Company: Rosenbauer International AG
Industry: Firefighting equipment, fire engines
Country: Austria
Sector: Industrials
Company type: Public Company
Revenue (EUR): 1305900000
Employees: 4312

Reported EU Taxonomy activities:
Manufacture of low carbon technologies for transport
Transport by motorbikes, passenger cars and light commercial vehicles
Freight transport services by road
Installation, maintenance and repair of energy efficiency equipment
Installation, maintenance and repair of charging stations for electric vehicles in buildings (and parking spaces attached to buildings)
Installation, maintenance and repair of renewable energy technologies
Acquisition and ownership of buildings
Manufacture of electrical and electronic equipment

EU Taxonomy KPIs (currency: EUR, units: millions)
Turnover:
totalTurnover: value: 1064.5
percentage: 100%
eligibleTurnover: value: 790.1
percentage: 74.22%
alignedTurnover: percentage: 0%
nonEligibleTurnover: value: 274.4
percentage: 25.78%
CapEx:
totalCapex: value: 20.3
percentage: 100%
eligibleCapex: value: 3.8
percentage: 18.82%
alignedCapex: percentage: 0%
nonEligibleCapex: value: 16.4
percentage: 81.18%
OpEx:
totalOpex: value: 22.2
percentage: 100%
eligibleOpex: value: 22.2
percentage: 100%
alignedOpex: percentage: 0%
nonEligibleOpex: value: 0
percentage: 0%

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Image /page/0/Picture/0 description: The image is a Rosenbauer Annual Financial Report for 2023. The cover has a black and white photo of two firefighters walking away from the camera on a gravel road. Two firefighting robots are in front of them. The text on the cover says "RESPONSIBLE FOR THE FUTURE OF FIREFIGHTING".

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# **CONTENT**

# **03 GROUP MANAGEMENT REPORT**

# **2 CONSOLIDATED FINANCIAL STATEMENTS**

- 8 Auditor's Report
- Responsibility Statement

# **ROSENBAUER INTERNATIONAL AG**

- 90 Management Report
- 102 Financial Statements
- 122 Auditor's Report
- 126 Responsibility Statement

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# <span id="page-2-0"></span>**GROUP MANAGEMENT REPORT**

- **[General Information](#page-3-0)**
- **[Economic report](#page-7-0)**
- **[Other Legal Information](#page-14-0)**
- **[Risks and Opportunities](#page-16-0)  [Forecast report](#page-20-0)**

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# <span id="page-3-0"></span>**GENERAL INFORMATION**

# **Corporate structure**

#### **The world's leading system provider for fire protection**

Rosenbauer is the world's leading system provider for preventive firefighting and disaster protection technology. The international group of companies develops and produces vehicles; fire extinguishing systems; fire and safety equipment and digital solutions for professional, industrial, plant, and volunteer fire services; and systems for preventive fire protection.

The listed company Rosenbauer International AG based in Leonding, Austria, functions as the parent company of the Rosenbauer Group. It is also the largest production company, the research and development center, and is responsible for the management of the Group.

In 2023, the Rosenbauer Group generated revenues of € 1,064.5 million. The individual product groups contributed to this as follows: Vehicles 74%, Fire & Safety Equipment 9%, Preventive Fire Protection 4%, Customer Service 10%, and Other Revenues 3%. With a global market share of 10.9%, Rosenbauer is one of the leading manufacturers of firefighting vehicles.

#### **Unique, global network**

The Rosenbauer Group operates 16 production locations in ten countries on three continents and meets all major world standards with products manufactured in Europe, the US, and Asia. It also has its own sales and service companies in 19 countries as well as around 230 independent trading partners around the world.

Rosenbauer reorganized its sales regions at the start of 2023 in order to simplify market development through synergies. To this end, the NISA area (Northern Europe, Iberia, South America, Africa) was dissolved as an independent unit and was integrated into the newly established Americas, Europe, and Middle East & Africa sales regions.

The Scandinavian and Benelux countries, as well as England, France, Spain and Portugal, were incorporated into the former CEEU area, which now comprises all European countries and has been renamed the Europe area. The African countries served by the NISA area moved to the Middle East & Africa area. As a result, only one area is now active on the African continent. The South American firefighting markets were transferred to the former NOMA area, which now serves all of North and South America and the Caribbean as the Americas area.

The Asia-Pacific area is not affected by these organizational changes.

Preventive Fire Protection activities are also still presented in a separate segment. Overall, Rosenbauer is represented in around 120 countries and therefore has an international network that is unique in the firefighting industry.

#### **Number one for innovations**

With its innovative products, Rosenbauer wants to define state-of-theart technology in its industry and actively develop customer demand. As such, research and development are of central importance to the Group. The Rosenbauer innovation process systematically integrates industry-relevant megatrends, findings from market observation, customers' requirements, and employees' suggestions. The Rosenbauer Group holds around 169 patents and patent applications, as well as numerous design patents, utility models, and trademarks.

In 2023, the Group invested € 27.8 million in research and development (2022: € 31.6 million). This corresponds to 2.6% of the Group revenues (2022: 3.2%). The capitalization rate was 21.9% (2022: 19.9%) and related to developments in Austria and Germany. A total of 58% (2022: 41%) of the company's development costs amounting to € 16.3 million (2022: € 13.1 million) were incurred by Rosenbauer International AG, the Group-wide center of expertise for municipal and specialty vehicles, firefighting systems, and fire and safety equipment.

Image /page/3/Figure/17 description: The image shows two charts. The first chart is a donut chart titled "Revenues by product segment 2023". The donut chart shows the following percentages: 10% Customer Service, 9% Fire & Safety Equipment, 4% Preventive Fire Protection, 3% Others, and 74% Vehicles. The second chart is a bar chart titled "Research and development/R&D ratio". The bar chart shows the R&D in millions of euros for the years 2023, 2022, and 2021. The R&D in millions of euros for the year 2023 is 27.8, for the year 2022 is 31.6, and for the year 2021 is 24.3.

Image /page/3/Figure/19 description: This image shows a table with two columns, "R&D (in € million)" and "R&D ratio". The table contains data for the years 2023, 2022, and 2021. For 2023, the R&D is 27.8 million euros and the R&D ratio is 2.6%. For 2022, the R&D is 31.6 million euros and the R&D ratio is 3.2%. For 2021, the R&D is 24.3 million euros and the R&D ratio is 2.5%.

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# **Products and services**

#### **Vehicles**

Firefighting vehicles can be broken down into the groups of municipal, ARFF, and industrial vehicles as well as aerial rescue vehicles, which fulfill different tasks depending on the vehicle design. Rosenbauer has full series ranges in every category. The portfolio ranges from firefighting trucks, rescue and logistics vehicles, and specialty vehicles to aerial ladders and hydraulic firefighting and rescue platforms. Production takes place in Austria, Germany, Italy, Slovenia, Spain, Singapore, and the USA. Final assembly occurs in Switzerland, Great Britain, Australia, Saudi Arabia, and partly in South Africa.

Rosenbauer is the only international firefighting technology provider to produce all types of firefighting vehicles in accordance with both European (EN 1846) and US standards (NFPA 1901). As a result, large parts of the firefighting world are covered (Europe, North and South America, Africa, West Asia). Vehicles for China (China Compulsory Certification), Japan (TRIAS), and Australia (Australian Design Rules) are built in accordance with country-specific standards and must be certified separately. As a rule, firefighting vehicles are built on series-production truck chassis. As these account for approximately 30% of the manufacturing costs, value added can be increased with chassis produced in-house. Rosenbauer builds US vehicles, the complete PANTHER series, and the all-electric Revolutionary Technology (RT/RTX) on their own chassis.

This gives Rosenbauer an advantage over body manufacturers who have to purchase all chassis and/or important components. The fire extinguishing systems installed in the vehicles are also predominantly produced by Rosenbauer. Extinguishing systems, such as truck-mounted pumps, foam proportioning systems, turrets, and portable fire pumps, are produced for the entire Group at the Leonding location.

Around the world, firefighting technology and firefighting vehicles in particular are predominantly procured via public tenders. At the same time, a trend towards purchasing associations and collective tenders has been noticeable for years, which has created the possibility of larger and more homogeneous production packages.

#### **Fire & Safety Equipment**

As a full-service supplier, Rosenbauer has an extensive product portfolio in the equipment sector (personal and technical equipment). Key strategic products are developed within the company, manufactured in-house or at contractual partners, and sold as Rosenbauer-brand items. These include nozzles, submersible pumps, high-performance ventilators and generators as well as fire service helmets and protective suits, boots, and gloves. These products stand for high quality and functionality, safety and reliability, as well as attractive value for money.

Equipment specialists who focus on the sale of Rosenbauer products are active in all areas. Rosenbauer is in continuous contact with its customers when it comes to the use of equipment products.

#### **Extinguishing systems**

The development and production of fire extinguishing systems and components for extinguishing technology is one of Rosenbauer's core competencies. This includes pumps and pump systems, portable fire pumps, such as the FOX or FOX S, admixture systems, turrets, electronic control systems, mobile compressed air foam extinguishing systems (POLY or CAFS systems), portable fire extinguishers, and compressed air foam systems in every performance class. To minimize hazards during operations, Rosenbauer developed the RTE Robot (remote-controlled tracked vehicle) which, thanks to standardized interfaces, can be equipped with different superstructures, such as a turret, depending on the operational scenario. With the Battery Extinguishing System, Rosenbauer launched an innovative extinguishing system for the safe and environmentally friendly extinguishing of battery fires in electric cars. The extinguishing water is transported directly into the interior of the battery without the emergency services having to be directly next to the vehicle.

Rosenbauer also offers the RFC CUTTEX, a high-pressure extinguishing system with the function of water-jet cutting, which combines the steps of cutting and extinguishing in one system. It was developed to safely and efficiently extinguish fires with a low fire load or in angled structures, such as ventilation systems, without having to create large-scale access to the source of the fire in the first phase of firefighting.

Since April 2023, Rosenbauer has been cooperating with SYNEX TECH on the market launch of DRILL-X. The drilling extinguishing device (drilling, penetration, extinguishing) is used to combat localized sources of fire with a high fire load, such as roof truss fires or fires in larger buildings. Also with this device, it is not necessary to enter the fire room during the initial firefighting phase.

#### **Digital solutions**

The support provided by digital products makes firefighting operations more efficient and safer. With RDS Connected Command and RDS Connected Fleet, Rosenbauer provides a comprehensive portfolio of services to support emergency services. With the RDS Connected Command information management system, all relevant information, such as object plans or tactical geo-information, is available to the emergency services online.

The smartphone apps for Android and iOS from RDS Connected Command have extensive functionalities, such as skills management or a chat function for uncomplicated deployment management. The newly developed skills management function provides a quick overview of the qualifications of the available emergency personnel. The chat function and the appointment and event management simplify communication and coordination.

RDS Connected Fleet serves as vehicle management for emergency services to coordinate, monitor, and manage the fleet. The software continuously checks the vehicle components (predictive maintenance) and thus detects and reports anomalies at an early stage. During operations, RDS Connected Fleet shows the exact location of each vehicle for optimal deployment planning. The offer is supplemented by drones or an RDS tracker, which enables the immediate networking of emergency vehicles (police, ambulance, fire service) regardless of manufacturer and their integration into the Connected Fleet organization for deployment coordination.

#### **Preventive Fire Protection**

Preventive Fire Protection handles the planning, installation, and servicing of stationary firefighting systems. The recycling industry is one of the most important customers for fire protection systems. The spectrum of offerings comprises both water- and foam-based firefighting systems and ranges from sprinkler and spray systems, gas and kitchen extinguishing systems through to turret extinguishing systems including fire alarm and early detection systems. Significant parts of the equipment, such as the ready-to-install sprinkler pipe systems, turrets and compressed air foam systems (CAFS), are produced by Rosenbauer. The operational safety of the systems is guaranteed by a comprehensive maintenance and service offering. This includes the preparation of system-specific maintenance concepts and their implementation by specially trained service personnel.

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#### **Customer Service**

Customer service is a strategically important pillar of the firefighting service. It carries out the initial product training with customers and usually remains at their side across the entire product life cycle.

In addition to an individual maintenance and service catalogue, the customer service offering also includes a broad range of user training, vehicle refurbishment, and training in driving technology and deployment tactics on state-of-the-art simulators. Experienced trainers design the courses in a practical and methodical way, either on-site at the customer's premises, in a Rosenbauer training center, or online via web meetings.

On request, Rosenbauer functions as a full-service provider and takes charge of complete fleet management. With around 25 of its own service locations in all areas and around 550 service staff, Rosenbauer is always close to its customers. In addition to this, there are approximately 100 independent service partners, mostly with their own workshop infrastructure. Rosenbauer therefore offers by far the best and largest service network in the industry worldwide.

# **Research and development**

In 2023, research and development activities were focused on further developing the existing product range and identifying strategic topics for the future in order to derive specific areas of action for Rosenbauer.

In the reporting year, Rosenbauer published the "Firefighting Trend Map 5.0" as an interactive digital visualization with extensive background information on the twelve trends it contains. The content was validated and refined through internal trend workshops and a workshop with experts from Central Europe. The digital processing has made it possible to prepare a large part of the underlying research findings in such a way that they are easier to grasp for further derivations. The Trend Map is intended to help readers to critically examine possible future events in order to prepare themselves for future challenges, but also to be able to seize opportunities at an early stage. Environmental changes caused by climate change, new and emerging global geopolitical conflicts, and health impacts, social upheaval, limited resources, the opportunities and risks of the mobility transition and advancing digitalization all have an impact on the fire and disaster protection sector.

Additional tools were also developed to enable clear and simple derivations for the respective fire department context when working with the trend map. Future workshops with several institutions and customers revealed that the new tool and the Firefighting Trend Map 5.0 are ideal as a moderation tool to support development and strategy projects.

The continuation of the "Green Energy on Fire" network and the concretization of funding and implementation support from the federal and state governments were also part of the development activities in 2023. Digital, online maps for "Green Energy on Fire" and the "Wildfire action map" are currently being developed. They are intended to support emergency response organizations in gaining an easier overview of the often complex issues and serve as a basis for deriving concrete approaches.

Together with universities, research institutes, and technology partners, Rosenbauer launched three parallel research projects focusing on robotics for firefighting operations. The EASIER project focused on rescue robot interaction with humans, specifically the research and development of a dedicated robot control station with a user-centered user interface. Following hardware and software development, the user experience was tested with several test subjects using a specially developed psychological evaluation method. A psychological study was used to assess the trust placed in the human-machine interaction. In addition, two further research projects were initiated with the Austrian Institute of Technology with a focus on the systematic and automatic detection of anomalies by the Rescue Robotic units. The aim is to identify possible intervention measures at an early stage.

Sustainability plays an important role in the Rosenbauer Group, which is why the Group focused intensively on the topic of the circular economy in the reporting year. The focus here is on the product. At the end of its life cycle, it should not become a burden on people and nature (waste) but should be able to be reused in the most environmentally friendly way possible through targeted measures such as refurbishment or recycling of components. Together with the Johannes Kepler University and the Linz Center of Mechatronics as well as other industrial companies, Rosenbauer launched a pilot project to identify specific recycling potentials for submersible pumps or thermoset rear seat benches (installed in the AT) and to develop an approach.

# **Economic Environment1, 2**

#### **Global economy**

In its latest update, the International Monetary Fund (IMF) estimated that the global economy will grow by 3.1% in 2023. This means that the global economic recovery from the COVID-19 pandemic, the Russian invasion of Ukraine, and the cost-of-living crisis has proven surprisingly resilient. In the previous year, the increase amounted to 3.5%.

Economic growth is likely to have been stronger than expected in the second half of 2023, particularly in the USA and some larger emerging and developing countries. In some cases, public and private spending contributed to the upturn, while real gains in disposable income supported consumption.

This growing momentum was not equally noticeable everywhere in 2023. Growth in the eurozone, for example, was more subdued, reflecting poorer consumer sentiment, the after-effects of higher energy prices, and weakness in interest-sensitive manufacturing and investment activity. Low-wage countries continue to face a decline in output compared to the years before the pandemic, accompanied by higher financing costs.

Against the backdrop of increasing security of supply, global inflation is falling faster than expected. The figure for the fourth quarter of 2023 could even be 0.3 percentage points below the IMF's forecast from last October. Global inflation is expected to have amounted to 6.8% in the reporting year.

<sup>1</sup> IMF, World Economic Outlook, Update, January 30, 2024.

<sup>2</sup> World Bank, Global Economic Prospects, January 9, 2024.

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#### **North America**

Growth in the US economy proved resilient in the reporting year. Despite rising interest rates and stricter lending conditions, it increased from 1.9% to 2.5% in 2023 according to current estimates. Consumer spending was solid, boosted by accumulated savings, tight labor markets, and gains in disposable income due to one-off tax adjustments. Economic activity was also supported by expansive stimulus from tax policy. Economic growth weakened in Q4 2023, a weakness that could intensify due to the effects of tighter monetary policy.

In comparison, Canada's GDP only grew by 1.1% after 3.8% in 2022.

For the current year, the IMF anticipates a renewed economic slowdown in the US to 2.1%, especially as high real interest rates are increasingly restricting economic activity. This corresponds to an increase in the outlook of 0.6 percentage points compared to October. At the same time, a more restrictive tax policy is expected, although higher financing costs and weaker growth are weighing on the federal budget balance. Canada's economy is expected to grow by 1.4% in the current year.

#### **Europe**

Europe's economic growth slowed sharply in the reporting year and ultimately amounted to just 0.5%. This is due to the high energy costs, which have risen as a result of Russia's war of aggression against Ukraine and are impacting both household spending and the activities of companies, especially manufacturing companies. The downturn in the latter part of 2023 is due to a widening weakness in the European economy, which has recently also affected the services sector. This manifests itself in a continuous decline in exports along with dwindling competitiveness of export prices and tepid foreign demand.

However, with forecast growth of 0.9% in 2024, the turning point appears to have been reached. Easing price pressure should boost real wages and increase disposable income. However, the after-effects of tighter monetary policy will dampen domestic demand and investment, partly due to slower credit growth. The outlook for the eurozone has been downgraded by 0.3 percentage points compared to October.

#### **Asia**

The emerging and developing economies of Asia are set to grow by 5.4% in 2023. According to the IMF, this rate is expected to be 5.2% in the current year. This corresponds to an increase of 0.4 percentage points compared to last October and is due to China's economic development. China itself can expect growth of 4.6% in 2024, an improvement of 0.4 percentage points. Behind this upgrade is the continuation of stronger-than-expected growth in the reporting year and higher government spending on disaster prevention.

India's growth is expected to fall from 6.7% in 2023 to 6.5% in 2024. The ASEAN-5 countries are on an opposite trajectory. Last year, they reported growth of 4.2%, which is expected to rise to 4.7% this year.

Detailed information on the development of Rosenbauer's individual sales areas and the Preventive Fire Protection segment can be found in this Annual Report from page 30 onwards.

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# <span id="page-7-0"></span>**ECONOMIC REPORT**

# **Overall development in 2023**

The global firefighting market has an annual volume<sup>1</sup> of around 21,000 vehicles with a total value of around € 6.3 billion. This figure does not include compact vehicles up to a gross vehicle weight of 7.5 t, fire and safety equipment, service and stationary equipment.

Based on Rosenbauer's internal estimates, the global market volume is likely to have increased in 2023, partly due to continuous investment activity in the public sector and partly due to price adjustments made by numerous manufacturers in response to increases in personnel and material costs. The strongest sales regions are Europe, North America, and Asia; the biggest single markets the US, China, and Germany.

Demand for ARFF vehicles in particular picked up in the reporting year, especially in Europe and Asia. This includes both planned new procurements and catch-up effects from the COVID-19 pandemic. Interest in firefighting vehicles with electric drives is also increasing. At the same time, international supply chains have not yet returned to their usual stability and there are recurring interruptions in the supply of individual parts. As a result, delivery times for firefighting vehicles are still above the long-term average.

#### **Consolidated revenues/EBIT** (in € million)

Image /page/7/Figure/8 description: The image shows a bar chart comparing consolidated revenues and EBIT for the years 2021, 2022, and 2023. For 2023, the consolidated revenues are 1,064.5 and the EBIT is 37.5. For 2022, the consolidated revenues are 972.2 and the EBIT is -10.6. For 2021, the consolidated revenues are 975.1 and the EBIT is 35.0.

Despite these challenging conditions, all Rosenbauer sales regions and the Preventive Fire Protection segment succeeded in increasing their revenues in 2023. At € 1,450.3 million, order intake in the 2023 financial year was once again at a record level (2022: € 1,230.0 million). All segments, with the exception of the Middle East & Africa area and Preventive Fire Protection, recorded significant growth. The order for 45 industrial firefighting vehicles from Saudi Electric Company is particularly noteworthy, as the customer is relying on chassis from Rosenbauer production in the US and superstructures from Europe. The order is to be manufactured partly in the US, partly in Austria and partly locally in the region. The order backlog of € 1,788.0 million as of December 31, 2023 (2022: € 1,469.7 million) was significantly higher than consolidated revenues for the year.

# **Development of revenues and earnings**

#### **Revenue development**

At € 1,064.5 million, revenues in 2023 were well above the previous year's level (2022: € 972.2 million) despite a cyber-attack in February. At the same time, supply chains stabilized only slowly in the reporting year. Particularly in the first half of the year, the number of chassis delivered was still below the agreed delivery volumes and only gradually increased in the second half of the year.

The Group's strongest product segment in terms of revenues was Vehicles at around 74% (2022: 74%). This was followed by Customer Service, which generated revenues of € 103.7 million (2022: € 96.5 million), accounting for 10% (2022: 10%) of total revenues. The revenue contribution of the Equipment segment was 9% (2022: 10%) and that of the Other Revenues segment was 3% (2022: 3%). Preventive Fire Protection generated revenues of € 41.6 million (2022: € 32.2 million), thus contributing 4% (2022: 3%) to consolidated revenues.

By far the largest share of revenues was accounted for by the parent company Rosenbauer International AG at € 524.2 million (2022: € 443.8 million). With an export ratio of 89% (2022: 84%) and deliveries to more than 120 countries, Rosenbauer has the largest international presence in the firefighting industry.

Cost of sales increased to € 899.4 million (2022: € 843.3 million). Gross profit increased by 28.1% to € 165.1 million (2022: € 128.9 million). The gross profit margin went up to 15.5% (2022: 13.3%).

#### **Cost development**

At € 652.6 million (2022: € 572.6 million), cost of materials accounted for the largest share of cost of sales, which was higher than in the previous year relative to revenues. Proportionate personnel expenses amounted to € 215.1 million (2022: € 189.6 million) and were likewise higher than in the previous year in relation to revenues. Depreciation and amortization expenses on property, plant and equipment and intangible assets decreased from € 14.1 million to € 13.5 million in the reporting year.

Structural costs comprise expenses for research and development, sales and administration. At € 137.9 million, these were significantly lower than the previous year's figure of € 147.7 million. Capitalized research and development costs fell from € 6.3 million to € 6.1 million.

Other operating expenses of € 2.6 million (2022: € 1.9 million) were offset by other operating income of € 12.9 million (2022: € 10.2 million).

#### **Result of operations**

As a result of the increased gross profit, the Rosenbauer Group is reporting clearly positive EBIT of € 37.5 million for the 2023 financial year (2022: € -10.6 million). The measures to increase efficiency and higher sales prices for the vehicles delivered made a significant contribution to this result.

The enormous increase in interest rates and higher debt in 2023 led to significantly higher financing costs and, as a result, to a negative financial result of € -30.5 million (2022: € -19.6 million).

Earnings before taxes (EBT) amounted to € 7.0 million (2022: € -30.2 million). The reported tax expense amounted to € 5.8 million (2022: tax income of € -7.8 million).

This resulted in a positive result for the period of € 1.2 million (2022: € -22.3 million).

1 Last available market data from 2022. Own calculation based on figures from the World Bank and the UN as well as annual reports and expert estimates.

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The non-controlling interests held by the partners at Rosenbauer Aerials, Rosenbauer Española, Rosenbauer South Africa, Eskay Rosenbauer Brunei and Rosenbauer Saudi Arabia accounted for a share of earnings of € 2.2 million in the reporting year (2022: € 1.9 million).

#### **Orders**

In the past year, the Rosenbauer Group recorded order intake of € 1,450.3 million (2022: € 1,230.0 million). With the exception of Preventive Fire Protection, all segments reported significant growth. The Europe area recorded the greatest growth. There was exceptionally dynamic growth in demand over the year as a whole. For example, Rosenbauer once again won a tender from the state of Mecklenburg-Western Pomerania and reported a record order intake level for rescue platform vehicles in Germany in the year under review.

The order backlog of € 1,788.0 million as of December 31, 2023 (2022: € 1,469.7 million) was significantly higher than consolidated revenues for the year.

# **Segment reporting – business segments (by area)**

Segment reporting is presented based on four defined sales regions: the areas Europe, Middle East & Africa, Asia-Pacific as well as Americas. Preventive Fire Protection (PFP) is presented as a separate segment.

To improve comparability, the prior-year period has been adjusted to the new sales structure.

Image /page/8/Figure/9 description: The image contains the text "Incoming orders/order backlog as of Dec. 31 (in € million)". It appears to be a title or heading, possibly for a financial report or presentation.

Image /page/8/Figure/10 description: This image shows a bar chart comparing incoming orders and order backlog for the years 2021, 2022, and 2023. For incoming orders, the values are 1,064.3 in 2021, 1,230.0 in 2022, and 1,450.3 in 2023. For order backlog, the values are 1,145.2 in 2021, 1,469.7 in 2022, and 1,788.0 in 2023.

Image /page/8/Figure/11 description: This image is a world map with four regions highlighted in different colors. Europe is highlighted in red, Americas is highlighted in dark gray, Middle East & Africa is highlighted in light gray, and Asia-Pacific is highlighted in gray.

#### **Europe area**

The Europe area comprises the European countries, with the GSA region (Germany, Austria, Switzerland) as its historic domestic market. The Europe area includes the Group companies Rosenbauer International and Rosenbauer Österreich in Leonding (Austria), Rosenbauer Deutschland in Luckenwalde (Germany), Rosenbauer Karlsruhe (Germany), Rosenbauer Slovenia in Radgona (Slovenia), Rosenbauer Italia in Andrian (Italy), Rosenbauer Rovereto (Italy), Rosenbauer Schweiz in Oberglatt (Switzerland) and Rosenbauer Polska in Lomianki (Poland), Rosenbauer Española in Madrid (Spain), Rosenbauer France in Meyzieu (France) and Rosenbauer UK in Meltham (UK).

The plants in the Europe area (Leonding, Neidling, Karlsruhe, Radgona and Rovereto) produce for all sales areas, while the Luckenwalde plant primarily produces for the German market.

#### Market development

Despite a slowdown in economic growth, demand for firefighting technology in Europe's heterogeneous and often small-scale markets will continue to rise in 2023. In Germany, for example, collective tenders for municipal vehicles have become increasingly popular. On the one

#### **Revenues by areas in 2023**

Image /page/8/Figure/18 description: The image is a pie chart showing the distribution of something across different regions. Europe accounts for 47%, Americas for 26%, Asia-Pacific for 12%, Middle East & Africa for 11%, and PFP for 4%.

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hand, these support the standardization of vehicle fleets and, on the other, enable lower prices due to economies of scale in production. This trend is also slowly gaining a foothold in Austria. What is rather atypical for Europe is that more ARFF vehicles are being procured again. At the same time, interruptions in the supply of individual parts and a lack of adherence to delivery dates on the part of OEMs continue to create uncertain production conditions and put a strain on the efficiency of vehicle production.

In view of the growing importance of the service business, Rosenbauer Karlsruhe's rescue platform service was merged with Rosenbauer Germany's firefighting vehicle service in 2023. This marked the step from manufacturer responsibility to market responsibility. Workshop and field service for rescue platform and firefighting vehicles are now part of a single organization under the umbrella of Rosenbauer Germany.

Order intake in this area during the reporting year was significantly up on the previous year at € 624.2 million (2022: € 518.2 million).

#### Business development

Revenues in the Europe area increased to € 509.9 million in 2023 (2022: € 458.4 million). Germany accounted for the largest share, followed by Austria. The Europe area thus contributed around 48% of consolidated revenues (2022: 48%). EBIT in the reporting year amounted to € 27.9 million (2022: € 4.5 million), with an EBIT margin of 5.5% (2022: 1.0%).

| Key figures (in € million)   | 2021  | 2022  | 2023  |
|------------------------------|-------|-------|-------|
| Revenues                     | 422.7 | 458.4 | 509.9 |
| EBIT                         | 17.6  | 4.5   | 27.9  |
| Order intake                 | 506.9 | 518.2 | 624.2 |
| Order backlog                | 518.3 | 580.5 | 690.7 |
| Key figures (in   € million) | 2021  | 2022  | 2023  |
| Revenues                     | 133.6 | 100.6 | 114.9 |
| EBIT                         | 5.3   | -4.9  | 3.4   |
| Order intake                 | 114.5 | 145.8 | 138.2 |
| Order backlog                | 127.1 | 178.2 | 175.3 |

#### **Middle East & Africa area**

The Middle East & Africa area geographically comprises the countries in the Near and Middle East and Africa.

The Middle East & Africa area includes the Group companies Rosenbauer South Africa in Johannesburg (South Africa), Rosenbauer Saudi Arabia headquartered in Riyadh (Saudi Arabia) with the production site in King Abdullah Economic City (KAEC) and Rosenbauer MENA Trading – FZE (Dubai) with a subsidiary in Abu Dhabi (United Arab Emirates).

#### Market development

The countries of the Middle East experienced a slowdown in economic growth in the reporting year, in some cases a very significant one. The Saudi Arabian economy even shrank by -1.1% in 2023. The economy also slowed down in the African markets.

The Rosenbauer Group has had its own production facility in Saudi Arabia for 10 years and has established numerous other branches in the region during this time. In addition to local production, customers place great emphasis on local service in their procurements. Against this backdrop, the Middle East & Africa area succeeded in increasing its deliveries. Demand for high-quality ARFF and industrial firefighting vehicles in particular recovered well in the reporting year.

At € 138.2 million, order intake in the Middle East & Africa area was almost unchanged in the reporting year compared to € 145.8 million in the previous year.

#### Business development

At € 114.8 million, revenues in the Middle East & Africa area in 2023 were significantly higher than in the previous year (2022: € 100.6 million). The Middle East & Africa area thus contributed 11% to consolidated revenues in the reporting year (2022: 10%). EBIT improved to € 3.4 million (2022: € -4.9 million), and the EBIT margin was 3.0% (2022: -4.9%).

#### **Asia-Pacific area**

The Asia-Pacific area comprises the entire ASEAN-Pacific region, Japan, India, China, the CIS countries and Turkey. The Asia-Pacific area includes the Group companies S.K. Rosenbauer in Singapore, Rosenbauer Australia based in Brisbane and Rosenbauer Fire Fighting Technology (Yunnan) in China. There are further sales and service locations in Brunei and the Philippines. The Singapore plant produces vehicles for the Southeast Asian market.

#### Market development

In contrast to the Central Asian or ASEAN countries, the emerging and developing countries in the region showed dynamic growth in 2023. Despite all the uncertainties, the Chinese economy in particular is likely to have shown solid growth again.

For the Asia-Pacific area, which is responsible for highly fragmented national markets, 2023 was another year of recovery. Both order intake and revenues rose sharply. This clearly reflects the lifting of regional travel restrictions imposed in the wake of the COVID-19 pandemic, which is now allowing an increased presence with clients again. Demand for ARFF vehicles in particular has continued to pick up. Highly developed firefighting markets like Singapore, Hong Kong, Japan, Australia and New Zealand have once again performed strongly. These countries are also increasingly interested in firefighting vehicles with alternative drive systems.

China, Asia's largest single market, has practically closed itself off to imports in the wake of its economic conflict with the US. Standard vehicles have to be procured from Chinese manufacturers. Only specialty vehicles can still be purchased from overseas, subject to approval. Rosenbauer has therefore modified its sales strategy and geared it toward the sale of fire and safety equipment and components.

Order intake of € 165.1 million (2022: € 120.5 million) was recorded in the Asia-Pacific area in the reporting year.

#### Business development

In the 2023 reporting year, the Asia-Pacific area reported an increase in revenues to € 122.9 million (2022: € 109.9 million). Its share of total revenues was 11% (2022: 11%). EBIT improved to € 3.0 million after € -1.3 million in the previous year. The EBIT margin amounted to 2.4% (2022: -1.2%).

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| Key figures (in € million) | 2021  | 2022  | 2023  |
|----------------------------|-------|-------|-------|
| Revenues                   | 117.1 | 109.9 | 122.9 |
| EBIT                       | 2.5   | -1.3  | 3.0   |
| Order intake               | 113.1 | 120.5 | 165.1 |
| Order backlog              | 110.1 | 123.0 | 168.6 |

#### **Americas area**

The Americas area comprises North and South America and the Caribbean. In addition to Rosenbauer America, based in Lyons, the area also includes the production companies Rosenbauer Minnesota and Rosenbauer Motors in Wyoming (Minnesota), Rosenbauer South Dakota in Lyons (South Dakota) and Rosenbauer Aerials in Fremont (Nebraska).

#### Market development

In 2023, the American economy developed very differently from region to region. While Canada and Latin America saw a slowdown in economic activity, growth in the US accelerated. According to initial estimates, the North American firefighting market is likely to have fallen from over 6,000 vehicles in the record year of 2022 to around 5,500. Interest in electric emergency vehicles remains high. At the same time, supply chains have stabilized further and prices in manufacturers' order books have improved.

Against this backdrop, the Americas area significantly increased its order intake level. Despite the cyber-attack on the Rosenbauer Group in February 2023, which led to a corresponding interruption in production, deliveries again reached the previous year's level. Among other things, the first fully electric RTX was handed over to the Vancouver Fire and Rescue Department in British Columbia, Canada. Profitability has turned around despite higher personnel and material costs.

The Latin American market, whose national fire department organizations rely on chassis from both European and US manufacturers for firefighting vehicles, also developed positively.

Order intake in the Americas area amounted to a pleasing figure of € 483.9 million in the reporting year, which was considerably higher than in the previous year (2022: € 403.2 million).

#### Business development

In the reporting period, the Americas area generated revenues of € 275.7 million, which was on a par with the previous year (2022: € 271.5 million). This corresponds to a 26% share of consolidated revenues (2022: 28%). EBIT significantly improved year-on-year to € 1.0 million (2022: € -9.3 million), with an EBIT margin of 0.4% (2022: -3.4%).

| Key figures (in € million) | 2021  | 2022  | 2023  |
|----------------------------|-------|-------|-------|
| Revenues                   | 271.9 | 271.5 | 275.7 |
| EBIT                       | 9.6   | -9.3  | 1.0   |
| Order intake               | 299.3 | 403.2 | 483.9 |
| Order backlog              | 366.6 | 560.1 | 725.0 |
|                            |       |       |       |

#### **Preventive Fire Protection**

The two Group companies Rosenbauer Brandschutz in Leonding (Austria) and Rosenbauer Brandschutz Deutschland in Mogendorf (Germany) as well as the locations in Gladbeck, Hilden and Hattersheim all operate in the Preventive Fire Protection segment. They plan, install and maintain stationary firefighting and fire alarm systems and are recognized as VdS-approved installation companies, which is a requirement for companies to be able to bid in German and international tenders.

#### Market development

The Stationary Fire Protection segment recorded a very good order intake in 2023 despite the ongoing negative economic trends. The recycling industry continues to be an important customer, where Rosenbauer once again received orders in the waste-to-energy sector. Thanks to the broad product range, all necessary fire protection measures can be offered or installed. There was also increased interest from the retail sector in the reporting year.

At € 38.9 million, order intake in Preventive Fire Protection was down slightly compared to € 42.3 million in 2022.

#### Business development

Revenues in Preventive Fire Protection developed encouragingly in the reporting period, moving up from € 31.8 million to € 41.2 million. Its share of total revenues was therefore 4% (2021: 3%). EBIT amounted to € 2.2 million (2022: € 0.4 million).

| Key figures (in € million) | 2021 | 2022 | 2023 |
|----------------------------|------|------|------|
| Revenues                   | 29.8 | 31.8 | 41.2 |
| EBIT                       | 0    | 0.4  | 2.2  |
| Order intake               | 30.5 | 42.3 | 38.9 |
| Order backlog              | 23.1 | 27.9 | 28.4 |

# **Segment reporting – information on business units (by product)**

#### **Vehicles**

Rosenbauer produces all types of firefighting vehicles (municipal, ARFF and industrial vehicles as well as rescue platforms) in accordance with European and US standards as well as numerous national standards. Municipal vehicles by far accounted for the largest share of production in 2023; most of the vehicles were manufactured for fire departments in Austria, Germany and the US.

A total of 1,850 vehicles were delivered in the reporting year (2022: 1,882 vehicles). With revenues of € 790.5 million (2022: € 716.2 million), this product segment accounted for the highest share of the Group's revenues at around 74% (2022: 74%).

Vehicle revenue also includes firefighting systems, most of which are installed in our own vehicles. The product portfolio includes firefighting pumps, pump systems and portable fire pumps, foam proportioning systems, compressed air (CAFS) and high-pressure firefighting systems, turrets for vehicles and stationary fire protection systems as well as nozzles, extinguishing arms and motor pump units.

Series production of the fully electronic "Revolutionary Technology" (RT/RTX) began in Leonding in May 2023. The orders received for the RT and RTX in the reporting year clearly show the growing interest of fire departments in Europe and the US in alternative drive technologies.

In addition, the reporting period saw the official project start for the transition of the PANTHER electric into series development, which previously only existed as a concept vehicle.

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| Key figures (in € million) | 2021  | 2022  | 2023    |
|----------------------------|-------|-------|---------|
| Order intake               | 834.4 | 960.9 | 1,133.5 |
| Revenues                   | 735.0 | 716.2 | 790.5   |

#### **Fire & Safety Equipment**

Rosenbauer offers the emergency services a wide range of products, from personal protective equipment to technical equipment, which is constantly being optimized and adapted to customer needs. In the reporting year, Rosenbauer pressed ahead with the completion of personal protective equipment for fighting forest fires and presented this at numerous trade fairs in Austria and abroad.

The current product range of personal protective equipment for forest fires consists of the GAROS G10, a lightweight protective suit, the GLO-ROS F10, which is a special forest fire glove, and the BOROS B2 and BOROS B3 Cross line. The associated HEROS H10 forest fire helmet was presented to the public as a prototype in the reporting year. In addition, there is a portable forest fire pump set for the emergency services in the technical equipment area.

In the equipment product segment, Rosenbauer is pushing ahead with the global distribution of its own high-quality products. This is also reflected in the revenues for 2023, with more than 65% of the € 98.6 million coming from the company's own brands. Its share of consolidated revenues was around 9% (2022: 10%).

| Key figures (in € million) | 2021 | 2022 | 2023  |
|----------------------------|------|------|-------|
| Order intake               | 83.6 | 92.2 | 112.7 |
| Revenues                   | 88.6 | 93.4 | 98.6  |

#### **Customer Service**

Rosenbauer operates service centers (25 in total) in all areas through which regional customer service is managed. Around 550 service staff are employed worldwide, and another 100 service partners complete the global Customer Service network.

Customer Service offers defined service packages with graded services, as well as training and education programs. Other key elements are spare parts business, repairs and general overhauls (refurbishment) in addition to the rental of vehicles and equipment. The Customer Service segment also includes business with digital products and services. These comprise drones for firefighting operations, simulators for training operations, as well as the Connected Command (formerly EMEREC) operations management system and the Connected Fleet vehicle and fleet management system.

The Customer Service segment generated revenues of € 103.7 million in 2023 (2022: € 96.5 million). The share of consolidated revenues remained unchanged at 10% (2022: 10%).

| Key figures (in € million) | 2021 | 2022 | 2023  |
|----------------------------|------|------|-------|
| Order intake               | 80.3 | 91.0 | 112.4 |
| Revenues                   | 78.4 | 96.5 | 103.7 |

#### **Other Revenues**

Other revenues amounted to € 30.4 million in the past financial year (2022: € 33.9 million). They essentially include freight and delivery costs and have hardly any impact on the company's results.

| Key figures (in € million) | 2021 | 2022 | 2023 |
|----------------------------|------|------|------|
| Order intake               | 35.5 | 43.5 | 52.8 |
| Revenues                   | 43.3 | 33.9 | 30.4 |

# **Financial position, net assets and capital structure**

#### **Principles of financial management**

Rosenbauer's financial management system provides financial resources within the Group, ensures financial independence and that the company is liquid at all times, and monitors all interest and currency risks. In order to safeguard liquidity, suitable financing instruments are used that guarantee the necessary freedom to finance operations, investments and targeted growth.

The Treasury department manages and ensures the Group's liquidity, regularly assesses liquidity requirements and works closely with the operating units.

#### **Investments**

Investments (in rights and property, plant and equipment) of € 20.3 million made by the Rosenbauer Group in 2023 were higher than in the previous year (2022: € 16.9 million). Depreciation and amortization (rights and property, plant and equipment) were static at € 20.5 million (2022: € 20.5 million).

#### Efficient production

Rosenbauer formulated an energy efficiency roadmap for selected locations that will allow it to conserve and save natural resources as much as possible. As part of this roadmap, the natural gas supply at the Leonding 1 and Leonding 2 locations was reduced and replaced by district heating, with the exception of the supply for the adhesive water dryer in the paint shop. The consumption of natural gas was thus reduced from 293 kWh to 138 kWh, with 11 more production days compared to the previous year. Consumption of district heating was reduced by 678 kWh per production day by optimizing heating characteristic curves and switch-on times using the building management system.

Furthermore, as part of maintenance and replacement measures, large parts of the lighting were converted to LED technology, which is reflected in a reduction in electricity consumption of 336 kWh per working day.

Work began on the construction of the new employee parking lot at the Luckenwalde location. Completion and commissioning are scheduled for the beginning of 2024.

A photovoltaic system was also installed and put into operation at the Radgona location in Slovenia as part of the energy efficiency roadmap. The electricity generated by this system can achieve average savings of € 45 thousand per year.

At the end of 2023, work on the new administration and service building in Karlsruhe was completed on schedule to the extent that the move and workplace furnishings are expected to be completed by the end of March 2024. The new service hall has seven assembly stations where maintenance, repairs and conversions can be carried out on vehicles. This means that the constantly growing demand of the service business can also be met in the future and the new premises provide a prestigious environment for vehicle handovers to customers.

The originally rented property in Gladbeck was purchased from the landlord for Rosenbauer Brandschutz Deutschland. During the purchase process, different modernization and repair work was carried out on the building, such as the renovation of the windows and parts of the exterior facade, as well as the necessary renovation of some

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office wings. The purchase of the property ensures the continuation and expansion of stationary fire protection in the region for the future.

Due to stricter government space requirements and a growing volume of business, the construction of a new service and office wing has become necessary for the Singapore production location. As part of the expansion, a service center with four parking spaces as well as an office and training wing will be built. In addition, logistics processes will be optimized and some of the machinery will be expanded or modernized as part of the expansion. As part of the energy efficiency roadmap, the location will also be equipped with a photovoltaic system. The project was launched in spring 2023 and is scheduled for completion in April 2024.

#### Efficient processes

As part of its "Refocus, Restart" restructuring program, Rosenbauer continued the comprehensive initiatives launched in 2022 in the areas of increasing

Image /page/12/Figure/6 description: The image is a pie chart showing the distribution of firefighting vehicles. 8% are industrial firefighting vehicles, 16% are ARFF vehicles, and 76% are municipal firefighting vehicles.

**Vehicle revenue by category in 2023**

#### **Vehicles delivered**

Image /page/12/Figure/8 description: The image is a bar graph showing data for the years 2021, 2022, and 2023. The value for 2021 is 2,000. The value for 2022 is 1,882. The value for 2023 is 1,850.

**Investments/depreciation** (in € million)

Image /page/12/Figure/10 description: This image shows two bar charts comparing investments and depreciation across three years: 2021, 2022, and 2023. For investments, the values are 20.3 in 2023, 16.9 in 2022, and 28.2 in 2021. For depreciation, the values are 20.5 in 2023, 20.5 in 2022, and 20.4 in 2021.

efficiency and productivity, reducing purchasing prices and value analyses. For example, existing framework agreements were renegotiated in order to compensate for the unexpectedly sharp rise in material and personnel costs.

Rosenbauer also pressed ahead with the introduction of SAP S/4HA-NA as a Group-wide ERP system. In October 2023, the project system (POC), engineering and quality management production departments went live at the Radgona and Ljubljana locations. These locations served as pioneer sites in the project with a focus on production.

#### **Financing**

Equity amounted to € 183.1 million as of the end of the year (2022: € 186.2 million). As a result of the simultaneous increase in total assets, the equity ratio decreased to 15.7% (2022: 19.1%).

Non-current interest-bearing liabilities, predominantly fixed interest agreements, were significantly higher in 2023 at € 346.2 million (2022: € 202.2 million). The interest incurred on total interest-bearing financial liabilities amounted to € 30.0 million (2022: € 13.3 million). The average interest rate was 6.6% (2022: 3.5%).

The enormous rise in interest rates as part of the fight against inflation led to significantly higher financing costs. Net debt (the net amount of interest-bearing liabilities less cash and cash equivalents and securities) rose to € 428.2 million (2022: € 319.9 million) due to higher interest rates and higher trade working capital. The gearing ratio increased to 233.8% (2022: 171.8%).

Net cash flow from operating activities was negative at € -82.8 million in 2023 (2022: € 6.5 million; previous year's figure has been adjusted in accordance with IAS 8). This development is mainly due to the increase in inventories and receivables.

In September 2023, Rosenbauer began examining the issue of a hybrid bond. Issuing any hybrid bonds is intended to strengthen the equity base in the short term and to finance further growth in the US. After intensive market research, Rosenbauer decided not to issue the hybrid bond, as the interests of potential investors did not match those of Rosenbauer.

| Key figures (in € million) | 2021  | 2022   | 2023  |
|----------------------------|-------|--------|-------|
| Capital Employed1          | 610.5 | 590.4  | 637.6 |
| ROCE                       | 5,7%  | -1,8%  | 5,9%  |
| ROE                        | 13,6% | -15,1% | 3,8%  |

<sup>1</sup> Average

#### **Asset structure**

The financial situation of the Rosenbauer Group remains solid despite the difficult conditions. Total assets increased year-on-year and amounted to € 1,166.7 million as of December 31, 2023 (2022: € 973.6 million).

Non-current assets decreased to € 262.0 million (2022: € 268.7 million). Right-of-use assets, which have also been recognized in non-current assets since 2019 on the basis of IFRS 16 Leases, decreased to € 29.8 million (2022: € 34.0 million). Current assets amounted to € 904.7 million (2022: € 704.9 million).

By the end of 2023, trade working capital stood at € 472.7 million (2022: € 368.0 million). This increase can primarily be attributed to the company's larger inventories and higher trade receivables of € 278.0 million (2022: € 177.9 million).

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Current interest-bearing liabilities decreased to € 85.7 million in the reporting year (2022: € 118.8 million).

The majority of Rosenbauer's procurement volume is sourced in the EU, primarily in Austria and Germany, and the rest mostly comes from the long-standing bottlenecks in electronic components or certain technical equipment were eliminated. Chassis and chassis components, on the other hand, continued to experience major delays. One step the company took was to coordinate even more closely with the manufacturers affected in order to encourage greater transparency and find a way of gradually improving the situation.

### **Structure of the statement of financial position over three years** (in € million)

Image /page/13/Figure/6 description: This image shows a stacked bar chart comparing assets and liabilities from 2021 to 2023. On the assets side, the chart shows the values for receivables and other assets, inventories, and non-current assets. For 2023, receivables and other assets are 335.5, inventories are 591.1, and non-current assets are 240.1. For 2022, receivables and other assets are 236.5, inventories are 490.8, and non-current assets are 246.3. For 2021, receivables and other assets are 236.4, inventories are 407.8, and non-current assets are 247.4. On the liabilities side, the chart shows the values for provisions, liabilities and other debt, interest-bearing liabilities, and equity. For 2021, provisions, liabilities and other debt are 411.5, interest-bearing liabilities are 269.5, and equity is 210.4. For 2022, provisions, liabilities and other debt are 431.2, interest-bearing liabilities are 356.2, and equity is 186.2. For 2023, provisions, liabilities and other debt are 520.4, interest-bearing liabilities are 463.2, and equity is 183.1.

The situation in transport logistics improved somewhat in 2023. The general increase in demand for shipping capacity represented a bottleneck in some cases. However, the availability of containers and transport containers was easier.

The fundamental challenges in the cost and supply chain situation will continue to be felt. Cost pressure remains for energy and labor-intensive materials. Freight costs are also on the rise again due to increased charges or disruptions on important shipping routes. With regard to the supply of chassis, the currently reduced delivery times point to a further easing of the situation.

# **Procurement, logistics and production**

#### **Purchasing and supplier policy**

It is crucial to the business success of the Rosenbauer Group to only work with the best and most innovative suppliers. Fire departments' wide-ranging requirements are constantly changing, and Rosenbauer and its suppliers must be just as flexible in how they respond. Rosenbauer deliberately sets store by close cooperation based on a spirit of partnership with its suppliers. Together, strategies are developed to improve cost-efficiency, optimize the logistics chain, satisfy environmental aspects and even develop innovative product solutions. One of the goals of the intensive cooperation with suppliers is to leverage not just Rosenbauer's own knowledge, but also the expertise, creativity and experience of its suppliers.

#### **High purchasing volume**

Given the high material intensity (61% of revenues) and the corresponding high procurement volumes, on-time production is a core challenge. US. Chassis make up the largest share of the Group's procurement volumes. Vehicles for the American market, as well as the complete PAN-THER series and the RT, are built on proprietary chassis manufactured at Rosenbauer Motors in Wyoming (Minnesota) and in Leonding.

#### **Cost increases and material availability**

Against the backdrop of significant price increases, the focus at the beginning of the year was on reducing material costs as part of the "Refocus, Restart" initiative. The price declines on the raw materials markets for aluminum, steel and plastics were successfully used to negotiate purchase prices on a broad basis or to eliminate inflation surcharges. At the same time, value analysis projects were supported on the purchasing side in order to find alternative and more cost-effective solutions for our products.

Compared to the previous year, the availability of important materials, components and transportation improved in 2023. As a result,

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# <span id="page-14-0"></span>**OTHER LEGAL INFORMATION**

# **Non-financial statement/sustainability**

#### **Sustainability concept**

At Rosenbauer, sustainability means taking corporate social responsibility for long-term economic success in harmony with the environment and society. Achieving sustainable, profitable growth is a declared corporate goal. All relevant stakeholders will be involved in the process and addressed directly.

Rosenbauer's sustainability strategy sets out the key areas for action. In addition to the efficient use of resources, Rosenbauer as a technology leader aims to use future-oriented materials to create products that help customers protect life and infrastructure. Furthermore, as a top employer, Rosenbauer aspires to offer its employees an optimal work-life balance and to create a modern and, above all, safe working environment for them. In the 2023 financial year, a CSR policy was drawn up based on the sustainability strategy, in which an expanded Group-wide understanding of sustainability is established. Information on our understanding of sustainability can be found in the Sustainability Report on page 11.

A climate strategy – together with a set of reduction targets – was formulated for the Rosenbauer Group in the 2022 financial year. It was examined and approved by the Executive Board. It will form the basis for mandatory and in-depth reporting in the future. In 2023, the climate targets were submitted to the Science Based Targets initiative (SBTi) and successfully validated. Information on our climate strategy can be found in the Sustainability Report on page 26.

The sustainability strategy is embedded in the corporate strategy; it is founded on Rosenbauer's brand values. As a naturally curious company, Rosenbauer is tackling the challenges facing modern fire services around the world, and is taking bold and confident strides in the right direction. As their partner, Rosenbauer works with a focus on product and service solutions that make the everyday work of emergency service teams easier and, above all, safer.

In its activities, the Group is not just bound by legal provisions, but also has its own rules, such as its Code of Conduct, which go even further. Rosenbauer also demonstrates responsibility for its supply chain with its own Business Partner Code of Conduct, which was established in 2023 and covers social issues, human rights, the environment, and fair competition.

#### **Sustainability management**

Organizationally, Rosenbauer's Sustainability Management team is located within the Group Communication, Investor Relations & CSR department, and reports to the Executive Board. The aim of Sustainability Management is to consider the environmental and societal impact of all business processes and to balance the company's economic objectives with its ecological and social ideals. Sustainability Management and operational units work together closely on this. Both quantitative and qualitative tools are used in the monitoring and annual review of target achievement.

tion the company as an attractive employer in the public eye, to implement modern management tools in operational processes, to promote internationality and diversity in the employee structure, and to create the framework for a performance-led corporate culture.

The company attaches great importance to employees that are professionally and socially competent and supports them in the targeted and ongoing development of their skills. In addition to an extensive skills training program, there are international programs for team and management development. The Group employed 4.312 employees as of the end of 2023, 5.7% more than in the previous year. The Group also had a total of 149 temporary employees as of the end of 2023 (2022: 106).

#### **Employees by countries 2023**

Image /page/14/Figure/16 description: The image is a donut chart showing the distribution of something across different regions. Austria accounts for 38%, USA accounts for 21%, Germany accounts for 24%, and the rest of the world accounts for 17%.

#### **Number of employees as of Dec. 31**

Image /page/14/Figure/18 description: This image shows a bar chart with data for the years 2021, 2022, and 2023. For 2023, the values are 2,575, 1,573, 164, and 4,312. For 2022, the values are 2,258, 1,661, 159, and 4,078. For 2021, the values are 2,311, 1,666, 153, and 4,130.

Blue-collar workers White-collar workers Apprentices

# **Sustainability reporting**

Since the 2017 financial year, Rosenbauer has published an annual sustainability report that is available for download from the Rosenbauer website. The sustainability report is prepared in accordance with the standards of the Global Reporting Initiative (GRI) and the requirements of the Nachhaltigkeits-und Diversitätsverbesserungsgesetz (NaDiVeG – Austrian Sustainability and Diversity Improvement Act) and is published as a separate non-financial report in accordance with Section 267a and Section 243b of the Austrian Commercial Code (UGB). In 2023, the report was examined and approved by the Supervisory Board.

For the 2023 reporting year, Rosenbauer is subject to the reporting obligation under Article 8 of the EU Taxonomy Regulation. Since the 2022 reporting year, Rosenbauer has been required to disclose the share of economic activities that are and are not compliant with taxonomy in total revenues, capital expenditure, and operating expenses as well as corresponding qualitative information on these. Information on the EU taxonomy can be found in the Sustainability Report on page 14.

# **Employees**

#### **Personnel policy**

Rosenbauer has brought its personnel policy into line with general economic and social conditions. Its most important objectives are to posi-

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#### **Personnel development**

Employee development and skills training are among the most important tasks of HR management. Rosenbauer continually evaluates its range of training and continued professional development programs and adapts them to meet given strategic and organizational needs. These mainly include technical and business training sessions and seminars on improving negotiation and conversational and social skills. Another focus is employee health. The #StayHealthy portfolio comprises a broad range of programs on general health matters, stress management, and resilience. The training and continued professional development program also touches on the topic of diversity and inclusion, and this is set to be expanded further.

The Group invested a total of € 573 thousand in training and continued professional development programs in 2023 (2022: € 580 thousand). Recognized programs, such as the Rosenbauer Sales and Purchase Academy, were rolled out internationally. The Rosenbauer Customer Service Excellence Program was also expanded throughout the Group. Rosenbauer established a new management training program in the form of the modular Rosenbauer Leadership Excellence Curriculum. This program is Rosenbauer's response to the current economic climate and equips its managers to operate successfully in a complex and volatile environment.

The Operations Management Development Program (O-MDP) was completed in the year under review. The excellent feedback from managers in production and production-related areas of the German-speaking Group companies confirms the success of the program.

Rosenbauer attaches a great deal of importance to the training of apprentices, and apprentice training was expanded further in the reporting year. There were 164 young people in training in 2023. The main professions offered as apprenticeships were metal technician with a focus on mechanical engineering, mechatronics and industrial salesperson. In line with these priorities, the training workshop in Leonding was expanded to include special workstations for electrical engineering.

The company still aims to give preference to women when taking on apprentices for technical professions. For a few years now, there has been a steady rise in the number of female apprentices in the mechatronics and metal engineering professions as well as in the number of women working in production. At the end of 2023, as many as 13.7% of Rosenbauer's employees were female (2022: 13.5%).

#### **Equal opportunities**

Rosenbauer strives to give all employees equal opportunities – irrespective of their background, age, gender, culture, or origins. In the reporting year, Rosenbauer continued the women@rosenbauer initiative aimed at promoting diversity. The focus remains on increasing the proportion of women in the workforce. Suitable measures are being developed and implemented step by step by Human Resources together with the women's network.

In a traditionally male-dominated occupational field, targeted measures are needed for the advancement of women. women@rosenbauer aims, above all, to create networking opportunities for female employees and to provide a space for mutual support and discussion. Several working groups have worked on various areas and on implementing these effectively within the organization. This includes more intensive support for women and men on parental leave, an internal website with information on the topic of equality, and various events to improve cooperation among all employees. The newly introduced baby starter package was presented to many parents in 2023 as a visible sign of appreciation.

Another focus is on recruitment, with the explicit aim of attracting more women to Rosenbauer in the future – especially in technical professions. A number of initiatives are being supported to inspire an interest in technology among school-aged girls. In 2023, the Rosenbauer Technical Trainee Program was successfully continued with an international assignment for female technicians in the USA and Singapore, among other things.

# **Information in accordance with Section 243a (1) Austria Commercial Code (UGB)**

Rosenbauer's shares are listed in the Prime Market of the Vienna Stock Exchange. The share capital of Rosenbauer International AG amounts to € 13.6 million and is divided into 6,800,000 no-par-value shares, each embodying a pro rata amount of € 2.0 of the share capital. 3,665,912 shares are registered shares and 3,134,088 are bearer shares. Each Rosenbauer share confers one vote.

Rosenbauer Beteiligungsverwaltung GmbH (BVG) holds 51% of the shares in Rosenbauer International AG. BVG requires a majority of 75% of votes for a transfer of its shares to third parties. In line with the principle of equal treatment, there are no restrictions on voting rights or transfers of shares if the share of bearer shares in the share capital of the company is not less than 40% at any time. One shareholder of Rosenbauer Beteiligungsverwaltung GmbH indirectly holds an interest equivalent to 11.8% in Rosenbauer International AG. To the best of the company's knowledge, there are no shareholders with special rights of control. Employees who own shares exercise their voting rights directly.

The Articles of Association of Rosenbauer International AG set out the provisions for the appointment and dismissal of members of the Executive Board and the Supervisory Board. Only persons who are under the age of 65 at the time of their appointment can be appointed as members of the Executive Board. However, a person over the age of 65 at the time of such appointment can be appointed to the Executive Board if there is a resolution to this effect by the Annual General Meeting that is approved by means of a simple majority of votes cast. Only persons who are under the age of 70 at the time of their appointment can be appointed as members of the Supervisory Board. However, a person over the age of 70 at the time of such appointment can be appointed to the Supervisory Board if there is a resolution to this effect by the Annual General Meeting that is passed by means of a simple majority of votes cast.

No compensation agreements have been concluded between the company and its Executive Board and Supervisory Board members or its employees providing for the event of a public takeover bid.

The corporate governance report of the Rosenbauer Group has been published on the website under www.rosenbauer.com/en/at/group in the "Investor Relations" section under "Corporate Governance".

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# <span id="page-16-0"></span>**RISKS AND OPPORTUNITIES**

# **Risk management**

Rosenbauer is exposed to various risks and opportunities in its business activities. The ongoing identification, appraisal, and controlling of these risks and opportunities form an integral part of the management, planning, and controlling process. The risk management system builds on the organizational, reporting, and leadership structures in place within the Group and supplements these with specific elements needed for proper assessment. The five core elements of Rosenbauer's risk management are as follows:

- a risk management handbook that is valid throughout the Group and particularly contains all definitions and a fully formulated risk strategy,
- a defined organizational structure with risk managers in the areas defined as risk units, subsidiaries, and departments and a central Group Risk Manager,
- regular recording and evaluation of risks and opportunities in all risk units,
- the reporting structure of the Group,
- the risk report at Group level and evaluations at the level of individual risk units.

#### **Systematic monitoring**

Risk management at Rosenbauer is mapped in a system that enables a clear presentation of the existing risks and opportunities in the Rosenbauer Group at the level of the respective risk unit. Business risks and opportunities are identified and recorded twice a year by means of a structured process in which the risk managers receive the support and assistance of the Group Risk Manager.

Risks and opportunities are assessed in terms of their probability of occurrence and potential impact on EBT. To assist in this, ten risk categories have been recorded in a catalogue that classifies the identified risks and opportunities.

On the basis of the risk analysis, the necessary control and management measures and risk management tools are derived as defined measures at operational level and assigned to the respective risks. The risk managers in the individual risk units are responsible for implementation. Furthermore, the results of the risk inventory are reported to the Audit Committee once per year. The general functionality and effectiveness of the system are also assessed at this meeting.

# **Internal control system**

The purpose of the internal control system (ICS) is to ensure the effectiveness and efficiency of business activities. It comprises systematically designed organizational measures and controls for adhering to internal and external policies and preventing damage that could, for instance, be incurred as a result of unregulated or unlawful actions. The controls are directly integrated into business processes and procedures. Process-independent audits of the effectiveness of the controls are also performed by Internal Audit.

In order to raise awareness of the internal control system at Rosenbauer, an online learning course on the topic was designed and made available to employees via the online learning platform. Participation is validated in the course of ongoing audits.

#### **Targeted control environment**

Company-wide regulations and policies form a key basis for the ICS. There are also process descriptions and work instructions established in the integrated management system. Internal audits monitor whether these policies are adhered to and the processes properly implemented. The results are documented, recommendations are derived, and operational implementation is ensured.

#### **Standard financial reporting**

The control environment for the financial reporting process is characterized by clear structural and process organization. All functions are clearly assigned to particular persons (in Accounting or Controlling, for example). The employees involved in the financial reporting process fulfill all professional requirements. Insofar as it is technically or organizationally feasible, the principle of dual control is observed during the relevant financial reporting processes. The accounting systems used are largely standard software protected against unauthorized access. Key accounting principles for the financial reporting process are set out in a binding corporate manual.

#### **Detailed financial reports**

The completeness and accuracy of accounting data are checked regularly by means of both random inspections and plausibility testing. There is also ongoing analysis by the Group's Controlling and Treasury departments. Detailed financial reports are prepared on a monthly and quarterly basis, with the up-to-date version retrievable on a daily basis, so as to promptly identify and correct deviations in the income and asset situations from projected figures.

#### **Clear responsibilities**

In addition to the process-oriented conditions, this distinctive regulatory and reporting system primarily provides for procedural measures that must be implemented by all units affected. Operational responsibility is borne by the respective process managers. Compliance with Rosenbauer regulations is monitored by Internal Audit as part of the periodic review of the relevant areas.

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# **Explanations of individual risks**

#### **General and industry risks**

#### Global warming

In 2020, an analysis of climate-related risks and opportunities was carried out with the support of an external consultant. The recommendations of the Taskforce on Climate-related Financial Disclosures (TCFD) were applied. The first step here was to identify those climate-related risks and opportunities that could potentially be financially relevant for Rosenbauer. These climate-related risks and opportunities identified were subjected to an assessment with regard to their financial impact on Rosenbauer and their probability of occurrence. There were no changes for the 2023 reporting year. Rosenbauer will continue to monitor the development of climate policy framework conditions and reassess the identified risks and opportunities if necessary.

The physical climate risks for Rosenbauer production and assembly sites were identified as the most significant climate-related challenge, while the generally increasing demand for fire protection products and the opportunities for new Rosenbauer products and services were identified as the most significant climate-related opportunity.

Rosenbauer supports the Task Force on Climate-related Financial Disclosures (TCFD). Information on the TCFD can be found in the Sustainability Report 2023 on page 69.

#### **Market risks and opportunities**

The international firefighting business is a typical "laggard" and responds to economic weaknesses only at a delay of 12 to 24 months. This is because the majority of customers are from the public sector, plan their procurements for the long term, and want to set trends with their investments counter-cyclically. Furthermore, orders are only canceled in very rare exceptional cases.

As part of the assessment of market risks and opportunities, Rosenbauer refers to the assumptions of leading institutions regarding economic trends in the individual countries and regions. There is also a higher level of investment in firefighting technology after natural disasters. While such procurement contracts cannot be planned, they always offer additional sales opportunities for the firefighting technology providers. Rosenbauer regularly analyzes the relevant industry risks and seizes opportunities by responding rapidly to market changes.

Annual business planning is based on the Group's mid-term planning and comprises a catalogue of objectives broken down by region and product that serves as a control instrument. This allows opportunities and any strategic risks to be identified at an early stage. Having production sites on three continents and a global sales and service network means that sales fluctuations on individual markets are evened out.

#### **Competitive and price pressure**

Competitive and price pressure is at its highest in the firefighting industry for municipal vehicles. The increasing centralization of procurement presents opportunities through the promotion of fair competition and more transparent processes but it also entails the risk of losing major orders due to the bundling of procurement.

Rosenbauer is constantly analyzing and monitoring market and sales trends in the individual countries and areas and has clearly defined its strategy and growth targets for each distribution and product area.

#### **Risks arising from legal and political conditions**

Risks to the fire safety business arising from changes in overall political or legal conditions are very difficult to protect against. Rosenbauer is subject to various legal systems due to its activities on global markets. A change in laws or regulations (e.g. import duties, product classifications, environmental requirements, etc.) and a stricter interpretation of existing law can lead to considerable additional costs or competitive disadvantages. In addition, political crises and embargoes can temporarily restrict access to certain markets.

These uncertainties and the possibility of government intervention can affect the Group's business activities in various ways, for example by preventing the Group from making investments or recovering money invested or through higher production costs and business interruptions.

In production, hazardous substances that can endanger health are managed with the ongoing monitoring of workplaces at risk and in compliance with local provisions.

