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News
02.04.2008
SIGNIFICANT INCREASE OF ALL EARNINGSFIGURES IN THE BUSINESS YEAR 2007

In accordance with POLYTEC Group’s growth and acquisition strategy, the large-scale acquisitions of POLYTEC Composites Germany und POLYTEC Intex were concluded in the 2007 business year. This circumstance had a particularly strong effect on the economic development of the Group in the past business year.

 

Details of the development of the key figures are as follows:

Income figures in EUR mill. 2007 2006 Change in %
Group sales 665.0 525.2 26.6%
Automotive Systems Division 369.3 377.2 -2.1%
Automotive Composites Division 201.3 61.5 227.1%
Car Styling Division 74.7 66.8 11.9%
Other segments/ consolidation 19.6 19.7 -0.3%
EBITDA 63.7 48.0 32.7%
EBIT 41.0 30.3 35.6%
Earnings before tax 38.7 27.3 41.6%
Net income (after minorities) 37.3 18.4 100.6%

EBITDA margin 9.6% 9.1%
EBIT margin 6.2% 5.8%
Net profit margin 5.6% 3.5%
ROCE in % 23.9% 21.0%

OUTLOOK 2008

On account of the acquisitions made during the business year of 2007 and the full contribution this will make to sales in the year 2008, the POLYTEC Group will be able to continue growing in the current business year. The target is a Group sales of around EUR 800 million, a sum which will be secured by contracts already received. Variations from this figure would thus mainly arise from a change in the quantity requirements (construction figures) over which POLYTEC has no control.

Results will greatly depend on the extent to which POLYTEC succeeds in countering continuing and extreme pricing pressure from its customers. Customers' desire for price cuts continue at a time of rising raw material and energy prices and wage settlements considerably higher than those of previous years, a result of the good overall economic situation. As such, this desire can in some cases no longer be justified by any economic arguments.

Alongside this trend, which poses a danger to the western European supply industry in general, the determined pursuance of restructuring measures for the two 2007 acquisitions will be decisive in the development of POLYTEC. The first success of 2007 should thus be seen first and foremost not as a reason to celebrate but as an incentive to make further wide-reaching changes.

In spite of the improvement measures mentioned, still ongoing, and the new 2008 start-ups with their negative effect on results, POLYTEC is aiming to remain in the target range of a sustainable 8-10 % EBITDA in the current business year. From today’s perspective, it is however to be expected that the 2008 EBITDA will be at the lower end of this spectrum.

 
 
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