{"id":1240,"date":"2025-07-08T04:38:45","date_gmt":"2025-07-08T04:38:45","guid":{"rendered":"https:\/\/investors.bajajauto.com\/ar25\/?page_id=1240"},"modified":"2025-07-08T05:00:43","modified_gmt":"2025-07-08T05:00:43","slug":"investment-in-an-associate","status":"publish","type":"page","link":"https:\/\/investors.bajajauto.com\/ar25\/investment-in-an-associate\/","title":{"rendered":"Investment in an associate"},"content":{"rendered":"\n<div class=\"row\"  id=\"row-1241595430\">\n\n\n\t<div id=\"col-1431667279\" class=\"col small-12 large-12\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n<a href=\"https:\/\/investors.bajajauto.com\/ar25\/consolidated-statement-of-profit-and-loss\/\" class=\"button primary is-outline is-small lowercase\"  style=\"border-radius:10px;\">\n\t\t<span>Consolidated Statement of Profit &amp; Loss<\/span>\n\t<\/a>\n\n\n\t<div id=\"gap-383254111\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-383254111 {\n  padding-top: 20px;\n}\n<\/style>\n\t<\/div>\n\t\n\n\n\n<!DOCTYPE html>\n<html xmlns=\"http:\/\/www.w3.org\/1999\/xhtml\" lang=\"en-GB\">\n\t<head>\n\t\t<meta charset=\"utf-8\" \/>\n\t\t<title>Con_Note42<\/title>\n\t\t<style>\n\t\t\tbody, div, dl, dt, dd, h1, h2, h3, h4, h5, h6, p, pre, code, blockquote, figure {\n\tmargin:0;\n\tpadding:0;\n\tborder-width:0;\n}\nbody {\n\t-epub-hyphens:auto;\n}\ntable.Annual-Report-Main-Table {\n\tborder-collapse:collapse;\n\tborder-style:none;\n\tborder-width:0px;\n\tmargin-bottom:0px;\n\tmargin-top:0px;\n}\ntd.Annual-Report-Main-Table, th.Annual-Report-Main-Table {\n\tborder-left-width:1px;\n\tborder-left-style:solid;\n\tborder-left-color:#000000;\n\tborder-top-width:1px;\n\tborder-top-style:solid;\n\tborder-top-color:#000000;\n\tborder-right-width:1px;\n\tborder-right-style:solid;\n\tborder-right-color:#000000;\n\tborder-bottom-width:1px;\n\tborder-bottom-style:solid;\n\tborder-bottom-color:#000000;\n\tpadding-top:4px;\n\tpadding-bottom:4px;\n\tpadding-left:4px;\n\tpadding-right:4px;\n\tvertical-align:top;\n}\ntable.Table-Between-Text {\n\tborder-collapse:collapse;\n\tborder-style:none;\n\tborder-width:0px;\n\tmargin-bottom:3px;\n\tmargin-top:3px;\n}\ntd.Table-Between-Text, th.Table-Between-Text 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{\n\tborder-top-color:#005dac;\n\tborder-top-style:solid;\n\tborder-top-width:0px;\n}\ntd._idGenCellOverride-5 {\n\tborder-left-style:solid;\n\tborder-left-width:0px;\n}\ntd._idGenCellOverride-6 {\n\tborder-left-style:solid;\n\tborder-left-width:0px;\n\tborder-right-style:solid;\n\tborder-right-width:0px;\n\tborder-top-color:#000000;\n\tborder-top-style:solid;\n\tborder-top-width:1px;\n}\ntd._idGenCellOverride-7 {\n\tborder-top-color:#000000;\n\tborder-top-style:solid;\n\tborder-top-width:1px;\n}\ntd._idGenCellOverride-8 {\n\tborder-left-style:solid;\n\tborder-left-width:0px;\n\tborder-top-color:#000000;\n\tborder-top-style:solid;\n\tborder-top-width:1px;\n}\ntd._idGenCellOverride-9 {\n\tborder-right-style:solid;\n\tborder-right-width:0px;\n\tborder-top-color:#000000;\n\tborder-top-style:solid;\n\tborder-top-width:2px;\n}\ntd._idGenCellOverride-10 {\n\tborder-left-style:solid;\n\tborder-left-width:0px;\n\tborder-right-style:solid;\n\tborder-right-width:0px;\n\tborder-top-color:#005dac;\n\tborder-top-style:solid;\n\tborder-top-width:2px;\n}\ntd._idGenCellOverride-11 {\n\tborder-left-style:solid;\n\tborder-left-width:0px;\n\tborder-top-color:#000000;\n\tborder-top-style:solid;\n\tborder-top-width:2px;\n}\ntd._idGenCellOverride-12 {\n\tborder-left-style:solid;\n\tborder-left-width:0px;\n\tborder-right-style:solid;\n\tborder-right-width:0px;\n}\ntd._idGenCellOverride-13 {\n\tborder-bottom-color:#808285;\n\tborder-bottom-style:solid;\n\tborder-bottom-width:1px;\n\tborder-right-style:solid;\n\tborder-right-width:0px;\n}\ntd._idGenCellOverride-14 {\n\tborder-right-style:solid;\n\tborder-right-width:0px;\n\tborder-top-color:#808285;\n\tborder-top-style:solid;\n\tborder-top-width:1px;\n}\ntd._idGenCellOverride-15 {\n\tborder-bottom-color:#808285;\n\tborder-bottom-style:solid;\n\tborder-bottom-width:1px;\n\tborder-left-style:solid;\n\tborder-left-width:0px;\n}\ntd._idGenCellOverride-16 {\n\tborder-left-style:solid;\n\tborder-left-width:0px;\n\tborder-right-style:solid;\n\tborder-right-width:0px;\n\tborder-top-color:#005dac;\n\tborder-top-style:solid;\n\tborder-top-width:1px;\n}\ntd._idGenCellOverride-17 {\n\tborder-bottom-color:#808285;\n\tborder-bottom-style:solid;\n\tborder-bottom-width:1px;\n\tborder-right-style:solid;\n\tborder-right-width:0px;\n\tborder-top-color:#808285;\n\tborder-top-style:solid;\n\tborder-top-width:1px;\n}\ntd._idGenCellOverride-18 {\n\tborder-bottom-color:#005dac;\n\tborder-bottom-style:solid;\n\tborder-bottom-width:1px;\n\tborder-left-style:solid;\n\tborder-left-width:0px;\n\tborder-right-style:solid;\n\tborder-right-width:0px;\n}\ntd._idGenCellOverride-19 {\n\tborder-bottom-color:#000000;\n\tborder-bottom-style:solid;\n\tborder-bottom-width:1px;\n\tborder-left-style:solid;\n\tborder-left-width:0px;\n}\ncol._idGenTableRowColumn-1 {\n\twidth:30px;\n}\ncol._idGenTableRowColumn-2 {\n\twidth:1120px;\n}\ntr._idGenTableRowColumn-3 {\n\tmin-height:33px;\n}\ntr._idGenTableRowColumn-4 {\n\tmin-height:31px;\n}\ntr._idGenTableRowColumn-5 {\n\tmin-height:60px;\n}\ntr._idGenTableRowColumn-6 {\n\tmin-height:24px;\n}\ncol._idGenTableRowColumn-7 {\n\twidth:920px;\n}\ncol._idGenTableRowColumn-8 {\n\twidth:15px;\n}\ncol._idGenTableRowColumn-9 {\n\twidth:100px;\n}\ntr._idGenTableRowColumn-10 {\n\tmin-height:26px;\n}\ntr._idGenTableRowColumn-11 {\n\tmin-height:27px;\n}\ntr._idGenTableRowColumn-12 {\n\tmin-height:29px;\n}\ntr._idGenTableRowColumn-13 {\n\tmin-height:78px;\n}\ndiv._idGenObjectStyleOverride-1 {\n\tborder-width:0px;\n}\n\n\t\t<\/style>\n\t<\/head>\n\t<body id=\"Con_Note42\">\n\t\t<div id=\"_idContainer000\" class=\"_idGenObjectStyleOverride-1\">\n\t\t\t<table id=\"table001\" class=\"Basic-Table\">\n\t\t\t\t<colgroup>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-1\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-2\" \/>\n\t\t\t\t<\/colgroup>\n\t\t\t\t<tbody>\n\t\t\t\t\t<tr class=\"Basic-Table _idGenTableRowColumn-3\">\n\t\t\t\t\t\t<td class=\"Basic-Table _Pop14-_-Pop14-Color_Head\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-_-Pop20-Main_Head_Color\" lang=\"en-US\">42<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Basic-Table _Pop14-_-Pop14-Color_Head\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-_-Pop20-Main_Head_Color\" lang=\"en-US\">Investment in an associate<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Basic-Table _idGenTableRowColumn-4\">\n\t\t\t\t\t\t<td class=\"Basic-Table _Pop14-_-Pop14-Running-Text CellOverride-1 _idGenCellOverride-1\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-_-Pop14-Text\"><span class=\"plain-Text\">a.<\/span><\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Basic-Table _Pop14-_-Pop14-Running-Text CellOverride-1 _idGenCellOverride-1\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-19-_-Pop14-00Indent\"><span class=\"plain-Text\">The Group held 47.99% interest in KTM AG, Austria which was swapped for 49.90% stake in Pierer Bajaj AG on 29 September 2021.<\/span><\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Basic-Table _idGenTableRowColumn-5\">\n\t\t\t\t\t\t<td class=\"Basic-Table _Pop14-_-Pop14-Running-Text\" \/>\n\t\t\t\t\t\t<td class=\"Basic-Table _Pop14-_-Pop14-Running-Text\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-19-_-Pop14-00Indent\"><span class=\"plain-Text\">Pierer Bajaj AG (formerly: PTW Holding AG) acts exclusively as the holding company of Pierer Mobility AG. The Pierer Mobility Group is Europe\u2019s leading \u2018Powered Two-Wheeler\u2019 (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.<\/span><\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Basic-Table _idGenTableRowColumn-6\">\n\t\t\t\t\t\t<td class=\"Basic-Table _Pop14-_-Pop14-Running-Text\" \/>\n\t\t\t\t\t\t<td class=\"Basic-Table _Pop14-_-Pop14-Running-Text\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-19-_-Pop14-00Indent\"><span class=\"plain-Text\">Pierer Bajaj AG is a private entity that is not listed on any public exchange. The Group\u2019s interest is in Pierer Bajaj AG.<\/span><\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Basic-Table _idGenTableRowColumn-6\">\n\t\t\t\t\t\t<td class=\"Basic-Table _Pop14-_-Pop14-Running-Text\" \/>\n\t\t\t\t\t\t<td class=\"Basic-Table _Pop14-_-Pop14-Running-Text\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-19-_-Pop14-00Indent\"><span class=\"plain-Text\">The following table illustrates the summarised financial information of the Group\u2019s investment in Pierer Bajaj AG (in Euro, which is its functional currency):<\/span><\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t<\/tbody>\n\t\t\t<\/table>\n\t\t\t<table id=\"table002\" class=\"Annual-Report-Main-Table\">\n\t\t\t\t<colgroup>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-7\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-8\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-9\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-8\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-9\" \/>\n\t\t\t\t<\/colgroup>\n\t\t\t\t<tbody>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-10\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Rupees_In_Crore _idGenCellOverride-2\" colspan=\"5\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-_-Pop13-Rupees_In_Crore\" lang=\"en-US\">(Euro in Million)<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-11\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Thickline-Black--Left- _idGenCellOverride-3\" rowspan=\"2\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-_-Pop14-Thickline-Black--Left-\">Particulars<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Blank-Cell _idGenCellOverride-4\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Thinline-Black- _idGenCellOverride-5\" colspan=\"3\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-_-Pop14-Thinline-Black-\">Pierer Bajaj AG <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-11\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Blank-Cell\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-CY2025 _idGenCellOverride-6\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-_-Pop14-Thickline-Color-\">31 Dec 2024<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Blank-Cell _idGenCellOverride-7\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-PY2024 _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-_-Pop14-Thickline-Black--Right-\">31 Dec 2023<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-11\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Text _idGenCellOverride-9\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-_-Pop14-Text\">&#160;&#160;&#160;<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Blank-Cell\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Figure-Color- _idGenCellOverride-10\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Blank-Cell\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Figure _idGenCellOverride-11\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-11\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Text _idGenCellOverride-3\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-_-Pop14-Text\">Current assets<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Blank-Cell\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Figure-Color- _idGenCellOverride-12\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-_-Pop14-Figure-Color-\" lang=\"en-US\"> 1,242.67 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Blank-Cell\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Figure _idGenCellOverride-5\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-_-Pop14--Figure\"> 1,625.81 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-11\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Text _idGenCellOverride-3\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-_-Pop14-Text\">Non-current assets<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Blank-Cell\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Figure-Color- _idGenCellOverride-12\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-_-Pop14-Figure-Color-\" lang=\"en-US\"> 947.51 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Blank-Cell\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Figure _idGenCellOverride-5\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-_-Pop14--Figure\"> 1,333.83 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-11\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Text _idGenCellOverride-3\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-_-Pop14-Text\">Assets held for sale and disposal groups<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Blank-Cell\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Figure-Color- _idGenCellOverride-12\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-_-Pop14-Figure-Color-\" lang=\"en-US\"> 206.66 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Blank-Cell\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Figure _idGenCellOverride-5\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-_-Pop14--Figure\"> 3.70 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-11\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Text _idGenCellOverride-3\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-_-Pop14-Text\">Current liabilities<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Blank-Cell\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Figure-Color- _idGenCellOverride-12\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-_-Pop14-Figure-Color-\" lang=\"en-US\"> 2,328.16 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Blank-Cell\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Figure _idGenCellOverride-5\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-_-Pop14--Figure\"> 929.77 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-11\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Text _idGenCellOverride-3\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-_-Pop14-Text\">Non-current liabilities<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Blank-Cell\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Figure-Color- _idGenCellOverride-12\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-_-Pop14-Figure-Color-\" lang=\"en-US\"> 196.08 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Blank-Cell\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Figure _idGenCellOverride-5\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-_-Pop14--Figure\"> 1,130.00 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-11\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Text _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-_-Pop14-Text\">Liabilities in connection with assets held for sale and disposal groups<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Blank-Cell\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Figure-Color- _idGenCellOverride-12\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-_-Pop14-Figure-Color-\" lang=\"en-US\"> 67.23 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Blank-Cell\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Figure _idGenCellOverride-5\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-_-Pop14--Figure\">\u2013<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-12\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Text-Bold- _idGenCellOverride-3\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-_-Pop14-Text-Bold-\">Equity<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Blank-Cell\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Figure-Color-Bold _idGenCellOverride-12\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-_-Pop14-Figure-Color-Bold\" lang=\"en-US\"> (194.63)<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Blank-Cell\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Figure-Bold- _idGenCellOverride-5\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-_-Pop14-Figure-Bold-\"> 903.57 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-11\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Text _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-_-Pop14-Text\">&#160;&#160;&#160;&#160;<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Blank-Cell\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Figure-Color- _idGenCellOverride-12\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Blank-Cell\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Figure _idGenCellOverride-5\" \/>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-11\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Text _idGenCellOverride-3\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-_-Pop14-Text\">Revenue<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Blank-Cell\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Figure-Color- _idGenCellOverride-12\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-_-Pop14-Figure-Color-\" lang=\"en-US\"> 1,879.02 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Blank-Cell\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Figure _idGenCellOverride-5\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-_-Pop14--Figure\"> 2,661.21 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-11\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Text _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-_-Pop14-Text\">Cost of sales<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Blank-Cell\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Figure-Color- _idGenCellOverride-12\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-_-Pop14-Figure-Color-\" lang=\"en-US\"> (1,929.98)<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Blank-Cell\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Figure _idGenCellOverride-5\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-_-Pop14--Figure\"> (1,977.12)<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-12\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Text-Bold- _idGenCellOverride-3\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-_-Pop14-Text-Bold-\">Gross profit<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Blank-Cell\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Figure-Color-Bold _idGenCellOverride-12\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-_-Pop14-Figure-Color-Bold\" lang=\"en-US\"> (50.96)<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Blank-Cell\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Figure-Bold- _idGenCellOverride-5\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-_-Pop14-Figure-Bold-\"> 684.09 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-11\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Text _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-_-Pop14-Text\">Selling and racing expenses<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Blank-Cell\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Figure-Color- _idGenCellOverride-12\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-_-Pop14-Figure-Color-\" lang=\"en-US\"> (299.37)<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Blank-Cell\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Figure _idGenCellOverride-5\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-_-Pop14--Figure\"> (289.84)<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-11\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Text _idGenCellOverride-3\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-_-Pop14-Text\">Research and development expenses<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Blank-Cell\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Figure-Color- _idGenCellOverride-12\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-_-Pop14-Figure-Color-\" lang=\"en-US\"> (80.44)<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Blank-Cell\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Figure _idGenCellOverride-5\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-_-Pop14--Figure\"> (53.76)<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-11\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Text _idGenCellOverride-3\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-_-Pop14-Text\">Administration expenses<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Blank-Cell\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Figure-Color- _idGenCellOverride-12\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-_-Pop14-Figure-Color-\" lang=\"en-US\"> (197.35)<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Blank-Cell\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Figure _idGenCellOverride-5\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-_-Pop14--Figure\"> (185.98)<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-11\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Text _idGenCellOverride-3\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-_-Pop14-Text\">Other operating expenses<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Blank-Cell\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Figure-Color- _idGenCellOverride-12\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-_-Pop14-Figure-Color-\" lang=\"en-US\"> (57.03)<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Blank-Cell\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Figure _idGenCellOverride-5\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-_-Pop14--Figure\"> (0.80)<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-11\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Text _idGenCellOverride-3\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-_-Pop14-Text\">Expenses for impairments<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Blank-Cell\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Figure-Color- _idGenCellOverride-12\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-_-Pop14-Figure-Color-\" lang=\"en-US\"> (507.98)<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Blank-Cell\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Figure _idGenCellOverride-5\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-_-Pop14--Figure\"> &#8211; <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-11\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Text _idGenCellOverride-3\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-_-Pop14-Text\">Other operating income<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Blank-Cell\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Figure-Color- _idGenCellOverride-12\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-_-Pop14-Figure-Color-\" lang=\"en-US\"> 17.71 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Blank-Cell\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Figure _idGenCellOverride-15\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-_-Pop14--Figure\"> 3.74 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-11\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Text _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-_-Pop14-Text\">Share of profit of associates<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Blank-Cell\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_Total-Lines_-Pop14-Bottom-Color- _idGenCellOverride-12\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-_-Pop14-Figure-Color-\" lang=\"en-US\"> (9.02)<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Blank-Cell\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_Total-Lines_-Pop14-Bottom-Black- _idGenCellOverride-5\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-_-Pop14--Figure\"> 2.34 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-11\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Text-Bold- _idGenCellOverride-3\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-_-Pop14-Text-Bold-\">Result from operating activities<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Blank-Cell\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Figure-Color- _idGenCellOverride-16\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-_-Pop14-Figure-Color-\" lang=\"en-US\"><span class=\"Bold-Text\"> (1,184.44)<\/span><\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Blank-Cell\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Figure _idGenCellOverride-8\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-_-Pop14--Figure\"><span class=\"Bold-Text\"> 159.79 <\/span><\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-11\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Text _idGenCellOverride-14\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-_-Pop14-Text\">Interest income<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Blank-Cell\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Figure-Color- _idGenCellOverride-12\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-_-Pop14-Figure-Color-\" lang=\"en-US\"> 26.41 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Blank-Cell\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Figure _idGenCellOverride-5\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-_-Pop14--Figure\"> 11.06 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-11\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Text _idGenCellOverride-3\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-_-Pop14-Text\">Interest expenses<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Blank-Cell\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Figure-Color- _idGenCellOverride-12\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-_-Pop14-Figure-Color-\" lang=\"en-US\"> (124.49)<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Blank-Cell\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Figure _idGenCellOverride-5\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-_-Pop14--Figure\"> (74.03)<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-11\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Text _idGenCellOverride-13\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-_-Pop14-Text\">Other financial result<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Blank-Cell\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_Total-Lines_-Pop14-Bottom-Color- _idGenCellOverride-12\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-_-Pop14-Figure-Color-\" lang=\"en-US\"> 5.42 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Blank-Cell\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Figure _idGenCellOverride-5\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-_-Pop14--Figure\"> (4.62)<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-11\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Text-Bold- _idGenCellOverride-3\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-_-Pop14-Text-Bold-\">Profit before tax<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Blank-Cell\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Figure-Color- _idGenCellOverride-16\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-_-Pop14-Figure-Color-\" lang=\"en-US\"><span class=\"Bold-Text\"> (1,277.10)<\/span><\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Blank-Cell\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Figure _idGenCellOverride-5\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-_-Pop14--Figure\"><span class=\"Bold-Text\"> 92.20 <\/span><\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-11\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Text _idGenCellOverride-17\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-_-Pop14-Text\">Tax expense<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Blank-Cell\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Figure-Color- _idGenCellOverride-18\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-_-Pop14-Figure-Color-\" lang=\"en-US\"> 