# **Operation risks**

#### **Production risks and opportunities**

Manufacturing activities necessitate a thorough examination of risks along the entire value chain. Potential production risks are minimized by industrial engineering on the basis of precise process planning. The production processes are then monitored by means of periodic process audits. Key figures such as productivity, assembly and throughput times, production numbers, quality, costs, etc. are the central control element in vehicle production. In addition to key figures, "concurrent costing" is the central method used to monitor the manufacturing costs of each individual order in a target/actual comparison. To even out changes in capacity utilization at individual locations, Rosenbauer's manufacturing processes operate on a Group-wide basis and the company also outsources construction contracts to external partners. This limits the risk of the underutilization of production capacity in the event of a significant market decline.

Income risks that can occur on account of external disruptions to production are covered by suitable insurance against loss of production. Appropriate insurance cover is also in place for risks associated with fire, explosions, and similar elemental risks.

#### **Product risks and opportunities**

Rosenbauer practices systematic quality management in accordance with ISO 9001 and describes its processes and procedures in it. The management system is regularly audited and makes a significant contribution to ensuring uniformly high product quality worldwide and to continuously increasing customer satisfaction.

The latest development methods, a pronounced awareness of quality, and ongoing process optimization help reduce product risks. Rosenbauer operates a systematic innovation management process and works closely with fire services on product development. Professional product management determines the direction in the development process, and market analyses and profitability considerations are also taken into account. To reduce potential financial risks from customer claims, the instrument of product liability insurance is used throughout the Group alongside the risk management system.

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#### **Procurement risks**

The 2023 financial year was initially still characterized by ongoing availability risks for purchased materials. Shortage of materials and uncertainty regarding deadlines made production planning more difficult and led to longer throughput times, higher inventories, and additional costs for retrofitting missing parts.

A crucial component for vehicle manufacturing is the on-time supply of chassis. The reliability of supply with regard to planned delivery dates on the part of manufacturers was unsatisfactory. In the first half of the year in particular, delivery volumes fell short of the promised quantities. This was due to various material bottlenecks, which led to the chassis manufacturers rescheduling their production programs at short notice.

Due to the manufacturers' high-capacity utilization, delivery times for the most important chassis in 2023 were still very long, at over 12 months in some cases. It was not until the end of the second half of the year that an initial improvement in delivery volumes became apparent. In the same period, chassis manufacturers reported shorter delivery times for the first time in a long time.

Suppliers of energy-intensive production materials and labor-intensive services are under greater cost pressure. New price demands are therefore to be expected here, although they are likely to be significantly lower than the increases of recent years.

In close cooperation with Purchasing, Logistics and Production, measures are being implemented to increase resilience in supply chains. These include development measures targeted to critical suppliers or longer-term price and volume hedging of certain raw materials, such as aluminum, or the price of electricity and gas. In addition, the financial situation of suppliers is also being monitored.

#### **IT risks**

The more networked a company is, the greater the cyber risk. This term covers various individual risks that could result from a potential cyberattack. Essentially, these are violations of the confidentiality of data (spying, data loss), violations of the integrity of the IT system or data (manipulation by malicious software), violations of the availability of the IT system or data (interruptions in the internal area, failure of communication paths), etc.

To minimize cyber risk as far as possible, Rosenbauer pays great attention to a secure IT infrastructure. These risks are countered by means of regular investment in hardware and software, the use of state-of-the-art IT security systems, up-to-date data protection methods, and structured access controls. The robustness of the security systems is also tested by simulated external attacks. The technical measures are supported by regular, targeted IT security and data protection awareness training for employees.

Nevertheless, Rosenbauer was the target of a cyber-attack in February 2023. Comprehensive measures were introduced immediately to ensure the security of the systems. Despite the challenging situation, sensitive data was successfully protected and all systems were restored. The incident served as an opportunity to rethink and further improve existing security practices. An in-depth review of the systems made it possible to gain valuable insights and take decisive steps to strengthen the resilience of the IT infrastructure. Additional security measures have been implemented to proactively ward off future threats.

#### **Environmental risks**

The Rosenbauer Group's production activities essentially comprise assembly work, and therefore entail hardly any environmental risk. Furthermore, clear environmental standards and instructions apply to processes. These are documented in an environmental management system in accordance with ISO 14001 and are regularly reviewed and amended by internal and external audits.

As part of the regular tours and audits, energy consumption is examined and energy-intensive processes are scrutinized. By implementing an energy management system (ISO 50001), waste can thus be identified and measures to eliminate it are defined. Similarly, the total use of resources is recorded and deviations are therefore detected early, saving energy costs.

#### **Personnel risks and opportunities**

The tense situation on the labor market also poses a major challenge for Rosenbauer in its search for qualified skilled employees. By establishing a successful employer brand, Rosenbauer is able to recruit, integrate, and retain skilled personnel. The slogan "Saving lives starts with you!" makes it clear that working at Rosenbauer is meaningful. Our employees help others and make a valuable contribution to society through their actions.

Attractive working time models, a wide range of health measures and activities, and a modern remuneration system are some of the reasons for the high level of satisfaction among employees, which is reflected in low staff turnover and high resilience.

To secure the skilled workers needed for the future against the backdrop of volatile labor markets, apprenticeships in particular are of great importance. With the women@rosenbauer initiative, Rosenbauer is becoming particularly attractive to women. A wide range of training and development measures also make it possible to retain, qualify, and motivate employees within the company. In addition to succession planning for key positions, Rosenbauer also attaches importance to the ongoing further development of managers and the possibility of an internal career path.

# **Legal risks**

Rosenbauer International AG and its subsidiaries face legal proceedings, lawsuits, and official investigations in the context of their business activities. These can affect – among other things – product safety, patents, and other intellectual property rights, dealer, supplier, and other contractual relationships, and can also lead to legal proceedings.

Irregularities were detected in the process of preparing the 2017 annual financial statements of Rosenbauer Deutschland GmbH. The investigations initiated in this context were concluded by the end of 2018. Proceedings for asserting claims were initiated at the civil courts and were concluded in 2023 with a settlement and payment in favor of Rosenbauer Deutschland GmbH.

Rosenbauer International AG was informed at the end of January 2022 that a tax liability was imminent in connection with a tax investigation against a former managing director of subsidiaries. The tax liability relates to a period in which the subsidiaries concerned were not yet owned by Rosenbauer International AG. The additional tax claims were settled by the subsidiary as legal successor in 2022/2023. Legal action has been initiated against the former managing director and the former owner of the subsidiaries and is currently pending in court.

Compliance risks are being addressed as part of Rosenbauer Compliance Management. Regular training aims to prevent violations in relation to compliance. An anonymous whistleblower platform for reporting suspected cases of antitrust law, corruption, economic crime, discrimination, or sexual harassment has been available to all employees, suppliers, and business partners since December 2021.

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# **Financial risks**

In September 2023, the company attempted to place a hybrid bond on the capital market to strengthen equity and generate further growth in the US. Eventually, this hybrid bond was not issued in November 2023 due to a lack of investor demand. Given the risk of breaching financial covenants in existing financing agreements, the Rosenbauer Group then began talks with all major financing partners. A temporary "standstill agreement" was agreed with the support of the majority shareholder to stabilize the Rosenbauer Group's financial position in the short term.

The standstill agreement allowed for negotiations to go ahead on the comprehensive refinancing of the Rosenbauer Group under a multilateral financing agreement with key financing partners. This is to include a capital increase, where necessary from authorized capital, at Rosenbauer International AG. Rosenbauer International AG's majority shareholder supports the refinancing efforts and has agreed to provide collateral.

At the time of preparing the consolidated financial statements, the multilateral financing agreement had already been signed by all parties. Details can be found in the list of financial liabilities under note D37. "Risk management".

#### **Interest rate and currency risks**

The international nature of the Group's activities gives rise to interest and currency-related risks that are hedged by the use of suitable instruments. A financial and treasury policy that applies throughout the Group stipulates which instruments are permitted. Operating risks are hedged with derivative financial instruments such as foreign exchange forwards and interest rate swaps. These transactions are conducted solely to hedge risks and not for the purposes of trading or speculation. Please see the explanatory notes to the consolidated financial statements.

#### **Credit risks**

Credit risks, which can arise from payment defaults, are considered unlikely as most customers operate in the public sector. Various options are used to secure payments, such as letters of credit and retention of title. For deliveries to countries with increased political or economic risk, public and private export insurance is taken out for the purpose of protection.

# **Assessment of overall risk**

Rosenbauer is currently facing the operational and financial challenges described above. In all these areas, Rosenbauer has taken measures to sustainably improve its earnings and liquidity position and strengthen its equity base. Please refer, in particular, to the explanations on liquidity risks under note D37 section d). Considering the measures taken, Rosenbauer does not currently anticipate any material uncertainty regarding the Group's ability to continue as a going concern.

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# <span id="page-20-0"></span>**FORECAST REPORT**

# **Objectives, strategy, and controlling**

As an industry trendsetter, Rosenbauer helps shape fire and disaster prevention with pioneering innovations and outstanding products. Looking ahead as well, the company aims to break new ground in the development of firefighting technology. Rosenbauer strives to be the best in all areas. Its primary business goal is to achieve sustainable, profitable growth and to continuously increase the enterprise value of the company. Rosenbauer benefits from a number of strengths in implementing this claim to leadership:

- its global presence and comprehensive service offering as the only system provider for preventive firefighting and disaster protection technology,
- its role as an innovation and technology leader,
- its strong, vertical integration and industrial production methods,
- the international reputation of the Rosenbauer brand, and
- its skilled and dedicated employees.

The starting point for business decisions and the controlling of the Group is strategic multi-year planning, which includes market, portfolio, product, and production planning. A detailed budget will be adopted for each of the next financial years for all companies, the areas, and the Group. During the year, these annual budgets will be monitored for target achievement using tools including comparisons between target and actual performance, comparisons with the previous year, variance analyses, and forecasts.

The key performance indicators in the Group are revenues and operating EBIT, the operating EBIT margin, ROCE (return on capital employed), and earnings before taxes (EBT). Further relevant performance indicators are incoming orders and order backlog.

Rosenbauer is conscious of its particular social responsibility as a provider of equipment to fire services whose members show a high level of social commitment. The group of companies therefore also takes non-financial factors, including the environment, human resources, and compliance, into account in its business activities; places great emphasis on sustainability; and maintains continuous dialogue with its stakeholders. Information on our understanding of sustainability can be found in the Sustainability Report 2023 on page 26.

# **Overall economic development1, 2**

At the beginning of the year, the International Monetary Fund (IMF) slightly raised its forecast for global economic growth in 2024. It now expects growth of 3.1% instead of the previous 2.9%. This figure is therefore exactly the same as the previous year. The reasons for this increase are the resilience of the US economy and some emerging and developing countries, which is above expectations, as well as the tax incentives in China. A further marginal improvement in the economy is expected for 2025. Global inflation is expected to drop from 6.8% to 5.8% this year.

This forecast is based on the assumption that prices for fuels and other commodities will fall in 2024 and 2025, as will key interest rates in the major economies. The price of oil is expected to fall by 2.4% on average in 2024, while other commodities are expected to become 0.9% cheaper. According to the IMF, both the US Federal Reserve and the ECB will leave their key interest rates at their current levels until the second half of the year before they can be gradually lowered as inflation approaches the target values.

Declining inflation and continuous growth have reduced the likelihood of a hard economic landing. At the same time, the risks to global growth are largely balanced.

On the positive side, a faster decline in inflation could lead to a further improvement in financing conditions and a looser fiscal policy than necessary could result in temporarily stronger growth. Greater efforts for structural reforms could support productivity and have positive effects across borders. On the downside, new commodity price peaks due to geopolitical shocks and supply chain disruptions – such as continued attacks in the Red Sea – or more stubborn inflation could prolong tight monetary policy. Greater concerns about the Chinese real estate sector or a disruptive shift to tax hikes and spending cuts elsewhere could also trigger growth disappointments.

# **Prospects on sales markets**

The firefighting industry follows economic developments with a gap of one to two years. Demand is largely defined by countries with steady procurement. However, elevated safety awareness following natural disasters also leads to increased investment in firefighting technology and equipment. There are also currently signs that airports around the world are becoming more willing to invest again.

Although international supply chains have not yet returned to their usual stability, the global firefighting industry should be able to continue growing in 2024. Despite a weak economic environment, the public sector is continuously investing in the safety of people and infrastructure. A good portion of the revenue growth in the developed markets is also likely to come from the price measures taken by manufacturers in response to the occasionally significant increases in material costs.

After the record purchases of 2022, a consolidation phase is expected for the North American market. Accordingly, new vehicle purchases are expected to level off at a level of over 5,000 units per year, which would be well above the historical average. The North American market has started the 2024 financial year with stable demand. Many manufacturers have increased their offer prices in the face of rising costs, while delivery time is often more important than vehicle price in tenders. Dealer networks are undergoing a streamlining process, which is leading, in part, to larger dealer territories and also to the expansion of dealer portfolios to include additional brands. The trend towards electric mobility continues.

Europe's firefighting market is expected to continue to grow from a high level in 2024. Despite last year's price increases, demand for forest fire equipment and vehicles, for example, remains strong. Rather atypically for Europe, the airport business has also picked up again after years of investment restraint. Interest in firefighting vehicles with alternative drive systems continues to grow. The European Union's New Growth Plan for the Western Balkans 2024–2027 with a volume of € 6 billion could provide additional market impetus in Eastern Europe.

<sup>1</sup> IMF, World Economic Outlook, Update, January 30, 2024.

<sup>2</sup> World Bank, Global Economic Prospects, January 9, 2024.

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The recovery of the heterogeneous Asian firefighting markets will continue in the current year. Demand for ARFF vehicles in particular is picking up and should stabilize at solid pre-COVID levels in the short term. At the same time, international competition is growing in this product segment, which has an initial advantage in tenders due to weaker domestic currencies. Some of the major markets in the region will remain inaccessible to exporters in the long term due to the tense geopolitical conditions.

Stronger demand is expected for the countries of the Middle East in the current year in view of improved economic data. In the industrial and airport business in particular, a number of attractive projects are ready for decision following delays. In addition to local production, increasing attention is also being paid to alternative vehicle drives.

Rosenbauer closely monitors the development of the different firefighting markets in order to exploit sales opportunities early on. Sales activities are then stepped up in the countries or regions where greater procurement volumes have been identified. At the end of the reporting period, the Group had a historically high order backlog of € 1,788.0 million (2022: € 1,469.7 million). This figure is higher than a year's revenues, although the equipment products and service revenues included here have only partly been taken into account owing to the shorter delivery times and larger vehicle orders with delivery times of two to three years.

#### America

The Americas area recorded a higher order intake than expected in the reporting year. In particular, demand for PANTHER vehicles from airport operators clearly exceeded expectations for the previous year, creating additional potential for an increase in revenues in 2024. The US companies have started the current year with corresponding confidence.

The production layout at the Wyoming location has been fundamentally revised with a view to shortening throughput times and improving profitability. Here, US PANTHER vehicles and municipal and industrial firefighting vehicles are built on two parallel assembly lines.

In addition to a stronger presence with government authorities and public bodies and an increase in service quality for customers, the cooperation between Customer Service and the dealer network is to be intensified this year. The focus will be on spare parts management so that vehicles and equipment can be used in the field with as few interruptions as possible. In addition, there will be a central sales specialist team for aerials and for the fully electric RTX3 , which will support the dealer partners in their activities in this area.

Growth is also expected for the markets in Latin America, which have been under the responsibility of the Americas area since 2023. The equipment and components sectors offer particularly good prospects. This is because import taxes and restrictions in some markets could open up interesting opportunities for component sales to local manufacturers of firefighting vehicles.

#### Europe

European countries' spending on fire and disaster protection has remained at a stable, high level for years. Centralized collective tenders for municipal vehicles have recently become increasingly popular.

For the current year, the Europe area expects the growth in revenues and incoming orders to continue. Among other things, a large number of PANTHER vehicles are to be delivered in 2024, which is rather atypical for Europe. The most important customer countries for these vehicles include Germany, Denmark, Greenland, France, and Ireland. The PANTHER vehicles ordered are replacements and catch-up investments from the COVID-19 pandemic.

Customer Service is also enjoying rising demand, which is also due to the large fleet of Rosenbauer vehicles owned by customers, as well as the equipment and components product segments. In the Customer Service area, the service organizations of the former CEEU and NISA areas were successfully merged in the reporting year. The aim now is to expand its own offering and leverage additional potential by rolling out comprehensive service concepts, selling spare parts across Europe and supporting vehicle fleets, for example.

In addition, Rosenbauer Customer Service intends to continue focusing on refurbishment, i.e. the technical overhaul of long-serving emergency vehicles in order to extend their service life.

#### Middle East and Africa

The economic outlook for Rosenbauer in the Middle East in the 2024 financial year has improved significantly. After a decline in the previous year, the Saudi Arabian economy, for example, is expected to return to growth this year. This should also enable higher government revenues.

Rosenbauer has been involved in Saudi Arabia for 10 years and has made a clear commitment to the region by establishing further branches in neighboring countries. Around 5,000 vehicles have been delivered in the last 20 years. For the current year, the Middle East & Africa area is expecting a significant increase in revenues. Most tenders are for "all-in solutions", i.e. firefighting vehicles and service. Business in the newly integrated African markets will continue to be limited to individual deliveries, which are often only possible in combination with a suitable financing solution due to financial restrictions. The geopolitical situation in many African countries also creates an economically unstable environment.

#### Asia and Oceania

The Asia-Pacific area also anticipates an improvement in revenues and order intake in 2024. This is provided that the tense geopolitical situation does not deteriorate further. Demand for ARFF vehicles is recovering and interest in electromobility is growing. The largest market in the region, China, is inaccessible to international vehicle exporters following its lockdown, which is why Rosenbauer is concentrating on selling equipment and components for end customers and local superstructure manufacturers. By contrast, Australia, New Zealand, Japan, Singapore and Macau are developing particularly dynamically.

<sup>3</sup> US version of the fully electric "Revolutionary Technology" (RT)

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# **Innovations and new products**

The goal of Rosenbauer's research and development activities is to strengthen and expand its international competitive position. The Group is intensively analyzing global megatrends – such as global warming, demographic change, urbanization, and digitization – and their impact on emergency services and technology for fire departments. The Group derives specific measures for product development from this analysis.

In the 2023 financial year, further workshops were held as part of the "Green Energy on Fire" initiative with renowned participants from environmental and firefighting organizations. Representatives from fire departments, the energy industry, technology companies and politics discussed ideas on their approaches to reducing climate-damaging greenhouse gases and what supporting measures are needed to achieve this. The most important fields of action are summarized and further developed in the "Green Energy on Fire Map". An online version of the map is currently being developed.

# **Investments and production capacity**

Investment management at Rosenbauer systematically records all needs in the Group and ranks them according to priority. Investments of just over € 22 million are planned for 2024. This is still below the average investment level before the COVID-19 pandemic, but represents an increase of around € 7 million compared to the previous year and is the result of the continuation of the restructuring measures. The focus here is on measures to increase energy efficiency, boost productivity, and invest in the renewal and expansion of operating equipment and facilities.

The most important investment projects in 2024 include

- Completion and occupation of the new office building at the Singapore location
- Completion and occupation of the new administration building with service hall at the Karlsruhe location
- Construction and commissioning of a new fully automated small and medium-sized parts warehouse at the Leonding location
- Project start for a new PV system at the Leonding location
- In addition, the Group-wide roll-out of SAP-S/4 Hana will continue as planned.

# **Financial and liquidity situation**

Rosenbauer has high financing requirements during a year for reasons specific to the industry. One reason for this is the long throughput times, particularly in vehicle production, and the relatively low advances paid by customers. The Group counteracts this with targeted measures intended to optimize order handling.

The Group's liquidity is determined and continuously monitored by means of a corresponding liquidity planning. Sufficient and long-term credit lines as well as a reserve in the form of bank balances and unutilized credit lines with banks are intended to ensure solvency at all times. In addition, a multilateral refinancing agreement was agreed with existing financing partners to stabilize the financial and liquidity situation, obliging Rosenbauer to comply with agreed credit terms (in particular, implementing a capital increase). More detailed explanations can be found in the Financial risks section and in the notes D37 "Risk management", section d) Liquidity risk.

# **Overall assessment of future development**

More stable delivery and production conditions over the course of the year and a comprehensive program to reduce manufacturing costs and increase efficiency have enabled the Rosenbauer Group to return to profitability in 2023. As part of the "Refocus, Restart" program, 54 sub-projects were implemented and potential savings of € 33.6 million were realized. At the same time, bid prices for new tenders have been increased in several stages since 2021 in line with material and wage increases, which are now gradually having an impact on earnings.

The public sector continued to invest in the safety of people and infrastructure in 2023, meaning that the volume of the global firefighting industry is likely to have grown. Rosenbauer's order backlog at the start of 2024 was significantly higher than the Group's consolidated revenues for the year. The Group is therefore ideally placed to increase its revenues in 2024. The easing of prices for energy, raw materials, and input materials should also contribute to an improvement in earnings. Rosenbauer has launched a new project to analyze its offer-to-cash process with a view to sustainably shortening throughput times and thus reducing working capital. This should help to accelerate the various sub-processes in vehicle construction and reduce the financing requirements for production during the year.

A capital increase planned for the 2024 financial year is intended to lay the foundation for further profitable growth of the Rosenbauer Group.

#### **Revenues and result of operations**

According to experts, the global economy will grow by 3.1% in 2024, a marginal improvement on the previous year. The most recent forecast adjustments focus primarily on the resilience of the US economy and some emerging and developing countries. At the same time, global inflation should fall significantly, which could lead to key interest rate cuts and an easing of financing conditions for companies.

The firefighting industry, whose order books are full to bursting, lags behind the economic cycle. While it is expected that demand will continue to increase in 2024, actual industry sales will depend on the further stabilization of international supply chains. Many manufacturers have passed on the recent cost increases in the form of price adjustments, which should have a positive impact on their earnings quality.

Following a record level of incoming orders in 2023, the Rosenbauer Group has started the current financial year with a solid order backlog well in excess of one year's revenues. Based on a further stabilization of the supply chains, the Rosenbauer Group's Executive Board expects revenues of around € 1.2 billion and an EBIT margin of around 5% for 2024.

Leonding, March 29, 2024

S. My. Claudia

Sudi Zeller

stian Wolf

Sebastian Wolf Andreas Zeller Markus Richter

Markus Richter

Andreas Z

{23}------------------------------------------------

# **CONSOLIDATED FINANCIAL STATEMENTS**

Rosenbauer Annual Financial Report **2023 24**

- **25 Consolidated statement of financial position**
- **26 [Consolidated income statement](#page-25-0)**
- **27 [Presentation of the consolidated statement](#page-26-0)  [of comprehensive income](#page-26-0)**
- **28 [Changes in consolidated equity](#page-27-0)**
- **29 [Consolidated statement of cash flows](#page-28-0)**
- **30 [Explanatory notes](#page-29-0)**

{24}------------------------------------------------

**B. Current assets**

# <span id="page-24-0"></span>**CONSOLIDATED STATEMENT OF FINANCIAL POSITION**

| ASSETS (in € thousand) |                                                                | Explanatory notes | Dec. 31, 2022 | Dec. 31, 2023 |
|------------------------|----------------------------------------------------------------|-------------------|---------------|---------------|
| A. Non-current assets  |                                                                |                   |               |               |
| I.                     | Property, plant and equipment                                  | (D1)              | 155,920       | 150,146       |
| II.                    | Intangible assets                                              | (D1)              | 54,083        | 58,048        |
| III.                   | Right-of-use asset                                             | (D1)              | 34,032        | 29,806        |
| IV.                    | Securities                                                     | (D2)              | 685           | 156           |
| V.                     | Investments in companies accounted for using the equity method | (D3, D4)          | 1,585         | 1,904         |
| VI.                    | Deferred tax assets                                            | (D5)              | 22,402        | 21,915        |
|                        |                                                                |                   | 268,707       | 261,975       |

I. Inventories (D6) 490,763 591,095 II. Receivables and other assets (D7) 177,949 278,020 III. Income-tax receivables 542 742 IV. Cash and cash equivalents (D8) 35,601 34,863

|    | EQUITY AND LIABILITIES (in € thousand)                       | Explanatory<br>notes | Dec. 31,<br>2022 | Dec. 31,<br>2023 |
|----|--------------------------------------------------------------|----------------------|------------------|------------------|
| A. | Equity                                                       |                      |                  |                  |
|    | I. Share capital                                             | (D9)                 | 13,600           | 13,600           |
|    | II. Capital reserves                                         | (D9)                 | 23,703           | 23,703           |
|    | III. Other reserves                                          | (D9)                 | 21,247           | 17,674           |
|    | IV. Accumulated results                                      | (D9)                 | 125,528          | 125,917          |
|    | Equity attributable to shareholders<br>of the parent company |                      | 184,078          | 180,894          |
|    | V. Non-controlling interests                                 | (D10)                | 2,099            | 2,206            |
|    | Total equity                                                 |                      | 186,177          | 183,100          |

#### **B. Non-current liabilities**

| I.   | Non-current interest-bearing liabilities | (D11) | 202,234 | 2,383  |
|------|------------------------------------------|-------|---------|--------|
| II.  | Non-current lease liabilities            |       | 28,648  | 25,057 |
| III. | Other non-current liabilities            | (D12) | 1,784   | 1,657  |
| IV.  | Non-current provisions                   | (D13) | 24,552  | 25,957 |
| V.   | Deferred tax liabilities                 | (D5)  | 5,269   | 5,674  |
|      |                                          |       | 262,487 | 60,728 |

#### **C. Current liabilities**

| I. Putable Non-controlling interests     | (D14) | 13,517  | 12,431  |
|------------------------------------------|-------|---------|---------|
| II. Current interest-bearing liabilities | (D15) | 118,805 | 429,508 |
| III. Current lease liabilities           |       | 6,543   | 6,226   |
| IV. Contract liabilities                 | (D16) | 190,505 | 248,843 |
| V. Trade payables                        | (D17) | 78,753  | 114,948 |
| VI. Other current liabilities            | (D18) | 86,109  | 85,449  |
| VII. Income-tax liabilities              | (D19) | 5,757   | 2,769   |
| VIII. Other provisions                   | (D20) | 24,909  | 22,693  |
|                                          |       | 524,898 | 922,867 |

**Total ASSETS 973,562 1,166,695** 

**704,855 904,720** 

**Total EQUITY AN**

{25}------------------------------------------------

# <span id="page-25-0"></span>**CONSOLIDATED INCOME STATEMENT**

| in € thousand                                                           | Explanatory notes | 2022     | 2023      |
|-------------------------------------------------------------------------|-------------------|----------|-----------|
| 1. Revenues                                                             | (D21)             | 972,245  | 1,064,543 |
| 2. Cost of Sales                                                        | (D22)             | -843,344 | -899,414  |
| 3. Gross Profit                                                         |                   | 128,901  | 165,129   |
| 4. Other operating income                                               | (D26)             | 10,176   | 12,890    |
| 5. R&D and Productmanagement                                            | (D23)             | -25,315  | -21,721   |
| 6. Selling expenses                                                     | (D24)             | -61,691  | -56,490   |
| 7. Administrative expenses                                              | (D25)             | -60,710  | -59,713   |
| 8. Other expenses                                                       | (D27)             | -1,915   | -2,577    |
| 9. Earnings before interest and taxes (EBIT)                            |                   | -10,554  | 37,518    |
| 10. Interest income                                                     | (D30)             | 4,116    | 3,385     |
| 11. Interest expense                                                    | (D31)             | -17,969  | -34,274   |
| 12. Share in results of companies accounted for using the equity method | (D3, D4)          | -5,744   | 355       |
| 13. Financial result                                                    |                   | -19,597  | -30,534   |
| 14. Earnings before income tax (EBT)                                    |                   | -30,151  | 6,984     |
| 15. Income tax                                                          | (D32)             | 7,804    | -5,823    |
| 16. Net income for the period                                           |                   | -22,347  | 1,161     |
| thereof Non-controlling interests                                       |                   | 1,912    | 2,245     |
| thereof Shareholders of parent company                                  |                   | -24,259  | -1,084    |

| Average number of shares outstanding | (E5) | 6,800,000 | 6,800,000 |
|--------------------------------------|------|-----------|-----------|
| Basic earnings per share             | (E5) | -3.57     | -0.       |
| Diluted earnings per share           | (E5) | -3.57     | -0.       |

{26}------------------------------------------------

# <span id="page-26-0"></span>**PRESENTATION OF THE CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME**

| in € thousand                                                                                                             | Explanatory notes | 2022    | 2023   |
|---------------------------------------------------------------------------------------------------------------------------|-------------------|---------|--------|
| Net profit for the period                                                                                                 |                   | -22,347 | 1,161  |
|                                                                                                                           |                   |         |        |
| Restatements as required by IAS 19                                                                                        | (D13)             | 4,341   | -1,761 |
| thereof deferred taxes                                                                                                    |                   | -1,191  | 4      |
| Change in fair value of financial liabilities that is attributable to a change in credit risk                             |                   | 1,128   | -501   |
| thereof deferred taxes                                                                                                    |                   | -259    | 1      |
| Total changes in value recognized in equity that cannot be subsequently reclassified into profit or loss                  |                   | 4,019   | -1,735 |
| Gains/losses from foreign currency translation                                                                            |                   | 10,673  | -506   |
| Gains/losses from foreign currency translation of companies accounted for using the equity method                         | (D3)              | 4,239   | 0      |
| Gains/losses from cash flow hedge                                                                                         | (D37c)            |         |        |
| Change in unrealized gains/losses                                                                                         |                   | 1,999   | -57    |
| thereof deferred tax                                                                                                      |                   | -452    | -48    |
| Realized gains/losses                                                                                                     |                   | 1,782   | -1,999 |
| thereof deferred tax                                                                                                      |                   | -446    | 500    |
| Total changes in value recognized in equity subsequently reclassified into profit or loss when certain conditions are met |                   | 17,796  | -2,110 |
| Other comprehensive income                                                                                                |                   | 21,815  | -3,845 |
| Total comprehensive income after income taxes                                                                             |                   | -532    | -2,684 |
| thereof:                                                                                                                  |                   |         |        |
| Non-controlling interests                                                                                                 |                   | 2,209   | 1,972  |
| Shareholders of parent company                                                                                            |                   | -2,741  | -4,657 |

{27}------------------------------------------------

# <span id="page-27-0"></span>**CHANGES IN CONSOLIDATED EQUITY**

|                                             |                      | Attributable to shareholders in the parent company |                               |                         |                                                        |                        |                    |                        |          |                              |              |
|---------------------------------------------|----------------------|----------------------------------------------------|-------------------------------|-------------------------|--------------------------------------------------------|------------------------|--------------------|------------------------|----------|------------------------------|--------------|
|                                             | Explanatory<br>notes |                                                    |                               |                         | Other reserves<br>Restatement as<br>required by IAS 19 | Revaluation<br>reserve |                    | Accumulated<br>results | Subtotal | Non-controlling<br>interests | Group equity |
| in € thousand                               |                      |                                                    | Share capital Capital reserve | Currency<br>translation |                                                        |                        | Hedging<br>reserve |                        |          |                              |              |
| As of Jan 1, 2023                           |                      | 13,600                                             | 23,703                        | 21,251                  | -2,489                                                 | 869                    | 1,616              | 125,529                | 184,079  | 2,099                        | 186,177      |
| Other comprehensive income                  |                      | 0                                                  | 0                             | -233                    | -1,349                                                 | -386                   | -1,604             | 0                      | -3,572   | -273                         | -3,845       |
| Net profit for the period                   |                      | 0                                                  | 0                             | 0                       | 0                                                      | 0                      | 0                  | -1,084                 | -1,084   | 2,245                        | 1,161        |
| Total comprehensive income                  |                      | 0                                                  | 0                             | -233                    | -1,349                                                 | -386                   | -1,604             | -1,084                 | -4,656   | 1,972                        | -2,684       |
| Changes in non-controlling interests        | (D14)                | 0                                                  | 0                             | 0                       | 0                                                      | 0                      | 0                  | 1,472                  | 1,472    | -386                         | 1,086        |
| Dividend                                    | (D9) (D10)           | 0                                                  | 0                             | 0                       | 0                                                      | 0                      | 0                  | 0                      | 0        | -1,480                       | -1,480       |
| As of Dec 31, 2023                          |                      | 13,600                                             | 23,703                        | 21,018                  | -3,838                                                 | 482                    | 12                 | 125,917                | 180,894  | 2,206                        | 183,100      |
| As of Jan 1, 2022                           |                      | 13,600                                             | 23,703                        | 6,635                   | -5,639                                                 | 0                      | -1,268             | 169,770                | 206,801  | 3,617                        | 210,418      |
| Other comprehensive income                  |                      | 0                                                  | 0                             | 14,616                  | 3,150                                                  | 869                    | 2,884              | 1                      | 21,519   | 297                          | 21,815       |
| Net profit for the period                   |                      | 0                                                  | 0                             | 0                       | 0                                                      | 0                      | 0                  | -24,259                | -24,259  | 1,912                        | -22,347      |
| Total comprehensive income                  |                      | 0                                                  | 0                             | 14,616                  | 3,150                                                  | 869                    | 2,884              | -24,258                | -2,740   | 2,209                        | -532         |
| Acquisition of non-controlling<br>interests | (B1)                 | 0                                                  | 0                             | 0                       | 0                                                      | 0                      | 0                  | -12,409                | -12,409  | -1,781                       | -14,190      |
| Changes in non-controlling interests        | (D14)                | 0                                                  | 0                             | 0                       | 0                                                      | 0                      | 0                  | -1,454                 | -1,454   | 2,632                        | 1,179        |
| Dividend                                    | (D9) (D10)           | 0                                                  | 0                             | 0                       | 0                                                      | 0                      | 0                  | -6,120                 | -6,120   | -4,578                       | -10,698      |
| As of Dec 31, 2022                          |                      | 13,600                                             | 23,703                        | 21,251                  | -2,489                                                 | 869                    | 1,616              | 125,529                | 184,079  | 2,099                        | 186,177      |

{28}------------------------------------------------

# <span id="page-28-0"></span>**CONSOLIDATED STATEMENT OF CASH FLOWS**

| in € thousand                                                                                         | Explanatory notes | 2022 adjusted  | 2023           |
|-------------------------------------------------------------------------------------------------------|-------------------|----------------|----------------|
| Profit before income tax                                                                              |                   | -30,151        | 6,984          |
| + Depreciation                                                                                        | (D29)             | 29,418         | 30,218         |
| + Gains/losses of companies accounted for using the equity method                                     | (D3, D4)          | 5,744          | -355           |
| -/+Gain/Losses from the retirement of property, plant and equipment, intangible assets and securities | (D26)             | -1,310         | 47             |
| + Interest expenses                                                                                   | (D31)             | 19,662         | 33,371         |
| - Interest and securities income                                                                      | (D30)             | -5,819         | -2,494         |
| + Other non-cash expenses and income                                                                  |                   | 8,868          | 741            |
| + Change in inventories                                                                               | (D6)              | -73,054        | -106,440       |
| + Change in receivables and other assets and construction contracts                                   | (D7)              | -10,239        | -102,922       |
| + Change in other receivables                                                                         |                   | 2,499          | -5,857         |
| + Change in trade payables/advance payments received and contract liabilities                         |                   | 65,658         | 100,843        |
| + Change in other liabilities                                                                         |                   | 12,416         | 2,140          |
| + Change in provisions (excluding income tax deferrals)                                               |                   | 2,091          | -2,723         |
| <b>Cash earnings</b>                                                                                  |                   | <b>25,783</b>  | <b>-46,446</b> |
| - Interest paid                                                                                       |                   | -19,405        | -32,663        |
| + Interest received and income of securities                                                          |                   | 5,819          | 2,229          |
| + Dividends received from companies accounted for using the equity method                             | (D3, D4)          | 0              | 36             |
| - Income tax paid                                                                                     |                   | -5,658         | -5,991         |
| <b>Net cash flow from operating activities</b>                                                        |                   | <b>6,540</b>   | <b>-82,835</b> |
| - Payments from the purchase of property, plant and equipment, intangible assets and securities       | (D33)             | -20,204        | -23,483        |
| + Proceeds from the sale of property, plant and equipment, intangible assets and securities           |                   | 3,115          | 5,588          |
| - Payments from capitalized development costs                                                         | (D1)              | -6,247         | -6,003         |
| <b>Net cash flow from investing activities</b>                                                        |                   | <b>-23,336</b> | <b>-23,898</b> |
| - Payments from the acquisition of non-controlling interests                                          |                   | -82,034        | 0              |
| - Dividends paid                                                                                      | (D9)              | -6,120         | 0              |
| - Dividends paid to non-controlling interests                                                         | (D10)             | -4,578         | -1,480         |
| + Proceeds from interest-bearing liabilities                                                          |                   | 99,233         | 132,989        |
| - Repayment of interest-bearing liabilities                                                           |                   | -12,541        | -19,835        |
| - Repayment of leasing liabilities                                                                    |                   | -6,074         | -5,915         |
| <b>Net cash flow from financing liabilities</b>                                                       |                   | <b>-12,114</b> | <b>105,760</b> |
| <b>Net change in cash and cash equivalents</b>                                                        |                   | <b>-28,909</b> | <b>-974</b>    |
| + Cash and cash equivalents at the beginning of the period                                            | (D8)              | 65,450         | 35,601         |
| + Adjustment from currency translation                                                                |                   | -940           | 236            |
| <b>Cash and cash equivalents at the end of the period</b>                                             | (D8)              | <b>35,601</b>  | <b>34,863</b>  |

{29}------------------------------------------------

# <span id="page-29-0"></span>**EXPLANATORY NOTES**

# **A. General Information**

# **A1. Information on the company and the basis of preparation**

The Rosenbauer Group is an international group of companies whose ultimate parent company is Rosenbauer International AG, Austria. Its main focus is on producing firefighting vehicles, developing and manufacturing firefighting systems, equipping vehicles and their crews, and preventive firefighting. The Group's head office is located at Paschinger Strasse 90, 4060 Leonding, Austria. The company is registered with the Linz Regional Court under commercial register number FN 78543 f and is listed on the Prime Market of the Vienna Stock Exchange. The ultimate parent company of the Rosenbauer Group is Rosenbauer Beteiligungsverwaltung GmbH.

These consolidated financial statements of Rosenbauer International AG and its subsidiaries as of December 31, 2023 were prepared in accordance with the principles of the International Financial Reporting Standards (IFRS), as endorsed by the EU, and are expected to be presented by the Executive Board to the Supervisory Board for approval for publication in April 2024. The additional requirements of section 245a(1) of the Unternehmensgesetzbuch (UGB – Austrian Commercial Code) have been complied with.

The consolidated financial statements are prepared using the same reporting date as the parent company, Rosenbauer International AG. The financial year is the calendar year. The annual financial statements of the individual companies included in the consolidated financial statements were prepared as of the same date as the consolidated financial statements.

Within the Group, accounting and measurement are based on uniform criteria and on the principle of going concern (for the estimates and judgments, see C15 as well as for the new financing agreements, see D37. Risk management d) Liquidity risk).

The consolidated statement of financial position is structured by maturity in accordance with IAS 1. Assets and liabilities are classified as current if they are expected to be received or settled within twelve months of the end of the reporting period. The consolidated income statement has been prepared using the cost of sales method.

Unless stated otherwise, the consolidated financial statements and the figures shown in the notes have been prepared in thousands of euro (€ thousand). The commercial rounding of individual items and percentages may result in minor rounding differences.

The consolidated financial statements have been prepared applying the historical cost system. This does not apply to derivative financial instruments, interest rate hedging transactions, or securities, which were measured at fair value.

# **A2. Effects of new accounting standards**

#### **Standards that are mandatory for the first time or prematurely adopted**

The following new, revised or supplemented standards must be applied to the consolidated financial statements of Rosenbauer International AG in the financial year:

| Standards/Interpretations                                                                                              | Effective date in the EU |
|------------------------------------------------------------------------------------------------------------------------|--------------------------|
| Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities<br>arising from a Single Transaction | Jan. 1, 2023             |
| Amendments to IFRS 17 Insurance contracts: Initial Application of IFRS 17 and IFRS 9<br>- Comparative Information      | Jan. 1, 2023             |
| IFRS 17 Insurance Contracts                                                                                            | Jan. 1, 2023             |
| Amendments to IAS 12 Income taxes: International Tax Reform - Pillar Two Model Rules                                   | Jan. 1, 2023             |
| Disclosure of Accounting Policies, Amendment to IAS 1 and IFRS Practice Statement 2                                    | Jan. 1, 2023             |
| Amendment IAS 8 Accounting policies, Changes in Accounting Estimates and Errors                                        | Jan. 1, 2023             |

The Rosenbauer Group applies the Minimum Taxation Act (MinBestG) applicable in Austria, together with the EU directive for guaranteeing a global minimum taxation for groups of companies based on the OECD model rules ("Pillar 2"). The amendments include a temporary, mandatory and immediately applicable exclusion of the accounting of deferred taxes resulting from the introduction of the global minimum taxation, and they also prescribe targeted disclosures on the impact of the minimum taxation.

Rosenbauer Beteiligungsverwaltung AG, Leonding, is the ultimate parent company of Rosenbauer International AG and its subsidiaries in the context of minimum taxation rules.

Future tax burdens and the impact of the Pillar 2 rules on the Rosenbauer Group will be continuously evaluated. From today's perspective, no major effects on the Rosenbauer Group are anticipated due to the temporary Safe Harbor rules and the minimum tax calculation. On the basis of ongoing evaluations, the Safe Harbor regulations are currently satisfied.

The mandatory exclusion is to be applied retroactively. However, since no new law on the introduction of the global minimum taxation already existed or was soon to come into force in any of the countries in which the 

{30}------------------------------------------------

Group is active on December 31, 2022, and no associated deferred taxes were recorded at this time, this retroactive application has no impact on the consolidated financial statements.

None of the other standard amendments have any major impact on the consolidated financial statements of Rosenbauer International AG.

# **A3. Future changes in accounting policies due to new accounting standards**

As of the time of these financial statements being approved for publication, in addition to the standards and interpretations already applied by the Group, the following standards and interpretations had already been published but were not yet effective or had not yet been endorsed by the European Commission. The Group intends to adopt these new or amended standards from their effective date.

The changes to the following standards/interpretations are not expected to have any significant impact on the consolidated financial statements of Rosenbauer International AG.

| Standards/Interpretations                                                                                                                         | Effective date  |
|---------------------------------------------------------------------------------------------------------------------------------------------------|-----------------|
| Amendment to IAS 1 Presentation of Financial Statements:<br>Classification of Liabilities as Current or Non-current                               | January 1, 2024 |
| Amendments to IAS 1 Presentation of Financial Statements:<br>Non-current Liabilities with Covenants (Endorsement Status December 2023)            | January 1, 2024 |
| Amendments to IFRS 16 Leases: Lease Liabilities in a Sale and Leaseback<br>(published November 2023)                                              | January 1, 2024 |
| Amendments to IAS 7 - Statement of Cash Flows and IFRS 7 Financial Instruments:<br>Disclosures - Supplier Finance Arrangements (not yet endorsed) | -               |
| Amendments to IAS 21 - The Effects of Changes in Foreign Exchange Rates:<br>Lack of Exchangeability (not yet endorsed)                            | -               |

# **A4. Correction of an error in accordance with IAS 8**

#### **Amendment to the Group cash flow with regard to currency translation (error correction)**

In the Group cash flow, the item relating to the amendment from the currency translation, with the exception of the effects from cash or cash equivalents, was reclassified to the cash flow from current business activities. The previous year was also amended. During the previous year, currency effects totaling € 8,869 thousand from the amendment from the currency translation were reclassified to the cash flow from current business activities (other non-cash expenses and income). The amendment from the currency calculation totaled € 7,929 thousand before error correction and is now € -940 thousand.

{31}------------------------------------------------

# **B. Consolidation Principles**

# **B1. Companies included in consolidation**

The companies included in the consolidated financial statements are shown in the list of investees (see note E3. "Related party disclosures").

#### **Subsidiaries**

Subsidiaries are investees controlled by the parent company. The parent company controls an investee when it has exposure or rights to variable returns from its involvement with the investee and the ability to utilize its control over the material activities of the investee so as to influence the amount of returns from the investee.

The parent company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the above criteria for control.

If the parent company does not have a majority of voting rights, the investee is still controlled if it has the practical ability to direct the relevant activities unilaterally. At the subsidiaries where Rosenbauer International AG does not directly or indirectly hold more than half of the voting rights, control is contractually assured.

Thus, in accordance with IFRS 10, in addition to the parent company there are four (previous year: five) Austrian and 25 (previous year: 25) foreign subsidiaries legally or constructively controlled by Rosenbauer International AG.

Consolidation of a subsidiary begins from the date the parent company obtains control of the subsidiary and ceases when the parent company loses control of the subsidiary. All the subsidiaries included are included in consolidation.

#### **Associates and joint ventures (companies accounted for using the equity method)**

An associate is an investee over which the parent company has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the entity in which the investment is held. This does not constitute control or joint control of the decision-making processes.

A joint venture is a subcategory of joint arrangement as defined by IFRS 11, which is jointly controlled by the parties involved and in which the parties involved have a right to the net assets. Joint control requires the contractually agreed sharing of control of an arrangement and exists only when decisions about the relevant activities require the unanimous consent of the parties involved.

Shares in associates and joint ventures are accounted for using the equity method and are recognized at cost on addition. The carrying amount is increased or decreased to recognize the investor's share of the profit or loss of the companies accounted for using the equity method after the date of acquisition. The Group's share of the profit or loss of the companies accounted for using the equity method is recognized in profit or loss in the financial result from the acquisition date.

During the financial year, the shares in joint venture Rosenbauer Ciansa S.L. (Rosenbauer shares 50%) were accounted for using the equity method. The associated company in Russia (PA "Fire-fighting special technics" LLC.) was deconsolidated during the previous year (Rosenbauer shares 49%).

|               | Companies consolidated |      | Companies accounted for<br>using the equity method |      |
|---------------|------------------------|------|----------------------------------------------------|------|
|               | 2022                   | 2023 | 2022                                               | 2023 |
| As of Jan. 1  | 31                     | 31   | 2                                                  | 1    |
| Foundation    | 0                      | 0    | 0                                                  | 0    |
| Mergers       | 0                      | 1    | 0                                                  | 0    |
| Disposals     | 0                      | 0    | 1                                                  | 0    |
| As of Dec. 31 | 31                     | 30   | 1                                                  | 1    |

#### **Acquisitions, reorganizations and disposals**

In 2023 Rosenbauer E-Technology Development GmbH was merged retrospectively into Rosenbauer International AG as of January 1, 2023. No further company acquisitions or sales were completed during the 2023 financial year.

The transaction to increase the investment in Rosenbauer d.o.o., Slovenia, was closed on December 8, 2022. Rosenbauer International AG acquired the remaining 10% of shares from a co-owner and now holds 100%. The purchase price was € 1,000 thousand.

PA "Fire-fighting special technics" LLC. was deconsolidated as of December 31, 2022 due to lack of significant influence. The deconsolidation resulted in a loss of € 5,812 thousand, € 4,112 thousand of which was due to the recycling of cumulative currency losses in other comprehensive income. The loss on deconsolidation was recognized under net finance costs. The equity investment is recognized at fair value as of December 31, 2023 in accordance with IFRS 9 with € 0 thousand (2022: € 0 thousand).

# **B2. Methods of consolidation**

Business combinations are accounted for using the acquisition method. The cost of a business acquisition is calculated as the total of the consideration transferred, measured at fair value as of the acquisition date, and the non-controlling interests in the company acquired. For each business combination, the acquirer measures any non-controlling interests in the acquiree either at fair value or at the non-controlling interest's proportion

{32}------------------------------------------------

ate share of the acquiree's identifiable net assets. Costs incurred in the business combination are recognized under other expenses.

Goodwill is tested for impairment annually or whenever an impairment event occurs. The annual financial statements of the companies included in the consolidated financial statements are based on uniform accounting policies. The separate financial statements of the companies included were prepared as of the same date as the consolidated financial statements. All receivables and liabilities, expenses and income between companies included in the consolidated financial statements are eliminated. Intercompany profits and losses are also eliminated.

Non-controlling interests are reported separately in the consolidated income statement and the consolidated statement of financial position. They are reported in the consolidated statement of financial position under equity but separately from the equity attributable to the shareholders of the parent company. Acquisitions of non-controlling interests are accounted for as equity transactions. The difference between the purchase price and the carrying amount of the pro rata acquired net assets is offset against accumulated net profits.

Callable interests in the equity of subsidiaries with options to sell on the part of non-controlling shareholders represent financial liabilities for the Rosenbauer Group. In accordance with IFRS 9, these are initially recognized at the fair value of the repurchase amount and subsequently remeasured at fair value through other comprehensive income as of the end of each reporting period. The earnings of the subsidiaries concerned are allocated in full to the Rosenbauer Group, and the non-controlling interests are reported in the consolidated income statement.

# **B3. Currency**

The annual financial statements of the entities included in the consolidated financial statements that prepare their accounts in foreign currency are translated into euro in line with the functional currency concept in accordance with IAS 21. As the companies conduct their business as financially, economically, and organizationally independent entities, this is the respective national currency for all companies. All assets and liabilities are therefore translated at the respective mean rate of exchange at the end of the reporting period while expenses and income are translated at average rates for the year.

Differences from foreign currency translation in asset and liability items as against the previous year's translation and translation differences between the consolidated statement of financial position and the consolidated income statement are recognized in other comprehensive income.

The translation difference arising from remeasurement of equity as against first-time consolidation is offset against consolidated reserves in other comprehensive income. Translation differences as of the end of the reporting period of € -506 thousand (2022: € 14,912 thousand) were transferred to other comprehensive income in the year under review.

The exchange rates on which currency translation is based developed as follows:

|                         | Closing rate  |               | Annual average rate |               |
|-------------------------|---------------|---------------|---------------------|---------------|
| in €                    | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022       | Dec. 31, 2023 |
| 100 US dollars          | 93.7559       | 90.4977       | 94.8877             | 92.3489       |
| 100 Swiss francs        | 101.5538      | 107.9914      | 99.4855             | 102.9169      |
| 100 Singapore dollars   | 69.9301       | 68.5354       | 68.8721             | 68.7951       |
| 100 Brunei dollars      | 69.9301       | 68.5354       | 68.8721             | 68.7951       |
| 100 South African rands | 5.5253        | 4.9146        | 5.8105              | 4.9898        |
| 100 Saudi riyals        | 24.8756       | 24.0964       | 25.2723             | 24.6567       |
| 100 Australian dollars  | 63.7227       | 61.4893       | 65.9040             | 61.1724       |
| 101 Zloty               | 21.3639       | 23.0441       | 21.3471             | 22.1075       |
| 101 VAE-Dirham          | 25.5102       | 24.6354       | 25.8592             | 25.1851       |
| 100 British pounds      | 112.7485      | 115.0682      | 117.2873            | 115.1016      |

# **B4. Fair value measurement**

Financial instruments such as derivatives are measured at fair value on a recurring basis. Fair value is defined as the price that would have to be received from the sale of an asset or that would have to be paid for the transfer of a liability between market participants as part of an orderly transaction on the measurement date. In measuring fair value, it is assumed that the transaction in which the asset is sold or the liability is transferred takes place on the principal market for the asset or liability, of the most advantageous market if there is no principal market. The Group has to have access to the principal market or to the most advantageous market.

Rosenbauer measures fair value using assumptions that market participants would use in pricing. It is assumed that the market participants act in their economic best interest. A fair value measurement of a non-financial asset takes into account a market participant's ability to generate economic benefits by using the asset in its highest and best use.

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In calculating fair value, Rosenbauer uses measurement methods that are appropriate under the respective circumstances and for which there is sufficient data available to measure fair value, using observable inputs where possible.

The following hierarchy is used in the consolidated financial statements to determine and report the fair values of financial instruments by measurement method:

- Level 1: Quoted (non-adjusted) prices on active markets for similar assets or liabilities.
- Level 2: Methods in which all the input parameters that significantly affect the calculation of fair value are either directly or indirectly observable.
- Level 3:Method in which the input parameters that significantly affect the calculation of fair value are not based on observable market data.

For all classes of financial instruments other than non-current interest-bearing loan liabilities, the carrying amount is equal to the fair value.

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# **C. Accounting Policies**

The principle of uniform accounting is implemented by applying the same policies throughout the Group.

# **C1. Property, plant and equipment**

Property, plant and equipment are measured at the lower of cost less depreciation and cumulative impairment or recoverable amount. Depreciation is calculated using the straight-line method from the time it is in the condition necessary for it to be capable of operating. Cost is the amount of cash or cash equivalents paid or the fair value of the other consideration given to acquire an asset at the time of its acquisition or construction.

The following amortization rates are applied:

| Plant buildings and other constructions | 3.00% - 10.00%  |
|-----------------------------------------|-----------------|
| Office buildings                        | 2.00% - 4.00%   |
| Technical equipment and machinery       | 10.00% - 25.00% |
| Other equipment, furniture and fixture  | 10.00% - 33.33% |
| Rights/licenses                         | 25.0% - 33.3%   |
| Customer base                           | 10.00%          |
| Technology                              | 7.00%-10.00%    |
| Capitalized development costs           | 10.00% - 25.00% |
| Other intangible assets                 | 25.0% - 33.33%  |

The residual carrying amounts, depreciation method and useful lives are reviewed at the end of each reporting period and adjusted as necessary.

If there is evidence of impairment for non-financial assets and the recoverable amount – the higher of the value in use or fair value less costs of disposal – is less than the respective carrying amount, the assets are written down to recoverable amount in accordance with IAS 36 (Impairment of Assets). Property, plant and equipment and intangible assets are derecognized either on disposal or when no future economic benefits are expected from its use.

If the recoverable amount of an asset cannot be calculated, the asset is included in a cash-generating unit (CGU) and tested for impairment, using the value in use as the recoverable amount. In the Rosenbauer Group, usually the legally separate business units each form a CGU.

An impairment loss recognized previously is only reversed if there has been a change in the estimates used to determine the asset's recoverable amount since the last impairment loss was recognized. If this is the case, the carrying amount of the asset is increased to its recoverable amount. However, this amount must not increase the carrying amount of an asset above the carrying amount that would have been determined for the asset had no impairment loss been recognized in prior years. Such a reversal of an impairment loss is recognized immediately in profit or loss.

# **C2. Intangible assets**

With the exception of goodwill, intangible assets are amortized using the straight-line method. The following amortization rates are applied:

The amortization period and the amortization method for intangible assets with a finite useful life are reviewed at least at the end of each financial year. Amortization of intangible assets is reported in "Depreciation and amortization expense on property, plant and equipment and intangible assets."

#### **Goodwill**

Goodwill in accordance with IFRS 3 is tested for impairment annually and whenever there are indications it has become impaired. Goodwill is assigned to the cash-generating units that are expected to profit from the business acquisition in order to perform impairment testing. A key criterion for qualifying as a cash-generating unit is its technical and economic independence for generating income. Impairment in a cash-generating unit is calculated by comparing its current amortized carrying amount (including the goodwill assigned) with the value in use. The value in use is calculated as the present value of the associated future receipts and payments based on data from medium-term corporate planning. Cash flows incurred after a period of three years are used in the perpetual annuity as a growth of 1% (2022: 1%).

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The table below summarizes key assumptions for each cash-generating unit to which goodwill has been assigned:

|                                    | Period of cash flow forecasts | Average annual increase in revenues | Annual margin development | Discount rate before taxe |
|------------------------------------|-------------------------------|-------------------------------------|---------------------------|---------------------------|
| 2023                               |                               |                                     |                           |                           |
| Rosenbauer d.o.o.                  | 3 years                       | 19%                                 | Constantly rising         | 13.3                      |
| Rosenbauer UK plc                  | 3 years                       | 51%                                 | Constantly rising         | 13.2                      |
| Rosenbauer Brandschutz Deutschland | 3 years                       | 3%                                  | Constantly rising         | 12.2                      |
| 2022                               |                               |                                     |                           |                           |
| Rosenbauer d.o.o.                  | 3 years                       | 9%                                  | Constantly rising         | 13.1                      |
| Rosenbauer d.o.o.                  | 3 years                       | 9%                                  | Constantly rising         | 13.                       |
| Rosenbauer UK plc                  | 3 years                       | 19%                                 | Constantly rising         | 11.                       |
| Rosenbauer Brandschutz Deutschland | 3 years                       | 7%                                  | constant                  | 11.2                      |

The assumptions regarding revenue development in the cash-generating units are generally based on past results and internal forecasts. The cost drivers and additions to assets are based on empirical values and internal expectations. The discount rate is calculated based on current market data for similar enterprises in the same branch of industry.

In the assumptions used there is estimation uncertainty regarding earnings, the change in working capital, investment and the discount rate.

A sensitivity analysis in which discount rates were raised by 100 basis points did not identify any impairment. In addition, the sensitivity analysis showed that given a reduction in EBIT of 10% for 2024 to 2026, with all other parameters remaining constant, the carrying amounts would still be covered and there would no impairment requirement. At CGU Rosenbauer Brandschutz Deutschland the EBIT would have to decrease by around 29% (2022: 49%) or the discount rate (WACC) after taxes would have to increase by 2.5% (2022: 4.8%) that the recoverable amount would be equal to the book value.

For the purposes of the goodwill impairment test, the legally independent business units were generally defined as goodwill-carrying CGUs based on internal monitoring of goodwill.

The table below shows the carrying amounts of the existing goodwill for each CGU:

| in € thousand                      | Dec. 31, 2022 | Dec. 31, 2023 |
|------------------------------------|---------------|---------------|
| Rosenbauer d.o.o                   | 843           | 843           |
| Rosenbauer UK plc                  | 326           | 333           |
| Rosenbauer Brandschutz Deutschland | 4,146         | 4,146         |
|                                    | <b>5,315</b>  | <b>5,322</b>  |

If the carrying amount of the CGU to which the goodwill was allocated exceeds its recoverable amount, then impairment is recognized on the goodwill allocated to this CGU in the amount of the difference. If the impairment loss exceeds the carrying amount of the goodwill, the additional impairment is divided up based on the carrying amounts of each individual asset of the CGU. The carrying amount of an asset must not be written down below a determinable net realizable value or value in use or below zero. Impairment losses on goodwill cannot be reversed in accordance with IAS 36.

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#### **Research and development**

Research costs are not capitalized under IAS 38 ("Intangible Assets") and are therefore shown directly and in full in the income statement.

Development costs intended to significantly advance a product or process are only capitalized in accordance with IAS 38 if the product or process is technically and economically feasible, it can be marketed and will generate future economic benefit, the expenses can be reliably measured and Rosenbauer has sufficient resources to complete the development project. All other development expenses are recognized immediately in profit or loss. Capitalized development expenses for completed projects are reported at cost less cumulative write-downs. As long as a development project has not been completed, the cumulative amounts recognized are tested for impairment annually or whenever there are indications that they may have become impaired.

During the 2023 financial year, € 27,825 thousand (2022: € 31,586 thousand) was invested in research and development, of which development costs amounting to € 6,104 thousand (2022: € 6,271 thousand) were capitalized. The carrying amount of capitalized development costs was € 40,415 thousand (2022: € 37,235 thousand) as of December 31, 2023 and essentially relates to development services for vehicles, high-rise aerial appliances and firefighting systems.

# **C3. Securities**

Regular way purchases and sales of financial assets, such as securities, are recognized as of the settlement date, i.e. the date on which the company commits to purchasing the asset.

In accordance with IFRS 9, at initial recognition, financial assets are classified for the subsequent measurement either at amortized cost, at fair value through other comprehensive income or at fair value through profit or loss. The classification of financial assets at initial recognition is dependent on the properties of the contractual cash flows of the financial assets and on the Group's business model for the management of its financial assets.

In the Rosenbauer Group, at initial recognition, securities are measured at fair value and are assigned to the "Mandatorily measured at fair value through profit or loss" IFRS 9 category. Financial assets mandatorily measured at fair value through profit or loss are recognized in the statement of financial position at fair value, with the changes in the fair value recognized as a total in the income statement.

Interest received or paid for financial investments are reported as interest income or interest expenses. Interest income is recognized pro rata temporis taking into account the effective interest rate on the asset. Dividend income is reported when the legal right to payment arises.

# **C4. Deferred taxes**

Deferred taxes are recognized on all taxable temporary differences between the value in the IFRS consolidated statement of financial position and the tax accounts. They are calculated in accordance with IAS 12 using the balance sheet liability method. Deferred tax liabilities are recognized for all taxable temporary differences, except for the deferred tax liabilities arising from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and that, at the time of the transaction, affects neither accounting profit nor taxable profit.

Furthermore, deferred tax liabilities are not recognized for taxable temporary differences in connection with investments in subsidiaries, associates or interests in joint ventures if the timing of the reversal of the temporary difference can be controlled and it is likely that the temporary differences will not reverse in the foreseeable future.

Current tax assets and tax liabilities for the current and earlier period are measured at the amount expected to be refunded by the tax authority/paid to the tax authority. Current taxes on items recognized in other comprehensive income are not recognized in the income statement but rather in other comprehensive income.

Deferred tax assets on loss carryforwards are recognized if their utilization is expected in the planning period.

The carrying amount of deferred tax assets is assessed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profit will be available against which the deferred tax asset can be at least partially utilized. Unrecognized deferred tax assets are assessed at the end of each reporting period and recognized to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realized or the liability is settled.

Current taxes are calculated using the tax rates and laws that apply as of the end of the reporting period.

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# **C5. Inventories**

Inventories are carried at the lower of cost and net realizable value (market price) at the end of the reporting period. The cost is calculated for assets of the same type using moving average prices or a similar method. The cost includes only the directly attributable costs and pro rata overheads assuming the normal utilization rate of the production facilities. Interest is not recognized for borrowed capital.

# **C6. Trade receivables**

Subject to a significant financing component, trade receivables are initially recognized at the transaction price in accordance with IFRS 9. Non-interest-bearing or low-interest receivables with an expected remaining term of more than one year are discounted and initially recognized at their present value.

Allocation to possible IFRS 9 categories is dependent firstly on the business model test and secondly on the characteristics of the cash flows. Some companies in the Rosenbauer Group use the "hold and sell" business model for trade receivables, as the contractual cash flows are collected both through customer payments and through sales to various house banks under factoring agreements. Trade receivables are therefore assigned to the "Measurement at fair value through other comprehensive income" category. The allocation of trade receivables to this category does not have any material effect on Rosenbauer's consolidated financial statements as the majority of trade receivables are expected to be settled within one year, and it is therefore assumed that the fair value is approximately equal to amortized cost in line with the previous measurement standard. The other trade receivables are assigned to the "At amortized cost category", as the Group adopts the "hold" business model for these trade receivables.

Trade receivables that were assigned to the "At fair value through other comprehensive income" category on initial recognition are subsequently measured at fair value and written down for expected credit losses. Trade receivables that were assigned to the "At amortized cost" category at initial recognition are subsequently measured at amortized cost, reduced for write-downs for expected credit losses.

Trade receivables in foreign currency are measured at the middle exchange rate as of the end of the reporting period.

The Group determines on each balance sheet date whether there is an impairment of a financial asset or a group of financial assets.

In calculating the impairment at the level of expected credit losses, a distinction is made between receivables with and without credit impairment. A receivable is classified as having credit impairment if the following events occur:

- The receivable is past due and there are clear indications that the customer will fail to make payment on what is owed.
- Bankruptcy proceedings are likely to or have already been initiated.
- Settlement negotiations were initiated with Rosenbauer.

For receivables with credit impairment, the impairment is recognized using a specific valuation allowance in the amount of the expected credit losses.

All other receivables are therefore not classified as having credit impairment. At the end of each reporting period, the impairment is generally determined for receivables without credit impairment using an impairment matrix in the amount of the expected credit losses. The provision rates are determined on the basis of the past due period in days. The calculation includes the probability-weighted outcome based on the time value of money and reasonable and supportable information about past events and economic conditions to be expected in the future that are available at the end of the reporting period.

Impairment losses are reversed in profit or loss if the reason for the impairment is no longer applicable or there is improvement.

The receivable is derecognized only in the event of insolvency or unsuccessful legal claims.

- A financial asset (or part of a financial asset or part of a group of financial assets) is derecognized when it meets one of the following three conditions:
- a) The contractual rights to receive the cash flows of that financial asset have expired.
- b) The Group has transferred the contractual rights to receive the cash flows of the financial asset and either transferred substantially all the risks and rewards of ownership of the financial asset or neither transferred nor retained substantially all the risks and rewards of ownership of the financial asset, but has transferred control of the asset.

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# **C7. Cash in hand**

The cash and cash equivalents reported under "Cash and cash equivalents" such as cash in hand and bank balances are classified at initial recognition as "At amortized cost" for subsequent measurement.

The cash and cash equivalents reported under "Cash and cash equivalents" are measured in subsequent periods using the effective interest method and are tested for impairment in accordance with IFRS 9. Impairment is recognized through profit and loss.

The Group determines on each balance sheet date whether there is an impairment of a financial asset or a group of financial assets. In terms of calculating impairment requirements for cash and bank balances, the Group uses simplification regulations from IFRS 9.5.5.10 (the simplification of financial instruments with low credit risk), according to which there is no review of credit deterioration at financial institutions with a credit rating in the "investment grade" category. The expected credit losses calculated for bank balances are immaterial.

Cash and cash equivalents in foreign currency are measured at the middle exchange rate as of the end of the reporting period.

Interest income is recognized pro rata temporis taking into account the effective interest rate on the asset.

# **C8. Derivative financial instruments and hedge accounting**

Regular way purchases and sales of financial assets are recognized as of the settlement date, i.e. the date on which the company commits to purchasing the asset.

The Group uses derivative financial instruments, such as currency forwards, as hedge against exchange rate risks. These derivative financial instruments are recognized at fair value when the agreement is concluded and subsequently remeasured at fair value in subsequent periods. Derivative financial instruments are recognized as financial assets if their fair value is positive, and as financial liabilities if this is negative.

