Annual Financial Report | 2021
CONTENTS
MANAGEMENT REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL STATEMENTS
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AUDITOR’S REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS
ANNUAL FINANCIAL STATEMENTS AND MANAGEMENT REPORT
AUDITOR’S REPORT ON THE ANNUAL FINANCIAL STATEMENTS
STATEMENT BY THE EXECUTIVE BOARD
95
Raul Fernandez, RC16 25, Tech3 KTM, MotoGP, Team Presentation 2022 © Philip Platzer
R Raymon TrailRay E 10.0, TrailRay E 11.0, FullRay E-Seven 8.0 © R Raymon/Janik Steiner
95
ANNUAL REPORT 2021
MANAGEMENT
REPORT ON THE
CONSOLIDATED
FINANCIAL
STATEMENTS
1. DEVELOPMENT OF THE PIERER MOBILITY GROUP ........................................... 96
2. ECONOMIC ENVIRONMENT AND MARKET DEVELOPMENT ................................ 99
3. FINANCIAL PERFORMANCE INDICATORS ..................................................... 100
4. NON-FINANCIAL STATEMENT......................................................................... 105
5. RESEARCH & DEVELOPMENT AND NEW MODELS .......................................... 106
6. OPPORTUNITIES AND RISK REPORT ........................................................... 108
7. DISCLOSURES PURSUANT TO SECTION 243A (1) OF THE
AUSTRIAN COMMERCIAL CODE (UGB) .......................................................... 113
8. MAIN FEATURES OF THE INTERNAL CONTROL SYSTEM SECTION 243A (2)
OF THE AUSTRIAN COMMERCIAL CODE (UGB) .............................................. 116
9. OUTLOOK ...................................................................................................... 118
96
MANAGEMENT REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31
ST
2021 OF PIERER MOBILITY AG, WELS
1. DEVELOPMENT OF THE PIERER MOBILITY GROUP
THE COMPANY
The PIERER Mobility Group is Europe‘s leading manufacturer of powered two-wheelers (PTWs). With its KTM, HUSQVARNA Motorcycles, and GASGAS
motorcycle brands, it is one of the technology and market leaders in Europe, especially when it comes to premium motorcycles. In addition to vehicles
with combustion engines, the product range of the PIERER Mobility Group also includes zero-emission two-wheelers with electric powertrains (in
particular e-motorcycles and e-bicycles). As a pioneer in electric mobility of two-wheelers, the group, with its strategic partner Bajaj, has created
the basis for assuming a leading global role in the low-voltage range (48 volts). Establishing the (e-)bicycle division with PIERER E-Bikes GmbH was
another important move in also stepping up its activities in the area of electric bicycle mobility. The bicycles will be marketed under the HUSQVARNA
E-Bicycles, R Raymon, and GASGAS E-Bicycles brands and, from 2022, also under the FELT Bicycles brand in order to gain a share of the attractive
market growth in this segment and to develop into a signicant international player in this eld.
Since November 14th 2016, the shares of PIERER Mobility AG have had a primary listing in the International Reporting Standard of the SIX Swiss Ex-
change. On March 29th 2017, the shares of PIERER Mobility AG were included in the Swiss Performance Index (SPI) of the SIX Swiss Exchange. Since
March 3rd 2020, the shares of PIERER Mobility AG have also been listed on the regulated market of the Frankfurt Stock Exchange (General Standard).
As of March 1st 2022, trading has also commenced on the Prime Market of the Vienna Stock Exchange, which means that the shares of PIERER Mo-
bility AG are listed in the top segment of the Vienna Stock Exchange. This step is intended to satisfy the great level of interest among investors in
Austria and abroad.
DEVELOPMENT OF SALES AND REVENUE IN THE 2021 FINANCIAL YEAR
Despite supreme challenges in the international supply chains and the risks arising from the COVID-19 pandemic, the PIERER Mobility Group improved
its revenue by about 1/3 and achieved record revenue of € 2,041.7 million (previous year: € 1,530 million). With 332,881 motorcycles sold under the
KTM, HUSQVARNA and GASGAS brands (previous year: 270,407), PIERER Mobility increased its sales by 23%. This was driven by the high global
demand for motorcycles. In addition, the Bicycle Division with its HUSQVARNA, R RAYMON and GASGAS brands achieved sales growth of more than
40%, selling 102,753 bicycles (previous year: 73,277) of which 76,916 were e-bicycles (previous year: 56,064).
In Europe, unit sales to dealers were 120,049 motorcycles and 101,437 bicycles. Almost two thirds of the motorcycles (212,832 units) were sold in
markets outside Europe, and in particular in North America, India, and Australia. The implementation of the global product strategy and the expansion
into further Asian and South American markets were pursued consistently over the past nancial year.
A similar picture to wholesale is also reected in the international retail market environment, where the European motorcycle market grew by approxi-
mately 8% to 740,000 units. The market share of all three motorcycle brands was therefore 11.5% in 2021. Both the U.S. and Australian markets also
performed positively, each recording signicant double-digit market share gures of 11.3% and 19.7%, respectively. The Indian motorcycle market
as a whole is on a slight upswing (+2%). Bajaj sold around 60,000 KTM and Husqvarna motorcycles in India, resulting in a market share of 7%. The
PIERER Mobility Group thus reafrmed the strong registration gures of the previous year and was able to maintain global registrations at a high
level.
ACQUISITION OF FELT BICYCLES
In the 2021 nancial year, the bundling of the operating activities of the Bicycle Division was successfully completed in PIERER E-Bikes GmbH. An im-
portant highlight is this segment was the acquisition of the US brand “FELT” in November. FELT Bicycles was founded in 1991 in California, USA, and
is known for manufacturing high-performance road, triathlon, track, cyclocross and gravel bikes. FELT bikes have been ridden to stage wins in Grand
Tours and earned record-breaking triathlon world championship titles, Olympic gold medals and world championship titles on a variety of different
terrains. The process of integrating the Felt brand into PIERER E-Bikes GmbH has already begun.
SIMPLIFICATION OF THE OWNERSHIP STRUCTURE WITH BAJAJ
The completion of the simplication of the ownership structure between the Pierer Group and the Indian Bajaj Group in Q4 2021 should be seen as an
important milestone for the company. As planned, in a rst step the Bajaj Group contributed a 46.5% share package in the operating subsidiary KTM
AG to Pierer Bajaj AG, the majority shareholder of PIERER Mobility AG held by the Pierer Group. In return, Bajaj received a 49.9% stake in Pierer Bajaj
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ANNUAL REPORT 2021
AG. In a second step, this 46.5% KTM share package now held by Pierer Bajaj AG was contributed to PIERER Mobility AG as part of an almost 50%
capital increase through contributions in kind. 11,257,861 new shares were issued in the process. This capital increase through contributions in kind
from the authorized capital amounting to € 895 million, corresponding to exactly 49.9% of the existing share capital, was carried out with exclusion
of subscription rights. Only Pierer Bajaj AG was admitted to subscribe. As a result of this “uplifting project” including the capital increase, Pierer
Mobility’s stake in the operating KTM AG (after acquisition of the remaining approximately 1.5% KTM AG shares held by Bajaj) increased to 99.75%
(previous year: 51.71%). The remaining 0.25% will be transferred to the main shareholder PIERER Mobility AG in 2022 in return for an appropriate cash
settlement (squeeze-out). This means a clear structure will be created in the PIERER Mobility Group on a sustainable basis and, in the process, the
minority interests (“Minorities”) will be reduced to a negligible level.
STRATEGIC PARTNERSHIPS
As a pioneer in the electrication of motorized two-wheelers, the PIERER Mobility Group already generated sales revenues of around € 181 million
(+55%) with electrically powered two-wheelers (e-motorcycles and e-bicycles) in 2021. In this context, the two strategic partnerships in the eld of
e-mobility which were entered into in 2021 with Bajaj on the one hand and VARTA on the other hand should be highlighted.
PIERER Mobility AG and Bajaj Auto Limited, India’s second largest motorcycle manufacturer, have now consolidated their 15-year strategic partnership
in the international motorcycle industry to include the development of electric products in the two-wheeler sector. This is in order to meet the growing
demand for innovative e-mobility concepts. Both companies are exploring common themes, such as the zero-emission exhaust system, low mainte-
nance and durability of light electric vehicles in urban environments and metropolitan areas. This strategy also includes an open approach to different
battery solutions to make use of both integrated and removable batteries.
Another strategic cooperation for the development of high-efciency battery systems in the electric two-wheeler sector was agreed in March 2021
by PIERER Mobility AG and VARTA AG, the leading European manufacturer of Li-ion cells and a global innovation and technology leader. VARTA and
KTM are keen to send a strong signal both within and from Europe with highly efcient battery systems. The objective is to cooperate in the areas of
research, development, production, marketing and sales as well as in the area of take-back, recycling and the 2nd life of batteries. The cooperation
partners see great potential for the development of a platform battery for lightweight electric vehicles in the 48 volt range with peak performances of
up to around 20 kW.
To expand the bicycle and e-bike production capacity, in 2021 a 50:50 joint venture was established with MAXCOM Ltd. for e-bike production in
Plovdiv. A state-of-the-art e-bike production and assembly facility is being built over an area of 130,000 m². International suppliers will also be given
the opportunity to locate themselves at the site. Commissioning is scheduled for the second half of 2023. The annual production capacity will be
around 350,000 units. PIERER Mobility AG is contributing all of its vehicle development and production expertise to the joint venture. MAXCOM Ltd. is
one of the largest bicycle manufacturers in Eastern Europe and a member of the MAXEUROPE Group in Bulgaria. Maxcom already produces R RAYMON
bicycles for PIERER E-Bikes GmbH, and increasingly also Husqvarna E-Bicycles.
CFMOTO should also be mentioned as another important joint venture partner. The deeper cooperation with partner CFMOTO to establish an additional
production facility and supply chain in China has started successfully with the assembly of around 10,000 mid-range motorcycles in 2021. At the joint
venture factory in Hangzhou, the 790 cc twin-cylinder platform will be used to create a model family for new, affordable mid-range Duke and Adven-
ture models. Around 25,000 motorcycles are set to be produced in 2022.
INCREASE IN GLOBAL BRAND AWARENESS THANKS TO SENSATIONAL MOTORSPORT SUCCESSES
The major successes achieved in motorcycle racing in 2021 deserve special mention. Under the three KTM, Husqvarna, and GasGas brands, 21 world
championship titles were won in both road and off-road racing.
Jeffrey Herlings secured the MX GP world championship crown riding a KTM bike, Coober Webb (also KTM) was crowned Supercross Champion and Billy
Bolt (Husqvarna) won the Hard Enduro Series, to name just a few. In road racing, two KTM riders triumphed in Moto2™, Remy Gardner ahead of his
teammate Raul Fernandez, both of whom are also moving up to MotoGP™ in 2022.
In January 2022, Sam Sunderland won the prestigious Dakar Rally for the group riding GasGas. Matthias Walkner, the reigning Cross Country Rallies
World Champion, claimed the second podium spot, nishing third in the standings.
98
COVID-19 PANDEMIC
In the 2021 nancial year, there were no signicant interruptions to production at the Austrian production sites. However, the occasionally high in-
fection rate and the resulting temporary absence of employees posed signicant challenges for production and logistics. Due to the high exibility of
employees, an additional expansion of employee numbers and the introduction of additional shifts, these challenges were largely overcome.
There was some instability and some delays in international supply chains. The recovery of the global economy led to an increase in demand and
bottlenecks in freight containers and therefore a signicant increase in freight costs. The risk detection system (revised in the past year) for identi-
fying global events with a direct or indirect impact on the supply chain, has been improved in a goal-oriented manner. The proven supply chain from
supplier to production sites in Mattighofen and Munderng is primarily intended to ensure parts availability at economically competitive costs, but
also to create a basis for the parties involved as suppliers and customers to establish or expand long-term business relationships. In order to be able
to achieve these goals, a wide range of employees from the purchasing, quality management and research & development departments contribute
their expertise even before the award of a contract for a new purchased part to a supplier company in a selection process. These proven relationships
played a major part in ensuring that the global shortage of resources and bottlenecks in the supply chains had only a minor impact on the business
operations of the group.
Motorcycle production at our strategic partner Bajaj ran in a largely normal manner and ensured the supply of small-engine KTM and Husqvarna street
motorcycles (up to 400 cm³) for the worldwide sales of the PIERER Mobility Group. Relaxation of the national lockdown measures in some countries re-
sulted in partial reopening of the global dealer network. The continued high demand for powered two-wheelers has resulted from a signicant change
in consumer behavior with regard to the use of public transport and an unwillingness to travel. The recovery effects recorded in retail sales continued
in the past year in all relevant sales markets.
The effects of the outbreak of the COVID-19 pandemic had already been recognized by management at an early stage in 2019. KTM responded in a
consistently proactive manner to the COVID-19 crisis in line with national regulations to restrict the spread of the virus and implemented these regu-
lations in full. Production in 2021 proceeded continuously and without any direct restrictions due to the COVID-19 pandemic, allowing motorsport and
marketing activities to signicantly increase once again. The lockdown measures at the end of 2021 had only a minor impact; production was able to
continue due to the measures taken and expansion of working from home reduced the number of employees on site and therefore the risk of infection.
The supply of spare parts to end customers was guaranteed at all times.
Temporary delays in investment and development projects, as occurred in the year before, were avoided in 2021. Liquidity developed in a very pos-
itive manner in the course of business. In addition to the issue of a registered bond in the amount of € 30 million in May 2021, liquidity was further
strengthened by the taking out of a loan with the European Investment Bank amounting to € 50 million. Aided by the positive development of retail
sales and the working capital optimizations established in previous years and pursued consistently since, a free cash ow of € 172.2 million (previous
year: € 165.8 million) was generated. Net nancial debt was further reduced by € 122.5 million to € 189.9 million (previous year: € 312.4 million).
In order to minimize the risk of the COVID-19 pandemic and to ensure that production capacities were kept running, a comprehensive prevention con-
cept was developed in 2021. This is guided by and implements the required regulatory measures. Various other precautions were taken to protect the
health of employees. These included social distancing rules, regular disinfection of work areas as well as hygiene measures and restrictions on access
depending on status as vaccinated, recovered or having recently tested negative. Due to the positive reception of working from home, it was retained
on a exible basis. A wide range of COVID-19 vaccination measures were offered to employees that was maintained continuously over the entire nan-
cial year and was in high demand among employees.
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ANNUAL REPORT 2021
2. ECONOMIC ENVIRONMENT AND MARKET DEVELOPMENT
SARS-CoV-2 continues to inuence global economic activity. It was identied at the end of December 2019 and has been present in all countries of
the world in particular since March 2020. Governments all over the world have taken measures to slow down or prevent the spread and to mitigate the
economic consequences of the measures required to prevent infection.
Setbacks in the ght against the pandemic are not the only cause for concern, but also the associated shortages of resources in the supply chains, as
well as the rising and continuing ination gures. The global economic situation is highly uncertain, and the existing disruptions to economic recovery
have increased, particularly in relation to the course of the pandemic and access to vaccines.
The current assessment of the International Monetary Fund (IMF) of January 2022 is similarly still subject to great uncertainty. According to this
forecast, the global economy will grow by 4.4% in 2022. For industrialized countries, a growth rate of 3.9% for 2022 and 2.6% for 2023 is forecast.
Growth of 3.9% is expected for the euro area in 2022. For 2023, the IMF anticipates global economic growth of 3.8%, and for the euro area growth of
2.5%.
For emerging markets and developing economies, a growth in economic output of 4.8% and 4.7% is expected for 2022 and 2023 respectively. For
China, a growth rate of 4.8% for 2022 and 5.2% for 2023 is forecast. India is also expected to develop positively, with economic output expected to
increase by 9.0% for 2022 and by 7.1% for 2023.
In the 2021 nancial year, the PIERER Mobility Group was able to reafrm the excellent vehicle registration gures of the previous year and maintain
global
1
registrations at a high level. The motorcycle market environment increased by approx. 9% compared to 2020.
In Europe
2
, the motorcycle market grew to a volume of approx. 740,000 new registrations as of December 31st 2021, which corresponds to an
increase of 8%. The market share of KTM, Husqvarna, and GASGAS motorcycles registered for road use is 11.5%. While Italy (+28%) and France
(+12%) recorded increases both in the overall market and in group registrations (Italy +14%, France +10%), demand for motorcycles in Germany, one
of the biggest relevant markets for the group in Europe, fell by 9%.
In the USA
3
, the largest single motorcycle market for PIERER Mobility, the motorcycle market continued the positive growth of the previous year and
recorded a volume of around 440,000 motorcycles (previous year: approx. 398,000) in both offroad and road segments in 2021 – an increase of 10%.
The three motorcycle brands of the PIERER Mobility Group once again enjoyed a signicant double-digit market share of 11.3% (previous year: 11.6%).
Developments in Canada were almost identical and brought about an increase of 10% in the motorcycle market, with a market share of 14.1% in the
2021 nancial year (previous year: 14.5%).
Despite long-lasting lockdowns in Australia, this market also grew signicantly both in relation to the motorcycle market as a whole (2021: +8%;
previous year: +17.9%) and for KTM, Husqvarna, and GASGAS products (2021: +4%; previous year: +46.5%), which translates to a market share of
19.7% (previous year: 20.4%).
While the year before was heavily affected by the coronavirus pandemic, the situation in the market in India recovered signicantly in 2021, with sales
growing by 2% to around 9.6 million units in the overall motorcycle market. In the relevant S2/S3 segment, in which the KTM and Husqvarna Motor-
cycles brands have a market share of 7%, approximately 60,000 motorcycles were sold via the distribution channels of our strategic partner Bajaj, as
was the case in the previous year.
The market environment for motorcycles in Argentina and Colombia, which are the core countries relevant to the group in South America, developed
very positively (overall market: approx. 600,000 units). In the 2021 nancial year, the motorcycle market in Argentina grew by 29%, with sales of KTM
and Husqvarna brand motorcycles rising by almost 70%. This resulted in a market share of 4%. There was even stronger growth in Colombia, where
the overall market grew by 43%. In the 2021 nancial year, the PIERER Mobility Group’s motorcycle brands recorded a 76% increase in registrations
and a market share of 2% in Colombia.
1 Related to the key sales markets of the KTM group: DE, FR, IT, UK, ES, SE, BE, NL, AT, CH, FL, DK, NO, GR, PL, SL, HU, BALTIC, USA, CAN, AUS, NZ, JP, SA.
2 Motorcycles = 120 cm³ excluding Motocross, scooters and ATVs, including electric motorcycles in the markets DE, FR, IT, UK, ES, SE, BE, NL, AT, CH, FI, NO, BALTIC
3 Motorcycles = 120 cm³ including Motocross, excluding scooters and ATVs, including electric motorcycles
100
The e-mobility market has great potential for growth. E-bicycles represent a healthy, sustainable, and individual mode of transport. They are an in-
creasingly important component of modern mobility concepts. The popularity of e-bicycles, in particular, is growing dynamically and now encompasses
all model groups in the bicycle sector. E-bicycles enable longer distances and higher average speeds, creating new mobility options in urban and rural
areas. It is evident that high-quality brand-name products are also gaining ground in the bicycle market. Consumers are proving to be more quality
aware and more environmentally aware, which directly results in higher demand on the bicycle market. This has proven to be a trend, especially in
terms of data for the German sales market, which, according to recent scientic ndings, depends not least on the changing population structure as
well as the general level of education, which is becoming more aware of environmental issues.
According to reports from the German Two-Wheeler Industry Association (ZIV), 5.04 million units (e-bicycles and non-e-bicycles) were sold in Germany
in 2020, a year-on-year increase of +16.9%. With conventional bicycles down by -7.2%, the strong growth was primarily attributable to the e-bicycles
segment. In its report on the rst half of 2021, ZIV conrms these positive trends for the e-bicycle market, while the forecast decline in the sales
gures for bicycles overall is exclusively due to the decline in conventional bicycles. For example, ZIV reports that 1.95 million e-bicycles were sold in
Germany in 2020 (2019: 1.36 million). Accordingly, the market share of e-bicycles in 2020 was 38.7% (2019: 31.5%). In the medium term, a market
share of 40% to 50% of the total bicycle market in Germany is forecast for e-bicycles.
Similarly, a trend study by the auditing and consulting rm PwC indicates that the bicycle market will grow globally at an average rate of approx. 5.5%
annually in the years ahead. This development is largely driven by the strong growth in the sales gures for e-bicycles (7.4% per annum according to
the study). According to the study, the greatest potential for growth lies in the East Asian as well as the European and North American markets, with
an estimated sales volume of approximately 210.4 million bicycles (e-bicycles and non-e-bicycles; estimated value of the sales volume: approximately
EUR 80 billion) sold worldwide in 2025.
3. FINANCIAL PERFORMANCE INDICATORS
KEY FINANCIAL PERFORMANCE INDICATORS:
EARNINGS RATIOS 2020 2021 CHANGE IN %
Revenue in € million 1,530.4 2,041.7 33.4%
EBITDA in € million 233.5 332.2 42.3%
EBITDA margin in % 15.3% 16.3%
Result from operating activities (EBIT) in € million 107.2 193.5 80.5%
EBIT margin in % 7.0% 9.5%
OTHER FINANCIAL FIGURES:
EARNINGS RATIOS 2020 2021 CHANGE IN %
Earnings after taxes in € million 69.5 142.9 >100.0%
Earnings after minorities in € million 34.9 82.5 >100.0%
BALANCE SHEET RATIONS 12/31/2020 12/31/2021 CHANGE IN %
Balance sheet total in € million 1,686.0 2,033.7 20.6%
Equity in € million 654.1 765.6 17.0%
Equity ratio in % 38.8% 37.6%
Working capital employed
1)
in € million 181.5 160.5 -11.6%
Net debt
2)
in € million 312.4 189.9 -39.2%
Gearing
3)
in % 47.8% 24.8%
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ANNUAL REPORT 2021
CASH-FLOW UND CAPEX
2020 2021 CHANGE IN %
Cash ow from operating activities in € million 312.8 367.4 17.5%
Cash ow from investing activities in € million -147.0 -195.1 32.7%
Free cash ow
4)
in € million 165.8 172.2 3.9%
Cash ow from nancing activities in € million -104.7 -27.6 -73.6%
Capital expenditure
5)
in € million 150.2 178.5 18.8%
VALUE CREATION 12/31/2020 12/312021
ROCE (Return on Capital Employed)
6)
in % 9.7% 17.4%
ROE (Return on Equity)
7)
in % 10.9% 20.1%
ROIC (Return on Invested Capital)
8)
in % 7.7% 13.0%
1) Working capital employed = inventory + trade receivables - trade payables
2) Net nancial debt = nancial liabilities (current, non-current) - cash
3) Gearing = net nancial debt / equity
4) Free cash ow = cash ow from operating activity + cash ow from investing activity
5) Additions to property, plant and equipment and intangible assets as per statement of changes in non-current assets; excluding lease additions (IFRS 16) in the amount of € 24.6 million (previous year: €
19.5 million)
6) ROCE: EBIT / average capital employed; capital employed = property, plant and equipment + goodwill + intangible assets + working capital employed
7) ROE = net result after tax / average equity
8) ROIC = NOPAT / average capital employed; NOPAT = EBIT – taxes
BUSINESS DEVELOPMENT AND ANALYSIS OF EARNINGS RATIOS
The PIERER Mobility Group can look back on a new record-breaking year in 2021. The main challenges for the successful continuation of our growth
trajectory were the unstable international supply chains, securing the required production capacities as exibly as possible and minimizing the risks
arising from the COVID-19 pandemic for the employees. In 2021, thanks to the high market demand for Powered Two-Wheelers (PTWs) and active man-
agement of the challenges outlined above, the PIERER Mobility Group achieved record growth in both revenue and earnings despite the challenging
situation.
In the 2021 nancial year, the PIERER Mobility Group generated revenues of € 2,041.7 million (+33.4%), thus improving its revenue by € 511.3 million
compared to the previous year. Approximately 95% of revenues were earned outside of Austria. Looking at different regions, 56.0% of revenues were
generated in Europe (-1.2 percentage points year-on-year), 22.9% in North America including Mexico (-1.5 percentage points year-on-year), and
21.1% in the rest of the world (+2.7 percentage points year-on-year). Due to the high demand for motorcycles and e-bicycles worldwide, a total of 663
employees were added to the workforce in the past nancial year, bringing the total number of employees at the end of the year to 5,249. Of these,
4,340 are employed in Austria.
The earnings before interest, taxes, depreciation and amortization (EBITDA) of € 332.2 million are around € 100 million higher than the previous year’s
gure of € 233.5 million. The EBITDA margin is 16.3%. The group increased EBIT by around 80% to € 193.5 million (previous year: € 107.2 million),
which equates to an EBIT margin of 9.5%.
In addition, the net result after tax was more than doubled, reaching € 142.9 million in the 2021 nancial year (previous year: € 69.5 million ).
102
The sales gures for PTWs – motorcycles of the KTM, Husqvarna Motorcycles, and GASGAS brands as well as e-bicycles (excluding non-e-bicycles) –
are distributed as follows:
KTM
Husqvarna Motorcycles
GASGAS
E-Bicycles
Sales 2021
PTWs (units)
409,797
Sales 2020
PTWs (units)
326,471
249,290
212,713
60,801
49,046
22,790
8,648
76,916
56,064
The two segments “Motorcycles” and “E-Bicycles” represent the main operational areas of the PIERER Mobility Group, the development of which is
discussed below.
MOTORCYCLES
The revenue drops recorded in 2020 owing to interruptions to production caused by the COVID pandemic were compensated for in the 2021 nancial
year and total revenue was signicantly increased. In the KTM group, revenue of € 1,876.4 million was achieved in the past nancial year (previous
year: € 1,414.0 million), which corresponds to an increase in revenue of 32.7%. KTM achieved EBITDA of € 325.2 million in the 2021 nancial year
(+44.1% compared to the previous year) and EBIT of € 192.8 million (+83.1% compared to the previous year). This corresponds to an EBITDA margin
of 17.3% (previous year: 16.0%) and an EBIT margin of 10.3% (previous year: 7.4%). The net result after tax was € 146.1 million (previous year: € 71.2
million).
In North America, KTM recorded revenue growth of 24.8% to € 466.1 million. This meant that 24.8% of revenue was generated in North America (pre-
vious year: 26.4%). In Europe, revenue increased by 29.1% to € 980.8 million compared to the previous year, which corresponds to a share of 52.3%
(previous year: 53.7%). Revenue also increased in other countries by 52.9% to € 429.4 million compared to the previous year. The share of revenue
generated in other countries was 22.9% (previous year: 19.9%).
With 249,290 KTM motorcycles sold, 60,801 HUSQVARNA motorcycles sold and 22,790 GASGAS motorcycles sold in the 2021 nancial year, the KTM
group sold a total of 332,881 motorcycles (+23.1% year-on-year; taking into account the motorcycles sold in India and Indonesia by partner Bajaj),
thereby consolidating its presence in the key motorcycle sales markets with its three motorcycle brands. In the European sales regions, unit sales were
120,049 motorcycles (+23.3%). Signicant growth was also recorded by the North American sales subsidiary with 65,792 motorcycles sold (+24.6%),
and in Australia sales increased by 25.7% to 20,811. The strongest growth potential was seen in South America (+62.5%) with 32,562 and in Asia
(+55.8%) with 29,847 motorcycles sold.
UNIT SALES BY REGIONS
FY 2021
36.1% Europe
19.8% North America
(incl. Mexico)
18.1% Indien / Indonesia
(by Bajaj)
26.0% remaining global
region
REVENUE BY REGIONS
FY 2021
52.3% Europe
24.8% North America
(incl. Mexico)
22.9% remaining global
region
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ANNUAL REPORT 2021
In the 2021 nancial year, 178,992 motorcycles were manufactured at the Mattighofen production site. Compared to the previous year, this constitutes
an increase of 38,740 units, or +27.6%. Taking into account the small-engine KTM and Husqvarna models produced by our partner Bajaj Auto Ltd. in
India and the GASGAS Trials produced in Spain, 323,931 vehicles (+22.1%) were manufactured worldwide.
E-BICYCLES
In the Bicycle Division, activities in 2021 focused on establishing the three Husqvarna E-Bicycles, R Raymon and GasGas brands, as well as on further
technical development and enhancing the quality of the product range. R RAYMON offers bicycles as well as e-bikes for a variety of target groups:
from children’s bikes to racing bikes, from city e-bikes to sports E-MTBs. Husqvarna’s product range now covers the entire spectrum of e-mobility.
GASGAS bikes were ofcially launched in April 2021. The Spanish own brand opened a new chapter in the eld of e-mobility and now intends to give
even more off-road enthusiasts the opportunity to share in the fun of off-road riding. With the various brands and the product range now even more
broadly diversied, it will be possible to cater for this highly differentiated market in an optimum way. The global COVID-19 pandemic has increased
consumer demand for personal transportation and sports solutions. In addition, consideration of sustainability issues is making consumers focus
more on the need for zero-emission transportation. E-bikes in particular are proving to be especially popular and attractive to customers. The PIERER
E-Bikes Group was able to take advantage of this, hold its own with its brands in a highly competitive market and continue growing.
In the 2021 nancial year, revenue of € 162.7 million was generated in the e-bicycles segment (previous year: € 112.5 million). This represents a year-
on-year increase in revenue of almost 45%. EBITDA in 2021 was € 11.4 million (previous year: € 6.5 million) and EBIT was € 7.0 million (previous year:
€ 2.2 million). This corresponds to an EBITDA margin of 7.0% (previous year: 5.8%) and an EBIT margin of 4.3% (previous year: 2.0%). The net result
after tax was € 5.0 million (previous year: € 0.3 million).
With 76,916 e-bicycles (+37.2%) and 25,837 non-e-bicycles (+50.1%), the Bicycle Division was able to achieve sales growth with the HUSQVARNA,
R RAYMON, and GASGAS brands of more than 40% in total and has already sold 102,753 bicycles (previous year: 73,277). Of the e-bicycles sold in the
2021 nancial year, 40.8% were sold under the Husqvarna E-Bicycles brand, 53.3% under the R RAYMON brand, and 5.9% under the GASGAS brand.
The sales of non-e-bikes were entirely attributable to the R RAYMON brand. Around 76% of sales were in the DACH region.
UNIT SALES BY REGIONS
FY 2021
76.1% DACH region
22.6% remaining Europe
1.3% remaining global
region
REVENUE BY REGIONS
FY 2021
7.,0% DACH region
24.9% remaining Europe
2.1% remaining global
region
104
STATEMENT OF FINANCIAL POSITION ANALYSIS
The balance sheet structure of the PIERER Mobility Group is as follows:
2020 2021
€ million in % € million in %
Non-current assets 942.0 55.9% 992.8 48.8%
Current assets 744.0 44.1% 1,040.9 51.2%
Assets 1,686.0 100.0% 2,033.7 100.0%
Equity 654.1 38.8% 765.6 37.6%
Non-current liabilities 581.4 34.5% 649.5 31.9%
Current liabilities 450.5 26.7% 618.7 30.4%
Equity and liabilities 1,686.0 100.0% 2,033.7 100.0%
The balance sheet total of the PIERER Mobility Group increased by 20.6% from € 1,686.0 million to € 2,033.7 million as of December 31st 2021 com-
pared to the consolidated nancial statements as of December 31st 2020.
Non-current assets increased from € 942.0 million to € 992.8 million in 2021, representing an increase of € 50.8 million or 5.4%. The increase was
largely due to the level of investment being higher than depreciation and amortization, especially in the area of development projects, and the re-
sulting increase in intangible assets.
Within current assets, cash in particular increased by € 155.2 million and stock by € 106.4 million. This was due in particular to the build-up of stock
of unnished products, raw materials and supplies. Overall, this resulted in a signicant increase in current assets of 39.9% to € 1,040.9 million.
Current liabilities increased by € 168.2 million to € 618.7 million (+37.3%) in the past nancial year. The increase is mainly due to the increase in
trade payables amounting to € 133.5 million. Other increases related, among other things, to sales bonuses and employee benets.
Non-current liabilities increased by 11.7% to € 649.5 million, largely as a result of borrowings. In May 2021, KTM AG issued registered bonds with a
term of 12 years at a nominal value of € 30 million. In addition, a loan of € 50 million was taken out from the European Investment Bank in December
2021.
Equity increased by € 111.4 million to € 765.6 million in the 2021 nancial year. On the one hand, equity was boosted by the pleasing net result after
tax of € 142.9 million and the sale of treasury shares amounting to € 13.6 million. On the other hand, dividend payments amounting to € 24.4 million
and the acquisition of shares in subsidiaries (increase in shares in KTM AG and KTM Technologies GmbH) totaling € 30.5 million led to a reduction in
equity. The other effects mainly related to the recognition in equity of foreign currency differences, the valuation of nancial instruments and the re-
valuation of the net dened benet liability. At 37.6%, the equity ratio reported as of December 31
st
2021 was lower than the previous year’s gure of
38.8% due to the increase in the balance sheet total described above.
LIQUIDITY ANALYSIS
Cash ow from operating activities amounted to € 367.4 million in the 2021 nancial year, which was up 17.5% on the previous year’s gure of
€ 312.8 million, and this was mainly attributable to the positive operating earnings development (EBITDA +€ 98.7 million compared to the same period
in the previous year).
The cash outow from investments amounted to € -195.1 million and was signicantly higher overall than the previous year’s gure of € -147.0 million.
This increase was mainly due to the higher payments for the acquisition of intangible assets and property, plant and equipment
(effect € -34.1 million).
Due to the excellent result and the low working capital level, a strong free cash ow of € 172.2 million was generated, corresponding to 8.4% of ‘rev-
enue. Free cash ow increased by a total of € 6.4 million compared to the same period in the previous year.
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ANNUAL REPORT 2021
After taking into account the cash ow from nancing activities of € -27.6 million, cash and cash equivalents increased by € 155.2 million (including
foreign currency effects of € 10.6 million) to € 373.5 million compared to December 31
st
2020.
Thanks to the strong equity base and long-term nancing, sufcient liquidity reserves are available on a sustainable basis.
INVESTMENTS
In the current nancial year, total investments in the PIERER Mobility Group amounted to € 203.1 million (previous year: € 169.7 million) including IFRS
16 lease additions of € 24.6 million (previous year: € 19.5 million). The investments excluding leasing projects were divided between development pro-
jects (incl. tools), property, plant and equipment and intangible assets as follows::
23.5 intangible assets
15.8 property, plant and
equipment
110.9 R & D (incl. tools)
150.2
in EUR million
178.5
Mio. Euro
FY 2020
17.5 intangible assets
29.9 property, plant and
equipment
131.1 R & D (incl. tools)
FY 2021
Despite the COVID-19 pandemic, investments in the (further) development of existing and new models and in electric mobility have top priority. Ex-
penditure on investments in research and development will therefore remain at the already high level of previous years on a sustained basis and this
represents one of the key factors for the group’s success. At 73%, the proportion of investments in development projects (incl. tools) compared to
total investments is slightly below the previous year’s gure of 74%. Investments in infrastructure (property, plant and equipment) accounted for 17%
(previous year: 10%) of total investments. Intangible assets (trademark rights, IT, licenses) accounted for a further 10% (previous year: 16%). In the
previous year, investments in intangible assets largely included the acquisition of the trademark rights to “GASGAS” amounting to around € 14 million.
The main expansions to infrastructure at our Austrian sites in the 2021 reporting year involved the expansion of the logistics center (scheduled com-
pletion in 2022) and the newly built training center at the Munderng site. With the newly created “Production Academy” in Mattighofen, massive
investments have also been made in the training and further education of production employees. In addition, the new GASGAS production site in Ter-
rassa, Spain was expanded.
4. NON-FINANCIAL STATEMENT
The company prepared a consolidated non-nancial report for the PIERER Mobility Group in accordance with Section 267a of the Austrian Commercial
Code (UGB) for the 2021 nancial year. This report contains information about concepts, non-nancial risks, due diligence processes as well as re-
sults and performance indicators with regard to environmental, social and employee issues, respect for human rights, and the ght against corruption
and bribery. This report has been reviewed by the Supervisory Board in accordance with Section 96 of the Austrian Stock Corporation Act (AktG) and is
available online at https://www.pierermobility.com/en/sustainability/sustainability-reports.
The Corporate Governance Report is available on the Company’s website at
https://www.pierermobility.com/en/investor-relations/corporate-governance
106
5. RESEARCH & DEVELOPMENT AND NEW MODELS
PIERER Mobility AG intends to continue to expand its pioneering role in relation to technology, sales and image, especially in the motorcycle world. We
have been particularly focused on the area of research and development for several years. The result of the R&D strategy we have pursued is innova-
tive products, which meet our customers’ high expectations in technology and performance. Thanks to the globally active research and development
organization, the PIERER Mobility Group has a network of highly qualied employees – for instance in the construction, computation and simulation
sectors. This network is supported by the in-house machinery and equipment that performs the production, construction and validation of newly de-
veloped prototypes.
Research and development expenses (before capitalization of development services) in the PIERER Mobility Group in the 2021 nancial year amounted
to € 162.4 million (previous year: € 137.7 million), which corresponds to 8.0% (previous year: 9.0%) of revenue. The products of all group companies
operate at a very demanding performance level, which is why customers demand ongoing development and evolution. In the research and development
department, the PIERER Mobility Group had as of December 31 in the 2021 nancial year 976 employees (previous year: 808 employees), which corre-
sponds to 18.6% of the total workforce. Around 6.4% of total revenue was invested in research and development (-0.8 percentage points compared to
the previous year).
The research and development department is a global organization, with decentralized locations in Europe (in particular Austria and Spain), America
and Colombia. The development programs are managed centrally at the research and development headquarters of KTM AG in Mattighofen and Mun-
derng. A large proportion of the employees from the research and development department are located here over a oor space of more than 20,000
m². Focusing on the power range from 250 W to 11 kW, the group is taking the next steps to intensify research & development (R&D) in the eld of
electric mobility and is pressing ahead at full speed in pursuing its vision to become the global leader in the eld of electrically powered two-wheelers
(PTW). For example, in the reporting year all R&D activities were combined and expanded further into their own research and development company
– KTM Forschungs & Entwicklungs GmbH (KTM F&E GmbH) – which will ensure that KTM is always able to keep up with the ever-increasing pace of
technological development. A special focus of the past year was making the move to the newly developed R&D location in Anif near Salzburg, which, in
addition to the E-drive development division within F&E GmbH, also provides KTM Technologies GmbH with space for further growth. The investment
volume for the 7,780 m² e-mobility center of expertise is EUR 20 million. The state-of-the-art facility provides space for more than 150 employees and
is located right next to the KISKA design studio in Anif near Salzburg, Austria.
In 2021, we also made further progress in the development of batteries. KTM participates in a consortium for motorcycles with swappable batteries
with Honda Motor, Piaggio Group and Yamaha Motor for motorcycles and light electric vehicles. Over the next three years, the consortium will develop
a common technical standard for a battery swap system including the corresponding battery swap stations.
The research and development function of PIERER E-Bikes GmbH is organized in decentralized locations across Europe (Austria, Germany, Spain). This
facilitates a specic response to the mobility needs of the respective markets, whether this is urban mobility in Munich and Barcelona or the off-road
or dual sport community in rural or even alpine areas around Schweinfurt, Salzburg, and Munderng.
MOTORCYCLES
In 2021, all three motorcycle brands made a clear statement with innovative upgrades and new models, both in the on-road and off-road segments.
One of the most important projects of last year for the street model platforms was the industrialization of KTM’s spearheads in the street model
portfolio – the 1290 SUPER ADVENTURE R and S models as well as the 1290 SUPER DUKE RR hyper-naked bike. Now, for the rst time, the 2021
generation KTM 1290 SUPER ADVENTURE S comes with innovative adaptive cruise control as standard. It was developed thanks to intensive research
side-by-side with Bosch. It automatically maintains an appropriate distance to other road users in front of the motorcycle using radar sensors and can
be set at ve levels via the redesigned combination switch.
