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

   ══════════════════════════════════════════════════════════════════════════

   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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