the term ac-
cording to the effective interest method and recognized in the financial result. The cash procurement costs
incurred in connection with financing taken out are amortized through profit or loss using the effective interest
method. Liabilities are measured at amortized cost. Foreign currency liabilities are converted at the exchange
rate on the reporting date.
All financial instruments in the FVPL category are measured at fair value through profit or loss on the basis of
the criteria of IFRS 9 (business model or SPPI test). The fair value option was not exercised.
Appendix I/69
Depreciations
Trade receivables do not have a significant financing component. Therefore, the simplified procedure for de-
termining the expected credit loss is applied, according to which allowance for credit losses in the amount of
the expected losses over the remaining term must be recognised for all instruments, regardless of their credit
quality. In the case of trade receivables, this is less than twelve months and therefore corresponds to the 12-
month loss. Explanations of the amount can be found under point 39 "Financial risks".
To determine the expected credit loss, historical default data on receivables from the last eight to ten years
was collected and segmented by geographical region. Current economic factors and forecasts are also taken
into account.
Individual value adjustments of financial assets are made when they are considered irrecoverable or partially
irrecoverable. Indicators of individual value adjustments include financial difficulties, insolvency, breach of con-
tract or significant late payment by customers. The individual value adjustments are made up of numerous
individual items, none of which is material when viewed alone. A direct derecognition of the financial assets
only takes place if the contractual rights to payments from the financial assets no longer exist (especially in
the event of insolvency). If the amount of the impairment decreases in one of the following periods and this
reduction can be objectively attributed to a situation that occurred after the impairment was recognised, the
previously recognised impairment allowance is reversed by adjusting the impairment account.
Hedge accounting
The hedge accounting requirements are applied in accordance with IFRS 9. Under IFRS 9, the fair value of an
option, the forward component of a futures contract, and any foreign currency basis spreads may be excluded
from the designation of a financial instrument as a hedging instrument and may be accounted for as the cost
of hedging. Fluctuations in the value of these optionally non-designated components are recognised as hedg-
ing costs in other comprehensive income and reclassified to the income statement if the hedged item has an
impact on earnings.
41. CLASSIFICATION AND FAIR VALUES
The time value of a financial instrument is determined by quoted market prices for the identical instrument
on active markets (level 1). If no quoted market prices are available on active markets for the instrument, the
fair value is determined using valuation methods whose essential parameters are based exclusively on ob-
servable market data (level 2). Otherwise, the fair value is determined on the basis of valuation methods for
which at least one essential parameter is not based on observable market data (level 3).
Reclassifications between the levels are taken into account at the end of the reporting period. There were no
shifts between the levels in the fiscal year.
The following table shows the measurement technique used to determine fair value and the material; unob-
servable inputs used.
Appendix I/70
Financial instruments measured at fair value Type Evaluation technique Significant, not Relationship between sig- Observable nificant unobservable in- Input puts and measurement at fair value Forward currency trans- Fair values are based on mar- Not applicable Not applicable actions and interest rate ket values (discounted cash swaps flows) determined by recog- nised financial mathematical models. These are regularly plausible. Other financial assets The current stock market price Not applicable Not applicable (Securities) on the balance sheet date is used to value securities. Financial instruments measured at fair value Type Evaluation technique Significant, unobservable in- puts Promissory note loans, financial Discounted cash flows Risk premium for own Accounts payable Credit risk NCI Put Options and Purchase Price Liabili- Discounted cash flows or value Planned values of target agree- ties based on contractual agreements at ments strike prices
Appendix I/71
The table below shows the carrying amounts and fair values of financial assets (asset-side financial instruments), separated by class or measurement category in
accordance with IFRS 9. However, it does not include information on fair value or the level of financial assets and financial liabilities that have not been measured at
fair value if the carrying amount is a reasonable approximation of fair value.
THOUS Fair value Carrying amount 12/31/2024 Carrying Fair va- Level 1 Level 2 Level 3 Total AC FVOCI FVOCI FVPL Fair value - amount lue Amortised Fair Value Fair Value Fair Value hedging in- 12/31/2024 12/31/2024 Cost through OCI through OCI through P&L struments (without re- cycling) Financial assets measured at fair value Other current assets - derivatives with positive market value that have already been assigned to receivables (fair value hedge) - - - - - - - - - - - Other current assets - derivatives with positive market value (cash flow hedge) 6 6 - 6 - 6 - - - - 6 Trade receivables 8,424 8,424 - - 8,424 8,424 - - - 8,424 - Other financial assets 215 215 - - 215 215 - - 215 - - Total 8,645 Financial assets not measured at fair value Cash and cash equivalents 163,406 - - - - - 163,406 - - - - Trade receivables 280,999 - - - - - 280,999 - - - - Other financial assets 65,659 - - - - - 65,659 - - - - Total 510,064 Total 518,709
Appendix I/72
The receivables sold in connection with the existing ABS and factoring programme will be fully derecognised in accordance with the provisions of IFRS 9. As part of
the ABS program, monthly revolving insured trade receivables up to a maximum volume of EUR 350,000 thousand (previous year: EUR 350,000 thousand) are sold.
In the 2024 financial year, the Group also launched a new factoring programme, which, however, was terminated by the financial service provider in the course of the
restructuring proceedings under insolvency law, which means that no new receivables will be purchased via this, and its remaining holdings will be dissolved upon
receipt of payment of the receivables by the financial service provider. As of December 31, 2024, EUR 27,406 thousand in receivables were written off via this program.
As of the balance sheet date, trade receivables totalling EUR 251,339 thousand (previous year: EUR 432,867 thousand) were sold to third parties. Up to a contractually
defined amount, the Group continues to bear a risk from credit risk-related defaults. As of December 31, 2024, the resulting maximum risk of loss amounted to EUR
2,648 thousand (previous year: EUR 8,459 thousand). At the time of sale, the expected loss is generally recognised as a liability. The carrying amount of the ongoing
THOUS Fair value Carrying amount 12/31/2023 Carrying Fair va- Level 1 Level 2 Level 3 Total AC FVOCI FVOCI FVPL Fair value - amount lue Amortised Fair Value Fair Value Fair Value hedging in- 12/31/2023 12/31/2023 Cost through OCI through OCI through P&L struments (without re- cycling) Financial assets measured at fair value Other current assets - derivatives with positive market value (cash flow hedge) 4,685 4,685 - 4,685 - 4,685 - - - - 4,685 Trade receivables 17,939 17,939 - - 17,939 17,939 - - - 17,939 - Other financial assets 216 216 - - 216 216 - - 216 - - Total 33,821 Financial assets not measured at fair value Cash and cash equivalents 258,972 - - - - - 258,972 - - - - Trade receivables 332,862 - - - - - 332,862 - - - - Other financial assets 40,410 - - - - - 40,410 - - - - Total 632,244 Total 666,065
Appendix I/73
exposure amounted to EUR 2,648 thousand as of December 31, 2024 (previous year: EUR 8,459 thousand) and is reported under other current liabilities. The carrying
amount is the fair value of the ongoing exposure. In the period under review, EUR -842 thousand (previous year: EUR 197 thousand) and EUR 2,648 thousand
(previous year: EUR 8,459 thousand) cumulative since the start of the transaction were recognised in profit or loss.
The decline in receivables sold is primarily due to the reduction in the volume of receivables sold during the 2024 financial year, which resulted from lower sales
revenues and increased interest charges.
The Group does not exercise control over the ABS or factoring investee companies, as it lacks the rights to influence the relevant activities of these companies. This
specifically includes the selection and financing of receivables to be purchased, as well as the collection of non-performing receivables.
The table below shows the carrying amounts and fair values of financial liabilities (liabilities-side financial instruments), separated by class or measurement category
in accordance with IFRS 9. The fair value of those liabilities subject to insolvency proceedings was approximated by assuming 30% of the carrying amount. The reason
for this convergence is the offer made by the company's management to the creditors to pay a 30% spot quota at the balance sheet date, which was accepted by the
creditors on 25 February 2025. If the fair value or the level of financial liabilities that have not been measured at fair value is not disclosed below, in particular with
regard to the previous year, the carrying amount represents a reasonable approximation of the fair value.
Appendix I/74
1) Valuation is not carried out via OCI, but via the other reserves in equity, see point 37 for further information.
2) Of which in insolvency proceedings: Financial liabilities of EUR 943,488 thousand; liabilities from leases subject to conditional claims registration of EUR
58,380 thousand; Trade payables EUR 196,411 thousand; promissory note loan of EUR 495,000 thousand; Other short- and long-term financial liabilities
EUR 174 thousand
THOUS Fair value Carrying amount 12/31/2024 Carrying Fair va- Level 1 Level 2 Level 3 Total AC FVOCI FVOCI FVPL Fair value - amount lue Amortised Fair Value Fair Value Fair Value hedging in- 12/31/2024 12/31/2024 Cost through OCI through OCI through P&L struments (without re- cycling) Financial liabilities measured at fair value Fair value - hedging instruments Other financial liabilities - derivatives with negative market value that have already been assigned to re- ceivables 188 188 - 188 - 188 - - - - 188 Other financial liabilities - derivatives with negative market value (cash flow hedge) 34 34 - 34 - 34 - - - - 34 Total 222 Financial liabilities not measured at 2)fair valueAt amortized cost Interest-bearing liabilities 1,718,326 712,236 - - 712,236 712,236 1,718,326 - - - - Trade payables 381,857 - - - - - 381,857 - - - - 1)Options on non-controlling interests 61,445 - - - - - - 61,445- - - Other financial liabilities (current and non-current) 67,670 - - - - - 67,670 - - - - Total 2,229,298 Total 2,229,520
Appendix I/75
Carrying Fair va- Level 1 Level 2 Level 3 Total AC FVOCI FVOCI FVPL Fair value - amount lue Amortised Fair Value Fair Value Fair Value hedging in- 12/31/2023 12/31/2023 Cost through OCI through OCI through P&L struments (without re- cycling) Financial liabilities measured at fair value Fair value - hedging instruments Other financial liabilities - derivatives with negative market value that have already been assigned to re- ceivables 419 419 - 419 - 419 - - - - 419 Other financial liabilities - derivatives with negative market value (cash flow hedge) 1,707 1,707 - 1,707 - 1,707 - - - - 1,707 Total 2,126 Financial liabilities not measured at fair value At amortized cost Interest-bearing liabilities 961,616 979,384 - - 979,384 979,384 961,616 - - - - Trade payables 676,978 - - - - - 676,978 - - - - 1)Options on non-controlling interests 5,816 - - - - - - 5.816- - - Other financial liabilities (current and non-current) 81,646 - - - - - 81,646 - - - - Total 1,726,056 Total 1,728,182
1)
Valuation is not carried out via OCI, but via the other reserves in equity, see point 37 for further information.
Appendix I/76
Net income from financial instruments by measurement categories in accordance with IFRS 9 includes net
gains/losses, total interest income/expense and reduction losses and is composed as follows:
Changes in impairment and amortisation of financial assets are recognised in other operating expenses in the
respective overhead areas. The remaining components of net income are included in financial income and
financial expenses.
42. SET-OFF OF FINANCIAL ASSETS AND LIABILITIES
The Group concludes offsetting agreements with banks in connection with derivatives. In principle, the
amounts owed under such agreements by each counterparty on a single day in respect of all outstanding
transactions in the same currency shall be combined into a single net amount payable by one party to the
other. In certain cases – for example, if a credit event such as a default occurs – all outstanding transactions
under the agreement will be terminated, the value will be determined at the end and only a single net amount
will be payable to offset all transactions. There is no offsetting in the balance sheet, as there is usually no net
settlement of several transactions from such framework agreements.
The following tables show actual offset financial assets and liabilities as well as un-offset amounts that are
subject to a set-off agreement but do not meet the set-off criteria under IFRS.
2024 From In- From subse- From allo- From From foreign Net in- terest quent wance disposal exchange come (to- THOUS measurement income valuation tal) to fair value Financial assets - 25,755 0 -26,967 0 630 -582 amortized cost (AC) Fair Value through OCI (FVOCI) - 0 0 0 0 0 0 equity instruments Fair Value through PL (FVPL) - 0 -139 0 0 0 -139 equity instruments Other financial liabilities - amortized -118,164 0 0 0 3,216 -114,948 cost (AC) Total -92,409 -139 -26,967 0 3,846 -115,669 2023 From From subsequent From allo- From From foreign Net in- Interest measurement wance disposal exchange come (to- THOUS to fair value income valuation tal) Financial assets - 10,669 0 -2812 0 -3,494 4,363 amortized cost (AC) Fair Value through OCI (FVOCI) - 0 0 0 0 0 0 equity instruments Fair Value through PL (FVPL) - 0 0 0 0 0 0 equity instruments Other financial liabilities - amortized -76,708 0 0 0 -1,955 -78,663 cost (AC) Total -66,039 0 -2,812 0 -5,449 -74,300
Appendix I/77
Net amounts
THOUS Financial Offset Reported Effect of Net amounts Assets- Balance sheet Financial Offsetting values Amounts Assets- Framework As- sociation- (Gross) (Gross) Values (net) Agreements Financial assets 2024 Other financial assets - Derivatives with a positive market value that have already been allocated claims Forward currency transactions 6 0 6 0 6 Interest rate swaps 0 0 0 0 0 Sum 6 0 6 0 6 Financial assets 2023 Other financial assets - Derivatives with a positive market value that have already been allocated claims Forward currency transactions 4,238 0 4,238 -1,630 2,608 Interest rate swaps 11,428 0 11,428 0 11,428 Sum 15,666 0 15,666 -1,630 14,036 THOUS Financial Offset Reported Effect of Owe Balance sheet Financial Offsetting (Gross) Amounts Owe Framework As- sociation- (Gross) (net) Agreements Financial debt 2024 Other financial liabilities - Deriva- tives with a negative market value that are already allocated receiva- bles Forward currency transactions 222 0 222 0 222 Interest rate swaps 0 0 0 0 0 Sum 222 0 222 0 222 Financial debt 2023 Other financial liabilities - Deriva- tives with a negative market value that are already allocated receiva- bles Forward currency transactions 2,590 0 2,590 -1,630 960 Interest rate swaps 0 0 0 0 0 Sum 2,590 0 2,590 -1,630 960
Appendix I/78
43. HEDGES
The derivative financial instruments entered into by the Group (forward currency transactions and interest
rate swaps) are concluded to hedge foreign currency and interest rate risk. The aim of the use of derivative
financial instruments is to compensate for the differentiation of cash flows from future transactions. The ex-
pected sales revenues and material purchases in foreign currency serve as the basis for planning future
cash flows.
With the opening of the restructuring proceedings under insolvency law, in particular of KTM AG, the majority
of the derivatives held were terminated by the financial service providers, as explained in the introduction to
Chapter VII "Risk Report". At this point, reference should be made to the statements there, which also relate
to the effects on the Group's cash flow-hedge relationships.
As a matter of principle, the Group only recognises changes in the spot component of forward currency
transactions as a hedging instrument in the hedging of cash flows. The change in the forward component is
accounted for separately as hedging costs and placed in equity in a reserve for hedging costs or reclassified
to the income statement (as part of the financial result) if the hedged item has an effect on earnings.
In accordance with intra-group agreements (see Section 40 "Basics" for explanation), the Group applies the
rules of cash flow hedge accounting in accordance with IFRS 9 to derivative financial instruments held. Due
to the termination of all hedging transactions based on interest rate derivatives by the respective financial
service providers in the course of the opening of the insolvency restructuring proceedings, in particular of
KTM AG, the reserves formed in equity were recognised in profit or loss in the 2024 financial year. Excluded
from this is a cash flow hedge on the interest rate risk on the foreign currency USD of future sales volume in
the USA: In this case, the Group continues to assume the occurrence of the underlying cash flows, i.e. the
sales revenues in the USA, so that the Group makes an instalment, profit or loss recognition over the actual
remaining term of the hedging transaction until April 2025.
The essential contractual criteria of hedged items and the hedging instruments used are basically identical
but designed in opposite directions ("critical terms match"), so that an economic connection of the hedging
relationship is guaranteed. As of December 31, 2024 (as in the previous year), there are no derivative finan-
cial instruments for which a hedging relationship could not be established.
To measure the effectiveness of currency hedging, hedged and hedging transactions are combined into ma-
turity bands for each hedged risk. The maturity bands should cover a maximum of one quarter. Prospective
effectiveness is assessed at the beginning of the hedging relationship and reviewed at each valuation date
and in the event of a significant change in the framework conditions that influence the criteria for assessing
effectiveness. In the case of interest rate hedging, the prospective effectiveness is measured using a sensi-
tivity analysis and the retrospective effectiveness test is carried out using the dollar offset method.
The basis for the valuation of the derivatives is the market data available at the balance sheet date (interest
rate, exchange rates, etc.). The forward exchange rate on the balance sheet date is used to value forward
currency transactions. In the case of positive market values, the creditworthiness of the contractual partner is
included in the assessment by means of a credit value adjustment (CVA). In the case of negative market val-
ues, a Debit Value Adjustment (DVA) is discounted in order to take into account the company's own default
risk. Own models are used to estimate the valuation. These are plausible by means of bank valuations.
Appendix I/79
The following derivative financial instruments used as hedging instruments were used as of 31 December
2024 and 31 December 2023 respectively:
Due to the consequences of the opening of insolvency restructuring proceedings, in particular of KTM AG, as
of December 31, 2024, with the exception described above, only future operating foreign currency cash flows,
the receipt and exit of which are planned to be received and outsourced in the next twelve months, will be
hedged as part of cash flow hedge accounting.
12/31/2024 Currency Notional amount Market va- Gross Term Average Term Average lues in 1000 values Exposures up to 1 foreign 1 - 5 foreign local currency in THOUS in THOUS year exchange years exchange rate rate Forward cur- GBP 11,500 -216 0 11,500 0.85 0 - rency transactions CHF 2,500 0 0 2,500 0.93 0 - Notional amount Market annualy Term Term in 1000 values Exposures up to 1 Average 1 - 5 Average year interest years interest local currency in THOUS in THOUS rate rate Interest rate 0 0 0 0 0.00% 0 0.00% swaps 12/31/2023 Currency Notional amount Market va- Gross Term Average Term Average lues in 1000 values Exposures up to 1 foreign 1 - 5 foreign local currency in THOUS in THOUS year exchange years exchange rate rate Forward cur- USD 137,000 3,076 131,715 137,000 1.08 0 - rency transactions JPY 6,600,000 -511 -38,510 6,600,000 155.69 0 - CAD 65,000 522 71,074 65,000 1.45 0 - GBP 37,000 -93 101,892 37,000 0.88 0 - CHF 37,000 -1503 35,156 37,000 0.95 0 - CNY 132,000 138 -58,675 132,000 7.89 0 - Notional amount Market annualy Term Term in 1000 values Exposures up to 1 Average 1 - 5 Average in THOUS year interest years interest local currency in THOUS rate rate Interest rate 164,706 11,428 0 0 0.00% 164,706 -2.71% swaps
Appendix I/80
As of the balance sheet date, the amounts relating to items designated as hedged items are as follows.
THOUS Cash flow hedge re- Costs of hedging Balances remaining in the cash flow hedge re- serve hedge reserve serve from hedging relationships for which hedge accounting is no longer applied 12/31/2024 Foreign currency risk Sales and receivables 0 0 0 Inventory purchases 0 0 0 Interest rate risk Variable-rate instruments 1,965 0 0 Total 1,965 0 0 12/31/2023 Foreign currency risk Sales and receivables -621 -130 0 Inventory purchases 136 -51 0 Interest rate risk Variable-rate instruments 8,986 0 0 Total 8,501 -181 0
The hedging transactions designated as of the balance sheet date are as follows:
THOUS Nominal Carrying amount Line item in the statement of financial position amount Assets Liabilities where the hedging instrument is included 12/31/2024 Foreign currency risk Foreign currency forwards - Other current assets, other 15,823 6 -222 sales and receivables current liabilities Foreign currency forwards - Other current assets, other 0 0 0 inventory purchases current liabilities Interest rate risk Interest rate swaps 0 0 0 Other current assets Total 15,823 6 -222 12/31/2023 Foreign currency risk Foreign currency forwards - Other current assets, other 235,018 3,772 -1,719 sales and receivables current liabilities Foreign currency forwards - Other current assets, other 75,765 466 -871 inventory purchases current liabilities Interest rate risk Interest rate swaps 164,706 11,428 0 Other current assets Total 475,489 15,666 -2,590
Appendix I/81
The cash flow hedge reserve and the reserve for hedging costs (after tax) have deteriorated as
as follows:
As of December 31, 2024, ineffective components of derivative financial instruments classified as cash flow
hedges resulted in a net result (after tax) of EUR 0 thousand (previous year: EUR 0 thousand).
THOUS Reserve for Cash flow Total hedging costs hedge reserve As of 1/1/2023 -541 16,677 16,136 Amount reclassified to the income statement Realization of hedged item (recognized in revenues - 541 -2,639 -2,098 currency risk) Realization of hedged item (recorded in net interest in- 0 0 0 come - currency risk) Realization of hedged item (recorded in net interest in- 0 929 929 come - interest rate risk) Inventories Realization of hedged item (recorded in inventories / 0 -309 -309 production costs - currency risk) Change in fair value Addition - interest rate risk 0 -5,667 -5,667 Addition - currency risk -177 -494 -671 Cash flow hedge reserve from initial consolidation 0 0 0 Balanace as af 12/31/2023 = balance as of 1/1/2024 -177 8,497 8,320 Betrag, der in die Gewinn- und Verlustrechnung um- gegliedert wurde Realization of hedged item (recognized in revenues - 177 613 790 currency risk) Realization of hedged item (recorded in net interest in- 0 0 0 come - currency risk) Realization of hedged item (recorded in net interest in- 0 -4,013 -4,013 come - interest rate risk) Inventories Realization of hedged item (recorded in inventories / -121 -121 0 production costs - currency risk) Change in fair value Addition - interest rate risk 0 -3,011 -3,011 Addition - currency risk 0 0 0 Cash flow hedge reserve from initial consolidation 0 0 0 As of 12/31/2024 0 1,965 1,965
Appendix I/82
FORWARD CURRENCY TRANSACTIONS
The forward foreign exchange contracts concluded by the PIERER Mobility Group are concluded in foreign
currencies to hedge future intended sales and material expenses against the risk of exchange rate fluctua-
tions.
INTEREST RATE SWAPS
The opening of the restructuring proceedings under insolvency law, in particular of KTM AG, led to the termi-
nation of the hedging transactions by the respective financial service providers and thus to the termination of
all cash flow hedge relationships of the group based on interest rate derivatives. As a result, the reserves
formed were recognised in equity through profit or loss. The accounting exception to this has already been
described above, in the context of which a reversal must be carried out in instalments. As of December 31,
2024, the remaining amount recognized from this title in the reserves of equity amounts to EUR 1,493 thou-
sand.
44. CAPITAL MANAGEMENT
The objective of capital management is to maintain an adequate capital base so that a return for the share-
holders commensurate with the company's risk situation, the future development of the company can be pro-
moted, and benefits can also be created for other interest groups. As already stated in Chapter VII "Risk
Report", this fundamental objective was also missed in the course of the opening of the restructuring proceed-
ings under insolvency law. With the restructuring proceedings opened on November 29, 2024, the focus is on
satisfying the interests of creditors.
The management considers only the Group's book equity in accordance with IFRS to be capital. The aim is to
ensure that all Group companies can operate under the going concern assumption. As at the balance sheet
date, the Group equity ratio amounted to -8.1% (previous year: 30.8%). The change in equity is shown in the
statement of changes in equity.
The resulting restructuring profit of 70% of the registered creditors' claims can only be realised by the Group
with the legally binding confirmation of the restructuring plan by the insolvency court and its prerequisites. The
fiduciary deposit of the cash quota of 30% was made on May 22, 2025. This still requires a corresponding
positive court ruling, which is expected in mid-June 2025. Only this court ruling will constitute the legal act
establishing the value on the basis of national insolvency law provisions.
The strategy of the PIERER Mobility Group aims to ensure that PIERER Mobility AG and the other Group
companies have an equity base that meets local requirements. Capital management is mainly managed on
the basis of the key figure’s equity ratio, net debt, gearing and dynamic debt.
The equity ratio is as follows:
THOUS 12/31/2023 12/31/2024 Equity 909,273 -193,749 Balance sheet total 2,952,915 2,395,834 Equity ratio 30.8% -8.1%
Net financial debt is defined as short- and long-term financial liabilities (bonds, loans, lease liabilities and
other interest-bearing liabilities) less cash and cash equivalents. The objective is to secure long-term liquidity,
efficiently draw on debt financing and limit financial risk while optimising returns.
Appendix I/83
THOUS 12/31/2023 12/31/2024 Non-current financial liabilities 962,849 93,353 Current financial liabilities 72,049 1,712,769 1,034,898 1,806,122 Cash and cash equivalents -258,972 -163,407 Net financial dept 775,926 1,642,715
The “gearing” key figures (ratio of net debt to equity) and the “dynamic debt” key figure (ratio of net debt to
EBITDA) for monitoring capital are as follows:
THOUS 12/31/2023 12/31/2024 Equity 909,273 -193,749 Net financial dept 775,926 1,642,715 Gearing 85.3% -847.9% THOUS 12/31/2023 12/31/2024 Net 775,926 1,642,715 EBITDA 323,528 -480,783 Dynamic debt 2.4 -3.4
IX. LEASES
45. LEASES AS LESSEE (IFRS 16)
The PIERER Mobility Group has concluded rental and leasing agreements for the use of land, operational and
administrative buildings, offices and storage areas, machines (including CNC machines) and for the vehicle
fleet.
The PIERER Mobility Group also rents IT equipment with contractual terms of between one year and five
years. These rental and leasing agreements are either short-term or (or and) they are based on items of low
value. The Group has exercised the option under IFRS 16.5-.8 and has not recognized any right-of-use or
lease liabilities for these lease and lease agreements.
Furthermore, leasing contracts for tools (special leasing) and machines are concluded with a term of 3-10
years.
With the opening of the insolvency restructuring proceedings of KTM AG, KTM Components GmbH and KTM
Forschungs und Entwicklungs GmbH, leasing liabilities of these three companies, analogous to the other fi-
nancial debts, were due immediately in accordance with legal requirements, but their execution and interest
were also suspended. Since the underlying leased assets are assets necessary for the group of operating
assets, the Group intends to continue essentially all leasing contracts. Against this background, the associated
claims of the creditors were only registered conditionally, i.e. the creditor's claim essentially expires if the group
continues the leasing contracts. However, this has no influence on the presentation below of future minimum
leases, interest rates and the present value of future minimum lease payments.
Appendix I/84
Rights of use and lease liabilities
The book value of the rights of use is as follows:
Plant & office furniture and THOUS Lan d and buildings MachineryTotal equipment 2024 As of 1/1 29,755 19,611 21,078 70,444 -Depreciation -11,133 -6,313 -8,008 -25,454 - Impairment losses -7,368 -7,016 -4,576 -18,960 + Access to rights of use 16,224 18,567 6,822 41,613 - Assignments of rights of use -1,329 -723 -1,362 -3,414 +/- Currency effects, reclassifications -302 -1 -210 -513 Carrying amount as of 12/31/2024 25,847 24,125 13,744 63,716 Plant & office furniture and THOUS Lan d and buildings MachineryTotal equipment 2023 As of 1/1 33,361 15,498 16,130 64,989 -Depreciation -11,139 -5,720 -8,185 -25,044 + Access to rights of use 9,302 9,839 13,405 32,546 - Assignments of rights of use -1,659 -6 -220 -1,885 +/- Currency effects, reclassifications -110 0 -52 -162 Carrying amount as of 12/31/2023 29,755 19,611 21,078 70,444
In the 2024 financial year, depreciation and amortization of right-of-use assets includes impairments of EUR
17,673 thousand due to the impairment test in accordance with IAS 36 (previous year: EUR 0 thousand).
The present value of the minimum lease payments is as follows:
Present value of future mini-
Future minimum lease Present value of future minimum THOUS Interest payments payments lease payments 2024 < 1 year 25,651 2423 23,288 > 1 to 5 years 53,815 4,412 49,403 > 5 years 18,931 3,827 15,104 Total 98,397 10,662 87,795 Future minimum lease Interest payments THOUS payments mum lease payments 2023 < 1 year 21,541 1870 19,671 > 1 to 5 years 44,519 3,395 41,123 > 5 years 15,938 3,451 12,487 Total 81,998 8,716 73,281
Appendix I/85
The payment obligations arising from leases are shown in the consolidated balance sheet under financial
liabilities, see item 35.
Amounts recognized in the income statement and cash flow statement
2024 - Leasing agreements THOUS Interest expenses on lease liabilities 3,908 Income from sublease of right-of-use assets 245 Expenses relating to short-term leases 5,978 Expenses relating to leases of low-value assets, excluding short-term leases of low-value assets 25,281 2023 - Leasing agreements THOUS Interest expenses on lease liabilities 1,923 Income from sublease of right-of-use assets 245 Expenses relating to short-term leases 6,636 Expenses relating to leases of low-value assets, excluding short-term leases of low-value assets 18,223
The expenses for leases of an asset of low value relate to rental and leasing contracts for IT equipment.
