Hörsching (pta014/07.05.2021/07:55) - .
In the first quarter of 2021, the POLYTEC GROUP's consolidated sales revenues amounted to EUR 147.8 million and therefore lay slightly below the level of the previous year (Q1 2020: EUR 149.1 million). This 0.9% fall in sales can be traced primarily to the deconsolidation of the "Industrial" business area, which was completed at the beginning of December 2020. Furthermore, sales revenues in the Commercial Vehicles market area were also lower, but by contrast sales revenues in the Passenger Cars & Light Commercial Vehicles market area were higher than in the first three months of last year.
* EBITDA EUR 13.8 million (Q1 2020: EUR 11.7 million)
* EBITDA margin 9.3% (Q1 2020: 7.8%)
* EBIT EUR 6.7 million (Q1 2020: EUR 2.7 million)
* EBIT margin 4.5% (Q1 2020: 1.8%)
* Earnings after tax EUR 4.8 million (Q1 2020: EUR 1.5 million)
* Earnings per share EUR 0.21 (Q1 2020: EUR 0.06)
* Equity ratio 43.6% (Q1 2020: 40.7%)
* Net debt EUR 116.8 million (Q1 2020: EUR 150.3 million)
* Closing balance of cash and cash equivalents as at 31.03.2021 EUR 77.9 million (31.03.2020: EUR 63.3 million)
* Employees (FTE incl. leasing personnel) as at 31.03.2021 3,706 (31.03.2020: 4,085)
In the first three months of 2021, POLYTEC GROUP EBITDA amounted to EUR 13.8 million (Q1 2020: EUR 11.7 million). This increase was primarily the result of the implementation of capacity adjustments. Subsequent expenditure in connection with capacity adjustments had a negative impact upon EBITDA of EUR 0.9 million.
As compared to the same period of the previous year, the EBITDA margin improved by 1.5 percentage points to 9.3%. Depreciation in the first quarter fell by EUR 1.9 million to EUR 7.1 million as a result of the capacity adjustments, the deconsolidation of the "Industrial" business area and the low investment ratio of the preceding year.
Group EBIT in the months from January to March 2021 totalled EUR 6.7 million (Q1 2020: EUR 2.7 million) and as opposed to the same period of 2020, the EBITDA margin was 2.7 percentage points higher at 4.5%.
The financial result for the first three months of 2021 amounted to minus EUR 0.7 million and was thus at the level of the previous year. The group net profit for the first quarter of 2021 amounted to EUR 4.8 million (Q1 2020: EUR 1.5 million), which corresponded with earnings per share of EUR 0.21 (Q1 2020: EUR 0.06).
As compared to 31 December 2020, on 31 March 2021, the group's balance sheet total was EUR 3.5 million higher at EUR 585.0 million. The equity ratio on 31 March 2021 was one percentage point higher than on the balance sheet date of 31 December 2020 at 43.6% and thus remained at a healthy level.
By comparison with the 31 December 2020 reporting date, net debt increased by EUR 11.0 million to EUR 116.8 million. The key figure for the fictive debt repayment duration rose marginally from 2.2 to 2.3. The gearing ratio was slightly higher at 0.46 and thus remained at the 2020 year-end level. On the 31 March 2021 reporting date, the POLYTEC GROUP disposed over cash and cash equivalents totalling EUR 77.9 million.
Outlook financial year 2021
Subject to the assumption that its business environment recovers, in general the POLYTEC GROUP management anticipates consolidated sales revenues of about EUR 575 million. Moreover, on the basis of the restructuring completed in the preceding year, which saw the closure of four production plants and a resultant lasting reduction in personnel and structural costs, EBIT should improve to about EUR 35 million.
Nonetheless, the realisation of this outlook is prone to a number of significant uncertainties, which continue to limit business development visibility and could lead to a volatile course of business. In fact, such uncertainties have increased tangibly in recent weeks. In particular, the possibility of disruptions to production owing to considerable increases in prices and partial shortages with regard to raw materials makes forecasting problematic. In addition, the course of the corona pandemic continues to threaten negative effects upon consolidated sales revenues and the operative result in the current year.
The Q1 interim report of POLYTEC Holding AG as at the 31 March 2021 closing date can be downloaded from Investor Relations, publications section of the Group's website.