32. Completion of business acquisition in Germany

On 1 February 2022 and 1 March 2022 respectively, all shares in PTS and WestfalenBahn were reacquired by the new German holding company (ATH Rail Transport Beteiligungsgesellschaft Deutschland GmbH) within the Group after the insolvency proceedings had ended. On 1 July 2022, the shares in Abellio Rail Mitteldeutschland were reacquired by the same German holding company, after the insolvency proceedings had been closed.

The initial recognition of assets and liabilities of the German entities in the consolidation in 2022 resulted in an accounting upward revaluation of €108 million as a result of acquisition accounting. This income has been recognised as net finance result in 2022. 

The allocation of the purchase price of PTS GmbH, WestfalenBahn GmbH and Abellio Rail Mitteldeutschland GmbH was finalised in 2023. This resulted in a negative effect of €5 million, largely related to a correction in the valuation of fixed assets. The effect has been retrospectively recognised in the net finance result, and the comparative figures for 2022 have been adjusted accordingly.