Polytec Holding

Polytec's Cash & Cash Equivalents fell 48.5% yoy to EUR 57.7 mil in 2015

By Helgi Analytics - April 2, 2020

Polytec Holding's total assets reached EUR 485 mil at the end of 2015, up 72.4% compared to the previous year. Cur...

Profit Statement 2013 2014 2015
Sales EUR mil 477 491 626
Gross Profit EUR mil 238 243 319
EBITDA EUR mil 36.4 36.5 59.7
EBIT EUR mil 21.4 20.6 36.6
Financing Cost EUR mil 1.11 1.79 4.28
Pre-Tax Profit EUR mil 19.1 18.9 32.3
Net Profit EUR mil 14.3 13.6 23.7
Dividends EUR mil 6.11 5.50 ...
Balance Sheet 2013 2014 2015
Total Assets EUR mil 175 281 485
Non-Current Assets EUR mil 98.2 143 255
Current Assets EUR mil 175 281 230
Working Capital EUR mil 53.7 74.1 74.7
Shareholders' Equity EUR mil 137 144 163
Liabilities EUR mil 37.8 137 322
Total Debt EUR mil 27.0 137 170
Net Debt EUR mil -7.17 25.1 112
Ratios 2013 2014 2015
ROE % 10.6 9.64 15.4
ROCE % 9.15 7.36 8.69
Gross Margin % 49.9 49.5 50.9
EBITDA Margin % 7.64 7.44 9.54
EBIT Margin % 4.49 4.20 5.84
Net Margin % 3.00 2.76 3.79
Net Debt/EBITDA -0.197 0.688 1.88
Net Debt/Equity -0.052 0.174 0.690
Cost of Financing % 3.59 2.18 2.79
Valuation 2013 2014 2015
Market Capitalisation USD mil 209 169 207
Enterprise Value (EV) USD mil 199 199 343
Number Of Shares mil 22.3 22.3 22.3
Share Price EUR 6.79 6.25 7.66
EV/EBITDA 4.12 4.23 4.45
EV/Sales 0.315 0.315 0.425
Price/Earnings (P/E) 10.6 10.3 7.21
Price/Book Value (P/BV) 1.11 0.954 1.03
Dividend Yield % 4.03 3.94 ...