Subsequent derivatives to which hedge accounting does not apply are assigned to the "Mandatorily measured at fair value through profit or loss" IFRS 9 category, with the total changes in the fair value recognized in the income statement.

In the Rosenbauer Group, certain hedging relationships in the foreign currency area are designated as cash flow hedges. Derivative financial instruments, which are designated as hedging instruments as part of the hedge accounting regulations of IFRS 9 ("Financial Instruments"), are recognized at the effective portion of fair value in other comprehensive income and accumulated in the hedging reserve in equity. The ineffective portion of an effective hedging instrument is recognized in profit or loss. As of the date of the hedged item being recognized, the result of the hedge will be reclassified from other comprehensive income to the income statement. When the hedging instrument expires or is sold, terminated or exercised, or the hedge no longer exists but the proposed transaction is still expected to occur, the unrealized gains/losses accrued from this hedging instrument to date remain in equity and, in accordance with the above, are recognized in profit or loss when the hedged item is recognized in the income statement. If the originally hedged transaction is no longer expected to occur, the cumulative unrealized gains and losses in equity until then are also recognized in profit or loss.

The hedging policy and the financial instruments in place as of the end of the reporting period are described in more detail under note D37. "Risk management".

# **C9. Non-current staff obligations**

#### **Defined benefit plans**

On the basis of statutory obligations, employees of Austrian Group companies who joined before December 31, 2002 receive a one-time settlement in the event of termination or as of the retirement date. This is dependent on the number of years of service and the relevant remuneration at the time of settlement. The benefit obligations are offset by provisions calculated in line with actuarial principles. The provision for defined benefit plans recognized in the statement of financial position is equal to the present value of the defined benefit obligation (DBO) at the end of the reporting period. Provisions for severance are calculated uniformly as of the end of the reporting period in line with the projected unit credit method using an interest rate of 3.5% p.a. (2022: 4.1% p.a.) and a growth rate for future pay increases of between 3.0% and 4.5% p.a. (2022: 3.0% to 6.0% p.a.). Interest expenses on staff provisions are recognized as finance cost. The discount rate is determined on the basis of yields on prime, fixed rate corporate bonds with a rating of AA or better. The term of the bonds matches the expected maturities of the defined benefit obligations.

In addition to disability and mortality rates (basis: data AVÖ 2018-P for salaried employees and Pagler & Pagler for manual workers) and retirement on reaching pension age, the turnover rate was set at between 0.0% and 2.32% (2022: between 0.0% and 1.81%) depending on the number of years of service completed. The calculation is based on individual retirement age in accordance with the Austrian Pension Reform, taking into account the gradual achievement of retirement age.

The provision amounts are calculated by an actuary as of the end of the respective reporting period in the form of an actuarial report.

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In accordance with IAS 19, the remeasurement of provisions for pensions and similar obligations, and of settlement obligations, is recognized in other comprehensive income.

For the pension commitments in place that were determined under works agreements, the scope of benefits is based on eligible years of service in the form of a fixed amount per year. This fixed amount is based on the eligible individual income on retirement. Current pensions are regularly reviewed to ensure that they maintain their value. Current pensions are paid out 14 times per year.

The calculation of severance and pension obligations is based on the following parameters:

|         | Interest rate |      | Salary increase |            | Pension increase |      |
|---------|---------------|------|-----------------|------------|------------------|------|
| in %    | 2022          | 2023 | 2022            | 2023       | 2022             | 2023 |
| Austria | 4.1           | 3.5  |                 |            |                  |      |
|         |               |      | 2023 6%;        |            |                  |      |
|         |               |      | 2024 4.5%;      | 2024 4.5%; |                  |      |
|         |               |      | 2025f 3%        | 2025f 3%   |                  |      |
| Germany | 4.1           | 3.5  |                 |            | 2.0              | 2.0  |

#### **Defined contribution plans**

In addition to the defined benefit system, there is a defined contribution plan for employees in Austria who joined after January 1, 2003. An amount prescribed by law of 1.53% of gross total salary must be paid into an employee pension fund (2023: € 1,310 thousand; 2022: € 1,210 thousand), which is recognized in staff costs. Furthermore, amounts of € 307 thousand (2022: € 429 thousand) in Austria and € 1,603 thousand (2022: € 1,384 thousand) in the United States were paid into a pension system that constitutes a defined contribution plan. In Germany, contributions of € 4,006 thousand (2022: € 3,883 thousand) were paid into the German pension plan that also constitutes a defined contribution plan. As there are no further commitments other than these contributions, as in Austria, no provisions were required.

#### **Other con-current staff obligations**

Provisions for anniversary bonuses are calculated uniformly as of the end of the reporting period in line with the projected unit credit method using an interest rate of 3.5% p.a. (2022: 4.2% p.a.) and a growth rate for future pay increases of between 3.0% and 4.5% p.a. (2022: 3.0% to 6.0% p.a.). In addition, further to disability and mortality rates (basis: AVÖ 2018-P for employees and Pagler & Pagler for manual workers) and retirement on reaching pension age, turnover rates of between 0.0% and 6.69% (2022: between 0.0% and 6.53%) depending on the number of years of service completed were taken into account. The interest expenses on staff provisions for long-service bonuses are reported in staff costs.

# **C10. Other provisions**

Other current and non-current provisions include all risks from uncertain obligations from past events by the time of the preparation of the statement of financial position. If such obligations will probably lead to an outflow of resources embodying economic benefits, they are carried at the amount considered the most likely given a careful review of the matter.

If the Group expects at least a partial reimbursement for a recognized provision (for example, from an insurance policy), the reimbursement is recognized as a separate asset if it is as good as certain. The expense relating to the provision is reported in the income statement net of the amount recognized for reimbursement. Where the effect of the time value of money is material, provisions are discounted using a pre-tax rate that reflects the risks specific to the liability, if necessary, in the individual case. The increase in provisions over time in the event of discounting is recognized in net finance costs.

# **C11. Liabilities**

Other current and non-current provisions include all risks from uncertain obligations from past events by the time of the preparation of the statement of financial position. If such obligations will probably lead to an outflow of resources embodying economic benefits, they are carried at the amount considered the most likely given a careful review of the matter.

Financial liabilities from callable non-controlling interests are recognized at fair value (level 3). For the repayment amount, the purchase price formula according to the shareholders' agreement ("operating agreement") is applied at the earliest possible exercise date. The two most recently available financial statements and the most recently approved planning for the subsequent year are consulted for the purchase price formula, and the pro rata equity is also recognized. The longest lead time of the shareholders' agreement (three months) is used as the expected payment date. The short-term interest rate of 9.5% (2022: 6.7%) is derived from observable, short-term USD interest rates and also includes own credit risk and other risk components. The result of remeasurement is recognized directly in other comprehensive income. If the net result planned for the subsequent year were to increase by 10%, the liability would increase by € 325 thousand (2022: € 275 thousand).

A financial liability is derecognized when the obligation specified in the contract is discharged, canceled or expires. If a financial liability is exchanged for a different financial liability to the same lender with substantially different terms or if the terms of an existing financial liability are substantially changed, such an exchange or change of terms is treated as the derecognition of the original liability and the recognition of a new liability. The difference between the respective carrying amounts is recognized in profit or loss.

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# **C12. Revenue recognition**

The Group operates in the areas of the sale of firefighting vehicles, firefighting systems and equipment, the sale of stationary and mobile systems for preventive firefighting and related after-sale services. Revenues from contracts with customers are recognized if the control of goods and after-sale services is transferred to the customer. Recognition occurs in the amount of the consideration that the Group expects to be entitled to in exchange for these goods or services.

The significant judgments, estimates and assumptions in connection with the revenues from contracts with customers are described in C15 disclosures.

#### Revenues from the sale of vehicles, firefighting systems, equipment and stationary and mobile fire extinguishing systems

These revenues are recognized when control of the asset is transferred to the customer. This is generally the case for delivery. In special cases, for example, delayed acceptance by the customer, bill-and-hold agreements may also apply. The payment terms are short-term and do not include a financing component. If other loan commitments are included in the contract that represent separate performance obligations, a portion of the transaction price is assigned to these loan commitments. (e. g. extended warranties) In accordance with IFRS 15, repurchase obligations are taken into account as a variable component of consideration when determining the transaction price. Anticipated penalties are treated as transaction price reductions and, as a result, shown as revenue reductions.

In applying the regulatory waiver contained in IFRS 15, the Group needs not adjust the promised amount of consideration for the effects of a significant financing component if the entity expects, at contract inception, that the period between when the entity transfers of the promised good or service to a customer and when the customer pays for that good or service will be one year or less.

#### Revenues from the sale of after-sale services

The Group performs servicing (maintenance, customer service, refurbishment) that is sold to the customer either individually or in a bundle with the sale of vehicles, firefighting systems, equipment and stationary and mobile fire extinguishing systems. Multiple-element arrangements therefore contain both a service component and the delivery of goods. Consequently, the Group allocates the transaction price of the individual components on the basis of relative individual selling prices and the revenues from these contracts are not realized in full as of a specific time. The payment period normally ends 0 to 30 days after invoice date.

#### Repurchase obligations

In accordance with IFRS 15, repurchase obligations in customer contracts must be taken into account as a variable component of consideration when determining the transaction price. IFRS 15 requires that revenues from sales are only recognized to the extent that future cancellation is not expected.

#### Contract liabilities

A contract liability is a Group's obligation to transfer goods or services to a customer for which the entity has received consideration (or an amount of consideration is due) from the customer. If a customer pays consideration before the Group transfers the goods or services to the customer, a contract liability will be recognized when the payment is made or the payment is due (whichever is earlier). Contract liabilities are recognized as revenues, as soon as the Group fulfills its contractual obligations.

#### Warranty

For the majority of contracts with customers, there is a legal warranty period in the respective country. In individual cases, extended warranties are sold in separate contracts or in multiple-component arrangements, beyond the legal warranty period. In the case of multiple-component arrangements, these are accounted for as separate performance obligations.

#### Contract acquisition costs

The Rosenbauer Group uses the practical expedient from IFRS 15, whereby contract acquisition costs from contracts with customers with a term of less than one year are to be recognized as an expense and should not be capitalized when these costs are incurred.

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# **C13. Government grants**

Government grants in connection with investments result in reductions in acquisition and production costs. Grants for costs that cannot be specifically allocated, such as in particular research and development costs for research and development projects that cannot be capitalized, are recognized in other income. Grants relating to directly attributable costs, such as in particular short-time working allowances or reimbursement of non-wage labor costs, reduce the corresponding expenses in the income statement.

# **C14. Currency translation**

Monetary items in a foreign currency are translated into the functional currency at the end of each reporting period using the exchange rate at the end of the reporting period. Non-monetary items recognized in line with the historical cost principle are still reported using the exchange rate at the time of first-time recognition. Nonmonetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. Foreign exchange differences from the translation of monetary items are recognized in profit or loss. This does not include foreign exchange differences from foreign currency borrowings to the extent that they are used to hedge a net investment in a foreign operation.

# **C15. Estimates and judgments**

In the consolidated financial statements, to a certain degree, estimates and assumptions must be made that affect the recognized assets and liabilities, the disclosure of other obligations at the end of the reporting period and the reporting of income and expenses during the reporting period. The actual amounts that arise in the future can differ from estimates.

#### **Assumptions and estimates**

#### **Measurement of receivables**

The Group uses an impairment matrix to calculate the expected credit losses on trade receivables. The provision rates are determined on the basis of the past due period in days.

The impairment matrix is initially based on the Group's historical loss rates. The Group subsequently calibrates the table to adjust its historical defaults to information about the future. If, for example, it is assumed that the forecast economic conditions will deteriorate in the course of the coming year, the historical loss rates will be adjusted. This occurred in 2022 in connection with adjustments due to the coronavirus crisis and the Russia/Ukraine crisis. The historical loss rates are updated and any changes to estimates about the future are analyzed at the end of each reporting period.

Assessment of the relationship between the historical loss rates, the forecast economic conditions and the expected credit losses constitutes a significant estimate. The amount of expected credit losses depends on the changes in circumstances and the forecast economic conditions. (Details on receivables and the probability of default can be found in notes D7. "Current receivables and other assets.")

#### **Inventory measurement**

A standardized marketability and visibility write-down was implemented to take into account the risk of obsoleteness. Finished goods are also systematically reviewed in terms of measurement at the lower of cost or market value, which is essentially defined by sales price expectations, currency developments, the time of sale and the costs still anticipated (for details see note D6.).

#### **Deferred tax assets**

Tax planning is used as the basis for the capitalization of deferred tax assets, taking into account the business planning by subsidiaries. If, on the basis of these future forecasts, a loss carryforward is not expected to be used within an appropriate period of five years, the loss carryforward is not recognized (see note D5.).

#### **Staff provisions**

The Rosenbauer Group uses actuarial calculations from actuaries for staff provisions. The calculations are based on assumptions regarding the discount rate and increases in remuneration and pensions (details of the assumptions and the amounts recognized for staff provisions can be found in

#### **Other provisions**

The amount recognized as a provision for warranties is the present value of the best estimate of these costs based on past experience (2023: € 11,786 thousand; 2022: € 12,871 thousand). The Group expects to settle the majority of the provisions in the coming year.

#### **Development costs**

Development costs were capitalized in line with the accounting policies presented. First-time recognition of costs is based on the management assessment that technical feasibility and commercial viability have been demonstrated. For the purposes of calculating the amounts to be capitalized, the management makes assumptions regarding the forecast future cash flows from the project, the applicable discount rates and the period when the forecast future benefit will be received.

Capitalized development costs that have not yet been amortized and their underlying development projects generate their own future cash inflows, which are tested for impairment at least once a year on the basis of economic efficiency calculations.

#### **Cash flow hedges**

In accounting for cash flow hedges for future cash flows it is assumed that these cash flows are highly likely.

{42}------------------------------------------------

#### **Fair value option**

When accounting for financial liabilities, estimates are made concerning the existence of a hedging relationship that lead to measurement at fair value being exercised.

#### **Accounting of leases**

IFRS 16 requires estimates that influence the valuation of lease liabilities and right-of-use assets. These include the terms of contracts covered by IFRS 16, the terms of the contracts and the incremental borrowing rate used to discount future payment obligations. The incremental borrowing rate is derived from the risk-free interest rate of the underlying term, adjusted for country, currency and corporate risk.

#### **Impairment of non-financial assets**

There is an impairment loss if the carrying amount of an asset or a cash-generating unit exceeds its recoverable amount. The recoverable amount of an asset or a cash-generating unit is the higher of its fair value less costs of disposal and its value in use. The calculation of the fair value less costs of disposal is based on available data from binding disposal transactions between independent business partners for similar assets or observable market prices less directly attributable costs for the disposal of the asset. A discounted cash flow method is used to calculate the value in use. The recoverable amount is dependent on the discount rate used in the discounted cash flow method and on forecast future cash flows as well as the growth rate used for purposes of extrapolation (details of the impairment of non-financial assets can be found in notes C2. and D1.).

#### **Climate risks**

In conjunction with risk management, Rosenbauer also evaluates climate risks on an ongoing basis. The identified climate-related risks and opportunities were subjected to an analysis of the financial effects on Rosenbauer and the likelihood of occurrence. The climate-related opportunities and risks were integrated into the annual risk management process. If activities with an accounting effect arise from risk management, these are recognized accordingly in the financial statements. Climate risks had no effects resulting in a change of assets' useful lives. Short- and medium-term financial planning, and thus impairment testing, are based on the strategy and the business model geared towards sustainability. Furthermore, no obligations arose in the financial year that would have required a provision or contingent liability due to climate issues. Subsidies in connection with research and development work are used where possible.

#### **Judgments when applying accounting policies**

#### **Receivables under factoring agreements**

Assesment of the requirements for derecognition as defined in IFRS 9 (see D7).

#### **Assesment of control of subsidiaries and joint management of joint ventures**

Please see D10. and D4. for information on the judgments and assumptions made in classifying Rosenbauer Aerials as a subsidiary and classifying Rosenbauer Ciansa as a joint venture.

#### **Puttable non-controlling interests**

The repayment amount results from the application of a purchase price formula. This is based on the local subgroup financial statements and the most recently approved planning for the subsequent year. The sub-group financial statements regularly include estimates and judgments, but these do not usually differ from those of the Group as a whole. The planning entails estimation uncertainty regarding the net result. There is low estimation uncertainty regarding the discount rate.

#### **Liquidity risk**

Judgements were made by the executive board for the company's going concern, for more details see D37. Risk Management d) Liquidity risk.

#### **Changes in estimates**

There were no significant changes in estimates in the 2023 financial year.

{43}------------------------------------------------

# **C16. Leases**

All significant individual leases relate to property. The terms of these contracts range between two and 31 years. Some leases provide for an extension option for the lessee; one allows for early termination by the lessee.

The majority of leases that have property as a leased asset provide for an annual index adjustment, which is based on local indices.

In terms of volume, most individual contracts in the Rosenbauer Group relate to vehicles. Many of these contracts can be classified as current. Vehicles that were included in the statement of financial position have a term of between 12 and 48 months.

#### **Extension and termination options**

Some leases within the Rosenbauer Group contain extension or termination options for the lessee. On the provision date, for each extension or termination option an assessment is made by the Group as to whether the exercise of the option can be regarded as sufficiently certain. Various factors are taken into account, including economic barriers.

The Group reassesses whether it is reasonably certain that an extension option will be exercised if a significant event or significant change in circumstances occurs that is within its control.

Potential future cash outflows of € 162 thousand (2022: € 286 thousand) were not included in the lease liability because it is not sufficiently certain that the lease agreements will be extended (or not terminated).

#### **General notes on the accounting of leases**

At inception of the lease, the Group assesses whether the agreement constitutes or contains a lease. This is the case when the agreement gives the right to control the use of an identified asset for a specified period of time against payment of a fee. In order to assess whether an agreement contains the right to control an identified asset, the Group uses the definition of a lease in accordance with IFRS 16.

This method was applied to all contracts relevant to IFRS 16.

Low-value leased assets and short-term leases with a term of less than twelve months are not capitalized in accordance with the exemption option, but are recognized on a straight-line basis.

On the provision date or when an agreement containing a lease component is amended, the Group allocates the contractually agreed remuneration on the basis of the relevant individual selling prices.

On the provision date, the Group recognizes a right-of-use asset and a lease liability. The right-of-use asset is initially measured at amortized cost, which is equal to the initial measurement of the lease liability, adjusted for payments made on or before the provision date, plus any initial direct costs and the estimated costs of dismantling or removing the underlying asset or restoring the underlying asset or the site on which it is located, less any lease incentives received.

Initially, the lease liability is measured at the present value of the lease payments not yet made at the provision date, discounted at the Group's incremental financing rate.

To determine its incremental borrowing rate, the Group obtains interest rates from external financial sources and makes certain adjustments to reflect lease terms and the nature of the asset.

{44}------------------------------------------------

# **C17. Consolidated statement of cash flows**

The consolidated statement of cash flows is presented using the indirect method. Net interest income (including interest from IFRS 16) is a component of net cash flow from operating activities. During the financial year, the item relating to the amendment from the currency translation, with the exception of the effects from cash or cash equivalents, was reclassified to the operating cash flow. The previous year was also amended (see A4).

The lease payments included in the measurement of the lease liability comprise:

- fixed payments, including de facto fixed payments
- variable lease payments linked to an index or (interest) rate, initially measured on the basis of the index or interest rate valid on the provision date
- amounts expected to be paid under a residual value guarantee, and
- the exercise price of a purchase option if the Group is reasonably certain to exercise it, lease payments for an extension option if the Group is reasonably certain to exercise it, and penalties for early termination of the lease, unless the Group is reasonably certain not to terminate the lease early.

The lease liability is measured at amortized cost using the effective interest method. It is remeasured if future lease payments change as a result of a change in an index or (interest) rate, if the Group adjusts its estimate of the expected payments under a residual value guarantee, if the Group changes its assessment regarding the exercise of a purchase, extension or termination option or if a de facto fixed lease payment changes.

If the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset or, if the carrying amount of the right-of-use asset has been reduced to zero, it is recognized in profit or loss.

The Group shows right-of-use assets and lease liabilities as separate items in the statement of financial position.

# **D. Notes to the consolidated statement of financial position and the consolidated income statement**

# **D1. Property, plant and equipment, intangible assets and right-of-use assets**

The breakdown of the items compiled in the consolidated statement of financial position and their development can be found in the consolidated statement of changes in non-current assets. As in the previous year, property, plant and equipment do not include any investment property.

The Group had contractual obligations to buy property, plant and equipment of € 3,685 thousand as of December 31, 2023 (2022: € 3,017 thousand).

Property, plant and equipment of € 8,099 thousand was pledged as collateral for liabilities in 2023 (2022: € 7,617 thousand). There are no restrictions on title.

Development costs of € 6,104 thousand (2022: € 6,271 thousand) were capitalized as internally developed intangible assets in the 2023 financial year.

{45}------------------------------------------------

|                                                  | Cost of acquisition or production |                         |                                        |           |           |                  |                       | Accumulated depreciation |                         |           |           |                  |                       | Net book value        |                       |                                                  | Cost of acquisition or production |                         |                                        |           |           |                  |                       | Accumulated depreciation |                         |           |           |                  |                       | Net book value        |                       |                      |        |   |   |       |        |   |        |       |   |       |   |   |        |        |        |                            |    |   |   |       |   |        |    |   |   |   |   |   |   |    |    |  |        |    |   |        |      |   |        |        |     |       |     |   |        |        |        |                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |                       |        |     |   |       |   |   |        |        |     |       |   |   |        |        |        |                     |     |    |   |   |   |   |     |     |   |    |   |   |     |     |     |                                         |       |    |   |       |   |   |       |       |    |       |   |   |       |       |       |                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |             |     |   |   |   |   |   |     |    |   |    |   |   |     |    |    |  |        |     |   |       |   |   |        |        |     |       |   |   |        |        |        |  |         |       |   |        |       |   |         |         |       |        |       |   |         |         |         |
|--------------------------------------------------|-----------------------------------|-------------------------|----------------------------------------|-----------|-----------|------------------|-----------------------|--------------------------|-------------------------|-----------|-----------|------------------|-----------------------|-----------------------|-----------------------|--------------------------------------------------|-----------------------------------|-------------------------|----------------------------------------|-----------|-----------|------------------|-----------------------|--------------------------|-------------------------|-----------|-----------|------------------|-----------------------|-----------------------|-----------------------|----------------------|--------|---|---|-------|--------|---|--------|-------|---|-------|---|---|--------|--------|--------|----------------------------|----|---|---|-------|---|--------|----|---|---|---|---|---|---|----|----|--|--------|----|---|--------|------|---|--------|--------|-----|-------|-----|---|--------|--------|--------|--------------------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|-----------------------|--------|-----|---|-------|---|---|--------|--------|-----|-------|---|---|--------|--------|--------|---------------------|-----|----|---|---|---|---|-----|-----|---|----|---|---|-----|-----|-----|-----------------------------------------|-------|----|---|-------|---|---|-------|-------|----|-------|---|---|-------|-------|-------|-------------------------------|--|--|--|--|--|--|--|--|--|--|--|--|--|--|--|-------------|-----|---|---|---|---|---|-----|----|---|----|---|---|-----|----|----|--|--------|-----|---|-------|---|---|--------|--------|-----|-------|---|---|--------|--------|--------|--|---------|-------|---|--------|-------|---|---------|---------|-------|--------|-------|---|---------|---------|---------|
| in € thousand                                    | As of Jan 1,<br>2023              | Currency<br>differences | Change in<br>basis of<br>consolidation | Additions | Disposals | Adjust-<br>ments | As of Dec<br>31, 2023 | As of Jan 1,<br>2023     | Currency<br>differences | Additions | Disposals | Adjust-<br>ments | As of Dec<br>31, 2023 | As of Dec<br>31, 2023 | As of Dec<br>31, 2022 | in € thousand                                    | As of Jan 1,<br>2022              | Currency<br>differences | Change in<br>basis of<br>consolidation | Additions | Disposals | Adjust-<br>ments | As of Dec<br>31, 2022 | As of Jan 1,<br>2022     | Currency<br>differences | Additions | Disposals | Adjust-<br>ments | As of Dec<br>31, 2022 | As of Dec<br>31, 2022 | As of Dec<br>31, 2021 |                      |        |   |   |       |        |   |        |       |   |       |   |   |        |        |        |                            |    |   |   |       |   |        |    |   |   |   |   |   |   |    |    |  |        |    |   |        |      |   |        |        |     |       |     |   |        |        |        |                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |                       |        |     |   |       |   |   |        |        |     |       |   |   |        |        |        |                     |     |    |   |   |   |   |     |     |   |    |   |   |     |     |     |                                         |       |    |   |       |   |   |       |       |    |       |   |   |       |       |       |                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |             |     |   |   |   |   |   |     |    |   |    |   |   |     |    |    |  |        |     |   |       |   |   |        |        |     |       |   |   |        |        |        |  |         |       |   |        |       |   |         |         |       |        |       |   |         |         |         |
| Property, plant and<br>I.<br>equipment           |                                   |                         |                                        |           |           |                  |                       |                          |                         |           |           |                  |                       |                       |                       | Property, plant and<br>I.<br>equipment           |                                   |                         |                                        |           |           |                  |                       |                          |                         |           |           |                  |                       |                       |                       |                      |        |   |   |       |        |   |        |       |   |       |   |   |        |        |        |                            |    |   |   |       |   |        |    |   |   |   |   |   |   |    |    |  |        |    |   |        |      |   |        |        |     |       |     |   |        |        |        |                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |                       |        |     |   |       |   |   |        |        |     |       |   |   |        |        |        |                     |     |    |   |   |   |   |     |     |   |    |   |   |     |     |     |                                         |       |    |   |       |   |   |       |       |    |       |   |   |       |       |       |                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |             |     |   |   |   |   |   |     |    |   |    |   |   |     |    |    |  |        |     |   |       |   |   |        |        |     |       |   |   |        |        |        |  |         |       |   |        |       |   |         |         |       |        |       |   |         |         |         |
| 1. Land and buildings                            |                                   |                         |                                        |           |           |                  |                       |                          |                         |           |           |                  |                       |                       |                       | 1. Land and buildings                            |                                   |                         |                                        |           |           |                  |                       |                          |                         |           |           |                  |                       |                       |                       |                      |        |   |   |       |        |   |        |       |   |       |   |   |        |        |        |                            |    |   |   |       |   |        |    |   |   |   |   |   |   |    |    |  |        |    |   |        |      |   |        |        |     |       |     |   |        |        |        |                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |                       |        |     |   |       |   |   |        |        |     |       |   |   |        |        |        |                     |     |    |   |   |   |   |     |     |   |    |   |   |     |     |     |                                         |       |    |   |       |   |   |       |       |    |       |   |   |       |       |       |                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |             |     |   |   |   |   |   |     |    |   |    |   |   |     |    |    |  |        |     |   |       |   |   |        |        |     |       |   |   |        |        |        |  |         |       |   |        |       |   |         |         |       |        |       |   |         |         |         |
| a) Land value                                    | 15,064                            | -50                     | 0                                      | 0         | 0         | 0                | 15,014                | 42                       | 0                       | 2         | 0         | 0                | 44                    | 14,970                | 15,022                | a) Land value                                    | 14,958                            | 83                      | 0                                      | 23        | 0         | 0                | 15,064                | 40                       | 0                       | 2         | 0         | 0                | 42                    | 15,022                | 14,918                |                      |        |   |   |       |        |   |        |       |   |       |   |   |        |        |        |                            |    |   |   |       |   |        |    |   |   |   |   |   |   |    |    |  |        |    |   |        |      |   |        |        |     |       |     |   |        |        |        |                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |                       |        |     |   |       |   |   |        |        |     |       |   |   |        |        |        |                     |     |    |   |   |   |   |     |     |   |    |   |   |     |     |     |                                         |       |    |   |       |   |   |       |       |    |       |   |   |       |       |       |                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |             |     |   |   |   |   |   |     |    |   |    |   |   |     |    |    |  |        |     |   |       |   |   |        |        |     |       |   |   |        |        |        |  |         |       |   |        |       |   |         |         |       |        |       |   |         |         |         |
| b) Office and plant buildings                    | 126,468                           | -200                    | 0                                      | 2,658     | 987       | 298              | 128,237               | 57,980                   | 120                     | 4,182     | 317       | 0                | 61,965                | 66,272                | 68,488                | b) Office and plant buildings                    | 123,349                           | 2,041                   | 0                                      | 2,318     | 1,636     | 396              | 126,468               | 53,732                   | 1,073                   | 4,103     | 928       | 0                | 57,980                | 68,488                | 69,617                |                      |        |   |   |       |        |   |        |       |   |       |   |   |        |        |        |                            |    |   |   |       |   |        |    |   |   |   |   |   |   |    |    |  |        |    |   |        |      |   |        |        |     |       |     |   |        |        |        |                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |                       |        |     |   |       |   |   |        |        |     |       |   |   |        |        |        |                     |     |    |   |   |   |   |     |     |   |    |   |   |     |     |     |                                         |       |    |   |       |   |   |       |       |    |       |   |   |       |       |       |                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |             |     |   |   |   |   |   |     |    |   |    |   |   |     |    |    |  |        |     |   |       |   |   |        |        |     |       |   |   |        |        |        |  |         |       |   |        |       |   |         |         |       |        |       |   |         |         |         |
| c) Outside facilities                            | 10,012                            | 0                       | 0                                      | 570       | 0         | 0                | 10,582                | 6,248                    | 0                       | 465       | 0         | 0                | 6,713                 | 3,868                 | 3,763                 | c) Outside facilities                            | 10,039                            | 0                       | 0                                      | 142       | 169       | 0                | 10,012                | 5,925                    | 0                       | 489       | 166       | 0                | 6,248                 | 3,763                 | 4,113                 |                      |        |   |   |       |        |   |        |       |   |       |   |   |        |        |        |                            |    |   |   |       |   |        |    |   |   |   |   |   |   |    |    |  |        |    |   |        |      |   |        |        |     |       |     |   |        |        |        |                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |                       |        |     |   |       |   |   |        |        |     |       |   |   |        |        |        |                     |     |    |   |   |   |   |     |     |   |    |   |   |     |     |     |                                         |       |    |   |       |   |   |       |       |    |       |   |   |       |       |       |                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |             |     |   |   |   |   |   |     |    |   |    |   |   |     |    |    |  |        |     |   |       |   |   |        |        |     |       |   |   |        |        |        |  |         |       |   |        |       |   |         |         |       |        |       |   |         |         |         |
| d) Investments in non-owned<br>buildings         | 12,924                            | -66                     | 0                                      | 440       | 41        | -49              | 13,208                | 7,588                    | -62                     | 987       | 27        | 0                | 8,486                 | 4,722                 | 5,336                 | d) Investments in non-owned<br>buildings         | 12,346                            | 179                     | 0                                      | 413       | 14        | 0                | 12,924                | 6,543                    | 85                      | 965       | 5         | 0                | 7,588                 | 5,336                 | 5,803                 |                      |        |   |   |       |        |   |        |       |   |       |   |   |        |        |        |                            |    |   |   |       |   |        |    |   |   |   |   |   |   |    |    |  |        |    |   |        |      |   |        |        |     |       |     |   |        |        |        |                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |                       |        |     |   |       |   |   |        |        |     |       |   |   |        |        |        |                     |     |    |   |   |   |   |     |     |   |    |   |   |     |     |     |                                         |       |    |   |       |   |   |       |       |    |       |   |   |       |       |       |                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |             |     |   |   |   |   |   |     |    |   |    |   |   |     |    |    |  |        |     |   |       |   |   |        |        |     |       |   |   |        |        |        |  |         |       |   |        |       |   |         |         |       |        |       |   |         |         |         |
| 2. Undeveloped land                              | 10,762                            | 137                     | 0                                      | 0         | 0         | 0                | 10,899                | 0                        | 0                       | 0         | 0         | 0                | 0                     | 10,899                | 10,762                | 2. Undeveloped land                              | 10,572                            | 101                     | 0                                      | 89        | 0         | 0                | 10,762                | 0                        | 0                       | 0         | 0         | 0                | 0                     | 10,762                | 10,572                |                      |        |   |   |       |        |   |        |       |   |       |   |   |        |        |        |                            |    |   |   |       |   |        |    |   |   |   |   |   |   |    |    |  |        |    |   |        |      |   |        |        |     |       |     |   |        |        |        |                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |                       |        |     |   |       |   |   |        |        |     |       |   |   |        |        |        |                     |     |    |   |   |   |   |     |     |   |    |   |   |     |     |     |                                         |       |    |   |       |   |   |       |       |    |       |   |   |       |       |       |                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |             |     |   |   |   |   |   |     |    |   |    |   |   |     |    |    |  |        |     |   |       |   |   |        |        |     |       |   |   |        |        |        |  |         |       |   |        |       |   |         |         |       |        |       |   |         |         |         |
| 3. Technical equipment and<br>machinery          | 70,603                            | -1,354                  | 0                                      | 5,256     | 5,579     | 952              | 69,878                | 42,007                   | -436                    | 5,091     | 1,779     | 0                | 44,883                | 24,994                | 28,595                | 3. Technical equipment and<br>machinery          | 68,473                            | 1,052                   | 0                                      | 4,476     | 3,014     | -384             | 70,603                | 37,182                   | 681                     | 5,725     | 1,334     | -247             | 42,007                | 28,595                | 31,290                |                      |        |   |   |       |        |   |        |       |   |       |   |   |        |        |        |                            |    |   |   |       |   |        |    |   |   |   |   |   |   |    |    |  |        |    |   |        |      |   |        |        |     |       |     |   |        |        |        |                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |                       |        |     |   |       |   |   |        |        |     |       |   |   |        |        |        |                     |     |    |   |   |   |   |     |     |   |    |   |   |     |     |     |                                         |       |    |   |       |   |   |       |       |    |       |   |   |       |       |       |                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |             |     |   |   |   |   |   |     |    |   |    |   |   |     |    |    |  |        |     |   |       |   |   |        |        |     |       |   |   |        |        |        |  |         |       |   |        |       |   |         |         |       |        |       |   |         |         |         |
| 4. Other equipment, furniture<br>and fixture     | 93,994                            | 716                     | 0                                      | 7,545     | 2,453     | -856             | 98,946                | 70,693                   | -121                    | 7,996     | 2,164     | 0                | 76,404                | 22,542                | 23,301                | 4. Other equipment, furniture<br>and fixture     | 89,648                            | 577                     | 0                                      | 6,056     | 2,792     | 505              | 93,994                | 64,572                   | 396                     | 7,611     | 2,133     | 247              | 70,693                | 23,301                | 25,076                |                      |        |   |   |       |        |   |        |       |   |       |   |   |        |        |        |                            |    |   |   |       |   |        |    |   |   |   |   |   |   |    |    |  |        |    |   |        |      |   |        |        |     |       |     |   |        |        |        |                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |                       |        |     |   |       |   |   |        |        |     |       |   |   |        |        |        |                     |     |    |   |   |   |   |     |     |   |    |   |   |     |     |     |                                         |       |    |   |       |   |   |       |       |    |       |   |   |       |       |       |                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |             |     |   |   |   |   |   |     |    |   |    |   |   |     |    |    |  |        |     |   |       |   |   |        |        |     |       |   |   |        |        |        |  |         |       |   |        |       |   |         |         |       |        |       |   |         |         |         |
| 5. Advance payments received<br>and construction |                                   |                         |                                        |           |           |                  |                       |                          |                         |           |           |                  |                       |                       |                       | 5. Advance payments received<br>and construction |                                   |                         |                                        |           |           |                  |                       |                          |                         |           |           |                  |                       |                       |                       |                      |        |   |   |       |        |   |        |       |   |       |   |   |        |        |        |                            |    |   |   |       |   |        |    |   |   |   |   |   |   |    |    |  |        |    |   |        |      |   |        |        |     |       |     |   |        |        |        |                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |                       |        |     |   |       |   |   |        |        |     |       |   |   |        |        |        |                     |     |    |   |   |   |   |     |     |   |    |   |   |     |     |     |                                         |       |    |   |       |   |   |       |       |    |       |   |   |       |       |       |                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |             |     |   |   |   |   |   |     |    |   |    |   |   |     |    |    |  |        |     |   |       |   |   |        |        |     |       |   |   |        |        |        |  |         |       |   |        |       |   |         |         |       |        |       |   |         |         |         |
| in progress                                      | 672                               | 19                      | 0                                      | 1,619     | 58        | -356             | 1,896                 | 20                       | 0                       | 0         | 0         | 0                | 20                    | 1,876                 | 652                   | in progress                                      | 684                               | 2                       | 0                                      | 503       | 0         | -517             | 672                   | 0                        | 0                       | 20        | 0         | 0                | 20                    | 652                   | 684                   |                      |        |   |   |       |        |   |        |       |   |       |   |   |        |        |        |                            |    |   |   |       |   |        |    |   |   |   |   |   |   |    |    |  |        |    |   |        |      |   |        |        |     |       |     |   |        |        |        |                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |                       |        |     |   |       |   |   |        |        |     |       |   |   |        |        |        |                     |     |    |   |   |   |   |     |     |   |    |   |   |     |     |     |                                         |       |    |   |       |   |   |       |       |    |       |   |   |       |       |       |                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |             |     |   |   |   |   |   |     |    |   |    |   |   |     |    |    |  |        |     |   |       |   |   |        |        |     |       |   |   |        |        |        |  |         |       |   |        |       |   |         |         |       |        |       |   |         |         |         |
|                                                  | 340,499                           | -798                    | 0                                      | 18,088    | 9,118     | -11              | 348,660               | 184,580                  | -499                    | 18,723    | 4,287     | 0                | 198,517               | 150,143               | 155,919               |                                                  | 330,069                           | 4,035                   | 0                                      | 14,020    | 7,625     | 0                | 340,499               | 167,996                  | 2,235                   | 18,915    | 4,566     | 0                | 184,580               | 155,919               | 162,073               |                      |        |   |   |       |        |   |        |       |   |       |   |   |        |        |        |                            |    |   |   |       |   |        |    |   |   |   |   |   |   |    |    |  |        |    |   |        |      |   |        |        |     |       |     |   |        |        |        |                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |                       |        |     |   |       |   |   |        |        |     |       |   |   |        |        |        |                     |     |    |   |   |   |   |     |     |   |    |   |   |     |     |     |                                         |       |    |   |       |   |   |       |       |    |       |   |   |       |       |       |                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |             |     |   |   |   |   |   |     |    |   |    |   |   |     |    |    |  |        |     |   |       |   |   |        |        |     |       |   |   |        |        |        |  |         |       |   |        |       |   |         |         |       |        |       |   |         |         |         |
| II. Intangible assets                            |                                   |                         |                                        |           |           |                  |                       |                          |                         |           |           |                  |                       |                       |                       | II. Intangible assets                            |                                   |                         |                                        |           |           |                  |                       |                          |                         |           |           |                  |                       |                       |                       |                      |        |   |   |       |        |   |        |       |   |       |   |   |        |        |        |                            |    |   |   |       |   |        |    |   |   |   |   |   |   |    |    |  |        |    |   |        |      |   |        |        |     |       |     |   |        |        |        |                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |                       |        |     |   |       |   |   |        |        |     |       |   |   |        |        |        |                     |     |    |   |   |   |   |     |     |   |    |   |   |     |     |     |                                         |       |    |   |       |   |   |       |       |    |       |   |   |       |       |       |                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |             |     |   |   |   |   |   |     |    |   |    |   |   |     |    |    |  |        |     |   |       |   |   |        |        |     |       |   |   |        |        |        |  |         |       |   |        |       |   |         |         |       |        |       |   |         |         |         |
| 1. Rights/licenses                               | 18,116                            | -85                     | 0                                      | 2,170     | 193       | -640             | 19,368                | 9,431                    | -8                      | 1,814     | 185       | 0                | 11,052                | 8,316                 | 8,685                 | 1. Rights/licenses                               | 14,061                            | 80                      | 0                                      | 2,899     | 333       | 1,409            | 18,116                | 8,136                    | 11                      | 1,617     | 333       | 0                | 9,431                 | 8,685                 | 5,925                 |                      |        |   |   |       |        |   |        |       |   |       |   |   |        |        |        |                            |    |   |   |       |   |        |    |   |   |   |   |   |   |    |    |  |        |    |   |        |      |   |        |        |     |       |     |   |        |        |        |                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |                       |        |     |   |       |   |   |        |        |     |       |   |   |        |        |        |                     |     |    |   |   |   |   |     |     |   |    |   |   |     |     |     |                                         |       |    |   |       |   |   |       |       |    |       |   |   |       |       |       |                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |             |     |   |   |   |   |   |     |    |   |    |   |   |     |    |    |  |        |     |   |       |   |   |        |        |     |       |   |   |        |        |        |  |         |       |   |        |       |   |         |         |       |        |       |   |         |         |         |
| 2. Goodwill                                      | 6,600                             | 7                       | 0                                      | 0         | 0         | 0                | 6,607                 | 1,286                    | 0                       | 0         | 0         | 0                | 1,286                 | 5,322                 | 5,315                 | 2. Goodwill                                      | 6,618                             | -18                     | 0                                      | 0         | 0         | 0                | 6,600                 | 1,286                    | 0                       | 0         | 0         | 0                | 1,286                 | 5,315                 | 5,333                 |                      |        |   |   |       |        |   |        |       |   |       |   |   |        |        |        |                            |    |   |   |       |   |        |    |   |   |   |   |   |   |    |    |  |        |    |   |        |      |   |        |        |     |       |     |   |        |        |        |                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |                       |        |     |   |       |   |   |        |        |     |       |   |   |        |        |        |                     |     |    |   |   |   |   |     |     |   |    |   |   |     |     |     |                                         |       |    |   |       |   |   |       |       |    |       |   |   |       |       |       |                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |             |     |   |   |   |   |   |     |    |   |    |   |   |     |    |    |  |        |     |   |       |   |   |        |        |     |       |   |   |        |        |        |  |         |       |   |        |       |   |         |         |       |        |       |   |         |         |         |
| 3. Customer base                                 | 7,324                             | 17                      | 0                                      | 0         | 7         | 0                | 7,334                 | 5,887                    | 13                      | 443       | 0         | 0                | 6,343                 | 991                   | 1,437                 | 3. Customer base                                 | 7,369                             | -45                     | 0                                      | 0         | 0         | 0                | 7,324                 | 5,469                    | -31                     | 449       | 0         | 0                | 5,887                 | 1,437                 | 1,900                 |                      |        |   |   |       |        |   |        |       |   |       |   |   |        |        |        |                            |    |   |   |       |   |        |    |   |   |   |   |   |   |    |    |  |        |    |   |        |      |   |        |        |     |       |     |   |        |        |        |                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |                       |        |     |   |       |   |   |        |        |     |       |   |   |        |        |        |                     |     |    |   |   |   |   |     |     |   |    |   |   |     |     |     |                                         |       |    |   |       |   |   |       |       |    |       |   |   |       |       |       |                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |             |     |   |   |   |   |   |     |    |   |    |   |   |     |    |    |  |        |     |   |       |   |   |        |        |     |       |   |   |        |        |        |  |         |       |   |        |       |   |         |         |       |        |       |   |         |         |         |
| 4. Technology                                    | 3,131                             | 0                       | 0                                      | 0         | 0         | 0                | 3,131                 | 1,737                    | 0                       | 174       | 0         | 0                | 1,911                 | 1,220                 | 1,394                 | 4. Technology                                    | 3,131                             | 0                       | 0                                      | 0         | 0         | 0                | 3,131                 | 1,563                    | 0                       | 174       | 0         | 0                | 1,737                 | 1,394                 | 1,568                 | 5. Development costs | 39,927 | 0 | 0 | 6,247 | -1,258 | 0 | 47,432 | 8,260 | 0 | 1,935 | 0 | 0 | 10,195 | 37,236 | 31,666 | 6. Other intangible assets | 17 | 0 | 0 | 1,410 | 3 | -1,409 | 15 | 0 | 0 | 0 | 0 | 0 | 0 | 15 | 17 |  | 71,123 | 17 | 0 | 10,556 | -922 | 0 | 82,618 | 24,714 | -20 | 4,175 | 333 | 0 | 28,536 | 54,082 | 46,409 | III. Right-of-Use Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1. Land and buildings | 43,626 | 668 | 0 | 2,686 | 0 | 0 | 46,980 | 11,465 | 166 | 4,839 | 0 | 0 | 16,470 | 30,511 | 32,161 | 2. Undeveloped land | 700 | 41 | 0 | 0 | 0 | 0 | 741 | 136 | 8 | 49 | 0 | 0 | 193 | 548 | 564 | 3. Technical equipment and<br>machinery | 5,457 | 48 | 0 | 1,866 | 0 | 0 | 7,371 | 3,072 | 11 | 1,378 | 0 | 0 | 4,461 | 2,910 | 2,386 | 4. Other equipment, furniture |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | and fixture | 196 | 5 | 0 | 0 | 0 | 0 | 201 | 99 | 2 | 36 | 0 | 0 | 137 | 64 | 97 |  | 49,979 | 762 | 0 | 4,552 | 0 | 0 | 55,293 | 14,772 | 187 | 6,302 | 0 | 0 | 21,261 | 34,032 | 35,207 |  | 451,171 | 4,814 | 0 | 29,128 | 6,703 | 0 | 478,410 | 207,482 | 2,402 | 29,392 | 4,899 | 0 | 234,377 | 244,033 | 243,689 |
| 5. Development costs                             | 47,432                            | 0                       | 0                                      | 6,003     | 0         | 0                | 53,435                | 10,195                   | 0                       | 2,824     | 0         | 0                | 13,019                | 40,415                | 37,236                | 5. Development costs                             | 39,927                            | 0                       | 0                                      | 6,247     | -1,258    | 0                | 47,432                | 8,260                    | 0                       | 1,935     | 0         | 0                | 10,195                | 37,236                | 31,666                |                      |        |   |   |       |        |   |        |       |   |       |   |   |        |        |        |                            |    |   |   |       |   |        |    |   |   |   |   |   |   |    |    |  |        |    |   |        |      |   |        |        |     |       |     |   |        |        |        |                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |                       |        |     |   |       |   |   |        |        |     |       |   |   |        |        |        |                     |     |    |   |   |   |   |     |     |   |    |   |   |     |     |     |                                         |       |    |   |       |   |   |       |       |    |       |   |   |       |       |       |                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |             |     |   |   |   |   |   |     |    |   |    |   |   |     |    |    |  |        |     |   |       |   |   |        |        |     |       |   |   |        |        |        |  |         |       |   |        |       |   |         |         |       |        |       |   |         |         |         |
| 6. Other intangible assets                       | 15                                | 0                       | 0                                      | 1,100     | 0         | 650              | 1,765                 | 0                        | 0                       | 0         | 21        | 0                | -21                   | 1,786                 | 15                    | 6. Other intangible assets                       | 17                                | 0                       | 0                                      | 1,410     | 3         | -1,409           | 15                    | 0                        | 0                       | 0         | 0         | 0                | 0                     | 15                    | 17                    |                      |        |   |   |       |        |   |        |       |   |       |   |   |        |        |        |                            |    |   |   |       |   |        |    |   |   |   |   |   |   |    |    |  |        |    |   |        |      |   |        |        |     |       |     |   |        |        |        |                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |                       |        |     |   |       |   |   |        |        |     |       |   |   |        |        |        |                     |     |    |   |   |   |   |     |     |   |    |   |   |     |     |     |                                         |       |    |   |       |   |   |       |       |    |       |   |   |       |       |       |                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |             |     |   |   |   |   |   |     |    |   |    |   |   |     |    |    |  |        |     |   |       |   |   |        |        |     |       |   |   |        |        |        |  |         |       |   |        |       |   |         |         |       |        |       |   |         |         |         |
|                                                  | 82,618                            | -61                     | 0                                      | 9,273     | 200       | 10               | 91,640                | 28,536                   | 5                       | 5,255     | 206       | 0                | 33,590                | 58,050                | 54,082                |                                                  | 71,123                            | 17                      | 0                                      | 10,556    | -922      | 0                | 82,618                | 24,714                   | -20                     | 4,175     | 333       | 0                | 28,536                | 54,082                | 46,409                |                      |        |   |   |       |        |   |        |       |   |       |   |   |        |        |        |                            |    |   |   |       |   |        |    |   |   |   |   |   |   |    |    |  |        |    |   |        |      |   |        |        |     |       |     |   |        |        |        |                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |                       |        |     |   |       |   |   |        |        |     |       |   |   |        |        |        |                     |     |    |   |   |   |   |     |     |   |    |   |   |     |     |     |                                         |       |    |   |       |   |   |       |       |    |       |   |   |       |       |       |                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |             |     |   |   |   |   |   |     |    |   |    |   |   |     |    |    |  |        |     |   |       |   |   |        |        |     |       |   |   |        |        |        |  |         |       |   |        |       |   |         |         |       |        |       |   |         |         |         |
| III. Right-of-Use Assets                         |                                   |                         |                                        |           |           |                  |                       |                          |                         |           |           |                  |                       |                       |                       | III. Right-of-Use Assets                         |                                   |                         |                                        |           |           |                  |                       |                          |                         |           |           |                  |                       |                       |                       |                      |        |   |   |       |        |   |        |       |   |       |   |   |        |        |        |                            |    |   |   |       |   |        |    |   |   |   |   |   |   |    |    |  |        |    |   |        |      |   |        |        |     |       |     |   |        |        |        |                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |                       |        |     |   |       |   |   |        |        |     |       |   |   |        |        |        |                     |     |    |   |   |   |   |     |     |   |    |   |   |     |     |     |                                         |       |    |   |       |   |   |       |       |    |       |   |   |       |       |       |                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |             |     |   |   |   |   |   |     |    |   |    |   |   |     |    |    |  |        |     |   |       |   |   |        |        |     |       |   |   |        |        |        |  |         |       |   |        |       |   |         |         |       |        |       |   |         |         |         |
| 1. Land and buildings                            | 46,980                            | -393                    | 0                                      | 547       | 0         | 0                | 47,134                | 16,470                   | -118                    | 4,731     | 0         | 0                | 21,083                | 26,052                | 30,510                | 1. Land and buildings                            | 43,626                            | 668                     | 0                                      | 2,686     | 0         | 0                | 46,980                | 11,465                   | 166                     | 4,839     | 0         | 0                | 16,470                | 30,511                | 32,161                |                      |        |   |   |       |        |   |        |       |   |       |   |   |        |        |        |                            |    |   |   |       |   |        |    |   |   |   |   |   |   |    |    |  |        |    |   |        |      |   |        |        |     |       |     |   |        |        |        |                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |                       |        |     |   |       |   |   |        |        |     |       |   |   |        |        |        |                     |     |    |   |   |   |   |     |     |   |    |   |   |     |     |     |                                         |       |    |   |       |   |   |       |       |    |       |   |   |       |       |       |                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |             |     |   |   |   |   |   |     |    |   |    |   |   |     |    |    |  |        |     |   |       |   |   |        |        |     |       |   |   |        |        |        |  |         |       |   |        |       |   |         |         |       |        |       |   |         |         |         |
| 2. Undeveloped land                              | 741                               | -23                     | 0                                      | 0         | 0         | 0                | 718                   | 193                      | -6                      | 48        | 0         | 0                | 235                   | 483                   | 548                   | 2. Undeveloped land                              | 700                               | 41                      | 0                                      | 0         | 0         | 0                | 741                   | 136                      | 8                       | 49        | 0         | 0                | 193                   | 548                   | 564                   |                      |        |   |   |       |        |   |        |       |   |       |   |   |        |        |        |                            |    |   |   |       |   |        |    |   |   |   |   |   |   |    |    |  |        |    |   |        |      |   |        |        |     |       |     |   |        |        |        |                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |                       |        |     |   |       |   |   |        |        |     |       |   |   |        |        |        |                     |     |    |   |   |   |   |     |     |   |    |   |   |     |     |     |                                         |       |    |   |       |   |   |       |       |    |       |   |   |       |       |       |                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |             |     |   |   |   |   |   |     |    |   |    |   |   |     |    |    |  |        |     |   |       |   |   |        |        |     |       |   |   |        |        |        |  |         |       |   |        |       |   |         |         |       |        |       |   |         |         |         |
| 3. Technical equipment and<br>machinery          | 7,371                             | 6                       | 0                                      | 1,732     | 0         | 0                | 9,109                 | 4,461                    | 11                      | 1,423     | 0         | 0                | 5,895                 | 3,214                 | 2,911                 | 3. Technical equipment and<br>machinery          | 5,457                             | 48                      | 0                                      | 1,866     | 0         | 0                | 7,371                 | 3,072                    | 11                      | 1,378     | 0         | 0                | 4,461                 | 2,910                 | 2,386                 |                      |        |   |   |       |        |   |        |       |   |       |   |   |        |        |        |                            |    |   |   |       |   |        |    |   |   |   |   |   |   |    |    |  |        |    |   |        |      |   |        |        |     |       |     |   |        |        |        |                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |                       |        |     |   |       |   |   |        |        |     |       |   |   |        |        |        |                     |     |    |   |   |   |   |     |     |   |    |   |   |     |     |     |                                         |       |    |   |       |   |   |       |       |    |       |   |   |       |       |       |                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |             |     |   |   |   |   |   |     |    |   |    |   |   |     |    |    |  |        |     |   |       |   |   |        |        |     |       |   |   |        |        |        |  |         |       |   |        |       |   |         |         |       |        |       |   |         |         |         |
| 4. Other equipment, furniture<br>and fixture     |                                   |                         |                                        |           |           |                  |                       |                          |                         |           |           |                  |                       |                       |                       | 4. Other equipment, furniture                    |                                   |                         |                                        |           |           |                  |                       |                          |                         |           |           |                  |                       |                       |                       |                      |        |   |   |       |        |   |        |       |   |       |   |   |        |        |        |                            |    |   |   |       |   |        |    |   |   |   |   |   |   |    |    |  |        |    |   |        |      |   |        |        |     |       |     |   |        |        |        |                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |                       |        |     |   |       |   |   |        |        |     |       |   |   |        |        |        |                     |     |    |   |   |   |   |     |     |   |    |   |   |     |     |     |                                         |       |    |   |       |   |   |       |       |    |       |   |   |       |       |       |                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |             |     |   |   |   |   |   |     |    |   |    |   |   |     |    |    |  |        |     |   |       |   |   |        |        |     |       |   |   |        |        |        |  |         |       |   |        |       |   |         |         |       |        |       |   |         |         |         |
| and fixture                                      | 201                               | 1                       | 0                                      | 31        | 0         | 0                | 233                   | 137                      | 1                       | 36        | 0         | 0                | 174                   | 59                    | 64                    | and fixture                                      | 196                               | 5                       | 0                                      | 0         | 0         | 0                | 201                   | 99                       | 2                       | 36        | 0         | 0                | 137                   | 64                    | 97                    |                      |        |   |   |       |        |   |        |       |   |       |   |   |        |        |        |                            |    |   |   |       |   |        |    |   |   |   |   |   |   |    |    |  |        |    |   |        |      |   |        |        |     |       |     |   |        |        |        |                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |                       |        |     |   |       |   |   |        |        |     |       |   |   |        |        |        |                     |     |    |   |   |   |   |     |     |   |    |   |   |     |     |     |                                         |       |    |   |       |   |   |       |       |    |       |   |   |       |       |       |                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |             |     |   |   |   |   |   |     |    |   |    |   |   |     |    |    |  |        |     |   |       |   |   |        |        |     |       |   |   |        |        |        |  |         |       |   |        |       |   |         |         |       |        |       |   |         |         |         |
|                                                  | 55,293                            | -409                    | 0                                      | 2,310     | 0         | 0                | 57,194                | 21,261                   | -112                    | 6,238     | 0         | 0                | 27,387                | 29,807                | 34,032                |                                                  | 49,979                            | 762                     | 0                                      | 4,552     | 0         | 0                | 55,293                | 14,772                   | 187                     | 6,302     | 0         | 0                | 21,261                | 34,032                | 35,207                |                      |        |   |   |       |        |   |        |       |   |       |   |   |        |        |        |                            |    |   |   |       |   |        |    |   |   |   |   |   |   |    |    |  |        |    |   |        |      |   |        |        |     |       |     |   |        |        |        |                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |                       |        |     |   |       |   |   |        |        |     |       |   |   |        |        |        |                     |     |    |   |   |   |   |     |     |   |    |   |   |     |     |     |                                         |       |    |   |       |   |   |       |       |    |       |   |   |       |       |       |                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |             |     |   |   |   |   |   |     |    |   |    |   |   |     |    |    |  |        |     |   |       |   |   |        |        |     |       |   |   |        |        |        |  |         |       |   |        |       |   |         |         |       |        |       |   |         |         |         |
|                                                  | 478,410                           | -1,268                  | 0                                      | 29,671    | 9,318     | -1               | 497,494               | 234,377                  | -606                    | 30,216    | 4,493     | 0                | 259,494               | 238,000               | 244,033               |                                                  | 451,171                           | 4,814                   | 0                                      | 29,128    | 6,703     | 0                | 478,410               | 207,482                  | 2,402                   | 29,392    | 4,899     | 0                | 234,377               | 244,033               | 243,689               |                      |        |   |   |       |        |   |        |       |   |       |   |   |        |        |        |                            |    |   |   |       |   |        |    |   |   |   |   |   |   |    |    |  |        |    |   |        |      |   |        |        |     |       |     |   |        |        |        |                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |                       |        |     |   |       |   |   |        |        |     |       |   |   |        |        |        |                     |     |    |   |   |   |   |     |     |   |    |   |   |     |     |     |                                         |       |    |   |       |   |   |       |       |    |       |   |   |       |       |       |                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |             |     |   |   |   |   |   |     |    |   |    |   |   |     |    |    |  |        |     |   |       |   |   |        |        |     |       |   |   |        |        |        |  |         |       |   |        |       |   |         |         |       |        |       |   |         |         |         |

{46}------------------------------------------------

{47}------------------------------------------------

# **D2. Securities**

The securities reported in the consolidated financial statements in the amount of € 156 thousand (2022: € 685 thousand) are assigned to the "Mandatorily measured at fair value through profit or loss" IFRS 9 category. The securities are listed equities, bonds and units in funds.

# **D3. Investments in associates**

The Group holds a 49% equity investment in a Russian company (PA "Fire-fighting special technics" LLC.; Russia, Moscow). PA "Fire-fighting special technics" LLC. was deconsolidated as of December 31, 2022 due to lack of significant influence (see B1. "Companies included in consolidation").

The reconciliation of the summarized financial information shown to the carrying amount is as follows:

| in € thousand                      | 2022   | 2023 |
|------------------------------------|--------|------|
| As of Jan 1                        | 1,573  | 0    |
| Share of net profit for the period | -218   | 0    |
| Foreign exchange differences       | 127    | 0    |
| Deconsolidation                    | -1,482 | 0    |
| As of Dec 31                       | 0      | 0    |

# **D4. Interests in joint ventures**

The Group has a 50% interest in a Spanish company (Rosenbauer Ciansa S.L.). This was founded with the joint owner and manager of Rosenbauer Española.

The Board consists of four members in total, two of whom appointed by Rosenbauer International AG and two by the joint venture partner. Rosenbauer International AG is therefore not able to control the relevant activities of Rosenbauer Ciansa S.L. under this arrangement. In the event of a tied vote on the Board, decisions are made by an independent business consultant. In the company agreement, Rosenbauer has the option to acquire a further 12.11% of shares. Exercising this option would not grant Rosenbauer a voting majority on the Board as voting is per capita and not by voting rights. The company is therefore a joint venture as defined by IFRS 11.

This interest is accounted for in the consolidated financial statements using the equity method. The joint venture is not material to the Group.

Development of the carrying amount of the equity investment in the joint venture in Spain:

| in € thousand                       | 2022  | 2023  |
|-------------------------------------|-------|-------|
| As of Jan 1                         | 1,517 | 1,585 |
| Share in total comprehensive income | 68    | 355   |
| Dividend                            | 0     | -30   |
| As of Dec 31                        | 1,585 | 1,904 |

The total comprehensive income of the joint venture does not include any items in other comprehensive income.

{48}------------------------------------------------

# **D5. Deferred taxes**

The differences between the carrying amounts in the tax accounts and the IFRS consolidated statement result in the following deferred taxes:

|                                                                                   | Deferred tax 2022 |             | Deferred tax 2023 |             |
|-----------------------------------------------------------------------------------|-------------------|-------------|-------------------|-------------|
| in € thousand                                                                     | Assets            | Liabilities | Assets            | Liabilities |
| Outstanding 1/7th write-downs as per<br>section 12 (3) KStG (Corporation Tax Law) | 766               | 0           | 1,170             | 0           |
| Currency forwards, securities (outside profit<br>or loss)                         | 0                 | 720         | 57                | 205         |
| Currency forwards, securities (in profit or<br>loss)                              | 1,006             | 0           | 0                 | 127         |
| IAS 19 measurement in other comprehensive<br>income                               | 901               | 0           | 1,321             | 8           |
| Capitalized development costs                                                     | 0                 | 7,881       | 0                 | 8,174       |
| Measurement differences on receivables                                            | 0                 | 960         | 540               | 1,228       |
| Elimination of intercompany profits                                               | 1,965             | 0           | 2,927             | 0           |
| Extraordinary tax write-down                                                      | 4,340             | 51          | 4,020             | 94          |
| Measurement differences on provisions and<br>liabilities                          | 4,815             | 0           | 3,686             | 296         |
| Capitalized loss carryforwards                                                    | 7,603             | 0           | 6,942             | 0           |
| Measurement differences on intangible<br>assets                                   | 5,564             | 1,236       | 5,651             | 625         |
| Leasing according to IFRS 16                                                      | 8,905             | 8,558       | 7,973             | 7,594       |
| Others                                                                            | 709               | 35          | 304               | 0           |
| Deferred tax asset/liability                                                      | 36,574            | 19,441      | 34,591            | 18,350      |
| Netting of deferred tax assets and liabilities                                    | -14,172           | -14,172     | -12,676           | -12,676     |
| Balance sheet approach as of Dec 31                                               | 22,402            | 5,269       | 21,915            | 5,674       |

Deferred tax assets of 29,644 t€ as of December 31, 2023 were recognized on tax loss carryforwards (2022: € 32,650 thousand), these can be used indefinitely. There were loss carryforwards of € 51,155 thousand in 2023 (2022: € 30,913 thousand) for which deferred tax assets were not recognized as their effectiveness as ultimate tax relief was not sufficiently assured. For temporary differences of € 85,231 thousand (2022: € 66,968 thousand) from investments in subsidiaries and joint ventures, deferred tax liabilities were not recognized pursuant to IAS 12.39, as the parent company can control the timing and it is probable that the temporary differences will not reverse in the foreseeable future.

As part of the increase in the investment amount in Rosenbauer America LLC in the year 2022, deferred tax assets were recognized in the amout of 10.132 t€. In accordance with IAS 12.39, the difference between the carrying amount and the net assets included in the consolidated financial statements (outside basis differences) was not previously recognized. As of December 31, 2023 deferred tax assets of 8,950 t€ were recognised.

Deferred taxes include deferred tax assets of € 1,378 thousand (2022: € 901 thousand) and deferred tax liabilities of € 213 thousand (2022: € 720 thousand), which are through other comprehensive income.

# **D6. Inventories**

| in € thousand                       | Dec. 31, 2022 | Dec. 31, 2023 |
|-------------------------------------|---------------|---------------|
| Raw materials and supplies          | 131,693       | 143,463       |
| Work in progress                    | 287,161       | 369,658       |
| Finished goods and goods for resale | 54,972        | 49,500        |
| Goods in transit                    | 11,398        | 25,075        |
| Advance payments                    | 5,540         | 3,399         |
|                                     | 490,763       | 591,095       |

The change in the write-downs for the current year are reported in the income statement in the amount of -709 t€ (2022: € 4,322thousand) under cost of materials. No inventories were pledged as collateral for liabilities.

# **D7. Current receivables and other assets**

| in € thousand                | Dec. 31, 2022 | Dec. 31, 2023 |
|------------------------------|---------------|---------------|
| Trade receivables            | 145,743       | 245,269       |
| Receivables from factoring   | 806           | 0             |
| Receivables from derivatives | 2,663         | 705           |
| Receivables from other taxes | 4,486         | 3,642         |
| Deferred items               | 7,227         | 7,031         |
| Other receivables and assets | 17,025        | 21,374        |
|                              | 177,949       | 278,020       |

{49}------------------------------------------------

| in € thousand                      | Dec. 31, 2022 | Dec. 31, 2023 |
|------------------------------------|---------------|---------------|
| Other current financial assets     |               |               |
| Receivables from factoring         | 806           | 0             |
| Receivables from derivatives       | 2,663         | 705           |
| Other                              | 17,025        | 21,374        |
| Other current non-financial assets |               |               |
| Receivables from other taxes       | 4,486         | 3,642         |
| Deferred items                     | 7,227         | 7,030         |
| Other                              | 0             | 0             |
|                                    | 32,206        | 32,756        |

All current receivables listed in the table above are due within one year. Current receivables and assets of € 10,672 thousand (2022: € 11,713 thousand) contain receivables and assets that are not a financial instrument.

The valuation allowances on receivables relate exclusively to trade receivables recorded under current receivables and, to a lesser extent, to receivables from factoring agreements. Impairment for the current year for trade receivables with and without credit impairments of € 214 thousand (2022: € 730 thousand) is recognized in other expenses. There was no impairment on other financial instruments.

| Receivables with credit impairment in € thousand | 2022         | 2023         |
|--------------------------------------------------|--------------|--------------|
| Impairment as of Jan 1                           | 2,594        | 3,088        |
| Allocation                                       | 730          | 5            |
| Utilization                                      | -7           | -907         |
| Foreign exchange differences                     | -34          | -26          |
| Reversal                                         | -195         | -232         |
| Impairment as of Dec 31                          | <b>3,088</b> | <b>1,928</b> |

| Receivables without credit impairment in € thousand | 2022 | 2023 |
|-----------------------------------------------------|------|------|
| Impairment as of Jan 1                              | 338  | 129  |
| Allocation                                          | 0    | 209  |
| Reversal                                            | -209 | 0    |
| Impairment as of Dec 31                             | 129  | 338  |

More details on calculating impairment without credit impairment can be found under C6 Receivables from derivatives.

