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Steyr Motors AG
Annual Report • Mar 19, 2025
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Annual Report
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ANNUAL REPORT
LETTER TO THE SHAREHOLDERS 2
MANAGEMENT REPORT OF STEYR MOTORS AG 18
| REPORT OF THE SUPERVISORY BOARD | 6 |
|---|---|
| STEYR MOTORS ON THE CAPITAL MARKET | 12 |
| Financial calendar 2025 | 14 |
| MANAGEMENT REPORT OF STEYR MOTORS AG | 18 |
| Basis of the Company Economic Environment |
18 18 |
| Report on the Company's Business Performance and Position, including its Net Assets, Financial Position and Results of Operations |
19 |
| Report on the Risks and Expected Development of the Company | 23 |
| ANNUAL FINANCIAL STATEMENTS OF STEYR MOTORS AG | 30 |
| Statement of Comprehensive Income | 30 |
| Statement of Financial Position as of December 31, 2024 | 31 |
| Statement of Changes in Equity Cashflow Statement |
32 33 |
| NOTES TO THE IFRS FINANCIAL STATEMENTS | 36 |
| ASSURANCE OF THE LEGAL REPRESENTATIVES | 63 |
| AUDITOR'S OPINION | 64 |
| IMPRINT & CONTACT | 68 |
ANNUAL FINANCIAL STATEMENTS OF STEYR MOTORS AG 30
CONTENT
Steyr Motors AG develops and produces high-performance diesel engines with the highest power density and durability for heavy-duty vehicles and boats. Steyr Motors also produces generator sets, as well as engine-optimised software solutions with digital networking.
Steyr Motors supports its discerning customers throughout the entire product life cycle with long-lasting original components and service know-how derived directly from development and production.
Marine Engines Vehicle Engines Service,
DEAR SHAREHOLDERS, LADIES AND GENTLEMEN,
2024 was an important year in the history of Steyr Motors AG. The turnaround, which we have worked hard to achieve in recent years, is impressively reflected in our revenues and earnings for 2024. The successful IPO in the Scale segment of the Frankfurt Stock Exchange also marked another important milestone. We can say with confidence that Steyr Motors is at the cusp of a new phase of growth.
Forecasts for 2024 fulfilled
2024 was an extremely successful year for Steyr Motors AG, as our business figures show. With revenues growing by 9.2% to EUR 41.7 million and EBIT adjusted for restructuring and consulting costs coming to EUR 10.1 million together with unadjusted EBIT of EUR 6.5 million, we have met our forecasts for 2024. We would like our shareholders to participate in the successes achieved in 2024. The Management Board and Supervisory Board will therefore propose the distribution of a dividend of EUR 0.55 per dividend-entitled share at the Annual General Meeting on May 7. However, our growth potential is far from exhausted. Steyr Motors, as one of the world's leading companies in the development and production of customized highperformance engines with high power density and durability and with a high-quality and diverse global customer base, is facing an extremely exciting and promising era.
We are currently experiencing very dynamic growth in demand for our products in the civil sector, but particularly also in the defense sector. It probably goes without saying that in the current environment characterized by multiple geopolitical challenges in combination with the goals formulated by many governments entailing a massive increase in spending on national defense, a supercycle in the defense sector is emerging for our market segment. Steyr Motors is ideally positioned to benefit from this development. At the end of 2024, our total order backlog of firm orders for the period up to the end of 2027, consisting of firm orders, blanket orders and non-binding sales commitments, was valued at just under EUR 150 million. It should be noted that the increases in defense budgets planned by various governments have barely come to fruition so far. In other words, most of the anticipated boom still lies ahead of us and will only show up in our books in the next few years.
Technological progress driving growth
An important technical highlight is the progress made in the development of our new 2-cylinder auxiliary power unit (APU). This compact, state-ofthe-art unit delivers 30 kW of electrical power, can be cold-started down to –46 degrees Celsius and is ideal for use in battle tanks. We expect the new product to be ready for series production by mid-2026.
Julian Cassutti CEO
"We can confidently state that Steyr Motors is at the beginning of a new growth phase."
A preliminary delivery agreement signed after the 2024 reporting date in February 2025 with one of the leading European manufacturers of tactical vehicles for a new main battle tank platform underpins the potential of our new development. Further intensive talks and contract negotiations are also underway with several well-known defense companies. We are therefore very confident that this product will significantly boost our growth from 2026.
Global expansion bearing fruit
In the year under review, we also set the course for our international growth strategy. In November 2024, for example, we opened a new office in Beijing, China, as our official Asian representative office. This is being accompanied by important emissions certification for the Chinese market. By expanding into China, we are tapping into new market opportunities for civil marine business and gradually expanding our presence in key markets such as China, Indonesia, Taiwan, Vietnam and Singapore. After the 2024 reporting date, Steyr Motors AG opened another office in Jakarta, Indonesia, thus taking another important step to further accelerate growth in the booming Asian region. Our presence in Indonesia gives us access to one of the largest and most dynamic markets in Southeast Asia. We are in an excellent position to address the emerging local civil marine market effectively by building a comprehensive network in Indonesia. Thanks to an increasing number of customer inquiries and the new orders already received, we see good opportunities to continue our expansion and growth in these regions.
IPO the highlight of the year
We have also raised the external perception of Steyr Motors to a new level. Our successful listing on the Frankfurt Stock Exchange in October 2024 followed by our secondary listing on the Vienna Stock Exchange in February 2025 mark further milestones in our growth strategy. This will significantly boost our visibility among German, Austrian and international investors and improve our access to the capital market. The stock market listing gives us the greatest possible flexibility to implement our expansion plans. In addition, the publicity and greater transparency associated with the IPO promote the trust of our customers and business partners and have already led to new business inquiries (including from the United States).
Surge in revenues expected in 2025
We have every reason to be confident about 2025 and beyond. In light of the milestones set last year, the existing order backlog, and ongoing customer discussions, the Management Board expects further strong growth. Looking forward to 2025, we expect revenues to increase by at least 40% over 2024 on the basis of an output of more than 1,250 engines (previous year: 729 engines). We project an EBIT margin of at least 20%. Growth is being driven in particular by our heightened activities in Asia, the MENA region and North and South America. We also fully reaffirm our medium-term forecast, which, based on our high order backlog, envisages a fourfold increase in adjusted EBIT by 2027 – and thereafter on an unadjusted basis.
Finally, we would like to thank our dedicated employees for their tireless efforts and passion – they are the foundation of our success. Our thanks also extend to our shareholders for their trust and continued support. We look to the future with confidence and determination and invite you to join us as we continue the Steyr Motors growth story.
Best regards,
Julian Cassutti CEO, Steyr Motors AG
REPORT OF THE SUPERVISORY BOARD
of Steyr Motors AG
DEAR SHAREHOLDERS,
Following the Company's successful transformation and realignment in 2023, the 2024 financial year was characterized by continuous, sustainable growth. With the successful conversion of the Company into a stock corporation, including a merger and a successful capital increase, the shares were listed in the Scale segment of the Frankfurt Stock Exchange in Germany for the first time at the end of October. This process was essential for the Company's future successful development. It has significantly increased the level of awareness of Steyr Motors, and this should have a positive effect on its growth in the long term. The Company performed very encouragingly in the year under review in terms of both revenues and profitability. It was subsequently listed on the Vienna Stock Exchange in February 2025. Looking ahead to 2025 and the coming years, Steyr Motors AG is focusing on sustainable, international growth.
Trusting cooperation between the Supervisory Board and the Management Board
In 2024, the Management Board consulted the Supervisory Board on all key decisions affecting the Company. Cooperation was characterized by consistently constructive discussions between the Supervisory Board and the Management Board and active advice provided by the Supervisory Board, both during and outside its meetings. The Supervisory Board was always informed promptly and comprehensively about all issues of importance to the Company. The main focus was on the alignment of business policy, the Company's development, its net assets, financial position and results of operations as well as risk management and the progress made in complying with legal requirements. As a result, the Supervisory Board was always in a position to advise the Management Board closely and to fulfill its task of careful monitoring at all times. The Supervisory Board was also informed about important business transactions in written and verbal form outside of its meetings as part of regular reporting.
The Supervisory Board also reviewed important business transactions requiring its approval in accordance with the rules of procedure of the Management Board and made decisions on the transactions presented after extensive consultation and internal discussion.
Composition of the Supervisory Board
In accordance with Article 7.1 of its Articles of Association, the Company's Supervisory Board consists of at least three and a maximum of seven members elected at the annual general meeting or delegated by the shareholders. At the annual general meeting of Mutares Austria Holding-01 GmbH on September 23, 2024, Dr. Christian Klingler, Mr. Simon Brüseken and Ms. Katerina Zenz were elected to the Supervisory Board as representatives of the principal shareholder. Following the listing of the shares of Steyr Motors AG in the open market of the Frankfurt Stock Exchange, Mr. Martin Brandner and Mr. Stefan Fraundorfer were also elected to the Supervisory Board as representatives of the Company's works council. At the extraordinary shareholder meeting held on October 23, 2024, Mr. Fabian Schlegel and Mr. Philipp Berghofer were elected to the Supervisory Board by the shareholders, while Mr. Simon Brüseken and Ms. Katerina Zenz stepped down from the Supervisory Board. The Chairman of the Supervisory Board is Dr. Christian Klingler, the Deputy Chairman is Mr. Fabian Schlegel.
The Supervisory Board has voluntarily formed an Audit Committee, consisting of Mr. Fabian Schlegel as Chairman and Mr. Martin Brandner and Mr. Philipp Berghofer as ordinary members.
There are no other committees.
Composition of the Management Board
Since his appointment by the Supervisory Board on September 27, 2024, Mr. Julian Cassutti has managed the Company as the sole member of the Management Board. He was appointed to the Management Board by the Supervisory Board for a term of office of three years and two months. The service contract with Mr. Julian Cassutti expires on December 31, 2027.
Activities of the Supervisory Board in 2024
In 2024, the Supervisory Board performed with due care and diligence the duties assigned to it by law, the Articles of Association and the rules of procedure. The members of the Supervisory Board – individually and collectively – have the necessary knowledge, skills and experience to perform their duties for Steyr Motors AG. Furthermore, the members of the Supervisory Board devoted sufficient time and commitment to fulfilling their duties, something which is reflected in an attendance rate of 100% at the meetings (including the Audit Committee).
The Supervisory Board held a total of three meetings in 2024. Two meetings were held virtually and one in person in 2024. The following main topics were discussed at the meetings:
Meeting on September 27, 2024 (virtual)
- Election of the Chairman and Deputy Chairman of the Supervisory Board
- Appointment of the Management Board of Steyr Motors AG
Meeting on October 23, 2024 (virtual)
– Re-election of the Chairman of the Supervisory Board and his deputy following the extraordinary shareholder meeting on October 23, 2024
Meeting on November 28, 2024
(at the Company's Offices in Steyr)
- – Capital market compliance and clarification of insider information and transactions
- Discussion and resolution on the approval of the rules of procedure for the
- Management Board
- Supervisory Board
- Report of the Management Board on the situation of Steyr Motors AG, particularly
- Net assets, financial position and results of operations
- Liquidity situation and forecast
- Reactions of customers, suppliers and (potential) investors to the IPO
- Budget for 2025
- Approval of the budget for 2025
- Resolution on the establishment of the Audit Committee and election of the Chair and committee members
- Resolution of the Supervisory Board on the conclusion of the audit contract with the auditor for the 2024 financial year
The auditors from Grant Thornton ALPEN-ADRIA Wirtschaftsprüfungsgesellschaft GmbH joined the meeting online and reported on the progress of the preliminary audit as planned.
Audit Committee
The Audit Committee consists of three members. These are Mr. Fabian Schlegel, Mr. Martin Brandner and Mr. Philipp Berghofer. The tasks of the Audit Committee include, in particular, reviewing the accounts and monitoring the accounting process, the risk management system, compliance and the audit of the financial statements. It prepares the resolutions of the Supervisory Board on the annual financial statements and the proposal for the appropriation of the Company's unappropriated surplus. The Committee submits a proposal to the Supervisory Board for the appointment of the auditor. In 2024, several meetings were held between the Chairman of the Audit Committee and the Company's CFO to discuss fundamental accounting issues and to coordinate deadlines, among other things. The Chairman of the Audit Committee regularly reports to the Supervisory Board on the Committee's activities.
Adoption and approval of the Annual Financial Statements
Grant Thornton ALPEN-ADRIA Wirtschaftsprüfungsgesellschaft GmbH, Klagenfurt am Wörthersee, audited the annual financial statements and the management report of Steyr Motors AG as of December 31, 2024, which had been prepared in accordance with the Austrian Commercial Code ("UGB"), and the IFRS single-entity financial statements in accordance with International Financial Reporting Standards ("IFRS"), as endorsed by the European Union, and issued an unqualified audit opinion in each case. As part of the audit of the annual financial statements, the auditor conducted an audit of the accounting-related internal control system in order to take account of the findings on its effectiveness in the further selection of audit procedures. The audit did not reveal any indications of shortcomings in the accounting-related internal control system.
The Supervisory Board examined the annual financial statements and management report of Steyr Motors AG as of December 31, 2024, particularly with regard to legality, regularity and expediency, and discussed the documents in detail with the Management Board and the auditor as the basis for a draft audit report. The auditor reported on the results of the audit at the Supervisory Board meeting on March 12, 2025 as a whole and on the individual focal points of the audit and answered the questions of the members of the Supervisory Board in detail. The members of the Supervisory Board took note of the audit reports and audit opinions and critically assessed and discussed them with the auditors, who answered questions on the nature and scope of the audit and the audit findings. The Supervisory Board was able to satisfy itself of the correctness of the audits and the audit reports. It conducted its own detailed review of the annual financial statements and the management report.
No objections were raised following the conclusion of this audit. The Supervisory Board therefore approved the results of the audit at its meeting on March 12, 2025. The annual financial statements prepared by the Management Board were duly adopted and approved by the Supervisory Board. The Supervisory Board agreed with the management report and the assessment of the company's future development.
Thanks
The Supervisory Board would like to express its sincere thanks for the work performed by the employees and the Management Board of Steyr Motors AG. It was an economically successful year, and the Supervisory Board is looking forward to 2025 with great anticipation.
Steyr-Gleink, March 12, 2025 The Supervisory Board of Steyr Motors AG
Dr. Christian Klingler Chairman of the Supervisory Board
KAPITEL KAPITEL
Entrance to the modern office building - an innovative working environment with contemporary architecture.