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summary Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
income statement                          
Sales EUR mil             770 657 482 477 491   ...
Gross Profit EUR mil ...           361 311 239 238 243   ...
EBIT EUR mil             26.2 43.4 27.8 21.4 20.6   ...
Net Profit EUR mil             25.0 34.5 21.7 14.3 13.6   ...
ROE %             33.6 33.2 17.1 10.6 9.64   ...
EBIT Margin %             3.40 6.61 5.78 4.49 4.20   ...
Net Margin %             3.25 5.25 4.50 3.00 2.76   ...
Employees ... ... ... ...     5,881 4,663 3,563 3,516 3,581   ...
balance sheet                          
Total Assets EUR mil             309 268 260 175 281   ...
Non-Current Assets EUR mil             133 106 102 98.2 143   ...
Current Assets EUR mil             176 163 158 175 281   ...
Shareholders' Equity EUR mil             87.3 120 134 137 144   ...
Liabilities EUR mil             221 148 126 37.8 137   ...
Non-Current Liabilities EUR mil             55.9 38.5 31.5 35.3 164   ...
Current Liabilities EUR mil             165 109 94.6 101 116   ...
Net Debt/EBITDA             0.531 -0.068 -0.071 -0.197 0.688   ...
Net Debt/Equity             0.324 -0.035 -0.022 -0.052 0.174   ...
Cost of Financing % ...           7.56 7.62 3.66 3.59 2.18   ...
cash flow                          
Total Cash From Operations EUR mil ...           46.0 29.2 15.7 27.2 20.8   ...
Total Cash From Investing EUR mil ...           -1.82 8.61 -8.00 -16.3 -37.7   ...
Total Cash From Financing EUR mil ...           -47.1 -23.6 -13.0 -14.5 94.5   ...
Net Change In Cash EUR mil ...           -2.84 14.2 -5.28 -3.61 77.6   ...
valuation                          
Market Capitalisation USD mil ... ...         136 157 173 209 169   ...
Number Of Shares mil             22.3 22.3 22.3 22.3 22.3   ...
Share Price EUR ... ...         4.58 5.42 5.87 6.79 6.25   ...
Earnings Per Share (EPS) EUR             1.12 1.54 0.971 0.641 0.607   ...
Book Value Per Share EUR             3.91 5.39 5.98 6.14 6.55   ...
Dividend Per Share EUR             0 0.350 0.324 0.273 0.246 ... ...
Price/Earnings (P/E) ... ...         4.09 3.51 6.04 10.6 10.3   ...
Price/Book Value (P/BV) ... ...         1.17 1.00 0.981 1.11 0.954   ...
Dividend Yield % ... ...         0 6.46 5.51 4.03 3.94 ... ...
Earnings Per Share Growth % ...           -128 37.9 -37.1 -34.0 -5.31   ...
Book Value Per Share Growth % ...           41.9 37.8 11.0 2.64 6.72   ...
income statement Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
income statement                          
Sales EUR mil             770 657 482 477 491   ...
Cost of Goods & Services EUR mil ...           409 346 243 239 248   ...
Gross Profit EUR mil ...           361 311 239 238 243   ...
Staff Cost EUR mil ...           206 178 145 149 154   ...
Other Cost EUR mil ...           102 71.4 51.8 52.6 52.3   ...
EBITDA EUR mil             53.2 62.1 41.8 36.4 36.5   ...
Depreciation EUR mil             27.1 18.7 13.9 15.0 15.9   ...
EBIT EUR mil             26.2 43.4 27.8 21.4 20.6   ...
Financing Cost EUR mil             6.31 3.67 1.35 1.11 1.79   ...
Extraordinary Cost EUR mil             -5.88 0.213 -0.293 1.16 0   ...
Pre-Tax Profit EUR mil             25.7 39.5 26.8 19.1 18.9   ...
Tax EUR mil             0.140 4.29 4.49 4.10 4.71   ...
Minorities EUR mil             0.576 0.759 0.588 0.691 0.592   ...
Net Profit EUR mil             25.0 34.5 21.7 14.3 13.6   ...
Dividends EUR mil             0 7.82 7.23 6.11 5.50 ... ...
growth rates                          
Total Revenue Growth % ...           26.9 -14.6 -26.7 -1.03 3.07   ...
Operating Cost Growth % ... ...         16.3 -19.2 -21.0 2.35 2.57    
EBITDA Growth % ...           347 16.8 -32.8 -12.8 0.338   ...
EBIT Growth % ...           -226 66.0 -35.9 -23.2 -3.44   ...
Pre-Tax Profit Growth % ...           -154 53.7 -32.3 -28.6 -1.34   ...
Net Profit Growth % ...           -128 37.9 -37.1 -34.0 -5.31   ...
ratios                          
ROE %             33.6 33.2 17.1 10.6 9.64   ...
ROCE % ...           12.2 19.2 13.3 9.15 7.36   ...
Gross Margin % ...           46.9 47.3 49.5 49.9 49.5   ...
EBITDA Margin %             6.91 9.45 8.67 7.64 7.44   ...
EBIT Margin %             3.40 6.61 5.78 4.49 4.20   ...
Net Margin %             3.25 5.25 4.50 3.00 2.76   ...
Payout Ratio %             0 22.7 33.3 42.6 40.6 ... ...
Cost of Financing % ...           7.56 7.62 3.66 3.59 2.18   ...
Net Debt/EBITDA             0.531 -0.068 -0.071 -0.197 0.688   ...
balance sheet Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
balance sheet                          
Non-Current Assets EUR mil             133 106 102 98.2 143   ...
Property, Plant & Equipment EUR mil             92.1 61.7 60.1 66.1 101   ...
Intangible Assets EUR mil             22.4 19.8 19.8 19.9 20.6   ...
Goodwill EUR mil ... ... ... ... ... ... ... ... ... ... 19.2   ...
Current Assets EUR mil             176 163 158 175 281   ...
Inventories EUR mil             67.1 41.3 39.5 40.0 52.7   ...
Receivables EUR mil             61.0 53.3 54.3 53.5 69.2   ...
Cash & Cash Equivalents EUR mil             29.0 43.2 37.9 34.2 112   ...
Total Assets EUR mil             309 268 260 175 281   ...
Shareholders' Equity EUR mil             87.3 120 134 137 144   ...
Of Which Minority Interest EUR mil             3.99 4.78 5.25 5.53 5.52   ...
Liabilities EUR mil             221 148 126 37.8 137   ...
Non-Current Liabilities EUR mil             55.9 38.5 31.5 35.3 164   ...
Long-Term Debt EUR mil             22.2 18.3 12.5 13.3 122   ...
