At Steyr Automotive

Siegrid Wolf had 107 million euros paid out to her

Entrepreneur Siegrid Wolf

(Bild: Martin Jöchl, Krone KREATIV)

Siegfried Wolf is said to have had 107 million euros in profits paid out to him as the owner of the car manufacturer Steyr Automotive, which has repeatedly cut staff recently. However, Wolf is said to have invested an even higher sum in the company.

The "Oberösterreichische Nachrichten" reported on Thursday that Wolf had this sum paid out, referring to the 2022 annual financial statements, which at the time still showed a balance sheet profit of EUR 134 million.

Wolf took over Steyr Automotive in the Upper Austrian town of Steyr three years ago from German truck manufacturer MAN, which wanted to close the plant. At that time, the plant employed a good 2,000 people, but this figure is now likely to be around 1,000. Wolf originally wanted to set up commercial vehicle production with the Russian Gaz Group. This came to nothing due to the global political situation.

More than 110 million euros from Wolf
The sole shareholder ASW Beteiligungsverwaltungs GmbH, which is backed by the ASW Private Foundation from Wolf's circle, is said to have decided on the profit distribution. "Despite all the adversity, the company has been able to position itself profitably, has an equity ratio of 45% and has never had to take out bank loans, not least thanks to the backing of the owner," Managing Director Florian Mayrhofer emphasized to the newspaper.

In total, more than 110 million euros have been invested in new projects and infrastructure since Wolf joined the company. The net profit for the previous year amounted to EUR 6 million, according to the information provided.