Successful but volatile year for the stock markets in 2024
In 2024, the stock markets were characterized by uneven performance but closed the year on a very successful note. The geopolitical conflicts in Ukraine and the Middle East triggered uncertainty on the markets. In particular, the global equity markets were heavily influenced by economic challenges. Muted consumer spending and flat industrial production in the Eurozone fueled fears of a recession and were accompanied by only a gradual decline in inflation. In the second half of the year, the markets began to price in a turnaround in central banks' interest rates. At the same time, inflation leveled off again over the course of the second half of the year. The subsequent interest rate cuts fueled hopes of economic stabilization. Monetary easing, the strength of the US economy in particular and optimism over the monetarization of artificial intelligence propelled the stock markets to new record highs in many regions.
Among the leading indices, the US markets recorded the largest gains, with the S&P 500 rising by around 23.8%. Germany's leading index, the DAX, gained 18.8%, making it the top performer among the major European indices. By contrast, the MDAX and SDAX, whose members are generally much more exposed to the German economy, did not fare as well. The MDAX lost 5.7% over the year, while the SDAX also closed the year down just on 1.8%. The Scale All Share Index, which includes Steyr Motors, closed 5.8% lower in 2024. This reflects the reluctance of both institutional and private investors to invest in small and mid-caps, while the gains in the blue-chip segments were underpinned by the performance of less popular companies, particularly in the high-tech segment.
The industries relevant for Steyr Motors performed disparately in 2024. The defense sector, as measured by the STOXX Europe Total Market Aerospace & Defense Index, which includes numerous customers of Steyr Motors, closed the year 33.1% higher. On the other hand, the automotive sector declined by 12.2% in 2024, as the performance of the STOXX Europe 600 Automobiles & Parts Index shows.
Share performance since initial listing including benchmark indices
The shares of Steyr Motors AG have been listed in the Scale segment of the Frankfurt Stock Exchange since October 30, 2024, with an initial price of EUR 15.90. Prior to first-time listing, 1,110,000 shares were issued to institutional investors at a price of EUR 14.00 per share under a private placement. The shares arose from a capital increase with a gross issue volume of EUR 2.8 million and from the shares of EUR 12.7 million held by Mutares SE & Co. KGaA. The total placement was valued at roughly EUR 15.5 million, equivalent to 21.3% of the company's shares after the capital increase. The XETRA closing price for 2024 stood at EUR 13.80. This marks a decline of 1.4% compared to the placement price. In the same period, the DAX rose by 2.2%, while the SDAX fell by 0.5% and the Scale All Share Index by 4.7%.
The share reached a high of EUR 16.20 on October 30 and a low of EUR 12.45 on November 22. Average daily trading volumes on the XETRA electronic trading platform since the initial listing comprised 5,842 shares.
STEYR MOTORS ON THE CAPITAL MARKET
Comparative performance
Key figures of the Steyr Motors share
| 2024 | |
|---|---|
| Number in millions |
5.2 |
| EUR million |
71.8 |
| EUR | 13.80 |
| EUR | 16.20 |
| EUR | 12.45 |
| Number | 5,842 |
1All figures based on XETRA prices. XETRA trading volumes since listing.
Shareholder structure
The largest shareholder with 70.9% of the shares is Mutares SE & Co. KGaA. Under the private placement completed ahead of the stock market listing, B&C Holding Österreich GmbH was acquired as a new anchor shareholder with an interest of 9.9%. Members of management and employees hold a further 7.8% of the shares. 14% of the shares are free float.
Share data Financial calendar 2025
| Ticker | 4X0 |
|---|---|
| WKN | A40TC4 |
| ISIN | AT0000A3FW25 |
| Index membership | Scale All Share |
| Transparency level | Open Market |
| Market segment | Regulated unofficial market |
| Stock exchanges | XETRA, Frankfurt, Berlin, |
| Düsseldorf, Munich, Stuttgart, | |
| Tradegate | |
| Sector | Automotive and mechanical |
| engineering | |
| Number of shares | 5,200,000 |
| Class of shares | Ordinary shares |
| Designated sponsor | Hauck Aufhäuser Lampe |
| Privatbank AG | |
| February 5–6, 2025 | Hamburg Investor Days |
|---|---|
| February 10, 2025 | Listing on the Vienna Stock Exchange |
| February 19, 2025 | Virtual Austrian Conference |
| March 18, 2025 | Publication of the 2024 Annual Report |
| May 7, 2025 | Annual General Meeting |
| May 14, 2025 | Publication of Q1 figures |
| July 31, 2025 | Publication of H1 figures |
| October 23, 2025 | Publication of Q3 figures |
Investor relations
Steyr Motors maintains regular and transparent contact with all stakeholder groups such as institutional and private investors, financial analysts and media representatives. On example of this is the company's attendance at the German Equity Forum in Frankfurt/ Main in November 2024. Steyr Motors plans to additionally expand its financial communication activities by participating in conferences and roadshows and using own formats for example.
Further information on the share is available to interested investors on the Investor Relations website at ir.steyr-motors.com.
Analysts see upside of 117%
The Steyr Motors share is regularly analyzed and evaluated by Hauck Aufhäuser, which has given it a "buy" rating. The analysts have set a target price of EUR 30.00, translating into upside of around 117% over the closing price on December 30, 2024.
High Power lightweight marine engines: Ideal for commercial and private use, certified according to SOLAS and Rescue standards.
Economic Environment
According to the ifo Institute in Germany (source: "ifo Economic Forecast Winter 2024", published on December 12, 2024), the global economy experienced moderate growth in 2025 and 2026. Industry is expected to benefit from rising global demand and to continue recovering. Total global economic output should widen by 2.6% in both 2025 and 2026. Economic production in the United States is set to grow by 2.5% and 2.4% in 2025 and 2026. respectively.
In the Eurozone, the economy picked up in the reporting period, expanding by 0.9% year on year, driven by exports and industrial production, which benefited from lower energy prices. Inflation in the Eurozone is expected to average 2.3% in 2025 and 2026.
The Austrian Institute of Economic Research projects muted conditions in Austria and anticipates moderate economic growth of 0.6% in 2025 and 1.2% in 2026 (source: "WIFO Economic Forecast 4/2024", published in December 2024). While minor growth was originally forecast for 2024, the economic situation unfortunately deteriorated in 2024, with real economic contraction of 1.0%. Muted demand in the current year is placing a damper on producer and consumer price inflation. As labor supply continues to grow and employment growth flattens out, WIFO expects unemployment to continue rising to 7.4% in 2025, dropping to 7.0% in 2026 (7.0% in 2024).
In the emerging markets in Asia, the International Monetary Fund (IMF) expects economic growth to decline by 0.2% to 4.4% in 2025 according to the "World Economic Outlook" of October 2024. Economic growth in China should slow from 5.2% in 2023 to 4.8% in 2024 and 4.5% in 2025.
In the United States, the IMF forecasts economic growth of 2.8% for 2024, slowing to 2.2% in 2025 according to the "World Economic Outlook" of October 2024. The upward revision of 0.6 percentage points since the January 2024 update reflects stronger than expected economic growth in the fourth quarter of 2023 and the expectation that this trend will continue until the end of 2024.
Report on the Company's Business Performance and Position, including its Net Assets, Financial Position and Results of Operations
Business Performance
The greatest success in 2024 was clearly Steyr Motors AG's IPO and the listing in the Scale segment of the Frankfurt Stock Exchange in October 2024. This yielded gross proceeds of EUR 2,800 thousand for Steyr Motors AG from the issue of 200,000 new shares and thus strengthened the Company's liquidity and equity base sustainably.
In the year under review, Steyr Motors AG achieved growth in both the "Civil" and "Defense" segments and exceeded the revenues and earnings targets defined in the budget that had been prepared in the fourth quarter of 2023. The "Civil" segment comprises all revenues with marine distributors as well as revenues directly with civilian vehicle OEMs (mainly in the locomotive sector), while the "Defense" division is made up of all revenues derived from vehicle and marine OEMs in the military sector. In addition, the Company's presence at specialist conferences and trade fairs was stepped up and customer acquisition in general was actively pursued in order to additionally expand its market position and open up new business opportunities in the medium to long term.
MANAGEMENT REPORT OF STEYR MOTORS AG
for the IFRS single-entity financial statements as of December 31, 2024
Basis of the Company
Business model and organization
With effect from October 15, 2024, Mutares Austria Holding-01 GmbH was merged as the acquiring company with Steyr Motors Betriebs GmbH (registered office in Steyr, FN°497037°m) as the transferring company as of the merger date December 31, 2023 at its book value and the registered office was relocated to Steyr.
With effect from October 19, 2024, Mutares Austria Holding-01 GmbH was converted into a stock corporation under Austrian law and the company renamed "Steyr Motors AG" (hereinafter "Steyr Motors" or "the Company").
The Company prepared IFRS consolidated figures for the 2023 financial year for the first time. Due to the upstream merger of Steyr Motors Betriebs GmbH into Mutares Austria Holding-01 GmbH as the acquiring company, this group has now been absorbed. The previous year's IFRS consolidated figures, which contained the same assets and liabilities as these financial statements, are used as comparative figures for these IFRS single-entity financial statements.
Until October 15, 2024, the purpose of Steyr Motors AG was to manage its own assets and to operate as a holding company with a 100% share in Steyr Motors Betriebs GmbH. After the merger took effect, the Company's purpose was to engineer and assemble drive units and to trade in goods of all kinds. Steyr Motors AG engineers and assembles high-performance diesel engines with maximum power density and durability for heavy-duty vehicles and boats as well as generator sets and engine-optimized software solutions incorporating digital networking.
Steyr Motors AG's unique selling point is its ability to engineer customized solutions for the use of diesel engines in vehicles for special situations and to subsequently assemble them in small series. Thanks to a power density of up to 70 kW per liter of displacement, which the competition is barely able to match, the Steyr engine delivers significantly more power from a smaller engine at a lower weight (so-called "powerto-weight ratio").
This high power density is made possible by the unique, patented motor block design, which delivers twice the power density for high-performance applications. A power density of 35 kW per liter of displacement is the market standard.
In all developments based on customer-specific requirements, attention is paid to the unique selling points of low weight, high performance, multi-fuel capability, robustness and the high altitude and cold-start capabilities required by the market.
An additional benefit of Steyr Motors engines for customers of Steyr Motors AG, who are mainly in the defense sector, is the possibility of operating the engines with alternative fuels without sacrificing performance and free of any wear due to low the lubrication of aviation fuels (made possible by an oil-lubricated injection system).
All Steyr Motors engines are developed and assembled at the Steyr site, while the Company's sell-side markets are spread across the world. In Steyr Motors' defense business, the strategic focus for further business development activities is on NATO countries in particular, which have stepped up defense spending in the main areas in which Steyr Motors engines are used – tanks and armored vehicles – since the outbreak of the Ukraine war in 2022. In the Company's predominantly civil marine business, the focus is on opening up new regional markets in which it has previously had little or no presence. This is particularly the case in Asia, where new customers were gained in several markets in the year under review.
Earnings Position of the Company including Financial Performance Indicators
Volume sales of engines came to 729 units in 2024 (previous year: 764 units). At the same time, growth was achieved in spare parts and licensed engine production.
As a result, revenues grew by EUR 3,525 thousand to EUR 41,657 thousand in 2024, up from EUR 38,132 thousand in the previous year (up 9.2% year-on-year). This trend strengthens the Company's market position. Table 1 below shows the revenues in 2024, broken down into the "Civil" and "Defense" segments:
The cost of materials amounted to EUR 22,902 thousand in 2024, thus remaining at the previous year's level of EUR 22,143 thousand (up 3.5% year-on-year). The increased consumption of raw materials and supplies due to the higher output was offset by the more efficient use of resources. Reflecting the price increases implemented, the gross profit generated in 2024 improved significantly (see segment report in the IFRS notes).
Personnel expenses fell from EUR 10,080 thousand in the previous year to EUR 9,557 thousand in 2024. This is due to the redundancy plan implemented at the beginning of 2023, which caused one-off costs of EUR 1,571 thousand for staff layoffs in 2023.
Other operating expenses fell substantially from EUR 7,765 thousand in 2023 to EUR 5,498 thousand in 2024. These mainly include expenses of EUR 1,967 thousand from consulting services provided by Mutares SE & Co KGaA in connection with the restructuring of the Company (previous year: EUR 3,866 thousand) and maintenance and repair costs of EUR 774 thousand (previous year: EUR 518 thousand). In connection with the IPO of Steyr Motors AG in October 2024, one-off IPO and M&A costs of EUR 1,050 thousand arose.
The Company's revenues, EBIT 1 and adjusted EBIT 2 are the financial performance indicators used by the Company's Management Board.
As a result of the optimization measures, most of which had been implemented in 2023, EBIT of around EUR 6,474 thousand was achieved in 2024, translating into an EBIT margin of 15.5% on revenues of EUR 41,657 thousand. Adjusted EBIT amounted to EUR 10,115 thousand in 2024 (adjusted EBIT margin 24.3%). Table 2 reconciles EBIT with adjusted EBIT:
| Revenues Civil & Defense Steyr Motors AG | ||||
|---|---|---|---|---|
| in EUR thousands | ||||
| 2024 | 16,061 | 25,596 41,657 (+9.2%) | ||
| 2023 | 14,195 | 23,938 38,132 | ||
| Civil | Defense |
| EBIT reconciliation | ||
|---|---|---|
| in EUR thousands | 2024 | 2023 |
| EBIT | 6,474 – 5,778 | |
| Expenses for staff compensation plans | 1,571 | |
| Restructuring and one-off expenses | 1,674 | 533 |
| Fees paid to Mutares | 1,967 | 3,866 |
| Book loss on sale and lease back | 3,388 | |
| EBIT adjusted | 10,115 | 3,581 |
In 2024, the price increases ranging from 7.5% to 21%, some of which had been agreed with customers in 2023, led to increases in revenues and margins and covered all revenue-relevant components. These adjustments were necessary to meet the increased supply chain costs and to safeguard margins, thus ensuring continued growth.
One focus was on customer acquisition in the marine market, particularly in Asia. Here, the Company established a new sales channel and entered into a contract with a new customer in China to significantly boost volumes in future years. Further new customers were gained in Taiwan, Vietnam and Indonesia. These measures make it possible to monetarize the entire product life cycle more effectively and establish longterm customer relationships. In addition, incentives for existing customers were created through an improved discount and bonus system. The contract signed with a new Chinese customer in June 2024 providing for a minimum purchase volume of 200 engines by the end of 2025 is particularly noteworthy.
In addition to South East Asia, the MENA (Middle East and North Africa) region has been defined as a priority for further business development. In the year under review, the existing key account team was strengthened in this regard and new partners (distributors and sales representatives) signed up to reinforce the sales network. These strategic measures are intended to support the further expansion of the Company's presence in a fast-growing market.
