Polytec Holding AG

EANS-Adhoc: Polytec Holding AG
POLYTEC GROUP Half year financial results 2011 / Increase of all earnings figures

  ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
  distribution. The issuer is solely responsible for the content of this
6-month report


In the first half of 2011, the POLYTEC GROUP reported an increase in sales of
10.8% to EUR 405.4 million. This favorable sales development is still
attributable to the consistently positive performance of the European automotive
industry. Sales volumes of the POLYTEC GROUP´s most relevant customers in the
passenger car and in the commercial vehicle sectors recorded strong growth rates
in the first six months of 2011. The sales figures in the same period of the
previous year included roughly EUR 13 million of POLYTEC Composites Italia,
which was divested at the end of the 2010 business year.
Group EBITDA rose by 141.2% to EUR 40.0 million in the period under review. In
addition to the positive market development and fixed cost digression, this
disproportionate increase in results is mainly attributable to the successful
restructuring of the production sites in Zaragoza (Spain) and Waldbröl
(Germany), which made a positive contribution to Group results. 
On June 9, 2011 the divestment of the "Interior" business area, which was sold
to TOYOTA BOSHOKU, was communicated with an "ad hoc" release. The closing of the
transaction took place on June 30, 2011. Thus, sales and earnings figures of the
"Interior" business area are included in this half-year interim report until
June 30, 2011. Following the deconsolidation of the "Interior" business area,
Group EBITDA includes a deconsolidation gain of EUR 7.2 million. Adjusted for
this one-off effect, operating EBITDA amounted to EUR 32.8 million in the period
under review. This corresponds to an EBITDA margin of 8.1%.
In the first half of 2011, group EBIT increased almost tenfold totaling EUR 29.0
million. In addition to the effects mentioned above, this increase is mainly
attributable to lower depreciation of fixed assets, which declined by roughly
EUR 2.6 million due to the conservative investment policy of the POLYTEC GROUP
in the recent past. Financing costs fell by approximately EUR 1.1 million in the
first half of 2011 due to a considerable reduction of net debt and the
renegotiation of lending terms and conditions with the house bank in Q2 2011. 
Nevertheless, the financial result only showed a slight change compared to the
previous year´s period. This is mainly due to a gain of roughly EUR 0.8 million
in Q2 2011. 
In the first half of 2011, the POLYTEC GROUP recorded a net income of EUR 25.8
million compared to a loss of EUR 1.2 million in the same period of the previous
year. This corresponds to earnings per share of EUR 1.14.

in EUR million                  Q2 2011   Q2 2010  Change in %  H1 2011   H1
2010  Change in %
Sales                           204,6     201,1    1,7%         405,4     365,8 
EBITDA                         24,8      13,0      91,3%       40,0      16,6   
 thereof deconsolidation gains 7,2                                              
EBIT                           19,7      6,2       216,6%      29,0      3,0    
Net income                     17,9      4,3       316,5%      25,8      -1,2   
EBITDA margin (adjusted)       8,6%      6,5%                  8,1%      4,5%   
EBIT margin (adjusted)         6,1%      3,1%                  5,4%      0,8%   

Earnings per share (in EUR)    0,80      0,18      337,0%      1,14      -0,07  

Further inquiry note:
POLYTEC GROUP           
Investor Relations

end of announcement                               euro adhoc 

issuer:      Polytec Holding AG
             Linzer Straße 50
             A-4063 Hörsching
phone:       +43 (0) 7221 / 701-0
FAX:         +43 (0) 7221 / 701-0
mail:     investor.relations@polytec-group.com
WWW:      www.polytec-group.com
sector:      Industrial Components
ISIN:        AT0000A00XX9
indexes:     ATX Prime
stockmarkets: official market: Wien 
language:   English

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