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2024 FY better but still unsatisfactory /
2025 FY with positive development
The POLYTEC GROUP's consolidated sales revenues amounted to EUR 677.8 million in the 2024 financial year, up 6.6% or EUR 41.8 million on the previous year (EUR 636.0 million).
After operating earnings before interest and taxes (EBIT) were significantly negative in both the third and fourth quarters of 2023, EBIT took a very significant turn positive in the first quarter of 2024. The positive earnings trend continued in the second quarter of 2024. In contrast, sales revenues in the third quarter had fallen short of expectations due to short-term reductions in call-off volumes.
The POLYTEC GROUP's EBIT for the full financial year 2024 amounted to EUR 3.9 million, up EUR 10.6 million from the previous year's figure of minus EUR 6.7 million. The EBIT margin rose by 1.7 percentage points year-on-year, from minus 1.1% to 0.6%.
From today's perspective, the management of POLYTEC Holding AG expects planned consolidated sales revenues in the range of EUR 650 million to EUR 700 million for the 2025 financial year and is targeting an EBIT margin of around 2% to 3%. The measures introduced in previous periods to increase operational efficiency are showing improvements and are expected to take full effect in the course of the year.
Group business development in 2024
* Group sales revenues amounted to EUR 677.8 million (2023: EUR 636.0 million)
* EBITDA amounted to EUR 35.7 million (2023: EUR 26.6 million)
* EBITDA margin 5.3% (2023: 4.2%)
* EBIT totalled EUR 3.9 million (2023: minus EUR 6.7 million)
* EBIT margin 0.6% (2023: minus 1.1%)
* Earnings after tax minus EUR 6.9 million (2023: minus EUR 14.1 million)
* Earnings per share minus EUR 0.29, no dividend to be paid for 2024 FY proposed
* Equity ratio at 41.7% (31.12.2023: 41.4%)
* Net debt amounted to EUR 42.4 million (31.12.2023: EUR 79.5 million)
* Employees (FTE incl. leasing personnel, as at 31.12.2024): 3,678 (3,835)
In the Passenger Cars & Light Commercial Vehicles market area, the POLYTEC GROUP's strongest revenue area with 73.0% (previous year: 74.0%), sales of EUR 494.5 million were achieved in the 2024 financial year, up 5.1% or EUR 23.9 million on the previous year's figure (EUR 470.6 million).
The POLYTEC GROUP's sales revenues of parts for trucks declined in all quarters of the 2024 financial year. Overall, revenue in the Commercial Vehicles market area declined by 15.7% or EUR 17.2 million to EUR 92.3 million compared to the 2023 financial year. The share of this market area in total Group sales fell by 3.6 percentage points from 17.2% to 13.5%.
In contrast, sales in the Smart Plastic & Industrial Applications market area have shown a very pleasing development since the beginning of 2024. Sales revenues in the 2024 financial year increased very significantly year-on-year by 62.8% or EUR 35.1 million to EUR 91.0 million (previous year: EUR 55.9 million). The share of the Smart Plastic & Industrial Applications market area in the POLYTEC GROUP's consolidated sales revenues increased by 4.6 percentage points year-on-year to 13.4% (previous year: 8.8%).
The EBITDA of the POLYTEC GROUP improved by 33.9% or EUR 9.1 million from EUR 26.6 million to EUR 35.7 million in the 2024 financial year. The EBITDA margin increased by 1.1 percentage points year-on-year, from 4.2% to 5.3%.
The financial result of the POLYTEC GROUP amounted to minus EUR 12.4 million (previous year: minus EUR 9.1 million), the increase was a consequence of the higher interest rate level. Earnings after tax improved year-on-year from minus EUR 14.1 million to minus EUR 6.9 million but were still negative. Earnings per share amounted to minus EUR 0.29 (previous year: minus EUR 0.64). The Board of Directors and Supervisory Board of POLYTEC Holding AG will therefore propose to the Annual General Meeting (10 June 2025) again this year that no dividend be paid for the 2024 financial year.
Net working capital decreased by EUR 41.0 million or 64.1% to EUR 23.0 million compared to the 2023 balance sheet date.
Net debt decreased by 46.7% or EUR 37.2 million to EUR 42.4 million compared to the 2023 balance sheet date. The halving is mainly due to the lower net working capital. The notional debt repayment period was significantly reduced from around three to 1.2 years. The gearing ratio decreased from 0.36 at the 2023 balance sheet date to 0.20 as at 31 December 2024.
The equity ratio was 41.7% as at the 2024 balance sheet date, 0.3 percentage points higher than on the previous year's balance sheet date. It has been at a solid level for many years.
As of the balance sheet date of 31 December 2024, the POLYTEC GROUP disposed over cash and cash equivalents of EUR 66.0 million (previous year: EUR 49.6 million).
As at 31 December 2024, the POLYTEC GROUP employed 3,678 people (FTE including leasing personnel). The number of employees was thus 4.1% or 157 lower than in the previous year (3,835 employees).
Outlook 2025 financial year
From today's perspective, the management of POLYTEC Holding AG expects planned consolidated sales revenues in the range of EUR 650 million to EUR 700 million for the 2025 financial year and is targeting an EBIT margin of around 2% to 3%.
The measures introduced in previous periods to increase operational efficiency are showing improvements and are expected to take full effect in the course of the year.
In order to optimise the strategic orientation and future economic performance of the POLYTEC GROUP, work is being done to adapt the current production and service portfolio. As a result, the earnings situation is expected to improve further in the medium term.
Due to the significant reduction in net debt and improvement in the financial result in conjunction with an assumed further decline in interest rates, a positive result after tax is targeted for the 2025 financial year.
However, achieving this outlook is subject to uncertainty. The automotive industry continues to be characterised by a volatile market environment, uncertain development of demand and the faltering transformation towards e-mobility.
The POLYTEC GROUP has a strong market position within and outside the automotive sector and is confident for the future.
The annual financial report, the ESEF report and annual report of POLYTEC Holding AG as at 31 December 2024 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