Further highlights include the series production of the KTM RC generation in the Supersport segment, the series ramp-up of the HUSQVARNA Norden
901 and the ramp-up of the KTM 1290 SUPER DUKE R and KTM 1290 SUPER DUKE GT models, which incorporate extensive updates. The starting point
was the KTM 890 DUKE model derivative, based on the two-cylinder mid-class platform, which had its series launch before the start of the motorcycle
season in February 2021. The 890 DUKE adds the nishing touch to KTM’s naked bike range, offering a direct successor to the extremely popular 790
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ANNUAL REPORT 2021
DUKE, where the developers were able to make signicant progress, particularly in terms of mechanics and performance as well as emissions be-
havior.
In 2019, HUSQVARNA Motorcycles introduced the “North” prototype of a motorcycle in the mid-range Travel segment. Exactly two years after its
presentation, its series ramp-up took place in November 2021. With its foundation rooted in the building blocks of the KTM 890 ADVENTURE models,
this model distinguishes itself signicantly from its sisters in the group with its unique design, a reworked chassis and a range of other brand-typical
detailed solutions. With the SVARTPILEN 125, Husqvarna expanded the range of naked bikes and now offers young riders a perfect model for entering
the world of Husqvarna road bikes.
GASGAS Motorcycles conrmed the global availability of the latest TXT RACING and TXT GP Trial models of MY 2022. In addition, GASGAS Motorcycles
has expanded its range of dirt bikes by adding the small-wheel MC 85, the MC 250 with a two-stroke engine, and the MC 350F with a four-stroke
engine.
Another high point of the previous research year was the development and start of the transition to series production of the new KTM SX/SX-F and
HUSQVARNA TC/FC Motocross model range in the full-size offroad segment. And because KTM’s brand motto is “Ready to Race,” not only were the
prototypes of these bikes successfully subjected to comprehensive prototype tests but, due to our commitment to global motorsports, they were also
tested and validated in the toughest conditions. The most recent generation of models from the full-size off-road platform is the result of a complex
platform strategy, the primary objective of which is to optimize the performance of all installed components and at the same time ensure a high de-
gree of efciency.
The research department is also working intensively on promising, sustainable mobility solutions. Part of the strategy pursued is an open approach to
different battery solutions that take advantage of both integrated and removable batteries. The 2021 research year included a series of R&D projects
in the eld of purely electric powered vehicle concepts. In addition to the great efforts in the area of fundamental research and technological research,
new vehicle concepts – the HUSQVARNA E-PILEN concept and the electric scooter concept the HUSQVARNA BLTZ – were presented to the public for
the rst time last year.
In addition, KTM AG formed a consortium for motorcycles with exchangeable batteries with Honda Motor, the Piaggio Group and Yamaha Motor. The
aim of the consortium is to develop solutions to address customers’ concerns regarding the future of electric mobility, such as range, charging time
and infrastructure as well as costs. This is to be achieved while adhering to four main objectives: (a) Development of common technical specications
for interchangeable battery systems; (b) Conrmation of the joint use of battery systems; (c) Promotion of the common specications of the consor-
tium in European and international standardization committees as well as their adoption as a standard; (d) Worldwide application of the common
specications of the consortium. Work is being carried out together with the consortium partners to develop an exchangeable battery system for low-
voltage vehicles (48 V) with up to 11 kW of power, which is based on international technical standards.
In parallel to the initiatives mentioned above in the area of electric mobility, the KTM group is also working on technologies for further reducing the
emissions proles of motorcycles equipped with combustion engines. The development strategy in the area of combustion engines development is
clearly orientated towards a reduction in consumption and emissions. This includes R&D activities which address the further development of the ther-
modynamic system (electronic fuel injection, combustion) as well as exhaust aftertreatment systems (catalytic converters). Furthermore, approaches
to using CO₂-free or CO₂-neutral fuels which can be obtained from, among other things, the CO₂ in the atmosphere are being studied. All engines
in the displacement category over 500 cm³ are already qualied for operation with synthetic fuels (e-fuels) – other engine platforms can be changed
within short response times. The MotoGP™ and Moto3™ racing series, that are particularly technology driven, will test the use of blended fuels
(which consist of less than 40% fossil fuels) from the 2024 season onwards. It currently looks as though the premier class of the Motorcycle World
Championship is planning to completely switch to synthetic fuels starting in the 2027 season.
E-BICYCLES
In the Bicycle Division, activities in 2021 focused on establishing the three Husqvarna E-Bicycles, R Raymon and GasGas brands, as well as on further
technical development and enhancing the quality of the product range.
The Husqvarna eet of models can expect a number of innovations in 2022. Of particular signicance is the new off-road model division with its own
108
frame designs and technical innovations, which is represented above all by the brand new Mountain Cross 6 (MC 6). The MC 6 proves that Husqvarna
E-Bicycles takes kinematics, design, and technology seriously and is aimed at a new generation of riders. Together with Husqvarna Motorcycles,
Husqvarna E-Bicycles also presented its eet of urban mobility vehicles, and the group positioned itself on this basis at the IAA Mobility 2021 in
Munich as a holistic, zero-emission manufacturer of motorized two-wheelers. In January 2022, HUSQVARNA E-Bicycles also presented the ‘Legacy
Edition’, an upgraded edition of the Mountain Cross 5 with an updated design.
In 2021, GASGAS Bicycles presented the Enduro Cross 9.0 as the top model. It combines the well-known robust aluminum frame, shaped in enduro
geometry, with a Rock Shox ZEB 160 fork and a Rock Shox SDS+ shock absorber, as well as wheels in the 29” front and 27.5” rear formats for perfect
handling and excellent agility. With its SRAM SX Eagle 12-speed drive, 4-piston Tektro brakes, a Yamaha PW-X2 motor with an advanced Quad Sensor
System, 250 W power, and an integrated 630 Wh battery in the down tube, it embodies everything the GASGAS Bicycles brand represents.
In 2021, R RAYMON introduced its claim “Ride here. Ride now.” that expresses the brand’s attributes of growth and spirit. A typical example of this
is the all-round TourRay E 5.0 with a sporty Yamaha PWST drive with 60 Nm of torque and the semi-integrated Yamaha battery with 500 Wh. The
trekking power of the TourRay made it the absolute best seller in the e-bike range of 2021. With its 27.5” inch wheels, disc brakes, and an SR Suntour
suspension fork with 75 millimeters of suspension travel, the TourRay E 5.0 offers plenty of comfort and traction on all types of terrain. In 2022, R
RAYMON will once again expand its portfolio and enter the market of light e-mountain bikes. With the AirRay, R RAYMON will change perceptions – it
combines the typical fun of a trail bike with solid performance and an ideal battery capacity. The highest torque motors and highest battery capacities
were deliberately not selected for these three models. Instead, the focus was on achieving a balance between the three pillars of motor, battery, and
weight. Equipped with the AIR DRIVE motor powered by Yamaha (50 Nm torque), a slim 2.8 kg carbon ber frame, agile handling and riding dynamics
at the highest level, the lightweight e-mountain bike R RAYMON AirRay 29” weighs less than 20 kilograms with a suspension travel of a full 150 mm.
Further innovations can be expected in the coming year, which will include new frame platforms and concepts, while at the same time R RAYMON in-
tends to establish itself more rmly in the sports segment.
6. OPPORTUNITIES AND RISK REPORT
As Europe’s leading “Powered Two-Wheeler” (PTW) manufacturer, the PIERER Mobility Group with its KTM, HUSQVARNA Motorcycles, and GASGAS
motorcycle brands is among the European technology and market leaders. The business activities of the PIERER Mobility Group are characterized by
ongoing changes. Exploiting the opportunities that these changes present is the essential cornerstone of the success of the PIERER Mobility Group. In
order to secure the future success of the business and exploit the opportunities that arise, the group must consciously take risks.
The management of opportunities and risks is the basis for responding appropriately to changes in the underlying political, economic, technical or
legal conditions. Where it is likely that the opportunities or risks identied will occur, they have already been incorporated into the statements made in
the notes to the consolidated nancial statements and the group management report. The following statements include possible future developments
or events that could lead to a positive (opportunities) or negative (risks) deviation from the company forecast for the PIERER Mobility Group.
As part of risk management, all individual and cumulative risks that could jeopardize the success of the company are monitored and controlled. Risks
that could jeopardize the company as a going concern are generally avoided. The scope of risk consolidation corresponds to the scope of consolidation
of the consolidated nancial statements of the PIERER Mobility Group.
RISK MANAGEMENT SYSTEM
The main purpose of the PIERER Mobility Group’s risk management system is to safeguard and strengthen the company by correctly and transparently
assessing nancial, operational and strategic risks. In this context, the Executive Board, together with the management of the main group companies,
in particular KTM AG, performs extensive management and controlling tasks within the framework of an internal, integrated control system that covers
all major sites. Recognizing, evaluating and responding to strategic and operational risks promptly is an essential part of the management activities
of these units and adds signicant value to the company. The basis for this is a uniform, group-wide reporting system established on a monthly basis,
and ongoing monitoring of operational and strategic plans.
The PIERER Mobility Group has a multi-level risk management system in which group-wide risks are identied by location or geographical area. Oper-
ational responsibility and the assessment of group-wide risks is carried out by the risk management of KTM AG and local management and is reported
directly to and monitored by the Executive Board and the Group Executive Board.
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ANNUAL REPORT 2021
Preventive analysis of potential or near-miss events is another aim of risk management. In addition, risk management is also responsible for actively
controlling risks and evaluating appropriate measures with the business units concerned.
RISK MANAGEMENT STRATEGY
The PIERER Mobility Group bases its risk management strategy on risk analysis and risk assessment according to the COSO® framework. Accordingly,
the group has dened the following core areas of the risk management strategy:
Risk
Identication
Structured recording of opportunities and individual risks in the sectors
Implementation of risk workshops
Identication takes place, among other things, by means of the standard risk
catalog
Risk
Assessment
Failure mode and effect analysis
Extend of damage and probability of occurrence
Risiko
Control
Control of the overall risk position by inuencing opportunities and individual risk
Control of the effectiveness of measures
Reporting
+
Monitoring
Continuous monitoring
Collection, evaluation, forwarding of information
Reporting
Risk management established at the level of KTM AG regularly conducts risk analyses for selected production and distribution sites. Only risks outside
the consolidated statement of nancial position and the consolidated income statement are presented.
RISK MITIGATION
Depending on the impact on the company, efforts are made to minimize or avoid risks by taking appropriate measures or, in certain cases, to deliber-
ately take them.
RISK ASSESSMENT
The aim of risk assessment is to perform continuous, qualitative and quantitative evaluation of all identied opportunities and risks in order to prior-
itize risk control measures. Opportunity and risk assessment at the PIERER Mobility Group should meet the following requirements:
Objectivity: The assessment should be performed according to standards that are as objective as possible.
Comparability: To allow the opportunities and risks to be compared with each other, a quantitative assessment is made using uniformly dened
values (where reasonable and possible)
110
ASSESSMENT METHODOLOGY
Opportunities and individual risks are assessed on the basis of their likelihood of occurrence and their signicance for the net assets, nancial posi-
tion and earnings position of the group. This assessment is based on information about a) risks that have actually occurred in the past, b) benchmark
values from the industry or c) realistic expert estimates prepared by the group itself.
The quantitative assessment follows a scenario-based approach, distinguishing between the following categories: Best Case (BC), Most Likely Case
(MLC), and Worst Case (WC). This is a classic triangular distribution. For isolated risks, a qualitative assessment can additionally be used, if neces-
sary, or alternative distributions (normal distribution, etc.) can be used for uctuating risks. The choice of the respective distribution depends on the
type of risk.
RISK MONITORING / CONTROL
The essence of operational risk management is to identify, evaluate and control signicant risks arising from operations. This process is carried out in
particular by the senior and middle management levels of KTM AG and monitored by the Executive Board of PIERER Mobility AG.
OPPORTUNITIES AND RISK REPORT
The following overview provides a general summary of all identied risks and opportunities and highlights their signicance for the PIERER Mobility
Group. Overall, the PIERER Mobility Group has not identied any risks that could jeopardize its continued existence as a going concern, neither on the
reporting date nor at the time that the nancial statements were prepared.
MARKET RISKS
Cyclical risk
The KTM group operates primarily in the motorcycle sector and the PIERER E-Bikes Group in the bicycle sector. Sales opportunities are determined by
the general economic situation in the countries and regions in which the PIERER Mobility Group is represented with its products. As recent years have
shown, the motorcycle sector in particular is cyclical and subject to large uctuations regarding demand. This risk is counteracted by relevant market
research and market forecasts, which are then taken into account in the planning process. Due to the change in mobility behavior, the global motor-
cycle market continues to grow, in particular in the most important sales regions year-on-year.
Competition and pricing pressure
Competition on the motorcycle market in industrialized countries is particularly intense; KTM’s strongest competitors are four Japanese and three Eu-
ropean manufacturers and, on a slightly smaller scale, a U.S. manufacturer, some of which have greater nancial resources, higher sales gures and
market shares. Price pressure in the street motorcycle market is very high, and new competitors are trying to enter the market using low-price strate-
gies. Thanks to its successful market strategy, KTM is Europe’s leading manufacturer of powered two-wheel vehicles. The full integration of GASGAS
as the third motorcycle brand and the further development of the dealer network has also contributed to this. Thanks to our innovative strength, we
see ourselves as the technology leader in the two-wheeler sector in Europe. The strategic partnership with Bajaj, India’s second-largest motorcycle
manufacturer, consolidates our competitiveness in global markets.
Sales risk
The largest individual sales markets of the PIERER Mobility Group are the European market and the U.S. market. A slump in these markets could have
a negative impact on business activities. Entering new markets involves a major cost risk as, in some of these markets, the trend of sales as well
as the geopolitical conditions are difcult to assess. By collaborating with its strategic partner Bajaj Auto Ltd., Pune, India, the company is working
steadily toward implementing a global product strategy in the motorcycle sector. In order to diversify the sales risk, the Bicycle Division is also pur-
suing the goal of expanding successfully in other markets.
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ANNUAL REPORT 2021
Geopolitical risks
It is also important to keep a closer eye on geopolitical risks. In particular, the war in Ukraine will have a negative impact on the global economy. The
PIERER Mobility Group is not directly affected by the military conicts in Ukraine. Indirectly, however, as is the case for industry as a whole, the risk
increases for the PIERER Mobility Group in particular of further increases in energy and raw material costs as well as negative effects on the capital
markets.
INDUSTRY-SPECIFIC RISKS
Restrictions relating to motorcycling
The revenue of the group depends, inter alia, on the possible offroad uses of motorcycles and is therefore considerably inuenced by the national legal
framework regulating offroad motorsport, motorcycle registration and driver’s licenses in the countries where the vehicles are sold.
Due to the introduction of the Euro 5 emissions standard on January 1st 2020, updating the entire Street motorcycle product range to meet the new
regulatory requirements was the focus of R&D activities and was completed in 2020. During the 2020 calendar year, all models intended for the EU re-
gion and for operation on public roads were newly type-approved according to the “Euro 5” regulations or their type approval was upgraded from “Euro
4” to “Euro 5” by an amendment. Series production of the rst “Euro 5” model took place in July 2020 (sample series of KTM 890 Adventure models).
The last “Euro 4” model for the EU region was produced in December 2020. From January 1st 2021, only “Euro 5” vehicles have been produced for the
EU region and for operation on public roads.
Procurement risk
In the current situation, the procurement risk faced by the KTM group is principally failing to receive ordered components or receiving them on dates
other than those originally agreed. In order to ensure the best possible availability of components, KTM focuses on long-term cooperations with our
supply partners as well as the careful selection of excellent new suppliers in accordance with established criteria. The KTM group works continuously
on developing its relationships with its suppliers. From the perspective of KTM, a deep mutual understanding of the processes is essential here. As the
quality of KTM’s products is strongly determined by the quality and properties of the sourced subcomponents, particular attention is paid to suitable
operating facilities and production processes of suppliers, as well as their nancial strength and compliance with ecological, social and ethical stand-
ards.
In the second year following the outbreak of the COVID-19 pandemic, the KTM group faced increasing difculties with regard to the supply of semicon-
ductors and the associated shortages of electronic components. In order to support its suppliers in this situation, KTM AG actively intervened in the
procurement of electronic components and was thus able to prevent major shortages both at suppliers and at our own production sites. In addition to
the shortage of electrical components, there were also bottlenecks in the supply of raw materials such as aluminum and plastic granulate, but these
only had immaterial effects on KTM AG due to intensive cooperation in the supply chain.
For 2022, KTM AG expects the situation to worsen – at least in the rst two quarters. The difcult supply situation for suppliers, capacity bottlenecks
at suppliers themselves and interruptions to logistical processes will continue to require close coordination. To reduce risk, among other things, stock
at suppliers was built up in 2022, a market intelligence system for electronic components was introduced, and the logic of our scheduling agreement
releases adapted to the changed situation.
In the PIERER E-Bikes Group, the procurement of components and bikes is planned for the medium term. Short-term uctuations can also be offset by
appropriate storage capacities. The products are priced on the basis of xed negotiated purchase prices. Prices and capacities are agreed with sup-
pliers in advance and secured. The PIERER E-Bikes Group has several suppliers from different countries for e-bikes in its portfolio to reduce the risk of
dependency, as far as possible, and increase the stability of the supply chains. The timely availability of frames and drive components as a risk places
increased demands on the suppliers of e-bikes.
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Research and development, racing
Technical innovations and the introduction of new products are largely responsible for the PIERER Mobility Group’s position in the market. To this end,
new trends must be identied promptly. To counteract the risk, our own products’ innovative capacity must be ensured. Racing achievements are not
only an important marketing instrument for the company but also form the basis for product development and set standards for series development.
Valuable experience is gathered whenever products can be tested in racing conditions at racing events. Before being introduced into series production,
all technical innovations are moreover subjected to comprehensive testing by the quality management system so as to eliminate, to the greatest extent
possible, any technical defects that could have a negative effect on earnings development.
In order to further expand our role as a technological pioneer and also to keep pace with major competitors, the PIERER Mobility Group pursues a very
intensive research and development strategy. This also explains the relatively high research-spending ratio – currently around 8-9% of revenue.
IT RISKS
The PIERER Mobility Group has implemented an IT security and risk management system for the purpose of identifying and managing company-rel-
evant risks in the area of information security. For further information on IT risks, please refer to the notes to the consolidated nancial statements
(Chapter VII) of PIERER Mobility AG.
FINANCIAL RISKS
For further information on the risk report and on nancial instruments, including the specic measures to mitigate risks through the use of nancial
instruments (e.g. hedging of foreign currency positions with futures, swaps, etc.), please refer to the notes to the consolidated nancial statements
(Chapters VII and VIII) of PIERER Mobility AG.
OTHER RISKS
Risks due to the legal framework
As the PIERER Mobility Group distributes motorcycles and e-bicycles or non-e-bicycles to a large number of countries through its stakes in the KTM
group and PIERER E-Bikes Group, it is exposed to the risk of changes in national regulations, terms of licenses, taxes, trade restrictions, prices,
income and foreign exchange restrictions, as well as the risk of political, social and economic instability, and ination and interest rate uctuations.
Motorcycles registered for road use must comply with corresponding provisions concerning noise and exhaust gas emissions in order to be approved
for marketing in the respective country. The possible offroad uses of motorcycles are also considerably inuenced by the national legal framework in
the countries where the vehicles are sold. In order to counteract the risk and to be able to act promptly in the event of changes in national legal frame-
works, the respective country-specic regulations are thoroughly reviewed and monitored on an ongoing basis prior to market entry.
Business and environmental risk
Environmental risks may relate to products, production, procurement and non-operating factors. With regard to the products, risks arise in relation to
emissions such as noise and pollutants or the leakage of harmful substances such as fuel or oil. In order to minimize these risks that may be caused
by potential malfunctions, the homologation requirements are strictly observed in addition to other measures, each vehicle tested for its functionality
and compliance with all limit values on our own test benches, and a laboratory is in operation to test the interaction of materials used with people and
the environment. In addition, the development of emission-free alternative drive systems and products is becoming an increasingly important focus.
In production, environmental risks arise due to the potential leakage of substances, waste and material residues on the premises. Numerous measures
are implemented to prevent them. These include waste management concepts, an engine oil treatment plant, emergency plans for each site and pro-
fessional extraction systems for metal chips that deposit them in the container provided for this purpose. Emissions from operating the test benches
are also caught by extraction systems.
Environmental risks in procurement may result from the environment-related shortage and rising prices of resources, cooperation with suppliers that
do not operate with sufcient environmental measures, and emissions from delivery routes. In order to minimize these risks, measures are taken that
include auditing suppliers, optimizing procurement channels, prioritizing regional procurement, and the use of resource-saving, modern production
technology.
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In addition, environmental risks arise from weather-related and climate-related phenomena, such as oods and other natural disasters. Although it
is not possible to completely rule out the risk of natural disasters, efforts are made to minimize the risk of production processes being impaired by
having suitable emergency plans and insurance policies.
Personnel-related risks
Risks may arise if key staff leave the company, in particular with regard to the course for growth. Efcient personnel management as well as the on-
going implementation of personnel development programs are designed to counteract the risk of key staff leaving the company. The risk of a shortage
of skilled staff is countered, among other things, by a comprehensive apprentice training program in the company’s own apprentice workshop. The aim
is to recruit employees from the region and to retain them in the long term.
Internal and external measures to increase employer attractiveness are an essential element in conveying the predominant spirit of the PIERER Mo-
bility Group to potential new employees. With various cross-media employee campaigns, the company was able to largely cover its personnel require-
ments in the reporting year. When it came to APPRENTICESHIPS, attention was not only given to addressing the right target groups, but a dedicated
area was also created for the parents of future apprentices in order to provide information about opportunities and possibilities at an early stage and
to prevent any uncertainties.
The PIERER Mobility Group has taken numerous measures to protect its employees since the outbreak of the coronavirus pandemic in Austria. Govern-
ment measures and regulations were implemented comprehensively and quickly and, due to the forward-looking approach and constant engagement
with the authorities, some of them were integrated into the day-to-day business even before they were legally required. It was therefore possible to
prevent large-scale spread within the company.
7. DISCLOSURES PURSUANT TO SECTION 243A (1) OF THE
AUSTRIAN COMMERCIAL CODE (UGB)
1. The share capital amounts to EUR 33,796,535. It is divided into 33,796,535 no-par-value bearer shares with voting rights, with each ordinary share
participating in the share capital to the same extent. The shares grant the customary rights due to stockholders under the Austrian Stock Corpora-
tion Act [Aktiengesetz]. These include the right to payout of the dividends resolved upon at the Annual General Meeting as well as the right to vote
at the Annual General Meeting. The shares of PIERER Mobility AG have been listed on the SIX Swiss Exchange (SIX) in the International Reporting
Standard since November 14th 2016 (ISIN AT0000KTMIG02). In addition, the shares of PIERER Mobility AG have been listed on the regulated market
(General Standard) of the Frankfurt Stock Exchange since March 3rd 2020. Since March 1st 2022, the shares of PIERER Mobility AG have addition-
ally been listed on the Vienna Stock Exchange (Ofcial Market). In the 2021 nancial year, the Executive Board of the company, in the context of uti-
lizing the authorized capital, resolved with the consent of the Supervisory Board to increase the share capital in exchange for a contribution in kind
of EUR 22,538,674 by EUR 11,257,861 to EUR 33,796,535 by issuing 11,257,861 new shares. In this context, the majority shareholder Pierer Bajaj AG
contributed its block of shares amounting to approximately 46.5 percent of the share capital of KTM AG to PIERER Mobility AG. The corresponding
amendment to the articles of association was entered in the commercial register on October 22nd 2021. No treasury shares were acquired in the
2021 nancial year. On January 20th 2021, the share buyback program of PIERER Mobility AG was terminated prematurely. On January 21st 2021,
the company decided to offer the treasury shares for sale to selected institutional investors and/or strategic business partners from February 8th
2021. This meant that all 193,340 existing treasury shares were sold in the 2021 nancial year. The change in non-restricted capital reserves from
EUR 194,593,484.41 by EUR 891,996,720.59 to EUR 1,086. 590,205.00 resulted on the one hand from the sale of 193,340 treasury shares and on
the other hand from a capital increase through a contribution in kind of 5,042,925 KTM AG shares by Pierer Bajaj AG (formerly: PTW Holding) AG).
2. On September 29th 2021, a syndicate agreement was concluded 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”) (the “2021
Syndicate Agreement”), which governs the rights and obligations of the two groups of companies with respect to the shareholding of Pierer Industrie
AG and Bajaj Auto International Holdings B.V. in Pierer Bajaj AG as majority shareholder of PIERER Mobility AG. The 2021 Syndicate Agreement pro-
vides that the rules of procedure for the Executive Board and the Supervisory Board of Pierer Bajaj AG require the approval of the Supervisory Board
members of Pierer Bajaj AG nominated by Bajaj in the event of a transfer of ownership of shares in PIERER Mobility AG. Pierer Bajaj AG, which is
economically attributable to Stefan Pierer, is thus subject to restrictions on disposal in light of the syndicate agreement at the level of Pierer Bajaj
AG. The Executive Board is not aware of any other restrictions affecting voting rights or the transfer of shares.
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3. To the company’s knowledge, as of December 31st 2021, the following direct or indirect equity holding in the capital of PIERER Mobility AG
amounting to at least 10 percent existed:
Pierer Bajaj AG (formerly: PTW Holding AG): 73.32% (direct equity holding);
Pierer Industrie AG: 73.32% (indirect equity holding);
Pierer Konzerngesellschaft mbH (direct and indirect equity holding): 2.58% (direct equity holding) and 73.32% (indirect equity holding).
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 members of the Executive Board and Supervisory
Board and amendments to the articles of association.
7. Options to issue or buy back shares:
The following resolutions were adopted at the Annual General Meeting on April 27th 2017:
a) To authorize the Executive Board, with the approval of the Supervisory Board, to issue nancial instruments within the meaning of Section
174 of the Austrian Stock Corporation Act (AktG), in particular convertible bonds, income bonds and prot participation rights, with a total
nominal value of EUR 150,000,000.00 until April 1st 2022, which may also grant subscription and/or conversion rights to acquire a total of up
to 25,000,000 shares in the company and/or are structured in such a way that they can be reported as equity, also in several tranches and in
different combinations.
b) The Executive Board may use the conditional capital and/or treasury shares to service the conversion and/or subscription rights.
c) The issue price and terms of issue of the nancial instruments shall be determined by the Executive Board with the approval of the Supervisory
Board, whereby the issue price shall be determined in accordance with recognized methods of nancial mathematics and the price of the shares
of the company in a recognized pricing procedure.
d) The Executive Board is authorized, with the approval of the Supervisory Board, to exclude shareholders’ subscription rights to nancial instru-
ments within the meaning of Section 174 of the Austrian Stock Corporation Act (AktG).
e) The conditional increase of the share capital of the company pursuant to Section 159 para. 2 no. 1 of the Austrian Stock Corporation Act (AktG)
by up to EUR 25,000,000.00 by issuing up to 25,000,000 no-par-value ordinary bearer shares for issuance to creditors of nancial instruments
pursuant to Section 174 of the Austrian Stock Corporation Act (AktG), which are issued by the company using the authorization granted in
this Annual General Meeting, to the extent that the creditors of the nancial instruments exercise their conversion and/or subscription rights
to shares in the company. The issue amount and the exchange ratio are to be determined in accordance with recognized methods of nancial
mathematics and the share price in a recognized pricing procedure. The newly issued shares of the conditional capital increase are entitled to
dividends to the same extent as the existing shares in the company. The Executive Board is authorized, with the approval of the Supervisory
Board, to determine the further details of the implementation of the conditional capital increase. The Supervisory Board is authorized to resolve
amendments to the articles of association resulting from the issue of shares from the conditional capital.
f) Pursuant to Section 65 para. 1 no. 8 and para. 1a and 1b of the Austrian Stock Corporation Act (AktG), the Executive Board is authorized to ac-
quire no-par-value bearer shares of the company representing up to 10% of the share capital of the company for a period of 30 months from the
date of the resolution, both on and off the stock exchange, whereby the lowest price may not be more than 20% below and the highest price may
not be more than 10% above the average closing price on the last three trading days prior to the acquisition of the shares. Trading in treasury
shares is excluded as a purpose of the acquisition. The authorization may be exercised in whole or in part or in several installments and in pur-
suit of one or more purposes by the company, by subsidiaries or by third parties for the account of the company.
g) The Executive Board may decide to acquire shares on the stock exchange, but the Supervisory Board must be informed of this decision after-
ward. Off-market acquisitions are subject to the prior approval of the Supervisory Board.
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ANNUAL REPORT 2021
h) The Executive Board is authorized for a period of ve years from the date of the resolution pursuant to Section 65 para. 1b of the Austrian Stock
Corporation Act (AktG), with the approval of the Supervisory Board, to decide on a method of disposal or use of treasury shares other than via
the stock exchange or by means of a public offer, applying mutatis mutandis the provisions on the exclusion of shareholders’ subscription rights,
and to determine the terms and conditions of disposal. The authorization may be exercised in whole or in part or in several installments and in
pursuit of one or more purposes by the company, by a subsidiary or by third parties for the account of the company, in particular in return for the
acquisition of companies, businesses, parts of businesses or shares in one or more companies in Austria or abroad.
i) The Executive Board is also authorized, with the approval of the Supervisory Board, to reduce the share capital, if necessary, by redeeming these
treasury shares without a further resolution adopted at the General Meeting pursuant to Section 65 para. 1 no. 8, last sentence in conjunction
with Section 122 of the Austrian Stock Corporation Act (AktG). The Supervisory Board is authorized to adopt amendments to the articles of asso-
ciation resulting from the redemption of shares.
The following resolutions were adopted at the Annual General Meeting on April 26th 2018:
a) Pursuant to Section 169 of the Austrian Stock Corporation Act (AktG), the Executive Board is authorized until April 26th 2023, with the approval
of the Supervisory Board, to increase the share capital of the company from EUR 22,538,674.00, in several tranches if necessary, in exchange
for cash contributions and/or contributions in kind, by up to EUR 11,269,337.00 by issuing up to 11,269,337 no-par-value bearer shares to up to
EUR 33,808,011.00, and to determine the issue price, the terms and conditions of the 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 pursuant to Section 153 (6) of the Austrian Stock Corporation Act (AktG).
b) The Executive Board is authorized, with the approval of the Supervisory Board, to exclude the shareholders’ subscription rights in whole or in
part:
(i) if the capital increase was made in return for cash contributions and the total arithmetical proportion of the company’s share capital rep-
resented by the shares issued in return for cash contributions with exclusion of subscription rights does not exceed the limit of 10% (ten
percent) of the company’s share capital at the time of granting,
(ii) if the capital increase is made against a contribution in kind,
(iii) to service an over-allotment option (Greenshoe), and/or
(iv) for the settlement of fractional amounts.
This authorization was utilized by the Executive Board of PIERER Mobility AG to carry out the capital increase in return for contributions in kind in Oc-
tober 2021 in the amount of EUR 11,257,861.00 by issuing 11,257,861 no-par-value bearer shares.
The following resolutions were adopted at the Extraordinary Annual General Meeting on October 4th 2019:
a) Pursuant to Section 65 para. 1 no. 8 of the Austrian Stock Corporation Act (AktG), the Executive Board is authorized for a period of 30 months
to acquire treasury shares of the company both on and off the stock exchange, also excluding the shareholders’ right to offer shares on a quota
basis, and, without having to refer the matter to the Annual General Meeting again in advance, to retire these shares if necessary with the ap-
proval of the Supervisory Board. Trading in treasury shares is excluded as a purpose of the acquisition. The proportion of shares to be acquired
may not exceed 10% of the share capital. The value received per no-par-value share to be acquired may not be more than 20% below or above
the average unweighted closing price on the SIX Swiss Exchange over the past 10 trading days. The authorization may be exercised in whole or
in part or in several installments and in pursuit of one or more purposes by the company, by afliated companies or by third parties for the ac-
count of the company. The Supervisory Board is authorized to adopt amendments to the articles of association resulting from the redemption of
shares.
b) The Executive Board is authorized for a period of ve years, with the approval of the Supervisory Board, to sell or use treasury shares in a way
other than via the stock exchange or by means of a public offer for any legally permissible purpose and in so doing also to exclude the share-
holders’ quota-based purchase right (exclusion of subscription rights) and to determine the terms and conditions of disposal. The authorization
may be exercised in whole or in part or in several installments and in pursuit of one or more purposes.
8. Agreements of the company which take effect, change or end in the event of a change of control as a result of a takeover bid, as well as their
effects, will not be disclosed by the company as this would signicantly harm the company.
116
9. There are no compensation agreements between the company and its Executive Board and Supervisory Board members or employees in the event of
a public takeover bid.
8. MAIN FEATURES OF THE INTERNAL CONTROL SYSTEM
SECTION 243A (2) OF THE AUSTRIAN COMMERCIAL
CODE (UGB)
The internal control system of the PIERER Mobility Group has the task of ensuring the correctness and reliability of nancial reporting, compliance
with the legal and internal regulations applicable to the company, as well as the effectiveness and efciency of operating activity, including the pro-
tection of assets from losses caused by damages and malversations. Internationally recognized frameworks for internal control systems (e.g. COSO
framework) were taken into account in designing the elements of the internal control system. The system includes:
Group-wide specications for nancial reporting
Segregation of duties as an organizational measure
System-based and process-dependent controls
Process-independent controls
The PIERER Mobility Group is committed to the continuous development and improvement of the internal control system. To this end, its functionality
is regularly monitored through process and data analyses as well as independent, external audit activities. The main features of the internal control
system with regard to the nancial reporting process are presented below.
CONTROL ENVIRONMENT
The organizational structure of the PIERER Mobility Group forms the basis for the control environment and the internal control system within the
company. In terms of the organizational structure in (group) nancial reporting, there are clear areas of competence and responsibility at the various
management and hierarchical levels of the group. On the one hand, this relates to the group headquarters in Wels as well as the Austrian and all in-
ternational subsidiaries. Treasury and Business Process Finance are located in the operating areas of the group, with duties and responsibilities also
being clearly divided here.
The strong international orientation of the PIERER Mobility Group and the associated decentralized structures of the company and different sites are
taken into account by centralizing key corporate functions in the area of nancial reporting at the Austrian sites (especially in Mattighofen). The per-
formance and management of national business activities is the responsibility of the respective local management and is monitored by the Executive
Board of KTM AG and the Group Executive Board.
In terms of process organization, the PIERER Mobility Group relies on a distinctive and comprehensive set of accounting, valuation and account
assignment rules. 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 nancial reporting of the PIERER Mobility Group. The specications for nancial reporting and nancial reporting
processes are reviewed on an ongoing basis and adjusted at least annually, or more frequently if necessary. Monitoring compliance with the controls
and regulations relating to nancial reporting is the responsibility of the relevant management.
RISK ASSESSMENT
Risks relating to the nancial reporting process are identied and monitored by management. The focus is placed on those risks that are typically to
be regarded as material.
Material risks in the area of nancial reporting include incomplete recording of facts relevant to accounting, errors in document recording, and incor-
rect calculations. Complex accounting principles could lead to an increased risk of error, incorrect reporting, and late preparation of nancial state-
ments. There is also a risk of data being accessed by unauthorized persons or of data being manipulated, IT systems failing, and data being lost.
For the preparation of the nancial statements, estimates have to be made on a regular basis and there is an inherent risk that future developments
may deviate from these estimates. This applies in particular to the following matters/items in the consolidated nancial statements: Social capital,
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ANNUAL REPORT 2021
outcome of legal disputes, recoverability of receivables, investments and stocks. In some cases, external experts are consulted or publicly available
sources are used to minimize the risk of incorrect estimates.
CONTROL MEASURES
The PIERER Mobility Group has integrated its controls directly into the (group) nancial reporting processes. An essential element of this, in addition
to process-independent external control mechanisms, is the principle of segregation of duties. To ensure complete, timely and correct preparation
of the nancial statements, 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 nancial reporting are prevented or are detected and
corrected. Furthermore, the application of internal company guidelines results in consistent handling of business transactions as well as consistent
accounting and reporting.
Controls are integrated in the key IT systems with a relevance for nancial reporting which prevent, among other things, the incorrect recording of
business transactions, ensure the complete recording of business transactions or the measurement of business transactions in accordance with the
nancial reporting requirements, or support the verication of consolidation. In view of the increasing demands on IT systems in nancial reporting as
well as the constantly growing technical possibilities, the PIERER Mobility Group regularly conducts 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 relating to IT security are a cornerstone of the internal control system. For example, the separation of sensitive activities is sup-
ported by restricting the allocation of IT authorizations. Automated checks take place through the ERP software used, such as the automated checks
for invoice approval and invoice verication.
COMMUNICATION AND MONITORING
Responsibility for the effectiveness of the internal control system in the (group) nancial reporting process is clearly dened and lies with the respon-
sible managers and process owners. In addition to the results of the internal assessment, the assessment of effectiveness also includes the results
of external audits, e.g., as part of the audit of the annual nancial statements or external IT security audits, as well as those of the Supervisory Board
and the Audit Committee. Weaknesses in the control system are remedied taking into account their potential impact on the nancial reporting pro-
cesses.
In addition to the nancial statements required by law, which are made available to management levels, the group has also implemented a compre-
hensive internal reporting system that is prepared and distributed at different levels of aggregation depending on the recipient of the report.
Other central instruments of risk monitoring and control are the company-wide guidelines on dealing with signicant risks, the planning and con-
trolling processes, and ongoing reporting. The guidelines include the setting and control of limits and actions to limit nancial risks, as well as the
strict specication of the dual control principle for invoice and payment approvals.
In addition, the internal control system is based on precise information about the accounting and nancial reporting processes 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 in that the results, which are submitted to management in condensed reporting form, are analyzed, evaluated and commented on by
management.
The Executive Board and the Audit Committee are informed annually about the assessment of the effectiveness of the internal control system in
nancial reporting. In the event of signicant changes in the effectiveness of the internal control system, a report is immediately submitted to the
Executive Board and, if necessary, to the Supervisory Board, and suitable measures are taken to increase its effectiveness.
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9. OUTLOOK
For the 2022 nancial year, the Executive Board anticipates renewed growth both for motorcycles and bicycles with earnings within the long-term
range. However, challenges in the international supply chains must continue to be expected in 2022, as capacity and supply bottlenecks at individual
suppliers and in international transport logistics may lead to delays with deliveries. Wide-ranging measures in the area of supply chain management
and a high degree of exibility in production planning are aimed at identifying and minimizing negative effects in good time. The expected challenges
and their consequences are to be mitigated by the supplier risk assessment, which was revised last year, as well as the program implemented to
provide advance warning of global events that directly or indirectly affect the supply chain. On the sales side, PIERER Mobility continues to view
the market as consistently positive. Growth is expected to be driven primarily by the continued high global demand and the megatrend toward two-
wheelers as well as increasing numbers of electric vehicles, especially in urban areas.
In line with the strategic objective of contributing to emissions reduction and emissions neutrality for motorcycles, the focus of development work in
the years to come will increasingly be on alternative drive systems in the range up to 15 kW. In the range above this, efforts will focus on the tech-
nological advancement of conventional forms of propulsion with synthetic fuels for avoiding CO2. The main goal is to fully exploit the innovation and
development potential in the area of electric mobility and to help shape the growing market and secure market share with e-fuel-powered combustion
engines as a global player with strong brands. At least three electric platforms with multiple products will be launched by 2024.
While the focus in 2021 in the Bicycle Division was primarily on broadening the establishment of the Husqvarna E-Bicycles and R RAYMON brands
in European markets and expanding the network of dealers in the core markets of Germany, Austria and Switzerland (DACH), the acquisition of the
FELT brand opens up a new range of product, sales and development opportunities. With FELT, the existing range of bicycles has been expanded, in
particular by adding the racing division, and this will provide a stronger opening as well as positioning on the North American market for all bicycle
products. In addition to the DACH region, the North American market offers enormous growth and sales potential for the sale of e-bicycles. In addi-
tion, further expansion stages are to focus on the overseas market of Australia as well as Southern Europe. The dynamic growth trajectory will also be
further advanced by adding the GASGAS brand to the e-bicycle product range and expanding e-bicycle sales in the existing motorcycle trade.