Further sales successes were also achieved in the United States. The exclusive delivery of engines for US Navy Seal boats, which began in 2023, was also stepped up in 2024 and supplemented with further deliveries.
On the engineering side, the activities initiated in 2023 to standardize the Steyr Motors product portfolio were continued, with further progress achieved. In customer-oriented engineering business, discussions with several OEMs on customized solutions for the Steyr APUs were stepped up. In addition, several vehicle acceptance tests and high altitude tests were successfully completed in conjunction with customers, once again confirming the viability of Steyr Motors engines under challenging conditions.
In the "Maintenance, Repair & Overhaul" ("MRO") division, the reopening of the Steyr Motors training center and the establishment of the training and service organization, which is now equipped for the future, is worthy of particular mention. The number of general overhauls of engines and diesel units was increased in the fourth quarter of 2024.
Report on the Branches
The Company continued to hold the shares in the subsidiaries Steyr Motors North America, Inc. and Steyr Motors Hongkong Co. Limited at the beginning of the year. The Hong Kong company was permanently closed in December 2024 and liquidation completed. The liquidation of the US subsidiary (Steyr Motors North America Inc.) was commenced at the beginning of 2024 and completed in April 2024.
The Company has no other branch offices.
1 EBIT = "Earnings before interest and taxes", i.e. the balance of the following income and expense items in accordance with Section 231 of the Austrian Companies Act (UGB): revenues +/(–) change in inventories of finished goods and work in progress and services not yet invoiced + other own work capitalized + other operating income (-) cost of materials and other purchased production services (–) personnel expenses (–) depreciation and amortization (–) other operating expenses
2 To calculate adjusted EBIT, one-off effects in connection with M&A activities and restructuring expenses are eliminated.
The liabilities of EUR 13,372 thousand (December 31, 2023: EUR 16,457 thousand) include lease liabilities of EUR 4,699 thousand (previous year: EUR 4,825 thousand), trade payables of EUR 3,378 thousand (December 31, 2023: EUR 2,804 thousand) and provisions of EUR 3,803 thousand (previous year: EUR 3,355 thousand). There was a significant decline in current tax liabilities, which dropped to EUR 206 thousand in 2024 (previous year: EUR 4,494 thousand). The average payment period (DPO) improved over the previous year thanks to continuous improvements to payment terms.
The Company's individual cash flows in 2024 break down as follows:
Report on the Risks and Expected Development of the Company
Material Risks and Uncertainties
Supplier risks
Availibility problems: In complex supply chains in particular, it may be difficult to source critical parts or raw materials on time and in the required quantities. This may be caused by bottlenecks or delays on the part of suppliers.
Dependence on single-source suppliers: If Steyr Motors is heavily dependent on a few or only one supplier for specific components, the loss of this source may lead to production losses.
Quality problems: In the start-up phase for new products, the likelihood of quality problems is higher, which in turn can lead to delays or cost overruns.
Planning and control risks
Insufficient coordination between departments: In complex supply chains, poor or delayed coordination between procurement, production, logistics and sales can lead to delays or bottlenecks.
Forecasting and inventory management: Erroneous forecasts of market demand or production capacity can lead to overproduction or shortfalls.
Bottlenecks in logistics: Global supply chains in particular can experience transportation bottlenecks, delays in customs clearance or other logistical problems that disrupt the schedule.
Dependence on niche markets
Marine and specialty markets such as defense and industrial applications are specific niches characterized by limited volumes. A heavy concentration on a small number of customers or markets harbors the risk that a sudden market weakness or shift in demand may cause a drop in sales. A particularly large customer or a specific industry could become dominant. If this customer is lost, this could have serious consequences. However, Steyr Motors has framework contracts with important customers that guarantee stability and plannability for a certain period of time and reduce the risk of sudden declines in sales.
| in EUR thousands | 2024 | 2023 |
|---|---|---|
| Cash flow from operating activities | 2,027 | 4,683 |
| Cash flow from investing activities | – 1,049 | 8,081 |
| Cash flow from financing activities | 1,467 | – 9,303 |
Net Assets and Financial Position
Non-current assets of EUR 10,340 thousand December 31, 2023: EUR 8,752 thousand) include right-ofuse assets in accordance with IFRS 16 of EUR 4,490 thousand (previous year: EUR 4,760 thousand), intangible assets of EUR 3,997 thousand (previous year: EUR 1,561 thousand) and property, plant and equipment of EUR 1,853 thousand (December 31, 2023: EUR 1,473 thousand). Capital expenditure in 2024 primarily entailed software (including investments in software for a next-generation engine control unit, improved engine test bench software and a new digital incoming invoice tool) and new tools to optimize product costs and eliminate obsolescence. The increase in intangible assets is mainly due to capitalized development costs in accordance with IAS 38.
An increase in capital spending in property, plant and equipment is expected for 2025, particularly to support the planned production ramp-up and to implement new and existing development projects.
Within current assets, working capital remained stable. Inventories did not change significantly over the previous year, amounting to EUR 12,457 thousand in 2024 (2023: EUR 12,501 thousand). Since the third quarter of 2024, basic engines have been stockpiled specifically for the marine sector to improve delivery capabilities significantly in this strategically important segment and to meet customer requirements with short lead times. This measure also aims to avoid uneven capacity utilization and ensure stable production output. This stockpiling will continue in 2025 to execute existing customer orders and address future demand in the marine sector more efficiently. By utilizing the existing factoring facilities effectively, the Company was able to reduce trade receivables to EUR 2,096 thousand (December 31, 2023: EUR 3,569 thousand) despite a strong fourth quarter in 2024. This funding method has enabled the Company to optimize its liquidity and reduce its dependence on incoming receivables.
Liquidity was improved in particular through the consistent optimization of payment terms and the acquisition of new customers who were included in factoring operations. The Company's cash and cash equivalents climbed from EUR 5,719 thousand as of December 31, 2023 to EUR 8,164 thousand as of December 31, 2024. In addition, the investment of free funds was optimized in the interests of a more efficient use of capital. Overall, these measures helped to reinforce the Company's financial stability and flexibility.
The Company continues to rely on factoring operations to finance its operating business. A new factoring agreement was signed in December 2024. Significantly improved conditions were negotiated under the new factoring agreement, on the basis of which lower financing costs and therefore additional liquidity can be expected from March 2025. These measures are intended to additionally reinforce liquidity and create additional financial leeway in day-to-day business.
With equity of EUR 22,338 thousand as of December 31, 2024, the Company has an equity ratio of 62.6% (previous year: 48.3%) and thus a solid basis for financing its forecast growth.
Quality and production risks
Production problems or quality shortfalls in manufacturing can cause delays, expensive recalls and reputational damage. As Steyr Motors operates in markets that demand high reliability (e.g. military and marine), quality problems are particularly critical.
Production scalability: In the event of an unexpectedly sharp increase in demand, it may be difficult to scale up production capacity quickly enough to execute orders.
Production capacity: The transition from prototype or small series production to series production often requires considerable adjustments. An interruption to production, technical challenges or inefficient production processes can impede scaling.
Regulatory and compliance risks
Environmental regulations: Compliance with future emissions standards is crucial for the long-term competitiveness of the "Marine" segment. Increasingly stringent emission requirements also necessitate heavy capital expenditure.
Certifications and approvals: In the military and industrial sectors in particular, products must undergo strict certification processes. Delays in certification or non-compliance with the requirements may lead to delays and additional costs.
Dependence on qualified personnel
Steyr Motors relies heavily on highly qualified engineers and technicians to develop and manufacture its technologically sophisticated engines. The loss of key personnel or difficulties in recruiting suitable specialists could impair the Company's innovative strength, efficiency and targeted growth.
Economic uncertainty and fluctuating demand
Exposure to economic cycles:
Demand for engines, particularly in the leisure and industrial sectors, may be influenced by economic cycles. In economic downturns, demand for new boats and engines may fall, resulting in lower revenues. With its product portfolio, Steyr Motors focuses on tailormade engines for mission-critical defense and civilian applications and only to a very small extent on the leisure market, which means that its dependence on economic fluctuations in the leisure sector can be classified as low.
COVID-19-like crises:
Global pandemics or similar crises can severely impact production, supply chains and sales.
Market competition and price pressure
Strong competitors such as Volvo Penta, Yanmar and Cummins are exerting price pressure on Steyr Motors. These larger OEMs can offer lower prices and better service thanks to their production capabilities and global distribution networks. However, Steyr Motors deliberately positions itself away from large-scale production and instead focuses on individualization, technological innovation and quality. Customized solutions for specific customer requirements set Steyr Motors apart from standardized mass production. This focus can be associated with higher production costs, but offers opportunities to serve specialized niche markets.
Technological challenges
Technological change in the automotive and marine industries, particularly the transition to zero-emission drives and electric or hybrid solutions, can pose a significant risk for diesel engine manufacturers such as Steyr Motors. If regulations to reduce carbon emissions are tightened, demand for conventional diesel engines may fall if Steyr Motors does not switch to alternative drive technologies quickly enough. Research and development costs for new technologies, such as hybrid or low-emission engines, could rise sharply, putting a strain on financial stability.
Dependence on export markets and geopolitical risks
Export dependency: A large part of Steyr Motors' business consists of exports to international markets. Changes in trade relations, customs duties and regulatory hurdles (e.g. due to political instability or protectionism) can render market access more difficult. Geopolitical risks, such as embargoes or trade conflicts, may restrict access to important markets or critical raw materials. Macroeconomic factors: Fluctuations on the raw materials markets, geopolitical instability or trade barriers may have a negative impact on the supply chain.
Financial risks
Capital-intensive production: The production of motors is capital-intensive, especially in the case of specialized applications. High fixed costs and investments in technology and infrastructure may place pressure on the Company if sales fall.
Currency fluctuations: As Steyr Motors is heavily export-oriented, fluctuations in exchange rates (e.g. between the euro and the US dollar) may have a negative impact on earnings.
Cost overruns: The start-up costs of a project can quickly exceed the calculated budget, especially when unforeseen problems occur. Additional spending on personnel, machinery or external consultants may be required.
Cash flow problems: Delays in production ramp-ups may severely impact the Company's cash flow, especially if customers are waiting for deliveries or payments are withheld until production stabilizes.
Outlook
The current forecasts of the International Monetary Fund (IMF) point to growth in all international markets relevant for Steyr Motors.
The majority of Steyr Motors AG's customers come from the defense sector. Since the outbreak of the war in Ukraine, there has been increased spending by government agencies in all relevant sales markets, and the current and expected future growth rates are significantly higher than those for the economy as a whole:
After the reopening of the Steyr Motors Training Center in June 2024, the first training courses for key account customers and marine distributors have now commenced, with a further increase in MRO revenues expected. Following the signing of a service agreement with a key account customer, preliminary overhauls and repairs of diesel aggregates at the Steyr site were completed in the fourth quarter of 2024; further revenue growth is projected for 2025, while work is underway to gain additional customers for the MRO division, particularly in the MENA region.
The forecast for the rest of the year continues to indicate positive trends, with additional growth expected in the "Civil" segment in particular, but also in the "Defense" segment.
Looking forward to 2025, Steyr Motors anticipates revenue growth of at least 40% due to greater output for the Chinese and Asian markets, the completion of several development contracts – especially for the 2-cylinder APU solutions for battle tanks – as well as further growth in the marine market, particularly through SOLAS-certified applications. Further growth is expected in this segment in subsequent periods due to ongoing talks with several shipyards and also directly with the US Navy regarding the next tender. Following intensified negotiations with several OEMs concerning Steyr Motors' 2-cylinder APU, the first contracts with new customers should be signed by the beginning of 2025, possibly resulting in prototype deliveries as early as in 2025. In volume terms, this also means a significant increase in output to over 1,250 units in 2025.
Following EBIT of EUR 6,474 thousand in 2024 (EBIT margin of 15.5%), an EBIT margin of at least 20.0% is expected for 2025.
| in % | 2026 | 2025 |
|---|---|---|
| Aggregate global economy | 3.3 | 3.3 |
| Aggregate Eurozone | 1.4 | 1.0 |
| Germany | 1.1 | 0.3 |
| United States of America | 2.1 | 2.7 |
| Spain | 1.8 | 2.3 |
| India | 6.5 | 6.5 |
| China | 4.5 | 4.6 |
Report on research and development
In 2024, Steyr Motors engaged in several major research and development projects, some of which had been commenced in 2023. The first ongoing project concerns the standardization of the 6-cylinder engine with the aim of addressing a wide range of customer requirements in a standard engine, improving efficiency along the supply chain and, at the same time, optimizing material costs through larger purchases of individual components.
The second ongoing development project concerns the standardization of the 2-cylinder auxiliary power unit ("APU") to meet heightened requirements with regard to the electrical output of the diesel unit and at the same time ensure the cold-start capability of the engine at significantly lower temperatures. The two projects were initiated in response to greater customer requirements for Steyr Motors and are partly charged to these customers via one-off engineering expenses.
In the second half of 2024, a new project to satisfy the CHINA II emissions standard was launched to complement the existing projects. Following the successful completion and achievement of the performance tolerance, a significant market for commercial sales will open up for Steyr Motors' range of marine engines.
In addition, two development projects are underway for the development of new engines with outputs of 160kW and 200kW to meet the specific requirements of one defense customer in particular. The 160kW engine is expected to be ready for series production in the first quarter of 2025, and greater quantities will be sold in the current financial year. Development of the new 200 kW engine will be completed by the 4th quarter of 2025. Preliminary deliveries of the engine after the prototype phase are not expected to start until 2026.
Mutares Austria Holding-01 GmbH did not conduct any research and development in 2023.
Steyr-Gleink, February 28, 2025
Julian Cassutti Management Board
High-performance diesel engines with high power density for extreme conditions.