196.69 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Blank-Cell\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Figure _idGenCellOverride-19\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-_-Pop14--Figure\"> (15.72)<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-11\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Text-Bold- _idGenCellOverride-3\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-_-Pop14-Text-Bold-\">Profit for the year (continuing operations)<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Blank-Cell\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_Total-Lines_-Pop14-GTotal-Color--Bold- _idGenCellOverride-18\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-_-Pop14-Figure_Color-Bold-\"> (1,080.41)<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Blank-Cell\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_Total-Lines_-Pop14-GTotal-Black--Bold- _idGenCellOverride-5\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-_-Pop14-Figure-Bold-\"> 76.48 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Annual-Report-Main-Table _idGenTableRowColumn-11\">\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Text-Bold- _idGenCellOverride-3\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-_-Pop14-Text-Bold-\">Total comprehensive income for the year (continuing operations)<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Blank-Cell\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_Total-Lines_-Pop14-GTotal-Color--Bold- _idGenCellOverride-12\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-_-Pop14-Figure_Color-Bold-\"> (1,082.08)<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_-Pop14-Blank-Cell\" \/>\n\t\t\t\t\t\t<td class=\"Annual-Report-Main-Table _Pop14-_Total-Lines_-Pop14-GTotal-Black--Bold- _idGenCellOverride-11\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-_-Pop14-Figure-Bold-\"> 63.35 <\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t<\/tbody>\n\t\t\t<\/table>\n\t\t\t<p class=\"_Pop14-_-Pop14-Text\">&#160;&#160;&#160;&#160;&#160;<\/p>\n\t\t\t<table id=\"table003\" class=\"Table-Between-Text\">\n\t\t\t\t<colgroup>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-1\" \/>\n\t\t\t\t\t<col class=\"_idGenTableRowColumn-2\" \/>\n\t\t\t\t<\/colgroup>\n\t\t\t\t<tbody>\n\t\t\t\t\t<tr class=\"Table-Between-Text _idGenTableRowColumn-5\">\n\t\t\t\t\t\t<td class=\"Table-Between-Text _Pop14-_-Pop14-Running-Text\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-_-Pop14-Text\">b.<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<td class=\"Table-Between-Text _Pop14-_-Pop14-Running-Text\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-_-Pop14-Text\">During the year ended 31 March 2025, the Group has recognized a net loss of <span class=\"plain-Text\">\u20b9<\/span>&#160;915.48 crore in the consolidated financial statements related to its investment in associate entity, Pierer Bajaj AG (PBAG). This comprises share of loss of <span class=\"plain-Text\">\u20b9<\/span>&#160;314.55 crore, accounted for under the equity method, and an impairment loss of <span class=\"plain-Text\">\u20b9<\/span>&#160;600.93 crore on the carrying value of net investment in the associate.<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Table-Between-Text _idGenTableRowColumn-5\">\n\t\t\t\t\t\t<td class=\"Table-Between-Text _Pop14-_-Pop14-Running-Text\" \/>\n\t\t\t\t\t\t<td class=\"Table-Between-Text _Pop14-_-Pop14-Running-Text\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-_-Pop14-Text\">The share of loss of <span class=\"plain-Text\">\u20b9<\/span>&#160;314.55 crore includes a proportionate share of gain of <span class=\"plain-Text\">\u20b9<\/span>&#160;3,075.11 crore recognised by KTM AG pertaining to write back of liabilities, consequent to the creditors meeting dated 25 February 2025, which was part of the financial restructuring process of KTM AG under court approved self-administration proceedings.<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr class=\"Table-Between-Text _idGenTableRowColumn-13\">\n\t\t\t\t\t\t<td class=\"Table-Between-Text _Pop14-_-Pop14-Running-Text\" \/>\n\t\t\t\t\t\t<td class=\"Table-Between-Text _Pop14-_-Pop14-Running-Text\">\n\t\t\t\t\t\t\t<p class=\"_Pop14-_-Pop14-Text\">The impairment loss of <span class=\"plain-Text\">\u20b9<\/span>&#160;600.93 crore has been recognized on the Group\u2019s carrying value of net investment in associate forming part of automotive segment based on a computation of value in use pursuant to restructuring of KTM AG which included comprehensive review of the underlying valuation and long-term cash flow projections of operating entity KTM AG. The impairment assessment considered multiple scenarios and incorporated potential downside risks to future performance, including sensitivity to macroeconomic conditions, market demand, and execution of the restructured business plan.<\/p>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t<\/tbody>\n\t\t\t<\/table>\n\t\t<\/div>\n\t<\/body>\n<\/html>\n\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":1,"featured_media":744,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-1240","page","type-page","status-publish","has-post-thumbnail","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Investment in an associate - Annual Report 2024-25<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/investors.bajajauto.com\/ar25\/investment-in-an-associate\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Investment in an associate - 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