POLYTEC HOLDING AG: Results 3. quarter 2021

Hörsching (pta010/11.11.2021/07:37 UTC+1) .
* Sales revenues EUR 415.8 million (Q1-Q3 2020: EUR 379.4 million)
* EBITDA EUR 28.3 million (Q1-Q3 2020: EUR 20.6 million)
* EBITDA margin 6.8% (Q1-Q3 2020: 5.4%)
* EBIT EUR 7.0 million (Q1-Q3 2020: EUR -6.2 million)
* EBIT margin 1.7% (Q1-Q3 2020: -1.6%)
* Earnings after tax EUR 3.6 million (Q1-Q3 2020: EUR -10.4 million)
* Earnings per share EUR 0.15 (Q1-Q3 2020: EUR -0.50)
* Equity ratio 45.6% (Q1-Q3 2020: 40.5%)
* Net debt EUR 145.8 million (Q1-Q3 2020: EUR 157.1 million)
* Employees (FTE incl. Leasing personnel) as at 30.09.2021 3,442 (30.09.2020: 3,851)

The POLYTEC Group's consolidated sales in the first nine months of 2021 totalled EUR 415.8 million and owing to the Covid-19-related lower basis for comparison were thus 9.6% higher than in the same period of the previous year (Q1-Q3 2020: EUR 379.4 million). By comparison with the previous year, sales in the Commercial Vehicles market area during the first three quarters of 2021 fell by 20.5% from EUR 86.3 million to EUR 68.6 million.

The Smart Plastic & Industrial Applications market area recorded a marked increase in sales in the third quarter of 2021, which was attributable to the commissioning of additional production facilities for the manufacture of logistics boxes. In the nine-month reporting period, sales in the market area rose from EUR 51.0 million to EUR 53.6 million.

By comparison with the identical period of the previous year (Q1-Q3 2020: EUR 20.6 million), in the first nine months of 2021 POLYTEC GROUP EBITDA increased by 37.2% to EUR 28.3 million. The EBITDA margin in the first three quarters of 2021 amounted to 6.8% (Q1-Q3 2020: 5.4%). The turbulence in the raw material markets had a marked impact upon the earnings situation, especially from the second quarter onwards. In addition, earnings were further impacted by a significant reduction in call-off volumes and repeated call-off cancellations at extremely short notice by our automotive customers, as well as the increased costs incurred due to the more difficult cost adjustment measures.

Group EBIT in the months from January to September 2021 amounted to EUR 7.0 million (Q1-Q3 2020: minus EUR 6.2 million), which corresponded with an EBIT margin of 1.7% (Q1-Q3 2020: EUR minus 1.6%).

The financial result for the first nine months of 2021 totalled minus EUR 2.1 million (Q1-Q3 2020: minus EUR 2.4 million). The POLYTEC GROUP tax ratio in the period from January to September 2021 stood at 26.4% (Q1-Q3 2020: minus 20.7%). The consolidated net profit amounted to EUR 3.6 million (Q1-Q3 2020: minus EUR 10.4 million) and thus corresponded with earnings per share of EUR 0.15 (Q1-Q3 2020: minus EUR 0.50).

As compared to 31 December 2020, as at 30 September 2021, the level of the group's balance sheet total was EUR 39.4 million lower at EUR 542.1 million. This was due primarily to the repayment of promissory note loans and loan repayments, as well as the related reduction in cash and cash equivalents. On the basis of the lower balance sheet total, in comparison to the 2020 reporting date, the equity ratio improved by three percentage points to 45.6% and thus remained at a healthy level.

By comparison with the 2020 balance sheet date, net working capital increased considerably, rising by 37.2%, or EUR 34.5 million, to EUR 127.4 million. This was due mainly to the increased inventories and contract assets from customer contracts.

Outlook 2021 financial year
The considerable uncertainties with regard to the current and future course of business do not permit a well-founded assessment of the sales and earnings expectations. However, the management of POLYTEC GROUP still expects clearly positive EBIT (operating earnings before interest and taxes) in the 2021 financial year.

The interim report of POLYTEC Holding AG as at the 30 September 2021 reporting date can be downloaded from Investor Relations, publications section of the Group's website.
https://www.polytec-group.com/en/investor-relations/publications

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Emitter:	POLYTEC HOLDING AG Polytec-Straße 1 4063 Hörsching Austria
Contact Person:	Mag. Paul Rettenbacher
Phone:	+43 7221 701 292
E-Mail:	paul.rettenbacher@polytec-group.com
Website:	www.polytec-group.com
ISIN(s):	AT0000A00XX9 (Share)
Stock Exchange(s):	Vienna Stock Exchange (Official Trade)