Polytec Holding AG

Management Reports • Apr 28, 2010

Group Management Report POLYTEC Holding AG

for the financial year 2009

1. Global economic conditions and sector situation report

Economic environment

In the 2009 financial year, worldwide economic development was impacted by the most severe recession since the war. Real GDP dropped in almost all regions due to the global financial and economic crisis, with the industrialized countries recording the strongest declines (-3.6%). Real global GDP decreased significantly by 2.3% compared to the previous year. After the economic slump at year-end 2008, the beginning of the second half of 2009 saw a reversal of this global downward trend, mostly due to growth impulses from Asia.

In the year under review, worldwide economic development was marked by the collapse of international trade and a strong decline in demand for consumer goods. As well as all industrialized countries, the recession also hit the emerging markets and, most of all, the export-dependent economies. However, thanks to the concerted efforts of both national central banks and governments, the situation on the international financial markets was at least partially stabilized. Furthermore, intensified fiscal counter-measures in the form of economic stimulus programmes contributed to mitigating the economic slump in the course of the reporting year.

The recession, which had already started to unfold in the second half of 2008, hit Europe with full force in the 2009 financial year. The reasons behind this recession were the financial crisis and thus a contraction in consumption and investing activities, destocking of inventories and a drop in exports. In contrast to last year's development, real GDP showed a strong decline within the EU in the reporting year (2008: +0.8%; 2009: -4.1%). Only in the second half of 2009 did numerous companies start to restock their inventories, which had been destocked during the first half-year, resulting in a slight increase in the level of capacity utilization which up to that point had been very low. At the same time, state economic stimulus programmes started to prove effective by supporting both private and public consumption.

Sector situation

The problematic development of the world economy during the year under review, as a result of the global crisis on the international financial markets, led to a strong decline in sales in the automotive industry throughout the most important markets. The European automotive production volumes dropped from 18.5 million to 15 million vehicle units.

Passenger cars (in million units)

Source: www.acea.be/company internal graphics

The most important customers of the Group recorded considerable declines in sales due to the dramatic drop in new car registrations in 2009. According to a survey carried out by the management consulting company Roland Berger, global sales in the automotive supply industry declined by 25%.

This downward trend was, amongst other, mitigated by the introduction of vehicle scrappage premiums by the governments, which mostly benefited manufacturers of small passenger cars, and therefore had only a limited impact on the POLYTEC GROUP, as the group is mainly orientated toward premium manufacturers.

While passenger car sales will probably be negatively impacted by the termination of scrappage schemes, an order backlog is anticipated over the short term in the premium segment. The trend on the automotive market is generally shifting toward more lightweight and eco-friendly vehicles, high-value fittings and greater customization. Given its product portfolio focused on weight reduction and its extensive experience in the premium car segment, the Group is poised to benefit from this trend. The German manufacturers started the current 2010 business year with a resumption of the growth trend.

Business development and group situation

General information

The restructuring programme of the POLYTEC GROUP, which was agreed upon by the financing banks and the company and unanimously approved by an extraordinary General Meeting on June 26, 2009 envisaged, among other things, the disposal of the PEGUFORM GROUP (which had been acquired in the 2008 financial year), with the exception of the two plants (Weiden and Chodova Plana) belonging to the Automotive Composites Division. Thus, the PEGUFORM GROUP, with the exception of the two aforementioned plants, is to be classified as "held for sale" pursuant to IFRS 5 and consequently divested from the Automotive Systems Division.

With regard to the revenue and earnings development of both the Group and the Automotive Systems Division, it should be noted that the divestment of the PEGUFORM GROUP reported in the Notes to the Consolidated Accounts under D. 10 permits only a partial comparison with the audited financial statements of the 2008 business year.

To allow better comparability and, therefore, a more accurate assessment of the development of results, reported figures for the 2008 financial year also include figures adjusted for the effects of the acquisition of PEGUFORM GROUP.

In the following Group Management Report, the financial figures for the year under review have also been adjusted for the effects of the acquisition of the PEGUFORM GROUP, which was deconsolidated as of July 31, 2009 and whose contribution to results has been classified as "result from divested divisions".

Business development of the Group

Against the backdrop of strong declines in production volumes within the passenger car, heavy-goods and commercial vehicle segments as a result of the global economic recession, Group sales dropped by 21.0% to EUR 607.0 million, with the two former PEGUFORM GROUP plants, consequently rebranded as POLYTEC Composites Bohemia and POLYTEC Composites Weiden, contributing EUR 34 million to total sales figures.

Key financial figures showed the following development in the year under review:

Earnings figures of the Group	Units	2009	2008 comparable	2008	2007
Sales	EUR million	607.0	768.3	1,081.5	665.0
EBITDA	EUR million	10.2	50.2	65.0	63.7
EBITDA margin (EBITDA/sales)	%	1.7	6.5	6.0	9.6
EBIT before restructuring costs	EUR million	-22.4	13.9	16.7	41.0
EBIT after restructuring costs	EUR million	-30.2	13.9	16.7	41.0
EBIT margin (EBIT/sales)	%	-5.0	1.8	1.5	6.2
Net profit from continued operations EUR million		-51.4	9.8	3.0	37.3
Net profit margin (net profit/sales)	%	-8.5	1.3	0.3	5.6
Earnings per share	EUR	-2.33	0.42	0.08	1.66
Average capital employed	EUR million	336.7	n/a	365.0	171.9
ROCE before tax	%	-9.0	n/a	4.6	23.9

The downward market trend in the automotive industry and, most specifically, in the commercial vehicle segment which started unfolding at year-end 2008, continued throughout the reporting year resulting in a considerable decline in Group operating income, which turned negative. EBITDA remained positive totalling EUR 10.2 million, as the successful implementation of restructuring measures led to positive EBITDA margins in the second half of the reporting year.

Parallel to the development of Group EBIT, the result from continuing operations after taxes decreased to EUR -51.4 million compared to EUR 9.8 million in the previous year. The result on a pro-rata basis from the divestment of the PEGUFORM GROUP had an additional negative impact of EUR -38.7 million on Group figures.

This also applies to the restructuring costs totalling EUR 7.8 million reported in the profit and loss account. More detailed information about individual items is available in the Notes to the Consolidated Accounts under D. 7.

The contribution of the individual divisions to total sales figures has changed considerably in the year under review. Due to drastic declines in sales in the commercial vehicle segment, the Automotive Composites Division only accounted for 26% of total Group sales in 2009 after 36% in the previous year.

Automotive Systems Division

	Units	2009	2008 comparable	2008	2007
Sales	EUR million	369.7	392.4	705.6	369.3
Share of Group sales	%	60.6	51.1	65.2	55.5
EBITDA	EUR million	1.4	3.5	18.3	25.8
EBITDA margin (EBITDA/sales)	%	0.4	0.9	2.6	7.0
EBIT before restructuring costs	EUR million	-21.5	-21.2	-18.3	10.8
EBIT after restructuring costs	EUR million	-23.7	-21.2	-18.3	10.8
EBIT margin (EBIT/sales)	%	-6.4	-5.4	-2.6	2.9
Net profit	EUR million	-21.5	-24.1	-30.9	4.1
Net profit margin (net profit/sales)	%	-5.8	-6.1	-4.4	1.1
Average capital employed	EUR million	257.3	n/a	282.7	106.2

The Automotive Systems Division is the most important business unit of the POLYTEC GROUP, accounting for 61% of total Group sales. In the year under review, division sales declined by 5.8% to EUR 369.7 million and the result after taxes amounted to EUR -21.5 million, including one-off restructuring expenses of EUR 2.2 million for personnel downsizing measures as well as impairment charges following extraordinary amortization on fixed assets of EUR 3.9 million.

Part sales recorded a drop of 17.1% to EUR 310.3 million. Tooling sales increased from EUR 18.0 million to EUR 59.4 million mainly due to new projects started in the year under review.

The strong decline in part sales was attributable to the global economic recession and, most of all, to the wide range of sales incentive programmes which had proved ineffective for this division, as it mainly supplies premium car manufacturers.

Division EBIT amounted to EUR -23.7 million in 2009 compared to EUR -21.2 million in 2008. The previous year's figure included a one-off amortization of goodwill totalling EUR 6.3 million. Similarly, the 2009 comparative value includes the aforementioned one-off effects in the amount of EUR 6.1 million.

Earnings development principally reflected the downward trend of the automotive industry from Q4 2008 onward, although costsaving measures began to become effective as of the second half of 2009, resulting in a considerable improvement of EBIT compared to Q4 2008 (EUR -10.3 million).

Automotive Composites Division

	Unit	2009	2008	2007
Sales	EUR million	156.3	277.9	201.3
Share of Group sales	%	25.8	36.2	30.3
EBITDA	EUR million	0.5	32.7	24.9
EBITDA margin (EBITDA/sales)	%	0.4	11.8	12.4
EBIT before restructuring costs	EUR million	-6.1	24.3	19.9
EBIT after restructuring costs	EUR million	-7.8	24.3	19.9
EBIT margin (EBIT/sales)	%	-5.0	8.8	9.9
Net profit	EUR million	-12.8	14.4	23.7
Net profit margin (net profit/sales)	%	-8.2	5.2	11.8
Average capital employed	EUR million	35.9	36.9	22.3

The development of the Automotive Composites Division was marked by a dramatic decline in both sales and earnings within the commercial vehicle segment. Division sales decreased by 43.8% to EUR 156.3 million in a year-on-year comparison, despite the first-time full-year contribution to total sales figures of the plants POLYTEC Composites Bohemia and POLY-TEC Composites Weiden in the amount of EUR 34 million. The strong (organic) drop in sales principally reflected the development of the commercial vehicle market, which registered a 64% decrease benchmarked against total European production volumes.

Due to the collapse in demand from Q4 2008 onward, the market is currently suffering from excess capacities and distorted cost structures due to investments made by suppliers on the basis of considerably higher turnover expectations. On the back of this negative development, capacities at all plants had to be brought in line with the anticipated lower production volumes. In addition to considerably downsizing leased staff, short-time working schemes were introduced at all corporate sites in the year under review. These successful remedial measures were also reflected in the quarterly development of EBITDA, which showed a considerable improvement over the course of the year, totalling EUR 0.5 million for the full-year 2009.

In the year under review, EBIT declined to EUR -7.8 million due to a drop in sales, whereas the previous year showed a positive EBIT of EUR 24.3 million mainly attributable to successful restructuring measures. This corresponds to a decline in the EBITDA margin from 8.8% to -5.0%.

As a consequence of the severe slump in the market, structural optimization measures were also implemented. After the successful closing of the Slovakian plant in Trnava at the end of 2008, at the beginning of the year, the closure of the plant in Sweden was initiated and had almost been completed by the end of the year. However, owing to the high closure expenses, the company was forced to file for insolvency at the beginning of 2010.

Car Styling Division

	Unit	2009	2008	2007
Sales	EUR million	64.3	77.7	74.7
Share of Group sales	%	10.6	10.1	11.3
EBITDA	EUR million	5.1	8.9	9.6
EBITDA margin (EBITDA/sales)	%	7.9	11.4	12.9
EBIT	EUR million	3.1	6.8	7.9
EBIT margin (EBIT/sales)	%	4.8	8.7	10.6
Net profit	EUR million	2.1	4.4	5.3
Net profit margin (net profit/sales)	%	3.3	5.7	7.1
Average capital employed	EUR million	33.0	34.7	33.0

Given the severity of the crisis, the Car Styling Division performed quite well. Nevertheless, the division was unable to completely buck the downward trend in the automotive industry and showed a decline in both sales and earnings in the year under review. Division sales amounted to EUR 64.3 million and EBIT to EUR 3.1 million, with the EBIT margin totalling 4.8%.

In view of the current trend toward the increased personalization of passenger cars, market opportunities for this division are still regarded as favorable.

Other business units

	Unit	2009	2008	2007
Sales	EUR million	16.8	20.3	19.6
Share of Group sales	%	2.9	2.6	2.9
EBITDA	EUR million	3.3	5.2	3.5
EBIT before restructuring	EUR million	2.2	3.9	2.4
EBIT after restructuring	EUR million	-1.7	3.9	2.4
Net profit	EUR million	-19.3	15.0	4.2

"Other business units" principally encompass the non-automotive business of the Group, POLYTEC Holding AG, as well as consolidation effects on results which cannot be attributed to any division in particular.

The negative result mainly relates to costs in connection with the divestment of the PEGUFORM GROUP in the amount of EUR 3.1 million.

Group key balance sheet figures

	Unit	Dec. 31, 2009	Dec. 31, 2008	Dec. 31, 2007
Asset ratio (Long term assets/ Total balance sheet)	%	39.3	51.5	32.7
Equity ratio (Equity/ Total balance sheet)	%	18.5	15.2	35.7
Balance sheet total	EUR million	332.1	1,020.8	445.0
Net working capital	EUR million	26.0	17.9	77.3
Net working capital in % of sales (NWC/sales)	%	4.3	4.4	8.9

The intensity of investment was considerably reduced in the year under review compared to the previous year due to the divestment of the PEGUFORM GROUP. Capital expenditures for tangible assets dropped by 47.2% to EUR 20.6 million in the reporting year and were mainly attributable to customer-related investments in the purchase of facilities for new up-coming projects.

The increase in the equity ratio from 15.2% to 18.5% despite the current deficit situation is attributable to debt relief but also a decline in balance sheet total in connection with the divestment of the PEGUFORM GROUP.

Balance sheet structure of POLYTEC GROUP Fixed assets Current assets Short-term liabilities Long-term liabilities Equity 2007 2008 56% 2009 65% 46% 44% 35% 54% 2007 2008 16% 66% 2009 22% 42% 13% 72% 18% 36% 15%

Group key financial figures

	Unit	2009	2008	2007
Net debt	EUR million	69.9	346.4	29.2
Net debt to EBITDA	x	6.9	5.33	0.46
Gearing debt (net debt/equity)	x	1.14	2.24	0.18

The substantial reduction in the POLYTEC GROUP's net debt is attributable to debt relief in connection with the divestment of the PEGUFORM GROUP.

Cash flow from continuing operations

	Unit	2009	2008 comparable	2007
Cash flow from operating activities	EUR million	10.7	70.1	-7.5
Cash flow from investing activities	EUR million	-18.0	-238.3	-9.7
Cash flow from financing activities	EUR million	19.9	163.8	23.6
Changes in cash and cash equivalents	EUR million	12.6	-4.4	6.4

In the year under review, cash flow from operating activities amounted to EUR 10.7 million and was marked by a decline in earnings due to the crisis-fuelled drop in sales and extraordinary expenses in connection with the Group's restructuring measures.

At the same time, working capital management measures led to positive effects. As mentioned above, investments were mainly concentrated on customer-related and efficiencyenhancing projects.

The positive cash inflow from financing activities totalling EUR 19.9 million mainly resulted from additional funding made available by the POLYTEC GROUP's principal lending bank in the course of the restructuring process.

Non-financial performance indicators

Environmental protection

Practical environmental protection involves more than compliance with regulatory obligations. Many organisations do more than is legally required and voluntarily introduce an environmental management system with the aim of continuously improving their environmental performance and reducing the negative impact of their operations on the environment. ISO 14001 is the internationally recognized standard for putting in place an environmental management system. All the group's major sites have received certification in accordance with this standard.

Dealing carefully and responsibly with natural resources is an essential part of the POLYTEC GROUP's business activities. For a company specialising in processing plastics, the avoidance of waste is particularly important. In those factories, which work mainly with injection moulding technologies, every effort is made to regranulate the waste material and channel it back into the production process. The Group also focuses on increasing the use of natural materials.

The economic (sparing) use of raw materials or the use of alternative materials is also an integral aspect of all research and development activities.

EMPEFLEX is a flax fibre-reinforced polypropylene for interior trims, which in addition to its low specific weight offers several other functional advantages. The material is very stiff and highly impact resistant, properties that are reflected in its excellent crash performance. Furthermore, EMPEFLEX components can be laminated with decorative materials without the application of adhesive, which increases economic efficiency and reduces emissions, while at the same time enabling entire composite systems with thermoplastic surface materials to be recycled. EMPEFLEX is derived from the flax plant, which needs very little fertiliser or pesticides, making even the production of this renewable resource extremely environmentally friendly. As flax is an annual plant it also closes the CO2 cycle. At the end of the vehicle's life EMPEFLEX can be recovered from the car body and either reused or recycled as an energy source.

We continue to produce the following technologies that make a positive contribution to reducing emissions:

• POLYSWIRL (oil separator system; reduces oil consumption)
• POLYFLAX (natural fibre-based composite).

A further development is the use of sugar cane resin as a matrix material for long fibre-reinforced interior trim parts. Car interior trim parts produced in this manner contain up to 100% renewable raw materials. The process has, however, not yet been used in series production.

Employees

The average number of those employed1) by the POLYTEC GROUP and their geographic spread in the years from 2007 to 2009 is as follows:

	2009	2008 comparable	2008	2007
Austria	382	424	424	363
Germany	3,644	4,028	4,831	4,072
Rest of Europe	1,341	1,827	2,208	1,716
North America	15	17	17	25
South America	0	0	281	0
South Africa	76	83	83	102
Asia	67	160	252	154
Total	5,525	6,539	8,095	6,432

The average number of employees by division can be broken down as follows:

	2009	2008 comparable	2008	2007
Automotive Systems Division	2,908	3,056	4,930	3,321
Automotive Composites Division	1,867	2,686	2,368	2,380
Car Styling Division	610	647	647	591
Holding/other segments	140	150	150	140
Total	5,525	6,539	8,095	6,432

A key performance indicator in the HR area, sales per employee, developed as follows:

	Unit	2009	2008 comparable	2008	2007
Sales per employee	TEUR	110	117	134	103

1) Contract workers/Employees of companies included in the consolidated financial statements for the first time are shown in the table on a pro rata temporis basis from the date of initial consolidation.

A strong customer focus and ongoing process optimisation in terms of profitability, environmentally-friendliness and efficiency are top priorities for the POLYTEC GROUP. Besides, these factors also define the attitude of POLYTEC employees to their work.

In order to be well equipped to face up to the dynamic market challenges that lie ahead, the POLYTEC GROUP promotes the further education and professional training of its employees, both through in-house educational and vocational training measures as well as with the support of external educational institutions. Alongside the further development of technical know-how and manual skills, a strong focus is placed on teaching foreign languages, as these are essential for the business success of an international company such as POLYTEC.

Executive remuneration packages include a performancebased component to promote identification with the company and the careful and efficient use of financial resources.

Subsequent Events after the Balance Sheet Date

The election and re-election of members of the Supervisory Board took place at an extraordinary General Meeting on February 5, 2010. With the exception of Andreas Szigmund, who resigned at this meeting, all members of the Supervisory Board were re-elected. Reinhard Schwendtbauer and Meinhard Lukas were elected as new members of the Supervisory Board. For more detailed information regarding the members of the Supervisory Board please refer to the Corporate Governance Report.

Please refer to section E. 2 of the Notes to the Consolidated Accounts for more information about events and transactions after the balance sheet date, which are of material importance for the evaluation of assets and liabilities.

2. Report on the expected development and risks for the Group

FORECAST REPORT

Sector

Passenger cars

As mentioned above, our customers were unable to buck the downward market trend in 2009. For the 2010 business year, market sentiment is expected to improve and premium car manufacturers in particular are more optimistic, anticipating slight increases compared to the previous year. Thus, our most important customers have reiterated their growth targets over the mid term and expect the automotive industry to resume its upward trend going forward.

Commercial vehicles

In the commercial vehicle segment, manufacturers expect a slight increase for the full-year 2010 despite the persistently uncertain market situation. The reason for this assumption is that the industry has reduced its stocks of commercial vehicles in 2009. The resulting increase in production is also confirmed by the lower number of planned "down" days compared to the previous year. Furthermore, it is expected that this moderate market recovery will gather momentum in the second half of 2010. However, no perceptible improvement of the general situation is anticipated before 2011 a nd 2012. For the 2012 business year, the expectations of most commercial vehicle OEMs are high, especially if today's heavy good vehicles are replaced by the new generation of commercial vehicles with EURO-5 and EURO-6 engines. Nevertheless, production figures are not expected to match the peak levels of the 2007 and 2008 boom years.

Development of results

Automotive Systems Division

For the full-year 2010, sales are expected to show a slight increase. Due to the clear positioning of this division as a supplier of the European premium segment, no negative effects are anticipated from the termination of various European scrappage schemes.

Besides, in the light of the expected positive sales development and the further implementation of optimization measures, the division's operating income is anticipated to increase in the 2010 business year.

Automotive Composites Division

Against the backdrop of the current general market development, there are few signs at present of a long-term recovery of the Automotive Composites Division, despite a slight increase at the beginning of 2010. However, based on the implementation of sales and cost optimization measures which will become fully effective in 2010, the situation has already been improved.

In the event that capacity utilization does not show a further improvement in the course of 2010, the company does not rule out the possibility of putting in place additional restructuring measures upon termination of short-time working schemes.

Liquidity

In the wake of the global financial crisis, in autumn 2008 the POLYTEC GROUP ran into severe financial difficulties following a significant rise in the level of indebtedness for the acquisition of the PEGUFORM GROUP, which might have jeopardized the survival of the company. In spring 2009, a comprehensive restructuring programme was negotiated with the lending banks of the POLYTEC GROUP, which led to the divestment of the PEGUFORM GROUP and resulted in the sustainable reduction of the company's debt level. This programme was successfully finalized in summer 2009. Following the reduction of the POLYTEC GROUP's indebtedness and the guaranteed continuation of the parent company's operations, the main lending bank of the Group made additional funds available in the amount of EUR 31 million with a view to meeting future liquidity requirements for the further development of business.

Continuing operations and financing activities

The persisting global financial and economic crisis and the severe slowdown in economic activity posed a huge challenge to POLYTEC Holding AG. The Group's business performance in the year under review was marked by a massive slump in both the passenger car and commercial vehicle segments, which led to considerable declines in sales and earnings. In the year under review, the POLYTEC GROUP posted a negative result after taxes of EUR -90.1 million, including effects from business divisions "held for sale" (for further details about the included one-off expenses please refer to the Notes to the Consolidated Accounts under D. 6 and D. 8).

In light of the current challenging economic situation and the difficulty of predicting the further development of the passenger car and commercial vehicle businesses, the company's future earnings situation and financing requirements might be subject to changes that cannot be estimated with any degree of certainty on the basis of the information currently available. According to current business planning calculations, the POL-YTEC GROUP is expected to post a positive EBIT in 2010 while the company's liquidity projections show that additional cash and cash equivalents in the amount of EUR 18.5 million will be required; this, however, can be covered within the current financial framework. Furthermore, it should be noted that business planning calculations and the resulting liquidity projections also encompass measures which have not yet been fully agreed upon (sales increases, reduction of personnel costs). Therefore, the final outcome of negotiations will have a significant impact on the future earnings situation and financing requirements of both the Group and the individual subsidiaries. The POLYTEC GROUP's business planning calculations have been drawn up by both local management and the Board of Directors to the best of their knowledge and belief on the basis of the information currently available about the development of the passenger car and commercial vehicle segments, which is, however, hard to predict at present. Against the backdrop of widespread uncertainties and negative market sentiment as a result of the global economic downturn, the POLYTEC GROUP cannot fully rule out that the future business development of the Group's subsidiaries might be in jeopardy. It is therefore possible that unfavourable impairments of certain balance sheet assets might be recognized in future. In the first two months of 2010, Group results were slightly behind schedule.

Against this background, additional funding to be provided by the Group's main lending bank is deemed to be vital for the survival of POLYTEC Holding AG. As the company's principal creditor, the lending bank has confirmed in writing as of March 9, 2010 that it intends to guarantee additional funding based on the anticipated development of Group operations in line with the original planning calculations and pending approval by the relevant Committees by December 31, 2011. Deviations from plan of individual companies or plants of POLYTEC Holding AG alone are not considered a sufficient reason to terminate the financing agreement on the part of the lending bank, provided that the general business development of POLYTEC Holding AG does not fall substantially short of the original planning calculations. In the event of further declines in earnings or of a suspension of funding on the part of the lending bank, the survival of the Group would be in jeopardy.

However, based on the current business planning calculations and in light of the additional funding guaranteed by the lending bank, the Board of Directors expects the Group to continue business operations.

Risk Reporting and Financial Instruments

For more detailed information about risk reporting please refer to section E.5 of the Notes to the Consolidated Accounts. For information concerning Group derivative financial instruments please refer to section C. 21 of the Notes. Concerning "Continuance of operations" we refer to the chapter "Continuing operations and financing activities".

3. Research and development

To secure the Group's future competitiveness and business success, research and development activities focus on continuously improving and streamlining current manufacturing processes, on new and further development of automotive components in consultation and collaboration with our customers, and on the further development of materials.

In the 2009 business year, a number of developments reflecting the latest trends were successfully implemented. These encompassed the use of lightweight components to reduce CO2 emissions, intelligent system integration to increase costefficiency and a new ecological and sustainable product based on the discussions currently underway in the specialist media.

The POLYTEC GROUP operates several development centres. In keeping with the corporate strategy each of these development centres specialises on the products that are manufactured at the respective site. New engine compartment parts are developed in the north German town of Lohne, where the largest production site for engine compartment parts is based. Development work ranges from the introduction of plastic parts as substitutes for aluminium parts to the further development of existing components. The test area has been extended to meet constantly rising customer demands and to support active work on new developments, with a view to further consolidating the company's pioneering role in the field of engine component parts.

The development focus in the Bavarian town of Geretsried is on interior systems. Employees here work constantly on the further development of materials, concentrating on weight reduction, cost efficiency and component quality. In the field of material development, the clear focus is on developing sandwich materials and environmentally friendly materials based on natural fibres. Development work in the field of manufacturing concentrates, above all, on improving the integrated module concept in order to further reduce assembly costs.

In the 2009 business year, we started series production of a door trim panel based on an innovative laminating solution to achieve high product quality and weight-reduced components at a lower cost.

Further research activities, which focus on basic topics such as the use of resins based on renewable raw materials and also on the further development of natural fibre production in general (development project in cooperation with the Chemnitz University of Technology to study the use of green flax instead of the well-rotted flax used hitherto etc.), round-off the company's development portfolio.

In the town of Morsbach-Lichtenberg in North Rhine-Westphalia, development work concentrates on the field of pillar trims, in particular on back injection moulding of textiles and other materials. The town is also home to the competence centre for the finishing of special textile goods for back injection moulding. The use of thin wall technology in the field of injection moulding is also developed at this centre, as are the plastic door trim panels.

In addition to goal-orientated pre-development projects carried out in close consultation with automotive manufacturers, concerted efforts have also been devoted to developing new component and surfacing materials, as well as process technologies. Thanks to this development work, the Group has already registered several trademarks, e.g. POLYSWIRL (oil separator system), POLYFLAX (natural fibre-based composite), POLYLOAD (a new type of lightweight matrix), POLYSKIN (2-component processes for high-quality interior parts at optimum cost) and POLYGRAIN (in-mould graining process). Further projects are in the pipeline. At present, the POLYTEC GROUP owns more than 240 registered trademarks and patents.

In the Automotive Composites Division the focus is above all on finding new and better applications for thermoset materials. Other development activities are aimed at increasing efficiency in the production and handling of SMC (sheet moulding compounds) as well as enhancing their processing and varnishing safety. The new generation of vehicles is also posing new challenges in terms of component strength and impact resistance, requiring constant development of the basic material and the way in which it is processed. Another key area of development work encompasses the weight reduction of components whilst preserving their main properties.

The business activities of the Car Styling Division offer the full range of the process chain, beginning with first design concepts to clay models (M 1:1), digitalization, CAD construction and the construction of rapid-prototyping-models. In the tool shop and mould construction department we construct and develop tools for serial production as well as devices. These processes will be executed from our highly experienced project managers in close relationship with our customers. The process chain ranges from the plastic parts production, the pretreatment to the prime coating, painting, assembling and logistics. This enables us to react highly flexible and to steadily improve the competence.

In 2009, the POLYTEC GROUP spent approximately 2.7% of total Group sales on research and development (2008: 2.6%).

4. Key features of the internal control system and risk management system in relation to the financial reporting process

The Board of Directors is responsible for implementing an adequate internal control and risk management system for the accounting process and financial reporting. Appropriate organisational measures ensure that all relevant legal requirements to make complete, correct, timely and orderly entries in the books and other records are met.

The entire process from procurement to payment is subject to strict rules and guidelines that are intended to avoid any risks these processes may entail. These measures and rules include separation of functions, signature authorisation policies, and signatory powers for authorising payments applying on a collective basis only and restricted to a small number of employees, as well as system-supported checks by the software in use.

By using a standardized, Group-wide financial reporting system, together with ad hoc reporting on major events, the Board of Directors is kept constantly abreast of all relevant issues. The Supervisory Board is informed in Supervisory Board meetings, held at least once every quarter, on the current business development, including operative planning and the medium-term strategy of the Group, with direct and immediate information being provided to the Supervisory Board in special cases. Internal control and risk management are among the topics dealt with at the Audit Committee meetings.

5. Information regarding capital, -share, -voting and control rights and associated obligations

The share capital of POLYTECH Holding AG is split into 22,329,585 bearer shares with a par value of EUR 1.00 each. The Group has no other types of shares. All shares have been admitted to trading in the prime market segment of the Vienna Stock Exchange.

In January 2006, POLYTEC Holding AG acquired 29,934 treasury shares (0.13% of the share capital) for a purchasing price of EUR 7.20 per share (following prior approval of the Annual General Meeting on October 27, 2004) from a retired member of the Group's management. The number of treasury shares held by the company has remained unchanged since then.

Shareholders with a stake of over 10.0% of the share capital as of the balance sheet date and at the time of the compilation of this report included:

IMC Verwaltungsgesellschaft mbH: This company holds shares in POLYTEC Holding AG on its own behalf, but also on behalf of the affiliated companies Huemer Holding GmbH and Huemer Invest GmbH.

The total shareholding of the three companies amounts to roughly 32% of the share capital2). The CEO of the POLYTEC GROUP, Friedrich Huemer, is the indirect sole shareholder of IMC Verwaltungsgesellschaft mbH and the managing director with sole power of representation of the said companies.

Due to the necessity of acquiring a working capital line of credit to provide additional funding to the POLYTEC GROUP in the amount of roughly EUR 31 million, the title of property for 16% of the company's share capital or 3,572,734 shares was assigned by HUEMER Holding GmbH, an affiliated company of IMC Verwaltungsgesellschaft mbH, to the lawyer Dr. Peter Posch. In the exercise of his voting rights Mr. Posch is only bound to HUEMER Holding GmbH with regard to a small number of important measures.

PT Automotive Consulting GmbH: This company, based in Linz (Austria), belongs to the affiliated Group of Raiffeisenlandesbank Oberösterreich AG and holds approximately 19% of the company's shares.

Delta Lloyd Asset Management NV: This asset management firm is based in Amsterdam (Netherlands) and holds approximately 10% of the share capital of POLYTEC Holding AG through the following funds:

– Delta Lloyd Europees Deelnemingen Fonds

– Delta Lloyd Luxembourg European Participation Fund

No shareholders have particular rights of control.

With regard to the Board of Directors' ability to issue shares, please refer to the Notes to the Consolidated Accounts under D. 22 for more detailed information about the authorized capital.

There are indemnification agreements between the company and two members of the Board of Directors. There are no indemnification agreements between the company and its Supervisory Board members and employees, nor any other major agreements, which would be affected by a change in control or a public takeover bid.

No provisions in the Articles of Association are laid down that go beyond the statutory provisions for appointing members of the Board of Directors or of the Supervisory Board or for amending the Articles of Association.