STATEMENT OF FINANCIAL POSITION AS OF DECEMBER 31, 2024
| in EUR thousands | Note | 2024 | 2023 |
|---|---|---|---|
| ASSETS | |||
| Non-current assets | |||
| Intangible assets | 15 | 3,997 | 1,561 |
| Property, plant and equipment | 16 | 1,853 | 1,474 |
| Right-of-use assets | 17 | 4,490 | 4,760 |
| Other financial assets | 0 | 0 | |
| Deferred tax assets | 13 | 0 | 957 |
| Total non-current assets | 10,340 | 8,752 | |
| Current assets | |||
| Inventories | 18 | 12,457 | 12,501 |
| Other financial assets | 19 | 2,653 | 1,313 |
| Trade receivables and other receivables | 20 | 2,096 | 3,569 |
| Cash and cash equivalents | 21 | 8,164 | 5,719 |
| Total current assets | 25,370 | 23,102 | |
| Total assets | 35,710 | 31,854 |
| EQUITY AND LIABILITIES | |||
|---|---|---|---|
| Capital and reserves | |||
| Subscribed capital | 22 | 5,200 | 35 |
| Share premium | 22 | 6,545 | 4,000 |
| Retained earnings | 22 | 10,593 | 11,362 |
| Total equity | 22,338 | 15,397 | |
| Non-current liabilities | |||
| Non-current lease liabilities | 23 | 4,291 | 4,478 |
| Deferred tax liabilities | 13 | 159 | 0 |
| Non-current provisions | 25 | 703 | 975 |
| Total non-current liabilities | 5,153 | 5,453 | |
| Current liabilities | |||
| Trade payables and other liabilities | 24 | 3,378 | 2,804 |
| Current tax liabilities | 13 | 206 | 4,494 |
| Current lease liabilities | 23 | 408 | 347 |
| Other current financial liabilities | 26 | 531 | 372 |
| Current provisions | 25 | 3,101 | 2,380 |
| Deferred income | 27 | 595 | 607 |
| Total current liabilities | 8,219 | 11,004 | |
| Total liabilities | 13,372 | 16,457 | |
| Total equity and liabilities | 35,710 | 31,854 |
| Trade payables and other liabilities |
|---|
| Current tax liabilities |
| Current lease liabilities |
| Other current financial liabilities |
| Current provisions |
| Deferred income |
| Total current liabilities |
| Total liabilities |
STATEMENT OF COMPREHENSIVE INCOME
| in EUR thousands | Note | 2024 | 2023 |
|---|---|---|---|
| Revenues | 5 | 41,657 | 38,133 |
| Changes in inventories of finished goods and work in progress | 919 | – 1,077 | |
| Other income | 6 | 614 | 279 |
| Cost of materials and procurement costs | 7 | – 22,902 | – 22,143 |
| Gross profit | 20,288 | 15,192 | |
| Personnel expenses (PEX) | 8 | – 9,557 | – 10,080 |
| Other expenses (OPEX) | 9 | – 5,498 | – 7,765 |
| Capitalized development costs | 10 | 2,168 | 1,214 |
| Earnings before interest, taxes, depreciation and amortization (EBITDA) | 7,401 | – 1,439 | |
| Depreciation and amortization | 11 | – 907 | – 951 |
| Impairments | 11 | – 20 | – 3,388 |
| Earnings before interest and taxes (EBIT) | 6,474 | – 5,778 | |
| Financial income | 12 | 325 | 223 |
| Financial expenses | 12 | – 598 | – 303 |
| Net financial result | – 273 | – 80 | |
| Earnings before taxes | 6,201 | – 5,858 | |
| Current income tax expense | 13 | – 209 | – 4,510 |
| Deferred income tax expense | 13 | – 1,116 | 1,238 |
| Net profit for the year (= comprehensive income) | 8 | 4,876 | – 9,130 |
CASH FLOW STATEMENT
| in EUR thousands | Note | 2024 | 2023 |
|---|---|---|---|
| Cash flows from operating activities | |||
| Net profit for the year | 4,876 | – 9,130 | |
| Finance income | 12 | – 325 | – 222 |
| Finance expenses | 12 | 598 | 303 |
| Non-cash tax expense | 13 | 1,324 | 3,272 |
| Capitalized development costs | 10 | – 2,168 | – 1,214 |
| Amortization and depreciation (+) | 11 | 927 | 4,339 |
| Other non-cash expenses (+) / income (–) | – 58 | – 269 | |
| Changes in net working capital | |||
| Increase (–) /decrease (+) in inventories | 18 | 45 | 4,137 |
| Increase (–) / decrease (+) in trade and other receivables | 20 | 131 | 1,711 |
| Increase (+) /decrease (–) in trade payables | 24, 26 | 722 | – 11 |
| Increase (+) / decrease (–) in provisions | 25 | 448 | 1,879 |
| Cash inflow from operating activities | |||
| Cash flows from earnings before taxes | 6,521 | 4,793 | |
| Income taxes paid | – 4,494 | – 110 | |
| Net cash inflow from operating activities | 2,027 | 4,683 | |
| Cash flows from investing activities | |||
| Interest received | 12 | 149 | 0 |
| Dividends received | 12 | 175 | 222 |
| Proceeds from the disposal of intangible assets and property, | |||
| plant and equipment | 17 | 0 | 8,300 |
| Payments for intangible assets and property, plant and equipment | 15, 16 | – 1,074 | – 326 |
| Settlement of lease liabilities | – 299 | – 116 | |
| Net cash outflow/inflow from investing activities | – 1,049 | 8,081 | |
| Cash flows from financing activities | |||
| Dividend paid | – 5,645 | – 9,000 | |
| Interest paid on lease liabilities | 12 | – 314 | – 132 |
| Interest paid | 12 | – 284 | – 170 |
| Increase (+) / decrease (–) in share capital | 22 | 5,165 | 0 |
| Proceeds from the issue of new shares | 22 | 2,545 | 0 |
| Cash flows from financing activities | 1,467 | – 9,303 | |
| Net increase in cash and cash equivalents | 2,444 | 3,460 | |
| Cash and cash equivalents at the beginning of the reporting year | 21 | 5,719 | 2,259 |
| Cash and cash equivalents at the end of the reporting year | 21 | 8,164 | 5,719 |
STATEMENT OF CHANGES IN EQUITY
| in EUR thousands | Subscribed capital | Share premium | Retained earnings | Total |
|---|---|---|---|---|
| Amount on January 1, 2023 | 35 | 0 | 33,492 | 33,527 |
| Net profit for the year | – 9,130 | – 9,130 | ||
| Dividends | – 21,000 | – 21,000 | ||
| Allocation to share premium | 12,000 | 12,000 | ||
| Withdrawal from share premium | – 8,000 | 8,000 | 0 | |
| Amount on December 31, 2023 | 35 | 4,000 | 11,362 | 15,397 |
| Net profit for the year | 4,876 | 4,876 | ||
| Capital increase | 4,965 | 4,965 | ||
| Issue of new shares | 200 | 2,545 | 2,745 | |
| Dividends | – 5,645 | – 5,645 | ||
| Amount on December 31, 2024 | 5,200 | 6,545 | 10,593 | 22,338 |
M14 marine engine with integrated seawater 2-circuit cooling on the production line.
5. Revenue and segment reporting
i) Revenues from the main products and services
The Company's revenues from its main products and services in accordance with IFRS 8.32 are shown in the following table:
ii) Geographical information
The Company's revenues from external customers by geographical location in accordance with IFRS 8.33 are shown in the following table:
iii) Segment revenues and earnings
The accounting policies for the reportable segments correspond to the accounting policies described in note 36.
The reportable revenues generated by the segments of Steyr Motors AG in accordance with IFRS 8 are pooled in the following segments:
- – Civil
- – Defense
The segmentation of the Company is based on the intended use of the engines manufactured and spare parts supplied. The "Defense" segment includes all revenues with military vehicle manufacturers for main propulsion engines and diesel generators as well as for boats used for military purposes, while the "Civil" segment comprises revenues from civilian boat and locomotive manufacturers.
Changes in the revenues of the two segments are shown in the table below:
| Other | ||||
|---|---|---|---|---|
| 2024 in EUR thousands | Civil Defense | income | Total | |
| Revenues | 16,061 | 25,596 | 41,657 | |
| Changes in | ||||
| inventories | 498 | 420 | 919 | |
| Other income | 614 | 614 | ||
| Cost of materials and incidental |
||||
| procurement costs | – 9,768 – 13,134 | – 22,902 | ||
| Gross profit | 6,791 | 12,883 | 614 | 20,288 |
| Gross profit | ||||
| as a percentage | 42.3% | 50.3% | – | 48.7% |
| in EUR thousands | 2024 | 2023 |
|---|---|---|
| Engines | 21,865 21,144 | |
| License Manufacturing | 6,717 | 6,189 |
| Engineering | 1,254 | 1,098 |
| Spare Parts / MRO1 | 11,821 | 9,702 |
| Total revenues | 41,657 38,133 | |
1 Maintenance, Repair, Overhaul
| in EUR thousands | 2024 | 2023 |
|---|---|---|
| Europe | 25,654 25,400 | |
| of which Austria | 160 | 108 |
| North America | 2,458 | 3,116 |
| Asia | 10,348 | 6,470 |
| Rest of the World | 3,197 | 3,147 |
| Total revenues | 41,657 38,133 | |
| in EUR thousands | 2024 | 2023 Percentage change | |
|---|---|---|---|
| Civil | 16,061 14,195 | 13.1% | |
| Defense | 25,596 23,938 | 6.9% | |
| Total | 41,657 38,133 | 9.2% |
NOTES TO THE IFRS FINANCIAL STATEMENTS
of Steyr Motors AG, Steyr-Gleink
1. Reporting company
Steyr Motors AG (hereinafter referred to as "Steyr Motors" or "the Company") is an Austrian manufacturer of high-performance diesel engines. The address of its registered offices is Im Stadtgut B1, 4407 Steyr-Gleink, Austria. The Company is a stock corporation ("Aktiengesellschaft") established and operating under Austrian law.
Its business activities include the development and production of high-performance diesel engines with maximum power density and durability for use in heavy-duty vehicles and boats. Steyr Motors also produces generator sets and engine-optimized software solutions featuring digital networking.
The reporting date is December 31, 2024. The Company's financial year covers the period from January 1 to December 31.
As of the reporting date, mutares Holding-91 GmbH held 70.87% of the Company's shares. 100% of the shares in mutares Holding-91 GmbH are held by Mutares SE & Co KGaA, Arnulfstrasse 19, 80335 Munich, Germany. Steyr Motors AG is therefore in a group relationship with Mutares SE & Co KGaA and its affiliated companies. The Company is included in the consolidated financial statements of its parent company Mutares SE & Co. KGaA, Munich. These are available at the headquarters of the ultimate parent company.
2. Basis of reporting
These single-entity financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as endorsed by the European Union.
3. Going concern status
As of the date on which it approved the financial statements, the Management Board has the justified expectation that the Company has sufficient resources to continue operating in the foreseeable future. The single-entity financial statements were therefore prepared on the basis of the going concern assumption in accordance with IAS 1.
4. Functional and reporting currency
In accordance with IAS 21, these single-entity financial statements are presented in euros, the Company's functional currency, which is the currency of the primary economic environment in which it operates. Unless otherwise stated, all financial information presented in euros has been rounded to the nearest thousand. The aggregation of rounded amounts may cause rounding differences due to the use of automatic calculation aids.
Monetary amounts in a foreign currency must be reported on each reporting date using the closing rate. Non-monetary items that are measured at historical cost are recognized using the exchange rate prevailing on the date of the transaction. Non-monetary items measured at fair value are recognized at the price determined as fair value at the applicable point in time.
9. Other expenses (OPEX)
In connection with the restructuring of Steyr Motors AG in 2023 and 2024 and the associated intensive support from consultants hired by the Mutares Group, costs of EUR 1,967 thousand (2023: EUR 3,866 thousand) arose in the year under review and are included above in "Other miscellaneous operating expenses". The contracts between the Company and the Mutares Group for the provision of advisory services were terminated after the former's IPO in October 2024. No further related costs have arisen since January 2025. The allocations include recharged costs for external management personnel of EUR 627 thousand (previous year: EUR 755 thousand).
The Company's IPO in October 2024 resulted in exceptional IPO & M&A costs, which impacted earnings in 2024 by a total of around EUR 1,050 thousand. These particularly entailed the legal and consulting costs described above (e.g. for the investment bank, lawyers, various other consultants).
10. Capitalized development costs
| Total capitalized development costs | 2,167 | 1,225 |
|---|---|---|
| Customer projects | 576 | 738 |
| Internal projects | 1,591 | 487 |
| in EUR thousands | 2024 | 2023 |
In the year under review, the Company pursued five development projects that were capitalized in accordance with the criteria of IAS 38 (see note 35(g)). This includes the development of three new 6-cylinder engines, two of which are being engineered on behalf of a customer, as well as a new 2-cylinder auxiliary diesel unit and a new marine engine for the expansion of the Company's position in the Asian market. The Management Board currently expects these ongoing development projects to be successfully completed in the next 6 - 15 months.
Non-capitalizable research and development costs of EUR 3,892 thousand arose in the year under review (previous year: EUR 2,864 thousand).
11. Depreciation and amortization
| in EUR thousands | 2024 | 2023 |
|---|---|---|
| Depreciation and amortization | 907 | 351 |
| Impairments | 20 | 3,388 |
| Total | 927 | 4,339 |
The impairments of EUR 3,388 thousand in 2023 were mainly attributable to the sale and leaseback transaction, as the property in Steyr was sold for a price below its carrying amount.
| in EUR thousands | 2024 | 2023 |
|---|---|---|
| Other miscellaneous operating | ||
| expenses | 2,027 | 4,851 |
| Legal and consulting costs | 1,049 | 595 |
| Contributions, fees, donations, | ||
| incidental financial costs | 750 | 165 |
| Administration | 517 | 785 |
| Repairs and maintenance | 462 | 249 |
| Advertising and travel expenses | 287 | 296 |
| Cost of premises | 168 | 485 |
| Fleet | 96 | 7 |
| Marketing expenses | 66 | 30 |
| Rents, leases, rental leasing, | ||
| license fees | 36 | 12 |
| Foreign-currency translation | 29 | 0 |
| Basic levies and other taxes | 19 | 5 |
| Warranties, goodwill, claims, insurance | 3 | 285 |
| Risk provisioning expenses | – 11 | 0 |
| Total other expenses (OPEX) | 5,498 | 7,765 |
A breakdown of the segment earnings below gross profit is not possible due to the Company's size and structure, as overhead costs (primarily personnel and other costs as well as depreciation and amortization) are not allocated to the segments in practice.
iv) Disclosures on main customers
Of the revenues in accordance with IFRS 8.34 from the Defense segment, EUR 10,913 thousand (2023: EUR 10,182 thousand) is attributable to the Company's largest customer and EUR 6,718 thousand (2023: EUR 6,188 thousand) to its second-largest customer. No other single customer contributed 10% or more to the Company's revenues in 2024 or 2023.
6. Other income
Other income is reported separately in the income statement in accordance with IAS 1.82; these items include income that is not directly related to the Company's main business activities.