Net cash outflows for leases in the amount of EUR 57,562 thousand (previous year: EUR 51,676 thousand)
were recognised in the cash flow statement. The cash flow from financing activities included repayments of
lease liabilities in the amount of EUR 22,640 thousand (previous year: EUR 25,139 thousand). The remaining
EUR 34,922 thousand (previous year: EUR 26,537 thousand) relates to short-term and lower-value leases as
well as interest expense and income from subleases of right-of-use leases and is represented in the cash flow
from operating activities.
Renewal Options
Some rental and leasing agreements contain extension options that can be exercised by the Group up to one
year before the end of the non-terminable contract term. Where possible, the Group aims to include extension
options when concluding new leases and leases in order to ensure operational flexibility. On the date of provi-
sion, the Group assesses whether the exercise of extension options is sufficiently secure. The Group shall re-
determine whether the exercise of an extension option is reasonably certain in the event of a material event or
change in circumstances within its control.
46. LEASES AS LESSOR (IFRS 16)
From the lessor's point of view, all leases are classified as operating leases, as they are structured in such a
way that the PIERER Mobility Group retains essentially all risks and opportunities associated with ownership.
This does not apply to a sublease, which the Group classifies as a finance lease. This concerns the subletting
of a building that has been shown as a right of use in the property, plant and equipment. In the 2024 financial
year, no new sublease was concluded and accounted for. In addition, the Group recognised interest income
on lease receivables in the amount of EUR 10 thousand (previous year: EUR 10 thousand) in 2024. As of
December 31, 2024, lease receivables from subleases amounted to EUR 767 thousand (previous year: EUR
767 thousand). Of this amount, EUR 253 thousand (previous year: EUR 253 thousand) is due in less than one
year and EUR 514 thousand (previous year: EUR 514 thousand) in 1-5 years.
Appendix I/86
X.
EXPLANATORY NOTES ON RELATED
PARTIES AND ON THE EXECUTIVE BODIES
47. RELATED PARTY DISCLOSURES
According to the requirements of IAS 24, disclosures must be made about related party transactions.
As of December 31, 2024, 74.94% of the shares of PIERER Mobility AG are held by Pierer Bajaj AG, which is
50.10% owned by Pierer Industrie AG. The remaining 49.9% is held by Bajaj Auto International Holdings B.V.,
a subsidiary of Bajaj Auto Ltd. Furthermore, Pierer Konzerngesellschaft mbH holds 0.09% of the shares in
PIERER Mobility AG. Pierer Industrie AG is 100.00% owned by Pierer Konzerngesellschaft mbH. The sole
shareholder of Pierer Konzerngesellschaft mbH is Dipl.-Ing. Stefan Pierer.
Dipl.-Ing. Stefan Pierer held the following key executive functions in the Pierer Konzerngesellschaft mbH Group
as of December 31, 2024:
• Chairman of the Board of Pierer Industrie AG, Wels
• Chairman of the Board of Pierer Bajaj AG, Wels
• Member of the Board of Directors of PIERER Mobility AG, Wels
• Member of the Board of Management of KTM AG, Mattighofen
• Chairman of the Supervisory Board of Pankl AG, Kapfenberg
• Chairman of the Supervisory Board of Pankl Racing Systems AG, Kapfenberg
• Member of the Supervisory Board of SHW AG, Aalen, Germany
Transactions with related parties are grouped in the PIERER Mobility Group according to "Shareholders",
"Associated Companies" and "Other Companies".
Until the financial year 2024 PIERER Mobility AG was included in its consolidated financial statements by
PIERER Industrie AG, Wels, and Pierer Konzerngesellschaft mbH, Wels. All companies included in the con-
solidated financial statements of Pierer Konzerngesellschaft mbH that are controlled or significantly influenced
by Pierer Konzerngesellschaft mbH are reported as related parties in the “Related parties” category.
Associates can be found in the statement of participations (see Chapter XII) and relate to all financial assets
accounted for using the equity method.
Other companies are defined as all companies that are controlled by key management. In principle, PIERER
Mobility AG defines key management as members of the Management Board and Supervisory Board and, if
applicable, other managers in key positions who can exert a significant influence on the Group's financial and
business policy decisions. In addition, family members of key management and their companies are also taken
into account.
In the 2024 financial year and in the previous year, there were no material transactions with related parties
(except for the remuneration of the Management Board and the Supervisory Board, see item 49). The trans-
actions with related parties are as follows according to the grouping described:
Appendix I/87
Shareholder related compa- Associated companies Other companies nies THOUS 12/31/2024 12/31/2023 12/31/2024 12/31/2023 12/31/2024 12/31/2023 Receivables 23,055 46,352 7,487 25,041 4,772 5,627 Liabilities -10,349 -8,667 -7,405 -16,597 -5,188 -7,300 Revenues 6,281 89,411 5,547 25,458 20,192 23,528 Expenses -104,645 -152,823 -84,393 -220,654 -154,858 -222,886 Dividend -12,514 -50,583 0 0 -36 -144
All related party transactions were carried out at arm's length. Key business relationships are explained below:
SHAREHOLDER-RELATED COMPANIES:
Since the 2024 assessment, PIERER Mobility AG has formed its own tax group in accordance with Section 9
of the Corporate Income Tax Act (KStG) and is no longer a member of the tax group of Pierer Konzerngesell-
schaft mbH within the meaning of the Austrian Corporate Income Tax Act. Since the 2024 financial year, the
KTM Group has also been part of this steering group. Furthermore, in the 2024 financial year, the VAT group
was terminated in the course of the restructuring proceedings under insolvency law for the KTM Group. Fur-
thermore, as of the balance sheet date, receivables from tax apportionments against Pierer Konzerngesell-
schaft mbH in the amount of EUR 0 thousand (previous year: EUR 4,932 thousand) and claims from VAT
credits against PIERER Industrie AG in the amount of EUR 0 thousand (previous year: EUR 8,583 thousand)
are outstanding. As of 31.12.2024, there is a total outstanding receivable of EUR 13,806 thousand (previous
year: EUR 4,932 thousand) against Pierer Konzerngesellschaft mbH.
In the 2024 financial year, Pierer Bajaj AG received dividends of EUR 12,503 thousand (previous year: EUR
49,982 thousand), and Pierer Konzerngesellschaft mbH received dividends of EUR 11 thousand (previous
year: EUR 601 thousand) from PIERER Mobility AG from the retained profit of the previous financial year.
On the expense side, the transactions with companies close to the shareholders mainly affect the Pankl Racing
Group and, to a lesser extent, the abatec Group, which acts as suppliers of purchased parts for the PIERER
Mobility Group. The Pankl Racing Group and the abatec Group are part of the Pierer Industrie Group. In
addition, in the 2024 financial year, expenses were incurred vis-à-vis Pierer Konzerngesellschaft mbH and
Pierer Industrie AG from the on-billing of services. Most of these expenses relate to group levies vis-à-vis
Pierer Industrie AG.
ASSOCIATES:
In the past financial year, expenses of EUR 20,166 thousand (previous year: EUR 19,795 thousand) were
incurred for development and design services as well as services in the area of brand development at Kiska
GmbH. As of December 31, 2024, Kiska GmbH had outstanding liabilities of EUR 3,389 thousand (previous
year: EUR 1,573 thousand).
The shares in MV Agusta Motor S.p.A., Varese, Italy, previously held using the equity method, were increased
in the 2024 financial year, making the company a fully consolidated subsidiary of KTM AG. This explains the
significant decline in expenses vis-à-vis associates.
Other transactions with associates relate to the companies described below with the ongoing operating busi-
ness relationship described in each case.
KTM Asia Motorcycle Manufacturing Inc. was founded in June 2016 together with partner Ayala Corp. Since
mid-2017, the company has been responsible for the CKD (Completely Knocked-Down) assembly for KTM
motorcycles in the Philippines. In the 2024 financial year, the Group generated revenues of EUR 2,269 thou-
sand (previous year: EUR 12,334 thousand) and expenses of EUR 7,837 thousand (previous year: EUR
14,714 thousand).
The joint venture in China with partner CF Moto was established in fiscal year 2018 under the name "Zhejiang
CFMOTO-KTMR2R Motorcycles Co., Ltd.". Since 2021, mid-range motorcycles have been produced in
Appendix I/88
Hangzhou, China. In the 2024 financial year, the Group generated revenues of EUR 3,208 thousand (previous
year: EUR 13,057 thousand) and expenses of EUR 56,390 thousand (previous year: EUR 58,490 thousand).
MV Agusta Motor S.p.A., which was held as an associate in the previous year, was consolidated for the first
time as of March 1, 2024, due to an increase in the number of shares from 25.1% to 50.1% and included in
the consolidated financial statements of PIERER Mobility AG.
In the 2024 financial year, the Group acquired 49.0% of the shares in PIERER IMMOREAL GmbH from Pierer
Konzerngesellschaft mbH by contract dated October 4, 2024. The company's line of business is real estate
development and management. The purchase price amounted to EUR 10,879 thousand. At the same time,
financial receivables against PIERER IMMOREAL GmbH in the amount of EUR 24,689 thousand were repaid.
As of December 31, 2024, the shares and financial receivables were classified as held for sale. For further
explanations, please refer to item 33 "Assets held for sale" and item XI "Events after the balance sheet date".
In the 2024 financial year, the Group incurred a total of EUR 5,459 thousand in expenses vis-à-vis PIERER
IMMOREAL GmbH (previous year: EUR 6,873 thousand).
OTHER COMPANIES:
Since 2007, there has been a cooperation with the Indian Bajaj Group. The Bajaj Group is the second-largest
motorcycle manufacturer in India with sales of around 4.3 million motorcycles and three-wheelers in the last
fiscal year (balance sheet date March 31, 2024). The focus of the cooperation is the joint development of entry-
level street motorcycles, which are produced in India and sold under the KTM brand by both companies in
their home markets.
The Deputy Chairman of the Supervisory Board of PIERER Mobility AG, Mr. Rajiv Bajaj, is Managing Director
and CEO of Bajaj Auto Ltd., Pune, India. The member of the Supervisory Board of PIERER Mobility AG, Mr.
Srinivasan Ravikumar, is Director of Bajaj Auto International Holdings B.V., Amsterdam, Netherlands, and
President of Business Development and Assurance of Bajaj Auto Ltd., Pune, India. Following a simplification
of the shareholding structure in the 2021 financial year, Bajaj Auto International Holdings B.V., a subsidiary of
Bajaj Auto Ltd., now holds 49.9% of Pierer Bajaj AG, which in turn is the majority shareholder in PIERER
Mobility AG. As of 31.12.2024, there are liabilities to Bajaj Auto Ltd. in the amount of EUR 5,157 thousand
(previous year: EUR 7,033 thousand). Furthermore, expenses of EUR 151,015 thousand (previous year: EUR
218,787 thousand) and income of EUR 5,681 thousand (previous year: EUR 6,992 thousand) were generated
with Bajaj Auto Ltd. in the 2024 financial year, mainly from the purchase of street motorcycles and parts.
Dealers (KTM Braumandl GmbH, MX – KTM Kini GmbH, SO Regensburg GmbH, KTM Wien GmbH) were
supplied with arm's length motorcycles and spare parts. Proceeds or receivables from other companies mainly
relate to transactions with these merchants. The minority shares in the dealers are held by Pierer Industrie
AG.
48. GOVERNING BODIES OF PIERER MOBILITY AG
The following individuals were appointed as members of the Board of Directors with collective represen-
tation:
Gottfried N e u m e i s t e r (since 1.9.2024)
Ing. Stefan P i e r e r, Co-CEO
Hubert T r u n k e n p o l z (until 31.10.2024)
Viktor S i g l, MBA, CFO (until 11.7.2024)
Florian K e c h t (until 31.10.2024)
Alex P i e r e r (until 31.10.2024)
Rudolf W i e s b e c k (until 31.10.2024)
Appendix I/89
The following individuals were appointed as members of the Supervisory Board:
Stephan Z ö c h l i n g, Chairman (since 7.2.2025)
Josef B l a z i c e k, Chairman (until 27.1.2025)
Rajiv B a j a j, Deputy Chairman
Iris F i l z w i e s e r
Michaela F r i e p e ß
Srinivasan R a v i k u m a r
Friedrich R o i t h n e r
49. EXECUTIVE BOARD AND SUPERVISORY BOARD REMUNERATION
The remuneration for the Management Board of PIERER Mobility AG in 2024 includes salaries, benefits in
kind, bonuses, severance payments and benefits to the company employee provision fund and amounted to
EUR 2,607 thousand (previous year: EUR 4,822 thousand). Furthermore, remuneration for members of the
Management Board from previous periods did not result in any additional payment. In addition, there are no
agreements on a company pension scheme for the Management Board and no pension fund payments were
made to the Management Board in the 2024 financial year.
For the 2024 financial year (payment in the 2025 financial year), a total of EUR 20 thousand (previous year:
EUR 22 thousand) is proposed to the Supervisory Board of PIERER Mobility AG.
As of the balance sheet date, there were no loans or advances to the members of the Supervisory Board of
PIERER Mobility AG.
XI.
EVENTS AFTER THE BALANCE SHEET DATE
Events after 31 December 2024 that are material for the measurement of assets and liabilities are either in-
cluded in the present financial statements or are not known.
As already explained in Section I "General Disclosures", the underlying restructuring plan of KTM AG, KTM
Components GmbH and KTM Forschungs und Entwicklungs GmbH was approved by the required majority of
creditors on February 25, 2025. The restructuring proceedings of KTM AG and its two subsidiaries were there-
fore
formally concluded on 23 May 2025 by the deposit of the 30% cash quota of 22 May 2025 in the amount
of EUR 525,000 thousand by the court confirmation of the restructuring plan. The final entry into force of the
court confirmation will take place after the expiry of the statutory appeal period pursuant to Section 260 IO.
After the entry into force of law, the group will have an expected restructuring profit of approx. EUR 1,200,000
thousand. This will be recognised in the income statement for the 2025 financial year in other operating income.
For further information on management's assessment of the likelihood of a potential appeal, see Section I
above.
In the course of preparations for the allocation of the funds required to meet the restructuring quota, the Bajaj
Group has provided financial resources of EUR 800,000 thousand to the PIERER Mobility AG Group
through the existing corporate interdependencies. Of this amount, the Group received the following funds by
26 May 2025:
Appendix I/90
• Financing loan to PIERER Mobility AG in the amount of EUR 350,000 thousand with a term of 3 years
from the inflow date in 5 tranches as follows:
1st tranche: EUR 50,000 thousand on February 28, 2025
2nd tranche: EUR 50,000 thousand on March 31, 2025
3rd tranche: kEUR 50,000 on April 3, 2025
4th tranche: kEUR 50,000 on May 15, 2025
5th tranche: EUR 150,000 thousand on May 22, 2025
The financing loans were fully subordinated with a declaration dated May 21, 2025.
• Restructuring loan with a maturity of 3 years, i.e. until 30.12.2028, in the amount of EUR 450,000
thousand by Bajaj Auto International Holdings BV, Netherlands;
• Redemption of existing receivables from financing activities of KTM AG vis-à-vis PIERER New Mobility
GmbH by PIERER Mobility AG in the amount of EUR 200,000 thousand.
In addition, the Bajaj Group intends to take over the shares in PIERER Bajaj AG in full. To this end, a call
option agreement was concluded between PIERER Industrie AG and Bajaj Auto International Holdings BV on
22 May 2025, which enables Bajaj Auto International Holdings BV to acquire the 50.1% shares in PIERER
Bajaj AG held by PIERER Industrie AG by the end of May 2026 and thus indirectly gain control of PIERER
Mobility AG and consequently also of the KTM Group. Such a change of control requires regulatory ap-provals.
Only after all regulatory approvals have been obtained can shares be transferred to Bajaj Auto International
Holdings BV under this call option.
In addition to the restructuring plan quota, the Group has used the funds to finance the resumption of pro-
duction as of March 17, 2025, among other things, in order to finish producing the existing remaining stocks.
Starting on May 1, 2025, the group has once again suspended production. This is mainly due to long delivery
times of certain production-critical raw materials or components that could not be reordered from suppliers due
to a lack of timely access to free liquidity. Despite intensive efforts, these factors of production could not be
substituted elsewhere, so that a further suspension of production became unavoidable.
In the course of the restructuring proceedings, the Executive Board of KTM AG underwent further far-reaching
changes in the 2025 financial year. Thus, the board was reduced to two people, namely Mr. Gottfried Neumeis-
ter and Verena Schneglberger-Grossmann. In addition, Dipl.-Ing. Stefan Pierer will also leave the Management
Board of PIERER Mobility AG after the complete completion of the restructuring procedure in June 2025. The
Supervisory Board also appoints Verena Schneglberger-Grossmann as a new member of the Management
Board.
On 03.01.2025, the share in PIERER IMMOREAL GmbH held for sale was sold to Pierer Konzerngesellschaft
mbH. The Group realized a gain of EUR 175 thousand from this, as the sale price was fixed with the original
purchase price and the Group valued the shares in 2024 using the equity method. At the same time, the
financial receivables of EUR 24,689 thousand, which were also held for sale, were repaid.
In addition, in March 2025, the assets of PIERER & MAXCOM MOBILITY OOD, Plovdiv, Bulgaria, which were
also held for sale, were sold for the purchase price of EUR 35,000 thousand. The Group received these funds
in March 2025 and were immediately transferred to a fiduciary account with which the outstanding bank loans
of PIERER & MAXCOM Mobility OOD with DSK Bank (as of 31.03.2025: EUR 37,705 thousand) are to be
repaid for the most part. The realized gain on the sale amounts to EUR 4,385 thousand. This gain on the sale
deviates by EUR 148 thousand from the expected value as of the balance sheet date of December 31, 2024,
as a detailed list of purchased assets was only prepared and agreed upon retrospectively. Non-sold assets
relate in particular to leased commercial vehicles and IT equipment.
On 7 January 2025, restructuring proceedings without self-administration were opened for the two subsidi-
aries Avocodo GmbH and Pierer E-Commerce GmbH in the Linz and Ried Regional Courts, respectively. The
equity of Avocodo GmbH amounted to EUR -2,840 thousand as of 31.12.2024. The equity of Pierer E-Com-
merce GmbH amounted to EUR -981 thousand as of 31.12.2024.
Appendix I/91
XII.
GROUP COMPANIES (SCHEDULE OF EQUITY
HOLDINGS)
The list of shareholdings includes all companies that have been included in the consolidated financial state-
ments in addition to the parent companies.
12/31/24 12/31/23 First conso- Consolida- Consolida- Song tion- tion- Society time Percentage % Type of Percentage % Type of Fully consolidated companies: KTM AG, Mattighofen 5/31/2005 100.00 KVI 100.00 KVI KTM Immobilien GmbH, Mattighofen 5/31/2005 100.00 KVI 100.00 KVI KTM North America, Inc., Murrieta, CA, USA 5/31/2005 100.00 KVA 100.00 KVA KTM-Motorsports Inc., Murrieta, CA, USA 5/31/2005 100.00 KVA 100.00 KVA KTM Japan K.K., Tokyo, Japan 5/31/2005 100.00 KVA 100.00 KVA KTM Sportcar GmbH, Mattighofen 5/31/2005 100.00 KVI 100.00 KVI KTM Motorcycles S.A. Pty. Ltd., Midrand, South Africa 3/1/2009 100.00 KVA 100.00 KVA KTM Sportmotorcycle Mexico C.V. de S.A., Lerma, Mexiko 6/1/2009 100.00 KVA 100.00 KVA KTM Sportmotorcycle GmbH, Mattighofen 3/31/2011 100.00 KVI 100.00 KVI PIERER New Mobility Scandinavia AB, Örebro, Sweden 12/31/2013 - - 100.00 KVA KTM-Sportmotorcycle India Private Limited, Pune, Indien 6/1/2012 100.00 KVA 100.00 KVA Husqvarna Mobility Motorcycles GmbH (formerly: Husqvarna Motorcycles GmbH), Mattighofen 1/1/2013 100.00 KVI 100.00 KVI KTM Sportmotorcycle Deutschland GmbH, Ursen- sollen, Deutschland 12/31/2013 100.00 KVA 100.00 KVA KTM Switzerland Ltd., Frauenfeld, Schweiz 12/31/2013 100.00 KVA 100.00 KVA KTM Sportmotorcycle UK Ltd., Northamptonshire, Great Britain 12/31/2013 100.00 KVA 100.00 KVA KTM-Sportmotorcycle Espana S.L., Terrassa, Span- ien 12/31/2013 100.00 KVA 100.00 KVA KTM Sportmotorcycle France SAS, Saint-Priest, Frankreich 12/31/2013 100.00 KVA 100.00 KVA KTM Sportmotorcycle Italia S.r.l., Meran, Italien 12/31/2013 100.00 KVA 100.00 KVA KTM-Sportmotorcycle Nederland B.V., Malden, Netherlands 12/31/2013 100.00 KVA 100.00 KVA KTM Sportmotorcycle Scandinavia AB, Örebro, 12/31/2013 Schweden 100.00 KVA 100.00 KVA KTM Sportmotorcycle Benelux S.A., Gembloux, Bel- 12/31/2013 gium 100.00 KVA 100.00 KVA KTM Canada Inc., Chambly, Kanada 12/31/2013 100.00 KVA 100.00 KVA
Appendix I/92
12/31/24 12/31/23 First conso- Consolida- Consolida- Song tion- tion- Society time Percentage % Type of Percentage % Type of KTM Sportmotorcycle Hungária Kft., Budapest, 12/31/2013 Hungary 100.00 KVA 100.00 KVA KTM Central East Europe s.r.o., Bratislava, Slovakia 12/31/2013 100.00 KVA 100.00 KVA KTM Österreich GmbH, Mattighofen 12/31/2013 100.00 KVI 100.00 KVI KTM Nordic Oy, Vantaa, Finland 12/31/2013 100.00 KVA 100.00 KVA KTM Sportmotorcycle d.o.o., Marburg, Slovenia 12/31/2013 100.00 KVA 100.00 KVA KTM Czech Republic s.r.o., Pilsen, Tschechien 12/31/2013 100.00 KVA 100.00 KVA KTM Sportmotorcycle SEA PTE. Ltd., Singapore, Singapore 1/1/2014 100.00 KVA 100.00 KVA Husqvarna Motorcycles North America, Inc. (vormals: Husqvarna Motorcycles North America, Inc.), Murrieta, CA, USA 12/1/2013 100.00 KVA 100.00 KVA Husqvarna Motorsports, Inc., Murrieta, CA, USA 4/1/2015 100.00 KVA 100.00 KVA KTM Logistikzentrum GmbH, Mattighofen 9/16/2016 100.00 KVI 100.00 KVI WP Suspension GmbH, Mattighofen 11/30/2016 100.00 KVI 100.00 KVI WP Suspension North America, Inc., Murrieta, CA, USA 8/31/2017 100.00 KVA 100.00 KVA KTM do Brasil Ltda., Sao Paulo, Brasilien 12/31/2017 100.00 KVA 100.00 KVA KTM Components GmbH, Munderfing 11/30/2007 100.00 KVI 100.00 KVI Vöcklabrucker Metallgießerei GmbH, Vöck- 1) labruck - 100.00 - - - WP Immobilien GmbH, Munderfing 4/30/2005 100.00 KVI 100.00 KVI KTM Beteiligungs GmbH, Mattighofen 4/30/2018 100.00 KVI 100.00 KVI KTM Australia Holding Pty Ltd., Prestons, Australia 7/1/2019 100.00 KVA 100.00 KVA KTM Australia Pty Ltd., Prestons, Australien 7/1/2019 100.00 KVA 100.00 KVA HQVA Pty Ltd., Prestons, Australia 7/1/2019 100.00 KVA 100.00 KVA KTM Motorcycles Distributers NZ Limited Wellington Central, New Zealand 7/1/2019 100.00 KVA 100.00 KVA GASGAS GmbH (formerly: GASGAS Motorcycles GmbH), Mattighofen 10/31/2019 100.00 KVI 100.00 KVI GASGAS Motorcycles España S.L.U.,Terrassa, Spain 1/1/2020 100.00 KVA 100.00 KVA KTM MOTOHALL GmbH, Mattighofen 1/1/2020 90.00 KVI 90.00 KVI CFMOTO Motorcycles Distribution GmbH, Mattighofen 6/25/2022 100.00 KVI 100.00 KVI PIERER IMMOREAL NORTH AMERICA LLC., Mur- rieta, CA, USA 7/7/2022 100.00 KVA 100.00 KVA KTM (SHANGHAI) MOTO CO., LTD., Shanghai, China 7/15/2022 100.00 KVA 100.00 KVA MV Agusta Motor S.P.A., Varese, Italy 3/1/2024 50.10 KVA 25.10 KEA
Appendix I/93
12/31/24 12/31/23 First conso- Consolida- Consolida- Song tion- tion- Society time Percentage % Type of Percentage % Type of Centro Stile MV Agusta S.r.l., Borgo Magiore, Italian 3/1/2024 50.10 KVA - - MV Agusta USA LLC, Pennsylvania, USA 3/1/2024 50.10 KVA - - MV Agusta Motorcycles GmbH, Mattighofen, Austria 9/21/2022 74.90 KVI 74.90 KVI MV Agusta Motorcycles North America, Inc., Mur- rieta, CA, USA 9/30/2022 100.00 KVA 100.00 KVA MV Agusta Services S.r.l., Meran, Italian 10/24/2022 100.00 KVA 100.00 KVA PIERER Produktion GmbH, Munderfing 11/26/2022 100.00 KVI 100.00 KVI KTM Informatics GmbH, Mattighofen 7/13/2023 100.00 KVI 100.00 KVI KTM Forschungs & Entwicklungs GmbH, Mattigh- ofen, 3/18/2021 100.00 KVI 100.00 KVI Cero Design Studio S.L., Barcelona, Spain 10/1/2019 50.01 KVA 50.01 KVA KTM Racing GmbH, Mattighofen 2/29/2020 100.00 KVI 100.00 KVI KTM-Racing AG, Frauenfeld, Schweiz 5/31/2005 100.00 KVA 100.00 KVA KTM Racing North America Inc., Murrieta, CA, USA 6/16/2023 100.00 KVA 100.00 KVA PIERER & MAXCOM MOBILITY OOD, Plovdiv, Bul- garia 1/1/2022 50.00 KVA 50.00 KVA PIERER New Mobility GmbH, Munderfing 2/25/2020 100.00 KVI 100.00 KVI PIERER New Mobility Deutschland GmbH, Schweinfurt, Deutschland 12/31/2019 100.00 KVA 100.00 KVA PIERER New Mobility Suisse GmbH, Frauenfeld, Switzerland 12/31/2019 - - 100.00 KVA PIERER New Mobility España S.L., Terrassa, Spain 12/31/2013 - - 100.00 KVA PIERER New Mobility France SAS, Saint-Priest, Frankreich 12/31/2013 - - 100.00 KVA PIERER New Mobility Italia S.r.l., Merano, Italy 12/31/2013 - - 100.00 KVA PIERER New Mobility North America, Inc., Murrieta, CA, USA 10/1/2020 100.00 KVA 100.00 KVA PIERER New Mobility UK Ltd., Northamptonshire, United Kingdom 12/31/2013 100.00 KVA 100.00 KVA PIERER New Mobility Benelux SA, Gembloux, Bel- gium 11/29/2021 - - 100.00 KVA PIERER New Mobility Asia Ltd., Taichung City, Tai- wan 5/25/2022 100.00 KVA 100.00 KVA PIERER NEW MOBILITY AUSTRALIA PTY LTD, Prestons, Australien 10/13/2022 100.00 KVA 100.00 KVA PIERER NEW MOBILITY BULGARIA OOD, Plovdiv, Bulgaria 3/30/2023 100.00 KVA - - PIERER New Mobility S.A. Pty. Ltd. (formerly: Husqvarna Motorcycles S.A. Pty. Ltd.), Midrand, South Africa 4/1/2015 100.00 KVA 100.00 KVA
Appendix I/94
12/31/24 12/31/23 First conso- Consolida- Consolida- Song tion- tion- Society time Percentage % Type of Percentage % Type of Felt Bicycles GmbH, Munderfing 7/1/2024 70.00 KVI - - Felt Bicycles North America Inc., Murrieta, CA, USA 7/1/2024 100.00 KVA - - Felt Bicycles Espana S.L.U., Barcelona, Spanien 9/1/2024 100.00 KVA - - PIERER E-Commerce GmbH, Munderfing, 12/31/2016 100.00 KVI 100.00 KVI PIERER E-Commerce North America Inc., Mur rieta, CA, USA 6/21/2022 100.00 KVA 100.00 KVA KTM Technologies GmbH, Anif 10/1/2008 100.00 KVI 100.00 KVI PIERER Innovation GmbH, Wels 3/31/2018 100.00 KVI 100.00 KVI DealerCenter Digital GmbH, Landshut, Deutsch- land 7/31/2021 75.46 KVA 75.46 KVA Avocodo GmbH, Linz 4/30/2019 100.00 KVI 100.00 KVI 2) Platin 1483. GmbH, Schweinfurt, Germany 12/31/2019 100.00 KVA 100.00 KVA Associates: Kiska GmbH, Anif - 50.00AND 50.00 AND 3) PIERER Immoreal GmbH, Wels - 49.00AND - - Zhejiang CFMOTO-KTMR2R Motorcycles Co., Ltd., Hangzhou City, Zhejiang, China - 49.00KEA 49.00 KEA KTM Asia Motorcycle Manufacturing Inc., Binan, La- guna, Philippinen - 40.00KEA 40.00 KEA LX Media GmbH, Wels - 20.00AND 74.00 KVI Other non-current financial assets: AC styria Mobilitätscluster GmbH, Grambach - 12.33- 12.33 - 1) Company is in bankruptcy proceedings 2)Company is in liquidation 3)Purchase contract to be rescinded in January 2025 Legend: KVI Full consolidation, domestic KVA Full consolidation, abroad AND Inclusion of at-equity, domestic KEA Inclusion of at-equity, foreign
Appendix I/95
XIII.