Hörsching, April 6, 2010

The Board of Directors

Friedrich Huemer m.p.	Eduard Schreiner m.p.

Alfred Kollros m.p. Andreas Jagl m.p.

2) Including the 16% of the share capital assigned as security.

Consolidated Accounts of POLYTEC Holding AG

for the financial year 2009

Consolidated Acc ounts	61
Consolidated income statement	62
Consolidated balance sheet	62
Consolidated cash flow statement	63
Statement of changes in consolidated shareholders' equity	64
Statement of changes in equity	65

Notes on the consolidated Accounts for the financial year 2009 of Polytec holding AG, hörsching 66

	General information	66
	Principles of consolidation	67
	Accounting and evaluation principles	70
	Information concerning the Group's profit and loss statement and the consolidated balance sheet	74
	Other information	83
	Reporting by business segment	90
	Consolidated movement of fixed assets	92
	Changes in provisions for severance payments, pensions and jubilee payments	94
	Schedule of Group investments	95
	Statement of all Legal Representatives	96
Independent Auditors' Report 97

Consolidated income statement for the financial year 2009

compared with the figures from the previous year

in TEUR	Notes	2009	2008 adjusted
1.	Net sales D. 1	607,047	768,282
2.	Other operating income D. 2	22,439	21,663
3.	Changes in inventory of finished and unfinished goods	-19,728	29,321
4.	Own work capitalized	823	1,329
5.	Expenses for materials and services received D. 3	-330,194	-437,135
6.	Personnel expenses D. 4	-186,509	-216,961
7.	Other operating expenses D. 5	-87,091	-116,314
8.	Deconsolidation gains B. 1	3,434	0
9.	Earnings before interest, taxes and amortization (EBITDA)	10,221	50,184
10.	Depreciation	-28,671	-28,139
11.	Earnings before interest, taxes and amortization of goodwill (EBITA)	-18,450	22,046
12.	Impairments	-3,965	-8,172
13.	Operating profit (EBIT) before cost of restructuring	-22,415	13,874
14.	Cost of restructuring D. 7	-7,822	0
15.	Operating profit (EBIT) after cost of restructuring	-30,236	13,874
16.	Income from associated companies	0	142
17.	Financial expenses	-6,884	-6,158
18.	Impairments	-9,944	0
19.	Other financial results	-568	-112
20.	Financial result D. 8	-17,397	-6,128
21.	Earnings before tax	-47,633	7,746
22.	Taxes on income D. 9	-3,796	2,044
23.	Net profit of continued operations	-51,429	9,790
24.	Net profit of discontinued operations D. 10	-38,650	-7,575
25.	Consolidated profit for the year	-90,079	2,215
	thereof result minority	-428	-372
	thereof result of the holding company	-90,506	1,844
	Earnings per share D. 23	-4,06	0,08
	Earnings per share of continued operations D. 23	-2,33	0,42

Statement of comprehensive income

Jan. 1 – Dec. 31, 2009

in TEUR	Group	Minority interests	Total
Profit after tax	-90,506	428	-90,079
Minority share of results of discontinued operations	0	846	846
Currency translations	585	-200	385
Market valuation of securities available for sale	9,059	0	9,059
Total comprehensive income	-80,863	1,073	-79,790

Jan. 1 – Dec. 31, 2008

in TEUR	Group	Minority interests	Total
Profit after tax	1,844	1,152	2,995
Currency translations	-3,774	472	-3,302
Market valuation of securities available for sale	-9,080	0	-9,080
Total comprehensive income	-11,011	1,624	-9,387

Consolidated balance sheet as of December 31, 2009

compared with the figures from the previous year

	Assets in TEUR		Notes	Dec. 31, 2009	Dec. 31, 2008
A.		Fixed Assets
	I.	Intangible assets	D. 11	1,975	20,558
	II.	Goodwill	D. 12	19,300	19,300
	III.	Tangible assets	D. 13	106,176	474,439
	IV.	Investments in affiliated companies		290	296
	V.	Investments in associated companies		31	31
	VI.	Investment in joint ventures	D. 14	0	7,414
	VII.	Other financial assets		2,874	3,419
	VIII.	Deferred tax assets	D. 16	13,974	22,624
				144,619	548,080
B.		Current assets
	I.	Inventories
		1. Raw materials and supplies		27,429	68,889
		2. Unfinished goods and as yet unbillable services minus advance payments		22,005	83,693
		3. Finished goods and merchandise		20,606	23,432
		4. Advance payments made		2,932	1,829
			D. 17	72,972	177,842
	II.	Trade accounts receivable and other receivables and assets
		1. Trade accounts receivable		54,976	146,655
		2. Other receivables		20,526	29,416
		3. Income tax receivables		1,200	11,260
			D. 18	76,702	187,331
	III.	Marketable securities	D. 19	5,932	6,796
	IV.	Cash and cash equivalents	D. 20	31,857	100,768
				332,081	1,020,816

		Equity and liabilities in TEUR	Dec. 31, 2009	Dec. 31, 2008
A.		Shareholders' equity
	I.	Share capital		22,330	22,330
	II.	Capital reserves		37,563	37,563
	III.	Treasury stock		-216	-216
	IV.	Minority interests		3,406	15,566
	V.	Retained earnings		-1,601	79,549
			D. 22	61,483	154,792
B.		Long-term liabilities
	I.	Interest-bearing liabilities	D. 24	12,589	72,063
	II.	Provision for deferred taxes	D. 16	5,098	28,218
	III.	Long-term provisions for personnel	D. 25	25,661	28,264
	IV.	Other long-term liabilities	D. 26	5,800	5,746
				49,147	134,292
C.		Short-term liabilities
	I.	Trade accounts payable	D. 27	59,642	155,678
	II.	Short-term interest-bearing liabilities	D. 28	51,801	330,341
	III.	Short-term portion of long-term loans	D. 29	45,276	54,092
	IV.	Liabilities on income taxes	D. 30	2,202	2,466
	V.	Other short-term liabilities	D. 31	62,530	189,157
				221,451	731,733
				332,081	1,020,816

Consolidated cash flow statement for the financial year 2009 from continued operations

in TEUR		2009	2008 adjusted
	Earnings before tax	-47,633	7,746
–	Income taxes	3,993	2,778
+	Depreciation (appreciation) of fixed assets	32,646	37,310
+	Non-cash expenditures from securities held for sale	9,944	0
+(–)	Increase (decrease) in long-term provisions	1,108	-767
–(+)	Profit (loss) from asset disposals	-180	-48
=	Consolidated cash flow from earnings	-123	47,019
–(+)	Increase (decrease) in inventories, advance payments made	13,552	7,444
–(+)	Increase (decrease) in trade and other receivables	2,983	55,946
+(–)	Increase (decrease) in trade and other payables	10,892	-7,126
+(–)	Increase (decrease) in short-term provisions	-16,577	-33,214
=	Consolidated cash flow from operating activities	10,728	70,069

in TEUR		2009	2008 adjusted
–	Investments in fixed assets	-20,569	-39,025
–	Acquisition of consolidated subsidiaries (purchase price less the acquired cash and cash equivalents)	0	-192,432
–	Acquisition of subsidiaries	-48	0
+	Disposal of deconsolidated subsidiaries	25	0
–	Purchase of marketable securities	0	-10,979
+(–)	Profit (loss) from asset disposals	180	48
+	Book value of asset disposals	2,441	4,094
=	Consolidated cash flow from investing activities	-17,970	-238,294

in TEUR		2009	2008 adjusted
+(–)	Increase (decrease) in interest-bearing loans and liabilities to banks	19,323	172,325
+(–)	Grant of long-term loans (less repayment)	483	-233
–	Dividends	0	-6,690
+(–)	Other changes in equity	98	-1,566
=	Consolidated cash flow from financing activities	19,904	163,836

in TEUR		2009	2008 adjusted
+(–)	Consolidated cash flow from operating activities	10,728	70,069
+(–)	Consolidated cash flow from investing activities	-17,970	-238,294
+(–)	Consolidated cash flow from financing activities	19,904	163,836
=	Changes in cash and cash equivalents	12,662	-4,389
+	Opening balance of cash and cash equivalents	19,195	23,584
=	Closing balance of cash and cash equivalents	31,857	19,195

Consolidated cash flow statement for the financial year 2009 from discontinued operations

in TEUR		2009	2008 adjusted
+(–)	Consolidated cash flow from operating activities	-11,371	21,703
+(–)	Consolidated cash flow from investing activities	-10,713	-7,473
+(–)	Consolidated cash flow from financing activities	-1,087	41,677
=	Consolidated cash flow from discontinued operations	-23,170	55,908
+	Opening balance of cash and cash equivalents of discontinued operations	81,574	25,666
–	Outflow of cash and cash equivalents from deconsolidation	-58,404	0
=	Closing balance of cash and cash equivalents from discontinued operations	0	81,574

in TEUR	2009	2008 adjusted
Closing balance of cash and cash equivalents of continued operations	31,857	19,195
Closing balance of cash and cash equivalents of discontinued operations	0	81,574
Closing balance of cash and cash equivalents	31,857	100,768

Statement of changes in equity

in TEUR	Share capital	Capital reserves	Treasury stock	Minority interests	Retained earnings	Total
Balance as of Jan. 1, 2009	22,330	37,563	-216	15,566	79,549	154,792
Total comprehensive income after tax	0	0	0	1,073	-80,863	-79,790
Dividends	0	0	0	-2,414	0	-2,414
Endconsolidation of minorities	0	0	0	-10,819	0	-10,819
Other changes	0	0	0	0	-287	-287
Balance as of Dec. 31, 2009	22,330	37,563	-216	3,406	-1,601	61,483

in TEUR	Share capital	Capital reserves	Treasury stock	Minority interests	Retained earnings	Total
Balance as of Jan. 1, 2008	22,330	57,784	-216	692	78,328	158,918
Total comprehensive income after tax	0	0	0	1,624	-11,011	-9,387
Dividends	0	0	0	0	-6,690	-6,690
Firstconsolidation of minorities	0	0	0	13,250	-2,064	11,187
Capital reserves	0	-20,220	0	0	20,220	0
Other changes	0	0	0	0	765	765
Balance as of Dec. 31, 2008	22,330	37,563	-216	15,566	79,549	154,792

Notes on the consolidated accounts for the financial year 2009 of POLYTEC Holding AG, Hörsching

A. General information

The POLYTEC GROUP is a globally operating concern focusing on the plastics industry with its head office in Austria. In the automotive industry, the group is working as supplier of interior and engine compartment components (Automotive Systems Division) as well as a supplier of original equipment and components for small series (Car Styling Division). The Automotive Composites Division functions as supplier for the automotive and industrial vehicle industry. Furthermore, the Group produces PU plastic parts as well as machines for their production for other industries.

The consolidated accounts for the financial year 2009 of the POLYTEC Holding AG (hereinafter referred to as "Group" or "POLYTEC GROUP") were prepared in accordance with the guidelines of the International Financial Reporting Standards (IFRS) and their interpretations in line with the EU standard practice.

The headquarters of the POLYTEC Holding AG is located in Hörsching, Austria and is listed in the commercial register of the Landesgericht Linz [Commercial Registry of the regional court of Linz] under the number FN 197646 g.

All standards, which had to be mandatorily applied for the financial years, were applied with regard to the preparation of the present consolidated accounts. Already published standards and standards applied by the EU or interpretations which did not have to be mandatorily applied were not prematurely applied.

The (revised) standard IAS 23 "Borrowing Costs" – under which borrowing costs, which are directly attributable to the acquisition, construction or production of a qualifying asset, form part of the cost of that asset and must be capitalized – was adopted by the European Union in December 2008. The PO-LYTEC GROUP is applying the new standard from the financial year commencing on January 1, 2009. To date, the revision of the standard has had no impact on the consolidated financial statements of the POLYTEC GROUP.

The Group is also applying the standard IAS 1 "Presentation of Financial Statements" from the financial year commencing on January 1, 2009.

Application of the following standards published by the IASB is not yet mandatory and they have not been applied by the POLYTEC GROUP to date either:

Standard/Interpretation	Title	Applicable for the first time for financial years commencing on or after:
IFRS 3 (revised)	Business Combinations	Jul. 1, 2009
IAS 27 (revised)	Consolidated and Separate Financial Statements (IFRS)	Jul. 1, 2009

Together, the revised standards IFRS 3 and IAS 27 form the definitive regulations for accounting for business combinations, consolidated financial statements and minority interests. In particular, greater importance will be accorded to the fair value measurement in future.

With regard to the changes in IFRS 3 (revised) and IAS 27 (revised) together with subsequent changes in other standards, it must be noted that the resulting repercussions on future transactions are currently being evaluated.

In the face of the forthcoming use of not yet effective and by POLYTEC so far not applied standards or interpretations, no material modifications of balanced assets, liabilities or other information are expected in the consolidated accounts.

The consolidated accounts have been prepared in thousand Euro (TEUR). Calculation differences related to rounding may occur when summing up rounded amounts and percentages due to the use of automated calculating machines.

The income statement of the Group is prepared in accordance with the total cost accounting method.

According to Article 245a UGB [Austrian Business Code], the present consolidated accounts replace the consolidated accounts, which would otherwise have to be prepared in accordance with Articles 244 ff UGB.

B. Principles of consolidation

1. Basis of consolidation

The basis of consolidation is determined in accordance with the principles of the IAS 27 (Consolidated and Separate Financial Statements and Accounting for Investments in Subsidiaries) in connection with SIC – 12 (Consolidation – Special Purpose Entities). The parent company is the POLYTEC Holding AG, Hörsching. The consolidated accounts include all companies by full consolidation, which are influenced by the parent company. Thus, four national subsidiaries (previous year: five) and 23 international subsidiaries (previous year: 38) were included in addition to the parent company; these subsidiaries are under the legal and factual control of the POLYTEC GROUP. Ten companies (previous year: 13), which were not included, are not important for the consolidated accounts. The balance sheet date for all companies included in the consolidated accounts is December 31, 2009.

Special purpose entities are included in the consolidated accounts provided that they are under the controlling influence of the POLYTEC GROUP. Special purpose entities are legal entities that are created to fulfil narrow and specific objectives.

An overview of the fully consolidated companies can be found in annex 5 to the notes on the consolidated accounts.

The annual accounts of subsidiaries are included into the consolidated accounts from the time of acquisition until the time of disposal. A subsidiary will first be included when the respective parent company is actually assigned the control with regard to the assets and the business activities of this company.

A joint venture is a contractual arrangement, whereby two or more parties undertake an economic activity that is subject to joint control. Investments are reported in the balance sheet pursuant to IAS 31 by applying the equity method of accounting. Investments are included for the first time in the consolidated accounts at the acquisition costs. Subsequently, the carrying amount of the investment is reduced or increased in line with the results of the associated company. The Group's share of the results of the associated company is recorded in the income statement at the time of the acquisition.

Two joint ventures Celulosa Fabril (CEFA) S.A. in Sant Esteve (Spain) as well as SPPM Sociedale Portuguesa de Pintura e Modulos S.A. in Palmela (Portugal), which were included in the consolidated financial statements of POLYTEC GROUP as of October 1, 2008, were also retired following the deconsolidation of the Peguform Group.

In the financial year, the basis of consolidation is changed as follows:

Basis of consolidation	Full consolidation	Consolidation at equity
As of Dec. 31, 2009	44	2
Retirement due to company divestments	-14	-2
Retirement due to closure	-1	0
Retirement due to Group-internal reorganization	-1	0
Company acquisitions	0	0
New companies	0	0
As of Dec. 31, 2009	28	0
thereof foreign companies	23	0

The following companies were deconsolidated in the financial year under review for the first time:

Company	Share on equity	Date of deconsolidation
PF-Beteiligungs GmbH, Hörsching (new company)	100%	Jul. 1, 2009
POLYTEC Composites Sweden AB, Ljungby, Sweden	100%	Dec. 31, 2009
PEGUFORM GROUP consisting of:
Peguform Luxembourg Holding S.a.r.l., Luxemburg	100%	Jul. 1, 2009
Peguform Luxembourg S.a.r.l., Luxemburg	100%	Jul. 1, 2009
Peguform Netherlands B.V., Baarn, Netherlands	100%	Jul. 1, 2009
Peguform GmbH, Bötzingen, Germany	100%	Jul. 1, 2009
Peguform Iberica S.L., Polinya, Spain	100%	Jul. 1, 2009
Peguform de Teruel S.L., Fuentes Claras, Spain	100%	Jul. 1, 2009
Peguform Module Division Iberica Front Ends S.L., Sant Esteve, Spain	100%	Jul. 1, 2009
Peguform Module Division Iberica Cockpits S.L., Martorell, Spain	100%	Jul. 1, 2009
Peguform do Brasil, Ltda., Pinhais, Brazil	100%	Jul. 1, 2009
Peguform Mexico S.A. de C.V., Puebla Pue, Mexico	100%	Jul. 1, 2009
Shock Absorb de Mexico S.A. de C.V., Puebla Pue, Mexico	100%	Jul. 1, 2009
Fabrica de Parachoques de Mexico S.A. de C.V., Puebla Pue, Mexico	100%	Jul. 1, 2009
Peguform Portugal S.A., Lisboa, Portugal	100%	Jul. 1, 2009
Changchun Peguform Automotive Plastics Technology Co. Ltd., Changchun, China	50%	Jul. 1, 2009

The financial crisis, which started in 2008, on the one hand, and the massive slump in economic activity in the automotive and commercial vehicle sector, on the other hand, also had a considerable impact on the commercial and financial position of the POLYTEC GROUP. This resulted in commercial setbacks, which also continued in the first half of 2009. This combined with a substantial increase in the Group's debt because of the acquisition of Peguform, led to the urgent necessity of refinancing the short-term borrowings incurred for the acquisition of Peguform, which would have been due in the second and third quarter of 2009. At the same time, additional liquidity had to be secured to keep operations running.

Following an in-depth analysis of the Group, which was carried out with the help of external experts at the request of the financing banks up to and including April 2009, a compromise was found in May 2009 after intensive but constructive negotiations, which should help ensure the survival of the POLYTEC GROUP.

The restructuring of the POLYTEC GROUP agreed between companies, key shareholders and banks envisages the following key points:

• The POLYTEC GROUP ceded (by transferring the shares in PEGUFORM Luxembourg Holding S.A.R.L.) the Peguform GROUP acquired in the financial year 2008, while at the same time assigning the bonds issued by PEGUFORM Luxembourg Holding S.A.R.L. (363,632 preferred equity certificates class C with a nominal value of EUR 100 each and 34,809 preferred equity certificates class D with a nominal value of EUR 1,000) to two companies held indirectly by the industrialists Stefan Pierer and Rudolf Knünz. The bonds cited here were eliminated in the 2008 consolidated financial statements as an intra-Group liability by Peguform to POLYTEC Holding AG by consolidating debt from the consolidated balance sheet.
• Those banks, which had financed the acquisition of Peguform with loans totaling EUR 169.5 million, waived claims from loans, which exceed EUR 110.0 million.
• The remaining obligations from the acquisition loans amounting to EUR 110.0 million were taken over by the companies making the acquisition in place of a purchase price.
• In the course of the transaction, a core shareholder in POLY-TEC Holding AG, namely Cross Motorsports Systems AG/Unternehmens Invest AG, withdrew from POLYTEC Holding AG and now only has a holding in the Peguform Group. The industrialists Stefan Pierer and Rudolf Knünz are indirect key shareholders in Cross Motorsports Systems AG/Unternehmens Invest AG.

• In the course of the assignment of the Peguform Group, 50% of the claims from a possible reduction of the Peguform Group's purchase price, which was paid by POLYTEC Holding AG and other companies in the POLYTEC GROUP on acquisition of the Peguform Group, were also assigned to the banks, which financed the acquisition of the Peguform Group. Arbitration proceedings are currently pending with regard to this possible reduction in the purchase price. Because the arbitration proceedings are still at any early stage, the outcome of these proceedings is still uncertain.

• The two Peguform sites (Weiden and Chodová Planá), which are attributable to the Automotive Composites Division, will remain with the POLYTEC Group.

• The principal banks of the POLYTEC and Peguform Groups provided the requisite liquidity for the two groups to continue.

The divestment of the Peguform Group was approved by resolution of the Annual General Meeting on June 26, 2009. Deconsolidation took place on July 1, 2009. Following authorization without any conditions by the responsible competition authorities, the transaction was completed on August 5, 2009.

On the basis of the decision to dispose of the Peguform Group, this division was qualified as "held for sale" in accordance with IFRS 5 from the beginning of the first quarter of 2009 and reported separately accordingly. The change related solely to POLYTEC's Automotive Systems Division, since those areas of Peguform that are attributable to the Automotive Composites Division will remain with POLYTEC.

The result of the "held for sale" divisions was reported separately in the income statement; the figures for the previous year were adjusted accordingly.

The deconsolidation gain contained in the result from divisions "held for sale" was calculated by comparing the net worth of the Peguform Group being divested, allowing for minority interests, with the sales proceeds. The sales proceeds were established, as described above, from the waiver or assumption of debt amounting to EUR 169.5 million plus interest of EUR 4.8 million.

in TEUR
Sales proceeds	174,349
Net worth of the Peguform Group as of Jul. 1, 2009	-169,418
Minority interests in the net worth	10,819
Deconsolidation gain	15,751

The net worth being invested in the course of the deconsolidation of the Peguform group is as follows:

in TEUR
Non-current assets	345,177
Current assets	297,434
Non-current provisions and liabilities	-23,217
Current provisions and liabilities	-449,976
Net worth of the Peguform Group as of Jul. 1, 2009	169,418

In the business year under review, PF-Beteiligungs GmbH, which had been set up as a special purpose entity as defined in SIC 12 in connection with the acquisition of shares in the Peguform Group, was deconsolidated in the course of the sale of the Peguform Group because it was now of minor significance for the consolidated financial statements. The company held 10.2% of Peguform Luxembourg Holding S.a.r.l.

After Composites Sweden AB, Ljungby, filed for insolvency on January 14, 2010 (please refer to the Events after the Balance Sheet Date), POLYTEC GROUP lost control over the company. The deconsolidation of POLYTEC Composites Sweden AB, Ljungby, took place already on December 31, 2009 by taking into account the principle of materiality and profitability.

The contribution of POLYTEC Composites Sweden AB, Ljungby, to the values shown in the income statement is as follows:

in TEUR
Net sales	10,998
Net loss	-3,401

The deconsolidation gain in the amount of TEUR 3.434 results from the negative net assets of POLYTEC Composites Sweden AB, Ljungby, as of December 31, 2009 in the amount of TEUR 3.434. No profit from disposal.

The basis of consolidation has also shrunk by one further company, since LLW Lohner Lackierwerk GmbH has been merged with Polytec Riesselmann GmbH & Co KG. This did not involve the disposal of any assets from the Group.

2. Methods of consolidation

The consolidation of investments for acquisitions until March 31, 2004 was performed on the basis of the book value method by offsetting the acquisition costs of the investments against the equity ratio allotted to these investments at the time of acquisition. A goodwill will be assigned to the assets as far as possible. A badwill was analyzed in previous years for its reason of accrual and, if affecting future losses and expenses, recorded in accordance with IAS 22 as income at the time of occurrence of these losses and expenses.

IFRS 3 "Business Combinations" was applied for income occurred after March 31, 2004. Thus, the consolidation of investments was performed on the basis of the revaluation method (method concerning all assets and liabilities at fair value, also in the case of minorities and complete disclosure of the hidden reserves, independent from the amount of the minority interests). The investment book value is opposed by the proportionate, re-evaluated equity of the subsidiary (purchase accounting).

Remaining differences will be capitalized as goodwill. Goodwill occurred prior to January 1, 2005 were recorded with the book value of December 31, 2004 and are subject to an annual impairment test.

If the acquisition costs are lower than the net assets, the difference (negative consolidation difference) will be recognized in the income statement of the acquisition period.

Further information with regard to the effects of the deconsolidation carried out in the year 2009 can be found in section B. 1.

Minority interests in the equity and in the result of the companies controlled by the parent company are disclosed in the consolidated financial statements under equity in accordance with IAS 27.

All accounts receivable and payable as well as expenses and revenues resulting from transactions between the consolidated companies were eliminated by taking into account the principle of materiality. Intermediate results from Group-internal deliveries were also eliminated as far as they are material.

3. Currency translation

Business transactions in foreign currencies

All transactions in foreign currencies were valued at the exchange rate of the transaction date in the individual companies. Monetary assets and liabilities in foreign currencies are converted at the exchange rate on the balance sheet date. Resulting exchange rate differences are recorded in the income statement of the Group.

Translation of individual financial statements in foreign currencies

The functional currency of non-euro subsidiaries is the corresponding national currency; however, this does not apply for the Turkish company whose functional currency is the euro. Assets and liabilities of international subsidiaries were converted with the reference exchange rate of the European Central Bank on the balance sheet date. Positions of the income statement of the Group were converted with average exchange rates of the financial year.

Exchange rate differences of monetary positions, which, from the economic point of view, belong to a foreign company like, for example, long-term debts and loans will be accounted with the Group equity capital and will be recorded under the position "Differences from currency translation".

The following currency exchange rates were used:

	Average exchange rate			Exchange rate on balance sheet date
	2009	2008	Dec. 31, 2009	Dec. 31, 2008
CAD	1.5808	1.5657	1.5128	1.6998
GBP	0.8894	0.8026	0.8881	0.9525
PLN	4.3365	3.5273	4.1045	4.1528
SEK	10.5820	9.6805	10.2520	10.8696
SKK	1.0000	31.1526	1.0000	30.1205
USD	1.3922	1.4725	1.4406	1.3918
ZAR	11.4679	12.0919	10.6660	13.0719
CNY	n/a	8.9767	n/a	9.4967
CZK	26.4550	25.4453	26.4730	26.8817
BRL	n/a	2.9682	n/a	3.2436
MXN	n/a	17.4520	n/a	19.2308

C. Accounting and evaluation principles

The principle of standardized accounting and evaluation will be applied due to the guidelines applicable throughout the entire Group. Insubstantial deviations with regard to the individual financial statements of international allied companies were retained.

1. Intangible assets

Intangible assets are evaluated with their acquisition costs and amortized according to schedule on a straight-line basis. The amortization rates are between 10.0% and 66.7%.

Expenses for research are shown as expenses in the year of their occurrence. Development costs are normally also periodically occurring expenses. They have to be booked as assets if certain conditions can be proved and if they have been cumulatively fulfilled. Among other aspects, it must be verifiable that the development activities are very likely to result in future accrual of funds, which does not only cover the normal costs but also the corresponding development costs. Capitalized development costs for customer orders are amortized with the beginning of the serial delivery in accordance with the customer's release orders for the entire term of the model. The Group's research and development expenses in the financial year amounted to approx. 2.7% (previous year: 2.6% excluding Peguform Group) of total revenues.

2. Goodwill

Goodwill results from acquisitions of subsidiaries or interests in associated companies. Since January 1, 2005, goodwill is not yearly amortized but is subject to an impairment test at least once a year. If a subsidiary or an associated company is sold, the proportionate goodwill will be taken into account in the calculation of the gain or loss of the disposal.

The evaluation of goodwill is performed with regard to the acquisition costs less the accumulated impairment losses (see also the annex "Impairment")

3. Fixed assets

Tangible assets are valued at the costs of acquisition or production, reduced by scheduled amortizations, or the lower achievable market price. The scheduled amortizations will be determined based on a straight-line method.

For limited-life assets, the following rates are used for the scheduled depreciation:

	in %
Buildings and leasehold improvements	4,0-20,0
Technical equipment and machinery	6,7-50,0
Other equipment, fixtures, fittings and equipment	10,0-50,0

Substantial impairment beyond the scope of the scheduled amortizations will be taken into account by extraordinary amortizations. In the case of a discontinuation of the reasons for extraordinary amortizations, corresponding revaluations will be performed.

In the case of fixed assets being immobilized, sold or given up, the profit or loss from the difference of the sales revenue and the net book value will be recorded as other operating income or expenses.

Maintenance expenses will be recorded as expenses in the financial year of their occurrence.

4. Assets from tenancies and leasing

Leased assets for which basically all risks and chances resulting from the property of assets were transferred (finance lease), are valued as assets with their market value or the lower cash value in correspondence with IAS 17. The amortization was performed according to schedule over the economic useful life or over the shorter periods of the leasing agreement. The payment obligations resulting from the future leasing rates are discounted and recorded as liabilities.

5. Government grants

Government grants and subventions from other third parties are recorded under liabilities and liquidated in accordance with the useful life of the allocated asset.

6. Financial assets

Other investments and loans are included under other financial assets. They are valued at the costs of acquisition or the lower market value at the balance sheet date. Interest-bearing loans are balanced with their nominal value.

Interests in joint ventures are balanced pursuant to IAS 31 by applying the equity method of accounting.

The investments balanced at the acquisition costs are investments, which are not listed on an active market and whose current value can, therefore, not be determined on a reliable basis.

The loans are subject to variable interest rates so that their book value almost corresponds to the market value.

Extraordinary amortizations will be performed for all financial assets in the case of impairment (see also the annex "Impairment").

7. Inventories

Inventories are evaluated at their acquisition costs or production costs or the lower achievable market value on the balance sheet date. The determination of the acquisition and production costs is performed for similar assets in accordance with the weighted average cost method or in accordance with similar methods. The production costs only include the directly attributable costs and the proportionate overhead costs. Interests on borrowed capital are not capitalized.

8. Accounts receivable for trade, income taxes and other accounts receivable

Receivables are capitalized at costs of acquisition. Recognizable risks are taken into account by performing appropriate value adjustments.

In other accounts receivable also those derivative financial assets are reported that show a positive market value and are classified as "held for trading".

9. Securities of the current assets

The investment portfolio as of December 31, 2009 contains shares which have been classified as "available for sale" like in the previous year. The adjustment of the present value was recorded under the equity capital not affecting net income. The evaluation is performed with the stock exchange price on the balance sheet date so that the present value can be reliably determined.

10. Cash and short-term financial resources

Cash and other short time financial means consist of cash on hand, cheques and cash at banks as well as securities, which are used by the Group for liquidity management. They are evaluated at market values which are formed on sufficiently solvent markets and which can thus be reliably determined.

11. Impairment

For the purpose of the impairment test, the POLYTEC GROUP summarizes its assets, which are generating cash flow on the lowest level (cash-generating unit). Goodwill is assigned to those cash-generating units which are expected to benefit from synergies and which represent the lowest Group-internal level of the management monitoring of the cash flow.

The value in use of the asset corresponds to the present value of the estimated future cash flows from continuing use of such asset and from the disposal at the end of its useful life applying a fair market discount rate before taxes, which is adjusted to the specific risks of the assets. The estimation of the future cash flow is based on a three year planning horizon. The interest rate used for calculating the present value is the weighted average capital costs of the Group and was defined with 10% to 11% for the financial year 2009. If no individual cash flow can be determined for an individual asset, the determination of the value of benefit is performed for the next higher unit to which this asset belongs and for which an individual cash flow can be determined.

Any impairment loss will be disclosed with the amount by which the book value of the individual asset or the cash-generating unit exceeds the achievable amount. The achievable amount is the higher amount of the net selling price and the use value. Impairment losses proportionately reduce the carrying amount of the assets of the cash-generating unit.

In the case of a discontinuation of the reasons for extraordinary amortizations, corresponding revaluations will be performed for fixed assets. Goodwill, which has been amortized due to impairment, is no longer written up.

12. Obligations towards employees

Provision for severance payments

Due to legal obligations, the employees of Austrian Group companies who have joined the company prior to January 1, 2002 will receive a one-time severance payment in the case of a termination of the employment contract or in the case of retirement. The amount of compensation depends at the number of years of service and the applicable income at the end of the employment. For all employment contracts concluded after December 31, 2002, payments, which will be recorded as expenses, will be made to a company pension fund for employees.

