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News
02.04.2014
POLYTEC GROUP – BUSINESS YEAR 2013

In the 2013 business year, POLYTEC GROUP’s total sales fell by 1.0% to EUR 476.6 million compared to the previous year. In the passenger car business, total sales increased slightly by 0.1% to EUR 291.5 million compared to the same period of the previous year. In the commercial vehicle business, total sales remained almost unchanged year-on-year, amounting to EUR 138.4 million. Parts sales in the commercial vehicle business showed a significant increase in the fourth quarter of 2013, mainly due to the earlier than scheduled purchases of light vehicles ahead of the introduction of the new Euro VI exhaust-emission standard. The non-automotive business area showed a different picture. As explained in the quarterly reports during 2013, drops in sales caused a decline in business volume.

 

In 2013 EBIT, before restructuring costs, declined by EUR 6.3 million or 22.8% to EUR 21.4 million. This corresponds to an EBIT margin before restructuring costs of 4.5%. Restructuring costs, which are shown separately in the income and loss statement, totaling EUR 1.2 million mainly relate to expenses in connection with the discontinuation of garden furniture production at the plant in Ebensee. In addition, higher-than-expected start-up costs in connection with several injection-molding projects and related personnel and material overspending also had a negative impact on results.

 

The equity ratio of the POLYTEC GROUP increased from EUR 132.3 million at year-end 2012 to EUR 137.2 million as of December 31, 2013, despite dividend payments of EUR 7.7 million and share buy-backs of EUR 0.3 million. This increase by EUR 4.9 million is mainly attributable to the positive development of Group results in 2013. The equity ratio totaled 50.2% at year-end 2013. As of the balance sheet date on December 31, 2013, the POLYTEC GROUP held a total of 310,541 treasury shares (or 1.4% of the company’s share capital).  As of the balance sheet date of December 31, 2013, the Group reported net cash of EUR 11.6 million.

The Board of Directors and the Supervisory Board will propose to the Annual General Meeting the payment of a dividend of EUR 0.25 per share for the business year 2013.

EARNINGS OUTLOOK 2013

For the full year 2014, the POLYTEC GROUP’s management expects a comparably stable operating performance. Group sales are expected to drop moderately due to declining orders in the automotive business, especially in the commercial vehicle segment, and to the lack of sales from the garden furniture business at the plant in Ebensee. The operating result is expected to match the level in 2013.

For the coming years, POLYTEC GROUP expects sales growth mainly driven by organic expansion in injection molding based on the production of complex engine and engine compartment components. This should also lead to an improvement of results’ quality.

 
 
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