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Ktm Industries Ag Annual Financial Report 2017 Highlights 2017 and Outlook at a Glance

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Ktm Industries Ag Annual Financial Report 2017 Highlights 2017 and Outlook at a Glance KTM INDUSTRIES AG ANNUAL FINANCIAL REPORT 2017 HIGHLIGHTS 2017 AND OUTLOOK AT A GLANCE ANOTHER RECORD YEAR FOR NEXT LEVEL OF eMOBILITY KTM INDUSTRIES Next step to become a comprehensive power two-wheeler company EUR 1,533m revenues (+14% vs 2016) and record Leveraging technological and market know-how revenues for the 7th consecutive time 238,334 motorcycles sold (+17% vs 2016) SUCCESSFUL MOTORSPORT YEAR ACROSS ALL RACING CLASSES STRONG MOMENTUM IN ALL RELEVANT MARKETS 11 championship titles in 2017 and more than 280 in KTM history Increase of brand visibility 10.1% market share in Europe and 8.3%market share in US/CA NEW GUIDANCE AND OUTLOOK Husqvarna strong momentum maintained and posts one of the highest growth numbers in registrations >400,000 motorcycles in 2022 (+5.2% vs 2016) Selected figures of new guidance: 2021 (NEW) 2021 (OLD) ENLARGEMENT OF STRATEGIC Motorcycles sold1) >360,000 units >300,000 units PARTNERSHIP WITH BAJAJ AND EBIT margin 8 – 10% 8 – 10% ROIC 10 – 12% 9 – 11% NEW JV WITH CF MOTO 1) Including units distributed by Bajaj Later in 2018, Bajaj will add Husqvarna models Vitpilen 401 and Svartpilen 401 to its production for global markets and distribution agreement Joint venture with CF Moto strengthens KTM’s footprint in China and allows cost-efficient production of motorcycles with engines >690cc DAKARS UNDEFEATEDTHE MOST VICTORIOUS MOTORCYCLE 17BRAND IN DAKAR HISTORY! What does it take to win 17 consecutive titles in the world’s toughest rally race? After years of battling the Dakar, we can attribute our victories to one thing – sheer READY TO RACE spirit. CONGRATULATIONS TO MATTHIAS WALKNER AND THE ENTIRE RED BULL KTM FACTORY RACING TEAM! Please make no attempt to imitate the illustrated riding scenes, always wear protective clothing and observe the applicable provisions of the road traffic regulations! The illustrated vehicles may vary in selected details from the production models and some illustrations feature optional equipment available at additional cost. Photo: KTM Images / PhotosDakar.com TABLE OF CONTENTS KTM INDUSTRIES GROUP ........................................................... 6 - 23 CONSOLIDATED FINANCIAL STATEMENTS .................... 72 -142 Group Structure ......................................................................... 6 Consolidated income statement ............................................. 76 Introuction by the Executive Board ............................................ 8 Consolidated statement of comprehensive income .................. 77 Bodies of the Company ........................................................... 10 Consolidated statement of financial position ......................... 78 KTM ........................................................................................ 12 Consolidated statement of cash flows .................................... 80 Husqvarna Motorcycles ........................................................... 14 Consolidated statement of changes in equity ......................... 82 WP ........................................................................................... 16 Notes to the consolidated financial statements ...................... 84 Pankl ...................................................................................... 18 Statement of all legal representatives (approval) .................. 142 KTM TECHNOLOGIES ............................................................... 20 Auditor‘s report ...................................................................... 143 Employees .............................................................................. 22 SUSTAINABILITY REPORT .................................................... 148 -163 SHARE & CORPORATE GOVERNANCE ..................................... 24 - 59 Share & Investor Relations ...................................................... 24 Statement by the Executive Board ................................................. 164 Corporate Governance ............................................................ 26 Report by the Supervisory Board ........................................... 58 CONSOLIDATED MANAGEMENT REPORT ................................ 60 - 73 Significant events in the 2017 financial year ........................... 62 Economy and market development ..........................................63 Financial performance indicators ........................................... 65 Non-Financial Performance Indicators .................................... 69 Risk report and Financial Instruments .................................... 70 Declaration pursuant to section 243a (para. 1) of the Austrian Commercial Code (UGB) ................................. 