The provisions for severance payments are determined on a standardized basis with the "projected unit credit method" and by applying a discount rate of 5.5% (previous year: 5.5%) as well as by including a dynamic rate for future salary increases of 2.5% (previous year: 3.0%). A reduction for fluctuation of personnel based on the years of service is included. The assumed retirement age for men and women, taking into account certain temporary arrangements, is still defined with 62 years (no change to the previous year).

The corridor amortization method is applied for actuarial profits and losses. If actuarial profits/losses exceed the cash value of the benefit obligation at the beginning of the financial year by more than 10.0%, they are distributed over the expected average remaining service lifetime of the employees and booked as income or expenses. The current service costs, past service costs to be settled as well as actuarial profits/losses are disclosed in the income statement of the Group as part of personnel costs. Interest costs corresponding to severance payment provisions are shown in the financial results.

T.F.R. entitlement to severance payments

Due to legal obligations, the employees of Italian group companies may receive non-recurring payments in the case of a termination of the employment contract or in the case of other legally defined events. The amount of compensation depends on the number of years of service and the applicable income on the payment date of the compensation. Similar obligations apply for employees of Polish or Turkish companies.

Pension obligations

Pension obligations apply for certain employees of German group companies. Accounting of these obligations is performed in accordance with IAS 19. For this purpose, the present value of the defined benefit obligation DBO is calculated and compared to the current value of the planned assets existent on the balance sheet date. The pension provisions are calculated according to the "projected unit credit method", where, depending on the distribution of the obligations to entitlements and liquid pensions and due to the specific regulations of the individual pension funds, a discount rate of 5.5% (previous year: 5.75% to 6.0%) as well as an increase of 1.5% (previous year: 1.5% to 1.75%) will be applied. The guidelines 2005G – Klaus Heubeck are used for the actuarial calculations.

Interest costs resulting from the long-term provisions for personnel are recorded in the income statement of the Group under financial expenses.

Other long-term obligations towards employees

Based on collective agreements or other company agreements, employees are entitled to receive a certain anniversary payment depending on their length of service. Provisions have been set aside for these obligations.

13. Taxes

The income tax expenses (the income tax credit) include the actual taxes and the deferred taxes.

The actual taxes for the individual companies are calculated from the taxable income of the company and the applicable tax rate in the corresponding country.

Deferred taxes are calculated, in particular, for value differences disclosed in the tax and commercial balance sheet of the individual companies resulting from deviating periods, as well as for consolidation bookings. They are determined according to IAS 12 using the balance sheet liability method. Furthermore, the probably realizable tax advantage from existing accumulated losses is included in the calculation. Deferred tax assets on losses carried forward were formed as far as their utilization is expected within a foreseeable period. The calculation of the deferred taxes is based on the customary national income tax rate.

14. Other long- and short-term liabilities

The value of the trade accounts payable results from the present value of the received services at the date of their occurrence. In the following, these liabilities are valued at continued acquisition costs.

Other liabilities, especially accrued interest-bearing liabilities, are reported with their repayment amount unless there is no substantial difference to the present value. Subsequently these liabilities are valued at continued acquisition costs.

The other provisions disclosed under liabilities are recorded if there are recognizable risks and uncertain obligations until the preparation of the balance sheet. They will be specified with the amount which proves to be the most probable amount after careful assessment of the circumstances. Reserves for expenses will not be booked as liabilities.

These positions also include any contingent liabilities in accordance with IFRS 3.

15. Recognition of financial instruments

Financial assets and liabilities are disclosed in the balance sheet if the Group becomes a contractual party of a financial instrument.

Financial assets are derecognized from the accounts if the contractual rights from the assets expire or if the assets are transferred with all substantial rights and obligations. Financial liabilities are derecognized from the accounts if the contractual obligations have been balanced, deleted or expired. Purchases and sales of financial instruments common in the market are balanced on the settlement date.

Financial assets are categorized as follows:

• a. Financial assets measured at fair value through profit or loss
• b. Held for trading
• c. Loans and receivable
• d. Available for sale

Financial liabilities are categorized as follows:

a. Financial liabilities measured at residual book value.

Other categories applicable according to IAS 39 are not applied.

16. Derivative financial instruments

In accordance with the financial policy of the Group, derivative financial instruments are held for hedging purposes and to optimize the net interest result of the Group.

The following pending derivative financial instruments are held on December 31, 2009:

	Currency	Long-term	Nominal in TEUR	Fair value in TEUR
Interest rate swap	EUR	Dec. 11	5,000	-180
Interest rate swap	EUR	Oct. 12	10,000	-691
Interest rate swap	EUR	Apr. 12	1,000	-17
Interest rate swap	EUR	Feb. 14	2,000	-31

In the course of the financial year, forward exchange operations were used to hedge the foreign exchange risk, which is part of the Group's business in South Africa. No open forward exchange operations are existent on the balance sheet date.

Interest rate swaps cannot be assigned to a specified balance sheet item but to a portfolio of financial liabilities and serve for the optimization of the net interest income.

In the case of missing market prices, renowned evaluation models, especially option price models and analyses of the discounted expected cash flows, were used for the determination of the fair values.

All derivative financial instruments are categorized as "held for trading".

Hedge accounting procedures in accordance with IAS 39 are not applied.

17. Realization of income and expenses

Revenues from the sale of products and goods are realized upon transfer of the risks and opportunities to the buyer. Operating expenses affect the net income at the time of claiming the services or at the time of their occurrence.

18. Financial result

The financing expenses include the interest and interest equivalent expenses arising from debt financing and finance leasing transactions as well as the interest component of the variation of the obligations to employees.

The financial revenues include the interest, dividends and other revenues realized from the assessment of funds and the investments in financial assets. Interest yields are realized in proportion to time taking into account the effective interest rate of the asset. Dividend yields are shown at the occurrence of the legitimate claim.

Profits and losses from the sale of financial assets, impairment losses from financial assets, exchange rate profits and losses in connection with financing as well as results from security transactions are shown in the financial result.

19. Uncertainties with regard to assessments and assumptions

Estimations and assumptions have to be made to a certain degree in the consolidated financial statements, which have an influence on the balanced assets and liabilities, information with regard to other obligations on the balance sheet date and the recognition of income and expenses during the reporting period. The actual amounts to be realized in the future may deviate from the estimations. Especially the assumptions concerning future cash flows of cash-generating units which are based on the medium-term plans of the Group may prove to be incorrect and may result in certain effects on assets (especially goodwill and active deferred taxes) in the following years.

The assessment of provisions for severance payments and pension contributions is based on a specific method, which applies parameters such as the expected deduction of accrued interests, increases in wage payments and pension contributions as well as anticipated earnings on planned assets. In the case the development of these relevant parameters significantly differs from the original expectations, this might have considerable repercussions over the provisions and, consequently, over the Group's net expenses for severance payments and pension contributions.

In assessing the recoverability of deferred tax assets, the Board of Directors considers whether it is probable that all deferred tax assets will be realized. The realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which these temporary differences become deductible. If the company is unable to generate sufficient future taxable income, no deferred tax benefits from operating loss carry-forwards can be recognized and their value has therefore to be adjusted correspondingly.

D. Information concerning the Group's income statement and the consolidated balance sheet

1. Sales revenues and segment reporting

The segments represent product groups and correspond to the internal reporting system of the Group. In correspondence with the product groups, the different segments are divided into the Automotive Systems, Automotive Composites and Car Styling Divisions. A detailed description of the business activities of the different divisions can be found in section A. of the notes on the consolidated accounts.

Assets and liabilities as well as expenses and earnings were only assigned to the individual segments as far as they could be assigned to the corresponding segments directly or with the help of a reasonable method. Positions, which could not be assigned this way, are shown in the columns named "Other segments" and "Consolidation". The transfer prices between the segments are based on comparable conditions usual on the market.

There are no substantial valuation differences of the assets or liabilities of the individual segments. Further information can be found in the explanations of the accounting and valuation principles applied for the Group.

Being a supplier of the automotive industry, the Group only depends on a small number of major customers. In 2009 and 2008, only three customer groups achieved more than 10% of the Group's entire sales. In total, the three main customers accounted for roughly 55% of total sales in 2009 (previous year: 60%). Due to the broad variety of models and brands of our major customers which are operating both in the passenger car sector and in the commercial vehicle sector, all separately reported business fields are affected by the relationship between the customer and the supplier, but, of course, to a different degree.

On the balance sheet dates, the specifications concerning geographical areas on the Group level can be summarized as follows:

		External sales		Deferred tax assets		Obligations for employees
in TEUR	2009	2008 adjusted	2009	2008	2009	2008
Austria	32,838	48,367	9,261	10,594	1,774	1,885
Germany	404,356	492,936	4,390	7,048	22,322	24,686
Other EU	136,735	178,895	324	3,925	1,405	1,569
Rest of the world	33,118	48,084	0	1,057	160	125
Group	607,047	768,282	13,974	22,624	25,661	28,264

All information for the segments of the Group can be found in annex 1 to the notes on the consolidated financial statement.

Sales according to categories are divided as follows:

in TEUR	2009	2008 adjusted
Sales and other sales	522,745	729,493
Tooling and development sales	84,302	38,788
Total	607,047	768,282

2. Other operating income

in TEUR	2009	2008 adjusted
Earnings from the disposals and appreciation of fixed assets excluding financial assets	560	165
Income from release of provisions	7,442	10,975
Exchange rate gains	2,121	758
Other income	12,316	9,765
Total	22,439	21,663

3. Expenses for material and services received

in TEUR	2009	2008 adjusted
Material expenses	254,953	310,884
Expenses for services received	75,241	126,251
Total	330,194	437,135

4. Personnel expenses

in TEUR	2009	2008 adjusted
Wages and salaries	143,995	175,551
Expenses for statutory social charges	35,114	36,907
Expenses for severance payments and pensions	5,302	2,981
Other personnel expenses	2,098	1,522
Total	186,509	216,961

The average number of employees was:

	2009	2008 adjusted
Workers	4,077	4,301
Employees	1,159	1,204
Total	5,236	5,505

On the balance sheet date of December 31, 2009, the POLYTEC GROUP employed 4,976 employees (3,871 workers and 1,105 white-collar employees). In the previous year's figures, employees of discontinued operations are not included.

5. Other operating expenses

in TEUR	2009	2008 adjusted
Leased staff	9,111	22,656
Maintenance	13,765	19,312
Transport	8,239	14,403
Rent building	15,183	14,173
Other rent and leases	5,327	6,025
IT and communication costs	3,366	3,757
Legal and consulting fees	2,903	3,406
Loss on exchange rate	1,626	2,538
Other expenses	10,493	12,729
Other sales expenses	3,874	4,336
Other administration expenses	8,449	10,273
Risk provision and damaging	3,853	2,088
Non income based taxes and charges	518	501
Losses on disposal of fixed assets, excluding financial assets	380	117
Total	87,091	116,314

6. Impairments

Pursuant to IAS 36 impairment tests are to be carried out when there is an indication of impairment with regard to the company's assets. Due to these impairment tests, extraordinary amortizations on production plants especially at the Spanish branches of the Group amounting to TEUR 3,965 (previous year: TEUR 1,860) were required. In the previous year, impairment charges mainly applied to production plants in Sweden.

According to IFRS 3 (Business Combinations), the goodwill will not be amortized from the beginning of the financial year 2005 but is subject to an annual impairment test.

Due to these impairment tests, no goodwill amortizations were required in 2009. In the previous year, total goodwill amortizations amounting to TEUR 6,312 were required.

7. Restructuring costs

The restructuring costs relate to personnel measures (TEUR 2,891), costs in connection with the closure of the site in Sweden (TEUR 1,845) and costs in connection with the disposal of the Peguform Group (TEUR 3,085), which where not attributable to the results of discontinued operations.

8. Financial result

in TEUR	2009	2008 adjusted
Income from associated companies	0	142
Income from securities	0	1,006
Interest income and income from securities	776	3,450
Depreciation of financial assets	-45	-1,000
Interest component of pension commitments	-1,296	-1,225
Other interest expenses	-6,365	-8,384
Impairment of securities held as current assets	-9,944	0
Other financial result	-524	-117
Total	-17,397	-6,128

The interest component from pension promises, the depreciation of financial assets as well as the impairment of securities held as current assets are non-cash items. All other interest expenses or income are cash items.

The impairment of securities held as current assets relates to shares that were classified as "available for sale". Because of the sustained significant impairment, the overwhelming majority of the impairment charges recognized in equity in the previous year had to be part of P&L in 2009.

9. Income taxes

in TEUR	2009	2008 adjusted
Current income taxes	2,074	3,562
thereof non periodic	-650	767
Changes in deferred income taxes	1,722	-5,606
thereof non periodic	2,090	0
Total	3,796	-2,044
thereof non periodic	1,440	767

The income tax expense of the financial year 2009 amounting to TEUR 3,796 is lower by an amount of TEUR 15,704 compared to the calculated income tax revenue amounting to TEUR 11,908, which would result by applying a tax rate of 25% to the result prior to income taxes amounting to TEUR -47,633.

The reasons for the difference between the calculated and the actually shown income tax expense of the Group can be summarized as follows:

in TEUR	2009	2008 adjusted
Earnings before tax	-47,633	7,746
thereof 25% calculated tax on income	-11,908	1,936
Changes in value adjustments for deferred tax assets	13,071	13,647
Permanent differences	2,082	-932
Differences from the discrepancy between the local and consolidated tax rate	-841	1,754
Effects from amortizations of investments in associated companies	775	-18,374
Other items	-823	-842
Taxes on income	2,356	-2,810
Non-periodic income tax expense/revenue	1,440	767
Taxes on income for the reporting period	3,796	-2,044

The increase in value adjustments for deferred tax assets relates especially to the Automotive Systems Division, the Automotive Composite Division as well as POLYTEC Holding AG and was required in view of the expectation that they will be of limited use in future.

Deferred taxes were capitalized for individual Group companies although they suffered losses in 2009. On the basis of present planning statements, the Board of Directors assumes that the capitalized amounts can be realized in the foreseeable future.

10. Result from "held for sale" divisions

The result from 'held for sale' divisions relates solely to the Peguform Group, which was sold in the reporting year and is as follows:

in TEUR	2009	2008 adjusted
Sales revenues	558,881	313,186
Total output	589,163	350,169
Cost of materials	-399,359	-225,008
Personnel expenses	-121,953	-60,208
Other operating expenses	-66,424	-50,104
EBITDA	1,428	14,849
Amortizations	0	-11,984
Impairment acc. to IFRS 5	-47,651	0
EBIT	-46,223	2,865
Financial result	-6,148	-6,906
Result before taxes	-52,371	-4,041
Income taxes	1,895	-2,754
Net loss for the year	-50,477	-6,795
Gain on deconsolidation of the Peguform Group	15,751	0
Share of the profits attributable to minority shareholders	-846	-780
Less interest expenses netted off against interest waivers	-3,078	0
Result from "held for sale" divisions	-38,650	-7,575

The interest waivers relating to interest expense incurred in the financial year 2009 of EUR 3.1 million are netted off against the matching interest expense. The remaining deconsolidation gain of EUR 12.7 million was allocated to the result from "held for sale" divisions, in addition to the current loss by the Peguform Group in the first two quarters of 2009, and to the depreciation in the non-current assets "held for sale" on the anticipated value on disposal before taking minority interests into account.

The current result of the Peguform Group in the first half of 2009 was calculated on the basis of the reporting to compile the half-year 2009 financial statements and has been correctly apportioned within the result from "held for sale" divisions between the current result and the gain on deconsolidation.

11. Intangible assets

The classification of the intangible assets and their development summarized in the consolidated balance sheet is shown in the consolidated movement of assets (annex 2 to the notes).

As in the previous year no intangible assets are mortgaged or pledged as a security for bank liabilities.

12. Goodwill

The goodwill is allocated to the following divisions:

in TEUR	Dec. 31, 2009	Dec. 31, 2008
Car Styling	12,643	12,643
Automotive Composites	119	119
Other	6,537	6,537
Total	19,300	19,300

13. Tangible assets

The classification of the tangible assets summarized in the consolidated balance sheet as well as their development is shown in the consolidated movement of assets (annex 2 to the notes).

The future expenses from non-terminable operating leasing agreements (without the obligations towards the POLYTEC Immobilien Group which are explained in the notes under E. 7) on December 31, 2009 amounted to TEUR 35,079 (previous year: TEUR 44,466) and are falling due as follows:

in TEUR	Dec. 31, 2009	Dec. 31, 2008
Within one year	11,599	12,088
Longer than one year and within five years	23,480	32,378
Longer than five years	0	0

Technical equipment and machinery include finance lease goods with a book value amounting to TEUR 13,957 (previous year: TEUR 148,263).

The finance lease results in leasing obligations to third parties amounting to TEUR 15,038 (previous year: TEUR 79,437). The specified leasing obligations (cash values including redemption for residual value) are falling due as follows:

in TEUR	Dec. 31, 2009	Dec. 31, 2008
Within one year	10,136	40,426
Longer than one year and within five years	4,902	32,051
Longer than five years	0	6,960

The leasing payments (without redemption for residual value) corresponding to the cash values amount to TEUR 14,730 (previous year: TEUR 77,082) and are falling due as follows:

in TEUR	Dec. 31, 2009	Dec. 31, 2008
Within one year	9,509	40,498
Longer than one year and within five years	5,222	30,827
Longer than five years	0	5,757

In the financial year 2009, extraordinary amortizations on fixed assets amounting to TEUR 3,965 (previous year: TEUR 1,860) had to be recognized. Revaluations (previous year: TEUR 0) were not made in the financial year.

TEUR 34,662 (previous year: TEUR 50,083) of the tangible assets are mortgaged or pledged as a security for bank liabilities.

14. Joint Ventures

The joint ventures disposed of in the course of the divestment of the Peguform Group were included in the consolidated financial statements until the date of their disposal by applying the equity method of accounting and can be shown as follows:

Changes in the reporting of associated companies

in TEUR	Celulosa Fabril (CEFA) S.A.	SPPM Sociedale Portuguesa de Pintura e Modulos S.A.
As of Jan. 1, 2009	7,414	0
Share of profit/loss	345	0
Change in consolidation	-7,759	0
As of Dec. 31, 2009	0	0

Since the shareholders' equity of SPPM Sociedale Portuguesa de Pintura e Modulos S.A was negative as of December 31, 2008 as well as at the time of the disposal, the carrying value of the joint venture is to be reported as a zero-amount for both dates.

15. Loans

The Group has issued long-term loans to companies of the POLYTEC Immobilien Group (see also the explanations with regard to affiliated companies in E. 7). The contractually agreed cash flow from the agreed repayments and interests (with the interest rate at the corresponding balance sheet date) can be summarized as follows:

in TEUR	Dec. 31, 2009	Dec. 31, 2008
Asset value	2,000	2,483
Cash flow of the following year	521	1,050
Cash flow in the years 2 to 5	1,562	1,673
Cash flow in more than 5 years	0	0

16. Deferred taxes

The differences between the amount stated in the tax balance sheet and the IFRS balance sheet result from the following differences and take effect on deferred taxes:

in TEUR	Assets	Dec. 31, 2009 Liabilities	Assets	Dec. 31, 2008 Liabilities
Intangible assets	0	0	22	4,083
Tangible assets	-975	265	-2,986	42,763
Provision for severance payments	360	-32	367	-25
Provisions for pensions	465	0	735	588
Provisions for personnel	314	0	478	-1,130
Tax losses carried forward	10,866	0	12,296	-140
Leasing liabilities	1,947	0	3,174	-17,766
Other provisions	2,785	0	1,648	0
Others	-1,854	48	6,817	-2,703
Subtotal	13,907	281	22,551	25,671
Consolidation of debt	0	4,817	0	2,548
Elimination of inter-company profits	67	0	73	0
Capitalization/provisions for deferred taxes	13,974	5,098	22,624	28,218

Deferred taxes on losses carried forward of TEUR 29,734 (previous year (adjusted): TEUR 16,663) were not capitalized.

17. Inventory

The inventory is structured as follows:

in TEUR	Dec. 31, 2009	Dec. 31, 2008
Raw materials and supplies	27,429	68,889
Unfinished goods	17,871	70,739
Work in progress	27,660	63,179
Advance payments received	-23,526	-50,225
Finished goods and merchandise	20,606	23,432
Advance payments made	2,932	1,829
Total	72,972	177,842

TEUR 33,141 (previous year: TEUR 7,524) of the inventory are pledged as a security for bank liabilities.

18. Trade accounts receivable and other receivables and assets

in TEUR	Dec. 31, 2009	Dec. 31, 2008
Trade accounts receivable	54,976	146,655
thereof with a residual term > 1 year	3,616	10,389
thereof from associated companies	69	149
thereof from affiliated companies	2	126
Other receivables and assets	19,453	27,147
thereof with a residual term > 1 year	1,135	769
thereof from associated companies	0	0
thereof from affiliated companies	0	8
thereof from related companies	125	59
Income tax receivable	1,200	11,260
thereof with a residual term > 1 year	0	0
Prepayments and deferred charges	1,073	2,269
thereof with a residual term > 1 year	0	178
Total	76,702	187,331
thereof with a residual term > 1 year	4,751	11,336
thereof from associated companies	69	157
thereof from affiliated companies	2	126
thereof from related companies	125	59

In the scope of silent global assignments, TEUR 42,739 (previous year: TEUR 83,241) of the accounts receivable from deliveries and services have been transferred to banks for security purposes.

The maturity structure of the accounts receivable from deliveries and services for third parties at the balance sheet date can be summarized as follows:

in TEUR	Dec. 31, 2009	Dec. 31, 2008	21. Financial assets
Non payable	43,795	121,189
Due up to 60 days	8,464	20,666
Due up to 120 days	867	2,139
Due up to 360 days	1,208	2,274
Longer than 360 days	642	386
Total	54,976	146,655	Loans and receivables

For the determination of the recoverability of the accounts receivable, not only the individual creditworthiness of the debtor, which is a rather uncritical factor due to the customer structure of the Group, but especially their days overdue have to be taken into account. According to estimations made by the management, there are no substantial differences between the book value and the market value of the accounts receivable.

The existing value adjustments concerning accounts receivable developed as follows in the financial year:

in TEUR	Trade receivables	Other receivables
Balance as of Jan. 1, 2009	7,291	354
Changes in consolidation	-4,513	0
Use	-1,063	-316
Release	-170	0
Allocation	1,786	0
Foreign exchange rate differences	-156	39
Balance as of Dec. 31, 2009	3,176	78

19. Securities of the current assets

The inventory affects the shares in the Grammer AG held by the POLYTEC Holding AG on December 31, 2009.

The shares are pledged as collateral for a loan amounting to EUR 6.0 million.

20. Cash and cash equivalents

in TEUR	Dec. 31, 2009	Dec. 31, 2008
Cash and cash equivalents	31,857	100,768

Essential restrictions concerning the amounts included in this position were not existent on the balance sheet date. An amount of TEUR 189 is pledged to a bank.

in TEUR	Amortized cost	Fair value without any impact on profit or loss	Fair value through profit or loss	Carrying amount Dec. 31, 2009	Market value Dec. 31, 2009
Loans and receivables
Receivables and other assets	70,884	0	0	70,884	70,884
Loans	2,000	0	0	2,000	2,000
Investments in other compnies	1,195	0	0	1,195	1,195
Cash and cash equivalents (short term)	31,857	0	0	31,857	31,857
	105,935	0	0	105,935	105,935
Held for trading
Interest rate derivatives	0	0	-919	-919	-919
Available for sale
Other securities	15,876	0	-9,944	5,932	5,932
Total	121,811	0	-10,863	110,948	110,948

in TEUR	Amortized cost	Fair value without any impact on profit or loss	Fair value through profit or loss	Carrying amount Dec. 31, 2008	Market value Dec. 31, 2008
Loans and receivables
Receivables and other assets	171,702	0	0	171,702	171,702
Loans	2,483	0	0	2,483	2,483
Investments in other compnies	1,263	0	0	1,263	1,263
Cash and cash equivalents (short term)	100,768	0	0	100,768	100,768
	276,217	0	0	276,217	276,217
Held for trading
Interest rate derivatives	0	0	-642	-642	-642
Available for sale
Other securities	15,876	-9,080	0	6,796	6,796
Total	292,093	-9,080	-642	282,371	282,371

Cash and cash equivalents, trade receivables and other shortterm financial assets have short-term maturity. Therefore, the carrying values of these assets are nearly similar to the residual value at the balance sheet date. The residual value of other long-term receivables and other long-term financial assets accords to the cash value of the payments in respect to the actual market parameter.

Loans and receivables also include securities, which are not stockexchange listed. Therefore, allocation of the fair value of these assets was not reliable and so the carrying value was recognized at amortized costs.

Financial assets measured at market value are allocated as follows to the three stages of the fair value hierarchy:

in TEUR	thereof Stage 1	thereof Stage 2	thereof Stage 3
Held for trading
Interest rate derivatives	0	-919	0
Available for sale
Securities held as current assets	5,932	0	0
	5,932	-919	0

These three stages distinguish fair values according to the significance of the factors included in the measurement and illustrate the extent to which observable market data are available in measuring the fair value.

The stages of the fair value hierarchy and their application to assets and liabilities can be described as follows:

Stage 1:

Listed market prices for identical assets or liabilities on active markets.

Stage 2:

Information other than listed market prices, which is observable directly (e.g. prices) or indirectly (e.g. derived from prices).

Stage 3:

Information for assets and liabilities, which is not based on observable market data.

22. Consolidated shareholders' equity

The equity capital of the POLYTEC Holding AG on the balance sheet date amounts to TEUR 22,330 (previous year: TEUR 22,330) and is divided into 22,329,585 ordinary shares (previous year: 22,329,585 ordinary shares) with a nominal value of EUR 1.00 each.

According to a decision of the Annual General Meeting of May 21, 2008, an authorized capital stock was agreed. With the corresponding approval of the Supervisory Board and for a period of five years from the registration of the authorized capital stock, the Board of Directors is entitled to increase the equity capital by up to TEUR 11,164,792.00 by issuing new shares with a minimum issue price of EUR 1.00 each. New shares can be issued also excluding shareholders' subscription rights.

In January of 2006, the Group has purchased 29,934 own shares with a nominal value of EUR 1.00 each (0.13% of the equity capital) and a purchase price of EUR 7.20 per share from a retired member of the Group's management (decision of the Annual General Meeting of October 27, 2004). Since then, the inventory has not been changed. The own shares purchased in the previous year are evaluated with their acquisition costs and deducted from the Group's equity capital.

The capital reserves include the agio, which has been deposited on the occasion of capital increases, less the costs of the initial public offering of the POLYTEC Holding AG in the financial year 2006, which can be allocated to the capital increase. In the previous year, on the basis of Austrian law, capital reserves of TEUR 20,220 were liquidated in the individual financial statements of POLYTEC Holding AG to cover the loss for the year.

Retained earnings comprise the past earnings of the Group, which were carried forward as well as other changes in equity.

Information concerning the capital management

ThePOLYTECHolding AGis not subjectto any statutory minimum capital requirements. However, the Group considers a sufficient equity capital stock as an important element of the insolvency reserve. The relation between the equity capital and the total capital can be summarized as follows:

in TEUR	Dec. 31, 2009	Dec. 31, 2008
Total equity	61,483	154,792
Balance sheet total	332,081	1,020,816
Equity ratio	18.5%	15.2%

For POLYTEC, the term "capital management" means the control of the equity capital and the net financial liabilities, which can be summarized under the term "capital employed". By optimizing both components, the group tries to optimize the return of the shareholders. Apart from the equity ratio, POLYTEC especially uses the parameters "gearing" (net financial liabilities against equity capital) and "leverage ratio" (net financial liabilities against EBITDA) for the assessment of its debt capacity. The entire costs of the used capital and the risks related to the different types of capital are monitored on a permanent basis.

23. Earnings per share

According to IAS 33 (Earnings per Share) the "basic earnings per share" result from the division of the net income allocated to the shareholders (annual net profit of the group after minority interests) by the weighted average of outstanding ordinary shares during the reporting period.

		2009	2008 adjusted
Net income after minorities	TEUR	-90,506	1,844
Result from continuing operations after minority interests	TEUR	-51,856	9,418
Weighted average number of ordinary shares issued	Share	22,329,585	22,329,585
Average number of own shares	Share	29,934	29,934
Average number of shares outstanding	Share	22,299,651	22,299,651
Earnings per share	EUR/share	-4.06	0.08
Earnings per share from continuing operations	EUR/share	-2.33	0.42

The diluted earnings per share correspond to the non-diluted earnings per share since no financial instruments with dilution effect are circulating at the moment.

For the financial year 2009, the Board of Directors of the POLY-TEC Holding AG will propose to waive the payment of a dividend as in the previous year.

24. Interest-bearing liabilities

This position includes all interest-bearing liabilities with a remaining term of more than one year and can be structured as follows:

in TEUR	Dec. 31, 2009	Dec. 31, 2008
Liabilities due to banks	7,425	30,682
thereof with a residual term > 5 years	4,000	3,007
thereof with collateral securities	4,523	26,356
Other interest-bearing liabilities	262	2,370
thereof with a residual term > 5 years	0	219
Lease liabilities	4,902	39,011
thereof with a residual term > 5 years	0	6,960
Total	12,589	72,063

The substantial part of the liabilities towards credit institutes secured by property can be prematurely terminated by the financing banks, if the equity ratio of the Group falls below a predefined value or if the ratio of the net financial liabilities and the EBITDA exceeds a defined value.

The agreed ratios were not achieved in the financial year 2009. The liabilities in question are therefore shown as current interest-bearing liabilities in the consolidated balance sheet as of December 31, 2009 and are not included in the above table. The Board of Directors assumes that the lending banks will not make use of their cancellation option. The Group's main lending bank has also confirmed in writing in its letter dated March 9, 2010 that it intends to maintain its financing commitments if the Group's performance matches current planning figures.

The expiring long-term and short-term interest-bearing liabilities of the Group towards credit institutes are existent in the following currencies:

		2009		2008
	Proportion %	Average ordinary interest	Proportion %	Average ordinary interest
EUR	95.8	4.71	97.5	3.76
GBP	0.7	4.00	0.6	4.40
SEK	0.0	n/a	0.6	3.61
PLN	3.5	8.48	0.1	6.69
BRL	0.0	n/a	1.2	3.22

25. Obligations due to employees

This position summarizes all long-term provisions for obligations due to employees:

in TEUR	Dec. 31, 2009	Dec. 31, 2008
Provision for severance payments	1,613	1,713
T.F.R. Severance payment entitlements	1,365	1,529
Provision for pensions	21,211	22,566
Provision for long-service bonus payments	1,272	2,292
Other long-term provisions	201	164
Total	25,661	28,264

Further information about the development of the provisions for severance payments, pensions and long-service bonus payments in the previous financial years is given in annex 3 to the notes on the consolidated financial statement.

