Interim / Quarterly Report • Nov 6, 2013
Interim / Quarterly Report
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| EURO mill. | 1-9/2013 | 1-9/2012 | CHANGE |
|---|---|---|---|
| Sales | 349.0 | 362.6 | -3.7% |
| EBITDA | 25.8 | 31.8 | -18.7% |
| EBITDA margin | 7.4% | 8.8% | |
| EBIT | 14.6 | 21.3 | -31.5% |
| Restructuring costs | 1.2 | - | |
| EBIT after restructuring costs | 13.5 | 21.3 | -36.8% |
| EBIT margin | 4.2% | 5.9% | |
| Earnings after Tax | 10.0 | 17.2 | -41.9% |
| Earnings per share (in EUR) | 0.43 | 0.75 | -42.7% |
| Capital expenditures | 12.6 | 11.0 | 14.6% |
| Equity ratio | 49.7% | 48.7% | |
| Net Working Capital | 60.5 | 48.1 | 25.8% |
| Capital employed | 143.7 | 129.6 | 10.9% |
| Net financial debt (+) / cash (-) | -0.1 | -10.5 | -98.7% |
| Employees - End of period (FTE) | 3,569 | 3,593 | -0,7% |
| EURO mill. | Q1 2013 | Q2 2013 | Q3 2013 | CHANGE |
|---|---|---|---|---|
| Sales | 110.9 | 122.0 | 116.1 | 5.1% |
| EBITDA | 7.7 | 9.5 | 8.6 | -18.9% |
| EBITDA margin | 7.0% | 7.8% | 7.4% | |
| EBIT | 4.1 | 5.7 | 4.8 | -28.2% |
| Restructuring costs | - | - | 1.2 | |
| EBIT after restructuring costs | 4.1 | 5.7 | 3.6 | -28.2% |
| EBIT margin | 3.7% | 4.7% | 4.1% | |
| Earnings after Tax | 2.9 | 4.5 | 2.4 | -35.0% |
| Earnings per share (in EUR) | 0.13 | 0.20 | 0.10 | -35.0% |
| Capital expenditures | 2.9 | 4.3 | 5.4 | -32.6% |
| Equity ratio | 51.2% | 50.4% | 49.7% | |
| Net Working Capital | 57.8 | 60.0 | 60.5 | -3.7% |
| Capital employed | 137.5 | 141.4 | 143.7 | -2.8% |
| Net financial debt (+) / cash (-) | -8.0 | -0.1 | -0.1 | |
| Employees - End of period (FTE) | 3,523 | 3,549 | 3,569 | -0,7% |
POLYTEC GROUP
Worldwide demand for passenger cars showed a robust development in the first nine months 2013, exceeding the previous year's level by roughly 3%. This growth was supported once again by the automotive markets in China and in the United States. Sales volumes in the US market exceeded the previous year's level by over 8%. Car sales in China continued to show double-digit growth, increasing by 21%.
In contrast, car registrations in Western Europe were below the previous year's level, registering a decrease of 4%. Demand for medium and heavy-duty trucks continued to fall in many key markets in the first nine months 2013, however, the market clearly seems to have bottomed out in the meanwhile. The Western European market was still affected by the weak economy, but the drop in demand was only of a single-digit percentage compared to the previous year. Adjusted for seasonal effects, there was actually a slight improvement in the demand situation compared to the previous quarter.
| EURO mill. | Q3 2013 | Q3 2012 | CHANGE | 1-9/2013 | 1-9/2012 | CHANGE |
|---|---|---|---|---|---|---|
| Sales | 116.1 | 119.7 | -3.0% | 349.0 | 362.6 | -3.7% |
| EBITDA | 8.6 | 10.7 | -19.2% | 25.8 | 31.8 | -18.7% |
| EBIT | 4.8 | 6.9 | -30.7% | 14.6 | 21.3 | -31.3% |
| Restructuring costs | 1.2 | - | 1.2 | - | ||
| EBIT after restructuring costs | 3.6 | 6.9 | -47.8% | 13.5 | 21.3 | -36.6% |
| Net income | 2.4 | 5.0 | -52.7% | 10.0 | 16.7 | -41.9% |
| EBITDA margin | 7.4% | 8.9% | 7.4% | 8.8% | ||
| EBIT margin | 4.1% | 5.8% | 4.2% | 5.9% |
Earnings per share (in EUR) 0.10 0.22 -54.5% 0.43 0.75 -42.7%
POYLTEC GROUP's total sales declined by 3.0% to EUR 116.1 million in the third quarter 2013 compared to the same period of the previous year. However, in the automotive segment this development varied according to business segment.
