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Polytec Holding AG

EANS-Adhoc: Polytec Holding AG discloses the results for the full year 2009 as well as the results for the first quarter 2009 - massive strain caused by economic environment- active countermeasures

  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
  announcement.
3-month report
24.06.2009
FULL YEAR 2008 The 62.6% growth in sales was due to the first-time 
consolidation of the Peguform Group acquired in the year under 
review. Of the total increase in sales of EUR 416.5 million (+62.6%),
EUR 327.4 million (+49.2%) are attributable to new acquisitions and 
EUR 122.1 million (+18.4%) are due to the full-year effect of the 
acquisitions made in 2007. Excluding these acquisition effects, total
sales in 2008 showed an organic decline of EUR 33.0 million (- 5.0%).
Due to the unfavourable development of the automotive business, the 
earnings situation of the group could not keep up with the growth in 
sales. While EBITDA registered a small increase of 2.0%, EBIT fell by
59.2% also due to extraordinary amortizations.
FIRST QUARTER 2009 Declining production volumes of almost all OEMs 
which have an impact on POLYTEC GROUP´s results, led to a 
considerable drop in sales by 31.4% to EUR 139.9 million. PEGUFORM 
GROUP´s sales figures were not included due to the planned divestment
of this business segment. This substantial decrease in sales resulted
in a decline in EBITDA to EUR 6.6 million despite the adoption of 
counter-measures, which encompassed the introduction of short-time 
working schedules, the discontinuation of fixed-term employment 
contracts as well as the reduction of non-essential capital 
expenditures. Despite these measures, which were initiated to 
counteract the effects of the economic recession, it was impossible 
for the company to prevent a negative EBITDA. Earnings before 
interest and taxes (EBIT) amounted to EUR -3.8 million in Q1 09. The 
net result during the reporting period of the PEGUFORM GROUP, which 
is categorized as "held for disposal" pursuant to IFRS 5, is included
in the Q1 09 net result with a total value of EUR -39.5 million. Net 
result during the reporting period also encompasses the retirement of
fixed assets from the current business for a total amount of EUR 
-14.5 million as well as the impairment of PEGUFORM GROUP´s fixed 
assets for the anticipated disposal loss of EUR ~ 25.0 million. 
Therefore, net loss during the reporting period amounted to EUR -54.1
million. Excluding the contribution of PEGUFORM GROUP to the net 
result, which is comparable with the net profit of the previous year 
after minority interests, the net loss in Q1 09 totaled EUR -14.6 
million.
OUTLOOK 2009 Due to the disposal of Peguform, group sales in 2009 
(excluding the business units that are to be sold off) are not 
expected to exceed EUR 600 million. It is anticipated that the start 
of production for new projects especially in the Automotive Systems 
Division, will compensate for the decline in current business 
operations, which otherwise would be even more significant. The group
divisions have been impacted by the decline in sales to different 
degrees. Although the car supply segment is reporting declines in 
sales of between 20% and 30%, there are also temporary positive 
effects due to the government incentives to stimulate car sales 
(scrapping premium). In the view of the management, a slight 
improvement of the situation is anticipated for the second half of 
2009.
The commercial vehicle supply segment is certainly facing a 
considerably worse scenario. This business unit is not only 
confronted with more drastic declines in sales, which in some cases 
amount to 50% and more, neither is there much prospect of a 
short-term recovery. In fact, the business situation, at least in the
first half of 2010 is not expected to be substantially better than in
2009. Management is, therefore, intensively monitoring the 
development of sales at the Automotive Composites Division, as one of
the most negatively affected business units of the group, and is 
adopting remedial measures to counteract the unavoidable negative 
results arising from such a sales situation. On the cost side, 
counter-measures focus on the adjustment of capacities to the changed
business situation. In all of the group´s major plants, 
overcapacities are being tackled with the introduction of short-time 
working schedules. As a last resort, plants will also have to be shut
down as in the case of the recently announced closure of the Swedish 
plant. The group´s currently very limited financing capacities have 
to be taken into consideration when adopting cost-saving measures. 
Management has a duty to carefully evaluate restructuring steps in 
the light of the short-term impact that such remedial measures will 
have upon cash reserves.
However, all measures notwithstanding, the group will certainly not 
be able to prevent a negative EBIT in 2009. In addition to these 
internal restructuring measures, customers´ contributions have also 
to compensate for declines in results. The dramatic decrease in 
production volume has made former calculation parameters completely 
obsolete as a basis for price negotiations. Moreover, as specific 
target output volumes cannot be reached, no rationalization effects 
can be applied, which used to be passed on to the customers in form 
of contractually agreed price reductions (savings). Thus, in addition
to implementing all possible cost-saving measures, management´s top 
priority must be to obtain customer commitments to support the supply
capacity of the component supply industry.
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: Wien / official market

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