26. Other long-term liabilities

in TEUR	Dec. 31, 2009	Dec. 31, 2008
Contingent liabilities and provisions	5,259	2,325
Government grants (residual term > 1 year)	541	3,421
Total	5,800	5,746

27. Trade accounts payable

in TEUR	Dec. 31, 2009	Dec. 31, 2008
Trade accounts payable	55,960	154,264
thereof due to associated companies	56	317
thereof due to affiliated companies	193	1,429
Advanced payments received	3,682	1,413
Total	59,642	155,678

28. Short-term interest-bearing liabilities

in TEUR	Dec. 31, 2009	Dec. 31, 2008
Liabilities due to banks	51,686	327,678
Loans due to not consolidated affiliated companies	115	314
Loans due to related companies	0	2,274
Loans due to public organization (R&D funds)	0	74
Total	51,801	330,341

29. Short-term part of the long-term loans

in TEUR	Dec. 31, 2009	Dec. 31, 2008
Bank liabilities with a residual term less than 1 year	35,140	13,666
Lease liabilities with a residual term less than 1 year	10,136	40,426
Total	45,276	54,092

30. Liabilities from income taxes

The liabilities from income taxes basically include liabilities from corporate income taxes and municipal trade earnings taxes (or similar/comparable taxes) in different states, where Group companies have their registered office. The liabilities have developed as follows:

in TEUR	Dec. 31, 2009	Dec. 31, 2008
Balance as of Jan. 1 of the reporting year	2,466	3,454
Changes in consolidation	-599	690
Exchange rate differences	-1	1
Use	-436	-2,894
Release	-36	-106
Addition	808	1,320
Balance as of Dec. 31 of the reporting year	2,202	2,466

31. Other short-term liabilities

in TEUR	Dec. 31, 2009	Dec. 31, 2008
Provision for vacations	4,383	9,163
Other personnel expenses	5,934	31,859
Losses and risks	16,483	33,752
Other short-term provisions	14,084	59,540
Short-term provisions	40,884	134,314
Liabilities to associated companies	0	57
Other tax liabilities	7,287	20,058
Social security liabilities	1,057	4,268
Other liabilities	11,740	24,015
Government grants within one year	491	880
Deferred charges	1,071	5,564
Total	62,530	189,157

The other provisions especially include provisions for warranties as well as pending purchase invoices. The development of the short-term provisions is specified in detail in annex 4 to the notes on the consolidated financial statement.

32. Financial liabilities

The allocation of the financial liabilities to the categories according to IAS 39 on the balance sheet date and on the previous balance sheet date can be represented as follows:

in TEUR	Amortized costs	Fair value without impact on profit and loss	Fair value through profit and loss	Carrying value Dec. 31, 2009	Market value Dec. 31, 2009
Measured at amortized costs
Long-term interest bearing financial liabilities	7,687	0	0	7,687	7,687
Short-term interest bearing financial liabilities	86,941	0	0	86,941	86,941
Trade accounts payable	59,642	0	0	59,642	59,642
Other short-term liabilities	12,953	0	0	12,953	12,953
	167,223	0	0	167,223	167,223
Not allocated according IAS 39 (financial lease)
Long-term interest bearing financial liabilities	4,902	0	0	4,902	4,902
Short-term interest bearing financial liabilities	10,136	0	0	10,136	10,136
	15,038	0	0	15,038	15,038
Total	182,262	0	0	182,262	182,262

in TEUR	Amortized costs	Fair value without impact on profit and loss	Fair value through profit and loss	Carrying value Dec. 31, 2008	Market value Dec. 31, 2008
Measured at amortized costs
Long-term interest bearing financial liabilities	33,052	0	0	33,052	33,052
Short-term interest bearing financial liabilities	344,007	0	0	344,007	344,007
Trade accounts payable	155,678	0	0	155,678	155,678
Other short-term liabilities	24,071	0	0	24,071	24,071
	556,808	0	0	556,808	556,808
Not allocated according IAS 39 (financial lease)
Long-term interest bearing financial liabilities	39,011	0	0	39,011	39,011
Short-term interest bearing financial liabilities	40,426	0	0	40,426	40,426
	79,437	0	0	79,437	79,437
Total	636,245	0	0	636,245	636,245

Trade payables and other liabilities have short-term maturity and so the carrying values accord nearly the residual value. The residual value of the interest bearing liabilities and other financial liabilities were calculated with the cash value of payments in respect to the actual market parameters.

E. Other information

1. Cash flow statement

The cash flow statement is represented with the help of the indirect method. The financial resource funds exclusively include the cash and the bank deposits. The income tax payments are separately shown in the cash flow from operating activities.

Interest deposits and interest payments are allocated to the cash flow from operating activities. They can be specified with the following amounts:

in TEUR	2009	2008 adjusted
Interest cash in	776	3,741
Interest cash out	-6,681	-15,080
Total	-5,904	-11,338

The payment of dividends will be shown as part of the financing activities. The effects from modifications of the basis of consolidation were eliminated and are shown in the cash flow from investing activities.

2. Events after the balance sheet date

At the beginning of 2009 the proper closing of the Swedish site has been agreed, which has also been closed in 2009. Instead of the liquidation of the company, on January 14, 2010 POLY-TEC Composites Sweden AB has filed for bankruptcy. A provision has been made for foreseeable cost in that context in the current financial statement.

Further events occurring after the balance sheet date, which are of significance for the evaluation on the balance sheet date, such as outstanding legal cases or claims for compensation and other obligations or impending losses, which would have to be posted or disclosed in accordance with IAS 10 (Contingencies and Events occurring after the Balance Sheet Date), have been taken into account in the present consolidated financial statements.

3. Continuation of the business and financing

The persisting global financial and economic crisis and the severe slowdown in economic activity posed a huge challenge to POLYTEC Holding AG. The Group's business performance in the year under review was marked by a massive slump in both the passenger car and commercial vehicle segments, which led to considerable declines in sales and earnings. In the year under review, the POLYTEC GROUP posted a negative result after taxes of EUR -90.1 million, including effects from business divisions "held for sale" (for further details about the included one-off expenses please refer to the notes on the consolidated accounts under D. 6 and D. 8).

In light of the current challenging economic situation and the difficulty of predicting the further development of the passenger car and commercial vehicle businesses, the company's future earnings situation and financing requirements might be subject to changes that cannot be estimated with any degree of certainty on the basis of the information currently available. According to current business planning calculations, the PO-LYTEC GROUP is expected to post a positive EBIT in 2010 while the company's liquidity projections show that additional cash and cash equivalents in the amount of EUR 18.5 million will be required; this, however, can be covered within the current financial framework. Furthermore, it should be noted that business planning calculations and the resulting liquidity projections also encompass measures which have not yet been fully agreed upon (sales increase, reduction of personnel costs). Therefore, the final outcome of negotiations will have a significant impact on the future earnings situation and financing requirements of both the group and the individual subsidiaries. The POLYTEC GROUP's business planning calculations have been drawn up by both local management and the Board of Directors to the best of their knowledge and belief on the basis of the information currently available about the development of the passenger car and commercial vehicle segments, which is, however, hard to predict at present. Against the backdrop of widespread uncertainties and negative market sentiment as a result of the global economic downturn, the POLYTEC GROUP cannot fully rule out that the future business development of the group's subsidiaries might be in jeopardy. It is therefore possible that unfavourable impairments of certain balance sheet assets might be recognized in future. In the first two months of 2010, Group results were slightly behind schedule.

Against this background, additional funding to be provided by the Group's main lending bank is deemed to be vital for the survival of POLYTEC Holding AG. As the company's principal creditor, the lending bank has confirmed in writing as of March 9, 2010 that it intends to guarantee additional funding based on the anticipated development of Group operations in line with the original planning calculations and pending approval by the relevant committees by December 31, 2011. Deviations from plan of individual companies or plants of POLYTEC Holding AG alone are not considered a sufficient reason to terminate the financing agreement on the part of the lending bank, provided that the general business development of POLYTEC Holding AG does not fall substantially short of the original planning calculations. In the event of further declines in earnings or of a suspension of funding on the part of the lending bank, the survival of the group would be in jeopardy.

However, based on the current business planning calculations and in light of the additional funding guaranteed by the lending bank, the Board of Directors expects the Group to continue business operations.

4. Other risks and obligations as well as off-balance sheet transactions

Individual companies in the POLYTEC GROUP concluded a factoring agreement for up to EUR 25 million with a German factoring company on September 5, 2008. Provided the receivables are legally valid, the "del credere risk" will be borne by the factoring company. Since the POLYTEC GROUP does not guarantee the recoverability of the receivables, the receivables are derecognized from the consolidated financial statements on the date they are sold to the factoring company in accordance with IAS 39.

Towards the POLYTEC Immobilien Group, there is an existing obligation with regard to a leasing agreement amounting to TEUR 1,500 (previous year: TEUR 1,500). With regard to this, an amount of TEUR 684 (previous year: TEUR 0) was reported on the liabilities side in the present consolidated financial statements because of the closure of the site in Sweden.

Other risks and obligations, which have not been mentioned in the present consolidated accounts or in the explanations concerning the consolidated accounts, are not existent.

5. Risk reporting

In the scope of its business activities, the POLYTEC GROUP is subject to a variety of risks, which are directly related to the corporate transactions. Risk management is an integral part of all business processes of POLYTEC. Also the comprehensive certifications required by a supplier of the automotive industry (e.g. TS ISO/16949:2002) already specify certain regulations, which are also monitored with the help of external audits. Corresponding to the organizational structure of POLYTEC, risks are managed locally and monitored close to the market, especially in the scope of the current business processes. However, the financial risks are mainly controlled by the corporate headquarters. The following basic risk fields can be identified:

Sales market risks: The automotive supplier industry is a market with a very stiff competition, which is also currently facing a quickly proceeding consolidation process. The sales revenue is, in first place, dependent from the acquisition of new orders, which will partially be placed up to two to three years prior to the serial production. In this phase of the order acquisition, each supplier faces a strong competition for the best conditions. During the serial production, the supplier is also dependent from the sales figures of the vehicle for which the supplier provides the components; however, the supplier is not able to influence this success. Furthermore, the suppliers are permanently benchmarked by the OEM even after the start of the serial production, which may result in price demands or, as an extreme example, in the loss of an order. POLYTEC intends to keep the dependency from individual delivery relationships as low as possible with the help of a balanced customer and order mix.

Procurement market risks: One substantial risk is the fluctuation of the raw material prices, which in the case of the POLY-TEC GROUP as a plastic-processing company, will especially be caused by a sustainable change of the oil price, but also by the refinery capacities. On the procuring side, this risk is especially countervailed with long-term delivery agreements and on the part of the sales market, this risk is especially countervailed, as far as enforceable towards the customers, with material fluctuation clauses in the disclosed calculations. In parts, our customers directly negotiate with the supplier with regard to raw material and bought-in parts. As far as prices are only agreed upon on an annual basis with the customer, the change of the raw material prices is an important parameter with regard to the negotiations concerning the annual new determination of the prices. Furthermore, it is intended to use new raw materials (natural fiber) with increased research and development expenses.

Financial risks, their management and sensitivity

Credit risk: Due to the customer structure – more than 90% of the turnover is achieved with OEMs or huge system suppliers – POLYTEC is subject to the credit risk of the automotive industry. However, accounts receivable are critically monitored on a permanent basis, and the payment of accounts receivable according to agreement is ensured. In the financial year 2009, approx. 55% (previous year: 60%) of the turnover was achieved with the three major customers; this results in a certain accumulated credit risk, but this risk is assessed as rather uncritical with regard to non-payments of credits by the management. Being dependent on only a few customers is a basic characteristic of suppliers of the automotive industry. In this context, the "customer" is defined as a group of affiliated companies, which can also produce vehicles of several different brands.

The risk of non-payment in the case of liquid assets is very low, since the contractual partners are exclusively banks with very good creditworthiness.

Despite the credit risk, which is generally classified very low, the maximum theoretical risk of non-payment corresponds to the book values of the individual financial assets and amounts to the following:

in TEUR	Dec. 31, 2009	Dec. 31, 2008
Loans and receivables	105,935	276,217
At fair value through profit and loss	0	0
Held for trading	0	0
Available for sale	5,932	6,796
Total	111,867	283,013

The analysis of the overdue but not impaired trade accounts receivable and of other accounts receivable as of December 31 of the reporting year can be presented as follows:

Dec. 31, 2009	Total	Not overdue and not impaired	Overdue but not impaired up to 60 days	60-120 days	120-360 days	Longer than 360 days
Trade accounts receivable	54,976	43,795	8,464	867	1,208	642
Other accounts receivable	21,726	17,897	1,227	2,444	2	157

Dec. 31, 2008	Total	Not overdue and not impaired	Overdue but not impaired up to 60 days	60-120 days	120-360 days	Longer than 360 days
Trade accounts receivable	146,655	121,189	20,666	2,139	2,274	386
Other accounts receivable	40,676	37,342	658	1,050	77	1,549

Liquidity risk: The Group ensures its liquidity by contractual agreements concerning certain credit lines and, if required, by retaining a cash reserve. This is controlled by the company's headquarters. The Group has installed a cash management system for all basic companies of the Group, which can also be used to optimize the net interest result.

The financial liabilities of the Group on the basis of the concluded agreements show the following expected cash flow (including interest payments made with the interest rate on the balance sheet date):

in TEUR	Carrying value Dec. 31, 2009	Total obli gate cash flows	thereof up to 1 year	thereof over 1 but less than 5 years	thereof more than 5 years
Bank loans	56,648	62,188	31,212	26,810	4,167
Bank current accounts	37,808	38,404	38,404	0	0
Financial leases	15,038	15,822	9,673	6,149	0
Trade leases	59,642	59,642	59,642	0	0
Other financial liabilities	13,125	13,125	13,125	0	0
Total	182,262	189,181	152,056	32,958	4,167

in TEUR	Carrying value Dec. 31, 2008	Total obli gate cash flows	thereof up to 1 year	thereof over 1 but less than 5 years	thereof more than 5 years
Bank loans	44,348	54,414	15,998	29,090	9,325
Bank current accounts	327,678	334,955	334,955	0	0
Financial leases	79,437	87,357	44,564	34,349	8,444
Trade leases	155,678	155,678	155,678	0	0
Other financial liabilities	29,104	29,104	28,817	68	219
Total	636,245	661,507	580,012	63,506	17,989

The revolving credits provided to the Group have a contractually agreed residual term of less than one year so that their expected future cash flow has to be shown during this term. However, these credits will normally be prolonged on a 12-month basis so that the aforementioned repatriations cannot be expected. The financial liabilities, which must be reported as current in the balance sheet because of non-compliance with agreed ratios, were presented in the above table in accordance with their anticipated repayment dates and are therefore not all classified as "thereof up to 1 year".

Foreign exchange risk: The predominant part of the turnover of the POLYTEC GROUP is invoiced in euro so that the foreign exchange risk only affects the Group to a very low degree. In parts, the purchase of intermediate inputs is performed with the same currency as the sale of intermediate inputs so that foreign exchange risks are hedged. The Group is subject to higher foreign exchange risks in such countries, in which invoices are written in euro but intermediate inputs have to be purchased with the local currency. Such risks, for example, are existent with regard to Polish zloty. In many cases, these risks cannot be transferred to financial instruments since they must mainly be attributed to personnel costs.

The financial instruments balanced on the balance sheet date show the following distribution with regard to their currency of origin:

			Dec. 31, 2009
in TEUR	In euro	In foreign currency	Total
Investments	1,195	0	1,195
Receivables and other assets	62,951	7,934	70,884
Loans	2,000	0	2,000
Cash in banks	27,143	4,713	31,857
Interest rate derivatives	-919	0	-919
Securities	5,932	0	5,932
Total	98,301	12,647	110,948

in TEUR	In euro	In foreign currency	Dec. 31, 2009 Total
Long-term interest-bearing financial liabilities	12,039	550	12,589
Short-term interest-bearing financial liabilities	95,803	1,941	97,744
Trade accounts payable	56,385	2,590	58,975
Other short-term liabilities	12,331	622	12,953
Total	176,558	5,704	182,262

			Dec. 31, 2009
in TEUR	In euro	In foreign currency	Total
Investments	8,677	0	8,677
Receivables and other assets	154,436	17,267	171,702
Loans	2,483	0	2,483
Cash in bank	92,015	8,753	100,768
Interest rate derivatives	-642	0	-642
Securities	6,796	0	6,796
Total	263,765	26,020	289,785

			Dec. 31, 2009
in TEUR	In euro	In foreign currency	Total
Long-term interest-bearing financial liabilities	71,375	688	72,063
Short-term interest-bearing financial liabilities	375,783	8,649	384,433
Trade accounts payable	146,564	9,113	155,678
Other short-term liabilities	19,890	4,182	24,071
Total	613,613	22,632	636,245

The distribution structure shows that the risk the Group is subject to due to the change of exchange rates is very low since both the financial assets held in foreign currency amounting to 11.4% (previous year: 9.0%) and the liabilities amounting to 4.5% (previous year: 3.6%) account for only a minor part of the total volume. Furthermore, a change of a currency would affect both assets and liabilities and thus show compensatory effects.

A 10% increase or decrease in exchange rates has no significant impact on results or equity.

Interest rate change risk: The interest rate change risk is countervailed by POLYTEC with the help of a portfolio of variable and fixed forms of financing corresponding to the long-term interest rate development. Derivative products will be used, if required, for securing the interest rate or for optimizing the net interest result.

The interest-bearing liabilities show the following structure on the balance sheet date:

in TEUR	Dec. 31, 2009	Dec. 31, 2008
Liabilities to banks	94,455	372,026
thereof with fixed interest rate	11,701	2,986
thereof with variable interest rate	82,754	369,040
Finance leases	15,038	79,437
thereof with fixed interest rate	15,038	78,454
thereof with variable interest rate	0	983
Other liabilities	172	5,033
thereof with fixed interest rate	172	5,033
thereof with variable interest rate	0	0
Total	109,666	456,496
thereof with fixed interest rate	26,912	86,473
thereof with variable interest rate	82,754	370,023

The predominant part of the variable interest-bearing liabilities depends on the 3-month EURIBOR. An increase of this reference interest rate by 100 basis points would, on the basis of the contractually agreed remaining terms, result in an increase of the interest expenses by approx. TEUR 660 (previous year: TEUR 3,556).

The following results were achieved from the interest rate swaps held by the Group:

in TEUR	2009	2008
Payments received	-316	131
Valuation result	-275	-779
Total	-591	-648

6. Net income according to evaluation categories

Dec. 31, 2009 in TEUR	Interests	Adjustments	Currency translations	Income from other securities	Incomes from other investments	Investments value adjustments	Net income
Loans and receivables	-7,430	-395	495	0	0	-19	-7,350
Financial investments available for sale	0	-9,944	0	0	0	0	-9,944
Financial investments held-to-maturity	0	0	0	0	0	0	0
At fair value trough profit and loss	0	0	0	-591	0	0	-591

Dec. 31, 2008 in TEUR	Interests	Adjustments	Currency translations	Income from other securities	Incomes from other investments	Investments value adjustments	Net income
Loans and receivables	-12,189	-2,005	-1,579	0	139	-1,000	-16,633
Financial investments available for sale	0	0	0	1,010	0	0	1,010
Financial investments held-to-maturity	0	0	0	0	0	0	0
At fair value trough profit and loss	0	0	0	0	0	0	0

Exchange rate change risk: The securities of the current assets (shares) held by the Group are subject to the risk of the change of the stock exchange price. An increase (decrease) of the stock exchange price by 10% would result in an increase (decrease) of the equity capital not affecting the net income by TEUR 593 (previous year: TEUR 680).

7. Affiliated persons and companies

Affiliated persons in the sense of IAS 24 are the IMC Verwaltungsgesellschaft mbH, Hörsching, and its affiliated companies in addition to the members of the Board of Directors and of the Supervisory Board. The sole owner and sole manager of the IMC Verwaltungsgesellschaft mbH is the Chairman of the Board of Directors of POLYTEC Holding AG, Mr. Friedrich Huemer.

The following companies of the IMC Group had established business relationships with POLYTEC in the financial year 2009:

POLYTEC Immobilien Group

The POLYTEC GROUP has long-term leasing agreements with the POLYTEC Immobilien Group with regard to the following properties of the POLYTEC GROUP:

POLYTEC Holding AG	Group Headquarter
POLYTEC FOR Car Styling GmbH & Co KG	Plant Hörsching
Polytec AVO n.v.	Plant Schoten
Polytec Thermoplast GmbH & Co KG	Plant Idstein
Polytec Riesselmann GmbH & Co KG	Plants Lohne, Hodenhagen and Wolmirstedt
POLYTEC Interior GmbH	Plants Nordhalben and Ebersdorf
POLYTEC Intex GmbH & Co. KG	Plants Morsbach and Waldbröl
Polytec Interior Polska Sp.z.o.o.	Plant Tomaszow Mazowiecki
Polytec Interior Zaragoza S.L.	Plant Zaragoza
Polytec Composites Sweden AB	Plant Ljungby
POLYTEC Composites Germany GmbH & Co KG	Plants Gochsheim, Cornberg and Voerde
POLYTEC Composites Slovakia s.r.o.	Plant Sladkovicovo
POLYTEC Elastoform GmbH & Co KG	Plant Marchtrenk
POLYTEC THELEN GmbH	Plant Bochum

The rental expenses from the rental contracts in the financial year amounted to approx. EUR 9.2 million (previous year: EUR 8.7 million).

The rental contracts can be terminated by complying with a period of notice of six up to twelve months, but longer waivers of entitlement to terminate the contract have also been agreed in some cases. The lease rental charges, which are existent due to the fixed period of notice or due to longer waivers of entitlement to terminate the contract, amount to TEUR 35,709 (previous year: TEUR 22,693) on December 31, 2009 and are due as follows:

in TEUR	Dec. 31, 2009	Dec. 31, 2008
Within one year	8,829	7,936
Longer than one year within five years	21,347	7,378
Over five years	5,534	7,378

For all properties, the POLYTEC GROUP was granted certain sales options by the lessor.

Loans were issued to a company of the Polytec Immobilien Group, which are balanced under "Loans" in the financial assets. The loans will be charged with interests at arm's length and can be repaid at latest until December 31, 2018. Further information can be found in section D. 15.

All transactions were carried out at normal market rates. There are neither provisions for doubtful debts nor were expenses for doubtful or unrecoverable debts recorded in 2009 in connection with transactions with affiliated parties.

Other business relationships

The POLYTEC GROUP has a contract for work and labor with the IMC Verwaltungsgesellschaft mbH, Hörsching, concerning the provision of a member of the Board of Directors of the PO-LYTEC Holding AG, Hörsching.

The PPI Plastics Products Innovation GmbH & Co KG functions as supplier of injection moulding products for the POLYTEC GROUP.

GLOBE AIR AG provided transport services to employees of the POLYTEC GROUP in the business year under review.

8. Salaries of the Board of Directors

Total remuneration of the members of the Board of Directors in the year under review amounted to TEUR 1,948 (previous year: TEUR 1,610). Of the figure quoted, TEUR 32 (previous year: TEUR 193) was not spent by the company itself but by its affiliated companies. Furthermore, benefits in kind in the form of company cars and cellular phones were received by these executives.

The 2009 emoluments contain a one-off payment to a member of the Board of Directors amounting to TEUR 675, who left as a result of the POLYTEC restructuring.

In 2009, the Chairman of the Board of Directors waived 20% of the fixed salary, to which he was entitled, as a contribution to dealing with the POLYTEC GROUP's difficult situation.

Not yet paid variable portions of salary affecting the year 2009 are balanced in the short-term personnel reserves.

There are no stock-option plans or similar shareholding-based remunerations falling under IFRS 2.

The recorded expenses for payments to members of the Supervisory Board in the financial year amounted to EUR 101,750 (previous year: TEUR 74).

In addition consultancy contracts with two members of the Supervisory Board were agreed at common market terms.

There are no credits or advanced payments with regard to current or former members of the organs of the company. No former member of the organs of the company receives any kind of salary from the Group or one of its affiliated companies.

9. Expenses for the Group auditors

Expenses for the services provided by the Group auditors are as follows in 2009:

in TEUR	2009
Annual financial statements	90
Other services	221
	311

10. Bodies of the POLYTEC Holding AG

The persons mentioned below were members of Board of Directors during the financial year and at the time of the preparation of the consolidated accounts:

Friedrich Huemer Wallern (Chairman of the Board of Directors)

Andreas Jagl

Gröbming (since November 2, 2009)

Alfred Kollros

St. Valentin

Klaus Rinnerberger

Brunn am Gebirge (between March 1, 2009 and August 8, 2009)

Eduard Schreiner

Leonding (since October 15, 2009)

Karl-Heinz Solly Leonding (up to December 31, 2009)

Reinhard Urmann

Maxhütte-Haidhof, Germany (up to March 1, 2009)

The persons mentioned below were members of the Supervisory Board during the financial year and at the time of the preparation of the consolidated accounts:

Fred Duswald

Thalheim (Chairman)

Helmut Trauth

Knittelsheim, Germany (Vice Chairman)

Robert Büchelhofer

Starnberg, Germany

Viktoria Kickinger

Vienna

Meinhard Lukas

Linz (since February 8, 2010)

Reinhard Schwendtbauer

Leonding (since February 8, 2010)

Andreas Szigmund

Linz (up to February 8, 2010)

The Board of Directors of POLYTEC Holding AG authorized the consolidated financial statements for transmission to the Supervisory Board on March 31, 2010.

Hörsching, April 6, 2010

The Board of Directors

Friedrich Huemer m.p. Alfred Kollros m.p.

Eduard Schreiner m.p. Andreas Jagl m.p.

Reporting by business segment

		Automotive Systems		Automotive Composites
in TEUR	2009	2008	2009	2008	2009
Net sales (not consolidated)	440,566	455,104	170,017	307,478	72,495
thereof:
Internal sales own division	70,634	62,597	13,757	28,352	7,941
Internal sales other divisions	265	106	0	1,222	212
External sales	369,667	392,402	156,260	277,904	64,342
EBITDA	1,364	3,466	547	32,664	5,099
Depreciation and amortization	18,912	17,818	6,637	6,994	2,015
Impairments	3,965	6,841	0	1,331	0
thereof goodwill	0	6,312	0	0	0
Material earnings positions
Income from reversal of provisions for liabilities	1,762	3,415	4,619	6,379	375
Deconsolidation gains	0	0	3,434	0	0
Operating profit (EBIT) before cost of restructuring	-21,512	-21,193	-6,090	24,339	3,084
Cost of restructuring	-2,182	0	-1,744	0	0
Operating profit (EBIT) after cost of restructuring	-23,694	-21,193	-7,834	24,339	3,084
Financial expenses	-3,543	-3,256	-1,821	-1,937	-437
Impairments
Other finacial results	0	2	-64	-1,000	0
Taxes on income	5,720	371	-3,060	-7,003	-530
Net profit of continued operations	-21,517	-24,075	-12,780	14,399	2,118
Operating assets	148,791	715,105	74,676	105,353	38,148
Operating liabilities	71,654	277,585	46,006	62,246	7,285
Capital employed	77,137	437,519	28,670	43,108	30,863
thereof:
Deferred taxes	3,605	6,502	2,000	5,539	384
Employee benefit obligations	8,467	11,119	15,379	15,224	1,219
Investments in continued operations	18,000	27,932	1,582	5,956	594
Other non-cash revenues (+)/expenses (–)	-3,062	1,617	-1,480	-725	86

Information on geographical allocation

		External sales		Deferred tax assets		Obligations for employees
in TEUR	2009	2008	2009	2008	2009	2008
Austria	32,838	48,367	9,261	10,594	1,774	1,885
Germany	404,356	492,936	4,390	7,048	22,322	24,686
Other EU	136,735	178,895	324	3,925	1,405	1,569
Rest of the world	33,118	48,084	0	1,057	160	125
Total Group	607,047	768,282	13,974	22,624	25,661	28,264

Group		Consolidation		Other segments		Car Styling
2008	2009	2008	2009	2008	2009	2008
870,919	700,702	0	0	21,116	17,625	87,221
101,203	93,177	0	0	767	845	9,487
1,434	478	0	0	98	1	8
768,282	607,047	0	0	20,251	16,778	77,726
50,184	10,221	270	-65	4,888	3,276	8,897
28,139	28,671	0	0	1,225	1,107	2,101
8,172	3,965	0	0	0	0	0
	0	0	0	0	0	0
10,975	7,442	0	0	1,132	687	48
	3,434	0	0	0	0	0
	-22,415	270	-65	3,663	2,168	6,795
	-7,822	0	0	0	-3,896	0
	-30,236	270	-65	3,663	-1,728	6,795
-6,158	-6,884	-103	1,594	-149	-2,678	-713
	-9,944				-9,944
	-568	7,332	255	-6,304	-759	0
	-3,796	-293	-3,478	10,613	-2,447	-1,646
	-51,429	7,206	-1,695	7,823	-17,555	4,436
879,460	277,028	-4,021	-391	19,141	15,804	43,882
353,022	130,158	-4,065	-564	8,439	5,777	8,818
526,438	146,870	44	173	10,703	10,028	35,065
22,624	13,974	-849	-804	10,990	8,789	442
28,264	25,661	-208	-25	825	621	1,305
39,025	20,569	0	0	1,176	392	3,961
	-4,464	61	-183	-97	175	-527

Consolidated movement of fixed assets as of December 31, 2009

in TEUR	Balance as of	Changes in	Translation
	Jan. 1, 2009	consolidation	differences	Additions	Disposals
I. Intangible assets
1. Research and development costs	9,878	-2,104	0	0	6,766
2. Rights	21,057	-11,291	59	550	1,063
3. Goodwill	45,627	0	0	0	0
4. Customer contracts	79,933	-79,933	0	0	0
	156,496	-93,328	59	550	7,829
II. Tangible assets
1. Land and buildings	170,266	-159,439	309	797	95
2. Technical equipment and machinery	609,943	-418,135	4,978	17,048	9,871
3. Other equipment, fixtures, fittings and eqipment	69,710	-23,766	625	3,224	2,355
4. Advance payments made and assets under construction	37,386	-18,750	171	14,547	775
	887,304	-620,090	6,083	35,616	13,096
III. Financial assets
1. Investments in affiliated companies	296	-41	0	35	0
2. Investments in associated companies	1,031	0	0	0	0
3. Investments in joint ventures	7,414	-7,759	0	345	0
4. Other investments	874	-5	0	13	0
5. Loans	2,483	0	0	0	483
6. Fixed asset securities	62	-60	0	0	0
	12,160	-7,865	0	393	483
	1,055,960	-721,283	6,142	36,560	21,409

Consolidated movement of fixed assets as of December 31, 2008

in TEUR	Balance as of Jan. 1, 2008	Changes in consolidation	Translation differences	Additions	Disposals
I. Intangible assets
1. Research and development costs	4,903	2,440	0	3,043	508
2. Rights	10,344	9,658	-75	1,570	822
3. Goodwill	45,627	0	0	0	0
4. Customer contracts	0	79,933	0	0	0
	60,874	92,031	-75	4,613	1,330
II. Tangible assets
1. Land and buildings	10,814	157,962	-525	1,947	490
2. Technical equipment and machinery	189,372	390,484	-2,705	23,653	8,524
3. Other equipment, fixtures, fittings and eqipment	47,544	19,244	-1,497	8,280	5,092
4. Advance payments made and assets under construction	7,304	41,828	-80	15,665	7,497
	255,034	609,518	-4,807	49,545	21,603
III. Financial assets
1. Investments in affiliated companies	195	51	0	51	0
2. Investments in associated companies	1,045	0	0	0	14
3. Investments in joint ventures	0	7,057	0	357	0
4. Other investments	770	5	0	99	0
5. Loans	2,250	0	0	1,575	1,342
6. Fixed asset securities	2	0	0	60	0
	4,262	7,113	0	2,142	1,356
	320,169	708,662	-4,882	56,300	24,289