In the passenger car business, total sales increased by 4.5% to EUR 71.7 million in the period under review compared to the same period of the previous year, whereas sales in the commercial vehicle business dropped by 13.0% to EUR 34.2 million. In both, this positive and negative development - compared to the same period of the previous year - was mainly attributable to a significant change in tooling sales. Part sales in both the passenger car and commercial vehicle segments matched the previous year's level (Q3 2012).
The non-automotive business showed a different picture. In the period under review, total sales registered a significant drop of 12.3% mainly due to the downward trend in the garden furniture business, as reported in the interim report for the first half 2013, as well as to sales declines related to a major customer (transport boxes). This drop in sales in the non-automotive business had a negative impact on Group's results for the third quarter 2013. Restructuring costs totaling EUR 1.2 million, which are shown separately in the profit and loss statement, refer to expenses in connection with the phase-out of garden furniture production at the business site in Ebensee. For further details please refer to the explanation provided in the Notes. EBIT before restructuring costs declined by EUR 2.1 million to EUR 4.8 million in the third quarter 2013. This corresponds to an EBIT margin of 4.1%. As in the previous quarter – see explanation in the interim report for the first half 2013 - higher than planned operating expenses in connection with several injection molding projects and related material and personnel cost overruns had a negative impact on group results. The tax ratio of the POLYTEC GROUP amounted to 21.2% for the first nine months 2013.
All in all, taking one-off effects into account, the POLYTEC GROUP reported a net result of EUR 10.0 million in the period under review. This corresponds to earnings per share of EUR 0.43 compared to EUR 0.75 in the previous year.
| EURO mill. | Q3 2013 | SHARE | Q3 2012 | 1-9/2013 | SHARE | 1-9/2012 |
|---|---|---|---|---|---|---|
| Passenger cars | 71.7 | 61.7% | 68.6 | 214.1 | 61.2% | 214.3 |
| Commercial vehicles | 34.2 | 29.4% | 39.3 | 100.2 | 28.4% | 107.9 |
| Non-Automotive | 10.3 | 8.9% | 11.8 | 34.7 | 10.5% | 40.4 |
| Group | 116.1 | 100.0% | 119.7 | 349.0 | 100.0% | 362.6 |
| EURO mill. | Q3 2013 | SHARE | Q3 2012 | 1-9/2013 | SHARE | 1-9/2012 |
|---|---|---|---|---|---|---|
| Part sales and other sales | 100.5 | 86.6% | 103.4 | 310.4 | 90.1% | 331.3 |
| Tooling- and engineering sales | 15.6 | 13.4% | 16.3 | 38.6 | 9.9% | 31.3 |
| Group | 116.1 | 100.0% | 119.7 | 349.0 | 100.0% | 362.6 |
| EURO mill. | Q3 2013 | SHARE | Q3 2012 | 1-9/2013 | SHARE | 1-9/2012 |
|---|---|---|---|---|---|---|
| Austria | 3.9 | 3.3% | 3.2 | 11.9 | 3.4% | 12.2 |
| Germany | 73.3 | 63.1% | 79.9 | 216.3 | 62.0% | 227.2 |
| Other EU | 31.2 | 26.9% | 29.6 | 96.1 | 27.5% | 98.6 |
| Rest of the World | 7.7 | 6.7% | 7.0 | 24.8 | 7.1% | 24.6 |
| Group | 116.1 | 100.0% | 119.7 | 349.0 | 100.0% | 362.6 |
| END OF PERIOD | AVERAGE OF PERIOD | |||||
|---|---|---|---|---|---|---|
| SEP 30.13 | SEP 30.12 | CHANGE | 1-9/2013 | 1-9/2012 | CHANGE | |
| Austria | 517 | 550 | -33 | 549 | 550 | -1 |
| Germany | 2,367 | 2,271 | 96 | 2,239 | 2,228 | 11 |
| Other EU | 520 | 616 | -96 | 571 | 611 | -40 |
| Rest of the World | 165 | 156 | 9 | 167 | 164 | 3 |
| Group | 3,569 | 3,593 | -24 | 3,526 | 3,553 | -27 |
POLYTEC GROUP's total headcount (including leased staff) showed a slight decrease in the first nine months 2013 compared to the same period in 2012. The number of the Group's fixed-term employees dropped by 2.8%, whereas the Group's leased staff increased by 7.8% in the period under review compared to the third quarter 2012 and amounted to 281 FTE at the end of September 2013.
