Image: Weihbold
According to preliminary figures, the operating result in 2023 was 160 million euros, 32 percent below the previous year’s figure, and the EBIT margin was six percent.
- From the archive: Why Pierer is cutting jobs in the Innviertel and relocating them to Asia [OÖNplus]
Earnings before taxes, interest, depreciation and amortization (Ebitda) also fell by 15 percent to 324 million euros, the company announced today, Monday.
Pierer contributed to stabilizing the financial situation
In addition to the restructuring of the bicycle division, high costs for dealers in the motorcycle sector also had a negative impact. Despite good demand and significantly higher interest rates, the costs of inventory rose significantly, which is why Pierer had to grant its dealers extended payment terms and higher discounts.
Pierer also had to help stabilize the financial situation of suppliers who were suffering from high interest rates. This affected the free cash flow, which fell from minus three million euros in the previous year to minus 411 million euros in 2022. Sales, on the other hand, rose from 2.44 to 2.66 billion euros.
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