In the 2022 nancial year, the PIERER Mobility Group will continue to focus on growth in all core areas, both motorcycles and (e-)bicycles, despite the
challenges that exist in the supply chain. The Executive Board anticipates revenue growth of between 6% and 10% (2021 nancial year:
EUR 2,041.7 million) with an EBIT margin of 8 to 10% and an EBITDA margin of between 15 and 17%.
In addition, PIERER Mobility AG listed its shares in the ofcial trading (prime market segment) of the Vienna Stock Exchange. The admission to trading
on the prime market, the top segment of the Vienna Stock Exchange, took place on March 1st 2022.
In addition, it is also important to keep a closer eye on geopolitical risks. In particular, the military conicts in Ukraine will have a negative impact on
the global economy. The exchange rate environment is expected to remain volatile in the regions important to PIERER Mobility.
Wels, March 11th 2022
The Executive Board of PIERER Mobility AG
Stefan Pierer Friedrich Roithner Hubert Trunkenpolz Viktor Sigl, MBA
R Raymon TrailRay E 10.0 / FullRay E-Seven 8.0, MY21 © R Raymon/Janik Steiner
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ANNUAL REPORT 2021
CONSOLIDATED FINANCIAL
STATEMENTS
Consolidated statement of nancial position ................... 120
Consolidated income statement ........................................ 122
Consolidated statement of comprehensive income ............ 123
Consolidated statement of cash ows ............................... 124
Consolidated statement of changes in equity .................... 126
Consolidated nancial statements
Download
120
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT DECEMBER 31, 2021
EURk Notes No. 12/31/2021 12/31/2020
Assets:
Non-current assets:
Goodwill 21 130,711 131,034
Intangible assets 22 473,561 426,835
Property, plant, and equipment 23 361,330 356,219
Investments accounted for using the equity method 24 13,562 13,252
Deferred tax assets 25 9,617 11,518
Other non-current assets 26 4,033 3,137
Current assets:
Inventories 27 405,174 298,744
Trade receivables 28 150,861 144,887
Receivables and other assets 29 110,801 81,621
Tax refund claims 560 517
Cash and cash equivalents 30 373,509 218,270
121121
ANNUAL REPORT 2021
EURk Notes No. 12/31/2021 12/31/2020
Equity and liabilities:
Equity:
Share capital 31 33,797 22,539
Capital reserves 31 9,949 9,949
Other reserves including retained earnings 31 716,396 327,767
Equity of the owners of the parent company 760,142 360,255
Non-controlling interests 31 5,409 293,864
Non-current liabilities:
Financial liabilities 32 506,539 456,089
Liabilities for employee benets 33 28,763 28,665
Deferred tax liabilities 25 99,977 86,940
Other non-current liabilities 34 14,187 9,735
Current liabilities:
Financial liabilities 32 56,847 74,594
Trade payables 34 395,581 262,099
Provisions 35 23,105 17,979
Tax liabilities 9,852 9,198
Other current liabilities 34 133,317 86,616
122
CONSOLIDATED INCOME STATEMENT
FOR THE FINANCIAL YEAR FROM 1/1/2021 THROUGH 12/31/2021
EURk Notes No. 2021 2020
Revenue 8 2,041,730 1,530,382
Production costs of the services provided to generate the revenue 9 -1,448,631 -1,103,550
Gross prot from sales 593,099 426,832
Selling and racing expenses 10 -237,847 -192,216
Research and development expenses 11 -33,330 -23,391
Administration expenses 12 -128,857 -102,645
Other operating expenses 13 -1,990 -164
Other operating income 14 744 5
Earnings from at-equity holdings 15 1,666 -1,180
Result from operating activities 193,485 107,241
Interest income 16 1,864 1,629
Interest expenses 16 -12,858 -15,213
Other nancial and investment income (expenses) 16 9,097 -2,833
Result before taxes 191,588 90,824
Income taxes 17 -48,716 -21,369
Prot or loss for the nancial year 142,872 69,455
thereof owners of the parent company 82,540 34,911
thereof non-controlling shareholders 60,332 34,544
Undiluted (=diluted) earnings per share (EUR)
18 3.34 1.56
123123
ANNUAL REPORT 2021
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE FINANCIAL YEAR FROM 1/1/2021 THROUGH 12/31/2021
EURk Notes No. 2021 2020
Prot or loss for the nancial year 142,872 69,455
Items reclassied to prot or loss or which can be subsequently reclassied
Foreign currency translation re foreign subsidiaries 31 4,492 -4,176
Foreign currency translation re investments accounted for using
the equity method
24, 31 425 -100
Valuation of cash ow hedges of subsidiaries 31 3,008 -1,435
Deferred tax on valuation of cash ow hedges 31 -752 359
Items not reclassied to prot or loss
Revaluation of net debt from dened benet plans 31, 33 759 908
Tax effect 31 -190 -227
Other net result after tax 7,742 -4,671
Total comprehensive income 150,614 64,784
thereof owners of the parent company 88,054 31,829
thereof non-controlling shareholders 62,560 32,955
124
EURk Notes No. 2021 2020
Operations
Prot or loss for the nancial year 142,872 69,455
+ (-) Interest expenses / interest income 16 10,994 13,584
+ Tax expenses 17 48,716 21,369
+ Depreciation/amortization of property, plant and equipment and intangible assets 22, 23 138,717 126,289
+ (-) Addition (reversal) of non-current liabilities for employee benets 554 -100
(-) + Prot (loss) from equity consolidation 15 -1,666 1,180
(-) + Prot (loss) from the diposal of xed assets 22, 23 12,286 2,471
+ (-) Other non-cash expenses (income) VI -13,284 5,060
+ Interest received 1,855 1,621
- Interest payments -11,954 -14,807
- Tax payments -31,048 -4,087
+ Dividends received 1,022 606
Gross cash ow 299,064 222,641
- (+) Increase (decrease) in inventories -104,641 17,128
- (+) Increase (decrease) in trade receivables, advance payments, other current
and non-current assets
+ (-) Increase (decrease) in trade payables, advance payments and other current and
non-current liabilities
Increase (decrease) in the net current assets 68,299 90,178
Cash ow from operations 367,363 312,819
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE FINANCIAL YEAR 1/1/2021 THROUGH 12/31/2021
125125
ANNUAL REPORT 2021
EURk Notes No. 2021 2020
Investing activity
- Payments for the acquisition of intangible assets and property, plant and equipment 22, 23 -181,922 -147,856
- Payments for the acquisition of investments accounted for using the equity method
and other nancial assets
7, 24 -773 -150
+ Receipts from the sale of intangible assets and property, plant and equipment 599 631
+ Receipts from the disposal of investments accounted for using the equity method and
other nancial assets
24 0 0
+ (-) Changes to the scope of consolidation 7 934 290
+ (-) Payments/receipts from other assets -13,961 76
Cash ow from investing activity -195,123 -147,009
Free cash ow 172,240 165,810
Financing activity
- Dividend payments to third parties -24,448 -26,744
- Acquisition of own shares 0 -4,569
+ Sale of own shares 31 13,595 0
+ (-) Disposal/acquisition of non-controlling interests 31 -27,906 -1,005
+ Taking out a research loan VI 50,000 0
+ Taking out non-current interest-bearing liabilities 32, VI 29,528 0
- Repayment of promissory note loan 32, VI -3,500 -6,000
- Repayment of research loan VI -25,368 -13,174
- Repayment of non-current interest-bearing liabilities VI -11,101 -10,384
- Repayment of lease liability VI, 47 -18,431 -18,821
+ (-) Change in other current nancial liabilities VI -9,990 -23,992
Cash ow from nancing activity -27,621 -104,689
Total cash ow 144,619 61,121
+ Opening balance of liquid funds within the Group 218,270 160,864
+ Effect of foreign currency uctuations 10,620 -3,715
Closing balance of liquid funds within the Group 373,509 218,270
126
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
EURk Notes No. Equity of the owners of the parent company
Share
capital
Capital
reserves
Reserves
including total
earnings
Reserve in
accordance
with IFRS 9
Adjustment
items currency
translation
Reserves for
own shares
Total
Shares
of non-
controlling
shareholders
Total
consolidated
equity
Balance as of January 1, 2021 22,539 9,949 339,548 -1,318 -2,016 -8,447 360,255 293,864 654,119
Prot or loss for the nancial year 0 0 82,540 0 0 0 82,540 60,332 142,872
Other comprehensive income 31 0 0 206 1,871 3,437 0 5,514 2,228 7,742
Total comprehensive income 0 0 82,746 1,871 3,437 0 88,054 62,560 150,614
Transactions with shareholders
Dividends to third parties 18, 31
Acquisition/disposal of shares to subsidiaries 31 0 0 309,876 660 -548 0 309,988 -340,458 -30,470
Changes to the scope of consolidation 7 0 0 0 0 0 0 0 2,784 2,784
Gains and losses on hedging transactions and hedging costs reclassied to inventories 0 0 0 156 0 0 156 0 156
Disposal of own shares 31 0 0 5,148 0 0 8,447 13,595 0 13,595
Capital measures 11,258 0 -11,258 0 0 0 0 0 0
Miscellaneous 0 0 -733 0 0 0 -733 -66 -799
Balance as of December 31, 2021 33,797 9,949 714,154 1,369 873 0 760,142 5,409 765,551
EURk Notes No. Equity of the owners of the parent company
Share
capital
Capital
reserves
Reserves
including total
earnings
Reserve in
accordance
with IFRS 9
Adjustment
items currency
translation
Reserves for
own shares
Total
Shares
of non-
controlling
shareholders
Total
consolidated
equity
Balance as of January 1, 2020 22,539 9,949 305,078 -140 203 -5,220 332,409 274,800 607,209
Prot or loss for the nancial year 0 0 34,911 0 0 0 34,911 34,544 69,455
Other comprehensive income 31 0 0 352 -1,215 -2,219 0 -3,082 -1,589 -4,671
Total comprehensive income 0 0 35,263 -1,215 -2,219 0 31,829 32,955 64,784
Transactions with shareholders
Dividends to third parties 31
Acquisition/disposal of shares to subsidiaries 31 0 0 -660 0 0 0 -660 -345 -1,005
Changes to the scope of consolidation 0 0 0 0 0 0 0 158 158
Gains and losses on hedging transactions and hedging costs reclassied to inventories 0 0 0 37 0 0 37 34 71
Acquisition of own shares 31 0 0 0 0 0 -4,569 -4,569 0 -4,569
Disposal of own shares 31 0 0 0 0 0 1,342 1,342 0 1,342
Miscellaneous 0 0 -133 0 0 0 -133 0 -133
Balance as of December 31, 2020 22,539 9,949 339,548 -1,318 -2,016 -8,447 360,255 293,864 654,119
127127
ANNUAL REPORT 2021
EURk Notes No. Equity of the owners of the parent company
Share
capital
Capital
reserves
Reserves
including total
earnings
Reserve in
accordance
with IFRS 9
Adjustment
items currency
translation
Reserves for
own shares
Total
Shares
of non-
controlling
shareholders
Total
consolidated
equity
Balance as of January 1, 2021 22,539 9,949 339,548 -1,318 -2,016 -8,447 360,255 293,864 654,119
Prot or loss for the nancial year 0 0 82,540 0 0 0 82,540 60,332 142,872
Other comprehensive income 31 0 0 206 1,871 3,437 0 5,514 2,228 7,742
Total comprehensive income 0 0 82,746 1,871 3,437 0 88,054 62,560 150,614
Transactions with shareholders
Dividends to third parties 18, 31
Acquisition/disposal of shares to subsidiaries 31 0 0 309,876 660 -548 0 309,988 -340,458 -30,470
Changes to the scope of consolidation 7 0 0 0 0 0 0 0 2,784 2,784
Gains and losses on hedging transactions and hedging costs reclassied to inventories 0 0 0 156 0 0 156 0 156
Disposal of own shares 31 0 0 5,148 0 0 8,447 13,595 0 13,595
Capital measures 11,258 0 -11,258 0 0 0 0 0 0
Miscellaneous 0 0 -733 0 0 0 -733 -66 -799
Balance as of December 31, 2021 33,797 9,949 714,154 1,369 873 0 760,142 5,409 765,551
EURk Notes No. Equity of the owners of the parent company
Share
capital
Capital
reserves
Reserves
including total
earnings
Reserve in
accordance
with IFRS 9
Adjustment
items currency
translation
Reserves for
own shares
Total
Shares
of non-
controlling
shareholders
Total
consolidated
equity
Balance as of January 1, 2020 22,539 9,949 305,078 -140 203 -5,220 332,409 274,800 607,209
Prot or loss for the nancial year 0 0 34,911 0 0 0 34,911 34,544 69,455
Other comprehensive income 31 0 0 352 -1,215 -2,219 0 -3,082 -1,589 -4,671
Total comprehensive income 0 0 35,263 -1,215 -2,219 0 31,829 32,955 64,784
Transactions with shareholders
Dividends to third parties 31
Acquisition/disposal of shares to subsidiaries 31 0 0 -660 0 0 0 -660 -345 -1,005
Changes to the scope of consolidation 0 0 0 0 0 0 0 158 158
Gains and losses on hedging transactions and hedging costs reclassied to inventories 0 0 0 37 0 0 37 34 71
Acquisition of own shares 31 0 0 0 0 0 -4,569 -4,569 0 -4,569
Disposal of own shares 31 0 0 0 0 0 1,342 1,342 0 1,342
Miscellaneous 0 0 -133 0 0 0 -133 0 -133
Balance as of December 31, 2020 22,539 9,949 339,548 -1,318 -2,016 -8,447 360,255 293,864 654,119
GASGAS Trail Cross 9.0, MY21 © GASGAS/KISKA
128
129
ANNUAL REPORT 2021
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE 2021 FINANCIAL YEAR
I. GENERAL INFORMATION..........................................................130
1. Company information ....................................................... 130
2. Principles of nancial reporting ......................................130
3. Newly applied standards and interpretations ...................131
4. Standards and interpretations to be applied
in the future ..................................................................... 131
5. Estimates and discretionary decisions ............................132
II. SCOPE OF CONSOLIDATION ..................................................... 133
6. Consolidation principles and methods .............................133
7. Changes in the scope of consolidation ............................. 134
III. SEGMENT REPORTING .............................................................135
IV. NOTES TO THE CONSOLIDATED INCOME STATEMENT ..............137
8. Revenues ........................................................................137
9. Cost of sales .................................................................... 137
10. Selling and racing expenses .............................................138
11. Research and development expenses ..............................138
12. Administrative expenses ..................................................138
13. Other operating expenses ................................................139
14. Other operating income ....................................................139
15. Earnings from at-equity holdings .....................................139
16. Financial and investment earnings ..................................139
17. Income taxes ....................................................................140
18. Earnings per share and appropriation of net prot .......... 141
19. Expenses for the auditor of the nancial statements ....... 141
20. Employees ........................................................................ 141
V. NOTES TO THE CONSOLIDATED STATEMENT OF
FINANCIAL POSITION ...............................................................142
21. Goodwill ...........................................................................142
22. Intangible assets .............................................................142
23. Property, plant and equipment ......................................... 144
24. Investments accounted for using the equity method .......146
25. Deferred tax assets .......................................................... 147
26. Other non-current assets .................................................149
27. Inventories ....................................................................... 149
28. Trade receivables ............................................................. 150
29. Current receivables and other assets ..............................151
30. Cash and cash equivalents .............................................. 151
31. Consolidated equity .........................................................151
32. Financial liabilities ........................................................... 154
33. Obligations for employee benets ....................................155
34. Other current and non-current liabilities
and trade payables ..........................................................157
35. Provisions ........................................................................159
VI. NOTES TO THE STATEMENT OF CASH FLOWS ...........................159
VII. RISK REPORT ..........................................................................160
36. Risk management ............................................................160
37. Market risks ..................................................................... 161
38. Industry-specic risks .....................................................162
39. IT risks .............................................................................163
40. Financial risks ..................................................................163
41. Other risks .......................................................................170
VIII. FINANCIAL INSTRUMENTS AND CAPITAL MANAGEMENT ......... 171
42. Basic principles ...............................................................171
43. Classication and fair value ............................................173
44. Set-off of nancial assets and liabilities ......................... 178
45. Hedges .............................................................................180
46. Capital management .......................................................184
IX. LEASES ...................................................................................185
47. Leases as lessee (IFRS 16) ..............................................185
48. Leases as lessor (IFRS 16) ............................................... 187
X. EXPLANATIONS REGARDING RELATED PARTIES
AND THE CORPORATE BODIES ................................................188
49. Related party disclosures ................................................188
50. Corporate bodies of PIERER Mobility AG ..........................190
51. Executive Board and Dupervisory Board remuneration ...190
XI. EVENTS AFTER THE REPORTING DATE ....................................190
XII. GROUP COMPANIES (SCHEDULE OF EQUITY HOLDINGS) .........191
XIII. APPROVAL OF THE CONSOLIDATED FINANCIAL STATEMENTS ..193
130
I. GENERAL INFORMATION
1. COMPANY INFORMATION
The PIERER Mobility Group is Europe‘s leading “Powered Two-Wheeler” (PTW) manufacturer with a focus on highly innovative sports motorcycles and
electric mobility.
With its KTM, HUSQVARNA Motorcycles, and GASGAS motorcycle brands, it is one of the technology and market leaders in Europe, especially when it
comes to premium motorcycles. In addition to vehicles with combustion engines, the product range also includes zero-emission two-wheelers with
electric powertrains (e-motorcycles, e-bicycles). As a pioneer in electric mobility for two-wheelers, the group, with its strategic partner Bajaj, has
created the basis for assuming a leading global role in the low-voltage range (48volts). Establishing the (e-)bicycle division with PIERER E-Bikes
GmbH was another important move in also stepping up its activities in the area of electric bicycle mobility. The bicycles will be marketed under the
HUSQVARNA E-Bicycles, R Raymon, GASGAS E-Bicycles and FELT Bicycles brands in order to gain a share of the attractive market growth in this
segment and to develop into a signicant international player in this eld.
PIERER Mobility AG has its headquarters at Edisonstraße 1, 4600 Wels, and is registered in the commercial register at the Provincial Court of Wels in
its capacity as Commercial Court, under the registration number FN 78112 x. The company is part of the same group as Pierer Konzerngesellschaft
mbH, Wels (ultimate parent company of the group) and its afliated companies, and is included within the consolidated nancial statements of that
group. These consolidated nancial statements are led with the Provincial Court of Wels in its capacity as Commercial Court under le number
FN134766k and are the consolidated nancial statements for the largest scope of consolidation.
The shares of PIERER Mobility AG are listed in the “Swiss Performance Index (SPI)” of the SIX Swiss Exchange in Zurich and since March 3
rd
2020
have also been listed in the regulated market of the Frankfurt Stock Exchange. As of March 1
st
2022, trading has additionally commenced on the Prime
Market of the Vienna Stock Exchange, which means that the shares of PIERER Mobility AG are listed in the top segment of the Vienna Stock Exchange.
2. PRINCIPLES OF FINANCIAL REPORTING
The consolidated nancial statements for the period January 1
st
to December 31
st
2021 were prepared in accordance with the International Financial
Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) and in accordance with the interpretations of the Interna-
tional Financial Reporting Interpretations Committee (IFRIC) insofar as they are applied in the European Union. The additional requirements stipulated
by Section245a (1) of the Austrian Commercial Code (UGB) were also met in this context.
The companies included in the consolidated nancial statements are established on the basis of uniform nancial reporting provisions. These provi-
sions were applied by all consolidated entities. The companies included in the annual nancial statements have prepared their nancial statements as
of the consolidated balance sheet date of December 31
st
.
The nancial statements of all major domestic and foreign companies included in the consolidated nancial statements, which are subject to manda-
tory auditing in accordance with national regulations, were audited by independent auditors and received an unqualied audit opinion.
The gures in the consolidated nancial statements are reported in the functional currency of the Group parent, the euro. Unless otherwise specically
indicated, all amounts are rounded to the nearest 1,000 euros (EURk), which may give rise to rounding differences. The use of automated calculating
tools may result in rounding differences with accumulation of rounded gures and with percentages.
131
ANNUAL REPORT 2021
3. NEWLY APPLIED STANDARDS AND INTERPRETATIONS
The following table shows the standards and interpretations whose application is mandatory for the rst time and which have also already been
adopted by the European Commission as of December 31
st
2021:
First-time application New or amended standards and interpretations Published by the IASB
January 1
st
2021
Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 –
Interest rate benchmark reform phase 2
August 27
th
2020
Amendments to IFRS 4 – Extension of temporary exemption from IFRS 9 November 21
st
2012
First-time application New or amended standards and interpretations Published by the IASB
April 1
st
2021
Amendments to IFRS 16: Rent Concessions related to the coronavirus
pandemic after June 30, 2021
March 31
st
2021
All amended standards and interpretations are either irrelevant to the PIERER Mobility Group or have no material impact.
4. STANDARDS AND INTERPRETATIONS TO BE APPLIED IN THE FUTURE
The following table shows the amendments to standards and interpretations that have already been adopted by the European Commission, but
whose application was not yet mandatory on the reporting date and which have also not been applied early:
First-time application New or amended standards and interpretations Published by the IASB
January 1
st
2022
Amendments to IFRS 3 – Reference to the framework concept May 14
th
2020
Amendments to IAS 16 Property, Plant and Equipment –
Revenue before intended use
May 14
th
2020
Amendments to IAS 37 Onerous contracts – Settlement costs of contracts May 14
th
2020
Improvements to IFRS 2018 – 2020 Amendments to IFRS 1, IFRS 9, IFRS 16 and
IAS 41
May 14
th
2020
January 1
st
2023
IFRS 17 Insurance contracts (including amendments to IFRS 17) May 18
th
2017
Amendments to IAS 1 and IFRS Practice Statement 2 –
Indication of accounting and valuation methods
February 12
th
2021
Amendments to IAS 8 – accounting and valuation methods,
Amendments in estimates and errors – Denition of accounting estimates
February 12
th
2021
The IASB and the IFRIC have passed further standards and interpretations, the application of which was not mandatory during the 2021 nancial year
and/or which have not yet been adopted by the European Commission. These are the following standards and interpretations:
New or amended standards and interpretations Date of appli-
cation of IASB
Published
by the IASB
EU-Endorsement?
IAS 1 – Classication of liabilities as current or non-current (including
postponement of the date of entry into force)
January 1
st
2023 January 23
rd
2020 No
Amendments to IAS 12 Income taxes – Deferred taxes, relating to assets
and liabilities arising from a single transaction
January 1
st
2023 May 7
th
2021 No
Amendments to IFRS 17 Insurance Contracts: First-time Adoption of IFRS 17
and IFRS 9 - Comparative Information
January 1
st
2023 December 9
th
2021 No
The PIERER Mobility Group assumes that there will be no material impact on the consolidated nancial statements from the standards to be applied in
the future.
132
5. ESTIMATES AND DISCRETIONARY DECISIONS
In the consolidated nancial statements, certain estimates and assumptions must be made that affect the recognized assets and liabilities, the
disclosure of contingent liabilities as at the reporting date, and the presentation of income and expenses for the nancial year. In making estimates,
the Executive Board takes account of empirical values and current forecasts. The amounts actually arising may differ from the estimates if assumed
parameters develop contrary to expectations. If new conditions become known, they are duly taken into account and previous assumptions are revised.
In particular, assumptions are made to assess the recoverability of goodwill and intangible assets of indeterminate useful life. Goodwill of
EUR130,711k (previous year: EUR131,034k) was recognized at the reporting date, along with the “KTM” brand, which is valued at EUR61,103k
(previous year: EUR61,103k), the “GASGAS” brand, which is valued at EUR13,346k (previous year: EUR 13,346k), and the “FELT” brand, which is
valued at EUR 3,707k (previous year: EUR0k). For further information, see the explanatory notes in Note 21. “Goodwill” and Note 22. “Intangible
assets”.
Deferred tax assets on tax loss carryforwards not subject to expiration are recognized based on the assumption that sufcient taxable income will
be generated in the future to allow them to be utilized. Suitable allowances are made in the event of uncertainties in the assumptions. As of Decem-
ber 31
st
2021, deferred tax assets for loss carryforwards of EUR3,077k (previous year: EUR7,721k) were capitalized. Based on current tax planning,
management expects that the loss carryforwards recognized as of December 31
st
2021 will be utilized over the next ve years. For further details on
deferred taxes, see the explanatory notes in Note 25. “Deferred tax assets”.
In cash ow hedge accounting, assessments are made regarding the occurrence of future cash ows. These cash ows could occur differently in
terms of their amount and timing and therefore have an impact on cash ow hedge accounting.
Furthermore, there is some uncertainty as to the estimation for the recognition and measurement of liabilities for employee benets. Assumptions
are made concerning the following factors: Empirical values, demographic assumptions such as the retirement age of women/men and staff turno-
ver, as well as nancial assumptions such as the discount rate and future wage and salary trends. Liabilities for employee benets of EUR28,763k
(previous year: EUR28,665k) were recognized at the reporting date. For further information, see the explanatory notes in Note 33. “Liabilities for
employee benets”.
Estimates for provisions mainly relate to provisions relating to guarantees and warranties. To determine the amount of the provisions, a direct
correlation was established for each product group between revenues and the guarantee and warranty expenses incurred. The percentage value of
guarantee and warranty expenses in terms of revenue is checked several times a year and adjusted if necessary. As at December 31
st
2021 provi-
sions relating to guarantees and warranties of EUR20,000k (previous year: EUR14,612k) were recognized.
The determination of the fair values of assets and liabilities acquired as part of a business combination and the useful lives of these assets is
based on assessments by the management.
Leases
Assessments of the term and interest rates are made. Further details are provided under Note 23. “Property, Plant and Equipment” and Note 47.
“Leases as lessee”.
Estimates are made for inventories in connection with inventory valuation and analysis of coverage. In addition, allowance requirements are record-
ed on a case-by-case basis due to long storage periods and limited sales possibilities.
The following judgments were made in respect of the application of accounting policies in the PIERER Mobility Group:
Development costs
Development costs are capitalized in accordance with the accounting policy presented. The initial capitalization of costs is based on management
assumptions for assessing the future economic benet of the expenses incurred and the technical feasibility of the developed product or process,
as well as its marketability.
Derecognition of receivables in connection with ABS and factoring agreements
Evaluations were made with respect to the conditions for derecognition under IFRS 9. For further details, please refer to Section VIII. “Financial
instruments and capital management”.
133
ANNUAL REPORT 2021
Supplier nance
Assessments were made regarding the disclosure of liabilities in relation to the supplier nance program. For further details, please refer to
Note 34. “Other current and non-current liabilities and trade payables”.
Consolidation
In determining whether control exists in accordance with IFRS 10, management exercises judgments in determining the relevant activities of the
subsidiaries.
Climate-related assumptions:
When preparing the consolidated nancial statements, management took account of the effects of climate change, in particular in connection with
the disclosures in risk reporting, in non-nancial reporting, and the declared sustainability targets of the PIERER Mobility Group. These considerations
did not have any material effect on the judgments or estimates of nancial reporting. This is also in line with management‘s assessment that climate
change will not have any material impact on the assessment of the going concern as part of the preparation of the nancial statements. The following
specic points were taken into account:
The group continues to invest in new technologies, including the development of electric platforms, new climate-neutral drive types and the further
development of battery technologies for two-wheelers.
The group continues to invest in solutions for the local production of renewable energy for our facilities.
Management has taken account of the effects of climate change on a number of important estimates in the annual nancial statements, including:
The estimates of future cash ows used for recoverability assessments or assessing whether there are any indications of impairment
The carrying amount of non-current assets (e.g. intangible assets and goodwill)
The estimates of future prospects used in our assessment of the recoverability of deferred tax assets
The long-term assumptions for the identication and determination of decommissioning or replacement obligations.
II. SCOPE OF CONSOLIDATION
6. CONSOLIDATION PRINCIPLES AND METHODS
All subsidiaries are fully consolidated in the consolidated nancial statements of PIERER Mobility AG. Subsidiaries are companies controlled by the
group. The nancial statements of subsidiaries are included in the consolidated nancial statements from the moment control begins and until the
moment control ends. Unless otherwise stated, the amount for non-controlling interests is recorded with the pro rata net assets of the acquired
company without goodwill.
Investments in associates are included in the balance sheet item “Investments accounted for using the equity method”.
The reporting currency of the PIERER Mobility Group is the euro. The subsidiaries and the holdings accounted for using the equity method pre-
pare their annual nancial statements in their functional currency. In this context, assets and liabilities included in the nancial statements to be
consolidated are translated using the average exchange rate on the reporting date and the income statement items are translated using the mean rate
of exchange for the nancial year. The following signicant exchange rates for the PIERER Mobility Group were used for currency translation into the
reporting currency:
134
Closing rate Average rate
12/31/2021 12/31/2020
2021 2020
US-dollar 1.1326 1.2271 1.1816 1.1470
Swiss franc 1.0331 1.0802 1.0799 1.0709
Japanese yen 130.3800 126.4900 130.3200 121.8842
South African rand 18.0625 18.0219 17.5922 18.9139
Mexican peso 23.1438 24.4160 24.0516 24.7300
Australian dollar 1.5615 1.5896 1.5783 1.6567
7. CHANGES IN THE SCOPE OF CONSOLIDATION
All subsidiaries under the legal or de facto control of PIERER Mobility AG are included in the consolidated nancial statements as of
December 31
st
2021. The number of companies included in the scope of consolidation changed as follows in the 2021 nancial year:
Fully consolidated companies At-equity companies
Balance as of 12/31/2020 66 4
Additions to the scope of consolidation 5 0
Eliminations from the scope of consolidation -4 -1
Balance as of 12/31/2021 67 3
thereof foreign companies 47 2
PIERER Mobility AG, as the parent company of the PIERER Mobility Group, has not been included in this list. The entities included in the consolidated
nancial statements and their dates of initial consolidation are listed in Section XII. “Group companies (schedule of equity holdings)”.
CHANGES IN THE FULLY CONSOLIDATED ENTITIES
Additions to the scope of consolidation:
In March 2021, KTM Forschungs & Entwicklungs GmbH, with its registered ofce in Munderng, was newly established and initially consolidated.
In July 2021, PIERER Mobility AG acquired an additional 30.46% of the shares in DealerCenter Digital GmbH, Landshut, Germany. At the time of the
sale, PIERER Mobility AG held 45% of the company and now holds a total stake of 75.46% as of December 31
st
2021. The shares previously held
were included using the equity method. Immediately before control was obtained, the previous shares were remeasured at their fair value. The initial
consolidation resulted in an expense of EUR 1,258k, which is reported under other operating expenses.
The initial consolidation of the newly established PIERER E-Bikes Benelux, Gembloux, Belgium, took place in November 2021.
With effect from November 17
th
2021, PIERER E-Bikes GmbH acquired 100% of the shares in FELT GmbH, Munich, Germany.
PIERER E-Bikes GmbH, Munderng, Austria, together with MAXCOM LTD, Plovdiv, Bulgaria, established PIERER & MAXCOM MOBILITY OOD, Plovdiv,
Bulgaria, a joint venture that will manufacture bicycles for PIERER E-Bikes GmbH, in December 2021. PIERER E-Bikes GmbH holds 50% of the shares
in this company and has a controlling interest within the meaning of IFRS 10. The initial consolidation of PIERER & MAXCOM MOBILITY OOD took place
on December 2
nd
2021.
Net assets of EUR 901k were acquired from all additions to the consolidated group. The net outow from the acquisitions amounted to EUR -13k.
135
ANNUAL REPORT 2021
Disposals from the scope of consolidation:
With effect from January 16
th
2021, PEXCO FRANCE SAS, Saint-Priest, France, was liquidated and deconsolidated, which had no impact on the consol-
idated nancial statements.
With effect from June 7
th
2021, the shares held by PIERER E-Bikes GmbH in bikes&wheels 2 Radhandels GmbH, Wels, were sold to Pierer Industrie AG,
Wels. The company was deconsolidated as of May 31
st
2021.
With effect from September 16
th
2021, the shares held by Husqvarna Motorcycles GmbH in Husqvarna Motorcycles Deutschland GmbH, Ursensollen,
Germany, were sold to PIERER IMMOREAL GmbH, Wels.
KTM Sportmotorcycle MEA DMCC, Dubai, was liquidated with effect from September 30
th
2021. The company was deconsolidated as of August 25
th
2021.
All disposals from the scope of consolidation resulted in a net inow of EUR 947k. The net assets disposed of amounted to EUR 1,401k. In total, there
were disposal losses of EUR 304k.
CHANGES IN ENTITIES ACCOUNTED FOR AT EQUITY
In July 2021, KTM AG, Mattighofen increased its stake in KTM Asia Motorcycle Manufacturing Inc., Philippines, from 34 % to 40% in July 2021 as a
result of a capital increase designated as disproportionate of EUR 428k. This situation means that KTM AG continues to exercise signicant inuence
over KTM Asia Motorcycle Manufacturing Inc., and so the equity measurement will be continued.
Another change relates to DealerCenter Digital GmbH, which is now fully consolidated in the consolidated nancial statements (see comments above
under “Additions to the scope of consolidation”).
III. SEGMENT REPORTING
In PIERER Mobility AG, business activities are managed on the basis of the two business segments “Motorcycles” and “E-Bicycles”. The individual
business groups are managed separately and reported to PIERER Mobility AG in accordance with IFRS accounting standards. The chief operating
decision maker relevant for the segment report is the full Executive Board of PIERER Mobility AG. Segment reporting is based on the internal reports
with the segments Motorcycles, E-Bicycles (formerly: E-Bikes) and Others.
MOTORCYCLES:
The KTM subgroup forms the “Motorcycles” segment. KTM AG is the parent company of the KTM Group, which develops, produces and sells motorized
leisure equipment (power sports), in particular under the “KTM”, “Husqvarna Motorcycles”, “GASGAS” brands, and “WP” brand components. As of
December 31
st
2021, the KTM group included 49 subsidiaries, located in Austria, the United States, Japan, South Africa, Mexico, India, Brazil, Australia
and New Zealand and in various other European and Asian countries, which are included within the consolidated nancial statements. In addition, the
KTM group has equity holdings in assembly companies in the Philippines and China.
E-BICYCLES:
The PIERER E-Bikes subgroup forms the “E-Bicycles” segment. PIERER E-Bikes GmbH, which was newly founded in 2020, is the parent company of
the PIERER E-Bikes Group. With the “Husqvarna E-Bicycles”, “R RAYMON”, “GASGAS E-Bicycles” and “FELT Bicycles” brands, the focus is on the
development, manufacturing and trading of e-bikes and bicycles. In total, the segment comprises 12 fully consolidated companies.
OTHERS:
The “Others” segment encompasses PIERER Mobility AG, HDC GmbH, KTM Technologies GmbH (formerly: KTM E-Technologies GmbH), PIERER Innova-
tion GmbH (formerly: KTM Innovation GmbH), Avocodo GmbH, DealerCenter Digital GmbH and Platin 1483. GmbH.
136
None of the segments has a dependency on external customers within the meaning of IFRS 8.34. Goods and services between the segments are
provided on an arm‘s length basis. The segment performance indicator EBIT describes the operating result for the period before the nancial result
and income taxes. The investments relate to additions to property, plant and equipment and intangible assets (excluding lease additions in accord-
ance with IFRS 16). Income accounted for using the equity method is included in EBIT in accordance with the classication of the consolidated income
statement. Working capital employed corresponds to the total of stock and trade receivables less trade payables at the reporting date. Net nancial
debt corresponds to the total of current and non-current nancial liabilities (including lease liabilities) less cash at the reporting date.
The segment information for the 2021 and 2020 nancial year breaks down among the segments described as follows:
2021 Motorcycles E-Bicycles Other Consolidation TOTAL
EURk
Revenues (including revenues within the segments) 1,876,418 162,719 54,433 -51,840
2,041,730
External revenues 1,876,222 162,717 2,791 0
2,041,730
Result from operating activities 192,763 7,032 -7,713 1,403
193,485
Investments
1)
166,652 9,859 1,974 0
178,485
Depreciation and amortization -132,482 -4,348 -1,888 0
-138,718
Share in the result of companies accounted for using
the equity method
256 0 0 1,410
1,666
Balance sheet total 1,891,760 110,409 362,274 -330,724
2,033,719
Equity 730,894 40,623 306,513 -312,479
765,551
Working Capital Employed 156,136 -4,904 7,743 1,479
160,454
Net debt -174,517 6,589 -22,806 857
-189,877
2020 Motorcycles E-Bicycles Other Consolidation TOTAL
EURk
Revenues (including revenues within the segments) 1,413,978 112,497 36,141 -32,234
1,530,382
External revenues 1,413,959 112,424 3,999 0
1,530,382
Result from operating activities 105,304 2,216 -179 -100
107,241
Investments
1)
147,949 1,513 718 0
150,180
Depreciation and amortization -120,357 -4,333 -1,599 0
-126,289
Share in the result of companies accounted for using
the equity method
-1,359 0 0 179
-1,180
Balance sheet total 1,561,592 102,505 296,378 -274,441
1,686,034
Equity 634,969 32,810 246,213 -259,873
654,119
Working Capital Employed 173,982 4,299 -460 3,711
181,532
Net debt -281,786 -3,347 -34,738 7,458
-312,413
1)
Excluding IFRS 16 (Leases); lease additions amounted to EUR 24,626k in 2021 (previous year: EUR 19,484k)
137
ANNUAL REPORT 2021
IV. NOTES TO THE CONSOLIDATED INCOME STATEMENT
The consolidated income statement is prepared according to the cost of sales method. The grants received in the previous year for short-time working
were offset against the related expenses of the respective functional areas of cost of sales, selling and racing expenses, research and development
expenses, and administrative expenses in personnel benet expenses.
8. REVENUES
Revenues, minus cash discounts, customer bonuses, and rebates, are generally recorded upon the passing of the risk as per the terms of the
transaction (Incoterms) or at the time when performance was rendered.
The breakdown by geographical area of external revenues is based on the location of the customers. The revenues by geographical regions of the
group are made up as follows:
EURk 2021 2020
Europe 1,142,492 875,257
North America and Mexico 468,188 373,618
Other 431,050 281,507
2,041,730 1,530,382
Variable forms of consideration such as discounts, sales bonuses, and cash discounts are reported as revenue reductions. Variable consideration
commitments are reported as contractual obligations within the meaning of IFRS 15. Contractual obligations for variable consideration relating to
price discounts, sales bonuses and cash discounts amounted to € 50.4 million as of December 31
st
2021 (December 31
st
2020: € 35.6 million).
As warranties are not sold separately, they only provide assurance that the products being sold meet the agreed specications. As these warranties do
not depart from the statutory warranty obligations or those that are typical of the industry in terms of their duration or their content, they are deemed
to be assurance-type warranties, which do not constitute a separate performance obligation. Accordingly, the warranties continue to be recognized in
accordance with IAS37.
9. COST OF SALES
The group‘s cost of sales is made up as follows:
EURk 2021 2020
Cost of materials and purchased services 1,219,340 935,018
Personnel expenses 112,491 84,103
Amortization charged to capitalized development costs 59,839 50,705
Depreciation/amortization of property, plant and equipment and other intangible assets 28,031 28,362
Other operating expenses 28,930 5,362
1,448,631 1,103,550
Cost of sales includes expenses from foreign currency translation differences of EUR5,518k (previous year: income of EUR14,959k), measured at fair
value through prot and loss. These exclude differences arising from the measurement of nancial instruments.