APPROVAL OF THE CONSOLIDATED FI-
NANCIAL STATEMENTS
The consolidated financial statements will be approved by the Executive Board in May 2025 (previous year:
20.3.2024) for review by the Supervisory Board, for submission to the Annual General Meeting and for subse-
quent publication. The Supervisory Board may initiate an amendment to the consolidated financial statements
as part of its audit.
Wels, 27 May 2025
The Executive Board of PIERER Mobility AG
Gottfried Neumeister, CEO Stefan Pierer, Co-CEO
Courtesy translation of the Report on the Audit of the Consolidated
Financial Statements
Opinion
We have audited the consolidated financial statements of PIERER Mobility AG, Wels (the
Company), and its subsidiaries (the Group), which comprise the consolidated statement of
financial position as of December 31, 2024, the consolidated income statement, the
consolidated statement of comprehensive income, the consolidated statement of changes in
equity and the consolidated statement of cash flows for the financial year then ended, and
notes to the consolidated financial statements.
In our opinion, the accompanying consolidated financial statements comply with legal
requirements and give a true and fair view of the consolidated financial position of the
Group as of December 31, 2024, and its consolidated financial performance and its
consolidated cash flows for the year then ended in accordance with International Financial
Reporting Standards (IFRS) as adopted by the EU and the additional requirements under
section 245a UGB.
Basis for Opinion
We conducted our audit in accordance with Regulation (EU) No. 537/2014 and with the
Austrian Generally Accepted Auditing Standards. Those standards require the application of
the International Standards on Auditing (ISAs). Our responsibilities under those standards
are further described in the Auditor’s Responsibilities for the Audit of the Consolidated
Financial Statements section of our report. We are independent of the Group in accordance
with laws and regulations applicable in Austria, and we have fulfilled our other professional
responsibilities in accordance with these requirements. We believe that the audit evidence
we have obtained up to the date of our report is sufficient and appropriate to provide a basis
for our opinion as of that date.
Material Uncertainties Related to Going Concern
KTM AG, as the main subsidiary of PIERER Mobility AG, and two of its subsidiaries were in
restructuring proceedings with self-administration within the meaning of the Austrian
Insolvency Code as of the balance sheet date December 31, 2024. The requirement for the
30% cash quota and the procedural costs were imposed on the restructuring administrator
on 22 May 2025. Taking into account the appeal period, the insolvency creditors are
expected to receive the 30% cash quota required to fully satisfy their claims within 14 days.
The Management Board estimates the probability of a successful appeal to be low, but the
result remains beyond the Company's control. In the event of a successful appeal, there
could be significant changes to the restructuring conditions, which may also result in
adjustments to the consolidated financial statements.
In addition, the assumption of going concern is based on a going concern forecast, the
implementation of which depends on endogenous and exogenous factors, some of which
are beyond the Company's control, and the development of which is significant for the
fulfilment of the going concern forecast. These include macroeconomic volatility and
compliance with conditions agreed with investors.
These circumstances represent material uncertainties related to going concern of the
company. We refer to the Management’s comments in sections "Assumption on going
concern" and "Impact of the restructuring proceedings on the valuation of assets and
liabilities in the consolidated financial statements as of December 31, 2024" in the chapter
"2. Information in connection with insolvency proceedings from material subsidiaries" of the
notes to the consolidated financial statements.
Management concluded that the assumption of the going concern of the company is to be
regarded as predominantly likely.
Our opinion is not modified in respect of this matte.
Key Audit Matters
Key audit matters are those matters which, in our professional judgement, were of most
significance in our audit of the consolidated financial statements of the current period.
These matters were addressed in the context of our audit of the consolidated financial
statements as a whole, and in forming our opinion thereon them, and we do not provide a
separate opinion on these matters.
In addition to the matters described in the section "Material uncertainties related to Going
Concern", we have determined the matters described below to be the key audit matters to
be communicated in our report.
1. Recognition and derecognition of development costs
2. Recoverability of the cash-generating units "KTM" and "Pierer New Mobility"
1. Recognition and derecognition of development costs
Description and Issue
In the consolidated financial statements as of December 31, 2024, capitalized development
costs in the amount of MEUR 353 are reported under the balance sheet item "Intangible
assets" and therefore represent a significant part of the Group's assets.
In the 2024 financial year, the Group capitalized development costs of MEUR 135. Due to the
restructuring proceedings of KTM AG opened on November 29, 2024 and the associated
restructuring, Management has decided to discontinue certain development projects and in
the course of this has written off development costs of not ready for use assets in the
volume of MEUR 102.
We refer to the disclosures on development costs in the notes to the consolidated financial
statements under "24. Intangible assets".
Research costs are treated as expenses, while development costs for future serial production
are capitalized, provided that the recognition criteria under IFRS are met.
Essential prerequisites for recognizing development costs are the feasibility of the
development projects (including the technical feasibility, the intention to complete and the
ability to use them) and the generation of future economic benefits. The assessment of the
feasibility of the project – also in connection with the corporate realignment and the
associated discontinuation of individual development projects – played a significant role in
the accounting process, especially due to the ongoing restructuring proceedings of the
subsidiary KTM AG, and is subject to increased judgement. Proof of compliance with the
recognition criteria is judgemental and requires estimates by Management. We have
therefore identified the recognition and derecognition of development costs as a key audit
matter.
Our Response
We assessed the recognition and derecognition of development costs, in particular by
performing the following audit procedures:
- We gained an understanding of the process of Management to differentiate research
and development costs and evaluate the recognition requirements of development
costs.
- We evaluated the design, implementation and effectiveness of Management's key
process-related controls on the recognition as well as on the derecognition of
development costs due to the discontinuation of development projects and reviewed
Management's project feasibility documentation.
- We reconciled the appropriateness of capitalized expenses on a sample basis by
matching them with external invoices and internal time tracking. The hourly rates
used in this case were verified.
- We have assessed whether the derecognition of development costs is in line with
IFRSs.
2. Recoverability of the cash-generating units "KTM" and "Pierer New Mobility"
Description and Issue
In the 2024 financial year, the Group identified indications of an impairment of the cash-
generating units "KTM" and "Pierer New Mobility" and determined the recoverable amount
in accordance with IFRS for each of the two cash-generating units. On this basis, an
impairment expense of EUR 335m (of which MEUR 110 is goodwill) was recognised in the
consolidated income statement for the cash-generating unit "KTM" and an impairment
expense of EUR 26m (of which MEUR 20 is goodwill) for the cash-generating unit "Pierer
New Mobility".
We refer to the disclosures on the impairment test in the notes to the consolidated financial
statements under "23. Goodwill and impairment test according to IAS 36".
The measurement of the recoverable amount of cash-generating units requires assumptions
and estimates, such as estimating future cash inflows and determining the discount rate to
be applied. We have therefore identified the recoverability of the cash-generating units
"KTM" and "Pierer New Mobility" as a key audit matter.
Our response
We have assessed the impairment tests prepared by the Company with the involvement of
our valuation specialists as follows:
- In order to assess the appropriateness of the internal planning used, we gained an
understanding of the planning process and discussed the assumptions about growth
rates and operational results with the relevant senior executives in the company as
well as the Management’s experts. We have reconciled the planning data on which
the valuation is based with the current going concern forecast of Management and
the reports of the experts.
- To ensure the quality and appropriateness of the going concern forecast,
Management has commissioned independent experts to assist in the preparation of
the going concern forecast or to review it. We assessed the competence, capabilities
and objectivity of the Management experts, gained an understanding of their work
and assessed the suitability of the experts' work for our substantive audit
procedures. We have considered the analyses and results presented in the experts'
reports on the adequacy of the planning calculations in our conclusions.
- We have carried out an analysis of the sales and earnings assumptions made by the
management of KTM AG and PIERER New Mobility GmbH and assessed whether the
results and revenues actually achieved in the past were adequately considered when
determining the planning assumptions.
- We have evaluated the methodology of the impairment tests carried out and
assessed whether they meet the relevant standards. Our valuation specialists
compared the assumptions used to determine the cost of capital with market- and
industry-specific benchmarks and checked the mathematical correctness of the
calculation scheme. Furthermore, our valuation specialists carried out sensitivity
analyses and additional scenario calculations to assess the effects of changes and
additional scenarios in the material assumptions.
- In addition, we reconciled the impairment loss of cash-generating units recognized in
the consolidated financial statements with the results of the impairment tests and
reviewed whether the recognition of impairments complies with IFRS requirements.
- Furthermore, we assessed whether the disclosures on impairments and impairment
tests of the cash-generating units "KTM" and "Pierer New Mobility" are appropriate.
Other Matter – Audit of the Consolidated Financial Statements of the Previous Year
The consolidated financial statements of the Group for the year ended December 31, 2023
were audited by another auditor who expressed an unmodified opinion on those statements
on March 14,2024.
Other Information
Management is responsible for the other information. The other information comprises the
information included in the annual report, but does not include the consolidated financial
statements, the consolidated management report and our auditor’s report thereon. We
received the annual report (excluding the report of the Supervisory Board) before the date
of the auditor’s report, and the report of the Supervisory Board is expected to be made
available to us after the date of the auditor’s report.
Our opinion on the consolidated financial statements does not cover the other information
and we will not express any form of assurance conclusion thereon.
In connection with our audit of the consolidated financial statements, our responsibility is to
read the other information identified above when it becomes available and, in doing so,
consider whether the other information is materially inconsistent with the consolidated
financial statements or our knowledge obtained in the audit, or otherwise appears to be
materially misstated.
If, based on the work we have performed on the other information that we obtained prior to
the date of this auditor’s report, we conclude that there is a material misstatement of this
other information, we are required to report that fact. We have nothing to report in this
regard.
Responsibilities of Management and Audit Committee for the Consolidated
Financial Statements
Management is responsible for the preparation of the consolidated financial statements that
give a true and fair view in accordance with International Financial Reporting Standards
(IFRS) as adopted by the EU, the additional requirements under section 245a UGB, and for
such internal control as management determines is necessary to enable the preparation of
consolidated financial statements that are free from material misstatement, whether due to
fraud or error.
In preparing the consolidated financial statements, management is responsible for assessing
the Group’s ability to continue as a going concern, disclosing, as applicable, matters related
to going concern and using the going concern basis of accounting unless management either
intends to liquidate the Group or to cease operations, or has no realistic alternative but to
do so.
The audit committee is responsible for overseeing the Group’s financial reporting process.
Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial
statements as a whole are free from material misstatement, whether due to fraud or error,
and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high
level of assurance, but is not a guarantee that an audit conducted in accordance with the
Regulation (EU) No 537/2014 and with Austrian Generally Accepted Auditing Standards,
which require the application of the ISAs, will always detect a material misstatement when it
exists. Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these consolidated financial statements.
As part of an audit in accordance with Regulation (EU) No 537/2014 and with Austrian
Generally Accepted Auditing Standards, which require the application of the ISAs, we
exercise professional judgment and maintain professional skepticism throughout the audit.
We also:
• Identify and assess the risks of material misstatement of the consolidated financial
statements, whether due to fraud or error, design and perform audit procedures
responsive to those risks, and obtain audit evidence that is sufficient and appropriate
to provide a basis for our opinion. The risk of not detecting a material misstatement
resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control.
• Obtain an understanding of internal control relevant to the audit in order to design
audit procedures that are appropriate in the circumstances, but not for the purpose
of expressing an opinion on the effectiveness of the Group’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by management.
• Conclude on the appropriateness of the Management’s use of the going concern
basis of accounting and based on the audit evidence obtained, whether a material
uncertainty exists related to events or conditions that may cast significant doubt on
the Group’s ability to continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our auditor’s report to the
related disclosures in the consolidated financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence
obtained up to the date of our auditors’ report. However, future events or conditions
may cause the Group to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the consolidated financial
statements, including the disclosures, and whether the consolidated financial
statements represent the underlying transactions and events in a manner that gives a
true and fair view.
• We obtain sufficient appropriate audit evidence regarding the financial information
of the entities or business activities within the Group to express an opinion on the
consolidated financial statements. We are responsible for the direction, supervision
and performance of the group audit. We remain solely responsible for our audit
opinion.
We communicate with the audit committee regarding, among other matters, the planned
scope and timing of the audit and significant audit findings, including any significant
deficiencies in internal control that we identify during our audit.
We also provide the audit committee with a statement that we have complied with relevant
ethical requirements regarding independence, and to communicate with them all
relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.
From the matters communicated with the audit committee, we determine those matters
that were of most significance in the audit of the consolidated financial statements of the
current period and are therefore the key audit matters. We describe these matters in our
auditor’s report unless law or regulation precludes public disclosure about the matter or
when, in extremely rare circumstances, we determine that a matter should not be
communicated in our report because the adverse consequences of doing so would
reasonably be expected to outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
Report on the Audit of the Consolidated Management Report
Pursuant to statutory provisions, the consolidated management report is to be audited as to
whether it is consistent with the consolidated financial statements and whether it has been
prepared in accordance with the applicable legal requirements. With respect to the
consolidated non-financial statement included in the consolidated management report, our
responsibility is to determine whether it had been prepared, to read it and, in doing so,
consider whether it is materially inconsistent with the consolidated financial statements, or
our knowledge obtained in the audit, or otherwise appears to be materially misstated.
Management is responsible for the preparation of the consolidated management report in
accordance with the Austrian Commercial Code.
We conducted our audit in accordance with laws and regulations applicable with respect to
the consolidated management report.
Opinion
In our opinion, the consolidated management report is prepared in accordance with the
applicable legal requirements, includes appropriate disclosures according to section 243a
UGB and is consistent with the consolidated financial statements.
Statement
In the light of the knowledge and understanding of the Group and its environment obtained
in the course of our audit of the consolidate financial statements, we have not identified
material misstatements in the consolidated management report.
Emphasis of matter
With regard to the material uncertainties related to going concern, we refer to the sections
"Restructuring proceedings KTM AG, KTM Components GmbH and KTM Forschungs &
Entwicklungs GmbH" and chapter "6th Opportunity and Risk Report" in the Group
Management Report, which describe the analysis of the company's situation. Furthermore,
we refer to section "10th outlook" in the Group management report, which deals with the
expected development of the company.
Other Matters which we are required to address according to Article 10 of
Regulation (EU) No 537/2014
We were appointed as auditors by the annual general meeting on April 19, 2024 and
commissioned by the supervisory board on July 1, 2024 to audit the consolidated financial
statements for the financial year ending December 31, 2024. We have been auditing the
Group since the financial year ending December 31, 2024.
We confirm that our opinion expressed in the section “Report on the Audit of the
Consolidated Financial Statements” is consistent with the additional report to the audit
committee referred to in Article 11 of Regulation (EU) No 537/2014.
We declare that we did not provide any prohibited non-audit services referred to in Article
5(1) of Regulation (EU) No 537/2014 and that we remained independent of the Group in
conducting the audit.
Engagement Partner
The engagement partner responsible for the audit is Dr. Matthias Kunsch.
Vienna
May 27, 2025
Deloitte Audit Wirtschaftsprüfungs GmbH
(signed by:)
Dr. Matthias Kunsch
Certified Public Accountant
This report is a translation of the audit report according to section 273 of the Austrian Commercial Code (UGB). The
translation is presented for the convenience of the reader only. The German wording of the audit report is solely valid and
is the only legally binding version. Section 281(2) UGB applies.
kpmg
Pierer Mobility AG, Wels
Translation of the Report on the independent assurance of the non-financial reporting
pursuant to Section 267a UGB for the year ended December 31, 2024
May 27, 2025
This report is a translation of the original report in German, which is solely valid.
1
Independent assurance report on the non-financial reporting
pursuant to Section 267a UGB
We have performed a limited assurance engagement in the connection with the consolidated non-
financial reporting pursuant to Section 267a UGB (hereafter „non-financial reporting”) for the financial
year 2024 of the
Pierer Mobility AG,
Wels
(hereinafter also referred to as „Pierer Moblity” or „Company” for short).
Conclusion with limited assurance
Based on our procedures performed and the evidence we have obtained, nothing has come to our
attention that causes us to believe that the consolidated non-financial reporting in the groupmanagement
report in section 4 is not prepared, in all material respects, in compliance with:
• the statutory provisions of the Austrian Sustainability and Diversity Improvement Act (267a of the
Austrian Commercial Code (UGB)),
• the reporting requirements according to Article 8 of the EU Regulation 2020/852 (hereinafter referred
to as „EU-Taxonomy-Regulation”),
• the requirements of the delegated regulation (EU) 2023/2772 (hereinafter referred to as „ESRS”), and
• the process carried out by the company to identify the information to be included in the consolidated
non-financial reporting in accordance with the legal requirements and standards for non-financial
reporting (hereinafter referred to as „double materiality assessment process”); with the description
set out in disclosure “4.1 ESRS 2 – GENERAL INFORMATION IMPACT, RISK AND OPPORTUNITY
MANAGEMENT IRO-1 – Description of the processes to identify and assess material impacts, risks and
opportunities"
in the currently valid version.
Basis for conclusion with limited assurance
Our limited assurance engagement on the non-financial reporting was conducted in accordance with the
statutory requirements and Austrian Standards on Other Assurance Engagements and additional expert
opinions as well as the International Standard on Assurance Engagements (ISAE 3000 (Revised) applicable
to such engagements. An independent assurance engagement with the purpose of expressing a
conclusion with limited assurance ("limited assurance engagement") is substantially less in scope than an
kpmg
Pierer Mobility AG, Wels
Translation of the Report on the independent assurance of the non-financial reporting
pursuant to Section 267a UGB for the year ended December 31, 2024
May 27, 2025
This report is a translation of the original report in German, which is solely valid.
2
independent assurance engagement with the purpose of expressing a conclusion with reasonable
assurance (“reasonable assurance enagement"), thus providing reduced assurance.
Our responsibility under those requirements and standards is further described in the „Responsibility of
the auditor of the consolidated non-financial reporting” section of our assurance report.
We are independent of the Group in accordance with the Austrian professional regulations and we have
fulfilled our other ethical responsibilities in accordance with these requirements.
Our audit firm is subject to the provisions of KSW-PRL 2022, which essentially corresponds to the
requirements of ISQM 1, and applies a comprehensive quality management system, including
documented policies and procedures for compliance with ethical requirements, professional standards
and applicable legal and regulatory requirements.
We believe that the evidence we have obtained up to the date of the limited assurance report is sufficient
and appropriate to provide a basis for our conclusion as of that date.
Other information
Management is responsible for the other information. The other information comprises all information
included in the Annual Financial Report 2024 but does not include non-financial reporting and our
independent assurance report.
Our conclusion on the non-financial reporting does not cover the other information and we will not
express any form of assurance conclusion thereon. In connection with our limited assurance engagement
on the non-financial reporting, our responsibility is to read the other information when available and, in
doing so, consider whether the other information is materially inconsistent with the non-financial
reporting or our knowledge obtained in the limited assurance engagement or otherwise appears to be
misstated. If, based on the work we have performed, we conclude that there is a material misstatement
of this other information, we are required to report that fact. We have nothing to report in this context.
Responsibility of the management
Management is responsible for the preparation of a non- financial reporting including the determination
and implementation of the double materiality assessment processes in accordance with legal
requirements and standards. This responsibility includes:
• identification of the actual and potential impacts, as well as the risks and opportunities associated with
sustainability aspects and assessing the materiality of these impacts, risks and opportunities,
• preparing of a non-financial reporting in compliance with the requirements of the statutory provisions
of the Austrian Sustainability and Diversity Improvement Act pursuant to section 267a UGB, [including
compliance with the ESRS,
• inclusion of disclosures in the [consolidated] non-financial reporting in accordance with the EU-
Taxonomy-Regulation, and
• designing, implementing and maintaining of internal controls that management consider relevant to
enable the preparation of sustainability report that is free from material misstatement, whether due
to fraud or error; and to enable the double materiality assessment process to be carried out in
accordance with the requirements of the ESRS.
kpmg
Pierer Mobility AG, Wels
Translation of the Report on the independent assurance of the non-financial reporting
pursuant to Section 267a UGB for the year ended December 31, 2024
May 27, 2025
This report is a translation of the original report in German, which is solely valid.
3
This responsibility includes also the selection and application of appropriate methods for non-financial
reporting and the making of assumptions and estimates for individual sustainability disclosures that are
reasonable in the circumstances.
Inherent limitations in the preparation of non-financial reporting
When reporting forward-looking information, the company is obliged to prepare this forward-looking
information based on disclosed assumptions about events that could occur in the future and possible
future actions by the company. Actual results are likely to differ as expected events often do not occur as
assumed.
When determining the disclosures in accordance with the EU-Taxonomy-Regulation, the management is
obliged to interpret undefined legal terms. Undefined legal terms can be interpreted differently, also
regarding the legal conformity of their interpretation and are therefore subject to uncertainties.
Responsibility of the auditor of the consolidated non-financial reporting
Our objectives are to plan and perform a limited assurance engagement to obtain limited assurance about
whether the non-financial reporting, including the procedures performed to determine the information
to be reported and the reporting in accordance with the EU-Taxonomy, is free from material
misstatement, whether due to fraud or error, and to issue a limited assurance report that includes our
conclusion. Misstatements can arise from fraud or error and are considered material if, individually or in
the aggregate, they could reasonably be expected to influence the economic decisions of users taken
based on this non-financial reporting.
In a limited assurance engagement, we exercise professional judgement and maintain professional
scepticism throughout the assurance engagement.
Our responsibilities include
• performing risk-related assurance procedures, including obtaining an understanding of internal
controls relevant to the engagement, to identify disclosures where material misstatements are likely
to arise, whether due to fraud or error, but not for the purpose of expressing a conclusion on the
effectiveness of the Group’s internal controls;
• design and perform assurance procedures responsive to disclosures in the non-financial reporting,
where material misstatements are likely to arise. The risk of not detecting a material misstatement
resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of internal control.
kpmg
Pierer Mobility AG, Wels
Translation of the Report on the independent assurance of the non-financial reporting
pursuant to Section 267a UGB for the year ended December 31, 2024
May 27, 2025
This report is a translation of the original report in German, which is solely valid.
4
Procedures - Summary of the work performed
A limited assurance engagement involves performing procedures to obtain evidence about the non-
financial reporting.
Our engagement does not include the assurance of prior period figures, printed interviews or other
additional voluntary information of the company, including references to websites or other additional
reporting formats of the company.
The nature, timing and extent of assurance procedures selected depend on professional judgement,
including the identification of disclosures likely to be materially misstated in the non-financial reporting,
whether due to fraud or error.
In conducting our limited assurance engagement on the non-financial reporting, we proceed as follows:
• We obtain an understanding of the company's processes relevant to the preparation of non-financial
reporting.
• We assess whether all relevant information identified by the double materiality assessment process
carried out by the company has been included in the non-financial reporting.
• We evaluate whether the structure and presentation of the non-financial reporting is in compliance
with the requirements of the statutory provisions of the Austrian Sustainability and Diversity
Improvement Act as of section 267a UGB, including the ESRS.
• We perform inquiries of relevant personnel and analytical procedures on selected disclosures in the
non-financial reporting.
• We perform risk-oriented assurance procedures, on a sample basis, on selected disclosures in the non-
financial reporting.
• We reconcile selected disclosures in the non-financial reporting with the corresponding disclosures in
the consolidated financial statements and Group management report.
• We obtain evidence on the methods for developing estimates and forward-looking information.
• We obtain an understanding of the process to identify taxonomy-eligible and taxonomy-aligned
economic activities and the corresponding disclosures in non-financial reporting.
kpmg
Pierer Mobility AG, Wels
Translation of the Report on the independent assurance of the non-financial reporting
pursuant to Section 267a UGB for the year ended December 31, 2024
May 27, 2025
This report is a translation of the original report in German, which is solely valid.
5
Limitation of liability, publication and terms of engagement
This limited assurance engagement is a volunatary assurance engagement. We issue this conclusion based
on the assurance contract concluded with the client, which is also based, with effect on third parties, on
the “General Conditions of Contract for the Public Accounting Professions” issued by the Chamber of Tax
Advisors and Auditors. These can be viewed online on the website of the Chamber of Tax Advisors and
Auditors (currently at https://ksw.or.at/berufsrecht/mandatsverhaeltnis/). With regard to our
responsibility and liability under the contractual relationship, point 7 of the AAB 2018 applies.
Our assurance report may only be distributed to third parties together with the consolidated non-financial
reporting contained in section 4 section of the group management report and only in complete and
unabridged formBecause our report is prepared solely on behalf of and for the benefit of the company,
its contents may not be relied upon by any other third party, and consequently, we shall not be liable for
any other third party claims.
Auditor responsible for the assurance engagement
The auditor responsible for the assurance engagement of the non-financial reporting is Mag. Alexander
Gall
Linz
May 27, 2025
KPMG Austria GmbH
Wirtschaftsprüfungs- und Steuerberatungsgesellschaft
signed by:
Mag. Alexander Gall
Wirtschaftsprüfer
(Austrian Chartered Accountant)
Glos sary
ACEM European Association of Motorcycle Manufacturers
AktG (Aktiengesetz) Austrian Stock Corporation Act
Capital expenditures (CAPEX) Additions to property, plant and equipment and intangible assets and investments in
development projects (incl. tools) according to the schedule of investments, excluding
right of use additions according to IFRS 16
cc cubic centimeter
CCM Code abbreviation in relation to the Taxonomy Regulation for:
Climate Change Mitigation
CE Code abbreviation in relation to the Taxonomy Regulation for:
Transition to a Circular Economy
CEO Chief Executive Officer
CFO Chief Financial Officer
CO Chemical formula of carbon dioxide
COe CO-equivalent
CSRD Corporate Sustainability Reporting Directive
D&O insurance Directors’ and Officers’ liability insurance
DACH region The countries Germany, Austria and Switzerland
DCG Directive on Corporate Governance of the SIX Swiss Exchange
DNSH Do Not Significantly Harm
Earnings per share Result for the period attributable to equity holders of the parent / number of shares
outstanding (weighted average)
EBIT Earnings Before Interest and Tax: EBIT equals the operating income (loss) according to
IFRS and is the operating income (loss) before financial result and income taxes
EBIT margin EBIT / revenue
EBITDA Earnings Before Interst, Tax, Depreciation and Amortization: EBIT + depreciation
EBITDA margin EBITDA / revenue
EBT Earnings Before Tax
€k // €m Thousand euro // million euro
Equity ratio Total equity / total assets
ESRS European Sustainability Reporting Standards
FCF Free Cash Flow
EURK Thousand euro
Free cash flow Cash flow from operations + cash flow from investing activity
Gearing Net debt / total equity
GHG Greenhouse Gas(es)
GRI Global Reporting Initiative: a non-profit foundation that has developed standards for
sustainability reporting
Group PIERER Mobility Group
IASB International Accounting Standards Board, an independent, private sector body that
develops and approves IFRS.