70 Outlook ................................................................................... 72 Pol Espargaro _ Bradley Smith KTM RC16 2017 KTM Media Library Sebas Romero KEY FIGURES EARNINGS RATIOS 2013 2014 2015 2016 2017 CHG. IN % Revenue in m€ 910.6 1,086.3 1,223.6 1,343.0 1,533.0 14 EBITDA in m€ 116.7 148.1 178.4 198.4 218.9 10 EBIT in m€ 65.9 93.0 112.9 122.3 132.5 8 Earnings after taxes in m€ 31.7 57.0 65.0 89.0 83.9 -6 EBITDA margin in % 12.8% 13.6% 14.6% 14.8% 14.3% EBIT margin in % 7.2% 8.6% 9.2% 9.1% 8.6% BALANCE SHEET RATIOS 12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017 CHG. IN % Balance sheet total in m€ 939.2 1,031.1 1,175.9 1,423.8 1,465.2 3 Equity in m€ 308.5 370.9 386.6 454.9 528.6 16 Equity ratio in % 32.8% 36.0% 32.9% 32.0% 36.1% Working capital employed 1) in m€ 180.4 206.8 243.3 245.2 238.4 -3 Net debt 2) in m€ 342.7 315.1 387.4 364.6 375.0 3 Gearing 3) in % 111.1% 85.0% 100.2% 80.1% 70.9% CASH FLOW AND CAPEX 2013 2014 2015 2016 2017 CHG. IN % Cash flow from operating acti- in m€ 64.1 82.4 106.9 167.8 161.3 -4 vities Cash flow from investing activities in m€ -41.0 -72.0 -110.1 -158.8 -154.0 -3 Cash flow from financing activities in m€ -23.6 32.7 50.7 139.2 -118.0 <100 Capital expenditure 4) in m€ 96.4 108.4 133.0 144.4 178.6 24 EMPLOYEES 12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017 CHG. IN % Number of employees as of Number 4,084 4,182 4,553 5,069 5,887 16 balance sheet date 5) VALUE CREATION 12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017 ROCE (Return on capital emplo- in % 9.9% 12.9% 14.2% 13.9% 13.9% yed) 6) ROE (Return on equity) 7) in % 10.8% 16.8% 17.2% 21.2% 17.1% STOCK EXCHANGE RATIOS 8) - - - 12/31/2016 12/31/2017 CHG. IN % Share price as of 31 Dec.; in CHF 5.35 CHF 7.39 CHF 38 SIX Swiss Exchange Number of shares issued in m shares 225.39 225.39 - Market capitalization in m CHF 1,205.82 1,665.61 38 Earnings per share in € 0.23 0.20 -13 1) Working capital = stock + trade receivables - trade payables 6) ROCE: EBIT/average capital employed Capital employed = property, plant 2) Net financial debt = financial liabilities (current, non-current) - cash and equipment + goodwill + intangible assets + working capital employed 3) Gearing = net financial debt/equity 7) ROE = net result after tax/average equity 4) Additions from property, plant and equipment and intangible assets 8) since Nov. 14, 2016 Listing on SIX Swiss Exchange according to schedule of investments 9) Equity / Number of shares 5) Number of employees on the reporting date (including temporary staff) 6 KTM INDUSTRIES GROUP SHARE & CORPORATE GOVERNANCE CONSOLIDATED MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS SUSTAINABILITY REPORT 51.7%1) 49.9% 3) PEXCO GMBH 74% 100% 26% 100% 99,9%2) PTW Design, concept eMobility Powered two wheelers development & digitalization K KraftFahrZeug Holding GmbH 100% 1) indirectly through K KraftFahrZeug Holding GmbH PF Beteiligungsverwaltungs GmbH 100% 2) since January 2018 operating under the roof of KTM AG ACstyria Mobilitätscluster GmbH 12.3% 3) PEXCO GmbH „at equity“; 50.1% are held by family Puello Wethje Carbon Composites GmbH 8.4% 4) further 2.45% are held by Pierer Immobilien GmbH KTM INDUSTRIES GROUP SHARE & CORPORATE GOVERNANCE CONSOLIDATED MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS SUSTAINABILITY REPORT ANNUAL REPORT 2017 7 GROUP STRUCTURE 94.5%4) Simplified presentation as of 12/31/2017 High performance components KTM 1290 SUPER DUKE R MY 2017, Photo: R.Schedl 8 KTM INDUSTRIES GROUP SHARE & CORPORATE GOVERNANCE CONSOLIDATED MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS SUSTAINABILITY REPORT INTRODUCTION BY THE EXECUTIVE BOARD KTM INDUSTRIES AG ACHIEVED SEVENTH CONSECUTIVE RESULTS RECORD The 2017 financial year was the seventh record year in a row for KTM Industries Group, making it the best year in its corporate history. In the 2017 financial year, the KTM Industries Group achieved record revenue of €1.533 billion (+ 14%), corresponding to an increase of €190 million. The EBIT increased to €132.5 million (+ 8%) following €122.3 million in the previous year, and the net result after tax fell from €89 million to €83.9 million. The balance sheet total as at December 31 amounted to €1.4652 billion, following €1.4238 billion in the previous year with an equity ratio of 36.1%. CONTINUED EXPANSION OF WORKFORCE DURING THE GROWTH COURSE As part of the Group’s growth, an additional 818 employees were hired in the 2017 financial year, of which 652 were in Austria. In 2017, the KTM Industries Group employed almost 6,000 people, more than 75% of which in Austria. LARGE INVESTMENTS IN THE AUSTRIAN SITES During the past year, around €180 million was invested in the further growth course. The new high-performance drivetrain plant, investment in additive manufacturing at Pankl in Kapfenberg and the expansion of the research and development
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