As of December 31, 2023, the factoring agreement has a total maximum usable nominal volume of € 35,000 thousand (December 31, 2022: € 115,625 thousand). This is a monthly revolving factoring. Selected receivables from banks amounting to € 24,245 thousand (December 31, 2022: € 61,956 thousand) were sold as of the end of the reporting period. The factoring agreement has an indefinite term and can be terminated by both parties with a notice period. As of December 31, 2022, factoring at the end of the reporting period is also included. The receivables relate to vehicle deliveries that are not yet due and are backed by corresponding collateral. The receivables sold are analyzed according to the derecognition rules of IFRS 9, and qualifying receivables are derecognized accordingly due to the transfer of risk.

The risk most relevant to the risk assessment of the receivables sold is the risk of default, which is regarded as very low. This is due both to the fact that the customers are predominantly governmental or governmentrelated organizations and that the receivables are very well secured with letters of credit or other security instruments on the basis of internal guidelines. Rosenbauer transfers 100% of the remaining risk of default of the receivables sold to the bank.

# **D8. Cash and cash equivalents**

| in € thousand             | Dec. 31, 2022 | Dec. 31, 2023 |
|---------------------------|---------------|---------------|
| Bank balances             | 35,517        | 34,776        |
| Cash and cash equivalents | 84            | 84            |
|                           | 35,601        | 34,860        |

There were no restrictions on disposal on the amounts included in this item in the previous year.

{50}------------------------------------------------

# **D9. Equity**

At the end of 2023 , the share capital amounted to € 13,600 thousand and was divided into 6,800,000 no-par value shares. 3,665,912 shares are registered shares and 3,134,088 are bearer shares.

The capital reserves originate from the new shares issued on the Vienna Stock Exchange in 1994 and constitute restricted capital reserves that cannot be distributed. The proposal for the appropriation of profits is based on the separate financial statements of the company prepared in accordance with the provisions of the UGB (Austrian Commercial Code).

The item "Other reserves" contains the foreign currency translation adjustment, the revaluation reserve, remeasurements in accordance with IAS 19 and the hedge reserve. The foreign currency translation adjustment contains the translation difference arising from remeasurement of equity as against first-time consolidation. This item also includes differences from foreign currency translation in asset and liability items as against the previous year's translation and translation differences between the consolidated statement of financial position and the consolidated income statement.

The change in credit risk from the measurement of financial liabilities at fair value is included in the fair value reserve.

The change in the hedge reserve results from the remeasurement of currency forwards and interest rate swaps under IFRS 9, taking into account tax effects.

Measurement differences from callable non-controlling interests are recognized in other comprehensive income.

Details of reserves can be found in the "Statement of changes in consolidated equity".

# **Proposal for the appropriation of profits**

The 31th Annual General Meeting of Rosenbauer International AG approved the proposed dividend for the 2022 financial year of 0 Euro per share on Jun. 2, 2023.

The proposal for the appropriation of profits for 2023 is based on the separate financial statements of the company prepared in accordance with the provisions of the UGB (Austrian Commercial Code). The appropriation of the net retained profits for 2023 in the annual financial statements of Rosenbauer International AG according to the UGB is as follows:

| in € thousand                                     | 2022    | 2023    |
|---------------------------------------------------|---------|---------|
| Accumulated profit of Rosenbauer International AG | -35,391 | -50,570 |
| Dividends paid out or proposed                    | 0       | 0       |
| Carry forward                                     | -35,391 | -50,570 |

The Executive Board proposes to the Annual General Meeting not to distribute a dividend for the 2023 financial year.

{51}------------------------------------------------

# **D10. Non-controlling interests**

The following table shows the summarized financial information for each subsidiary of the Group with significant non-controlling interests before inter-company eliminations.

|                                                                                | Putable non-controlling interests |                             |                                 |                                            |        |
|--------------------------------------------------------------------------------|-----------------------------------|-----------------------------|---------------------------------|--------------------------------------------|--------|
| 2023 (in T€)                                                                   | Rosenbauer Aerials, LLC.          | Rosenbauer<br>Española S.A. | Rosenbauer<br>Saudi Arabia Ltd. | Immaterial<br>non-controlling<br>interests | Sum    |
| Based in                                                                       | USA, Nebraska                     | Spain, Madrid               | Saudi Arabia,<br>Riyadh         |                                            |        |
|                                                                                |                                   |                             |                                 |                                            |        |
| Shareholding (= share of voting rights) of<br>interests held by parent company | 50.00%                            | 79.82%                      | 75.00%                          |                                            |        |
| Shareholding (= share of voting rights) of<br>non-controlling interests        | 50.00%                            | 20.18%                      | 25.00%                          |                                            |        |
| Current assets                                                                 | 13,676                            | 22,232                      | 52,298                          | 1,348                                      | 75,878 |
| Non-current assets                                                             | 860                               | 2,410                       | 8,810                           | 162                                        | 11,383 |
| Current liabilities                                                            | 3,319                             | 20,286                      | 53,873                          | 1,394                                      | 75,554 |
| Non-current liabilities                                                        | 0                                 | 530                         | 1,612                           | 73                                         | 2,215  |
| Consolidated Net assets (100%)                                                 | 11,217                            | 3,826                       | 5,623                           | 44                                         | 9,493  |
| consolidated proportionate net assets                                          | 5,608                             | 772                         | 1,406                           | 28                                         | 2,206  |
| Revenues                                                                       | 22,525                            | 30,418                      | 33,425                          | 1,915                                      | 65,758 |
| Net profit for the period (100%)                                               | 4,074                             | 81                          | 838                             | -85                                        | 834    |
| thereof non-controlling interests                                              | 2,037                             | 16                          | 209                             | -18                                        | 208    |
| Other comprehensive<br>income (100%)                                           | -430                              | 0                           | -174                            | -56                                        | -230   |
| thereof non-controlling interests                                              | -215                              | 0                           | -44                             | -14                                        | -58    |
| Total comprehensive income (100%)                                              | 3,644                             | 81                          | 663                             | -141                                       | 604    |
| thereof non-controlling interests                                              | 1,822                             | 16                          | 166                             | -32                                        | 150    |
| Dividends paid to non-controlling interests                                    | -1,437                            | -18                         | 0                               | -25                                        | -43    |
| Net cash flow from operating activities                                        | 1,958                             | -672                        | 1,766                           | -463                                       | 630    |
| Net cash flow from investing activities                                        | -332                              | 644                         | 0                               | 0                                          | 644    |
| Net cash flow from financing activities                                        | -2,832                            | -1,699                      | -853                            | -23                                        | -2,576 |
| Total net cash flows (100%)                                                    | -1,207                            | -1,727                      | 912                             | -487                                       | -1,302 |
|                                                                                | Putable non-controlling interests |                             |                                 |                                            |        |
| 2022 (in T€)                                                                   | Rosenbauer Aerials, LLC.          | Rosenbauer<br>Española S.A. | Rosenbauer<br>Saudi Arabia Ltd. | Immaterial<br>non-controlling<br>interests | Sum    |
| Based in                                                                       | USA, Nebraska                     | Spain, Madrid               | Saudi Arabia,<br>Riyadh         |                                            |        |
| Shareholding (= share of voting rights) of<br>interests held by parent company | 50.00%                            | 79.82%                      | 75.00%                          |                                            |        |
| Shareholding (= share of voting rights) of<br>non-controlling interests        | 50.00%                            | 20.18%                      | 25.00%                          |                                            |        |
| Current assets                                                                 | 13,204                            | 25,171                      | 23,522                          | 2,956                                      | 51,650 |
| Non-current assets                                                             | 758                               | 3,230                       | 9,770                           | 200                                        | 13,200 |
| Current liabilities                                                            | 3,502                             | 23,808                      | 27,125                          | 2,775                                      | 53,708 |
| Non-current liabilities                                                        | 0                                 | 759                         | 1,208                           | 98                                         | 2,066  |
| Consolidated Net assets (100%)                                                 | 10,461                            | 3,835                       | 4,959                           | 284                                        | 9,078  |
| consolidated proportionate net assets                                          | 5,230                             | 774                         | 1,240                           | 85                                         | 2,099  |
| Revenues                                                                       | 20,279                            | 28,262                      | 23,817                          | 3,352                                      | 55,432 |
| Net profit for the period (100%)                                               | -29                               | 180                         | 455                             | 232                                        | 866    |
| thereof non-controlling interests                                              | -14                               | 36                          | 114                             | 59                                         | 209    |
| Other comprehensive income (100%)                                              | 486                               | 0                           | 242                             | -30                                        | 212    |
| thereof non-controlling interests                                              | 243                               | 0                           | 61                              | -7                                         | 54     |
| Total comprehensive income (100%)                                              | 457                               | 180                         | 697                             | 202                                        | 1,078  |
| thereof non-controlling interests                                              | 228                               | 36                          | 174                             | 53                                         | 263    |
| Dividends paid to non-controlling interests                                    | -968                              | 0                           | 0                               | 0                                          | 0      |
| Net cash flow from operating activities                                        | 2,075                             | 1,276                       | 2,786                           | 672                                        | 4,734  |
| Net cash flow from investing activities                                        | -237                              | 639                         | -2,369                          | -28                                        | -1,759 |
| Net cash flow from financing activities                                        | -2,135                            | -445                        | -141                            | -24                                        | -610   |
| Total net cash flows (100%)                                                    | -297                              | 1,469                       | 276                             | 621                                        | 2,366  |

{52}------------------------------------------------

{53}------------------------------------------------

Although the Group holds only 50% (2022: 50%) of the voting rights in Rosenbauer Aerials in 2023, it controls this company on account of Rosenbauer International AG's right to cast a deciding vote. In accordance with the company agreements of these companies, Rosenbauer International AG is authorized to elect half of their Board members. The Board makes all relevant decisions and determines operational management. A simple majority is sufficient for this. In the event of a tied vote in the Board, the Chairman of the Supervisory Board of Rosenbauer International AG, or the Deputy Chairman, has a contractual right to cast the deciding vote.

€ 1,480 thousand was distributed to non-controlling interests in subsidiaries in 2023 (2022: € 4,578 thousand).

# **D11. Non-current interest-bearing liabilities**

This item includes all interest-bearing liabilities to banks and lease liabilities with a remaining term of more than one year. Details can be found in the list of financial liabilities under note D37. "Risk management".

# **D12. Other non-current liabilities**

The non-current liabilities are export financing liabilities (2023: 1,534 t€; 2022: 1,395 t€) and other non-current liabilities (2023: € 123 thousand; 2022: € 389 thousand). Other non-current liabilities of € 1,534 thousand (2022: € 1,395 thousand) contain liabilities that are not a financial instrument.

# **D13. Non-current provisions**

#### **a) Severance provisions**

Severance payments are one-time payments which labor law requires to be made to employees on termination and to employees when they retire. The amount is based on the number of years in service and the amount of remuneration. Severance provisions are recognized in the amount determined in line with actuarial principles (for details of the assumptions used in calculation please see note C9.).

| in € thousand                                | 2022   | 2023   |
|----------------------------------------------|--------|--------|
| Net present value of obligation as of Jan 1  | 20,163 | 15,412 |
| Reclassification                             | 0      | 0      |
| Current service cost                         | 1,021  | 1,013  |
| Interest cost                                | 199    | 549    |
| Actuarial profits and losses                 | -3,575 | 1,459  |
| Current payments                             | -2,396 | -2,535 |
| Net present value of obligation as of Dec 31 | 15,412 | 15,898 |

Actuarial gains and losses include € 606 thousand (2022: € 347 thousand) due to experience adjustments, € 717 thousand (2022: € -3,926 thousand) due to changes in financial assumptions and € 136 thousand (2022: € 4 thousand) for changes in demographic assumptions.

The present value of the defined benefit obligation for the current financial year is € 15,898 thousand (2022: € 15,412 thousand).

The net expenses for severance payments arising from commitments and settlement losses break down as follows:

| in € thousand           | 2022  | 2023  |
|-------------------------|-------|-------|
| Staff costs             |       |       |
| Current service cost    | 1,021 | 1,013 |
| Interest expenses       |       |       |
| Interest cost           | 199   | 549   |
| Net settlement expenses | 1,220 | 1,562 |

The average term of the defined benefit obligation for severance payments was 9 years as of December 31, 2023 (2022: 9 years).

The sensitivity analysis for severance obligations below shows the effects on obligations resulting from changes in key actuarial assumptions. In each case one key factor has been changed while the others were kept constant. However, in reality it is somewhat unlikely that there would be no correlation between these factors.

{54}------------------------------------------------

| Change in net present value of obligation in € thousand | +1%    | -1%    |
|---------------------------------------------------------|--------|--------|
| Dec. 31, 2023                                           |        |        |
| Interest rate                                           | -1,163 | 1,343  |
| Pay increase                                            | 1,321  | -1,167 |
| Longevity                                               | -443   | -92    |

| Dec. 31, 2022 |        |        |
|---------------|--------|--------|
| Interest rate | -1,144 | 1,323  |
| Pay increase  | 1,307  | -1,150 |
| Longevity     | -403   | -120   |

The net expenses for pensions arising from commitments broke down as follows:

| in € thousand        | 2022 | 2023 |
|----------------------|------|------|
| Staff cost           |      |      |
| Current service cost | 13   | 8    |
| Interest expenses    |      |      |
| Interest cost        | 53   | 154  |
| Net pension expenses | 66   | 162  |

The average term of the defined benefit obligation for settlement as of December 31, 2023 was 10 years (2022: 10 years).

#### **b) Provisions for pensions**

Within the Rosenbauer Group there are pension schemes that arose on the basis of national legislation or voluntary agreements. These include both defined benefit and defined contribution plans (for details of the assumptions used in calculation please see note C9.).

| in € thousand                                | 2022  | 2023  |
|----------------------------------------------|-------|-------|
| Net present value of obligation as of Jan 1  | 5,006 | 4,014 |
| Current service cost                         | 13    | 8     |
| Interest cost                                | 53    | 154   |
| Actuarial profits and losses                 | -766  | 298   |
| Current payments                             | -292  | -302  |
| Net present value of obligation as of Dec 31 | 4,014 | 4,172 |

Actuarial gains and losses include € 106 thousand (2022: €146 thousand) due to experience adjustments, € 192 thousand (2022: € -912 thousand) due to changes in financial assumptions and € 0 thousand (2022: € 0 thousand) for changes in demographic assumptions.

The present value of the defined benefit obligation for the current financial year is € 4,172 thousand (2022: € 4,014 thousand).

The sensitivity analysis for pension obligations below shows the effects on obligations resulting from changes in key actuarial assumptions. In each case one key factor has been changed while the others were kept constant. However, in reality it is somewhat unlikely that there would be no correlation between these factors.

| Change in net present value of obligation in € thousand | +1%/ | -1%/ |
|---------------------------------------------------------|------|------|
| Dec. 31, 2023                                           |      |      |
| Interest rate                                           | -369 | 43   |
| Pay increase                                            | 401  | -34  |
| Longevity                                               | 192  | -18  |

# **Dec. 31, 2022**

| Interest rate |      |      |
|---------------|------|------|
| Pay increase  | 381  | -330 |
| Longevity     | 174  | -172 |
| Interest rate | -353 | 418  |

Further information on staff provisions can be found in the description of accounting policies.

{55}------------------------------------------------

#### **c) Miscellaneous non-current provisions**

| in € thousand                       | Dec. 31, 2022 | Dec. 31, 2023 |
|-------------------------------------|---------------|---------------|
| Provisions for long-service bonuses | 5,126         | 5,887         |
|                                     | 5,126         | 5,887         |

Details of the changes in the non-current provisions shown can be found in the "Statement of changes in provisions" under D20.

# **D14. Puttable non-controlling interests**

This item contains the options to sell held by the US minority shareholder Rosenbauer Aerials LLC., Nebraska, which can be exercised at any time. The value is calculated from the present value of the payment obligation from a purchase price formula, which takes into account the earnings values of two past and one future year, and the equity value. The options held by the minority shareholders of the US holding company Rosenbauer America LLC., South Dakota, which were exercised in 2022, had still been recognized in the previous year.

| in € thousand                                | 2022    | 2023   |
|----------------------------------------------|---------|--------|
| Net present value of obligation as of Jan 1  | 82,269  | 13,517 |
| Dividend payment                             | -4,578  | -1,437 |
| Remeasurement                                | 3,399   | 351    |
| Execution of option                          | -67,574 | 0      |
| Net present value of obligation as of Dec 31 | 13,517  | 12,431 |

# **D15. Current interest-bearing liabilities**

In addition to production or investment loans and lease liabilities, these also include overdrafts as of December 31 of the respective year. Details can be found in the list of financial liabilities under note D37. "Risk management".

# **D16. Contract liabilities**

The contract liabilities include payments from the customer in the amount of € 238,953 thousand (2022: € 78,599 thousand), most of which were made for the delivery of firefighting vehicles, as well as accrued revenues from multiple-component arrangements in the amount of € 9,890 thousand (2022: €11,906 thousand), relating to performance obligations over time.

# **D17. Trade payables**

The trade payables of €114,948 thousand (2022: € 78,753 thousand) are due within one year and of € 0.0 thousand (2022: € 0.0 thousand) are due after one year.

# **D18. Other current liabilities**

| in € thousand                           | Dec. 31, 2022 | Dec. 31, 2023 |
|-----------------------------------------|---------------|---------------|
| Liabilities from taxes                  | 11,625        | 8,955         |
| Social security liabilities             | 3,142         | 3,201         |
| Liabilities from derivatives            | 5,017         | 2,595         |
| Liabilities from staff obligations      | 28,208        | 28,395        |
| Liabilities from commission obligations | 5,841         | 4,531         |
| Other liabilities                       | 32,276        | 37,772        |
|                                         | 86,109        | 85,449        |

| in € thousand                           | Dec. 31, 2022 | Dec. 31, 2023 |
|-----------------------------------------|---------------|---------------|
| Other current financial liabilities     |               |               |
| Liabilities from derivatives            | 5,017         | 2,595         |
| Liabilities from commission obligations | 5,841         | 4,531         |
|                                         | 32,276        | 37,772        |
| Other current non-financial liabilities |               |               |
| Liabilities from taxes                  | 11,625        | 8,955         |
| Social security liabilities             | 3,142         | 3,201         |
| Liabilities from staff obligations      | 28,208        | 28,395        |
|                                         | 86,109        | 85,449        |

{56}------------------------------------------------

The Other liabilities essentially include credit notes and liabilities from outstanding invoices. Other current liabilities of € 40,551 thousand (2022: € 42,975 thousand) contain liabilities that are not a financial instrument.

# **D19. Tax liabilities**

Tax liabilities declined from € 5,757 thousand to € 2,769 thousand, essentially on account of payments made in the current financial year and local tax results.

# **D20. Other provisions and statement of changes in provisions**

Other provisions include warranties and sales risks. Furthermore, a provision of € 3,650 thousand € 4,700 thousand was included for former members of the Executive Board in the financial year.

Miscellaneous current provisions for 2023 are shown in the "Statement of changes in provisions".

Details of the assumptions used in calculation can be found under C10 and C15.

| in € thousand                           | As of Jan 1, 2023 | Currency<br>differences | Allocation | Consumption | Reversal | Compounding | As of Dec 31, 2023 |
|-----------------------------------------|-------------------|-------------------------|------------|-------------|----------|-------------|--------------------|
| Current                                 |                   |                         |            |             |          |             |                    |
| Warranties                              | 12,870            | -200                    | 3,910      | -3,894      | -902     | 0           | 11,784             |
| Onerous contracts                       | 1,484             | -2                      | 43         | -395        | -899     | 0           | 231                |
| Others                                  | 10,553            | 5                       | 4,677      | -4,182      | -377     | 0           | 10,676             |
| Total current<br>provisions             | 24,908            | -196                    | 8,631      | -8,472      | -2,179   | 0           | 22,691             |
| Non-current                             |                   |                         |            |             |          |             |                    |
| Provisions for long-<br>service bonuses | 5,126             | 3                       | 696        | -130        | -21      | 213         | 5,887              |
| Total non-current provisions            | 5,126             | 3                       | 696        | -130        | -21      | 213         | 5,887              |
| Total                                   | 30,034            | -193                    | 9,326      | -8,602      | -2,199   | 213         | 28,578             |

The schedule of provisions for severance payments and pensions is contained under D13. "Non-current provisions" in the explanatory notes.

{57}------------------------------------------------

# **D21. Revenues**

The table below shows the breakdown of revenues according to product groups and areas:

|                                                | 2023           |                     |                         |                  |        |           |
|------------------------------------------------|----------------|---------------------|-------------------------|------------------|--------|-----------|
|                                                | Areas          |                     |                         |                  |        |           |
| Business units                                 | EUROPE<br>area | MIDDLE<br>EAST area | ASIA<br>PACIFIC<br>area | AMERICAS<br>area | PFP    | Total     |
| Vehicles                                       | 365,751        | 80,196              | 99,201                  | 244,985          | 0      | 790,134   |
| Fire & Safety Equipment                        | 79,935         | 5,682               | 9,667                   | 3,323            | 0      | 98,606    |
| PFP                                            | 403            | 0                   | 0                       | 0                | 41,231 | 41,634    |
| Customer Service                               | 58,685         | 26,289              | 10,796                  | 7,937            | 0      | 103,707   |
| Others                                         | 5,098          | 2,691               | 3,264                   | 19,409           | 0      | 30,462    |
| Total Revenue from contracts with<br>customers | 509,872        | 114,858             | 122,928                 | 275,654          | 41,231 | 1,064,543 |

|                                                | 2022           |                     |                         |                  |        |         |
|------------------------------------------------|----------------|---------------------|-------------------------|------------------|--------|---------|
|                                                | Areas          |                     |                         |                  |        |         |
| Business units                                 | EUROPE<br>area | MIDDLE<br>EAST area | ASIA<br>PACIFIC<br>area | AMERICAS<br>area | PFP    | Total   |
| Vehicles                                       | 321,324        | 68,670              | 90,740                  | 235,320          | 0      | 716,053 |
| Fire & Safety Equipment                        | 74,856         | 8,388               | 9,031                   | 1,106            | 0      | 93,380  |
| PFP                                            | 400            | 0                   | 0                       | 0                | 31,800 | 32,200  |
| Customer Service                               | 56,002         | 21,204              | 8,184                   | 11,149           | 0      | 96,539  |
| Others                                         | 5,939          | 2,346               | 1,895                   | 23,891           | 0      | 34,072  |
| Total Revenue from contracts with<br>customers | 458,521        | 100,608             | 109,850                 | 271,466          | 31,800 | 972,245 |

Please see the disclosures on the product segments and the segment reporting under note D35. "Segment reporting" for information on the composition of revenues.

The aggregated amount of the transaction price for not yet fulfilled performance obligations amounted to € 1,788.0 million (2022: € 1,469.7 million) at the end of the reporting period. Of this, between 60 and 65% (2022: 70% to 75%) is expected to be recognized as revenues in the following financial year.

# **D22. Cost of sales**

| in € thousand                                              | 2022    | 2023    |
|------------------------------------------------------------|---------|---------|
| Change in inventory of finished goods and work in progress | -5,767  | -54,077 |
| Costs of goods sold                                        | 572,607 | 652,623 |
| Staff costs                                                | 189,605 | 215,092 |
| Depreciation and amortization                              | 14,109  | 13,471  |
| other expenses                                             | 72,790  | 72,305  |
|                                                            | 843,344 | 899,414 |

In addition to raw materials and supplies, the cost of materials mainly relates to chassis, metal components for vehicle bodies, plastic and electronic parts, as well as equipment and purchased parts.

The cost of purchased services mainly includes lease expenses for leased personnel in the operating area, energy costs and waste disposal costs.

# **D23. Development and product management**

| in € thousand                                              | 2022   | 2023   |
|------------------------------------------------------------|--------|--------|
| Change in inventory of finished goods and work in progress | 215    | 392    |
| Costs of goods sold                                        | 2,175  | 3,613  |
| Capitalized development costs                              | -6,271 | -6,104 |
| Allocations to other functional areas                      | -6,122 | -8,252 |
| Staff costs                                                | 23,626 | 20,977 |
| Depreciation and amortization                              | 3,285  | 4,221  |
| other expenses                                             | 8,407  | 6,874  |
|                                                            | 25,315 | 21,721 |

Total development costs amount to 27,825 t€ (2022: 31,586 t€).

{58}------------------------------------------------

# **D24. Selling costs**

| in € thousand                                              | 2022   | 2023   |
|------------------------------------------------------------|--------|--------|
| Change in inventory of finished goods and work in progress | 71     | 38     |
| Costs of goods sold                                        | 3,063  | 813    |
| Staff costs                                                | 32,898 | 32,413 |
| Depreciation and amortization                              | 2,142  | 2,412  |
| other expenses                                             | 23,517 | 20,814 |
|                                                            | 61,691 | 56,490 |

The other expenses item mainly includes event costs, travel expenses and costs of the marketing and sales department.

# **D25. Administration costs**

| in € thousand                                                                   | 2022   | 2023   |
|---------------------------------------------------------------------------------|--------|--------|
| Other income                                                                    | -362   | 0      |
| Change in inventory of finished goods and work in progress                      | -191   | -20    |
| Costs of goods sold                                                             | 6,418  | 4,599  |
| Staff costs                                                                     | 40,255 | 38,749 |
| Depreciation and amortization                                                   | 10,074 | 10,064 |
| other expenses                                                                  | 4,516  | 6,321  |
|                                                                                 | 60,710 | 59,713 |
| in € thousand                                                                   | 2022   | 2023   |
| Income from the disposal of property, plant and equipment and intangible assets | 1,616  | 850    |
| Government grants                                                               | 238    | 5      |
| Income from rent and insurance                                                  | 902    | 2,990  |
| Reversal of write-downs of provisions                                           | 416    | 934    |
| Exchange rate gains                                                             | 2,358  | 2,005  |
| Sundry                                                                          | 4,647  | 6,106  |
|                                                                                 | 10,176 | 12,890 |

in € thousand **2022 2023** Audit of group and local accounts 198 199 Other audit related services 19 166 Other services 6 8 **223 373**

# **D26. Other operating income**

In February 2023 the Rosenbauer Group was targeted by a cyber attack. Therefore insurance income was recognised in the position of income from rent and insurance.

In particular, other income includes license proceeds, canteens, hospitality and compensation.

The other expenses item mainly includes maintenance costs, legal, auditing and consulting costs, costs of third-party services and rent and leases. Expenses from leases of low-value assets amount to € 643 thousand (2022: € 563 thousand), and expenses from short-term leases not including low-value assets amount to € 497 thousand (2022: € 511 thousand).

#### **Auditor's fees**

Administrative expenses include the following expenses for services provided by the auditor of the consolidated financial statements, KPMG Austria GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft:

{59}------------------------------------------------

# **D27. Other expenses**

# **D30. Financial income**

| in € thousand                                                                   | 2022  | 2023  |
|---------------------------------------------------------------------------------|-------|-------|
| Losses from the disposal of property, plant and equipment and intangible assets | 180   | 841   |
| Exchange rate losses                                                            | 1,818 | 1,740 |
| Other expenses                                                                  | -83   | -3    |
|                                                                                 | 1,915 | 2,577 |

| in € thousand                      | 2022  | 2023  |
|------------------------------------|-------|-------|
| Income from securities             | 0     | 12    |
| Other interest and similar income  | 4,116 | 3,373 |
| thereof from Fair Value evaluation | 2,900 | 1,477 |
| thereof from FX-profits            | 174   | 1,061 |
|                                    | 4,116 | 3,385 |

The fair value measurement results from the financial liabilities designated at fair value.

# **D28. Staff costs and employee disclosures**

| in € thousand                                                                                                                 | 2022    | 2023    |
|-------------------------------------------------------------------------------------------------------------------------------|---------|---------|
| Wages                                                                                                                         | 110,349 | 128,389 |
| Salaries                                                                                                                      | 125,509 | 126,345 |
| Pension costs                                                                                                                 | 1,001   | 1,021   |
| Expenses for company pension plan                                                                                             | 6,906   | 7,225   |
| Expenses for statutory and voluntary social security contributions and levies and<br>mandatory contributions dependent on pay | 42,619  | 44,252  |
|                                                                                                                               | 286,384 | 307,232 |

# **D31. Finance expenses**

| in € thousand                                  | 2022   | 2021   |
|------------------------------------------------|--------|--------|
| Interest and similar expenses                  | 17,717 | 33,571 |
| thereof from leases in accordance with IFRS 16 | 973    | 967    |
| thereof from Fair Value evaluation             | 4,111  |        |
| thereof from FX-losses                         | 85     | 2,581  |
| Interest on non-current staff provisions       | 252    | 703    |
|                                                | 17,969 | 34,274 |

#### Average number of employees

|                    | 2022  | 2023  |
|--------------------|-------|-------|
| Workers            | 2,263 | 2,476 |
| Salaried employees | 1,669 | 1,567 |
| Apprentices        | 143   | 147   |
|                    | 4,075 | 4,190 |

Expenses for company pension plan include expenses for benefits to company pension funds in the amount of € 1,310 thousand (2022: € 1,210 thousand).

# **D29. Depreciation and amortization expense on property, plant and equipment and intangible assets**

Depreciation and amortization of 30,216 thousand (previous year: € 29,392 thousand) includes € 6,238 thousand (previous year: € 6,302 thousand) from the amortization of right-of-use assets arising from leases in accordance with IFRS 16.

The interest expense for long-term anniversary provisions is reported in staff costs.

# **D32. Income tax**

| in € thousand                       | 2022    | 2023  |
|-------------------------------------|---------|-------|
| Income taxes                        | 4,309   | 3,969 |
| thereof previous year               | 1,441   | -293  |
| Change in deferred income taxes     | -12,113 | 1,854 |
| thereof due to changes in tax rates | 741     | -24   |
|                                     | -7,804  | 5,823 |

{60}------------------------------------------------

An amount of € 979 thousand (2022 € -2,348 thousand) from the change in deferred taxes was recognized directly in other comprehensive income in the 2023 financial year.

In the RBI Group, there is a tax group in accordance with Austrian tax law. The parent company is Rosenbauer International AG. The group members are the Austrian companies Rosenbauer Österreich GmbH, Rosenbauer Brandschutz GmbH, APAC-Holding GmbH and Rosenbauer E-Technology Development GmbH. The compensation is implemented by way of an allocation agreement in which positive tax results are offset at the current rate of corporation tax. A negative tax allocation is kept on record for the purpose of future offsetting. Income tax income for all group members amounts to € 208 thousand (2022: € 939 thousand).

The table below shows the causes of the difference between the national income tax expense and the effective tax expense in the Group:

| in € thousand                                       | 2022          | 2023         |
|-----------------------------------------------------|---------------|--------------|
| Profit before income taxes                          | -30,151       | 6,984        |
| thereof 24% (2022: 25%) national income tax expense | -7,538        | 1,676        |
| Effect of different tax rates                       | -1,177        | -1,331       |
| Permanent differences                               | 2,341         | 557          |
| Non-recognition of carryforwards                    | 7,110         | 4,965        |
| Taxes from previous years                           | -9,461        | -306         |
| Other                                               | 921           | 261          |
| Effective tax income (-)/ expense (+)               | <b>-7,804</b> | <b>5,823</b> |

Shareholders' claims to dividends did not give rise to any tax consequences for the Group in 2023 or 2022.

# **D33. Consolidated statement of cash flows**

The consolidated statement of cash flows is presented using the indirect method. Cash and cash equivalents consist exclusively of cash in hand and bank balances. Interest received and paid are assigned to operating activities. Dividend payments are reported under financing activities. There were non-cash additions to intangible assets and property, plant and equipment of € 2,474 thousand (2022: € 1,732 thousand) in the 2023 financial year. Non-cash additions to right-of-use assets amounted to € 2,310 thousand in 2023 (2022: € 4,551 thousand).

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The reconciliation of cash and non-cash changes in liabilities from financing activities is as follows:

| in € thousand                                       | Dec. 31, 2023 | Cashflow | Exchange rate<br>changes | Accrued interest | non-cash change | Dec. 31, 2022 |
|-----------------------------------------------------|---------------|----------|--------------------------|------------------|-----------------|---------------|
| Current interest-bearing financial liabilities      | 429,508       | 310,917  | -214                     | 0                | 0               | 118,80        |
| Non-current interest-bearing financial liabilities  | 2,383         | -199,431 | -420                     | 0                | 0               | 202,23        |
| Lease liabilities                                   | 31,283        | -5,915   | -303                     | 967              | 1,343           | 35,19         |
| Liabilities from callable non-controlling interests | 12,431        | -1,437   | 0                        | 0                | 351             | 13,5          |
| Total liabilities from financing activities         | 475,605       | 104,135  | -937                     | 967              | 1,694           | 369,74        |

|                                                               |               |          | Exchange rate |                  |                 |               |
|---------------------------------------------------------------|---------------|----------|---------------|------------------|-----------------|---------------|
| in € thousand                                                 | Dec. 31, 2022 | Cashflow | changes       | Accrued interest | non-cash change | Dec. 31, 2021 |
| Current interest-bearing financial liabilities                | 118,805       | 45,539   | 761           | 0                | 0               | 72,505        |
| Non-current interest-bearing financial liabilities            | 202,234       | 41,152   | 0             | 0                | 0               | 161,082       |
| Lease liabilities                                             | 35,191        | -6,074   | 599           | 711              | 3,840           | 36,115        |
| Liabilities from callable non-controlling interests           | 13,517        | -72,151  | 0             | 0                | 3,399           | 82,269        |
| Liabilities from the acquisition of non-controlling interests | 0             | 0        | 0             | 0                | 0               | 0             |
| Total liabilities from financing activities                   | 369,746       | 8,465    | 1,360         | 711              | 7,239           | 351,971       |

Further details on liabilities arising from the acquisition of non-controlling interests can be found in note B1.

The total payments from leases included in the statement of financial position in accordance with IFRS 16 amounted to 5,915 t€ (2022: 6,074 t€) in the financial year.

{62}------------------------------------------------

# **D34. Effects of the COVID-19 crisis on the Group's net assets, financial position and results of operations**

Rosenbauer's business performance lags behind the economic cycle, so it took a while for the COVID-19 crisis to make an impact. In particular, the negative effects of the COVID-19 crisis and the Russia/Ukraine conflict caused disruptions in supply chains and the underutilization of plants due to delivery delays in 2022 as well as the deconsolidation of PA "Fire-fighting special technics" LLC. due to lack of significant influence (see B1. "Companies included in consolidation").

The demand for ARFF vehicles, particularly in Europe, picked up noticeably during the reporting year. This relates to both regular new procurements and to catch-up effects from the time of the COVID-19 pandemic. The interest in electric firefighting vehicles is also on the rise. At the same time, international supply chains have not yet returned to their usual stability and there are regular interruptions to the supply of individual parts. As a result, the delivery times for firefighting vehicles remains unchanged above the expected level.

Despite these challenging conditions, all Rosenbauer sales regions and the Preventive Fire Protection segment succeeded in increasing their business volumes in 2023. Revenues therefore increased from € 972.2 million to € 1,064.5 million and another positive EBIT was generated.

The aid programs set by governments were used to cushion the negative impact on the Group's net assets, financial position and results of operations. In particular, the option of short-time working and other measures to safeguard jobs allowed staff costs to be offset against a grant of € 1,694 thousand in the previous year.

# **D35. Segment reporting**

In accordance with IFRS 8 ("Operating Segments"), segments must be defined and segment information disclosed on the basis of internal controlling and reporting. This results in segment reporting presented in line with the management approach of internal reporting. The Group is managed by the chief operating decision-makers on the basis of sales markets. The development of the market segments is particularly significant in internal reporting. Segmentation is based on the division of the sales regions (areas) defined by the chief operating decision-makers. In addition to the segments managed by sales markets (areas), the PFP (Preventive Fire Protection) segment is shown as a further segment in internal reporting.

The following reportable segments have been defined in line with the internal management information system:

Country responsibility has been streamlined with effect from January 1, 2023 in order to use synergies to simplify market development. The NISA area has been dissolved and integrated into the newly established Americas, Asia-Pacific, Middle East & Africa and Europe sales regions. Preventive Fire Protection (PFP) activities are also still presented in a separate segment. The figures for the previous year have been amended accordingly.

The chief operating decision-makers monitor the EBIT of the areas separately in order to make decisions on the allocation of resources and to determine the units' earnings power. Segment performance is assessed on the basis of EBIT using the same definition as in the consolidated financial statements. However, income taxes are managed on a uniform Group basis and are not allocated to the individual segments.

Segment reporting refers to the revenues and earnings generated by the individual areas both on their respective local markets and from export sales.

Segment figures are presented in the tables "Business" and "Disclosures on business units" and "Information on geographic areas" for 2022 and 2023.

{63}------------------------------------------------

# **Business segments**

|                                                                                 | EUROPE<br>area | MIDDLE EAST<br>area | ASIA PACIFIC<br>area | AMERICAS<br>area | PFP¹   | Group     |
|---------------------------------------------------------------------------------|----------------|---------------------|----------------------|------------------|--------|-----------|
| 2023 (in € thousand)                                                            |                |                     |                      |                  |        |           |
| External revenues                                                               | 509,872        | 114,858             | 122,928              | 275,654          | 41,231 | 1,064,543 |
| EBIT before share of results of companies accounted for using the equity method | 27,877         | 3,431               | 3,033                | 1,010            | 2,167  | 37,518    |
| Profit before income tax (EBT)                                                  | 1,397          | 3,990               | 1,999                | -2,655           | 2,253  | 6,984     |
| Balance-Sheet total                                                             | 736,214        | 73,980              | 30,586               | 277,889          | 48,026 | 1,166,695 |
| Depreciation                                                                    | -22,900        | -1,924              | -629                 | -3,092           | -1,671 | -30,216   |
| Impairment losses                                                               | 0              | 0                   | 0                    | 0                | 0      |           |
| Finance expenses                                                                | -30,711        | -232                | -105                 | -2,912           | -314   | -34,274   |
| Financial income                                                                | 2,924          | 36                  | 110                  | 306              | 9      | 3,385     |
| Share in results of companies accounted for using the equity method             | 355            | 0                   | 0                    | 0                | 0      | 355       |

Further details in the explanatory notes under point D.30.

No customer contributed more than 10% of external revenues in 2022.

1 Preventive Fire Protection

As shown above, balance sheet total, depreciation and amortization, financial expenses and income, and the share of results of companies accounted for using the equity method are allocated according to the locations of Group companies (production-based).

|                                                                                 | EUROPE<br>area | MIDDLE EAST<br>area | ASIA PACIFIC<br>area | AMERICAS<br>area | PFP1   | Group   |
|---------------------------------------------------------------------------------|----------------|---------------------|----------------------|------------------|--------|---------|
| 2022 (in € thousand) adjusted                                                   |                |                     |                      |                  |        |         |
| External revenues                                                               | 458,521        | 100,608             | 109,850              | 271,466          | 31,800 | 972,245 |
| EBIT before share of results of companies accounted for using the equity method | 4,570          | -4,920              | -1,332               | -9,320           | 448    | -10,554 |
| Profit before income tax (EBT)                                                  | -23,190        | 2,903               | 2,953                | -14,777          | 1,960  | -30,151 |
| Balance-Sheet total                                                             | 612,858        | 40,537              | 35,923               | 252,290          | 31,954 | 973,562 |
| Depreciation                                                                    | -22,398        | -1,563              | -498                 | -3,397           | -1,536 | -29,392 |
| Impairment losses                                                               | 0              | 0                   | 0                    | 0                | 0      | 0       |
| Finance expenses                                                                | -13,470        | -44                 | -51                  | -4,376           | -28    | -17,969 |
| Financial income                                                                | 3,403          | 8                   | 16                   | 681              | 7      | 4,115   |
| Share in results of companies accounted for using the equity method             | 68             | 0                   | -5,812               | 0                | 0      | -5,744  |

Further details in the explanatory notes under point D.30.

1

Preventive Fire Protection

No customer contributed more than 10% of external revenues in 2022.

As shown above, balance sheet total, depreciation and amortization, financial expenses and income, and the share of results of companies accounted for using the equity method are allocated according to the locations of Group companies (production-based).

{64}------------------------------------------------

# **Information on business units**

| in € million                     | Revenues | 2022 | 2023  |
|----------------------------------|----------|------|-------|
| Vehicles                         |          | 716  | 790   |
| Fire & Safety Equipment          |          | 93   | 99    |
| Preventive Fire Protection (PFP) |          | 32   | 42    |
| Customer Service                 |          | 97   | 104   |
| Others                           |          | 34   | 30    |
| Group                            |          | 972  | 1,065 |

# **Information on geographic areas**

|                   | Revenues |           | Property, plant and equipment |         | Intangible assets |        | Right-of-use Assets |        |
|-------------------|----------|-----------|-------------------------------|---------|-------------------|--------|---------------------|--------|
| in € thousand     | 2022     | 2023      | 2022                          | 2023    | 2022              | 2023   | 2022                | 2023   |
| Austria           | 77,023   | 84,528    | 80,456                        | 74,114  | 41,152            | 46,179 | 5,772               | 5,357  |
| USA               | 237,630  | 229,995   | 14,699                        | 13,279  | 2,006             | 2,073  | 7,709               | 6,647  |
| Germany           | 210,810  | 238,436   | 28,861                        | 30,152  | 8,659             | 7,787  | 13,624              | 12,053 |
| Saudi Arabia      | 28,391   | 60,801    | 8,489                         | 7,933   | 0                 | 0      | 715                 | 482    |
| Rest of the world | 418,391  | 450,783   | 23,415                        | 24,668  | 2,266             | 2,009  | 6,212               | 5,267  |
| Group             | 972,245  | 1,064,543 | 155,920                       | 150,146 | 54,083            | 58,048 | 34,032              | 29,806 |

{65}------------------------------------------------

# **D36. Capital management**

The capital provided by equity and borrowed capital is taken as the basis for capital management in the Rosenbauer Group.

The financial strategy is designed to support and promote the strategic and operational development of the company. The aim is to strike a balance between profitability, liquidity and security. Financial and strategic flexibility must be maintained by ensuring access to capital and advantageous financing conditions at all times. Sufficient financial strength should enable both operating business and investment projects. The interests of shareholders and lenders are taken into account in the form of an attractive dividend policy, a stable corporate credit rating and the reliability and continuity of results and corporate statements. The financial strategy is an integral part of our business understanding and actions and forms the basis of all major planning and decision-making processes (see also D37. Risk management d) Liquidity risk).

The key financial figures for capital management are the ratio of net debt to EBITDA and the equity ratio. EBITDA stands for earnings before interest, taxes, depreciation and amortization. Net debt comprises interest-bearing liabilities and lease liabilities less cash, cash equivalents and securities. Net debt therefore amounts to € 428,155 thousand (2022: € 319,994 thousand). EBITDA amounts to € 67,734 thousand in 2023 (2022: € 19,058 thousand). The ratio of net debt to EBITDA is therefore 6.3 (2022: 16.8).

In the case of liabilities from callable non-controlling interests, the business opportunities and risks and the dividend claim remain with the minority shareholder, so the liability is still economically a minority interest and not an interest-bearing purchase price liability.

Furthermore, the equity ratio is optimized with total assets management, which ensures the optimization of restricted current assets with the continuous monitoring of production levels and trade receivables. The equity ratio is calculated as the percentage of equity to total assets and was 15.7% as of December 31, 2023 (December 31, 2022: 19.1%).

# **D37. Risk management**

Rosenbauer is exposed to various risks in its business activities. Apart from the global crises (D34.), the annual evaluation of the Group companies did not reveal any significant new or previously unrecognized risks. On the basis of the information currently known, there are no specific risks to the future of the company as a going concern. The Rosenbauer Group operates globally and is therefore necessarily exposed to changes and fluctuations in inflation, interest rates and exchange rates. It is company policy, by closely observing the risk positions that exist and market developments, to balance risks internally as far as possible, to manage net positions with a view to optimizing earnings and, where reasonable, to hedge such positions. The goal of currency risk hedging is to create a secure basis of calculation for construction contracts.

A key area in hedging risks is financial instruments. Financial instruments are contracts that give rise to both a financial asset of one entity and a financial liability or equity instrument of another entity. In accordance with IFRS 7, they include on the one hand primary financial instruments such as trade receivables and payables and financial receivables and liabilities. On the other, they also included derivative financial instruments used to hedge the risks of changes in exchange and interest rates. Both primary and derivative financial instruments are reported on below.

Regular way purchases and sales of financial assets are recognized as of the settlement date, i.e. the date on which the company commits to purchasing the asset.

Given the daily or short-term maturities, the fair value of cash and cash equivalents and short-term investments, current receivables and liabilities is essentially the carrying amount. At the end of the reporting period securities were measured with a fair value of € 156 thousand (2022: € 685 thousand). The fair value is calculated from the market price at the end of the reporting period.

#### **a) Climate and environmental risks**

Climate change is also steadily growing in significance in the firefighting industry, so the Rosenbauer Group has been tackling this issue for many years in order to ensure a timely, solid and effective response to these risks.

The most immediate risk at present is the transition risk arising from the process of adaptation to a lowercarbon and more ecologically sustainable economy. Rosenbauer responded to the adaptation process around seven years ago and began developing the first hybrid firefighting vehicle, presenting it to the public in 2020. The vehicle has been very positively received by the market. However, this novel vehicle is probably just the beginning of an extensive adaptation of the product range to the new requirements, so research and development costs are expected to remain high. As of the end of the reporting period, development costs of € 19,467 thousand (2022: € 16,640 thousand) were capitalized in direct connection with this transformation of the product range, and development costs will continue to rise. The risk lies in the realization of development 

{66}------------------------------------------------

costs on the market, as these development costs also increase the products' production costs. The market is currently accepting of a higher price, particularly because the products developed so far offer significantly increased efficiency and convenience for fire services. Because of the higher costs, however, there remains a higher risk of undesirable developments and write-downs of development costs in the future.

Besides the development costs, rising costs from energy and material purchases are also to be expected, for example due to carbon pricing or sustainable production processes. There is a risk here that these regulations do not develop symmetrically in the various markets, so competitors in less regulated markets could enjoy a cost advantage.

The physical risk of climate change, i.e. the effects of physical events such as droughts, floods, storms, etc., has various consequences for Rosenbauer. On the one hand, the locations are of course exposed to an elevated risk (such as water scarcity, extreme weather, heat, etc.), and supply chains can be negatively affected by such events. On the other hand, Rosenbauer offers products and technologies to counter this risk and can do a lot to mitigate these effects. This not only involves the provision of first-class equipment for disaster response, such as in the event of forest fires, floods or storms, but also the prevention of such extreme situations. For Rosenbauer, prevention comes before de-escalation. Early detection plays a key role here – the product portfolio is being expanded and investments made in software solutions. There is a financial risk that these costs will not be realized on the market.

Climate and environmental risks are not currently affecting the measurement of assets and liabilities.

#### **b) Credit risk**

The risk on receivables can be rated as consistently low on account of the customer structure and the hedging policy for credit risks. In addition, all customers who wish to do business with the Group on a credit basis are subject to a credit check. Receivables are also monitored on an ongoing basis with the result that the Group is not exposed to a significant risk of default. The maximum credit risk and therefore risk of default is equal to the carrying amounts.

The table below shows the credit risk for the Group's financial assets:

| Dec. 31, 2023                |                                 |                          |               |                        |
|------------------------------|---------------------------------|--------------------------|---------------|------------------------|
| in € thousand                | 12-month ECL<br>or lifetime ECL | Gross carrying<br>amount | Impairment    | Net carrying<br>amount |
| Securities                   | n/a                             | 156                      | 0             | 156                    |
| Other receivables and assets | 12m ECL                         | 21,374                   | 0             | 21,374                 |
| Trade receivables            | Lifetime ECL                    | 247,535                  | -2,266        | 245,269                |
| With credit impairment       | Lifetime ECL                    | 18,893                   | -1,928        | 16,965                 |
| Without credit impairment    | Lifetime ECL                    | 228,642                  | -338          | 228,304                |
| Cash and cash equivalents    | 12m ECL                         | 34,863                   | 0             | 34,863                 |
|                              |                                 | <b>303,927</b>           | <b>-2,266</b> | <b>301,662</b>         |

| in € thousand                | Dec. 31, 2022                   |                          |            |                        |
|------------------------------|---------------------------------|--------------------------|------------|------------------------|
|                              | 12-month ECL<br>or lifetime ECL | Gross carrying<br>amount | Impairment | Net carrying<br>amount |
| Securities                   | n/a                             | 685                      | 0          | 685                    |
| Other receivables and assets | 12m ECL                         | 17,025                   | 0          | 17,025                 |
| Trade receivables            | Lifetime ECL                    | 148,960                  | -3,217     | 145,743                |
| With credit impairment       | Lifetime ECL                    | 19,508                   | -3,088     | 16,420                 |
| Without credit impairment    | Lifetime ECL                    | 129,452                  | -129       | 129,324                |
| Cash and cash equivalents    | 12m ECL                         | 35,601                   | 0          | 35,601                 |
|                              |                                 | 202,271                  | -3,217     | 199,054                |

Within the EU receivables are mostly from municipal legal entities. If receivables relate to private customers of low or unknown credit standing, these receivables are insured through the private insurance market.

Receivables from customers outside the EU of low credit standing – including government customers – are secured with documentary credits or bank guarantees. Alternatively, but also cumulatively, insurance policies can be concluded with one of the government insurance companies. In Austria this is done with Österreichische Kontrollbank AG.

{67}------------------------------------------------

The diagram below shows the Group's calculated credit risk exposure for trade receivables using an impairment matrix:

|                        | Without credit impairment                                                    |                          |                            |                           |                           |
|------------------------|------------------------------------------------------------------------------|--------------------------|----------------------------|---------------------------|---------------------------|
|                        | Trade receivables                                                            |                          |                            |                           |                           |
| 2023 in € thousand     | not past due                                                                 | 1 to 90 days<br>past due | 91 to 180<br>days past due | Over 180 days<br>past due | With credit<br>impairment |
|                        | Estimated total gross carrying<br>amount in the event of past<br>due payment | 120,366                  | 60,561                     | 19,719                    | 13,353                    |
| Expected credit losses | 64                                                                           | 53                       | 98                         | 123                       | 1,928                     |

| 2022 in € thousand                                                           | Trade receivables         |                          |                            |                           |                           |
|------------------------------------------------------------------------------|---------------------------|--------------------------|----------------------------|---------------------------|---------------------------|
|                                                                              | Without credit impairment |                          |                            |                           |                           |
|                                                                              | not past due              | 1 to 90 days<br>past due | 91 to 180<br>days past due | Over 180 days<br>past due | With credit<br>impairment |
| Estimated total gross carrying<br>amount in the event of past<br>due payment | 61,790                    | 52,817                   | 9,074                      | 0                         | 19,508                    |
| Expected credit losses                                                       | 28                        | 51                       | 50                         | 0                         | 3,088                     |

#### **c) Market risk**

#### Inflation risk

In the last few decades of low interest rate policies and a threat of deflation, material prices and wage costs were also easy to predict and therefore easy to calculate in project business. Inflation risk was therefore only of subordinate importance. However, this situation changed significantly at the end of 2021. Material prices climbed sharply due to supply chain disruptions, and in 2022 this was joined by volatile and massively increasing energy prices as a result of the war in Ukraine. The 2023 trading year was again characterized by geopolitical tensions, extreme weather events and high rates of inflation. Supply chains did stabilize slowly throughout the course of the reporting year but are still not satisfactory and interruptions to the supply of individual parts continued.

As the time between a binding submission of a tender and actual delivery ranges from several months to over a year, there is a risk that the actual price increase will exceed the planned price increase. Rosenbauer responds to these risks with a variety of measures.

In purchasing, chassis are ordered only for specific contracts at fixed prices, so the price risk for chassis can be ruled out. For other materials, an attempt is made to achieve the highest possible price security by means of framework agreements and by coordinating the order times with the production program. Active supplier management and short-term adjustment of delivery schedules also reduce price risk. In addition, price lists are reviewed at short intervals and increased at short notice if a further increase in prices is foreseeable.

#### Interest rate risk

Interest rate risks mainly apply to receivables and liabilities with terms of more than one year.

For assets, interest rate risks apply to investment securities. Securities were measured at market value at the end of the reporting period. It is possible to reduce interest rate risks and optimize income with the regular monitoring of interest rate developments and the reorganization of securities holdings derived from this.

There are non-current liabilities to banks from loans for various investments in operating activities. However, more prolonged negative changes in market values can cause the result of operations to deteriorate. A change in interest rates of +/-1% on the credit portfolio as of the end of the reporting period would have reduced earnings and equity by € 3,475 thousand (2022: € 1,801 thousand) and respectively increased earnings and equity by € 3,475 thousand (2022: € 1,801 thousand). The sensitivity to current liabilities to banks is negligible.

Globally, the key benchmark rates are being fundamentally reformed, including the replacement of some Interbank Offered Rates (IBORs) with alternative, virtually risk-free interest rates (referred to as "IBOR reform"). The Group's financial instruments are subject to IBORs that will be replaced or reformed as part of these market-wide initiatives. Rosenbauer has already switched its US dollar contracts to the Secured Overnight Financing Rate (SOFR). The EURIBOR will be used as a benchmark rate until further notice. The effects of this are considered immaterial.

#### Currency risk

Currency risk is the risk that the fair value or future cash flows of a financial instrument may vary due to the change in exchange rates. The Group is particularly exposed to exchange rate risks in the course of its operating activities (if revenue and/or expenses are denominated in a foreign currency). In order to manage its currency risk, the Group hedges all transactions regarding expected sales and purchases that are expected to occur in the next twelve months. If a derivative transaction is concluded for the purposes of the hedge, the Group negotiates the terms of the contract such that the derivative financial instrument is equal to the risk to be hedged. For the hedge of expected transactions, the derivative financial instrument covers the risk period from the date at which cash flows from the transaction are forecast to the date at which the liability or receivable denominated in a foreign currency is settled. The majority of expected foreign currency exposure from the next financial year is hedged with currency forwards.

{68}------------------------------------------------

Group companies invest in non-current securities almost exclusively in their own currency area, hence there is no currency risk here.

In assets, currency risks relate mainly to the US dollar and UAE dirham, resulting from trade receivables from international customers, from previously agreed contracts and future transactions. Most other markets invoice in euro. In liabilities, with the exception of trade payables, there are no significant currency risks as current financing of operating activities is implemented by the Group companies in their own local currency. Any currency risks from short-term peaks are borne by the company themselves. In addition to hedging with derivative financial instruments, there is also natural hedging by the positions closed, for example US dollar trade payables are offset by US dollar receivables.

The table below shows the sensitivity of consolidated earnings before taxes (due to changes in the fair values of monetary assets and liabilities) and the Group's equity (due to changes in the fair values of currency forwards) to a change in exchange rates, considered possible in line with prudent business judgment, affecting the main currencies relevant to the Group. All other variables remain constant.

| in € thousand | Exchange rate development | Effect on earnings before taxes |        | Effect on equity |         |
|---------------|---------------------------|---------------------------------|--------|------------------|---------|
|               |                           | 2022                            | 2023   | 2022             | 2023    |
| USD           | +10%                      | 5,535                           | 6,350  | -8,287           | -10,222 |
| USD           | -10%                      | -5,598                          | -6,502 | 7,368            | 9,327   |
| SGD           | +10%                      | -138                            | -1     | -25              | 150     |
| SGD           | -10%                      | 138                             | 1      | 25               | -150    |
| CHF           | +10%                      | -2                              | 11     | -301             | -464    |
| CHF           | -10%                      | 2                               | -11    | 301              | 464     |
| SAR           | +10%                      | 2                               | 2      | 638              | 1,175   |
| SAR           | -10%                      | -2                              | -2     | -638             | -1,175  |
| AED           | +10%                      | -253                            | -22    | -177             | -125    |
| AED           | -10%                      | 222                             | -15    | 115              | 70      |
| GBP           | +10%                      | -63                             | -95    | 72               | -80     |
| GBP           | -10%                      | 46                              | 74     | -72              | 69      |

#### Derivative financial instruments (hedges)

FX risks are hedged using derivative financial instruments such as FX forwards and FX swaps. This balances out the variability of cash flows from future transactions. There are no derivative financial instruments without a hedge. Within the Rosenbauer Group, the risk is hedged until the time of the payment in foreign currency. Effectiveness is measured on a regular basis.

Interest risks are hedged using derivative financial instruments such as interest rate swaps. Hedges are initially recognized at fair value when the agreement is entered into and subsequently remeasured at fair value.

In accordance with IAS 32, derivative financial instruments are only offset and reported in the statement of financial position as a net amount when there is a legal right to do so and it is intended to settle on a net basis. No offsetting was carried out in 2023 or in the previous year.

{69}------------------------------------------------

In accordance with IFRS 9, derivatives are classified in the following categories:

|                                                                                                                | 31.12.2023  |         |
|----------------------------------------------------------------------------------------------------------------|-------------|---------|
| in € thousand                                                                                                  | non-current | current |
| Derivatives with positive fair values                                                                          |             |         |
| Derivatives that are mandatorily measured at fair value through profit and loss (receivables and other assets) | 0           | 264     |
|                                                                                                                | 0           | 264     |

| in € thousand     | Nominal value | Fair value |
|-------------------|---------------|------------|
|                   | 2023          | 2023       |
| Currency forwards | 21,732        | -6         |
| in € thousand     | Nominal value | Fair value |
|                   | 2022          | 2022       |
| Currency forwards | 17,883        | -297       |

| in € thousand                                                                                          | 31.12.2023<br>non-current | 31.12.2023<br>current |
|--------------------------------------------------------------------------------------------------------|---------------------------|-----------------------|
| Derivatives with negative fair values                                                                  |                           |                       |
| Derivatives that are mandatorily measured at fair value through profit and loss<br>(other liabilities) | 35                        | 236                   |
|                                                                                                        | 35                        | 236                   |

| in € thousand                                                                                                  | Dec. 31, 2022 |            |
|----------------------------------------------------------------------------------------------------------------|---------------|------------|
|                                                                                                                | non-current   | current    |
| <b>Derivatives with positive fair values</b>                                                                   |               |            |
| Derivatives that are mandatorily measured at fair value through profit and loss (receivables and other assets) | 7             | 288        |
|                                                                                                                | <b>7</b>      | <b>288</b> |
|                                                                                                                | Dec. 31, 2022 |            |
| in € thousand                                                                                                  | non-current   | current    |
| Derivatives with negative fair values                                                                          |               |            |
| Derivatives that are mandatorily measured at fair value through profit and loss<br>(other liabilities)         | 0             | 592        |
|                                                                                                                | 0             | 592        |

The economic relationship between the hedged item and the hedging instrument is determined by comparing the value-determining risk factors. In the event of complete or approximate consistency of the hedged item's and hedging instrument's significant value-determining risk factors, the critical terms match method is used to provide evidence of the economic relationship. In all other cases, either sensitivity analyses or aspects of the dollar-offset method, depending on the scale of the value-determining risk factors, are used to demonstrate the economic relationship.

Deviations in the value-determining risk factors between the hedged item and the hedging instrument give rise to sources of ineffectiveness. For the hedge of foreign currency risks, deviations in the forward rate between the hypothetical derivative as the hedged item and the hedging instrument (currency forward) present such a source of ineffectiveness. Changes in expected timings for the hedged item's planned cash flows give rise to ineffectiveness. There was no hedge ineffectiveness in 2023 or 2022.

As the underlying assets of the hedged item and the hedging instrument are always consistent, the accounting hedge ratio is always 1:1, i.e. the hedging instrument's designated amount or volume is equal to the hedged item's designated amount or volume. Adjustments to the accounting hedge ratio are recognized if the hedge ratio has an imbalance that would result in ineffectiveness, with potential consequences for accounting that are incompatible with the purpose of hedge accounting.

{70}------------------------------------------------

In accordance with IFRS 9, derivatives are classified in the following categories:

|                                                               | 31.12.2023  |               |                                                                                                  |
|---------------------------------------------------------------|-------------|---------------|--------------------------------------------------------------------------------------------------|
| in € thousand                                                 | non-current | current       | Change in the value of hedging instruments as the basis for calculating ineffectiveness          |
| Derivatives with positive fair values                         |             |               |                                                                                                  |
| Cash flow hedge derivatives<br>(receivables and other assets) | 84          | 357           | 440                                                                                              |
| Total                                                         | 84          | 357           | 440                                                                                              |
|                                                               |             | Dec. 31, 2022 |                                                                                                  |
| in € thousand                                                 | non-current | current       | Change in the value of<br>hedging instruments as<br>the basis for calculating<br>ineffectiveness |
| Derivatives with positive fair values                         |             |               |                                                                                                  |
| Cash flow hedge derivatives<br>(receivables and other assets) | 182         | 2,186         | 2,367                                                                                            |
| Total                                                         | 182         | 2,186         | 2,367                                                                                            |

|                                                    |             |         | 31.12.2023                                                                                       |  |  |
|----------------------------------------------------|-------------|---------|--------------------------------------------------------------------------------------------------|--|--|
| in € thousand                                      | non-current | current | Change in the value of<br>hedging instruments as<br>the basis for calculating<br>ineffectiveness |  |  |
| Derivatives with negative fair values              |             |         |                                                                                                  |  |  |
| Cash flow hedge derivatives<br>(other liabilities) | 203         | 261     | 464                                                                                              |  |  |
| Total                                              | 203         | 261     | 464                                                                                              |  |  |

|                                                    | 31.12.2022  |         |                                                                                                  |
|----------------------------------------------------|-------------|---------|--------------------------------------------------------------------------------------------------|
| in € thousand                                      | non-current | current | Change in the value of<br>hedging instruments as<br>the basis for calculating<br>ineffectiveness |
| Derivatives with negative fair values              |             |         |                                                                                                  |
| Cash flow hedge derivatives<br>(other liabilities) | 13          | 301     | 315                                                                                              |
| Total                                              | 13          | 301     | 315                                                                                              |

{71}------------------------------------------------

| 2023              |      | Maximum<br>term | Average<br>forward rate | Nominal<br>values<br>in € thousand | Fair value<br>in € thousand | 2022              |      | Maximum<br>term | Average<br>forward rate | Nominal<br>values<br>in € thousand | Fair value<br>in € thousand |
|-------------------|------|-----------------|-------------------------|------------------------------------|-----------------------------|-------------------|------|-----------------|-------------------------|------------------------------------|-----------------------------|
| Currency forwards |      |                 |                         |                                    |                             | Currency forwards |      |                 |                         |                                    |                             |
| USD               | Sale | Sep. 19, 2025   | 1.1075                  | 46,205                             | 216                         | USD               | Sale | Sep. 28, 2023   | 1.0739                  | 45,248                             | -9                          |
| AED               | Sale | May. 31, 2024   | 4.0592                  | 2,109                              | 13                          | AED               | Sale | Mar. 6, 2024    | 3.8966                  | 3,122                              | 6                           |
| AED               | Buy  | Feb. 29, 2024   | 4.0886                  | 627                                | 2                           | SEK               | Sale | Nov. 24, 2023   | 10.2465                 | 18,487                             | 1,435                       |
| CAD               | Sale | Dec. 12, 2025   | 1.3403                  | 21,715                             | -331                        | CAD               | Sale | Nov. 20, 2024   | 1.2991                  | 16,378                             | 59                          |
| CAD               | Buy  | Oct. 31, 2024   | 1.3489                  | 2,839                              | 58                          | CAD               | Buy  | Oct. 31, 2024   | 1.3347                  | 1,409                              | -11                         |
| AUD               | Sale | Feb. 5, 2024    | 1.6398                  | 1,677                              | -13                         | NZD               | Sale | Aug. 25, 2023   | 1.6530                  | 429                                | 13                          |
| HKD               | Sale | Jul. 31, 2024   | 8.4586                  | 2,500                              | 59                          | AUD               | Sale | Oct. 25, 2023   | 1.5345                  | 1,662                              | 42                          |
| GBP               | Sale | Mar. 28, 2024   | 0.8812                  | 545                                | -6                          | AUD               | Buy  | Feb. 24, 2023   | 1.5737                  | 635                                | 1                           |
| PLN               | Sale | Mar. 28, 2024   | 4.4523                  | 898                                | -20                         | HKD               | Sale | Jul. 31, 2024   | 8.4586                  | 2,500                              | 7                           |
| PLN               | Sale | Jan. 29, 2024   | 4.3310                  | 462                                | -2                          | SAR               | Sale | Jul. 27, 2023   | 3.9267                  | 1                                  | -0                          |
|                   |      |                 |                         | 79,577                             | -24                         |                   |      |                 |                         | 89,872                             | 2,053                       |
|                   |      |                 |                         |                                    |                             |                   |      |                 |                         |                                    |                             |

The following items were hedged:

|                       | 2023                                      |                |
|-----------------------|-------------------------------------------|----------------|
| Risk in € thousand    | Change in the value<br>of the hedged item | Reserve status |
| Foreign currency risk | 24                                        | 12             |

| 2022                  |                                           |                |
|-----------------------|-------------------------------------------|----------------|
| Risk in € thousand    | Change in the value<br>of the hedged item | Reserve status |
| Foreign currency risk | -2,053                                    | 1,616          |

{72}------------------------------------------------

The table below shows the change in the hedge reserve:

|                                                                                            | Foreign currency risk |        |
|--------------------------------------------------------------------------------------------|-----------------------|--------|
| in € thousand                                                                              | 2022                  | 2023   |
| Value as of Jan 1                                                                          | -1,268                | 1,616  |
| Gains/losses of the effective part from the change in fair value of hedging<br>instruments | 1,999                 | -57    |
| Deferred tax thereon in OCI                                                                | -452                  | -48    |
| Gains/losses reclassified to the income statement                                          | 1,782                 | -1,999 |
| thereof deferred tax                                                                       | -446                  | 500    |
| Carrying amount as of Dec 31                                                               | 1,616                 | 12     |

The financial investments available for sale shown in the following table as level 1 include – as in the previous year – listed equities and units in funds. The fair value of currency forwards and interest rate swaps shown as level 2 is determined – as in the previous year – by reference to bank valuations based on recognized mathematical measurement models (discounted cash flow method on the basis of current interest and currency future yields based on interbank mid-rates as of the end of the reporting period). The interest rate hedging relates to the hedging of parts of the promissory note interest. Financial liabilities that are recognized at fair value and where key input parameters are based on observable market data are shown under level 2. Interest rate holding transactions are also concluded, although these are not recognized as a hedging relationship in accordance with IFRS 9.

