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Do, 22.04.2021 08:15
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pta20210422008
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POLYTEC HOLDING AG: 2020 financial year influenced by pandemic - well positioned for the future

Hörsching (pta008/22.04.2021/08:15) - .
During the 2020 financial year, consolidated POLYTEC GROUP sales revenues amounted to EUR 522.0 million and thus corresponded with the 12-month outlook already communicated in the 2020 half-year report.

In the course of the 2020 financial year, the POLYTEC GROUP was subject to the negative economic developments caused by the COVID-19 pandemic. Although business improved in the third and fourth quarters of 2020, the massive sales revenues losses of the first half-year, which were due primarily to the effects of the corona crisis and the lockdown, could not be compensated for and a fall in sales revenues of 16.8% or EUR 105.1 million resulted. All three market areas registered falls in sales revenues due to corona, whereby Commercial Vehicles and Passenger Cars & Light Commercial Vehicles were worst affected.

Outlook 2021 financial year
Subject to the assumption that its business environment recovers, in general the POLYTEC GROUP management anticipates consolidated sales revenues of about EUR 575 million. Moreover, on the basis of the restructuring completed in the preceding year, which saw the closure of four production plants and a resultant lasting reduction in personnel and structural costs, EBIT should improve to about EUR 35 million.

Nonetheless, the realisation of this outlook is prone to a number of significant uncertainties, which continue to limit business development visibility and could lead to a volatile course of business. In particular, the possibility of disruptions to production owing to considerable increases in prices and partial shortages with regard to raw materials makes forecasting problematic. In addition, the course of the corona pandemic continues to threaten negative effects upon consolidated sales revenues and the operative result in the current year.

Group business development in 2020
* EBITDA amounted to EUR 48.3 million, EBITDA margin 9.3%
* EBIT totalled EUR 13.0 million, EBIT margin 2.5%
* Earnings after tax reached EUR 9.5 million
* Earnings per share EUR 0.29, proposed dividend per share EUR 0.30
* Equity ratio was up 0.9 percentage points at 42.6%
* Net debt down by 32.2% to EUR 105.8 million
* Closing balance of cash and cash equivalents (31.12.2020) amounted to EUR 90.4 million
* Employees (FTE incl. leasing personnel, 31.12.2020) 3,636

In the 2020 financial year, POLYTEC GROUP EBITDA totalled EUR 48.3 million (2019: EUR 68.4 million). First and foremost, this fall can be traced back to the Covid-19-related demand losses. However, the EUR 17.0 million emanating from the deconsolidation of the "Industrial" business area and POLYTEC Industrielackierungen GmbH & Co. KG had a positive effect on EBITDA. As compared to the previous year, the EBITDA margin fell by 1.6 percentage points to 9.3%.

Group EBIT in 2020 totalled EUR 13.0 million (2019: EUR 32.6 million). In comparison with 2019, the EBIT margin fell by 2.7 percentage points to 2.5%.

The financial result stood at minus EUR 5.3 million (2019: EUR -3.8 million). The result after income tax amounted to EUR 9.5 million (2019: EUR 23.1 million). This corresponds with earnings per share of EUR 0.29 (2019: EUR 1.02).

The Board of Directors and the Supervisory Board will propose the distribution of a dividend of EUR 0.30 (previous year: no dividend) per eligible share to the 21. Ordinary Annual General Meeting to be held on 13 July 2021.

In 2020, balance sheet total fell by EUR 24.1 million to EUR 581.5 million. As at 31 December 2020, the equity ratio amounted to 42.6%, which was 0.9 of a percentage point higher than on the balance sheet date of the previous year and continues to indicate a healthy position.

As opposed to the 31 December 2019 balance sheet date, net debt was approximately one-third, or EUR 50.2 million, lower at EUR 105.8 million. This was due to both the improvement in working capital and the sale of the "Industrial" business area. Consequently, the key figure for fictitious debt repayment duration improved from 2.3 to 2.2. The gearing ratio was also markedly lower as compared to the previous year, falling from 0.62 to 0.43.

As compared to the 31 December 2019 balance sheet date, the POLYTEC GROUP was able to raise the level of its cash and cash equivalents by 62.5% and as at 31 December 2020 thus disposed over cash and cash equivalents of EUR 90.4 million.

The annual financial statements and business report of POLYTEC Holding AG as at the 31 December 2020 closing date can be downloaded from the Investor Relations, publications section of the Group's website.
https://www.polytec-group.com/en/investor-relations/publications

(Ende)

Aussender: POLYTEC HOLDING AG
Polytec-Straße 1
4063 Hörsching
Österreich
Ansprechpartner: Mag. Paul Rettenbacher
Tel.: +43 7221 701 292
E-Mail:
Website: www.polytec-group.com
ISIN(s): AT0000A00XX9 (share)
Börsen: official trade in Vienna
POLYTEC HOLDING AG
   
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