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Polytec: Drastic Decrease in Sales and Earnings

Published: August 8, 2012; 13:00 · (Vindobona)

Today, the Austrian component supplier has published its results for the first six months of 2012. Due to the sale of the interior segment last year, EBIT and sales were down remarkably.

Polytec: Drastic Decrease in Sales and Earnings / Picture: © Polytec

Sales of POLYTEC GROUP in the first half 2012 attained with € 242.9 mill., adjusted by the effect from the disposal of the Interior Systems business, the previous year's level. Compared with reported Group sales a decline of 40.1% was registered.

The European automotive industry showed a solid development thanks to the favorable performance of premium car manufacturers. In contrast, the commercial vehicle segment reported a decline in sales of € 20.9m in the period under review compared to the first half of 2011. This decline in sales is due to both a weak economic environment and the technology switch from SMC (Composites) to injection molding resulting in a decline of follow-up orders. This drop in sales was offset by the positive development of the automotive sector outlined above and, in addition, by the favorable performance of the non-automotive business.

Group EBIT declined by 50.5% to € 14.4m in the period under review compared to the same period in the previous year.  This decline is largely attributable to the deconsolidation gain of € 7.2m and the contribution of the divested Interior-Systems business of € 2.8 to group EBIT in the first

half of 2011. On a comparable basis, i.e. adjusted for these effects and for a further deconsolidation gain of € 0.6m resulting from the disposal of the Zaragoza site at the beginning of 2012, Group EBIT declined by roughly € 5m in the period under review. This corresponds to an EBIT margin adjusted for one-off effects of 5.7% in the first half of 2012.

With regard to the further course of business in 2012, the Manage-ment of POLYTEC Holding expects a stable development. Provided that general framework conditions do not deteriorate further against

the backdrop of the European sovereign debt crisis, group sales and earnings in the second half of 2012 are expected to match the level of the first half-year. Thus, the outlook for full-year sales and earnings was revised downward compared to the previously published forecast 2012.

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ISIN
AT0000A00XX9