In 2023 – as in the previous year – there were no reclassifications between level 1 and level 2 or vice versa. There was no change in the measurement method.

|                                                                                                           | Level 1 |      |  | Level 2 |       |  | Level 3 |       |
|-----------------------------------------------------------------------------------------------------------|---------|------|--|---------|-------|--|---------|-------|
| in € thousand                                                                                             | 2022    | 2023 |  | 2022    | 2023  |  | 2022    | 2023  |
| Derivative financial instruments trough profit and loss                                                   |         |      |  |         |       |  |         |       |
| Positive fair value                                                                                       |         |      |  | 295     | 264   |  |         |       |
| Negative fair value                                                                                       |         |      |  | 592     | 271   |  |         |       |
| Derivative financial instruments through OCI                                                              |         |      |  |         |       |  |         |       |
| Positive fair value                                                                                       |         |      |  | 2,367   | 440   |  |         |       |
| Negative fair value                                                                                       |         |      |  | 315     | 464   |  |         |       |
| Interest rate swaps                                                                                       |         |      |  |         |       |  |         |       |
| Positive fair value                                                                                       |         |      |  | 0       | 0     |  |         |       |
| Negative fair value                                                                                       |         |      |  | 4,111   | 1,861 |  |         |       |
| Interest-bearing liabilities mandatorily designated as<br>effective at fair-value through profit and loss |         |      |  |         |       |  |         |       |
| Positive fair value                                                                                       |         |      |  | 4,028   | 2,753 |  |         |       |
| Negative fair value                                                                                       |         |      |  | 0       | 0     |  |         |       |
| Investments mandatorily at fair-value through profit<br>and loss                                          |         |      |  |         |       |  |         |       |
| Positive fair value                                                                                       | 685     | 156  |  |         |       |  |         |       |
| Negative fair value                                                                                       |         |      |  |         |       |  |         |       |
| Putable Non-controlling interests measured at fair<br>value through other comprehensive income            |         |      |  |         |       |  |         |       |
| Positive fair value                                                                                       |         |      |  |         |       |  |         |       |
| Negative fair value                                                                                       |         |      |  |         |       |  | 13,517  | 12,43 |

For non-controlling interests see chapter C11. "Liabilities" and D10. "Non-controlling interests".

#### **d) Liquidity risk**

Liquidity risk is the risk of not being able to settle the liabilities due on time. Controlling the liquidity risk is of utmost importance within the Rosenbauer Group. Liquidity in the Group is determined by means of monthly rolling liquidity planning and is continuously monitored. Liquidity should be secured at all times by sufficient medium- and long-term credit facilities and furthermore with positive bank balances and not yet used credit lines by bank institutions.

The promissory note agreements were entered into in the 2019 financial year with a nominal volume of € 150,0 million and \$ 10,0 million. Their carrying amounts are € 106,5 million (2022: € 106,5 million) and 

{73}------------------------------------------------

\$ 3,0 million (2022: \$ 3,0 million) as of December 31, 2023. A syndicated loan with a volume of € 170,0 million was agreed in 2020. The term is three years with an extension option of one year in each case. There are liabilities from the syndicated loan of € 100,0 million (2022: € 35,0 million) as of December 31, 2023. A credit facility of € 40,0 million was agreed in the 2021 financial year with an outstanding amount of € 32,0 million as of December 31, 2023 (2022: € 32,0 million). Furthermore, financing of \$ 80,0 million was raised for the acquisition of non-controlling interests in the US in the 2022 financial year, with a carrying amount of \$ 71,8 million as of December 31, 2023 (2022: \$ 77,3 million).

In September 2023, an attempt was made to place a hybrid bond on the capital market in order to strengthen the equity base and finance further growth in the USA. In November 2023, the decision was made not to issue this hybrid bond due to a lack of investor demand.

Subsequently, the Rosenbauer Group entered into discussions with all major financing partners as a result of impending violations of the financial covenants of existing financing agreements (see above mentioned finance agreements). A temporary "Standstill Agreement" was concluded with the support of the majority shareholder in order to quickly stabilize the financial position of the Rosenbauer Group.

The Standstill Agreement enabled negotiations to be held with major financing partners on the comprehensive refinancing of the Rosenbauer Group within the scope of a Multilateral Refinancing Agreement (MRFV), the implementation of which was to include a capital increase, if necessary from authorized capital, at Rosenbauer International AG. The majority shareholder in Rosenbauer International AG supports refinancing efforts and has committed to the provision of a security. At the time of drawing up the consolidated financial statements, the MRFV was signed by all parties.

Under the terms of the MRFV, all major financing instruments (bonded loans, syndicated loans, financing agreement for the acquisition of non-controlling interests in the USA and further non-annotated and annotated credit facilities) shall be extended until November 3, 2025. As part of the extension of the above financing, additional fees and an increase in interest margins will be agreed.

The original financial covenants for the 2023 financial year have been suspended. The MRFV contains new financial covenants that stipulate the achievement of an IFRS consolidated equity ratio of at least 20% as well as a ratio of net debt to EBITDA below a factor of 5. Failure to comply with the above financial covenants by December 31, 2024, following submission and on the basis of the audited consolidated financial statements, entitles the lenders to terminate the financing agreement.

In the MRFV, Rosenbauer International AG has also committed to fulfill further obligations, to treat all creditors equally and to pledge its shares in Rosenbauer Deutschland GmbH, Rosenbauer Karlsruhe GmbH and Rosenbauer Holdings Inc. to the lenders.

Further key provisions prescribe a capital increase in the 2024 financial year and the suspension of dividend payments. A share of the revenues from the capital increase is to be paid to the contractual partners of the financing agreement as an unscheduled repayment in the 2024 financial year. The capital increase is also intended to sustainably strengthen the equity of Rosenbauer International AG and support the further growth of the Group. Independently of the negotiations with the lenders, Rosenbauer International AG has already notified the capital market that a capital increase is set to take place in 2024 and has initiated the necessary preparations.

A further repatriation of the financing agreements shall take place in 2025 using excess liquidity from the 2024 financial year ("Excess Cash Sweep").

Failure by the Rosenbauer Group to fulfill key provisions of the MRFV entitles the lenders to terminate the agreement, provided this is approved by a majority (2/3 quorum) of the financing partners. In the event of particularly serious violations of the contractual provisions, individual lenders are also entitled to terminate the MRFV with effect for themselves.

The executive board of Rosenbauer International AG therefore considers the probalitiy of the successful placement of the capital increase and the continuation of the company as a going concern to be very high because of the signed MRFV and the good business prospects.

The Rosenbauer Group also has a loan agreement in the USA for a volume of \$ 40.0 million with a carrying amount of \$ 30.1 million (2022: \$ 12.9 million). This loan agreement contains financial covenants that were fulfilled up to December 31, 2023. Failure to comply with these financial ratios entitles the lender to terminate the financing agreement.

Total interest-bearing financial liabilities amount to € 431,891 thousand (2022: € 321,039 thousand). The average interest rate amounts to 6.6% (2022: 3.5%). As the incidental costs of the financial liabilities shown in the table below with the nominal interest rates are low, the nominal interest rate is approximately the effective interest rate, hence there is no impact on the net assets, financial position or results of operations.

The tables below show the structure of interest-bearing financial liabilities as of December 31, 2023 and the structure of trade payables and other liabilities.

{74}------------------------------------------------

#### Interest-bearing financial liabilities

| in € thousand                        | Dec. 31, 2022 | Dec. 31, 2023 |
|--------------------------------------|---------------|---------------|
| Interest rate agreement and maturity |               |               |
| Fixed, current                       | 85,018        | 83,429        |
| Fixed, non-current                   | 55,956        | 90            |
| Floating rate, current               | 33,786        | 346,079       |
| Floating rate, non-current           | 146,278       | 1,482         |
| Total interest-bearing liabilities   | 321,039       | 431,891       |

#### Maturity structure

The figures shown in the table below reflect the undiscounted cash flows, hence they may differ from the carrying amounts.

#### **Currencies**

| €   | 227,474 | 323,919 |
|-----|---------|---------|
| CHF | 0       | 2       |
| AUD | 0       | 0       |
| BND | 0       | 0       |
| SGD | 0       | 1       |
| USD | 93,564  | 107,969 |
| ZAR | 1       | 0       |
|     | 321,039 | 431,891 |

| in € thousand                                          | Total   | Up to 1 year | 1 to 2 years | 2 to 5 years | More than 5 years |
|--------------------------------------------------------|---------|--------------|--------------|--------------|-------------------|
| Interest-bearing liabilities (current and non-current) |         |              |              |              |                   |
| 2023                                                   | 431,891 | 429,508      | 1,716        | 667          |                   |
| 2022                                                   | 362,315 | 132,591      | 75,422       | 87,625       | 66,676            |
| Trade payables                                         |         |              |              |              |                   |
| 2023                                                   | 114,948 | 114,948      | 0            | 0            |                   |
| 2022                                                   | 78,753  | 78,753       | 0            | 0            |                   |
| Leas liabilities                                       |         |              |              |              |                   |
| 2023                                                   | 31,283  | 6,226        | 5,818        | 10,789       | 8,450             |
| 2022                                                   | 35,191  | 6,544        | 5,633        | 12,189       | 10,825            |

{75}------------------------------------------------

#### **Putable Non-controlling interests**

| 2023 | 12,430 | 12,430 | 0 | 0 |
|------|--------|--------|---|---|
| 2022 | 13,517 | 13,517 | 0 | 0 |

#### **Other liabilities from financial instruments (without derivative liabilities) (current and non-current)**

| 2023 | 42,426 | 42,303 | 123 | 0  |
|------|--------|--------|-----|----|
| 2022 | 38,506 | 38,117 | 315 | 74 |

The fair value of non-current loan liabilities bearing interest at fixed rates is € 1,071 thousand (2022: € 87,572 thousand). The inputs for calculating the fair value of non-current loan liabilities bearing interest at fixed rates are assigned to level 2 of the IFRS 13 fair value hierarchy. The fair value of non-current loan liabilities bearing interest at fixed rates was calculated using a DCF method and a standard discount rate.

The table below shows the undiscounted cash flows from derivative liabilities.

| in € thousand                                        | Total   | Up to 1 year | 1 to 2 years | 2 to 3 years | 3 to 4 years | 4 to 5 years | More than 5 years |
|------------------------------------------------------|---------|--------------|--------------|--------------|--------------|--------------|-------------------|
| Derivative Verbindlichkeiten (kurz- und langfristig) |         |              |              |              |              |              |                   |
| 2023                                                 |         |              |              |              |              |              |                   |
| Inflow                                               | 73,702  | 61,074       | 12,628       | 0            | 0            | 0            | 0                 |
| Outflow                                              | -74,437 | -61,571      | -12,866      | 0            | 0            | 0            | 0                 |
| Balance                                              | -735    | -497         | -238         | 0            | 0            | 0            | 0                 |
| 2022                                                 |         |              |              |              |              |              |                   |
| Inflow                                               | 56,259  | 54,749       | 1,510        | 0            | 0            | 0            | 0                 |
| Outflow                                              | -57,166 | -55,642      | -1,523       | 0            | 0            | 0            | 0                 |
| Balance                                              | -907    | -893         | -13          | 0            | 0            | 0            | 0                 |

{76}------------------------------------------------

#### **e) Reconciliation of carrying amounts under IFRS 7Additional information on financial instruments in accordance with IFRS 7:**

|                                          | Derivative financial instruments |                  | Designated as<br>effective at fair<br>value through<br>profit and loss | Mandatorily<br>measured at fair<br>value through<br>profit and loss | Measured at fair<br>value through<br>other comprehen-<br>sive income | Measured at<br>amortized cost | Not a financial<br>instrument | Carrying amount<br>Dec. 31, 2023 | Fair Value<br>Dec. 31, 2023 |
|------------------------------------------|----------------------------------|------------------|------------------------------------------------------------------------|---------------------------------------------------------------------|----------------------------------------------------------------------|-------------------------------|-------------------------------|----------------------------------|-----------------------------|
|                                          | Trading                          | Hedge Accounting |                                                                        |                                                                     |                                                                      |                               |                               |                                  |                             |
| <b>ASSETS</b>                            |                                  |                  |                                                                        |                                                                     |                                                                      |                               |                               |                                  |                             |
| Other non-current assets                 | 0                                | 0                | 0                                                                      | 156                                                                 | 0                                                                    | 0                             | 0                             | 156                              | 156                         |
| Trade receivables                        | 0                                | 0                | 0                                                                      | 0                                                                   | 14,148                                                               | 231,121                       | 0                             | 245,269                          | 245,269                     |
| Income tax receivables                   | 0                                | 0                | 0                                                                      | 0                                                                   | 0                                                                    | 0                             | 742                           | 742                              | 742                         |
| Other current assets                     | 0                                | 705              | 0                                                                      | 0                                                                   | 0                                                                    | 21,374                        | 10,672                        | 32,751                           | 32,751                      |
| Cash and cash equivalents                | 0                                | 0                | 0                                                                      | 0                                                                   | 0                                                                    | 34,863                        | 0                             | 34,863                           | 34,863                      |
| <b>LIABILITIES</b>                       |                                  |                  |                                                                        |                                                                     |                                                                      |                               |                               |                                  |                             |
| Interest-bearing non-current liabilities | 0                                | 0                | 0                                                                      | 0                                                                   | 0                                                                    | 2,383                         | 0                             | 2,383                            | 2,238                       |
| Non-current lease liabilities            | 0                                | 0                | 0                                                                      | 0                                                                   | 0                                                                    | 25,057                        | 0                             | 25,057                           | 25,057                      |
| Other non-current liabilities            | 0                                | 0                | 0                                                                      | 0                                                                   | 0                                                                    | 123                           | 1,534                         | 1,657                            | 1,657                       |
| Putable Non-controlling interests        | 0                                | 0                | 0                                                                      | 0                                                                   | 12,431                                                               | 0                             | 0                             | 12,431                           | 12,431                      |
| Interest-bearing current liabilities     | 0                                | 0                | 49,247                                                                 | 0                                                                   | 0                                                                    | 380,261                       | 0                             | 429,508                          | 429,508                     |
| Current lease liabilities                | 0                                | 0                | 0                                                                      | 0                                                                   | 0                                                                    | 6,226                         | 0                             | 6,226                            | 6,226                       |
| Trade payables                           | 0                                | 0                | 0                                                                      | 0                                                                   | 0                                                                    | 114,948                       | 0                             | 114,948                          | 114,948                     |
| Other current liabilities                | 1,861                            | 735              | 0                                                                      | 0                                                                   | 0                                                                    | 42,303                        | 40,551                        | 85,449                           | 85,449                      |

{77}------------------------------------------------

|                                          | Derivative financial instruments |                  | Designated as<br>effective at fair<br>value through<br>profit and loss | Mandatorily<br>measured at fair<br>value through<br>profit and loss | Measured at fair<br>value through<br>other comprehen-<br>sive income | Measured at<br>amortized cost | Not a financial<br>instrument | Carrying amount<br>Dec. 31, 2022 | Fair Value<br>Dec. 31, 2022 |
|------------------------------------------|----------------------------------|------------------|------------------------------------------------------------------------|---------------------------------------------------------------------|----------------------------------------------------------------------|-------------------------------|-------------------------------|----------------------------------|-----------------------------|
|                                          | Trading                          | Hedge Accounting |                                                                        |                                                                     |                                                                      |                               |                               |                                  |                             |
| ASSETS                                   |                                  |                  |                                                                        |                                                                     |                                                                      |                               |                               |                                  |                             |
| Other non-current assets                 | 0                                | 0                | 0                                                                      | 685                                                                 | 0                                                                    | 0                             | 0                             | 685                              | 685                         |
| Trade receivables                        | 0                                | 0                | 0                                                                      | 0                                                                   | 60,211                                                               | 85,532                        | 0                             | 145,743                          | 145,743                     |
| Income tax receivables                   | 0                                | 0                | 0                                                                      | 0                                                                   | 0                                                                    | 0                             | 542                           | 542                              | 542                         |
| Other current assets                     | 0                                | 2,663            | 0                                                                      | 0                                                                   | 0                                                                    | 17,830                        | 11,713                        | 32,206                           | 32,206                      |
| Cash and cash equivalents                | 0                                | 0                | 0                                                                      | 0                                                                   | 0                                                                    | 35,601                        | 0                             | 35,601                           | 35,601                      |
| LIABILITIES                              |                                  |                  |                                                                        |                                                                     |                                                                      |                               |                               |                                  |                             |
| Interest-bearing non-current liabilities | 0                                | 0                | 47,972                                                                 | 0                                                                   | 0                                                                    | 154,262                       | 0                             | 202,234                          | 190,072                     |
| Non-current lease liabilities            | 0                                | 0                | 0                                                                      | 0                                                                   | 0                                                                    | 28,648                        | 0                             | 28,648                           | 28,648                      |
| Other non-current liabilities            | 0                                | 0                | 0                                                                      | 0                                                                   | 0                                                                    | 389                           | 1,395                         | 1,784                            | 1,784                       |
| Putable Non-controlling interests        | 0                                | 0                | 0                                                                      | 0                                                                   | 13,517                                                               | 0                             | 0                             | 13,517                           | 13,517                      |
| Interest-bearing current liabilities     | 0                                | 0                | 0                                                                      | 0                                                                   | 0                                                                    | 118,805                       | 0                             | 118,805                          | 118,805                     |
| Current lease liabilities                | 0                                | 0                | 0                                                                      | 0                                                                   | 0                                                                    | 6,543                         | 0                             | 6,543                            | 6,543                       |
| Trade payables                           | 0                                | 0                | 0                                                                      | 0                                                                   | 0                                                                    | 78,753                        | 0                             | 78,753                           | 78,753                      |
| Other current liabilities                | 4,111                            | 907              | 0                                                                      | 0                                                                   | 0                                                                    | 38,117                        | 42,975                        | 86,109                           | 86,109                      |

#### **f) Net results by measurement category**

| in € thousand                                     | 2022    | 2023    |
|---------------------------------------------------|---------|---------|
| Mandatorily at fair value through profit and loss | 1,140   | 15      |
| At fair value through other comprehensive income  | -5,126  | -1,617  |
| Financial assets at amortized cost                | -7,282  | -26,424 |
| Total                                             | -11,268 | -28,025 |

In determining the net results from financial instruments, impairment and reversals, income and expenses from the foreign currency translation, gains or losses, and other changes to the fair values of financial instruments through profit or loss are included.

{78}------------------------------------------------

# **E. Other Disclosures**

# **E1. Events after the end of the reporting period**

Following the notification of its shareholders and the approval of the Supervisory Board, Rosenbauer International AG intends to implement a capital increase by the end of the 2024 financial year in order to strengthen its equity. Mr. Daniel Tomaschko resigned from the Executive Board of Rosenbauer International AG with effect from January 9, 2024. Refinancing agreements were concluded with major banking institutions after the end of the reporting period; for details see D37. Risk management.

There have been no other events of particular significance for the company that occurred after the end of the reporting period on December 31, 2023, that would have altered its net assets, financial position or result of operations.

# **E2. Contingent liabilities**

Rosenbauer International AG has not issued any liability statements for the benefit of non-Group companies. There are also no further contingent liabilities that will give rise to significant liabilities.

{79}------------------------------------------------

# **E3. Related party disclosures**

#### **Subsidiaries**

|                                                                          | 2022                   |                          | 2023                   |                          |
|--------------------------------------------------------------------------|------------------------|--------------------------|------------------------|--------------------------|
| in € thousand                                                            | Investment share1 in % | Type of consolidation 5) | Investment share1 in % | Type of consolidation 5) |
| Rosenbauer Österreich GmbH, Austria, Leonding                            | 100                    | KV                       | 100                    | KV                       |
| Rosenbauer Brandschutz GmbH, Austria, Leonding                           | 100                    | KV                       | 100                    | KV                       |
| Rosenbauer E-TechnologyDevelopment GmbH, Austria, Leonding 2)            | 100                    | KV                       |                        |                          |
| Rosenbauer E-Commerce GmbH, Leonding, Austria, Leonding                  | 100                    | KV                       | 100                    | KV                       |
| Rosenbauer APAC Holding GmbH, Leonding, Austria, Leonding                | 100                    | KV                       | 100                    | KV                       |
| Rosenbauer Deutschland GmbH, Germany, Luckenwalde                        | 100                    | KV                       | 100                    | KV                       |
| Rosenbauer Karlsruhe GmbH                                                | 100                    | KV                       | 100                    | KV                       |
| Rosenbauer France S.A.R.L., France, Meyzieu                              | 100                    | KV                       | 100                    | KV                       |
| Rosenbauer Finanzierung GmbH, Germany, Passau                            | 100                    | KV                       | 100                    | KV                       |
| Rosenbauer Brandschutz Deutschland GmbH, Germany, Mogendorf              | 100                    | KV                       | 100                    | KV                       |
| Rosenbauer d.o.o., Slovenia, Radgona                                     | 100                    | KV                       | 100                    | KV                       |
| Rosenbauer Rovereto S.r.l., Italy, Rovereto                              | 100                    | KV                       | 100                    | KV                       |
| Rosenbauer Italia S.r.l., Italy, Andrian                                 | 100                    | KV                       | 100                    | KV                       |
| Rosenbauer Schweiz AG, Switzerland, Oberglatt                            | 100                    | KV                       | 100                    | KV                       |
| Rosenbauer Espanola S.A., Spain, Madrid                                  | 79.8                   | KV                       | 79.8                   | KV                       |
| Rosenbauer Ciansa S.L., Spain, Linares                                   | 50                     | AE                       | 50                     | AE                       |
| Rosenbauer Polska Sp.z. o.o., Poland, Warsaw                             | 100                    | KV                       | 100                    | KV                       |
| Rosenbauer Minnesota, LLC., USA, Minnesota                               | 100                    | KV                       | 100                    | KV                       |
| Rosenbauer South Dakota, LLC., USA, South Dakota                         | 100                    | KV                       | 100                    | KV                       |
| Rosenbauer Holdings Inc., USA, South Dakota                              | 100                    | KV                       | 100                    | KV                       |
| Rosenbauer America, LLC., USA, South Dakota                              | 100                    | KV                       | 100                    | KV                       |
| Rosenbauer Aerials, LLC., 3) USA, Nebraska                               | 50                     | KV                       | 50                     | KV                       |
| Rosenbauer Motors, LLC., USA, Minnesota                                  | 100                    | KV                       | 100                    | KV                       |
| S.K. Rosenbauer Pte. Ltd., Singapore                                     | 100                    | KV                       | 100                    | KV                       |
| Rosenbauer Australia Pty. Ltd., Australia, Brisbane                      | 100                    | KV                       | 100                    | KV                       |
| Eskay Rosenbauer Sdn Bhd, Brunei                                         | 80                     | KV                       | 80                     | KV                       |
| Rosenbauer South Africa (Pty.) Ltd., South Africa, Halfway House         | 75                     | KV                       | 75                     | KV                       |
| Rosenbauer Saudi Arabia, Saudi Arabia, Riyadh                            | 75                     | KV                       | 75                     | KV                       |
| Rosenbauer Mena Trading - FZE, United Arab Emirates, Dubai               | 100                    | KV                       | 100                    | KV                       |
| Rosenbauer UK plc, United Kingdom, Holmfirth                             | 100                    | KV                       | 100                    | KV                       |
| Rosenbauer Fire Fighting Technology, People's Republic of China, Kunming | 100                    | KV                       | 100                    | KV                       |
| DA "Fire-fighting special technics" LLC., Russia, Moscow 4)              |                        |                          |                        |                          |

1) Indirect shareholding

2) Merger with Rosenbauer International AG in 2023

3) Rosenbauer International AG has the right to cast the deciding vote in the event of a tie.

4) Since 2022 PA "Fire-fighting special technics" LLC. will be reported under other non-current financial assets.

5) KV = Fully consolidated companies, AE = At-equity consolidated companies

{80}------------------------------------------------

As the parent company, Rosenbauer International AG forms a group as referred to by section 9 of Körperschaftsteuergesetz (KStG – Austrian Corporation Tax Act) with the group members Rosenbauer Österreich GmbH, Rosenbauer Brandschutz GmbH and APAC Holding GmbH. The compensation is implemented by way of an allocation agreement in which positive tax results are offset at the current rate of corporation tax. A negative tax allocation is kept on record for the purpose of future offsetting.

At Rosenbauer, related parties are divided into subsidiaries, associates, joint ventures and key management. Key management comprises the Supervisory Board and the Executive Board (see E4. Remuneration of persons in key functions).

Transactions with related parties are described below; there are no non-consolidated subsidiaries within the Rosenbauer Group; all transactions were performed on an arm's length basis:

|                   | Joint ventures |       | Associated companies |      |
|-------------------|----------------|-------|----------------------|------|
| in € thousand     | 2022           | 2023  | 2022                 | 2023 |
| Sale of goods     | 9              | 31    | -                    | -    |
| Purchase of goods | 2,790          | 3,735 | -                    | -    |
| Receivables       | 3              | 22    | -                    | -    |
| Liabilities       | 837            | 1,794 | 39                   | -    |
| Loans             | 1,000          | 1,000 | -                    | -    |

The purchases of goods listed relate in particular to vehicles supplied by the Spanish joint venture Rosenbauer Ciansa to the Spanish subsidiary.

The Rosenbauer Group employs one family member of an active member of the Executive Board at arm'slength conditions.

# **E4. Remuneration of persons in key functions**

The Executive Board bonus is calculated from the degree of target attainment of EBT and ROCE in the respective financial year. The target is set by the Supervisory Board for two financial years at a time.

| Executive Board<br>2023 in € thousand   |                  | Remuneration fix |                       | Remuneration variable |       | Sum |
|-----------------------------------------|------------------|------------------|-----------------------|-----------------------|-------|-----|
| Wolf                                    | 484              | 79%              | 130                   | 21%                   | 614   |     |
| Zeller                                  | 388              | 80%              | 95                    | 20%                   | 483   |     |
| Tomaschko                               | 388              | 80%              | 95                    | 20%                   | 483   |     |
| Richter                                 | 350              | 79%              | 95                    | 21%                   | 445   |     |
| Sum                                     | 1,610            | 80%              | 415                   | 20%                   | 2,025 |     |
| 2022 in € thousand                      |                  | Remuneration fix |                       | Remuneration variable |       | Sum |
| Siegel                                  | 253              | 100%             | 0                     | 0%                    | 253   |     |
| Wolf                                    | 359              | 100%             | 0                     | 0%                    | 359   |     |
| Zeller                                  | 356              | 100%             | 0                     | 0%                    | 356   |     |
| Tomaschko                               | 357              | 100%             | 0                     | 0%                    | 357   |     |
| Richter                                 | 25               | 100%             | 0                     | 0%                    | 25    |     |
| Sum                                     | 1,350            | 100%             | 0                     | 0%                    | 1,350 |     |
| Supervisory Board<br>2023 in € thousand | Remuneration fix |                  | Remuneration variable |                       | Sum   |     |
| Siegel                                  | 43               | 88%              | 6                     | 12%                   | 49    |     |
| Reisinger                               | 33               | 85%              | 6                     | 15%                   | 39    |     |
| Matzner                                 | 28               | 87%              | 4                     | 13%                   | 32    |     |
| Zehnder                                 | 23               | 85%              | 4                     | 15%                   | 27    |     |
| Astalosch                               | 18               | 90%              | 2                     | 10%                   | 20    |     |
| Sum                                     | 145              | 87%              | 22                    | 13%                   | 167   |     |

{81}------------------------------------------------

| 2022 in € thousand |     | Remuneration fix | Remuneration variable |    | Sum |
|--------------------|-----|------------------|-----------------------|----|-----|
| Reisinger          | 38  | 100%             | 0                     | 0% | 38  |
| Siegel             | 38  | 100%             | 0                     | 0% | 38  |
| Matzner            | 28  | 100%             | 0                     | 0% | 28  |
| Zehnder            | 23  | 100%             | 0                     | 0% | 23  |
| Sum                | 127 | 100%             | 0                     | 0% | 127 |

CEO Dieter Siegel was removed from office on July 31, 2022. Accordingly, remuneration of € 181 thousand was paid out and a provision for future claims of € 4,700 thousand was recognized from August 1, 2022 (term of Executive Board until 2026). Remuneration of € 673 thousand was paid out in the financial year. A provision for future claims of € 3,650 thousand exists.

# **E5. Earnings per share**

Earnings per share are calculated in accordance with IAS 33 ("Earnings Per Share") by dividing the profit or loss for the period after deducting non-controlling interests by the number of shares outstanding. As there were no "dilutive potential ordinary shares" outstanding, the "diluted earnings per share" are equal to "basic earnings per share."

#### The calculation is as follows:

|                                      |                                           | 2022          | 2023      |        |
|--------------------------------------|-------------------------------------------|---------------|-----------|--------|
| Profit or loss for the period        | after deducting non-controlling interests | in € thousand | -24,259   | -1,084 |
| Average number of shares outstanding | units                                     | 6.800.000     | 6.800.000 |        |
| Basic earnings per share             | in €/share                                | -3.57         | -0.16     |        |
| Diluted earnings per share           | in €/share                                | -3.57         | -0.16     |        |

There were no transactions with potential ordinary shares in the period between the end of the reporting period and the preparation of the consolidated financial statements.

# **E6. Executive bodies of the company**

#### **Supervisory Board**

- Rainer Siegel, Chairman of the Supervisory Board since June 2, 2023 Date of first appointment: May 29, 2009; End of current term of office: 2024 Annual General Meeting
- Christian Reisinger, Deputy Chairman of the Supervisory Board since June 2, 2023 Date of first appointment: May 25, 2006; End of current term of office: 2026 Annual General Meeting
- Bernhard Matzner, Member of the Supervisory Board Date of first appointment: May 18, 2017; End of current term of office: 2027 Annual General Meeting
- Martin Paul Zehnder, Member of the Supervisory Board Date of first appointment: May 18, 2018; End of current term of office: 2028 Annual General Meeting
- Jörg Astalosch, Member of the Supervisory Board Date of first appointment: June 2, 2023; End of current term of office: 2028 Annual General Meeting

Works Council Delegates to the Supervisory Board:

- Rudolf Aichinger
- Wolfgang Untersperger
- Christian Altendorfer since July 11, 2023

#### **Executive Board**

- Sebastian Wolf, Chairman of the Executive Board
- Andreas Zeller, Deputy Chairman of the Executive Board
- Markus Richter, Member of the Executive Board
- Daniel Tomaschko, Member of the Executive Board until January 9, 2024

Leonding, March 29, 2024

S. Wlf. C. Aue

Markus Rich

Sebastian Wolf Andreas Zeller Markus Richter

{82}------------------------------------------------

# **INFORMATION**

**[A](#page-83-0)uditor's Report** 

**[Statement of all Representatives](#page-87-0)**

{83}------------------------------------------------

# <span id="page-83-0"></span>**AUDITOR'S REPORT**

# **Report on the Consolidated Financial Statements**

# **Audit Opinion**

We have audited the consolidated financial statements of

#### **Rosenbauer International AG, Leonding, Austria,**

and its subsidiaries ("the Group"), which comprise the consolidated statement of financial position as at 31 December 2023, and the consolidated income statement and presentation of the consolidated statement of comprehensive income, changes in consolidated equity and consolidated statement of cash flows for the year then ended, and the explanatory notes to the consolidated financial statements.

In our opinion, the consolidated financial statements comply with the legal requirements and present fairly, in all material respects, the consolidated financial position of the Group as at 31 December 2023, and its consolidated financial performance and consolidated cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRSs) as adopted by the EU, and the additional requirements pursuant to Section 245a UGB (Austrian Commercial Code.

# **Basis for our Opinion**

We conducted our audit in accordance with the EU Regulation 537/2014 ("AP Regulation") and Austrian Standards on Auditing. These standards require the audit to be conducted in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the "Auditor's Responsibilities" section of our report. We are independent of the audited Group in accordance with Austrian company law and professional regulations, and we have fulfilled our other responsibilities under those relevant ethical requirements. We believe that the audit evidence we have obtained up to the date of the auditor's report is sufficient and appropriate to provide a basis for our audit opinion on this date.

# **Emphasis of Matter**

We refer to the explanatory notes section "D37. Risk management" and to the Group management report section "Financial risks" where it is described that measures by the Group - including the planned implementation of a capital increase - are necessary to secure short and medium-term liquidity. For further details, please refer to the sections described above. Our opinion is not modified in respect of 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 consolidated financial statements. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, however, we do not provide a separate opinion thereon.

We have identified the following particularly important examination issues:

- Evaluation of the company's going concern assumption
- Recoverability of accounts receivables
- Revenue recognition from the sale of vehicles (cut-off)

#### **Evaluation of the company's going concern assumption**

See notes chapter D "Explanatory Notes to the Consolidated Balance Sheet and Consolidated Income Statement", Section D37 "Risk Management.", d) Liquidity risk as well as management report section "Financial Risks".

#### Risk for the Financial Statements

As of December 31, 2023, the company shows an equity of € 186.2 million. The short- and long-term interest-bearing liabilities amount to € 431.9 million on this reporting date. This includes financing liabilites that gives creditors the right to call-in the payments under certain conditions (financial covenants). Due to impending breaches of the financial covenants, the Rosenbauer Group entered into discussions with the financing partners and concluded a multilateral refinancing agreement with them. This includes, among other things, a mandatory capital increase, compliance with financial covenants based on the consolidated financial statements as of December 31, 2024, and partial repayments of financing in the 2024 financial year.

The company's ability to meet its financial obligations and thus enable the sustainable continuation of the group is largely dependent on the company's operational business development and compliance with the agreed credit conditions (including capital increase).

There is a risk that the going concern assumption is not appropriate

#### Our Response

To assess whether the going concern assumption is appropriate, the following audit procedures were carried out:

- We gained an understanding of the planning process and discussed the assumptions made to assess their appropriateness, among others, with the executive board.
- To assess the appropriateness of the underlying internal plannings, we gained an understanding of the planning process and the design and implementation of the relevant internal controls and reconciled the planning data with the current budget figures approved by the supervisory board as well as the mid-term planning and the contractual basis, especially with regard to financing.

{84}------------------------------------------------

- We discussed the key assumptions of the planning, such as sales revenues, expenses, and expected additional future financing, in detail with the responsible employees, evaluated the executive board's assessment of the planned capital market transaction, and compared expectations about future developments with the external market assessments used by the company.
- We assessed the planning accuracy by comparing the current business development and cash flows with planned values for the 2024 fiscal year.
- We analyzed the methodology for carrying out the entities planning involving valuation specialist and verified the mathematical accuracy.
- Finally, we assessed whether the disclosures regarding the going concern assumption and the expected future development in the notes are complete and appropriate.

#### **Recoverability of accounts receivables**

See notes chapter C "Accounting and Valuation Principles", Section C6 "Accounts receivables", as well as chapter D "Explanatory Notes to the Consolidated Balance Sheet and Consolidated Income Statement", Section D7 "Short-Term Receivables and Other Assets" and Section D37 "Risk Management."

#### Risk for the Consolidated Financial Statements

In the consolidated financial statements of Rosenbauer International AG as at 31 December 2023, trade receivables amounting to € 245.3 million are reported.

The Group determines on each balance sheet date whether there is an impairment of a financial asset or a group of financial asset. The valuation allowance for accounts receivables is calculated according to the simplified model (expected credit losses due to all possible default events during the expected term). External forecasts on the prospective economic development are taken into account.

The main risk here is the correct derivation of the valuation matrix for trade receivables, the inclusion of prospective factors, and the assessment of the ability of customers to pay the contractual consideration in full - particularly those with overdue receivables.

#### Our Response

In the audit of the recoverability of trade receivables, we performed the following significant audit procedures:

- We obtained an understanding of the process and the controls implemented to monitor the risk provision of customer receivables and critically analyzed whether these processes are suitable to identify credit losses and appropriately reflect the recoverability of receivables from customers.
- Furthermore, we carried out sample testing to examine whether any indicators of credit losses existed and whether risk provisions were adequately recorded. The selection of the sample was risk-oriented, based on an analysis of the overdue customer receivables as at 31December 2023.
- We also conducted discussions with management regarding positions based on discretionary decisions and judgements. We paid particular attention to any discretionary elements included in the contractual basis, the documentation received, and other internal and external information received.
- Additionally, we conducted a check of paid customer receivables as at the audit date and randomly checked the incoming payments to demonstrate the recoverability of the receivables.
- For all not individually impaired receivables for which the risk provision was calculated based on the Expected Credit Losses (general impairment loss) according to IFRS 9, we reviewed the derivation of the impairment loss matrix, the correct calculation method of the valuation model, and the underlying basic data. In addition, the selection and measurement of future-oriented estimates were critically assessed for comprehensibility and plausibility .

#### **Revenue recognition from sale of vehicles (Cut-Off)**

See notes chapter C "Accounting and Valuation Principles", Section C6 "Trade Receivables", as well as chapter D "Notes to the consolidated statement of financial position and the consolidated income statement", Section D7 "Current Trade Receivables and Other Assets", and Section D37 "Risk Management".

#### Risk for the Consolidated Financial Statements

In the consolidated financial statements of Rosenbauer International AG as at 31 December 2023, revenues of €1.064,5 million are reported. Thereof, €790,1 million are related to the sale of vehicles. The recognition of revenues in the correct period is assessed in accordance with IFRS 15 Revenue from Contracts with Customers in the Rosenbauer International AG Group.

For (potential) investors and financial statement users, revenue recognition is a key decision criterion for evaluating the company's market performance and development.

The risk for the financial statements is that revenue recognition from the sale of vehicles was not properly recorded due to an incorrect assessment of the control criterion for the transfer of risks and rewards due to international customers and different Incoterms. Additionally, there is a risk that special cases in revenue recognition (such as bill-and-hold agreements) are not appropriately evaluated.

#### Our Response

In the audit of revenue recognition, we performed the following significant audit procedures:

- We gained an understanding of the revenue recognition process and evaluated the design and implementation of controls related to the recognition of revenues in the correct period.
- Using substantive audit procedures (cut-off testing) regarding the revenues from the sale of vehicles, we verified whether revenue was recognized in the correct the reporting period.
- We evaluated samples of revenue cancellations after the reporting date, as well as sales transactions shortly before the reporting date to ensure the correct recognition of revenue transactions..

{85}------------------------------------------------

# **Other Information**

Management is responsible for other information. Other information is all information provided in the annual report and the annual financial report, other than the consolidated financial statements, the group management report and the auditor's report.

Our opinion on the consolidated financial statements does not cover other information and we do not provide any kind of assurance thereon.

In conjunction with our audit, it is our responsibility to read this other information and to assess whether, based on knowledge gained during our audit, it contains any material inconsistencies with the consolidated financial statements or any apparent material misstatement of fact. If we conclude that there is a material misstatement of fact in other information, we must report that fact. We have nothing to report in this regard.

# **Responsibilities of Management and Audit Committee for the Consolidated Financial Statements**

Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with International Financial Reporting Standards (IFRSs) as adopted by the EU, the additional requirements pursuant to Section 245a UGB (Austrian Commercial Code) and for such internal controls as management determines are necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

Management is also responsible for assessing the Group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting, unless management either intents to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

The audit committee is responsible for overseeing the Group's financial reporting process.

#### **Auditor's Responsibilities**

Our objectives are to obtain reasonable assurance about whether the consolidated 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 audit opinion. Reasonable assurance represents a high level of assurance, but provides no guarantee that an audit conducted in accordance with the AP Regulation and Austrian Standards on Auditing (and therefore ISAs), will always detect a material misstatement, if any. Misstatements may result from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.

As part of an audit in accordance with the AP Regulation and Austrian Standards on Auditing, we exercise professional judgment and maintain professional skepticism throughout the audit.

#### Moreover:

- We identify and assess the risks of material misstatement in the consolidated financial statements, whether due to fraud or error, we design and perform audit procedures responsive to those risks and obtain sufficient and appropriate audit evidence to serve as a basis for our audit opinion. The risk of not detecting material misstatements resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or override of internal control.
- We 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 Group's internal control.
- We evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
- We 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 Group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our audit report to the respective note in the consolidated financial statements. If such disclosures are not appropriate, we will modify our audit 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 Group to cease to continue as a going concern.
- We evaluate the overall presentation, structure and content of the consolidated financial statements, including the notes, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
- We obtain sufficient appropriate audit evidence regarding the financial information of the entities and business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.
- We communicate with the audit committee regarding, amongst other matters, the planned scope and timing of our audit as well as significant findings, including any significant deficiencies in internal control that we identify during our audit.
- We communicate to the audit committee that we have complied with the relevant professional requirements in respect of our independence, that we will report any relationships and other events that could reasonably affect our independence and, where appropriate, the related safeguards.
- From the matters communicated with the audit committee, we determine those matters that were of most significance in the audit i.e. key audit matters. We describe these key audit matters in our auditor's report unless laws or other legal regulations preclude public disclosure about the matter or when in very rare cases, we determine that a matter should not be included in our audit report because the negative consequences of doing so would reasonably be expected to outweigh the public benefits of such communication.

{86}------------------------------------------------

# **Report on Other Legal Requirements**

# **Group Management Report**

In accordance with Austrian company law, the group management report is to be audited as to whether it is consistent with the consolidated financial statements and prepared in accordance with legal requirements.

Management is responsible for the preparation of the group management report in accordance with Austrian company law.

We have conducted our audit in accordance with generally accepted standards on the audit of group management reports.

#### **Opinion**

In our opinion, the group management report is consistent with the consolidated financial statements and has been prepared in accordance with legal requirements. The disclosures pursuant to Section 243a UGB (Austrian Commercial Code) are appropriate.

#### **Statement**

Based on our knowledge gained in the course of the audit of the consolidated financial statements and our understanding of the Group and its environment, we did not note any material misstatements in the group management report.

# **Additional Information in accordance with Article 10 AP Regulation**

We were elected as auditors at the Annual General Meeting on 2 June 2023 and were appointed by the supervisory board on 17 July 2023 to audit the financial statements of Company for the financial year ending on 31 December 2023.

In addition, during the Annual General Meeting, we have been elected as auditors for the following financial year and appointed by the supervisory board.

We have been auditors of the Company, without interruption, since the consolidated financial statements as at 31 December 2020.

We declare that our opinion expressed in the "Report on the Consolidated Financial Statements" section of our report is consistent with our additional report to the Audit Committee, in accordance with Article 11 AP Regulation.

We declare that we have not provided any prohibited non-audit services (Article 5 Paragraph 1 AP Regulation) and that we have ensured our independence throughout the course of the audit, from the audited Group.

# **Engagement Partner**

The engagement partner is Mr Mag. Christoph Karer.

Linz, 29 March 2024

KPMG Austria GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft

Mag. Christoph Karer Austrian Chartered Accountant

This document has been provided with a qualified electronic signature and is valid in this version only. The consolidated financial statements together with our auditor's report may only be published if the consolidated financial statements and the group management report are identical with the audited version attached to this report. This auditor's report relates exclusively to the German-language and complete consolidated financial statements together with the group management report. Section 281 Paragraph 2 UGB (Austrian Commercial Code) applies.

{87}------------------------------------------------

# <span id="page-87-0"></span>**STATEMENT OF ALL LEGAL REPRESENTATIVES**

We confirm to the best of our knowledge that the consolidated financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the group as required by the applicable accounting standards and that the group management report gives a true and fair view of the development and performance of the business and the position of the group, together with a description of the principal risks and uncertainties the group faces.

We confirm to the best of our knowledge that the separate financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the parent company as required by the applicable accounting standards and that the management report gives a true and fair view of the development and performance of the business and the position of the company, together with a description of the principal risks and uncertainties the company faces.

Leonding, March 29, 2024

S. My C

i

Sebastian Wolf Andreas Zeller Markus Richter Resources, Fire & Saftey Sales Administration Insurance Equipment

CEO CSO CFO Global central functions: Global central functions: Global central functions: Global Marketing, Global Area Organization Group Controlling, Product Management & Europe, Middle East & Group Accounting & Tax, Innovation, Group Africa, Asia-Pacific, Group IT, Group Legal & Communication, Investor Americas, Customer Compliance, Group Relations & CSR, Human Service & Digital Solutions, Audit, Group Treasury &

Markus Richter
CEO

Global central functions
Group Controlling,
Group Accounting & Tax
Group IT, Group Legal &
Compliance, Group
Audit, Group Treasury &

{88}------------------------------------------------

# **ROSENBAUER INTERNATIONAL AG**

- **0 [Management Report](#page-89-0)**
- **2 [Financial Statements](#page-101-0)**
- **2 [Auditor's Report](#page-121-0)**
- **[Statement of all Representatives](#page-125-0)**

Image /page/88/Picture/6 description: The image shows a close-up of a Vancouver Fire Rescue Services patch. The patch is circular with a red and white border. The words "VANCOUVER FIRE" are written in a semi-circle at the top of the patch, and the words "RESCUE SERVICES" are written in a semi-circle at the bottom. The year "1886" is written in the center of the patch. The patch also features a fire hydrant on the left, a medical symbol on the right, and a crossed axe and hammer in the center.

{89}------------------------------------------------

# <span id="page-89-0"></span>**LAGEBERICHT**

# **Wirtschaftliches Umfeld1**

Der Internationale Währungsfonds (IWF) hat in seinem jüngsten Update das Wachstum der Weltwirtschaft 2023 auf 3,1 % geschätzt. Damit hat sich die Erholung der Weltwirtschaft von der COVID-19 Pandemie, der russischen Invasion in der Ukraine und der Lebenshaltungskostenkrise als überraschend widerstandsfähig erwiesen. Im Jahr davor belief sich das Plus auf 3,5%.

Insbesondere in den USA sowie einigen größeren Schwellen- und Entwicklungsländern dürfte das Wirtschaftswachstum in der zweiten Jahreshälfte 2023 stärker ausgefallen sein als erwartet. In einigen Fällen haben öffentliche und private Ausgaben zum Aufschwung beigetragen, während echte Zugewinne bei den frei verfügbaren Einkommen den Konsum unterstützten.

Dieses wachsende Momentum war 2023 nicht überall gleichermaßen spürbar. So war das Wachstum in der Eurozone verhaltener und spiegelte eine schlechtere Konsumstimmung, die Nachwirkungen höherer Energiepreise sowie die Schwäche der zinssensiblen Produktion und Investitionstätigkeit wider. Niedriglohnländer sind weiter mit einem im Vergleich zu den Jahren vor der Pandemie rückläufigen Output konfrontiert - bei gleichzeitig höheren Finanzierungskosten.

Vor dem Hintergrund zunehmender Versorgungssicherheit geht die globale Inflation schneller als erwartet zurück. Der Wert für das 4. Quartal 2023 könnte dabei sogar um 0,3 Prozentpunkte unter der Prognose des IWF vom vergangenen Oktober gelegen sein. Im Berichtsjahr betrug die globale Inflation voraussichtlich 6,8 %.

# **Branchenentwicklung2**

#### Weltfeuerwehrmarkt

Der Weltfeuerwehrmarkt hat ein jährliches Volumen von ca. 21.000 Fahrzeugen mit einem Gesamtwert von rund 6,3 Mrd €. Nicht eingerechnet sind hier Kleinfahrzeuge bis 7,5 t Gesamtgewicht, feuerwehrtechnische Ausrüstung, Service und stationäre Anlagen.

Basierend auf internen Schätzungen von Rosenbauer dürfte das globale Marktvolumen 2023 gestiegen sein, was zum einen auf die kontinuierliche Investitionstätigkeit des öffentlichen Sektors und zum anderen auf Preisanpassungen zurückzuführen ist, mit denen zahlreiche Hersteller auf die Personal- und Materialkostensteigerungen reagiert haben. Die stärksten Absatzregionen sind Europa, Nordamerika und Asien; die größten Einzelmärkte sind die USA, China und Deutschland.

# **Umsatz-, Ertrags- und Auftragsentwicklung**

Die Rosenbauer International AG erzielte im Geschäftsjahr 2023 einen Umsatz von 524,2 Mio € (2022: 443,8 Mio €).

Das stärkste Umsatzsegment war mit 76 % (2022: 75 %) das Produktsegment Fahrzeuge. Der Bereich Ausrüstung kam auf einen Umsatz von 74,2 Mio € (2022: 65,4 Mio €), was einem Anteil von 14 % (2022: 15 %) am Gesamtumsatz entspricht. Die Umsätze Service, Ersatzteile und Sonstige beliefen sich auf 10 % (2022: 10 %).

Rund 49 % (2022: 45 %) des Umsatzes bzw. 258,5 Mio € (2022: 199,8 Mio €) wurden in Europa erzielt. Im Nahen Osten wurde ein Umsatz von 75,0 Mio € bzw. 14 % (2022: 70,0 Mio € bzw. 16 %) erzielt. Die Umsätze in der Region Asien/Ozeanien beliefen sich auf 68,6 Mio € (2022: 52,7 Mio €). Lieferungen in sonstige Länder betrugen 122,2 Mio € (2022: 121,3 Mio €).

#### **Auftragslage**

Der Auftragseingang erreichte 2023 einen Wert von 500,3 Mio € (2022: 465,1 Mio €) und lag somit über dem Niveau des Vorjahres. Der Auftragsbestand betrug zum Jahresultimo 512,0 Mio € (31. Dezember 2022: 461,2 Mio).

#### **Ertragslage**

Die Umsatzerlöse lagen 2023 trotz einer Cyberattacke im Februar mit 524,2 Mio € deutlich über dem Niveau des Vorjahres (2022: 443,8 Mio €). Gleichzeitig haben sich die Lieferketten im Berichtsjahr nur langsam stabilisiert. Insbesondere im ersten Halbjahr ist die Anzahl der gelieferten Fahrgestelle noch unter den vereinbarten Liefermengen zurückgeblieben und erst im zweiten Halbjahr schrittweise gestiegen.

Der Betriebserfolg lag mit -2,5 Mio € (2022: -30,6 Mio €) über dem Vorjahr. Das Ergebnis vor Steuern lag demzufolge ebenfalls über dem Vorjahr und betrug -1,8 Mio € (2022: -36,5 Mio €).

Die Segmentberichterstattung erfolgt nach vier definierten Vertriebsregionen: Area Europe, Area Middle East & Africa, Area Asia-Pacific und

2

<sup>1</sup> IWF, WORLD ECONOMIC OUTLOOK, UPDATE, 30. JÄNNER 2024 WELTBANK, GLOBAL ECONOMIC PROSPECTS, 9. JÄNNER 2024

Zuletzt verfügbare Marktdaten aus 2022. Eigene Berechnung auf Basis von Zahlen der Weltbank und der UNO sowie von Jahresberichten und Expertenschätzungen

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Area Americas. Zusätzlich wird der Vorbeugende Brandschutz (Preventive Fire Protection, PFP) als eigenes Segment dargestellt.

Zur besseren Vergleichbarkeit wurde die Vorjahresperiode an die neue Vertriebsstruktur angepasst.

#### **Area Europe**

Die Area Europe umfasst die europäischen Länder, mit der D-A-CH-Region (Deutschland, Österreich, Schweiz) als historischem Heimmarkt. Zur Area Europe gehören die Konzerngesellschaften Rosenbauer International und Rosenbauer Österreich mit Sitz in Leonding, Rosenbauer Deutschland in Luckenwalde, Rosenbauer Karlsruhe (Deutschland), Rosenbauer Slowenien in Radgona, Rosenbauer Italia in Andrian, Rosenbauer Rovereto (Italien), Rosenbauer Schweiz in Oberglatt und Rosenbauer Polska in Lomianki, Rosenbauer Española in Madrid (Spanien), Rosenbauer France in Meyzieu (Frankreich) und Rosenbauer UK in Meltham (Großbritannien).

Die Werke in der Area Europe (Leonding, Neidling, Karlsruhe, Radgona und Rovereto) produzieren für alle Vertriebsregionen, das Werk Luckenwalde hauptsächlich für den deutschen Markt.

#### **Marktentwicklung**

Trotz eines verlangsamten Wirtschaftswachstums ist die Nachfrage nach Feuerwehrtechnik in den heterogenen und vielfach kleinteiligen Märkten Europas auch 2023 gestiegen. Dabei werden in Deutschland etwa Sammelausschreibungen für Kommunalfahrzeuge immer populärer. Diese unterstützen zum einen die Standardisierung der Fahrzeugflotten und ermöglichen zum anderen durch Skaleneffekte in der Produktion günstigere Preise. Auch in Österreich fasst dieser Trend langsam Fuß. Eher untypisch für den Alten Kontinent ist, dass auch wieder mehr Flughafenlöschfahrzeuge beschafft werden. Lieferunterbrechungen bei einzelnen Teilen und mangelnde Termintreue der OEMs sorgen gleichzeitig weiter für unsichere Produktionsbedingungen und belasten die Effizienz der Fahrzeugfertigung.

Angesichts der wachsenden Bedeutung des Servicegeschäftes wurde 2023 das Hubrettungsservice der Rosenbauer Karlsruhe mit dem Löschfahrzeugservice der Rosenbauer Deutschland zusammengeführt. Damit wurde der Schritt von einer Hersteller- hin zu einer Marktverantwortung vollzogen. Werkstatt- und Fieldservice für Hubrettungs- und Löschfahrzeuge finden sich nunmehr in einer einheitlichen Organisation unter dem

Dach der Rosenbauer Deutschland.

Der Auftragseingang in der Area lag im Berichtsjahr mit 624,2 Mio € (2022: 518,2 Mio €) deutlich über dem Vorjahr.

#### **Geschäftsentwicklung**

Der Umsatz in der Area Europe erhöhte sich 2023 auf 509,9 Mio € (2022: 458,4 Mio €). Der größte Anteil entfiel auf Deutschland, gefolgt von Österreich. Die Area Europe steuerte damit rund 48% (2022: 48%) zum Konzernumsatz bei. Das EBIT betrug im Berichtsjahr 27,9 Mio € (2022: 4,5 Mio €), die EBIT-Marge 5,5% (2022: 1,0%).

#### **Area Middle East & Africa**

Die Area Middle East & Africa umfasst geografisch den Nahen und Mittleren Osten sowie Afrika.

Zur Area Middle East & Africa gehören die Konzerngesellschaften Rosenbauer South Africa in Johannesburg (Südafrika), Rosenbauer Saudi Arabia mit Sitz in Riad (Saudi-Arabien) einschließlich der Produktionsstätte in der King Abdullah Economic City (KAEC) und die Rosenbauer MENA Trading - FZE (Dubai) mit einem Tochterunternehmen in Abu Dhabi (Vereinigte Arabische Emirate).

#### **Marktentwicklung**

Die Länder des Mittleren Ostens mussten im Berichtsjahr eine teils sehr deutliche Verlangsamung des Wirtschaftswachstums verzeichnen. Die Wirtschaft Saudi-Arabiens ist 2023 sogar um -1,1% geschrumpft. Auch in den afrikanischen Märkten hat sich die Konjunktur eingebremst.

Der Rosenbauer Konzern ist seit 10 Jahren mit einer eigenen Fertigungsstätte in Saudi-Arabien präsent und hat in dieser Zeit zahlreiche weitere Niederlassungen in der Region gegründet. Neben der lokalen Fertigung legen die Auftraggeber bei ihren Beschaffungen großes Augenmerk auf lokalen Service. Vor diesem Hintergrund ist es der Area Middle East & Africa gelungen, ihre Auslieferungen zu steigern. Insbesondere die Nachfrage nach hochwertigen Flughafen- und Industrielöschfahrzeugen hat sich im Berichtsjahr gut erholt.

Der Auftragseingang in der Area Middle East & Africa lag im Berichtsjahr mit 138,2 Mio € etwas niedriger im Vergleich zu 145,8 Mio € im Vorjahr.

#### **Geschäftsentwicklung**

Der Umsatz in der Area Middle East & Africa lag 2023 mit 114,8 Mio € deutlich über dem Vorjahr mit 100,6 Mio €. Die Area Middle East & Africa steuerte damit im Berichtsjahr 11% (2022: 10%) zum Konzernumsatz bei. Das EBIT verbesserte sich auf 3,4 Mio € (2022: -4,9 Mio €), die EBIT-Marge betrug 3,0% (2022: -4,9 %).

#### **Area Asia-Pacific**

Die Area Asia-Pacific umfasst die gesamte ASEAN-Pazifik-Region, Japan, Indien, China, die GUS-Staaten und die Türkei. Zur Area Asia-Pacific gehören die Konzerngesellschaften S. K. Rosenbauer in Singapur, Rosenbauer Australia mit Sitz in Brisbane und Rosenbauer Fire Fighting Technology (Yunnan) in China. Weitere Vertriebs- und Servicestandorte gibt es in Brunei und auf den Philippinen. Das Werk Singapur produziert Fahrzeuge für den südostasiatischen Markt.

#### **Marktentwicklung**

Anders als die zentralasiatischen oder ASEAN-Staaten haben sich die Schwellen- und Entwicklungsländer der Region 2023 durchaus dynamisch entwickelt. Insbesondere die chinesische Wirtschaft dürfte allen Unsicherheiten zum Trotz wieder ein solides Wachstum gezeigt haben.

Für die Area Asia-Pacific, die sehr stark fragmentierte Ländermärkte verantwortet, war 2023 ein weiteres Jahr der Erholung. Sowohl der Auftragseingang als auch der Umsatz sind stark gestiegen. Hier schlägt sich klar die Aufhebung regionaler Reisebeschränkungen nieder, die im Zuge der COVID-19-Pandemie verhängt wurden, und die jetzt wieder eine verstärkte Präsenz bei Auftraggebern erlaubt. Vor allem die Nachfrage nach Flughafenlöschfahrzeugen hat sich weiter belebt. Hochentwickelte Feuerwehrmärkte wie Singapur, Hongkong, Japan, Australien und Neuseeland haben wieder eine starke Performance gezeigt. Diese Länder interessieren sich zudem zunehmend für Feuerwehrfahrzeuge mit alternativen Antrieben.

China, der größte Einzelmarkt Asiens, hat sich im Zuge des Wirtschaftskonfliktes mit den USA gegenüber Importen faktisch abgeschottet. Die Beschaffung von Standardfahrzeugen muss bei chinesischen Herstellern erfolgen. Nur Spezialfahrzeuge können noch mit Genehmigung im Ausland gekauft werden. Rosenbauer hat daher seine Vertriebsstrategie angepasst und diese stärker auf den Verkauf von Ausrüstung und Komponenten ausgerichtet.

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165,1 Mio € (2022: 120,5 Mio €) verbucht werden.

#### **Geschäftsentwicklung**

Die Area Asia-Pacific verzeichnete im Berichtsjahr 2023 eine Umsatzsteigerung auf 122,9 Mio € (2022: 109,9 Mio €). Der Anteil am Gesamtumsatz betrug 11% (2022: 11%). Das EBIT verbesserte sich auf 3,0 Mio € nach -1,3 Mio € im Vorjahr. Die EBIT-Marge belief sich auf 2,4% (2022: -1,2%).

#### **Area Americas**

Die Area Americas umfasst Nord- und Südamerika sowie die Karibik. Neben der Rosenbauer America mit Sitz in Lyons gehören die Produktionsgesellschaften Rosenbauer Minnesota und Rosenbauer Motors in Wyoming (Minnesota), Rosenbauer South Dakota in Lyons (South Dakota) und Rosenbauer Aerials in Fremont (Nebraska) zur Area.

#### **Marktentwicklung**

Die amerikanische Wirtschaft hat 2023 nach Regionen betrachtet eine recht unterschiedliche Entwicklung genommen. Während Kanada und Lateinamerika eine Verlangsamung der Konjunktur zeigten, hat sich das Wachstum in den USA beschleunigt. Dabei dürfte der nordamerikanische Feuerwehrmarkt nach ersten Schätzungen von über 6.000 Fahrzeugen im Rekordjahr 2022 auf zirka 5.500 zurückgegangen sein. Das Interesse an elektrischen Einsatzfahrzeugen ist dabei weiter groß. Gleichzeitig haben sich die Lieferketten weiter stabilisiert und die Preise in den Auftragsbeständen der Hersteller verbessert.

Vor diesem Hintergrund konnte die Area Americas ihren Auftragseingang signifikant steigern. Die Auslieferungen erreichten trotz der Cyberattacke auf den Rosenbauer Konzern im Februar 2023, die zu einer entsprechenden Produktionsunterbrechung führte, wieder das Vorjahresniveau. Unter anderem wurde der erste voll elektrische RTX an das Vancouver Fire and Rescue Department in British Columbia, Kanada, übergeben. Die Profitabilität hat sich entgegen gestiegener Personalund Materialkosten gedreht.

Positiv entwickelte sich auch der lateinamerikanische Markt, dessen nationale Feuerwehrorganisationen bei Feuerwehrfahrzeugen sowohl auf Chassis europäischer und US-Hersteller zurückgreifen.

Der Auftragseingang in der Area Americas betrug im Berichtsjahr erfreuliche 483,9 Mio € und war damit deutlich höher als im Vorjahr (2022: 403,2 Mio €).

#### **Geschäftsentwicklung**

Die Area Americas erzielte in der Berichtsperiode mit 275,7 Mio € einen Umsatz auf Vorjahresniveau (2022: 271,5 Mio €). Das entspricht einem Anteil am Konzernumsatz von 26% (2022: 28%). Das EBIT verbesserte sich auf 1,0 Mio € (2022: -9,3 Mio €) deutlich gegenüber dem Vorjahreswert, die EBIT-Marge lag bei 0,4% (2022: -3,4%).

#### **Vorbeugender Brandschutz**

Im Vorbeugenden Brandschutz sind die beiden Konzerngesellschaften Rosenbauer Brandschutz mit Sitz in Leonding und Rosenbauer Brandschutz Deutschland mit Sitz in Mogendorf sowie Standorten in Gladbeck, Hilden und Hattersheim tätig. Sie planen, errichten und warten ortsfeste Lösch- und Brandmeldeanlagen und sind als VdS-Errichterbetriebe anerkannt. Eine Voraussetzung, um bei deutschen und internationalen Ausschreibungen anbieten zu können.

#### **Marktentwicklung**

Das Segment Stationärer Brandschutz verzeichnete im Jahr 2023 trotz der anhaltend negativen wirtschaftlichen Trends einen sehr guten Auftragseintag. Die Recyclingbranche ist weiterhin ein wichtiger Auftraggeber, wo Rosenbauer erneut Aufträge im Bereich Müllheizkraft erhielt. Aufgrund der breit aufgestellten Produktpalette können alle notwendigen Brandschutzmaßnahmen angeboten bzw. errichtet werden. Darüber hinaus konnte im Berichtsjahr verstärktes Interesse aus dem Einzelhandel verzeichnet werden.

Der Auftragseingang im Vorbeugenden Brandschutz war mit 38,9 Mio € im Vergleich zu 42,3 Mio € 2022 leicht rückläufig.

#### **Geschäftsentwicklung**

Der Umsatz im Vorbeugenden Brandschutz entwickelte sich in der Berichtsperiode erfreulich und stieg von 31,8 Mio € auf 41,2 Mio €. Damit beträgt dessen Anteil am Gesamtumsatz 4% (2022: 3%). Das EBIT lag bei 2,2 Mio € (2022: 0,4 Mio €).

# **Finanzlage, Vermögens- und Kapitalstruktur**

Das Sachanlagevermögen lag mit 72,0 Mio € (2022: 76,9 Mio €) unter dem Vorjahresniveau. Die Finanzanlagen betrugen 130,1 Mio € (2022: 143,7 Mio €). Darin enthalten ist eine Ausleihung in Höhe von 62,7 Mio. € an die amerikanische Gesellschaft Rosenbauer Holdings Inc. zur Finanzierung der Anteilskäufe von zwei amerikanischen Minderheitsgesellschaftern im Jahr 2022.

Die Bilanzstruktur ist zum Jahresende durch ein hohes Working Capital geprägt. Dieses resultiert aus den vergleichsweise langen Durchlaufzeiten der Feuerwehrfahrzeuge, die grundsätzlich kundenspezifisch gebaut werden.

Das Umlaufvermögen erhöhte sich aufgrund der gestiegenen Vorräte (2023: 188,1 Mio €; 2022: 162,1 Mio €) sowie ebenfalls deutlich gestiegener Forderungen aufgrund hoher Fakturierungen im letzten Quartal (2023: 255,9 Mio €; 2022: 206,5 Mio €) um 16% und belief sich insgesamt auf 445,4 Mio € (2022: 372,1 Mio €). Da die Verbindlichkeiten ebenfalls deutlich über dem Vorjahr lagen, betrug das Working Capital insgesamt -36,6 Mio € (2022: -30,3 Mio €). In den gesamten Verbindlichkeiten von 482,0 Mio. € (2022: 402,4 Mio. €) sind zur Finanzierung des Umlaufvermögens gestiegene Verbindlichkeiten gegenüber Kreditinstituten in Höhe von 363,6 Mio € (2022: 272,5 Mio. €) enthalten.

Als Folge des gestiegenen Umlaufvermögens erhöhte sich die Bilanzsumme zum 31. Dezember 2023 auf 673,5 Mio € (2022: 617,9 Mio €).

Mit Verschmelzungsvertrag vom 19. September 2023 wurde die Verschmelzung der Rosenbauer E-Technology Development GmbH (übertragende Gesellschaft) mit der Rosenbauer International AG (übernehmende Gesellschaft) rückwirkend zum 01. Jänner 2023 unter Anwendung des Artikel I UmgrStG beschlossen. Gemäß § 202 Abs. 2 UGB wurden die Buchwerte der übertragenden Gesellschaft fortgeführt. Der sich daraus ergebende Verschmelzungsverlust beträgt EUR -12.441.522,88 und wurde in einem gesonderten Posten in der Gewinn- und Verlustrechnung vor dem Jahresfehlbetrag dargestellt. Als Verschmelzungsgegenstand wurde die Schlussbilanz der Rosenbauer E-Technology Development GmbH zum 31. Dezember 2022 herangezogen.

