Key figures Q1-Q3 2022
- Group sales revenues amounted to EUR 430.7 million (Q1-Q3 2021: EUR 415.8 million)
- EBITDA amounted to EUR 25.0 million (Q1-Q3 2021: EUR 28.3 million)
- EBITDA margin 5.8% (Q1-Q3 2021: 6.8%)
- EBIT totalled EUR 0.24 million (Q1-Q3 2021: EUR 7.0 million)
- EBIT margin 0.1% (Q1-Q3 2021: 1.7%)
- Earnings after tax amounted to EUR –1.9 million (Q1-Q3 2021: EUR 3.6 million)
- Earnings per share EUR –0.09 (Q1-Q3 2021: EUR 0.15)
- Equity ratio 43.0% (31.12.2021: 42.0%)
- Net debt amounted to EUR 92.2 million (31.12.2021: EUR 79.6 million)
- Employees (FTE incl. leasing personnel) as at 30.09.2022: 3,588 (30.09.2021: 3,442)
The POLYTEC Group’s consolidated sales revenues in the first nine months of 2022 totalled EUR 430.7 million and were therefore 3.6% higher than in the same period of the previous year (Q1-Q3 2021: EUR 415.8 million). Sales revenues include the partial transfer of additional costs. However, the production volume has shrunk and therefore direct comparability is only possible to a limited extent.
In the months from January to September 2022, the Passenger Cars & Light Commercial Vehicles market area, which with 74.0% (Q1-Q3 2021: 70.6%) is the POLYTEC GROUP's strongest in terms of sales, generated revenues of EUR 318.9 million. This figure was 8.6%, or EUR 25.3 million, higher than the comparable value for the preceding year (Q1-Q3 2021: EUR 293.6 million).
On a year-on-year basis, sales revenues in the Commercial Vehicles market area (share of total sales: 16.7%; Q1-Q3 2021: 16.5%) rose by 4.5% from EUR 68.6 million to EUR 71.7 million.
As opposed to the first nine months of the previous year, the sales revenues of the Smart Plastics & Industrial Applications market area were markedly lower, falling by 25.2%, or EUR 13.5 million, to EUR 40.1 million. From the second quarter of 2022 onwards, sales to a major customer saw a sizeable reduction and therefore overall, the share of the market area in the POLYTEC GROUP's consolidated sales during the period under report declined to 9.3% (Q1-Q3 2021: 12.9%).
Since March 2022, reduced call-off volumes, repeated cancellations at short notice and especially the very high price level of materials and energy, have all had a seriously detrimental effect upon the earnings situation of the POLYTEC GROUP. For although it was still able to generate positive earnings in the first quarter of the 2022 financial year, the group’s results for both the second and now the third quarter were negative. Nonetheless, despite these numerous adverse circumstances, the period from January to September 2022 closed with a marginally positive operating result.
In the first three quarters of 2022, POLYTEC GROUP EBITDA totalled EUR 25.0 million (Q1-Q3 2021: EUR 28.3 million) and as compared to the same period of 2021, the EBITDA margin declined by a 1.0 percentage point from 6.8% to 5.8%.
Group EBIT in the period from January to September 2022 amounted to EUR 0.24 million (Q1-Q3 2021: EUR 7.0 million). As compared to the third quarter of 2021, the EBIT margin was 1.6 percentage points lower, falling from 1.7% to 0.1%.
The financial result for the first nine months of 2022 stood at minus EUR 1.9 million (Q1-Q3 2021: minus EUR 2.1 million). The consolidated net result for the first three quarters of 2022 totalled minus EUR 1.9 million (Q1-Q3 2021: EUR 3.6 million), which corresponded to earnings per share of minus EUR 0.09 (Q1-Q3 2021: EUR 0.15).
In comparison to the figure for 31 December 2021, on 30 September 2022 the group's balance sheet total was EUR 28.1 million lower at EUR 540.4 million. This was due largely to the repayment of promissory note loans of EUR 21.0 million at the end of the first quarter. The equity ratio was 1.0 percentage point higher than on the annual reporting date at 43.0% and thus remained at a healthy level.
Outlook 2022 financial year
At present, the POLYTEC GROUP management expects positive EBIT (operating earnings before interest and taxes) for the 2022 financial year.
However, in view of the considerable, current uncertainties, at present a well-founded, quantitative estimation of the sales and result expectations for the 2022 financial year is barely possible.
As in the preceding quarters, customers are unable to provide reliable planned volumes. In addition, short-term call-off cancellations continue to result in disproportionate production costs and simultaneous reductions in sales revenues.
Therefore, the achievement of a positive operating result is subject to various uncertainties, as described in the risk report.
Negotiations with customers regarding price increases and compensation, particularly for raw materials and energy, are currently in progress. However, to date these discussions have only been partially concluded.
As previously, the POLYTEC GROUP management continues to react flexibly and promptly to the ongoing changes in the economic environment and is liaising closely with the group's customers and suppliers in order to jointly overcome the present challenges.
The Q3 2022 interim report of POLYTEC Holding AG as at 30 September 2022 closing date is available for downloading on the Investor Relations, publications section of the Group’s website.