IFRS International Financial Reporting Standards
IRO Impacts, Risks and Opportunities in the context of sustainability reporting
KTM Kronreif-Trunkenpolz-Mattighofen
Net debt Financial liabilities (current and non-current) - cash and cash equivalents
Note(s) Note(s) to the consolidated financial statements 2024
ÖCGK (Österreichischer Corporate Governance Kodex) Austrian Code of Corporate Governance
PG&A Parts, Garments, and Accessories
pp percentage point(s)
R&D Research & Development
SIX Swiss Exchange Swiss stock exchange
SPI Swiss Performance Index, a stock index of the SIX Swiss Exchange
t Metric ton (unit of weight)
UGB (Unternehmensgesetzbuch) Austrian Commercial Code
Working capital employed Inventories + trade receivables - trade payables
.
zum 31. Dezember 2024PIERER Mobility AG
Bilanz
€
31.12.2024
€
31.12.2023
Aktiva
A. Anlagevermögen
I. Immaterielle Vermögensgegenstände
1. Software 10.676,69 32.030,03
II. Sachanlagen
1. Betriebs- und Geschäftsausstattung 163.097,71 223.078,82
III. Finanzanlagen
1. Anteile an verbundenen Unternehmen 598.044,26 1.282.171.289,54
2. Ausleihungen an verbundene Unternehmen 250.000,00 250.000,00
3. Beteiligungen 1.768.678,11 9.701.000,00
4. Wertpapiere (Wertrechte) des Anlagevermögens 206.031,20 206.031,20
2.822.753,57 1.292.328.320,74
2.996.527,97 1.292.583.429,59
B. Umlaufvermögen
I. Forderungen und sonstige Vermögensgegenstände
1. Forderungen aus Lieferungen und Leistungen 15.199,62 9.097,35
2. Forderungen gegenüber verbundenen Unternehmen 3.176.594,28 13.612.698,93
davon aus Lieferungen und Leistungen 1.960.412,13 2.169.773,92
davon sonstige 1.216.182,15 11.442.925,01
3. Forderungen gegenüber Unternehmen, mit denen ein
Beteiligungsverhältnis besteht 74.372,27 0,00
davon sonstige 74.372,27 0,00
4. sonstige Forderungen und Vermögensgegenstände 25.784,88 27.939,94
3.291.951,05 13.649.736,22
II. Guthaben bei Kreditinstituten 1.379.728,67 28.689.110,37
4.671.679,72 42.338.846,59
C. Rechnungsabgrenzungsposten
23.042,65 35.776,75
D. Aktive latente Steuern
184.496.736,21 0,00
Summe Aktiva 192.187.986,55 1.334.958.052,93
€
31.12.2024
€
31.12.2023
Passiva
A. Negatives Eigenkapital, Eigenkapital
I. eingefordertes Grundkapital 33.796.535,00 33.796.535,00
übernommenes Grundkapital 33.796.535,00 33.796.535,00
einbezahltes Grundkapital 33.796.535,00 33.796.535,00
II. Kapitalrücklagen
1. gebundene 0,00 9.949.093,87
2. nicht gebundene 0,00 1.091.905.445,97
0,00 1.101.854.539,84
III. Gewinnrücklagen
1. gesetzliche Rücklagen 0,00 3.379.653,50
IV. Bilanzverlust/-gewinn -434.207.321,09 162.464.113,45
davon Gewinnvortrag 145.565.845,95 119.578.563,58
-400.410.786,09 1.301.494.841,79
B. Rückstellungen
1. Steuerrückstellungen 184.961.075,29 0,00
davon Rückstellungen für latente Steuern 184.953.575,29 0,00
2. sonstige Rückstellungen 360.322.335,00 413.070,00
545.283.410,29 413.070,00
C. Verbindlichkeiten
1. Anleihen und Schuldverschreibungen 30.000.000,00 30.000.000,00
davon mit einer Restlaufzeit von bis zu einem Jahr 30.000.000,00 0,00
davon mit einer Restlaufzeit von mehr als einem Jahr 0,00 30.000.000,00
2. Verbindlichkeiten aus Lieferungen und Leistungen 3.153.036,46 1.876.393,79
davon mit einer Restlaufzeit von bis zu einem Jahr 3.153.036,46 1.876.393,79
3. Verbindlichkeiten gegenüber verbundenen Unternehmen 13.600.082,65 566.331,95
davon aus Lieferungen und Leistungen 1.305.563,58 562.831,95
davon sonstige 12.294.519,07 3.500,00
davon mit einer Restlaufzeit von bis zu einem Jahr 13.600.082,65 566.331,95
4. sonstige Verbindlichkeiten 562.243,24 607.415,40
davon im Rahmen der sozialen Sicherheit 0,00 1.781,33
davon mit einer Restlaufzeit von bis zu einem Jahr 562.243,24 607.415,40
47.315.362,35 33.050.141,14
davon mit einer Restlaufzeit von bis zu einem Jahr 47.315.362,35 3.050.141,14
davon mit einer Restlaufzeit von mehr als einem Jahr 0,00 30.000.000,00
Summe Passiva 192.187.986,55 1.334.958.052,93
.
1.1.2024 bis 31.12.2024PIERER Mobility AG
Gewinn- und Verlustrechnung
€
2024
€
2023
1. Umsatzerlöse 20.482.571,37 22.925.584,18
2. sonstige betriebliche Erträge
a) Erträge aus der Auflösung von Rückstellungen 0,00 1.966.507,38
b) übrige 0,00 87.200,00
0,00 2.053.707,38
3. Aufwendungen für Material und sonstige bezogene
Herstellungsleistungen
a) Aufwendungen für bezogene Leistungen -13.968.139,99 -17.120.967,22
4. Personalaufwand
a) Gehälter 0,00 -80.887,92
5. Abschreibungen
a) auf immaterielle Gegenstände des Anlagevermögens und
Sachanlagen
-83.367,12 -85.411,61
6. sonstige betriebliche Aufwendungen
a) Steuern, soweit sie nicht unter Steuern vom Einkommen
fallen -8.093,78 -11.125,66
b) übrige -10.140.976,50 -16.771.902,10
10.149.070,28 16.783.027,76
7. Zwischensumme aus Z 1 bis 6 (Betriebsergebnis) -3.718.006,02 -9.091.002,95
8. Erträge aus Beteiligungen 598.897,00 12.621.404,00
9. Erträge aus Ausleihungen des Finanzanlagevermögens 16.125,64 14.399,35
davon aus verbundenen Unternehmen 16.125,64 14.399,35
10. sonstige Zinsen und ähnliche Erträge 604.780,15 1.496.145,26
davon aus verbundenen Unternehmen 431.833,49 1.363.971,59
11. Aufwendungen aus Finanzanlagen
-1.681.659.070,61
0,00
davon Abschreibungen auf Finanzanlagen -1.681.659.070,61 0,00
davon Aufwendungen aus verbundenen Unternehmen -1.671.985.390,72 0,00
12. Zinsen und ähnliche Aufwendungen -1.522.547,46 -1.179.000,04
davon betreffend verbundene Unternehmen -343.547,35 0,00
13. Zwischensumme aus Z 8 bis 12 (Finanzergebnis)
-1.681.961.815,28
12.952.948,57
14. Ergebnis vor Steuern (Summe aus Z 7 und Z 13)
-1.685.679.821,30
3.861.945,62
15. Steuern vom Einkommen 672.460,92 -3.500,00
davon latente Steuern -456.839,08 0,00
davon Erträge aus Steuergutschriften 1.132.800,00 0,00
davon weiterbelastet an Gruppenmitglied 4.000,00 0,00
davon weiterverrechnet vom Gruppenträger -7.500,00 -3.500,00
.
1.1.2024 bis 31.12.2024PIERER Mobility AG
Gewinn- und Verlustrechnung
€
2024
€
2023
16. Sonderposten aus Einbringung 0,00 39.027.104,25
17. Ergebnis nach Steuern
-1.685.007.360,38
42.885.549,87
18. Jahresfehlbetrag/-überschuss
-1.685.007.360,38
42.885.549,87
19. Auflösung von Kapitalrücklagen 1.101.854.539,84 0,00
20. Auflösung von Gewinnrücklagen 3.379.653,50 0,00
21. Gewinnvortrag aus dem Vorjahr 145.565.845,95 119.578.563,58
22. Bilanzverlust/-gewinn -434.207.321,09 162.464.113,45
.
Anhang
PIERER Mobility AG
Anhang
Bilanzierungs- und Bewertungsmethoden
Allmeine Grundsätze
Der Jahresabschluss wurde nach den Vorschriften der §§ 189 ff des Unternehmensgesetzbuchs (UGB) unter
Beachtung der Grundsätze ordnungsmäßiger Buchführung, sowie unter Beachtung der Generalnorm, ein
möglichst getreues Bild der Vermögens-, Finanz- und Ertragslage des Unternehmens zu vermitteln,
aufgestellt.
Bei der Gesellschaft handelt es sich um eine große Kapitalgesellschaft im Sinne des § 221 UGB.
Bei Vermögensgegenständen und Verbindlichkeiten, die unter mehrere Posten der Bilanz fallen, wurde die
Zugehörigkeit zu anderen Posten im Anhang angegeben.
Bei der Erstellung des Jahresabschlusses wurde der Grundsatz der Vollständigkeit entsprechend den
gesetzlichen Regelungen eingehalten.
Bei der Bewertung der einzelnen Vermögensgegenstände und Schulden wurde der Grundsatz der
Einzelbewertung beachtet und eine Fortführung des Unternehmens unterstellt.
Dem Vorsichtsprinzip wurde dadurch Rechnung getragen, dass nur die am Abschlussstichtag verwirklichten
Gewinne ausgewiesen wurden. Alle erkennbaren Risiken und drohenden Verluste wurden - soweit gesetzlich
geboten - berücksichtigt.
Die Gesellschaft ist ein konsolidierungspflichtiges Mutterunternehmen im Sinne des §244 UGB und hat einen
Konzernabschluss, der beim Landesgericht Wels unter der Nummer FN 78112x hinterlegt wird, aufzustellen.
Die Gesellschaft ist bis ins Geschäfsjahr 2024 ein Konzernunternehmen iSd § 15 AktG (§ 115 GmbHG) und
wird in den Konzernabschluss der Pierer Konzerngesellschaft mbH einbezogen. Sämtliche Unternehmen die
in den Konzernabschluss der Pierer Konzerngesellschaft mbH mit einbezogen werden, sind in der PIERER
Mobility AG als verbundenes Unternehmen ausgewiesen.
Anlagevermögen
Immaterielles Anlagevermögen
Die erworbenen immateriellen Vermögensgegenstände wurden zu Anschaffungskosten bewertet, die um die
planmäßigen Abschreibungen vermindert sind.
Die planmäßigen Abschreibungen wurden linear vorgenommen.
Gemäß den steuerrechtlichen Vorschriften wird für Zugänge im ersten Halbjahr eine volle
Jahresabschreibung, für Zugänge im zweiten Halbjahr eine halbe Jahresabschreibung vorgenommen.
Folgende Nutzungsdauern wurden den planmäßigen Abschreibungen zugrunde gelegt:
Nutzungsdauer
in Jahren
Software 3
Seite 1
.
Anhang
PIERER Mobility AG
Sachanlagen
Das abnutzbare Sachanlagevermögen wurde zu Anschaffungs- oder Herstellungskosten bewertet, die um
die planmäßigen Abschreibungen vermindert werden. Die geringwertigen Vermögensgegenstände bis zu
einem Wert von EUR 1 000,00 wurden im Zugangsjahr voll abgeschrieben.
Die planmäßigen Abschreibungen wurden linear der voraussichtlichen Nutzungsdauer entsprechend
vorgenommen.
Gemäß den steuerrechtlichen Vorschriften wird für Zugänge im ersten Halbjahr eine volle
Jahresabschreibung, für Zugänge im zweiten Halbjahr eine halbe Jahresabschreibung vorgenommen.
Folgende Nutzungsdauern wurden den planmäßigen Abschreibungen zugrunde gelegt:
Nutzungsdauer
in Jahren
Betriebs- und Geschäftsausstattung 1 - 20
Finanzanlagen
Das Finanzanlagevermögen wurde zu Anschaffungskosten vermindert um außerplanmäßige
Abschreibungen – soweit diese notwendig sind, um dauernden Wertminderungen Rechnung zu tragen –
angesetzt. Die im Jahresabschluss ausgewiesenen Anteile an verbundenen Unternehmen, Beteiligungen und
Wertpapiere (Wertrechte) des Anlagevermögens werden im Anlassfall auf ihre Werthaltigkeit untersucht.
Anlassbezogene Bewertungen werden auf Basis von diskontierten Netto-Zahlungsmittelzuflüssen, die im
Wesentlichen von zukünftigen Umsatz- und Margenerwartungen und von abgeleiteten
Diskontierungszinssätzen abhängig sind, durchgeführt. Für Anteile die kurz vor dem Bilanzstichtag erworben
wurden, bildet der Kaufpreis die Grundlage für die geführte Werthaltigkeitsprüfung. Anteile an verbundenen
Unternehmen und Beteiligungen wurden, sofern keine Umsatzplanungen vorlagen, auf das anteilige
Eigenkapital abgewertet.
Umlaufvermögen
Forderungen und sonstige Vermögensgegenstände
Die Forderungen und sonstigen Vermögensgegenstände wurden mit dem Nennwert angesetzt.
Im Falle erkennbarer Einzelrisken wurde der niedrigere beizulegende Wert angesetzt.
Seite 2
.
Anhang
PIERER Mobility AG
Rückstellungen
Sonstige Rückstellungen
In den sonstigen Rückstellungen wurden unter Beachtung des Vorsichtsprinzips alle im Zeitpunkt der
Bilanzerstellung erkennbaren Risiken und der Höhe oder dem Grunde nach ungewissen Verbindlichkeiten
mit den Beträgen berücksichtigt, die nach bestmöglicher Schätzung zur Erfüllung der Verpflichtung
aufgewendet werden müssen. Sämtliche Rückstellungen haben eine Laufzeit von weniger als einem Jahr.
Verbindlichkeiten
Verbindlichkeiten wurden mit ihrem Erfüllungsbetrag angesetzt.
Änderungen von Bilanzierungs- und Bewertungsmethoden
Die bisher angewandten Bilanzierungs- und Bewertungsmethoden wurden auch bei der Erstellung des
vorliegenden Jahresabschlusses beibehalten.
Laufendes Sanierungsverfahren, Informationen im Zusammenhang mit Insolvenzverfahren von
Tochtergesellschaften
Sanierungsverfahren mit Eigenverwaltung der KTM AG, der KTM Components GmbH sowie der KTM
Forschungs & Entwicklungs GmbH
Per 29. November 2024 hat der Vorstand der KTM AG nach Prüfung der Alternativen den Antrag auf
Eröffnung eines gerichtlichen Sanierungsverfahrens mit Eigenverwaltung über das Vermögen der KTM AG
(Aktenzeichen 17 S 56/24b) und ihrer Tochtergesellschaften KTM Components GmbH (Aktenzeichen 17 S
59/24v) und KTM Forschungs & Entwicklungs GmbH (Aktenzeichen 17 S 62/24k) beim Landesgericht Ried
im Innkreis, Österreich, eingereicht. Ziel des Verfahrens war es, einen Sanierungsplan mit den Gläubigern zu
vereinbaren und die Gruppe nach Genehmigung dieses Plans fortzuführen. Ermöglicht werden sollte dies
unter anderem durch eine Redimensionierung der Gruppe zur nachhaltigen Sicherung ihres Fortbestands.
Den Gläubigern dieser drei genannten Gesellschaften wurde schließlich eine Sanierungsquote von 30 % als
Kassaquote, zahlbar bis 23. Mai 2025, angeboten.
Oben angeführter Sanierungsplan wurde schließlich am 25. Februar 2025 von den Gläubigern mehrheitlich
angenommen. Es wurden keine Rechtsmittel seitens der Gläubiger eingelegt, weshalb die Festlegung der 30
%-igen Sanierungsquote rechtlich nicht mehr angefochten werden kann.
Die Sanierungsverfahren der KTM AG sowie ihrer beiden Tochtergesellschaften wurden am 23. Mai 2025
durch Hinterlegung der 30 %-igen Kassaquote vom 22. Mai 2025 im Umfang von TEUR 525.000 durch die
gerichtliche Bestätigung des Sanierungsplans formal abgeschlossen. Der endgültige Eintritt der Rechtskraft
der gerichtlichen Bestätigung erfolgt nach Ablauf der gesetzlichen Rekursfrist gemäß § 260 IO. Das
Management schätzt auf Basis der Auskünfte von Rechtsexperten die Wahrscheinlichkeit eines erfolgreichen
Rekurses als gering ein, wenngleich ein Rekurs ein Ergebnis außerhalb der Kontrolle des Unternehmens
darstellt. Im unwahrscheinlichen Fall eines erfolgreichen Rekurses könnte es zu einer wesentlichen
Verzögerung des Abschlusses des Sanierungsverfahrens und gegebenenfalls sogar zu wesentlichen
Änderungen der Restrukturierungsbedingungen kommen. Dies könnte gegebenenfalls auch die
Einschätzung der Annahme der Unternehmensfortführung durch das Management beeinflussen und zu
weiteren Anpassungen des Jahresabschlusses führen.
Seite 3
.
Anhang
PIERER Mobility AG
Annahme zur Unternehmensfortführung der PIERER Mobility AG
Dieser Jahresabschluss der PIERER Mobility AG wird unter der Annahme der Unternehmensfortführung
aufgestellt. Das Management geht davon aus, dass der Fortbestand des Unternehmens aufgrund folgender,
wesentlicher Annahmen überwiegend wahrscheinlich ist:
Der Mehrheitsgesellschafter der PIERER Mobility AG, die Pierer Bajaj AG und deren Aktionär Bajaj Auto
International Holdings B.V. haben der Gesellschaft bis zum 23.05.2025 ein Gesellschafterdarlehen in Höhe
von EUR 350 000 000,00 zur Verfügung gestellt. Somit besteht auf Ebene der PIERER Mobility AG eine
Fremdkapitalzufuhr in Höhe von EUR 350.000.000,00.
Dieses Darlehen wird entsprechend verzinst und weist eine Laufzeit von 3 Jahre auf. Die Zinsen des
Darlehens sind nur zahlbar, wenn es die finanzielle Situation der PIERER Mobility AG zulässt.
Die Pierer Bajaj AG hat für das Gesellschafterdarlehen in Höhe von EUR 350 000 000,00 eine Nachrangig-
keitserklärung gemäß § 67 Abs. 3 IO abgegeben.
Da die PIERER Bajaj AG als Darlehensgeber zugesagt hat, das Darlehen über EUR 350 000 000,00 nur
zurückzufordern, wenn dies die wirtschaftliche Situation der PIERER Mobility AG zulässt, und die Zinsen des
Darlehens von PIERER Mobility AG auch nur in diesem Fall geleistet werden müssen, sieht das
Management den positiven Fortbestand der PIERER Mobility AG.
Die Annahme der Unternehmensfortführung der PIERER Mobility hängt in einem wesentlichen Ausmaß von
der Fortführung ihrer wesentlichsten Tochterunternehmen der KTM AG (Gruppe) und dem Liquidationserlös
der Pierer New Mobility ab und ist dementsprechend wesentlichen Unsicherheiten ausgesetzt. Auf die
nachfolgenden Ausführungen wird verwiesen.
Annahme zur Unternehmensfortführung der Tochtergesellschaften
Dieser Jahresabschluss wird weiters unter der Annahme der Unternehmensfortführung der KTM AG
aufgestellt. Das Management geht davon aus, dass der Fortbestand des Unternehmens aufgrund folgender,
wesentlicher Annahmen überwiegend wahrscheinlich ist:
Die PIERER Mobility AG, konnte die Investorensuche erfolgreich abschließen und ein
Finanzierungsvolumen von gesamt TEUR 800.000 sicherstellen.
Durch die Sicherstellung der Finanzierung wurde die gerichtlich festgelegte Quote von 30 % von der
Gesellschaft vollständig am 22. Mai 2025 hinterlegt und der Sanierungsplan daraufhin vom Gericht
bestätigt.
Das Management schätzt auf Basis der Auskünfte von Rechtsexperten die Wahrscheinlichkeit eines
erfolgreichen Rekurses als gering ein, wenngleich ein Rekurs ein Ergebnis außerhalb der Kontrolle des
Unternehmens und somit eine wesentliche Unsicherheit darstellt.
Das Management hat eine Fortbestehensprognose erstellt. Zur Sicherstellung der Qualität und
Angemessenheit der Fortbestehensprognose hat das Management unabhängige Experten beauftragt,
bei der Erstellung Fortbestehensprognose zu unterstützen bzw. diese zu überprüfen. Die in der
Fortbestehungsprognose dargestellte Cashflow-Planung für die nächsten 18 Monate zeigt eine
dauerhafte Liquiditätsreserve von über TEUR 100.000. Die erfolgreiche und planungsgetreue
Umsetzung der Fortbestehensprognose ist jedoch mit Unsicherheiten behaftet und unterliegt exogenen
Seite 4
.
Anhang
PIERER Mobility AG
und endogenen Faktoren.
Die wesentlichen Annahmen zur erfolgreichen Umsetzung der Fortbestehensprognose sind unter
anderem:
o Fortbestand der Einzelunternehmen der Gruppe, insbesondere der KTM AG, der KTM
Components GmbH sowie der KTM Forschungs & Entwicklungs GmbH als auch der
Vertriebstöchter. Diese sind für die kurzfristige Zahlungsfähigkeit von wesentlicher Relevanz;
o Solvente Abwicklung der Pierer New Mobility und planmäßige Realisierbarkeit der zum
Stichtag noch vorhandenen Warenbestände;
o Wiederaufnahme der internen Leistungsbeziehungen einschließlich der Verrechnungen
zwischen den Konzerngesellschaften;
o Uneingeschränktes Beibehalten der bestehenden Finanzierungen seitens sämtlicher
Kapitalgeber zu den vereinbarten bzw. aktuellen Bedingungen
o Planmäßige Realisierbarkeit der entsprechenden wesentlichen Planprämissen, insbesondere
der Wiederherstellung der Ertragskraft und der Umsetzung wesentlicher
Einsparungsmaßnahmen.
Wenngleich das Management sowie die unabhängigen Experten bei Eintritt der Planungsprämissen davon
ausgehen, dass die Fortführungsannahme überwiegend wahrscheinlich ist, unterliegen bestimmte
Annahmen und Faktoren wesentlichen Unsicherheiten, da sie auf dem Eintritt von Umständen beruhen, die
außerhalb der Kontrolle des Unternehmens liegen. Dazu zählen insbesondere die zur Wiederherstellung der
Ertragskraft erwarteten makroökonomischen Rahmenbedingungen, die zumindest mittelfristige Bereitstellung
der gewährten Finanzierungen sowie die Einhaltung der diesbezüglichen Bestimmungen durch die
Kapitalgeber. Diese Umstände stellen somit eine wesentliche Unsicherheit dar, die bedeutsame Zweifel an
der Fähigkeit der Gesellschaft zur Fortführung der Unternehmenstätigkeit aufwerfen können. In diesem Fall
ist die Gesellschaft dann möglicherweise nicht in der Lage, im Rahmen des gewöhnlichen Geschäftsbetriebs
ihre Vermögenswerte zu realisieren und ihre Schulden zu begleichen.
Das Management reagiert auf diese wesentlichen Unsicherheiten mit verstärkter Überwachung der
Umsetzung des Sanierungskonzeptes der Tochtergesellschaften sowie zusätzlichen Initiativen zur Reduktion
von Kosten und zur Steigerung der Ertragskraft. Im Geschäftsjahr 2025 konnte das Unternehmen bereits
Erfolge bei der Wiederherstellung der Ertragskraft erzielen und Einsparungsmaßnahmen in wesentlichem
Umfang umsetzen. Trotz der erforderlichen Verschiebung der zu Jahresbeginn geplanten Wiederaufnahme
der vollen Produktion am Standort Mattighofen ab April 2025 zeigt die angepasste Liquiditätsvorschau
deutliche Verbesserungen im Vergleich zur ursprünglichen Planungsrechnung.
Seite 5
.
Anhang
PIERER Mobility AG
Erläuterungen der Bilanz und der Gewinn- und Verlustrechnung
Erläuterungen zur Bilanz
Anlagevermögen
Die Entwicklung der einzelnen Posten des Anlagevermögens und die Aufgliederung der Jahresabschreibung
nach einzelnen Posten sind in folgendem Anlagenspiegel dargestellt:
Anschaffungs-/Herstellungskosten Abschreibungen kumuliert Buchwert
1.1.2024
31.12.2024
Zugänge
Abgänge
Umbuchungen
1.1.2024
31.12.2024
Abschreibungen
Zuschreibungen
Abgänge
1.1.2024
31.12.2024
EUR EUR EUR EUR EUR EUR
Anlagevermögen
Immaterielle Vermögensgegenstände
Software 173 094,82 0,00 141 064,79 21 353,34 0,00 32 030,03
173 094,82 0,00 162 418,13 0,00 10 676,69
0,00
Sachanlagen
Betriebs- und Geschäftsausstattung 1 346 244,14 2 032,67 1 123 165,32 62 013,78 996,00 223 078,82
1 347 280,81 996,00 1 184 183,10 0,00 163 097,71
0,00
Finanzanlagen
Anteile an verbundenen Unternehmen 1 313 696 797,76 392 153 503,44 31 525 508,22 1 671 985 390,72 0,00 1 282 171 289,54
1 704 108 943,20 0,00 1 703 510 898,94 0,00 598 044,26
-1 741 358,00
Ausleihungen an verbundene Unternehmen 250 000,00 0,00 0,00 0,00 0,00 250 000,00
250 000,00 0,00 0,00 0,00 250 000,00
0,00
Beteiligungen 9 701 000,00 0,00 0,00 9 673 679,89 0,00 9 701 000,00
11 442 358,00 0,00 9 673 679,89 0,00 1 768 678,11
1 741 358,00
Wertpapiere (Wertrechte) des
Anlagevermögens 266 031,20 0,00 60 000,00 0,00 0,00 206 031,20
266 031,20 0,00 60 000,00 0,00 206 031,20
0,00
1 323 913 828,96 392 153 503,44 31 585 508,22 1 681 659 070,61 0,00 1 292 328 320,74
1 716 067 332,40 0,00 1 713 244 578,83 0,00 2 822 753,57
0,00
Summe Anlagenspiegel 1 325 433 167,92 392 155 536,11 32 849 738,33 1 681 742 437,73 996,00 1 292 583 429,59
1 717 587 708,03 996,00 1 714 591 180,06 0,00 2 996 527,97
0,00
In den Sachanlagen sind geringwertige Wirtschaftsgüter in Höhe von EUR 996,00 (Vorjahr: EUR 455,00)
enthalten, welche im lfd. Geschäftsjahr in Höhe von EUR 996,00 (Vorjahr: EUR 455,00) als Zu- und Abgang
dargestellt werden.
Die Finanzanlagen haben sich insbesondere durch folgende Transaktionen verändert:
Mit Kauf- und Abtretungsvertrag vom 8.4.2024 hat die PIERER Mobility AG 100% Anteile an der
KTM Technologies GmbH, Wels erworben.
Mit Einbringungsvertrag vom 19.4.2024 hat die PIERER Mobility AG als Sacheinlage 100% Anteile an der
KTM Forschungs & Entwicklungs GmbH sowie 100% Anteile an der KTM Racing GmbH in die KTM AG
eingebracht.
Mit Kauf- und Abtretungsvertrag vom 16.5.2024 sowie Nachtrag zum Kauf- und Abtretungsvertrag vom
27.6.2024 hat die PIERER Mobility AG 100% Anteile an der PIERER New Mobility GmbH, Munderfing
erworben.
Mit Beschluss vom 23.12.2024 wurde eine Kapitalerhöhung in der LX media GmbH beschlossen. Die
PIERER Mobility AG hat auf ihr Bezugsrecht verzichtet, sodass sich ihre Geschäftsanteile von 74% auf 20%
reduziert haben.
Seite 6
.
Anhang
PIERER Mobility AG
Die PIERER Mobility AG als Alleinaktionär der KTM AG hält zum Stichtag 10.652.191 Stk. Aktien (100%
Anteile).
Der gesamte Umgründungsmehrwert in Höhe von EUR 1,00 (Vorjahr: TEUR 57 254) wird dem
Tochterunternehmen KTM AG, Mattighofen, zugeordnet.
Im laufenden Geschäftsjahr wurden außerplanmäßige Abschreibungen von Anteilen an verbundenen
Unternehmen in Höhe von EUR 1 671 985 390,72 (Vorjahr: EUR 0,00) sowie außerplanmäßige
Abschreibungen von Beteiligungen in Höhe von EUR 9 673 679,89 (Vorjahr: EUR 0,00) vorgenommen
Die Ausleihungen in Höhe von EUR 250 000,00 (Vorjahr: EUR 250 000,00) haben eine Restlaufzeit von
weniger als einem Jahr.
Im laufenden Geschäftsjahr sowie im Vorjahr wurden keine Zuschreibungen auf Anteile an verbundenen
Unternehmen vorgenommen.
Forderungen und sonstige Vermögensgegenstände
Die Forderungen gegenüber verbundenen Unternehmen in Höhe von EUR 3 176 594,28 (Vorjahr:
EUR 13 612 698,93) betreffen im Wesentlichen Forderungen aus laufenden Verrechnungen
EUR 1 960 412,13 (Vorjahr: EUR 2 169 773,92 ), Forderungen aus der Abgeltung des Liquiditätsvorteils
aufgrund der Beendigung der Körperschaftsteuergruppe in Höhe von EUR 1 132 800,00 (Vorjahr: EUR 0,00)
Forderungen aus Finanzierungsdarlehen und sonstige Verrechnungen in Höhe von EUR 79 382,15 (Vorjahr:
EUR 764 219,01) sowie Forderungen aus Dividendenanspruch in Höhe von EUR 0,00 (Vorjahr:
EUR 10 678 706,00).