					Cost of acquisition and production
Net book value as of Dec. 31, 2008	Net book value as of Dec. 31, 2009	Accumulated depreciation	thereof extraordinary	Depreciation of the fiscal year	Balance as of Dec. 31, 2009	Transfers
8,794	105	904	0	74	1,008	0
5,990	1,870	7,814	0	1,301	9,684	371
19,300	19,300	26,328	0	0	45,627	0
5,774	0	0	0	0	0	0
39,858	21,274	35,045	0	1,375	56,319	371
134,097	6,924	5,903	0	837	12,827	988
277,005	80,696	148,098	3,965	25,648	228,794	24,831
25,951	14,113	35,248	0	4,752	49,361	1,923
37,386	4,442	23	0	23	4,465	-28,113
474,439	106,176	189,270	3,965	31,260	295,447	-371
296	290	0	0	0	290	0
31	31	1,000	0	0	1,031	0
7,414	0	0	0	0	0	0
874	872	10	10	10	882	0
2,483	2,000	0	0	0	2,000	0
62	2	0	0	0	2	0
11,160	3,195	1,010	10	10	4,205	0
525,456	130,645	225,326	3,975	32,646	355,971	0

					Cost of acquisition and production
Net book value as of Dec. 31, 2007	Net book value as of Dec. 31, 2008	Accumulated depreciation	thereof extraordinary	Depreciation of the fiscal year	Balance as of Dec. 31, 2009	Transfers
4,375	8,794	1,084	0	556	9,878	0
3,676	5,990	15,067	0	1,854	21,057	382
25,612	19,300	26,328	6,312	6,312	45,627	0
0	5,774	74,159	0	1,157	79,933	0
33,662	39,858	116,638	6,312	9,879	156,496	382
6,961	134,097	36,169	0	1,981	170,266	557
78,171	277,005	332,938	1,860	30,244	609,943	17,664
15,286	25,951	43,759	0	6,190	69,710	1,232
7,304	37,386	0	0	0	37,386	-19,835
107,722	474,439	412,866	1,860	38,415	887,304	-382
195	296	0	0	0	296	0
1,045	31	1,000	1,000	1,000	1,031	0
0	7,414	0	0	0	7,414	0
770	874	0	0	0	874	0
2,250	2,483	0	0	0	2,483	0
	62	0	0	0	62	0
4,262	11,160	1,000	1,000	1,000	12,160	0
145,646	525,456	530,504	9,172	49,294	1,055,960	0

Changes in provisions for severance payments, pensions and jubilee payments for the years 2005 to 2009

in TEUR	2009	2008	2007	2006	2005
Present value of severance payments (DBO) as of Jan. 1	1,921	1,743	1,947	1,925	1,355
Service cost	129	124	162	179	148
Interest cost	99	91	87	80	68
Severance payments	-329	-98	-179	-126	-89
Realized actuarial profit/loss	-182	61	-275	-111	444
Present value of severance payments (DBO) as of Dec. 31	1,638	1,921	1,743	1,947	1,925
Unrealized actuarial profit/loss	-25	-208	-147	-435	-567
Provisions for severance payments as of Dec. 31	1,613	1,713	1,597	1,512	1,358

in TEUR	2009	2008	2007	2006	2005
Present value of pensions (DBO) as of Jan. 1	21,459	20,653	7,148	6,588	5,635
Reclassification	-2,244	2,306	13,752	0	0
Service cost	962	586	327	284	446
Interest cost	1,187	213	727	265	251
Pensions payments	-888	-1,217	-630	-169	-157
Realized actuarial profit/loss	-121	-1,082	-670	180	413
Present value of pensions (DBO) as of Dec. 31	20,355	21,459	20,653	7,148	6,588
Unrealized actuarial profit/loss	856	1,108	165	-619	-413
Provisions for pensions as of Dec. 31	21,211	22,566	20,818	6,529	6,175

in TEUR	2009	2008	2007	2006	2005
Present value of performance orientated obligations	1,272	2,291	1,155	818	820
Realized actuarial profit/loss	0	0	0	0	0
Provisions for jubilee payments	1,272	2,291	1,155	818	820

Consolidated chart of short-term provisions in the financial year 2009

in TEUR	Balance as of Jan. 1, 2009	Changes in consolidation	Currency translation	Utilization	Release	Addition	Balance as of Dec. 31, 2009
Provisions for vacation	9,163	-2,952	33	5,486	0	3,625	4,383
Other short-term personal expenses	31,859	-21,877	14	3,148	2,942	2,029	5,934
Provisions for anticipated losses and risks	33,752	-8,188	44	11,282	2,808	4,964	16,483
Provisions	59,540	-43,837	8	9,660	1,692	9,725	14,084
	134,314	-76,854	99	29,575	7,442	20,342	40,884

Schedule of Group investments as of December 31, 2009

Company	Location	Country	Parent company	Direct and indirect share %	Type of consolidation1)
POLYTEC Automotive Systems GmbH	Hörsching	AUT	POLYTEC Holding AG	100.0	KO
POLYTEC Invest GmbH	Geretsried	GER	POLYTEC Holding AG	100.0	KV
PF Beteiligungs GmbH	Hörsching	AUT	POLYTEC Holding AG	100.0	KO
Car Styling Division
POLYTEC FOR Car Styling GmbH & Co KG	Hörsching	AUT	POLYTEC Holding AG	100.0	KV
POLYTEC FOR Car Styling GmbH	Hörsching	AUT	POLYTEC Holding AG	100.0	KO
Polytec Holden Ltd.	Bromyard	GBR	POLYTEC Holding AG	100.0	KV
POLYTEC FOHA CORPORATION	Markham	CAN	POLYTEC Holding AG	80.0	KV
Polytec Foha Inc.	Warren	USA	POLYTEC Holding AG	80.0	KV
Polytec AVO n.v.	Schoten	BEL	POLYTEC Holding AG	100.0	KV
Ratipur Kraftfahrzeugbauteile und Autoausstattung Herstellungs- und Vertriebsgesellschaft m.b.H.	Komló	HUN	POLYTEC Holding AG	24.0	KOE
Automotive Systems Division
Polytec Holding Deutschland GmbH	Geretsried	GER	POLYTEC Holding AG	100.0	KV
POLYTEC Interior GmbH	Geretsried	GER	Polytec Holding Deutschland GmbH	100.0	KV
Polytec Automotive GmbH & Co KG	Geretsried	GER	Polytec Holding Deutschland GmbH	100.0	KV
Polytec Automotive Verwaltungs GmbH	Geretsried	GER	Polytec Holding Deutschland GmbH	100.0	KO
Polytec Deutschland Verwaltungs GmbH	Lohne	GER	Polytec Holding Deutschland GmbH	100.0	KO
Polytec Riesselmann GmbH & Co KG	Lohne	GER	Polytec Holding Deutschland GmbH	100.0	KV
POLYTEC Intex GmbH & Co. KG	Morsbach	GER	Polytec Holding Deutschland GmbH	100.0	KV
POLYTEC Intex Montage GmbH	Morsbach	GER	POLYTEC Intex GmbH & Co. KG	100.0	KO
Polytec Thermoplast GmbH & Co KG	Idstein	GER	Polytec Holding Deutschland GmbH	100.0	KV
Polytec Interior UK Ltd.	Birmingham	GBR	POLYTEC Interior GmbH	100.0	KO
Polytec Interior Zaragoza S.L.	Zaragoza	ESP	POLYTEC Holding AG	100.0	KV
Polytec Interior Polska Sp.z.o.o.	Tomaszow Mazowiecki	POL	POLYTEC Holding AG	100.0	KV
Polytec Interior South Africa (Proprietary) Ltd.	Rosslyn	SAF	Polytec Holding Deutschland GmbH	100.0	KV
PDN Real Estate GmbH	Bötzingen	GER	Polytec Holding Deutschland GmbH	100.0	KO
Automotive Composites Division
PT Beteiligungs GmbH	Hörsching	AUT	POLYTEC Holding AG	100.0	KV
POLYTEC Composites Italia S.r.l.	Mondovì	ITA	POLYTEC Holding AG	100.0	KV
POLYTEC Composites Beteiligungs GmbH	Gochsheim	GER	PT Beteiligungs GmbH	100.0	KV
POLYTEC Composites Verwaltungs GmbH	Gochsheim	GER	PT Beteiligungs GmbH	100.0	KO
POLYTEC Composites Germany GmbH & Co KG	Gochsheim	GER	POLYTEC Composites Beteiligungs GmbH	100.0	KV
POLYTEC Composites Slovakia s.r.o.	Sladkovicovo	SLK	PT Beteiligungs GmbH	100.0	KV
PT Plastik Ürünleri Sanayi ve Ticaret A.S.	Aksaray	TK	PT Beteiligungs GmbH	100.0	KV
Polytec Composites Bohemia s.r.o.	Chodova Plana	CZE	PT Beteiligungs GmbH	100.0	KV
POLYTEC Composites Weiden GmbH	Weiden	GER	POLYTEC Composites Beteiligungs GmbH	100.0	KV
INAPAL PLASTICOS, S.A.	Leca do Balio	POR	POLYTEC Composites Germany GmbH & Co KG	19.7	KOE
Ljungby Komposit AB	Ljungby	SWE	PT Beteiligungs GmbH	25.0	KOE
Industrial Division
POLYTEC Industrial Plastics GmbH	Bochum	GER	POLYTEC Holding AG	70.0	KV
POLYTEC Elastoform GmbH & Co KG	Marchtrenk	AUT	POLYTEC Industrial Plastics GmbH	70.0	KV
POLYTEC EMC Engineering GmbH & Co KG	Marchtrenk	AUT	POLYTEC Industrial Plastics GmbH	70.0	KV
POLYTEC EMC Engineering GmbH	Hörsching	AUT	POLYTEC Industrial Plastics GmbH	70.0	KO
POLYTEC THELEN GmbH	Bochum	GER	POLYTEC Industrial Plastics GmbH	70.0	KV

1) KV = fully consolidated

KE = consolidated at equity

KO = not consolidated due to subordinated importance

KOE = no valuation at equity due to subordinated importance

Statement of all Legal Representatives

According to clause 82 Section 4 pt. 3 BörseG

We confirm to the best of our knowledge that the consolidated financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the group as required by the applicable accounting standards and that the group management report gives a true and fair view of the development and performance of the business and the position of the group, together with a description of the principal risks and uncertainties the group faces.

Hörsching, April 6, 2010

The Board of Directors

Friedrich Huemer m.p. Alfred Kollros m.p. Eduard Schreiner m.p. Andreas Jagl m.p.

Auditors' report

Report on the consolidated financial statements

We have audited the accompanying consolidated financial statements of POLYTEC Holding AG, Hörsching, for the fiscal year from January 1, 2009 to December 31, 2009. These consolidated financial statements comprise the consolidated balance sheet as of December 31, 2009, the consolidated income statement, the consolidated cash flow statement and the consolidated statement of changes in equity for the year ended December 31, 2009 and a summary of significant accounting policies and other explanatory notes.

Management's responsibility for the consolidated financial statements and for the accounting system

The company's management is responsible for the Group accounting system and for the preparation and fair presentation of these consolidated financial statements in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.

Auditors' responsibility and description of type and scope of the statutory audit

Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with laws and regulations applicable in Austria and Austrian Standards on Auditing, as well as in accordance with International Standards on Auditing issued by the International Auditing (ISA) and Assurance Standards Board (IAASB) of the International Federation of Accountants (IFAC). Those standards require that we comply with professional guidelines and plan and perform the audit to obtain reasonable assurance whether the consolidated financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Group's preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

Our audit did not give rise to any objections. In our opinion, which is based on the results of our audit, the consolidated financial statements comply with legal requirements and give a true and fair view of the financial position of the Group as of December 31, 2009 and of its financial performance and its cash flows for the fiscal year from January 1, 2009 to December 31, 2009, in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU.

Without qualifying our opinion, we draw attention to the fact that both the future development and going concern are uncertain and are largely contingent on securing further funding as well as on future business trends as anticipated by the Board of Directors to the best of their knowledge on the basis of current information.

In light of the current challenging economic situation and the difficulty of predicting the further development of the passenger car and commercial vehicle businesses, we would like to stress the fact – as pointed out by the Board of Directors in the notes to the consolidated accounts and in the Group managment report – that the company's future earnings situation and financing requirements might be subject to changes that cannot be estimated with any degree of certainty on the basis of the information currently available. It cannot be fully ruled out that going concern of subsidiaries of the Group might be in jeopardy. Therefore unfavorable future impairments of balance sheet assets (including deferred taxes) are possible. Furthermore, it should be noted that business planning calculations and the resulting liquidity projections also encompass measures, which have not yet been agreed upon (sales increase, reduction of personnel costs). The final outcome of these negotiations could have a significant impact on the future earnings situation and financing requirements of the Group.

The company's principal creditor, the lending bank, has confirmed in writing as of March 9, 2010 that it intends to keep the financing agreement – subject to approval by the relevant committee even until December 31, 2011 – if the development of Group operations is in line with the original planning calculations as of November 27, 2009. The lending bank will not consider negative deviations from planning calculations of individual companies and/or sites of the Group alone as a sufficient reason to terminate the financing agreement, provided that the business development of the Group as a whole does not fall substantially short of the original planning calculations as of November 27, 2009.

With regard to this supplemental information, please also refer to the description of group financing and going concern in the notes on the consolidated accounts (E. 5) and in the Group management report (p. 56f.).

Comments on the management report for the Group

Pursuant to statutory provisions, the management report for the Group is to be audited as to whether it is consistent with the consolidated financial statements and as to whether the other disclosures are not misleading with respect to the company's position. The auditor's report also has to contain a statement as to whether the management report for the Group is consistent with the consolidated financial statements and whether the disclosures pursuant to article 243a UGB (Austrian Commercial Code) are appropriate.

In our opinion, the consolidated management report for the Group is consistent with the consolidated financial statements. The disclosures according to article 243a UGB (Austrian Commercial Code) are appropriate.

Leonding, March 31, 2010

Deloitte Oberösterreich Wirtschaftsprüfungs GmbH

Nikolaus Schaffer ppa. m.p. Austrian Chartered Accountant

Ulrich Dollinger m.p. Austrian Chartered Accountant

Financial Statements 2009 of POLYTEC Holding AG

der POLYTEC Holding AG, f¸rdas GESCHƒFTSJAHR ²⁰⁰⁹

BERICHT ‹BER DEN GESCHƒFTSVERLAUF UND DIE LAGE WIRTSCHAFTLICHESUMFELD

1.

Die weltwirtschaftliche Entwicklung ²⁰⁰⁹ war von der st‰rksten Rezession seit dem Ende des Zweiten Weltkriegs gepr‰gt. In nahezu allen Regionen ging das reale Bruttoinlandsprodukt infolge der globalen Finanz- und Wirtschaftskrise zur¸ck ^ñ besonders stark in den Industriel‰ndern (ñ3,6 %). Das globale Bruttoinlandsprodukt verringerte sich im Vergleich zum Vorjahr sp¸rbar um 2,3 %. Nach dem Konjunktureinbruch Ende ²⁰⁰⁸ konnte mitBeginn der zweiten Jahrsh‰lfte ein Umschwung der Entwicklung verzeichnet werden. Dies war vor allem auf wiederkehrende Wachstumsimpulse aus Asien zur¸ckzuf¸hren.

Im Jahr 2009 war die Entwicklung der Weltwirtschaft durch den Einbruch des internationalen Handels und einen starken ^R¸ckgang der G¸ternachfrage gekennzeichnet. Die Rezession traf neben allen Industriel‰ndern auch aufstrebende Schwellenl‰nder. Besonders exportabh‰ngige Volkswirtschaften waren betroffen. Mit Hilfe konzertierter Aktionen seitens nationaler Notenbanken und Regierungen konnten die globalen Finanzm‰rkte teilweise stabilisiert werden. Verst‰rkte fiskalpolitische Maflnahmen in Form von Konjunkturprogrammen halfen, den Wirtschaftsabschwung im Verlauf des Jahres zu mildern. Europa

befand sich im Jahr 2009 in einer tiefen Rezession, die bereits im zweiten Halbjahr ²⁰⁰⁸ begonnen hatte. Gr¸nde f¸r den Abschwung waren die Finanzkrise und die folgliche Zur¸ckhaltung beim Konsum und bei der Investitionst‰tigkeit, der Lagerabbau sowie Exporteinbuflen. Im Gegensatz zum Vorjahr ging das Wachstum des Bruttoinlandsprodukts in der Europ‰ischen Union stark zur¸ck (2008: +0,8 %; 2009: ^ñ4,1 %). Erst im zweiten Halbjahr ²⁰⁰⁹ haben viele Unternehmen begonnen, ihre in der ersten Jahresh‰lfte abgebauten Lagerbest‰nde aufzustocken, wodurch die bis dahin sehr niedrige Kapazit‰tsauslastung in der Industrie teilweise wieder

stieg. Staatliche Konjunkturprogramme zeigten Wirkung; sie st¸tzten den privaten und staatlichen Konsum. BRANCHENSITUATION:

Die problematische Entwicklung der Weltwirtschaft 2009 infolge der Krise auf den internationalen Finanzm‰rkten hat auch zu einem starken ^R¸ckgang der Automobilabsatzzahlen in den wichtigsten ^M‰rkten gef¸hrt. Allein die europ‰ische Fahrzeugproduktion ging von 18,5 Millionen auf ¹⁵ Millionen Einheiten zur¸ck.

(in tsd. Einheiten)

Die wichtigsten Kunden des Konzerns mussten daher aufgrund der dramatisch ^r¸ckl‰ufigen Neuzulassungen in ²⁰⁰⁹ teilweise sehr deutliche Umsatzr¸ckg‰nge hinnehmen. Im Zuliefererbereich sank gem‰fl einer Studie der

Unternehmensberatung Roland Berger der Umsatz der Zulieferer global um etwa 25 %. Von staatlicher Seite wurden diese ^R¸ckg‰nge unter anderem durch die Einf¸hrung

der Abwrackpr‰mie verringert, die aber vor allem den Herstellern von kleineren Fahrzeugen zugute kam und daher auf den Konzern, mit seiner Ausrichtung auf Premium-Hersteller, nur geringe Auswirkung hatte. Im Premium-Bereich wird ^f¸rdie nahe Zukunft daher inzwischen auch von einem

Nachholbedarf bei den Absatzzahlen ausgegangen, ^w‰hrend die Abs‰tze der kleineren Fahrzeuge wahrscheinlich unter dem Auslaufen der Abwrackpr‰mie leiden werden. Grunds‰tzlich geht der Markttrend im Automobilbereich hin zu leichter,

umweltfreundlicher und ^hˆherwertiger Ausstattung sowie Individualisierung. Diese Trends kommen dem Konzern mitseinem auf Gewichtsreduktion ausgelegten Produktportfolio und seiner Erfahrung im Premium-Bereich entgegen. In das laufende Jahr ²⁰¹⁰ sind die deutschen Hersteller mit Zuw‰chsen gestartet. GESCHƒFTSENTWICKLUNG

UND LAGE DES KONZERNS ALLGEMEINEANGABEN

Die zwischen Unternehmen und Banken getroffene, und im Zuge einer auflerordentlichen Hauptversammlung am 26. Juni ²⁰⁰⁹ einstimmig beschlossene Restrukturierungsvereinbarung der POLYTEC GROUP sah unter anderem vor, dass die im Gesch‰ftsjahr ²⁰⁰⁸ erworbene PEGUFORM GROUP mit Ausnahme ^jener beiden Standorte (Weiden und Chodova Plana), die der Automotive Composites Division zuzurechnen sind, abzugeben ist. Somit ist die PEGUFORM GROUP, mit Ausnahme der beiden Standorte gem‰fl IFRS ⁵ als ^ÑZur Ver‰uflerung gehalten^ì zu klassifizieren und aus der Automotive Systems Division auszugliedern.

Bei der Betrachtung der Umsatz- und Ertragsentwicklung des Konzerns und jener der Automotive System Division ist in Folge zu beachten, dass die im Anhang unter D.10 beschriebene ÑAbgabe der PEGUFORM GROUPì einen nur eingeschr‰nkten Vergleich mit dem gepr¸ften Konzernabschluss ²⁰⁰⁸ zul‰sst. ^F¸r eine bessere Einsch‰tzung und Beurteilung der jeweiligen Ergebnisentwicklung

wurden die entsprechenden Darstellungen um eine um die Akquisition bereinigte Darstellung ²⁰⁰⁸ erg‰nzt.

Alle im folgenden Text angegebenen Werte des Gesch‰ftsjahres ²⁰⁰⁹ sind bereinigt um die per 1. Juli 2009 entkonsolidierten Gesellschaften der PEGUFORM GROUP, deren Ergebnisbeitrag als Ergebnis aus aufgegebenen Gesch‰ftsbereichen ausgewiesen wird, dargestellt. GESCHƒFTSENTWICKLUNG

DES KONZERNS

Als Konsequenz der infolge der Wirtschaftskrise stark reduzierten Produktionszahlen sowohl bei Pkw alsauch den schweren Lkw und Nutzfahrzeugen reduzierte sich der Umsatz des Konzerns um 21,0 % auf EUR 607,0 Mio., wobei die beiden Werke der ehemaligen PEGUFORM GROUP - nunmehr gef¸hrt als POLYTEC Composites Bohemia sowie POLYTEC Composites Weiden - mit rund EUR 34 Mio. zum Konzernumsatz 2009 beitragen konnten.

Im Einzelnen zeigen die wesentlichen Kennziffern des Konzerns folgende Entwicklung: Kennzahlen

Kennzahlen zur Ertragslage der Gruppe	Einheit	2009	2008	2008	2007
			vergleichbar
Umsatz	EUR Mio.	607,0	768,3	1.081,5	665,0
EBITDA	EUR Mio.	10,2	50,2	65,0	63,7
EBITDA-Marge (EBITDA/Umsatz)	%	1,7	6,5	6,0	9,6
EBIT vor Restrukturierungskosten	EUR Mio.	-22,4	13,9	16,7	41,0
EBIT nach Restrukturierungskosten	EUR Mio.	-30,2	13,9	16,7	41,0
¸hrten Aktivit‰ten EBIT-Marge (EBIT/Umsatz)	%	-5,0	1,8	1,5	6,2
Net Profit aus fortgef	EUR Mio.	-51,4	9,8	3,0	37,3
Net Profit-Marge (Ergebnis nach Steuern/Umsatz)	%	-8,5	1,3	0,3	5,6
Ergebnis je Aktie	EUR	-2,33	0,42	0,08	1,66
Durchschnittliches Capital Employed	EUR Mio.	336,7	n/a	365,0	171,9
ROCE vor Steuern (EBIT/Capital Employed)	%	-9,0	n/a	4,6	23,9

Umsatz Peguform Group

Umsatzentwicklung 2007-2009 (in Mio. EUR)

Die Ende 2008 einsetzende Krise des Automobil- und im Speziellen des Nutzfahrzeugmarkts zog sich durch das gesamte Gesch‰ftsjahr ²⁰⁰⁹ und ist der wesentliche Grund, warum das Betriebsergebnis der Gruppe im Gesch‰ftsjahr ²⁰⁰⁹ deutlich negativ ausf‰llt.

Das EBITDA blieb jedoch mit EUR 10,2 Mio. im Gesamtjahr noch deutlich positiv, da vor allem in der zweiten Jahresh‰lfte, nach erfolgreicher Umsetzung von Restrukturierungsmaflnahmen, wieder positive EBITDA-Margen ausgewiesen werden konnten.

Analog zur Entwicklung des EBIT reduziert sich auch das Ergebnis nach Steuern aus fortgef¸hrten Aktivit‰ten auf EUR -51,4 Mio. im Vergleich zu EUR 9,8 Mio. im Vorjahr. Das anteilige Ergebnis aus der Abgabe der Peguform Group schl‰gt sich zus‰tzlich mit EUR -38,7 Mio. zu Buche.

In diesem Zusammenhang stehen auch EUR 7,8 Mio. welche in der Gewinn- und Verlustrechnung als Restrukturierungskosten dargestellt sind. Eine entsprechende Erl‰uterung der einzelnen Posten erfolgt im Konzernanhang unter D.7.

Der Anteil der einzelnen Divisionen am Umsatz hat sich im Jahr 2009 deutlich ver‰ndert. Der Anteil der Automotive Composites Division am Konzernumsatz, hat sich infolge der dramatischen Umsatzeinbr¸che ^auf dem Nutzfahrzeugmarkt von zuvor rund 36% auf knapp 26% reduziert.

Automotive

Umsatz	EUR Mio.	369,7	392,4	705,6	369,3
Anteil am Konzernumsatz	%	60,6	51,1	65,2	55,5
EBITDA	EUR Mio.	1,4	3,5	18,3	25,8
EBITDA-Marge (EBITDA/Umsatz)	%	0,4	0,9	2,6	7,0
EBIT vor Restrukturierungskosten		-21,5	-21,2	-18,3	10,8
EBIT nach Restrukturierungskosten	EUR Mio.	-23,7	-21,2	-18,3	10,8
EBIT-Marge (EBIT/Umsatz)	%	-6,4	-5,4	-2,6	2,9
Net Profit	EUR Mio.	-21,5	-24,1	-30,9	4,1
Net Profit-Marge (Ergebnis nach Steuern/Umsatz)	%	-5,8	-6,1	-4,4	1,1
Durchschnittliches Capital Employed	EUR Mio.	257,3	n/a	282,7	106,2

Systems Division Einheit

Die Automotive Systems Division ist mit 61% Anteil am Konzernumsatz die nach wie vor grˆflte Division der POLYTEC GROUP. Sie erzielte bei einem Umsatzr¸ckgang von 5,8 % auf EUR 369,7 Mio. ein Jahresergebnis nach Steuern von EUR -21,5 Mio. In diesem Ergebnis enthalten sind auch einmalige Restrukturierungsaufwendungen ^f¸r Personalabbau in ^Hˆhe von EUR 2,2 Mio. sowie Wertminderungen im Zuge von auflerordentlichen Abschreibungen auf das Anlagevermˆgen von EUR 3,9 Mio.

Beim Teileumsatz war ein ^R¸ckgang ^von 17,1% auf EUR 310,3 Mio. zu verzeichnen. Der Werkzeugumsatz erhˆhte sich von zuvor EUR 18,0 Mio. auf EUR 59,4 Mio.

EUR. Dieser Anstieg ist im Wesentlichen auf bereits im Gesch‰ftsjahr ²⁰⁰⁹ angelaufene Projekte zur¸ckzuf¸hren.

Der starke ^R¸ckgang des Teileumsatzes ist neben der allgemeinen Wirtschaftsentwicklung vor allem auch auf die diversen Anreizprogramme zur¸ckzuf¸hren, welche ^f¸r die Division, als Lieferant des Premium-Segments, keine unterst¸tzende Auswirkung hatten.

Das EBIT der Division betrug 2009 EUR -23,7 Mio. nach EUR -21,2 Mio. im Jahr 2008. In dem Wert von ²⁰⁰⁸ war eine auflerplanm‰flige Firmenwertabschreibung von EUR 6,3 Mio. enthalten. Demgegen¸ber sind im Wert von ²⁰⁰⁹ die oben erw‰hnten Einmaleffekte von insgesamt EUR 6,1 Mio. zu ber¸cksichtigen.

Die negative Ergebnissituation gibt im Wesentlichen den im vierten Quartal 2008 einsetzenden Einbruch der Automobilindustrie wieder, wobei im zweiten Halbjahr ²⁰⁰⁹ bereits erste Effekte von Einsparungsmaflnahmen wirksam waren und das EBIT daher im Vergleich zum vierten Quartal 2008 (EUR -10,3 Mio.) deutlich gesteigert werden konnte.

Umsatz	EUR Mio.	156,3	277,9	201,3
Anteil am Konzernumsatz	%	25,8	36,2	30,3
EBITDA	EUR Mio.	0,5	32,7	24,9
EBITDA-Marge (EBITDA/Umsatz)	%	0,4	11,8	12,4
EBIT vor Restrukturierungskosten		-6,1	24,3	19,9
EBIT nach Restrukturierungskosten	EUR Mio.	-7,8	24,3	19,9
EBIT-Marge (EBIT/Umsatz)	%	-5,0	8,8	9,9
Net Profit	EUR Mio.	-12,8	14,4	23,7
Net Profit-Marge (Ergebnis nach Steuern/Umsatz)	%	-8,2	5,2	11,8
Durchschnittliches Capital Employed	EUR Mio.	‰gt 35,9	von 36,9	22,3

Composites Division

Umsatz- und Ergebniseinbr¸chen in der Nutzfahrzeugindustrie. Trotz der erstmalig ganzj‰hrigen Ber¸cksichtigung der Werke POLYTEC Composites Bohemia sowie POLYTEC Composites Weiden, welche 2009 mit rund EUR 34 Mio. zum Umsatz beitrugen, sank dieser in der Vergleichsperiode um 43,8% auf EUR 156,3 Mio. Der starke (organische) Umsatzr¸ckgang entspricht im Wesentlichen der Entwicklung des Nutzfahrzeugmarktes, welcher sich, gemessen an der europ‰ischen Produktionsmenge 2009 um 64 % reduzierte.

Der Markt ist aufgrund des Nachfrageeinbruchs beginnend mit dem vierten Quartal ²⁰⁰⁸ derzeit tendenziell gepr‰gt von hohen ‹berkapazit‰ten und verzerrten Kostenstrukturen auf Grund von Investitionen, die von den Zulieferern basierend auf deutlich ^hˆheren Absatzerwartungen get‰tigt wurden. Auf Grund dieser negativen Entwicklung war es notwendig, die Kapazit‰ten an allen Standorten de^r Division bestmˆglich an die zu erwartend schwache Auslastung anzupassen. Neben einem fast ^g‰nzlichen Abbau des Leihpersonalstandes wurden an allen Standorten auch Kurzarbeitsmodelle umgesetzt. Die erfolgreich umgesetzten Maflnahmen spiegeln sich auch in einer quartalsweisen Betrachtung des EBITDA wider, welches sich im Jahresverlauf deutlich verbessern konnte und ^f¸r das gesamte Jahr ²⁰⁰⁹ einen Wert von EUR 0,5 Mio. erreichte.

Das EBIT derDivision verschlechterte sich in Folge des Umsatzr¸ckgangs auf EUR -7,8 Mio., wohingegen im Vorjahr nach einer erfolgreichen Restrukturierung noch ein positives EBIT von EUR 24,3 Mio. ausgewiesen werden konnte. Dies entspricht einer Verschlechterung der EBIT-Marge von 8,8% auf -5,0%.

Auf Grund der dramatischen Markteinbr¸che wurden auch strukturelle Verbesserungsmaflnahmen umgesetzt. Neben der mit Jahresende ²⁰⁰⁸ vollzogenen Schlieflung des Standortes in Trnava (Slowakei), wurde zu Begin ²⁰⁰⁹ mit der geordneten Schlieflung des Standortes Ljungby (Schweden) begonnen, die bis zum Ende des Jahres weitgehend abgeschlossen wurde. Auf Grund der hohen Belastung mit Schlieflungskosten musste jedoch zu Beginn des laufenden Jahres ^f¸r diese Firma Insolvenz angemeldet werden.

Umsatz	EUR Mio.	64,3	77,7	74,7
Anteil am Konzernumsatz	%	10,6	10,1	11,3
EBITDA	EUR Mio.	5,1	8,9	9,6
EBITDA-Marge (EBITDA/Umsatz)	%	7,9	11,4	12,9
EBIT	EUR Mio.	3,1	6,8	7,9
EBIT-Marge (EBIT/Umsatz)	%	4,8	8,7	10,6
Net Profit	EUR Mio.	2,1	4,4	5,3
Net Profit-Marge (Ergebnis nach Steuern/Umsatz)	%	3,3	5,7	7,1
Durchschnittliches Capital Employed	EUR Mio.	33,0	34,7	33,0

Styling Division

In Anbetracht der Vehemenz der Krise war die Car Styling Division durchaus erfolgreich. Trotzdem konnte sie sich der Krise der Automobilindustrie nicht komplett entziehen und verzeichnete sowohl beim Umsatz- als auch beim Ergebnis einen ^R¸ckgang. Bei einem Umsatz von EUR 64,3 Mio. konnte ein EBIT von EUR 3,1 Mio. bzw. eine EBIT Marge von 4,8% erzielt werden.