| EURO mill. | Q3 2013 | Q3 2012 | CHANGE | 1-9/2013 | 1-9/2012 | CHANGE |
|---|---|---|---|---|---|---|
| Capital Expenditures | 5.4 | 3.3 | 63.6% | 12.6 | 11.0 | 14.5% |
In the third quarter 2013, capital expenditures increased by 63.6% to EUR 5.4 million compared to the same period of the previous year.
| SEPTEMBER 30, 2013 | DECEMBER 31, 2012 | CHANGE | |
|---|---|---|---|
| Equity ratio | 49.7% | 50.8% | |
| Net working capial (in EUR mill.) | 60.5 | 47.7 | 26.8% |
| Net working capital in % of sales | 12.9% | 9.9% | |
| Net debt (+) /- cash (-) (in EUR mill.) | 0.1 | 14.5 | |
| Net debt (+) /- cash (-) to EBITDA | n/a | n/a | |
| Gearing | 0.00 | -0.11 | |
| Capital Employeed (EUR mill.) | 143.7 | 128.1 | 12.2% |
In the period under review, POLYTEC GROUP's shareholders' equity increased by 0.8% to EUR 133.3 million compared to the balance sheet date as of December 31, 2012. The equity ratio decreased to 49.7% (June 30, 2013: 50.4%) due to an increase of the balance sheet total of 3.1%.
Furthermore, it should be noted that the equity ratio reported in the Annual Report 2012 had to be reduced from its original value of 51.4% to 50.8% due to the changes made in the accounting and evaluation methods in connection with the retrospective application of the revised IAS 19 standard to comparative periods (corridor method – see explanation in the Selected Explanatory Notes). In the third quarter 2013, a total of 31,000 shares for a total value of EUR 0.2 million were bought back via the stock exchange.
The net working capital increased by EUR 12.8 million in the period under review compared to the balance sheet date as of December 31, 2012 and remained almost unchanged compared to the balance sheet date as of June 30, 2013. The intra-year increase is mainly attributable to the increase in receivables from construction contracts in connection with the rising number of injection molding projects. Net financial assets amounted to EUR 0.1 million as of September 30, 2013.
The decline in financial assets in the period under review is mainly attributable to the significant increase in receivables from construction contracts mentioned above and the repayment of group loans, in addition to the company's capital expenditures, which amounted to EUR 12.6 million in the first nine months 2013, and to dividend payments totaling EUR 7.7 million.
With regard to the fourth quarter of 2013, the Management of POLYTEC Holding expects a stable operating development. However, expenses for the restructuring of the Ebensee business site will negatively impact results for the second half of the year. The Group's operating result before restructuring costs, which will be shown separately in the profit and loss statement, is expected to match the level of the first half-year 2013.