7. Cost of materials and procurement costs
The cost of materials and procurement costs are included in the statement of comprehensive income as follows and measured and recognized in accordance with IAS 2:
| 859 356 |
547 323 |
|---|---|
| 1,936 | 1,873 |
| 19,751 19,399 | |
| 2023 | |
| 2024 |
8. Personnel expenses (PEX)
The Company's personnel expenses break down as follows:
| 2024 | 2023 |
|---|---|
| 1,844 | 2,262 |
| 5,660 | 5,823 |
| 2,053 | 1,995 |
| 9,557 | 10,080 |
At the beginning of 2023, the number of employees was reduced by around 30 under a redundancy plan. One-off termination expenses in connection with this measure amounted to EUR 1,571 thousand. As of December 31, 2024, there were remaining payment obligations of EUR 69 thousand to former employees under this redundancy plan. These are payable in monthly installments until the end of the first quarter of 2026.
| Other | ||||
|---|---|---|---|---|
| 2023 in EUR thousands | Civil Defense | income | Total | |
| Revenues | 14,195 | 23,938 | 38,133 | |
| Changes in | ||||
| inventories | – 571 | – 506 | – 1,077 | |
| Other income | 279 | 279 | ||
| Cost of materials | ||||
| and incidental | ||||
| procurement costs | – 8,871 – 13,271 | – 22,143 | ||
| Gross profit | 4,753 | 10,160 | 279 | 15,192 |
| Gross profit | ||||
| as a percentage | 33.5% | 42.4% | – | 39.8% |
| in EUR thousands | 2024 | 2023 |
|---|---|---|
| Mineral oil tax rebate | 72 | 2 |
| Currency translation gains | 79 | 20 |
| Research premium | 234 | 57 |
| Other income | 229 | 200 |
| Total other income | 614 | 279 |
Deferred taxes
| in EUR thousands | 2024 | 2023 |
|---|---|---|
| Deferred tax asset from | ||
| Unused tax losses | 533 | 1,147 |
| Property, plant and equipment | 57 | 70 |
| Provisions | 41 | 22 |
| Total deferred tax assets | 631 | 1,238 |
Due to the restructuring of the Company in 2023, unused tax losses of EUR 5,045 thousand arose in Austria at the level of Steyr Motors Betriebs GmbH. As a result of the positive tax base in 2024, EUR 2,828 thousand (75% of the income for the year under review) was available to reduce corporate tax charges in Austria in 2024. As of December 31, 2024, unused tax losses of EUR 2,217 thousand are still available on the basis of the applicable tax calculation. The Management Board assumes that the remaining unused tax losses will be fully utilized by the end of 2025.
In 2023, a sale worth EUR 18,671 thousand arose at the level of Mutares Austria Holding-01 GmbH for tax purposes as a result of the repayment of capital contributions. The resulting corporate tax liabilities of EUR 4,474 thousand accruing at the level of Mutares Austria Holding-01 GmbH as of December 31, 2023 were settled in full in 2024.
14. Earnings per share
Earnings per share are calculated in accordance with IAS 33.70(a) by dividing the earnings attributable to shareholders by the weighted average number of ordinary shares outstanding during the reporting period.
The Company has only been a stock corporation ("Aktiengesellschaft") since October 2024, before which it was a limited liability company ("Gesellschaft mit beschränkter Haftung"). For this reason, a comparison of the earnings per share with the previous year is not provided.
As of December 31, 2024, there were no equity or debt instruments liable to have a dilutive effect on earnings per share. As a result, diluted earnings per share are not disclosed.
| in EUR thousands | 2024 | 2023 |
|---|---|---|
| Deferred tax liabilities from | ||
| Intangible assets | 778 | 281 |
| IPO costs | 13 | 0 |
| Total deferred tax liabilities | 790 | 281 |
| Deferred taxes, net | – 159 | 957 |
| in EUR | 2024 |
|---|---|
| Profit for the period | 4,876,188 |
| Number of shares outstanding | |
| on the reporting date | 5,200,000 |
| Earnings per share | 0.94 |
The increase in depreciation and amortization in 2024 compared to the previous year is primarily due to the full-year amortization of the right-of-use assets relating to the property following the above-mentioned sale and leaseback transaction.
12. Net financial result
The Company's net financial result is presented in accordance with IFRS 7, including risks, as follows.
| in EUR thousands | 2024 | 2023 |
|---|---|---|
| Income from affiliated companies | 303 | 223 |
| Das Finanzergebnis der Gesellschaft wird gemäß IFRS Other interest income |
22 | 0 |
| 7 einschließlich Risiken, wie folgt, abgebildet. Total financial income |
325 | 222 |
| Interest expense from affiliated compa | ||
| nies | – 3 | – 72 |
| Interest expenses under leases | – 314 | – 132 |
| Other interest expenses | – 281 | – 98 |
| Total financial expenses | – 598 | – 303 |
| Net financial result | – 273 | – 80 |
The interest expense from affiliated companies is attributable to guarantee commission – see note 33(c).
The increase in interest expense under leases is mainly due to the sale and leaseback transaction in 2023. Rent for the property was paid to the new property owner for only five months in 2023.
The other interest expenses are mainly attributable to factoring operations (2024: EUR 248 thousand, 2023: EUR 84 thousand). As factoring did not commence until the end of the first quarter of 2023, the interest expense in the comparison period is correspondingly lower. The increase in factoring interest is due to the full-year effect, the higher maximum commitment under the factoring agreement (see note 20) and an increase in the number of customers included in factoring operations.
13. Income taxes
Income tax expense represents the sum total of current tax expense and deferred taxes in accordance with IAS 12. A tax rate of 23% was used to calculate the current tax expense and deferred taxes.
Current income taxes
| in EUR thousands | 2024 | 2023 |
|---|---|---|
| Actual tax expense | ||
| Current year | 209 | 4,510 |
| Adjustment for previous years | 0 | 0 |
| Total | 209 | 4,510 |
The tax expense for the year under review can be reconciled with the profit for the period as follows:
| in EUR thousands | 2024 | 2023 |
|---|---|---|
| Earnings before taxes | 6,201 | – 5,858 |
| Income tax expense at a tax rate | ||
| of 23% (2023: 24%) | 1,426 | – 1,406 |
| Effects of non-tax-deductible expenses | 16 | 4,797 |
| Effects of tax-free income | – 117 | – 119 |
| Tax expense for the year | ||
| under review | 1,325 | 3,272 |
| Impairments | |||
|---|---|---|---|
| in EUR thousands | Scenario 1 Scenario 2 Scenario 3 | ||
| Customer projects | – 14 | – 196 | – 305 |
| Internal projects | 0 | 0 | – 31 |
| Total | – 14 | – 196 | – 336 |
16. Property, plant and equipment
See note 35 h for details of the accounting policies. Changes in property, plant and equipment are shown in the following table:
The disposals in 2023 are mainly attributable to the sale and leaseback transaction (see note 17 for details)
| Technical | Operating and | Prepayments | |||
|---|---|---|---|---|---|
| Land and | equipment and | business | made and assets | ||
| in EUR thousands | buildings | machinery | equipment | under construction | Total |
| Historical cost | |||||
| Amount on January 1, 2023 | 10,167 | 2,023 | 4,761 | 82 | 17,033 |
| Additions | 899 | 0 | 502 | 37 | 1,437 |
| Reclassified | 0 | 0 | 82 | –82 | 0 |
| Disposals | – 11,066 | – 1,991 | – 2,536 | 0 | – 15,593 |
| Amount on December 31, 2023 | 0 | 32 | 2,808 | 37 | 2,877 |
| Additions | 0 | 0 | 464 | 260 | 724 |
| Disposals | 0 | 0 | – 52 | 0 | – 52 |
| Amount on December 31, 2024 | 0 | 32 | 3,220 | 297 | 3,549 |
| Cumulative depreciation | |||||
| Amount on January 1, 2023 | 944 | 1,172 | 1,667 | 0 | 3,784 |
| Depreciation and amortization | 1,821 | 847 | 1,349 | 0 | 4,018 |
| Disposals | – 2,766 | – 1,991 | – 1,641 | 0 | – 6,398 |
| Amount on December 31, 2023 | 0 | 28 | 1,376 | 0 | 1,404 |
| Depreciation and amortization | 0 | 4 | 340 | 0 | 344 |
| Disposals | 0 | 0 | – 52 | 0 | – 52 |
| Amount on December 31, 2024 | 0 | 32 | 1,664 | 0 | 1,696 |
| Carrying amount | |||||
| on December 31, 2024 | 0 | 0 | 1,556 | 297 | 1,853 |
| on December 31, 2023 | 0 | 4 | 1,433 | 37 | 1,474 |
| on January 1, 2023 | 9,223 | 851 | 3,094 | 82 | 13,250 |
| in EUR thousands | Software | Patents | Development costs | Total |
|---|---|---|---|---|
| Historical cost | ||||
| Amount on January 1, 2023 | 432 | 498 | 0 | 930 |
| Additions | 18 | 0 | 1,214 | 1,233 |
| Reclassified | 0 | 0 | 0 | 0 |
| Disposals | – 24 | – 78 | 0 | – 103 |
| Amount on December 31, 2023 | 426 | 420 | 1,214 | 2,060 |
| Additions | 351 | 0 | 2,167 | 2,518 |
| Disposals | – 214 | – 29 | 0 | – 243 |
| Amount on December 31, 2024 | 563 | 391 | 3,381 | 4,335 |
| Cumulative depreciation | ||||
| Amount on January 1, 2023 | 334 | 146 | 0 | 480 |
| Depreciation and amortization | 51 | 71 | 0 | 122 |
| Disposals | – 24 | – 78 | 0 | – 103 |
| Amount on December 31, 2023 | 361 | 139 | 0 | 499 |
| Depreciation and amortization | 44 | 38 | 0 | 82 |
| Disposals | – 214 | – 29 | 0 | – 243 |
| Amount on December 31, 2024 | 191 | 148 | 0 | 338 |
| Carrying amount | ||||
| on December 31, 2024 | 372 | 243 | 3,381 | 3,997 |
| on December 31, 2023 | 65 | 281 | 1,214 | 1,561 |
| on January 1, 2023 | 98 | 353 | 0 | 451 |
15. Intangible assets
See note 35 (g) for details of the accounting policies. Changes in intangible assets are shown in the following table:
See note 10 for details of capitalized development costs.
Explanation of the impairment tests performed
Impairment tests were carried out to verify the value of the capitalized development costs. The free cash flows for the years from 2025 to 2032 were calculated and discounted using the weighted average cost of capital (WACC). The result was then compared with the assets recognized. The WACC was determined on the basis of a peer group and amounts to 7.54% for the detailed planning period.
An increase in the WACC of 2.0% is simulated for sensitivities in scenario one. Scenario two assumes a 25% reduction in revenues over the entire observation period and scenario three a combination of both effects.
| Overview of the results of impairment tests | |||
|---|---|---|---|
| Capitalized devel | |||
| in EUR thousands | opment costs Current valuation | ||
| Customer projects | 1,329 | 2,513 | |
| Internal projects | 2,052 | 4,734 | |
| Total | 3,381 | 7,247 |
As in 2023, no inventories were pledged as collateral for liabilities to banks as of December 31, 2024.
19. Other financial assets
| in EUR thousands | 2024 | 2023 |
|---|---|---|
| Factoring | 1,900 | 865 |
| Input tax receivables | 424 | 334 |
| Creditors with debit accounts | 146 | 4 |
| Other receivables | 184 | 110 |
| Total other receivables | 2,653 | 1,313 |
Other financial assets mainly comprise receivables from the factoring company of EUR 1,900 thousand (2023: EUR 865 thousand), which include the purchase price retention of 12% of the receivables purchased as of the reporting date (2023: 14%) and the counterclaims held by the Company's distributors under bonus agreements. Under an amendment to the factoring agreement, the retention will be reduced to 10% from 2025.
The increase in receivables from the factor in 2024 compared to the previous year is mainly due to the customer bonuses of EUR 1,050 thousand retained for the first time in the year under review.
As of the reporting date, the Company had a maximum commitment of EUR 10,000 thousand under the factoring agreement (previous year: EUR 5,000 thousand). This will increase to EUR 14,000 thousand from March 2025.
20. Trade and other receivables
a) Trade receivables
Most of the trade receivables have been sold to a factor and break down as follows:
Credit losses of EUR 19 thousand (2023: EUR 0 thousand) were recognized as an expense in 2024.
b) Other receivables
Other receivables in accordance with IAS 32 consist of the following items as of December 31, 2024:
In 2023, a loan of EUR 2,000 thousand had been granted to a related party. It was repaid in full in 2024. Interest was charged on the loan at arm's length conditions.
| the reporting date | 1,506 | 1,214 |
|---|---|---|
| Outstanding trade receivables as of | ||
| Single loan loss allowances for receivables |
– 6 | – 13 |
| of which factored | – 7,083 | – 6,176 |
| Trade receivables | 8,594 | 7,403 |
| in EUR thousands | 2024 | 2023 |
| in EUR thousands | 2024 | 2023 |
|---|---|---|
| Other receivables from affiliated | ||
| companies | 203 | 2.000 |
| Other trade receivables | 389 | 377 |
| Single loan loss allowance for other | ||
| receivables | 0 | – 22 |
| Total other receivables outstanding | ||
| as of the reporting date | 591 | 2,355 |
17. Right-of-use assets
See note 35(j) for details of the accounting policies. Changes in right-of-use assets can be seen in the following table:
In 2023, a sale and leaseback transaction had been completed for the Company's building and land. The sales price was EUR 8,300 thousand. The book loss realized from this transaction is recognized in full as an impairment. An 11-year lease was entered into with the new property owner and has been recognized as a right-of-use asset in accordance with the requirements of IFRS 16 since summer 2023.
The addition of the buildings in 2024 relates entirely to the adjustment of the right-of-use assets to reflect the adjustment to the lessor's index as of January 1, 2024 and January 1, 2025.
The settlement structure for lease liabilities is presented in note 23.