138
10. SELLING AND RACING EXPENSES
The group‘s selling and racing expenses are made up as follows:
EURk 2021 2020
Cost of materials and purchased services 39,737 33,291
Personnel expenses 95,017 73,282
Depreciation/amortization of property, plant and equipment and other intangible assets 13,537 10,188
Other operating expenses 130,136 106,633
Sponsorship money and other operating income -40,580 -31,178
237,847 192,216
11. RESEARCH AND DEVELOPMENT EXPENSES
The group‘s research and development expenses are made up as follows:
EURk 2021 2020
Cost of materials and purchased services 8,534 4,432
Personnel expenses 29,210 24,238
Depreciation/amortization of property, plant and equipment and other intangible assets 8,420 8,008
Other operating expenses 3,384 966
Subsidies and other operating income -16,218 -14,253
33,330 23,391
Expenses disclosed under research and development expenses comprise research costs and non-capitalizable development costs. Personnel expenses
before the effects of capitalizing development costs were EUR77,374k (previous year: EUR 61,614k). In total, research and development expenses
(before capitalized development costs) amounted to EUR 162,361k (previous year: EUR 137,713k) and thus 8.0% (previous year: 9.0%) of revenue.
12. ADMINISTRATIVE EXPENSES
The group‘s administrate expenses are made up as follows:
EURk 2021 2020
Cost of materials and purchased services 3,300 1,571
Personnel expenses 52,082 45,911
Depreciation/amortization of property, plant and equipment and other intangible assets 28,891 29,026
Other operating expenses 46,572 28,199
Other operating income -1,988 -2,062
128,857 102,645
139
ANNUAL REPORT 2021
13. OTHER OPERATING EXPENSES
Other operating expenses totaled EUR 1,990k (previous year: EUR 164k).
Other operating expenses mainly relate to effects of changes in the scope of consolidation amounting to EUR 1,562k. The other miscellaneous
expenses include bank charges.
14. OTHER OPERATING INCOME
Other operating income is realized when the economic benet arising from the underlying contract becomes probable and a reliable determination
of the income can be made.
The group’s other operating income is made up as follows:
EURk 2021 2020
Income from the disposal of assets 254 5
Consolidation changes 142 0
Other remaining income 348 0
744 5
15. EARNINGS FROM AT-EQUITY HOLDINGS
The share of the prot/loss of associates accounted for using the equity method is shown in the income statement as a separate item in the result
from operating activities. These are mainly equity holdings that are involved in the operating activities of the PIERER Mobility Group as major suppli-
ers or customers.
The earnings from the companies accounted for using the equity method are made up as follows:
EURk 2021 2020
Kiska GmbH 1,485 207
KTM Asia Motorcycle Manufacturing Inc. 280 33
China Zhejiang CFMOTO-KTMR2R Motorcycles Co., Ltd. -24 -1,392
DealerCenter Digital GmbH -75 -28
1,666 -1,180
16. FINANCIAL AND INVESTMENT EARNINGS
The group’s nancial and investment earnings are made up as follows:
EURk 2021 2020
Interest income 1,864 1,629
Interest expenses -12,858 -15,213
Other nancial and investment income (expenses) 9,097 -2,833
-1,897 -16,417
140
The group‘s other nancial and investment income is made up as follows:
EURk 2021 2020
Foreign exchange valuation of bank deposits 8,652 -2,158
Cost of hedging 71 83
Valuation interest swap 365 -262
Impairment of non-current nancial assets 0 -494
Gain / Loss from the disposal of non-consolidated subsidiaries 9 -2
9,097 -2,833
17. INCOME TAXES
The group’s income tax expense and income are attributable to current taxes and deferred taxes as follows:
EURk 2021 2020
Current tax -34,933 -11,824
Deferred tax -13,783 -9,545
-48,716 -21,369
Income taxes comprise taxes on income and earnings payable in each country as well as deferred taxes. The Austrian companies of the PIERER Mobil-
ity Group are subject to a corporate income tax rate of 25.0%. The calculation of foreign income taxes is based on the laws and regulations that are in
force or have been adopted in the individual countries. The income tax rates applicable to foreign entities vary from 9.0% to 37.8%.
A reconciliation between the expected tax expense for the nancial year (application of the group tax rate of 25.0% to earnings before taxes) and the
actual tax expense recognized can be presented as follows:
EURk 2021 2020
Prot before income taxes 191,588 90,824
Expected tax expenses / income -47,897 -22,706
Non-temporary differences and other tax additions -3,935 -93
Recognition / allowances / utilization of loss carryforwards 211 -4
Non-taxable results in consequence of consolidation changes -776 -163
Taxes in relation to prior periods -1,081 -1,058
Effects of foreign tax rates -408 -827
Earnings from equity holdings 488 -219
Investment benets 3,850 3,932
Miscellaneous 832 -231
-48,716 -21,369
141
ANNUAL REPORT 2021
18. EARNINGS PER SHARE AND APPROPRIATION OF NET PROFIT
Earnings per share in the current 2021 nancial year amounted to EUR 3.34 (previous year: EUR 1.56) and are calculated as follows:
2021 2020
Earnings - owner of parent company (EURk) 82,540 34,911
Total number of shares (units) 33,796,535 22,538,674
Effect of own and new shares (units) -9,048,544 -194,376
Weighted average of shares 24,747,991 22,344,298
Undiluted (=diluted) earnings per share (EUR) 3.34 1.56
In accordance with the provisions of the Austrian Stock Corporation Act, the separate nancial statement of PIERER Mobility AG as of December 31
st
2021, prepared in accordance with Austrian accounting standards, forms the basis for the dividend distribution.
For the 2021 nancial year, it is proposed to distribute a dividend of EUR 1 per share (corresponding to a total of EUR 33,797k) from the retained
earnings of PIERER Mobility AG amounting to EUR 142,257k and to carry forward the remaining amount. A dividend of EUR 11,173k was distributed
from the retained earnings for 2020.
19. EXPENSES FOR THE AUDITOR OF THE FINANCIAL STATEMENTS
The expenses for the auditor KPMG Austria GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft attributable to the reporting period break
down as follows:
EURk 2021 2020
Annual audit for each individual company and the consolidated nancial statements 550 511
Other assurance services 51 22
Other services 127 112
728 645
20. EMPLOYEES
Employee numbers as stated include agency and external staff:
Balance as of 1/1/2020 4,586
Changes during the nancial year 663
Balance as of 12/31/2020 5,249
As of December 31
st
2021, there were 2,862 white-collar employees (previous year: 2,158) and 2,387 manual workers (previous year: 2,428). As of
December 31
st
2021, 4,340 employees (previous year: 3,822) were employed in Austria and 909 employees (previous year: 764) were employed abroad.
On average, the group employed 4,948 people (previous year: 4,406), of which 2,660 were white-collar employees (previous year: 2,417) and 2,289
manual workers (previous year: 1,989).
Total personnel expenses for 2021 nancial year before the effects of capitalizing development costs were EUR336,964k (previous year:
EUR 264,910k).
142
V. NOTES TO THE CONSOLIDATED STATEMENT OF
FINANCIAL POSITION
21. GOODWILL
In accordance with IAS 36.99, the detailed calculation of the recoverable amount as of December 31
st
2020 was used for the impairment test of the
cash-generating units (CGUs) “KTM” and “PIERER E-Bikes”. Since the last calculation of the recoverable amount, the assets and liabilities of the
CGUs have not changed materially; the last calculation showed a material excess of the carrying amount of the CGUs. Based on an analysis of the
events that have occurred and changed circumstances since December 31
st
2020, management believes that there is an extremely remote likelihood
that the recoverable amount would be less than the carrying amount in a current calculation.
The calculation as of December 31
st
2020 was performed using the following method: The forecast of cash ows is based on nancial budgets
approved by management and/or forecasting, taking into account the medium-term strategy targets. The estimated cash ows are based on the
medium-term strategy targets approved by management. Estimated cash ows beyond this period are calculated by extrapolation of budget/forecast
values, whereby constant further development based on a growth rate of 1% is assumed from the third year onwards.
The breakdown of goodwill and its development as well as its allocation to the respective CGUs is as follows:
EURk 2021 2020
Acquisition and production costs:
Balance as of 01/01 150,995 150,289
Changes in the scope of consolidation -569 679
Currency translation 255 27
Balance as of 12/31 150,681 150,995
Accumulated depreciation and amortization:
Balance as of 01/01 19,961 19,978
Changes in the scope of consolidation 0 0
Currency translation 9 -17
Balance as of 12/31 19,970 19,961
Balance as of 12/31 130,711 131,034
KTM 110,309 110,063
PIERER E-Bikes 19,457 20,026
Avocodo 945 945
22. INTANGIBLE ASSETS
Intangible assets are capitalized in the same way as property, plant and equipment, at acquisition or production cost and valued less amortization.
Depreciation is calculated in accordance with the straight line method and is based on the following expected useful lives:
Useful life in years
Software 3 - 5
Intangible assets generated internally 5
143
ANNUAL REPORT 2021
For intangible assets generated internally, the production period is subdivided into research, development and model update phases. Costs incurred
during the research and model update phases are immediately recognized in prot and loss. Capitalized development costs that can be clearly attrib-
uted to projects are amortized from the commencement of series production.
In the 2021 nancial year, development costs of EUR 112,959k (previous year: EUR 93,752k) were capitalized and a total of EUR 59,839k (previous
year: EUR 50,705k) were amortized. As at December 31
st
2021, development costs with a carrying amount of EUR 353,856k (previous year: EUR
308,617k) were included in intangible assets.
Intangible assets with an indeterminate useful life, such as the brands “KTM” in the amount of EUR 61,103k and “GASGAS” in the amount of EUR
13,346k, which were recognized in the original purchase price allocation, and the brand “FELT” in the amount of EUR 3,707k, which was acquired in
the current 2021 nancial year, are not amortized but subjected to an impairment test in accordance with IAS 36. The Executive Board assumes an
indeterminate useful life for the brands because the rights are not subject to any restrictions as to time, in law or by contract in the relevant mar-
kets and because the sustained public awareness of the brand indicates that there has been no loss of economic value. The two brands “KTM” and
“GASGAS” are allocated to the cash-generating unit “KTM” and the brand “FELT” to the cash-generating unit “PIERER E-Bikes”. As the brands do not
generate cash inows that are largely independent of the cash inows from other assets, the impairment test is performed as part of the impairment
tests of the respective “KTM” and “PIERER E-Bikes” goodwill (see Note 21. “Goodwill”).
The tables below provide a breakdown of intangible assets along with movements during the 2021 and 2020 nancial years:
EURk Concessions, industrial property
rights and similar rights and benets
as well as resulting licenses
Customers,
Brand values,
Development cost
Advance
payments
Total
Acquisition and production costs:
Balance as of 01/01/2021
79,908 544,663 3,711
628,282
Additions 9,698 117,381 3,374
130,453
Disposals -10,929 -47,226 0
-58,155
Changes in the scope of consolidation 215 949 0
1,164
Currency translation 63 1 0
64
Transfers 3,612 0 -3,612
0
Balance as of 12/31/2021 82,567 615,768 3,473 701,808
Accumulated depreciation and amortization:
Balance as of 01/01/2021
50,718 150,729 0
201,447
Additions 13,539 61,416 0
74,955
Disposals -9,770 -38,396 0
-48,166
Changes in the scope of consolidation -8 0 0
-8
Currency translation 19 0 0
19
Transfers 0 0 0
0
Balance as of 12/31/2021 54,498 173,749 0 228,247
Carrying amount:
Balance as of 12/31/2021 28,069 442,019 3,473 473,561
Balance as of 12/31/2020 29,190 393,934 3,711
426,835
144
EURk Concessions, industrial property
rights and similar rights and benets
as well as resulting licenses
Customers,
Brand values,
Development cost
Advance
payments
Total
Acquisition and production costs:
Balance as of 01/01/2020
67,293 466,336 5,474
539,103
Additions 7,094 106,618 3,517
117,229
Disposals 0 -28,772 0
-28,772
Changes in the scope of consolidation 632 0 0
632
Currency translation -57 1 0
-56
Transfers 4,946 480 -5,280
146
Balance as of 12/31/2020 79,908 544,663 3,711 628,282
Accumulated depreciation and amortization:
Balance as of 01/01/2020
37,631 124,750 0
162,381
Additions 13,016 52,258 0
65,274
Disposals 0 -26,279 0
-26,279
Changes in the scope of consolidation 90 0 0
90
Currency translation -19 0 0
-19
Transfers 0 0 0
0
Balance as of 12/31/2020 50,718 150,729 0 201,447
Carrying amount:
Balance as of 12/31/2020 29,190 393,934 3,711 426,835
Balance as of 12/31/2019 29,662 356,818 5,474
391,954
In the current nancial year, development costs of an asset not available for use amounting to EUR 8,829k (previous year: EUR 2,493k) were
derecognized due to the termination of the project.
In the consolidated statement of cash ows, an adjustment of EUR 4,432k (previous year: EUR 687k) was made to additions to property, plant, and
equipment to reect transactions that had no cash ow effect.
Government grants related to capitalized development costs are recognized over the expected useful life of the development costs in accordance with
IAS 20. The net presentation in accordance with IAS 20 is applied, i.e. grants for non-current assets are deducted from the carrying amount of the
asset in the consolidated statement of nancial position.
23. PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment are valued at their acquisition or production cost less depreciation. Depreciation is calculated in accordance with the
straight line method and is based on the following expected useful lives:
Useful life in years
Buildings 10 - 50
Technical plant and machinery 2 - 10
Fixtures and ttings, tools and equipment 2 - 10
145
ANNUAL REPORT 2021
For the rights of use reported under property, plant and equipment from January 1
st
2019 (IFRS 16), the useful life is between 3 and 10 years.
The tables below provide a breakdown of property, plant and equipment along with movements during the 2021 and 2020 nancial years:
EURk Real
Estate
Buildings Technical
plant and
machinery
Operational
and business
equipment
Advance
payments and
investments
in construction
Total
Acquisition and production costs:
Balance as of 01/01/2021
26,720 255,709 286,091 138,937 5,698
713,155
Additions 6,009 13,737 22,544 21,786 8,582
72,658
Disposals 0 -4,262 -11,004 -16,043 -529
-31,838
Changes in the scope of consolidation 0 -213 -26 -660 0
-899
Currency translation 9 1,531 1 1,195 0
2,736
Transfers 0 118 4,216 408 -4,742
0
Balance as of 12/31/2021 32,738 266,620 301,822 145,623 9,009 755,812
Accumulated depreciation and amortization:
Balance as of 01/01/2021
338 63,532 204,426 88,640 0
356,936
Additions 210 15,321 27,693 20,538 0
63,762
Disposals 0 -1,741 -10,639 -15,364 0
-27,744
Changes in the scope of consolidation 0 -87 -7 -113 0
-207
Currency translation 2 750 1 982 0
1,735
Transfers 0 0 -18 18 0
0
Balance as of 12/31/2021 550 77,775 221,456 94,701 0 394,482
Carrying amount:
Balance as of 12/31/2021 32,188 188,845 80,366 50,922 9,009 361,330
Balance as of 12/31/2020 26,382 192,177 81,665 50,297 5,698
356,219
EURk Real
Estate
Buildings Technical
plant and
machinery
Operational
and business
equipment
Advance
payments and
investments
in construction
Total
Acquisition and production costs:
Balance as of 01/01/2020
23,096 213,792 256,109 123,507 10,310
626,814
Additions 2,208 10,067 22,357 13,063 4,740
52,435
Disposals 0 -473 -1,020 -3,518 -3
-5,014
Changes in the scope of consolidation 1,426 33,856 130 6,577 0
41,989
Currency translation -10 -1,665 -11 -1,238 0
-2,924
Transfers 0 132 8,526 546 -9,349
-145
Balance as of 12/31/2020 26,720 255,709 286,091 138,937 5,698 713,155
146
EURk Real
Estate
Buildings Technical
plant and
machinery
Operational
and business
equipment
Advance
payments and
investments
in construction
Total
Accumulated depreciation and amortization:
Balance as of 01/01/2020
176 49,897 178,158 72,086 0
300,317
Additions 164 13,895 27,063 19,893 0
61,015
Disposals 0 -108 -798 -2,801 0
-3,707
Changes in the scope of consolidation 0 511 10 454 0
975
Currency translation -2 -663 -7 -992 0
-1,664
Transfers 0 0 0 0 0
0
Balance as of 12/31/2020 338 63,532 204,426 88,640 0 356,936
Carrying amount:
Balance as of 12/31/2020 26,382 192,177 81,665 50,297 5,698 356,219
Balance as of 12/31/2019 22,920 163,895 77,951 51,421 10,310
326,497
Additions to property, plant and equipment include investments amounting to EUR 24,626k (previous year: EUR 19,484k) as additions from leases,
which had no cash ow effect on the reporting date. For more details, please refer to Note 47. “Leases as lessee”. In the consolidated statement of
cash ows, an adjustment of EUR -995k (previous year: EUR -3,011k) was made to additions to other property, plant and equipment to reect transac-
tions that had no cash ow effect.
Property, plant and equipment amounting to EUR 76,200k (previous year: EUR 76,200k) was secured by registered and deposited pledge agreements,
primarily for liabilities owed to credit institutions, as of the reporting date.
In accordance with IAS 20, investment grants for property, plant and equipment are recognized over the expected useful lives of the assets. The net
presentation in accordance with IAS 20 is applied, i.e. grants for non-current assets are deducted from the carrying amount of the asset in the con-
solidated statement of nancial position.
24. INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD
The investments in associates accounted for under the equity method are regarded individually as immaterial. As of December 31
st
2021, the nancial
assets accounted for using the equity method are Kiska GmbH, KTM Asia Motorcycle Manufacturing Inc. and CFMOTO-KTMR2R Motorcycles Co., Ltd.
The changes in companies accounted for using the equity method can be found in Note 7. “Changes in the scope of consolidation”.
Kiska GmbH is a design business that provides development and design services. The reporting date of Kiska GmbH is March 31, which was de-
termined prior to the acquisition of the investment. A change in the accounting date is not sought on account of materiality considerations. For the
purposes of accounting under the equity method, unaudited interim nancial statements as at December 31 were used. PIERER Mobility AG holds 50%
of the company.
KTM Asia Motorcycle Manufacturing Inc. was jointly founded in June 2016 in partnership with Ayala Corp. The company began the CKD (completely
knocked down) assembly of KTM motorcycles in the Philippines in mid-2017. The KTM group‘s equity holding was increased from 34% to 40% in the
2021 nancial year.
The KTM joint venture in China conducted in partnership with CFMOTO was established in the 2018 nancial year under the name “Zhejiang
CFMOTO-KTMR2R Motorcycles Co., Ltd.”. The company began operation in the 2021 nancial year. Mid-class motorcycles are produced in Hangzhou,
China. The KTM group has an equity holding of 49% of the company.
147
ANNUAL REPORT 2021
The carrying amounts of the nancial assets accounted for using the equity method developed as follows during the nancial year:
EURk 2021 2020
Book value of investments on 1/1 13,252 13,628
Acquisition of holdings 773 1,514
Consolidation changes (successive acquisition) -1,758 0
Proportionate net income 1,666 -1,180
Other comprehensive income 425 -100
Dividend -803 -606
Other 7 -4
Book value of investments on 12/31 13,562 13,252
25. DEFERRED TAX ASSETS
Deferred tax assets relating to tax loss carryforwards are recognized insofar as they can be realized within a reasonable period. Deferred tax assets
and deferred tax liabilities are reported on a net basis if they are subject to the same tax jurisdiction and are of a similar duration. Deferred tax items
for differences between the tax base of fully consolidated interests or interests measured at equity and the corresponding consolidated equity are
recognized only if realization is probable within the foreseeable future.
Total deferred tax assets and liabilities were calculated from the following statement of nancial position items:
EURk 12/31/2021 12/31/2020
Deferred tax assets:
Current assets:
Inventories 6,465 5,365
Non-current assets:
Fixed assets 2,653 1,656
Employee benets 4,135 4,114
Provisions 1,974 3,406
Liabilities 4,002 3,896
19,229 18,437
Offsetting -12,689 -14,640
Loss carryforwards 3,077 7,721
9,617 11,518
Deferred tax liabilities:
Currents assets -3,269 -981
Non-current assets -109,288 -100,540
Other -109 -59
-112,666 -101,580
Offsetting 12,689 14,640
-99,977 -86,940
Deferred tax assets include amounts for remaining sevenths of write-downs of participations to going concern value pursuant to sec. 12 para. 3 no. 2
of the Austrian Corporate Tax Act (KStG) in non-current assets, in the amount of EUR 1,102k (previous year: EUR 1,609k).
148
The temporary differences in deferred tax liabilities in the “Non-current assets” item result mainly from development costs that cannot be capitalized
for tax purposes and from quasi-permanent differences due to the recognition of the “KTM” brand as an asset.
As at December 31st 2021 (as at the previous year end), it was to be assumed either that under current tax regulations the differences between the
value for tax purposes of equity interests in consolidated subsidiaries and the proportion of equity recognized in the consolidated IFRS nancial statem-
ents (outside-basis differences), which arise largely from retained prots/uncovered losses, will remain untaxed in the foreseeable future, or that their
reversal can be controlled by the group. It was also to be assumed either that the differences between the value for tax purposes of equity interests in
holdings accounted for using the equity method and the carrying value of those holdings (outside-basis differences) will remain untaxed in the foresee-
able future, or that their reversal can be controlled by the group.
In accordance with IAS 12.39, no deferred tax was recognized in connection with the temporary differences of EUR 242,829k (previous year: EUR
476,815k) arising in connection with holdings in subsidiaries and nancial investments accounted for using the equity method.
Movements in deferred taxes in the nancial year were as follows:
EURk 2021 2020
Deferred tax (net) at 1/1 -75,422 -69,464
Change in scope of consolidation -296 0
Deferred taxes recognized in the income statement -13,783 -9,545
Deferred taxes recognized in other comprehensive income -942 132
Deferred taxes recognized in equity -52 3,784
Foreign currency 135 -329
Deferred tax (net) at 12/31 -90,360 -75,422
The tax loss carryforwards existing and capitalized in the PIERER Mobility Group can be summarized as follows:
EURk Loss carryforward
12/31/2021
thereof not
recognized
12/31/2021
Remaining loss
carryforward
12/31/2021
Deferred
tax asset
12/31/2021
PIERER Mobility AG 62,754 -62,754 0 0
HDC GmbH 11,497 -11,497 0 0
Other 12,308 0 12,308 3,077
86,559 -74,251 12,308 3,077
EURk Loss carryforward
12/31/2020
thereof not
recognized
12/31/2020
Remaining loss
carryforward
12/31/2020
Deferred
tax asset
12/31/2020
PIERER Mobility AG 56,335 -56,335 0 0
HDC GmbH 11,500 -11,500 0 0
Other 33,013 -42 32,971 7,721
100,848 -67,877 32,971 7,721
149
ANNUAL REPORT 2021
Others amounting to EUR 1,138k (previous year: EUR 1,707k) relate to a future tax benet from the liquidation loss of WP Suspension B.V. This can be
claimed over a period of seven years from the date of liquidation. Deferred tax assets of EUR 688k were recorded for loss carryforwards of the KTM
group (previous year: EUR 4,405k) and of the PIERER E-Bikes Group they amounted to EUR 5,004k (previous year: EUR 8,397k).
Deductible temporary differences and unused tax losses (including remaining seventh depreciation) on which no deferred tax assets have been
capitalized amount to EUR 74,509k (previous year: EUR 68,529k). The valuation allowance for loss carryforwards and temporary differences was
recognized in the amount in which a medium-term realization of the deferred tax assets cannot be assumed with sufcient certainty from today‘s
perspective.
26. OTHER NON-CURRENT ASSETS
EURk 12/31/2021 12/31/2020
Receivables from nancing activities 1,197 1,885
Lease receivables from subleases 523 590
Other 2,313 662
4,033 3,137
Other non-current assets include the investment in AC styria Mobilitätscluster GmbH, which is measured at fair value through other comprehensive
income. Furthermore, other non-current assets include deposits and, in the previous year, the capitalization of a benecial contract from the 2019
nancial year in connection with the deconsolidation of KTM Components (Dalian) Co., Ltd., Dalian, China.
27. INVENTORIES
Inventories are measured at the lower of cost or net realizable value on the reporting date. Net realizable value is the estimated proceeds less esti-
mated selling costs. Raw materials and supplies are measured using cost averaging based on an analysis of coverage, with write-downs in the event
of limited usability. The economic value of existing inventories is also reviewed on a case-by-case basis and additional allowances are made as re-
quired for slow-moving items or items with limited possibilities of sale.
Costs of acquisition include all costs that were incurred in order to bring the object to its required condition and to the relevant location. Costs of
conversion comprise direct material and production costs based on normal capacity usage, plus appropriate portions of materials and production
overheads. Administrative overheads and selling costs on the other hand do not form part of the costs of conversion. Interest on borrowings is not
capitalized as the inventories do not constitute qualifying assets as dened in IAS 23.
Inventories are made up as follows:
EURk 12/31/2021 12/31/2020
Raw materials, auxiliary materials and operating materials 127,698 67,813
Unnished products 64,335 27,677
Finished products and goods 213,141 203,254
405,174 298,744
150
EURk 12/31/2021 12/31/2020
Gross inventory level 432,956 327,347
- Allowances -27,782 -28,603
Net inventory level 405,174 298,744
The carrying amount of inventories written down to the lower net realizable value is EUR 68,502k (previous year: EUR 61,076k).
28. TRADE RECEIVABLES
The gross value of third-party trade receivables is stated net of individual allowances of EUR 4,060k (previous year: EUR 4,176k).
Movements in allowances on receivables were as follows:
EURk Trade receivables
Balance as of 01/01/2020 2,921
Change in scope of consolidation 0
Currency translation -81
Additions to specic valuation allowance 1,633
Additions to expected loss allowance 55
Utilization -32
Reversals to expected loss allowance -18
Reversals -302
Balance as of 12/31/2020 = 01/01/2021 4,176
Change in scope of consolidation 0
Currency translation -47
Additions to specic valuation allowance 1,070
Additions to expected loss allowance 28
Utilization -224
Reversals to expected loss allowance -5
Reversals -939
Balance as of 12/31/2021 4,060
Expenses for the complete derecognition of trade receivables amounted to EUR 225k (prior year: EUR 121k).
151
ANNUAL REPORT 2021
29. CURRENT RECEIVABLES AND OTHER ASSETS
Subsidies are taken into account as soon as there is assurance that they will be received by the PIERER Mobility Group and that the group can comply
with the applicable requirements.
EURk 12/31/2021 12/31/2020
Receivables from derivative nancial instruments 4,605 3,389
ABS (asset backed securities) nancing 12,537 15,894
Receivables from related company shareholders 17,803 5,080
Other 16,862 13,823
Other current nancial assets 51,807 38,186
Subsidies 14,979 12,759
Receivables due from tax ofces 4,536 4,250
Receivables from value added taxes (from tax group settlement with Pierer Industrie AG) 8,928 5,779
Advance payments on inventory and other prepayments 30,508 20,644
Other 43 3
Other current non-nancial assets 58,994 43,435
Other current assets 110,801 81,621
Receivables sold in connection with the current ABS program are derecognized in accordance with the rules of IFRS 9. Under the ABS program, trade
receivables insured on a revolving monthly basis are sold up to a maximum volume of EUR 250,000k (previous year: EUR 250,000k). For further infor-
mation on the ABS program, please refer to Note 43. “Classication and fair value”.
30. CASH AND CASH EQUIVALENTS
Cash and cash equivalents include cash on hand and in banks, checks and time deposits with a xed term of not more than three months (calculated
from acquisition date) and are measured at their fair value as of the reporting date. For further details on changes in the cash status, please refer to
the information on the statement of cash ows in Chapter VI of the notes to the consolidated nancial statements.
31. CONSOLIDATED EQUITY
The development of the consolidated equity in the 2021 nancial year and in the 2020 nancial year is shown in the consolidated nancial statements.
The share capital of the company amounting to EUR 22,538,674 divided into 22,538,674 no-par-value bearer shares, each representing an equal
interest in the share capital, was increased by EUR 11,257,861 to EUR 33,796,535 by resolution of September 29
th
2021 by way of a capital increase in
return for a contribution in kind, making partial use of the authorized capital pursuant to Section 5 of the articles of association amounting to
EUR 11,257,861, by issuing 11,257,861 new shares and excluding the statutory subscription right of the existing shareholders.
The new shares carry the same rights as the existing shares in PIERER Mobility AG. The issue price per new share is EUR 79.5. Only Pierer Bajaj AG
(formerly: PTW Holding AG) was permitted to subscribe for the 11,257,861 new shares in return for a contribution of 5,042,925 registered shares
(corresponding to 46.5% of the shares) of KTM AG to the company.
The shares grant the customary rights due to stockholders under the Austrian Stock Corporation Act [Aktiengesetz]. These include the right to payout
of the dividends resolved upon at the Annual General Meeting as well as the right to vote at the Annual General Meeting. All shares have been paid up
in full. The share capital shown in the consolidated nancial statements is equal to the gure reported in the separate nancial statement of PIERER
Mobility AG.
152
In the current nancial year, the remaining 193,340 treasury shares were sold at a price of EUR 13,595k and with a prot of EUR 5,148k. The reserve
for treasury shares as of the reporting date amounts to EUR 0k (previous year: EUR -8,447k). PIERER Mobility AG now no longer holds any treasury
shares.
The reserve in accordance with IFRS 9 includes the cash ow hedge reserve. The cash ow hedge reserve comprises the effective portion of the
cumulative net changes in the fair value of hedging in-struments used to hedge cash ows until subsequent recognition in prot or loss or direct rec-
ognition in the costs of acquisition or carrying amount of a non-nancial asset or a non-nancial liability.
The reserve for hedging costs shows prots and losses on the portion excluded from the designated hedging transaction that relates to the forward
element of the forward currency transaction. These are initially recognized as other comprehensive income and accounted for in the same way as prot
and losses in the hedging transaction.
The development of the cash ow hedge reserve and the reserve for hedging costs is explained in Note 45. “Hedges”.
Non-controlling interests comprise the shares of third parties in the equity of the consolidated subsidi-aries:
2021
EURk
KTM AG
Other Total
Percentage of non-controlling interests on reporting date 0.25%
1
Revenue 1,876,418 165,312 2,041,730
Prot 146,067 -3,195 142,872
Other comprehensive income 6,364 1,378 7,742
Total comprehensive income 152,431 -1,817 150,614
Prot assigned to non-controlling interests 60,201 131 60,332
Other comprehensive income assigned to non-controlling interests 2,235 -7 2,228
Non-current assets 907,154 85,660 992,814
Current assets 951,711 89,194 1,040,905
Non-current liabilities -610,265 -39,201 -649,466
Current liabilities -544,853 -73,849 -618,702
Net assets 703,747 61,804 765,551
Carrying amount of non-controlling interests 2,633 2,776 5,409
Cash ow from operating activities 359,846 7,517 367,363
Cash ow from investing activity -183,746 -11,377 -195,123
Cash ow from nancing activity -35,985 8,364 -27,621
Cash change 140,115 4,504 144,619
Dividends to non-controlling interests 13,275 0 13,275
1
Until October 2021, the percentage of non-controlling shareholders was approximately 48
153
ANNUAL REPORT 2021
2020
EURk
KTM AG
Other Total
Percentage of non-controlling interests on reporting date 48.29%
Revenue 1,413,978 116,404 1,530,382
Prot 71,210 -1,755 69,455
Other comprehensive income -3,292 -1,379 -4,671
Total comprehensive income 67,918 -3,134 64,784
Prot assigned to non-controlling interests 34,441 103 34,544
Other comprehensive income assigned to non-controlling interests -1,589 0 -1,589
Non-current assets 861,467 80,528 941,995
Current assets 666,745 77,294 744,039
Non-current liabilities -536,004 -45,425 -581,429
Current liabilities -384,868 -65,618 -450,486
Net assets 607,340 46,779 654,119
Carrying amount of non-controlling interests 293,423 441 293,864
Cash ow from operating activities 286,452 26,367 312,819
Cash ow from investing activity -144,968 -2,041 -147,009
Cash ow from nancing activity -92,305 -12,384 -104,689
Cash change 49,179 11,942 61,121
Dividends to non-controlling interests 13,595 144 13,739
The non-controlling interests of KTM AG also include non-controlling interests of subsidiaries of KTM AG amounting to EUR 876k and relate to the
two companies CERO Design Studio S.L. and KTM MOTOHALL GmbH. The carrying amount of other non-controlling interests as of December 31
st
2021
mainly relates to PIERER & MAXCOM MOBILITY OOD. For the amounts of the equity holdings, please refer to the schedule of equity holdings in
Section XII.
The effects of the transactions with non-controlling interests and the change in the proportion of equity attributable to the shareholders during the
nancial year were as follows:
EURk 12/31/2021 12/31/2020
Carrying amount acquired (-) or disposed of (+) for non-controlling interests 340,458 345
Purchase price received from (+) or paid (-) to non-controlling shareholders -30,470 -1,005
Difference recorded in equity 309,988 -660
154
The difference recognized in equity mainly results from the increase of the shares in KTM AG from 51.71% to 99.75% in the current nancial year. On
the one hand, this relates to the contribution of around 46.5% of the shares in KTM AG by Pierer Bajaj AG (parent company of PIERER Mobility AG) to
PIERER Mobility AG, as has already been discussed under this item. On the other hand, a further approx. 1.5% of the shares in KTM AG were acquired
in the 2021 nancial year. The equity holding in KTM AG thus increased from 51.71% to 99.75%.
In the current nancial year, PIERER Mobility AG also increased its shares in KTM Technologies GmbH from 70% to 100%. In the previous year, PIERER
Mobility AG increased its shares in Avocodo GmbH from 70% to 100%.
Other comprehensive income after tax developed as follows in the consolidated equity:
EURk
Provision
as per
IFRS 9
Reserves
including
total earnings
Foreign
currency
translation
reserve
Total
Interests
non-controlling
shareholders
Total
consolidated
equity
2021
Currency translation differences 0 0 3,437
3,437
1,480
4,917
Cash ow hedge 1,871 0 0
1,871
385
2,256
Revaluation of net debt from dened
benet plans
0 206 0
206
363
569
1,871 206 3,437 5,514 2,228 7,742
2020
Currency translation differences 0 0 -2,219
-2,219
-2,057
-4,276
Cash ow hedge -1,215 0 0
-1,215
139
-1,076
Revaluation of net debt from dened
benet plans
0 352 0
352
329
681
-1,215 352 -2,219 -3,082 -1,589 -4,671
32. FINANCIAL LIABILITIES
EURk 12/31/2021 12/31/2021 12/31/2021 12/31/2021
Nominal Carrying amount Term < 1 year Term > 1 year
Promissory note loans 225,000 224,661 5,998 218,663
Registered bond 60,000 59,551 0 59,551
Liabilities owed to credit institutions 206,596 206,596 23,805 182,791
Liabilities from factoring program
between group companies
2,498 2,498 2,498 0
Liabilities from supplier nance program
between group companies
1,836 1,836 1,836 0
Lease liabilities 65,442 65,442 19,908 45,534
Other interest-bearing liabilities 2,802 2,802 2,802 0
Total nancial liabilities 564,174 563,386 56,847 506,539
155
ANNUAL REPORT 2021
EURk 12/31/2020 12/31/2020 12/31/2020 12/31/2020
Nominal Carrying amount Term < 1 year Term > 1 year
Promissory note loans 228,500 228,067 3,500 224,567
Registered bond 30,000 30,000 0 30,000
Liabilities owed to credit institutions 201,471 201,471 42,185 159,286
Liabilities from factoring program
between group companies
3,669 3,669 3,669 0
Liabilities from supplier nance program
between group companies
3,317 3,317 3,317 0
Lease liabilities 61,727 61,727 19,491 42,236
Other interest-bearing liabilities 2,432 2,432 2,432 0
Total nancial liabilities 531,116 530,683 74,594 456,089
In July 2015, PIERER Mobility AG issued a promissory note loan in the amount of EUR 56,500k with a term of ve and seven years. In January 2017, a
partial amount of the promissory note loan in the amount of EUR 32,000k, EUR 25,500k of it with a term of 5 years and EUR 6,500k of it with a term
of 7 years, was repaid early. A partial amount of the promissory note loan totaling EUR 12,500k with a term of 5 years was repaid early by way of a
termination letter dated July 13
th
2018, effective July 17
th
2018, and a termination letter dated October 4
th
2018, effective October 8
th
2018. In July
2020, EUR 6,000k of the promissory note loan with a term of 5 years was repaid as scheduled.
In June 2016, a promissory note loan with an issuing volume of EUR 120,000k and a term of ve, seven or ten years was placed by KTM AG in order to
renance the bond repaid in April 2017. In June 2018, a further promissory note loan with a volume of EUR 135,000k and terms of seven and ten years
was successfully placed. In addition, EUR 32,500k of the promissory note loan issued in 2016 was repaid early.
In May 2021, KTM AG issued registered bonds with a term of 12 years in the amount of EUR 30,000k. Furthermore, PIERER Mobility AG previously is-
sued a registered bond in the amount of EUR 30,000k with a term of 10 years in July 2015.
33. OBLIGATIONS FOR EMPLOYEE BENEFITS
Employee benet obligations consist of obligations relating to severance pay and anniversary bonuses:
EURk 12/31/2021 12/31/2020
Severance payments 21,202 21,946
Anniversary bonuses 7,561 6,719
28,763 28,665
The PIERER Mobility Group is obligated by law to make a severance payment to all employees in Austria whose employment relationship commenced
before January 1
st
2003 upon termination by the employer or upon retirement. The amount of this dened benet obligation (DBO) is dependent on the
number of years of service and on the relevant salary at the time of termination. For all employees in Austria who joined after December 31
st
2002,
the company pays 1.53% of their gross monthly salary each month into a staff severance pay fund that invests the contributions in an account main-
tained for the employee; at the end of the employment relationship, the amount thus accumulated is paid out or the claim thereto is passed on. The
company’s obligation extends only to the payment of the contributions, which are recognized as expenses in the nancial year for which they were paid
(dened-contribution obligation). For employees of Austrian group companies whose employment commenced on or after January 1
st
2003, contribu-
tions amounting to 1.53% of their wages or salaries, as the case may be, were paid into a statutory staff severance pay fund. Total contributions of
EUR 2,488k were paid during the past nancial year (previous year: EUR 2,218k).
156
Movements in the net liability under the dened benet plans in respect of severance pay were as follows during the nancial year:
EURk 12/31/2021 12/31/2020
Conditional benet:
Balance as of 01/01 21,946 22,501
Service cost 752 838
Interest expenses 231 245
Payments made -622 -588
Actuarial gain / loss (other net result) -759 -908
Changes in the scope of consolidation 0 1
Miscellaneous -346 -143
Balance as of 12/31 21,202 21,946
The weighted maturity terms (duration) of the severance payment obligations as of December 31
st
2021 amount to 12 years (previous year: 13 years).
The actuarial prot/loss is made up of the following factors:
EURk 12/31/2021 12/31/2020
Change in expected values -260 -807
Change in demographic assumptions -196 5
Change in nancial assumptions -303 -106
Actuarial gain / loss -759 -908
The measurement of the obligation is based on the following assumptions:
12/31/2021 12/31/2020
Discount rate 1.23% 0.90%
Wage / salary trend 2.75% 2.50%
Retirement age (years) women/men 62 - 65 years 62 - 65 years
The discount rate was determined taking into account the average duration and average remaining life expectancy. The discount rate is the market
yield on high quality, xed-interest corporate bonds at the end of the reporting period. Staff turnover is determined on a company-specic basis and
takes account of age and length of service. The actuarial measurements are based on country-specic mortality tables. The chosen retirement age is
the statutory retirement age in each country.
