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News
26.03.2015
POLYTEC GROUP - The 2014 Financial Year

In the 2014 financial year, POLYTEC GROUP sales revenues increased by approximately 3.1% over the previous year to stand at EUR 491.3 million. This figure includes a contribution of around EUR 8.5 million from the two plants in Roosendaal and Putte (Netherlands), which were purchased at the end of November 2014.
 
In the car business area, sales rose by 8.3% to EUR 315.7 million compared to the same period of the previous year. Sales in this business area developed in a clearly positive manner in each of the four quarters and all of the POLYTEC GROUP’s important customers in the serial business segment contributed to this increase.
 
In the commercial vehicle business area, total sales fell by 11.1% to EUR 123.1 million. This decline can be traced mainly to the general downturn in the market for medium and heavy trucks. Other contributory factors included reduced call-offs by one customer and the effects of the amendments made to the EURO 6 exhaust emission standard.
 
Development in the non-automotive business area during the year was most positive and led to an increase in sales of 12.4% to EUR 52.5 million compared to the same period of the previous year.
 
POLYTEC GROUP EBITDA for the 2014 financial year totalled EUR 36.5 million, thus remaining at the level of the previous year (EUR 36.4 million). The EBITDA margin fell by 0.2 percentage points to 7.4%. In the 2014 financial year, EBIT increased by EUR 0.4 million or 2.0% to EUR 20.6 million, which corresponds with an EBIT margin of 4.2%. This figure contains a contribution to results of roughly EUR 2.5 million derived from the first-time inclusion of the two recently acquired Dutch companies.
 
POLYTEC GROUP equity rose from EUR 137.2 million at year-end 2013 to EUR 144.3 million as of December 31, 2014. Despite a dividend payout and continued own share buy-backs, equity increased by EUR 7.1 million thanks to the positive group result. The equity ratio fell markedly from 50.2% to 34.0%. The main reasons for this decline were the consolidation of the two Dutch companies and the successful placement of a promissory note bond with a total volume of EUR 100 million in September 2014, which resulted in a considerable increase in total assets from EUR 373.1 million to EUR 424.0 million. At the same time, this led to an increase in cash and cash equivalents to EUR 111.9 million (previous year: EUR 34.2 million) as of the balance sheet date on December 31, 2014.
 
The Board of Directors and the Supervisory Board will propose to the Annual General Meeting for 2014 the payment of a dividend of EUR 0.25 per share, which remained unchanged compared to the previous year.
 
GROUP RESULT OUTLOOK

The POLYTEC GROUP management assumes that consolidated sales of over EUR 600 million will be achieved in the 2015 financial year. The marked sales growth underlying these expectations will be supported by the full-year inclusion of the two plants purchased in the Netherlands and organic growth emanating from the start of serial production of new products.
 
In spite of the scheduled restructuring costs related to the conclusion of a social plan for the Gochsheim plant, the result figures should also demonstrate a tangible improvement. However, in view of the fact that demand development in the commercial vehicle segment continues to be volatile, the management cannot exclude the necessity for further measures aimed at reducing workforce numbers, which potentially could have a negative effect upon the result. By contrast, the management does not expect any surprises in the car market.
 
The annual financial report and the annual report of POLYTEC HOLDING AG as of December 31, 2014 are available on the corporate website subside Publications.

 
 
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