Die Forderungen gegenüber Unternehmen, mit denen ein Beteiligungsverhältnis besteht in Höhe von EUR
74 372,27 (Vorjahr: EUR 0,00) betreffend Finanzierungsdarlehen.
Die sonstigen Forderungen und Vermögensgegenstände in Höhe von EUR 25 784,88 (Vorjahr:
EUR 27 939,94) betreffen im Wesentlichen Forderungen aus Gutschriften zu Lieferverbindlichkeiten in Höhe
von EUR 24 339,43 (Vorjahr: EUR 0,00) sowie im Forderungen aus geleisteten Anzahlungen in Höhe von
EUR 0,00 (Vorjahr: EUR 27 030,74).
Sämtliche Forderungen haben wie im Vorjahr eine Restlaufzeit von unter einem Jahr.
Aktive latente Steuern
Die aktiven latenten Steuern zum Bilanzstichtag wurden für Differenzen zwischen dem steuerlichen und
unternehmensrechtlichen Wertansatz für folgende Posten gebildet:
31.12.2024 31.12.2023
EUR EUR
Offene Siebentel aus Teilwertabschreibungen gemäß § 12 Abs 3 Z 2 6 457 939,72 0,00
Steuerliche Verlustvorträge 795 701 782,93 0,00
802 159 722,65
0,00
Daraus resultieren latente Steuern (23 %) 184 496 736,21 0,00
In Höhe der aktiven latenten Steuern besteht gemäß § 235 UGB eine Ausschüttungssperre.
Seite 7
.
Anhang
PIERER Mobility AG
Eingefordertes und einbezahltes Nennkapital (Grundkapital)
Das eingeforderte und einbezahlte Nennkapital (Grundkapital) der Gesellschaft beträgt EUR 33 796 535,00
(Vorjahr: EUR 33 796 535,00) und ist in 33.796.535 Stück (Vorjahr: 33 796 535 Stück) auf Inhaber lautende
nennbetragslose Stückaktien, von denen jede eine gleiche Beteiligung am Grundkapital repräsentiert,
aufgeteilt. Zum Stichtag hält die Gesellschaft keine eigenen Aktien.
Der Vorstand ist gemäß § 169 AktG ermächtigt, bis 29.04.2027 mit Zustimmung des Aufsichtsrates das
Grundkapital der Gesellschaft von EUR 33.796.535,00, allenfalls in mehreren Tranchen, gegen Bar-
und/oder Sacheinlagen um bis zu EUR 16.898.267,00 durch Ausgabe von bis zu 16.898.267 Stück auf
Inhaber lautende nennbetragslose Stückaktien auf bis zu EUR 50.694.802,00 zu erhöhen und den
Ausgabebetrag sowie die Ausgabebedingungen und die weiteren Einzelheiten der Durchführung der
Kapitalerhöhung im Einvernehmen mit dem Aufsichtsrat festzusetzen sowie allenfalls die neuen Aktien im
Wege des mittelbaren Bezugsrechts gemäß § 153 Abs 6 AktG den Aktionären zum Bezug anzubieten.
Seit dem 14. November 2016 sind die Aktien der PIERER Mobility AG im International Reporting Standard
der SIX Swiss Exchange primärkotiert. Am 29. März 2017 wurden die Aktien der PIERER Mobility AG in den
Swiss Performance Index (SPI) der SIX Swiss Exchange aufgenommen. Seit dem 1. März 2022 notieren die
Aktien der PIERER Mobility AG auch im prime market, dem Top-Segment des Amtlichen Handels der
Wiener Börse. Das Listing an der Frankfurter Wertpapierbörse (General Standard) wurde am 18. Oktober
2022 (letzter Handelstag) beendet. Zudem wurde die Aktien der PIERER Mobility AG ebenfalls am 19.
September 2022 in den ATX Global Players Index (ATX GP) der Wiener Börse aufgenommen.
Kapitalrücklage
Die Kapitalrücklage in Höhe von EUR 1 101 854 539,84 (Vorjahr: EUR 1 101 854 539,84) wurde im
Geschäftsjahr zur Gänze aufgelöst.
Gewinnrücklage
Die gesetzliche Gewinnrücklage in Höhe von EUR 3 379 653,50 (Vorjahr: EUR 3 379 653,50) wurde im
Geschäftsjahr zur Gänze aufgelöst.
Negatives Eigenkapital, Eigenkapital
Die PIERER Mobility AG weist zum Bilanzstichtag 31.12.2024 ein negatives Eigenkapital in Höhe von
EUR -400 410 786,09 (Vorjahr positives Eigenkapital von EUR 1 301 494 841,79) aus. Der Rückgang des
Eigenkapitals um EUR 1 701 905 627,88 im Geschäftsjahr 2024 resultiert im Wesentlichen aus den
Aufwendungen aus Abschreibungen von Anteilen an verbundenen Unternehmen sowie der Erfassung einer
Rückstellung für drohende Verluste aus der Einlösung von Forderungen gegenüber verbundenen
Unternehmen.
Das Management hat zur Feststellung der insolvenzrechtlichen Überschuldung eine Fortbestehensprognose
erstellt. Diese basiert auf der Annahme, dass sowohl das Eigenkapital also auch die finanzielle Situation
durch verschiedene Maßnahmen stabilisiert wird. Diese Maßnahmen beinhalten unter anderem die
Bereitstellung von zusätzlichem Kapital durch die Mehrheitsgesellschafterin Pierer Bajaj AG. Zum 23.05.2025
hat die Gesellschaft bereits Gesellschafterdarlehen in Höhe von EUR 350 000 000,00 erhalten. Zudem
basiert die Fortbestehensprognose auf der erfolgreichen Sanierung der KTM AG und dem geplanten
Ausstieg aus dem Fahrradsegment. Weiteres erwartet das Management im Prognosezeitraum keine
wesentlichen Zahlungsmittelabflüsse aus zum Abschlussstichtag nicht bilanzierten Schulden und
Eventualverbindlichkeiten. Dadurch ist die Gesellschaft in der Lage ihre Zahlungsverpflichtungen im
Prognosezeitraum zu erfüllen.
Seite 8
.
Anhang
PIERER Mobility AG
Rückstellungen
Zusammensetzung und Entwicklung der Rückstellungen:
Stand 1.1.2024 Verwendung Zuweisung Stand 31.12.2024
EUR EUR EUR EUR
1. Steuerrückstellungen
Rückstellung für
Körperschaftsteuer 0,00 0,00 7 500,00 7 500,00
Rückstellung für latente
Steuern 0,00 0,00 184 953 575,29 184 953 575,29
0,00 0,00 184 961 075,29 184 961 075,29
2. sonstige Rückstellungen
Rückstellung für
Rechtsberatungskosten 45 000,00 45 000,00 28 635,00 28 635,00
Rückstellung für
Wirtschaftsprüfung 162 600,00 162 600,00 182 550,00 182 550,00
Rückstellung für
Steuerberatung 95 000,00 95 000,00 57 150,00 57 150,00
Rückstellungen für Garantien 0,00 0,00 360 000 000,00 360 000 000,00
Sonstige Rückstellungen 110 470,00 110 470,00 54 000,00 54 000,00
413 070,00 413 070,00 360 322 335,00 360 322 335,00
Summe Rückstellungen 413 070,00 413 070,00 545 283 410,29 545 283 410,29
Entsprechend der abgeschlossenen Steuerumlageverträge bestehen für laufende Verluste einzelner
Gruppenmitglieder interne Verlustvorträge. Entsprechend der auf Ebene der Gruppenmitglieder als werthaltig
erachteten internen Verlustvorträge ist in der Bilanz der PIERER Mobility AG eine Steuerrückstellung in der
Höhe von EUR 184 953 575,29 (Vorjahr: EUR 0,00) bilanziert
Die PIERER Mobility AG hat am 1.07.2024 eine Garantie für die Übernahme einer Zahlungsverpflichtung der
PIERER New Mobility GmbH, Munderfing, bis zu einem Höchstbetrag von EUR 360 000 000,00 (Vorjahr:
EUR 0,00) zuzüglich der vereinbarten Zinsen, Nebengebühren und Kosten an die KTM AG abgegeben. Aus
dieser Verpflichtung wurden per 31.12.2024 EUR 360 000 000,00 als Rückstellung eingebucht.
Die sonstigen Rückstellungen in Höhe von EUR 54 000,00 (Vorjahr: EUR 110 470,00) betreffen Rückstellung
für Aufsichtsratsvergütungen in Höhe von EUR 20 000,00 (Vorjahr: EUR 22 000,00) sowie Rückstellung für
den Jahresbericht in Höhe von EUR 34 000,00 (Vorjahr: EUR 88 470,00).
Verbindlichkeiten
Am 17.7.2015 hat die PIERER Mobility AG eine Namensschuldverschreibung in Höhe von
EUR 30 000 000,00 mit einer fixen Laufzeit von 10 Jahren begeben.
Die Verbindlichkeiten gegenüber verbundenen Unternehmen in Höhe von EUR 13 600 082,65 (Vorjahr:
EUR 566 331,95) betreffen im Wesentlichen eine Kaufpreisverbindlichkeit an KTM AG im Zusammenhang
mit dem Erwerb der Beteiligung Pierer New Mobility GmbH in Höhe von EUR 12 294 519,07 (EUR 0,00)
sowie Verbindlichkeiten aus Lieferungen und sonstige Leistungen in Höhe von EUR 1 305 563,58 (Vorjahr:
EUR 562 831,95).
Die sonstigen Verbindlichkeiten in Höhe von EUR 562 243,24 (Vorjahr: EUR 607 415,40) betreffen im
Wesentlichen Zinsen Namensschuldverschreibungen in Höhe von EUR 542 663,04 (Vorjahr:
EUR 542 663,04), Verbindlichkeiten aus der Abgrenzung von Lieferungen und Leistungen in Höhe von
EUR 19 580,20 (Vorjahr: EUR 60 069,48) sowie sonstige Verbindlichkeiten in Höhe von EUR 0,00 (Vorjahr:
Seite 9
.
Anhang
PIERER Mobility AG
EUR 4 682,88 enthalten.
Die Summe der Verbindlichkeiten mit einer Restlaufzeit von mehr als fünf Jahren beträgt EUR 0,00 (Vorjahr:
EUR 0).
In den sonstigen Verbindlichkeiten sind Aufwendungen in Höhe von EUR 562 243,24 (Vorjahr:
EUR 607 415,40) enthalten, die erst nach dem Abschlussstichtag zahlungswirksam werden.
Haftungsverhältnisse und sonstige wesentliche finanzielle Verpflichtungen
Die PIERER Mobility AG hat für die DealerCenter Digital GmbH, Landshut, Deutschland gegenüber der RLB
OÖ, aus Verpflichtungen gegenüber Lieferanten eine Garantie bis zu einem Höchstbetrag von
EUR 500 000,00 (Vorjahr: EUR 500 000,00) abgegeben.
Die PIERER Mobility AG hat am 1.08.2024 gegenüber der Erste Group Bank AG die Erklärung abgegeben,
für direkte und indirekte Beteiligungen im Zusammenhang mit dem ErsteConfirming Programm ihre Rechte
als 100%ige Konzernmutter in einer solchen Weise auszuüben, sodass diese im Sinne einer ordentlichen
kaufmännischen Praxis finanziell so ausgestattet sind, ihre Verbindlichkeiten aus der Erste Confirming
Geschäftsbeziehung fristgerecht erfüllen können.
Verpflichtungen aus der Nutzung von in der Bilanz nicht ausgewiesenen Sachanlagen
Zusammensetzung:
des folgenden
Geschäftsjahres
des folgenden
Geschäftsjahres
der folgenden
fünf
Geschäftsjahre
der folgenden
fünf
Geschäftsjahre
2024 2023 2024 2023
EUR TEUR EUR TEUR
Verpflichtungen aus Mietverträgen
2 064 166,92 2 360 8 381 391,96 11 802
Seite 10
.
Anhang
PIERER Mobility AG
Erläuterungen zur Gewinn- und Verlustrechnung
Die Gewinn- und Verlustrechnung wurde nach dem Gesamtkostenverfahren erstellt.
Aufgliederung der Umsatzerlöse
Die Umsatzerlöse setzen sich wie folgt zusammen bzw. haben sich wie folgt entwickelt (Angaben in TEUR):
2024 2023
TEUR TEUR
Umsatzerlöse
Erlöse Inland 20 472 22 907
Erlöse EU 10 18
20 483 22 926
Sonstige betriebliche Aufwendungen
Die übrigen sonstigen betrieblichen Aufwendungen betreffen im Wesentlichen Aufwendungen für
konzerninterne Dienstleistungen und Umlagen, Aufwendungen für Vorstandstätigkeiten,
Steuerberatungsaufwand sowie Rechts- und Beratungsaufwand.
Bezüglich der Aufwendungen für den Abschlussprüfer wird § 238 (1) Z 18 UGB in Anspruch genommen.
Erträge aus Beteiligungen
Die Erträge aus Beteiligungen in Höhe von EUR 598 897,00 (Vorjahr: EUR 12 621 404,00) betreffen
Dividendenerträge, davon aus verbundenen Unternehmen EUR 0,00 (Vorjahr: EUR 11 678 706,00).
Sonstige Zinsen und ähnliche Erträge
Sonstige Zinsen und ähnliche Erträge in Höhe von EUR 604 780,15 (Vorjahr: EUR 1 496 145,26) betreffen
im Wesentlichen Zinsen aus Darlehen und Bankzinsen.
Aufwendungen aus Finanzanlagen
Die Aufwendungen aus Finanzanlagen in Höhe von EUR 1 681 659 070,61 (Vorjahr: EUR 0,00) betreffen in
Höhe von EUR 1 671 985 390,72 (Vorjahr: EUR 0,00) Abschreibungen gegenüber verbundene Unternehmen
und in Höhe von EUR 9 673 679,89 (Vorjahr: EUR 0,00) Abschreibungen gegenüber Unternehmen mit den
ein Beteiligungsverhältnis besteht.
Steuern vom Einkommen
Mit dem am 31.12.2023 in Österreich in Kraft getretenen Mindestbesteuerungsgesetz („MinBestG“) wurden
die OECD-Mustervorschriften sowie entsprechende EU-Richtlinien zur Gewährleistung einer globalen
Mindestbesteuerung für Unternehmensgruppen („Pillar Two“) im österreichischen Recht umgesetzt. Das
MinBestG ist für Wirtschaftsjahre, die ab dem 31.12.2023 beginnen, anzuwenden. Da die Gesellschaft dem
Konsolidierungskreis der Pierer Konzerngesellschaft mbH Wels angehört, der die maßgeblichen
Umsatzschwellen gemäß MinBestG überschreitet, unterliegt die Gesellschaft seit dem 1.1.2024 den
entsprechenden gesetzlichen Vorschriften.
Seite 11
.
Anhang
PIERER Mobility AG
Im laufenden Geschäftsjahr wurde kein Steueraufwand nach dem MinBestG bzw. vergleichbaren
ausländischen Steuergesetzen erfasst. Nach derzeitigem Stand der Kenntnisse wird auch für Folgejahre
nicht mit einer wesentlichen Steuermehrbelastung resultierend aus dem MinBestG bzw. vergleichbaren
ausländischen Steuergesetzen gerechnet.
Die Gesellschaft war von Veranlagung 2014 bis 2023 Gruppenmitglied der Gruppe der Pierer
Konzerngesellschaft mbH iSd § 9 KStG. Mit einvernehmlicher Beendigung vom 19.12.2024 wurde die
Gruppen- und Steuerausgleichsvereinbarung vom 18.8.2014 per 31.12.2023 gelöst.
Seit der Veranlagung 2024 ist die Gesellschaft Gruppenträger iSd § 9 KStG.
Zur Unternehmensgruppe gehören folgende Gesellschaften (Gruppenmitglieder):
PIERER Mobility AG, Wels (Gruppenträger)
KTM AG, Mattighofen
KTM Forschungs & Entwicklungs GmbH, Mattighofen
KTM Racing GmbH, Munderfing
GASGAS Motorcycles GmbH, Mattighofen
KTM Components GmbH, Munderfing
WP Suspension GmbH, Mattighofen
KTM Sportmotorcycle GmbH, Mattighofen
KTM Österreich GmbH, Mattighofen
KTM Sportcar GmbH, Mattighofen
KTM Immobilien GmbH, Mattighofen
WP Immobilien GmbH, Munderfing
KTM Logistikzentrum GmbH, Mattighofen
KTM MOTOHALL GmbH, Mattighofen
Husqvarna Motorcycles GmbH, Mattighofen
CFMOTO Motorcycles Distribution GmbH, Mattighofen
MV Agusta Motorcycles GmbH, Mattighofen
PIERER Produktion GmbH, Munderfing
KTM Informatics GmbH, Mattighofen
Der steuerliche Ertragsausgleich zwischen dem Gruppenträger und dem Gruppenmitglied ist in der Gruppen-
und Steuerumlagevereinbarung geregelt. Die PIERER Mobility AG ist Gruppenträgerin der Steuergruppe der
KTM AG und diverser inländischer Tochterunternehmen. Diese ermittelt ihr steuerliches Einkommen unter
Berücksichtigung der steuerlichen Ergebnisse der ihr untergeordneten Gruppenmitglieder
(KTM-Gruppeneinkommen). Dieses saldierte KTM-Gruppeneinkommen wird von der KTM AG an die
PIERER Mobility AG weitergeleitet. Die von der KTM AG zu leistende Steuerumlage ermittelt sich auf Basis
des saldierten KTM-Gruppeneinkommens. Die Steuerumlagenzahlung sowie die Zurechnung eines
(positiven oder negativen) Einkommens der KTM AG und deren Tochterunternehmen an die PIERER
Mobility AG erfolgt ausschließlich von der KTM AG. Wird dem Gruppenträger vom Gruppenmitglied ein
positives Einkommen zugerechnet, so beträgt die positive Steuerumlage 23 % des zugerechneten positiven
Einkommens. Im Falle der Zurechnung von Verlusten erhält das Gruppenmitglied keine Steuerumlage. Nicht
verrechenbare Verluste werden für das Gruppenmitglied zur Verrechnung mit seinen positiven oder mit
positiven Gesamtgruppenergebnissen in der Zukunft evident gehalten.
Seite 12
.
Anhang
PIERER Mobility AG
Auf Grund der Verwertung von Gruppenverlusten wurde im Geschäftsjahr 2024 ein Steuerrückstellung
gemäß § 198 Abs 9 UGB in Höhe von EUR 184 953 575,29 (Vorjahr: EUR 0,00) gebildet.
Aufgrund der Beendigung der Unternehmensgruppe mit der Pierer Konzerngesellschaft mbH hat die PIERER
Mobility AG eine Ausgleichszahlung gemäß Gruppen- und Steuerumlagevereinbarung in Höhe von EUR
1 132 800,00 (Vorjahr: EUR 0,00) erhalten.
Im Geschäftsjahr 2024 wurde auf Grund der Verwertung von Gruppenverlusten eine Steuerrückstellung
gemäß § 198 Abs. 9 UGB in Höhe von EUR 7 500,00 (Vorjahr: EUR 0,00) gebildet.
Die Pierer Mobility AG, Wels, ist seit 1.10.2018 Gruppenmitglied einer Organschaft im umsatzsteuerlichen
Sinn, die von der Pierer Industrie AG, Wels, gebildet wird.
Zur Unternehmensgruppe gehören folgende Gesellschaften (Gruppenmitglieder):
Pierer Industrie AG, Wels (Gruppenträger)
PIERER Mobility AG, Wels
PIERER New Mobility GmbH (vorm. PIERER E-Bikes GmbH), Munderfing
KTM Technologies GmbH, Anif
PIERER Innovation GmbH, Wels
Pankl AG, Kapfenberg
Pankl Racing Systems AG, Kapfenberg
Pankl Immobilienverwaltung GmbH, Kapfenberg
Pankl Aerospace Systems Europe GmbH, Kapfenberg
Krenhof GmbH, Köflach
FELT Bicycles GmbH, Munderfing
Folgende Gesellschaften (Gruppenmitglieder) sind im November 2024 aus der Unternehmensgruppe
ausgeschieden:
KTM Sportmotorcycle GmbH, Mattighofen
KTM Österreich GmbH, Mattighofen
KTM Sportcar GmbH, Mattighofen
KTM Immobilien GmbH, Mattighofen
KTM Logistikzentrum GmbH, Mattighofen
KTM MOTOHALL GmbH, Mattighofen
Husqvarna Motorcycles GmbH, Mattighofen
KTM Components GmbH, Munderfing
WP Immobilien GmbH, Munderfing
WP Suspension GmbH, Mattighofen
GASGAS Motorcycles GmbH, Mattighofen
KTM Forschungs & Entwicklungs GmbH, Mattighofen
KTM Racing GmbH, Munderfing
Seite 13
.
Anhang
PIERER Mobility AG
CFMOTO Motorcycles Distribution GmbH, Mattighofen
MV Agusta Motorcycles GmbH, Mattighofen
PIERER Produktion GmbH, Munderfing
KTM Informatics GmbH, Mattighofen
Vöcklabrucker Metallgießerei GmbH, Vöcklabruck
Folgende Gesellschaften (Gruppenmitglieder) sind im Dezember 2024 aus der Unternehmensgruppe
ausgeschieden:
Avocodo GmbH, Linz
PIERER E-Commerce GmbH, Munderfing
LX media GmbH, Wels
Sonderposten aus Einbringung
Der im Vorjahr ausgewiesene Sonderposten aus Einbringung betraf die Einbringung der
100% Tochtergesellschaften KTM Forschungs & Entwicklungs GmbH sowie der KTM Racing GmbH von der
KTM AG in die Gesellschaft.
Sonstige Angaben
Transaktionen mit nahestehenden Unternehmen und Personen
Es wurden keine Kredite an Vorstände und Aufsichtsräte gegeben.
Die Transaktionen mit nahestehenden Unternehmen und Personen erfolgen zu marktüblichen Bedingungen.
Ergebnisverwendung
Es wird vorgeschlagen, den Bilanzverlust in Höhe von EUR -434 207 321,09 auf neue Rechnung
vorzutragen.
Ereignisse nach dem Bilanzstichtag
Ereignisse nach dem 31. Dezember 2024, die für die Bewertung der Vermögenswerte und Schulden
materiell sind, sind entweder im vorliegenden Abschluss berücksichtigt oder nicht bekannt.
Wie bereits unter Abschnitt "Laufendes Sanierungsverfahren, informationen im zusammenhang mit
insolvenzverfahren von Tochtergesellschaften" erläutert, wurde der zugrundeliegende Sanierungsplan der
KTM AG, der KTM Components GmbH sowie der KTM Forschungs und Entwicklungs GmbH am 25. Februar
2025 von der erforderlichen Mehrheit der Gläubiger angenommen. Die Sanierungsverfahren der KTM AG
sowie ihrer beiden Tochtergesellschaften wurden folglich am 23. Mai 2025 durch Hinterlegung der 30 %-igen
Kassaquote vom 22. Mai 2025 im Umfang von TEUR 525.000 durch die gerichtliche Bestätigung des
Seite 14
.
Anhang
PIERER Mobility AG
Sanierungsplans formal abgeschlossen. Der endgültige Eintritt der Rechtskraft der gerichtlichen Bestätigung
erfolgt nach Ablauf der gesetzlichen Rekursfrist gemäß § 260 IO. Nach Eintritt der Rechtskraft ergibt sich für
die Gruppe ein voraussichtlicher Restrukturierungsgewinn von ca. TEUR 1.200.000. Dieser wird in der
Gewinn- und Verlustrechnung des Geschäftsjahres 2025 in den sonstigen betrieblichen Erträgen erfasst
werden. Für weitere Angaben zur Einschätzung der Wahrscheinlichkeit durch das Management in Bezug auf
einen möglichen Rekurs siehe genannten Abschnitt "Laufendes Sanierungsverfahren, informationen im
zusammenhang mit insolvenzverfahren von Tochtergesellschaften".
Im Zuge der Vorbereitungen für die Allokation der für die Erfüllung der Sanierungsquote benötigten Mittel hat
die Bajaj-Gruppe über die bestehenden konzernalen Verflechtungen der PIERER Mobility AG-Gruppe
Finanzmittel in Höhe von TEUR 800.000 zur Verfügung gestellt. Davon sind der Gruppe bis 26. Mai 2025
folgende Finanzmittel zugeflossen:
Finanzierungsdarlehen an PIERER Mobility AG in Höhe von TEUR 350.000 mit einer Laufzeit von jeweils
3 Jahren ab Zuflussdatum in 5 Tranchen wie folgt:
1. Tranche: TEUR 50.000 am 28.02.2025
2. Tranche: TEUR 50.000 am 31.03.2025
3. Tranche: TEUR 50.000 am 03.04.2025
4. Tranche: TEUR 50.000 am 15.05.2025
5. Tranche: TEUR 150.000 am 22.05.2025
Die Finanzierungsdarlehen wurden mit Erklärung vom 21.05.2025 zur Gänze nachrangig gestellt.
Restrukturierungsdarlehen an KTM AG mit einer Laufzeit von 3 Jahren, d. h. bis zum 30.12.2028, in
Höhe von TEUR 450.000 durch die Bajaj Auto International Holdings BV, Niederlande
Darüber hinaus beabsichtigt die Bajaj-Gruppe, die Anteile an der PIERER Bajaj AG vollständig zu
übernehmen. Dazu wurde am 22. Mai 2025 eine Call-Optionsvereinbarung zwischen der PIERER Industrie
AG und der Bajaj Auto International Holdings BV geschlossen, die der Bajaj Auto International Holdings BV
ermöglicht, bis Ende Mai 2026 die von der PIERER Industrie AG gehaltenen Anteile von 50,1 % an der
PIERER Bajaj AG zu erwerben und somit indirekt die Kontrolle über die PIERER Mobility AG und folglich
auch über die KTM-Gruppe zu erlangen. Ein derartiger Kontrollwechsel erfordert regulatorische Freigaben.
Erst nach Vorliegen sämtlicher regulatorischer Freigaben können Aktien unter dieser Call-Option an die Bajaj
Auto International Holdings BV übertragen werden.
Die Gruppe hat mit den Mitteln neben der Sanierungsplan-Quote unter anderem die Wiederaufnahme der
Produktion per 17. März 2025 finanziert, um die vorhandenen Restbestände fertig zu produzieren. Beginnend
mit 1. Mai 2025 hat die Gruppe abermals die Produktion ausgesetzt. Ursächlich hierfür zeichnen sich vor
allem lange Lieferzeiten bestimmter produktionskritischer Rohmaterialien bzw. Komponenten, die mangels
rechtzeitigem Zugang zu freier Liquidität bei Lieferanten nicht nachbestellt werden konnten. Trotz intensiver
Bemühungen konnten diese Produktionsfaktoren auch nicht anderweitig substituiert werden, sodass ein
nochmaliges Aussetzen der Produktion unumgänglich wurde.
Seite 15
.
Anhang
PIERER Mobility AG
Im Laufe des Sanierungsverfahrens erfuhr der Vorstand der PIERER Mobility AG sowie KTM AG im
Geschäftsjahr 2025 weitere weitreichende Veränderungen. So wurde die Vorstandschaft auf nunmehr zwei
Personen reduziert, namentlich Herrn Mag. Gottfried Neumeister und Frau Mag. Verena
Schneglberger-Grossmann. Ferner scheidet Herr Dipl.-Ing. Stefan Pierer nach vollständigem Abschluss des
Sanierungsverfahrens im Juni 2025 auch aus dem Vorstand der PIERER Mobility AG aus.
Am 7. Jänner 2025 wurde für die beiden Tochtergesellschaften Avocodo GmbH und Pierer E-Commerce
GmbH ein Sanierungsverfahren ohne Eigenverwaltung im Landesgericht Linz bzw. Ried eröffnet. Das
Eigenkapital der Avocodo GmbH belief sich per 31.12.2024 bei TEUR -2.833. Das Eigenkapital der Pierer
E-Commerce GmbH betrug per 31.12.2024 TEUR -976.