157
ANNUAL REPORT 2021
A change (+/- 0.5 percentage points) in the “discount rate” and “salary / wage trend” parameters would have had the following effects on the present
value of future payments as of December 31
st
2021:
Parameter Change
-0.50%
Change
+0.50%
Discount rate 6.2% -5.7%
Wage / salary trend -5.6% 6.0%
A change (+/- 0.5 percentage points) in the “discount rate” and “salary / wage trend” parameters would have had the following effects on the present
value of future payments as of December 31
st
2020:
Parameter
Change
-0.50%
Change
+0.50%
Discount rate 6.5% -6.3%
Wage / salary trend -6.2% 6.3%
The companies in the PIERER Mobility Group are obligated under collective-bargaining agreements to pay their employees in Austria anniversary
bonuses upon attaining a certain number of years of service (from 25 years of service upward) (dened benet obligation). The interest result is
recognized under “Other nancial result”. Movements in obligations relating to claims to anniversary bonuses were as follows:
EURk 12/31/2021 12/31/2020
Balance as of 01/01 6,719 6,846
Service cost 667 702
Interest expenses 77 78
Payments made -80 -95
Actuarial gain / loss (prot or loss) 177 -825
Miscellaneous 1 13
Balance as of 12/31 7,561 6,719
34. OTHER CURRENT AND NON-CURRENT LIABILITIES AND TRADE PAYABLES
Other non-current liabilities essentially comprise the following:
EURk 12/31/2021 12/31/2020
Deposits 11,364 7,600
Other nancial liabilities 1,470 854
Other non-current nancial liabilities 12,834 8,454
Other non-current non-nancial liabilities 1,353 1,281
Other non-current liabilities 14,187 9,735
158
Other current liabilities essentially comprise the following:
EURk 12/31/2021 12/31/2020
Sales bonuses 46,678 28,365
Price rebates 3,709 7,236
Liabilities from derivative nancial instruments 1,988 3,078
Other nancial liabilities 15,954 10,920
Other current nancial liabilities 68,329 49,599
Employee benets 49,486 30,289
Prepayments 5,998 2,808
Tax liabilities 9,460 3,715
Other non-nancial liabilities 44 205
Other current non-nancial liabilities 64,988 37,017
Other current liabilities 133,317 86,616
Current employee benets mainly include liabilities for unconsumed vacations, liabilities for employee bonuses, liabilities to district health insurance
funds, and wage and salary liabilities.
Supplier nance:
Companies in the PIERER Mobility Group have entered into a supplier nance program (a revolving facility for the nancing of trade payables) with
an Austrian credit institution. Suppliers can sell their receivables from the PIERER Mobility Group to the credit institution before the due date. The
PIERER Mobility Group is not released from its original obligation and, due to a quantitative and qualitative audit, there is no signicant change in the
contractual terms and conditions. The liabilities continue to be shown under trade payables and are reported in cash ow from operating activities. As
of December 31
st
2021, this supplier nance program affected trade payables of EUR 167,344k (previous year: EUR 119,558k). This is 42.3% (previous
year: 45.6%) of total trade liabilities as at the reporting date in the amount of EUR 395,581k (previous year: EUR 262,099k).
In addition to suppliers outside the group, such a program was also concluded between Austrian companies of the PIERER Mobility Group. From the
point of view of the PIERER Mobility group, no exchange of services took place; it merely made use of external nancing, which is reported under
current nancial liabilities. Cash ows are reported under cash ow from nancing activities. As of December 31
st
2021, liabilities from this program
totaled EUR 169,180k (previous year: EUR 122,875k), of which, as of December 31
st
2021, the relationships between group companies amounting to
EUR 1,836k (previous year: EUR 3,317k) are presented as current nancial liabilities in the consolidated nancial statements of PIERER Mobility AG.
Contingent liabilities:
PIERER Mobility AG has issued a guarantee for DealerCenter Digital GmbH, Landshut, Germany to RLB OÖ, arising from obligations to suppliers, up to
a maximum amount of TEUR 500 (previous year: TEUR 0).
For a reverse factoring program at Erste Group Bank AG, PIERER Mobility AG has issued a letter of comfort for PIERER E-Bikes GmbH, Vienna, in the
amount of TEUR 15,000 (previous year: TEUR 15,000). As of the reporting date, the reverse factoring program resulted in a liability amount of TEUR
15,000 (previous year: TEUR 0).
In the previous year, PIERER Mobility AG issued a guarantee for PEXCO GmbH, Schweinfurt, Germany to KGI Bank Co., Ltd., Taiwan, for obligations to
suppliers up to a maximum amount of TEUR 16,299. The amount outstanding to suppliers in the previous year was EUR 7,685 thousand.
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ANNUAL REPORT 2021
35. PROVISIONS
The group makes provisions relating to guarantees and warranties in relation to known, expected individual cases. The amounts of expected expenses
are primarily based on previous experience and are recorded at the time the products are sold as an expense affecting prot and loss.
The estimation of future expenses is subject to uncertainties, which may lead to an adjustment of the provisions recognized in the future. It cannot be
ruled out that the actual expenses for these measures may be higher or lower than the provision made for these purposes in an unforeseeable way.
Movements in provisions in the nancial year were as follows:
EURk Balance as of
1/1/2021
Additions Disolutions Utilization Balance as of
12/31/2021
Current provisions
Provisions for guarantee and warranty 14,612 19,560 -97 -14,075 20,000
Provisions for legal actions 596 185 0 -146 635
Other provisions 2,771 407 -250 -458 2,470
17,979 20,152 -347 -14,679 23,105
VI. NOTES TO THE STATEMENT OF CASH FLOWS
The changes in the balance sheet items presented in the statement of cash ows 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, write-downs of re-
ceivables and inventories, and non-cash income from grants. The effects associated with changes in the scope of consolidation have been eliminated
and are accounted for in cash ow from investing activity.
The changes in the recognized nancial liabilities and the amounts disclosed in the statement of cash ows can be reconciled as follows:
EURk Balance as
of 1/1/2021
Changes
affecting
cash ow
Changes not affecting cash ow Carrying
amount
12/31/2021
Acquisition Reclassi-
cation
Scope of
consolidation
changes
Transaction
costs
Accrued
in terest,
foreign
ex change
effect
Current
nancial liabilities
55,103 -49,976 0 32,513 -1,144 0 443 36,939
Non-current
nancial liabilities
413,853 79,528 0 -32,513 0 131 6 461,005
Current
lease liabilities
19,491 -18,431 0 18,928 -80 0 0 19,908
Non-current
lease liabilities
42,236 0 23,342 -18,928 -48 0 -1,068 45,534
Total 530,683 11,121 23,342 0 -1,272 131 -619 563,386
160
EURk Balance as
of 1/1/2020
Changes
affecting
cash ow
Changes not affecting cash ow Carrying
amount
12/31/2020
Acquisition Reclassica-
tion
Scope of
consolidation
changes
Transaction
costs
Accrued
in terest,
foreign
ex change
effect
Current
nancial liabilities
69,772 -53,545 0 28,518 10,409 0 -51 55,103
Non-current
nancial liabilities
424,763 0 0 -28,518 17,498 103 7 413,853
Current
lease liabilities
16,586 -18,821 -47 21,773 0 0 0 19,491
Non-current
lease liabilities
45,546 0 18,463 -21,773 0 0 0 42,236
Total 556,667 -72,366 18,416 0 27,907 103 -44 530,683
VII. RISK REPORT
36. RISK MANAGEMENT
As a group of companies conducting business on a global scale, the PIERER Mobility Group faces a multitude of possible risks that are monitored by
means of a comprehensive risk management system. The Executive Board and Supervisory Board are periodically informed about risks that may have
a major impact on the group’s business operations. Management takes timely action to avoid, minimize and hedge risks.
An internal control system adapted to the company’s needs and incorporating basic principles such as segregation of duties and dual control has been
integrated into the nancial reporting process. Internal and external audits ensure that the processes are continually improved and optimized. Further-
more, a uniform reporting system is in place throughout the group, for the ongoing management and control of the risk management process.
Continuous growth depends on a variety of factors, such as demand behavior, product development, changes in foreign exchange rates, the general
economic setting in the individual sales markets, prices of goods purchased from others, and talent management. Increased market research
activities and a model policy reecting the resulting ndings are the means of responding to a market environment characterized by rapidly changing
situations.
In order to prevent risks associated with fraud, corruption, and bribery, employees are obliged to behave in accordance with the principles dened in
the Code of Conduct. The code is binding for all employees, managers, and board members as well as for consultants, business partners, and cus-
tomers of the PIERER Mobility Group. The 2021 nancial year also marks the conclusion of accepting the Code of Conduct as a further Annex and thus
as an integral part of the existing dealer contracts for the KTM group. Since the beginning of 2020, this has already been the case with new dealer
contracts and also with new contractual relationships in the supply sector.
In order to counteract negative macroeconomic and geopolitical effects, PIERER Mobility promotes global diversication of the sales markets. The
greatest relative growth in the coming years is expected in Asia. In order to promote this growth, intensive cooperation with our strategic partner Bajaj
is being continuously expanded. In addition, investments have been made in production sites with local partners in China and the Philippines.
The earnings position of PIERER Mobility AG (as an individual company) is shaped by expenses in connection with nancing raised, acquisitions of in-
vestments and project expenses and depends to a large extent on the dividend policy of its investees. The investment in the KTM group is currently the
largest and most signicant investment of PIERER Mobility AG. The PIERER E-Bikes Group represents another core operating investment of the group.
In accordance with the requirements of Section 243(c) of the Austrian Commercial Code (UGB), a corporate governance report has been drawn up. In
this regard, we refer to the publication in the annual report of PIERER Mobility AG or to the website of PIERER Mobility AG.
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ANNUAL REPORT 2021
37. MARKET RISKS
CYCLICAL RISK
The KTM group operates primarily in the motorcycle sector and the PIERER E-Bikes Group in the bicycle sector. Sales opportunities are determined by
the general economic situation in the countries and regions in which the PIERER Mobility Group is represented with its products.
As recent years have shown, the motorcycle sector in particular is cyclical and subject to large uctuations regarding demand. This risk is counteract-
ed by relevant market research and market forecasts, which are then taken into account in the planning process. Due to the change in mobility behav-
ior, the global motorcycle market continues to grow, in particular in the most important sales regions year-on-year.
COMPETITION AND PRICING PRESSURE
Competition on the motorcycle market in industrialized countries is particularly intense; the strongest competitors are four Japanese and three Eu-
ropean manufacturers and, to a lesser extent, a U.S. manufacturer, some of which have greater nancial resources, higher sales gures and market
shares. The street motorcycle market is moreover characterized by high pricing pressure, and new competitors are trying to enter the market by relying
on a low-price strategy. Thanks to its successful market strategy, the PIERER Mobility Group is Europe‘s leading manufacturer of powered two-wheel-
ers. The full integration of GASGAS as the third brand and the further development of the dealer network has also contributed to this.
SALES RISK
The largest individual sales markets of the Motorcycles segment (KTM group) and consequently also of the PIERER Mobility Group are the European
and the US markets. A slump in these markets could have a negative impact on business activities. Entering new markets involves a major cost risk
as, in some of these markets, the sales trends as well as the geopolitical conditions are difcult to assess. By collaborating with its strategic partner
Bajaj Auto Ltd., Pune, India, the company is working steadily toward implementing a global product strategy in the motorcycle sector.
The largest individual sales markets of the E-Bicycles segment are currently the DACH region. A slump in these markets could have a negative impact
on the business activities of the PIERER E-Bikes Group. In order to diversify this risk, the PIERER E-Bikes Group is pursuing the goal of expanding suc-
cessfully in other markets. The PIERER E-Bikes Group entering new markets involves a major cost risk as, in some of these markets, the sales trends
as well as the geopolitical conditions are difcult to assess. The sales and market risks of the PIERER E-Bikes Group also include seasonal uctua-
tions in bicycle sales, which may be exacerbated by weather conditions.
For the PIERER Mobility Group, providing support to end customers through the network of dealers represents a key success factor. In order to be able
to continuously guarantee a high standard in this area, mandatory dealer training sessions are held on an ongoing basis. In these sessions new tech-
nical standards are taught and dealers are trained in dealing with the customer. In addition, the KTM group in particular provides a modern communi-
cation platform which the dealers can use to undertake the procurement process and document the sales process.
162
38. INDUSTRY-SPECIFIC RISKS
RESTRICTIONS RELATING TO MOTORCYCLING
The revenue of the group depends, inter alia, on the possible offroad uses of motorcycles and is therefore considerably inuenced by the national legal
framework regulating offroad motorsport, motorcycle registration and rider’s licenses in the countries where the vehicles are sold.
PROCUREMENT RISK
In the current situation, the procurement risk faced by the KTM group is principally failing to receive ordered components or receiving them on dates
other than those originally agreed. In order to ensure the best possible availability of components, there is a major focus on long-term cooperations
with our supply partners as well as the careful selection of excellent new suppliers in accordance with established criteria. The group works continu-
ously on developing its relationships with its suppliers. A deep mutual understanding of the processes is essential here. As the quality of the products
is strongly determined by the quality and properties of the sourced subcomponents, particular attention is paid to suitable operating facilities and
production processes of suppliers, as well as their nancial strength and compliance with ecological, social and ethical standards.
The procurement of components and bicycles is planned for the medium term. Short-term uctuations can also be offset by appropriate storage
capacities. The products are priced on the basis of xed negotiated purchase prices. Prices and capacities are agreed with suppliers in advance and
secured. The PIERER E-Bikes Group has several suppliers from different countries in its portfolio to reduce the risk of dependency, as far as possible,
and increase the stability of the supply chains. As a risk, the timely availability of frames and drive components places increased demands on suppli-
ers. Bicycles and bicycle parts purchased from outside Europe incur import duties of around 6%. Rising or falling import duties lead to higher or lower
purchase prices and may have a positive or negative impact on margins if these effects are not passed on to customers in full.
In the second year following the outbreak of the COVID-19 pandemic, the PIERER Mobility Group faced increasing difculties with regard to the supply
of semiconductors and the associated shortages of electronic components. In order to support its suppliers in this situation, the group actively inter-
vened in the procurement of electronic components and was thus able to prevent major shortages both at suppliers and at its own production sites. In
addition to the shortage of electrical components, there were also bottlenecks in the supply of raw materials such as aluminum and plastic granulate,
but these only had immaterial effects due to intensive cooperation in the supply chain.
For 2022, it is expected that the situation will worsen – at least in the rst two quarters. The difcult supply situation for suppliers, capacity bottle-
necks at suppliers themselves and interruptions to logistical processes will continue to require close coordination with our partners. To reduce risk,
among other things, stock at suppliers was built up in 2022, a market intelligence system for electronic components was introduced, and the logic of
our scheduling agreement releases adapted to the changed situation.
RESEARCH AND DEVELOPMENT, RACING
Technical innovations and the introduction of new products are largely responsible for the PIERER Mobility Group’s competitive position. To this end,
new trends must be identied promptly. To counteract the risk, our own products’ innovative capacity must be ensured.
The PIERER Mobility Group therefore attaches great importance to identifying trends at an early stage, conducting research and development in tech-
nical and functional areas, and researching what customers want in order to develop innovative products that reect what the market wants. Racing
achievements are not only an important marketing instrument for the company but also form the basis for product development and set standards for
series development. Valuable experience is gathered whenever products can be tested in racing conditions at racing events. Before being introduced
into series production, all technical innovations are moreover subjected to comprehensive testing by the quality management system so as to elimi-
nate, to the greatest extent possible, any technical defects that could have a negative effect on earnings development.
PRODUCT LIABILITY RISK
The PIERER Mobility Group is also exposed in its business activity to claims for damages owing to accidents and injuries. This applies especially to the
U.S., where claims asserted in product liability cases involve higher amounts of liability. In addition to existing safeguards, this risk is minimized by
comprehensive quality control in all production areas..
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ANNUAL REPORT 2021
39. IT RISKS
We apply the same high quality standards in the area of data security and data protection as we do for our products.
The PIERER Mobility Group has implemented an IT security and risk management system for the purpose of identifying and managing company-
relevant risks in the area of information security. In addition, evidence of compliance and the exercising of due diligence when handling and using
information and equipment for the processing of information is provided and documented in respect of customers, the Executive Board and the
general managers of each participating company.
The constantly growing IT and cyber risks are countered by ongoing evolution of IT security measures and using the latest IT security technologies.
Cyber attacks are averted with a multi-stage technical concept using the latest security features such as intrusion prevention systems and additional
security systems which are operated upstream or internally. Behavior-based security solutions are also used with a view to identifying security-related
abuse. Incidents are identied and handled by a malware incident response process. In parallel, regular internal and external vulnerability analyses
are performed and any vulnerabilities identied are countered by means of an established patch and update management process. Regular internal
and external security audits are documented in risk management, any ndings are evaluated and prioritized, and a solution is then applied.
Care is taken to ensure that all users of IT systems possess the requisite knowledge and awareness for the use of IT within the scope of their role via
the provision of regular general IT security awareness training. This training is provided in a preventative and traceable manner.
The ongoing COVID-19 pandemic made it necessary for a large number of employees to perform their work from home during the 2021 nancial year
and this continues to be the case. The measures taken to develop the IT infrastructure on an ongoing basis over the past few years have been re-
tained, enabling the PIERER Mobility Group to overcome these exceptional challenges and to still provide its employees with remote workplaces in an
uncomplicated and secure manner.
40. FINANCIAL RISKS
The PIERER Mobility Group is subject to credit, market, currency and liquidity risks regarding its assets, liabilities and planned transactions. Financial
risk management is aimed at controlling and limiting those risks. The Executive Board and the Supervisory Board are informed on a regular basis
about risks that can have a major impact on the group’s business operations.
The principles of nancial risk management are laid down and monitored by the Supervisory Board and the Executive Board. Group Treasury is
responsible for their implementation. To protect itself against the nancial risks described below, the PIERER Mobility Group uses derivative nancial
instruments in order to safely hedge cash ows from operating activities against uctuations in exchange rates and/or interest rates. The hedging
horizon generally covers currently open items and any transactions planned for the next twelve to eighteen months. In exceptional cases, strategic
hedge positions involving longer time periods may be entered into in consultation with the Supervisory Board.
CURRENCY RISKS
As an enterprise doing business on a global scale, the PIERER Mobility Group is inuenced by general global economic data such as changes in
currency parities or developments in the nancial markets. As the US dollar represents the highest individual foreign currency risk faced by KTM,
movements in the US dollar exchange rate are of particular importance to the development of revenue and income. Due to the increasing importance of
USD in purchasing, the foreign currency risk associated with the USD is signicantly reduced (“natural hedge”). Approximately 25% of revenues were
earned in US dollars in nancial year 2021 (previous year: 25%). Currency hedging measures, in particular hedging strategies, can largely offset these
currency shifts over at least one model year.
The group is exposed to further currency risks where nancial assets and liabilities are settled in a currency other than the local currency of the rel-
evant company. The companies of the group predominantly do their invoicing in local currency and largely take out nancing in their local currency.
Financial investments are primarily made in the local currency of the investing group company. For these reasons, most resulting currency positions
will be closed out naturally.
164
The main causes of ineffectiveness in currency hedges are:
the impact of the credit risk of the counterparties and the group on the fair value of the forward currency transactions that is not reected in the
change in the fair value of the hedged cash ows attributable to changes in foreign exchange rates;
changes in the transaction date of the hedged items.
Sensitivity analyses have been performed on currency risks in relation to nancial instruments in order to show the effects that hypothetical changes
in the exchange rates have on prot or loss (after taxes) and equity. The relevant balances as of the reporting date and foreign currency purchases
and sales budgeted for the 2022 nancial year were used as a basis. It was assumed that the risk faced on the reporting date essentially represents
the risk present during the nancial year. The group tax rate of 25% was used as the tax rate. Furthermore, it was assumed in the analysis that all
other variables, in particular the interest rates, remained constant. Currency risks relating to nancial instruments of a monetary nature that are de-
nominated in a currency other than the functional currency were included in the analysis.
In the scope of the sensitivity analysis, effects of changes in the exchange rate of ± 10% are shown as prot or loss, other comprehensive income,
and equity.
The PIERER Mobility Group bases the analysis on the following assumptions:
For the sensitivity of prot and loss, the group‘s bank balances, receivables and payables are considered, as are future receipts and payments in
foreign currency that are not accounted for in the functional currency of the group company. Account is also taken of open derivatives on cash ow
hedges where the hedged item has already been realized on the reporting date (recognized as income).
For the sensitivity of other comprehensive income, account is taken of open derivatives from cash ow hedges where the hedged item has not yet
been realized on the reporting date (movements are not recognized in prot and loss). The exposure corresponds to the notional amount of the open
derivatives.
Increase (+) / Decrease (-) 10% increase 10% devaluation
EURk
12/31/2021 12/31/2020
12/31/2021 12/31/2020
Change in net result -23,490 -22,223 28,709 27,161
Change in currency-related cash ow hedge provisions 10,995 2,199 -13,439 -2,688
Change in equity -12,495 -20,024 15,270 24,473
INTEREST RATE RISKS
Financial instruments on both the assets side and the liabilities side mainly carry interest at variable rates. The risk therefore comprises rising inter-
est expenses or falling interest income resulting from an adverse change in market interest rates.
The PIERER Mobility Group has renanced part of its debt at variable rates and is thus exposed to the risk of interest rate uctuations on the market.
Regular monitoring of the money and capital markets and, in some cases, the use of interest rate swaps (xed interest rate payer swaps) serve to re-
spond to this risk. Under the interest rate swaps entered into, the concern receives variable interest payments and, in return, pays xed interest on the
notional amounts of the contracts entered into.
Interest rate risks thus result mainly from primary nancial instruments carrying interest at variable rates (cash ow risk). Sensitivity analyses were
performed on the interest rate risks of these nancial instruments in order to show the effects that hypothetical changes in the market interest rate
level have on prot or loss (after tax) and equity. The relevant balances as of the reporting date were used as a basis. It was assumed that the risk
faced on the reporting date essentially represents the risk present during the nancial year. The group tax rate of 25% was used as the tax rate. Fur-
thermore, it was assumed in the analysis that all other variables, in particular the exchange rates, remained constant.
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ANNUAL REPORT 2021
The main causes of ineffectiveness in interest rate hedges are:
the impact of counterparty and group credit risk on the fair value of the interest rate derivatives that are not reected in the change in fair value of
hedged cash ows attributable to changes in the interest rates
differences in the parameters (e.g., interest rate adjustment dates) between the derivatives and the hedged items
A sensitivity analysis was performed on interest rate risk. A change of 50 basis points would have the following effects on prot or loss, other
comprehensive income and equity:
Increase (+) / Decrease (-) Increase by 50 BP Decrease by 50 BP
EURk
12/31/2021 12/31/2020
12/31/2021 12/31/2020
Change in net result 324 -960 -1,311 263
Change in currency-related cash ow hedge provisions -2,316 -1,804 2,316 1,711
Change in equity -1,992 -2,764 1,005 1,974
In connection with the IBOR reform, Group Treasury conducted a review of how the affected reference interest rates are used in the nancial instru-
ments utilized. With regard to existing nancial instruments, Treasury works closely with our business partners and actively monitors the development
of reference interest rates and standards customary in the industry to be able to make adjustments. For example, transitional arrangements have been
renegotiated in all current contracts and nancial instruments that have adjustment clauses relating to new reference interest rates. These regulate
how the reference interest rate can be replaced if it is temporarily or permanently unavailable. The use of the new reference interest rates has been
agreed, without exception, for contracts and nancial instruments that were newly concluded in the nancial year.
DEFAULT RISKS (CREDIT OR CREDITWORTHINESS RISKS)
The default risk is the risk of nancial losses if a customer or counterparty to a nancial instrument fails to meet its contractual obligations. The
default risk generally arises from trade receivables.
On the assets side, the carrying amounts reported also represent the maximum default risk. In addition, there are no general set-off agreements,
with the exception of the set-off agreement described under note 44 in the notes to the Consolidated Financial Statements.
Trade receivables
The default risk on receivables from customers may be rated as low, as ongoing checks of the creditworthiness of new and existing customers are
performed and collateral is requested.
Risk management carries out an analysis and assessment of new customers. Initially, these are analyzed individually with regard to their creditwor-
thiness, and standardized group-wide contracts are concluded with customers. The analysis includes external credit ratings, where available, as well
as annual nancial statements and information from credit agencies and banks. Sales limits are set for each customer and reviewed on an ongoing
basis. All sales exceeding these limits require the approval of risk management.
Default risks are largely hedged by means of credit insurance and bankable security (guarantees, letters of credit). The default risks and related
controls are dened in internal guidelines. Most of the business relationships with dealers and importers have been in place for many years. By
continuously monitoring the default risk and the creditworthiness of customers, each receivable is individually reviewed to ascertain the need for a
value adjustment.
166
A summary of the default risk on trade receivables as of December 31
st
2021 is presented in the following table.
Trade receivables Not impaired in
creditworthiness
Creditworthiness
impaired
Total
EURk
Not overdue 129,036 0 129,036
Overdue 1-30 days 15,182 0 15,182
Overdue 31-60 days 1,884 0 1,884
Overdue 61-90 days 1,212 0 1,212
Overdue > 90 days 2,775 4,833 7,608
Total gross carrying amount 150,089 4,833 154,921
Impairment loss -103 -3,957 -4,060
Total 149,985 876 150,861
A summary of the default risk on trade receivables as of December 31
st
2020 is presented in the following table.
Trade receivables Not impaired in
creditworthiness
Creditworthiness
impaired
Total
EURk
Not overdue 125,475 0 125,475
Overdue 1-30 days 11,136 0 11,136
Overdue 31-60 days 353 0 353
Overdue 61-90 days 1,010 0 1,010
Overdue > 90 days 4,731 6,358 11,089
Total gross carrying amount 142,705 6,358 149,063
Impairment loss -135 -4,041 -4,176
Total 142,570 2,317 144,887
In order to determine the need for impairment of trade receivables for which no individual value adjustments have been made, the PIERER Mobility
Group evaluated the defaults of recent years. The analysis showed that there is only an insignicant risk for receivables with a certain overdue status.
The estimate of loss rates is based on historical default rates in relation to overdue receivables and considering forward-looking information.
As regards the current portfolio of trade and other receivables that are neither impaired nor past due, there are no indications as of the closing date
that the debtors will not meet their payment obligations. There are no concentration risks.
Estimation of expected credit losses
Based on actual defaults observed in the past, an average default rate in the KTM group of 0.06% (previous year: 0.06%) of trade receivables was
determined. A reversal of EUR 5k (previous year: EUR 18k) was recorded. In the E-Bikes segment, an average default rate of 0.13% (previous year:
0.39%) of trade receivables was determined. An addition of EUR 28k (previous year: EUR 55k) was recorded.
The impairment for expected losses as of December 31
st
2021 in the PIERER Mobility Group amounts to a total of EUR 158k (previous year: EUR 135k).
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ANNUAL REPORT 2021
Changes in value adjustments
Changes in value adjustments related to trade receivables are described in the notes under Note 28. “Trade receivables”.
Cash and cash equivalents, other assets and derivatives
Credit losses on cash and cash equivalents are generally calculated using the same method as for debt instruments. Given the short-term nature of
these items and the good rating of the banks, the group assumes that these portfolios are nancial instruments with a low default risk and that the
expected losses are negligible.
Likewise, the default risk for other nancial assets is to be regarded as extremely low, as the counterparties are debtors of optimum creditworthiness.
The other nancial instruments presented on the assets side mainly relate to an earmarked loan granted to PIERER Immoreal North America, LLC, a
company belonging to a superordinate group of companies. Against this background, the default risk is considered to be low.
The default risk on derivative nancial instruments with positive market value is limited to their replacement cost; as all the counterparties are banks
of good creditworthiness, the default risk can be classied as low. There are no indications of any additional impairment loss requirements for nan-
cial assets.
LIQUIDITY RISKS
It is a material objective of nancial risk management in the PIERER Mobility Group to ensure solvency and nancial exibility at all times. Factors
contributing to liquidity risks include, in particular, proceeds from revenues being below the planning assumptions due to weaker demand. For this
purpose, the group maintains a liquidity reserve in the form of unused credit lines (cash credits and guarantee credits) and, if needed, in the form of
cash in banks of a high creditworthiness. Top priority is given to ensuring liquidity over the short and medium term. Another major control parameter
is the maximization of free cash ow by cost-cutting measures, proactive working capital management and reduced investment expenditure. From
today’s perspective, sufcient commitments have been given concerning the creditworthiness of our strategic nancing partners and thus the security
of current liquidity reserves. Non-current liquidity requirements are met by the issuance of promissory note loans and by taking out bank loans.
168
The contractually agreed (undiscounted) cash ows (payments of interest and principal) and the remaining terms to maturity of the nancial liabilities
are composed of the following:
EURk Carrying
amount
12/31/2021
Cash ow 2022 Cash ow 2023 to 2026 Cash ow from 2027
Fixed
interest
Variable
interest
Repay-
ment
Fixed
interest
Variable
interest
Repay-
ment
Fixed
interest
Variable
interest
Repay-
ment
Financial liabilities measured at
fair value
Fair value - hedging instruments
Other nancial liabilities -
derivatives with negative market
value that have already been
assigned to receivables
479 0 0 479 0 0 0 0 0 0
Other nancial liabilities -
derivatives with negative market
value (cash ow hedge)
1,509 0 0 1,509 0 0 0 0 0
0
Total 1,988 0 0 1,988 0 0 0 0 0 0
Financial liabilities not measured
at fair value
At amortized cost
Interest-bearing liabilities 497,944 5,292 1,202 34,838 16,330 3,837 282,787 6,312 942 179,134
Lease liabilites 65,442 0 797 19,909 0 1,552 34,784 0 3,319 10,749
Trade payables 395,581 0 0 395,581 0 0 0 0 0 0
Other nancial liabilities
(current and non-current))
79,175 0 7 78,029 0 11 329 0 0
817
Total 1,038,142 5,292 2,006 528,357 16,330 5,400 317,900 6,312 4,261 190,700
Total 1,040,130 5,292 2,006 530,345 16,330 5,400 317,900 6,312 4,261 190,700
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ANNUAL REPORT 2021
EURk Carrying
amount
12/31/2020
Cash ow 2021 Cash ow 2023 to 2025 Cash ow from 2026
Fixed
interest
Variable
interest
Repay-
ment
Fixed
interest
Variable
interest
Repay-
ment
Fixed
interest
Variable
interest
Repay-
ment
Financial liabilities measured at
fair value
Fair value - hedging instruments
Other nancial liabilities -
derivatives with negative market
value (no hedging relationship)
245 91 0 0 302 0 0 0 0 0
Other nancial liabilities -
derivatives with negative market
value that have already been
assigned to receivables
748 0 0 748 0 0 0 0 0 0
Other nancial liabilities -
derivatives with negative market
value (cash ow hedge)
2,085 346 0 1,186 1,027 0 0 0 0
0
Total 3,078 437 0 1,934 1,329 0 0 0 0 0
Financial liabilities not measured
at fair value
At amortized cost
Interest-bearing liabilities 468,956 4,959 1,066 59,001 16,812 3,698 178,412 4,119 1,037 230,392
Lease liabilites 61,727 0 795 19,491 0 1,559 33,041 0 3,499 9,195
Trade payables 262,099 0 0 262,099 0 0 0 0 0 0
Other nancial liabilities
(current and non-current)
54,975 0 23 54,125 0 150 850 0 0
0
Total 847,757 4,959 1,884 394,716 16,812 5,407 212,303 4,119 4,536 239,587
Total 850,835 5,396 1,884 396,650 18,141 5,407 212,303 4,119 4,536 239,587
Liabilities that are affected by the supplier nance program are paid on their due date. The associated cash outows are taken into account in liquidi-
ty planning. The supplier nance program results in a concentration of risk. The number of suppliers is replaced by a concentration on a creditor bank.
If this creditor bank were to terminate the supplier nance agreement, an additional liquidity risk would generally be incurred, which is not of great
signicance due to supplier payment goals that are almost identical. As cited in Note 34, this relates to 42.3% of trade payables as of the reporting
date. The concentration risk is regarded as low.
170
41. OTHER RISKS
PROCESS RISKS
There is a risk that standardized processes will not be adhered to, particularly in production. To minimize this risk, these processes are documented in
work instructions, process manuals, and handbooks. Employees are trained in the use of this documentation and the documents are freely accessible
via various systems.
RISKS DUE TO THE LEGAL FRAMEWORK
As the PIERER Mobility Group markets motorcycles and e-bikes and non-e-bikes in a large number of countries through its equity holdings in the KTM
group and PIERER E-Bikes Group, it is exposed to the risk of changes in national regulations, terms of licenses, taxes, trade restrictions, prices, in-
come, and exchange restrictions as well as to the risk of political, social, and economic instability, ination, and interest rate uctuations.
Motorcycles registered for road use must comply with corresponding provisions concerning noise and exhaust gas emissions in order to be approved
for marketing in the respective country. For all new models that are homologated for road use, the KTM group complies with the Euro V European emis-
sion standard that is relevant for motorcycles. The possible offroad uses of motorcycles are considerably inuenced by the national and legal condi-
tions in the countries where the vehicles are sold. To counteract this risk, the respective regulations specic to the given country are analyzed in detail
prior to market launch and continue to be monitored on an ongoing basis in order to be able to react in good time to any changes.
The strong focus on research and development ensures that all products of the PIERER Mobility Group will continue to meet regulatory requirements
in the future. Fully electric motorcycles already complement the KTM group product range today. At the same time, research and development is also
focusing on other alternative drive technologies.
BUSINESS AND ENVIRONMENTAL RISK
Environmental risks may relate to products, production, procurement and non-operating factors. More detailed examinations of environmental risks
can also be found in the sustainability report published annually by PIERER Mobility AG and/or the reporting it contains in accordance with the recom-
mendations of the Task Force on Climate-Related Financial Disclosures (TCFD) on climate-related opportunities and risks.
With regard to the products, risks arise in relation to emissions such as noise and pollutants or the leakage of harmful substances such as fuel or oil.
In order to minimize these risks that may be caused by potential malfunctions, the homologation requirements are strictly observed in addition to other
measures, each vehicle tested for its functionality and compliance with all limit values on our own test benches, and a laboratory is in operation to
test the interaction of materials used with people and the environment. In addition, the development of emission-free alternative drive systems and
products is becoming an increasingly important focus.
With respect to production, environmental risks arise due to the potential leakage of substances, waste and material residues on the premises. Nu-
merous measures are undertaken to prevent these. These include waste management concepts, an engine oil treatment plant, emergency plans for
each site and professional extraction systems for metal chips that deposit them in the container provided for this purpose. Emissions from operating
the test benches are also caught by extraction systems.
Environmental risks in procurement may result from the environment-related shortage and rising prices of resources, cooperation with suppliers that
do not operate with sufcient environmental measures, and emissions from delivery routes. In order to minimize these risks, measures are taken that
include auditing suppliers, optimizing procurement channels, prioritizing regional procurement, and the use of resource-saving, modern production
technology.
In addition, environmental risks arise from weather-related and climate-related phenomena, such as oods and other natural disasters. Although it is
not possible to completely rule out the risk of natural disasters, the PIERER Mobility Group makes efforts to minimize the risk of production processes
being impaired by having suitable emergency plans and insurance policies. For the main factories in Mattighofen and Munderng, the risk of natural
disasters occurring is considered to be low due to their geographical location.
171
ANNUAL REPORT 2021
PERSONNEL-RELATED RISKS
Especially with regard to the growth course, risks may arise if key staff leave the company. Efcient personnel management as well as the constant
pursuit of personnel development programs are designed to counteract the risk of managerial staff leaving the company. The turnover rate is just
2.06% for managers of KTM AG incl. subsidiaries in Austria. The risk of a shortage of skilled staff is minimized by a comprehensive apprentice training
program in our own apprentice workshop. As of December 31
st
2021, a total of 184 apprentices (including six foundation apprentices) were in training
at KTM AG. Since 1995, around 600 apprentices have started an apprenticeship; 73% of them still work in the company. The aim is to recruit employ-
ees from the region and to retain them in the long term.
The company has taken numerous measures to protect its employees since the outbreak of the coronavirus pandemic in Austria. These measures com-
prise maintaining a dedicated COVID team, a COVID hotline and contact tracing within the company. The hygiene and safety guidelines issued at the
beginning of the pandemic will continue to be enforced at the workplace and adapted to the current circumstances. The opportunities for working from
home and the team splitting measures that have been rolled out since 2020 will continue. Following the end of the seasonal interruptions to opera-
tions in January and August 2021, mass tests and 3G checks were carried out before production restarted.
Antigen rapid throat swab tests were carried out all year round on the KTM Covid test line in order to respond to suspected cases in a quick and un-
complicated manner or to ensure that those returning from quarantine had recovered and before resuming work. In total, over 7,900 rapid tests were
conducted by specially trained personnel. At the end of the year, planning for the expansion of the test line to provide in-house PCR tests began in
order to ensure a high level of safety even in case of further virus mutations. In addition, from spring onwards the measures were expanded to include
company vaccinations: In total, two major operational vaccination campaigns were organized in May/June (rst and second vaccinations) and Decem-
ber (mostly third vaccinations). In addition, vaccinations were on offer on a weekly basis from June to November, and there were also two vaccination
bus campaigns in order to offer employees and also in some cases their family members easy access to immunization options.
Government measures and regulations were implemented comprehensively and quickly and, due to the forward-looking approach and constant ex-
change with the authorities, various measures were integrated into the day-to-day business even before they were legally required. It was therefore
possible to prevent large-scale spread within the company. The risk of being infected with COVID-19 in the company if the guidelines are adhered to is
considered to be low.
VIII. FINANCIAL INSTRUMENTS AND CAPITAL MANAGEMENT
42. BASIC PRINCIPLES
The PIERER Mobility Group holds primary and derivative nancial instruments. Primary nancial instruments mainly include trade receivables, credit
balances with credit institutions, liabilities owed to credit institutions, trade payables, and nancial liabilities. The portfolio of primary nancial in-
struments is shown in the consolidated statement of nancial position and described in the notes to the consolidated nancial statements. Derivative
nancial instruments are generally used to hedge existing risks relating to interest rate changes and foreign currency. The use of derivative nancial
instruments is subject to appropriate authorization and control procedures in the group. The link to a hedged item is mandatory; trading transactions
are not permitted.
Purchases and sales of all nancial instruments are recognized as at the settlement date. As a matter of principle, nancial instruments are meas-
ured at cost of acquisition upon initial recognition. The nancial instruments are derecognized if the rights to payments from the investment have
expired or have been transferred and the group has essentially transferred all the risks and opportunities associated with their ownership.
172
ACCOUNTING POLICIES:
Categorization will take place in accordance with the contractual cash ows and the business models on which they are based. In this regard, the
following measurement categories are provided by IFRS 9:
AC category: At amortized cost using the effective interest method
FVOCI category: At fair value, changes to the fair value are recorded under other comprehensive income
FVPL category: At fair value, changes to the fair value are recorded in the income statement
In the case of equity instruments (such as shares in companies not listed on the stock exchange), the FVOCI option can be exercised. This will lead to
changes in the fair value being recorded under other comprehensive income, meaning that it will no longer be possible to regroup the changes to fair
value accumulated under other comprehensive income in the income statement. Insofar as this option is not exercised, these will be assigned to the
FVPL category, under which all changes to the fair value will be recorded in the income statement.
Receivables and other assets upon initial recognition are measured at fair value and in subsequent periods are measured at amortized cost of ac-
quisition. Foreign currency receivables are translated at the exchange rate on the reporting date, less any impairment charges required on account of
identiable risks. Financial receivables are classied as “at amortized cost” and are measured at amortized cost.
That portion of trade receivables that is part of the ABS or factoring program is allocated to the category “Fair Value through Prot and Loss” (FVPL).
Financial liabilities are measured at amortized cost of acquisition. Financial liabilities are assigned to the “at amortized cost” category. Any difference
between the amount received and the amount repayable is apportioned over the term to maturity using the effective interest method and recognized
in nancial income and expenses. Issuing costs incurred in connection with bonds are recognized as an expense over the term to maturity. Liabilities
are measured at amortized cost. Liabilities denominated in foreign currencies are translated at the closing rate.
All nancial instruments in the FVPL category are measured at fair value through prot or loss on the basis of the criteria in IFRS 9 (business model or
SPPI test). The fair value option was not exercised.