Da der Trend zur Individualisierung von Fahrzeugen weiterhin ein wichtiges Thema ^f¸r die Automobilindustrie sein wird, werden die Marktchancen f¸rdiese Division weiterhin als gut eingesch‰tzt.

SonstigeGesch‰ftsbereiche

Umsatz	EUR Mio.	16,8	20,3	19,6
Anteil am Konzernumsatz	%	2,9	2,6	2,9
EBITDA	EUR Mio.	3,3	5,2	3,5
EBIT vor Restrukturierungskosten		2,2	3,9	2,4
EBIT nach Restrukturierungskosten	EUR Mio.	-1,7	3,9	2,4
‰ftsbereiche Net Profit	erfassen im EUR Mio.	Wesentlichen -19,3	das nicht 15,0	4,2

Gesch‰ft de^s Konzerns. In diesem Bereich werden auch die konzernleitende POLYTEC Holding AG sowie Ergebniseinfl¸sse aus nicht den Divisionen zuordenbaren Konsolidierungsvorg‰ngen abgebildet.

Das negative Ergebnis ist vor allem auf Kosten im Zusammenhang mit der Abgabe der PEGUFORM GROUP in ^Hˆhe von EUR 3,1 Mio. zur¸ckzuf¸hren.

ˆgen/
Anlagenquote (Anlageverm Bilanzsumme)	%	39,3	51,5	32,7
Eigenkapitalquote (Eigenkapital/Bilanzsumme) ˆgen (Net Working	%	18,5	15,2	35,7
Bilanzsumme	EUR Mio.	332,1	1.020,8	445,0
ˆgen in % vom Nettoumlaufverm Capital)	EUR Mio.	26,0	17,9	77,3
Nettoumlaufverm Umsatz (NWC/Umsatz)	%	4,3	4,4	8,9

zur Vermˆgenslage der Gruppe Einheit

Die Anlagenquote hat sich auf Grund der Abgabe der PEGUFORM GROUP gegen¸ber ²⁰⁰⁸ wesentlich reduziert. Die Investitionen in das Anlagevermˆgen reduzierten sich im Gesch‰ftsjahr ²⁰⁰⁹ um 47,2 % auf EUR 20,6 Mio. und betrafen im Wesentlichen kundenbezogene Investitionen ^f¸r die Anschaffung von Anlagen ^f¸r bevorstehen Projektneuanl‰ufe.

Die Steigerung der Eigenkapitalquote von 15,2% auf 18,5% trotz der aktuellen Verlustsituation ist auf die Entschuldung und insbesondere eine in diesem Zusammenhang reduzierte Bilanzsumme im Zuge des Abganges der PEGUFORM GROUP zur¸ckzuf¸hren.

Kennzahlen

zur Finanzlage der Gruppe

Nettofinanzschulden	EUR Mio.	69,9	346,4	29,2
Nettofinanzschulden zu EBITDA	-	6,9	5,33	0,46
¸ckga Gearing (Nettofinanzschulden/Eigenkapital)	-	1,14	2,24	0,18

POLTEC GROUP im Zusammenhang mit der Abgabe der PEGUFORM GROUP zur¸ckzuf¸hren. CASH

FLOW aus fortgef¸hrten Aktivit‰ten Einheit

‰tigkeit			vergleichbar
‰tigkeit Cash-Flow aus der Betriebst	EUR Mio.	10,7	70,1	-7,5
‰tigkeit Cash-Flow aus der Investitionst	EUR Mio.	-18,0	-238,3	-9,7
‰nderung der fl¸ssigen Mittel Cash-Flow aus der Finanzierungst	EUR Mio.	19,9	163,8	23,6
‰tigkeit Ver	v EUR Mio.	12,6	-4,4	‰gt vom 6,4
Der Cash Flow aus der Betriebst	on EUR	10,7	Mio. ist gepr

Ergebnisr¸ckgang in Folge der krisenbedingten Umsatzr¸ckg‰nge und Sonderaufwendungen im Zusammenhang mit Restrukturierungsmaflnahmen. Gleichzeitig ^f¸hrten Maflnahmen im Bereich des Working Capital Managements zu

positiven Effekten. Die Investitionen wurden, wie erw‰hnt, weitestgehend auf kundenbezogene bzw. Effizienz steigernde Projekte konzentriert.

IV/14

Der mit EUR 19,9 Mio. positive Cash Flow aus der Finanzierungst‰tigkeit resultiert im Wesentlichen aus den im Zuge der Restrukturierung von der Hausbank der POLYTEC GROUP zus‰tzlich zurVerf¸gung gestellten Finanzmittel. Gesch‰ftsentwicklungder Gesellschaft

Die POLYTEC Holding AG musste im Gesch‰ftsjahr ²⁰⁰⁹ Abschreibungen auf Finanzanlagen iHv. EUR 1,0 Mio. vornehmen. Dar¸ber hinaus waren Wertberichtigungen, Foderungsverzichte gegen Tochtergesellschaften sowie Risikovorsorgen ^f¸r die Schlieflung eines Standortes notwendig, was das Jahresergebnis mit weiteren EUR 4,9 Mio. an einmaligen Aufwendungen ^f¸r verbundene Unternehmen belastete. Dem gegen¸ber standen Zuschreibungen zu Finanzanlagen in der ^Hˆhe von EUR 4,1 Mio. die auf die verbesserte Ertragslage einer Tochtergesellschaft als auch auf die nachhaltige Wertsteigerung bei, durch eine Tochtergellschaft gehaltenen Wertpapieren zur¸ckzuf¸hren ist.

Die Aufwendungen waren notwendig, da sich die Ertragslage der betreffenden Gesellschaften aufgrund der Automobil- und Wirtschaftskrise verschlechterte.

Im auflerordentlichen Ergebnis des Gesch‰ftsjahres in ^Hˆhe von EUR 1,4 Mio sind alle Aufwendungen und Ertr‰ge abgebildet, die mit der Restrukturierung und der damit verbundenen Abgabe der Peguform-Gruppe in Zusammenhang stehen. Die Restrukturierung basiert auf einem mit den Hauptgl‰ubigerbanken vereinbarten und mit Zustimmung der auflerordentlichen Hauptversammlung vom 26.6.2009

abgeschlossenen Konzept zur Entschuldung der POLYTEC Holding AG.Der Jahresgewinn ^{2009 f}¸hrte zu einem entsprechenden Anstieg des Eigenkapitals der Gesellschaft, was zusammen mit dem deutlichen ^R¸ckgang der Bilanzsumme zu einem im Vergleich zum Vorjahr wesentlichen Anstieg der Eigenkapitalquote auf 83,3 % gef¸hrt hat.

Leistungsindikatoren Umweltschutz

Praktischer Umweltschutz ist mehr als die Einhaltung ordnungsrechtlicher Pflichten. Viele Organisationen gehen ¸ber die gesetzlichen Anforderungen hinaus und verringern aufgrund der freiwilligen Einf¸hrung eines Umweltmanagementsystems mit der zentralen Zielsetzung einer kontinuierlichen Verbesserung nachteilige Umweltauswirkungen. Das daf¸r weltweit anwendbare Instrument zur Errichtung eines Umweltmanagementsystems ist die Norm ISO 14001. Alle wesentlichen Standorte des Konzerns sind nach dieser Norm zertifiziert.

^F¸r die POLYTEC GROUP ist der schonende Umgang mit nat¸rlichen Ressourcen ein Kernpunkt der Gesch‰ftst‰tigkeit. Als schwerpunktm‰flig kunststoffverarbeitender Konzern ist vor allem Abfallvermeidung ein wesentlicher Aspekt. In den Werken, die vor allem in der Spritzgusstechnologie arbeiten, wird daher versucht, Ausschuss so weit wie ^mˆglich zu regranulieren und wieder in den Produktionsprozess einflieflen zu lassen. Ein weiterer Schwerpunkt liegt im verst‰rkten Einsatz von nat¸rlichen Werkstoffen.

^S‰mtliche Aktivit‰ten im Bereich Forschung und Entwicklung fokussieren auch auf die wirtschaftliche (sparsame) Nutzung von Rohstoffen oder den Einsatz von alternativen Materialien. EMPEFLEX

ist ein flachsfaserverst‰rktes Polypropylen f¸r Innenraumverkleidungen, welche neben seinem geringen spezifischen Gewicht auch verschiedenste weitere funktionelle Vorteile bietet. So ist der Werkstoff bei hoher Steifigkeit sehr schlagz‰h, was sich in sehr guten Crasheigenschaften wieder spiegelt. Zudem ^kˆnnen Bauteile aus EMPEFLEX kleberlos mit Dekorwerkstoffen kaschiert werden, was zum einen die Wirtschaftlichkeit erhˆht und zum anderen die Emissionswerte reduziert und gleichzeitig die Recyclingf‰higkeit eines Gesamtverbundes mit thermoplastischen Oberfl‰chen-Materialien ermˆglicht. . Basis von EMPEFLEX ist die Flachspflanze, die kaum ^D¸ngung und Pflanzenschutzmittel braucht und damit schon bei der Produktion dieses nachwachsenden Rohstoffes sehr umweltschonend ist.Zum anderen ist Flachs eine 1-Jahrespflanze, woraus sich ein geschlossener CO²- Kreislauf ergibt. Am Ende des Fahrzeuglebenszyklus kann EMPEFLEX aus den

Karosserien ausgebaut und als Rohstoff wieder verwendet oder energierecycelt werden.

Nach wie vor in Produktion befinden sie folgende, hinsichtlich ihres Beitrages zur Reduktion von Emissionswerten positiv zu beurteilenden Technologien: POLYSWIRL (÷labscheider System; Reduktion des ÷lverbrauchs)

• POLYFLAX (Verbundstoff auf Naturfaserbasis)

Eine weitere Entwicklung ist der Einsatz von Zuckerrohr-Harz als Matrix-Werkstoff ^f¸r langfaserverst‰rkte Innenverkleidungsteile. Die so produzierten Verkleidungsteile bestehen zu fast 100% aus nachwachsenden Rohstoffen. Das Verfahren wird derzeit aber noch nicht in Serie eingesetzt. Arbeitnehmer

Die durchschnittliche Anzahl der Besch‰ftigten ¹ der POLYTEC GROUP und ihre geografische Verteilung in den Jahren 2007 bis 2009 stellt sich wie folgt dar:

	2009	2008 vergleichbar	2008 (inkl. Peguform)	2007
÷sterreich
	382	424	424	363
Deutschland	3.644	4.028	4.831	4.072
Resteuropa	1.341	1.827	2.208	1.716
¸damerika Nordamerika	15	17	17	25
¸dafrika S	0	0	281	0
S Summe	76 5.525	83 6.539	83 8.095	102 6.432
Asien	67	160	252	154

¹ Inkl. Leiharbeiter/Mitarbeiter von erstmals in den Konzernabschluss einbezogenen Unternehmen sind in der Aufstellung zeitanteilig ab dem Zeitpunkt der Erstkonsolidierung enthalten.

		vergleichb ar	Peguform)
Automotive Systems Division	2.908	3.056	4.930	3.321
Automotive Composites Division	1.867	2.686	2.368	2.380
‰ftsbereiche und Konzernleitung Car Styling Division	610	647	647	591
Summe Sonstige Gesch	5.525 140	6.539 150	8.095 150	6.432 140

Nach Divisionen gliedert sich der durchschnittliche Besch‰ftigtenstand wie folgt:

Als wesentliche Kennzahl im Personalbereich entwickelte sich der Umsatz je Mitarbeiter wie folgt:

	Einheit	2009	2008 vergleichbar	2008 (inkl. Peguform)	2007
Umsatz je Mitarbeiter	TEUR	110	117	134	103

Kundenorientierung wie auch die laufende Verbesserung der Prozesse im Hinblick auf Wirtschaftlichkeit, Umwelt und Effizienz nehmen ^f¸r die POLYTEC GROUP ^hˆchste Priorit‰t ein; diese Aspekte bestimmen auch die Einstellung der Mitarbeiter der POLYTEC gegen¸ber ihrer T‰tigkeit.

Um ^f¸r die dynamischen Herausforderungen des Marktes ger¸stet zu sein, fˆrdert die POLYTEC GROUP die laufende Weiterbildung seiner Mitarbeiter sowohl durch konzerninterne Fortbildungsmaflnahmen als auch durch Entsendung zu externen Bildungseinrichtungen. Neben der Weiterentwicklung des technisch-handwerklichen Know-how wird auch ein Schwerpunkt auf die Vermittlung von Fremdsprachen gelegt, ein ^f¸r ein internationales Unternehmen wie POLYTEC unverzichtbarer Bestandteil des Gesch‰ftserfolgs.

^F¸r leitende Mitarbeiter ist ein Teil der Verg¸tung an den Unternehmenserfolg gekoppelt, um die Unternehmensidentifikation und das Verantwortungsbewusstsein zu ^fˆrdern.

von besonderer Bedeutung nach dem

In einer am 5. Februar ²⁰¹⁰ abgehaltenen auflerordentlichen Hauptversammlung kam es zur Wahl und Wiederwahl von Mitgliedern des Aufsichtrates. Der bisherige Aufsichtsrat wurde, mit Ausnahme des mit dieser Hauptversammlung ausgeschiedenen Mitgliedes Dr. Andreas Szigmund, wiedergew‰hlt. Neu in deⁿ Aufsichtsrat wurden Mag. Reinhard Schwendtbauer sowie Univ. Prof. Mag. Dr. Meinhard Lukas gew‰hlt.

Hinsichtlich der weiteren Ereignisse nach dem Bilanzstichtag, die vor allem ^f¸r die Bewertung der Vermˆgensgegenst‰nde und Schulden materiell sind, verweisen wir auf die Erl‰uterung im Anhang unter Abschnitt V.

BERICHT ‹BER DIE VORAUSSICHTLICHE UND DIE RISIKEN DES UNTERNEHMENSPrognosebericht:

Branche

PKW

Wie bereits beschrieben konnten sich unsere Kunden der schwierigen Marktsituation nicht entziehen. ^F¸r das Jahr ²⁰¹⁰ zeigen sich aber ^vor allem die Premiumhersteller wieder optimistischer und rechnen mit leichten Zuw‰chsen gegen¸ber dem Vorjahr. Mittelfristig halten die wichtigsten Kunden an ihren Wachstumszielen fest und rechnen ^f¸r die Zukunft mit einer wieder erstarkten Automobilkonjunktur.

Im Bereich Nutzfahrzeuge erwarten die Hersteller trotz der nach wie vor unsicheren Marktlage leichte Steigerungen ^f¸r 2010. Grund zu dieser Annahme ist der im Jahr ²⁰⁰⁹ durchgef¸hrte Abbau der Fahrzeuglagerbest‰nde. Daraus resultierende Steigerungen in der Produktion sind durch eine im Vergleich zum Vorjahr geringere Anzahl der geplanten Schliefltage belegt. Man geht davon aus, dass diese moderate Marktbelebung im 2. Halbjahr noch zunehmen wird. Eine sp¸rbare Besserung der Gesamtsituation sehen die Hauptkunden jedoch erstin den Jahren 2011 und 2012. Besonders ^f¸r ²⁰¹² ist die Erwartungshaltung der meisten Nutzfahrzeug-OEMs recht hoch, wenn die heutigen Lkws durch die neue Fahrzeuggeneration mit Motoren der EURO 5 und 6 Normen ersetzt werden. Allerdings wird nicht damit gerechnet, dass die Bauzahlen die Grˆflenordnung der Boomjahre ²⁰⁰⁷ und ²⁰⁰⁸ erreichen werden.

Automotive

Systems Division - ^F¸r das Gesch‰ftsjahr ²⁰¹⁰ wird mit einem leichten Umsatzanstieg gerechnet. Auf Grund der klaren Positionierung der Division als Lieferant des europ‰ischen Premium Segments ist f¸r das Jahr ²⁰¹⁰ kein negativer

Umsatzeffekt bedingt durch das Auslaufen der diversen europ‰ischen Abwrackpr‰mien zu erwarten.

Aufgrund der positiven Umsatzentwicklung und der weiteren Umsetzung von Optimierungsmaflnahmen ⁱst davon auszugehen, dass das Betriebsergebnis ²⁰¹⁰ in diesem Segment gesteigert werden kann. Automotive

Composites Division Die allgemeine Marktentwicklung gibt trotz leichter Steigerungen seit Beginn des Jahres 2010 derzeit noch kaum Anhaltspunkte auf eine nachhaltige Erholung. ^F¸r die Division konnten aber durch die bisher gesetzten absatz- und kostenseitigen Maflnahmen Verbesserungen erreicht werden, die in 2010 voll wirksam werden sollen. Falls sich die Auslastungssituation ¸ber das Jahr ²⁰¹⁰ hinaus ⁿicht weiter

verbessert, ^kˆnnen aber insbesondere nach dem Auslaufen der Kurzarbeitsmodelle ab ²⁰¹¹ weitere Restrukturierungsmaflnahmen nicht ausgeschlossen werden.

Die POLYTEC-Gruppe war im Herbst ²⁰⁰⁸ nach der ‹bernahme der Peguform- Gruppe im Zuge der Finanzmarktkrise aufgrund der nach der Akquisition substantiell gestiegenen Konzernverschuldung in eine, die Existenz bedrohende Lage geraten. Im Fr¸hjahr ²⁰⁰⁹ wurde mit den Gl‰ubigerbanken eine umfassende Restrukturierung der Gruppe verhandelt, die in der Abgabe der PEGUFORM GROUP und damit einhergehend einer nachhaltigen Entschuldung des Konzerns ^m¸ndete und im Sommer 2009 erfolgreich abgeschlossen wurde. Mit der Entschuldung und Absicherung der Konzernmutter wurden von der Hausbank der Gruppe zus‰tzliche Finanzmittel in ^Hˆhe von EUR ³¹ Mio. zugesichert, um die Liquidit‰tserfordernisse der laufenden Gesch‰ftst‰tigkeit sicherzustellen. Unternehmensfortf¸hrung

und Finanzierung

Die anhaltende globale Finanz- und Wirtschaftskrise und die starke wirtschaftliche Verlangsamung stellen ^f¸r den Konzern der POLYTEC Holding AG und damit ^f¸r die Gesellschaft eine grofle Herausforderung dar. Die Entwicklung des Konzerns der POLYTEC Holding AG war im Jahr 2009 von einem massiven Einbruch der Pkw- und Nutzfahrzeugkonjunktur gepr‰gt, der zu wesentlichen Umsatz- und

IV/21

Ergebnisverschlechterungen ^f¸hrte. ²⁰⁰⁹ wurde unter Ber¸cksichtigung der zur Ver‰uflerung gehaltenen Gesch‰ftsbereiche ein negatives Konzernergebnis nach Steuern von MEUR -90,1 erzielt. Auf Grund der derzeitigen wirtschaftlichen Situation und der schwer einsch‰tzbaren

Entwicklung im Pkw- und Nutzfahrzeugbereich ^kˆnnen Ver‰nderungen in der ^k¸nftigen Ertragslage und im k¸nftigen Finanzierungsbedarf eintreten, die aus heutiger Sicht nicht abschlieflend eingesch‰tzt werden kˆnnen. Auf Basis der Planungsrechnungen soll ^f¸r ²⁰¹⁰ auf Konzernebene ein positiver Betriebserfolg (EBIT) erzielt werden. Die Liquidit‰tsvorschau f¸r ²⁰¹⁰ zeigt auf Basis der urspr¸nglichen Planungsrechnungen einen zus‰tzlichen Bedarf an liquiden Mitteln von ca. MEUR 18,5, der in den bestehenden Rahmen ausreichend Deckung findet. Es ist anzumerken, dass die Planungsrechnungen und die daraus resultierenden Liquidit‰tsplanungen noch unverhandelte Maflnahmen (z.B. Umsatzzuw‰chse und Personalkostenreduktionen) beinhalten. Der tats‰chliche Ausgang dieser Verhandlungen kann einen wesentlichen Einfluss auf die ^k¸nftige Ertragslage und den Finanzbedarf der Gesellschaft und des Konzerns sowie der Einzelgesellschaften haben. Die Planungsrechnungen wurden vom verantwortlichen lokalen Management und dem Vorstand auf Grundlage der derzeit schwer einsch‰tzbaren Entwicklung der Automobil- und Nutzfahrzeugbranche nach bestem Wissen erstellt und entsprechen dem aktuellen Wissensstand. Auf Grund der bestehenden allgemeinen Unsicherheit auf Grund der Krise kann nicht ausgeschlossen werden, dass Tochtergesellschaften der Gesellschaft in ihrem Fortbestand gef‰hrdet sind. Daher sind nachteilige k¸nftige Wertminderungen der bilanzierten Vermˆgenswerte ^ñ insbesondere der Anteile an verbundenen Unternehmen sowie der Forderungen gegen¸ber verbundenen Unternehmen ^ñ bzw. Inansprucnahmen aus Haftungen ^mˆglich. In den ersten beiden Monaten 2010 lag das Ergebnis auf Konzernebene leicht hinter Plan. Weiters ist ^f¸r den positiven Fortbestand der Gesellschaft und des Konzerns die

Finanzierung durch die Hausbank wesentlich. Die finanzierende Hausbank hat als Hauptgl‰ubiger mit Schreiben vom 9. M‰rz ²⁰¹⁰ auch schriftlich best‰tigt, dass sie beabsichtigt, bei einer den urspr¸nglichen Planungsrechnungen entsprechenden Entwicklung des Konzerns der POLYTEC Holding AG die Finanzierungszusagen weiterhin aufrecht zu erhalten, vorbehaltlich Gremialzustimmung auch bis 31. Dezember 2011. Planabweichungen einzelner Gesellschaften und/oder Standorte des Konzerns der POLYTEC Holding AG werden von der finanzierenden Hausbank

nicht als alleinige Begr¸ndung f¸r eine K¸ndigung von Finanzierungszusagen herangezogen werden, sofern die Entwicklung des gesamten Konzerns der POLYTEC Holding AG weiterhin nicht signifikant von den urspr¸nglichen Planungsrechnungen abweicht. Im Falle, dass es zu weiteren Ergebnisr¸ckg‰ngen und/oder zu keiner Weiterfinanzierung ^k‰me, w‰re der Bestand der Gesellschaft und des Konzerns gef‰hrdet.

Auf Basis der vorliegenden Planungsrechnungen und aufgrund der dargestellten Finanzierungszusage der Hausbank geht der Vorstand von der Fortf¸hrung des Unternehmens aus. Risikoberichterstattung

und Finanzinstrumente

Die POLYTEC GROUP ist im Rahmen ihrer Gesch‰ftst‰tigkeit einer Vielzah^l von Risiken ausgesetzt, die untrennbar mit dem unternehmerischen Handeln verbunden sind. Risikomanagement ist ^f¸r die POLYTEC ein integraler Bestandteil aller Gesch‰ftsprozesse. Auch die f¸r einen Automobilzulieferer notwendigen umfangreichen Zertifizierungen (z.B. TS ISO/16949:2002) geben hier bereits entsprechende Regelungen vor, welche auch durch externe Audits ¸berwacht werden. Der Organisation der POLYTEC entsprechend werden Risiken dezentral und marktnah vor allem im Rahmen der laufenden Gesch‰ftsprozesse gemanagt und ¸berwacht. Die Steuerung der finanziellen Risiken erfolgt jedoch im Wesentlichen durch die Konzernzentrale. Folgende wesentliche Risikofelder ^kˆnnen identifiziert werden:

Die Automobilzulieferindustrie gilt als Markt mit hohem Wettbewerb, der sich auflerdem in einem rasch fortschreitenden Konsolidierungsprozess befindet. Die Absatzerfolge sind in erster Linie abh‰ngig von der Gewinnung neuer Auftr‰ge, welche in der Regel 2 bis 3 Jahre vor dem Serienanlauf vergeben werden. In dieser Phase der Auftragsakquisition ist jeder Zulieferer einem starken Konditionenwettbewerb ausgesetzt. ^W‰hrend des Serienlaufs ist der Zulieferer auch abh‰ngig vom Absatz des Fahrzeuges, f¸r welches er zuliefert, ohne diesen Erfolg

beeinflussen zu ^kˆnnen. Weiters wird seitens der OEMs auch nach dem Serienstart ein laufendes Benchmarking der Zulieferer betrieben, was Preisforderungen oder im Extremfall den Verlust eines Auftrages nach sich ziehen kann. POLYTEC trachtet durch einen ausgewogenen Kunden- und Auftragsmix, die Abh‰ngigkeit von einzelnen Lieferbeziehungen so gering wie ^mˆglich zu halten.

Wesentliches Risiko ist die Schwankung der Rohstoffpreise, welche im Falle der POLYTEC GROUP als kunststoffverarbeitendem Konzern vor allem durch nachhaltige Ver‰nderung des ÷lpreises, aber auch der Raffineriekapazit‰ten verursacht werden. Beschaffungsseitig wird diesem Risiko vorallem mit langfristigen Liefervertr‰gen und absatzseitig, soweit gegen¸ber dem Kunden durchsetzbar, mit Materialgleitklauseln in den offen gelegten Kalkulationen entgegengewirkt. Zum Teil erfolgt die Verhandlung von Rohstoffen und Zukaufteilen direkt durch unsere Kunden mit dem Lieferanten. Soweit mit dem Kunden Preise nur auf Jahresfrist vereinbart sind, ist die Ver‰nderung der Rohstoffpreise ein wichtiger Parameter in den Gespr‰chen f¸r die j‰hrliche Neufestlegung der Preise. Weiters versucht man durch verst‰rkte Forschungs- und Entwicklungsaufwendungen neue Rohstoffe (Naturfaserstoffe) einzusetzen. Finanzielle

Risiken und deren Management und

Aufgrund der Kundenstruktur, mehr als 90% des Umsatzes wird mit den OEMs oder groflen Systemlieferanten erzielt, ist die POLYTEC dem Bonit‰tsrisiko der Automobilindustrie ausgesetzt. Die Auflenst‰nde werden laufend kritisch verfolgt und die vereinbarungsgem‰fle Bezahlung von Forderungen sichergestellt. Im Gesch‰ftsjahr ²⁰⁰⁹ wurden rund 55% (2008: 60%) des Umsatzes mit den drei grˆflten Kunden erzielt, was ein gewisses Klumpenkreditrisiko ergibt, welches vom Management aber als unkritisch im Hinblick auf Kreditausf‰lle eingestuft wird. Die

Abh‰ngigkeit von wenigen Kunden ist ein Wesensmerkmal der Automobilzulieferindustrie. Als Kunde wird in diesem Zusammenhang eine Gruppe verbundener Unternehmen definiert, welche durchaus auch mehrere Automobilmarken herstellen kann.

Das Ausfallsrisiko bei fl¸ssigen Mitteln ist gering, da die Vertragspartner ausschliefllich Banken mit bestmˆglicher Bonit‰t sind.

Die Gruppe sichert ihren Liquidit‰tsbedarf durch vertragliche Vereinbarung entsprechender Kreditrahmen, gegebenenfalls auch durch Halten einer Barreserve. Die Steuerung erfolgt einheitlich durch die Konzernzentrale. ^F¸r alle wesentlichen Unternehmen der Gruppe ist ein Cashmanagement-System installiert, das auch zur Optimierung des Nettozinsergebnisses dient.

Der weitaus ¸berwiegende Anteil der Ums‰tze der POLYTEC GROUP wird in Euro fakturiert, sodass das ^W‰hrungsrisiko den Konzern in Summe nur gering betrifft. Zum Teil erfolgt der Einkauf von Vorleistungen in derselben ^W‰hrung wie der Verkauf, sodass sich ^W‰hrungsrisiken nat¸rlich Ñhedgenì. Die Gruppe ist grˆfleren ^W‰hrungsrisiken in jenen L‰ndern ausgesetzt, in denen in Euro fakturiert, aber Vorleistungen in lokaler ^W‰hrung zugekauft werden m¸ssen. Solche Risiken bestehen etwa gegen den Polnischen Zloty. Diese Risiken sind vielfach nicht Finanzinstrumenten zuzuordnen, da sie vor allem auch auf Personalkosten zur¸ckzuf¸hren sind.

Dem Zins‰nderungsrisiko begegnet POLYTEC durch ein der langfristigen Zinsmeinung entsprechendes Portfolio von variablen und fixen Finanzierungen.

Derivative Produkte werden bei Bedarf zur Zinssicherung oder zur Optimierung des Nettozinsergebnisses eingesetzt.

.

Die von der Gruppe gehaltenen ^bˆrsenotierten Wertpapiere des Umlaufvermˆgens (Aktien) unterliegen dem Risiko der ^Bˆrsekurs‰nderung. Ein Anstieg (Fall) des ^Bˆrsekurses um 10% w¸rde unter der Voraussetzung, dass keine erfolgswirksam zu erfassende Wertminderung vorliegt, zu einer erfolgsneutralen Erhˆhung (Verminderung) der Konzerneigenmittel von TEUR ⁵⁹³ (2008: TEUR 680) ^f¸hren.

BERICHT ‹BER DIE FORSCHUNG UND ENTWICKLUNG

Um die Wettbewerbsf‰higkeit und damit auch den Unternehmenserfolg sicherzustellen, reichen die Forschungs- und Entwicklungsschwerpunkte von der laufenden Verbesserung und Rationalisierung der bestehenden Fertigungsprozesse, der technischen Neu- und Weiterentwicklungen von Automobilteilen in Abstimmung und Zusammenarbeit mit den Kunden bis hin zur Weiterentwicklung von Werkstoffen.

Im Gesch‰ftsjahr ²⁰⁰⁹ konnten einige Entwicklungen erfolgreich umgesetzt werden, die im Zeichen der aktuellen Trends standen. Die gewichtigsten Trends waren dabei die CO²-Reduzierung durch Leichtbau der Komponenten, Kostenreduzierung durch intelligente Systemintegration, sowie neue ˆkologische und nachhaltige Produkt- Ans‰tze gem‰fl der aktuellen Diskussion in den einschl‰gigen Medien. Die POLYTEC GROUP unterh‰lt mehrer^e Entwicklungszentren. Die

Entwicklungszentren sind - entsprechend der Konzernstrategie - auf jene Produkte spezialisiert, die auch an den jeweiligen Standorten produziert werden. So verantwortet das Zentrum im norddeutschen Lohne die Entwicklung von neuen Motorraumteilen, da sich dort auch der wesentlichste Produktionsstandort ^f¸r Motorraumteile befindet. Die Bandbreite der Entwicklungst‰tigkeit reicht von der Substitution von Aluminium durch Kunststoff bis hin zur Weiterentwicklung von bestehenden Teilen. Der erweiterte Testingbereich erlaubt einerseits den stetig wachsenden Kundenanforderungen zu entsprechen, aber auch aktiv an Neuentwicklungen zu arbeiten und damit die Vorreiterrolle des Konzerns im Bereich der Motorraumteile weiter zu festigen.

Im bayerischen Geretsried liegt der Entwicklungsschwerpunkt auf Interieursystemen. Hier wird an der Weiterentwicklung von Werkstoffen mit Fokus auf Gewicht, Kosten und Bauteilwertigkeit gearbeitet. Im Bereich der Werkstoffentwicklung ist der Fokus klar auf die Weiterentwicklung von umweltfreundlichen Materialien auf Naturfaserbasis und von Sandwich-Werkstoffen ausgerichtet. Im Bereich der Fertigung wird insbesondere in der Weiterentwicklung des integrativen Modulkonzepts gearbeitet, um die Montagekosten weiter zu reduzieren.