Großteils durch die Übernahme der Rosenbauer E-Technology Development GmbH im abgelaufenen Geschäftsjahr reduzierten sich die Eigenmittel auf 124,8 Mio € (2022: 140,0 Mio €). Die reduzierte Eigenkapitalquote in Verbindung mit den gestiegenen Verbindlichkeiten gegenüber Kreditinstituten führt zu einem verstärkten Focus auf die Liquiditätssituation. Die Liquidität wird durch eine entsprechende monatlich rollierende Liquiditätsplanung ermittelt und laufend überwacht. Durch ausreichende mittel- und langfristige Kreditrahmen sowie einer Reserve in Form von Bankguthaben und ungenutzten Kreditlinien bei Banken soll

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die jederzeitige Zahlungsfähigkeit sichergestellt werden. Weiterführende Details sind im Kapitel "Risikomanagement" unter Punkt Finanzielle Risiken angeführt.

# **Investitionen**

Die Investitionen in das Sachanlagevermögen und immaterielle Vermögensgegenstände lagen im Berichtsjahr mit 6,7 Mio € unter dem Niveau des Vorjahres € (2022: 8,1 Mio. Die Abschreibungen des Sachanlagevermögens und der immateriellen Vermögensgegenstände entsprechen mit gesamt 9,7 Mio € dem Vorjahresniveau (2022: 9,7 Mio €).

#### **Effiziente Produktion**

Um mit den natürlichen Ressourcen möglichst schonend und sparsam umzugehen, entwickelte Rosenbauer eine Energieeffizienz-Roadmap für ausgewählte Standorte. Im Zuge dieser Roadmap wurde an den Standorten Leonding1 und Leonding 2 die Erdgasversorgung bis auf die Versorgung des Haftwassertrockners in der Lackieranlage reduziert und durch Fernwärme ersetzt. Der Verbrauch von Erdgas konnte somit von 293 TkWh auf 138TkWh reduziert werden, bei gleichzeitig 11 Produktionstagen mehr im Vergleich zum Vorjahr. Beim Bezug der Fernwärme konnten durch Optimierungsmaßnahmen der Heizkennlinien und Einschaltdauern durch die Gebäudeleittechnik die Verbräuche um 678kWh pro Produktionstag reduziert werden.

Weiters wurden im Zuge von Instandhaltungs- und Ersatzmaßnahmen große Teile der Beleuchtung auf LED-Technik umgestellt, was sich in einer Reduzierung des Stromverbrauchs um 336kWh pro Arbeitstag wiederspiegelt.

#### **Effiziente Prozesse**

Im Rahmen seines Restrukturierungsprogrammes "Refocus, Restart" führte Rosenbauer, die 2022 gestarteten umfassenden Initiativen in den Bereichen Effizienz- und Produktivitätssteigerung, Reduktion der Einkaufspreise und Wertanalysen fort. So wurden beispielsweise bestehende Rahmenverträge nachverhandelt, um die unerwartet stark gestiegenen Material- und Personalkosten zu kompensieren.

Zudem setzte Rosenbauer die Einführung von SAP S/4HANA als konzernweites ERP-System fort. Im Oktober 2023 erfolgte an den Standorten Radgona und Ljubljana die Produktivsetzung für die Fachbereiche Produktion, Projektsystem (POC), Engineering und Qualitätsmanagement. Diese Standorte dienten im Projekt als Pionierstandorte mit Fokus auf die Fertigung.

# **Beschaffung, Logistik und Produktion**

#### **Einkaufs- und Lieferantenpolitik**

Für den Geschäftserfolg des Rosenbauer Konzerns ist es von Bedeutung, nur mit den besten und innovativsten Lieferanten zusammenzuarbeiten. Die breiten Anforderungen der Feuerwehren verändern sich permanent, entsprechend flexibel müssen Rosenbauer und seine Zulieferer darauf reagieren können. Rosenbauer setzt gezielt auf eine enge und partnerschaftliche Zusammenarbeit mit seinen Zulieferern. Gemeinsam werden Strategien zur Verbesserung der Kosteneffizienz, Optimierung der Logistikkette, Erfüllung von Umweltaspekten bis hin zu innovativen Produktlösungen entwickelt. Ziel der intensiven Zusammenarbeit ist es unter anderem, neben der Nutzung des eigenen Wissens auch auf das Know-how, die Kreativität und die Erfahrung der Lieferanten zurückzugreifen.

#### **Hohes Zukaufsvolumen**

Basierend auf der hohen Materialintensität und einem damit korrespondierenden hohen Einkaufsvolumen ist die termingerechte Versorgung der Produktion eine zentrale Herausforderung. Ein Großteil des Rosenbauer Einkaufsvolumens wird in der EU, vor allem in Österreich und Deutschland, beschafft, der Rest stammt überwiegend aus den USA. Den größten Anteil am Konzern-Einkaufsvolumen haben Fahrgestelle. Fahrzeuge für den amerikanischen Markt sowie die komplette PANTHER Reihe und der RT werden auf eigene Fahrgestelle aufgebaut, die bei Rosenbauer Motors in Wyoming (Minnesota) und in Leonding gefertigt werden.

#### **Kostensteigerungen und Materialverfügbarkeit**

Unter dem Eindruck deutlicher Preissteigerungen wurde bereits zu Beginn des Jahres im Rahmen der "Refocus & Restart" Initiative die Reduktion der Materialkosten schwerpunktmäßig in Angriff genommen. Die Preisrückgänge auf den Rohstoffmärkten bei Aluminium, Stahl oder Kunststoffen wurden erfolgreich genutzt, um auf breiter Basis Einkaufspreise zu verhandeln oder Teuerungszuschläge zu eliminieren. Begleitend wurden die Projekte zur Wertanalyse einkaufsseitig unterstützt, um alternative und kostengünstigere Lösungen für unsere Produkte zu finden.

Im Vergleich zum Vorjahr verbesserte sich 2023 die Verfügbarkeit wichtiger Materialen, Komponenten sowie der Transporte. So konnten bereits lange bestehende Engpässe bei elektronischen Komponenten oder bestimmten technischen Ausrüstungen beseitigt werden. Bei Fahrgestelle und Fahrgestellkomponenten hingegen kam es nach wie vor zu größeren Verzögerungen. Als Maßnahme wurden die Abstimmungen

mit den Herstellern noch intensiver gestaltet, um mehr Transparenz zu schaffen und schrittweise Verbesserungen aus der Situation zu finden.

In der Transportlogistik war die Situation 2023 etwas verbessert. Die allgemein erhöhte Nachfrage nach Schiffskapazitäten stellte teilweise einen Engpass dar. Die Verfügbarkeit von Containern und Transportgebinden war jedoch leichter gegeben.

Die grundsätzlichen Herausforderungen bei der Kosten- und Lieferkettensituation werden weiterhin spürbar sein. Bei energie- und personalintensivem Material bleibt der Kostendruck bestehen. Auch Frachtkosten sind wieder ansteigend, da erhöhte Abgaben fällig werden oder Störungen auf wichtigen Schiffsverbindungen eingetreten sind. Bei der Belieferung mit Fahrgestellen deuten die aktuell reduzierten Lieferzeiten auf eine weitere Entspannung der Lage hin.

# **Weitere rechtliche Angaben**

#### **Nichtfinanzielle Erklärung/Nachhaltigkeit**

#### **Nachhaltigkeitsverständnis**

Unter Nachhaltigkeit versteht Rosenbauer verantwortungsvolles unternehmerisches Handeln für langfristigen ökonomischen Erfolg im Einklang mit Umwelt und Gesellschaft. Nachhaltig profitabel zu wachsen ist erklärtes Unternehmensziel. Dabei werden sämtliche relevanten Stakeholder miteinbezogen und im direkten Dialog angesprochen.

In der Rosenbauer Nachhaltigkeitsstrategie sind die zentralen Handlungsschwerpunkte festgelegt. Neben der effizienten Nutzung von Ressourcen will Rosenbauer als Technologieführer mit zukunftsorientierten Materialien Produkte schaffen, die den Kunden zum Schutz von Leben und Infrastruktur dienen. Darüber hinaus hat Rosenbauer den Anspruch, als Top-Arbeitgeber seinen Mitarbeitenden eine ausgewogene Work-Life-Balance zu ermöglichen und für sie eine moderne und vor allem sichere Arbeitsumgebung zu schaffen. Im Geschäftsjahr 2023 wurde eine CSR-Policy basierend auf der Nachhaltigkeitsstrategie ausgearbeitet, in der ein erweitertes konzernweites Nachhaltigkeitsverständnis etabliert wird.

Im Geschäftsjahr 2022 wurde eine Klimastrategie samt Reduktionszielen für den Rosenbauer Konzern entwickelt und vom Vorstand geprüft und freigegeben. Sie dient als Basis für die zukünftige verpflichtende

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und vertiefende Berichterstattung. Im Jahr 2023 wurden die Klimaziele bei der Science Based Targets Initiative (SBTi) eingereicht und erfolgreich validiert.

Die Nachhaltigkeitsstrategie ist eingebettet in die Unternehmensstrategie; ihr Fundament sind die Rosenbauer Markenwerte. Aus Tradition neugierig stellt sich Rosenbauer weltweit den Herausforderungen der modernen Feuerwehren und geht selbstbewusst voran. Als ihr Partner arbeitet Rosenbauer fokussiert an Produkt- und Servicelösungen, die den Alltag der Einsatzkräfte erleichtern und vor allem sicherer machen.

Der Konzern fühlt sich in seinem Handeln nicht nur an gesetzliche Bestimmungen gebunden, sondern hat eigene Regeln wie den Code of Conduct aufgestellt, die darüber hinausgehen. Zudem zeigt Rosenbauer mit einem eigenen, 2023 etablierten Business Partner Code of Conduct, der die Themen Soziales, Menschenrechte, Umwelt und fairen Wettbewerb umfasst, Verantwortung für seine Lieferkette.

#### **Nachhaltigkeitsmanagement**

Das Rosenbauer Nachhaltigkeitsmanagement ist organisatorisch in der Abteilung Group Communication, Investor Relations & CSR angesiedelt und berichtet an den Vorstand. Ziel des Nachhaltigkeitsmanagements ist es, in allen Geschäftsprozessen die Auswirkungen auf Umwelt und Gesellschaft zu berücksichtigen und die ökonomischen mit den ökologisch-sozialen Vorstellungen des Unternehmens in Einklang zu bringen. Dabei arbeiten Nachhaltigkeitsmanagement und operative Einheiten eng zusammen. Zur Steuerung und jährlichen Überprüfung der Zielerreichung werden sowohl quantitative als auch qualitative Messinstrumente eingesetzt.

#### **Nachhaltigkeitsberichterstattung**

Seit dem Geschäftsjahr 2017 veröffentlicht Rosenbauer jährlich einen Nachhaltigkeitsbericht, der über die Rosenbauer Website abgerufen werden kann. Dieser wurde nach den "GRI-Standards" (Global Reporting Initiative) und nach den Anforderungen des österreichischen "NaDi-VeG" (Nachhaltigkeits- und Diversitätsverbesserungsgesetz) erstellt und erscheint gemäß § 267a UGB und § 243b UGB als gesonderter nichtfinanzieller Bericht. 2023 wurde der Bericht vom Aufsichtsrat geprüft und freigegeben.

Für das Berichtsjahr 2023 unterliegt Rosenbauer der Berichterstattungspflicht gemäß Art. 8 der EU-Taxonomie-Verordnung. Rosenbauer ist seit dem Berichtsjahr 2022 verpflichtet, den Anteil der taxonomiekonformen und nicht taxonomiekonformen Wirtschaftstätigkeiten am Gesamtumsatz, an den Investitions- und Betriebsausgaben sowie entsprechende qualitative Informationen dazu offenzulegen.

# **MITARBEITERINNEN UND MITARBEITER**

#### **Personalpolitik**

Rosenbauer hat seine Personalpolitik an die wirtschaftlichen und gesellschaftlichen Rahmenbedingungen angepasst. Ihre wichtigsten Ziele sind die Positionierung des Unternehmens als attraktiver Arbeitgeber in der Öffentlichkeit, die Implementierung von modernen Führungsinstrumenten in den operativen Prozessen, die Förderung von Internationalität und Diversität in der Mitarbeitendenstruktur sowie die Schaffung von Rahmenbedingungen für eine leistungsorientierte Unternehmenskultur.

Das Unternehmen legt großen Wert auf fachlich wie sozial kompetente Mitarbeiterinnen und Mitarbeiter und es unterstützt diese gezielt bei der Weiterentwicklung ihrer Fähigkeiten. Neben einem umfangreichen Qualifizierungsangebot bestehen internationale Programme für die Teamund Führungskräfteentwicklung.

Mit durchschnittlich 1.531 Mitarbeitern beschäftigte die Rosenbauer International AG im Jahr 2023 etwa gleich viel Mitarbeiter als zum Stichtag des Vorjahres (2022: 1.499). Die Gesamtzahl der Mitarbeiter gliedert sich in 788 Arbeiter (2022: 772), 645 Angestellte (2022: 635) und 98 Lehrlinge (2022: 92).

#### **Personalentwicklung**

Die Entwicklung und Qualifizierung der Mitarbeitenden ist eine der wichtigsten Aufgaben des HR-Managements. Rosenbauer evaluiert laufend das Angebot an Aus- und Weiterbildungsprogrammen und adaptiert es für gegebene strategische und organisationelle Bedarfe. Diese umfassen vor allem technische und betriebswirtschaftliche Trainings, Seminare zur Verbesserung der Verhandlungs- und Gesprächsführung sowie der sozialen Kompetenzen. Ein weiterer Schwerpunkt ist die Mitarbeitendengesundheit. Mit dem #StayHealthy Portfolio existiert ein breites Angebot zu den Themen allgemeine Gesundheit, Stressmanagement und Resilienz. Auch das Thema Diversität & Inklusion wird im Rahmen des Aus- und Weiterbildungsprogramms behandelt und soll künftig noch ausgeweitet werden.

Der Konzern investiert laufend in Aus- und Weiterbildungsmaßnah-

men. Bewährte Programme wie beispielsweise die Rosenbauer Sales and Purchase Academy wurden international ausgerollt. Auch das Rosenbauer Customer Service Excellence Program konnte konzernweit ausgeweitet werden. Mit dem modular aufgebauten Rosenbauer Leadership Excellence Curriculum etablierte Rosenbauer eine neue Managementausbildung. Mit diesem Programm reagiert Rosenbauer auf die aktuellen wirtschaftlichen Rahmenbedingungen und rüstet seine Führungskräfte, damit sie in einem komplexen und volatilen Umfeld erfolgreich agieren zu können.

Im Berichtsjahr konnte das Operations Management Development Program (O-MDP) abgeschlossen werden. Das ausgezeichnete Feedback der Führungskräfte in Produktions- und produktionsnahen Bereichen der deutschsprachigen Konzerngesellschaften belegt den Erfolg des Programmes.

Die Lehrlingsausbildung hat bei Rosenbauer einen sehr hohen Stellenwert, die wichtigsten Lehrberufe waren Metalltechniker mit Schwerpunkt Maschinenbau, Mechatroniker und Industriekauffrau bzw. -mann. Entsprechend dieser Schwerpunkte wurde die Lehrwerkstätte in Leonding um spezielle Arbeitsplätze für Elektrotechnik erweitert. Weibliche Lehrlinge sollen weiterhin bevorzugt für technische Berufe aufgenommen werden. Seit einigen Jahren steigt die Anzahl der weiblichen Lehrlinge in den Lehrberufen Mechatronik und Metalltechnik sowie der Produktionsmitarbeiterinnen stetig.

#### **Chancengleichheit**

Rosenbauer ist bestrebt, allen seinen Mitarbeitenden die gleichen Chancen einzuräumen – unabhängig von Abstammung, Alter, Geschlecht, Kultur oder Herkunft. Um die Diversität zu fördern, hat Rosenbauer im Berichtsjahr die Initiative women@rosenbauer weitergeführt. Im Vordergrund steht unverändert die Erhöhung des Frauenanteils am Personalstand. Entsprechende Maßnahmen werden durch den Bereich Human Resources gemeinsam mit dem Frauennetzwerk erarbeitet und schrittweise umgesetzt.

In einem traditionell von Männern geprägten Berufsfeld sind gezielte Maßnahmen zur Förderung von Frauen sinnvoll. women@rosenbauer zielt vor allem auf die Vernetzung der Mitarbeiterinnen ab, auf gegenseitige Unterstützung und Austausch. Mehrere Arbeitsgruppen haben an Themen und deren wirksamer Umsetzung in der Organisation gearbeitet. Dazu zählen beispielsweise eine intensivere Begleitung von Frauen und Männern in Karenz (Elternzeit), eine interne Website mit Informationen

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zum Thema Gleichstellung sowie diverse Veranstaltungen, um das Miteinander aller Mitarbeitenden zu verbessern. Das neu eingeführte Baby-Startpaket konnte 2023 als sichtbares Zeichen der Wertschätzung an viele Eltern überreicht werden.

Ein weiterer Schwerpunkt liegt auf dem Bereich Recruiting, der in Zukunft explizit mehr Frauen für Rosenbauer gewinnen möchte, insbesondere für technische Berufe. Es werden mehrere Initiativen unterstützt, die Mädchen schon im Schulalter für Technik begeistern sollen. Im Jahr 2023 wurde das Rosenbauer Technical Trainee Program unter anderem mit einem internationalen Einsatz der Technikerinnen in den USA und in Singapur erfolgreich fortgesetzt.

# **Forschung und Entwicklung**

2023 wurden in der Rosenbauer International AG 16,3 Mio € (2022: 13,1 Mio €) in Forschung und Entwicklung investiert. Dieser Anstieg resultiert auch daraus, dass - wie im Kapitel "Finanzlage, Vermögens- und Kapitalstruktur" beschrieben – die Rosenbauer E-Technology GmbH (übertragende Gesellschaft) mit der Rosenbauer International AG (übernehmende Gesellschaft) rückwirkend zum 01. Jänner 2023 verschmolzen wurde. Alle insbesondere im Bereich der Forschung und Entwicklung tätigen Mitarbeiter der Rosenbauer E-Technology GmbH (Stand 2022: 23 Mitarbeiter) wurden übernommen und sind somit in der Rosenbauer International vorwiegend im Bereich der Weiterentwicklung elektrobetriebener Fahrzeuge tätig.

Allgemein lag der Schwerpunkt der Forschungs- und Entwicklungstätigkeit 2023 auf der Weiterentwicklung des bestehenden Produktangebotes sowie auf der Identifizierung von strategischen Zukunftsthemen, um daraus konkrete Handlungsfelder für Rosenbauer ableiten zu können.

Im Berichtsjahr veröffentlichte Rosenbauer die "Firefighting-Trendmap 5.0" als interaktive digitale Visualisierung mit umfangreichen Hintergrundinformationen zu den darin enthaltenen zwölf Trends. Die Validierung und Vertiefung der Inhalte erfolgte durch interne Trendworkshops und einen Workshop mit Experten aus Mitteleuropa. Durch die digitale Aufbereitung ist es gelungen einen Großteil der dahinterliegenden Recherche-Erkenntnisse so aufzubereiten, dass diese für weitere Ableitungen besser greifbar sind. Die Trendmap soll Lesende dabei unterstützen, sich kritisch mit möglichen Zukunftsereignissen auseinanderzusetzen, um sich für zukünftige Herausforderungen zu wappnen, aber auch Chancen frühzeitig aufgreifen zu können. Denn Umweltveränderungen, hervorgerufen durch den Klimawandel, neue und neu aufkeimende globale geopolitische Konflikte und Gesundheitseinflüsse, soziale Umbrüche, begrenzte Ressourcen, Chancen und Risiken der Mobilitätswende sowie fortschreitende Digitalisierung, haben ihre Auswirkungen auf den Feuerwehr- und Katastrophenschutzsektor.

Darüber hinaus wurden Zusatztools entwickelt, um bei der Arbeit mit der Trendmap klar und einfach Ableitungen für den jeweiligen Feuerwehrkontext schaffen zu können. In Zukunftsworkshops mit mehreren Institutionen und Kunden stellte sich heraus, dass die neuen Tools und die Firefighting-Trendmap 5.0 als Moderationstool ideal sind, um damit Entwicklungs- und Strategieprojekte zu unterstützen.

Die Weiterführung des "Green Energy on Fire"-Netzwerks und die Konkretisierung von Förder- und Umsetzungsunterstützungen seitens Bund und der Länder waren ebenfalls Teil der Entwicklungstätigkeit im Jahr 2023. Digitale, online abrufbare Maps für "Green Energy on Fire" sowie die "Wildfire action map" sind aktuell in Bearbeitung. Sie sollen Einsatzorganisationen dabei unterstützen, leichter einen Überblick über die oft komplexen Themen zu erhalten, und als Basis zur Ableitung von konkreten Handlungsansätzen fungieren.

Mit Universitäten, Forschungsinstituten und Technologiepartnern startete Rosenbauer parallel drei Forschungsprojekte mit Schwerpunkt "Robotik für den Feuerwehreinsatz". So stand beim Projekt EASIER die Rescue-Robot-Interaktion mit dem Menschen im Mittelpunkt, konkret die Erforschung und Entwicklung eines eigenen Roboterbedienstandes mit benutzerzentrierter Bedienoberfläche. Die Anwenderfreundlichkeit (User Experience) wurde nach der Hard- und Softwareentwicklung durch eine eigens dafür entwickelte psychologische Evaluierungsmethode mit mehreren Probanden getestet. Durch eine psychologische Studie konnte das dazu aufgebrachte Vertrauen in die Mensch-Maschinen-Interaktion bewertet werden. Zusätzlich wurden zwei weitere Forschungsprojekte mit dem Austrian Institute of Technology mit Fokus auf die systematische und automatische Erfassung von Anomalien durch die Rescue-Robotic-Einheiten initiiert. Dadurch sollen später mögliche Interventionsmaßnahmen frühzeitig erkannt werden.

Nachhaltigkeit spielt im Rosenbauer Konzern eine wichtige Rolle, daher beschäftigte sich der Konzern im Berichtsjahr intensiv mit dem Thema Kreislaufwirtschaft (Circular Economy). Hier steht das Produkt im Mittelpunkt. Es soll am Ende des Lebenszyklus nicht zur Belastung für Mensch

und Natur (Abfall) werden, sondern durch gezielte Maßnahmen wie Refurbishment oder Recycling von Komponenten möglichst umweltschonend wiederverwertet werden können. Gemeinsam mit der Johannes Kepler Universität und dem Linz Center of Mechatronics sowie weiteren Industrieunternehmen startete Rosenbauer ein Pilotprojekt, um konkrete Kreislaufpotenziale für Tauchpumpen oder Duroplast-Rücksitzbänke (verbaut im AT) sichtbar zu machen bzw. eine Herangehensweise zu erarbeiten.

2023 wurden in der Rosenbauer International AG 16,3 Mio € (2022: 13,1 Mio €) in Forschung und Entwicklung investiert.

# **Informationen gemäß § 243a Abs.1 UGB**

Rosenbauer ist mit Stückaktien im Prime Market der Wiener Börse gelistet. Das Grundkapital der Rosenbauer International AG beträgt 13,6 Mio €, eingeteilt in 6.800.000 nennbetragslose Stückaktien, die jeweils einen anteiligen Betrag am Grundkapital von 2,0 € verbriefen. 3.665.912 Aktien lauten auf Namen und 3.134.088 sind Inhaberaktien. Jede Rosenbauer Aktie berechtigt zu einer Stimme.

Die Rosenbauer Beteiligungsverwaltung GmbH (BVG) hält 51% der Anteile an der Rosenbauer International AG. Die BVG hat die Übertragung ihrer Aktien an Dritte an eine Mehrheit von 75% der Stimmen gebunden. Unter Beachtung der Gleichbehandlung liegen bezüglich der Stimmrechte oder der Übertragung von Aktien keine Beschränkungen vor, sofern der Anteil an Inhaberaktien am Grundkapital der Gesellschaft zu keinem Zeitpunkt unter 40% liegt. Ein Gesellschafter der Rosenbauer Beteiligungsverwaltung GmbH hält indirekt durchgerechnet 11,8% der Anteile an der Rosenbauer International AG. Es gibt keine Inhaber von Aktien mit besonderen Kontrollrechten. Mitarbeiterinnen und Mitarbeiter, die Aktien besitzen, üben ihre Stimmrechte direkt aus.

In der Satzung der Rosenbauer International AG sind die Bestimmungen zur Ernennung und Abberufung der Mitglieder des Vorstandes und des Aufsichtsrates festgelegt. Zum Mitglied des Vorstandes kann nur bestellt werden, wer das 65. Lebensjahr zum Zeitpunkt der Bestellung noch nicht vollendet hat. Die Bestellung einer Person zum Mitglied des Vorstandes, die zum Zeitpunkt der Bestellung das 65. Lebensjahr bereits vollendet hat, ist jedoch dann zulässig, wenn mit entsprechendem Beschluss der Hauptversammlung die Zustimmung mit einfacher Mehrheit der abgegebenen Stimmen erteilt wird. In den Aufsichtsrat kann 

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nur gewählt werden, wer das 70. Lebensjahr zum Zeitpunkt der Wahl noch nicht vollendet hat. Die Wahl einer Person zum Mitglied des Aufsichtsrates, die zum Zeitpunkt der Wahl das 70. Lebensjahr bereits vollendet hat, ist jedoch zulässig, wenn der entsprechende Beschluss in der Hauptversammlung mit einfacher Mehrheit der abgegebenen Stimmen gefasst wird.

Für den Fall eines öffentlichen Übernahmeangebotes gibt es keine Entschädigungsvereinbarungen zwischen der Gesellschaft, ihren Vorstandsund Aufsichtsratsmitgliedern oder den Mitarbeiterinnen und Mitarbeitern.

Der Corporate-Governance-Bericht des Rosenbauer Konzerns ist auf der Website www.rosenbauer.com/de/at/group im Kapitel "Investor Relations" unter "Corporate Governance" veröffentlicht.

# **Risiken und Chancen**

#### **Risikomanagement**

Rosenbauer ist in seinem unternehmerischen Handeln mit unterschiedlichen Risiken und Chancen konfrontiert. Die kontinuierliche Identifizierung, Bewertung und Steuerung dieser Risiken und Chancen ist integraler Bestandteil des Führungs-, Planungs- und Controlling-Prozesses. Das Risikomanagement greift auf die im Konzern vorhandenen Organisations-, Berichts- und Führungsstrukturen zurück und ergänzt diese um spezifische Elemente, die zur ordnungsgemäßen Beurteilung erforderlich sind. Im Kern besteht das Risikomanagement bei Rosenbauer aus fünf Elementen:

- einem konzernweit gültigen Risikomanagement-Handbuch, das u. a. sämtliche Definitionen und eine ausformulierte Risikostrategie beinhaltet,
- einer definierten Organisationsstruktur mit Risikoverantwortlichen in den als Risk Units definierten Areas, Tochtergesellschaften und Abteilungen sowie einem zentralen Group Risk Manager,
- einer regelmäßigen Erfassung und Bewertung von Risiken und Chancen in allen Risk Units,
- der Reporting-Struktur des Konzerns und
- dem Risikobericht auf Konzernebene und Auswertungen auf der Ebene einzelner Risk Units.

#### **Systematische Überwachung**

Das Risikomanagement wird bei Rosenbauer in einem System abgebildet, das eine übersichtliche Darstellung der im Rosenbauer Konzern vorhandenen Risiken und Chancen auf der Ebene der jeweiligen Risk Unit ermöglicht. Die Identifikation und Erfassung der Geschäftsrisiken und -chancen wird mittels eines strukturierten Prozesses zweimal jährlich durchgeführt, bei dem die Risikoverantwortlichen durch den Group Risk Manager begleitet und unterstützt werden.

Die Bewertung der Risiken und Chancen erfolgt im Hinblick auf ihre Eintrittswahrscheinlichkeit und ihre allfällige Auswirkung auf das EBT. Als Hilfestellung sind in einem Katalog zehn Kategorien mit Beispielen angeführt, in die die identifizierten Risiken und Chancen eingeordnet werden.

Aus der Risikoanalyse werden auf operativer Ebene die erforderlichen Kontroll- und Steuerungsmaßnahmen und die Instrumente zur Risikobewältigung als definierte Maßnahmen abgeleitet und den jeweiligen Risiken zugeordnet. Verantwortlich für die Umsetzung sind die Risikoverantwortlichen in den einzelnen Risk Units. Darüber hinaus werden die Ergebnisse der Risikoinventur einmal jährlich an den Prüfungsausschuss berichtet. Im Zuge dieses Termins werden auch die generelle Funktionsfähigkeit und die Wirksamkeit des Systems beurteilt.

#### **Internes Kontrollsystem**

Das Interne Kontrollsystem (IKS) hat die Aufgabe, die Effektivität und Effizienz der Geschäftstätigkeit zu sichern. Es besteht aus systematisch gestalteten organisatorischen Maßnahmen und Kontrollen zur Einhaltung von internen und externen Richtlinien sowie zur Abwehr von Schäden, die beispielsweise durch ungeregelte oder unrechtmäßige Handlungen verursacht werden können. Die Kontrollen sind direkt in die unternehmerischen Prozessen und Abläufen integriert. Darüber hinaus erfolgen prozessunabhängige Prüfungen der Wirksamkeit der Kontrollen durch die Interne Revision.

Um das Bewusstsein bei Rosenbauer in Bezug auf das Interne Kontrollsystem zu stärken, wurde ein E-Learning zum Thema konzipiert, welches den Mitarbeitenden über die E-Learning Plattform zur Verfügung steht. Im Zuge laufender Audits wird die Partizipation validiert.

#### **Zielgerichtetes Kontrollumfeld**

Eine wichtige Basis des IKS stellen die unternehmensweit gültigen Regelungen und Richtlinien dar. Dazu kommen die im Integrierten Managementsystem verankerten Prozessdarstellungen und hinterlegten Arbeitsanweisungen. Im Rahmen von internen Audits wird kontrolliert, ob diese Richtlinien eingehalten und die Prozesse sauber ausgeführt werden. Die Ergebnisse werden dokumentiert, Empfehlungen abgeleitet und die operative Umsetzung wird überwacht.

#### **Einheitliche Rechnungslegung**

Das Kontrollumfeld des Rechnungslegungsprozesses ist durch eine klare Aufbau- und Ablauforganisation gekennzeichnet. Sämtliche Funktionen sind eindeutig Personen (zum Beispiel in der Finanzbuchhaltung oder im Controlling) zugeordnet. Die am Rechnungslegungsprozess beteiligten Mitarbeitenden erfüllen alle fachlichen Voraussetzungen. Bei den relevanten Prozessen der Rechnungslegung wird, sofern es technisch bzw. organisatorisch möglich ist, auf ein Vier-Augen-Prinzip geachtet. Bei den verwendeten Finanzbuchhaltungssystemen handelt es sich überwiegend um Standardsoftware, die gegen unbefugte Zugriffe geschützt ist. Auf den Rechnungslegungsprozess bezogene wesentliche Bilanzierungs- und Bewertungsgrundsätze sind in einem Konzernhandbuch verbindlich festgelegt.

#### **Detaillierte Finanzberichte**

Die Vollständigkeit und Richtigkeit der Daten im Rechnungswesen wird regelmäßig anhand von Stichproben und Plausibilitätsprüfungen überprüft. Zudem erfolgen laufende Analysen durch das konzernweite Controlling und Treasury. Detaillierte Finanzberichte werden auf Monats- und Quartalsbasis erstellt bzw. sind täglich aktuell abrufbar, um Abweichungen in der Ertrags- und Vermögenslage von den Planzahlen rasch identifizieren und beheben zu können.

#### **Klare Zuständigkeiten**

Dieses ausgeprägte Regelungs- und Berichtssystem gibt neben den prozessorientierten Rahmenbedingungen vor allem ablauforientierte Maßnahmen vor, die von sämtlichen betroffenen Einheiten umgesetzt werden müssen. Die operative Verantwortung liegt bei den jeweiligen Prozessverantwortlichen. Die Einhaltung des Rosenbauer Regelwerks wird durch die Interne Revision im Rahmen der periodischen Prüfungen der einzelnen Bereiche überwacht.

#### **Erläuterung der Einzelrisiken**

### **Umfeld- und Branchenrisiken**

#### Globale Erwärmung

Im Jahr 2020 wurde mit Unterstützung einer externen Beratung eine Analyse der klimabezogenen Risiken und Chancen durchgeführt. Dabei

 

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wurden die Empfehlungen der Taskforce on Climate-related Financial Disclosures (TCFD) angewandt. Hier erfolgte in einem ersten Schritt die Identifikation jener klimabezogenen Risiken und Chancen, die für Rosenbauer potenziell finanziell relevant sein könnten. Diese identifizierten klimabezogenen Risiken und Chancen wurden einer Bewertung hinsichtlich ihrer finanziellen Auswirkungen auf Rosenbauer und ihrer Eintrittswahrscheinlichkeit unterzogen. Für das Berichtsjahr 2023 ergaben sich keine Änderungen. Rosenbauer wird die Entwicklung der klimapolitischen Rahmenbedingungen weiter beobachten und gegebenenfalls die identifizierten Risiken und Chancen neu bewerten.

Als wesentlichste klimabezogene Herausforderung wurden die physischen Klimarisiken für die Rosenbauer Produktions- und Montagestandorte identifiziert, als wesentlichste klimabezogene Chance der allgemein zunehmende Bedarf an Brandschutzprodukten sowie die Chancen für neue Rosenbauer Produkte und Services.

Rosenbauer ist Unterstützer der TCFD.

#### **Marktrisiken und -chancen**

Das internationale Feuerwehrgeschäft ist ein typischer Nachläufer und reagiert erst mit einer Verzögerung von zwölf bis 24 Monaten auf konjunkturelle Schwächen. Das liegt daran, dass die Kunden überwiegend aus dem öffentlichen Sektor kommen, ihre Beschaffungen langfristig planen und mit ihren Investitionen auch antizyklisch Impulse setzen wollen. Darüber hinaus kommen Auftragsstornierungen nur in sehr seltenen Ausnahmefällen vor.

Bei der Beurteilung marktwirtschaftlicher Risiken und Chancen orientiert sich Rosenbauer an den Annahmen führender Institutionen über die wirtschaftliche Entwicklung in den einzelnen Regionen und Ländern. Auch nach Elementarereignissen und Naturkatastrophen wird verstärkt in Feuerwehrtechnik investiert. Planbar sind diese Beschaffungen zwar nicht, bieten aber immer wieder zusätzliche Absatzchancen für die Feuerwehrausstatter. Rosenbauer analysiert regelmäßig die maßgeblichen Branchenrisiken und nutzt Chancen durch rasches Reagieren auf Marktveränderungen.

Die jährliche Geschäftsplanung wird aus der Mittelfristplanung abgeleitet und umfasst einen nach Regionen und Produkten gegliederten Zielkatalog, der als Steuerungsinstrument dient. So können Chancen und strategische Risiken frühzeitig erkannt werden. Mit Produktionsstätten auf drei Kontinenten und einem weltweiten Vertriebs- und Servicenetz lassen sich Absatzschwankungen in einzelnen Märkten ausgleichen.

#### **Wettbewerbs- und Preisdruck**

Der größte Wettbewerbs- und Preisdruck in der Feuerwehrbranche herrscht bei Kommunalfahrzeugen. Die zunehmende Zentralisierung des Beschaffungswesens bietet durch die Förderung eines fairen Wettbewerbs und transparentere Prozesse Chancen, birgt aber auch durch die Bündelung der Beschaffung das Risiko, Großaufträge zu verlieren.

Rosenbauer analysiert und überwacht permanent die Markt- und Absatzentwicklung in den einzelnen Ländern bzw. Areas und hat für jeden Vertriebs- und Produktbereich klar definiert, wie dabei strategisch vorzugehen ist und welche Wachstumsziele verfolgt werden.

#### **Risiken infolge gesetzlicher und politischer Rahmenbedingungen**

Risiken, die sich für das Feuerwehrgeschäft aufgrund politisch oder rechtlich veränderter Rahmenbedingungen ergeben, können kaum abgesichert werden. Rosenbauer unterliegt durch die Tätigkeit auf globalen Märkten verschiedenen Rechtssystemen. Eine Änderung von Gesetzen oder Vorschriften (z. B. Einfuhrzölle, Produktklassifizierungen, Umweltauflagen usw.) sowie eine strengere Auslegung bestehenden Rechts können zu erheblichen Mehrkosten oder Wettbewerbsnachteilen führen. Darüber hinaus können politische Krisen und Embargos den Zugang zu bestimmten Märkten vorübergehend einschränken.

Diese Unwägbarkeiten und die Möglichkeit staatlicher Eingriffe können die Geschäftstätigkeit der Gruppe auf verschiedene Weise beeinträchtigen, etwa die Gruppe daran hindern, Investitionen zu tätigen oder investiertes Geld zurückzuerhalten oder auch durch höhere Produktionskosten und Betriebsunterbrechungen.

In der Produktion wird gefährlichen Substanzen, die die Gesundheit gefährden können, durch die laufende Überwachung der Risikoarbeitsplätze sowie durch die Einhaltung lokaler Vorschriften entgegengetreten.

#### **Betriebliche Risiken**

Die Produktionstätigkeit erfordert eine intensive Auseinandersetzung mit den Risiken entlang der Wertschöpfungskette. Die potenziellen Produktionsrisiken werden durch das Industrial Engineering anhand einer exakten Prozessplanung minimiert. Die Überwachung der Produktionsprozesse erfolgt im Anschluss durch periodische Prozessaudits. Das zentrale Steuerungselement in der Fahrzeugfertigung sind Kennzahlen wie Produktivität, Montage- und Durchlaufzeiten, Produktionsstückzahlen, Qualität, Kosten etc. Neben Kennzahlen ist die "mitlaufende Kalkulation" die zentrale Methode, mit der im Soll-Ist-Vergleich die Herstellkosten jedes Einzelauftrages überwacht werden. Zur Abfederung von Veränderungen in der Auslastung einzelner Standorte fertigt Rosenbauer im Konzernverbund und vergibt Fertigungsaufträge auch an externe Partner. Dadurch wird das Risiko einer Unterauslastung der Produktion im Falle eines deutlichen Marktrückganges in Grenzen gehalten.

Ertragsrisiken, die sich aufgrund von externen Störungen in der Produktion ergeben können, werden durch entsprechende Produktionsausfallsversicherungen abgedeckt. Eine angemessene Versicherungsdeckung besteht auch für Risiken im Zusammenhang mit Feuer, Explosionen und ähnlichen elementaren Gefahren.

#### **Produktrisiken und -chancen**

Rosenbauer lebt ein konsequentes Qualitätsmanagement nach ISO 9001 und beschreibt darin seine Prozesse und Abläufe. Das Managementsystem wird laufend auditiert und trägt wesentlich dazu bei, weltweit eine einheitlich hohe Produktqualität zu gewährleisten und die Kundenzufriedenheit kontinuierlich zu verbessern.

Moderne Entwicklungsmethoden, ein ausgeprägtes Qualitätsbewusstsein sowie laufende Prozessoptimierungen tragen zur Verringerung von Produktrisiken bei. So betreibt Rosenbauer ein systematisches Innovationsmanagement und arbeitet in der Produktentwicklung eng mit den Feuerwehren zusammen. Ein professionelles Produktmanagement gibt die Richtung im Entwicklungsprozess vor, Marktanalysen und Wirtschaftlichkeitsüberlegungen werden miteinbezogen. Zur Reduzierung möglicher finanzieller Risiken aus Kundenschäden wird im Konzern neben dem Risikomanagementsystem auch das Instrument der Produkthaftpflichtversicherung eingesetzt.

#### **Beschaffungs- und Einkaufsrisiken**

Das Geschäftsjahr 2023 war zu Beginn noch durch anhaltende Verfügbarkeitsrisiken bei Zukaufmaterial geprägt. Die Materialknappheit und Terminunsicherheit erschwerten die Planung der Produktion und führten zu längeren Durchlaufzeiten, höheren Lagerbeständen und Zusatzaufwänden für die Nachrüstung von Fehlteilen.

Ein entscheidender Baustein für die Fahrzeugfertigung ist die termingerechte Bereitstellung von Fahrgestellen. Die Versorgungssicherheit im Hinblick auf geplante Liefertermine seitens der Hersteller war unzufriedenstellend. Besonders im ersten Halbjahr blieben die Liefermengen 

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hinter den zugesagten Mengen zurück. Die Ursachen dafür lagen in unterschiedlich begründeten Materialengpässen, die zu kurzfristigen Umplanungen der Produktionsprogramme seitens der Fahrgestellhersteller führten.

Auf Grund der guten Auslastung der Hersteller waren die Lieferzeiten der wichtigsten Fahrgestelle in 2023 mit teilweise über 12 Monaten immer noch sehr hoch. Erst gegen Ende des zweiten Halbjahres war eine erste Verbesserung der Liefermengen erkennbar. Im selbem Zeitraum wurden seit Langem wieder kürzere Lieferzeiten seitens der Fahrgestellhersteller rückgemeldet.

Lieferanten von energieintensivem Produktionsmaterial sowie personalintensiven Leistungen stehen kostenseitig unter höherem Druck. Daher ist hier mit neuen Preisforderungen zu rechnen, die jedoch wesentlich unter den Steigerungen der letzten Jahre zu erwarten sind.

In enger Zusammenarbeit zwischen Einkauf, Logistik und Produktion werden Maßnahmen zur Steigerung der Resilienz in den Lieferketten umgesetzt, wie beispielsweise gezielte Entwicklungsmaßnahmen bei kritischen Lieferanten oder längerfristige Preis- und Mengenabsicherungen bestimmter Rohmaterialien wie Aluminium oder des Strom- und Gaspreises. Darüber hinaus wird die finanzielle Situation der Lieferanten überwacht.

#### **Informationstechnische Risiken**

Je vernetzter ein Unternehmen ist, umso größer ist das Cyber-Risiko. Unter diesem Begriff werden verschiedene Einzelrisiken zusammengefasst, die aus einem potenziellen Cyber-Angriff resultieren können. Im Wesentlichen sind das die Verletzung der Vertraulichkeit von Daten (Ausspähen, Datenverlust), die Verletzung der Integrität des IT-Systems oder der Daten (Manipulation durch Schadsoftware), die Verletzung der Verfügbarkeit des IT-Systems oder der Daten (Unterbrechungen im internen Bereich, Ausfall von Kommunikationswegen) und Ähnliches.

Um das Cyber-Risiko möglichst zu minimieren, legt Rosenbauer großes Augenmerk auf eine sichere IT-Infrastruktur. Diesen Risiken wird durch regelmäßige Investitionen in Hard- und Software, den Einsatz von "State-of-the-Art" IT-Security-Systemen, modernen Datensicherungsmethoden sowie durch strukturierte Zugangs- und Zugriffskontrollen begegnet. Die Robustheit der Sicherheitssysteme wird zudem durch simulierte Angriffe von außen getestet. Die technischen Maßnahmen werden flankierend durch gezielte, regelmäßige IT-Security- und Datenschutz-Awareness-Trainings der Mitarbeitenden unterstützt.

Dennoch war Rosenbauer im Februar 2023 Ziel einer Cyber-Attacke. Um die Sicherheit der Systeme zu gewährleisten, wurden unverzüglich umfassende Maßnahmen eingeleitet. Trotz der herausfordernden Situation konnten sensible Daten erfolgreich geschützt und alle Systeme wiederhergestellt werden. Der Vorfall diente als Anlass, die bestehenden Sicherheitspraktiken zu überdenken und weiter zu verbessern. Eine eingehende Überprüfung der Systeme ermöglichte es, wertvolle Erkenntnisse zu gewinnen und entscheidende Schritte zu unternehmen, um die Widerstandsfähigkeit der IT-Infrastruktur zu stärken. Zusätzliche Sicherheitsmaßnahmen wurden implementiert, um künftige Bedrohungen proaktiv abzuwehren.

#### **Umweltrisiken**

Die Produktionstätigkeit des Rosenbauer Konzerns besteht im Wesentlichen aus Montagearbeiten und birgt daher kaum Umweltrisiken. Darüber hinaus gelten für die Prozesse klare Umweltstandards und Anweisungen, die in einem Umweltmanagementsystem nach ISO 14001 dokumentiert sind und laufend durch interne wie externe Audits überprüft und weiterentwickelt werden.

Im Zuge von wiederkehrenden Rundgängen und Audits werden regelmäßig die Energieverbräuche betrachtet und energieintensive Prozesse hinterfragt. Durch die Umsetzung eines Energiemanagementsystems (ISO 50001) können so Verschwendungen identifiziert und Maßnahmen zu ihrer Beseitigung festgelegt werden. Ebenso werden die gesamten Ressourceneinsätze aufgezeichnet und dadurch Abweichungen früh erkannt sowie Energiekosten gespart.

#### **Personelle Chancen und Risiken**

Die angespannte Situation am Arbeitsmarkt stellt auch für Rosenbauer eine große Herausforderung bei der Suche nach qualifizierten Fachkräften dar. Durch die Etablierung einer erfolgreichen Arbeitgebermarke ist es Rosenbauer möglich, Fachpersonal zu gewinnen, zu integrieren und an das Unternehmen zu binden. Durch den Slogan "Der Moment, in dem Leben gerettet werden, beginnt mit Dir!" wird deutlich, dass Arbeit bei Rosenbauer Sinn stiftet. Unsere Mitarbeiterinnen und Mitarbeiter helfen anderen und leisten mit ihrem Tun einen wertvollen Beitrag in der Gesellschaft.

Attraktive Arbeitszeitmodelle, vielfältige Gesundheitsmaßnahmen und -aktivitäten sowie ein modernes Entgeltsystem sind ausgewählte Gründe für die hohe Zufriedenheit bei den Mitarbeitenden, die sich in niedriger Fluktuation und hoher Resilienz niederschlägt.

Zur Absicherung der benötigten Fachkräfte für die Zukunft vor dem Hintergrund volatiler Arbeitsmärkte kommt vor allem dem Lehrlingswesen sehr große Bedeutung zu. Mittels der Initiative "women@rosenbauer" wird Rosenbauer besonders für Frauen attraktiv. Vielfältige Aus- und Weiterbildungsmaßnahmen ermöglichen es zusätzlich, die Mitarbeitenden im Unternehmen zu halten, zu qualifizieren und zu motivieren. Neben einer Nachfolgeplanung der Schlüsselpositionen ist Rosenbauer auch die laufende Weiterentwicklung der Führungskräfte sowie die Möglichkeit einer internen Karrierelaufbahn wichtig.

#### **Rechtliche Risiken**

Die Rosenbauer International AG und ihre Tochtergesellschaften sind im Rahmen der Geschäftstätigkeit mit rechtlichen Verfahren, Ansprüchen und behördlichen Untersuchungen konfrontiert. Diese können unter anderem die Produktsicherheit, Patente sowie andere Immaterialgüterrechte, Händler-, Lieferanten- und weitere Vertragsbeziehungen betreffen sowie zu behördlichen Verfahren führen.

Im Rahmen der Erstellung des Jahresabschlusses 2017 der Rosenbauer Deutschland GmbH wurden Unregelmäßigkeiten festgestellt. Die in diesem Zusammenhang eingeleiteten Untersuchungen konnten zum Jahresende 2018 abgeschlossen werden. Die Verfahren zur Geltendmachung von Ansprüchen auf dem Zivilrechtsweg wurden eingeleitet und konnten 2023 mit einem Vergleich und einer Zahlung zugunsten der Rosenbauer Deutschland GmbH abgeschlossen werden.

Die Rosenbauer International AG wurde Ende Januar 2022 informiert, dass im Zusammenhang mit einer Steuerfahndungsprüfung gegen einen ehemaligen Geschäftsführer von Tochterunternehmen eine Steuerverbindlichkeit droht. Die Steuerverbindlichkeit bezieht sich dabei auf einen Zeitraum, in dem die betroffenen Tochterunternehmen noch nicht im Eigentum der Rosenbauer International AG standen. Die Steuernachforderungen wurden 2022/2023 von der Tochtergesellschaft als Rechtsnachfolgerin beglichen. Rechtliche Schritte gegen den ehemaligen Geschäftsführer und die vormalige Eigentümerin der Tochterunternehmen wurden eingeleitet und sind derzeit gerichtsanhängig.

Compliance-Risiken wird im Rahmen des Rosenbauer Compliance-Managements begegnet. Regelmäßige Schulungen zielen darauf ab, Compliance-relevanten Verstößen vorzubeugen. Für das Melden von

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Verdachtsfällen in Bezug auf Kartellrecht, Korruption, Wirtschaftskriminalität, Diskriminierung oder auch sexuelle Belästigung steht allen Mitarbeitenden, Lieferanten und Geschäftspartnern seit Dezember 2021 eine anonyme Hinweisgeberplattform zu Verfügung.

#### **Finanzielle Risiken**

Im September 2023 wurde zur Stärkung des Eigenkapitals und des weiteren Wachstums in den USA versucht, eine Hybridanleihe am Kapitalmarkt zu platzieren. Die Emission dieser Hybridanleihe wurde im November 2023 aufgrund mangelnder Investorennachfrage nicht durchgeführt.

Anschließend trat die Rosenbauer Gruppe aufgrund von drohenden Verletzungen der Financial Covenants bestehender Finanzierungsvereinbarungen mit allen wesentlichen Finanzierungspartnern in Gespräche ein. Es wurde - zur kurzfristigen Stabilisierung der Finanzlage der Rosenbauer Gruppe - mit Unterstützung des Mehrheitsaktionärs ein befristetes "Standstill Agreement" abgeschlossen.

Das Standstill Agreement ermöglichte Verhandlungen zur umfassenden Refinanzierung der Rosenbauer Gruppe im Wege einer Multilateralen Refinanzierungsvereinbarung (MRFV) mit den wesentlichen Finanzierungspartnern, in deren Umsetzung unter anderem eine Kapitalerhöhung, gegebenenfalls aus genehmigtem Kapital, bei der Rosenbauer International AG durchgeführt werden soll. Die Mehrheitsaktionärin der Rosenbauer International AG unterstützt die Refinanzierungsbemühungen und hat sich unter anderem zur Bereitstellung einer Sicherheit bereit erklärt.

Zum Zeitpunkt der Jahresabschlusserstellung war die MRFV von allen beteiligten Parteien bereits unterzeichnet. Details sind dem Anhang (2. Bilanzierungs- und Bewertungsgrundsätze) zu entnehmen.

#### **Zins- und Währungsrisiken**

Aus den internationalen Aktivitäten entstehen zins- und währungsbedingte Risiken, die durch den Einsatz entsprechender Sicherungsinstrumente abgedeckt werden. Dabei regelt eine konzernweit geltende Finanz- und Treasury-Richtlinie, welche Instrumente zulässig sind. Die operativen Risiken werden durch derivative Finanzinstrumente wie zum Beispiel Devisentermingeschäfte sowie Zinssicherungsgeschäfte abgesichert. Diese Transaktionen werden ausschließlich zur Absicherung von Risiken, nicht hingegen zu Handels- oder Spekulationszwecken durchgeführt. In diesem Zusammenhang wird auf die Ausführungen in den Erläuternden Angaben im Konzernabschluss verwiesen.

#### **Kreditrisiken**

Kreditrisiken, die sich aus Zahlungsausfällen ergeben können, werden gering eingeschätzt, da der überwiegende Teil der Kunden öffentliche Abnehmer sind. Es kommen unterschiedliche Möglichkeiten zur Zahlungsbesicherung wie beispielsweise Akkreditive und Eigentumsvorbehalte zum Einsatz. Bei Lieferungen in Länder mit einem erhöhten politischen oder wirtschaftlichen Risiko werden zur Absicherung staatliche und private Exportversicherungen in Anspruch genommen.

#### **Beurteilung des Gesamtrisikos**

Rosenbauer sieht sich derzeit den oben beschriebenen Herausforderungen in operativer und finanzieller Hinsicht gegenüber. In all diesen Bereichen hat Rosenbauer Maßnahmen ergriffen, um die Ertrags- und Liquiditätslage nachhaltig zu verbessern sowie die Eigenkapitalbasis zu stärken. Erläuterungen zu den Liquiditätsrisiken können dem Anhang (2. Bilanzierungs- und Bewertungsgrundsätzen) entnommen werden. Unter Berücksichtigung der getroffenen Maßnahmen geht Rosenbauer derzeit nicht von einer wesentlichen Unsicherheit hinsichtlich des Fortbestands des Konzerns aus.

### **Prognosebericht Gesamtwirtschaftliche Entwicklung1**

Der Internationale Währungsfonds (IWF) hat zum Jahresbeginn seine Prognose für das Weltwirtschaftswachstum 2024 geringfügig angehoben. Er geht demnach von einem Plus von 3,1% an Stelle von bisher 2,9 % aus. Dieser Wert liegt damit genau auf dem Niveau des Vorjahres. Die Gründe für diese Erhöhung sind die Widerstandsfähigkeit der US-Wirtschaft und einiger Schwellen- und Entwicklungsländer, die über den Erwartungen liegt, sowie die steuerlichen Anreize in China. Für 2025 wird eine weitere marginale Verbesserung der Konjunktur erwartet. Die globale Inflation soll heuer von 6,8% auf 5,8% zurückgehen.

Dieser Prognose liegt die Annahme zu Grunde, dass die Preise für Brennstoffe und andere Rohstoffe ebenso wie die Leitzinsen in den größeren Volkswirtschaften 2024 und 2025 sinken werden. Der Ölpreis soll im Jahresdurchschnitt 2024 um 2,4 % zurückgehen, während andere Rohstoffe um 0,9 % günstiger werden sollen. Nach Ansicht des IWF werden sowohl die US-Notenbank als auch die EZB ihre Leitzinsen bis zur zweiten Jahreshälfte auf den aktuellen Niveaus belassen, bevor diese schrittweise gesenkt werden können, weil sich die Inflation den Zielwerten annähert.

Die rückläufige Inflation und das kontinuierliche Wachstum haben die Wahrscheinlichkeit einer harten wirtschaftlichen Landung sinken lassen. Die Risiken für das globale Wachstum sind gleichzeitig weitgehend ausbalanciert.

Auf der positiven Seite könnte ein schnellerer Inflationsrückgang zu einer weiteren Verbesserung der Finanzierungskonditionen führen und eine lockerere Steuerpolitik als notwendig könnte ein vorübergehend stärkeres Wachstum nach sich ziehen. Größere Anstrengungen für Strukturreformen könnten die Produktivität unterstützen und grenzübergreifend positive Effekte mit sich bringen. Auf der negativen Seite könnten neue Höchstpreise von Rohstoffen wegen geopolitischer Schocks und Lieferkettenstörungen - wie etwa fortgesetzter Angriffe im Roten Meer - oder eine hartnäckigere Inflation die strenge Geldpolitik verlängern. Größere Sorgen um den chinesischen Immobiliensektor oder ein disruptiver Wechsel zu Steuererhöhungen und Ausgabenkürzungen andernorts könnten ebenfalls Wachstumsenttäuschungen auslösen.

<sup>1</sup> IWF, World Economic Outlook, Update, 30. Jänner 2024., Weltbank, Global Economic Prospects, 9. Jänner 2024.

#### **Perspektiven auf den Absatzmärkten**

Die Feuerwehrbranche folgt der konjunkturellen Entwicklung mit einem Abstand von ein bis zwei Jahren. Die Nachfrage wird stark von Ländern mit kontinuierlichem Beschaffungswesen bestimmt. Aber auch ein erhöhtes Sicherheitsbewusstsein nach Naturkatastrophen und anderen Elementarereignissen führt zu vermehrten Investitionen in Feuerwehrtechnik und -ausrüstung. Aktuell ist zudem weltweit wieder eine verstärkte Investitionsbereitschaft der Flughäfen erkennbar.

Obwohl die internationalen Lieferketten noch nicht zur gewohnten Stabilität zurückgefunden haben, sollte die globale Feuerwehrbranche im laufenden Jahr 2024 weiter wachsen können. Denn trotz eines schwachen konjunkturellen Umfelds investiert der öffentliche Sektor kontinuierlich in die Sicherheit von Menschen und Infrastruktur. Ein guter Teil des Umsatzwachstums in den entwickelten Märkten dürfte dabei auch aus den Preismaßnahmen der Hersteller kommen, die damit auf die teilweise erheblichen Materialkostensteigerungen reagiert haben. Nach den Rekordbeschaffungen des Jahres 2022 wird für den nordamerikanischen Markt eine Konsolidierungsphase erwartet. Demnach sollen sich die Fahrzeugneuanschaffungen auf einem Niveau von über 5.000 Stück jährlich einpendeln, was deutlich über dem historischen Durchschnitt liegen würde. Das laufende Jahr 2024 hat der nordamerikanische Markt 

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mit einer stabilen Nachfrage begonnen. Viele Hersteller haben dabei angesichts gestiegener Kosten ihre Angebotspreise erhöht, bei Ausschreibungen ist gleichzeitig oft die Lieferzeit wichtiger als der Fahrzeugpreis. Die Dealer-Netzwerke durchlaufen indes eine Bereinigung, was teils zu größeren Händler-Territorien, teils zur Erweiterung der Händlerportfolios um zusätzliche Marken führt. Der Trend zur E-Mobilität setzt sich fort.

Europas Feuerwehrmarkt sollte 2024 ausgehend von einem hohen Niveau weiter wachsen. Trotz der Preiserhöhungen des vergangenen Jahres ist die Nachfrage beispielsweise nach Waldbrandausrüstung und -fahrzeugen unverändert stark. Eher untypisch für den Alten Kontinent hat sich auch das Flughafengeschäft nach Jahren der Investitionszurückhaltung wieder belebt. Das Interesse an Einsatzfahrzeugen mit alternativem Antrieb nimmt weiter zu. Der "New Growth Plan for the Western Balkans 2024-2027" der Europäischen Union mit einem Volumen von 6 Mrd € könnte in Osteuropa für zusätzliche Marktimpulse sorgen.

Die Erholung der heterogenen asiatischen Feuerwehrmärkte wird sich im laufenden Jahr fortsetzen. Vor allem im Geschäft mit Flughafenlöschfahrzeugen zieht die Nachfrage an und sollte sich kurzfristig bei soliden Vor-Covid-Werten stabilisieren. Gleichzeitig wächst in diesem Produktsegment die internationale Konkurrenz, die bei Ausschreibungen durch schwächere Heimatwährungen einen Startvorteil haben. Einige der großen Märkte in der Region werden wegen der angespannten geopolitischen Rahmenbedingungen auf Sicht für Exporteure unzugänglich bleiben.

Für die Länder des Mittleren Ostens wird im laufenden Jahr angesichts wieder besserer Konjunkturdaten mit einer stärkeren Nachfrage gerechnet. Gerade im Industrie- und Flughafengeschäft sind einige attraktive Projekte nach Verzögerungen entscheidungsreif. Neben der lokalen Fertigung wird dabei zunehmend auch auf alternative Fahrzeugantriebe ein Augenmerk gelegt.

Rosenbauer verfolgt die Entwicklung der verschiedenen Feuerwehrmärkte sehr genau, um Absatzchancen frühzeitig nutzen zu können. Abhängig davon, welche Länder oder Regionen ein erhöhtes Beschaffungsvolumen erkennen lassen, werden die Vertriebsaktivitäten intensiviert. Zum Bilanzstichtag verfügte der Konzern über einen historisch hohen Auftragsbestand von 1.788,0 Mio € (2022: 1.469,7 Mio €). Dieser Wert liegt über einem Jahresumsatz, wobei enthaltene Ausrüstungsprodukte und Serviceumsätze wegen der kürzeren Lieferzeiten sowie größere Fahrzeugaufträge mit Lieferzeiträumen von zwei bis drei Jahren geson-

#### dert zu betrachten sind.

#### **Amerika**

Die Area Americas hat im Berichtsjahr einen höheren Auftragseingang als erwartet verzeichnet. Insbesondere die PANTHER-Nachfrage der Flughafenbetreiber hat die Erwartungen für das Vorjahr klar übertroffen und damit zusätzliches Potenzial für eine Umsatzsteigerung in 2024 geschaffen. Dementsprechend zuversichtlich sind die US-Gesellschaften in das laufende Jahr gestartet.

Mit Blick auf eine Verkürzung der Durchlaufzeiten und eine Verbesserung der Profitabilität wurde das Produktionslayout am Standort Wyoming grundlegend überarbeitet. Hier werden auf zwei parallel laufenden Montagelinien zum einen US-PANTHER und zum anderen Kommunalund Industrielöschfahrzeuge gebaut.

Neben einer stärkeren Präsenz bei Regierungsbehörden und öffentlichen Stellen sowie einem Ausbau der Servicequalität für Kunden soll heuer die Zusammenarbeit von Customer Service und Händlernetzwerk intensiviert werden. Der Fokus wird dabei auf dem Ersatzteilemanagement liegen, damit die Fahrzeuge und Gerätschaften im Feld möglichst ohne Unterbrechungen einsatzfähig sind. Darüber hinaus soll ein zentrales Vertriebsspezialistenteam für Aerials und für den vollelektrischen RTX US-Variante des vollelektrischen "Revolutionary Technology (RT) aufgebaut werden, das die Händlerpartner in ihren diesbezüglichen Aktivitäten unterstützt.

Auch für die Märkte in Lateinamerika, die seit 2023 unter der Verantwortung der Area Americas stehen, wird mit Wachstum gerechnet. Die Bereiche Ausrüstung und Komponenten bieten dabei besonders gute Aussichten. Denn Importsteuern und -beschränkungen in einigen Märkten könnten interessante Chancen für den Komponentenverkauf an lokale Hersteller von Feuerwehrfahrzeugen eröffnen.

#### **Europa**

Die Ausgaben der europäischen Länder für den Brand- und Katastrophenschutz bewegen sich seit Jahren auf einem stabilen, hohen Niveau. Dabei wurden zuletzt zentrale Sammelausschreibungen für Kommunalfahrzeuge immer populärer.

Für das laufende Jahr rechnet die Area Europe damit, dass sich das Wachstum bei Umsatz und Auftragseingang fortsetzen wird. So soll 2024 unter anderem eine größere Anzahl PANTHER ausgeliefert werden, was eher untypisch für den Alten Kontinent ist. Unter den wichtigsten

Abnehmerländern für diese Fahrzeuge finden sich etwa Deutschland, Dänemark, Grönland, Frankreich und Irland. Bei den bestellten PANTHER handelt es sich um Ersatzbeschaffungen und Nachholinvestitionen aus der Zeit der COVID-19-Pandemie.

Steigender Nachfrage erfreut sich zudem der Customer Service, was auch in der großen Flotte von Rosenbauer-Fahrzeugen bei Kunden begründet ist, sowie die Produktsegmente Ausrüstung und Komponenten. Im Bereich Customer Service wurden im Berichtsjahr die Serviceorganisationen der vormaligen Areas CEEU und NISA erfolgreich verschmolzen. Nun soll das eigene Angebot etwa durch das Ausrollen ganzheitlicher Servicekonzepte, einen europaweiten Ersatzteileverkauf oder die Betreuung von Fahrzeugflotten ausgeweitet und zusätzliches Potenzial gehoben werden.

Darüber hinaus will der Rosenbauer Customer Service weiter auf Refurbishment setzen, das ist die technische Überarbeitung altgedienter Einsatzfahrzeuge, um deren Lebensdauer zu verlängern.

#### **Mittlerer Osten und Afrika**

Die konjunkturellen Vorzeichen für das Geschäftsjahr 2024 von Rosenbauer im Mittleren Osten haben sich deutlich gebessert. Nach einem Rückgang im Vorjahr soll etwa die Wirtschaft Saudi-Arabiens heuer wieder auf die Wachstumsspur zurückkehren. Dies sollte auch höhere Staatseinnahmen ermöglichen.

Seit 10 Jahren engagiert sich Rosenbauer in Saudi-Arabien und hat mit der Gründung weiterer Niederlassungen in den Nachbarländern ein klares Bekenntnis zur Region abgegeben. In den letzten 20 Jahren wurden rund 5.000 Fahrzeuge geliefert. Für das laufende Jahr geht die Area Middle East & Africa von einer deutlichen Umsatzsteigerung aus. Ausgeschrieben werden meist sogenannte All-in-Lösungen, d. h. Feuerwehrfahrzeuge und Service. Das Geschäft in den neu integrierten Märkten Afrikas wird sich auch weiterhin auf Einzellieferungen beschränken, diese sind aufgrund der finanziellen Restriktionen vielfach nur in Kombination mit einer passenden Finanzierungslösung möglich. Die geopolitische Situation schafft zudem in vielen afrikanischen Ländern ein wirtschaftlich instabiles Umfeld.

#### **Asien und Ozeanien**

Die Area Asia-Pacific rechnet 2024 ebenfalls mit einer Verbesserung von Umsatz und Auftragseingang. Voraussetzung ist, dass sich die angespannte geopolitische Lage nicht weiter verschlechtert. Die Nachfrage

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nach Flughafenlöschfahrzeugen erholt sich, das Interesse an Elektromobilität steigt. Der größte Markt in der Region, China, ist nach seiner Abschottung für internationale Fahrzeugexporteure unzugänglich, weshalb sich Rosenbauer auf den Verkauf von Ausrüstung und Komponenten für Endabnehmer und lokale Aufbauhersteller konzentriert. Besonders dynamisch entwickeln sich hingegen Australien, Neuseeland, Japan, Singapur und Macao.