Impairment losses
Trade receivables do not exhibit any signicant nancing components. For that reason, the simplied process for establishing the expected credit loss
is used; this involves accounting for all instruments with a risk provision, which is independent of their credit quality, in the amount of the expected
losses over the term to maturity. This amounts to less than twelve months for trade receivables and therefore corresponds to the 12-month loss. For
details of the amounts involved, please refer to Note 40. “Financial risks”.
In order to determine the expected credit loss, historical default data were collected for receivables over the last eight to ten years and split into geo-
graphic regions. Current economic factors and forecasts are also taken into account.
Individual valuation adjustments are made to nancial assets if they are deemed to be uncollectible or partially uncollectible. Signs that an individual
allowance is required are nancial difculties, insolvency, breach of contract or considerable delay in payment on the part of the customer. Individual
value adjustments consist of numerous individual items, none of which is material when considered in isolation. Financial assets are only derecog-
nized directly if the contractual rights to receive payment cease to exist (in particular in the case of insolvency). If, in a subsequent period, the amount
of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognized, the previ-
ously recognized impairment loss is reversed by adjusting the allowance account.
Hedge accounting
The regulations on hedge accounting are applied in accordance with IFRS 9. According to IFRS 9, the fair value of an option, the forward element of a
forward contract and any foreign currency basis spreads can be excluded from the designation of a nancial instrument as a hedging instrument and
accounted for as the cost of hedging. In this regard, uctuations in the value of these components that have optionally not been designated are re-
corded as hedging costs under other comprehensive income and reclassied in the income statement in the event that the hedged item is recognized
in prot or loss.
173
ANNUAL REPORT 2021
43. CLASSIFICATION AND FAIR VALUE
The fair value of a nancial instrument is determined by means of quoted market prices for identical instruments in active markets (Level 1). If no
quoted market prices in active markets are available for the instrument, the fair value is determined by means of valuation techniques for which the
material inputs are based exclusively on observable market data (Level 2). In all other cases, the fair value is determined on the basis of valuation
techniques for which at least one material input is not based on observable market data (Level 3).
Reclassications from one level to another are taken into account at the end of the reporting period. There were no transfers between levels in the
nancial year.
The table below shows the valuation techniques used to determine fair value as well as the signicant unobservable input factors used.
Financial instruments measured at fair value
Type Measurement technique Signicant
unobservable input factors
Connection between
signicant unobservable input
factors and measurement at fair
value
Forward currency transactions
and interest rate swaps
Fair values are based on the market
values determined using recognized
valuation models (discounted cash
ows). They are regularly checked
for plausibility.
Not applicable Not applicable
Securities Securities are measured at the current
stock-exchange price on the reporting
date.
Not applicable Not applicable
Financial instruments not measured at fair value
Type Measurement technique Signicant unobservable
input factors
Promissory note loans,
nancial liabilities
Discounted cash ows Risk premium for own
credit risk
174
Receivables sold in connection with the current ABS and factoring program are fully derecognized in accordance with the rules under IFRS 9. Under
the ABS program, trade receivables insured on a revolving monthly basis are sold up to a maximum volume of EUR 250,000k (previous year: EUR
250,000k). As at the reporting date, trade receivables of EUR 166,358k (previous year: EUR 127,399k) had been sold to third parties. Up to a contrac-
tually dened amount, the PIERER Mobility Group continues to bear a risk from credit risk related defaults. As at December 31
st
2021, the maximum
ensuing risk of loss was EUR 1,158k (previous year: EUR 994k). The expected loss is recorded as a liability and expensed at the time of sale. As of
December 31
st
2021, the carrying amount of the ongoing commitment was EUR 1,158k (previous year: EUR 994k). It is listed under other current
The following table shows the carrying amounts and fair values of the nancial assets (nancial instruments shown on the assets side), broken down by
class or measurement category according to IFRS 9. However, it does not provide information on the fair value or level of nancial assets and nancial
liabilities not measured at fair value where the carrying amount is a reasonable approximation of fair value.
EURk Fair value Carrying amount 12/31/2021
Carrying amount
12/31/2021
Classication
under
IFRS 9
Fair value
12/31/2021
Level 1 Level 2 Level 3 Total AC
Amortised
Cost
FVOCI
Fair Value
through OCI
FVOCI
Fair Value
through OCI
(without
recycling)
FVPL
Fair Value
through P&L
Fair Value
- hedging
instruments
Financial assets measured at fair value
Other current assets - derivatives with positive market value (cash ow hedge) 3,411 FVOCI 3,411 - 3,411 - 3,411 - - - - 3,411
Trade receivables 4,615 FVPL 4,615 - - 4,615 4,615 - - - 4,615 -
Other nancial assets 1,410 FVOCI / FVPL 1,410 1,194 - 216 1,410 - - 216 1,194 -
Total 9,436
Financial assets not measured at fair value
Cash and cash equivalents 373,509 AC - - - - - 373,509 - - - -
Trade receivables 146,247 AC - - - - - 146,247 - - - -
Other nancial assets 51,020 AC - - - - - 51,020 - - - -
Total 570,776
Total 580,212
EURk Fair value Carrying amount 12/31/2020
Carrying amount
12/31/20
Classication
under
IFRS 9
Fair value
12/31/2020
Level 1 Level 2 Level 3 Total AC
Amortised
Cost
FVOCI
Fair Value
through OCI
FVOCI
Fair Value
through OCI
(without
recycling)
FVPL
Fair Value
through P&L
Fair Value
- hedging
instruments
Financial assets measured at fair value
Other current assets - derivatives with positive market value that have
already been assigned to receivables
1,663 FVPL 1,663 - 1,663 - 1,663 - - - - 1,663
Other current assets - derivatives with positive market value (cash ow hedge) 532 FVOCI 532 - 532 - 532 - - - - 532
Trade receivables 17,051 FVPL 17,051 - - 17,051 17,051 - - - 17,051 -
Other nancial assets 1,410 FVOCI / FVPL 1,410 1,194 - 216 1,410 - - 216 1,194 -
Total
20,656
Financial assets not measured at fair value
Cash and cash equivalents 218,270 AC - - - - - 218,270 - - - -
Trade receivables 127,836 AC - - - - - 127,836 - - - -
Other nancial assets 37,718 AC - - - - - 37,718 - - - -
Total 383,824
Total 404,480
175
ANNUAL REPORT 2021
The following table shows the carrying amounts and fair values of the nancial assets (nancial instruments shown on the assets side), broken down by
class or measurement category according to IFRS 9. However, it does not provide information on the fair value or level of nancial assets and nancial
liabilities not measured at fair value where the carrying amount is a reasonable approximation of fair value.
EURk Fair value Carrying amount 12/31/2021
Carrying amount
12/31/2021
Classication
under
IFRS 9
Fair value
12/31/2021
Level 1 Level 2 Level 3 Total AC
Amortised
Cost
FVOCI
Fair Value
through OCI
FVOCI
Fair Value
through OCI
(without
recycling)
FVPL
Fair Value
through P&L
Fair Value
- hedging
instruments
Financial assets measured at fair value
Other current assets - derivatives with positive market value (cash ow hedge) 3,411 FVOCI 3,411 - 3,411 - 3,411 - - - - 3,411
Trade receivables 4,615 FVPL 4,615 - - 4,615 4,615 - - - 4,615 -
Other nancial assets 1,410 FVOCI / FVPL 1,410 1,194 - 216 1,410 - - 216 1,194 -
Total 9,436
Financial assets not measured at fair value
Cash and cash equivalents 373,509 AC - - - - - 373,509 - - - -
Trade receivables 146,247 AC - - - - - 146,247 - - - -
Other nancial assets 51,020 AC - - - - - 51,020 - - - -
Total 570,776
Total 580,212
EURk Fair value Carrying amount 12/31/2020
Carrying amount
12/31/20
Classication
under
IFRS 9
Fair value
12/31/2020
Level 1 Level 2 Level 3 Total AC
Amortised
Cost
FVOCI
Fair Value
through OCI
FVOCI
Fair Value
through OCI
(without
recycling)
FVPL
Fair Value
through P&L
Fair Value
- hedging
instruments
Financial assets measured at fair value
Other current assets - derivatives with positive market value that have
already been assigned to receivables
1,663 FVPL 1,663 - 1,663 - 1,663 - - - - 1,663
Other current assets - derivatives with positive market value (cash ow hedge) 532 FVOCI 532 - 532 - 532 - - - - 532
Trade receivables 17,051 FVPL 17,051 - - 17,051 17,051 - - - 17,051 -
Other nancial assets 1,410 FVOCI / FVPL 1,410 1,194 - 216 1,410 - - 216 1,194 -
Total
20,656
Financial assets not measured at fair value
Cash and cash equivalents 218,270 AC - - - - - 218,270 - - - -
Trade receivables 127,836 AC - - - - - 127,836 - - - -
Other nancial assets 37,718 AC - - - - - 37,718 - - - -
Total 383,824
Total 404,480
liabilities. The carrying amount represents the fair value of the ongoing commitment. In the reporting period, income from the ongoing commitment of
EUR 164k (previous year: EUR 42k) and accumulated expenses since the start of the transaction of EUR 1,158k (previous year: EUR 994k) was record-
ed. Under the factoring program, trade receivables insured on a revolving monthly basis are sold up to a maximum volume of EUR 65,000k (previous
year: EUR 15,000k). As at the reporting date, trade receivables of EUR 32,923k (previous year: EUR 11,720k) had been sold to third parties. Up to a
contractually dened amount, the group continues to bear a risk from credit risk related defaults. As at December 31
st
2021, the maximum ensuing
risk of loss was EUR 2,163k (previous year: EUR 0k).
176
The following table shows the carrying amounts and fair values of the nancial liabilities (nancial instruments shown on the liabilities side),
broken down by class or measurement category according to IFRS 9. However, it does not provide information on the fair value or level of
nancial liabilities not measured at fair value where the carrying amount is a reasonable approximation of fair value.
EURk
Fair value Carrying amount 12/31/2021
Carrying amount
12/31/2021
Classication
under
IFRS 9
Fair value
12/31/2021
Level 1 Level 2 Level 3 Total AC
Amortised
Cost
FVOCI
Fair Value
through OCI
FVOCI
Fair Value
through OCI
(without
recycling)
FVPL
Fair Value
through P&L
Fair Value
- hedging
instruments
Financial liabilities measured at fair value
Fair value - hedging instruments
Other nancial liabilities - derivatives with negative market value that have already been
assigned to receivables
479 FVPL 479 - 479 - 479 - - - - 479
Other nancial liabilities - derivatives with negative market value (cash ow hedge) 1,509 FVOCI 1,509 - 1,509 - 1,509 - - - - 1,509
Total 1,988
Financial liabilities not measured at fair value
At amortized cost
Interest-bearing liabilities 497,944 AC 519,425 - - 519,425 519,425 497,944 - - - -
Lease liabilities 65,442 AC - - - - - 65,442 - - - -
Trade payables 395,581 AC - - - - - 395,581 - - - -
Other nancial liabilities (current and non-current) 79,175 AC - - - - - 79,175 - - - -
Total 1,038,142
Total 1,040,130
EURk
Fair value Carrying amount 12/31/2020
Carrying amount
12/31/20
Classication
under
IFRS 9
Fair value
12/31/2020
Level 1 Level 2 Level 3 Total AC
Amortised
Cost
FVOCI
Fair Value
through OCI
FVOCI
Fair Value
through OCI
(without
recycling)
FVPL
Fair Value
through P&L
Fair Value
- hedging
instruments
Financial liabilities measured at fair value
Fair value - hedging instruments
Other nancial liabilities - derivatives with negative market value
(no hedging relationship)
245 FVPL 245 - 245 - 245 - - - 245 -
Other nancial liabilities - derivatives with negative market value that have already been
assigned to receivables
748 FVPL 748 - 748 - 748 - - - - 748
Other nancial liabilities - derivatives with negative market value
(cash ow hedge)
2,085 FVOCI 2,085 - 2,085 - 2,085 - - - - 2,085
Total 3,078
Financial liabilities not measured at fair value
At amortized cost
Interest-bearing liabilities 468,956 AC 495,649 - - 495,649 495,649 468,956 - - - -
Lease liabilities 61,727 AC - - - - - 61,727 - - - -
Trade payables 262,099 AC - - - - - 262,099 - - - -
Other nancial liabilities (current and non-current) 54,975 AC - - - - - 54,975 - - - -
Total 847,757
Total 850,835
177
ANNUAL REPORT 2021
The following table shows the carrying amounts and fair values of the nancial liabilities (nancial instruments shown on the liabilities side),
broken down by class or measurement category according to IFRS 9. However, it does not provide information on the fair value or level of
nancial liabilities not measured at fair value where the carrying amount is a reasonable approximation of fair value.
EURk
Fair value Carrying amount 12/31/2021
Carrying amount
12/31/2021
Classication
under
IFRS 9
Fair value
12/31/2021
Level 1 Level 2 Level 3 Total AC
Amortised
Cost
FVOCI
Fair Value
through OCI
FVOCI
Fair Value
through OCI
(without
recycling)
FVPL
Fair Value
through P&L
Fair Value
- hedging
instruments
Financial liabilities measured at fair value
Fair value - hedging instruments
Other nancial liabilities - derivatives with negative market value that have already been
assigned to receivables
479 FVPL 479 - 479 - 479 - - - - 479
Other nancial liabilities - derivatives with negative market value (cash ow hedge) 1,509 FVOCI 1,509 - 1,509 - 1,509 - - - - 1,509
Total 1,988
Financial liabilities not measured at fair value
At amortized cost
Interest-bearing liabilities 497,944 AC 519,425 - - 519,425 519,425 497,944 - - - -
Lease liabilities 65,442 AC - - - - - 65,442 - - - -
Trade payables 395,581 AC - - - - - 395,581 - - - -
Other nancial liabilities (current and non-current) 79,175 AC - - - - - 79,175 - - - -
Total 1,038,142
Total 1,040,130
EURk
Fair value Carrying amount 12/31/2020
Carrying amount
12/31/20
Classication
under
IFRS 9
Fair value
12/31/2020
Level 1 Level 2 Level 3 Total AC
Amortised
Cost
FVOCI
Fair Value
through OCI
FVOCI
Fair Value
through OCI
(without
recycling)
FVPL
Fair Value
through P&L
Fair Value
- hedging
instruments
Financial liabilities measured at fair value
Fair value - hedging instruments
Other nancial liabilities - derivatives with negative market value
(no hedging relationship)
245 FVPL 245 - 245 - 245 - - - 245 -
Other nancial liabilities - derivatives with negative market value that have already been
assigned to receivables
748 FVPL 748 - 748 - 748 - - - - 748
Other nancial liabilities - derivatives with negative market value
(cash ow hedge)
2,085 FVOCI 2,085 - 2,085 - 2,085 - - - - 2,085
Total 3,078
Financial liabilities not measured at fair value
At amortized cost
Interest-bearing liabilities 468,956 AC 495,649 - - 495,649 495,649 468,956 - - - -
Lease liabilities 61,727 AC - - - - - 61,727 - - - -
Trade payables 262,099 AC - - - - - 262,099 - - - -
Other nancial liabilities (current and non-current) 54,975 AC - - - - - 54,975 - - - -
Total 847,757
Total 850,835
178
The net prot or loss from the nancial instruments by IFRS 9 measurement category includes net gains/losses, total interest income/expenses and
impairment losses and is made up as follows:
2021 From
Interest
From subsequent
measurement
to fair value
From
allowance
From
disposal
income
From foreign
exchange
valuation
Net income
(total)
EURk
Financial assets -
amortized cost (AC)
1,865 0 -122 0 8,484 10,227
Fair Value through OCI (FVOCI) -
equity instruments
0 0 0 0 0 0
Fair Value through PL (FVPL) -
equity instruments
0 365 0 0 0 365
Other nancial liabilities - amortized cost (AC) -12,487 0 0 0 0 -12,487
Total -10,622 365 -122 0 8,484 -1,895
2020 From
Interest
From subsequent
measurement
to fair value
From
allowance
From
disposal
income
From foreign
exchange
valuation
Net income
(total)
EURk
Financial assets -
amortized cost (AC)
1,629 0 -1,087 -494 -2,158 -2,110
Fair Value through OCI (FVOCI) -
equity instruments
0 -2 0 0 0 -2
Fair Value through PL (FVPL) -
equity instruments
0 -262 0 0 0 -262
Other nancial liabilities - amortized cost (AC) -14,555 0 0 0 0 -14,555
Total -12,926 -264 -1,087 -494 -2,158 -16,929
Changes in allowances and the derecognition of nancial assets (amortized cost) are disclosed in other operating expenses for the relevant overhead
areas. The remaining components of the net result are included in nancial income and nancial expenses, respectively.
44. SET-OFF OF FINANCIAL ASSETS AND LIABILITIES
The group enters into set-off agreements with banks in connection with derivatives. Generally, the amounts owed under such agreements by each
counterparty on a given day for all outstanding transactions in the same currency are aggregated into a single net amount payable by one party to the
other. In certain cases – e.g. when a credit event such as a default occurs – all outstanding transactions under the agreement are terminated, their
value as of termination is determined, and only a single net amount is payable for settling all transactions. These items are not set off in the balance
sheet, as such, as the net set-off of multiple transactions under the same framework agreements does not generally occur.
The tables below show nancial assets and liabilities that have actually been offset along with amounts that are subject to a set-off agreement but
which have not been offset, as they do not fulll the criteria for set-off prescribed under IFRS.
179
ANNUAL REPORT 2021
EURk
Financial
assets (gross)
Offset balance
items (gross)
Accounted
nancial
assets (net)
Effect of
general
offsetting
agreements
Net amounts
Financial assets 2021
Other nancial assets - Derivatives with positive
market value that have already been assigned to
receivables
Forward currency transactions 385 0 385 -341 44
Interest rate swaps 3,026 0 3,026 0 3,026
Total 3,411 0 3,411 -341 3,070
Financial assets 2020
Other nancial assets - Derivatives with positive
market value that have already been assigned to
receivables
Forward currency transactions 2,195 0 2,195 -85 2,110
Total 2,195 0 2,195 -85 2,110
EURk
Financial
assets (gross)
Offset balance
items (gross)
Accounted
nancial
assets (net)
Effect of
general
offsetting
agreements
Net amounts
Financial liabilities 2021
Other nancial liabilities - Derivatives with negative
market value that have already been assigned to
receivables
Forward currency transactions 1,940 0 1,940 -341 1,599
Interest rate swaps 48 0 48 0 48
Total 1,988 0 1,988 -341 1,647
Financial liabilities 2020
Other nancial liabilities - Derivatives with negative
market value that have already been assigned to
receivables
Forward currency transactions 1,933 0 1,933 -85 1,849
Interest rate swaps 1,145 0 1,145 0 1,145
Total 3,078 0 3,078 -85 2,994
180
45. HEDGES
The group enters into derivative nancial instruments (foreign currency forwards and interest rate swaps) to hedge foreign currency and interest rate
risk. The aim of using derivative nancial instruments is to offset uctuations in cash ows from future transactions. Expected revenues in foreign
currencies serve as the basis for planning future cash ows.
The group only recognizes changes in the spot rate component of forward currency transactions as a hedging instrument in cash ow hedges. The
change in the forward component is accounted for separately as a cost of hedging and transferred to a reserve for hedging costs in equity or
reclassied in the income statement if the hedged item affects prot or loss (as part of the nancial result).
Derivatives are generally measured at fair value in accordance with IFRS 9. The KTM group applies the rules for cash ow hedge accounting dened by
IFRS 9 to these derivative nancial instruments.
However, the main contractual criteria of the hedged item and the hedging instrument are identical but oppositely structured (“critical terms match”),
ensuring an economic context for the hedging relationship. As of December 31
st
2021 (as in the previous year as well), there were no derivative nan-
cial instruments for which no hedging relationships could be established.
A cash ow hedge is present if variable cash ows from recognized assets and/or liabilities or forecast business transactions that are subject to a
market price risk are being hedged. If the requirements for a cash ow hedge are met, the effective portion of the change in the market value of
hedging instruments must be recognized directly in consolidated equity. However, it is not recognized in prot or loss until the hedged transaction
occurs. Where foreign currency hedges are used, subsequent changes in the market value of the derivatives are recognized in prot or loss. From that
date, the change in the market value can be compared to the end-of-period closing rate of the foreign currency trade payables or foreign currency
trade receivables. Any changes in earnings that are caused by the ineffectiveness of derivative nancial instruments are recognized in prot or loss in
the consolidated income statement.
To measure the effectiveness of a currency hedge, the hedged items and the hedging transactions are grouped together in so-called maturity bands
according to the hedged risk. The maturity bands should not cover more than one quarter-year. The prospective effectiveness is assessed at the in-
ception of the hedging relationship and reviewed at each measurement date as well as in the event of a signicant change in the circumstances that
affect the criteria for assessing effectiveness. In the case of interest rate hedges, prospective effectiveness is measured using a sensitivity analysis
and retrospective effectiveness testing is performed using the dollar offset approach.
Derivatives are measured at fair value. The fair value is the market value and is determined using accepted methods of nancial mathematics.
The basis for measuring the derivatives is the market data (interest rate, exchange rates, etc.) prevailing on the reporting date. The forward rate
appli cable on the reporting date is used for measuring forward currency transactions. In the case of positive market values, the credit rating of the
counter party is included in the measurement by means of a credit value adjustment (CVA). In the case of negative market values, a debit value ad-
justment (DVA) is deducted in order to account for the group‘s own risk of default. Special models are used to estimate the measurement. They are
checked for plausibility by means of bank valuations.
181
ANNUAL REPORT 2021
The following derivative nancial instruments used as hedging instruments were employed as of December 31
st
2021 and December 31
st
2020,
respectively:
12/31/2021 Currency Notional amount
in 1000
local currency
Market
values
in EURk
Exposures
in EURk
Term
up to 1
year
Average
foreign
exchange
rate
Term
1 - 5
years
Average
foreign
exchange
rate
Forward currency
transactions
USD 60,000 -787 46,156 60,000 0.77 -
-
JPY 600,000 30 -35,946 600,000 65.79 -
-
CAD 49,000 116 68,080 49,000 - -
-
GBP 38,000 -411 88,909 38,000 0.85 -
-
CHF 19,744 -133 36,270 19,744 1.04 -
-
AUD 51,000 -418 83,157 51,000 1.58 -
-
NZD 14,000 48 15,975 14,000 1.67 -
-
Notional amount
in 1000
local currency
Market
values
in EURk
Exposures
in EURk
Term
up to 1
year
Average
interest rate
Term
1 - 5
years
Average
interest rate
Interest rate swaps
166,144 2,979 0 893 2.11% 165,221 0.25%
12/31/2020 Currency Notional amount
in 1000
local currency
Market
values
in EURk
Exposures
in EURk
Term
up to 1
year
Average
foreign
exchange
rate
Term
1 - 5
years
Average
foreign
exchange
rate
Forward currency
transactions
USD 20,000 1,999 117,755 20,000 1,09 -
-
JPY 4,266,000 -840 -7,354 4,266,000 123.47 -
-
CAD 0 0 40,884 0 - -
-
GBP 17,000 168 78,226 17,000 0.89 -
-
CHF 8,200 25 22,224 8,200 1.08 -
-
AUD 50,000 -745 95,173 50,000 1.63 -
-
NZD 8,000 -60 12,248 8,000 1.73 -
-
PLN 0 0 15,155 0 - -
-
ZAR 0 0 12,912 0 - -
-
CNY 0 0 -5,743 0 - -
-
Notional amount
in 1000
local currency
Market
values
in EURk
Exposures
in EURk
Term
up to 1
year
Average
interest rate
Term
1 - 5
years
Average
interest rate
Interest rate swaps
108,167 -1,145 0 893 2.11% 107,275 0.39%
182
In cash ow hedge accounting, both variable future cash ows arising from non-current liabilities with maturity dates up to 2024 or up to 2026 and
future operating cash ows (receipts as well as payments) planned for the next twelve months are hedged.
At the reporting date, the amounts relating to items designated as hedged items were as follows.
EURk Cash ow
hedge reserve
Costs of hedging
hedge reserve
Balances remaining in the cash ow hedge
reserve from hedging relationships for which
hedge accounting is no longer applied
12/31/2021
Foreign currency risk
Sales and receivables -1,242 486 0
Inventory purchases 144 0 0
Interest rate risk
Variable-rate instruments 1,985 0 0
Total 887 486 0
12/31/2020
Foreign currency risk
Sales and receivables 22 -102 0
Inventory purchases -154 0 0
Interest rate risk
Variable-rate instruments -806 0 0
Total -938 -102 0
The hedging transactions designated as of the reporting date are composed of the following:
EURk
Nominal amount Carrying amount Line item in the statement of nancial position
Assets Liabilities
where the hedging instrument is included
12/31/2021
Foreign currency risk
Foreign currency forwards -
sales and receivables
183,302 349 -1,934 Other current assets,
other current liabilities
Foreign currency forwards -
inventory purchases
4,615 36 -6 Other current assets,
other current liabilities
Interest rate risk
Interest rate swaps 166,114 3,026 -48 Other current liabilities
Total 354,031 3,411 -1,988
183
ANNUAL REPORT 2021
EURk
Nominal amount Carrying amount Line item in the statement of nancial position
Assets Liabilities
where the hedging instrument is included
12/31/2020
Foreign currency risk
Foreign currency forwards -
sales and receivables
78,620 2,193 -806 Other current assets,
other current liabilities
Foreign currency forwards -
inventory purchases
34,128 1,660 -2,500 Other current assets,
other current liabilities
Interest rate risk
Interest rate swaps 108,167 0 -1,145 Other current liabilities
Total 220,915 3,853 -4,451
The cash ow hedge reserve and the reserve for hedging costs (after taxes) developed as follows:
EURk Reserve for
hedging costs
Cash ow
hedge reserve
Total
As of 1/1/2020 -314 278 -36
Amount reclassied to the income statement
Realization of hedged item (recognized in revenues - currency risk) 0 -220 -220
Realization of hedged item (recorded in net interest income - currency risk) 314 0 314
Realization of hedged item (recorded in net interest income - interest rate risk) 0 215 215
Inventories
Realization of hedged item (recorded in inventories / production costs -
currency risk)
0 -71 -71
Change in fair value
Addition - interest rate risk 0 -887 -887
Addition - currency risk -102 -253 -355
Cash ow hedge reserve from initial consolidation 0 0 0
Balance as af 12/31/2020 = balance as of 1/1/2021 -102 -938 -1,040
184
EURk Reserve for
hedging costs
Cash ow
hedge reserve
Total
Amount reclassied to the income statement
Realization of hedged item (recognized in revenues - currency risk) 0 -1,265 -1,265
Realization of hedged item (recorded in net interest income - currency risk) 102 0 102
Realization of hedged item (recorded in net interest income - interest rate risk) 0 373 373
Inventories
Realization of hedged item (recorded in inventories / production costs -
currency risk)
0 156 156
Change in fair value
Addition - interest rate risk 0 2,417 2,417
Addition - currency risk 486 143 629
Cash ow hedge reserve from initial consolidation 0 0 0
As of 12/31/2021 486 886 1,372
As of December 31
st
2020, ineffective components of the derivative nancial instruments classied as cash ow hedges yielded a net result (after
taxes) of EUR0k (previous year: EUR0k).
FORWARD CURRENCY TRANSACTIONS
The PIERER Mobility Group enters into forward currency transactions to hedge intended future revenue and cost of materials denominated in foreign
currency against the risk of exchange rate uctuations.
INTEREST RATE SWAPS
In order to control the interest rate risk in relation to variable euro interest rates, amortizing interest rate swaps with a nominal value of EUR 50,000k
and a term of 10 years were entered into during the 2021 nancial year. In 2020, USD interest rate swaps with a nominal value of USD 130,000k and a
term of 5 years were concluded to hedge variable USD nancing.
As of December 31
st
2021, the outstanding notional amount was EUR 166,114k (previous year: EUR 108,167k).
In the 2021 nancial year, EUR -365k (previous year: EUR 262k) from the measurement of interest rate swaps were recorded in the income statement.
46. CAPITAL MANAGEMENT
The aim of the group is to preserve a strong capital structure in order to maintain investor, creditor and market condence and to ensure the
company’s sustainable development. The Executive Board regularly monitors the return on capital as well as the amounts of the dividends that will
be paid to the holders of ordinary shares.
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 the
local requirements. The principal key gures used for capital management control are equity ratio, net nancial debt, gearing and the dynamic debt
level. Some loan agreements include nancial covenants regarding the equity ratio and dynamic debt level, non-compliance with which would lead to a
premature repayment of the nancial liabilities. All nancial covenants were met in the reporting year.
185
ANNUAL REPORT 2021
The equity ratio is as follows:
EURk 12/31/2021 12/31/2020
Equity 765,551 654,119
Balance sheet total 2,033,719 1,686,034
Equity ratio 37.6% 38.8%
The net nancial debt is dened on the basis of the current and non-current nancial liabilities (bonds, loans, lease liabilities and other inter-
est-bearing liabilities) minus cash and cash equivalents. The objectives in this regard are to secure liquidity in the long term, the efcient use of
external nancing, and minimizing the nancial risk while simultaneously optimizing returns.
EURk 12/31/2021 12/31/2020
Non-current nancial liabilities 506,539 456,089
Current nancial liabilities 56,847 74,594
563,386 530,683
Cash and cash equivalents -373,509 -218,270
Net nancial debt 189,877 312,413
The key gures of “gearing” (ratio of net debt to equity) and “dynamic debt level” (ratio of net nancial debt to EBITDA) for monitoring the capital
are as follows:
EURk 12/31/2021 12/31/2020
Equity 765,551 654,119
Net nancial debt 189,877 312,413
Gearing 24.8% 47.8%
EURk 12/31/2021 12/31/2020
Net nancial debt 189,877 312,413
EBITDA 332,202 233,530
Dynamic debt level 0.6 1.3
IX. LEASES
47. LEASES AS LESSEE (IFRS 16)
The PIERER Mobility Group has concluded rental and lease agreements for the use of land, operating and administrative buildings, or ofce space and
storage areas, machines (including CNC machines) and in respect of the vehicle eet.
The PIERER Mobility Group also leases IT equipment with contractual terms of between one and ve years. These rental and lease agreements are
short-term and/or for items of low value. The group has exercised the option under IFRS 16.5-.8 and has not recognized any rights of use or leasing
liabilities for these rental and lease agreements.
186
Since the 2016 nancial year, leasing contracts have been concluded for tools (special leasing) and machines with terms of 3-10 years.
Rights of use and leasing liabilities
The carrying value of the rights of use is as follows:
EURk Land and buildings Technical plant and
machinery
Fixtures and tting,
tools and equipment
(incl. Motor vehicles)
TOTAL
2021
As of 1/1 29,991 16,180 13,891 60,062
- Depreciation and amortization -8,399 -5,429 -6,480 -20,308
+ Additions right-of-use assets 8,975 6,792 8,859 24,626
- Disposals right-of-use assets -1,419 0 -285 -1,704
+/- Currency effects, reclassications 121 -16 105 210
Carrying amount as of 12/31/2021 29,269 17,527 16,090 62,886
2020
As of 1/1 28,073 15,803 16,303 60,180
- Depreciation and amortization -6,898 -5,668 -6,188 -18,754
+ Additions right-of-use assets 8,905 6,162 4,417 19,484
- Disposals right-of-use assets -45 -115 -547 -707
+/- Currency effects, reclassications -44 -2 -94 -140
Carrying amount as of 12/31/2020 29,991 16,180 13,891 60,062
The cash value of the minimum lease payments is as follows:
EURk Future minimum
lease payments
Interest payments Present value of future
minimum lease payments
2021
Up to 1 year 20,706 797 19,909
Longer than 1 year and up to 5 years 36,336 1,552 34,783
Over 5 years 14,069 3,319 10,750
TOTAL 71,111 5,668 65,442
2020
Up to 1 year 20,285 794 19,491
Longer than 1 year and up to 5 years 34,601 1,558 33,042
Over 5 years 12,693 3,499 9,194
TOTAL 67,579 5,851 61,727
Payment obligations under leases are disclosed in the consolidated statement of nancial position under nancial liabilities, see Note 32.
187
ANNUAL REPORT 2021
Amounts recognized in the income statement and statement of cash ows
2021 - Leases according to IFRS 16 EURk
Interest expenses on lease liabilities 895
Income from sublease of right-of-use assets 208
Expenses relating to short-term leases 3,787
Expenses relating to leases of low-value assets, excluding short-term leases of low-value assets 9,482
2020 - Leases according to IFRS 16 EURk
Interest expenses on lease liabilities 968
Income from sublease of right-of-use assets 213
Expenses relating to short-term leases 3,802
Expenses relating to leases of low-value assets, excluding short-term leases of low-value assets 9,426
The expenses for leases for low-value assets relate to rental and lease agreements for IT equipment.
The statement of cash ows recorded cash outows for leases in the amount of EUR 32,387k (previous year: EUR 32,804k), of which EUR 18,431k
(previous year: EUR 18,821k) are for the repayment of lease liabilities and EUR 13,956k (previous year: EUR 13,983k) are for short-term and lower-val-
ue leases as well as interest expenses and income from subleases of rights of use.
Options for prolongation
Some rental and lease agreements contain options for prolongation, which can be exercised by the group up to one year before the end of the xed
term. Wherever possible, the group seeks to include options for prolongation when concluding new rental contracts and leases in order to ensure oper-
ational exibility. On the date of provision, the group assesses whether the right to exercise options for prolongation is sufciently certain. The group
reassesses whether it is reasonably certain that an option for prolongation will be exercised if a material event or change in circumstances occurs
that is within its control.
48. LEASES AS LESSOR (IFRS 16)
From the lessor‘s perspective, all leases are classied as operating leases, as they are structured in such a way that the PIERER Mobility Group
essentially retains all the risks and opportunities associated with ownership.
This does not include three subleases, which the group has classied as nance leases. These relate to the sublease of buildings, which were reported
as rights of use under property, plant and equipment. One of these three subleases was newly concluded and accounted for in the 2021 nancial year.
In addition, the group recorded interest income on leasing receivables in 2021 in the amount of EUR 8k (previous year: EUR 10k). The leasing
receivables from subleases amounted to EUR 850k as of December 31
st
2021 (previous year: EUR 590k). Of these, EUR 327k (previous year: EUR 293k)
is due in less than one year and EUR 523k (previous year: EUR 297k) in 1-5 years.
188
X. EXPLANATIONS REGARDING RELATED PARTIES AND THE
CORPORATE BODIES
49. RELATED PARTY DISCLOSURES
According to the provisions of IAS 24, details of related party transactions are to be provided.
On the reporting date of December 31
st
2021, 73.32% of the shares of PIERER Mobility AG were held by PIERER BAJAJ AG (formerly: PTW Holding AG),
which is 50.10% owned by Pierer Industrie AG. Furthermore, Pierer Konzerngesellschaft mbH holds 2.58% 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 Stefan Pierer.
Stefan Pierer held the following key positions in the Pierer Konzerngesellschaft mbH Group as at December 31
st
2021:
Chairman of the Executive Board of Pierer Industrie AG, Wels
Chairman of the Executive Board of Pierer Bajaj AG, Wels
Chairman of the Executive Board of PIERER Mobility AG, Wels
Chairman of the Executive Board 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
Chairman of the Supervisory Board of WESTPARK WELS AG, Wels
In the PIERER Mobility Group, transactions with related parties are grouped according to “shareholder-related companies”, “associates” and “other
companies”.
PIERER Mobility AG is part of the same group as Pierer Konzerngesellschaft mbH, the ultimate parent company of the group, and its subsidiaries
and is included within the consolidated nancial statements of that group. All the companies included within the consolidated nancial statements
of Pierer Konzerngesellschaft mbH and controlled by Pierer Konzerngesellschaft mbH are shown as related companies in the “shareholder-related
companies” category.
Associates can be seen from the schedule of equity holdings (see Chapter XII) and concern all investments accounted for using the equity method.
Other companies are dened as all companies controlled by key management. PIERER Mobility AG principally denes key management as members
of the Executive Board and Supervisory Board and, where appropriate, further managers in key positions who may exert a signicant inuence on the
nance and business policy decisions of the group. In addition, family members of key management and their companies are also taken into account.
In the 2021 nancial year and in the previous year, there were no material transactions with related parties (apart from Executive Board and Supervi-
sory Board earnings, see Note 51.). The business transactions with related companies are represented as follows according to the grouping described:
All transactions with related companies were carried out at arm’s length. Material business relationships are disclosed below:
EURk
Shareholder related companies Associated companies Other companies
12/31/2021 12/31/2020 12/31/2021 12/31/2020 12/31/2021 12/31/2020
Receivables
32,013 11,544 11,494 5,118 2,474 2,056
Liabilities
-12,890 -10,390 -2,752 -1,630 -9,849 -609
Revenues
2,551 822 35,291 17,508 17,835 14,858
Expenses
-118,548 -48,915 -32,365 -22,371 -223,712 -143,427
Dividend
-7,372 0 0 0 0 0
189
ANNUAL REPORT 2021
SHAREHOLDER-RELATED COMPANIES:
Since the investment in 2014, PIERER Mobility AG has been a group member of Pierer Konzerngesellschaft mbH, Wels, in accordance with Section9 of
the Austrian Corporate Tax Act (KStG). KTM AG has been a member of this tax group within the meaning of the Austrian Corporate Tax Act since 2017.
The taxable incomes of the group members are allocated to the group parent. The tax compensation between the group parent and each individual
group member was regulated by a group taxation and tax transfer agreement. Tax losses are reserved at the level of the respective subsidiaries and
can be offset at this level against future tax prots.
In the 2021 nancial year, expenses totaling EUR 33,078k were incurred with Pierer Konzerngesellschaft mbH (previous year: EUR 6,925k) and earn-
ings amounting to EUR 2k were incurred (previous year: EUR 822k). Furthermore, as at the reporting date, there were outstanding liabilities amounting
to EUR 8,233k (previous year: EUR 2,920k) and receivables of EUR 257k (previous year: EUR 1k).
Since October 1
st
2018, Pierer Industrie AG has formed a tax group for VAT purposes with the PIERER Mobility Group. As of the reporting date, the
PIERER Mobility Group had receivables totaling EUR 8,933k (previous year: EUR 5,783k), in particular from the tax group settlement with Pierer
Industrie AG.
In the 2021 nancial year, Pierer Bajaj AG received dividends in the amount of EUR 6,762k, Pierer Konzerngesellschaft mbH received dividends in the
amount of EUR 483k and Pierer Industrie AG received dividends in the amount of EUR 128k from PIERER Mobility AG from the previous nancial year.
In the previous year, no dividend was distributed to shareholders by PIERER Mobility AG.
As of December 31
st
2021, KTM North America, Inc., USA had outstanding receivables from PIERER Immoreal North America, LLC., USA, from various
recharges of EUR 3,076k (previous year: EUR679k). In addition, the company was granted a credit facility by KTM AG of USD 40,000k for the construc-
tion of ofce and operating buildings in North America. As of December 31
st
2021, EUR 14,449k of this had been utilized.
Other transactions with shareholder-related companies on the expenses side mainly concern the Pankl Racing Group, which acts as a supplier of
purchased parts for the KTM group. The Pankl Racing Group is part of the Pierer Industrie Group and is controlled via Pankl AG.
ASSOCIATES:
Expenses of EUR14,210k were incurred for services provided by Kiska GmbH during the nancial year (previous year: EUR 12,760k). As of December
31
st
2021, accounts payable to Kiska GmbH were EUR2,572k (previous year: EUR 1,015k). Other expenses relate to transactions with KTM Asia Motor-
cycle Manufacturing Inc. of the Philippines.
Receivables and income from associates largely relate to transactions with KTM Asia Motorcycle Manufacturing Inc. and Zhejiang CFMOTO-KTMR2R
Motorcycles Co.