POLYTEC GROUP
Manuel Taverne POLYTEC GROUP Investor Relations 4063 Hörsching, Polytec Strasse 1 Phone +43-7221-701-292 [email protected] www.polytec-group.com/investor
In the first nine months 2013, average trading volume (double counting) of POLYTEC shares amounted to 51,286 shares per day. Compared to the same period of the previous year, this corresponds to a decline of roughly 31%.
| UNIT | 1-9/2013 | CHANGE | 1-9/2012 | 1-9/2011 | |
|---|---|---|---|---|---|
| Share price as of end of the period | EUR | 6.49 | 25.0% | 5.19 | 5.47 |
| Share price high | EUR | 7.25 | -2.8% | 7.46 | 8.59 |
| Share price low | EUR | 5.94 | 14.5% | 5.19 | 4.27 |
| Market capitalization | Mill. EUR | 144.9 | 25.0% | 115.9 | 122.1 |
| Number of shares issued | Piece | 22,329,585 | 22,329,585 | 22,329,585 | |
| Number of shares outstanding | Piece | 22,019,044 | 98.6% | 22,191,773 | 22,329,585 |
| Treasury shares | Piece | 310,541 | 1.4% | 137,812 | - |
On August 8, 2012 the Board of Directors of POLYTEC Holding AG announced its intention to exercise the authorization granted by the 12th Annual General Meeting and to start buying back own shares beginning with August 14, 2012.
Until September 30, 2013 a total of 310,541 own shares were bought back at an average price of EUR 5.50, which corresponds to a proportion of POLYTEC Holding AG share capital of 1.4%. A more detailed description of the share buybacks carried out to date can be found under Investor Relations at www.polytec-group.com.
The POLYTEC GROUP is worldwide succesful as a leading developer and manufacturer of high-quality plastic parts. For over two decades, the company has offered its customers in-depth expertise and hands-on experience as a full-service provider in the area of injection molding, as a specialist in ber-reinforced plastic components, as a manufacturer of original accessory parts made from plastic and as a leading developer of tailor-made industrial solutions made of polyurethane. Innovative applications coupled with the ability to leverage the wide range of inhouse R&D capacities and competences take center stage at POLYTEC. POLYTEC counts the world-renowned brands of the automotive industry among its customers but is also increasingly supplying markets outside of this sector. In both the automotive and non-automotive areas, the company's most important criteria for success encompass state-of-the-art technologies, top quality, absolute delivery reliability and competitive pricing.
As of September 30, 2013 POLYTEC Holding AG's share capital amounted to EUR 22.3 million and was divided into 22,329,585 bearer shares with a nominal value of EUR 1.00 each. In the period under review
between January 1 and September 30, 2013, no notifications of voting rights pursuant to Sec. 91 of the Austrian Stock Exchange Act were received by POLYTEC Holding AG.
| ISIN | AT00000A00XX9 |
|---|---|
| Ticker symbol | |
| Vienna Stock Exchange | PYT |
| Bloomberg | PYT.AV |
| Reuters | POLV.VI |
| Stock exchange: | Vienna Stock Exchange, Prime Market |
| Type of shares | no par value ordinary bearer shares |
| Number of shares issued | 22,329,585 |
| Authorized capital | EUR 6.7 million |
| Other stock exchanges | none |
| Indices | ATX Prime, WBI |
POLYTEC GROUP
