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2023 FY unsatisfactory –
2024 FY with positive development
Consolidated sales revenues of the POLYTEC GROUP amounted to EUR 636.0 million in the 2023 financial year, up 5.8% or EUR 34.6 million on the previous year (EUR 601.4 million).
At the beginning of the 2023 financial year, the management of the POLYTEC GROUP still assumed a higher sales target in its outlook for the full year. The market recovery and numerous new project ramp-ups also led to significantly higher sales figures in the first half of the year compared to the same period of the previous year. In contrast, short-term reductions in call-off volumes occurred in the third quarter. Due to the slowdown in sales growth, the originally expressed sales expectation was withdrawn.
From today's perspective, the management of POLYTEC Holding AG expects planned consolidated sales revenues in the range of EUR 660 million to EUR 710 million for the 2024 financial year and is targeting an EBIT margin of around 2% to 3%. The rising sales trend will be strengthened by the ramp-up of new projects, which are a consequence of the high order intakes of previous years.
Group business development in 2023
* Group sales revenues amounted to EUR 636.0 million (2022: EUR 601.4 million)
* EBITDA amounted to EUR 26.6 million (2022: EUR 33.2 million)
* EBITDA margin 4.2% (2022: 5.5%)
* EBIT totalled minus EUR 6.7 million (2022: EUR 0.7 million)
* EBIT margin minus 1.1% (2022: 0.1%)
* Earnings after tax minus EUR 14.1 million (2022: minus EUR 2.2 million)
* Earnings per share minus EUR 0.64, no dividend to be paid for 2023 FY proposed
* Equity ratio at 41.4% (2022: 43.0%)
* Net debt amounted to EUR 79.5 million (2022: EUR 59.8 million)
* Employees (FTE incl. leasing personnel, as at 31.12.2023): 3,835 (2022: 3,510)
In the Passenger Cars & Light Commercial Vehicles market area, sales revenue increased by 6.0% or EUR 26.8 million to EUR 470.6 million in the 2023 financial year (previous year: EUR 443.8 million). At 74.0%, the share of the market area with the highest turnover for the POLYTEC GROUP remained at the high level of the previous year (73.8%).
Sales revenue in the Commercial Vehicles market area increased by 9.9% or EUR 9.9 million to EUR 109.5 million compared to the 2022 financial year and has thus been back in the triple-digit range since 2020. The Commercial Vehicles market area's share of total Group sales rose from 16.6% to 17.2%.
Sales in the Smart Plastic & Industrial Applications market area declined slightly by 3.6% or EUR 2.1 million from EUR 58.0 million to EUR 55.9 million in the 2023 financial year. As in the previous year, call-offs from a key customer remained below expectations during 2023.
POLYTEC GROUP EBITDA in the 2023 financial year amounted to EUR 26.6 million (previous year: EUR 33.2 million). The EBITDA margin decreased by 1.3 percentage points year-on-year, from 5.5% to 4.2%. The successful order acquisitions of previous years led to an aggregation of new ramp-ups in the course of the 2023 financial year, especially at two plants. These, together with the delays in the delivery of urgently needed new production facilities, weighed on operational efficiency.
The measures introduced during the summer to improve operational efficiency had a positive impact, but significant further costs due to additional shifts, increased headcount and other special expenses had a negative effect on the Group's earnings position throughout the 2023 financial year.
The EBIT of the POLYTEC GROUP amounted to minus EUR 6.7 million in the 2023 financial year (previous year: EUR 0.7 million) and was thus in negative territory for the first time since the “Lehman year” of 2009. The EBIT margin declined by 1.2 percentage points year-on-year, from 0.1% to minus 1.1%. The fact that achieving a positive operating result for the entire 2023 financial year is a challenge was repeatedly pointed out by the management of the POLYTEC GROUP in the quarterly reports during the year.
The POLYTEC GROUP’s financial result totalled minus EUR 9.1 million (previous year: minus EUR 3.1 million), the increase being a result of higher interest rates. Earnings after tax amounted to minus EUR 14.1 million (previous year: minus EUR 2.2 million). Earnings per share amounted to minus EUR 0.64 (previous year: minus EUR 0.10). The Management Board and Supervisory Board of POLYTEC Holding AG will propose to the Annual General Meeting that no dividend be paid for the 2023 financial year.
The Group's balance sheet total amounted to EUR 533.0 million as at 31 December 2023, a decrease of EUR 18.2 million or 3.3% compared to the previous year's balance sheet date. The equity ratio was 41.4% as of the 2023 balance sheet date, 1.6 percentage points lower than in the previous year, and has been at a solid level for many years.
Net debt increased by 33.1% or EUR 19.8 million to EUR 79.5 million compared to the balance sheet date of 31 December 2022. The gearing ratio increased from 0.25 to 0.36 compared to the end of 2022.
As at 31 December 2023, the POLYTEC GROUP employed 3,835 people (FTE including leasing personnel). The number of employees was thus 9.3% or 325 higher than in the previous year (3,510 employees).
Outlook 2024 financial year
From today's perspective, the management of POLYTEC Holding AG expects planned consolidated sales revenues in the range of EUR 660 million to EUR 710 million for the 2024 financial year and is targeting an EBIT margin of around 2% to 3%.
The rising sales trend will be strengthened by the ramp-up of new projects, which are a consequence of the high order intakes of previous years.
In the 2024 financial year, the POLYTEC GROUP expects passenger car production figures for Europe to be roughly at the previous year's level. While the production of heavy commercial vehicles is expected to decline slightly, the call-off figures are expected to rise in the Smart Plastic & Industrial Applications market area.
However, the achievement of this outlook is subject to uncertainty. The automotive industry continues to be characterised by a volatile market environment, uncertain demand, and the general transformation towards e-mobility.
The earnings situation of the POLYTEC GROUP in the 2024 financial year will be negatively impacted by the high level of wage and material costs, which have already been taken into account in the outlook. Measures introduced in the previous year to increase operational efficiency, especially for two plants, are already showing improvements. However, their full implementation may still take time. Overall, an improvement in earnings is expected in the first quarter of 2024 after an EBIT of minus EUR 7 million in the second half of 2023.
In the medium-term, the POLYTEC GROUP considers itself to be in an extremely solid strategic position with regard to its ability to transform the changes in the automotive sector into increasing economic success for itself. The high volume of new orders received in recent financial years indicates that with its product portfolio, particularly in the area of e-mobility, but also outside the automotive sector, the POLYTEC GROUP possesses an excellent market standing and can face the future with confidence.
The annual financial report, the ESEF report and annual report of POLYTEC Holding AG as at 31 December 2023 closing date are available for downloading on the Investor Relations, publications section of the Group’s website.
https://www.polytec-group.com/en/investor-relations/publications
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