IV/27

Im Gesch‰ftsjahr ²⁰⁰⁹ konnte eine ^T¸rverkleidung in Serie gebracht werden, bei welcher mittels eines innovativen Kaschierkonzepts eine hohe Produktwertigkeit bei geringen Kosten und geringem Bauteilgewicht umgesetzt werden konnte.

Die Weiterentwicklung von Grundlagen-Themen, unter anderem zum Einsatz von Harzen auf Basis von nachwachsenden Rohstoffen, aber auch zur Weiterentwicklung der Naturfaser-Gewinnung allgemein (Fˆrderprojekt mit der TU Chemitz zur Untersuchung des Einsatzes von Gr¸nflachs anstatt bisher ^hoch aufgeschlossenem ^Rˆstflachs etc.), runden das Entwicklungs-Portfolio weiter ab.

Im nordrheinwestf‰lischen Morsbach-Lichtenberg liegt der Entwicklungsschwerpunkt im Bereich der ^S‰ulenverkleidungen, insbesondere in der Hinterspritztechnik von Stoffen und sonstigen Materialien. Zudem befindet sich dort auch das Kompetenzzentrum ^f¸r das Ausr¸sten von speziellen Textilwaren f¸r die Hinterspritztechnik. Auch der Einsatz von ^D¸nnwandtechnik im Spritzgussbereich, aber auch ^T¸rverkleidungen aus Kunststoff werden an diesem Standort entwickelt bzw. weiterentwickelt.

Neben den zielgerichteten Vorentwicklungs-Projekten, die in enger Abstimmung mit den Automobil-Herstellern durchgef¸hrt werden, wird an neuen Werkstoffen, Oberfl‰chenmaterialien und Prozesstechniken gearbeitet. Einige Warenzeichen konnten schon erfolgreich angemeldet werden, wie zum Beispiel POLYSWIRL (÷labscheider System), POLYFLAX (Verbundstoff auf Naturfaserbasis), POLYLOAD (neuartiges Leichtbautr‰germaterial), POLYSKIN (Zwei-Komponenten-Verfahren ^f¸r kostenoptimierte hochwertige Innenraumteile) oder POLYGRAIN (Inmould Graining- Verfahren). Weitere sind in Vorbereitung. In Summe ^h‰lt die POLYTEC GROUP zurzeit mehr als 240 eingetragene Warenzeichen und Patente.

Im Bereich der Automotive Composites Division wird schwerpunktm‰flig insbesondere getrachtet, neue und bessere Einsatzmˆglichkeiten f¸r den Werkstoff Duroplaste zu finden. Weitere Entwicklungsverfahren betreffen die Effizienzsteigerung in der Produktion und Bearbeitung von SMC (Sheet Moulding

Compound), LFT (Long Fiber Thermoplastic) und GMT (Glass Mat Thermoplastic) und deren prozesssichere Verarbeitung sowie Lackierung. Die Anforderungen, die aus einer neuen Fahrzeuggeneration an die Festigkeit und Schlagz‰higkeit der Bauteile gestellt werden, erfordern ebenfalls eine laufende Weiterentwicklung des Grundmaterials und seiner Verarbeitung. Einen Schwerpunkt in der Entwicklung bildet auch die Gewichtsreduktion der Bauteile bei gleichzeitiger Beibehaltung der Bauteileeigenschaften.

Das Leistungsspektrum der Car Styling Division bietet die ^Mˆglichkeit, beginnend von den ersten Designskizzen ¸ber Ton-Modelle (M1:1), Digitalisieren, Cad- Konstruktion und die Erstellung von Rapid-Prototyping-Modellen die gesamte Entwicklungskette abzudecken. Im Werkzeug- und Formenbau ^kˆnnen die Produktionswerkzeuge und -Vorrichtungen entwickelt und gefertigt werden. Diese Prozesse werden von engagierten und erfahrenen Projektmanagern in enger Zusammenarbeit mit den Kunden und den internen Bereichen abgewickelt. Die Produktionskette erstreckt sich von der Kunststoffteilefertigung ¸ber Vorbehandlung zum Grundieren, Lackieren, Assemblieren, Verpacken inklusive der entsprechenden Logistik zum Kunden. Dadurch ist es ^mˆglich, flexibel zu agieren und die Kompetenzen kontinuierlich weiter zu entwickeln.

Die POLYTEC GROUP wendet rund 2,7 % (Vorjahr: 2,6 %) ihres Konzernumsatzes ^f¸r Forschungs- und Entwicklungsarbeiten auf.

WESENTLICHE MERKMALE DES INTERNEN UND DES RISIKOMANAGEMENTSYSTEMS IM HINBLICK AUF DEN RECHNUNGSLEGUNGSPROZESS

Die Einrichtung eines angemessenen internen Kontroll- und Risikomanagementsystems im Hinblick auf den Rechnungslegungsprozess bzw. die Finanzberichterstattung liegt in der Verantwortung des Vorstands. Durch entsprechende organisatorische Maflnahmen wird sichergestellt, dass die gesetzliche Vorgabe, dass die Eintragungen in die ^B¸cher und die sonstigen Aufzeichnungen vollst‰ndig, richtig, zeitgerecht und geordnet zu erfolgen haben, erf¸llt wird.

Der gesamte Prozess von der Beschaffung bis zur Zahlung unterliegt strengen Regeln und Richtlinien, welche jegliche damit im Zusammenhang stehenden Risken vermeiden sollen. Zu diesen Maflnahmen und Regeln z‰hlen u.a. Funktionstrennungen, Unterschriftenordnungen, ausschliefllich kollektive und auf wenige Personen eingeschr‰nkte Zeichnungserm‰chtigungen ^f¸rZahlungen sowie systemunterst¸tzte Pr¸fungen durch die verwendete Software.

Durch ein standardisiertes, konzernweites Finanzberichtswesen sowie durch eine interne Adhoc Berichterstattung ¸ber bedeutende Ereignisse wird der Vorstand laufend ¸ber alle relevanten Sachverhalte informiert. Der Aufsichtsrat wird in zumindest einer pro Quartal stattfindenden Aufsichtsratssitzung ¸ber den laufenden Gesch‰ftsgang inklusive operativer Planung und mittelfristiger ^Strategie des Konzerns unterrichtet, in besonderen ^F‰llen wird der Aufsichtsrat auch unmittelbar informiert. In den Pr¸fungsausschusssitzungen wird u. a. auch das interne Kontroll und Risikomanagement behandelt.

ANGABEN ZU KAPITAL-, ANTEILS-, STIMM- UND UND DAMIT VERBUNDENEN VERPFLICHTUNGEN

Das Grundkapital der POLYTEC Holding AG ist in 22.329.585 Inhaberaktien mit einem Nennwert von je EUR 1,00 unterteilt. Weitere Aktiengattungen bestehen nicht. ^S‰mtliche Aktien sind zum Handel im Segment Prime Market der Wiener ^Bˆrse zugelassen.

Im ^J‰nner2006 erwarb die POLYTEC Holding AG von einem ausgeschiedenen Mitglied des Konzernmanagements 29.934 St¸ck eigene Aktien (0,13 % des Grundkapitals) zu einem Kaufpreis von EUR 7,20 je Aktie (Erm‰chtigung der Hauptversammlung vom 27. Oktober 2004). Der Bestand eigener Aktien ist seitdem unver‰ndert. Aktion‰re

mit einer Beteiligung am Grundkapital von ¸ber 10,0 % waren am und zum Zeitpunkt der Erstellung des Abschlusses: IMC

Verwaltungsgesellschaft mbH: Die Gesellschaft ^h‰lt selbst, aber auch ¸ber verbundene Unternehmen, das sind die Huemer Holding GmbH sowie die Huemer Invest GmbH, Aktien an der POLYTEC Holding AG. In Summe betr‰gt der Anteil der drei Gesellschaften rund ³² % des Grundkapitals

2 . Der CEO der POLYTEC GROUP, Ing. Friedrich Huemer, ist indirekt Alleineigent¸mer der Anteile an der IMC Verwaltungsgesellschaft mbH sowie bei genannten Gesellschaften auch allein vertretungsbefugter Gesch‰ftsf¸hrer.

Im Zuge einer notwendigen Finanzierung der POLYTEC GROUP durch eine Betriebsmittellinie von rund ³¹ Mio. EUR kam es zu einer Sicherungs¸bereignung von 16% des Grundkapitals oder 3.572.734 Aktien durch die HUEMER Holding GmbH, ein verbundenes Unternehmen der IMC Verwaltungsgesellschaft mbH, an den Rechtsanwalt Dr. Peter Posch. Dieser ist nur hinsichtlich weniger wesentlicher

² Inklusive des Anteils der Sicherungs¸bereignung von ¹⁶ % des Grundkapitals

Maflnahmen in der Aus¸bung seines Stimmrechtes an die HUEMER Holding GmbH gebunden. PT

Automotive Consulting GmbH: Die Gesellschaft mit Sitz in Linz/÷sterreich ist eine zum Konzernverbund der Raiffeisenlandesbank Oberˆsterreich AG gehˆrende Gesellschaft und ^h‰lt einen Anteil von rund ¹⁹ %. Delta

Lloyd Asset Management NV: Die Gesellschaft ^h‰lt als Fondsgesellschaft mit Sitz in Amsterdam/Niederlande ¸ber folgende Fonds rund 10% des Grundkapitals der POLYTEC Holding AG

• Delta Lloyd Europees Deelnemingen Fonds
• Delta Lloyd Luxembourg European Participation Fund

Keine Inhaber von Aktien verf¸gen ¸ber besondere Kontrollrechte.

Hinsichtlich der ^Mˆglichkeit des Vorstandes ^Aktien auszugeben verweisen wir auf die Erl‰uterungen zum genehmigten Kapital im Anhang unter Abschnitt III.

Es existieren Entsch‰digungsvereinbarungen zwischen der Gesellschaft und zwei Mitgliedern des Vorstandes im Falle eines Kontrollwechsels. Es gibt keine Entsch‰digungsvereinbarungen ^f¸r die Aufsichtsratsmitglieder und Arbeitnehmer. Weitere bedeutende Vereinbarungen, auf die ein Kontrollwechsel oder ein ˆffentliches‹bernahmeangebot eine Auswirkung ^h‰tten, bestehen nicht.

Es bestehen keine Satzungsbestimmungen, die ¸ber die gesetzlichen Bestimmungen zur Ernennung von Vorstand oder Aufsichtsrat sowie zur ƒnderung der Satzung hinausgehende Regelungen enthalten.

^Hˆrsching, am 6. April ²⁰¹⁰

Der Vorstand

Ing. Friedrich Huemer e.h. Mag. Eduard Schreiner e.h.

Ing. Alfred Kollros e.h. Ing. Andreas Jagle.h.

Holding AG, Hˆrsching

zum 31. Dezember ²⁰⁰⁹

mit Gegen¸berstellung der Vorjahreszahlen in tausend Euro (TEUR) AktivaPassiva

A. Anlagevermˆgen:	31.12.2009	31.12.2008	A. Eigenkapital:	31.12.2009	31.12.2008
ˆgens-	EUR	TEUR		EUR	TEUR
‰nde			¸cklagen (gebunden)
I. Immaterielle Verm			¸cklage f¸r eigene Anteile I. Grundkapital	22.329.585,00	22.330
gegenst	215.363,22	354	II. Kapitalr	38.869.949,79	38.870
II. Sachanlagen	49.112.116,74 535.719,83	646	III. R	63.160,74	69
B. Umlaufvermˆgen: III. Finanzanlagen	48.361.033,69	195.901	IV. Bilanzgewinn (davon Gewinnvortrag	62.888.736,89
		196.900	B. R¸ckstellungen: EUR 0,00; Vorjahr: TEUR 79.304)	1.626.041,36	0
ˆgensgegenst‰nde:			¸ckstellungen f¸r Abfertigungen		61.268
I. Forderungen und sonstige			¸ckstellungen
Verm			¸ckstellungen 1. R	267.135,00	400
¸ber 1. Forderungen aus Liefer-			2. Steuerr	3.456.880,00 769.300,00	778
ungen und Leistungen	339.011,27	0	C. Verbindlichkeiten: 3. Sonstige R	2.420.445,00	2.489
2. Forderungen gegen			¸ber Kreditinstituten		3.667
ˆgensgegenst‰nde verbundenen Unternehmen	23.758.024,85	26.367
3. Sonstige Forderungen und	25.011.555,06		1. Verbindlichkeiten gegen	2.159.455,52	60.142
Verm	914.518,94	15.998	¸ber 2. Verbindlichkeiten aus Liefe-
	63.160,74	42.365	rungen und Leistungen	345.321,97	527
II. Wertpapiere und Anteile:	1.332.654,64		3. Verbindlichkeiten gegen
Eigene Anteile	26.407.370,44	69	verbundenen Unternehmen	6.479.694,94	113.932
C. Rechnungsabgrenzungsposten III. Guthaben bei Kreditinstituten	19.564,46	457	4. Sonstige Verbindlichkeiten (davon aus Steuern
		42.891	EUR 150.863,53; Vorjahr: TEUR 102;
		67	davon im Rahmen der sozialen Sicherheit	9.193.434,75
	75.539.051,64		EUR 47.057,82; Vorjahr: TEUR 43)	75.539.051,64 208.962,32	321
			‰ltnisse		174.922
		239.858			239.858
			Haftungsverh	125.379.942,48	234.228

^I

und Verlustrechnung das Gesch‰ftsjahr ²⁰⁰⁹ mit Gegen¸berstellung derVorjahreszahlen in tausend Euro (TEUR)

	ˆse ‰ge	2009 EUR	2008 TEUR
1.	Umsatzerl	7.572.002,51	8.276
2.	Sonstige betriebliche Ertr	963.065,87	1.335
3.	Personalaufwand ‰nde des Anlagever-	-3.605.069,73	-2.809
4.	ˆgens und Sachanlagen Abschreibungen auf immaterielle Gegenst ‹brige) m (Betriebsergebnis)	-400.873,09 279.702,29	-495
5.	Sonstige betriebliche Aufwendungen ( ‰ge aus Beteiligungen (davon	-4.249.423,27	-5.430
6.	Zwischensumme aus Z 1 bis Z 5		877
7.	Ertr aus verbundenen Unternehmen ‰hnliche Ertr‰ge EUR 4.651.158,38; Vorjahr: TEUR 5.890)	4.651.158,38	6.004
8.	Sonstige Zinsen und (davon ‰ge aus aus verbundenen dem Abgang Unternehmen von und der EUR 1.052.359,67; Vorjahr: TEUR 1.460)	1.253.829,54	4.197
9.	ˆgens Ertr Zuschreibung zu Finanzanlagen und Wertpapieren des Umlaufverm (davon aus verbundenen Unternehmen EUR 4.090.092,52; Vorjahr: TEUR ˆgens 5.800) (davon Ab-	4.090.092,52	5.992
10.	Aufwendungen aus Finanzanlagen und aus Wertpapieren des Umlaufverm schreibungen EUR 962.271,82; Vorjahr: TEUR 105.449; davon Aufwendungen ‰hnliche Aufwendungen aus verbundenen Unter- nehmen EUR 5.872.771,82; Vorjahr: TEUR 115.066)	-5.878.459,28	-115.210
11. 13.	Zinsen und (Finanzergebnis) (davon betreffend verbundene Unternehmen EUR 2.261.417,96; Vorjahr: TEUR 1.497) Ergebnis der gewˆhnlichen Gesch‰ftst‰tigkeit	-67.708,51 -4.184.329,67 211.993,78	-3.995
12.	Zwischensumme aus Z 7 bis Z 11 flerordentliche Ertr‰ge =		-103.012
	Auflerordentliches Ergebnis	1.438.187,52	-102.136
14. 16.	Au Jahres¸berschuss (-fehlbetrag)	1.620.353,90	0
15.	Steuern vom Einkommen ˆsung von Kapitalr¸cklagen (gebunden)	-29.827,40	1.378
	ˆsung von Gewinnr¸cklagen		-100.757
17.	Aufl ¸cklage)	0,00	20.220
18.	Aufl ‹bertrag aus R¸cklage f¸r eigene Anteile (gesetzliche R	0,00	1.090
19. 21.	Bilanzgewinn	5.687,46 1.626.041,36	143
20.	Gewinnvortrag aus dem Vorjahr	0,00	79.304
			0

f¸rdas Gesch‰ftsjahr ²⁰⁰⁹ der Holding AG, Hˆrsching

Anwendung der unternehmensrechtlichen Vorschriften

Der vorliegende Jahresabschluss 2009 ist nach den Vorschriften des UGB aufgestellt worden. Die Gesellschaft ist als grofle Kapitalgesellschaft gem‰fl ^{ß 221} UGB einzustufen.

Im Interesse einer klaren Darstellung wurden in der Bilanz und in der Gewinn- und Verlustrechnung einzelne Posten zusammengefasst. Diese Posten sind im Anhang gesondert aus gewiesen.

Die Gewinn- und Verlustrechnung ist in Staffelform nach dem Gesamtkostenverfahren aufge stellt.

Bilanzierungs- und Bewertungsmethoden

Der Jahresabschluss wurde unter Beachtung der Grunds‰tze ordnungsm‰fliger Buchf¸hrung sowie der Generalnorm, ein ^mˆglichst getreues Bild der Vermˆgens-, Finanz- und Ertragslage des Unternehmens zu vermitteln, aufgestellt. Bei der Erstellung des Jahresabschlusses wurde der Grundsatz der Vollst‰ndigkeit eingehal-

ten. Bei der Bewertung wurde von der Fortf¸hrung des Unternehmens ausgegangen. Die

Bei den Vermˆgensgegenst‰nden und Schulden wurde der Grundsatz der Einzelbewertung Anwendung dieser Bewertungspr‰misse beruht auf der im Jahr ²⁰⁰⁹ positiv abgeschlossenen Restrukturierung und Entschuldung der Gesellschaft. In diesem Zusammenhang verweisen wir auf die Ausf¸hrungen in Kapitel V.

angewandt. Hinsichtlich der Bewertung der Beteiligungsans‰tze wird auf Beilage III/3 verwiesen.

Die bisher angewandten Bewertungsmethoden wurden beibehalten.

Alle erkennbaren Risken und drohenden Verluste wurden ber¸cksichtigt. Dem Vorsichtsgrundsatz wurde Rechnung getragen, indem insbesondere nur die am Ab schlussstichtag verwirklichten Gewinne ausgewiesen werden.

Immaterielle Vermˆgensgegenst‰nde werden, soweit gegen Entgelt erworben, zu Anschaffungskosten aktiviert und in ^l‰ngstens f¸nf Jahren abgeschrieben.

Die planm‰fligen Abschreibungen werden linear unter Zugrundelegung folgender Nutzungs- Sachanlagen werden zu Anschaffungs- oder Herstellungskosten, abz¸glich planm‰fliger Ab schreibungen, bewertet.

dauern und Abschreibungss‰tze berechnet:

‰ftsausstattung	Nutzungs- dauer in Jahren	Abschrei- bungssatz %
Andere Anlagen, Betriebs- ‰ngen ‰lfte und Gesch	‰ftsjahres 2 - 10	10,0 - 50,0
Von den Zug in der ersten H des Gesch	wird die volle	Jahresabschrei-

Geringwertige Vermˆgensgegenst‰nde werden im Jahr der Anschaffung voll abgeschrieben. bung, von den Zug‰ngen in der zweiten H‰lfte wird die halbe Jahresabschreibung verrechnet.

Auflerplanm‰flige Abschreibungen werden vorgenommen, soweit der Ansatz mit einem niedrigeren Wert erforderlich ist. Finanzanlagen werden grunds‰tzlich mit den Anschaffungskosten, gegebenenfalls vermindert

um Abschreibungen zur Ber¸cksichtigung dauernder Wertminderungen, bewertet.

Forderungen und sonstige Vermˆgensgegenst‰nde werden mit dem Nennbetrag angesetzt. Im Abschluss 2008 wurde hinsichtlich der Beteiligung Peguform von diesem Grundsatz in Anwendung des ^{ß 201} Abs. ² letzter Satz UGB abgewichen. Da auf Basis der mit den wesentlichen Gl‰ubigerbanken der POLYTEC-Gruppe im Mai ²⁰⁰⁹ erreichten Sanierungsvereinbarung klar war, dass die Peguform-Gruppe gegen Abgabe von Verbindlichkeiten von rd. EUR ¹⁷⁰ Mio. aus dem Vermˆgen der POLYTEC Holding AG abgehen wird, wurden die entsprechenden Vermˆgensgegenst‰nde und die zugeordneten Finanzverbindlichkeiten als Bewertungseinheit angesehen. Folglich wurden die Vermˆgensgegenst‰nde (Finanzanlagen und sonstige Forderungen) in ^Hˆhe der zuzuordnenden Finanzverbindlichkeiten bewertet und eine Abwertung aufden niedrigeren beizulegenden Wert unterlassen. Aus Sicht des Vorstandes ist mit diesem Vorgehen gew‰hrleistet, dass der Jahresabschluss ein ^mˆglichst getreues Bild der Vermˆgens-, Finanz und Ertragslage der POLYTEC Holding AG vermittelt. Bez¸glich der Auswirkungen aus der erfolgten Restrukturierung der POLYTEC Holding AG und dem Abgang der Peguform-Gruppe verweisen wir auf die Erl‰uterungen zum auflerordentlichen Ergebnis.

Fremdw‰hrungsforderungen werden unter Ber¸cksichtigung des Niederstwertprinzips mit dem Referenzkurs der Europ‰ischen Zentralbank zum Bilanzstichtag bewertet. ^F¸r erkennbare Risken werden Einzelwertberichtigungen gebildet. Wertpapiere und Anteile des Umlaufvermˆgens werden mit ihren Anschaffungskosten oder

Bei der Bemessung der ^R¸ckstellungen werden entsprechend den gesetzlichen Erfordernissen dem niedrigeren beizulegendem Wert am Bilanzstichtag bewertet.

alle erkennbaren Risken und drohenden Verluste ber¸cksichtigt.

^R¸ckstellungen ^f¸rJubil‰umsgelder werden gebildet; die Vorsorge wird wie im Vorjahrnach Die ^R¸ckstellungen ^f¸r Abfertigungen wurden wie im Vorjahr nach anerkannten finanzmathematischen Grunds‰tzen auf Basis eines Rechnungszinssatzes von 3,0 %, eines Pensionseintrittsalters von ⁶⁰ Jahren bei Frauen und ⁶⁵ Jahren bei ^M‰nnern, ermittelt.

Verbindlichkeiten werden mit ihrem ^R¸ckzahlungsbetrag angesetzt. Fremdw‰hrungsverbindanerkannten finanzmathematischen Grunds‰tzen unter Zugrundelegung eines Rechnungszinssatzes von 3,0r% und eines Fluktuationsabschlages von 20,0i% berechnet.

lichkeiten werden unter Ber¸cksichtigung des ^Hˆchstwertprinzips mit dem Referenzkurs der Europ‰ischen Zentralbank zum Bilanzstichtag bewertet.

Erl‰uterungen zur Bilanz

Anlagevermˆgen

Die Aufgliederung des Anlagevermˆgens und seine Entwicklung im Berichtsjahr sind im Anlagenspiegel angef¸hrt (vergleiche Anlage*1 zum Anhang).

Aus der Nutzung von nicht in der Bilanz ausgewiesenen Sachanlagen besteht auf Grund von langfristigen Mietvertr‰gen ^f¸r das Gesch‰ftsjahr ²⁰¹⁰ eine Verpflichtung von EUR 412.389,84 (Vorjahr: TEUR 240). Der Gesamtbetrag der Verpflichtungen ^f¸r die ⁿ‰chsten ⁵ Jahre betr‰gt EUR 1.237.169,52 (Vorjahr: TEUR 240). Der Gesamtbetrag der sonstigen Ausleihungen mit einer Restlaufzeit bis zu einem Jahr betr‰gt

EUR 700.000,00 (Vorjahr: TEUR 1.083).

und sonstige

	hievon mit einer Rest- laufzeit bis zu einem Jahr EUR	hievon mit einer Restlauf zeit von mehr als einem Jahr EUR	Bilanzwert EUR
Forderungen aus Lieferungen und Leistungen ¸ber ver-	339.011,27	0,00	339.011,27
Vorjahr in TEUR	0	0	0
Forderungen gegen bundenen Unternehmen	17.415.950,85	6.342.074,00	23.758.024,85
Vorjahr in TEUR ˆgensgegenst‰nde	19.655	6.712	26.367
Sonstige Forderungen und Verm	914.518,94	0,00	914.518,94
Vorjahr in TEUR	15.998	0	15.998
	18.669.481,06	6.342.074,00	25.011.555,06
Vorjahr in TEUR	35.653	6.712	42.365

GrundkapitalIm Posten "Sonstige Forderungen und Vermˆgensgegenst‰nde" sind Ertr‰ge in ^Hˆhe von EUR 68.115,00 (Vorjahr: TEUR 24) enthalten, die erst nach dem Bilanzstichtag zahlungs wirksam werden.

Das Grundkapital betr‰gt zum 31.12.2009 EUR 22.329.585,00 und ist in 22.239.585 St¸ck aktien zum Nennbetrag von je EUR 1,00 zerlegt. Die Aktien lauten auf Inhaber. Das Grundkapital der Gesellschaft blieb im Gesch‰ftsjahr ²⁰⁰⁹ unver‰ndert.

Mit Beschluss der ordentlichen Hauptversammlung vom 21.5.2008 wurde ein genehmigtes Kapital beschlossen. Der Vorstand ist berechtigt mit Zustimmung des Aufsichtsrats ^l‰ngstens ^f¸nf Jahre ab Eintragung des genehmigten Kapitals das Grundkapital um bis zu Nominale EUR 11.164.792,00 durch Ausgabe neuer Aktien zu einem Mindestausgabebetrag von je EUR 1,00 zu erhˆhen. Die Ausgabe der neuen Aktien kann auch unter Ausschluss des Bezugrechts der Aktion‰re erfolgen. Die Gesellschaft hat im ^J‰nner²⁰⁰⁶ von einem ausgeschiedenen Mitglied des Konzern-

managements 29.934 St¸ck eigene Aktien mit einem Nennbetrag von je EUR 1,00 (0,13 % des Grundkapitals) zu einem Kaufpreis von EUR 7,20 je Aktie erworben (Erm‰chtigung der auflerordentlichen Hauptversammlung vom 27.10.2004). Der Bestand an eigenen Aktien ist seitdem unver‰ndert.

SonstigeDie Steuerr¸ckstellungen betreffen zum 31.12.2009 neben einer ^R¸ckstellung ^f¸r Steuernachzahlungen aus Vorjahren ausschliefllich ^R¸ckstellungen ^f¸r latente Steuern, welche auf Grund der tempor‰ren Ber¸cksichtigung von steuerlichen Verlusten ausl‰ndischer Gesellschaften gem‰fl der ^kˆrperschaftsteuerlichen Gruppenbesteuerung zu bilden waren. Auf die Erl‰uterungen zu "Steuern vom Einkommen" wird verwiesen.

R¸ckstellungen

VerbindlichkeitenDie sonstigen ^R¸ckstellungen umfassen im Wesentlichen Vorsorgen ^f¸r nicht konsumierte Urlaube, Erfolgspr‰mien, Risiken aus Finanzkontrakten sowie Vorsorgen ^f¸r Risiken aus abgegebenen ^B¸rgschaften.

¸ber	hievon mit einer Rest- laufzeit bis zu einem Jahr EUR	hievon mit einer Rest- ¸nf Jahren laufzeit von ein bis f EUR	hievon mit ¸ber einer Rest- ¸nf Jahren laufzeit von f EUR	Bilanzwert EUR
Verbindlichkeiten gegen Kreditinstituten	2.159.455,52	0,00	0,00	2.159.455,52
Vorjahr in TEUR	60.142	0	0	60.142
Verbindlichkeiten aus Liefe rungen und Leistungen ¸ber	345.321,97	0,00	0,00	345.321,97
Vorjahr in TEUR	527	0	0	527
Verbindlichkeiten gegen verbundenen Unternehmen	6.479.694,94	0,00	0,00	6.479.694,94
Vorjahr in TEUR	113.932	0	0	113.932
Sonstige Verbindlichkeiten	208.962,32	0,00	0,00	208.962,32
Vorjahr in TEUR	321	0	0	321
	9.193.434,75	0,00	0,00	9.193.434,75
Vorjahr in TEUR	174.922	0	0	174.922

Im Posten "Sonstige Verbindlichkeiten" sind Aufwendungen in ^Hˆhe von EUR 77.656,38 (Vorjahr: TEUR 235) enthalten, die erst nach dem Bilanzstichtag zahlungswirksam werden.

¸rgschaften ¸rgschaften	31.12.2009 EUR	31.12.2008 TEUR
Wechselb ¸rgschaften	10.736.000,00	10.736
Ausfallsb	41.195.902,69	110.944
Sonstige B ¸r Leasingverpflichtungen	36.791.525,21	24.534
Garantien ¸rgschaft Factoring	4.841.521,86	76.500
Haftung f	7.115.103,62	11.514
Ausfallb	24.699.889,10	0
	125.379.942,48	234.228

Die Wechselb¸rgschaften bestehen gegen¸ber inl‰ndischen Kreditinstituten. Die Ausfallsb¸rgschaften bestehen gegen¸ber in- und ausl‰ndischen Banken. Die sonstigen ^B¸rgschaften betreffen im Wesentlichen Mietverpflichtungen. Die Garantien bestehen gegen¸ber einem inl‰ndischen Unternehmen und einem ausl‰ndischen Kreditinstitut. Die Haftung ^f¸r Leasingverpflichtungen betrifft die Mithaftung als zweiter Leasingnehmer. Die Ausfallb¸rgschaft Factoring betrifft das Restrisiko einer Inanspruchnahme der Gesellschaft ^f¸r den Fall, dass an Konzerngesellschaften bevorschusste, jedoch dem Grunde nach nicht gerechtfertigte Forderungen, weder beim Schuldner der Forderung noch bei der Konzerngesellschaft einbringlich sind. Das Delkredererisiko, den Rechtsbestand der Forderung vorausgesetzt, wird von der Factoringgesellschaft getragen. ^S‰mtliche Haftungsverh‰ltnisse betreffen Risiko¸bernahmen von verbundenen Unternehmen.

IV. Erl‰uterungen zur Gewinn- und Verlustrechnung Auflerbilanzielle Gesch‰fte nach ^{ß 237 Z} 8a UGB aus denen wesentliche Risiken oder Vorteile resultieren ^kˆnnten, liegen zum Bilanzstichtag nicht vor.

	2009	2008
	EUR	TEUR
Inland	1.755.329,97	1.938
Ausland	5.816.672,54	6.338
	7.572.002,51	8.276

betriebliche Ertr‰ge

‰ge aus dem Abgang vom Anlagevermˆgen	2009	2008
‰ge aus der Auflˆsung von R¸ckstellungen	EUR	TEUR
Ertr ‹brige	2.999,98	28
Ertr	616.000,00	1.132
	344.065,89	175
Personalaufwand	963.065,87	1.335
‰lter ¸r Abfertigungen und Leistungen	2009 EUR	2008 TEUR
Geh	3.014.627,74	2.263
Aufwendungen f ¸r gesetzlich vorgeschrie- an betriebliche Mitarbeitervorsorgekassen	77.113,04	71
‰ngige Abgaben und Pflichtbeitr‰ge Aufwendungen f bene Sozialabgaben sowie vom Entgelt
abh	507.693,94	475
Sonstige Sozialaufwendungen	5.635,01	0
	3.605.069,73	2.809

Von den Aufwendungen ^f¸r Abfertigungen und Leistungen an betriebliche Mitarbeitervorsorge kassen entfielen im Gesch‰ftsjahr EUR 31.620,00 (Vorjahr: TEUR 36) auf Mitglieder des Vor stands und leitende Angestellte. Im Posten "Aufwendungen ^f¸r Abfertigungen und Leistungen an betriebliche Mitarbeitervor-

Sonstige betriebliche Aufwendungen sorgekassen" sind EUR 48.904,04 (Vorjahr: TEUR 58) an Aufwendungen ^f¸rAbfertigungen enthalten.