18. Inventories
| in EUR thousands | 2024 | 2023 |
|---|---|---|
| Raw materials, supplies and | ||
| consumables | 9,731 | 10,634 |
| Das Finanzergebnis der Gesellschaft wird gemäß IFRS Work in progress |
1,424 | 1,198 |
| 7 einschließlich Risiken, wie folgt, abgebildet. Finished goods |
976 | 287 |
| Prepayments | 325 | 383 |
| Total inventories | 12,457 | 12,501 |
The amount of financing costs capitalized in 2024 stands at EUR 0 thousand (2023: EUR 0 thousand). Raw materials, supplies and consumables include an impairment of EUR 1,216 thousand (2023: EUR 1,051 thousand). An impairment of EUR 35 thousand was recognized for finished goods in 2024 (2023: EUR 0 thousand).
| in EUR thousands | Buildings | Miscellaneous | Total |
|---|---|---|---|
| Historical cost | |||
| Amount on January 1, 2023 | 0 | 0 | 0 |
| Additions | 4,820 | 140 | 4,960 |
| Amount on December 31, 2023 | 4,820 | 140 | 4,960 |
| Additions | 106 | 124 | 230 |
| Amount on December 31, 2024 | 4,926 | 264 | 5,190 |
| Cumulative depreciation | |||
| Amount on January 1, 2023 | 0 | 0 | 0 |
| Depreciation and amortization | 183 | 16 | 199 |
| Amount on December 31, 2023 | 183 | 16 | 199 |
| Depreciation and amortization | 452 | 48 | 500 |
| Amount on December 31, 2024 | 635 | 64 | 699 |
| Carrying amount | |||
| on December 31, 2024 | 4,291 | 199 | 4,490 |
| on December 31, 2023 | 4,637 | 124 | 4,761 |
| on January 1, 2023 | 0 | 0 | 0 |
Trade payables include all outstanding obligations to suppliers and service providers for goods and services received but not yet paid for in accordance with IAS 37 and IFRS 9.
The Management Board is of the opinion that the carrying amount of the trade payables corresponds approximately to their fair value.
24. Trade payables and other liabilities
| in EUR thousands | 2024 | 2023 |
|---|---|---|
| Current trade payables | 2,793 | 2,407 |
| Debtors with credit balances | 0 | 103 |
| Other trade payables | 585 | 294 |
| Trade payables | 3,378 | 2,804 |
| Current lease liabilities | 408 | 347 |
| Current tax liabilities | 206 | 4,494 |
| Miscellaneous other liabilities | 531 | 372 |
| Other liabilities | 1,144 | 5,212 |
| Non-current lease liabilities | 4,291 | 4,478 |
| Total liabilities | 8,813 | 12,494 |
| Non-current | 4,291 | 4,478 |
| Current | 4,523 | 8,016 |
| Total liabilities | 8,813 | 12,494 |
25. Provisions
Changes in non-current provisions are shown in the table below:
| in EUR thousands | January 1, 2024 | Utilized | Reversed | Added December 31, 2024 | |
|---|---|---|---|---|---|
| Warranties | 885 | – | 291 | – | 594 |
| Long-service benefits | 90 | – | – | 19 | 109 |
| Total | 975 | – | 291 | 19 | 703 |
| January 1, 2023 | Utilized | Reversed | Added December 31, 2023 | ||
| Warranties | 677 | – | – | 208 | 885 |
| Long-service benefits | 148 | 148 | – | 90 | 90 |
| – | 298 | 975 | |||
| Total | 825 | 148 |
21. Cash and cash equivalents
Cash and cash equivalents comprise cash and shortterm bank balances in accordance with IAS 7. The carrying amount of these assets equals their fair value. Foreign currency accounts are translated at the mean exchange rate applicable on the reporting date.
22. Equity
The called-up share capital equals EUR 5,200 thousand (previous year: EUR 35 thousand).
The shareholders approved a capital increase of EUR 4,965 thousand at the extraordinary general meeting of the former company Mutares Austria Holding-01 GmbH on September 27, 2024. At the extraordinary general meeting on October 23, 2024 of the company, which had since been renamed Steyr Motors AG, a further capital increase of EUR 200 thousand through the issue of new shares was approved. The share capital as of December 31, 2024 consists of 5,200,000 no-par value shares of EUR 1 each and therefore amounts to EUR 5,200 thousand (previous year: EUR 35 thousand).
These annual financial statements include an unallocated share premium of EUR 4,000 thousand (2023: EUR 4,000 thousand) and an allocated share premium resulting from an additional payment of EUR 2,545 thousand (2023: EUR 0 thousand) by the shareholders for the issue of shares. Both share premiums were recognized in accordance with the provisions of Austrian company law. In accordance with IAS 32.37, proportionate transaction costs of EUR 56 thousand were charged directly to the share premium in these IFRS financial statements.
For details of the changes in equity, reference should be made to the statement of changes in equity prepared in accordance with IFRS 9, IFRS 7, IAS 1 and IAS 32. Reference should be made to the notes on reserves and the statement of changes in equity for details of the reserves included in equity.
23. Lease liabilities
The following reconciliation shows the settlement dates of the lease payments. Lease liabilities due for settlement in less than one year are classified as current lease liabilities. The present values of future payments are shown in this case.
From the Company's perspective, there is no significant liquidity risk with regard to its own lease liabilities. Lease liabilities are monitored by the finance function of Steyr Motors.
| Cash and cash equivalents | 8,164 | 5,719 |
|---|---|---|
| Term deposits | 4,000 | 0 |
| Cash at banks | 4,164 | 5,719 |
| in EUR thousands | 2024 | 2023 |
| Settlement periods | ||
|---|---|---|
| in EUR thousands | 2024 | 2023 |
| Up to 1 year | 408 | 347 |
| 2-5 Years | 1,796 | 1,605 |
| More than 5 years | 2,495 | 2,873 |
| Total | 4,699 | 4,825 |
26. Other financial liabilities
Other financial liabilities include the following items:
27. Deferred income
In 2022, the Company joined a publicly funded development project for which it received an initial advance payment of EUR 553 thousand. This amount was recognized as deferred income. At the beginning of 2023, the Management Board decided to withdraw from this development project.
It assumes that the amount will be repaid in full in 2025.
28. Employees
In the year under review, the Company had an average of 106 full-time equivalents (2023: 110), of which 35 (2023: 39) were technical staff and 71 (2023: 71) office employees.
29. Contingent liabilities
Under the sale and leaseback transaction for the Company's head office in Steyr in 2023, the deposit demanded by the lessor was covered by deposit insurance. For this purpose, a guarantee of EUR 647 thousand was issued by an insurance company and handed over to the lessor.
30. Fees payable to statutory auditors
Expenses of EUR 55 thousand for the audit of these annual financial statements by Grant Thornton ALPEN-ADRIA Wirtschaftsprüfung GmbH are recognized as an expense in the annual financial statements. Costs of EUR 44 thousand arose for the audit of the previous year's financial statements of the former companies Mutares Austria Holding-01 GmbH and Steyr Motors Betriebs GmbH.
31. Supervisory Board and Management Board
a) Members of the Management Board and management in the year under review
Julian Cassutti, CEO (Managing Director of Mutares Austria Holding-01 GmbH from July 24, 2024, member of the Management Board of Steyr Motors AG from October 19, 2024)
Andreas Zopf, Managing Director of Mutares Austria Holding-01 GmbH (until July 24, 2024)
b) Members of the Supervisory Board in the year under review
Dr. Christian Klingler, Chairman of the Supervisory Board (from September 27, 2024)
Fabian Schlegel, Deputy Chairman of the Supervisory Board (from October 23, 2024)
| in EUR thousands | 2024 | 2023 |
|---|---|---|
| Outstanding wages, salaries and | ||
| employee bonuses | 13 | 2 |
| Tax liabilities – value added tax | 106 | 0 |
| Social security obligations | 412 | 370 |
| Other financial liabilities | 531 | 372 |
| in EUR thousands | 2024 | 2023 |
|---|---|---|
| Development project advance | 553 | 553 |
| Grants | 42 | 54 |
| Deferred income | 595 | 607 |
Changes in current provisions are shown in the table below:
| in EUR thousands | January 1, 2024 | Utilized | Reversed | Added December 31, 2024 | |
|---|---|---|---|---|---|
| Distributor bonuses | 993 | 697 | 296 | 1,155 | 1,155 |
| Other provisions | 622 | 482 | 13 | 587 | 714 |
| Vacation | 505 | 505 | – | 531 | 531 |
| Personnel | |||||
| miscellaneous | 195 | 148 | – | 577 | 624 |
| Tax consultancy, | |||||
| external audit | 65 | 65 | – | 77 | 77 |
| Total | 2,380 | 1,897 | 309 | 2,927 | 3,101 |
| January 1, 2023 | Utilized | Reversed | Added December 31, 2023 | ||
| Distributor bonuses | – | – | – | 993 | 993 |
| Other provisions | 64 | 93 | 6 | 657 | 622 |
| Vacation entitlement | 475 | 475 | – | 505 | 505 |
| Personnel | |||||
| miscellaneous | 86 | 86 | – | 195 | 195 |
| Tax consulting, | |||||
| external audit | 26 | 26 | – | 65 | 65 |
| Total | 651 | 680 | 6 | 2,415 | 2,380 |
The provisions for warranties are based on the best possible estimate of the Company's liability within the warranty period for engines and diesel generators in the light of known quality defects.
For the Company's marine distributors with whom an annual sales target has been agreed in order to positively influence the Company's sales and revenue target. If the sales targets are achieved, the marine distributors receive a refund in the following year, which is shown in the annual financial statements at its expected amount.
The provisions for "Personnel miscellaneous" mainly include bonuses not yet paid to employees and overtime not yet paid.
Other provisions predominantly include costs for services used but not yet invoiced. As of the reporting date, there is an outstanding obligation of EUR 69 thousand to employees under the redundancy plan implemented at the beginning of 2023 (2023: EUR 308 thousand).
Provisions of EUR 600 thousand that were reversed in 2024 relate to the items for which provisions were originally recognized (see note 5 "Revenues and segment reporting" and note 9 "Other expenses").
d) IT services
Following the acquisition of Steyr Motors Betriebs GmbH by Mutares Austria Holding-01 GmbH at the end of 2022, various IT services from external providers were consolidated within the Mutares Group IT service company, particularly the hosting and updating of the Company's website as well as basic SAP operations. These IT services were charged to the Company, resulting in costs of EUR 62 thousand (previous year: EUR 18 thousand). The agreement between the Company and the related party for basic SAP operations was terminated in the fourth quarter of 2024; as a direct contractual relationship will be established in the first quarter of 2025, the costs will no longer be recharged by the related party. The agreement for further IT services remains in force as of the reporting date.
33. Events after the reporting date
On February 10, 2025, the Company was listed on the Vienna Stock Exchange in the "direct market plus" segment, in addition to the initial listing in the "Scale" segment of the Frankfurt Stock Exchange in October 2024. No new shares were issued in connection with this secondary listing in Vienna. The "direct market plus" segment is equivalent to the "Scale" segment in the non-regulated market. The secondary listing resulted in only minor one-time expenses, which will be recognized as an expense in the 2025 financial year.
Other than this, there were no significant events after the reporting date liable to have an impact on the 2024 annual financial statements.
34. Approval of the financial statements
The financial statements were approved by the Management Board on February 28, 2025 and released for publication.
35. Summary of significant accounting policies
The Company has applied the following accounting policies for the first time in these single-entity financial statements in accordance with IFRS and used them consistently for all reporting periods presented, unless otherwise stated.
a) Reconciliation of consolidated IFRS figures with single-entity IFRS financial statements
The Company prepared consolidated IFRS figures for the first time as of December 31, 2023. In 2024, the subsidiary was merged with the parent company, resulting in the demise of the Group. The Company is therefore preparing single-entity IFRS financial statements for the first time for 2024. Due to the consolidation methods applied, the consolidated figures for 2023 already included all figures relating to the net assets, financial position and the results of operations of the parent company and the subsidiary. The consolidated figures for 2023 can therefore be used as comparative figures for the single-entity financial statements for 2024.
b) Estimation assumptions
In preparing the financial statements, management must make estimates and assumptions that affect the recognized assets and liabilities, the disclosure of other obligations on the reporting date and the recognition of income and expenses during the reporting period. These estimates and assumptions may have a significant impact on the presentation of the Company's net assets, financial position and results of operations. Reported figures may differ from these estimates and assumptions in the future.
Estimates and underlying assumptions are reviewed on an ongoing basis and comply with IAS 8 to ensure the transparency and comparability of the financial reports. Revisions to estimates are recognized prospectively.
Philipp Berghofer, member of the Supervisory Board (from October 23, 2024)
Martin Brandner, employee representative (from October 3, 2024)
Stefan Fraundorfer, employee representative (from October 3, 2024)
Katerina Zenz, member of the Supervisory Board (from September 27, 2024 until October 23, 2024)
Simon Brüseken, member of the Supervisory Board (from September 27, 2024 until October 23, 2024)
c) Management remuneration
IAS 24 requires the remuneration of key management personnel to be disclosed. IAS 24.9 defines key management personnel as persons who are directly or indirectly responsible for planning, directing and controlling the activities of the Company. This includes the Management Board and Supervisory Board of Steyr Motors AG.
The fixed management remuneration (Management Board and first management tier, 7 persons in 2024, 7 persons in 2023) of Steyr Motors AG amounted to EUR 953 thousand in 2024 (2023: EUR 803 thousand). The variable remuneration stood at EUR 411 thousand (2023: EUR 356 thousand) and was deferred in 2024. The Supervisory Board received proportionate remuneration of EUR 7 thousand for its activities in the fourth quarter of 2024. As the Supervisory Board was not established until September 2024, there was no comparable remuneration in the previous year. The Chairman of the Supervisory Board receives annual remuneration of EUR 15 thousand and the other shareholder representatives on the Supervisory Board annual remuneration of EUR 10 thousand.
32. Related parties
In the year under review, the Company executed the following transactions with related parties within the Mutares Group as defined in IAS 24.18-19:
a) Shareholder loans
In 2023, a loan of EUR 2,000 thousand was granted by the Company to a related party and increased in several tranches during 2024. This loan was repaid in full in October 2024. Interest was charged at arm's length conditions and recognized as income from affiliated companies.
b) Consulting expenses
See explanations in note 10.
c) Guarantees
In connection with the acquisition of Steyr Motors Betriebs GmbH and Steyr Motors Immo GmbH in 2022, the seller received guarantees from the Company. These guarantees were provided by a related company and recharged to the Company in the form of a guarantee commission.
Fees were charged at arm's length conditions. In 2024, costs of EUR 3 thousand (2023: EUR 77 thousand) arose for Steyr Motors AG for the guarantees provided and were recognized within the Company's net financial result. These guarantees expired in the first quarter of 2024 and no further costs have been incurred by the Company since then.
Intangible assets with an indefinite useful life or those that are not yet available for use are tested for impairment at least once a year and whenever there is any indication of impairment.
The recoverable amount is the higher of an asset's fair value less costs to sell and value in use. To determine the value in use, the estimated future cash flows are discounted using a pre-tax interest rate. This pre-tax interest rate takes account of the current market estimate of the present value of the moment and the risks inherent in the asset, unless these are already reflected in the estimate of the payment flows.
If the estimated recoverable amount of an asset or cash-generating unit is less than the carrying amount, the carrying amount of the asset or cash-generating unit is reduced to the recoverable amount. The impairment loss is recognized in profit and loss.
