Notes to Consolidated financial Consol_Note42

42 Investment in an associate

Pierer Bajaj AG (formerly: PTW Holding AG) acts exclusively as the holding company of Pierer Mobility AG. 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.

Pierer Bajaj AG is a private entity that is not listed on any public exchange. The Group’s interest is in Pierer Bajaj AG.

The following table illustrates the summarised financial information of the Group’s investment in Pierer Bajaj AG (in Euro, which is its functional currency):

Particulars

(Euro in Million)

31 Dec 2023

31 Dec 2022

Pierer Bajaj AG

Pierer Bajaj AG

   

Current assets

1,629.51

1,368.92

Non-current assets

1,333.83

1,195.85

Current liabilities

929.77

1,010.71

Non-current liabilities

1,130.00

625.61

Equity

903.57

928.45

   

Revenue

2,661.21

2,437.20

Cost of sales

(1,977.12)

(1,745.88)

Gross profit

684.09

691.32

Selling and racing expenses

(289.84)

(242.80)

Research and development expenses

(53.76)

(55.35)

Infrastructure and administration expenses

(185.98)

(165.19)

Other operating expenses

(0.80)

(0.40)

Other operating income

3.74

2.38

Share of profit of associates

2.34

5.00

Result from operating activities

159.79

234.96

Interest income

11.06

4.04

Interest expenses

(74.03)

(19.34)

Other financial result

(4.62)

(4.06)

Profit before tax

92.20

215.60

Tax expense

(15.72)

(45.28)

Profit for the year (continuing operations)

76.48

170.32

Total comprehensive income for the year (continuing operations)

63.35

187.72

The associate had no contingent liabilities or capital commitments.