Auflerordentliches Ergebnis Die ¸brigen sonstigen betrieblichen Aufwendungen beinhalten im Wesentlichen Gesch‰ftsf¸hrungs-, Versicherungs-, Miet-, Beratungs- und Aufwendungen ^f¸r Softwarewartung.

Im auflerordentlichen Ergebnis des Gesch‰ftsjahres sind alle Aufwendungen und Ertr‰ge abge bildet, die mit der Restrukturierung und der damit verbundenen Abgabe der Peguform-Gruppe in Zusammenhang stehen. Die Restrukturierung basiert auf einem mit den Hauptgl‰ubigerbanken vereinbarten und mit Zustimmung der auflerordentlichen Hauptversammlung vom 26.6.2009 abgeschlossenen Konzept zur Entschuldung der POLYTEC Holding AG.

Das auflerordentliche Ergebnis schl¸sselt sich wie folgt auf:

Auflerordentliche Aufwendungen:	EUR
‡.r.l., Luxembourg:
Buchwertabgang Peguform Luxembourg Holding S.
Anteile	-74.600.000,00
Preffered Equity Certificate Class D ˆrsching:	-45.356.082,81
Preffered Equity Certificate Class C	-36.363.000,00
PF-Beteiligungs GmbH, H
Abgang Forderung Kaufpreis
finanzierung Peguform	-14.003.274,95
Beratungsaufwand Restrukturierung	-2.751.305,05 -173.090.312,81
Sonstige Kosten Restrukturierung Auflerordentliche Ertr‰ge:	-16.650,00
¸bernahme
Privative Schuld ¸bernommene Zinsen	110.000.000,00
Schuldverzicht Kreditinstitute	59.500.000,00
Verzichtete und	4.852.589,38
Weiterverrechnete Aufwendungen	174.528.500,33
Restrukturierung	175.910,95
Steuern vom Einkommen	1.438.187,52
ˆrperschaftsteuer:	2009 EUR	2008 TEUR
K
Laufendes Jahr	3.500,00	4
Aus Vorperioden	327.727,40	-1
Steuerumlagen Gruppenbesteuerung	37.100,00	25
Latenter Steueraufwand (Gruppenbesteuerung)	-338.500,00	-1.406
	29.827,40	-1.378

Der Aufwand ^f¸r Steuerumlagen betrifft inl‰ndische verbundene Unternehmen, der Verbrauch der ^R¸ckstellung ^f¸rlatente Steuern ausl‰ndische verbundene Unternehmen, welche in die Steuergruppe der Gesellschaft einbezogen sind.

Der im Gesch‰ftsjahr ausgewiesene laufende Steueraufwand betrifft ausschliefllich das Die Steuerumlagen werden nach der sogenannten Belastungsmethode verrechnet, wobei im Fall eines steuerlichen Gewinns das inl‰ndische Gruppenmitglied eine Steuerumlage an den Gruppentr‰ger zu entrichten hat. Im Fall eines steuerlichen Verlustes eines inl‰ndischen Gruppenmitglieds hat der Gruppentr‰ger eine Ausgleichszahlung an das Gruppenmitglied zu leisten.

ordentliche Ergebnis.

Der Gesamtbetrag der aktivierbaren latenten Steuern zum 31.12.2009 betr‰gt EURr9.474.117,00 (Vorjahr: TEUR 12.174). Davon stammen aus den bei der Gesellschaft steuerlich zu erfassenden Personengesellschaften aktivierbare aktive latente Steuern in ^Hˆhe von EUR 405.425,00 (Vorjahr: TEUR 528). Bis zum 31.12.2009 wurden in der Steuergruppe (^{ß 9} KStG) der Gesellschaft aus dem Jahr

²⁰⁰⁹ und fr¸heren Gesch‰ftsjahren ausl‰ndische Verluste in ^Hˆhe von TEUR 18.584 (Vorjahr: TEUR 7.011) einbezogen, ^f¸r die keine ^R¸ckstellung ^f¸rlatente Steuer gebildet wurde, da durch die ‹bernahme dieser steuerlichen Verluste noch kein steuerlicher Vorteil im Inland erzielt wurde bzw. da mit einer zeitnahen Umkehr der Steuerentlastung nicht ernsthaft zu rechnen ist.

Erg‰nzende Angaben

EreignisseDie Gesellschaft ist Mutterunternehmen des POLYTEC-Konzerns im Sinn des ^{ß 228} UGB. Der von der POLYTEC Holding AG, als oberstes Mutterunternehmen, verpflichtend aufzustellende Konzernabschluss wird beim Firmenbuch des Landes- als Handelsgerichtes Linz hinterlegt.

nach dem Bilanzstichtag

Anfang ²⁰⁰⁹ wurde die geordnete Schlieflung des Standortes in Schweden beschlossen, die auch mit Jahresende ²⁰⁰⁹ abgeschlossen wurde. Nach der Schlieflung des Standortes in ²⁰⁰⁹ wurde an Stelle der Liquidation am 14. ^J‰nner ²⁰¹⁰ die Insolvenz der Polytec Composites Sweden AB angemeldet. ^F¸r absehbare Kosten in diesem Zusammenhang wurde im vorliegenden Jahresabschluss vorgesorgt.

Die Gesellschaft setzt derivative Finanzinstrumente sowohl zur Absicherung von Fremdw‰hrungs- und Zins‰nderungsrisiken als auch zur Verbesserung des Nettozinsergebnisses der POLYTEC-Gruppe im Rahmen der Aufgaben des Konzerntreasury ein. Zum 31.12.2009 be standen folgende derivative Finanzinstrumente:

		¸ckstellung Buchwert R	beizulegen- der Wert
	Nominale	31.12.2009	31.12.2009
Kategorie der Finanzinstrumente	EUR	EUR	EUR
Zinssatz-Swap	10.000.000,00	691.149,44	-691.149,44
‰fl ß Zinssatz-Swap	5.000.000,00	180.328,17	-180.328,17
Die beizulegenden Zeitwerte gem 237a Abs	3 UGB entsprechen	den rechnerischen	Markt-

Unternehmensfortf¸hrungwerten am Bilanzstichtag.

und Finanzierung

Die anhaltende globale Finanz- und Wirtschaftskrise und die starke wirtschaftliche Verlangsamung stellen ^f¸r den Konzern der POLYTEC Holding AG und damit ^f¸r die Gesellschaft eine grofle Herausforderung dar. Die Entwicklung des Konzerns der POLYTEC Holding AG war in 2009 von einem massiven Einbruch der PKW- und Nutzfahrzeugkonjunktur gepr‰gt, die zu wesentlichen Umsatz- und Ergebnisverschlechterungen ^f¸hrten. In ²⁰⁰⁹ wurde unter Ber¸cksichtigung der zur Ver‰uflerung gehaltenen Gesch‰ftsbereiche ein negatives Konzernergebnis nach Steuern von MEUR -90,1 erzielt. Aufgrund der derzeitigen wirtschaftlichen Situation und der schwer einsch‰tzbaren Entwicklung

im PKW- und Nutzfahrzeugbereich ^kˆnnen Ver‰nderungen in der ^k¸nftigen Ertragslage und im ^k¸nftigen Finanzierungsbedarf eintreten, die aus heutiger Sicht nicht abschlieflend eingesch‰tzt werden ^kˆnnen. Auf Basis der Planungsrechnungen soll ^f¸r ²⁰¹⁰ aufder Konzernebene ein positiver Betriebserfolg (EBIT) erzielt werden. Die Liquidit‰tsvorschau ^f¸r ²⁰¹⁰ zeigt auf Basis der urspr¸nglichen Planungsrechnungen einen zus‰tzlichen Bedarf an liquiden Mittel von ca. MEUR 18,5, der in den bestehenden Rahmen ausreichend Deckung findet. Es istanzumerken, dass die Planungsrechnungen und die daraus resultierenden Liquidit‰tsplanungen noch unverhandelte Maflnahmen (z.B. Umsatzzuw‰chse und Personalkostenreduktionen) beinhalten. Der tats‰chliche Ausgang dieser Verhandlungen kann einen wesentlichen Einfluss aufdie ^k¸nftige Ertragslage und den Finanzbedarf der Gesellschaft und des Konzerns haben. Die Planungsrechnungen wurden vom verantwortlichen lokalen Management und dem Vorstand auf Grundlage der derzeit schwer einsch‰tzbaren Entwicklung der Automobil- und Nutzfahrzeugbranche nach bestem Wissen erstellt und entsprechen dem aktuellen Wissensstand. Aufgrund der bestehenden allgemeinen Unsicherheit aufgrund der Krise kann nicht ausgeschlossen werden, dass Tochtergesellschaften der Gesellschaft in ihrem Fortbestand gef‰hrdet sind. Daher sind nachteilige ^k¸nftige Wertminderungen der bilanzierten Vermˆgenswerte - insbesondere der Anteile an verbundenen Unternehmen sowie der Forderungen gegen¸ber verbundenen Unternehmen - bzw. Inanspruchnahmen aus Haftungen ^mˆglich. In den ersten beiden Monaten in ²⁰¹⁰ lag das Ergebnis auf Konzernebene leicht hinter Plan.

Weiters ist ^f¸r den positiven Fortbestand der Gesellschaft und des Konzerns die Finanzierung durch die Hausbank wesentlich. Die finanzierende Hausbank hat als Hauptgl‰ubiger mit Schreiben vom 9. ^M‰rz ²⁰¹⁰ auch schriftlich best‰tigt, dass sie beabsichtigt, bei einer den urspr¸nglichen Planungsrechnungen entsprechenden Entwicklung des Konzerns der POLYTEC Holding AG die Finanzierungszusagen weiterhin aufrecht zu erhalten, vorbehaltlich Gremialzustimmung auch bis 31.Dezember 2011. Planabweichungen einzelner Gesellschaften und/oder Standorte des Konzerns der POLYTEC Holding AG werden von der finanzierenden Hausbank nicht als alleinige Begr¸ndung ^f¸r eine ^K¸ndigung von Finanzierungszusagen herangezogen werden, sofern die Entwicklung des gesamten Konzerns der POLYTEC Holding AG weiterhin nicht signifikant von den urspr¸nglichen Planungsrechnungen abweicht. Im Falle, dass es zu weiteren Ergebnisr¸ckg‰ngen und/oder zu keiner Weiterfinanzierung ^k‰me, ^w‰re der Bestand der Gesellschaft und des Konzerns gef‰hrdet.

Gesch‰fteAuf Basis der vorliegenden Planungsrechnungen und aufgrund der dargestellten Finanzierungszusage der Hausbank geht der Vorstand von der Fortf¸hrung des Unternehmens aus.

mit nahe stehenden Personen und Unternehmen

ArbeitnehmerWesentliche Gesch‰fte mit nahe stehenden Personen und Unternehmen werden mit Firmen, die sich im mittelbaren oder unmittelbaren Beteiligungsbesitz des Vorstandsvorsitzenden befinden, get‰tigt (sogenannte IMC-Gruppe). Sie betreffen neben der werkvertraglich geregelten Stellung des Vorstandsvorsitzenden die Anmietung des Betriebsgeb‰udes der POLYTEC Holding AG. Dar¸ber hinaus hat die POLYTEC Holding AG Haftungen ^f¸r Mietverh‰ltnisse, welche von Konzerngesellschaften mitder IMC-Gruppe geschlossenen wurden, ¸bernommen. ^S‰mtliche get‰tigten Gesch‰fte wurden zu markt¸blichen Bedingungen abgeschlossen.

und Organe

	2009	2008
Angestellte (im Jahresdurchschnitt) Mitglieder	33	30

des Vorstands waren ^w‰hrend des Gesch‰ftsjahres und zum Zeitpunkt der Erstellung des Jahresabschlusses:

Herr Ing. Friedrich H u e m e r , Wallern (Vorstandsvorsitzender) Herr Ing. Andreas ^{J a g l} , Grˆbming (seit 2.11.2009) Herr Ing. Alfred K ol l ro s , St. Valentin Herr Mag. Klaus R in n e r b e r g e r ,Brunn am Gebirge (von 1.3.2009 bis 31.8.2009) Herr Mag. Eduard S c h r e i n e r , Leonding (seit 15.10.2009) Herr Ing. Karl-Heinz S ol l y , Leonding (bis 31.12.2009) Herr Dipl.-Ing. Reinhard ^{U r m a n n} , Maxh¸tte-Haidhof, Deutschland (bis 1.3.2009)

Der Gesamtbetrag der Bez¸ge des Vorstands im Gesch‰ftsjahr betrug TEUR 1.948 (Vorjahr: TEUR 1.286). Vom angegebenen Betrag wurden TEUR 32 (Vorjahr: TEUR 193) nicht von der Gesellschaft selbst, sondern von verbundenen Unternehmen der Gesellschaft aufgewendet. In den Bez¸gen ²⁰⁰⁹ ist eine Einmalzahlung an ein im Zuge der Restrukturierung von Polytec

ausgeschiedenes Vorstandsmitglied in ^Hˆhe von TEUR ⁶⁷⁵ enthalten. Der Vorstandsvorsitzende hatim Jahr ²⁰⁰⁹ als Beitrag zur Bew‰ltigung der schwierigen

Mitglieder des Aufsichtsrats waren ^w‰hrend des Gesch‰ftsjahres und zum Zeitpunkt der Situation der Polytec Gruppe auf 20 % des ihm zustehenden Fixbezuges verzichtet.

Erstellung des Jahresabschlusses:

Herr Mag. Fred D u sw a l d , Thalheim (Vorsitzender) Herr Manfred Helmut T r a u t h , Knittelsheim, Deutschland (Stellvertreter des Vorsitzenden) Herr Prof. Dr. Robert ^B ¸c ^{h e l h o f e r} , Starnberg, Deutschland Frau Dr. Viktoria K i ck i n g e r ,Wien Herr Univ.-Prof. Mag. Dr. Meinhard L u k a s , Linz (seit 8.2.2010) Herr Mag. Reinhard S c h w e n d t b a u e r , Leonding (seit 8.2.2010) Herr Dr. Andreas S z i g m u n d , Linz (bis 8.2.2010)

Es bestehen keine Kredite oder Vorsch¸sse an aktuelle oder fr¸here Mitglieder der Organe der Die erfassten Aufwendungen ^f¸rVerg¸tungen an Mitglieder des Aufsichtsrats betrugen im Gesch‰ftsjahr EUR 101.750,00 (Vorjahr: TEUR 74).

Gesellschaft. Keine fr¸heren Mitglieder der Organe der Gesellschaft erhalten Bez¸ge von der Gesellschaft oder einem ihrer verbundenen Unternehmen.

^Hˆrsching, am 6. April ²⁰¹⁰

Der Vorstand

Ing. Friedrich Huemer e.h. Ing. Andreas Jagl e.h.

Ing. Alfred Kollros e.h. MagM.aEgd.uEadrduaSrdchSrecihnreerinee.hr .e.h.

Anlage 1 zum Anhang:Anlagenspiegel Anlage 2 zum Anhang:Beteiligungsliste

Holding AG, Hˆrsching

zum 31. Dezember ²⁰⁰⁹

		Anschaffungs- und	Herstellungskosten				Abschreibungen			Nettowert
	‰nge ‰nge				‰nge ‰nge
I. Immaterielle Ver- mˆgensgegenst‰nde:	Stand am 1.1.2009 EUR	Zug EUR	Abg EUR	Stand am 31.12.2009 EUR	Stand am 1.1.2009 EUR	Zug EUR	Zu- schreibungen EUR	Abg EUR	Stand am 31.12.2009 EUR	Stand am 31.12.2009 EUR	Stand am 31.12.2008 EUR
II. Sachanlagen:	886.939,40	80.645,85	346.960,66	620.624,59	532.976,18	219.172,78	0,00	346.887,59	405.261,37	215.363,22	353.963,22
Rechte
‰ftsausstattung	1.184.728,61	101.202,44	85.367,88	1.200.563,17	539.097,89	181.700,31	0,00	55.954,86	664.843,34	535.719,83	645.630,72
Andere Anlagen, Betriebs- III. Finanzanlagen: und Gesch
1. Anteile an verbundenen Unternehmen	224.644.841,41	6.135.000,00	123.349.537,05	107.430.304,36	112.977.607,48	962.271,82	4.090.092,52	48.749.537,05	61.100.249,73	46.330.054,63	111.667.233,93
2. Beteiligungen ˆgens	30.979,06	0,00	0,00	30.979,06	0,00	0,00	0,00	0,00	0,00	30.979,06	30.979,06
3. Wertpapiere des Anlageverm	81.719.082,81	0,00	81.719.082,81	0,00	0,00	0,00	0,00	0,00	0,00	0,00	81.719.082,81
4. Sonstige Ausleihungen	308.878.229,28 2.483.326,00 310.949.897,29	6.135.000,00 0,00 6.316.848,29	205.551.945,86 483.326,00 205.984.274,40	109.461.283,42 2.000.000,00 111.282.471,18	112.977.607,48 0,00 114.049.681,55	962.271,82 0,00 1.363.144,91	4.090.092,52 0,00 4.090.092,52	48.749.537,05 0,00 49.152.379,50	61.100.249,73 0,00 62.170.354,44	48.361.033,69 2.000.000,00 49.112.116,74	195.900.621,80 2.483.326,00 196.900.215,74

Die Gesellschaft ^h‰lt bei folgenden Unternehmen mindestens 20,0 % Anteilsbesitz:

		‰h-		‰fts-
	Kapital-		Eigenkapital/	Ergebnis des
	anteil	W	Negatives	Gesch
Beteiligungsunternehmen ˆrsching	%	rung	Eigenkapital	jahres	Stichtag
POLYTEC FOR Car Styling		EUR	1.700.000,00	2.001.278,38	31.12.2009
GmbH & Co KG, H ˆrsching	100,0	EUR	1.700.000,00	5.562.740,03	31.12.2008
POLYTEC FOR Car Styling		EUR	50.029,67	9.471,99	31.12.2009
GmbH, H	100,0	EUR	40.557,68	5.466,52	31.12.2008
POLYTEC FOHA INC.,		USD	743.501,47	122.401,07	31.12.2009
Warren, USA	80,0	USD	621.100,40	125.871,97	31.12.2008
POLYTEC FOHA CORP.,		CAD	-134.406,00	-4.481,00	31.12.2009
Markham, Kanada flbritannien	80,0	CAD	-129.925,00	6.519,00	31.12.2008
Polytec Holden Ltd.,		GBP	1.609.074,00	146.557,00	31.12.2009
Bromyard, Gro	100,0	GBP	1.462.518,00	1.609.053,00	31.12.2008
POLYTEC-AVO N.V.,		EUR	875.899,71	146.223,28	31.12.2009
Schoten, Belgien	100,0	EUR	879.676,43	315.465,62	31.12.2008
Ratipur Kraftfahrzeugbauteile ‰nkter Haftung, und Autoausstattung Herstel Û, Ungarn lungs- und Vertriebsgesellschaft
mit beschr		THUF	611.881	84.121	31.12.2008
Koml	24,0	THUF	577.760	99.168	31.12.2007
POLYTEC Holding Deutschland GmbH, Geretsried, Deutschland	100,0	EUR EUR	19.236.234,76 18.677.935,17	558.299,59 -37.102.471,17	31.12.2009 31.12.2008
POLYTEC Interior Zaragoza		EUR	-3.043.596,53	-5.274.140,86	31.12.2009
S.L., Zaragoza, Spanien	100,0	EUR	2.230.544,00	-1.039.942,00	31.12.2008
POLYTEC Interior Polska Sp.z.o.o., Tomaszow		PLN	8.538.397,38	-9.483.909,31	31.12.2009
Mazowiecki, Polen	100,0	PLN	18.022.306,69	-21.787.389,49	31.12.2008
Polytec Composites Italia S.r.l.,		EUR	2.887.651,86	-2.137.024,98	31.12.2009
Mondovi, Italien	99,9	EUR	6.024.676,00	2.242.718,00	31.12.2008
Polytec Composites Sweden		SEK	-10.429.687,62	-25.901.128,54	31.12.2009
AB, Ljungby, Schweden ˆrsching	100,0	SEK	10.106.442,00	-35.119.822,00	31.12.2008
PT Beteiligungs GmbH,		EUR	2.997.379,49	45.863,63	31.12.2009
H	100,0	EUR	3.151.515,86	-74.367,57	31.12.2008
POLYTEC Invest GmbH,		EUR	6.535.107,00	-834.804,00	31.12.2009
Geretsried, Deutschland ˆrsching	100,0	EUR	7.369.911,14	-8.255.088,86	31.12.2008
POLYTEC Automotive		EUR	33.583,76	-907,06	31.12.2009
Systems GmbH, H	100,0	EUR	34.490,82	-509,18	31.12.2008

der gesetzlichen Vertretergem‰fl ^{ß 82} Abs. ^{4 Z 3} BˆrseG Wir best‰tigen nach bestem Wissen, dass der im Einklang mit den maflgebenden

Rechnungslegungsstandards aufgestellte Jahresabschluss der POLYTEC Holding AG ein ^mˆglichst getreues Bild der Vermˆgens-, Finanz- und Ertragslage des Unternehmens vermittelt, dass der Lagebericht den Gesch‰ftsverlauf, das Gesch‰ftsergebnis und die Lage des Unternehmens so darstellt, dass ein mˆglichst getreues Bild der Vermˆgens-, Finanz- und Ertragslage entsteht, und dass der Lagebericht die wesentlichen Risiken und Ungewissheiten beschreibt, denen das Unternehmen ausgesetzt ist. ^Hˆrsching, am 6. April ²⁰¹⁰

Vorstand

Vorstandsvorsitzender Mitglied des Vorstandes

Ing. Friedrich Huemer e.h. Mag. Eduard Schreiner e.h.

Mitglied des Vorstandes Mitglied des Vorstandes

Ing. Alfred Kollros e.h. Ing. Andreas Jagl e.h.

Berichtzum Jahresabschluss

Wir haben den beigef¸gten Jahresabschluss der POLYTEC Holding AG,Hˆrsching, ^f¸r das Gesch‰ftsjahr vom 1. J‰nner ²⁰⁰⁹ bis zum 31. Dezember ²⁰⁰⁹ unter Einbeziehung der Buchf¸hrung gepr¸ft. Dieser Jahresabschluss umfasst die Bilanz zum 31. Dezember 2009, die Gewinn- und Verlustrechnung ^f¸r das am 31. Dezember ²⁰⁰⁹ endende Gesch‰ftsjahr sowie den Anhang. Verantwortung der gesetzlichen Vertreter f¸r den Jahresabschluss und f¸r die Buchf¸hrung

Die gesetzlichen Vertreter der Gesellschaft sind ^f¸rdie Buchf¸hrung sowie f¸rdie

Aufstellung und den Inhalt des Jahresabschlusses verantwortlich, der ein ^mˆglichst getreues Bild der Vermˆgens-, Finanz- und Ertragslage der Gesellschaft in ‹bereinstimmung mit den ˆsterreichischen unternehmensrechtlichen Vorschriften vermittelt. Diese Verantwortung beinhaltet: Gestaltung, Umsetzung und Aufrechterhaltung eines internen Kontrollsystems, soweit dieses ^f¸r die Aufstellung des Jahresabschlusses und die Vermittlung eines ^mˆglichst getreuen Bildes der Vermˆgens-, Finanz- und Ertragslage der Gesellschaft von Bedeutung ist, damit dieser frei von wesentlichen Fehldarstellungen ist, sei es auf Grund von beabsichtigten oder unbeabsichtigten Fehlern; die Auswahl und Anwendung geeigneter Bilanzierungs- und Bewertungsmethoden; die Vornahme von Sch‰tzungen, die unter Ber¸cksichtigung der gegebenen Rahmenbedingungen angemessen erscheinen. Verantwortung des Abschlusspr¸fers und Beschreibung von Art und Umfang der

gesetzlichen Abschlusspr¸fung Unsere Verantwortung besteht in der Abgabe eines Pr¸fungsurteils zu diesem

Jahresabschluss auf der Grundlage unserer Pr¸fung. Wir haben unsere Pr¸fung unter Beachtung der in ÷sterreich geltenden gesetzlichen Vorschriften und Grunds‰tze ordnungsgem‰fler Abschlusspr¸fung durchgef¸hrt. Diese Grunds‰tze erfordern, dass wir die Standesregeln einhalten und die Pr¸fung so planen und durchf¸hren, dass wir uns mit hinreichender Sicherheit ein Urteil dar¸ber bilden ^kˆnnen, ob der Jahresabschluss frei von wesentlichen Fehldarstellungen ist. Eine Pr¸fung beinhaltet die Durchf¸hrung von Pr¸fungshandlungen zur Erlangung

von Pr¸fungsnachweisen hinsichtlich der Betr‰ge und sonstigen Angaben im Jahresabschluss. Die Auswahl der Pr¸fungshandlungen liegt im pflichtgem‰flen Ermessen des Abschlusspr¸fers unter Ber¸cksichtigung seiner Einsch‰tzung des Risikos eines Auftretens wesentlicher Fehldarstellungen, sei es auf Grund von beabsichtigten oder unbeabsichtigten Fehlern. Bei der Vornahme dieser Risikoeinsch‰tzung ber¸cksichtigt der Abschlusspr¸fer das interne Kontrollsystem, soweit es ^f¸r die Aufstellung des Jahresabschlusses und die Vermittlung eines ^mˆglichst getreuen Bildes der Vermˆgens-, Finanz- und Ertragslage der Gesellschaft von Bedeutung ist, um unter Ber¸cksichtigun^g der Rahmenbedingungen geeignete Pr¸fungshandlungen festzulegen, nicht jedoch um ein Pr¸fungsurteil ¸ber die Wirksamkeit der internen Kontrollen der Gesellschaft abzugeben. Die Pr¸fung umfasst ferner die Beurteilung der Angemessenheit der angewandten Bilanzierungsund Bewertungsmethoden und der von den gesetzlichen Vertretern vorgenommenen wesentlichen Sch‰tzungen sowie eine ^W¸rdigung der Gesamtaussage des Jahresabschlusses. Wir sind der Auffassung, dass wir ausreichende und geeignete Pr¸fungsnachweise

erlangt haben, sodass unsere Pr¸fung eine hinreichend sichere Grundlage ^f¸r unser Pr¸fungsurteil darstellt. Pr¸fungsurteil

Unsere Pr¸fung hat zu keinen Einwendungen gef¸hrt. Auf Grund der bei der Pr¸fung gewonnenen Erkenntnisse entspricht der Jahresabschluss nach unserer Beurteilung den gesetzlichen Vorschriften und vermittelt ein ^mˆglichst getreues Bild der Vermˆgens- und Finanzlage der POLYTEC Holding AG zum 31. Dezember ²⁰⁰⁹ sowie der Ertragslage der Gesellschaft ^f¸r das Gesch‰ftsjahr vom 1. ^J‰nner ²⁰⁰⁹ bis zum 31. Dezember ²⁰⁰⁹ in ‹bereinstimmung mit den ˆsterreichischen Grunds‰tzen ordnungsm‰fliger Buchf¸hrung. Ohne den Best‰tigungsvermerk einzuschr‰nken, weisen wir darauf hin, dass die

^k¸nftige Entwicklung sowie der positive Fortbestand der Gesellschaft bzw. des Konzerns der POLYTEC Holding AG ungewiss und insbesondere von der Sicherstellung der weiteren Finanzierung und dem Eintritt der vom Vorstand nach bestem aktuellen Wissen eingesch‰tzten zuk¸nftigen Gesch‰ftsentwicklung abh‰ngig sind. Aufgrund der derzeitigen wirtschaftlichen Situation und der schwer einsch‰tzbaren

Entwicklung im Automobil- und Nutzfahrzeugbereich weisen wir ^ñ wie auch der Vorstand im Anhang und Lagebericht ^ñ darauf hin, dass Ver‰nderungen in der ^k¸nftigen Ertragslage und im ^k¸nftigen Finanzierungsbedarf eintreten kˆnnen, die aus heutiger Sicht nicht abschlieflend eingesch‰tzt werden kˆnnen. Es ist auch nicht auszuschlieflen, dass Konzerngesellschaften der POLYTEC Holding AG in ihrem Fortbestand gef‰hrdet sind. Daher sind nachteilige ^k¸nftige Wertminderungen der bilanzierten Vermˆgensgegenst‰nde - insbesondere der Anteile an verbundenen Unternehmen sowie der Forderungen gegen¸ber verbundenen Unternehmen - bzw. Inanspruchnahmen aus Haftungen ^mˆglich. Die Planungsrechnungen und die daraus resultierenden Liquidit‰tsplanungenenthalten unverhandelte Maflnahmen (z.B. Umsatzzuw‰chse und Personalkostenreduktionen). Der tats‰chliche Ausgang dieser Verhandlungen kann einen wesentlichen Einfluss auf die ^k¸nftige Ertragslage und den Finanzbedarf der Gesellschaft und des Konzerns haben. Die finanzierende Hausbank hat als Hauptgl‰ubiger mit Schreiben vom 9. ^M‰rz ²⁰¹⁰

best‰tigt, dass sie beabsichtigt, bei einer den Planungsrechnungen vom 27. November 2009 entsprechenden Entwicklung des Konzerns der POLYTEC Holding AG die Finanzierungszusagen weiterhin aufrecht zu erhalten, vorbehaltlich Gremialzustimmung auch bis 31. Dezember 2011. Negative Planabweichungen einzelner Gesellschaften und/oder Standorte des Konzerns der POLYTEC Holding AG werden von der finanzierenden Hausbank nicht als alleinige Begr¸ndung f¸r eine ^K¸ndigung von Finanzierungszusagen herangezogen werden, sofern die Entwicklung des gesamten Konzerns der POLYTEC Holding AG weiterhin nicht signifikant von den Planungsrechnungen vom 27. November 2009 abweicht.

Zu diesen hinweisenden Erg‰nzungen verweisen wirauch auf die Darstellungen zur Finanzierung und Fortf¸hrung der Gesellschaft und des Konzerns im Anhang (Abschnitt V.) und Lagebericht (Abschnitt 2.). Aussagenzum Lagebericht

Der Lagebericht ist auf Grund der gesetzlichen Vorschriften darauf zu pr¸fen, ob er mit dem Jahresabschluss in Einklang steht und ob die sonstigen Angaben im Lagebericht nicht eine falsche Vorstellung von der Lage der Gesellschaft erwecken. Der Best‰tigungsvermerk hat auch eine Aussage dar¸ber zu enthalten, ob der Lagebericht mit dem Jahresabschluss in Einklang steht und ob die Angaben nach ^ß 243a UGB zutreffen. Der Lagebericht steht nach unserer Beurteilung in Einklang mit dem Jahresabschluss. Die Angaben gem‰fl ^ß 243a UGB sind zutreffend.

Leonding, am 6. April 2010 Deloitte

Oberˆsterreich Wirtschaftspr¸fungs GmbH

Mag. Nikolaus Schaffer ppa e.h. Wirtschaftspr¸fer

Mag. Ulrich Dollinger e h Wirtschaftspr¸fer eh