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Polytec Holding AG

euro adhoc: Polytec Holding AG
Financial Figures/Balance Sheet
Results of the first nine months 2008

  Disclosure announcement transmitted by euro adhoc. The issuer is responsible
  for the content of this announcement.
9-month report
05.11.2008
The positive sales development in the first nine months of 2008 was 
due to a favorable sales trend in the commercial vehicle industry and
foremost to the effects resulting from the acquisitions made in the 
previous business year, which contributed to a positive development 
of results at group level in addition to a significant increase in 
sales. POLYTEC GROUP´s sales grew by 27.2% to EUR 595.2 million. 
EBITDA increased in the first nine months of 2008 by 10.1% to EUR 
46.6 million. the equivalent of an EBITDA margin of 7.8%. The 
year-on-year decline of the EBITDA margin from 9.1% to 7.8% was due 
to an unfavorable development of operations in the Automotive Systems
Division.
in EUR million              Q3 2008 Q3 2007 %      1-9 2008 1-9 2007 %
Sales                        182.3   181.1  0.7%    595.2    467.8   27.2%
EBITDA                       9.9     13.6   -27.0%  46.6     42.4    10.1%
EBIT                         3.0     7.0    -56.7%  26.1     26.2    -0.5%
Net income                   0.5     4.3    -87.4%  16.1     18.4    -12.7%
EBITDA Margin               5.5%    7.5%           7.8%     9.1%
EBIT Margin                 1.7%    3.8%           4.4%     5.6%
Earnings per Share (in EUR)  0.02    0.19   -87.4%  0.72     0.82    -12.2%
The unfavorable development was, as reported in the previous quarters
of 2008, not only attributable to a number of factors with a negative
impact on earnings. This downward trend was due to a general decline 
in sales as a result of reduced OEM production volumes which had 
already started in the third quarter of 2008. This negative trend was
further impacted by higher-than-expected start-up costs for new 
projects, which in turn led to increased material costs and 
extraordinary expense items (i.e. leased staff). A further 
contribution resulted from the price development on the raw material 
and energy markets. Against the backdrop of the current challenging 
market environment, targeted potentials were not achieved. This 
situation is not expected to improve by year-end.
OUTLOOK
Due to the first-time consolidation of PEGUFORM GROUP as of October 
1, 2008 and its contribution to both group sales and earnings, the 
outlook for the 2008 business year must be boosted. PEGUFORM GROUP 
will contribute roughly EUR 300 million to POLYTEC GROUP sales in the
fourth quarter of 2008, which will result in combined sales of 
approximately EUR 1.1 billion. The newly acquired business will make 
a positive contribution to net income and earnings per share for the 
full-year of 2008.
ORGANIC DEVELOPMENT OF POLYTEC GROUP
Due to the expected slowdown in the business performance in the 
fourth quarter of 2008 as the result of an unfavorable market 
development for the automotive supplier industry and the output 
reduction announced by the European OEMs, the EBITDA margin target of
8% (excluding the effects from the first-time consolidation of 
PEGUFORM GROUP) will not be met despite expected sales of EUR 800 
million for the full-year of 2008. The effects from the prolonged 
company vacation periods and the temporary suspension of production 
operations announced by the OEMs cannot be quantified at present. The
impact on results affected by the aforementioned measures can only be
counteracted in the short-term by reducing overtime and the number of
leased staff. For these reasons, more detailed information about the 
earnings development cannot be provided from today´s perspective. 
However, it is expected that the original margin target of 8% will 
not be considerably underperformed.
end of announcement                               euro adhoc

Further inquiry note:

Manuel TAVERNE
POLYTEC GROUP
Investor Relations
Tel.+43(0)7221/701-292
manuel.taverne@polytec-group.com

Branche: Industrial Components
ISIN: AT0000A00XX9
WKN: A0CA1R
Index: ATX Prime
Börsen: Wiener Börse AG / official market

Plus de actualités: Polytec Holding AG
Plus de actualités: Polytec Holding AG