EANS-Adhoc: Polytec Holding AG / POLYTEC GROUP - Group results 2010 confirm the turnaround

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06.04.2011

Based on the worldwide recovery of the automotive industry in the year under
review, POLYTEC´s group sales recorded a significant increase of 26.9% or EUR
163.1 million to EUR 770.1 million. However, developments in the most relevant
sales markets of the group varied.
Group results outstripped the increase in sales, with group EBITDA more than
quintupling to EUR 54.3 million per year-end 2010 and the EBITDA margin totaling
7.0%.

Unit        2010  2009  Change
Sales                                EUR million 770,1 607,0 26,9%
EBITDA                               EUR million 54,3  10,2  432,4%
EBITDA margin                        %           7,0   1,7   
EBIT                                 EUR million 27,2  -30,2 
EBIT margin                          %           3,5   -5,0  
Net profit from continued operations EUR million 25,6  -51,4 
Net profit margin                    %           3,3   -8,5  
Earnings per share                   EUR         1,12  -2,33 
Average capital employed             EUR million 136,6 n/a   
ROCE before tax                      %           19,9  n/a

In addition to a significant increase in production volumes, this favorable
result is mainly attributable to the consistent implementation of structural
reforms and sales measures throughout the entire group. In line with EBITDA
development, group EBIT increased from a loss of EUR 30.2 million in 2009 to EUR
27.2 million. No significant one-off effect was included in it in the year under
review. This resulted in a net profit of EUR 25.6 million, which corresponds to
earnings per share of EUR 1.12.

As of the balance sheet date on December 31, 2010, net debt decreased by EUR
43.2 million to EUR 26.7 million compared to the previous year. In addition to
the positive business development, the disposal of POLYTEC Composites Italia
contributed EUR 3 million and the divestment of 10% of the shareholding in
Grammer AG contributed EUR 12 million to this reduction. The ratio net debt to
EBITDA amounted to 0.5 in 2010, which benchmarked against the corresponding
values of the previous periods reflects the positive performance of the group.

Outlook 2011 for the group

For the full-year 2011, POLYTEC management expects a slight organic growth in
sales despite the divestment of the Italian subsidiary POLYTEC Composites Italia
at year-end 2010, which had contributed EUR 30 million to group sales in the
previous year. The group operating result will show a disproportionate increase
compared to sales. This will be mainly attributable to the consistent
implementation of operating structural measures and the resulting improvement in
productivity as well as to cost reductions and an overall positive economic
outlook.
Based on the persisting trend towards consolidation within the automotive supply
industry, the company´s management is currently evaluating the potential to
seize growth-enhancing acquisition opportunities going forward.

***
The annual report 2010 as well as the annual financial report 2010 are available
for download on www.polytec-group.com.

Further inquiry note:
Manuel TAVERNE
POLYTEC GROUP
Investor Relations
Tel.+43(0)7221/701-292
[email protected]
end of announcement euro adhoc
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issuer: Polytec Holding AG
Linzer Straße 50
A-4063 Hörsching
phone: +43 (0) 7221 / 701-0
FAX: +43 (0) 7221 / 701-0
mail: [email protected]
WWW: www.polytec-group.com
sector: Industrial Components
ISIN: AT0000A00XX9
indexes: ATX Prime
stockmarkets: official market: Wien
language: English

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