Unternehmen, das den Konzernabschluss für den größten Kreis von Unternehmen aufstellt
Gemäß § 238 Abs.1 Z 7 und 8 UGB wird wie folgt berichtet:
Name des Mutterunternehmens: Pierer Konzerngesellschaft mbH, FN 134766k
Sitz des Mutterunternehmens: Wels, Österreich
Ort der Offenlegung: Landesgericht Wels
Organe und Arbeitnehmer der Gesellschaft
Im Geschäftsjahr waren folgende Personen als Aufsichtsräte tätig:
Josef Blazicek (Vorsitzender) bis Jänner 2025
Rajiv Bajaj (Stellvertreter des Vorsitzenden)
Srinivasan Ravikumar (Mitglied)
Mag. Michaela Friepeß (Mitglied)
Dipl.-Ing. Dr. Iris Filzwieser (Mitglied)
Mag. Friedrich Roithner (Mitglied)
Stephan Zöchling (Vorsitzender) seit Februar 2025
Der Aufsichtsrat erhält für den Zeitraum 1.1.2024 bis 31.12.2024 Vergütungen in Höhe von EUR 20 000,00
(Vorjahr: EUR 22 000,00), der als Vorschlag in der nächsten Hauptversammlung eingebracht wird.
Seite 16
.
Anhang
PIERER Mobility AG
Beteiligungen
Firmenname Firmensitz Eigenkapital
Anteil in
% Letztes Ergebnis Bilanzstichtag
KTM AG 5230 Mattighofen -393 543 051,17 100,0 -809 707 075,89 31.12.2024
PIERER Innovation GmbH 4600 Wels 58 972,47 100,0 -2 558 972,02 31.12.2024
Avocodo GmbH 4020 Linz -2 833 120,63 100,0 -4 938 189,77 31.12.2024
PIERER E-Commerce GmbH 5222 Munderfing -976 397,37 100,0 -1 086 002,51 31.12.2024
Platin 1483. GmbH
(in Liquidation)
97424 Schweinfurt,
Deutschland 217 715,65 100,0 -271,46 30.04.2022
PIERER New Mobility GmbH 5222 Munderfing -297 131 332,46 100,0 -301 290 117,54 31.12.2024
KTM Technologies GmbH 5081 Anif 324 241,79 100,0 -287 886,34 31.12.2024
Kiska GmbH 5081 Anif 6 270 677,14 50,0 1 711 562,79 31.03.2024
LX media GmbH 4600 Wels 338 903,75 20,0 30 401,72 31.12.2024
Seite 18
.
zum 31.12.2024PIERER Mobility AG
ANLAGENSPIEGEL
€ € € € € € € € € € € €
Anschaffungs-/Herstellungskosten kumulierte Abschreibungen Buchwerte
Stand
1.1.2024
Zugänge Abgänge Umbuchungen Stand
31.12.2024
Stand
1.1.2024
Abschreibungen Zuschreibungen Abgänge Stand
31.12.2024
Stand
1.1.2024
Stand
31.12.2024
A. Anlagevermögen
I. Immaterielle Vermögensgegenstände
1. Software
173.094,82 0,00 0,00 0,00 173.094,82 141.064,79 21.353,34 0,00 0,00 162.418,13 32.030,03 10.676,69
II. Sachanlagen
1. Betriebs- und Geschäftsausstattung
1.346.244,14 2.032,67 996,00 0,00 1.347.280,81 1.123.165,32 62.013,78 0,00 996,00 1.184.183,10 223.078,82 163.097,71
III. Finanzanlagen
1. Anteile an verbundenen Unternehmen
1.313.696.797,76
392.153.503,44 0,00 -1.741.358,00
1.704.108.943,20
31.525.508,22
1.671.985.390,72
0,00 0,00
1.703.510.898,94 1.282.171.289,54
598.044,26
2. Ausleihungen an verbundene Unternehmen 250.000,00 0,00 0,00 0,00 250.000,00 0,00 0,00 0,00 0,00 0,00 250.000,00 250.000,00
3. Beteiligungen 9.701.000,00 0,00 0,00 1.741.358,00 11.442.358,00 0,00 9.673.679,89 0,00 0,00 9.673.679,89 9.701.000,00 1.768.678,11
4. Wertpapiere (Wertrechte) des Anlagevermögens 266.031,20 0,00 0,00 0,00 266.031,20 60.000,00 0,00 0,00 0,00 60.000,00 206.031,20 206.031,20
1.323.913.828,96 392.153.503,44 0,00 0,00 1.716.067.332,40 31.585.508,22 1.681.659.070,61 0,00 0,00 1.713.244.578,83 1.292.328.320,74 2.822.753,57
SUMME ANLAGENSPIEGEL 1.325.433.167,92
392.155.536,11
996,00 0,00 1.717.587.708,03 32.849.738,33 1.681.742.437,73 0,00 996,00 1.714.591.180,06 1.292.583.429,59 2.996.527,97
Seite 19
.
Lagebericht
PIERER Mobility AG
Lagebericht zum Jahresabschluss per 31.12.2024
der PIERER Mobility AG , Wels
Das Geschäftsjahr für den Einzelabschluss der PIERER Mobility AG umfasst den Zeitraum vom
1.1.2024 bis 31.12.2024.
DAS UNTERNEHMEN
Die PIERER Mobility AG ist die Holdinggesellschaft der KTM AG, einem der führenden Motorradhersteller
Europas. Mit dem Fokus auf das Premiumsegment vereint das Unternehmen Marken wie KTM, Husqvarna
und GASGAS unter einem Dach. Zum Premium-Markensortiment zählen auch die
Hochleistungskomponenten der Marke WP und die speziellen KTM X-BOW Hochleistungssportwagen.
Husqvarna und GASGAS Elektrofahrräder sowie Fahrräder der Marke Felt komplementieren das
Zweiradsortiment der PIERER Mobility-Gruppe (die "Gruppe").
Die Aktien der PIERER Mobility AG sind im „Swiss Performance Index (SPI)“ der SIX Swiss Exchange in
Zürich primärkotiert und zusätzlich im Segment prime market der Wiener Börse gelistet.
Die PIERER Mobility AG ist Alleinaktionärin der KTM AG und hält 10.678.706 Stk. Aktien (100% Anteile).
Zum Stichtag 31.12.2024 hält die PIERER Mobility AG unverändert 100% an der PIERER Innovation GmbH,
100% an der PIERER E-Commerce GmbH und 100% an der Avocodo GmbH. Seit 19.04.2024 hält die
PIERER Mobility AG direkt 100% an der KTM Forschungs- und Entwicklungs GmbH sowie 100% an der
KTM Racing GmbH, die in die KTM AG eingebracht wurden. Die PIERER Mobility AG hält seit 16.05.2024
direkt 100% an der PIERER New Mobility AG. An der Kiska GmbH hält die Gesellschaft unverändert 50%
sowie an der AC styria Mobilitätscluster GmbH 12,33%. Die Anteile an der LX media GmbH haben sich von
74% auf 20% reduziert.
Da die PIERER Mobility AG im Wesentlichen die Aufgaben einer geschäftsleitenden Holdinggesellschaft
erfüllt, wird im Lagebericht auch auf die Entwicklungen des Geschäftsjahres 2024 ihrer
Tochtergesellschaften sowie des Konzerns insgesamt eingegangen.
Lage der Gesellschaft
Dieser Jahresabschluss der PIERER Mobility AG wird unter der Annahme der Unternehmensfortführung
aufgestellt. Das Management geht davon aus, dass der Fortbestand des Unternehmens aufgrund folgender,
wesentlicher Annahmen überwiegend wahrscheinlich ist:
Der Mehrheitsgesellschafter der PIERER Mobility AG, die Pierer Bajaj AG und deren Aktionär Bajaj Auto
International Holdings B.V. haben der Gesellschaft bis zum 23.05.2025 ein Gesellschafterdarlehen in Höhe
von EUR 350 000 000,00 zur Verfügung gestellt. Somit besteht auf Ebene der PIERER Mobility AG eine
Fremdkapitalzufuhr in Höhe von EUR 350.000.000,00.
Dieses Darlehen wird entsprechend verzinst und weist eine Laufzeit von 3 Jahre auf. Die Zinsen des
Darlehens sind nur zahlbar, wenn es die finanzielle Situation der PIERER Mobility AG zulässt.
Die Pierer Bajaj AG hat für das Gesellschafterdarlehen in Höhe von EUR 350 000 000,00 eine Nachrangig-
Seite 1
.
Lagebericht
PIERER Mobility AG
keitserklärung gemäß § 67 Abs. 3 IO abgegeben.
Da die PIERER Bajaj AG als Darlehensgeber zugesagt hat, das Darlehen über EUR 350 000 000,00 nur
zurückzufordern, wenn dies die wirtschaftliche Situation der PIERER Mobility AG zulässt, und die Zinsen des
Darlehens von PIERER Mobility AG auch nur in diesem Fall geleistet werden müssen, sieht das
Management den positiven Fortbestand der PIERER Mobility AG.
Die Annahme der Unternehmensfortführung der PIERER Mobility hängt in einem wesentlichen Ausmaß von
der Fortführung ihrer wesentlichsten Tochterunternehmen der KTM AG (Gruppe) und dem Liquidationserlös
der Pierer New Mobility ab und ist dementsprechend wesentlichen Unsicherheiten ausgesetzt. Auf die
nachfolgenden Ausführungen wird verwiesen.
Situation und Status des Sanierungsverfahrens wesentlicher Tochtergesellschaften
Die KTM AG ist eine 100%ige Tochtergesellschaft der PIERER Mobility AG und war im H1 2024 für mehr als
95% des Umsatzes der PIERER Mobility-Gruppe verantwortlich.
Im November 2024 wurde im Zuge der Liquiditätsplanung für das Geschäftsjahr 2025 klar, dass die KTM
einen signifikanten zusätzlichen Liquiditätsbedarf abzudecken hatte. Trotz intensiver Bemühungen, die
Situation zusammen mit Gläubigern und Geldgebern außergerichtlich zu lösen, musste am 29. November
2024 ein gerichtliches „Sanierungsverfahren mit Eigenverwaltung“ über das Vermögen der KTM AG sowie
ihrer Tochtergesellschaften KTM Components GmbH und KTM Forschungs & Entwicklungs GmbH beantragt
werden. Ziel des Verfahrens war es, sich mit den Gläubigern innerhalb des gesetzlich vorgesehenen
Zeitrahmens, konkret bis zum 25. Februar 2025, auf einen Sanierungsplan zu einigen und die KTM Gruppe
nach Genehmigung und Erfüllung dieses Plans fortzuführen.
Neben den Verhandlungen mit den Gläubigern initiierte die Gruppe eine Reihe von Maßnahmen zur
kurzfristigen Kostensenkung und langfristigen Redimensionierung der Produktion in Österreich. Es wurde
entschieden, die Produktion in Mattighofen/Munderfing ab 13. Dezember 2024 bis März 2025 zu
unterbrechen und danach im Einschichtbetrieb (zuvor im Zweischichtbetrieb) fortzuführen. Diese Maßnahme
ging einher mit einem weiteren Personalabbau und einer temporären (für die Zeit der
Produktionsunterbrechung) Arbeitszeitreduktion von standardmäßig 38,5 Wochenstunden auf 30,0
Wochenstunden). Neben den kurzfristigen Kostensenkungen unterstützte diese Maßnahme den
beschleunigten Abbau der hohen Lagerstände.
Die Gläubiger nahmen am 25. Februar 2025 die Sanierungspläne der drei Gesellschaften an. Mit den
Gläubigern der KTM AG wurde eine Kassaquote von 30% vereinbart, die bis zum 23. Mai 2025 dem
Sanierungsverwalter zu hinterlegen ist. Die Kassaquote von 30% wurde fristgerecht hinterlegt, das Gericht
wird voraussichtlich im Juni 2025 den Sanierungsplan bestätigen. Nach Eintritt der Rechtskraft ist das
Sanierungsverfahren der KTM AG beendet.
Der Bilanzierung sowie die Berichterstattung im nachstehenden Lagebericht erfolgten unverändert unter der
Annahme der Unternehmensfortführung der PIERER Mobility AG. Diese Einschätzung beruht auf aktuellen
Erkenntnissen und Entwicklungen im Zusammenhang mit dem Sanierungsverfahren. Damit geht mit dem
Sanierungsverfahren grundsätzlich keine Änderung der angewandten Grundsätze der Rechnungslegung und
von Bilanzierungs- und Bewertungsmethoden einher.
Seite 2
.
Lagebericht
PIERER Mobility AG
GESCHÄFTSVERLAUF
WIRTSCHAFTLICHES UMFELD UND MARKTENTWICKLUNG
Volkswirtschaft
Die schwierigen gesamtwirtschaftlichen Rahmenbedingungen zu Beginn des Geschäftsjahres 2024 haben
länger angehalten als ursprünglich angenommen. Das Wachstum in der Eurozone war weiterhin gering,
wobei sich insbesondere der wichtige deutsche Markt in einer Rezession befand. In den USA war die
Kaufkraft der Konsumenten aufgrund der hohen Lebenshaltungskosten und infolge der langen Phase teurer
Konsumkredite weiterhin niedrig.
Die Aussichten für die Weltwirtschaft sind nach wie vor eingetrübt. Die Auswirkungen des seit 2022
andauernden russisch-ukrainischen Krieges, die jüngsten Entwicklungen des Krieges im Nahen Osten und
die dort anhaltenden Spannungen sowie die deutlich höheren Inflationsraten haben neben anderen Faktoren
zu einer Verlangsamung der Weltwirtschaft geführt. Obwohl das globale Wirtschaftswachstum davon
unverändert belastet ist, hat die Weltwirtschaft als Ganzes eine bemerkenswerte Widerstandsfähigkeit
gezeigt. Dabei gibt es aber regional und national erhebliche Unterschiede.
Die neue US-Administration hat im Frühjahr 2025 umfangreiche und signifikante Einfuhrzölle implementiert,
die alle wesentlichen Wirtschaftsregionen weltweit betreffen. Zum Zeitpunkt der Erstellung dieses Berichts ist
nicht absehbar, wie viel Bestand diese neuen Zölle haben werden und welche Gegenmaßnahmen von
anderen Wirtschaftsräumen gesetzt werden. Ebenfalls unklar ist, ob es durch die Zölle zu neuen
Handelsallianzen kommen wird. Es ist zu erwarten, dass durch Zölle die Preise für die Konsumenten steigen
und das verfügbare Einkommen der Privathaushalte sinkt.
Weiters haben die USA Bemühungen unternommen, den Krieg in der Ukraine zu beenden. Dies ging einher
mit einem Zurückfahren der Militärhilfen für die Ukraine. Die Europäischen Union hat darauf geantwortet und
will bis zu € 800 Milliarden für die Aufrüstung mobilisieren. Die EU-Defizitgrenzen sollen zugunsten einer
Erhöhung der nationalen Verteidigungsausgaben der Mitgliedstaaten gelockert werden.
Neben diesen zwei Themen bergen insbesondere die Lage im Nahen und Mittleren Osten (insbesondere in
und um Israel bzw. in Zusammenhang mit dem Atomprogramm im Iran und Unsicherheiten der
Transportroute durch den Golf von Aden) sowie die Spannungen zwischen China und Taiwan Risiken.
IWF-WACHSTUMSPROGNOSE
1)
2025 2026
Weltwirtschaft 2,8 % 3,0 %
Fortgeschrittene Volkswirtschaften 1,4 % 1,5 %
Eurozone 0,8 % 1,2 %
Deutschland 0,0 % 0,9 %
USA 1,8 % 1,7 %
Schwellen- und Entwicklungsländer 3,7 % 3,9 %
China 4,0 % 4,0 %
Indien 6,2 % 6,3 %
1)
IWF (Internationaler Währungsfonds), World Economic Outlook, April 2025
Seite 3
.
Lagebericht
PIERER Mobility AG
Bilanzanalyse
Die Bilanzsumme zum 31.12.2024 in Höhe von TEUR 189.983 (Vorjahr: TEUR 1.334.958) hat sich um
TEUR 1.144.975 reduziert. Die Veränderung ist im Wesentlichen auf den Rückgang der Finanzanlagen in
Höhe von TEUR 1.289.506, den Rückgang der Forderungen gegenüber verbundenen Unternehmen in Höhe
von TEUR 12.641 sowie den Rückgang der liquiden Mittel um TEUR 27.309 zurückzuführen. Im GJ 2024
wurden erstmalig aktiv latente Steuern in Höhe von TEUR 184.497 gebildet, die sich positiv auf die
Bilanzsumme ausgewirkt haben.
Das Anlagevermögen in Höhe von TEUR 2.997 (Vorjahr: TEUR 1.292.583) hat sich im Wesentlichen durch
die außerordentliche Abschreibung von Beteiligungen vermindert.
Das Umlaufvermögen in Höhe von TEUR 4.671 (Vorjahr: TEUR 42.339) hat sich im Geschäftsjahr 2024 um
TEUR 37.668 reduziert und ist im Wesentlichen auf den Rückgang der Forderungen gegenüber verbundenen
Unternehmen sowie der liquiden Mittel zurückzuführen. Die Forderungen gegenüber verbundenen
Unternehmen betragen zum Stichtag TEUR 3.177 (Vorjahr: TEUR 13.613) und betreffen im Wesentlichen
Forderungen aus laufenden Verrechnungen und sonstigen Forderungen. Die liquiden Mittel haben sich
gegenüber dem Vorjahr um TEUR 27.309 vermindert.
Das Eigenkapital ist gegenüber dem Vorjahr von TEUR 1.301.495 auf ein negatives Eigenkapital in Höhe von
TEUR -400.411 gesunken. Die Veränderung ergibt sich aus dem Ergebnis nach Steuern in Höhe von
TEUR -1.685.007 sowie der Gewinnausschüttung in Höhe von TEUR 16.898.
Die Rückstellungen in Höhe von TEUR 545.283 (Vorjahr: TEUR 413) haben sich im Wesentlichen aufgrund
einer latenten Steuerrückstellung in Höhe von TEUR 184.961 sowie einer Garantierückstellung in Höhe von
TEUR 360.000 erhöht.
Die Verbindlichkeiten haben sich im abgelaufenen Geschäftsjahr erhöht und lagen zum 31.12.2024 bei
TEUR 47.315 (Vorjahr: TEUR 33.050). Der Anstieg der Verbindlichkeiten betrifft im Wesentlichen die
Erhöhung der Verbindlichkeiten gegenüber verbundenen Unternehmen um TEUR 13.034 im Zusammenhang
mit einer Kaufpreisverbindlichkeit in Höhe von TEUR 12.295 an KTM AG betreffend dem Erwerb der PIERER
New Mobility GmbH.
Seite 4
.
Lagebericht
PIERER Mobility AG
Liquiditätsanalyse
Die liquiden Mittel sind per 31.12.2024 um TEUR 27.309 auf TEUR 1.380 gesunken. Der Cash-Flow aus der
laufenden Geschäftstätigkeit ist gegenüber dem Vorjahr von TEUR 78.384 auf TEUR 8.935 gesunken.
Der Cash-Flow aus der Investitionstätigkeit beträgt TEUR -31.641 (Vorjahr: TEUR -1.560) und ist im
Wesentlichen auf die Veränderung der Finanzanlagen und sonstige Finanzinvestitionen in Höhe von
TEUR -32.154, sowie auf die positive Veränderung der Forderungen gegenüber verbundenen Unternehmen
in Höhe von TEUR 589 zurückzuführen.
Der Cash-Flow aus der Finanzierungstätigkeit beträgt TEUR -4.604 (Vorjahr: TEUR -67.593). Die
Veränderung betrifft die Tilgung von Finanzierungen gegenüber verbundenen Unternehmen in Höhe von
TEUR 12.295 sowie Gewinnausschüttungen in Höhe von TEUR -16.898.
Ergebnisanalyse
Die PIERER Mobility AG hat im abgelaufenen Geschäftsjahr einen Jahresfehlbetrag von TEUR 1.685.007
(Vorjahr: TEUR 42.886 Jahresüberschuss) erzielt. Negativ wirkten sich vor allem die außerplanmäßigen
Abschreibungen auf Finanzanlagen in Höhe von TEUR 1.681.659 sowie der Rückgang von
Dividendenerträgen gegenüber dem Vorjahr in Höhe von TEUR 12.023 aus. Positiv wirkte sich vor allem der
Rückgang der sonstigen betrieblichen Aufwendungen in Höhe von TEUR 6.634 aus. Die sonstigen
betrieblichen Aufwendungen in Höhe von TEUR 10.149 (Vorjahr: TEUR 16.783) betreffen im Wesentlichen
Aufwendungen für konzerninterne Dienstleistungen und Umlagen, Aufwendungen für Vorstandstätigkeiten,
Steuerberatungsaufwand sowie Rechts- und Beratungsaufwand.
Seite 5
.
Lagebericht
PIERER Mobility AG
LAGE DER GESELLSCHAFT
Vermögenslage
31.12.2024 31.12.2023 +/-
TEUR TEUR TEUR %
kurzfristiges Umlaufvermögen
Lieferforderungen 15 9 6 67,1
Forderungen gegenüber verbundenen Unternehmen 3 177 13 613 -10 436 -76,7
Forderungen gegen Unternehmen, mit denen ein
Beteiligungsverhältnis besteht 74 0 74 k. A.
sonstige Forderungen 26 28 -2 -7,7
flüssige Mittel 1 380 28 689 -27 309 -95,2
Rechnungsabgrenzungsposten 23 36 -13 -35,6
Aktive latente Steuern 184 497 0 184 497 k. A.
189 191 42 375 146 817 346,5
kurzfristiges Fremdkapital
kurzfristige Rückstellungen 545 283 413 544 870 >999,9
Anleihen 30 000 0 30 000 k. A.
Lieferverbindlichkeiten 3 153 1 876 1 277 68,0
Verbindlichkeiten gegenüber verbundenen Unternehmen 13 600 566 13 034 >999,9
sonstige Verbindlichkeiten 562 607 -45 -7,4
592 599 3 463 589 136 >999,9
Working Capital (Netto-Umlaufvermögen) -403 407 38 911 -442 319 k. A.
Anlagevermögen
Immaterielles Vermögen 11 32 -21 -66,7
Sachanlagen 163 223 -60 -26,9
Finanzanlagen 2 823 1 292 328 -1 289 506 -99,8
2 997 1 292 583 -1 289 587 -99,8
langfristiges Fremdkapital
Anleihen
0 30 000 -30 000 -100,0
Reinvermögen (Eigenkapital) -400 411 1 301 495 -1 701 906 k. A.
Grundkapital 33 797 33 797 0 0,0
Kapitalrücklagen 0 1 101 855 -1 101 855 -100,0
Gewinnrücklagen 0 3 380 -3 380 -100,0
Bilanzverlust/-gewinn -434 207 162 464 -596 671 k. A.
Summe Eigenkapital -400 411 1 301 495 -1 701 906 k. A.
Summe Fremdkapital 592 599 33 463 559 136 >999,9
Bilanzsumme 192 188 1 334 958 -1 142 770 -85,6
Seite 6
.
Lagebericht
PIERER Mobility AG
Finanzlage
Verschuldungsgrad
31.12.2024 31.12.2023 31.12.2022
Verschuldungsgrad in % -147,45 2,57 2,78
Kapitalflussrechnung
2024 2023
TEUR TEUR
Netto-Geldfluss aus der laufenden Geschäftstätigkeit 9 753 78 384
Netto-Geldfluss aus der Investitionstätigkeit -30 936 -1 560
Netto-Geldfluss aus der Finanzierungstätigkeit -6 126 -67 593
zahlungswirksame Veränderung des Finanzmittelbestandes -27 309 9 231
Finanzmittelbestand am Beginn der Periode 28 689 19 459
Finanzmittelbestand am Ende der Periode 1 380 28 689
Ertragslage
2024 2023 +/-
TEUR TEUR TEUR %
Umsatzerlöse 20 483 22 926 -2 443 -10,7
Betriebsleistung 20 483 22 926 -2 443 -10,7
Aufwendungen für Material und sonstige bezogene Leistungen -13 968 -17 121 3 153 18,4
Rohertrag I 6 514 5 805 710 12,2
Personalaufwand 0 -81 81 100,0
Rohertrag II 6 514 5 724 791 13,8
sonstige betriebliche Erträge 0 2 054 -2 054 -100,0
sonstige betriebliche Aufwendungen -10 149 -16 783 6 634 39,5
Finanzerträge 1 220 14 132 -12 912 -91,4
Ergebnis vor Zinsen, Steuern und Abschreibungen
(EBITDA) -2 415 5 126 -7 541 k. A.
Abschreibungen -83 -85 2 2,4
Abschreibungen aus Finanzanlagen -1 681 659 0 -1 681 659 k. A.
Ergebnis vor Zinsen und Steuern (EBIT) -1 684 157 5 041 -1 689 198 k. A.
Zinsen und ähnliche Aufwendungen -1 523 -1 179 -344 -29,1
Ergebnis vor Steuern (EBT) -1 685 680 3 862 -1 689 542 k. A.
Steuern vom Einkommen 672 -4 676 k. A.
Sonderposten aus Einbringung 0 39 027 -39 027 100,0
Jahresfehlbetrag/-überschuss -1 685 007 42 886 -1 727 893 k. A.
Veränderung von Rücklagen 1 105 234 0 1 105 234 k. A.
Jahresergebnis inkl. Auflösung von Rücklagen -579 773 42 886 -622 659 k. A.
Seite 7
.
Lagebericht
PIERER Mobility AG
Umsatzrentabilität
Die Umsatzrentabilität entspricht dem Verhältnis aus Ergebnis vor Steuern und den Umsatzerlösen.
Berechnung:
2024 2023
Ergebnis vor Steuern (EBT) x 100
Umsatzerlöse
-8.229,8 % 16,9 %
Eigenkapitalrentabilität
Die Eigenkapitalrentabilität ergibt sich aus dem Verhältnis des Ergebnis vor Steuern (Summe aus Z 7 und Z
13) zum Eigenkapital.
Berechnung:
2024 2023
Ergebnis vor Steuern (Summe aus Z 7 und
Z 13) x 100
Eigenkapital zum 1.1. des GJ
-129,5 % 0,3 %
Gesamtkapitalrentabilität
Die Gesamtkapitalrentabilität ergibt sich aus dem Verhältnis des Ergebnisses vor Zinsen und Steuern zum
Gesamtkapital.
Berechnung:
2024 2023
Ergebnis vor Zinsen und Steuern x 100
Gesamtkapital zum 1.1. des GJ
-126,2 % 0,4 %
Seite 8
.
Lagebericht
PIERER Mobility AG
NICHT - FINANZIELLE LEISTUNGSINDIKATOREN
WESENTLICHE MERKMALE DES INTERNEN KONTROLLSYSTEMS § 243a (ABS 2) UGB
Das interne Kontrollsystem der PIERER Mobility AG hat die Aufgabe, die Ordnungsmäßigkeit und
Zuverlässigkeit der Finanzberichterstattung, die Einhaltung der für das Unternehmen maßgeblichen
gesetzlichen und unternehmensinternen Vorschriften sowie die Wirksamkeit und Wirtschaftlichkeit der
betrieblichen Tätigkeit einschließlich des Schutzes des Vermögens vor Verlusten durch Schäden und
Malversationen sicherzustellen. In der Gestaltung der Elemente des internen Kontrollsystems wurden
international anerkannte Rahmenwerke für Interne Kontrollsysteme (z.B. COSO-Framework) berücksichtigt.
Das System umfasst:
Konzernweite Vorgaben für die Rechnungslegung
Funktionstrennung als organisatorische Maßnahme
Systemgestützte und prozessabhängige Kontrollen
Prozessunabhängige Kontrollen
Management von Risiken der Bilanzerstellung
Die Gesellschaft setzt auf eine kontinuierliche Weiterentwicklung und Verbesserung des internen
Kontrollsystems. Dazu erfolgt regelmäßig eine Überwachung seiner Funktionsfähigkeit durch Prozess- und
Datenanalysen sowie unabhängige, externe Prüfungstätigkeiten. Im Folgenden werden die wesentlichen
Merkmale des internen Kontrollsystems im Hinblick auf den Rechnungslegungsprozess dargestellt.
KONTROLLUMFELD
Die Organisationsstruktur der PIERER Mobility AG bildet die Basis für das Kontrollumfeld und das interne
Kontrollsystem im Unternehmen. Im Bereich der Aufbauorganisation im (Konzern-) Rechnungswesen
bestehen eindeutige Kompetenz- und Verantwortungsbereiche auf den unterschiedlichen Führungs- und
Hierarchieebenen der Gesellschaft. Dies betrifft einerseits die Konzernzentrale in Wels sowie die
österreichischen und alle internationalen Tochtergesellschaften.
Der starken internationalen Ausrichtung der Gruppe und der damit zusammenhängenden dezentralen
Gesellschafts- und Standortstrukturen wird durch die Zentralisierung von wesentlichen
Unternehmensfunktionen im Bereich der Finanzberichterstattung in den österreichischen Standorten
(insbesondere in Mattighofen) begegnet. Insbesondere hervorzuheben für die Verantwortlichkeit von
Rechnungslegung und Finanzberichterstattung sind hier die Bereiche Finance, Controlling und Risk
Management & Dealer Financing, die eng miteinander abgestimmt die Finanzzahlen erarbeiten und direkt
unter dem Vorstand der KTM AG bzw. dem Konzernvorstand angesiedelt sind. Die Verwaltung, Organisation
und Verantwortung dieser drei angeführten Unternehmensbereiche obliegt den jeweiligen Bereichsleitern.
