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Results of the first nine months 200

The performance of the POLYTEC GROUP in the first nine months of 2009 continued to be impacted by the weak economic development of the automotive industry, although Q3 09 showed a certain low-level stabilization in the segments concerned.


The financial quarter under review was marked, like the previous quarters of 2009, by considerable declines in both sales and earnings. In the first nine months of 2009, group sales dropped by 27.1% to EUR 433.7 million. In the first nine months of 2009, the implementation of a number of cost-saving measures and the targeted increase in customer prices could not prevent a negative EBITDA of EUR – 3.2 million.
However, this unfavourable development has to be viewed against the background of a clearly negative EBITDA in Q1 2009 and cumulative results impacted by restructuring expenses throughout the rest of the year. If the development of key financial figures and the impact on results are considered on a quarterly basis, Q3 09 EBITDA showed a positive trend for the first time since the collapse of the automotive industry, totalling EUR 3.8 million compared to a negative EBITDA of EUR -0.4 million in Q2 09. This was despite lower sales of EUR 142.5 million compared to the previous quarter.


The market development of the past 12 months has led to a dramatic decline in POLYTEC GROUP’s sales and earnings, which in turn resulted in the disposal of the PEGUFORM GROUP, acquired in autumn 2008. For the full year 2009, management reiterates its guidance and based on the call-off order figures expected for Q4 2009 is confident that it will be possible to achieve total sales of EUR 600 million. Despite the steady improvement of results throughout the first three quarters of the year, it is impossible to anticipate a positive EBIT for the full year 2009. Efforts, to improve the results sustainable implemented during the first quarter 2009, must be consequently continued also in the fourth quarter 2009.

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