If the impairment is subsequently reversed, the carrying amount of the asset is increased to reflect the new estimate of the recoverable amount. The increase in the carrying amount is limited to the amount which would have arisen had no impairment been recorded for the asset or cash-generating unit in previous periods. A reversal of an impairment is recognized immediately in profit or loss if it eliminates the loss recognized for the asset in previous years.
d) Revenues
The Company generates its revenues from contracts with customers through the transfer of goods and services over time as well as at points in time in accordance with IFRS 15.115. Disclosure of revenues by main products and services is consistent with the revenue figures disclosed for each reportable segment in accordance with IFRS 8 Operating Segments (see note 5).
Revenues equal the consideration that the Company expects to receive under a contract with a customer. This does not apply to amounts collected on behalf of third parties. In accordance with IFRS 15, revenues must be recognized when a performance obligation has been satisfied through the transfer of a promised good or service to a customer. An asset is deemed to have been transferred when the customer obtains control over it. Control over a good or service is usually transferred at a specific point in time.
e) Other operating income
Government grants are not recognized until there is reasonable assurance that the Company will comply with the conditions attaching to the grants and that the grants have been received.
f) Income taxes
Income tax expense represents the sum total of current tax expense and deferred taxes.
Current or deferred taxes are recognized in the income statement unless they relate to items that are recognized either in other comprehensive income or directly in equity. In this case, the current and deferred tax expense is also recognized in other comprehensive income or directly in equity.
The current tax expense is calculated on the basis of the taxable income for the year. Taxable income differs from the net profit for the year shown in the income statement due to expenses and income that are taxable or tax-deductible in later years if at all. The Company's liability for current taxes is calculated on the basis of the tax rates in force or enacted.
The main forward-looking assumptions and estimates subject to the risk of significant adjustments in future periods are explained below.
Intangible assets and property, plant and equipment
Subsequent measurement of intangible assets and property, plant and equipment subject to depreciation and amortization requires estimates and assumptions regarding the determination of the useful life and scheduled depreciation and amortization. These estimates are based on management's experience and judgments.
In connection with impairment testing of capitalized development costs, numerous assumptions and estimates must be made, in particular regarding expected future cash flows, discount rates and growth rates. Reference should be made to note 35 (c) for details of the impairment tests performed.
Leases
IFRS 16 requires estimates that influence the measurement of lease liabilities and right-of-use assets as well as the measurement of lease receivables. These include the provisions contained in contracts that come within the scope of IFRS 16, the terms of the contracts and the incremental borrowing rate used to discount future cash flows. The incremental borrowing rate is derived from the risk-free interest rate of the underlying term, adjusted for risk premiums. Determining the term of the lease is a key criterion in the application of IFRS 16.
Inventories
The measurement of inventories requires estimates with regard to the realizable selling prices and the production and distribution costs incurred up to the time of sale. For this purpose, a distinction is drawn between products for the broad marine market and vehicle engines that can only be used by individual OEMs. The average sales price achieved in the last 12 months is used to measure the value of marine engines. In the case of vehicle engines, the probability of a sale is also estimated in the absence of any calloff order from the customer.
Non-current provisions for employee benefits
Provisions for employee benefits are recognized for statutory obligations upon termination of employment and for long-service benefits under pay-scale agreements. Their value is measured in accordance with actuarial principles on the basis of assumptions regarding discount rates, future wage and salary increases, fluctuation rates and mortality rates.
Non-current provisions
The recognition and measurement of other provisions is subject to estimation uncertainties regarding the existence of the obligation, the probability of occurrence and the amount of the expected cash outflow.
c) Impairment of property, plant and equipment and intangible assets
At each reporting date, the Company reviews the carrying amounts of property, plant and equipment and intangible assets to determine whether there are any indications that these assets may be impaired. If such evidence is found, the recoverable amount of the asset is estimated to determine the extent of any impairment loss. If the recoverable amount for the individual asset cannot be estimated, the recoverable amount of the cash-generating unit to which the asset belongs is estimated. If an appropriate and consistent basis for allocation can be determined, the joint assets are allocated to the individual cash-generating units. Otherwise, they are allocated to smallest group of cash-generating units for which an appropriate and consistent basis for allocation can be determined..
– It is possible to reliably determine the expenses attributable to the development of the intangible asset.
The amount at which an internally generated intangible asset is capitalized for the first time equals the sum total of the expenses incurred from the date on which the intangible asset first meets the above conditions. If an internally generated intangible asset cannot be capitalized or no intangible asset yet exists, the development costs are recognized in profit or loss in the period in which they occur.
In subsequent periods, internally generated intangible assets as well as acquired intangible assets are measured at historical cost less accumulated amortization and impairment. Capitalized development costs are generally amortized on a straight-line basis over a useful life of 7 to 10 years.
h) Property, plant and equipment
Technical equipment and machinery as well as office and business equipment are reported at historical cost less accumulated depreciation and impairment in accordance with IAS 16. Acquisition costs include the purchase price, transaction costs and subsequent acquisition costs less discounts received on the purchase price.
Property, plant and equipment are subject to depreciation on a straight-line basis over their useful lives. The expected useful lives and depreciation methods are reviewed on each reporting date and any necessary changes duly taken into account. Depreciation expense is recognized in profit or loss.
Low-value assets with acquisition costs of up to EUR 1 thousand are recognized as an expense in the year of acquisition.
The following useful lives were applied as the basis for calculating depreciation:
– Technical equipment and machinery: 10 years – Business equipment: 2 – 12 years
i) Leases
IFRS 16 sets out a comprehensive model for identifying leases and for accounting by the lessor and lessee. It is generally applicable to all leases. A lease arises if the lessor grants the lessee the right to control an identified asset for a fixed period and the lessor receives consideration from the lessee in return. Lessees do not distinguish between operating leases and finance leases. Instead, the lessee must recognize the right to use a leased asset ("right-of-use asset") and a corresponding liability for all leases. The only exceptions are short-term leases and leases for low-value assets, for which the payments are recognized as an expense in the income statement on a straight-line basis over the term of the lease. Steyr Motors makes use of these accounting conveniences. In accordance with IFRS 16.BC100, a limit of EUR 5,000 is applied to identify low-value assets. For information on the discretionary decisions and estimates applied in connection with leases, particularly for determining the lease term and the incremental borrowing rate, reference should be made to note 35(b).
The amount of the right-of-use asset at the time of addition equals the amount of the lease liability plus any initial direct costs incurred by the lessee. In subsequent periods, the right-of-use asset (with two exceptions) is measured at amortized cost until the end of the useful life of the leased asset or the end of the contract term, whichever occurs first, and depreciated on a straight-line basis.
Deferred taxes are recognized for the differences between the carrying amounts of assets and liabilities in the single-entity financial statements and the corresponding tax bases in the calculation of taxable income. Deferred tax liabilities are generally recognized for all taxable temporary differences; deferred tax assets are recognized to the extent that it is probable that taxable profits will be available against which the deductible temporary differences can be utilized. Such deferred tax assets and liabilities are not recognized if the temporary differences arise from the initial recognition of other assets and liabilities resulting from events that affect neither taxable income nor net profit. The carrying amount of deferred tax assets is reviewed each year on the reporting date and reduced in value if it is no longer probable that sufficient taxable income will be available to realize the claim in full or in part. Deferred tax liabilities and assets are calculated on the basis of the expected tax rates and tax laws that are expected to apply when the liability is settled or the asset is realized.
Under Austrian law, deferred tax assets and liabilities are netted.
g) Intangible assets
Intangible assets acquired separately, i.e. not as part of a business combination, and with a determinable useful life are recognized at historical cost less accumulated amortization and impairment losses. Amortization is recognized as an expense on a straight-line basis over the expected useful life. The expected useful life and the amortization method are reviewed on each reporting date and any changes in estimates taken into account prospectively.
Separately acquired intangible assets with an indefinite useful life are recognized at historical cost less accumulated impairment losses.
Low-value assets with acquisition costs of up to EUR 1 thousand are recognized as an expense in the year of acquisition.
The following useful lives were applied as the basis for calculating depreciation:
– Patents: 13 to 14 years
– Licenses and software: 4 to 12 years
Internally generated intangible assets, with the exception of capitalized development costs, are not capitalized; instead, the corresponding expenses are recognized in profit or loss in the period in which they occur.
Costs of research activities are recognized as expenses in the period in which they occur.
An internally generated intangible asset resulting from development activities or from the development phase of an internal project is recognized if the following evidence has been provided:
- The completion of the intangible asset is technically feasible so that it will be available for use or sale.
- There is an intention to complete the intangible asset and to use or sell it.
- It is possible to use or sell the intangible asset.
- The intangible asset is expected to generate future economic benefits.
- Adequate technical, financial and other resources are available to complete the development and to use or sell the intangible asset.
The acquisition or production costs of inventories are measured using the average cost method. Historical costs reflect the material costs; the transaction costs are shown using overhead rates. Production costs include directly attributable direct costs and overheads.
Net realizable value is the estimated selling price of the inventories less applicable production and selling expenses.
Borrowing costs within the meaning of IAS 23 are not capitalized.
l) Trade and other receivables
A payment period of between 30 and 60 days is usually granted for the sale of goods. No interest is charged on outstanding trade receivables.
The Company uses non-recourse factoring and the credit risk is assumed by the factor. Steyr Motors AG pursues the goal of selling the majority of its receivables to the factor, thereby minimizing its credit risk. Consequently, Steyr Motors AG retains the credit risk for only a small portion of receivables. A single loan loss allowance is recognized for the credit risk of the remaining receivables, where warranted. For reasons of materiality, an impairment matrix in accordance with IFRS 9 is not used. The Company has recognized a loss allowance of 100% for all receivables where the credit risk remains with the Company if these are more than 60 days overdue.
Foreign currency receivables are valued at the mean rate of exchange on the reporting date.
m) Provisions
Provisions are recognized when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that it will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. In accordance with IAS 37, provisions are measured at the present value of management's best estimate of the expenditure required to settle the present obligation at the end of the reporting period. The expense for such provisions is recognized in the statement of comprehensive income.
Employee benefits
The material actuarial assumptions used to calculate the defined benefit obligation entail the discount rate, expected salary increases and mortality.
Based on the respective pay-scale agreements, Steyr Motors AG is obliged to pay employees long-service benefits after the achievement of certain years of service (25, 35 or 45 years of service). Provisions have been recognized for this obligation and are measured in accordance with actuarial principles. The calculations as of December 31, 2024 are based on a discount rate of 3.5% and an expected increase in the assessment basis of 3.5%; no fluctuation discount is applied. The retirement age was adopted on the basis of the 2003 pension reform. The AVÖ 2018-P mortality tables are used for this calculation.
The lease liability is measured as the present value of the lease payments relevant for measurement that are paid during the term of the lease. The incremental borrowing rate is regularly used for discounting, as the interest rate on which the lease is based is generally not known to the Company. The incremental borrowing rate is determined for each lease on a countryspecific and currency-specific risk-equivalent basis in the light of the applicable term. Subsequently, the discount factor on the carrying amount of the lease liability is unwound on the basis of the interest rate used for discounting and reduced by the lease payments made. Changes in lease payments generally lead to the remeasurement of the lease liability against the corresponding right-of-use asset with no effect on profit and loss. Steyr Motors does not draw any distinction between lease and service components.
j) Right-of-use assets
The Company assesses at the inception of a contract whether it constitutes or contains a lease. For all leases in which the Company is the lessee, it recognizes a right-of-use asset and a corresponding lease liability. This does not apply to short-term leases (defined as leases with a term of twelve months or less) and leases for low-value assets (such as tablets and personal computers, small items of office furniture and telephones). With these leases, the Group recognizes lease payments on a straight line basis over the lease term (unless another systematic basis is more representative of the time pattern of the user's benefit).
The lease liability is initially recognized at the present value of the lease payments not yet paid at the inception of the lease, discounted at the interest rate on which the lease is based. If this interest rate cannot be readily determined, the Company applies its incremental borrowing rate.
The incremental borrowing rate depends on the term, currency and inception date of the lease and is determined on the basis of a number of factors, including the risk-free interest rate based on government bond rates, a country-specific risk adjustment, a credit risk adjustment based on bond yields and a companyspecific adjustment if the risk profile of the entity entering into the lease differs from that of the Company and the lease is not secured by a guarantee from such company.
The following lease payments are included in the measurement of the lease liability:
- Fixed lease payments (including de facto fixed payments), less incentive payments to be received;
- Variable lease payments tied to an index or rate, initially measured at the index or rate at the inception of the lease;
- Expected payments by the lessee under residual value guarantees;
- Exercise prices under call options if the lessee is reasonably certain to exercise them; and
- Penalties for the premature termination of leases unless early termination can be excluded with reasonable certainty.
k) Inventories
Inventories are presented in accordance with IAS 2.36(a) and measured at the lower of cost and net realizable value in accordance with IAS 2.9.
Amendments to IAS 1
"Presentation of Financial Statements": Classification of liabilities as current or non-current and non-current liabilities with covenants
On January 23, 2020, the IASB issued "Classification of Liabilities as Current or Non-current" with amendments to IAS 1. The amendments are intended to clarify the criteria for classifying liabilities as current or non-current. Accordingly, the existing rights are taken into account as of the reporting date regardless of whether management intends to make an early repayment or actually exercises these rights.
On July 15, 2020, the first date of application of the amendments was initially postponed from January 1, 2022 to accounting periods beginning on or after January 1, 2023. As contentious application issues that the IASB had not previously considered have since been identified, it published further amendments to IAS 1 entitled "Non-current liabilities with covenants" on October 31, 2022. This clarifies that only those covenants that a company must fulfill on or before the reporting date influence the classification of a liability as current or non-current. However, it must disclose information in the notes that enables users of financial statements to understand the risk that non-current liabilities with covenants could become repayable within twelve months. Both the amendments already issued in January 2020 and the most recent ones are now mandatory for the first time for accounting periods beginning on or after January 1, 2024. The date of the EU endorsement is still open.
| To be applied in years beginning | Status of EU endorsement (as of | ||
|---|---|---|---|
| New and amended IFRS | on or after the specified date: | the date of preparation) | |
| Amendments to IAS 21 | Lack of exchangeability – | ||
| amendments to IAS 21 | January 1, 2025 | Pending | |
| Amendments to IFRS 10 | Sale or contribution of | Date of initial | |
| and IAS 28 | assets between an | application | |
| investor and an associate | postponed | ||
| or joint venture | indefinitely | Pending | |
| Amendments to IFRS 9 | Amendments to the classi | ||
| and IFRS 7 | fication and measurement | ||
| of financial instruments | |||
| (amendments to IFRS 9 and | |||
| IFRS 17) | January 1, 2026 | Pending | |
| Amendments to IFRS 18 IFRS 18 – Presentation | |||
| and disclosures in financial | |||
| statements | January 1, 2027 | Pending | |
| Amendments to IFRS 19 IFRS 19 – Subsidiaries with | |||
| out public accountability: | |||
| Disclosures | January 1, 2027 | Pending | |
In the previous year, provisions for long-service benefits had been calculated using actuarial principles. An interest rate of 2.75%, an expected increase in the assessment basis of 3.1% and a fluctuation discount of 10% were taken into account.