| 2013 2012 2013 2012 Net Sales 116,118 119,675 349,027 362,617 Other operating income 908 1,726 3,936 5,247 Changes in inventory of finished and unfinished goods -390 1,620 -977 822 Own work capitalised 687 291 2,070 931 Expenses for materials and services received -58,866 -63,120 -176,181 -184,912 Personnel expenses -35,483 -35,325 -110,787 -111,272 |
|---|
| Other operating expenses -14,363 -13,926 -41,256 -41,979 |
| Deconsolidation gain 0 -291 0 326 |
| Earnings before interest, taxes, depreciation and amortisation (EBITDA) 8,611 10,652 25,832 31,780 |
| Depreciation -3,811 -3,726 -11,213 -10,488 |
| Earnings before interest, taxes, depreciation and amorisation of goodwill 4,772 6,926 14,591 21,292 (EBITA) |
| Amorisation of goodwill 0 0 0 0 |
| 4,772 6,926 14,591 21,292 Earnings before interest and taxes (EBIT) |
| Restructuring costs -1,161 0 -1,161 0 |
| Earnings before interest and taxes (EBIT) after restructuring costs 3,639 6,926 13,458 21,292 |
| Income from associated companies 0 0 24 132 |
| Financial expenses -274 -391 -814 -788 |
| Other financial results 0 78 0 196 |
| Financial result -274 -313 -791 -460 |
| Earnings before tax 3,366 6,613 12,668 20,832 |
| Taxes on income -1,002 -1,613 -2,679 -3,647 |
| Profit after tax 2,364 5,000 9,988 17,185 |
| Thereof result of non controlling interests -153 -146 -488 -464 |
| Thereof result of the parent company 2,211 4,854 9,500 16,721 |
| Earnings per share 0.10 0.22 0.43 0.75 |
| 1.1 - 30.9.2013 (in TEUR) | GROUP | NON CONTROLLING INTERESTS | TOTAL |
|---|---|---|---|
| Profit after tax | 9,500 | 488 | 9,988 |
| Currency translation | -550 | -25 | -574 |
| Total comprehensive income | 8,951 | 464 | 9,414 |
| 1.1 - 30.9.2012 (in TEUR) | GROUP | NON CONTROLLING INTERESTS | TOTAL |
|---|---|---|---|
| Profit after tax | 16,721 | 464 | 17,185 |
| Currency translation | 521 | -116 | 405 |
| Total comprehensive income | 17,242 | 348 | 17,590 |
| ASSETS (in TEUR) | SEPTEMBER 30, 2013 | DECEMBER 31, 2012 1) |
|---|---|---|
| NON CURRENT ASSETS | ||
| Intangible assets | 635 | 656 |
| Goodwill | 19,180 | 19,180 |
| Tangible assets | 63,399 | 60,146 |
| Investments in affiliated companies | 435 | 435 |
| Investments in associated companies | 31 | 31 |
| Other finacial assets | 598 | 598 |
| Trade accounts receivable and other receivables and assets | 0 | 351 |
| Interest bearing receivables | 0 | 11,579 |
| Deferred tax assets | 9,406 | 9,487 |
| 93,684 | 102,463 |
| CURRENT ASSETS | ||
|---|---|---|
| Inventories | 38,656 | 39,479 |
| Trade accounts receivable and other receivables and assets | 58,717 | 54,654 |
| Receivables from construction contracts | 41,719 | 25,763 |
| Interest bearing receivables | 11,942 | 0 |
| Cash and cash equivalents | 23,551 | 37,941 |
| 174,586 | 157,837 | |
| 268,269 | 260,300 |
| LIABILITES (in TEUR) | SEPTEMBER 30, 2013 | DECEMBER 31, 2012 1) |
|---|---|---|
| SHAREHOLDERS EQUITY | ||
| Share capital | 22,330 | 22,330 |
| Capital reserves | 37,563 | 37,563 |
| Treasury shares | -1,709 | -1,396 |
| Non controlling interests | 5,326 | 5,249 |
| Retained earnings | 69,780 | 68,547 |
| 133,290 | 132,293 |
| LONG-TERM LIABILITIES | ||
|---|---|---|
| Interest-bearing liabilities | 9,659 | 12,454 |
| Provision for deferred taxes | 453 | 593 |
| Long-term provisions for personnel | 20,566 | 20,252 |
| Other long-term liabilities | 14 | 74 |
| 30,692 | 33,373 |
| Other short-term liabilities | 13,153 104,287 |