Die Strategiesetzung und Überwachung der Umsetzung liegt im Aufgabenbereich des Vorstands der PIERER
Mobility AG.
In der Ablauforganisation setzt die PIERER Mobility AG auf ein ausgeprägtes und umfangreiches Regelwerk
an Bilanzierungs-, Bewertungs- und Kontierungsvorgaben. Dies stellt eine angemessene Basis für ein
starkes Kontrollumfeld und Kontrollsystem dar. Neue Bilanzierungsstandards werden hinsichtlich ihrer
Auswirkung auf die Rechnungslegung der Gruppe beurteilt. Die Vorgaben an die Rechnungslegung und die
Rechnungslegungsprozesse werden laufend überprüft und mindestens jährlich, bei Bedarf häufiger, in enger
Abstimmung der zuständigen Verantwortungsbereiche angepasst. Die Berichterstattung mit den zugehörigen
Ergebnissen erfolgt anschließend im Konzernanhang. Die Überwachung der Einhaltung der
rechnungslegungsbezogenen Regelungen und Kontrollen liegt in der Verantwortung des jeweils zuständigen
Bereichsmanagements.
Seite 9
.
Lagebericht
PIERER Mobility AG
RISIKOBEURTEILUNG
Risiken in Bezug auf den Rechnungslegungsprozess werden durch das jeweilige Bereichsmanagement
erhoben und überwacht sowie im Risikomanagementprozess berücksichtigt. Der Fokus wird dabei auf jene
Risiken gelegt, die als wesentlich zu betrachten sind.
Die wesentlichen Risiken im Bereich der Rechnungslegung umfassen die nicht vollständige Erfassung von
bilanzierungsrelevanten Sachverhalten, Fehler in der Belegerfassung sowie fehlerhafte Berechnungen.
Komplexe Bilanzierungsgrundsätze könnten zu einem erhöhten Fehlerrisiko, unrichtigen Ausweis sowie
verspätete Bilanzerstellung führen. Zudem besteht das Risiko eines Datenzugriffes von unberechtigten
Personen bzw. Datenmanipulation, Ausfall von IT-Systemen und Datenverlust.
Für die Erstellung des Abschlusses müssen regelmäßig Schätzungen vorgenommen werden, bei denen das
immanente Risiko besteht, dass die zukünftige Entwicklung von diesen Schätzungen abweicht. Dies trifft
insbesondere auf die folgenden Sachverhalte/Posten des Jahresabschlusses zu: Ausgang von
Rechtsstreitigkeiten, Werthaltigkeit von Forderungen sowie Beteiligungen. Teilweise werden externe
Experten zugezogen bzw. wird auf öffentlich zugängliche Quellen abgestellt, um das Risiko einer
Fehleinschätzung zu minimieren.
KONTROLLMASSNAHMEN
Die Gesellschaft hat ihre Kontrollen direkt in die (Konzern-)Rechnungslegungsprozesse integriert.
Wesentliches Element ist dabei, neben prozessunabhängigen externen Kontrollmechanismen, das Prinzip
der Funktionstrennung. Zur Gewährleistung einer vollständigen, zeitgerechten und richtigen Bilanzerstellung
wurden in allen am Buchungsprozess beteiligten Bereichen Qualitätssicherungs- und Kontrollmaßnahmen
implementiert. Sämtliche Kontrollmaßnahmen werden im laufenden Geschäftsprozess angewandt, um
sicherzustellen, dass potenzielle Fehler in der Finanzberichterstattung vorgebeugt bzw. diese entdeckt und
korrigiert werden. Die Gesellschaft sucht stets nach technisch-automatisierten Lösungen, um so bestehende
Kontrollmechanismen zu verbessern bzw. neue zu implementieren. Der Fokus liegt einerseits auf
ganzheitlichen, den Rechnungslegungsprozess überspannenden als auch andererseits auf detaillierten
Anwendungsautomatismen wie beispielsweise bei der Abschlusserstellung sowie in der laufenden
Buchhaltung. Des Weiteren führt die Anwendung von unternehmensinternen Richtlinien zu einer einheitlichen
Behandlung der Geschäftsfälle sowie zu einer einheitlichen Bilanzierung und Berichterstattung.
In den wichtigen IT-Systemen mit Rechnungslegungsrelevanz sind unter anderem automatisierte Kontrollen
integriert, die unter anderem die falsche Erfassung von Geschäftsvorfällen verhindern, die vollständige
Erfassung von Geschäftsvorfällen beziehungsweise Bewertung der Geschäftsvorfälle entsprechend den
Rechnungslegungsvorschriften sicherstellen oder die Überprüfung der Konsolidierung unterstützen sollen. Im
Hinblick auf die steigenden Anforderungen an IT-Systeme in der Rechnungslegung sowie den ständig
steigenden technischen Möglichkeiten führt die Gruppe regelmäßig IT-gestützte Analysen der Wirksamkeit
der gesetzten Maßnahmen durch, um etwaige aufgetretene Kontrollschwächen zu erkennen und
anschließend zu beseitigen.
Kontrollmaßnahmen in Bezug auf die IT-Sicherheit stellen einen Eckpfeiler des internen Kontrollsystems dar.
So wird die Trennung von sensiblen Tätigkeiten durch eine restriktive Vergabe von IT-Berechtigungen
unterstützt. Durch die eingesetzte ERP-Software finden automatisierte Prüfungen statt, wie z.B. die
automatisierten Kontrollen bei Rechnungsfreigabe und Rechnungsprüfung.
Seite 10
.
Lagebericht
PIERER Mobility AG
KOMMUNIKATION UND ÜBERWACHUNG
Die Verantwortung für die Wirksamkeit des internen Kontrollsystems im (Konzern-)
Rechnungslegungsprozess ist klar geregelt und liegt bei den verantwortlichen Führungskräften und
Prozessverantwortlichen. In die Beurteilung der Wirksamkeit fließen neben den Ergebnissen aus der
unternehmensinternen Einschätzung auch jene von externen Prüfungen, z. B. im Rahmen der
Jahresabschlussprüfung oder von externen IT-Security Audits, sowie des Aufsichtsrats und des
Prüfungsausschusses ein. Schwächen im Kontrollsystem werden unter Berücksichtigung ihrer möglichen
Auswirkung auf die Rechnungslegungsprozesse behoben.
Neben den gesetzlich vorgeschriebenen Abschlüssen, welche den Führungsebenen zur Verfügung gestellt
werden, wurde im Konzern auch ein umfangreiches Internes Berichtswesen implementiert, das je nach
Berichtsempfänger in unterschiedlichen Aggregationstiefen erstellt und verteilt wird. Ziel ist es, über die
verfolgte Standardisierung in der internen Berichterstattung Abweichungsanalysen zu vereinfachen, Risiken
im Berichtsprozess zu erkennen und strategische Entscheidungen zu ermöglichen.
Weitere zentrale Instrumente der Risikoüberwachung und -kontrolle sind die unternehmensweiten Richtlinien
über den Umgang mit wesentlichen Risiken, der Planungs- und der Controlling-Prozesse, sowie die laufende
Berichterstattung. Die Richtlinien umfassen die Festsetzung und Kontrolle von Limits, insbesondere in Bezug
auf das finanzielle Volumen bezogen gestaffelte Freigabeerfordernisse bis hin zur obersten Vorstandsebene,
und Handlungsabläufe zur Begrenzung finanzieller Risiken, z.B. die Analyse der finanziellen Stabilität von
Lieferanten, sowie die strikte Vorgabe des Vier-Augen-Prinzips bei Rechnungs- und Zahlungsfreigaben.
Darüber hinaus basiert das interne Kontrollsystem auf präzisen Informationen über die Prozesse für die
Rechnungslegung und Finanzberichterstattung und schließt auch deren vorgelagerte
Unternehmensprozesse, z.B. Bestellanforderungen oder Logistikprozesse, mit ein. Die Wirksamkeit des
internen Kontrollsystems wird vom Management dahingehend überprüft, dass die Ergebnisse, die in
komprimierter Berichtsform an das Management übermittelt werden, von ihm analysiert, bewertet und
kommentiert werden.
Vorstand und Prüfungsausschuss werden jährlich über die Einschätzung zur Wirksamkeit des internen
Kontrollsystems in der Rechnungslegung unterrichtet. Bei wesentlichen Veränderungen der Wirksamkeit des
internen Kontrollsystems erfolgt eine unverzügliche Berichterstattung an den Vorstand und gegebenenfalls an
den Aufsichtsrat sowie eine Ergreifung adäquater Maßnahmen zur Erhöhung der Wirksamkeit.
RISIKOBERICHT
Die PIERER Mobility AG begab im Juli 2015 Namensschuldverschreibungen in Höhe von TEUR 30.000, die
am 17.07.2025 endfällig sind. Die Namenschuldverschreibungen wurden auf Grund des
Sanierungsverfahrens bei KTM mit Schreiben vom 27.11.2024 mit sofortiger Wirkung von den Gläubigern
außerordentlich gekündigt und die Rückzahlung bis 29.11.2024 gefordert. Die PIERER Mobility AG hat mit
den Gläubigern vorerst einen Standstillvereinbarung bis 31.05.2025 vereinbart.
Die PIERER Mobility AG hat am 01.07.2024 eine Garantie für die Übernahme einer Zahlungsverpflichtung
der PIERER New Mobility GmbH, Munderfing, bis zu einem Höchstbetrag von TEUR 360.000 (Vorjahr:
TEUR 0) zuzüglich der vereinbarten Zinsen, Nebengebühren und Kosten an die KTM AG abgegeben. Aus
dieser Verpflichtung wurden per 31.12.2024 TEUR 360.000 als Rückstellung eingebucht.
Die PIERER Mobility AG hat am 1.08.2024 gegenüber der Erste Group Bank AG als 100%ige Konzernmutter
für direkte und indirekte Beteiligungen von ihr eine Zusage zur finanzielle Ausstattung im Zusammenhang mit
dem ErsteConfirming Programm abgegeben, sodass diese ihre Verbindlichkeiten aus der Erste Confirming
Geschäftsbeziehung fristgerecht erfüllen können.
Seite 11
.
Lagebericht
PIERER Mobility AG
Am 29. November 2024 beantragten die KTM AG und ihre Tochterunternehmen KTM Components GmbH
und KTM Forschungs & Entwicklungs GmbH gerichtliche Sanierungsverfahren mit Eigenverwaltung. Der
danach erarbeitete Sanierungsplan wurde am 25. Februar 2025 von den Gläubigern angenommen. Zur
Finanzierung der vereinbarten Kassaquote von 30 %, die eine aufschiebende Bedingung für den
erfolgreichen Abschluss der Sanierungsverfahren darstellte, konnten Finanzmittel im dreistelligen
Millionenbereich aufgebracht werden. Die Bestätigung des Eintritts der Rechtskraft der Sanierungspläne wird
für Mitte Juni 2025 erwartet. Nach Eintritt der Rechtskraft sind die Sanierungsverfahren beendet. Zur
weiteren Erläuterung finanzieller Risiken aus den Sanierungsverfahren und der daraus resultierenden
Darstellung im Einzelabschluss sei an dieser Stelle auf die ausführlicheren Erläuterungen im Anhang im
Kapitel "Sanierungsverfahren mit Eigenverwaltung der KTM AG, der KTM Components GmbH sowie der
KTM Forschungs & Entwicklungs GmbH" sowie "Ereignisse nach dem Bilanzstichtag" verwiesen.
Risiken im Zusammenhang mit Finanzinstrumenten
In der Position Guthaben bei Kreditinstituten sind zum Abschlussstichtag keine Fremdwährungsvaluten oder
Schecks enthalten. Fremdwährungskredite sind derzeit keine aushaftend. Ausfallsrisiken für den
Bankguthabenbestand schalten wir aus, indem wir unsere Mittel nur bei Banken bester Bonität veranlagen
und unseren Zahlungsverkehr nur über solche abwickeln.
Forderungen:
Die Forderungen aus Lieferungen und Leistungen werden laufend überwacht. Für Lieferungen und
Leistungen innerhalb der Gesellschaften der PIERER Gruppe bestehen laufend Gegenverrechnungen mit
Gruppen- Verbindlichkeiten. Daher sind diese Forderungen nicht gesondert abgesichert.
Verbindlichkeiten:
Die Verbindlichkeiten aus Lieferungen und Leistungen notieren ausschließlich in Euro, daher ist kein
Währungsrisiko gegeben, größere Beträge in Fremdwährung würden mittels Devisentermingeschäft
abgesichert werden. In GJ 2024 waren keine Absicherungen erforderlich.
Liquiditätsrisiko:
Das Liquiditätsrisiko bezeichnet das Risiko, sich jederzeit Finanzmittel beschaffen zu können, um
eingegangene Verbindlichkeiten zu begleichen. Das Unternehmen begegnet diesem Risiko mit einem
wöchentlichen Liquiditätsstatus.
Zinsänderungsrisiko:
Das Zinsänderungsrisiko stellt das Risiko dar, das sich aus der Wertänderung von Finanzinstrumenten,
anderen Bilanzposten und/oder zinsbedingten Zahlungsströmen infolge von Marktzinssätzen ergibt. Ein
Zinsänderungsrisiko besteht hinsichtlich der Finanzierungsvereinbarungen mit den Kreditinstituten. Aufgrund
der aktuell abgeschlossenen Finanzierungsvereinbarungen besteht kein Zinsänderungsrisiko im
Zusammenhang mit einer Anpassung der Marktzinssätze, da ein Fixzinssatz bis Ende der Laufzeit
vereinbart wurde.
Seite 12
.
Lagebericht
PIERER Mobility AG
VORAUSSICHTLICHE ENTWICKLUNG DER GESELLSCHAFT
Die zukünftige Entwicklung der PIERER Mobility AG ist von mehreren entscheidenden Faktoren geprägt. Die
Gesellschaft steht vor der Herausforderung, die wirtschaftlichen Auswirkungen des Sanierungsverfahrens
(mit Eigenverwaltung) der größten Beteiligung KTM AG zu bewältigen. Dieses Ereignis hat zu einer
Wertberichtigung der Finanzanlagen geführt, die ein negatives Ergebnis und entsprechendes negatives
Eigenkapital im Geschäftsjahr 2024 nach sich zog. Um diese finanzielle Belastung auszugleichen, wurde
durch die Pierer Bajaj AG ein nachrangiges Gesellschafterdarlehen in Höhe von TEUR 350.000 im Jahr 2025
gewährt.
Die Planung des Managements zeigt eine positive Tendenz in den Folgejahren des Planungszeitraums,
obwohl das Ergebnis am Ende der Planungsperiode weiterhin negativ bleibt. Der langfristige Fortbestand der
PIERER Mobility AG hängt von der erfolgreichen Restrukturierung der KTM AG und der Fähigkeit ab,
Dividenden zu vereinnahmen oder Erlöse aus dem Verkauf von Beteiligungen zu erzielen.
Es ist entscheidend, dass die geplanten Kapitalmaßnahmen, einschließlich einer Kapitalerhöhung und der
Umwandlung von Fremdkapital in Eigenkapital, erfolgreich umgesetzt werden, um die finanzielle Stabilität der
Gesellschaft zu sichern. Die Fortbestehensprognose basiert auf der Annahme, dass diese Maßnahmen
rechtzeitig durchgeführt werden und die Restrukturierung der Tochtergesellschaften erfolgreich ist.
Die weitere Entwicklung der PIERER Mobility AG ist sehr stark abhängig von der Entwicklung der
Tochtergesellschaft KTM AG.
Zumindest für das Geschäftsjahr 2025 erwartet die PIERER Mobility Gruppe ein weiterhin herausforderndes
wirtschaftliches Umfeld. Dies äußert sich bereits in den erwarteten wirtschaftlichen Wachstumszahlen in den
Kernmärkten Europa und den USA, wobei die Unsicherheiten hinsichtlich der aktuellen politischen
Entwicklungen und auch der Verhängung von US-amerikanischen Einfuhrzöllen auf Produkte der Gruppe
erheblich zugenommen haben. Zusätzlich zu den hohen Lohnabschlüssen und den Folgen der anhaltend
erhöhten Inflationsraten wird erwartet, dass die Zinssätze im Wesentlichen auf dem bisherigen erhöhten
Niveau verbleiben. In Summe betreffen die resultierenden Volatilitäten insbesondere die Umsatzerwartungen
der Gruppe in den USA und Europa.
Die zukünftige Entwicklung der PIERER New Mobility GmbH ist durch mehrere strategische und finanzielle
Maßnahmen geprägt. Im Jahr 2025 ist ein Eigenkapitalzuschuss durch die PIERER Mobility AG geplant, um
das negative Eigenkapital zu kompensieren.
Die Situation in Bulgarien konnte durch den Verkauf der Immobilie sowie Rückführungen an das Joint
Venture in Bulgarien zur Gänze getilgt werden. Als vorerst letzten Schritt in Bulgarien ist die Auflösung der
Geschäftsbeziehung mit Maxcom geplant.
Die Gesellschaft plant, ihre Geschäftstätigkeit im Jahr 2025 durch den Lagerabverkauf zu beenden. Bis Ende
2027 werden Aufwendungen für den Betrieb des Kundenservice erwartet, um
Gewährleistungsverpflichtungen zu erfüllen. Zahlungen aus einer Beteiligungsveräußerung sind bis 2030
vorgesehen.
Die Mitarbeiterzahl wird weiter sinken, sodass geplant ist nur mehr essentiell wichtige Mitarbeiter,
insbesondere die Kundenservice Abteilung gemäß den gesetzlichen Vorgaben der Gewährleistung zu halten.
Seite 13
.
Lagebericht
PIERER Mobility AG
Mitarbeiter
Im Jahresdurchschnitt beschäftigte die Gesellschaft keine (Vorjahr: 0) MitarbeiterInnen.
Forschung und Entwicklung
Aufgrund der Geschäftstätigkeit, der einer geschäftsleitenden Holdinggesellschaft, ist der Bereich Forschung
nicht anwendbar.
Bestehende Zweigniederlassungen
Es gibt keine Zweigniederlassungen
Seite 14
1.
2.
3.
4.
5.
6.
7.
.
Lagebericht
PIERER Mobility AG
ANGABEN GEMÄSS § 243A (ABS 1) UGB
1. Das Grundkapital beträgt EUR 33.796.535 und ist in 33.796.535 auf Inhaber lautende Stückaktien
zerlegt. Jede Stückaktie gewährt den gleichen Anteil am Grundkapital und die gewöhnlichen Aktionärsrechte
gemäß österreichischem Aktiengesetz. Dazu zählen das Recht auf die Auszahlung der in der
Hauptversammlung beschlossenen Dividende und das Recht auf Ausübung des Stimmrechts in der
Hauptversammlung. Sämtliche Aktien der PIERER Mobility AG sind seit dem 14. November 2016 an der SIX
Swiss Exchange (SIX) im International Reporting Standard hauptkotiert (ISIN AT0000KTMI02). Seit dem
1. März 2022 sind die Aktien zusätzlich an der Wiener Börse (Amtlicher Handel) gelistet. Im Geschäftsjahr
2024 kam es zu keiner Änderung des Grundkapitals. Da die PIERER Mobility AG auch keine eigenen Aktien
erwarb oder veräußerte, hielt die Gesellschaft zum Stichtag 31. Dezember 2024 keine eigenen Aktien.
2. Zwischen der Pierer Konzerngesellschaft mbH, der Pierer Industrie AG und der Pierer Bajaj AG
einerseits (die „Pierer-Gruppe“) sowie der Bajaj Auto Ltd. und Bajaj Auto International Holdings B.V.
andererseits (die „Bajaj-Gruppe“) besteht seit 29. September 2021 ein Syndikatsvertrag (der
„Syndikatsvertrag 2021“). Dieser Vertrag regelt die Rechte und Pflichten der beiden Unternehmensgruppen in
Bezug auf die Beteiligung der Pierer Industrie AG und der Bajaj Auto International Holdings B.V. an der
Pierer Bajaj AG als Mehrheitsaktionärin der PIERER Mobility AG. Der Syndikatsvertrag 2021 sieht vor, dass
eine etwaige Übertragung des Eigentums von Aktien der PIERER Mobility AG der Zustimmung der von Bajaj
nominierten Aufsichtsratsmitglieder der Pierer Bajaj AG bedarf. Die Pierer Bajaj AG, die wirtschaftlich Herrn
DI Stefan Pierer zuzurechnen ist, unterliegt somit in Bezug auf Aktien an der PIERER Mobility AG
Veräußerungsbeschränkungen. Dem Vorstand sind keine weiteren Beschränkungen bekannt, die
Stimmrechte oder die Übertragung von Aktien betreffen.
3. Nach Kenntnis der Gesellschaft bestand per 31. Dezember 2024 folgende Beteiligung am Kapital der
PIERER Mobility AG, die zumindest 10 von Hundert betragen:
Pierer Bajaj AG: 74,94 % (direkte Beteiligung)
Pierer Konzerngesellschaft mbH: 0,09 % (direkte Beteiligung) und 74,94 % (indirekte Beteiligung)
4. Es gibt keine Aktien mit besonderen Kontrollrechten.
5. Es bestehen derzeit keine Mitarbeiterbeteiligungsmodelle.
6. Es bestehen keine über das Gesetz hinausgehenden Bestimmungen hinsichtlich der Ernennung und
Abberufung der Mitglieder des Vorstands und des Aufsichtsrats und über die Änderung der Satzung.
7. Möglichkeiten, Aktien auszugeben oder zurückzukaufen:
Dargestellt werden in einem ersten Schritt die Möglichkeiten, die zum Stichtag 31. Dezember 2024 aufrecht
waren. Die Änderungen der genannten Instrumente nach dem Bilanzstichtag sind am Ende dieses Punktes
beschrieben (siehe dazu auch das Kapitel zu den Ereignissen nach dem Bilanzstichtag):
Aufgrund der von der Hauptversammlung vom 29. April 2022 erteilten Ermächtigung und gleichzeitig
beschlossenen Satzungsänderung enthält die Satzung der Gesellschaft als § 5 „Genehmigtes Kapital“
folgende Bestimmung:
Seite 15
.
Lagebericht
PIERER Mobility AG
a) Der Vorstand ist gemäß § 169 AktG ermächtigt, bis 29.04.2027 mit Zustimmung des Aufsichtsrates
das Grundkapital der Gesellschaft von EUR 33.796.535,00, allenfalls in mehreren Tranchen, gegen
Bar- und/oder Sacheinlagen um bis zu EUR 16.898.267,00 durch Ausgabe von bis zu 16.898.267
Stück auf Inhaber lautende nennbetragslose Stückaktien auf bis zu EUR 50.694.802,00 zu erhöhen
und den Ausgabebetrag sowie die Ausgabebedingungen und die weiteren Einzelheiten der
Durchführung der Kapitalerhöhung im Einvernehmen mit dem Aufsichtsrat festzusetzen sowie
allenfalls die neuen Aktien im Wege des mittelbaren Bezugsrechts gemäß § 153 Abs 6 AktG den
Aktionären zum Bezug anzubieten.
b) Der Vorstand wird ermächtigt, mit Zustimmung des Aufsichtsrates das Bezugsrecht der Aktionäre
ganz oder teilweise auszuschließen,
(i) wenn die Kapitalerhöhung gegen Bareinlagen erfolgt und in Summe der rechnerisch auf die
gegen Bareinlagen unter Ausschluss des Bezugsrechts ausgegebenen Aktien entfallende
Anteil am Grundkapital der Gesellschaft die Grenze von 10 % des Grundkapitals der
Gesellschaft zum Zeitpunkt der Einräumung nicht übersteigt,
(ii) wenn die Kapitalerhöhung gegen Sacheinlagen erfolgt,
(iii) zur Bedienung einer Mehrzuteilungsoption (Greenshoe), und / oder
(iv) für den Ausgleich von Spitzenbeträgen.
c) Der Aufsichtsrat ist ermächtigt, Änderungen der Satzung, die sich durch die Ausgabe von Aktien aus
dem genehmigten Kapital ergeben, zu beschließen.
Aufgrund des von der Hauptversammlung vom 21. April 2023 geschaffenen bedingten Kapitals und der dazu
beschlossenen Satzungsänderung enthielt die Satzung der Gesellschaft zum Bilanzstichtag als § 5a
„Bedingtes Kapital“ folgende Bestimmung:
Das Grundkapital der Gesellschaft wird gemäß § 159 Abs 2 Z 1 AktG um bis zu EUR 4.375.000.000,00
durch Ausgabe von bis zu 4.375.000 auf Inhaber lautende Stammaktien ohne Nennwert (Stückaktien) zur
Ausgabe an Gläubiger von Finanzinstrumenten gemäß § 174 AktG im Sinne des
Hauptversammlungsbeschlusses vom 21.04.2023, die unter Ausnutzung der in dieser Hauptversammlung
eingeräumten Ermächtigung von der Gesellschaft ausgegeben werden, erhöht. Die Kapitalerhöhung darf nur
soweit durchgeführt werden, als die Gläubiger der Finanzinstrumente von ihrem Umtausch und/ oder
Bezugsrecht auf Aktien der Gesellschaft Gebrauch machen. Der Ausgabebetrag und das
Umtauschverhältnis sind nach Maßgabe anerkannter finanzmathematischer Methoden sowie des
Aktienkurses in einem anerkannten Preisfindungs- verfahren zu ermitteln. Die neu ausgegebenen Aktien der
bedingten Kapitalerhöhung sind im gleichen Maße wie die bereits bestehenden Aktien der Gesellschaft
dividendenberechtigt. Der Vorstand ist ermächtigt mit Zustimmung des Aufsichtsrates die weiteren
Einzelheiten der Durchführung der bedingten Kapitalerhöhung festzusetzen. Der Aufsichtsrat ist ermächtigt,
Änderungen der Satzung, die sich durch die Ausgabe von Aktien aus dem bedingten Kapital ergeben, zu
beschließen.
Die bedingte Kapitalerhöhung dient der Bedienung einer eventuell begebenen Wandelschuldverschreibung
und darf ausdrücklich nur so weit durchgeführt werden, als Gläubiger von Wandelschuldverschreibungen von
ihrem Umtausch- und / oder Bezugsrecht auf Aktien der Gesellschaft Gebrauch machen.
Seite 16
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Lagebericht
PIERER Mobility AG
Diese bedingte Kapitalerhöhung dient zur Ausgabe von neuen Aktien an Gläubiger von Finanzinstrumenten
gemäß § 174 AktG, die unter Ausnutzung der in der Hauptversammlung vom 21. April 2023 eingeräumten
Ermächtigung von der Gesellschaft ausgegeben werden. Diese von der Hauptversammlung vom
21. April 2023 eingeräumte Ermächtigung Finanzinstrumente gemäß § 174 AktG auszugeben, wurde bisher
nicht ausgenutzt.
Von der Hauptversammlung vom 21. April 2023 wurden im Hinblick auf den Erwerb und die Veräußerung
eigener Aktien zudem folgende Beschlüsse gefasst:
a) Der Vorstand ist gemäß § 65 Abs 1 Z 8 AktG für die Dauer von 30 Monaten ab dem Datum der
Beschlussfassung ermächtigt, eigene Aktien der Gesellschaft sowohl über die Börse als auch
außerbörslich auch unter Ausschluss des quotenmäßigen Andienungsrechtes der Aktionäre zu
erwerben und, ohne dass die Hauptversammlung vorher nochmals befasst werden muss,
gegebenenfalls diese Aktien mit Zustimmung des Aufsichtsrates einzuziehen. Der Handel mit eigenen
Aktien ist als Zweck des Erwerbs ausgeschlossen. Der Anteil der zu erwerbenden Aktien darf 10 %
des Grundkapitals nicht übersteigen. Der Gegenwert pro zu erwerbender Stückaktie darf jeweils den
durchschnittlichen ungewichteten Börseschlusskurs an der SIX Swiss Exchange der vergangenen 10
Handelstage um nicht mehr als 20 % unterschreiten oder übersteigen. Die Ermächtigung kann ganz
oder teilweise oder auch in mehreren Teilbeträgen und in Verfolgung eines oder mehrerer Zwecke
durch die Gesellschaft, mit ihr verbundenen Unternehmen oder für deren Rechnung durch Dritte
ausgeübt werden. Der Aufsichtsrat ist ermächtigt, Änderungen der Satzung, die sich durch die
Einziehung von Aktien ergeben, zu beschließen.
b) Der Vorstand ist für die Dauer von fünf Jahren ab dem Datum der Beschlussfassung ermächtigt, mit
Zustimmung des Aufsichtsrats eigene Aktien auch auf andere Art als über die Börse oder durch ein
öffentliches Angebot zu jedem gesetzlich zulässigen Zweck zu veräußern oder zu verwenden und
hierbei auch das quotenmäßige Kaufrecht der Aktionäre auszuschließen (Ausschluss des
Bezugsrechts) und die Veräußerungsbedingungen festzusetzen. Die Ermächtigung kann ganz oder
teilweise oder auch in mehreren Teilbeträgen und in Verfolgung eines oder mehrerer Zwecke ausgeübt
werden.