OTHER COMPANIES:
Cooperation with the Indian Bajaj group has been in place since 2007. The Bajaj group is India’s second largest motorcycle manufacturer in of motor-
cycles and three wheelers, selling approximately 3.9 million units in the last nancial year (reporting date: March 31
st
2021). The cooperation focuses
on the joint development of entry level street motorcycles, which are produced in India and distributed under the “KTM” brand by both companies in
their respective core markets.
The Deputy Chairman of the Supervisory Board of KTM AG, Rajiv Bajaj, is Managing Director and CEO of Bajaj Auto Ltd., Pune, India. Srinivasan
Ravikumar, a member of the Supervisory Board of KTM AG, is a director of Bajaj Auto International Holdings B.V., Amsterdam, Netherlands, and
President of Business Development and Assurance, Bajaj Auto Ltd., Pune, India. Following the simplication of the ownership structure in the 2021
nancial year, Bajaj Auto International Holdings B.V., a subsidiary of Bajaj Auto Ltd., now owns 49.9% of Pierer Bajaj AG, which in turn is the majority
shareholder (73.32%) of PIERER Mobility AG. Bajaj Auto International Holdings B.V had a direct interest of 47.99% in KTM AG in the previous year.
In the course of this restructuring, 161,939 treasury shares in KTM AG were purchased at a purchase price of EUR 179.00 per share from Bajaj Auto
International Holdings B.V. and repurchased with effect from December 18
th
2021. As of December 31
st
2021, there was a liability to Bajaj Auto Ltd. of
EUR 9,681k (previous year: EUR 211k). The expenses in the category “Other companies” also largely relate to Bajaj Auto Ltd.
190
Third-party deliveries of motorcycles and spare parts were made to dealers (KTM Braumandl GmbH, MX - KTM Kini GmbH, SO Regensburg GmbH, KTM
Wien GmbH). Revenues and receivables from other companies mainly relate to transactions with these dealers. The minority interests in the dealers
are held via Pierer Industrie AG.
50. CORPORATE BODIES OF PIERER MOBILITY AG
The following individuals were appointed as members of the Executive Board with collective power of representation:
Stefan P i e r e r , CEO
Friedrich R o i t h n e r , CFO
Hubert T r u n k e n p o l z, CSO
Viktor S i g l, MBA
The following individuals were appointed as members of the Supervisory Board:
Josef B l a z i c e k , Chairman
Dr. Ernst C h a l u p s k y , Deputy Chairman
Klaus R i n n e r b e r g e r
Alfred H ö r t e n h u b e r
51. EXECUTIVE BOARD AND DUPERVISORY BOARD REMUNERATION
The remuneration for the Executive Board 2021of PIERER Mobility AG includes salaries, benets in kind, bonuses, severance payments as well as
payments into the company’s staff severance pay fund and amounted to EUR8,256k (previous year: EUR 4,535k). Furthermore, earnings from previous
periods for members of the Executive Board did not result in any subsequent payment. In addition, there are no agreements regarding a company
retirement scheme for the Executive Board and no pension fund payments were made to the Executive Board in the 2021 nancial year.
It is proposed that the remuneration to be paid to the Supervisory Board of PIERER Mobility AG for the 2021nancial year (payout in the 2022
nancial year) shall amount to a total of EUR73k (previous year: EUR 57k).
No loans or advances have been granted to the members of the Supervisory Board of PIERER Mobility AG as of the reporting date.
XI. EVENTS AFTER THE REPORTING DATE
On January 20
th
2022, the 3
rd
reading in the National Council resolved to reduce the corporate income tax rate to 24% from 2023 and to 23% from
2024 onward. In the coming years, this will have an estimated effect of around EUR 8 million on the assessment of deferred taxes in the form of a
reduction in deferred tax liabilities.
PIERER Mobility AG announced on January 27
th
2022 via a press release that it was applying for the admission of its shares to the ofcial trading
(prime market segment) of the Vienna Stock Exchange. The admission to trading in the prime market of the Vienna Stock Exchange took place on
March 1
st
2022, which means that PIERER Mobility AG is now also listed in the top segment of the Vienna Stock Exchange. As Europe‘s leading
“Powered Two-Wheeler” (PTW) manufacturer with a market capitalization of over EUR 3 billion, the PIERER Mobility Group thus joins the league of the
39 largest and most traded companies on the Vienna Stock Exchange. This step is intended to satisfy the great level of interest among investors in
Austria and abroad. The primary listing of the shares of PIERER Mobility AG (ISIN: AT0000KTMI02) will remain with the SIX Swiss Exchange.
There have been military conicts between Russia and Ukraine since February 24, 2022. PIERER Mobility AG has no investments, other assets or other
signicant business relationships in either country. Therefore, there are no signicant nancial effects on the nancial statements of PIERER Mobility
AG as of December 31, 2021.
191
ANNUAL REPORT 2021
XII. GROUP COMPANIES (SCHEDULE OF EQUITY HOLDINGS)
The schedule of equity holdings comprises all companies that have been included in the consolidated nancial statements in addition to the parent
companies.
Company
Initial
consolidation
date
12/31/21 12/31/20
Interest
%
Consolidation
type
Interest
%
Consolidation
type
Fully consolidated companies
KTM AG, Mattighofen 5/31/2005 99.75 FC 51.71 FC
KTM Immobilien GmbH, Mattighofen 5/31/2005 99.75 FC 51.71 FC
KTM North America, Inc., Amherst, Ohio, USA 5/31/2005 99.75 FCA 51.71 FCA
KTM-Motorsports Inc., Murrieta, CA, USA 5/31/2005 99.75 FCA 51.71 FCA
KTM Japan K.K., Tokyo, Japan 5/31/2005 99.75 FCA 51.71 FCA
KTM-Racing AG, Frauenfeld, Switzerland 5/31/2005 99.75 FCA 51.71 FCA
KTM Sportcar GmbH, Mattighofen 5/31/2005 99.75 FC 51.71 FC
KTM Motorcycles S.A. Pty. Ltd., Midrand, South Africa 3/1/2009 99.75 FCA 51.71 FCA
KTM Sportmotorcycle Mexico C.V. de S.A., Lerma, Mexico 6/1/2009 99.75 FCA 51.71 FCA
KTM Sportmotorcycle GmbH, Mattighofen 3/31/2011 99.75 FC 51.71 FC
KTM-Sportmotorcycle India Private Limited, Pune, India 6/1/2012 99.75 FCA 51.71 FCA
Husqvarna Motorcycles GmbH, Mattighofen 1/1/2013 99.75 FC 51.71 FC
KTM Sportmotorcycle Deutschland GmbH, Ursensollen,
Germany
12/31/2013 99.75 FCA 51.71 FCA
KTM Switzerland Ltd., Frauenfeld, Switzerland 12/31/2013 99.75 FCA 51.71 FCA
KTM Sportmotorcycle UK Ltd., Northamptonshire, UK 12/31/2013 99.75 FCA 51.71 FCA
KTM-Sportmotorcycle Espana S.L., Terrassa, Spain 12/31/2013 99.75 FCA 51.71 FCA
KTM Sportmotorcycle France SAS, Saint-Priest, France 12/31/2013 99.75 FCA 51.71 FCA
KTM Sportmotorcycle Italia S.r.l., Meran, Italy 12/31/2013 99.75 FCA 51.71 FCA
KTM-Sportmotorcycle Nederland B.V., Malden, Netherlands 12/31/2013 99.75 FCA 51.71 FCA
KTM Sportmotorcycle Scandinavia AB, Örebro, Sweden 12/31/2013 99.75 FCA 51.71 FCA
KTM-Sportmotorcycle Belgium S.A., Gembloux, Belgium 12/31/2013 99.75 FCA 51.71 FCA
KTM Canada Inc., Chambly, Canada 12/31/2013 99.75 FCA 51.71 FCA
KTM Hungária Kft., Budapest, Hungary 12/31/2013 99.75 FCA 51.71 FCA
KTM Central East Europe s.r.o., Bratislava, Slovakia 12/31/2013 99.75 FCA 51.71 FCA
KTM Österreich GmbH, Mattighofen 12/31/2013 99.75 FC 51.71 FC
KTM Nordic Oy, Vantaa, Finland 12/31/2013 99.75 FCA 51.71 FCA
KTM Sportmotorcycle d.o.o., Marburg, Slovenia 12/31/2013 99.75 FCA 51.71 FCA
KTM Czech Republic s.r.o., Pilsen, Czech Republic 12/31/2013 99.75 FCA 51.71 FCA
KTM Sportmotorcycle SEA PTE. Ltd., Singapore, Singapore 1/1/2014 99.75 FCA 51.71 FCA
Husqvarna Motorcycles Deutschland GmbH, Ursensollen,
Germany
12/31/2013 - - 51.71 FCA
Husqvarna Motorcycles North America, Inc., Murrieta, CA,
USA
12/1/2013 99.75 FCA 51.71 FCA
Husqvarna Motorsports, Inc., Murrieta, CA, USA 4/1/2015 99.75 FCA 51.71 FCA
Husqvarna Motorcycles S.A. Pty. Ltd., Northriding, South
Africa
4/1/2015 99.75 FCA 51.71 FCA
192
Company
Initial
consolidation
date
12/31/21 12/31/20
Interest
%
Consolidation
type
Interest
%
Consolidation
type
KTM Logistikzentrum GmbH, Mattighofen 9/16/2016 99.75 FC 51.71 KVI
WP Suspension GmbH, Mattighofen 11/30/2016 99.75 FC 51.71 FC
KTM Sportmotorcycle MEA DMCC, Dubai 11/30/2016 - - 51.71 FCA
WP Suspension North America, Inc., Murrieta, CA, USA 8/31/2017 99.75 FCA 51.71 FCA
KTM do Brasil Ltda., Sao Paulo, Brazil 12/31/2017 99.75 FCA 51.71 FCA
KTM Components GmbH, Munderng 11/30/2007 99.75 FC 51.71 FC
WP Immobilien GmbH, Munderng 4/30/2005 99.75 FC 51.71 FC
KTM Beteiligungs GmbH, Mattighofen 4/30/2018 99.75 FC 51.71 FC
KTM Australia Holding Pty Ltd., Prestons, Australia 7/1/2019 99.75 FCA 51.71 FCA
KTM Australia Pty Ltd., Prestons, Australia 7/1/2019 99.75 FCA 51.71 FCA
HQVA Pty Ltd., Prestons, Australia 7/1/2019 99.75 FCA 51.71 FCA
KTM Motorcycles Distributers NZ Limited Wellington Central,
New Zealand
7/1/2019 99.75 FCA 51.71 FCA
Cero Design Studio S.L., Barcelona, Spain 10/1/2019 49.88 FCA 25.86 FCA
GASGAS Motorcycles GmbH, Mattighofen 10/31/2019 99.75 FC 51.71 FC
GASGAS Motorcycles Espana S.L.U. (formerly:
Canepa Investments S.L.), Terrassa, Spain
1/1/2020 99.75 FCA 51.71 FCA
KTM MOTOHALL GmbH, Mattighofen 1/1/2020 89.78 FC 46.54 FC
KTM Racing GmbH, Mattighofen 2/29/2020 99.75 FC 51.71 FC
KTM Forschungs & Entwicklungs GmbH, Mattighofen,
Austria
3/31/2021 99.75 FC - -
PIERER E-Bikes GmbH, Munderng 2/25/2020 100.00 FC 100.00 FC
bikes&wheels 2 Radhandels GmbH (formerly: (4) SPORTS
GmbH), Wels
4/30/2020 - - 100.00 FC
PIERER E-Bikes Deutschland GmbH (formerly:
PEXCO GmbH), Schweinfurt, Germany
12/31/2019 100.00 FCA 100.00 FCA
PIERER E-Bikes Suisse GmbH (formerly: bikes&wheels
Suisse GmbH), Frauenfeld, Switzerland
12/31/2019 100.00 FCA 100.00 FCA
PEXCO France SAS, Saint-Priest, France 12/31/2019 - - 100.00 FCA
PIERER E-Bikes Espana S.L. (formerly: bikes&wheels
2RUEDAS Espana S.L.), Terrassa, Spain
12/31/2013 100.00 FCA 100.00 FCA
PIERER E-Bikes France SAS (formerly: bikes&wheels France
SAS), Saint-Priest, France
12/31/2013 100.00 FCA 100.00 FCA
PIERER E-Bikes Italia S.r.l. (formerly: bikes&wheels Italia
S.r.l.), Meran, Italy
12/31/2013 100.00 FCA 100.00 FCA
PIERER E-Bikes Scandinavia AB (formerly: bikes&wheels
Scandinavia AB), Örebro, Sweden
12/31/2013 100.00 FCA 100.00 FCA
PIERER E-Bikes North America Inc. (formerly: bikes&wheels
North America Inc.), Murrieta, CA, USA
10/1/2020 100.00 FCA 100.00 FCA
PIERER E-Bikes UK Ltd. (formerly: Husqvarna Motorcycles
UK Ltd.), Northamptonshire, UK
1
)
12/31/2013 100.00 FCA 51.71 FCA
PIERER E-Bikes Benelux, Gembloux, Belgium 11/29/2021 100.00 FCA - -
Felt GmbH, Munich, Germany 11/17/2021 100.00 FCA - -
PIERER & MAXCOM MOBILITY OOD, Plovdiv, Bulgaria 7/21/2021 50.00 FCA - -
HDC GmbH (formerly: PF Beteiligungsverwaltungs GmbH), Wels 12/31/2016 100.00 FC 100.00 FC
KTM E-Technologies GmbH (formerly: KTM Technologies GmbH),
Anif
10/1/2019 100.00 FC 74.00 FC
193
ANNUAL REPORT 2021
Company
Initial
consolidation
date
12/31/21 12/31/20
Interest
%
Consolidation
type
Interest
%
Consolidation
type
KTM Innovation GmbH, Wels 3/31/2018 100.00 FC 100.00 FC
Avocodo GmbH, Linz 4/30/2019 100.00 FC 100.00 FC
Platin 1483. GmbH, Schweinfurt, Germany 12/31/2019 100.00 FCA 100.00 FCA
DealerCenter Digital GmbH, Landshut, Germany 7/31/2021 75.46 FCA 45.00 IEA
Associated companies:
KTM Asia Motorcycle Manufacturing Inc., Binan, Laguna,
Philippines
- 39.90 IEA 17.58 IEA
Zhejiang CFMOTO-KTMR2R Motorcycles Co., Ltd., Hangzhou
City, Zhejiang, China
- 48.88 IEA 25.34 IEA
Kiska GmbH, Anif - 50.00 IE 50.00 IE
Other non-current nancial assets:
Wethje Immobilien GmbH, Vilshofen-Pleinting, Germany - - - 6.00 -
AC styria Mobilitätscluster GmbH, Grambach - 12.33 - 12.33 -
1)
held via the KTM Group in the previous year
Legend:
FC Full consolidation, domestic FCA Full consolidation, foreign
IE Inclusion at equity, domestic IEA Inclusion at equity, foreign
XIII. APPROVAL OF THE CONSOLIDATED FINANCIAL
STATEMENTS
The consolidated nancial statements were approved by the Executive Board on March 22
nd
2022 (previous year: March 23
rd
2021) for review by the
Supervisory Board, for submission to the annual general meeting and for subsequent publication. Within the scope of the review it is required to
perform, the Supervisory Board may require changes to be made to the consolidated nancial statements.
Wels, March 11
th
2022
The Executive Board of PIERER Mobility AG
Stefan Pierer Friedrich Roithner Hubert Trunkenpolz Viktor Sigl
194
REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS
AUDIT OPINION
We have audited the consolidated nancial statements of
PIERER Mobility AG, Wels, Austria,
and its subsidiaries („the Group“), which comprise the consolidated statement of nancial position as at 31 December 2021, and the consolidated
income statement and consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of
cash ows for the year then ended, and the notes to the consolidated nancial statements.
In our opinion, the consolidated nancial statements comply with the legal requirements and present fairly, in all material respects, the consolidated
nancial position of the Group as at 31 December 2021, and its consolidated nancial performance and consolidated cash ows for the year then
ended in accordance with International Financial Reporting Standards (IFRSs) as adopted by the EU, and the additional requirements pursuant to
Section 245a UGB (Austrian Commercial Code).
BASIS FOR OUR OPINION
We conducted our audit in accordance with the EU Regulation 537/2014 („AP Regulation“) and Austrian Standards on Auditing. These standards re-
quire the audit to be conducted in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further
described in the „Auditor’s Responsibilities“ section of our report. We are independent of the audited Group in accordance with Austrian company law
and professional regulations, and we have fullled our other responsibilities under those relevant ethical requirements. We believe that the audit evi-
dence we have obtained up to the date of the auditor’s report is sufcient and appropriate to provide a basis for our audit opinion on this date.
KEY AUDIT MATTERS
Key audit matters are those matters that, in our professional judgment, were of most signicance in our audit of the consolidated nancial state-
ments. These matters were addressed in the context of our audit of the consolidated nancial statements as a whole, however, we do not provide a
separate opinion thereon.
RECOGNITION OF DEVELOPMENT COSTS
Refer to note 22
Risk for the Consolidated Financial Statements
In the consolidated nancial statements of PIERER Mobility AG, development costs of EUR 353 million are reported under the balance sheet item
„Intangible assets“ and therefore represent a signicant portion of the group‘s assets. According to IAS 38, the Group recognizes research costs are
as expenses, while development costs for future serial products are capitalized if the capitalization requirements according to IAS 38.57ff. are ful-
lled.
The main requirments for recognizing development costs as assets are the feasibility of the development projects (including the possibility of technical
realization, the intention to complete and the ability to use) and the expected achievement of future economic benets. The complexity of research
and development projects is increasing due to the group’s technology leadership as the leading powered two-wheeler manufacturer in Europe and the
associated new development projects (including investments in electromobility and a range of zero-emission products). The assessment of project
feasibility plays an important role in this context and is subject to discretionary decicions by management.
In addition to meeting the recognition requirements in accordance with IAS 38.57ff. the recording of time and cost for development projects also plays
an important role in accuratley calculating development costs.
AUDITOR’S REPORT
ANNUAL REPORT 2021
195
Our Response
We assessed the recognition of development costs as follows:
We obtained an understanding of managements process for the distinction between research and development costs and the evaluation of the
recognition requirements of development costs according to IAS 38.57ff.
We evaluated the design, establishment and effectiveness of management‘s process-related controls over the capitalization of development costs,
including review of management‘s project feasibility documentation.
We assessed, on the basis of random samples, whether a proper distinction has been made between research and development costs capitalized as
intangible assets.
We evaluated, on a sample basis, the adequacy of capitalized expenses by reconciling material costs, overheads and accumulated engineering hours
to external invoices and internal timesheets and payslips.
OTHER INFORMATION
Management is responsible for other information. Other information is all information provided in the annual report, other than the consolidated
nancial statements, the group management report and the auditor’s report. Until the date of this report we have received the following chapters of
the annual report: corporate governance report and report of the supervisory board. The remaining parts of the annual report will probably be made
available to us after this date.
Our opinion on the consolidated nancial statements does not cover other information and we do not provide any kind of assurance thereon.
In conjunction with our audit, it is our responsibility to read this other information and to assess whether, based on knowledge gained during our audit,
it contains any material inconsistencies with the consolidated nancial statements or any apparent material misstatement of fact.
If, on the basis of our work on the other information obtained before the date of the auditor‘s report, we conclude that there is a material misstatement
of fact in other information, we must report that fact. We have nothing to report in this regard.
RESPONSIBILITIES OF MANAGEMENT AND THE AUDIT COMMITTEE FOR THE
CONSOLIDATED FINANCIAL STATEMENTS
Management is responsible for the preparation and fair presentation of the consolidated nancial statements in accordance with International Finan-
cial Reporting Standards (IFRSs) as adopted by the EU, the additional requirements pursuant to Section 245a UGB (Austrian Commercial Code) and
for such internal controls as management determines are necessary to enable the preparation of consolidated nancial statements that are free from
material misstatement, whether due to fraud or error.
Management is also 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 intents 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 nancial reporting process.
196
AUDITOR’S RESPONSIBILITIES
Our objectives are to obtain reasonable assurance about whether the consolidated nancial statements as a whole are free from material misstate-
ment, whether due to fraud or error, and to issue an auditor’s report that includes our audit opinion. Reasonable assurance represents a high level of
assurance, but provides no guarantee that an audit conducted in accordance with the AP Regulation and Austrian Standards on Auditing (and there-
fore ISAs), will always detect a material misstatement, if any. Misstatements may result from fraud or error and are considered material if, individually
or in aggregate, they could reasonably be expected to inuence the economic decisions of users taken on the basis of these consolidated nancial
statements.
As part of an audit in accordance with the AP Regulation and Austrian Standards on Auditing, we exercise professional judgment and maintain profes-
sional skepticism throughout the audit.
Moreover:
We identify and assess the risks of material misstatement in the consolidated nancial statements, whether due to fraud or error, we design and
perform audit procedures responsive to those risks and obtain sufcient and appropriate audit evidence to serve as a basis for our audit opinion.
The risk of not detecting material misstatements resulting from fraud is higher than for one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations or override of internal control.
We 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.
We evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by ma-
nagement.
We conclude on the appropriateness of 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 signicant 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 audit report to the respective note in the con-
solidated nancial statements. If such disclosures are not appropriate, we will modify our audit opinion. Our conclusions are based on the audit
evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going
concern.
We evaluate the overall presentation, structure and content of the consolidated nancial statements, including the notes, and whether the consoli-
dated nancial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We obtain sufcient appropriate audit evidence regarding the nancial information of the entities and business activities within the Group to ex-
press an opinion on the consolidated nancial 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, amongst other matters, the planned scope and timing of our audit as well as signicant n-
dings, including any signicant deciencies in internal control that we identify during our audit.
We communicate to the audit committee that we have complied with the relevant professional requirements in respect of our independence, that we
will report any relationships and other events that could reasonably affect our independence and, where appropriate, the related safeguards.
From the matters communicated with the audit committee, we determine those matters that were of most signicance in the audit i.e. key audit
matters. We describe these key audit matters in our auditor’s report unless laws or other legal regulations preclude public disclosure about the
matter or when in very rare cases, we determine that a matter should not be included in our audit report because the negative consequences of
doing so would reasonably be expected to outweigh the public benets of such communication.
196
ANNUAL REPORT 2021
197
REPORT ON OTHER LEGAL REQUIREMENTS
GROUP MANAGEMENT REPORT
In accordance with Austrian company law, the group management report is to be audited as to whether it is consistent with the consolidated nancial
statements and prepared in accordance with legal requirements.
Management is responsible for the preparation of the group management report in accordance with Austrian company law and other legal or regula-
tory requirements.
We have conducted our audit in accordance with generally accepted standards on the audit of group management reports.
Opinion
In our opinion, the group management report is consistent with the consolidated nancial statements and has been prepared in accordance with legal
requirements. The disclosures pursuant to Section 243a UGB (Austrian Commercial Code) are appropriate.
Statement
Based on our knowledge gained in the course of the audit of the consolidated nancial statements and our understanding of the Group and its en-
vironment, we did not note any material misstatements in the group management report.
ADDITIONAL INFORMATION IN ACCORDANCE WITH ARTICLE 10 AP REGULATION
We were elected as auditors at the Annual General Meeting on 29 April 2021 and were appointed by the supervisory board on 29 September 2021 to
audit the nancial statements of Company for the nancial year ending on 31 December 2021.
We have been auditors of the Company, without interruption, since the consolidated nancial statements as at 31 December, 2014.
We declare that our opinion expressed in the „Report on the Consolidated Financial Statements“ section of our report is consistent with our additional
report to the Audit Committee, in accordance with Article 11 AP Regulation.
We declare that we have not provided any prohibited non-audit services (Article 5 Paragraph 1 AP Regulation) and that we have ensured our
independence throughout the course of the audit, from the audited Group.
ENGAGEMENT PARTNER
The engagement partner is Mr Helge Löfer.
Linz, 11 March 2022
KPMG Austria GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft
This report is a translation of the original report in German, which is solely valid.
The consolidated nancial statements together with our auditor‘s opinion may only be published if the
consolidated nancial statements and the group management report are identical with the audited version
attached to this report. Section 281 Paragraph 2 UGB (Austrian Commercial Code) applies.
kpmg
PIE
RER Mobility AG,
Wels
Jahresabschluss
und Lagebericht
zum 31. Dezember 2021
.
zum 31. Dezember 2021PIERER Mobility AG
Bilanz
€
31.12.2021
€
31.12.2020
Aktiva
A. Anlagevermögen
I. Immaterielle Vermögensgegenstände
1. Software 0,03 3.783,10
II. Sachanlagen
1. Betriebs- und Geschäftsausstattung 346.593,64 409.794,51
2. Anlagen in Bau 14.960,00 0,00
361.553,64 409.794,51
III. Finanzanlagen
1. Anteile an verbundenen Unternehmen 1.236.131.439,39 354.277.503,02
2. Ausleihungen an verbundene Unternehmen 250.000,00 6.000.000,00
3. Beteiligungen 9.701.000,00 11.216.570,30
4. Ausleihungen an Unternehmen, mit denen ein Beteiligungsverhältnis
besteht 0,00 150.000,00
5. Wertpapiere (Wertrechte) des Anlagevermögens 206.031,20 206.032,20
1.246.288.470,59 371.850.105,52
1.246.650.024,26 372.263.683,13
B. Umlaufvermögen
I. Forderungen und sonstige Vermögensgegenstände
1. Forderungen aus Lieferungen und Leistungen 12.690,38 11.383,29
2. Forderungen gegenüber verbundenen Unternehmen 58.046.481,81 2.776.328,65
davon aus Lieferungen und Leistungen 3.730.803,41 1.164.926,02
davon sonstige 54.315.678,40 1.611.402,63
davon mit einer Restlaufzeit von mehr als einem Jahr 602.610,42 600.000,00
3. Forderungen gegenüber Unternehmen, mit denen ein
Beteiligungsverhältnis besteht 23.478,00 2.093,75
davon aus Lieferungen und Leistungen 23.478,00 0,00
davon sonstige 0,00 2.093,75
davon mit einer Restlaufzeit von mehr als einem Jahr 0,00 2.093,75
4. sonstige Forderungen und Vermögensgegenstände 510.338,20 517.102,33
davon mit einer Restlaufzeit von mehr als einem Jahr 0,00 17.826,51
58.592.988,39 3.306.908,02
II. Wertpapiere und Anteile
1. sonstige Wertpapiere und Anteile 1.194.288,76 1.194.288,76
€
31.12.2021
€
31.12.2020
Passiva
A. Eigenkapital
I. eingefordertes Grundkapital 33.796.535,00 22.345.334,00
übernommenes Grundkapital 33.796.535,00 22.538.674,00
Nennbetrag eigener Aktien 0,00 -193.340,00
einbezahltes Grundkapital 33.796.535,00 22.345.334,00
II. Kapitalrücklagen
1. gebundene 9.949.093,87 10.142.433,87
2. nicht gebundene 1.091.905.445,97 194.761.621,70
1.101.854.539,84 204.904.055,57
III. Gewinnrücklagen
1. gesetzliche Rücklagen 3.379.653,50 2.253.867,40
IV. Bilanzgewinn 142.257.203,61 98.136.746,73
davon Gewinnvortrag 86.964.079,73 86.242.405,56
1.281.287.931,95 327.640.003,70
B. Rückstellungen
1. Rückstellungen für Abfertigungen 0,00 49.600,00
2. sonstige Rückstellungen 2.539.736,43 3.112.641,38
2.539.736,43 3.162.241,38
C. Verbindlichkeiten
1. Anleihen und Schuldverschreibungen 36.000.000,00 36.000.000,00
davon mit einer Restlaufzeit von bis zu einem Jahr 6.000.000,00 0,00
davon mit einer Restlaufzeit von mehr als einem Jahr 30.000.000,00 36.000.000,00
2. Verbindlichkeiten aus Lieferungen und Leistungen 1.248.570,13 1.225.198,36
davon mit einer Restlaufzeit von bis zu einem Jahr 1.248.570,13 1.225.198,36
3. Verbindlichkeiten gegenüber verbundenen Unternehmen 4.556.490,57 18.183.593,27
davon aus Lieferungen und Leistungen 4.554.193,70 18.180.093,27
davon sonstige 2.296,87 3.500,00
davon mit einer Restlaufzeit von bis zu einem Jahr 4.556.490,57 18.183.593,27
4. Verbindlichkeiten gegenüber Unternehmen, mit denen ein
Beteiligungsverhältnis besteht 0,00 94.152,00
davon aus Lieferungen und Leistungen 0,00 94.152,00
davon mit einer Restlaufzeit von bis zu einem Jahr 0,00 94.152,00
5. sonstige Verbindlichkeiten 948.339,06 991.918,24
davon aus Steuern 0,00 25.061,04
davon im Rahmen der sozialen Sicherheit 1.689,98 29.571,68
davon mit einer Restlaufzeit von bis zu einem Jahr 948.339,06 698.421,42
davon mit einer Restlaufzeit von mehr als einem Jahr 0,00 293.496,82
42.753.399,76 56.494.861,87
Beilage I/1
.
zum 31. Dezember 2021PIERER Mobility AG
Bilanz
€
31.12.2021
€
31.12.2020
Aktiva
III. Guthaben bei Kreditinstituten 16.786.433,45 5.404.275,39
76.573.710,60 9.905.472,17
C. Rechnungsabgrenzungsposten
3.357.333,28 5.127.951,65
Summe Aktiva 1.326.581.068,14 387.297.106,95
€
31.12.2021
€
31.12.2020
Passiva
davon mit einer Restlaufzeit von bis zu einem Jahr 12.753.399,76 20.201.365,05
davon mit einer Restlaufzeit von mehr als einem Jahr 30.000.000,00 36.293.496,82
Summe Passiva 1.326.581.068,14 387.297.106,95
Beilage I/2
.
1.1.2021 bis 31.12.2021PIERER Mobility AG
Gewinn- und Verlustrechnung
€
2021
€
2020
1. Umsatzerlöse 14.106.939,47 13.517.517,79
2. sonstige betriebliche Erträge
a) Erträge aus der Auflösung von Rückstellungen 250.000,00 0,00
b) übrige 24.349,82 45.948,27
274.349,82 45.948,27
3. Aufwendungen für Material und sonstige bezogene
Herstellungsleistungen
a) Aufwendungen für bezogene Leistungen 10.300.519,16 9.339.032,17
4. Personalaufwand
a) Gehälter 44.354,86 1.214.632,09
b) soziale Aufwendungen -21.844,83 318.983,60
aa) Aufwendungen für Abfertigungen und Leistungen an
Mitarbeitervorsorgekassen -48.254,67 15.894,60
bb) Aufwendungen für gesetzlich vorgeschriebene
Sozialabgaben sowie vom Entgelt abhängige Abgaben und
Pflichtbeiträge 22.015,06 282.864,44
22.510,03 1.533.615,69
5. Abschreibungen
a) auf immaterielle Gegenstände des Anlagevermögens und
Sachanlagen
72.973,08 83.686,62
6. sonstige betriebliche Aufwendungen
a) Steuern, soweit sie nicht unter Steuern vom Einkommen
fallen 6.492,04 6.381,23
b) übrige 14.743.799,35 4.279.464,13
14.750.291,39 4.285.845,36
7. Zwischensumme aus Z 1 bis 6 (Betriebsergebnis) -10.765.004,37 -1.678.713,78
8. Erträge aus Beteiligungen 84.512.060,86 14.983.188,00
9. Erträge aus Ausleihungen des Finanzanlagevermögens 2.610,42 1.150,00
davon aus verbundenen Unternehmen 2.610,42 0,00
10. sonstige Zinsen und ähnliche Erträge 114.807,37 133.710,23
davon aus verbundenen Unternehmen 114.177,95 133.070,85
11. Aufwendungen aus Finanzanlagen 16.275.509,22 0,00
davon Abschreibungen auf Finanzanlagen 16.275.509,22 0,00
12. Zinsen und ähnliche Aufwendungen 1.359.895,08 1.456.168,28
13. Zwischensumme aus Z 8 bis 12 (Finanzergebnis) 66.994.074,35 13.661.879,95
14. Ergebnis vor Steuern (Summe aus Z 7 und Z 13) 56.229.069,98 11.983.166,17
15. Steuern vom Einkommen 3.500,00 3.500,00
Beilage I/3
.
1.1.2021 bis 31.12.2021PIERER Mobility AG
Gewinn- und Verlustrechnung
€
2021
€
2020
davon weiterverrechnet vom Gruppenträger 3.500,00 3.500,00
16. Ergebnis nach Steuern 56.225.569,98 11.979.666,17
17. Jahresüberschuss 56.225.569,98 11.979.666,17
18. Auflösung von Kapitalrücklagen 193.340,00 30.703,00
19. Zuweisung zu Gewinnrücklagen 1.125.786,10 116.028,00
20. Gewinnvortrag aus dem Vorjahr 86.964.079,73 86.242.405,56
21. Bilanzgewinn 142.257.203,61 98.136.746,73
Beilage I/4
.
Anhang
PIERER Mobility AG
Anhang
Bilanzierungs- und Bewertungsmethoden
Allgemeine 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 ein Konzernunternehmen iSd § 15 AktG (§ 115 GmbHG) und gehört als verbundenes
Unternehmen gem. § 244 UGB zum Konsolidierungskreis der Pierer Konzerngesellschaft mbH.
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
Beilage I/5
.
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 800,00 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.
Zum 31. Dezember 2021 lag bei den wesentlichen Anteilen an verbundenen Unternehmen kein Anlassfall für
eine Werthaltigkeitsprüfung vor. 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.
Bei der Werthaltigkeitsprüfung ergaben sich keine Abwertungserfordernisse.
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.
Beilage I/6
.
Anhang
PIERER Mobility AG
Rückstellungen
Rückstellungen für Anwartschaften auf Abfertigungen und ähnliche Verpflichtungen
Im Vorjahr wurde die Abfertigungsrückstellung nach anerkannten finanzmathematischen Grundsätzen auf
Basis eines Rechnungszinssatzes von 1,10 % ermittelt. Der Rechnungszinssatz wurde im Vorjahr unter
Berücksichtigung des 13jährigen Konzerndurchschnittszinssatzes in Höhe von 1,04 % und einer
durchschnittlichen Bezugserhöhung von 2,50 % ermittelt. Im Vorjahr wurde das gesetzliche
Pensionsantrittsalter berücksichtigt.
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.
Beilage I/7
.
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
1.1.2021
31.12.2021
Zugänge
Abgänge
Umbuchungen
1.1.2021
31.12.2021
Abschreibungen
Zuschreibungen
Abgänge 1.1.2021
31.12.2021
EUR EUR EUR EUR EUR EUR
Anlagevermögen
Immaterielle Vermögensgegenstände
Software 109 034,82 0,00 105 251,72 3 783,07 0,00 3 783,10
109 034,82 0,00 109 034,79 0,00 0,03
0,00
Sachanlagen
Betriebs- und Geschäftsausstattung 1 334 327,10 5 989,14 924 532,59 69 190,01 71,00 409 794,51
1 340 245,24 71,00 993 651,60 0,00 346 593,64
0,00
Anlagen in Bau 0,00 14 960,00 0,00 0,00 0,00 0,00
14 960,00 0,00 0,00 0,00 14 960,00
0,00
1 334 327,10 20 949,14 924 532,59 69 190,01 71,00 409 794,51
1 355 205,24 71,00 993 651,60 0,00 361 553,64
0,00
Finanzanlagen
Anteile an verbundenen Unternehmen 369 527 503,02 896 117 459,99 15 250 000,00 16 275 508,22 0,00 354 277 503,02
1 267 656 947,61 0,00 31 525 508,22 0,00 1 236 131 439,39
2 011 984,60
Ausleihungen an verbundene Unternehmen 6 000 000,00 100 000,00 0,00 0,00 0,00 6 000 000,00
250 000,00 6 000 000,00 0,00 0,00 250 000,00
150 000,00
Beteiligungen 11 216 570,30 496 414,30 0,00 0,00 0,00 11 216 570,30
9 701 000,00 0,00 0,00 0,00 9 701 000,00
-2 011 984,60
Ausleihungen an Unternehmen, mit denen
ein Beteiligungsverhältnis besteht 150 000,00 0,00 0,00 0,00 0,00 150 000,00
0,00 0,00 0,00 0,00 0,00
-150 000,00
Wertpapiere (Wertrechte) des
Anlagevermögens 266 031,20 0,00 59 999,00 1,00 0,00 206 032,20
266 031,20 0,00 60 000,00 0,00 206 031,20
0,00
387 160 104,52 896 713 874,29 15 309 999,00 16 275 509,22 0,00 371 850 105,52
1 277 873 978,81 6 000 000,00 31 585 508,22 0,00 1 246 288 470,59
0,00
Summe Anlagenspiegel 388 603 466,44 896 734 823,43 16 339 783,31 16 348 482,30 71,00 372 263 683,13
1 279 338 218,87 6 000 071,00 32 688 194,61 0,00 1 246 650 024,26
0,00
Die Finanzanlagen haben sich insbesondere durch folgende Transaktionen verändert:
Mit Einbringungs- und Sacheinlagevertrag vom 19.10.2021 hat die Pierer Bajaj AG (vormals: PTW Holding
AG) 5.042.925 Stk. (46,5%) Aktien der KTM AG in Form einer Kapitalerhöhung in die PIERER Mobility AG
eingebracht. Weiters hat die PIERER Mobility AG im laufenden Geschäftsjahr 199 Stk. Aktien an der KTM
AG, Mattighofen erworben. Die Gesellschaft hält zum Stichtag 99,75% Anteile an der KTM AG, Mattighofen.
Mit Kauf- und Abtretungsvertrag vom 14.6.2021 hat die PIERER Mobility AG 26% Anteile an der KTM
E-Technologies GmbH (nunmehr: KTM Technologies GmbH), Anif erworben und hält somit 100% Anteile an
der Gesellschaft.
Mit Geschäftsanteilskaufvertrag vom 30.06.2021 hat die Gesellschaft 30,46% Anteile an der DealerCenter
Digital GmbH, Neuried, Deutschland, erworben. Die PIERER Mobility AG hält nun zum Stichtag 75,46 %
Anteile an der DealerCenter Digital GmbH.
Beilage I/8
.
Anhang
PIERER Mobility AG
Zum Stichtag hält die Gesellschaft unverändert 100% Anteile an der PIERER E-Bikes GmbH, Munderfing.
Der gesamte Umgründungsmehrwert in Höhe von EUR 57 253 610,76 (Vorjahr: TEUR 57.254) wird dem
Tochterunternehmen KTM AG, Mattighofen, zugeordnet.
Im laufenden Geschäftsjahr erfolgte eine Ausschüttung des Eigenkapitals (Rücklagen und Bilanzgewinn) der
Platin 1483. GmbH. Gleichermaßen wurde der Buchwert der Anteile um EUR 16 275 508,22 abgestockt. Im
laufenden Geschäftsjahr sowie im Vorjahr wurden keine Zuschreibungen auf Anteile an verbundenen
Unternehemen sowie keine Abschreibungen an Wertpapiere (Wertrechte) des Anlagevermögens
vorgenommen.
Forderungen und sonstige Vermögensgegenstände
Die Forderungen gegenüber verbundenen Unternehmen in Höhe von EUR 58 046 481,81 (Vorjahr:
EUR 2 776 328,65) betreffen im Wesentlichen Forderungen aus Dividenenanspruch in Höhe von
EUR 53 393 530,00 (Vorjahr: EUR 0,00), Forderungen aus Finanzierungsdarlehen und sonstige
Verrechnungen in Höhe von EUR 922 148,40 (Vorjahr: EUR 1 611 402,63 ) sowie Forderungen aus
laufenden Verrechnungen EUR 3 730 803,41 (Vorjahr: EUR 1 164 926,02 ).
Die Forderungen gegenüber Unternehmen, mit denen ein Beteiligungsverhältnis besteht, resultieren in Höhe
von EUR 0,00 (Vorjahr: EUR 2 093,75) aus Finanzierungsdarlehen sowie Forderungen aus laufenden
Verrechnungen in Höhe von EUR 23 478,00 (Vorjahr: EUR 0,00).