12,072 94,634 |
|---|---|---|
| Short-term provisions | 24,972 | 19,743 |
| Liabilities on income taxes | 3,125 | 2,623 |
| Short-term portion of long-term loans | 7,013 | 7,988 |
| Short-term interest-bearing liabilities | 18,688 | 14,527 |
| Liabilities from construction contracts | 3,233 | 3,010 |
| Trade accounts payable | 34,103 | 34,671 |
| SHORT-TERM LIABILITIES |
| 1.1 - 30.09 | |||
|---|---|---|---|
| in TEUR | 2013 | 2012 | |
| Earnings before tax | 12,668 | 20,832 | |
| - | Income taxes | -2,236 | -3,814 |
| +(-) | Depreciation (appreciation) of fixed assets | 11,213 | 10,488 |
| +(-) | Non cash income from deconsolidation | 0 | -326 |
| +(-) | Other non-cash expenses/ income | 319 | -354 |
| = | Consolidated financial Cash flow | 21,963 | 26,827 |
| +(-) | Changes in net working capital | -12,941 | -20,656 |
| = | Cash flow from operating activities | 9,022 | 6,171 |
| +(-) | Cash flow from investing activities | -12,085 | -6,311 |
| +(-) | Cash flow from financing activities | -11,327 | -7,489 |
| = | Changes in cash and cash equivalents | -14,390 | -7,629 |
| + | Opening balance of cash and cash equivalents | 37,941 | 43,222 |
| = | Closing balance of cash and cash equivalents | 23,551 | 35,593 |
| in TEUR | SHARE CAPITAL | CAPITAL RESERVES |
TREASURY SHARES |
RETAINED EARNINGS |
EQUITY ATTRIBUTABLE TO SHAREHOLDERS OF THE PARENT |
NON CONTROLLING INTERESTS |
TOTAL |
|---|---|---|---|---|---|---|---|
| Balance as of January 1, 2013 | 22,330 | 37,563 | -1,396 | 68,547 | 127,045 | 5,249 | 132,293 |
| Total comprehensive income | 0 | 0 | 0 | 8,951 | 8,951 | 464 | 9,414 |
| Acquisition of non controlling interest |
0 | 0 | 0 | 7 | 7 | -386 | -379 |
| Dividend | 0 | 0 | 0 | -7,725 | -7,725 | 0 | -7,725 |
| Treasury shares | 0 | 0 | -313 | 0 | -313 | 0 | -313 |
| Balance as of September 30, 2013 | 22,330 | 37,563 | -1,709 | 69,780 | 127,964 | 5,326 | 133,290 |
| in TEUR | SHARE CAPITAL | CAPITAL RESERVES |
TREASURY SHARES |
RETAINED EARNINGS |
EQUITY ATTRIBUTABLE TO SHAREHOLDERS OF THE PARENT |
NON CONTROLLING INTERESTS |
TOTAL |
|---|---|---|---|---|---|---|---|
| Balance as of January 1, 2013 1) | 22,330 | 37,563 | 0 | 55,485 | 115,378 | 4,782 | 120,160 |
| Total comprehensive income | 0 | 0 | 0 | 17,242 | 17,242 | 348 | 17,590 |
| Dividend | 0 | 0 | 0 | -7,815 | -7,815 | 0 | -7,815 |
| Treasury shares | 0 | 0 | -749 | 0 | -749 | 0 | -749 |
| Balance as of September 30, 2013 | 22,330 | 37,563 | -749 | 64,911 | 124,055 | 5,130 | 129,185 |
1) adjusted comparison figures
POLYTEC Holding AG (listed in the Commercial Registry of the City of Linz under the number FN 197646 g) is an Austrian holding company, which together with its subsidiaries is mainly operating in the automotive and plastics industry.
This interim report as of September 30, 2013 was compiled pursuant to the legal provisions of International Financial Reporting Standards (IFRS), and more specifically, in conformity with IAS 34 (interim reports). The same accounting and evaluation methods adopted on December 31, 2012 were applied to this report with the exception of the changes explained below. This interim report does not include all information and data contained in the consolidated financial statements as of December 31, 2012 of POLYTEC Holding AG. Please refer to the consolidated financial statements for more information.