For short-term employee benefits (wages, sick pay, bonuses, etc.), the non-discounted amount of the benefits expected to be paid in exchange for the service rendered is recognized during the period in which the service is rendered.
The expected costs of the short-term employee benefits are recognized in the case of accumulating entitlements when the work that increases the employee's entitlement to future paid absences is performed. Non-accumulating entitlements, however, are recognized at the time when the absence occurs.
Liabilities under other long-term employee benefits are measured at the present value of the estimated future cash outflows that the Company expects for the services rendered by the employees up to the reporting date.
n) Trade payables
Trade payables mainly comprise outstanding amounts for the purchase of goods and services as well as current costs. Payment terms of 30 days on average (excluding supplier financing agreements) are agreed for trade purchases. There were no supplier financing agreements in 2024. Subsequently, different interest rates are due on the outstanding amount. The Company has implemented a process to ensure that all liabilities are settled within the originally granted payment period.
The Management Board believes that the carrying amount of trade payables corresponds to their fair value.
36. New and amended IFRS
New and amended IFRS to be applied for the first time
In the year under review, the IFRS issued the following new or revised IFRS that must be applied by the Company. This has no material impact on these singleentity financial statements. Furthermore, no statement can be made at this time regarding the effects on future transactions or agreements.
New and amended IFRS to be applied in the future
The following new or amended IFRS have been issued by the IASB but are not yet mandatory or have not yet been endorsed in European law. The Company did not early apply the new or amended guidance.
- the terms of the contract
- the amount of liabilities forming part of the agreements, including a breakdown of the amounts for which the suppliers have already received payments from lenders and an indication as to where the liabilities are recognized in the statement of financial position;
- maturity bandwidths and
- information on liquidity risk.
The amendments must be applied in accounting periods beginning on or after January 1, 2024. EU endorsement is still pending.
The Management Board assumes that the amendments will not have any material impact on the Company's future financial statements.
Amendments to IFRS 16
"Lease liability in a sale and leaseback transaction"
On September 22, 2022, the IASB published amendments to IFRS 16 Leases that clarify the accounting treatment of sale and leaseback transactions after the transaction date.
With a sale and leaseback transaction, an entity sells an asset and leases the same asset back from the new owner for a certain period of time. Until now, however, there has been no precise guidance on how these transactions are to be assessed in reporting after this date. The new amendments supplement the requirements for sale and leaseback transactions in IFRS 16 to ensure uniform application of the accounting standard.
These amendments only affect the accounting treatment of leases resulting from sale and leaseback transactions and do not alter the accounting treatment for other types of leases.
The amendments must be applied in accounting periods beginning on or after January 1, 2024. EU endorsement is dated November 20, 2023.
The Management Board assumes that the amendments will not have any material impact on the Company's future financial statements.
37. Risk management
The Company's Management Board is responsible for establishing and monitoring risk management. Steyr Motors AG is exposed to financial risks to varying degrees.
a) Financial risks
Liquidity risk
Liquidity risk is the risk of not being able to meet all financial obligations as they fall due. As sufficient liquidity is available, the risk is considered to be low. Liquidity is maintained through the ongoing factoring of receivables.
The Management Board is therefore unable to make any statement at this time as to whether and to what extent this will result in any changes to the Company's future financial statements.
Amendments to IFRS 10 and IAS 28 "Sale or Contribution of Assets between an Investor and its Associate or Joint Venture"
The amendments address a conflict between the guidance in IAS 28 "Investments in Associates and Joint Ventures" and IFRS 10 "Consolidated Financial Statements". They clarify that, in the case of transactions with an associate or joint venture, the extent to which profit or loss is recognized depends on whether the assets sold or contributed constitute a business operation in accordance with IFRS 3.
The IASB postponed the date of first-time application of the amendments indefinitely in December 2015 pending possible amendments to IAS 28 from the research project on the equity method of accounting. It was resumed in October 2020 after a long break and in the context of the ongoing post-implementation review of IFRS 11.
The Management Board assumes that these potential amendments to IFRS 10 and IAS 28 will have no impact on the Company's future earnings.
Amendments to IAS 21
"Lack of exchangeability"
On August 15, 2023, the IASB published amendments to IAS 21 entitled "Lack of Exchangeability", which will require entities to make more disclosures in their financial statements when a currency cannot be converted into another currency. The amendments require entities to adopt a consistent approach to assessing whether a currency is convertible into another currency and, if not, to determining the applicable exchange rate and the required disclosures.
The amendments are to be applied in accounting periods beginning on or after January 1, 2025. EU endorsement is still pending.
The Management Board assumes that the amendments will not have any material impact on the Company's future financial statements.
Amendments to IAS 7 and IFRS 7 "Supplier Finance Arrangements"
On May 25, 2023, the IASB published amendments to IAS 7 and IFRS 7 entitled "Supplier Finance Arrangements" to improve the transparency of supplier finance arrangements and their impact on an entity's liabilities, cash flows and liquidity risk. The amendments supplement existing guidance in the IFRS accounting standards and require an entity to disclose the following information:
ASSURANCE OF THE LEGAL REPRESENTATIVES
of Steyr Motors AG
To the best of our knowledge, and in accordance with the applicable reporting principles, the annual financial statements of Steyr Motors AG give a true and fair view of the assets, liabilities, financial position and profit or loss of Steyr Motors AG, and the management report includes a fair review of the development and performance of the business and the position of Steyr Motors AG, together with a description of the principal opportunities and risks associated with the expected development of Steyr Motors AG.
Steyr-Gleink, February 28, 2025
Julian Cassutti Management Board
Credit risk
Credit risk is the risk of financial losses that may arise from the non-fulfilment of contractual obligations by individual business partners. The receivables and other assets and bank balances reported under current assets represent the maximum credit risk. The risk particularly includes the risk of default. The risk of default arising from trade receivables is hedged by selling the receivables to a factor, which assumes the risk in full. A single loan loss allowance is recognized for receivables that have not been factored if there are any indications of impairment.
Foreign currency risk
Foreign currency risk arises from the settlement of transactions in a currency other than the Company's local currency. Despite the Company's strong export orientation, more than 90% of the procurement and sales volume is invoiced in euros, with only a small proportion of business transacted in US dollars. The actual foreign currency risk is therefore limited.
Interest risk
Interest risk comprises the negative effects of changes in market interest rates on interest payments, interest income and expenses and, where applicable, on equity. The interest risk to which the Company is exposed is limited to short-term finance through the existing factoring operations.
b) Capital risk management
The Company manages its capital with the aim of ensuring that it can operate on a going concern basis. The Company's overall strategy is to avoid financial liabilities and to maintain a positive net cash position. At the time the financial statements were prepared, the only external finance available and planned took the form of factoring. The Company's overall strategy is unchanged over 2023. The Company's capital structure consists of net debt (i.e. the liabilities listed in notes 23 and 26, less cash and bank balances) and the Company's equity. This is made up of shares, the share premium and retained earnings as stated in note 22. The Company is not subject to any externally imposed capital requirements.
The Company's Supervisory Board reviews the capital structure annually. The Company's goal of maintaining a positive net cash position was achieved on both reporting dates. The net cash position as of the respective reporting date is as follows:
| in EUR thousands | December 31, 2024 |
December 31, 2023 |
|---|---|---|
| Liabilities: | 5,230 | 5,197 |
| Non-current lease liabilities | 4,291 | 4,478 |
| Current lease liabilities | 408 | 347 |
| Other financial liabilities | 531 | 372 |
| Cash and cash equivalents | 8,164 | 5,719 |
| Net cash | 2,934 | 522 |
Relevant audit procedures
During our audit, we reviewed the estimates and assumptions made by management regarding the capitalization of internally produced assets. This included the following:
- Review of the company's internal documentation on development projects and the correct identification of development costs.
- Verification of compliance with the capitalization criteria in accordance with IAS 38
- Examination of the calculations of expected future economic benefits and the allocation of costs.
Reference to other disclosures
The corresponding disclosures by Steyr Motors AG are included in note 15 "Intangible assets" and note 35 b "Estimation assumptions" of the annual financial statements.
Other information
Management is responsible for the other information. The other information comprises all information in the annual report with the exception of the IFRS annual financial statements, the management report and the auditor's opinion.
Our opinion on the IFRS financial statements does not cover this other information and we do not provide any form of assurance in this regard.
In connection with our audit of the financial statements, our responsibility is to read the other information, as soon as it is available, and, in doing so, to consider whether – based on our knowledge obtained in the audit – the other information is materially inconsistent with the financial statements or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement in this other information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the management and the Audit Committee for the IFRS annual financial statements
The management is responsible for preparing the IFRS annual financial statements and for ensuring that they comply with the International Financial Reporting Standards (IFRS) as endorsed by the EU and provide a true and fair view of the net assets, financial position and results of operations of the company. Furthermore, the management is responsible for such internal controls as have been determined necessary to enable the preparation of IFRS annual financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the IFRS annual financial statements, the management is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, any matters related to its going-concern status and applying the going-concern basis of accounting unless the management either intends to liquidate the company or cease operations, or has no realistic alternative but to do so.
The Audit Committee is responsible for monitoring the company's accounting process.
Opinion
We have audited the IFRS annual financial statements of
Steyr Motors AG, Steyr-Gleink,
The financial statement comprise the statement of financial position as of December 31, 2024, the income statement, the statement of changes in equity and the cash flow statement for the financial year then ended, as well as the notes to the annual financial statements.
Based on our Audit, the accompanying IFRS annual financial statements comply with the legal requirements and provide a true and fair view of the company's financial position as of December 31, 2024 and of its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards as endorsed by the EU (IFRS).
Basis for opinion
We conducted our audit in accordance with the Austrian principles of proper auditing. These principles require the application of the International Standards on Auditing (ISA). Our responsibilities under those requirements and standards are described in greater detail in "Auditor's Responsibilities for the Audit of the IFRS Annual Financial Statements" of our opinion. As required under Austrian commercial and professional regulations, we are independent of the company and have fulfilled our other professional duties in accordance with these requirements. We believe that the audit evidence we have obtained up to the date of our opinion is sufficient and appropriate to provide a basis for our opinion as of that date.
Emphasis of matter
The subsidiary Steyr Motors Betriebs GmbH was merged with the parent company Mutares Austria Holding-01 GmbH in 2024. In the interests of greater comparability, the comparative figures for the 2024 single-entity financial statements were presented on a consolidated basis. We refer to the disclosures made by the management in note 35a to the financial statements.
Our opinion has not been modified to reflect this matter.
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the IFRS annual financial statements. We took these matters into account in our audit of the IFRS annual financial statements as a whole and in expressing our opinion. We do not express any separate opinion on these matters.
The key audit matters are presented below:
Capitalization of development costs in accordance with IAS 38.
Reasons for classification as a key audit matter
The capitalization of development costs requires a comprehensive assessment by management, including the identification of future benefits and the allocation of costs incurred to specific development projects. This calls for careful application of the assessment criteria of IAS 38. Due to the subjectivity and complexity of these assessments, the capitalized development costs were classified as a key audit matter.
AUDITOR'S OPINION
Report on the IFRS financial statements
- We also provide the Audit Committee with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
- From the matters communicated with the Audit Committee, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
Report on the management report
Pursuant to Austrian Generally Accepted Accounting Principles, the management report is to be audited as to whether it is consistent with the financial statements and as to whether the management report was prepared in accordance with the applicable legal regulations.
The management is responsible for the preparation of the management report in accordance with Austrian Generally Accepted Accounting Principles and other legal or regulatory requirements.
We conducted our audit in accordance with Austrian Standards on Auditing for the audit of the management report.
Opinion
In our opinion, the management report has been prepared in accordance with the applicable legal requirements and is consistent with the IFRS annual financial statements.
Statement
On the basis of the knowledge gained and the understanding of the company and its environment obtained during the audit of the IFRS annual financial statements, no materially incorrect information was found in the management report.
Limitation of liability
The audit of the IFRS annual financial statements and the management report was requested in the absence of any statutory obligation ("voluntary audit"). We are only liable towards the client and third parties for intent and gross negligence; liability for gross negligence is limited to EUR 2 million in accordance with the liability provisions of Section 275 (2) UGB for the mandatory audit of a (small or medium-sized) company.
Responsible auditor
The auditor responsible for the audit of the financial statements is MMag. Simon Horst Preschern.
Klagenfurt am Wörthersee, February 28, 2025
Grant Thornton ALPEN-ADRIA Wirtschaftsprüfung GmbH
MMag. Simon Horst Preschern Wirtschaftsprüfer (Austrian Public Auditor)
DDr. Ulrich Kraßnig, LL.M. Wirtschaftsprüfer (Austrian Public Auditor)
Auditor's responsibilities for the audit of the IFRS annual financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with International Standards on Auditing will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with Austrian Standards on Auditing, which require the application of ISA, we exercise professional judgment and maintain professional scepticism throughout the audit.
We also:
– identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.
- evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
- conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
- evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Publisher
Steyr Motors AG
Am Stadtgut B1 4407 Steyr-Gleink, Austria
Phone: +43 7252 222 0 Fax: +43 7252 222 29 E-mail: [email protected] Web: www.steyr-motors.com
Text and editing
CROSS ALLIANCE communication GmbH Bahnhofstr. 98 82166 Gräfelfing / Munich Germany
Phone: +49 89 125 0903 30 E-mail: [email protected] Web: www.crossalliance.de
Design
Anzinger und Rasp Kommunikation GmbH, Munich Germany
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DISCLAIMER
in transactions or to conclude any legal transaction.
time without notice.
The information published in this annual report constitutes neither a recommendation nor an offer or solicitation to buy or sell investment instruments, to engage The information published and opinions expressed are provided by Steyr Motors AG for personal use and information purposes only and are subject to change at any Steyr Motors AG makes no warranty (express or implied) as to the accuracy, completeness or timeliness of the information and opinions expressed in this annual report. In particular, Steyr Motors AG is not obliged to remove outdated information from the annual report or to expressly mark it as such. The information contained in this annual report does not constitute an aid to decision-making in economic, legal, tax or other advisory matters, nor should investment or other decisions be made solely on the basis of this information. Advice from a qualified specialist is recommended.