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Polytec: Sharp Cut in Earnings

Published: May 9, 2012; 11:41 · (Vindobona)

Today, the Austrian automotive component supplier published its results for the first quarter 2012. Due to the sale of the interior business, sales and earnings were down considerably.

Polytec: Sharp Cut in Earnings / Picture: © Polytec

Group sales declined by 38.5% to € 123.5m in the first quarter of 2012. On a comparable basis, i.e. adjusted for the effects of the divestment of the Interior-Systems business – group sales increased by 3% year-on-year.

EBITDA for the first quarter 2012 decreased by 19.7% to € 12.2m . The disposal of the Interior-Systems site in Zaragoza – following the closing of the transaction on January 3, 2012 – led to a deconsolidation gain of roughly € 0.6m. Including this deconsolidation gain, EBITDA margin amounted to 9.9% (Q1 2011: 7.5%). Adjusted for this deconsolidation gain, EBITDA margin was 9.4% in the first quarter of 2012.

The decline in financing costs is mainly attributable to the significant reduction in bank liabilities and the short-term investment of cash and cash equivalents. Long-term interest-bearing account receivables, which are shown in the balance sheet, also contributed to the significant improvement of financial results.

All in all, the Polytec Group achieved a net result of € 7.6m  in the first quarter of 2012. This corresponds to earnings per share of € 0.33 compared to € 0.35 in the previous year.

Excluding unpredictable negative effects resulting from the escalation of the European sovereign debt crisis, the potential instability of financial markets and the lack of consumer confidence, the POLYTEC GROUP still expects group sales to amount to approximately € 500m  for the full year 2012. The operating result for the full year 2012 is expected to match the level in 2011 adjusted for the effects from the deconsolidation gain as a result of the disposal of the Interior-Systems business.