The application of the revised IAS 19 standard is mandatory for financial years commencing on January 1, 2013. Pursuant to IAS 19 (revised), actuarial gains and losses can no longer be accounted for using the so-called corridor method. All actuarial gains and losses have now to be fully recognized in other comprehensive income in the period, in which they occur. In accordance with IAS 8, a retrospective application of this standard is envisaged. For comparative periods, the following adjustments were made:
| ASSETS (in TEUR) | JANUARY 1, 2012 | DECEMBER 31, 2012 | |
|---|---|---|---|
| Deferred tax assets | 49 | 536 |
| LIABILITIES (in TEUR) | JANUARY 1, 2012 | DECEMBER 31, 2012 |
|---|---|---|
| EQUITY | ||
| retained earnings | -169 | -1,329 |
| LONG-TERM LIABILITIES | ||
| Long-term provisions for personnel | 218 | 1,865 |
| Total | 49 | 536 |
The consolidated financial statements include all relevant domestic and foreign companies, of which POLYTEC Holding AG directly or indirectly holds the majority of voting rights. Compared to December 31, 2012 the basis of consolidation has remained unchanged. Based on a purchasing agreement dated June 27, 2013 POLYTEC Holding AG acquired a 20% stake in POLYTEC FOHA Inc. and POLYTEC FOHA Corp. respectively with effective date January 1, 2013. POLYTEC Holding AG already held an 80% stake in both companies, which were also included in the Group's consolidated financial statements. This acquisition led to a reduction of non-controlling interests of TEUR 386.
The insolvency of Praktiker/Max Bahr, the company's main customer in the garden furniture business, led to a considerable decline in sales as well as to a significant deterioration of future sales prospects in this business area. This prompted the decision to stop the production of garden furniture earlier than planned. Therefore, potential sales in the 2014 financial year will simply result from the sell-off of inventories.
Restructuring costs totaling TEUR 1.161, which were shown separately in the profit and loss statement, include inventory write-downs amounting to TEUR 1.132 as well as personnel expenses of TEUR 28, which were not covered by provisions.
The 'garden furniture' product group was adopted following the acquisition of the Ebensee business site in September 2011. Already at this time, the company had planned to phase out production of garden furniture over the mid term and to use freed up production capacities for automotive projects.
In the period under review between January 1 and September 30, 2013 POLYTEC GROUP acquired fixed assets with a total value of TEUR 15,348. In the same period, total fixed assets with a book value of TEUR 797 were sold.
At the Annual General Meeting held on May 22, 2013 a resolution was passed to pay out dividends totaling TEUR 7,725 (previous year: TEUR 7,815), which were distributed on May 31, 2013. This corresponds to a dividend of EUR 0.35 per share (previous year: EUR 0.35). The number of share in circulation developed as follows:
| SHARES | TREASURY SHARES | SHARES IN CIRCULATION | |
|---|---|---|---|
| Dec. 31,2011 | 22,329,585 | 0 | 22,329,585 |
| Purchase of treasury shares | 0 | -258,041 | -258,041 |
| Dec. 31, 2012 | 22,329,585 | -258,041 | 22,071,544 |
| Purchase of treasury shares | 0 | -52,500 | -52,500 |
| June 30, 2013 | 22,329,585 | -310,541 | 22,019,044 |
With regard to business transactions with related parties, no relevant changes were reported compared to December 31, 2012. Please refer to the explanations in the consolidated financial statements of the POLYTEC Holding AG as of December 31, 2012 for more information.
The quarterly reporting of POLYTEC GROUP's sales throughout one financial year strictly correlates to the car manufacturing operations of the Group's customers. For this reason, quarters in which customers normally close for works holidays generally have lower rates of sales turnover than quarters without such effects. In addition to this, sales from one quarter can also be influenced by the billing of large tool or development projects.
The Board of Directors declares that the present condensed interim report and the Group Management Report for the first half year 2012, which were prepared in accordance with the applying International Financial Reporting Standards (IFRS) provide a true and fair view of the asset, financial and earnings situation of the POLYTEC GROUP with regard to the main events of the first six months of the business year under review and their impact on the condensed financial statements for the first half year. This interim report has not been subject to an audit or a review.
Hörsching, November 6, 2013
Friedrich Huemer Peter Haidenek Alfred Kollros
Chairman Member Member
Owner and Publisher: POLYTEC HOLDING AG. Polytec-Straße 1. 4063 Hörsching (AUSTRIA). www.polytec-group.com. FN 197646g Resposible for Contents: Manuel Taverne. Phone +43-7221-701-292. Fax +43-7221-701-38. E-Mail: [email protected] Concept, Layout, Graphics/ Typesetting: Julia Worsch, Polytec Group Photos: POLYTEC GROUP©
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