#### **Innovationen und neue Produkte**

Mit seinen Forschungs- und Entwicklungsaktivitäten verfolgt Rosenbauer das Ziel, seine internationale Wettbewerbsposition zu stärken und weiter auszubauen. Dabei beschäftigt sich der Konzern intensiv mit den weltweiten Megatrends wie der globalen Erwärmung, dem demografischen Wandel, der Urbanisierung und Digitalisierung sowie deren Auswirkungen auf die Einsatzorganisationen und die Technik für Feuerwehren. Daraus leitet der Konzern konkrete Maßnahmen für die Produktentwicklung ab.

Im Geschäftsjahr 2023 wurden weiterführende Workshops im Rahmen der Initiative "Green Energy on Fire" mit namhaften Teilnehmenden aus Umwelt- und Feuerwehrorganisationen abgehalten. Vertreterinnen und Vertreter von Feuerwehren, der Energiewirtschaft, aus Technologieunternehmen und der Politik diskutierten ihre Ansätze zur Reduktion klimaschädlicher Treibhausgase und welche unterstützenden Maßnahmen es dazu braucht. Die wichtigsten Handlungsfelder werden in der "Green Energy on Fire Map" zusammengefasst. An einer Online-Version der Map wird aktuell gearbeitet.

#### **Investitionen und Kapazitäten**

Das Investitionsmanagement von Rosenbauer erfasst systematisch sämtliche Bedarfe im Konzern und reiht diese nach Priorität. Für das Jahr 2024 sind Investitionen in der Höhe von etwas über 22 Mio € geplant. Das liegt immer noch unter dem durchschnittlichen Investitionsniveau vor der COVID-19-Pandemie, stellt aber im Vergleich zum Vorjahr eine Steigerung von ca. 7 Mio € dar und ist das Ergebnis der Weiterführung der Restrukturierungsmaßnahmen. Dabei liegen die Schwerpunkte auf Maßnahmen zur Steigerung der Energieeffizienz, Produktivitätssteigerung und Investitionen zur Erneuerung und Erweiterung von Betriebseinrichtungen und Anlagen.

Zu den wichtigsten Investitionsvorhaben 2024 gehören

- die Fertigstellung und der Bezug des neuen Betriebsgebäudes am Standort Singapur,
- die Fertigstellung und der Bezug des neuen Verwaltungsgebäudes mit Servicehalle am Standort Karlsruhe,
- die Errichtung und Inbetriebnahme eines neuen vollautomatischen Klein- und Mittelteilelagers am Standort Leonding und
- der Projektstart für eine neue PV-Anlage am Standort Leonding.

Darüber hinaus wird der konzernweite Roll-out von SAP-S/4 Hana wie geplant fortgesetzt.

#### **Finanz- und Liquiditätslage**

Rosenbauer hat branchenbedingt einen hohen unterjährigen Finanzierungsbedarf. Das liegt zum einen an langen Durchlaufzeiten insbesondere in der Fahrzeugproduktion, zum anderen an vergleichsweise langen Kundenzahlungszielen und niedrigen Kundenanzahlungen. Der Konzern wirkt diesem Umstand mit gezielten Maßnahmen entgegen, die die Optimierung der Auftragsabwicklung zum Ziel haben. Die Liquidität im Konzern wird durch eine entsprechende monatlich rollierende Liquiditätsplanung ermittelt und laufend überwacht. Durch ausreichende mittel- und langfristige Kreditrahmen sowie einer Reserve in Form von Bankguthaben und ungenutzten Kreditlinien bei Banken soll die jederzeitige Zahlungsfähigkeit sichergestellt werden.

Darüber hinaus wurde zur Stabilisierung der Finanz- und Liquiditätslage mit bestehenden Finanzierungspartnern eine Multilaterale Refinanzierungsvereinbarung (MRFV) abgeschlossen, die Rosenbauer zur Einhaltung vereinbarter Kreditbedingungen (insbesondere die Durchführung einer Kapitalerhöhung) verpflichtet. Nähere Erläuterungen sind dem Abschnitt Finanzielle Risiken sowie im Anhang (2. Bilanzierungs- und Bewertungsgrundsätze) zu entnehmen.

Leonding, 29. März 2024

S. Myf Audi Zayan

Sebastian Wolf Andreas Zeller Markus Richter

Markus Richter

#### **Gesamtaussage zur künftigen Entwicklung**

Im Jahresverlauf stabilere Liefer- und Produktionsbedingungen sowie ein umfassendes Programm zur Herstellkostenreduktion und Effizienzsteigerung haben den Rosenbauer Konzern 2023 in die Gewinnzone zurückkehren lassen. Im Rahmen von "Refocus, Restart" wurden 54 Teilprojekte umgesetzt und ein Einsparungspotenzial von 33,6 Mio € realisiert. Parallel dazu wurden seit 2021 die Angebotspreise für Neuausschreibungen in mehreren Schritten entsprechend den Material- und Lohnkostensteigerungen erhöht, die nunmehr Zug um Zug ergebniswirksam werden.

Der öffentliche Sektor hat 2023 weiter in die Sicherheit von Menschen und Infrastruktur investiert, sodass das Volumen der globalen Feuerwehrindustrie gewachsen sein dürfte. Der Auftragsbestand von Rosenbauer lag zum Jahresbeginn 2024 deutlich über einem Konzernjahresumsatz. Die Unternehmensgruppe verfügt damit über die besten Voraussetzungen, 2024 seinen Umsatz zu steigern. Die Entspannung bei den Preisen für Energie, Rohstoffe und Vormaterialien sollte gleichzeitig zu einer Ergebnisverbesserung beitragen. Im Hinblick auf eine nachhaltige Verkürzung der Durchlaufzeiten und damit eine Reduktion des Working Capitals hat Rosenbauer ein neues Projekt zur Analyse seines "Offer-to-Cash-Prozesses" aufgesetzt. Dieses soll helfen, die verschiedenen Teilprozesse im Fahrzeugbau zu beschleunigen und den unterjährigen Finanzierungsbedarf für die Produktion zu senken.

Eine für das Geschäftsjahr 2024 geplante Kapitalerhöhung soll die Basis für ein weiteres, profitables Wachstum des Rosenbauer Konzerns legen.

{101}------------------------------------------------

# <span id="page-101-0"></span>**BILANZ Stand**

|                                                                                                                                                                   |  |                                  |                | Stand             | Stand              |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|----------------------------------|----------------|-------------------|--------------------|
| A K T I V A                                                                                                                                                       |  | EUR                              | EUR            | 31.12.2023<br>EUR | 31.12.2022<br>TEUR |
| A. ANLAGEVERMÖGEN                                                                                                                                                 |  |                                  |                |                   |                    |
| I. Immaterielle Vermögensgegenstände                                                                                                                              |  |                                  |                |                   |                    |
| 1. Konzessionen, Rechte                                                                                                                                           |  | 4.857.821,00                     |                |                   | 2.430              |
| 2. Geleistete Anzahlungen                                                                                                                                         |  | 7.895.170,23                     |                |                   | 8.347              |
|                                                                                                                                                                   |  |                                  | 12.752.991,23  |                   | 10.777             |
| II. Sachanlagen                                                                                                                                                   |  |                                  |                |                   |                    |
| 1. Grundstücke, grundstücksgleiche Rechte und Bauten, einschließlich der Bauten auf fremdem Grund<br>davon Grundwert EUR 18.766.164,92 (2022 TEUR 18.766)         |  | 54.168.686,92                    |                |                   | 55.743             |
| 2. Investitionen in fremden Gebäuden                                                                                                                              |  | 102.984,00                       |                |                   | 127                |
| 3. Technische Anlagen und Maschinen                                                                                                                               |  | 7.279.982,00                     |                |                   | 9.746              |
| 4. Andere Anlagen, Betriebs- und Geschäftsausstattung                                                                                                             |  | 9.831.810,00                     |                |                   | 10.795             |
| 5. Geleistete Anzahlungen und Anlagen in Bau                                                                                                                      |  | 640.626,91                       |                |                   | 489                |
|                                                                                                                                                                   |  |                                  | 72.024.089,83  |                   | 76.900             |
| III. Finanzanlagen                                                                                                                                                |  |                                  |                |                   |                    |
| 1. Anteile an verbundenen Unternehmen                                                                                                                             |  | 65.848.783,55                    |                |                   | 79.134             |
| 2. Ausleihungen an verbundene Unternehmen                                                                                                                         |  | 62.712.878,62                    |                |                   | 62.713             |
| 3. Beteiligungen                                                                                                                                                  |  | 1.501.503,00                     |                |                   | 1.501              |
| 4. Wertpapiere (Wertrechte) des Anlagevermögens                                                                                                                   |  | 806,67                           |                |                   | 305                |
|                                                                                                                                                                   |  |                                  | 130.063.971,84 |                   | 143.653            |
|                                                                                                                                                                   |  |                                  |                | 214.841.052,90    | 231.330            |
| B. UMLAUFVERMÖGEN<br>I. Vorräte                                                                                                                                   |  |                                  |                |                   |                    |
| 1. Roh-, Hilfs- und Betriebsstoffe                                                                                                                                |  | 53.618.726,53                    |                |                   | 48.637             |
| 2. Unfertige Erzeugnisse<br>abzüglich erhaltene Anzahlung                                                                                                         |  | 136.913.541,67<br>-12.689.451,34 |                |                   | 108.182<br>-5.279  |
| 3. Fertige Erzeugnisse und Waren                                                                                                                                  |  | 9.298.491,23                     |                |                   | 8.367              |
| 4. Geleistete Anzahlungen                                                                                                                                         |  | 943.687,98                       |                |                   | 2.181              |
|                                                                                                                                                                   |  |                                  | 188.084.996,07 |                   | 162.088            |
| II. Forderungen und sonstige Vermögensgegenstände                                                                                                                 |  |                                  |                |                   |                    |
| 1. Forderungen aus Lieferungen und Leistungen<br>davon mit einer Restlaufzeit von mehr als einem Jahr EUR 0,00 (2022 TEUR 248)                                    |  | 103.314.559,07                   |                |                   | 50.935             |
| 2. Forderungen gegenüber verbundenen Unternehmen<br>davon mit einer Restlaufzeit von mehr als einem Jahr EUR 70.305.465,58 (2022 TEUR 14.435)                     |  | 146.642.707,94                   |                |                   | 147.762            |
| 3. Forderungen gegenüber Unternehmen, mit denen ein Beteiligungsverhältnis besteht<br>davon mit einer Restlaufzeit von mehr als einem Jahr EUR 0,00 (2022 TEUR 0) |  | 0,00                             |                |                   | 0                  |
| 4. Sonstige Forderungen und Vermögensgegenstände<br>davon mit einer Restlaufzeit von mehr als einem Jahr EUR 0,00 (2022 TEUR 0)                                   |  | 5.905.863,20                     |                |                   | 7.770              |
|                                                                                                                                                                   |  |                                  | 255.863.130,21 |                   | 206.467            |
| III. Kassenbestand, Guthaben bei Kreditinstituten                                                                                                                 |  |                                  | 1.447.660,34   |                   | 3.504              |
|                                                                                                                                                                   |  |                                  |                | 445.395.786,62    | 372.059            |
| C. RECHNUNGSABGRENZUNGSPOSTEN                                                                                                                                     |  |                                  |                | 3.429.001,95      | 3.745              |
| D. AKTIVE LATENTE STEUERN                                                                                                                                         |  |                                  |                | 9.786.318,11      | 10.785             |
|                                                                                                                                                                   |  |                                  |                | 673.452.159,58    | 617.919            |
|                                                                                                                                                                   |  |                                  |                |                   |                    |

{102}------------------------------------------------

|                                                                                                                   |                | Stand<br>31.12.2023 | Stand<br>31.12.2022 |
|-------------------------------------------------------------------------------------------------------------------|----------------|---------------------|---------------------|
| P A S S I V A                                                                                                     | EUR            | EUR                 | TEUR                |
|                                                                                                                   |                |                     |                     |
| A. EIGENKAPITAL                                                                                                   |                |                     |                     |
| I. Eingefordertes und eingezahltes Grundkapital<br>Übernommenes Grundkapital EUR 13.600.000,00 (2022 TEUR 13.600) | 13.600.000,00  |                     | 13.600              |
| II. Kapitalrücklagen (gebundene)                                                                                  | 23.703.398,02  |                     | 23.703              |
| III. Gewinnrücklagen (freie Rücklagen)                                                                            | 138.071.955,77 |                     | 138.072             |
| IV. Bilanzverlust                                                                                                 |                |                     |                     |
| davon Verlust/-Gewinnvortrag EUR -35.391.325,28 (2022 TEUR 151)                                                   | –50.576.438,56 |                     | –35.391             |
|                                                                                                                   |                | 124.798.915,23      | 139.984             |
| B. RÜCKSTELLUNGEN                                                                                                 |                |                     |                     |
| 1. Rückstellungen für Abfertigungen                                                                               | 16.020.279,00  |                     | 16.930              |
| 2. Rückstellungen für Pensionen                                                                                   | 108.623,27     |                     | 639                 |
| 3. Steuerrückstellung                                                                                             | 1.548.090,00   |                     | 7.554               |
| 4. Sonstige Rückstellungen                                                                                        | 41.607.672,38  |                     | 40.298              |
|                                                                                                                   |                | 59.284.664,65       | 65.421              |
| C. VERBINDLICHKEITEN                                                                                              |                |                     |                     |
| 1. Verbindlichkeiten gegenüber Kreditinstituten                                                                   | 363.626.948,24 |                     | 272.521             |
| davon mit einer Restlaufzeit von bis zu einem Jahr EUR 363.626.948,24 (2022 TEUR 71.596)                          |                |                     |                     |
| davon mit einer Restlaufzeit von mehr als einem Jahr EUR 0,00 (2022 TEUR 200.925)                                 |                |                     |                     |
| 2. Erhaltene Anzahlungen auf Bestellungen                                                                         | 13.367.756,49  |                     | 16.566              |
| davon mit einer Restlaufzeit von bis zu einem Jahr EUR 13.367.756,49 (2022 TEUR 16.566)                           |                |                     |                     |
| davon mit einer Restlaufzeit von mehr als einem Jahr EUR 0,00 (2022 TEUR 0)                                       |                |                     |                     |
| 3. Verbindlichkeiten aus Lieferungen und Leistungen                                                               | 54.714.361,95  |                     | 47.501              |
| davon mit einer Restlaufzeit von bis zu einem Jahr EUR 54.714.361,95 (2022 TEUR 47.501)                           |                |                     |                     |
| davon mit einer Restlaufzeit von mehr als einem Jahr EUR 0,00 (2022 TEUR 0)                                       |                |                     |                     |
| 4. Verbindlichkeiten gegenüber verbundenen Unternehmen                                                            | 38.140.162,49  |                     | 57.376              |
| davon mit einer Restlaufzeit von bis zu einem Jahr EUR 38.140.162,49 (2022 TEUR 57.376)                           |                |                     |                     |
| davon mit einer Restlaufzeit von mehr als einem Jahr EUR 0,00 (2022 TEUR 0)                                       |                |                     |                     |
| 5. Verbindlichkeiten gegenüber Unternehmen, mit denen ein Beteiligungsverhältnis besteht                          | 0,00           |                     | 38                  |
| davon mit einer Restlaufzeit von bis zu einem Jahr EUR 0,00 (2022 TEUR 38)                                        |                |                     |                     |
| davon mit einer Restlaufzeit von mehr als einem Jahr EUR 0,00 (2022 TEUR 0)                                       |                |                     |                     |
| 6. Sonstige Verbindlichkeiten                                                                                     | 12.148.292,97  |                     | 8.356               |
| davon mit einer Restlaufzeit von bis zu einem Jahr EUR 12.148.292,97 (2022 TEUR 8.356)                            |                |                     |                     |
| davon mit einer Restlaufzeit von mehr als einem Jahr EUR 0,00 (2022 TEUR 0)                                       |                |                     |                     |
| davon aus Steuern EUR 197.509,50 (2022 TEUR 203)                                                                  |                |                     |                     |
| davon mit einer Restlaufzeit von bis zu einem Jahr EUR 197.509,50 (2022 TEUR 203)                                 |                |                     |                     |
| davon mit einer Restlaufzeit von mehr als einem Jahr EUR 0,00 (2022 TEUR 0)                                       |                |                     |                     |
| davon im Rahmen der sozialen Sicherheit EUR 2.491.474,42 (2022 TEUR 2.472)                                        |                |                     |                     |
| davon mit einer Restlaufzeit von bis zu einem Jahr EUR 2.491.474,42 (2022 TEUR 2.472)                             |                |                     |                     |
| davon mit einer Restlaufzeit von mehr als einem Jahr EUR 0,00 (2022 TEUR 0)                                       |                |                     |                     |
| Summe Verbindlichkeiten                                                                                           |                | 481.997.522,14      | 402.358             |
| davon mit einer Restlaufzeit von bis zu einem Jahr EUR 481.997.522,14 (2022 TEUR 201.433)                         |                |                     |                     |
| davon mit einer Restlaufzeit von mehr als einem Jahr EUR 0,00 (2022 TEUR 200.925)                                 |                |                     |                     |
| D. RECHNUNGSABGRENZUNGSPOSTEN                                                                                     |                | 7.371.057,56        | 10.156              |
|                                                                                                                   |                | 673.452.159,58      | 617.919             |

{103}------------------------------------------------

# **GEWINN- UND VERLUSTRECHNUNG <sup>2023</sup> <sup>2022</sup>**

|                                                                                                                                                              | 2023            |                 | 2022     |          |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------|-----------------|----------|----------|
|                                                                                                                                                              | EUR             | EUR             | TEUR     | TEUR     |
| 1. Umsatzerlöse                                                                                                                                              |                 | 524.222.713,14  |          | 443.780  |
| 2. Veränderung des Bestands an fertigen und unfertigen Erzeugnissen                                                                                          |                 | 28.731.524,63   |          | 14.124   |
| 3. Andere aktivierte Eigenleistungen                                                                                                                         |                 | 103.180,50      |          | 85       |
| 4. Sonstige betriebliche Erträge                                                                                                                             |                 |                 |          |          |
| a) Erträge aus dem Abgang vom und der Zuschreibung zum Anlagevermögen mit Ausnahme der Finanzanlagen                                                         | 487.654,29      |                 | 1.074    |          |
| b) Erträge aus der Auflösung von Rückstellungen                                                                                                              | 620.521,33      |                 | 155      |          |
| c) Übrige                                                                                                                                                    | 5.651.162,37    | 6.759.337,99    | 2.057    | 3.286    |
| 5. Aufwendungen für Material und sonstige bezogene Herstellungsleistungen                                                                                    |                 |                 |          |          |
| a) Materialaufwand                                                                                                                                           | -365.559.770,23 |                 | -301.588 |          |
| b) Aufwendungen für bezogene Leistungen                                                                                                                      | -7.275.285,25   | -372.835.055,48 | -7.273   | -308.861 |
| 6. Personalaufwand                                                                                                                                           |                 |                 |          |          |
| a) Löhne                                                                                                                                                     | -46.733.757,74  |                 | -39.365  |          |
| b) Gehälter                                                                                                                                                  | -52.558.083,94  |                 | -51.290  |          |
| c) Soziale Aufwendungen                                                                                                                                      | -27.736.494,88  |                 | -27.561  |          |
| davon Ertrag aus Altersversorgung EUR 154.063,10 (2022 TEUR -312)                                                                                            |                 |                 |          |          |
| aa) Aufwendungen für Abfertigungen und Leistungen an betriebliche Mitarbeitervorsorgekassen EUR -2.400.671,56 (2022 TEUR -3.429)                             |                 |                 |          |          |
| bb) Aufwendungen für gesetzlich vorgeschriebene Sozialabgaben sowie vom Entgelt abhängige Abgaben und Pflichtbeiträge EUR -24.953.877,92 (2022 TEUR -23.553) |                 | -127.028.336,56 |          | -118.216 |
| 7. Abschreibungen auf immaterielle Gegenstände des Anlagevermögens und Sachanlagen                                                                           |                 | -9.736.753,56   |          | -9.740   |
| 8. Sonstige betriebliche Aufwendungen                                                                                                                        |                 |                 |          |          |
| a) Steuern, soweit sie nicht unter Z 18 fallen                                                                                                               | -6.971,36       |                 | -9       |          |
| b) Übrige                                                                                                                                                    | -52.752.957,92  | -52.759.929,28  | -55.063  | -55.072  |
| 9. Zwischensumme aus Z 1 bis 8 (Betriebserfolg)                                                                                                              |                 | -2.543.318,62   |          | -30.614  |
| 10. Erträge aus Beteiligungen                                                                                                                                |                 | 14.536.469,99   |          | 3.628    |
| davon aus verbundenen Unternehmen EUR 14.500.427,19 (2022 TEUR 3.628)                                                                                        |                 |                 |          |          |
| 11. Erträge aus anderen Wertpapieren und Ausleihungen des Finanzanlagevermögens                                                                              |                 | 12.225,00       |          | 0        |
| davon aus verbundenen Unternehmen EUR 0,00 (2022 TEUR 0)                                                                                                     |                 |                 |          |          |
| 12. Sonstige Zinsen und ähnliche Erträge                                                                                                                     |                 | 12.393.654,17   |          | 5.309    |
| davon aus verbundenen Unternehmen EUR 12.099.267,97 (2022 TEUR 4.967)                                                                                        |                 |                 |          |          |
| 13. Erträge aus dem Abgang von Finanzanlagen                                                                                                                 |                 | 265.167,08      |          | 0        |
| 14. Aufwendungen aus Finanzanlagen                                                                                                                           |                 |                 |          |          |
| aus Wertpapieren des Umlaufvermögens                                                                                                                         |                 | -3.261.328,50   |          | -1.512   |
| davon Abschreibungen EUR -3.261.328,50 (2022 TEUR -1.512)                                                                                                    |                 |                 |          |          |
| davon aus beteiligten Unternehmen EUR -3.250..000,00 (2022 TEUR -1.500)                                                                                      |                 |                 |          |          |
| 15. Zinsen und ähnliche Aufwendungen                                                                                                                         |                 | -23.246.395,23  |          | -13.310  |
| davon betreffend verbundene Unternehmen EUR -327.197,23 (2022 TEUR -124)                                                                                     |                 |                 |          |          |
| 16. Zwischensumme aus Z 10 bis 15 (Finanzerfolg)                                                                                                             |                 | 699.792,51      |          | -5.885   |
| 17. Ergebnis vor Steuern (Zwischenzumme aus Z 9 und Z 16)                                                                                                    |                 | -1.843.526,11   |          | -36.499  |
| 18. Steuern vom Einkommen und vom Ertrag                                                                                                                     |                 | -900.064,29     |          | 957      |
| davon latente Steuern EUR -1.011.798,00 (2022 TEUR 1.351)                                                                                                    |                 |                 |          |          |
| 19. Verschmelzungsverlust                                                                                                                                    |                 | -12.441.522,88  |          | 0        |
| 20. Ergebnis nach Steuern = Jahresfehlbetrag                                                                                                                 |                 | -15.185.113,28  |          | -35.542  |
| 21. Auflösung von Gewinnrücklagen                                                                                                                            |                 | 0,00            |          | 0        |
| 22. Jahresverlust                                                                                                                                            |                 | -15.185.113,28  |          | -35.542  |
| 23. Verlust/-Gewinnvortrag aus dem Vorjahr                                                                                                                   |                 | -35.391.325,28  |          | 151      |
| 24. Bilanzverlust                                                                                                                                            |                 | -50.576.438,56  |          | -35.391  |

{104}------------------------------------------------

# **ANLAGE 1 AUFGLIEDERUNG DER ERLÖSE**

**Aufgliederung nach Inlands- und Auslandserlösen**

| in €              | 2023           | 2022           |
|-------------------|----------------|----------------|
| Österreich        | 59.013.621,28  | 70.487.000,00  |
| Europäische Union | 176.594.360,39 | 97.509.000,00  |
| Asien/Ozeanien    | 68.555.256,39  | 52.722.000,00  |
| Osteuropa         | 22.891.033,29  | 31.843.000,00  |
| Naher Osten       | 74.966.939,92  | 69.955.000,00  |
| Sonstige          | 122.201.501,87 | 121.263.702,68 |
| Umsatzerlöse      | 524.222.713,14 | 443.779.702,68 |

#### **Umsätze nach Tätigkeitsbereichen**

| in €                               | 2023           | 2022           |
|------------------------------------|----------------|----------------|
| Fahrzeuge                          | 334.636.939,03 | 270.431.352,23 |
| Komponenten                        | 64.470.994,95  | 61.443.726,97  |
| Ausrüstung                         | 74.172.390,34  | 65.353.574,71  |
| Ersatzteile, Reparatur und Service | 28.905.772,95  | 25.664.586,30  |
| Sonstige                           | 22.036.615,87  | 20.886.462,47  |
| Umsatzerlöse                       | 524.222.713,14 | 443.779.702,68 |

# **ANLAGE 2 GEWINNRÜCKLAGEN**

| in €                     | Stand 1.1.2023 | Zuweisung | Auflösung/Verbrauch | Stand 31.12.2023 |
|--------------------------|----------------|-----------|---------------------|------------------|
| Andere (freie) Rücklagen | 138.071.955,77 | 0,00      | 0,00                | 138.071.955,77   |

{105}------------------------------------------------

# **ANLAGE 3 ANLAGENSPIEGEL**

| Anschaffungs - bzw. Herstellungskosten                                                                       |                       |              |                                  |               |               |                                     | kumulierte Abschreibungen |                       |              |                                  |                        |             |              | Buchwert<br>31.12.2023 | Buchwert<br>31.12.2022 |                |
|--------------------------------------------------------------------------------------------------------------|-----------------------|--------------|----------------------------------|---------------|---------------|-------------------------------------|---------------------------|-----------------------|--------------|----------------------------------|------------------------|-------------|--------------|------------------------|------------------------|----------------|
| in €                                                                                                         | Vortrag<br>01.01.2023 | Zugänge      | Zugang aus<br>Verschmel-<br>zung | Umbuchungen   | Abgänge       | Invesi-<br>tions-<br>Zuschüs-<br>se | Stand<br>31.12.2023       | Vortrag<br>01.01.2023 | Zugänge      | Zugang aus<br>Verschmel-<br>zung | Zu-<br>schrei-<br>bung | Umbuchungen | Abgänge      | Stand<br>31.12.2023    |                        |                |
| ANLAGEVERMÖGEN                                                                                               |                       |              |                                  |               |               |                                     |                           |                       |              |                                  |                        |             |              |                        |                        |                |
| I.                                                                                                           |                       |              |                                  |               |               |                                     |                           |                       |              |                                  |                        |             |              |                        |                        |                |
| Immaterielle Vermögensge-<br>genstände                                                                       |                       |              |                                  |               |               |                                     |                           |                       |              |                                  |                        |             |              |                        |                        |                |
| 1. Konzessionen, Rechte                                                                                      | 9.937.742,74          | 1.795.234,46 | 10.250,00                        | 2.158.591,94  | 44.690,00     | 0,00                                | 13.857.129,14             | 7.508.254,74          | 1.525.555,40 | 10.187,00                        | 0,00                   | 0,00        | 44.689,00    | 8.999.308,14           | 4.857.821,00           | 2.429.488,00   |
| 2. Geleistete Anzahlungen                                                                                    | 8.347.399,93          | 1.706.362,24 | 0,00                             | -2.158.591,94 | 0,00          | 0,00                                | 7.895.170,23              | 0,00                  | 0,00         | 0,00                             | 0,00                   | 0,00        | 0,00         | 0,00                   | 7.895.170,23           | 8.347.399,93   |
|                                                                                                              | 18.285.142,67         | 3.501.596,70 | 10.250,00                        | 0,00          | 44.690,00     | 0,00                                | 21.752.299,37             | 7.508.254,74          | 1.525.555,40 | 10.187,00                        | 0,00                   | 0,00        | 44.689,00    | 8.999.308,14           | 12.752.991,23          | 10.776.887,93  |
| II. Sachanlagen                                                                                              |                       |              |                                  |               |               |                                     |                           |                       |              |                                  |                        |             |              |                        |                        |                |
| 1. Grundstücke, grundstücks-<br>gleiche Rechte und Bauten,<br>einschließlich der Bauten<br>auf fremdem Grund |                       |              |                                  |               |               |                                     |                           |                       |              |                                  |                        |             |              |                        |                        |                |
| a) Bebaute Grundstücke                                                                                       |                       |              |                                  |               |               |                                     |                           |                       |              |                                  |                        |             |              |                        |                        |                |
| aa) mit Geschäfts- oder<br>Fabriksgebäuden oder<br>anderen Baulichkeiten                                     |                       |              |                                  |               |               |                                     |                           |                       |              |                                  |                        |             |              |                        |                        |                |
| Grundwert                                                                                                    | 11.317.133,33         | 0,00         | 0,00                             | 0,00          | 0,00          | 0,00                                | 11.317.133,33             | 0,00                  | 0,00         | 0,00                             | 0,00                   | 0,00        | 0,00         | 0,00                   | 11.317.133,33          | 11.317.133,33  |
| Gebäudewert                                                                                                  | 63.215.606,78         | 562.196,69   | 0,00                             | 0,00          | 0,00          | 0,00                                | 63.777.803,47             | 28.847.900,78         | 1.911.119,69 | 0,00                             | 0,00                   | 0,00        | 0,00         | 30.759.020,47          | 33.018.783,00          | 34.367.706,00  |
| Außenanlagen                                                                                                 | 8.423.008,11          | 167.908,62   | 0,00                             | 0,00          | 0,00          | 0,00                                | 8.590.916,73              | 5.813.419,11          | 393.758,62   | 0,00                             | 0,00                   | 0,00        | 0,00         | 6.207.177,73           | 2.383.739,00           | 2.609.589,00   |
| b) Unbebaute Grundstücke                                                                                     | 7.449.031,59          | 0,00         | 0,00                             | 0,00          | 0,00          | 0,00                                | 7.449.031,59              | 0,00                  | 0,00         | 0,00                             | 0,00                   | 0,00        | 0,00         | 0,00                   | 7.449.031,59           | 7.449.031,59   |
|                                                                                                              | 90.404.779,81         | 730.105,31   | 0,00                             | 0,00          | 0,00          | 0,00                                | 91.134.885,12             | 34.661.319,89         | 2.304.878,31 | 0,00                             | 0,00                   | 0,00        | 0,00         | 36.966.198,20          | 54.168.686,92          | 55.743.459,92  |
| 2. Investitionen in fremden<br>Gebäuden                                                                      | 236.302,06            | 0,00         | 0,00                             | 0,00          | 0,00          | 0,00                                | 236.302,06                | 109.741,06            | 23.577,00    | 0,00                             | 0,00                   | 0,00        | 0,00         | 133.318,06             | 102.984,00             | 126.561,00     |
| 3. Technische Anlagen und<br>Maschinen                                                                       | 30.844.217,18         | 66.752,36    | 130.379,25                       | 275.950,73    | 1.752.158,87  | 0,00                                | 29.565.140,65             | 21.097.960,18         | 1.800.468,09 | 40.743,25                        | 0,00                   | 0,00        | 654.012,87   | 22.285.158,65          | 7.279.982,00           | 9.746.257,00   |
| 4. Andere Anlagen, Betriebs-<br>und Geschäftsausstattung                                                     | 54.430.371,09         | 1.928.700,34 | 3.540.555,84                     | 65.226,47     | 497.098,01    | 0,00                                | 59.467.755,73             | 43.635.870,09         | 4.082.274,76 | 2.414.887,89                     | 0,00                   | 0,00        | 497.087,01   | 49.635.945,73          | 9.831.810,00           | 10.794.501,00  |
| 5. Geleistete Anzahlungen und<br>Anlagen in Bau                                                              | 488.685,25            | 495.801,47   | 47.108,05                        | -341.177,20   | 49.790,66     | 0,00                                | 640.626,91                | 0,00                  | 0,00         | 0,00                             | 0,00                   | 0,00        | 0,00         | 0,00                   | 640.626,91             | 488.685,25     |
|                                                                                                              | 176.404.355,39        | 3.221.359,48 | 3.718.043,14                     | 0,00          | 2.299.047,54  | 0,00                                | 181.044.710,47            | 99.504.891,22         | 8.211.198,16 | 2.455.631,14                     | 0,00                   | 0,00        | 1.151.099,88 | 109.020.620,64         | 72.024.089,83          | 76.899.464,17  |
| III. Finanzanlagen                                                                                           |                       |              |                                  |               |               |                                     |                           |                       |              |                                  |                        |             |              |                        |                        |                |
| 1. Anteile an verbundenen<br>Unternehmen                                                                     | 87.619.016,50         | 0,00         | 0,00                             | 0,00          | 12.835.000,00 | 0,00                                | 74.784.016,50             | 8.485.232,95          | 3.250.000,00 | 0,00                             | 0,00                   | 0,00        | 2.800.000,00 | 8.935.232,95           | 65.848.783,55          | 79.133.783,55  |
| 2. Ausleihungen an<br>verbundene Unternehmen                                                                 | 62.712.878,62         | 0,00         | 0,00                             | 0,00          | 0,00          | 0,00                                | 62.712.878,62             | 0,00                  | 0,00         | 0,00                             | 0,00                   | 0,00        | 0,00         | 0,00                   | 62.712.878,62          | 62.712.878,62  |
| 3. Beteiligungen                                                                                             | 3.001.640,79          | 0,00         | 0,00                             | 0,00          | 0,00          | 0,00                                | 3.001.640,79              | 1.500.137,79          | 0,00         | 0,00                             | 0,00                   | 0,00        | 0,00         | 1.500.137,79           | 1.501.503,00           | 1.501.503,00   |
| 4. Wertpapiere (Wertrechte)<br>des Anlagevermögens                                                           | 327.617,79            | 0,00         | 0,00                             | 0,00          | 326.811,12    | 0,00                                | 806,67                    | 22.370,70             | 0,00         | 0,00                             | 0,00                   | 0,00        | 22.370,70    | 0,00                   | 806,67                 | 305.247,09     |
|                                                                                                              | 153.661.153,70        | 0,00         | 0,00                             | 0,00          | 13.161.811,12 | 0,00                                | 140.499.342,58            | 10.007.741,44         | 0,00         | 0,00                             | 0,00                   | 0,00        | 2.822.370,70 | 10.435.370,74          | 130.063.971,84         | 143.653.412,26 |
|                                                                                                              | 348.350.651,76        | 6.722.956,18 | 0,00                             | 0,00          | 15.505.548,66 | 0,00                                | 343.296.352,42            | 117.020.887,40        | 9.736.753,56 | 2.465.818,14                     | 0,00                   | 0,00        | 4.018.159,58 | 128.455.299,52         | 214.841.052,90         | 231.329.764,36 |

{106}------------------------------------------------

# **ANLAGE 4 INVESTITIONSZUSCHÜSSE**

|                                                                                                   | Anschaffungs - bzw. Herstellungskosten |         |            |           |           |                     |
|---------------------------------------------------------------------------------------------------|----------------------------------------|---------|------------|-----------|-----------|---------------------|
| in €                                                                                              | Stand<br>01.01.2023                    | Zugänge | Abgang     | Auflösung | Umbuchung | Stand<br>31.12.2023 |
| ANLAGEVERMÖGEN                                                                                    |                                        |         |            |           |           |                     |
| I. Immaterielle Vermögensgegenstände                                                              |                                        |         |            |           |           |                     |
| 1. Konzessionen, Rechte                                                                           | 212.735,00                             | 0,00    | 198.285,00 | 0,00      | 0,00      | 14.450,00           |
| 2. Geleistete Anzahlungen                                                                         | 20.580,00                              | 0,00    | 20.580,00  | 0,00      | 0,00      | 0,00                |
|                                                                                                   | 233.315,00                             | 0,00    | 218.865,00 | 0,00      | 0,00      | 14.450,00           |
| II. Sachanlagen                                                                                   |                                        |         |            |           |           |                     |
| 1. Grundstücke, grundstücksgleiche Rechte und Bauten, einschließlich der Bauten auf fremdem Grund |                                        |         |            |           |           |                     |
| a) Bebaute Grundstücke mit Geschäfts- oder Fabriksgebäuden oder anderen Baulichkeiten             |                                        |         |            |           |           |                     |
| Gebäudewert                                                                                       | 300.325,00                             | 0,00    | 11.853,00  | 0,00      | 0,00      | 288.472,00          |
| Außenanlagen                                                                                      | 46.816,00                              | 0,00    | 37.557,00  | 0,00      | 0,00      | 9.259,00            |
|                                                                                                   | 347.141,00                             | 0,00    | 49.410,00  | 0,00      | 0,00      | 297.731,00          |
| 2. Investitionen in fremden Gebäuden                                                              | 0,00                                   | 0,00    | 0,00       | 0,00      | 0,00      | 0,00                |
| 3. Technische Anlagen und Maschinen                                                               | 86.760,00                              | 0,00    | 13.388,00  | 0,00      | 0,00      | 73.372,00           |
| 4. Andere Anlagen, Betriebs- und Geschäftsausstattung                                             | 78.813,00                              | 0,00    | 32.675,00  | 0,00      | 0,00      | 46.138,00           |
| 5. Geleistete Anzahlungen und Anlagen in Bau                                                      | 0,00                                   | 0,00    | 0,00       | 0,00      | 0,00      | 0,00                |
|                                                                                                   | 512.714,00                             | 0,00    | 95.473,00  | 0,00      | 0,00      | 417.241,00          |
|                                                                                                   | 746.029,00                             | 0,00    | 314.338,00 | 0,00      | 0,00      | 431.691,00          |

{107}------------------------------------------------

# **ANLAGE 5 BETEILIGUNGSUNTERNEHMEN (MINDESTENS 20% ANTEILSBESITZ)**

| (in 1.000)                                                           | Währungs-<br>einheit | Beteil.<br>Anteil 1) %<br>Stand 2022 | Eigenkapital<br>31.12.2022 | Ergebnis 2)<br>2022 | Beteil.<br>Anteil 1) %<br>Stand 2023 | Eigenkapital<br>31.12.2023 | Ergebnis 2)<br>2023 | Konsolidie<br>rungsart |
|----------------------------------------------------------------------|----------------------|--------------------------------------|----------------------------|---------------------|--------------------------------------|----------------------------|---------------------|------------------------|
| Rosenbauer Österreich GmbH,<br>Österreich, Leonding                  | EUR                  | 100                                  | 11.541                     | 3.046               | 100                                  | 8.032                      | 896                 | k                      |
| Rosenbauer Brandschutz GmbH,<br>Österreich, Leonding                 | EUR                  | 100                                  | 3.749                      | -255                | 100                                  | 5.080                      | 1.332               | k                      |
| Rosenbauer E-Technology Development GmbH,<br>Österreich, Leonding 3) | EUR                  | 100                                  | 11.671                     | -1.210              | 100                                  |                            |                     | k                      |
| Rosenbauer E-Commerce GmbH, Leonding                                 | EUR                  | 100                                  | -102                       | -127                | 100                                  | -120                       | -19                 | k                      |
| Rosenbauer APAC Holding GmbH, Leonding                               | EUR                  | 100                                  | 26                         | -7                  | 100                                  | -18                        | -44                 | k                      |
| Rosenbauer Fire Fighting Technology,<br>VR China, Kunming            | EUR                  | 100                                  | 402                        | -19                 | 100                                  | 788                        | 6                   | k                      |
| Rosenbauer Deutschland GmbH,<br>Deutschland, Luckenwalde             | EUR                  | 100                                  | 25.574                     | 2.878               | 100                                  | 27.852                     | 5.169               | k                      |
| Rosenbauer Karlsruhe GmbH/<br>vormals Rosenbauer Management GmbH     | EUR                  | 100                                  | 21.066                     | -1.215              | 100                                  | 19.868                     | -845                | k                      |
| Rosenbauer France SARL,<br>Frankreich, Meyzieu                       | EUR                  | 100                                  | 1.338                      | 283                 | 100                                  | 1.549                      | 211                 | k                      |
| Rosenbauer Finanzierung GmbH,<br>Deutschland, Passau                 | EUR                  | 100                                  | 8                          | -3                  | 100                                  | 5                          | -3                  | k                      |
| Rosenbauer Brandschutz Deutschland GmbH,<br>Deutschland, Mogendorf   | EUR                  | 100                                  | 6.958                      | 3.385               | 100                                  | 7.113                      | 1.655               | k                      |
| Rosenbauer d.o.o.,<br>Slowenien, Radgona                             | EUR                  | 90                                   | 12.701                     | 1.333               | 100                                  | 12.229                     | 2.074               | k                      |
| Rosenbauer Schweiz AG,<br>Schweiz, Oberglatt                         | EUR                  | 100                                  | 9.217                      | 846                 | 100                                  | 9.040                      | 1.938               | k                      |
| Rosenbauer Espanola S.A.,<br>Spanien, Madrid                         | EUR                  | 62                                   | 3.785                      | 180                 | 80                                   | 3.825                      | 130                 | k                      |
| Rosenbauer Ciansa S.L.,<br>Linares, Spanien                          | EUR                  | 50                                   | 4.149                      | -137                | 50                                   | 4.969                      | 710                 | A                      |
| Rosenbauer Minnesota, LLC.,<br>USA, Minnesota                        | EUR                  | 50                                   | -1.476                     | -5.162              | 100                                  | -5.308                     | 1.345               | k                      |
| Rosenbauer South Dakota, LLC.,<br>USA, South Dakota                  | EUR                  | 50                                   | 43.834                     | 10.617              | 100                                  | 37.665                     | 10.183              | k                      |
| Rosenbauer Holdings Inc.,<br>USA, South Dakota                       | EUR                  | 100                                  | 26.828                     | -6.136              | 100                                  | 23.277                     | -2.822              | k                      |
| Rosenbauer America, LLC.,<br>USA, South Dakota                       | EUR                  | 50                                   | 57.591                     | -7.684              | 100                                  | 47.067                     | 2.685               | k                      |
| Rosenbauer Aerials, LLC., 4)<br>USA, Nebraska                        | EUR                  | 25                                   | 10.461                     | 3.364               | 50                                   | 11.217                     | 3.993               | KV                     |
| Rosenbauer Motors, LLC.,<br>USA, Minnesota                           | EUR                  | 50                                   | -1.536                     | -2.318              | 100                                  | -3.138                     | -1.475              | KV                     |
| S.K. Rosenbauer Pte. Ltd.,<br>Singapur                               | EUR                  | 100                                  | 17.218                     | 2.589               | 100                                  | 16.570                     | 1.067               | KV                     |
| Eskay Rosenbauer Sdn Bhd,<br>Brunei                                  | EUR                  | 80                                   | -288                       | -39                 | 80                                   | -339                       | -57                 | KV                     |
| Rosenbauer Australia Pty. Ltd.,<br>Brisbane, Australien              | EUR                  | 100                                  | 1.804                      | 377                 | 100                                  | 2.257                      | 516                 | KV                     |
| Rosenbauer South Africa (Pty.) Ltd.,<br>Südafrika, Halfway House     | EUR                  | 75                                   | 551                        | 248                 | 75                                   | 370                        | -21                 | KV                     |
| Rosenbauer Saudi Arabia,<br>Saudi Arabien, Riad                      | EUR                  | 75                                   | 4.919                      | 295                 | 75                                   | 5.615                      | 842                 | KV                     |
| Rosenbauer UK plc,<br>United Kingdom, Holmfirth                      | EUR                  | 100                                  | 2.625                      | -2                  | 100                                  | 2.849                      | 170                 | KV                     |
| Rosenbauer Rovereto Srl,<br>Italien, Rovereto                        | EUR                  | 100                                  | 2.771                      | 121                 | 100                                  | 1.677                      | -1.094              | KV                     |
| Rosenbauer Italia S.r.l.,<br>Italien, Andrian                        | EUR                  | 100                                  | 399                        | -48                 | 100                                  | 488                        | 90                  | KV                     |
| Rosenbauer Polska Sp.z. o.o.,<br>Polen, Warschau                     | EUR                  | 100                                  | 477                        | 362                 | 100                                  | 1.185                      | 671                 | KV                     |
| Rosenbauer Mena Trading - FZE,<br>Vereinige Arabische Emirate, Dubai | EUR                  | 100                                  | 4.721                      | 1.730               | 100                                  | 7.511                      | 2.952               | KV                     |

{108}------------------------------------------------

1 Mittelbarer Beteiligungsanteil

2 Jahresgewinn nach Rücklagenbewegung

3 Verschmelzung mit Rosenbauer International AG in 2023

4 Dirimierungsrecht für die Rosenbauer International AG

KV Vollkonsolidierte Gesellschaften

AE At equity-bewertete Gesellschaften

Die in der obigen Tabelle angeführten Werte wurden nach internationalen Rechnungslegungsvorschriften ermittelt.

{109}------------------------------------------------

# **ANLAGE 6 ROSENBAUER E-TECHNOLOGY DEVELOPMENT GMBH**

|                                                                                       |     |                     | Stand<br>31.12.2022 | Stand<br>31.12.2021 |
|---------------------------------------------------------------------------------------|-----|---------------------|---------------------|---------------------|
| A K T I V A                                                                           | EUR | EUR                 | EUR                 | TEUR                |
|                                                                                       |     |                     |                     |                     |
| A. ANLAGEVERMÖGEN                                                                     |     |                     |                     |                     |
| I. Immaterielle Vermögensgegenstände                                                  |     |                     |                     |                     |
| 1. Konzessionen, Rechte                                                               |     | 0,00                |                     |                     |
|                                                                                       |     |                     | 0,00                |                     |
| II. Sachanlagen                                                                       |     |                     |                     |                     |
| 1. Grundstücke, grundstücksgleiche Rechte und Bauten,                                 |     |                     |                     |                     |
| einschließlich der Bauten auf fremdem Grund                                           |     |                     |                     |                     |
| davon Grundwert EUR 0,00 (2021 TEUR 0)                                                |     | 0,00                |                     |                     |
| 2. Investitionen in fremden Gebäuden                                                  |     | 0,00                |                     |                     |
| 3. Technische Anlagen und Maschinen                                                   |     | 0,00                |                     |                     |
| 4. Andere Anlagen, Betriebs- und Geschäftsausstattung                                 |     | 1.262.475,00        |                     | 1.379               |
| 5. Geleistete Anzahlungen und Anlagen in Bau                                          |     | 0,00                |                     | 0                   |
|                                                                                       |     |                     | 1.262.475,00        | 1.379               |
|                                                                                       |     |                     | 1.262.475,00        | 1.379               |
| B. UMLAUFVERMÖGEN                                                                     |     |                     |                     |                     |
| I. Vorräte                                                                            |     |                     |                     |                     |
| 1. Roh-, Hilfs- und Betriebsstoffe                                                    |     | 0,00                |                     | 2.010               |
| 2. Unfertige Erzeugnisse                                                              |     | 642.961,64          |                     | 0                   |
| 3. Fertige Erzeugnisse und Waren                                                      |     | 0,00                |                     | 0                   |
| 4. Geleistete Anzahlungen                                                             |     | 2.371,50            |                     | 2                   |
|                                                                                       |     |                     | 645.333,14          | 2.012               |
| I. Forderungen und sonstige Vermögensgegenstände                                      |     |                     |                     |                     |
| 1. Forderungen aus Lieferungen und Leistungen                                         |     | 0,00                |                     | 0                   |
| davon mit einer Restlaufzeit von mehr als einem Jahr EUR 0,00 (2021 TEUR 0)           |     |                     |                     |                     |
| 2. Forderungen gegenüber verbundenen Unternehmen                                      |     | 0,00                |                     | 298                 |
| davon mit einer Restlaufzeit von mehr als einem Jahr EUR 0,00 (2021 TEUR 0)           |     |                     |                     |                     |
| 3. Forderungen gegenüber Unternehmen, mit denen ein Beteiligungsverhältnis besteht    |     | 0,00                |                     | 0                   |
| davon mit einer Restlaufzeit von mehr als einem Jahr EUR 0,00 (2021 TEUR 0)           |     |                     |                     |                     |
| 1. Sonstige Forderungen und Vermögensgegenstände                                      |     | 551.076,93          |                     | 1.179               |
| davon mit einer Restlaufzeit von mehr als einem Jahr EUR 0,00 (2021 TEUR 0)           |     |                     |                     |                     |
|                                                                                       |     |                     | 551.076,93          | 1.477               |
| II. Guthaben bei Kreditinstituten                                                     |     | 15.717,66           |                     | 9                   |
|                                                                                       |     |                     | 1.212.127,73        | 3.498               |
| C. AKTIVE LATENTE STEUERN                                                             |     |                     | 5.359.615,00        | 4.351               |
|                                                                                       |     |                     | 7.834.217,73        | 9.228               |
|                                                                                       |     | Stand<br>31.12.2022 | Stand<br>31.12.2021 |                     |
| P A S S I V A                                                                         | EUR | EUR                 | TEUR                |                     |
|                                                                                       |     |                     |                     |                     |
| A. EIGENKAPITAL                                                                       |     |                     |                     |                     |
| I. Eingefordertes und eingezahltes Grundkapital                                       |     | 35.000,00           |                     |                     |
| Übernommenes Grundkapital EUR 35.000,00 (2021 TEUR 35)                                |     |                     |                     |                     |
| II. Gewinnrücklagen (freie Rücklagen)                                                 |     | 12.800.000,00       | 12.800              |                     |
| II. Bilanzverlust                                                                     |     |                     |                     |                     |
| davon Verlustvortrag EUR -11.885.853,93 (2021 TEUR -8.553)                            |     | -15.272.138,43      | -11.886             |                     |
|                                                                                       |     | -2.437.138,43       | 949                 |                     |
| B. RÜCKSTELLUNGEN                                                                     |     |                     |                     |                     |
| 1. Rückstellungen für Abfertigungen                                                   |     | 161.800,00          | 132                 |                     |
| 2. Rückstellungen für Pensionen                                                       |     | 0,00                | 0                   |                     |
| 2. Steuerrückstellung                                                                 |     | 0,00                | 0                   |                     |
| davon latente Steuerrückstellungen EUR 0,00 ( 2021 TEUR 0)                            |     |                     |                     |                     |
| 2. Sonstige Rückstellungen                                                            |     | 334.441,19          | 400                 |                     |
|                                                                                       |     | 496.241,19          | 532                 |                     |
| C. VERBINDLICHKEITEN                                                                  |     |                     |                     |                     |
| 1. Verbindlichkeiten gegenüber Kreditinstituten                                       |     | 1.666.533,34        | 2.666               |                     |
| davon mit einer Restlaufzeit von bis zu einem Jahr EUR 999.866,66 (2021 TEUR 1.000)   |     |                     |                     |                     |
| davon mit einer Restlaufzeit von mehr als einem Jahr EUR 666.666,68 (2021 TEUR 1.666) |     |                     |                     |                     |
| 2. Erhaltene Anzahlungen auf Bestellungen                                             |     | 0,00                | 0                   |                     |
| davon mit einer Restlaufzeit von bis zu einem Jahr EUR 0,00 (2021 TEUR 0)             |     |                     |                     |                     |
| davon mit einer Restlaufzeit von mehr als einem Jahr EUR 0,00 (2021 TEUR 0)           |     |                     |                     |                     |
| 3. Verbindlichkeiten aus Lieferungen und Leistungen                                   |     | 11.481,61           | 0                   |                     |
| davon mit einer Restlaufzeit von bis zu einem Jahr EUR 11481,61 (2021 TEUR 0)         |     |                     |                     |                     |
| davon mit einer Restlaufzeit von mehr als einem Jahr EUR 0,00 (2021 TEUR 0)           |     |                     |                     |                     |
| 4. Verbindlichkeiten gegenüber verbundenen Unternehmen                                |     | 8.014.589,65        | 5.018               |                     |
| davon mit einer Restlaufzeit von bis zu einem Jahr EUR 8.014.589,65 (2021 TEUR 5.018) |     |                     |                     |                     |
| davon mit einer Restlaufzeit von mehr als einem Jahr EUR 0,00 (2021 TEUR 0)           |     |                     |                     |                     |
| 5. Sonstige Verbindlichkeiten                                                         |     |                     |                     |                     |
| davon mit einer Restlaufzeit von bis zu einem Jahr EUR 82.510,37 (2021 TEUR 63)       |     | 82.510,37           | 63                  |                     |
| davon mit einer Restlaufzeit von mehr als einem Jahr EUR 0,00 (2021 TEUR 0)           |     |                     |                     |                     |
| davon aus Steuern EUR 0,00 (2021 TEUR 0)                                              |     |                     |                     |                     |
| davon mit einer Restlaufzeit von bis zu einem Jahr EUR 0,00 (2021 TEUR 0)             |     |                     |                     |                     |
| davon mit einer Restlaufzeit von mehr als einem Jahr EUR 0,00 (2021 TEUR 0)           |     |                     |                     |                     |
| davon im Rahmen der sozialen Sicherheit EUR 0,00 (2021 TEUR 0)                        |     |                     |                     |                     |
| davon mit einer Restlaufzeit von bis zu einem Jahr EUR 0,00 (2021 TEUR 0)             |     |                     |                     |                     |
| davon mit einer Restlaufzeit von mehr als einem Jahr EUR 0,00 (2021 TEUR 0)           |     |                     |                     |                     |
|                                                                                       |     | 9.775.114,97        | 7.747               |                     |
|                                                                                       |     | 7.834.217,73        | 9.228               |                     |
|                                                                                       |     |                     |                     |                     |

{110}------------------------------------------------

{111}------------------------------------------------

# **ERLÄUTERNDE ANGABEN**

# **1. Anwendungen der unternehmensrechtlichen Vorschriften**

Die Rosenbauer International AG mit Sitz in Leonding/Linz, Paschinger Straße 90, ist ein konzernabschlusserstellendes Mutterunternehmen, das an der Wiener Börse im Prime Market gelistet ist. Das Unternehmen entwickelt und produziert Fahrzeuge, Löschtechnik, Ausrüstung und Telematiklösungen für Berufs-, Betriebs-, Werk- und freiwillige Feuerwehren sowie Anlagen für den vorbeugenden Brandschutz.

Die Bilanzierung, die Bewertung und der Ausweis der einzelnen Positionen des Jahresabschlusses wurde nach den allgemeinen Bestimmungen der §§ 189 bis 211 UGB in der geltenden Fassung unter Berücksichtigung der Sondervorschriften für Kapitalgesellschaften der §§ 222 bis 243 UGB vorgenommen.

# **2. Bilanzierungs- und Bewertungsgrundsätze**

Der Jahresabschluss wurde unter Beachtung der Grundsätze ordnungsmäßiger Buchführung sowie der Generalnorm des § 222 Abs. 2, ein möglichst getreues Bild der Vermögens-, Finanz- und Ertragslage des Unternehmens zu vermitteln, aufgestellt. Durch die erfolgte Verschmelzung im Geschäftsjahr 2023 ist die direkte Vergleichbarkeit mit dem Vorjahr nur bedingt gegeben.

Bei Vermögensgegenständen und Schulden wurde grundsätzlich der Grundsatz der Einzelbewertung angewandt. Sofern einzelne Vermögensgegenstände und Schulden Bestandteil einer Bewertungseinheit sind, wurden diese abweichend vom Grundsatz der Einzelbewertung zusammen mit dem zugehörigen Sicherungsinstrument bewertet.

Bei der Erstellung des Jahresabschlusses wurden Annahmen getroffen und Schätzungen vorgenommen, welche die Höhe und den Ausweis der Vermögenswerte und Schulden sowie der Erträge und Aufwendungen des Berichtszeitraums beeinflussen. Schätzungen beruhen auf einer umsichtigen Beurteilung. Soweit statistisch ermittelbare Erfahrungen aus gleich gelagerten Sachverhalten vorhanden sind, hat das Unternehmen diese bei Schätzungen berücksichtigt. Die bisher angewandten Bilanzierungs- und Bewertungsmethoden wurden beibehalten. Dem Vorsichtsgrundsatz wurde Rechnung getragen, indem insbesondere nur die am Abschlussstichtag verwirklichten Gewinne ausgewiesen werden. Alle erkennbaren Risken und drohenden Verluste, die im Geschäftsjahr 2023 oder in einem früheren Geschäftsjahr entstanden sind, wurden berücksichtigt.

Immaterielle Vermögensgegenstände werden zu Anschaffungskosten aktiviert und in längstens 4 Jahren abgeschrieben.

Sachanlagen werden zu Anschaffungs- oder Herstellungskosten abzüglich planmäßiger Abschreibungen bewertet. Die Nutzungsdauer beträgt bei Gebäuden, Gebäudeteilen, Umbauten und Zubauten zwischen 15 und 50 Jahren, bei Technische Anlagen und Maschinen zwischen 8 und 15 Jahren und bei andere Anlagen, Betriebs-

und Geschäftsausstattung von 5 bis 10 Jahren. Geringwertige Vermögensgegenstände werden im Jahr der Anschaffung voll abgeschrieben. Es wurden keine Fremdkapitalzinsen bei den Herstellungskosten aktiviert.

Außerplanmäßige Abschreibungen werden vorgenommen, soweit der Ansatz mit einem niedrigeren Wert erforderlich ist.

Anteile an verbundenen Unternehmen und Beteiligungen werden zum Bilanzstichtag mit den Anschaffungskosten, im Falle einer voraussichtlich dauernder Wertminderung mit dem niedrigeren beizulegenden Wert angesetzt. Zur Beurteilung der Werthaltigkeit von Beteiligungen wird bei Vorliegen von Anhaltspunkten (Triggering Event) für eine Wertminderung grundsätzlich das Discounted Cash-Flow-Verfahren gemäß dem Fachgutachten zur Unternehmensbewertung KFS/BW 1 der Kammer der Wirtschaftstreuhänder herangezogen. Der beizulegende Wert beziehungsweise der Nutzungswert wird aus in diesem Fall aus den mit den gewichteten Kapitalkosten diskontierten geschätzten künftigen Cashflows aufgrund der Daten einer mittelfristigen Unternehmensplanung abgeleitet. Nach einem Detailplanungszeitraum von 3 Jahren werden anfallende Cashflows unter Verwendung einer nachhaltigen Wachstumsrate extrapoliert. Als Abzinsungssatz (WACC) wird ein individuell nach dem Capital Asset Pricing Model ermittelter Mischsatz aus der Fremdkapitalverzinsung und der Verzinsung des eingesetzten Eigenkapitals herangezogen. Dieser Abzinsungssatz spiegelt die gegenwärtigen Markteinschätzungen und die speziellen Risiken der betroffenen Beteiligungen wider. Forderungen mit einer Laufzeit von mindestens fünf Jahren werden unter den Finanzanlagen als Ausleihungen ausgewiesen. Diese werden mit dem Nominalwert, bei Unverzinslichkeit mit dem Barwert bzw. bei voraussichtlich dauernder Wertminderung mit dem niedrigeren beizulegenden Wert zum Bilanzstichtag angesetzt.

Forderungen mit einer Laufzeit von mindestens fünf Jahren werden unter den Finanzanlagen als Ausleihungen ausgewiesen. Diese werden mit dem Nominalwert, bei Unverzinslichkeit mit dem Barwert bzw. bei voraussichtlich dauernder Wertminderung mit dem niedrigeren beizulegenden Wert zum Bilanzstichtag angesetzt.

Wertpapiere (Wertrechte) des Anlagevermögens werden mit den Anschaffungskosten oder dem niedrigeren Kurswert zum Bilanzstichtag bewertet.

Die Bewertung der Vorräte erfolgt zu Anschaffungs- bzw. Herstellungskosten unter Beachtung des Niederstwertprinzips.

Roh-, Hilfs- und Betriebsstoffe und Waren sind zu Anschaffungskosten, die aufgrund des gleitenden Durchschnittspreisverfahrens (§ 209 Abs. 2 UGB) ermittelt werden, angesetzt.

Die fertigen und unfertigen Erzeugnisse werden zu Herstellungskosten angesetzt. Die Herstellungskosten umfassen die Material- und Fertigungseinzelkosten sowie angemessene Teile der Materialgemeinkosten und der Fertigungsgemeinkosten. Aufwendungen der allgemeinen Verwaltung werden nicht aktiviert.

{112}------------------------------------------------

Sind die Herstellungskosten höher als die zu Vertragspreisen errechnete Leistung, so wird zu Vertragspreisen abzüglich der bis zum Verkauf noch anfallenden Kosten bewertet. Erkennbaren Risken im weiteren Ablauf bis zur Fertigstellung wird durch gesonderte Rückstellungen Rechnung getragen.

Unter Beachtung des Niederstwertprinzips wurden entsprechende Abwertungen wegen übermäßiger Lagerdauer und zur verlustfreien Bewertung durchgeführt.

Erhaltene Anzahlungen auf Bestellungen werden offen vom Posten "Vorräte" abgesetzt, soweit diesen bereits Anschaffungs- bzw. Herstellkosten gegenüberstehen. Es wurden keine Fremdkapitalzinsen bei den Herstellungskosten aktiviert.

Forderungen und sonstige Vermögensgegenstände sind mit dem Nennbetrag angesetzt. Fremdwährungsforderungen werden grundsätzlich mit dem Devisenmittelkurs zum Bilanzstichtag bewertet. Abweichend dazu werden Fremdwährungsforderungen, die Bestandteil einer Bewertungseinheit sind, gemeinsam mit dem Sicherungsinstrument am Bilanzstichtag zum vereinbarten Terminkurs bewertet. Für erkennbare Risken werden Einzelwertberichtigungen gebildet.

Bei der Bemessung der Rückstellungen ist entsprechend den gesetzlichen Erfordernissen allen erkennbaren Risken und ungewissen Verbindlichkeiten ausreichend Rechnung getragen worden.

Die Abfertigungsrückstellungen werden gemäß den Bestimmungen des § 211 Abs. 2 UGB gebildet. Die Rückstellung wird seit 2016 nach versicherungsmathematischen Grundsätzen berechnet. Dabei wird nach dem Ansammlungsverfahren die Verteilung des Dienstzeitaufwandes über die gesamte Laufzeit vom Eintritt in das Unternehmen bis zum Erreichen des gesetzlichen Pensionsalters berechnet. Die Bildung der Abfertigungsrückstellung beginnt mit Antritt eines Arbeitsverhältnisses, das einen Abfertigungsanspruch begründet. Der Zinssatz beträgt 1,45 % (2022: 1,24 %) und entspricht einem marktüblichen 7-Jahresdurchschnitt bei einer Restlaufzeit von 9 Jahren (2022: 11 Jahre). Das Pensionsantrittsalter beträgt 65 Jahre bei Frauen und Männern (2022: 65 Jahre bei Frauen und Männern). Der Fluktuationsabschlag beträgt 0%.

Die Jubiläumsgeldrückstellung wird nach IFRS (IAS 19) gebildet. Als Zinssatz wurde 3,5 % (2022: 4,2%) verwendet und von einem Pensionsalter von 65 Jahren (2022: 65 Jahren) bei Frauen und 65 Jahren (2022: 65 Jahren) bei Männern ausgegangen. Der Fluktuationsabschlag betrug abhängig von der Dienstzeit zwischen 0% und 2,32%.

Für einige Mitarbeiter wird in ein Pensionssystem eingezahlt, welches einen beitragsorientierten Versorgungsplan darstellt.

Ab dem Geschäftsjahr 2016 wurden Wertrechte mit Pensionsverpflichtungen saldiert ausgewiesen. Im Jahr 2023 ergibt sich somit ein Passivüberhang in Höhe von EUR 108.622,24 (2022: TEUR 639).

Verbindlichkeiten sind mit ihrem Erfüllungsbetrag angesetzt. Fremdwährungsverbindlichkeiten werden mit dem Devisenmittelkurs zum Bilanzstichtag bewertet.

Vereinnahmte Finanzierungskosten, die sich auf künftige Leistungen beziehen, werden in den passiven Rechnungsabgrenzungen ausgewiesen (2023: EUR 1.682.509,93; 2022: TEUR 1.585).

Latente Steuern werden gemäß § 198 Abs 9 und 10 UGB nach dem bilanzorientierten Konzept und ohne Abzinsung auf Basis des zukünftigen Körperschaftsteuersatz von 23 % gebildet. Dabei werden auch latente Steuern auf steuerliche Verlustvorträge in dem Ausmaß berücksichtigt, soweit überzeugende substantielle Hinweise vorliegen, dass ein ausreichendes zu versteuerndes Ergebnis in Zukunft zur Verfügung stehen wird.

Im September 2023 wurde zur Stärkung des Eigenkapitals und des weiteren Wachstums in den USA versucht, eine Hybridanleihe am Kapitalmarkt zu platzieren. Die Emission dieser Hybridanleihe wurde im November 2023 aufgrund mangelnder Investorennachfrage nicht durchgeführt.

Anschließend trat die Rosenbauer Gruppe aufgrund von drohenden Verletzungen der Financial Covenants bestehender Finanzierungsvereinbarungen mit allen wesentlichen Finanzierungspartnern in Gespräche ein. Es wurde - zur kurzfristigen Stabilisierung der Finanzlage der Rosenbauer Gruppe - mit Unterstützung des Mehrheitsaktionärs ein befristetes "Standstill Agreement" abgeschlossen.

Das Standstill Agreement ermöglichte Verhandlungen zur umfassenden Refinanzierung der Rosenbauer Gruppe im Wege einer Multilaterale Refinanzierungsvereinbarung (MRFV) mit den wesentlichen Finanzierungspartnern, in deren Umsetzung unter anderem eine Kapitalerhöhung, gegebenenfalls aus genehmigtem Kapital, bei der Rosenbauer International AG durchgeführt werden soll. Die Mehrheitsaktionärin der Rosenbauer International AG unterstützt die Refinanzierungsbemühungen und hat sich unter anderem zur Bereitstellung einer Sicherheit bereit erklärt. Zum Zeitpunkt der Jahresabschlusserstellung war die MRFV von allen beteiligten Parteien bereits unterzeichnet.