Die sonstigen Forderungen und Vermögensgegenstände in Höhe von EUR 510 338,20 (Vorjahr:
EUR 517 102,33) betreffen im Wesentlichen Forderungen aus Versicherungsleistungen für ehemalige
Mitarbeitern in Höhe von EUR 299 702,99 (Vorjahr: EUR 293 496,81) sowie Forderungen aus geleisteten
Anzahlungen in Höhe von EUR 148 298,41 (Vorjahr: EUR 173 850,76).
Eingefordertes und einbezahltes Nennkapital (Grundkapital)
Das eingeforderte und einbezahlte Nennkapital (Grundkapital) der Gesellschaft beträgt EUR 33 796 535,00
(Vorjahr: EUR 22 538 674,00) und ist in 33.796.535 Stück (Vorjahr: 22 538 674 Stück) auf Inhaber lautende
nennbetragslose Stückaktien, von denen jede eine gleiche Beteiligung am Grundkapital repräsentiert,
aufgeteilt. Im Geschäftsjahr 2021 wurden die gesamten 193.340 Stück eigene Aktien verkauft. Zum Stichtag
hält die Gesellschaft 0 Stk. (Vorjahr: 193 340 Stk.).
Die Aktien der Gesellschaft notieren an der Frankfurter und an der Schweizer Börse.
Der Vorstand wurde bis 26.04.2023 ermächtigt gemäß § 169 AktG das Grundkapital mit Zustimmung des
Aufsichtsrats um bis zu weitere EUR 11 269 337,00 durch Ausgabe von bis zu 11 269 337 Stück neue, auf
Inhaber oder Namen lautende Stammaktien (Stückaktien) gegen Bar- und/oder Sacheinlage – allenfalls in
mehrere Tranchen – zu erhöhen und die weiteren Einzelheiten der Durchführung der Kapitalerhöhung im
Einvernehmen mit dem Aufsichtsrat festzusetzen. Diese Ermächtigung wurde vom Vorstand der PIERER
Mobility AG zur Durchführung der Sachkapitalerhöhung im Oktober 2021 im Ausmaß von
EUR 11 257 861,00 durch Ausgabe von 11.257.861 Stück auf Inhaber lautende nennbetragslose Stückaktien
ausgenützt.
Am 29.09.2021 beschloss der Vorstand der PIERER Mobility AG das Grundkapital gegen Sacheinlage von
EUR 22.538.674,00 um EUR 11.257.861,00 auf EUR 33.796.535,00 durch Ausgabe von insgesamt
11.257.861 neuen auf Inhaber lautende Stückaktien unter Ausschluss des Bezugsrechts der Aktionäre zu
erhöhen, wobei die Kapitalerhöhung gegen Sacheinlage von 46,5% der Aktien der KTM AG erfolgt. Am
19.10.2021 hat der Aufsichtsrat der PIERER Mobility AG der Sachkapitalerhöhung und dem Ausschluss der
Beilage I/9
.
Anhang
PIERER Mobility AG
Bezugsrechts der Aktionäre zugestimmt.
Die gesetzliche Rücklage wurde im Geschäftsjahr um EUR 1 125 786,10 (Vorjahr: EUR 0,00) erhöht.
Mit Beschlussfassung der Hauptversammlung der PIERER Mobility AG vom 4.10.2019 hat der Vorstand
entschieden, ein Rückkaufprogramm zu lancieren und bis zu 7,404% (entsprechend 20% des Free Floats)
des Grundkapitals zurückzukaufen. Basierend darauf umfasst der beschlossene Rückkauf eigener
Inhaberaktien maximal 1 668 763 Inhaberaktien. Die PIERER Mobility AG hat ihre 193.340 Stk. eigene
Aktien im Geschäftsjahr 2021 verkauft und hält nun keine eigenen Aktien mehr.
Die Veränderung der nicht gebundenen Kapitalrücklagen von EUR 194 761 621,70 um EUR 891 996 720,59
auf EUR 1 091 905 445,97 resultiert einerseits aus dem Verkauf von 193.340 Stk. eigenen Aktien sowie aus
Sachkapitalerhöhung durch Sacheinlage von 5.042.925 Stück KTM AG Aktien durch die Pierer Bajaj AG
(vormals: PTW Holding AG).
Rückstellungen
Zusammensetzung und Entwicklung der Rückstellungen:
Stand 1.1.2021 Verwendung Auflösung Zuweisung
Stand
31.12.2021
EUR EUR EUR EUR EUR
1. Rückstellungen für
Abfertigungen
Rückstellung für
Abfertigungen 49 600,00 49 600,00 0,00 0,00 0,00
2. sonstige Rückstellungen
Rückstellung für nicht
konsumierte Urlaube 58 300,00 58 300,00 0,00 0,00 0,00
Rückstellung für
Sonderzahlungen 122 560,00 122 560,00 0,00 0,00 0,00
Rückstellung für
Zeitguthaben 4 000,00 4 000,00 0,00 0,00 0,00
Rückstellung für
Rechtsberatungskosten 46 671,02 46 671,02 0,00 15 000,00 15 000,00
Rückstellung für
Wirtschaftsprüfung 102 780,00 102 780,00 0,00 176 500,00 176 500,00
Rückstellung für
Steuerberatung 51 440,36 51 440,36 0,00 29 600,00 29 600,00
Sonstige Rückstellungen 2 726 890,00 304 753,57 250 000,00 146 500,00 2 318 636,43
3 112 641,38 690 504,95 250 000,00 367 600,00 2 539 736,43
Summe Rückstellungen 3 162 241,38 740 104,95 250 000,00 367 600,00 2 539 736,43
Die sonstigen Rückstellunge in Höhe von EUR 2 318 636,43 (Vorjahr: EUR 2 726 890,00) beinhalten im
Wesentlichen Rückstellungen für Haftungen und Risiken im Zusammenhang mit dem Beteiligungsportfolio in
Höhe von EUR 2 172 136,43 (Vorjahr: EUR 2 600 000,00) sowie Rückstellung für Aufsichtsratsvergütungen
in Höhe von EUR 67 000,00 (Vorjahr: EUR 57 000,00).
Verbindlichkeiten
Die PIERER Mobility AG hat im Juli 2015 ein Schuldscheindarlehen in Höhe von EUR 56 500 000,00
begeben, welches in Höhe von EUR 44 000 000,00 mit einer Laufzeit von 5 Jahren und in Höhe von
EUR 12 500 000,00 mit einer Laufzeit von 7 Jahre abgeschlossen wurde. Das Schuldscheindarlehen mit
einer Laufzeit von 5 Jahren wurde zur gänze rückgeführt. Vom Schuldscheindarlehen mit einer Laufzeit von 7
Jahren wurde bereits am 16.1.2017 ein Betrag in Höhe von EUR 6 500 000,00 vorzeitig rückgeführt und es
resultiert zum Stichtag ein Betrag in Höhe von EUR 6 000 000,00 mit einem fixen Zinssatz.
Beilage I/10
.
Anhang
PIERER Mobility AG
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 4 556 490,57 (Vorjahr:
EUR 18 183 593,27) betreffen im Wesentlichen eine Verbindlichkeit aus Anteilsverkauf der Platin 1483.
GmbH in Höhe von EUR 371 325,43 (Vorjahr: EUR 16 495 219,53), sowie Verbindlichkeiten aus Lieferungen
und sonstige Leistungen in Höhe von EUR 4 182 868,27 (Vorjahr: EUR 1 684 873,74).
Die Verbindlichkeiten gegenüber Unternehmen, mit denen ein Beteiligungsverhältnis besteht in Höhe von
EUR 0,00 (Vorjahr: EUR 94 152,00) betreffen Verbindlichkeiten aus Lieferungen und Leistungen.
Die sonstigen Verbindlichkeiten in Höhe von EUR 948 339,06 (Vorjahr EUR 991 918,24) betreffen im
Wesentlichen Zinsen aus den begebenen Schuldscheindarlehen und Namensschuldverschreibungen in
Höhe von EUR 623 855,35 (Vorjahr: EUR 623 855,35), Verbindlichkeiten aus Lieferungen und Leistungen in
Höhe von EUR 21 253,46 (Vorjahr: EUR 16 434,96) sowie sonstige Verbindlichkeiten in Höhe von
EUR 301 540,27 (Vorjahr: EUR 296 707,60).
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 405 676,05 (Vorjahr:
EUR 698 421,42) 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 0,00) abgegeben.
Für ein Reverse Factoring Programm bei der Erste Group Bank AG hat die PIERER Mobility AG für die
PIERER E-Bikes GmbH, Wien eine Patronatserklärung in Höhe von EUR 15 000 000,00 (Vorjahr:
EUR 15 000 000,00) abgegeben. Zum Stichtag resultiert aus dem Reverse Factoring Programm ein
Haftungsbetrag in Höhe von EUR 15 000 000,00 (Vorjahr: EUR 0,00).
Die PIERER Mobility AG hat im Vorjahr für die PEXCO GmH, Schweinfurt, Deutschland gegenüber der KGI
Bank Co., Ltd., Taiwan, aus Verpflichtungen gegenüber Lieferanten eine Garantie bis zu einem Höchstbetrag
von TEUR 16 299 abgegeben. Der aushaftende Betrag gegenüber Lieferanten resultierte im Vorjahr in Höhe
von TEUR 7 685.
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
2021 2020 2021 2020
EUR TEUR EUR TEUR
Verpflichtungen aus Leasingverträgen 0,00 25 0,00 26
Verpflichtungen aus Mietverträgen 1 558 298,30
1 779 9 484 154,66 8 893
1 558 298,30 1 804 9 484 154,66 8 920
Beilage I/11
.
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):
2021 2020
TEUR TEUR
Umsatzerlöse
Erlöse Inland 14 078 12 625
Erlöse EU 29 891
Erlöse sonstiges Ausland 0 1
Skonti 00
14 107 13 518
Zusammensetzung der Aufwendungen für Abfertigungen und Leistungen an
Mitarbeitervorsorgekassen:
2021 2020
EUR EUR
Dotierung Abfertigung -100,00 -5 300,00
Veränderung Rückstellung für Abfertigung (Angestellte) -49 500,00 0,00
MV-Beitrag Angestellte 1 345,33 21 194,60
-48 254,67 15 894,60
Die Aufwendungen für Abfertigungen und Beiträge an Mitarbeitervorsorgekassen betreffen zur Gänze
sonstige Arbeitnehmer.
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 84 512 060,86 (Vorjahr: EUR 14 983 188,00) betreffen
Dividendenerträge, davon aus verbundenen Unternehmen EUR 83 699 674,61 (Vorjahr:
EUR 14 376 790,00).
Sonstige Zinsen und ähnliche Erträge
Sonsitge Zinsen und ähnliche Erträge in Höhe von EUR 114 807,37 (Vorjahr: EUR 133 710,23) betreffen im
Wesentlichen Zinsen aus Darlehen.
Beilage I/12
.
Anhang
PIERER Mobility AG
Steuern vom Einkommen und vom Ertrag
Seit der Veranlagung 2014 ist die Gesellschaft Gruppenmitglied der Gruppe der Pierer Konzerngesellschaft
mbH iSd § 9 KStG.
Die steuerlichen Ergebnisse der Gruppenmitglieder werden dem Gruppenträger zugerechnet. Die zu
leistenden Steuerumlagen zwischen dem Gruppenträger und jedem einzelnen Gruppenmitglied wurde in
Form von einer Gruppen- und Steuerumlagevereinbarung geregelt.
Die im Jahresabschluss ausgewiesenen Steuern vom Einkommen und vom Ertrag betreffen in Höhe von
EUR 3 500,00 (Vorjahr: EUR 3 500,00) die Steuerumlage an den Gruppenträger (25%).
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 E-Bikes GmbH (vormals: Husqvarna E-Bicycles GmbH, Munderfing
KTM Technologies GmbH (vormals: KTM E-Technologies GmbH), Anif
KTM AG, Mattighofen
KTM Sportmotorcycle GmbH, Mattighofen
KTM Österreich GmbH, Mattighofen
KTM Sportcar GmbH, Mattighofen
KTM Immobilien GmbH, Mattighofen
KTM Logistikzentrum GmbH, Mattighofen
KTM MOTOHALL GmbH, Mattighofen
PIERER Innovation GmbH (vm. KTM Innovation GmbH), Wels
Husqvarna Motorcycles GmbH, Mattighofen
Pankl Racing Systems AG, Kapfenberg
Pankl Immobilienverwaltung GmbH, Kapfenberg
Pankl Aerospace Systems Europe GmbH, Kapfenberg
Krenhof GmbH, Köflach
KTM Components GmbH, Munderfing
WP Immobilien GmbH, Munderfing
WP Suspension GmbH, Mattighofen
GASGAS Motorcycles GmbH, Mattighofen
Avocodo GmbH, Linz
bikes&wheels 2 Radhandels GmbH
KTM Forschungs & Entwicklungs GmbH
Es existieren temporäre Unterschiede zwischen steuerlichen und unternehmensrechtlichen Wertansätzen im
Wesentlichen auf Grund von Bewertungsunterschieden im Sachanlagevermögen und bei der Bewertung von
Personalrückstellungen. Da zum Bilanzstichtag weder passive latente Steuern zur Gegenverrechnung, als
Beilage I/13
.
Anhang
PIERER Mobility AG
auch substantielle Hinweise für die Rechtfertigung eines Ansatzes aktiver latenter Steuern vorliegen, wurden
keine aktiven latenten Steuern angesetzt.
Sonstige Angaben
Ergebnisverwendung
Vorschlag zur Verwendung des Ergebnisses:
Es wird vorgschlagen, aus dem Bilanzgewinn in Höhe von EUR 142 257 203,61 eine Dividende von
EUR 1,00 je Aktie, das sind in Summe EUR 33 796 535,20 auszuschütten und den Restbetrag auf neue
Rechnung vorzutragen.
Ereignisse nach dem Bilanzstichtag
Folgende wesentliche Ereignisse sind nach dem Abschlussstichtag eingetreten, die weder in der Bilanz noch
in der Gewinn- und Verlustrechnung berücksichtigt sind:
Die PIERER Mobility AG listete ihre Aktien im Amtlichen Handel (Segment den prime market) der Wiener
Börse. Die Handelsaufnahme im prime market, das Top-Segment der Wiener Börse, erfolgte am 1. März
2022.
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:
Blazicek Josef (Vorsitzender)
Dr. Chalupsky Ernst (Stellvertreter des Vorsitzenden)
Ing. Hörtenhuber Alfred (Mitglied)
Mag. Rinnerberger Klaus (Mitglied)
Der Aufsichtsrat erhält für den Zeitraum 1.1.2021 bis 31.12.2021 eine Vergütungen in Höhe von
EUR 73 000,00 (Vorjahr: EUR 57 000,00), der als Vorschlag in der nächsten Hauptversammlung eingebracht
wird.
Im Geschäftsjahr waren folgende Personen als Vorstände tätig:
DI Pierer Stefan, CEO
Mag. Roithner Friedrich, CFO
Mag. Ing. Trunkenpolz Huber, CSO
Beilage I/14
.
Anhang
PIERER Mobility AG
Beteiligungen
Firmenname Firmensitz Eigenkapital
Anteil in
% Letztes Ergebnis Bilanzstichtag
KTM AG 5230 Mattighofen 311 918 870,16 99,75 20 645 943,20 31.12.2020
PIERER E-Bikes GmbH 5222 Munderfing 24 051 600,28 100,0 -1 568 015,25 31.12.2020
Platin 1483. GmbH 97424 Schweinfurt,
Deutschland 217 674,11 100,0 -7 325,89 31.12.2021
KTM Technologies GmbH (vormals:
KTM E-Technologies GmbH) 5081 Anif 2 405 481,18 100,0 398 271,90 31.12.2020
Avocodo GmbH 4020 Linz 1 573 170,17 100,0 989 354,82 31.12.2021
HDC GmbH 5222 Munderfing 122 892,86 100,0 1 052,39 31.12.2021
PIERER Innovation GmbH (vormals:
KTM Innovation GmbH) 4600 Wels 146 729,94 100,0 -262 228,23 31.12.2020
Kiska GmbH 5081 Anif 6 447 793,21 50,0 1 554 768,59 31.3.2021
DealerCenter Digital GmbH 82061 Neuried,
Deutschland 728 999,50 75,46 -200 411,92 31.12.2020
Anlage 1
zum Anhang
.
zum 31.12.2021PIERER Mobility AG
ANLAGENSPIEGEL
€€€€€€€€€€€€
Anschaffungs-/Herstellungskosten kumulierte Abschreibungen Buchwerte
Stand
1.1.2021
Zugänge /
Umgründung
Abgänge Umbuchungen Stand
31.12.2021
Stand
1.1.2021
Abschreibungen Zuschreibungen Abgänge Stand
31.12.2021
Stand
1.1.2021
Stand
31.12.2021
A. Anlagevermögen
I. Immaterielle Vermögensgegenstände
1. Software
109.034,82 0,00 0,00 0,00 109.034,82 105.251,72 3.783,07 0,00 0,00 109.034,79 3.783,10 0,03
II. Sachanlagen
1. Betriebs- und Geschäftsausstattung 1.334.327,10 5.989,14 71,00 0,00 1.340.245,24 924.532,59 69.190,01 0,00 71,00 993.651,60 409.794,51 346.593,64
2. Anlagen in Bau 0,00 14.960,00 0,00 0,00 14.960,00 0,00 0,00 0,00 0,00 0,00 0,00 14.960,00
1.334.327,10 20.949,14 71,00 0,00 1.355.205,24 924.532,59 69.190,01 0,00 71,00 993.651,60 409.794,51 361.553,64
III. Finanzanlagen
1. Anteile an verbundenen Unternehmen 369.527.503,02 896.117.459,99 0,00 2.011.984,60
1.267.656.947,61
15.250.000,00 16.275.508,22 0,00 0,00 31.525.508,22 354.277.503,02
1.236.131.439,39
2. Ausleihungen an verbundene Unternehmen 6.000.000,00 100.000,00 6.000.000,00 150.000,00 250.000,00 0,00 0,00 0,00 0,00 0,00 6.000.000,00 250.000,00
3. Beteiligungen 11.216.570,30 496.414,30 0,00 -2.011.984,60 9.701.000,00 0,00 0,00 0,00 0,00 0,00 11.216.570,30 9.701.000,00
4. Ausleihungen an Unternehmen, mit denen ein
Beteiligungsverhältnis besteht 150.000,00 0,00 0,00 -150.000,00 0,00 0,00 0,00 0,00 0,00 0,00 150.000,00 0,00
5. Wertpapiere (Wertrechte) des Anlagevermögens 266.031,20 0,00 0,00 0,00 266.031,20 59.999,00 1,00 0,00 0,00 60.000,00 206.032,20 206.031,20
387.160.104,52 896.713.874,29 6.000.000,00 0,00 1.277.873.978,81 15.309.999,00 16.275.509,22 0,00 0,00 31.585.508,22 371.850.105,52 1.246.288.470,59
SUMME ANLAGENSPIEGEL
388.603.466,44 896.734.823,43
6.000.071,00 0,00 1.279.338.218,87 16.339.783,31 16.348.482,30 0,00 71,00 32.688.194,61
372.263.683,13
1.246.650.024,26
*) enthält Zugänge aus Einbringung in Höhe von EUR 895.000.000,00
*)
Anlage 2
zum Anhang
.
Lagebericht
PIERER Mobility AG
per 31.12.2021
der PIERER Mobility AG , Wels
Da diese Gesellschaft eine geschäftsleitende Holdinggesellschaft ist, beinhaltet der Lagebericht neben den
Informationen des Einzelabschlusses auf Basis UGB (Teil 1) auch die Informationen des
Konzernabschlusses auf Basis IFRS (Teil 2).
I) Einzelabschluss der PIERER Mobility AG (nach UGB):
A. Geschäftsverlauf und Lage des Unternehmens
Das Geschäftsjahr für den Einzelabschluss der PIERER Mobility AG umfasst den Zeitraum vom 1.1.2021 bis
31.12.2021.
Die PIERER Mobility AG hat im Geschäftsjahr 2021 ihre Anteile an KTM AG um 46,5% erhöht, die von der
Pierer Bajaj AG als Sacheinlage in Form einer Kapitalerhöhung in die Gesellschaft eingebracht wurden. Die
PIERER Mobility AG besitzt zum Abschlussstichtag die Mehrheitsbeteiligung an der KTM AG (99,75%). Zum
Stichtag 31.12.2021 hält die PIERER Mobility AG unverändert 100% Anteile an der PIERER E-Bikes GmbH,
100% Anteile an der PIERER Innovation GmbH (vm. KTM Innovation GmbH) 100% der Anteile an der HDC
GmbH und 100% Anteile an der Avocodo GmbH. An der Kiska GmbH hält die Gesellschaft unverändert 50%
sowie an der AC styria Mobilitätscluster GmbH 12,33%. Im Juni 2021 hat die PIERER Mobility AG 26% der
Anteile an der KTM Technologies GmbH (vm. KTM E-Technologies GmbH) erworben und hält nun 100%
Anteile an der Gesellschaft. Weiters hat die PIERER Mobility AG 30,46% Anteile an der DealerCenterDigital
GmbH, Neuried, Deutschland, erworben und hat ihre Anteile auf 75,46% Anteile erhöht.
Da die PIERER Mobility AG im Wesentlichen die Aufgaben einer geschäftsleitenden Holdinggesellschaft
erfüllt, wird im Lagebericht auch auf die Entwicklungen des Geschäftsjahres 2021 ihrer
Tochtergesellschaften sowie des Konzerns insgesamt eingegangen.
B. Ertrags- und Vermögenslage
1. Ergebnisanalyse
Die PIERER Mobility AG hat im abgelaufenen Geschäftsjahr einen Jahresüberschuss von € 56,2 Mio.
(Vorjahr: € 12,0 Mio.) erzielt. Positiv wirkten sich im Wesentlichen Dividendenerträge aus den
Beteiligungsunternehmen in Höhe von € 84,5 Mio. aus. In Folge einer Dividendenausschüttung wurde eine
Teilwertabschreibung in Höhe von € 16,3 Mio. vorgenommen, die das das Ergebnis negativ beeinflusst hat.
Negativ wirkten sich vor allem die sonstigen betrieblichen Aufwendungen aus. Diese betreffen im
Wesentlichen Aufwendungen für konzerninterne Dienstleistungen und Umlagen, Aufwendungen für
Vorstandstätigkeiten, Steuerberatungsaufwand sowie Rechts- und Beratungsaufwand.
Beilage II/1
.
Lagebericht
PIERER Mobility AG
2. Bilanzanalyse
Die Bilanzsumme zum 31.12.2021 in Höhe von € 1.326,6 Mio (Vorjahr: € 387,3 Mio) hat sich um € 939,3 Mio.
erhöht, was im Wesentlichen auf die Erhöhung des Finanzanlagevermögens zurückzuführen ist. Das
Anlagevermögen hat sich im Geschäftsjahr 2021 auf € 1.246,7 Mio. erhöht (Vorjahr: € 372,3 Mio.) und ist im
Wesentlichen auf die Einbringung von 46,5% Anteilen an der KTM AG in Höhe von € 895,0 Mio., die in Form
einer Sachkapitalerhöhung durch Erhöhung des Grundkapital in Höhe von € 11,3 Mio. sowie Erhöhung der
Kapitalrücklagen in Höhe von € 883,7 Mio., sowie auf die Aufstockung der Anteile an der KTM Technologies
GmbH (vm. KTM E-Technologies GmbH) sowie der DealerCenterDigital GmbH zurückzuführen ist.
Das Umlaufvermögen hat sich im Geschäftsjahr 2021 auf € 76,6 Mio. erhöht (Vorjahr: € 9,9 Mio.) und ist im
Wesentlichen auf die Erhöhung der Forderungen gegenüber verbundenen Unternehmen zurückzuführen. Die
liquiden Mittel haben sich gegenüber dem Vorjahr um € 11,4 Mio. erhöht. Die Forderungen gegenüber
verbundenen Unternehmen betragen zum Stichtag € 58,0 Mio. (Vorjahr: € 2,8 Mio.) und betreffen im
Wesentlichen Forderungen aus Dividendenanspruch, Finanzierungsforderungen sowie Forderungen aus
laufenden Verrechnungen und sonstigen Forderungen.
Das Eigenkapital hat sich erhöht und beträgt zum Stichtag € 1.281,3 Mio. (Vorjahr: € 327,6 Mio.). Die
Eigenkapitalquote beträgt 96,58% und liegt somit auf einem sehr hohen Niveau.
Die Verbindlichkeiten haben sich im abgelaufenen Geschäftsjahr reduziert und lagen zum 31.12.2021 bei €
42,8 Mio. (Vorjahr: € 56,5 Mio.). Die Reduktion der Verbindlichkeiten resultiert im Wesentlichen aus dem
Ausgleich der Kaufpreisverbindlichkeit im Zusammenhang mit dem Erwerb der 40% Anteile an der PEXCO
GmbH, der Geschäftsjahres 2020 stattgefunden hat. Von den kurz- und langfristigen Verbindlichkeiten
betreffen € 6,0 Mio. (Vorjahr: € 6,0 Mio.) Schuldscheindarlehen, € 30,0 Mio. (Vorjahr: € 30,0 Mio.)
Namensschuldverschreibungen, € 1,2 Mio. (Vorjahr: € 1,2 Mio.) Verbindlichkeiten aus Lieferungen und
Leistungen, € 4,6 Mio. (Vorjahr: € 18,2 Mio.) Verbindlichkeiten gegenüber verbundenen Unternehmen sowie
€ 1,0 Mio. (Vorjahr: € 1,0 Mio.) sonstige Verbindlichkeiten.
C. Mitarbeiter
Im Jahresdurchschnitt beschäftigte die Gesellschaft 1 (Vorjahr: 16) MitarbeiterInnen.
Beilage II/2
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Beilage II/29
kpmg
P
PIERER Mobility AG, Wels
Bericht über die Prüfung des Jahresabschlusses zum 31. Dezember 2021
11. März 2022
8
4. Bestätigungsvermerk
Bericht zum Jahresabschluss
Prüfungsurteil
Wir haben den Jahresabschluss der
PIERER Mobility AG,
Wels,
bestehend aus der Bilanz zum 31. Dezember 2021, der Gewinn- und Verlustrechnung für das an
diesem Stichtag endende Geschäftsjahr und dem Anhang, geprüft.
Nach unserer Beurteilung entspricht der Jahresabschluss den gesetzlichen Vorschriften und ver-
mittelt ein möglichst getreues Bild der Vermögens- und Finanzlage zum 31. Dezember 2021 so-
wie der Ertragslage der Gesellschaft für das an diesem Stichtag endende Geschäftsjahr in Über-
einstimmung mit den österreichischen unternehmensrechtlichen Vorschriften.
Grundlage für das Prüfungsurteil
Wir haben unsere Abschlussprüfung in Übereinstimmung mit der EU-Verordnung Nr 537/2014
(im Folgenden AP-VO) und mit den österreichischen Grundsätzen ordnungsgemäßer Abschluss-
prüfung 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 unab-
hängig in Übereinstimmung mit den österreichischen unternehmens- und berufsrechtlichen Vor-
schriften und wir haben unsere sonstigen beruflichen Pflichten in Übereinstimmung mit diesen
Anforderungen erfüllt. Wir sind der Auffassung, dass die von uns erlangten Prüfungsnachweise
bis zum Datum dieses Bestätigungsvermerkes ausreichend und geeignet sind, um als Grundlage
für unser Prüfungsurteil zu diesem Datum zu dienen.
Besonders wichtige Prüfungssachverhalte
Besonders wichtige Prüfungssachverhalte sind solche Sachverhalte, die nach unserem pflicht-
gemäßen Ermessen am bedeutsamsten für unsere Prüfung des Jahresabschlusses des Ge-
schäftsjahres 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.
kpmg
P
PIERER Mobility AG, Wels
Bericht über die Prüfung des Jahresabschlusses zum 31. Dezember 2021
11. März 2022
9
Werthaltigkeit der Anteile an verbundenen Unternehmen
Siehe Anhang „Bilanzierungs- und Bewertungsmethoden" sowie "Erläuterungen zur Bilanz“.
Das Risiko für den Abschluss
Die Anteile an verbundenen Unternehmen mit einem Buchwert in Höhe von 1.236 Mio EUR
stellen rund 97 % des ausgewiesenen Vermögens im Jahresabschluss der PIERER Mobility AG
dar.
Für sämtliche bedeutsame Anteile an verbundenen Unternehmen beurteilt PIERER Mobility AG,
ob Anhaltspunkte für einen wesentlich gesunkenen beizulegenden Wert vorliegen. Liegen solche
Anhaltspunkte vor, wird für das betroffene verbundene Unternehmen eine Unternehmensbewer-
tung durchgeführt und der Buchwert der Anteile auf das Ergebnis der Unternehmensbewertung
abgeschrieben. Zum 31. Dezember 2021 hat PIERER Mobility AG für die Anteile an verbundenen
Unternehmen keine Anhaltspunkte für einen wesentlich gesunkenen beizulegenden Wert identi-
fiziert.
Die Beurteilung, ob Anhaltspunkte für einen wesentlich gesunkenen beizulegenden Wert vor-
liegen, erfordert Schätzungen und Ermessensentscheidungen des Managements. Für den
Jahresabschluss besteht damit das Risiko, dass nicht angemessene Schätzungen und Ermes-
sensentscheidungen dazu führen, dass Anhaltspunkte für einen wesentlich gesunkenen beizu-
legenden Wert nicht identifiziert werden und Anteile an verbundenen Unternehmen in Folge nicht
mit dem niedrigeren beizulegenden Wert angesetzt werden.
Unsere Vorgehensweise in der Prüfung
Wir haben die Werthaltigkeit der Anteile an verbundenen Unternehmen wie folgt beurteilt:
— Wir haben die vom Unternehmen durchgeführte Analyse der Anhaltspunkte für einen wesent-
lich gesunkenen beizulegenden Wert (einschließlich der Deckung des Beteiligungsansatzes
durch das anteilige Eigenkapital) der Anteile an verbundenen Unternehmen nachvollzogen.
— Zudem haben wir in Gesprächen mit dem Management erörtert, ob darüber hinausgehende
Anhaltspunkte für einen wesentlich gesunkenen beizulegenden Wert der Anteile an verbun-
denen Unternehmen vorliegen.
— Weiters haben wir die vom Aufsichtsrat genehmigten Budgetzahlen und die vom Vorstand
freigegebene Mittelfristplanung eingeholt und gewürdigt, ob diese mit den Schlussfolge-
rungen des Managements, wonach keine Anhaltspunkte für einen wesentlich gesunkenen
beizulegenden Wert bestehen, im Einklang stehen.
kpmg
P
PIERER Mobility AG, Wels
Bericht über die Prüfung des Jahresabschlusses zum 31. Dezember 2021
11. März 2022
10
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 Vor-
schriften 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 verantwortlich,
die Fähigkeit der Gesellschaft zur Fortführung der Unternehmenstätigkeit zu beurteilen, Sachver-
halte im Zusammenhang mit der Fortführung der Unternehmenstätigkeit – sofern einschlägig –
anzugeben, sowie dafür, den Rechnungslegungsgrundsatz der Fortführung der Unternehmens-
tätigkeit anzuwenden, es sei denn, die gesetzlichen Vertreter beabsichtigen, entweder die
Gesellschaft zu liquidieren oder die Unternehmenstätigkeit einzustellen oder haben keine realis-
tische Alternative dazu.
Der Prüfungsausschuss ist verantwortlich für die Überwachung des Rechnungslegungsprozes-
ses der Gesellschaft.
Verantwortlichkeiten des Abschlussprüfers für die Prüfung des Jahresab-
schlusses
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 beinhaltet.
Hinreichende Sicherheit ist ein hohes Maß an Sicherheit, aber keine Garantie dafür, dass eine in
Übereinstimmung mit der AP-VO und mit den österreichischen Grundsätzen ordnungsgemäßer
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 ange-
sehen, wenn von ihnen einzeln oder insgesamt vernünftigerweise erwartet werden könnte, dass
sie die auf der Grundlage dieses Jahresabschlusses getroffenen wirtschaftlichen Entschei-
dungen von Nutzern beeinflussen.
Als Teil einer Abschlussprüfung in Übereinstimmung mit der AP-VO und mit den österreichischen
Grundsätzen ordnungsgemäßer 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 Prüfungshandlungen als Reaktion
auf diese Risiken, führen sie durch und erlangen Prüfungsnachweise, die ausreichend und
geeignet sind, um als Grundlage für unser Prüfungsurteil 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 Zu-
sammenwirken, Fälschungen, beabsichtigte Unvollständigkeiten, irreführende Darstellungen
oder das Außerkraftsetzen interner Kontrollen beinhalten können.
kpmg
P
PIERER Mobility AG, Wels
Bericht über die Prüfung des Jahresabschlusses zum 31. Dezember 2021
11. März 2022
11
— Wir gewinnen ein Verständnis von dem für die Abschlussprüfung relevanten internen Kon-
trollsystem, um Prüfungshandlungen zu planen, die unter den gegebenen Umständen ange-
messen sind, jedoch nicht mit dem Ziel, ein Prüfungsurteil zur Wirksamkeit des internen Kon-
trollsystems der Gesellschaft abzugeben.
— Wir beurteilen die Angemessenheit der von den gesetzlichen Vertretern angewandten Rech-
nungslegungsmethoden sowie die Vertretbarkeit der von den gesetzlichen Vertretern darge-
stellten geschätzten Werte in der Rechnungslegung und damit zusammenhängende An-
gaben.
— Wir ziehen Schlussfolgerungen über die Angemessenheit der Anwendung des Rechnungsle-
gungsgrundsatzes der Fortführung der Unternehmenstätigkeit durch die gesetzlichen
Vertreter sowie, auf der Grundlage der erlangten Prüfungsnachweise, ob eine wesentliche
Unsicherheit im Zusammenhang mit Ereignissen oder Gegebenheiten besteht, die erhebliche
Zweifel an der Fähigkeit der Gesellschaft zur Fortführung der Unternehmenstätigkeit auf-
werfen können. Falls wir die Schlussfolgerung ziehen, dass eine wesentliche Unsicherheit
besteht, sind wir verpflichtet, in unserem Bestätigungsvermerk auf die dazugehörigen An-
gaben 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 Prüfungsnachweise.
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 Jahresabschlusses ein-
schließlich der Angaben sowie ob der Jahresabschluss die zugrunde liegenden Geschäftsvor-
fälle 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 Prüfungs-
feststellungen, 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 beruf-
lichen Verhaltensanforderungen zur Unabhängigkeit eingehalten haben und uns mit ihm über
alle Beziehungen und sonstigen Sachverhalte austauschen, von denen vernünftigerweise an-
genommen werden kann, dass sie sich auf unsere Unabhängigkeit und – sofern einschlägig
– damit zusammenhängende Schutzmaßnahmen auswirken.
— Wir bestimmen von den Sachverhalten, über die wir uns mit dem Prüfungsausschuss ausge-
tauscht haben, diejenigen Sachverhalte, die am bedeutsamsten für die Prüfung des Jahres-
abschlusses des Geschäftsjahres waren und daher die besonders wichtigen Prüfungssach-
verhalte sind. Wir beschreiben diese Sachverhalte in unserem Bestätigungsvermerk, es sei
denn, Gesetze oder andere Rechtsvorschriften schließen die öffentliche Angabe des Sach-
verhalts 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.
kpmg
P
PIERER Mobility AG, Wels
Bericht über die Prüfung des Jahresabschlusses zum 31. Dezember 2021
11. März 2022
12
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 recht-
lichen Anforderungen aufgestellt wurde.
Die gesetzlichen Vertreter sind verantwortlich für die Aufstellung des Lageberichts in Überein-
stimmung mit den österreichischen unternehmensrechtlichen Vorschriften.
Wir haben unsere Prüfung in Übereinstimmung mit den Berufsgrundsätzen zur Prüfung des La-
geberichts durchgeführt.
Urteil
Nach unserer Beurteilung ist der Lagebericht nach den geltenden rechtlichen Anforderungen auf-
gestellt worden, enthält die nach § 243a UGB zutreffenden Angaben, 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 haben wir keine wesentlichen
fehlerhaften Angaben im Lagebericht festgestellt.
Zusätzliche Angaben nach Artikel 10 AP-VO
Wir wurden von der Hauptversammlung am 29. April 2021 als Abschlussprüfer gewählt und am
29. September 2021 vom Aufsichtsrat mit der Abschlussprüfung der Gesellschaft für das am
31. Dezember 2021 endende Geschäftsjahr beauftragt.
Wir sind ohne Unterbrechung seit dem Jahresabschluss zum 31.12.2014 Abschlussprüfer der
Gesellschaft.
Wir erklären, dass das Prüfungsurteil im Abschnitt "Bericht zum Jahresabschluss" mit dem zusätz-
lichen Bericht an den Prüfungsausschuss nach Artikel 11 der AP-VO in Einklang steht.
Wir erklären, dass wir keine verbotenen Nichtprüfungsleistungen (Artikel 5 Abs 1 der AP-VO) er-
bracht haben und dass wir bei der Durchführung der Abschlussprüfung unsere Unabhängigkeit
von der geprüften Gesellschaft gewahrt haben.
kpmg
P
PIERER Mobility AG, Wels
Bericht über die Prüfung des Jahresabschlusses zum 31. Dezember 2021
Dieses Dokument wurde qualifiziert elektronisch signiert und ist nur in dieser Fassung gültig. 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.
Auftragsverantwortlicher Wirtschaftsprüfer
Der für die Abschlussprüfung auftragsverantwortliche Wirtschaftsprüfer ist Herr Dr. Helge
Löffler.
Linz, 11. März 2022
KPMG Austria GmbH
Wirtschaftsprüfungs- und Steuerberatungsgesellschaft
qualifiziert elektronisch signiert:
Dr. Helge Löffler
Wirtschaftsprüfer
198
STATEMENT BY THE EXECUTIVE BOARD
Pursuant to Section 124 (1) (3) of the Austrian Stock Exchange Act
We conrm to the best of our knowledge that the consolidated nancial statements give a true and fair view of the assets, liabilities, nancial 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 conrm to the best of our knowledge that the annual nancial statements of the parent company give a true and fair view of the assets, liabilities,
nancial 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.
Wels, March 2022
Executive Board
Stefan Pierer Friedrich Roithner Hubert Trunkenpolz Viktor Sigl
198198
IMPRINT
Owner and publisher
PIERER Mobility AG
Edisonstrasse 1
4600 Wels, Austria
FN 78112 x / Wels Provincial and Commercial Court
Concept and design: Grak-Buero Elena Gratzer, 4615 Holzhausen, www.grak-buero.at
Photos: KTM archive, Husqvarna Motorcycles/Husqvarna E-Bicycles archive, WP archive, GASGAS archive, R Raymon
The present report has been prepared with the utmost care and the correctness of the data was checked. Nevertheless, slight differences in the calculations may arise as result
of the summation of rounded amounts and percentages, and typographical and printing errors cannot be ruled out.
References to persons such as “employees” or “staff members” are intended to be gender-neutral and insofar as the contrary appears this is solely for purposes of legibility.
This report and the forward-looking statements it contains were prepared on the basis of all the data and information available at the time of going to press. However, we are must point out that
various factors may cause the actual results to deviate from the forward-looking statements given in the report.
This report is published in German and English. In the event of ambiguity, the German version shall take precedence.
CONTACT
Michaela Friepess
Investor Relations, Sustainability
Telefon: +43 7242 69 402
E-Mail: ir@pierermobility.com
Website: www.pierermobility.com
GENERAL COMPANY DATA:
Reporting company: PI ERER Mobil it y AG
Registered ofce 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 ofce: Ed isonstrasse 1, 460 0 Wels
Headquarters of the business activity: Edi sonstr a ss e 1 , 460 0 Wels
Name of the parent company: Pierer Baja j AG
Name of the ultimate parent company: Pierer K onzerngesellscha f t mbH