EQS-Adhoc: PIERER Mobility AG: KTM AG prepares application for judicial restructuring proceedings with self-administration

EQS-Ad-hoc: PIERER Mobility AG / Key word(s): Restructure of Company
PIERER Mobility AG: KTM AG prepares application for judicial restructuring
proceedings with self-administration

26-Nov-2024 / 13:58 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the
Regulation (EU) No 596/2014, transmitted by EQS News – a service of EQS
Group AG.
The issuer is solely responsible for the content of this announcement.

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Ad hoc notification pursuant to Article 17 of Regulation (EU) No 596/2014
(MAR)

Ad hoc announcement pursuant to Art. 53 LR

 

Wels, November 26, 2024

 

PIERER Mobility AG: KTM AG prepares application for judicial restructuring
proceedings with self-administration

 

KTM AG, a wholly owned subsidiary of PIERER Mobility AG, will apply for
the initiation of judicial restructuring proceedings with
self-administration (Sanierungsverfahren unter Eigenverwaltung) on
November 29, 2024. The financing requirements of KTM AG currently amount
to a high three-digit million figure. The management now does not expect
to be able to secure the necessary interim financing in time.

 

The Executive Board of KTM AG therefore decided today to file the
application for the initiation of judicial restructuring proceedings with
self-administration over the assets of KTM AG and its subsidiaries KTM
Components GmbH and KTM F&E GmbH. The proceedings give the opportunity to
continue to manage the assets under supervision and to reorganize the KTM
Group independently. All other subsidiaries of KTM AG, in particular all
sales companies, are not affected.

 

The aim of the proceedings is to agree a reorganization plan with the
creditors within 90 days. Redimensioning the group should not only secure
the continued existence of the KTM Group in the long term, but also create
the basis for emerging stronger from the proceeding.

 

A redimensioning of production should lead to a gradual adjustment in
excess stock at KTM and its dealers over the next two years. This will
result in a reduction in operating performance at the Austrian sites
totalling over EUR 1 billion in the years 2025 and 2026.

 

The restructuring process will result in additional potential losses, for
example due to one-off expenses such as necessary write-downs (e.g. for
capitalized development costs) and costs for staff reductions as well as
the shortfall in fixed costs due to the reduced operating performance and
other costs arising from the restructuring process.

 

Consequently, for the current 2024 financial year, the company expects a
negative annual net result in the very high three-digit million range due
to the aforementioned reasons.

 

Legal notice

THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF SECURITIES FOR SALE OR A
SOLICITATION OF AN OFFER TO PURCHASE SECURITIES OF PIERER MOBILITY AG. IT
IS NOT FOR DISTRIBUTION, TRANSMISSION OR PUBLICATION, DIRECTLY OR
INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, AUSTRALIA,
CANADA, JAPAN OR SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH THE
DISTRIBUTION OF THIS ANNOUNCEMENT WOULD BE UNLAWFUL.

 

 

For further information:

Investor Relations

Hans Lang & Melinda Busáné-Bellér

Tel: +43 676 4140945 or +43 676 4093711

Email: ir@pierermobility.com

Website: [1] https://www.pierermobility.com

 

ISIN: AT0000KTMI02; Swiss Valor Number (Switzerland): 41860974; Ticker
Symbol: PKTM; Bloomberg: PKTM SW, PKTM AV; Reuters: PKTM.S, PKTM.VI

End of Inside Information

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26-Nov-2024 CET/CEST News transmitted by EQS Group AG. www.eqs.com

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Language: English
Company: PIERER Mobility AG
Edisonstrasse 1
4600 Wels
Austria
Phone: +43 (0) 7242 69 402
E-mail: ir@pierermobility.com
Internet: www.pierermobility.com
ISIN: AT0000KTMI02
WKN: A2JKHY
Listed: SIX, Vienna Stock Exchange
EQS News ID: 2038653

Valorennummer (Schweiz): 41860974 Wertpapierkürzel: PKTM Bloomberg: PKTM
SW; PKTM AV Reuters: PKTM.S; PKTM.VI

 
End of Announcement EQS News Service

2038653  26-Nov-2024 CET/CEST

References

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