The listed Polytec Group reported earnings after taxes of seven million euros in the past 2021 financial year. That’s slightly below the previous year and well below the profits of 2019 (23.1 million) and the years before. Sales increased from 522 to 556 million euros – but did not reach the pre-crisis level.
The reasons for the meager result are the turbulent developments on the raw material and energy markets, according to the automotive supplier. In addition, significantly reduced call-off quantities as well as extremely short-term call-off cancellations and increased costs had a negative impact on the result.
A company spokesman told the Upper Austrian News that negotiations are ongoing with the main customers Volkswagen and Mercedes, who account for a little more than half of the group’s sales. They are “on good terms” and can pass on part of the increased costs. However, you would have to bear a certain amount of pain (“pain share”) yourself.
The company benefits from the fact that the “homework” was done before Corona. With automation and increases in efficiency as well as two plant closures (commercial vehicles) in Germany and the Netherlands, the company is well positioned. Sales per employee are the highest in years. Year-on-year, it rose from EUR 132,000 to EUR 155,000.
The company does not want to give an outlook even when asked. The effects of the Ukraine war on the markets are too uncertain. Constant price increases at a level that can hardly be estimated would accompany the companies for a long time. The availability of raw materials is currently not a major problem for Polytec.
In Hörsching, for example, polyurethane (PU) foams are processed into Lamborghini parts or acoustic covers for engines. In the Ebensee plant, logistics boxes are made from polypropylene (PP), which is heavily dependent on the price of oil. Price escalation clauses have been agreed here in order to be able to pass on cost increases.
A dividend of EUR 0.10 per share is proposed for 2021, just a third of the distribution for 2020.
For the first time, the company has to report some key figures on the sustainability of its business (EU taxonomy). The group describes 33 percent of sales, 31 percent of investments and 27 percent of operating expenses as sustainable, and CO2 emissions have been almost halved to 25,800 tons.
Polytec employed an annual average of 3585 people (3939), 430 in Austria, around 240 of them in Hörsching. (uru)
Source: Nachrichten