Nach dem Bilanzstichtag kam es zu wesentlichen Änderungen der Möglichkeiten, Aktien auszugeben oder
zurückzukaufen:
Die PIERER Mobility-Gruppe befindet sich in einer angespannten wirtschaftlichen Lage. Insbesondere auf
der Ebene der KTM AG ist kurzfristig eine Kapitalzufuhr zur Erfüllung der Quote im Sanierungsplan
erforderlich. Die Aufnahme von Fremd- und Eigenkapital stellt somit eine Schlüsselherausforderung der
PIERER Mobility AG dar, um ihre wesentliche Tochtergesellschaft, die KTM AG, unterstützend mit Kapital
auszustatten.
Die in der Hauptversammlung vom 21. April 2023 beschlossene bedingte Kapitalerhöhung (Bedingtes Kapital
2023) wurde daher in der außerordentlichen Hauptversammlung am 27. Jänner 2025 widerrufen und eine
neue Ermächtigung sowie ein neues Bedingtes Kapital 2025, das künftig 50 % des aktuellen Grundkapitals
der Gesellschaft entsprechen soll, beschlossen. Dadurch wurde dem Vorstand die notwendige Flexibilität
gegeben, um kurzfristig auf Finanzierungs- und / oder Liquiditätsanforderungen der PIERER Mobility-Gruppe
reagieren zu können.
Seite 17
.
Lagebericht
PIERER Mobility AG
Die außerordentliche Hauptversammlung beschloss am 27. Jänner 2025 hinsichtlich des Ausschlusses des
Bezugsrechts Folgendes (zu Tagesordnungspunkt 2):
a) Die Hauptversammlung widerruft die in der ordentlichen Hauptversammlung vom 21. April 2023
beschlossene Ermächtigung des Vorstands mit Zustimmung des Aufsichtsrats bis zum 21. April 2028
Finanzinstrumente im Sinne von § 174 AktG auszugeben.
b) Der Vorstand wird ermächtigt, mit Zustimmung des Aufsichtsrates bis 27. Jänner 2030
Finanzinstrumente im Sinne des § 174 AktG, insbesondere Wandelschuldverschreibungen,
Gewinnschuldverschreibungen und Genussrechte, mit einem Gesamtnennbetrag von bis zu
EUR 900.000.000,00 die auch das Bezugs- und/oder das Umtauschrecht auf den Erwerb von
insgesamt bis zu 16.898.267 Aktien der Gesellschaft einräumen können und / oder auch so
ausgestaltet sind, dass ihr Ausweis als Eigenkapital erfolgen kann, auch in mehreren Tranchen und in
unterschiedlicher Kombination, auszugeben, und zwar auch mittelbar im Wege der Garantie für die
Emission von Finanzinstrumenten durch ein verbundenes Unternehmen der Gesellschaft mit
Umtausch- und / oder Bezugsrechten auf Aktien der Gesellschaft.
c) Für die Bedienung der Umtausch- und / oder Bezugsrechte kann der Vorstand das bedingte Kapital
und/oder eigene Aktien oder eine Kombination aus bedingtem Kapital und eigenen Aktien verwenden.
d) Der Vorstand darf im Rahmen dieser Ermächtigung Finanzinstrumente, die dem Gläubiger
Bezugsrechte auf den Erwerb von Aktien der Gesellschaft einräumen, nur insoweit begeben, als bei
Ausübung sämtlicher Bezugsrechte dieser Finanzinstrumente und unter Berücksichtigung sämtlicher
Aktien, die auch aus dem Genehmigten Kapital 2022 (wie in der Hauptversammlung vom
29. April 2022 zu Tagesordnungspunkt 9 beschlossen) ausgegeben wurden oder ausgegeben werden
sollen, nicht mehr als 16.898.267 neue Aktien der Gesellschaft geschaffen werden.
e) Ausgabebetrag und Ausgabebedingungen der Finanzinstrumente sind vom Vorstand mit
Zustimmung des Aufsichtsrats festzusetzen, wobei der Ausgabebetrag nach Maßgabe anerkannter
finanzmathematischer Methoden sowie des Kurses der Aktien der Gesellschaft in einem anerkannten
Preisfindungsverfahren zu ermitteln ist. Der Ausgabebetrag der bei Wandlung (Ausübung des
Umtausch- und / oder Bezugsrechts) auszugebenden Aktien und das Umtausch- und / oder
Bezugsverhältnis sind unter Berücksichtigung marktüblicher finanzmathematischer Methoden sowie
des Kurses der Aktien der Gesellschaft zu ermitteln (Grundlagen der Berechnung des
Ausgabebetrags); der Ausgabebetrag der auszugebenden Aktien darf nicht unter dem anteiligen
Betrag des Grundkapitals liegen.
f) Das Bezugsrecht der Aktionäre auf die Finanzinstrumente im Sinne des § 174 Abs 4 AktG ist
ausgeschlossen.
Des Weiteren wurden in der außerordentlichen Hauptversammlung am 27. Jänner 2025 folgende
Beschlüsse – hinsichtlich der bedingten Kapitalerhöhung gefasst (zu Tagesordnungspunkt 3):
a) Die Hauptversammlung widerruft die in der ordentlichen Hauptversammlung vom 21. April 2023
beschlossene bedingte Erhöhung des Grundkapitals der Gesellschaft gemäß § 159 Abs 2 Z 1 AktG
um bis zu EUR 4.375.000,00 durch Ausgabe von bis zu 4.375.000 Stück auf Inhaber lautende
Stammaktien ohne Nennwert (Stückaktien) zur Ausgabe an Gläubiger von Finanzinstrumenten gemäß
§ 174 AktG.
Seite 18
Bestätigungsvermerk
Bericht zum Jahresabschluss
Prüfungsurteil
Wir haben den Jahresabschluss der PIERER Mobility AG, Wels, bestehend aus der Bilanz zum
31. Dezember 2024, der Gewinn- und Verlustrechnung für das an diesem Stichtag endende
Geschäftsjahr sowie dem Anhang, geprüft.
Nach unserer Beurteilung entspricht der beigefügte Jahresabschluss den gesetzlichen
Vorschriften und vermittelt ein möglichst getreues Bild der Vermögens- und Finanzlage zum
31. Dezember 2024 sowie der Ertragslage der Gesellschaft für das an diesem Stichtag
endende Geschäftsjahr in Übereinstimmung mit den österreichischen unternehmens-
rechtlichen Vorschriften.
Grundlage für das Prüfungsurteil
Wir haben unsere Abschlussprüfung in Übereinstimmung mit der Verordnung (EU) Nr.
537/2014 (im Folgenden EU-VO) und mit den österreichischen Grundsätzen ordnungs-
mäßiger Abschlussprüfung durchgeführt. Diese Grundsätze erfordern die Anwendung der
International Standards on Auditing (ISA). Unsere Verantwortlichkeiten nach diesen
Vorschriften und Standards sind im Abschnitt „Verantwortlichkeiten des Abschlussprüfers
für die Prüfung des Jahresabschlusses“ unseres Bestätigungsvermerks weitergehend
beschrieben. Wir sind von der Gesellschaft unabhängig in Übereinstimmung mit den
österreichischen unternehmensrechtlichen und berufsrechtlichen Vorschriften und wir
haben unsere sonstigen beruflichen Pflichten in Übereinstimmung mit diesen
Anforderungen erfüllt. Wir sind der Auffassung, dass die von uns bis zum Datum des
Bestätigungsvermerks erlangten Prüfungsnachweise ausreichend und geeignet sind, um als
Grundlage für unser Prüfungsurteil zu diesem Datum zu dienen.
Wesentliche Unsicherheiten in Bezug auf die Unternehmensfortführung
Die KTM AG sowie zwei weitere Tochterunternehmen befanden sich zum Bilanzstichtag am
31. Dezember 2024 in einem Sanierungsverfahren mit Eigenverwaltung iSd österreichischen
Insolvenzordnung. Der Erlag des Erfordernisses für die 30-%ige Barquote und die Verfahrens-
kosten beim Sanierungsverwalter erfolgte am 22. Mai 2025. Unter Berücksichtigung der
Rekursfrist werden die Insolvenzgläubiger die zur vollständigen Befriedigung ihrer
Forderungen erforderliche 30-%ige Barquote voraussichtlich binnen 14 Tagen erhalten. Der
Vorstand schätzt die Wahrscheinlichkeit eines erfolgreichen Rekurses als gering ein, dennoch
bleibt das Ergebnis außerhalb der Kontrolle der Gesellschaft. Im Fall eines erfolgreichen
Rekurses könnte es zu wesentlichen Änderungen der Restrukturierungsbedingungen
kommen, wodurch sich auch Anpassungen des Jahresabschlusses ergeben können.
Darüber hinaus basiert die Annahme der Unternehmensfortführung auf einer Fort-
bestehensprognose, deren Umsetzung von endogenen und exogenen Faktoren abhängt, die
teilweise außerhalb der Kontrolle der Gesellschaft liegen, und deren Entwicklung bedeutsam
für die Erfüllung der Fortbestehensprognose ist. Dazu zählen unter anderem die
makroökonomische Volatilität und die Einhaltung von mit Kapitalgebern vereinbarten
Bedingungen.
Diese Umstände stellen wesentliche Unsicherheiten in Bezug auf die Unternehmensfort-
führung dar. Zu den diesbezüglichen Ausführungen des Vorstands verweisen wir auf die
Abschnitte „Annahme zur Unternehmensfortführung der PIERER Mobility AG“, „Annahme
zur Unternehmensfortführung der Tochtergesellschaften“ und „negatives Eigenkapital,
Eigenkapital“ im Anhang des Jahresabschlusses.
Der Vorstand kam bei seiner Evaluierung zu dem Schluss, dass die Annahme der
Unternehmensfortführung als überwiegend wahrscheinlich anzusehen ist.
Unser Bestätigungsvermerk ist in Bezug auf diese Umstände nicht modifiziert.
Besonders wichtige Prüfungssachverhalte
Besonders wichtige Prüfungssachverhalte sind solche Sachverhalte, die nach unserem
pflichtgemäßen Ermessen am bedeutsamsten für unsere Prüfung des Jahresabschlusses des
Geschäftsjahres waren. Diese Sachverhalte wurden im Zusammenhang mit unserer Prüfung
des Jahresabschlusses als Ganzes und bei der Bildung unseres Prüfungsurteils hierzu
berücksichtigt, und wir geben kein gesondertes Prüfungsurteil zu diesen Sachverhalten ab.
Zusätzlich zu dem in Abschnitt „Wesentliche Unsicherheiten in Bezug auf die
Unternehmensfortführung“ beschriebenen Sachverhalt haben wir unten beschriebenen
Sachverhalt bestimmt, der als besonders wichtiger Prüfungssachverhalt in unserem
Bestätigungsvermerk zu kommunizieren ist.
Werthaltigkeit der Anteile an verbundenen Unternehmen
Sachverhalt und Problemstellung
Im Geschäftsjahr 2024 hat die Gesellschaft Anhaltspunkte für eine Wertminderung der
Anteile an verbundenen Unternehmen identifiziert und jeweils den beizulegenden Wert
ermittelt. Auf dieser Basis wurde ein Wertminderungsaufwand in Höhe von MEUR 1.672 in
der Gewinn- und Verlustrechnung erfasst.
Wir verweisen auf die Angaben im Anhang unter Bilanzierungs- und Bewertungsmethoden
„Finanzanlagen“ sowie Erläuterungen der Bilanz und der Gewinn- und Verlustrechnung
„Aufwendungen aus Finanzanlagen“.
Die Bewertung des beizulegenden Werts von Finanzanlagevermögen erfordert Annahmen
und Schätzungen, wie beispielsweise die Schätzung der künftigen Einzahlungsüberschüsse
sowie die Festlegung des anzuwendenden Diskontierungszinssatzes. Daher haben wir die
Werthaltigkeit der Anteile an verbundenen Unternehmen als besonders wichtigen
Prüfungssachverhalt bestimmt
Prüferisches Vorgehen
Wir haben die vom Unternehmen erstellten Werthaltigkeitstests unter Einbeziehung unserer
Bewertungsspezialisten wie folgt beurteilt:
Zur Beurteilung der Angemessenheit der zugrunde gelegten internen Planungen, haben
wir uns ein Verständnis über den Planungsprozess verschafft und die Annahmen über
Wachstumsraten und operative Ergebnisse in Gesprächen mit den zuständigen
leitenden Personen im Unternehmen sowie den vom Management hinzugezogenen
Experten erörtert. Die der Bewertung zugrunde gelegten Planungsdaten haben wir mit
der aktuellen Fortbestehensprognose des Managements sowie den Berichten der
Experten abgestimmt.
Zur Sicherstellung der Qualität und Angemessenheit der Fortbestehensprognose hat das
Management unabhängige Experten beauftragt, bei der Erstellung der Fortbe-
stehensprognose zu unterstützen bzw. diese einer prüferischen Durchsicht zu unter-
ziehen. Für die vom Management hinzugezogenen Experten haben wir die Kompetenz,
Fähigkeit und Objektivität beurteilt, ein Verständnis von deren Tätigkeit erlangt sowie
die Eignung der Tätigkeit der Experten als Prüfungsnachweis für unsere
aussagebezogenen Prüfungshandlungen gewürdigt. Folglich haben wir die in den
Berichten der Experten dargestellten Analysen und Ergebnisse zur Angemessenheit der
Planungsrechnungen bei unseren Schlussfolgerungen berücksichtigt.
Wir haben eine Analyse der durch das Management angesetzten Umsatz- und Ergebnis-
annahmen durchgeführt und beurteilt, ob die in der Vergangenheit tatsächlich erzielten
Ergebnisse und Umsätze bei der Bestimmung der Planungsannahmen angemessen
berücksichtigt wurden.
Wir haben die Methodik der durchgeführten Werthaltigkeitstests nachvollzogen und
beurteilt, ob sie den entsprechenden Standards entsprechen. Die zur Festlegung der
Kapitalkostensätze herangezogenen Annahmen haben unsere Bewertungsspezialisten
mit markt- und branchenspezifischen Richtwerten abgeglichen und die rechnerische
Richtigkeit des Berechnungsschemas überprüft.
Zudem haben wir den im Jahresabschluss erfassten Wertminderungsaufwand mit den
Ergebnissen der Werthaltigkeitstests abgeglichen.
Hinweis auf einen sonstigen Sachverhalt - Vorjahresabschluss
Der Jahresabschluss zum 31. Dezember 2023 der Gesellschaft wurde von einem anderen
Abschlussprüfer geprüft, der am 14. März 2024 einen uneingeschränkten Bestätigungs-
vermerk zu diesem Jahresabschluss erteilt hat.
Verantwortlichkeiten der gesetzlichen Vertreter und des Prüfungsausschusses für
den Jahresabschluss
Die gesetzlichen Vertreter sind verantwortlich für die Aufstellung des Jahresabschlusses und
dafür, dass dieser in Übereinstimmung mit den österreichischen unternehmensrechtlichen
Vorschriften ein möglichst getreues Bild der Vermögens-, Finanz- und Ertragslage der
Gesellschaft vermittelt. Ferner sind die gesetzlichen Vertreter verantwortlich für die internen
Kontrollen, die sie als notwendig erachten, um die Aufstellung eines Jahresabschlusses zu
ermöglichen, der frei von wesentlichen falschen Darstellungen aufgrund von dolosen
Handlungen oder Irrtümern ist.
Bei der Aufstellung des Jahresabschlusses sind die gesetzlichen Vertreter dafür ver-
antwortlich, die Fähigkeit der Gesellschaft zur Fortführung der Unternehmenstätigkeit zu
beurteilen, Sachverhalte im Zusammenhang mit der Fortführung der Unternehmenstätigkeit
– sofern einschlägig – anzugeben, sowie dafür, den Rechnungslegungsgrundsatz der Fort-
führung der Unternehmenstätigkeit anzuwenden, es sei denn, die gesetzlichen Vertreter
beabsichtigen, entweder die Gesellschaft zu liquidieren oder die Unternehmenstätigkeit
einzustellen, oder haben keine realistische Alternative dazu.
Der Prüfungsausschuss ist verantwortlich für die Überwachung des Rechnungslegungs-
prozesses der Gesellschaft.
Verantwortlichkeiten des Abschlussprüfers für die Prüfung des Jahresabschlusses
Unsere Ziele sind, hinreichende Sicherheit darüber zu erlangen, ob der Jahresabschluss als
Ganzes frei von wesentlichen falschen Darstellungen aufgrund von dolosen Handlungen oder
Irrtümern ist, und einen Bestätigungsvermerk zu erteilen, der unser Prüfungsurteil bein-
haltet. Hinreichende Sicherheit ist ein hohes Maß an Sicherheit, aber keine Garantie dafür,
dass eine in Übereinstimmung mit der EU-VO und mit den österreichischen Grundsätzen
ordnungsmäßiger Abschlussprüfung, die die Anwendung der ISA erfordern, durchgeführte
Abschlussprüfung eine wesentliche falsche Darstellung, falls eine solche vorliegt, stets
aufdeckt. Falsche Darstellungen können aus dolosen Handlungen oder Irrtümern resultieren
und werden als wesentlich angesehen, wenn von ihnen einzeln oder insgesamt vernünftiger-
weise erwartet werden könnte, dass sie die auf der Grundlage dieses Jahresabschlusses
getroffenen wirtschaftlichen Entscheidungen von Nutzern beeinflussen.
Als Teil einer Abschlussprüfung in Übereinstimmung mit der EU-VO und mit den
österreichischen Grundsätzen ordnungsmäßiger Abschlussprüfung, die die Anwendung der
ISA erfordern, üben wir während der gesamten Abschlussprüfung pflichtgemäßes Ermessen
aus und bewahren eine kritische Grundhaltung.
Darüber hinaus gilt:
Wir identifizieren und beurteilen die Risiken wesentlicher falscher Darstellungen
aufgrund von dolosen Handlungen oder Irrtümern im Abschluss, planen Prüfungs-
handlungen als Reaktion auf diese Risiken, führen sie durch und erlangen Prüfungs-
nachweise, die ausreichend und geeignet sind, um als Grundlage für unser Prüfungs-
urteil zu dienen. Das Risiko, dass aus dolosen Handlungen resultierende wesentliche
falsche Darstellungen nicht aufgedeckt werden, ist höher als ein aus Irrtümern
resultierendes, da dolose Handlungen kollusives Zusammenwirken, Fälschungen,
beabsichtigte Unvollständigkeiten, irreführende Darstellungen oder das Außerkraft-
setzen interner Kontrollen beinhalten können.
Wir gewinnen ein Verständnis von dem für die Abschlussprüfung relevanten internen
Kontrollsystem, um Prüfungshandlungen zu planen, die unter den gegebenen
Umständen angemessen sind, jedoch nicht mit dem Ziel, ein Prüfungsurteil zur
Wirksamkeit des internen Kontrollsystems der Gesellschaft abzugeben.
Wir beurteilen die Angemessenheit der von den gesetzlichen Vertretern ange-
wandten Rechnungslegungsmethoden sowie die Vertretbarkeit der von den
gesetzlichen Vertretern dargestellten geschätzten Werte in der Rechnungslegung und
damit zusammenhängende Angaben.
Wir ziehen Schlussfolgerungen über die Angemessenheit der Anwendung des
Rechnungslegungsgrundsatzes der Fortführung der Unternehmenstätigkeit durch die
gesetzlichen Vertreter sowie, auf der Grundlage der erlangten Prüfungsnachweise,
ob eine wesentliche Unsicherheit im Zusammenhang mit Ereignissen oder Gegeben-
heiten besteht, die erhebliche Zweifel an der Fähigkeit der Gesellschaft zur Fort-
führung der Unternehmenstätigkeit aufwerfen können. Falls wir die Schlussfolgerung
ziehen, dass eine wesentliche Unsicherheit besteht, sind wir verpflichtet, in unserem
Bestätigungsvermerk auf die dazugehörigen Angaben im Jahresabschluss
aufmerksam zu machen oder, falls diese Angaben unangemessen sind, unser
Prüfungsurteil zu modifizieren. Wir ziehen unsere Schlussfolgerungen auf der
Grundlage der bis zum Datum unseres Bestätigungsvermerks erlangten Prüfungs-
nachweise. Zukünftige Ereignisse oder Gegebenheiten können jedoch die Abkehr der
Gesellschaft von der Fortführung der Unternehmenstätigkeit zur Folge haben.
Wir beurteilen die Gesamtdarstellung, den Aufbau und den Inhalt des Jahres-
abschlusses einschließlich der Angaben sowie ob der Jahresabschluss die zugrunde
liegenden Geschäftsvorfälle und Ereignisse in einer Weise wiedergibt, dass ein
möglichst getreues Bild erreicht wird.
Wir tauschen uns mit dem Prüfungsausschuss unter anderem über den geplanten Umfang
und die geplante zeitliche Einteilung der Abschlussprüfung sowie über bedeutsame
Prüfungsfeststellungen, einschließlich etwaiger bedeutsamer Mängel im internen
Kontrollsystem, die wir während unserer Abschlussprüfung erkennen, aus.
Wir geben dem Prüfungsausschuss auch eine Erklärung ab, dass wir die relevanten
beruflichen Verhaltensanforderungen zur Unabhängigkeit eingehalten haben, und tauschen
uns mit ihm über alle Beziehungen und sonstigen Sachverhalte aus, von denen vernünftiger-
weise angenommen werden kann, dass sie sich auf unsere Unabhängigkeit und – sofern
einschlägig – auf vorgenommene Handlungen zur Beseitigung von Gefährdungen oder
angewandte Schutzmaßnahmen auswirken.
Wir bestimmen von den Sachverhalten, über die wir uns mit dem Prüfungsausschuss
ausgetauscht haben, diejenigen Sachverhalte, die am bedeutsamsten für die Prüfung des
Jahresabschlusses des Geschäftsjahres waren und daher die besonders wichtigen
Prüfungssachverhalte sind. Wir beschreiben diese Sachverhalte in unserem Bestätigungs-
vermerk, es sei denn, Gesetze oder andere Rechtsvorschriften schließen die öffentliche
Angabe des Sachverhalts aus oder wir bestimmen in äußerst seltenen Fällen, dass ein
Sachverhalt nicht in unserem Bestätigungsvermerk mitgeteilt werden sollte, weil
vernünftigerweise erwartet wird, dass die negativen Folgen einer solchen Mitteilung deren
Vorteile für das öffentliche Interesse übersteigen würden.
Sonstige gesetzliche und andere rechtliche Anforderungen
Bericht zum Lagebericht
Der Lagebericht ist aufgrund der österreichischen unternehmensrechtlichen Vorschriften
darauf zu prüfen, ob er mit dem Jahresabschluss in Einklang steht und ob er nach den
geltenden rechtlichen Anforderungen aufgestellt wurde.
Die gesetzlichen Vertreter der Gesellschaft sind verantwortlich für die Aufstellung des
Lageberichts in Übereinstimmung mit den österreichischen unternehmensrechtlichen
Vorschriften.
Wir haben unsere Prüfung in Übereinstimmung mit den Berufsgrundsätzen zur Prüfung des
Lageberichts durchgeführt.
Urteil
Nach unserer Beurteilung ist der Lagebericht nach den geltenden rechtlichen Anforderungen
aufgestellt worden, enthält zutreffende Angaben nach § 243a UGB und steht in Einklang mit
dem Jahresabschluss.
Erklärung
Angesichts der bei der Prüfung des Jahresabschlusses gewonnenen Erkenntnisse und des
gewonnenen Verständnisses über die Gesellschaft und ihr Umfeld wurden wesentliche
fehlerhafte Angaben im Lagebericht nicht festgestellt.
Ergänzung
Hinsichtlich der wesentlichen Unsicherheiten in Bezug auf die Unternehmensfortführung
verweisen wir auf die Abschnitte „Lage der Gesellschaft“ und „Situation und Status des
Sanierungsverfahrens wesentlicher Tochtergesellschaften“ sowie „Risikobericht“ im Lage-
bericht, die die Analyse der Lage der Gesellschaft beschreiben. Weiters verweisen wir auf
den Abschnitt „Voraussichtliche Entwicklung der Gesellschaft“ im Lagebericht, der auf die
voraussichtliche Entwicklung der Gesellschaft eingeht.
Zusätzliche Angaben nach Artikel 10 der EU-VO
Wir wurden von der Hauptversammlung am 19. April 2024 als Abschlussprüfer für das am
31. Dezember 2024 endende Geschäftsjahr gewählt und am 1. Juli 2024 vom Aufsichtsrat mit
der Durchführung der Abschlussprüfung beauftragt. Wir sind seit dem am 31. Dezember
2024 endenden Geschäftsjahr Abschlussprüfer der Gesellschaft.
Wir erklären, dass das Prüfungsurteil im Abschnitt „Bericht zum Jahresabschluss“ mit dem
zusätzlichen Bericht an den Prüfungsausschuss nach Art 11 der EU-VO in Einklang steht.
Wir erklären, dass wir keine verbotenen Nichtprüfungsleistungen (Art 5 Abs 1 der EU-VO)
erbracht haben und dass wir bei der Durchführung der Abschlussprüfung unsere
Unabhängigkeit von der geprüften Gesellschaft gewahrt haben.
Auftragsverantwortlicher Wirtschaftsprüfer
Der für die Abschlussprüfung auftragsverantwortliche Wirtschaftsprüfer ist Dr. Matthias
Kunsch.
Wien
27. Mai 2025
Deloitte Audit Wirtschaftsprüfungs GmbH
Dr. Matthias Kunsch
Wirtschaftsprüfer
Qualifiziert elektronisch signiert:
Datum:
Die Veröffentlichung oder Weitergabe des Jahresabschlusses mit unserem Bestätigungsvermerk darf nur in der von uns
bestätigten Fassung erfolgen. Dieser Bestätigungsvermerk bezieht sich ausschließlich auf den deutschsprachigen und
vollständigen Jahresabschluss samt Lagebericht. Für abweichende Fassungen sind die Vorschriften des § 281 Abs 2 UGB zu
beachten.
STATEMENT BY THE EXECUTIVE BOARD
PURSUANT TO SECTION 124 (1) (3) OF THE AUSTRIAN STOCK EXCHANGE ACT
W
e confirm to the best of our knowledge that the consolidated financial statements give a true and fair
view of the assets, liabilities, financial and earnings position of the Group as required by the applicable
accounting standards and that the consolidated management report gives a true and fair view of the
development and performance of the business and the position of the Group, together with a description
of the principal risks and uncertainties the Group faces.
We confirm to the best of our knowledge that the annual financial statements of the parent company
give a true and fair view of the assets, liabilities, financial and earnings position of the parent company
as required by the applicable accounting standards and that the management report gives a true and
fair view of the development and performance of the business and the position of the parent company,
together with a description of the principal risks and uncertainties the parent company faces.
We
ls, May 2025
T
he Executive Board of PIERER Mobility AG
G
ottfried Neumeister (CEO) Stefan Pierer (Co-CEO)
GENERAL COMPANY DATA
Reporting company: PIERER Mobility AG
Registered office of the company: Austria
Legal form of the company: Aktiengesellschaft
Country in which the company is registered as a legal entity: Austria
Address of registered office: Edisonstrasse 1, 4600 Wels
Headquarters of the business activity: Edisonstrasse 1, 4600 Wels
Name of the parent company: Pierer Bajaj AG
Name of the ultimate parent company: Pierer Konzerngesellschaft mbH
Business activity: The PIERER Mobility AG is the parent company for a leading European motorcycle manufacturer. The
Company reports in the Motorcycle, Bicycle and Others segments.
CONTACT
Hans Lang and Melinda Busáné Bellér
Investor Relations | Compliance | Sustainability
E-mail: ir@pierermobility.com
Website: www.pierermobility.com/en
DISCLAIMER
This report
•
has been prepared with the greatest possible care and the correctness of the data has been checked. However, minor
differences may occur in the addition of rounded amounts and percentages. There may also be typographical and
other errors.
•
contains forward-looking statements. Actual results may differ materially from those anticipated due to a variety of
factors. Neither PIERER Mobility AG nor any other person assumes any liability for any such forward-looking
statements. PIERER Mobility AG will not update these forward-looking statements, whether due to changed factual
circumstances or changes in assumptions or expectations.
•
is published in German and English. The German version is binding.
•
does not constitute a solicitation or recommendation to buy or sell any securities of PIERER Mobility AG.
IMPRINT
Owner and publisher: PIERER Mobility AG
Edisonstraße 1, 4600 Wels, Austria
FN 78112 x / Wels Provincial and Commercial Court
Cover: 2025 Dakar Rally, Saudi Arabia, Daniel Sanders ©EDO BAUER
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