Die MRFV beinhaltet, dass alle wesentlichen Finanzierungsinstrumente (Schuldscheindarlehen, syndizierter Kredit, Finanzierungsvereinbarung für den Erwerb von Minderheitenanteilen in den USA und zudem weitere unkommittierte und kommittierte Kreditlinien) bis 3. November 2025 verlängert werden. Im Zuge der Verlängerung der Finanzierungen werden zusätzliche Gebühren und eine Erhöhung der Zinsmargen vereinbart. Die ursprünglichen Financial Covenants für das Geschäftsjahr 2023 wurden ausgesetzt. Die MRFV enthält neue Financial Covenants, die für das Geschäftsjahr 2024 die Erreichung einer Konzerneigenkapitalquote nach IFRS von mindestens 20 Prozent und ein Verhältnis von Nettoverschuldung zu EBITDA unter dem Faktor 5 vorsehen. Die Nichteinhaltung der vorstehend genannten Financial Covenants zum 31.12.2024, nach Vorlage und auf Basis des geprüften Konzernabschlusses, berechtigen die Kreditgeber zur Kündigung der Finanzierungsvereinbarung.

Darüber hinaus hat sich die Rosenbauer International AG in der MRFV zur Einhaltung von weiteren Verpflichtungen, zur Gläubigergleichbehandlung, sowie der Verpfändung ihrer Anteile an der Rosenbauer Deutschland GmbH, der Rosenbauer Karlsruhe GmbH sowie der Rosenbauer Holdings Inc. an die Kreditgeber verpflichtet. Die wesentlichen weiteren Bestimmungen sehen eine Kapitalerhöhung im Geschäftsjahr 2024 und zudem eine Aussetzung von Dividendenzahlungen vor. Ein Teil der Erlöse aus der Kapitalerhöhung ist im Geschäftsjahr 2024 als Sondertilgung an die Vertragspartner der Finanzierungsvereinbarung zu leisten. Darüber hinaus soll mit der Kapitalerhöhung das Eigenkapital der Rosenbauer International AG nachhaltig gestärkt und das weitere Wachstum der Gruppe unterstützt werden. Rosenbauer International AG hat unabhängig von den 

{113}------------------------------------------------

Verhandlungen mit den Kreditgebern bereits dem Kapitalmarkt mitgeteilt, dass eine Kapitalerhöhung im Jahr 2024 beabsichtigt ist und entsprechende Vorbereitungen eingeleitet.

Im Jahr 2025 soll eine weitere Rückführung der Finanzierungsvereinbarungen durch Überliquidität aus dem Geschäftsjahr 2024 ("Excess Cash Sweep") erfolgen.

Werden wesentliche Bestimmungen der MRFV seitens der Rosenbauer Gruppe nicht erfüllt, berechtigt dies die Kreditgeber zur Kündigung, sofern eine Mehrheit (2/3-Quorum) der Finanzierungspartner dem zustimmt. Darüber hinaus sind einzelne Kreditgeber bei besonders schwerwiegenden Verletzungen der Vertragsbestimmungen berechtigt, die MRFV mit Wirkung für sich zu kündigen.

Der Vorstand der Rosenbauer International AG schätzt somit die Wahrscheinlichkeit der erfolgreichen Platzierung der Kapitalerhöhung sowie die Unternehmensfortführung angesichts der mit der MRFV geschaffenen Rahmenbedingungen und der guten Geschäftsaussichten als sehr hoch ein.

# **3. Anlagevermögen**

Die Aufgliederung des Anlagevermögens und seine Entwicklung im Berichtsjahr sind im Anlagenspiegel angeführt (vergleiche Anlage 1 zum Anhang).

Wertrechte werden mit den Pensionsverpflichtungen saldiert ausgewiesen. Die Bewertung der saldierten Ansprüche aus einer Pensionsrückdeckungsversicherung stellt sich zum 31.12.2023 wie folgt dar:

|                                                                            |              | 2023 |              | 2022 |
|----------------------------------------------------------------------------|--------------|------|--------------|------|
| Buchwert Wertrecht                                                         | 3.849.418,61 | EUR  | 3.805.091,41 | EUR  |
| Marktwert Wertrecht                                                        | 3.849.418,61 | EUR  | 3.805.091,41 | EUR  |
| Buchwert Pensionsverpfl.                                                   | 3.958.040,85 | EUR  | 4.443.875,38 | EUR  |
| Marktwert Pensionsverpfl.                                                  | 3.958.040,85 | EUR  | 4.443.875,38 | EUR  |
| Saldierung                                                                 | -108.622,24  | EUR  | -638.783,97  | EUR  |
| Die Bewertung der Wertpapiere zum 31.12.2023<br>stellt sich wie folgt dar. |              |      |              |      |
| Buchwert                                                                   | 806,67       | EUR  | 305.247,09   | EUR  |
| Marktwert                                                                  | 806,67       | EUR  | 544.611,17   | EUR  |

Aus der Nutzung von in der Bilanz nicht ausgewiesenen Sachanlagen besteht aufgrund von langfristigen Miet-, Pacht- und Leasingverträgen für das folgende Geschäftsjahr eine Verpflichtung von EUR 1.615.225,05 (2022: TEUR 1.321). Der Gesamtbetrag der Verpflichtungen für die nächsten 5 Jahre beträgt EUR 8.076.125,25 (2022: TEUR 6.603).

Die Aufgliederung der Beteiligungen ist der Beteiligungsliste (Anlage 2 zum Anhang) zu entnehmen.

Mit Verschmelzungsvertrag vom 19. September 2023 wurde die Verschmelzung der Rosenbauer E-Technology Development GmbH (übertragende Gesellschaft) mit der Rosenbauer International AG (übernehmende Gesellschaft) rückwirkend zum 01. Jänner 2023 unter Anwendung des Artikel I UmgrStG beschlossen. Gemäß § 202 Abs. 2 UGB wurden die Buchwerte der übertragenden Gesellschaft fortgeführt. Der sich daraus ergebende Verschmelzungsverlust beträgt EUR -12.441.522,88 und wurde in einem gesonderten Posten in der Gewinn- und Verlustrechnung vor dem Jahresfehlbetrag dargestellt. Als Verschmelzungsgegenstand wurde die Schlussbilanz der Rosenbauer E-Technology Development GmbH zum 31. Dezember 2022 herangezogen (siehe Anlage 6 zum Anhang).

{114}------------------------------------------------

# **4. Forderungen und sonstige Vermögensgegenstände**

Die Forderungen aus Lieferungen und Leistungen setzen sich wie folgt zusammen:

|                                            | 31.12.2023     | 31.12.2022     |
|--------------------------------------------|----------------|----------------|
|                                            | EUR            | EUR            |
| Forderungen aus Lieferungen und Leistungen | 74.297.366,86  | 58.152.886,27  |
| Einzelwertberichtigungen                   | -1.062.790,79  | -1.895.182,85  |
| Forderungsankauf                           | 30.079.983,00  | 25.966.844,39  |
| Forderungsverkauf                          | 0,00           | -31.290.014,55 |
|                                            | 103.314.559,07 | 50.934.533,26  |

Forderungen aus Lieferungen und Leistungen wurden im Jahr 2023 i.H. von EUR 14.039.987,13 (Vorjahr: TEUR 6.175) mittels Dokumentenakkreditiv und i.H. von EUR 7.645.997,04 (Vorjahr: TEUR 0,00) über die OEKB abgesichert.

Im Geschäftsjahr 2023 wurden keine Factoring-Vereinbarungen abgeschlossen. Zum Bilanzstichtag wurden keine Forderungen an Kreditinstitute verkauft (Vorjahr: TEUR 31.290). Die im Vorjahr verkauften Forderungen wurden aufgrund des Übergangs der Verfügungsmacht vollständig ausgebucht. Dabei wurden im Jahr 2022 EUR 25.966.844,39 von verbundenen Unternehmen angekauft.

Die Forderungen gegenüber den verbundenen Unternehmen setzen sich wie folgt zusammen:

|                                            | 31.12.2023     | 31.12.2022     |
|--------------------------------------------|----------------|----------------|
|                                            | EUR            | EUR            |
| Forderungen aus Lieferungen und Leistungen | 53.932.896,35  | 35.612.039,58  |
| Finanzierungsforderungen                   | 92.709.811,59  | 112.149.627,24 |
|                                            | 146.642.707,94 | 147.761.666,82 |

Die sonstigen Forderungen und Vermögensgegenstände gliedern sich wie folgt auf:

|                                                     | 31.12.2023   | 31.12.2022   |
|-----------------------------------------------------|--------------|--------------|
|                                                     | EUR          | EUR          |
| diverse ausländische Vorsteuern                     | 1.862.296,84 | 3.830.643,75 |
| Gebühren aus der Einfuhrabwicklung<br>Saudi-Arabien | 0,00         | 0,00         |
| sonstige Forderungen                                | 4.043.566,36 | 3.939.687,41 |
|                                                     | 5.905.863,20 | 7.770.331,16 |

In den sonstigen Forderungen sind Forderungen in Höhe von EUR 2.652.974,58 enthalten welche nach dem Abschlussstichtag zahlungswirksam werden.

Es erfolgte weder eine wechselseitige Verbriefung noch eine Pauschalwertberichtigung von Forderungen.

# **5. Rechnungsabgrenzungsposten**

Die Aktivseite umfasst vor dem Stichtag verzeichnete Buchungen, deren Aufwand erst nach diesem Abschlussstichtag zu verzeichnen ist. Die Passivseite enthält alle Einnahmen vor dem Stichtag, deren Ertrag erst nach dem Stichtag wirksam wird.

# **6. Grundkapital**

Rosenbauer ist mit Stückaktien im Prime Market der Wiener Börse gelistet. Das Grundkapital der Rosenbauer International AG beträgt 13,6 Mio €, eingeteilt in 6.800.000 nennbetragslose Stückaktien, die jeweils einen anteiligen Betrag am Grundkapital von 2,0 € verbriefen. 3.665.912 Aktien lauten auf Namen und 3.134.088 sind Inhaberaktien. Jede Rosenbauer Aktie berechtigt zu einer Stimme. Es gibt keine Inhaber von Aktien mit besonderen Kontrollrechten. Mitarbeiter, die Aktien besitzen, üben ihre Stimmrechte direkt aus.

# **7. Gewinnrücklagen**

Die Gewinnrücklagen haben sich wie folgt entwickelt:

| in €                     | Stand 1.1.2023 | Zuweisung | Auflösung/<br>Verbrauch | Stand<br>31.12.2023 |
|--------------------------|----------------|-----------|-------------------------|---------------------|
| Gewinnrücklagen          |                |           |                         |                     |
| Andere (freie) Rücklagen | 138.071.955,77 | 0,00      | 0,00                    | 138.071.955,77      |

{115}------------------------------------------------

# **8. Rückstellungen**

#### Die sonstigen Rückstellungen bestehen insbesondere für:

|                                                                        | 31.12.2023    | 31.12.2022    |
|------------------------------------------------------------------------|---------------|---------------|
|                                                                        | EUR           | EUR           |
| Personalaufwendungen, Jubiläumsgelder und nicht konsumierte<br>Urlaube | 19.817.093,52 | 17.647.374,18 |
| Gewährleistungen                                                       | 3.306.000,00  | 3.156.000,00  |
| Ausstehende Eingangsrechnungen                                         | 9.633.552,95  | 6.695.693,18  |
| Übrige Rückstellungen                                                  | 8.851.025,91  | 12.798.697,90 |
|                                                                        | 41.607.672,38 | 40.297.765,26 |

In den Personalaufwendungen sind im laufenden Geschäftsjahr Rückstellungen für fixe Mitarbeiterprämien in Höhe von 5.504.658,51 EUR enthalten (Vorjahr: TEUR 5.055).

In den übrigen sonstigen Rückstellungen sind Rückstellungen für ehemalige Vorstände in Höhe von 3.650.000,00 EUR enthalten (Vorjahr: TEUR 4.700). Weiters sind in diesem Bilanzposten unter anderem Rückstellungen für drohende Verluste aus schwebenden Geschäften, Rückstellungen für die Kosten der Wirtschaftsprüfung sowie der Erstellung des Geschäftsberichts, Rückstellungen für Rechts- und Beratungskosten oder Rückstellungen für negative Marktwerte aus derivativen Finanzinstrumenten enthalten.

# **9. Verbindlichkeiten**

Die Verbindlichkeiten gliedern sich wie folgt auf:

| per 31.12.2022                                                                             | mit Restlaufzeit<br>< 1 Jahr | 1–5 Jahre      | > 5 Jahre    | Gesamt<br>31.12.2022 |
|--------------------------------------------------------------------------------------------|------------------------------|----------------|--------------|----------------------|
|                                                                                            | EUR                          | EUR            | EUR          | EUR                  |
| Verbindlichkeiten<br>gegenüber Kreditinstituten                                            | 71.596.172,28                | 193.029.881,35 | 7.895.679,08 | 272.521.732,71       |
| Erhaltene Anzahlungen<br>auf Bestellungen                                                  | 16.566.138,26                | 0,00           | 0,00         | 16.566.138,26        |
| Verbindlichkeiten aus<br>Lieferungen und<br>Leistungen                                     | 47.500.969,75                | 0,00           | 0,00         | 47.500.969,75        |
| Verbindlichkeiten<br>gegenüber verbundenen Unternehmen                                     |                              |                |              |                      |
| aus Finanzverbindlichkeiten                                                                | 48.943.998,91                | 0,00           | 0,00         | 48.943.998,91        |
| aus Lieferungen und Leistungen                                                             | 8.432.088,32                 | 0,00           | 0,00         | 8.432.088,32         |
| Verbindlichkeiten<br>gegenüber Unternehmen mit denen ein<br>Beteiligungsverhältnis besteht |                              |                |              |                      |
| aus Lieferungen und Leistungen                                                             | 38.507,38                    | 0,00           | 0,00         | 38.507,38            |
| Sonstige Verbindlichkeiten                                                                 | 8.355.608,00                 | 0,00           | 0,00         | 8.355.608,00         |
|                                                                                            | 201.433.482,90               | 193.029.881,35 | 7.895.679,08 | 402.359.043,33       |

{116}------------------------------------------------

in € **31.12.2023 31.12.2022**

**Stand**

Bürgschaften 1.610.905,00 1.610.905,00 4.360.000,00 4.360.000,00 Garantien 0,00 0,00 1.625.000,00 1.625.000,00 Patronatserklärungen 29.000.000,00 29.000.000,00 19.000.000,00 19.000.000,00

**davon gegenüber verbundenen** 

 **Unternehmen Stand**

**30.610.905,00 30.610.905,00 24.985.000,00 24.985.000,00**

**davon gegenüber verbundenen Unternehmen**

| per 31.12.2023                                                                           | mit Restlaufzeit<br>< 1 Jahr | 1–5 Jahre | > 5 Jahre | Gesamt<br>31.12.2023 |
|------------------------------------------------------------------------------------------|------------------------------|-----------|-----------|----------------------|
|                                                                                          | EUR                          | EUR       | EUR       | EUR                  |
| Verbindlichkeiten<br>gegenüber Kreditinstituten                                          | 363.626.948,24               | 0,00      | 0,00      | 363.626.948,24       |
| Erhaltene Anzahlungen<br>auf Bestellungen                                                | 13.367.756,49                | 0,00      | 0,00      | 13.367.756,49        |
| Verbindlichkeiten aus<br>Lieferungen und<br>Leistungen                                   | 54.714.361,95                | 0,00      | 0,00      | 54.714.361,95        |
| Verbindlichkeiten<br>gegenüber verbundenen Unternehmen<br>aus Finanzverbindlichkeiten    | 21.557.713,71                | 0,00      | 0,00      | 21.557.713,71        |
| Verbindlichkeiten<br>gegenüber verbundenen Unternehmen<br>aus Lieferungen und Leistungen | 16.582.448,78                | 0,00      | 0,00      | 16.582.448,78        |
| Sonstige Verbindlichkeiten                                                               | 12.148.292,97                | 0,00      | 0,00      | 12.148.292,97        |
|                                                                                          | 481.997.522,14               | 0,00      | 0,00      | 481.997.522,14       |

|      | 11. Umsatzerlöse |
|------|------------------|
| 0,00 | 21.557.713,71    |

**10. Haftungsverhältnisse**

In den Finanzverbindlichkeiten gegenüber den verbundenen Unternehmen sind Forderungen aus Steuerumlagen gegenüber der Rosenbauer Österreich GmbH i.H. von EUR 1.967.000,00 (2022: TEUR 1.759) enthalten.

Erhaltene Anzahlungen wurden i.H. von EUR 5.633.954,70 mittels Anzahlungsgarantien besichert.

In den sonstigen Verbindlichkeiten sind Provisionsguthaben der ausländischen Vertretungen in der Höhe von EUR 2.295.819,44 (2022: TEUR 2.194) sowie Sozialversicherungsabgaben des Monats Dezember in Höhe von EUR 2.491.474,42 (2022 TEUR 2.472) enthalten. Außerdem sind neben den bereits erwähnten Positionen in den sonstigen Verbindlichkeiten der Rosenbauer International AG weitere Aufwendungen in der Höhe von EUR 7.360.999,11 (2022: TEUR 3.690) enthalten, die erst nach dem Abschlussstichtag zahlungswirksam werden.

In den sonstigen Verbindlichkeiten sind im laufenden Geschäftsjahr Aufwendungen für Altersteilzeitverpflichtungen in Höhe von 1.094.808,38 EUR enthalten (2022: TEUR 966).

#### Die Umsatzerlöse enthalten Fabrikationsumsätze aus der Fahrzeug- und Komponentenproduktion, Handelswarenumsätze sowie Reparatur- und Serviceumsätze und Umsätze aus Ersatzteilverkäufen. Weiters sind unter dieser Position Erlöse aus Dienstleistungen für die Rosenbauer Österreich GmbH enthalten. Die Aufgliederung nach Inlands- und Auslandserlösen ist in Anlage 3 zum Anhang dargestellt.

# **12. Sonstige betriebliche Erträge**

| in €                                         | 2023         | 2022         |
|----------------------------------------------|--------------|--------------|
| Erträge aus dem Abgang vom Anlagevermögen    | 487.654,29   | 1.073.980,52 |
| Erträge aus der Auflösung von Rückstellungen | 620.521,33   | 154.990,15   |
| Versicherungserträge                         | 2.117.544,82 | 211.634,90   |
| Rückerstattung aus Vorsteuern                | 807.443,28   | 0,00         |
| Energiekostenzuschuss                        | 852.743,08   | 0,00         |
| AMS - Kurzarbeit Covid 19                    | 0,00         | 636.757,40   |
| sonstige Erträge                             | 1.873.431,19 | 1.208.507,42 |
|                                              | 6.759.337,99 | 3.285.870,39 |

In den sonstigen Erträgen sind insbesondere Forschungsprämien, Lehrlingsförderungen sowie Kursgewinne enthalten.

{117}------------------------------------------------

# **13. Personalaufwand**

Der Posten Aufwand für Abfertigungen und Leistungen an betriebliche Mitarbeitervorsorgekassen enthält:

| in €                                 | 2023         | 2022         |
|--------------------------------------|--------------|--------------|
| Aufwendungen für Abfertigungen       | 1.185.304,41 | 2.316.310,1  |
| Aufwendungen für Mitarbeitervorsorge | 1.215.367,15 | 1.112.960,8  |
|                                      | 2.400.671,56 | 3.429.271,02 |

Der Posten Aufwendungen für Altersversorgung enthält:

|                                       | 2023        | 2022        |
|---------------------------------------|-------------|-------------|
| Aufwendungen aus Pensionszusagen      | 376.098,63  | 419.526,95  |
| Ergebnis aus Rückdeckungsversicherung | -530.161,73 | -107.262,41 |
|                                       | -154.063,10 | 312.264,54  |

Die Veränderung der Jubiläums-, Abfertigungs- und Pensionsrückstellung wird zur Gänze im Personalaufwand erfasst. In der Summe der Gehälter und Löhne ist ein Aufwand in Höhe von EUR 498.900,00 (Ertrag 2022: TEUR 1.670) aus der Veränderung der Jubiläumsgeldrückstellung sowie ein Ertrag in Höhe von EUR 909.900,00 (Ertrag in 2022: TEUR 155) aus der Veränderung der Abfertigungsrückstellung enthalten.

# **14. Sonstige betriebliche Aufwendungen**

| in €                         | 2023          | 2022          |
|------------------------------|---------------|---------------|
| Raumaufwand                  | 5.470.583,07  | 4.545.628,75  |
| Fuhrpark                     | 1.134.902,80  | 847.375,16    |
| Bankspesen                   | 1.659.611,09  | 1.630.720,70  |
| Rechts- Beratungskosten      | 3.066.873,57  | 1.899.077,17  |
| Kosten EDV                   | 5.350.668,91  | 4.533.360,05  |
| Patente und Lizenzen         | 3.023.965,69  | 3.283.819,77  |
| Versicherungen               | 1.412.140,38  | 1.201.687,20  |
| Reisekosten                  | 3.455.882,62  | 3.386.614,39  |
| Kursverluste                 | 463.754,19    | 3.971.795,27  |
| Fremde Löhne                 | 1.712.525,32  | 2.652.256,25  |
| Entwicklungskosten           | 3.981.947,40  | 3.489.519,44  |
| Werbeaufwand und Messekosten | 3.366.477,65  | 8.161.862,98  |
| Provisionen an Dritte        | 2.670.110,46  | 2.971.559,65  |
| Fracht und Verpackung        | 7.485.671,61  | 7.335.941,03  |
| Sonstige Aufwendungen        | 8.504.814,52  | 5.161.089,65  |
|                              | 52.759.929,28 | 55.072.307,46 |

In den sonstigen Aufwendungen sind insbesondere Kosten für Kundenschulungen und Übergaben, Beiträge für Mitgliedschaften sowie Kosten für interne Weiterbildungen enthalten.

# **15. Steuern**

Gemäß § 198 Abs 9 UGB besteht für große Kapitalgesellschaften eine Aktivierungspflicht für aktive latente Steuern aus Ständedifferenzen. Die aktiven latenten Steuern zum Bilanzstichtag wurden auf Ebene der Rosenbauer International AG für temporäre Differenzen zwischen dem steuerlichen und unternehmensrechtlichen Wertansatz für folgende Positionen gebildet:

{118}------------------------------------------------

| in €                                                                       | 31.12.2023 | 31.12.2022 |
|----------------------------------------------------------------------------|------------|------------|
| Aktivierter Verlustvortrag                                                 | 25.951.795 | 30.299.618 |
| Sachanlagen                                                                | -119.396   | -233.885   |
| Langfristige Personalrückstellungen                                        | 8.121.431  | 9.715.817  |
| Sonstige Rückstellungen                                                    | 3.463.256  | 3.726.180  |
| Aktivposten Geldbeschaffungskosten                                         | 45.451     | 54.541     |
| Offene Siebentelbeträge aus Teilwertabschreibung                           | 5.086.670  | 3.329.547  |
| Betrag Gesamtdifferenzen                                                   | 42.549.207 | 46.891.818 |
| daraus resultierende latente Steuern per 31.12. (23%)<br>(+aktiv/- passiv) | 9.786.318  | 10.785.118 |

Die latenten Steuern entwickelten sich wie folgt:

| in €                        | 31.12.2023 | 31.12.2022 |
|-----------------------------|------------|------------|
| Stand am 1.1.               | 10.785.118 | 9.434.264  |
| Verschmelzung RED           | 12.998     |            |
| erfolgswirksame Veränderung | -1.011.798 | 1.350.854  |
| Stand am 31.12.             | 9.786.318  | 10.785.118 |

Die Rosenbauer International AG als Gruppenträger bildet mit der Rosenbauer Österreich GmbH, der Rosenbauer Brandschutz GmbH und der APAC Holding GmbH als Gruppenmitglieder eine Unternehmensgruppe iSd § 9 KStG. Die Steuerumlagevereinbarung mit allen Gruppenmitgliedern besteht grundsätzlich in der Belastungsmethode mit der Vereinbarung des Schlussausgleichs über in der Gruppe noch nicht verwendete Verlustvorträge.

Der laufende Körperschaftsteueraufwand/-ertrag in Höhe von EUR 900.064,29 (2022: -957 TEUR) gliedert sich wie folgt:

| in €                                                  | 31.12.2023   | 31.12.2022    |
|-------------------------------------------------------|--------------|---------------|
| Körperschaftsteuer                                    | 151.439,00   | 923.297,00    |
| Aktivierter Verlustvortrag                            | 0,00         | -1.935.323,00 |
| Wertänderung aus der Aktivierung von latenten Steuern | 1.011.798,00 | 584.469,00    |
| Steuerumlagen                                         | -208.000,00  | -939.000,00   |
| Ausländische Quellensteuern                           | 104.914,86   | 33.594,29     |
| Aperiodischer Steueraufwand/Ertrag                    | -160.087,57  | 375.646,64    |
|                                                       | 900.064,29   | -957.316,07   |

Per 31. Dezember 2023 wurden auf steuerliche Verlustvorträge in Höhe von 25.951.795,65 € (2022: 30.299.621,74 €) aktive latente Steuern angesetzt. Verlustvorträge, für die keine aktiven latenten Steuern angesetzt wurden, da ihre Wirksamkeit als endgültige Steuerentlastung noch nicht ausreichend gesichert war, waren 2023 in Höhe von 51.155.358,42 € vorhanden (2022: 30.673.378,26 €). Die Verlustvorträge sind zeitlich unbegrenzt nutzbar.

# **16. Zahl der Mitarbeiter**

| Jahresdurchschnitt | 2023  | 2022  |
|--------------------|-------|-------|
| Arbeiter           | 788   | 772   |
| Angestellte        | 645   | 635   |
| Lehrlinge          | 98    | 92    |
|                    | 1.531 | 1.499 |

# **17. Derivative Finanzinstrumente**

Bei Vorliegen der Voraussetzungen werden Bewertungseinheiten gebildet. Da in diesem Fall die derivativen Finanzinstrumente eine Bewertungseinheit mit dem zugrundeliegenden Projekt darstellen (eine effektive Hedgebeziehung liegt vor), erfolgt keine Erfassung der negativen Marktwerte in Form einer Drohverlustrückstellung. Liegen die Voraussetzungen nicht vor, werden für negative Marktwerte Rückstellungen für drohende Verluste aus schwebenden Geschäften gebildet.

Es wurde ein prospektiver Effektivitätstest nach der "critical terms match" Methode durchgeführt sowie ein retrospektiver Effektivitätstest nach der "cumulative dollar-offset" Methode, wenn die Critical Terms nicht ident waren. Der ineffektive Teil einer wirksamen Sicherungsbeziehung wird in diesem Fall sofort erfolgswirksam erfasst. Im Jahr 2023 betrug dieser EUR 0,00 (2022: TEUR 0) und wurde unter den Finanzierungsaufwendungen ausgewiesen.

#### **a) Devisentermingeschäfte**

Zur Absicherung von Fremdwährungsforderungen und -verbindlichkeiten werden derivative Finanzinstrumente wie Devisentermingeschäfte eingesetzt, um den Kalkulationskurs des Grundgeschäftes abzusichern. Das Grundgeschäft besteht in der Regel aus Fahrzeuglieferungen mit einer Durchlaufzeit von bis zu 12 Monaten. Bei größeren Aufträgen kann die Lieferzeit mehr als 12 Monate betragen. Dementsprechend beträgt auch hier die Fälligkeit der Derivate mehr als 12 Monate. Absicherungen erfolgen auch für noch nicht bilanzierte Zahlungseingänge und Zahlungsausgänge. Bei mehrjährigen, im Detail geplanten und von allen relevanten Stellen bewilligten Projekten mit hinreichender Finanzierung kann der Cash Flow auch aus später abzuschließenden Verträgen resultieren, wenn dieser Cash Flow im Projektplan enthalten und die Projektdurchführung so gut wie sicher ist.

{119}------------------------------------------------

Zum Bilanzstichtag hatte die Rosenbauer International AG Mikro-Hedging-Sicherungsbeziehungen (ein Devisentermingeschäft für genau ein Grundgeschäft) im Bestand, die in den meisten Fällen innerhalb des nächsten Geschäftsjahres auslaufen. Terminkäufe werden nicht mit Terminverkäufen aufgerechnet sondern im gesamten Marktwert additiv dargestellt. Der Fair Value leitet sich aus den Beträgen ab, zu denen die betreffenden Finanzgeschäfte am Bilanzstichtag gehandelt werden, ohne Berücksichtigung gegenläufiger Wertentwicklungen aus den Grundgeschäften. Für Derivate, die Bestandteil einer Bewertungseinheit sind, wird im Falle von negativen beizulegenden Zeitwerten keine Rückstellung für Drohverluste gebildet.

| in EUR                                                                       | 2023          | 2022          |
|------------------------------------------------------------------------------|---------------|---------------|
| Bewertung Devistentermingeschäfte als Bestandteil<br>einer Bewertungseinheit |               |               |
| Nominalbetrag                                                                | 61.543.421,31 | 76.739.458,28 |
| Positiver Marktwert                                                          | 542.561,96    | 2.006.793,42  |
| Negativer Marktwert                                                          | 118.708,53    | 599.750,67    |

#### **Bewertung Devistentermingeschäfte als Nicht-Bestandteil**

| einer Bewertungseinheit |      |      | in EUR              | 2023          | 2022          |
|-------------------------|------|------|---------------------|---------------|---------------|
| Nominalbetrag           | 0,00 | 0,00 | Nominalbetrag       | 52.000.000,00 | 52.000.000,00 |
| Positiver Marktwert     | 0,00 | 0,00 | Positiver Marktwert | 0,00          | 0,00          |
| Negativer Marktwert     | 0,00 | 0,00 | Negativer Marktwert | 1.860.637,26  | 3.847.772,16  |

Der Buchwert der Devisentermingeschäfte, der im Bilanzposten "Sonstige Rückstellungen" enthalten ist, beträgt zum Stichtag EUR 0,00 (2022: TEUR 0).

#### **b) Zinssicherungsgeschäfte**

Zins- bzw. Zinsänderungsrisken liegen vor allem bei Forderungen und Verbindlichkeiten mit Laufzeiten über einem Jahr vor.

Aktivseitig besteht ein Zinsänderungsrisiko lediglich bei den in den Finanzanlagen enthaltenen Wertpapieren. Durch regelmäßige Beobachtung der Zinsentwicklung und der daraus abzuleitenden Umschichtung der Wertpapierbestände, sind die Reduktion des Zinsänderungsrisikos und eine Optimierung der Erträge möglich.

Langfristige Verbindlichkeiten gegenüber Banken bestehen aus Krediten für diverse Investitionen in das operative Geschäft.

Der Buchwert der Zinssicherungsgeschäfte, der im Bilanzposten "Sonstige Rückstellungen" enthalten ist, ist in nachfolgender Tabelle dargestellt:

# **18. Beteiligungsunternehmen**

Siehe Beilage.

# **19. Sonstige Angaben**

Die Aufwendungen für Abfertigungen inkl. Mitarbeitervorsorgekassen und Pensionen teilen sich wie folgt auf:

| in €                              | 2023         | 2022         |
|-----------------------------------|--------------|--------------|
| Vorstand und leitende Mitarbeiter | 320.239,73   | 408.797,23   |
| Andere Arbeitnehmer               | 1.926.368,73 | 3.332.738,33 |
|                                   | 2.246.608,46 | 3.741.535,50 |

Die Vergütung des Vorstandes (ohne Sachbezüge) setzt sich aus einem fixen Bestandteil samt geldwerten Vorteilen und einem variablen Bestandteil zusammen. Die Bezüge der Mitglieder des Vorstandes betrugen 2023 in Summe EUR 2.023.651,79 (2022: TEUR 1.350) und gliedern sich in einen Fixbezug von EUR 1.610.393,02 (2022: TEUR 1.350) und in einen variablen Bezug von EUR 413.258,77 (2022: TEUR 0). Darüberhinaus wird jedem Vorstandsmitglied ein marktübliches Dienstfahrzeug zur Verfügung gestellt, das auch privat genutzt werden kann.

# **20. Honorar des Wirtschaftsprüfers**

Betreffend die auf das Geschäftsjahr entfallenen Aufwendungen für den Abschlussprüfer wird von der Befreiungsbestimmung gemäß § 238 Abs 1 Z18 UGB Gebrauch gemacht.

# **21. Gewinnverwendungsvorschlag**

Das Geschäftsjahr 2023 schließt mit einem Bilanzverlust von EUR -50.576.438,56. Der Bilanzverlust wird auf neue Rechnung vorgetragen.

{120}------------------------------------------------

# **22. Nahestehende Unternehmen und Personen**

Im Geschäftsjahr 2023 wurden von keiner nahestehenden Person des Aufsichtsrates sowie des Vorstandes Leistungen bezogen (2022: TEUR 0).

# **23. Ereignisse nach dem Bilanzstichtag**

Die Rosenbauer International AG beabsichtigt zur Stärkung ihrer Eigenmittel nach entsprechender Beschlussfassung ihrer Aktionäre und der Zustimmung des Aufsichtsrats eine Kapitalerhöhung bis Ende des Geschäftsjahres 2024 durchzuführen. Mit 9. Jänner 2024 ist Herr Daniel Tomaschko als Vorstandsmitglied der Rosenbauer International AG ausgeschieden. Nach dem Bilanzstichtag wurden Refinanzierungsvereinbarungen mit den wesentlichen Bankinstituten getroffen, für weitere Details verweisen wir auf Kapital 2. Bilanzierungs- und Bewertungsgrundsätze. Neben den beschriebenenen Ereignissen sind nach dem Bilanzstichtag zum 31. Dezember 2023 keine weiteren Vorgänge von besonderer Bedeutung für die Gesellschaft eingetreten, die zu einer Änderung der Vermögens-, Finanz- und Ertragslage geführt hätten.

# **24. Organe der Gesellschaft und des Konzerns Aufsichtsrat**

Rainer Siegel Vorsitzender des Aufsichtsrates (seit 2. Juni 2023)

Christian Reisinger Stellvertretender Vorsitzender des Aufsichtsrates (seit 2. Juni 2023)

Bernhard Matzner Mitglied des Aufsichtsrates

Martin Zehnder Mitglied des Aufsichtsrates

Jörg Astalosch Mitglied des Aufsichtsrates (seit 2. Juni 2023)

Dem Aufsichtsrat wurden im Geschäftsjahr 2023 Vergütungen in der Höhe von TEUR 167 (2022: TEUR 127) gewährt.

#### **Vom Betriebsrat in den Aufsichtsrat delegiert**

Wolfgang Untersberger Rudolf Aichinger Christian Altendorfer (seit 11. Juli 2023)

#### **Vorstand**

Sebastian Wolf Vorsitzender des Vorstandes

Andreas Zeller Stellvertretender Vorsitzender des Vorstandes

Daniel Tomaschko Mitglied des Vorstandes bis 9. Jänner 2024

Markus Richter Mitglied des Vorstandes

# **25. Beziehungen zu verbundenen Unternehmen**

Das den Konzernabschluss erstellende Mutterunternehmen ist die Rosenbauer International AG mit Sitz in Leonding/Linz, Paschinger Str. 90. Der Konzernabschluss liegt beim Landesgericht Linz (FN 78543f) auf.

Zwischen der Rosenbauer International AG und dem Großteil Ihrer verbundenen Unternehmen bestehen Liefer- und Leistungsbeziehungen aus der ordentlichen Geschäftstätigkeit. Die Rosenbauer International AG als Gruppenträger bildet mit der Rosenbauer Österreich GmbH, der Rosenbauer Brandschutz GmbH und der APAC Holding GmbH als Gruppenmitglieder eine Unternehmensgruppe iSd § 9 KStG. Die Steuerumlagevereinbarung mit allen Gruppenmitgliedern besteht grundsätzlich in der Belastungsmethode mit der Vereinbarung des Schlussausgleichs über in der Gruppe noch nicht verwendete Verlustvorträge.

Bei den immateriellen Vermögenswerten erfolgte im Jahr 2023 ein Verkauf von Entwicklungsleistungen der Rosenbauer Karlsruhe GmbH an die Rosenbauer International AG in Höhe von 627.089,42 Euro (2022: TEUR 1.384).

Leonding, am 29. März 2024

Der Vorstand:

S. My Audi

Sebastian Wolf Andreas Zeller Markus Richter

Sebastian Wolf

{121}------------------------------------------------

# <span id="page-121-0"></span>**BESTÄTIGUNGSVERMERK**

# **Bericht zum Jahresabschluss**

# **Prüfungsurteil**

Wir haben den Jahresabschluss der

**Rosenbauer International AG, Leonding,**

bestehend aus der Bilanz zum 31. Dezember 2023, der Gewinn- und Verlustrechnung für das an diesem Stichtag endende Geschäftsjahr und den Erläuternde Angaben, geprüft.

Nach unserer Beurteilung entspricht der Jahresabschluss den gesetzlichen Vorschriften und vermittelt ein möglichst getreues Bild der Vermögens- und Finanzlage zum 31. Dezember 2023 sowie der Ertragslage der Gesellschaft für das an diesem Stichtag endende Geschäftsjahr in Übereinstimmung mit den österreichischen unternehmensrechtlichen Vorschriften.

# **Grundlage für das Prüfungsurteil**

Wir haben unsere Abschlussprüfung in Übereinstimmung mit der EU-Verordnung Nr 537/2014 (im Folgenden AP-VO) und mit den österreichischen Grundsätzen ordnungsgemäßer Abschlussprüfung durchgeführt. Diese Grundsätze erfordern die Anwendung der International Standards on Auditing (ISA). Unsere Verantwortlichkeiten nach diesen Vorschriften und Standards sind im Abschnitt "Verantwortlichkeiten des Abschlussprüfers für die Prüfung des Jahresabschlusses" unseres Bestätigungsvermerks weitergehend beschrieben. Wir sind von der Gesellschaft unabhängig in Übereinstimmung mit den österreichischen unternehmens- und berufsrechtlichen Vorschriften und wir haben unsere sonstigen beruflichen Pflichten in Übereinstimmung mit diesen Anforderungen erfüllt. Wir sind der Auffassung, dass die von uns erlangten Prüfungsnachweise bis zum Datum dieses Bestätigungsvermerkes ausreichend und geeignet sind, um als Grundlage für unser Prüfungsurteil zu diesem Datum zu dienen.

# **Hervorhebung eines Sachverhaltes**

Wir verweisen auf die Erläuternden Angaben Abschnitt "2. Bilanzierungs- und Bewertungsgrundsätze" sowie auf den Lagebericht Abschnitt "Finanzielle Risiken", wo beschrieben wird, dass zur Sicherstellung der künftigen kurz- und mittelfristigen Liquiditätssituation Maßnahmen des Unternehmens – einschließlich der geplanten Durchführung einer Kapitalerhöhung – notwendig sind. Für weitere Ausführungen verweisen wir auf die oben beschriebenen Abschnitte. Unser Prüfungsurteil ist im Hinblick auf diesen Sachverhalt nicht eingeschränkt.

#### **Besonders wichtige Prüfungssachverhalte**

Besonders wichtige Prüfungssachverhalte sind solche Sachverhalte, die nach unserem pflichtgemäßen Ermessen am bedeutsamsten für unsere Prüfung des Jahresabschlusses des Geschäftsjahres waren. Diese Sachverhalte wurden im Zusammenhang mit unserer Prüfung des Jahresabschlusses als Ganzes und bei der Bildung unseres Prüfungsurteils hierzu berücksichtigt und wir geben kein gesondertes Prüfungsurteil zu diesen Sachverhalten ab. Wir haben folgende besonders wichtige Prüfungssachverhalte identifiziert:

- Beurteilung der Fortführungsprämisse des Unternehmens
- Werthaltigkeit der Anteile an verbundenen Unternehmen sowie Forderungen gegenüber verbundenen Unternehmen
- Werthaltigkeit der Forderungen aus Lieferungen und Leistungen
- Umsatzrealisierung aus Fahrzeuglieferungen (Cut-Off)

#### **Beurteilung der Fortführungsprämisse für den Konzern**

Siehe Anhang Abschnitt "2. Bilanzierungs- und Bewertungsgrundsätze" sowie Lagebericht Abschnitt "Finanzielle Risiken".

#### Das Risiko für den Abschluss

Die Gesellschaft weist zum 31. Dezember 2023 ein Eigenkapital in Höhe von 124,8 Mio EUR aus. Die kurz- und langfristigen verzinslichen Verbindlichkeiten betragen zu diesem Stichtag 363,6 Mio EUR. Darin enthalten sind Finanzierungen, die den Gläubigern das Recht einräumt, bei gewissen Bedingungen (Financial Covenants) die Zahlungen fällig stellen zu können. Aufgrund von drohenden Verletzungen der Financial Covenants trat die Rosenbauer Gruppe mit den Finanzierungspartnern in Gespräche ein und schloss mit diesen eine Multilaterale Refinanzierungsvereinbarung ab. Diese sieht u.a. eine verpflichtende Kapitalerhöhung, die Einhaltung von Financial Covenants auf Basis des Konzernabschlusses 31. Dezember 2024, sowie Teilrückführungen von Finanzierungen im Geschäftsjahr 2024 vor.

Die Fähigkeit des Unternehmens, die die finanziellen Verpflichtungen einzuhalten und damit die nachhaltige Fortführung des Unternehmens zu ermöglichen, ist wesentlich von der operativen Geschäftsentwicklung des Unternehmens und der Einhaltung der vereinbarten Kreditbedingungen (ua Kapitalerhöhung) abhängig.

Es besteht das Risiko, dass die Angemessenheit der Annahme der Fortführung des Unternehmens nicht gegeben ist.

#### Unsere Vorgehensweise in der Prüfung

Zur Beurteilung der Angemessenheit der Annahme der Fortführung des Unternehmens wurden folgende Prüfungshandlungen durchgeführt:

- Wir haben ein Verständnis über den Planungsprozess erlangt und die getroffenen Annahmen zur Beurteilung ihrer Angemessenheit unter anderem mit dem Vorstand erörtert.
- Zur Beurteilung der Angemessenheit der zugrunde gelegten internen Planungen, haben wir uns ein Verständnis über den Planungsprozess und der Gestaltung und Einrichtung der diesbezüglichen internen Kontrollen ver-

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schafft und die Planungsdaten mit den aktuellen vom Aufsichtsrat genehmigten Budgetzahlen sowie der Mittelfristplanung und den vertraglichen Grundlagen, insbesondere auch betreffend die Finanzierung, abgeglichen.

- Die wesentlichen Annahmen der Planung, wie insbesondere die Umsatzerlöse, Aufwendungen und erwarteten künftigen zusätzlichen Finanzierungen, haben wir mit den verantwortlichen Mitarbeitern eingehend besprochen, die Einschätzung des Vorstands hinsichtlich der geplanten Kapitalmarkttransaktion gewürdigt, und Erwartungen über die künftigen Entwicklungen mit den vom Unternehmen verwendeten externen Markteinschätzungen abgeglichen.
- Die Planungsgenauigkeit haben wir durch Vergleich der aktuellen Geschäftsentwicklung und Cashflows im Vergleich zu Planwerten für das Geschäftsjahr 2024 beurteilt.
- Die Methodik zur Durchführung der Planung haben wir unter Einbindung unseres Bewertungsspezialisten nachvollzogen und die rechnerische Richtigkeit überprüft.
- Abschließend haben wir untersucht, ob die Erläuterungen zur Annahme der Unternehmensfortführung sowie zur erwarteten künftigen Entwicklung im Anhang vollständig und sachgerecht sind.

#### **Werthaltigkeit der Anteile an verbundenen Unternehmen, Ausleihungen an verbundene Unternehmen sowie Forderungen gegenüber verbundenen Unternehmen**

Siehe Anhang Bilanzierungs- und Bewertungsgrundsätze zu Finanzanlagen und zu Forderungen und sonstigen Vermögensgegenständen sowie in den Erläuterungen zur Bilanz und im Anlagenspiegel zum 31. Dezember 2023..

#### Das Risiko für den Abschluss

Im Jahresabschluss der Rosenbauer International AG zum 31. Dezember 2023 sind die Anteile an verbundenen Unternehmen (65,8 Mio EUR), die Ausleihungen an verbundene Unternehmen (62,7 Mio EUR) und Forderungen gegenüber verbundenen Unternehmen (146,6 Mio EUR) ausgewiesen.

Für sämtliche bedeutsamen Anteile und Ausleihungen an sowie Forderungen gegenüber verbundenen Unternehmen beurteilt die Rosenbauer International AG, ob Anhaltspunkte für einen wesentlich gesunkenen beizulegenden Wert vorliegen. Liegen solche Anhaltspunkte vor, wird für das betroffene verbundene Unternehmen eine Unternehmensbewertung durchgeführt und gegebenenfalls der Buchwert der Anteile an verbundenen Unternehmen auf das Ergebnis der Unternehmensbewertung und somit auf den niedrigeren beizulegenden Wert abgeschrieben. Im Falle von Ausleihungen an sowie von Forderungen gegenüber verbundenen Unternehmen erfolgt eine Abwertung auf den niedrigeren beizulegenden Wert, sofern Risiken für einen potentiellen Zahlungsausfall ersichtlich sind.

Die Beurteilung, ob Anhaltspunkte für einen wesentlich gesunkenen beizulegenden Wert vorliegen, sowie der Werthaltigkeit von Anteilen an verbundenen Unternehmen, Ausleihungen an verbundene Unternehmen und Forderungen gegenüber verbundenen Unternehmen erfordert Schätzungen und Ermessensentscheidungen der gesetzlichen Vertreter.

Für den Abschluss besteht das Risiko, dass die Anteile und Ausleihungen an und Forderungen gegenüber verbundene(n) Unternehmen nicht ordnungsgemäß bewertet sind und folglich im Jahresabschluss nicht zutreffend dargestellt sind. Das wesentliche Risiko besteht dabei insbesondere in der Beurteilung der Frage, ob eine wesentliche Wertminderung vorliegt, und Schätzung der zukünftigen Cash-Flows, welche zur Feststellung der Werthaltigkeit herangezogen werden. Diese Cash-Flow Schätzungen beinhalten Annahmen, die von zukünftigen Markt- und Wirtschaftsentwicklungen beeinflusst werden.

#### Unsere Vorgehensweise in der Prüfung

Bei der Prüfung der Werthaltigkeit der Anteile an verbundenen Unternehmen, Ausleihungen an verbundene Unternehmen sowie der Forderungen gegenüber verbundenen Unternehmen haben wir folgende Prüfungshandlungen durchgeführt:

- Wir haben die vom Unternehmen durchgeführte Analyse der Anhaltspunkte für einen wesentlich gesunkenen beizulegenden Wert (einschließlich der Deckung des Beteiligungsansatzes durch das anteilige Eigenkapital) der Anteile an verbundenen Unternehmen nachvollzogen. Zudem haben wir in Gesprächen mit den gesetzlichen Vertretern erörtert, ob darüberhinausgehende Anhaltspunkte für einen wesentlich gesunkenen beizulegenden Wert der Anteile an verbundenen Unternehmen vorliegen.
- Zur Beurteilung der Angemessenheit der zugrunde gelegten internen Planungen, haben wir uns ein Verständnis über den Planungsprozess und der Gestaltung und Einrichtung der diesbezüglichen internen Kontrollen verschafft und die der Bewertung zugrunde gelegten Planungsdaten mit den aktuellen vom Aufsichtsrat bzw Gesellschaftern genehmigten Budgetzahlen sowie der Mittelfristplanung abgeglichen.
- Die wesentlichen wertbestimmenden Annahmen haben wir mit den verantwortlichen Mitarbeitern eingehend besprochen und Erwartungen über die künftigen Entwicklungen mit den vom Unternehmen verwendeten externen Markteinschätzungen abgeglichen.
- Die Planungsgenauigkeit haben wir durch Vergleich der in den Vorjahren erfolgten Planungen mit den tatsächlich eingetretenen Werten beurteilt.
- Die Methodik zur Durchführung des Wertminderungstests sowie zur Ermittlung der Kapitalkostensätze haben wir unter Einbindung unseres Bewertungsspezialisten nachvollzogen und beurteilt, ob sie den entsprechenden Standards entsprechen. Die zur Festlegung der Kapitalkostensätze herangezogenen Annahmen haben wir durch einen Abgleich mit markt- und branchenspezifischen Richtwerten hinsichtlich ihrer Angemessenheit beurteilt und die rechnerische Richtigkeit des Berechnungsschemas überprüft.
- Bei Ausleihungen an verbundene Unternehmen und Forderungen gegenüber verbundenen Unternehmen, die nicht bereits durch die Bewertung der Anteile an verbundenen Unternehmen abgedeckt waren, haben wir weiters mittels Überfälligkeitsanalysen überprüft, ob Wertberichtigungsbedarf bei diesen Positionen gegeben ist. Dabei haben wir auch die finanzielle Situation der verbundenen Unternehmen gewürdigt.
- Abschließend haben wir untersucht, ob die Erläuterungen der Rosenbauer International AG zu Finanzanlagen und Forderungen gegenüber verbundenen Unternehmen im Anhang vollständig und sachgerecht sind.

#### **Werthaltigkeit der Forderungen aus Lieferungen und Leistungen**

Siehe Anhang Bilanzierungs- und Bewertungsgrundsätze zu Forderungen und sonstigen Vermögensgegenständen, sowie in den Erläuterungen zur Bilanz zum 31. Dezember 2023.

#### Das Risiko für den Abschluss

Im Jahresabschluss der Rosenbauer International AG zum 31. Dezember 2023 sind Forderungen aus Lieferungen und Leistungen in Höhe von 103,3 Mio EUR ausgewiesen.

Die Werthaltigkeit der Forderungen aus Lieferungen und Leistungen basiert auf der Einschätzung der Bonität der Kunden durch das Management. Diese wird jährlich im Rahmen der Abschlusserstellung durchgeführt.

Für den Abschluss besteht das Risiko, dass die Forderungen aus Lieferungen und Leistungen nicht ordnungsgemäß bewertet sind und folglich im Jahresabschluss nicht zutreffend dargestellt sind. Das wesentliche Risiko besteht dabei in der Einschätzung der Zahlungsfähigkeit von Kunden die vertraglich vereinbarte Gegenleistung in voller Höhe zu leisten – insbesondere jene mit überfälligen Forderungen.

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#### Unsere Vorgehensweise in der Prüfung

Bei der Prüfung der Werthaltigkeit der Forderungen aus Lieferungen und Leistungen haben wir folgende wesentliche Prüfungshandlungen durchgeführt:

- Wir haben ein Verständnis über den Prozessablauf und die darin implementierten Kontrollen zur Überwachung der Risikovorsorge von Kundenforderungen erlangt und kritisch analysiert, ob diese Prozesse geeignet sind, Kreditausfälle zu identifizieren und die Werthaltigkeit der Kundenforderungen angemessen abzubilden.
- Weiters haben wir auf Basis einer Stichprobe untersucht, ob Indikatoren für Kreditausfälle bestehen und Risikovorsorgen ausreichend gebildet wurden. Die Auswahl der Stichprobe erfolgte risikoorientiert auf Basis einer Analyse der Überfälligkeitsstruktur der Kundenforderungen zum 31. Dezember 2023.
- Wir haben zudem bei Positionen, denen Ermessensentscheidungen zu Grunde liegen, Besprechungen mit dem Management durchgeführt. Dabei haben wir besonderes Augenmerk auf die ermessensbehafteten Elemente in den vertraglichen Grundlagen, den erhaltenen Dokumentationen und sonstigen internen und externen Informationen gelegt.
- Abschließend haben wir eine Abstattungsprüfung der Kundenforderungen zum Prüfungszeitpunkt durchgeführt und die Zahlungseingänge stichprobenartig überprüft, sodass die Werthaltigkeit der Forderungen nachgewiesen werden konnte.

# **Umsatzrealisierung aus Fahrzeuglieferungen (Cut-Off)**

Siehe Anhang Bilanzierungs- und Bewertungsgrundsätze zu Forderungen und sonstigen Vermögensgegenständen sowie Umsatzerlösen zum 31. Dezember 2023.

#### Das Risiko für den Abschluss

Im Jahresabschluss der Rosenbauer International AG zum 31. Dezember 2023 sind Umsatzerlöse in Höhe von 524,2 Mio EUR ausgewiesen. Davon entfallen 334,6 Mio EUR auf Fahrzeugumsätze. Die periodengerechte Erfassung der Umsatzerlöse erfolgt in der Rosenbauer International AG auf Basis des Übergangs der Chancen und Risiken.

Die Umsatzerlöse stellen für Abschlussadressaten ein wesentliches Entscheidungskriterium dar, um die Markterfolge und die Entwicklung der Gesellschaft zu beurteilen.

Für den Abschluss besteht das Risiko, dass Umsatzerlöse aus Fahrzeuglieferungen aufgrund einer fehlerhaften Beurteilung des Chancen- und Risiko-Übergangs durch die internationalen Kunden der Gesellschaft und den unterschiedlichen Lieferklauseln nicht korrekt erfasst wurden. Zudem besteht das Risiko, dass Sonderfälle in der Umsatzrealisierung (zB Bill- and Hold Vereinbarungen) nicht angemessen beurteilt werden.

#### Unsere Vorgehensweise in der Prüfung

Bei der Prüfung der Umsatzrealisierung haben wir folgende wesentlichen Prüfungshandlungen durchgeführt:

Wir haben uns ein Prozessverständnis über die Umsatzrealisierung verschafft und Design und Implementierung von Kontrollen in Zusammenhang mit der periodengerechten Erfassung von Umsatzerlösen beurteilt.

Mittels aussagebezogener Prüfungshandlungen (Cut-Off-Testing) im Bereich der Umsatzerlöse aus Fahrzeuglieferungen haben wir geprüft, ob eine periodengerechte Umsatzabgrenzung erfolgt ist. Dabei haben wir Stichproben von Umsatzstornos nach dem Stichtag sowie Verkaufstransaktionen kurz vor dem Stichtag gewürdigt, um die periodenrichtige Erfassung von Umsatztransaktionen zu gewährleisten.

# **Verantwortlichkeiten der gesetzlichen Vertreter und des Prüfungsausschusses für den Jahresabschluss**

Die gesetzlichen Vertreter sind verantwortlich für die Aufstellung des Jahresabschlusses und dafür, dass dieser in Übereinstimmung mit den österreichischen unternehmensrechtlichen Vorschriften ein möglichst getreues Bild der Vermögens , Finanz- und Ertragslage der Gesellschaft vermittelt. Ferner sind die gesetzlichen Vertreter verantwortlich für die internen Kontrollen, die sie als notwendig erachten, um die Aufstellung eines Jahresabschlusses zu ermöglichen, der frei von wesentlichen falschen Darstellungen aufgrund von dolosen Handlungen oder Irrtümern ist.

Bei der Aufstellung des Jahresabschlusses sind die gesetzlichen Vertreter dafür verantwortlich, die Fähigkeit der Gesellschaft zur Fortführung der Unternehmenstätigkeit zu beurteilen, Sachverhalte im Zusammenhang mit der Fortführung der Unternehmenstätigkeit – sofern einschlägig – anzugeben, sowie dafür, den Rechnungslegungsgrundsatz der Fortführung der Unternehmenstätigkeit anzuwenden, es sei denn, die gesetzlichen Vertreter beabsichtigen, entweder die Gesellschaft zu liquidieren oder die Unternehmenstätigkeit einzustellen oder haben keine realistische Alternative dazu.

Der Prüfungsausschuss ist verantwortlich für die Überwachung des Rechnungslegungsprozesses der Gesellschaft.

#### **Verantwortlichkeiten des Abschlussprüfers für die Prüfung des Jahresabschlusses**

Unsere Ziele sind hinreichende Sicherheit darüber zu erlangen, ob der Jahresabschluss als Ganzes frei von wesentlichen falschen Darstellungen aufgrund von dolosen Handlungen oder Irrtümern ist und einen Bestätigungsvermerk zu erteilen, der unser Prüfungsurteil beinhaltet. Hinreichende Sicherheit ist ein hohes Maß an Sicherheit, aber keine Garantie dafür, dass eine in Übereinstimmung mit der AP-VO und mit den österreichischen Grundsätzen ordnungsgemäßer Abschlussprüfung, die die Anwendung der ISA erfordern, durchgeführte Abschlussprüfung eine wesentliche falsche Darstellung, falls eine solche vorliegt, stets aufdeckt. Falsche Darstellungen können aus dolosen Handlungen oder Irrtümern resultieren und werden als wesentlich angesehen, wenn von ihnen einzeln oder insgesamt vernünftigerweise erwartet werden könnte, dass sie die auf der Grundlage dieses Jahresabschlusses getroffenen wirtschaftlichen Entscheidungen von Nutzern beeinflussen.

Als Teil einer Abschlussprüfung in Übereinstimmung mit der AP-VO und mit den österreichischen Grundsätzen ordnungsgemäßer Abschlussprüfung, die die Anwendung der ISA erfordern, üben wir während der gesamten Abschlussprüfung pflichtgemäßes Ermessen aus und bewahren eine kritische Grundhaltung.

Darüber hinaus gilt:

Wir identifizieren und beurteilen die Risiken wesentlicher falscher Darstellungen aufgrund von dolosen Handlungen oder Irrtümern im Abschluss, planen Prüfungshandlungen als Reaktion auf diese Risiken, führen sie durch und erlangen Prüfungsnachweise, die ausreichend und geeignet sind, um als Grundlage für unser Prü-

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fungsurteil zu dienen. Das Risiko, dass aus dolosen Handlungen resultierende wesentliche falsche Darstellungen nicht aufgedeckt werden, ist höher als ein aus Irrtümern resultierendes, da dolose Handlungen kollusives Zusammenwirken, Fälschungen, beabsichtigte Unvollständigkeiten, irreführende Darstellungen oder das Außerkraftsetzen interner Kontrollen beinhalten können.

- Wir gewinnen ein Verständnis von dem für die Abschlussprüfung relevanten internen Kontrollsystem, um Prüfungshandlungen zu planen, die unter den gegebenen Umständen angemessen sind, jedoch nicht mit dem Ziel, ein Prüfungsurteil zur Wirksamkeit des internen Kontrollsystems der Gesellschaft abzugeben.
- Wir beurteilen die Angemessenheit der von den gesetzlichen Vertretern angewandten Rechnungslegungsmethoden sowie die Vertretbarkeit der von den gesetzlichen Vertretern dargestellten geschätzten Werte in der Rechnungslegung und damit zusammenhängende Angaben.
- Wir ziehen Schlussfolgerungen über die Angemessenheit der Anwendung des Rechnungslegungsgrundsatzes der Fortführung der Unternehmenstätigkeit durch die gesetzlichen Vertreter sowie, auf der Grundlage der erlangten Prüfungsnachweise, ob eine wesentliche Unsicherheit im Zusammenhang mit Ereignissen oder Gegebenheiten besteht, die erhebliche Zweifel an der Fähigkeit der Gesellschaft zur Fortführung der Unternehmenstätigkeit aufwerfen können. Falls wir die Schlussfolgerung ziehen, dass eine wesentliche Unsicherheit besteht, sind wir verpflichtet, in unserem Bestätigungsvermerk auf die dazugehörigen Angaben im Jahresabschluss aufmerksam zu machen oder, falls diese Angaben unangemessen sind, unser Prüfungsurteil zu modifizieren. Wir ziehen unsere Schlussfolgerungen auf der Grundlage der bis zum Datum unseres Bestätigungsvermerks erlangten Prüfungsnachweise. Zukünftige Ereignisse oder Gegebenheiten können jedoch die Abkehr der Gesellschaft von der Fortführung der Unternehmenstätigkeit zur Folge haben.
- Wir beurteilen die Gesamtdarstellung, den Aufbau und den Inhalt des Jahresabschlusses einschließlich der Angaben sowie ob der Jahresabschluss die zugrunde liegenden Geschäftsvorfälle und Ereignisse in einer Weise wiedergibt, dass ein möglichst getreues Bild erreicht wird.
- Wir tauschen uns mit dem Prüfungsausschuss unter anderem über den geplanten Umfang und die geplante zeitliche Einteilung der Abschlussprüfung sowie über bedeutsame Prüfungsfeststellungen, einschließlich etwaiger bedeutsamer Mängel im internen Kontrollsystem, die wir während unserer Abschlussprüfung erkennen, aus.
- Wir geben dem Prüfungsausschuss auch eine Erklärung ab, dass wir die relevanten beruflichen Verhaltensanforderungen zur Unabhängigkeit eingehalten haben und uns mit ihm über alle Beziehungen und sonstigen Sachverhalte austauschen, von denen vernünftigerweise angenommen werden kann, dass sie sich auf unsere Unabhängigkeit und – sofern einschlägig – damit zusammenhängende Schutzmaßnahmen auswirken.
- Wir bestimmen von den Sachverhalten, über die wir uns mit dem Prüfungsausschuss ausgetauscht haben, diejenigen Sachverhalte, die am bedeutsamsten für die Prüfung des Jahresabschlusses des Geschäftsjahres waren und daher die besonders wichtigen Prüfungssachverhalte sind. Wir beschreiben diese Sachverhalte in unserem Bestätigungsvermerk, es sei denn, Gesetze oder andere Rechtsvorschriften schließen die öffentliche Angabe des Sachverhalts aus oder wir bestimmen in äußerst seltenen Fällen, dass ein Sachverhalt nicht in unserem Bestätigungsvermerk mitgeteilt werden sollte, weil vernünftigerweise erwartet wird, dass die negativen Folgen einer solchen Mitteilung deren Vorteile für das öffentliche Interesse übersteigen würden.

# **Sonstige gesetzliche und andere rechtliche Anforderungen**

# **Bericht zum Lagebericht**

Der Lagebericht ist aufgrund der österreichischen unternehmensrechtlichen Vorschriften darauf zu prüfen, ob er mit dem Jahresabschluss in Einklang steht und ob er nach den geltenden rechtlichen Anforderungen aufgestellt wurde.

Die gesetzlichen Vertreter sind verantwortlich für die Aufstellung des Lageberichts in Übereinstimmung mit den österreichischen unternehmensrechtlichen Vorschriften.

Wir haben unsere Prüfung in Übereinstimmung mit den Berufsgrundsätzen zur Prüfung des Lageberichts durchgeführt.

#### **Urteil**

Nach unserer Beurteilung ist der Lagebericht nach den geltenden rechtlichen Anforderungen aufgestellt worden, enthält die nach § 243a UGB zutreffenden Angaben, und steht in Einklang mit dem Jahresabschluss.

#### **Erklärung**

Angesichts der bei der Prüfung des Jahresabschlusses gewonnenen Erkenntnisse und des gewonnenen Verständnisses über die Gesellschaft und ihr Umfeld haben wir keine wesentlichen fehlerhaften Angaben im Lagebericht festgestellt.

#### **Zusätzliche Angaben nach Artikel 10 AP-VO**

Wir wurden von der Hauptversammlung am 2. Juni 2023 als Abschlussprüfer gewählt und am 17. Juli 2023 vom Aufsichtsrat mit der Abschlussprüfung der Gesellschaft für das am 31. Dezember 2023 endende Geschäftsjahr beauftragt.

Wir sind ohne Unterbrechung seit dem Jahresabschluss zum 31. Dezember 2020 Abschlussprüfer der Gesellschaft.

Wir erklären, dass das Prüfungsurteil im Abschnitt "Bericht zum Jahresabschluss" mit dem zusätzlichen Bericht an den Prüfungsausschuss nach Artikel 11 der AP-VO in Einklang steht.

Wir erklären, dass wir keine verbotenen Nichtprüfungsleistungen (Artikel 5 Abs 1 der AP-VO) erbracht haben und dass wir bei der Durchführung der Abschlussprüfung unsere Unabhängigkeit von der geprüften Gesellschaft gewahrt haben.

# **Auftragsverantwortlicher Wirtschaftsprüfer**

Der für die Abschlussprüfung auftragsverantwortliche Wirtschaftsprüfer ist Herr Mag. Christoph Karer.

Linz, 29. März 2024

KPMG Austria GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft

Mag. Christoph Karer Wirtschaftsprüfer

Dieses Dokument wurde qualifiziert elektronisch signiert und ist nur in dieser Fassung gültig. Die Veröffentlichung oder Weitergabe des Jahresabschlusses mit unserem Bestätigungsvermerk darf nur in der von uns bestätigten Fassung erfolgen. Dieser Bestätigungsvermerk bezieht sich ausschließlich auf den deutschsprachigen und vollständigen Jahresabschluss samt Lagebericht. Für abweichende Fassungen sind die Vorschriften des § 281 Abs 2 UGB zu beachten.

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# <span id="page-125-0"></span>**ERKLÄRUNG DER GESETZLICHEN VERTRETER**

Wir bestätigen nach bestem Wissen, dass der im Einklang mit den maßgebenden Rechnungslegungsstandards aufgestellte Konzernabschluss ein möglichst getreues Bild der Vermögens-, Finanz- und Ertragslage des Konzerns vermittelt, dass der Konzernlagebericht den Geschäftsverlauf, das Geschäftsergebnis und die Lage des Konzerns so darstellt, dass ein möglichst getreues Bild der Vermögens-, Finanz- und Ertragslage des Konzerns entsteht, und dass der Konzernlagebericht die wesentlichen Risiken und Ungewissheiten beschreibt, denen der Konzern ausgesetzt ist.

Wir bestätigen nach bestem Wissen, dass der im Einklang mit den maßgebenden Rechnungslegungsstandards aufgestellte Jahresabschluss des Mutterunternehmens ein möglichst getreues Bild der Vermögens-, Finanzund Ertragslage des Unternehmens vermittelt, dass der Lagebericht den Geschäftsverlauf, das Geschäftsergebnis und die Lage des Unternehmens so darstellt, dass ein möglichst getreues Bild der Vermögens-, Finanzund Ertragslage entsteht, und dass der Lagebericht die wesentlichen Risiken und Ungewissheiten beschreibt, denen das Unternehmen ausgesetzt ist.

Leonding, am 29. März 2024

S. My C

CEO CSO CFO Resources, Fire & Saftey Sales Administration Insurance Equipment

Sebastian Wolf Andreas Zeller Markus Richter Konzernfunktionen: Konzernfunktionen: Konzernfunktionen: Global Marketing, Global Area Organisation Group Controlling, Product Management & Europe, Middle East & Group Accounting & Tax, Innovation, Group Africa, Asia-Pacific, Group IT, Group Legal & Communication, Investor Americas, Customer Compliance, Group Relations & CSR, Human Service & Digital Solutions, Audit, Group Treasury &

Markus Richt

CFO

Konzernfunktion

Group Controllin

Group Accounting