Deferred Tax Liabilities EUR mil ... ... ... ... ... ... ... ... ... ... 0.417   ...
Current Liabilities EUR mil             165 109 94.6 101 116   ...
Short-Term Debt EUR mil             35.1 20.7 22.5 13.7 15.3   ...
Trade Payables EUR mil             65.6 35.5 34.7 39.8 47.7   ...
Provisions EUR mil ... ... ... ... ... ... ... ... ... ... 26.3   ...
Equity And Liabilities EUR mil             309 268 260 175 281   ...
growth rates                          
Total Asset Growth % ...           -7.10 -13.0 -3.19 -32.7 60.9   ...
Shareholders' Equity Growth % ...           42.1 37.8 11.0 2.64 5.21   ...
Net Debt Growth % ...           -63.7 -115 -29.9 141 -451   ...
Total Debt Growth % ...           -47.8 -32.0 -10.3 -22.8 408   ...
ratios                          
Total Debt EUR mil             57.3 39.0 35.0 27.0 137   ...
Net Debt EUR mil             28.3 -4.24 -2.97 -7.17 25.1   ...
Working Capital EUR mil             62.6 59.1 59.1 53.7 74.1   ...
Capital Employed EUR mil             195 165 161 152 217   ...
Net Debt/Equity             0.324 -0.035 -0.022 -0.052 0.174   ...
Cost of Financing % ...           7.56 7.62 3.66 3.59 2.18   ...
cash flow Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
cash flow                          
Net Profit EUR mil             25.0 34.5 21.7 14.3 13.6   ...
Depreciation EUR mil             27.1 18.7 13.9 15.0 15.9   ...
Non-Cash Items EUR mil ...           -11.7 -27.5 -20.0 -7.49 11.8   ...
Change in Working Capital EUR mil ...           5.68 3.50 0.043 5.35 -20.4   ...
Total Cash From Operations EUR mil ...           46.0 29.2 15.7 27.2 20.8   ...
Capital Expenditures EUR mil ...           -16.7 -17.5 -16.0 -17.0 -30.2   ...
Other Investments EUR mil ...           14.9 26.1 8.05 0.702 -7.48   ...
Total Cash From Investing EUR mil ...           -1.82 8.61 -8.00 -16.3 -37.7   ...
Dividends Paid EUR mil             0 -7.82 -7.23 -6.11 -5.50 ... ...
Issuance Of Debt EUR mil ...           -52.4 -18.3 -4.01 -7.97 110   ...
Total Cash From Financing EUR mil ...           -47.1 -23.6 -13.0 -14.5 94.5   ...
Net Change In Cash EUR mil ...           -2.84 14.2 -5.28 -3.61 77.6   ...
ratios                          
Days Sales Outstanding days             28.9 29.6 41.1 41.0 51.4   ...
Days Sales Of Inventory days ...           60.0 43.5 59.3 61.1 77.5   ...
Days Payable Outstanding days ...           58.6 37.4 52.1 60.8 70.2   ...
Cash Conversion Cycle days ...           30.3 35.7 48.3 41.3 58.7   ...
Cash Earnings EUR mil             52.1 53.2 35.6 29.3 29.4   ...
Cash Earnings Per Share EUR             2.33 2.38 1.60 1.31 1.32   ...
Price/Cash Earnings (P/CE) ... ...         1.96 2.27 3.68 5.17 4.74   ...
Free Cash Flow EUR mil ...           44.2 37.8 7.72 10.9 -16.8   ...
Free Cash Flow Yield % ... ...         43.1 33.6 5.73 6.91 -12.9   ...
other data Unit 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
other data                          
ROA %             7.81 12.0 8.21 6.59 5.94   ...
Gross Margin % ...           46.9 47.3 49.5 49.9 49.5   ...
Employees ... ... ... ...     5,881 4,663 3,563 3,516 3,581   ...
Cost Per Employee USD per month ... ... ... ...     3,866 4,414 4,353 4,681 4,628   ...
Cost Per Employee (Local Currency) EUR per month ... ... ... ...     2,922 3,174 3,390 3,526 3,590   ...
Staff Cost (As % Of Total Cost) % ...           27.7 28.9 31.9 32.7 32.8   ...
Effective Tax Rate %             0.544 10.9 16.8 21.5 25.0   ...
Enterprise Value (EV) USD mil ... ...         173 151 169 199 199   ...
EV/EBITDA ... ...         2.46 1.75 3.15 4.12 4.23   ...
EV/Capital Employed ... ...         0.668 0.709 0.796 0.951 0.760   ...
EV/Sales ... ...         0.170 0.165 0.273 0.315 0.315   ...
EV/EBIT ... ...         5.01 2.50 4.73 7.01 7.49   ...
Capital Expenditures (As % of Sales) % ...           2.17 2.66 3.33 3.57 6.14   ...
Employees in Automotive/Systems Division ... ... ... ...     5,066 3,836 ... ... ... ... ...
Employees in Car Styling Division ... ... ... ...     662 660 ... ... ... ... ...
Employees in Other Division ... ... ... ...     153 167 ... ... ... ... ...
Sales of Passenger Car Segment EUR mil ... ... ... ... ... ... ... 452 291 292 316   ...
Sales of Commercial Vehicle Segment EUR mil ... ... ... ... ... ... ... 170 138 138 123   ...
Sales of Non-Automotive Segment EUR mil ... ... ... ... ... ... ... 35.7 52.4 46.7 52.5   ...
Sales in Austria EUR mil ... ... ...       29.5 21.8 13.4 16.5 18.0   ...
Sales in Germany EUR mil ... ... ...       513 419 306 288 301   ...
Sales in the Other EU Countries EUR mil ... ... ...       181 187 131 138 142   ...
Sales in the Rest Of The World EUR mil ... ... ...       45.9 29.8 32.0 34.0 30.8   ...
Sales to VW Cars (As % Of Total) % ... ... ... ... ... ... ... 26.7 27.5 ... 31.5   ...
Sales to Other Car Producers (As % Of Total) % ... ... ... ... ... ... ... 9.70 16.1 ... ...   ...
Sales to Non-Automotive Clients (As % Of Total) % ... ... ... ... ... ... ... 5.40 10.9 9.80 10.7   ...
Sales to VW Trucks (As % Of Total) % ... ... ... ... ... ... ... ... 9.50 ... 8.70   ...
Sales to Daimler Truck (As % Of Total) % ... ... ... ... ... ... ... 19.0 9.30 ... 5.00   ...
Sales to BMW Group (As % Of Total) % ... ... ... ... ... ... ... 16.3 7.50 ... 7.80   ...
Sales of Automotive/Systems EUR mil ...           676 559 ... ... ... ... ...
Sales of Car Styling EUR mil ...           75.8 78.2 ... ... ... ... ...
Sales of Automotive Composites EUR mil ...         ... ... ... ... ... ... ... ...
Sales of Industrial Division EUR mil ...     ... ... ... ... ... ... ... ... ... ...

