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Polytec Holding AG

Interim / Quarterly Report Nov 6, 2013

754_rns_2013-11-06_06bf0368-e2d1-49c2-9944-c78abeb3f32c.pdf

Interim / Quarterly Report

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INTERIM REPORT Q3 2013

POLYTEC GROUP KEY FIGURES 2013

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%

GROUP SALES BY CUSTOMERS

SALES & EBIT MARGIN

POLYTEC GROUP

INTERIM REPORT

ECONOMIC FRAMEWORK CONDITIONS

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.

GROUP RESULTS

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.

CROSS SEGEMENT DATA

SALES BY MARKET SEGMENT

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

SALES BY CATEGORY

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

SALES BY REGION

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

EMPLOYEES

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.

CAPITAL EXPENDITURES AND KEY FINANCIAL FIGURES

CAPITAL EXPENDITURES

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.

KEY FINANCIAL FIGURES

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.

OUTLOOK

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

SHARE AND INVESTOR RELATIONS

CONTACT

Manuel Taverne POLYTEC GROUP Investor Relations 4063 Hörsching, Polytec Strasse 1 Phone +43-7221-701-292 [email protected] www.polytec-group.com/investor

POLYTEC SHARE PRICE PERFORMANCE

TRADING VOLUME

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%.

KEY SHARE FIGURES

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 -

SHARE BUYBACKS

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.

SHAREHOLDER STRUCTURE

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.

INFORMATION ABOUT POLYTEC SHARE

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

INTERIM CONSOLITATED FINANCIAL STATEMENT ACCORDING TO IAS 34

CONSOLITATED INCOME STATEMENT

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

CONSOLITATED STATEMENT OF COMPREHENSIVE INCOME

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

CONSOLITATED BALANCE SHEET

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

CONSOLITATED CASH FLOW STATEMENT

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

CONSOLITATED STATEMENT OF CHANGES IN EQUITY

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

SELECTED EXPLANATORY NOTES

GENERAL INFORMATION

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.

ACCOUNTING AND EVALUATION METHODS

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.

CHANGES IN ACCOUNTING AND EVALUATION METHODS

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

BASIS OF CONSOLIDATION

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.

RESTRUCTURING COSTS

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.

FIXED ASSETS

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.

EQUITY

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

RELATED PARTIES

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.

BUSINESS SEASONALITY

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.

DECLARATION BY THE LEGAL REPRESENTATIVES

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

IMPRINT

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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