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Apr 2016
Statistical Dossier
Mar 2014
Statistical Dossier

Polytec Holding AG is an Austria-based developer and manufacturer of high-quality plastic parts for the automobile and industrial sectors. The Company offers design, development, prototyping and production services in the field of injection moulding, as a specialist in fibre-reinforced plastics, as a manufacturer of original accessory parts made of plastic and stainless steel, and as a developer of customised industrial solutions using polyurethane, along with the machinery and plant required for this purpose. Based in Hörsching, Austria, the Company employes approximately 3,500 staff in 21 production and development sites in Austria, Germany, Hungary, Belgium, UK, Czech Republic, Slovakia, Turkey, Canada, and USA. Since 2006, it has been listed on the Vienna Stock Exchange.

Finance

Polytec Holding has been growing its sales by a year on average in the last 5 years. EBITDA has grown on average by 100% a year during that time to total of in 2016, or of sales. That’s compared to 8.32% average margin seen in last five years.

The company netted in 2016 implying ROE of and ROCE of . Again, the average figures were 13.2% and 9.63%, respectively when looking at the previous 5 years.

Polytec Holding’s net debt amounted to at the end of 2016, or of equity. When compared to EBITDA, net debt was x, down when compared to average of 0.575x seen in the last 5 years.

Valuation

Polytec Holding stock traded at per share at the end of 2016 resulting in a market capitalization of . Over the previous five years, stock price fell by 0% or -100% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of x and price to earnings (PE) of x as of 2016.