MAG 24 | ANNUAL REPORT 2024 |
NAVIGATING
CHANGE.
UNLOCKING
POTENTIAL.
AT 0000 A00XX9
THE EQUITY STORY
OF THE POLYTEC GROUP
SUSTAINABLE
STRATEGY
• Comprehensive strategy for the future with a focus on innovation, maximum
customer benefits and permanent efficiency enhancement
• Clearly defined roadmap for carbon-neutral production by 2035
BROAD TECHNOLOGY
PORTFOLIO
- Bundling know-how and technologies across the group for the development of excellent product solutions
- Customised solutions for individual and
diverse requirementsof a market undergoing transformation
• Securing competitiveness through
continuous innovation as part of the
POLYTEC SOLUTION FORCE
Specialist for highly
complex plastic
solutions
STABLE ECONOMIC POSITION
-
Long-standingcustomer relationships
with renowned automotive manufacturers - Balance between cost pass-through,
new acquisitions and forward-looking investments - Solid equity ratio and reliable dividend policy
HIGH ADAPTABILITY
-
Proactive transformation of the
product portfolio towards e-mobility and new forms of mobility - Open-mindednesstowards future-oriented market segments such as energy and logistics
- Successful crisis management
KEY FIGURES
Key figures from the consolidated income statement | Unit | 2024 | 2023 | 2022 | 2021 | 2020 |
Sales revenues | EUR million | 677.8 | 636.0 | 601.4 | 555.9 | 522.0 |
thereof passenger cars & light commercial vehicles | EUR million | 494.5 | 470.6 | 443.8 | 390.2 | 328.7 |
thereof commercial vehicles | EUR million | 92.3 | 109.5 | 99.6 | 92.4 | 118.3 |
thereof smart plastic & industrial applications | EUR million | 91.0 | 55.9 | 58.0 | 73.3 | 75.0 |
EBITDA | EUR million | 35.7 | 26.6 | 33.2 | 44.8 | 48.3 |
EBITDA margin (EBITDA/sales revenues) | % | 5.3 | 4.2 | 5.5 | 8.1 | 9.3 |
EBIT | EUR million | 3.9 | -6.7 | 0.7 | 12.3 | 13.0 |
EBIT margin (EBIT/sales revenues) | % | 0.6 | -1.1 | 0.1 | 2.2 | 2.5 |
Earnings after tax | EUR million | -6.9 | -14.1 | -2.2 | 7.0 | 9.5 |
Earnings per share | EUR | -0.29 | -0.64 | -0.10 | 0.32 | 0.29 |
Balance sheet key figures | Unit | 2024 | 2023 | 2022 | 2021 | 2020 |
Balance sheet total | EUR million | 507.5 | 533.0 | 551.2 | 568.5 | 568.9 |
Equity ratio (equity/balance sheet total) | % | 41.7 | 41.4 | 43.0 | 42.0 | 41.3 |
Investments in fixed assets | EUR million | 25.2 | 22.4 | 24.0 | 36.0 | 14.2 |
Net working capital | EUR million | 23.0 | 64.0 | 53.6 | 65.4 | 53.0 |
Net working capital/sales revenues | % | 3.4 | 10.1 | 8.9 | 11.8 | 10.1 |
Average capital employed | EUR million | 288.1 | 312.5 | 326.3 | 330.7 | 348.8 |
ROCE before tax (EBIT/average capital employed) | % | 1.3 | -2.2 | 0.2 | 3.7 | 3.7 |
Net debt (+)/assets (-) | EUR million | 42.4 | 79.5 | 59.8 | 79.6 | 66.0 |
Net debt (+)/assets (-)/EBITDA | Years | 1.19 | 2.98 | 1.80 | 1.78 | 1.37 |
Gearing (net debt (+)/assets (-)/equity) | - | 0.20 | 0.36 | 0.25 | 0.33 | 0.28 |
Consolidated cash flow key figures | Unit | 2024 | 2023 | 2022 | 2021 | 2020 |
Cash flow from operating activities | EUR million | 68.3 | 33.4 | 33.7 | 25.4 | 45.8 |
Cash flow from investing activities | EUR million | 0.6 | -21.1 | -21.4 | -25.0 | 12.1 |
Cash flow from financing activities | EUR million | -52.7 | -17.7 | -26.8 | -21.0 | -22.8 |
Change in cash and cash equivalents | EUR million | 16.2 | -5.3 | -14.6 | -20.5 | 35.0 |
Closing balance of cash and cash equivalents | EUR million | 66.0 | 49.6 | 55.1 | 69.7 | 90.4 |
Personnel key figures | Unit | 2024 | 2023 | 2022 | 2021 | 2020 |
Employees on annual average | FTE1) | 3,877 | 3,884 | 3,536 | 3,585 | 3,939 |
Employees as of 31 December | FTE1) | 3,678 | 3,835 | 3,510 | 3,420 | 3,636 |
Sales revenues per employee | EUR k | 174.8 | 163.7 | 170.1 | 155.1 | 132.5 |
- FTE: full-time equivalents incl. leasing personnel
Non-financial key figures | Unit | 2024 | 2023 | 2022 | 2021 | 2020 | |
Revenue - taxonomy-eligible (A.1 + A.2) | % | 36.2 | 28.8 | 28.8 | 32.7 | - | |
Revenue - taxonomy-aligned (A.1) | % | 22.4 | 11.4 | 9.0 | - | - | |
Capital expenditure (CapEx) - taxonomy-eligible (A.1 + A.2) | % | 11.2 | 15.3 | 17.1 | 30.7 | - | |
Capital expenditure (CapEx) - taxonomy-aligned (A.1) | % | 6.7 | 6.9 | 3.6 | - | - | |
Operating expenses (OpEx) - taxonomy-eligible (A.1 + A.2) | % | 38.1 | 29.1 | 28.0 | 27.0 | - | |
Operating expenses (OpEx) - taxonomy-aligned (A.1) | % | 22.1 | 11.5 | 7.0 | - | - | |
CO2 | emissions Scope 1 | Tonnes | 14,220 | 15,673 | 15,850 | 17,955 | |
CO2 | emissions Scope 2 (market-based) | Tonnes | 10,230 | 8,549 | 7,672 | 7,828 | 46,537 |
CO2 | emissions Scope 2 (location-based) | Tonnes | 39,904 | - | - | - | |
CO2 | emissions Scope 3 | Tonnes | 2,784,180 | - | - | - | - |
Energy use | Tonnes | 180,509 | 184,740 | 180,303 | 189,015 | 195,303 | |
Material use | Tonnes | 81,979 | 74,895 | 64,383 | 74,689 | 70,420 | |
Water use | m3 | 126,765 | 125,973 | 105,323 | 96,300 | - | |
Waste volumes | Tonnes | 9,085 | 10,165 | 8,494 | 8,424 | 8,690 | |
POLYTEC share (AT0000A00XX9) | Unit | 2024 | 2023 | 2022 | 2021 | 2020 |
Year-end closing price | EUR | 2.00 | 3.51 | 4.60 | 6.87 | 7.51 |
Highest closing price during the year (on 10 January 2024) | EUR | 3.82 | 5.28 | 8.30 | 12.56 | 8.93 |
Average closing price during the year | EUR | 3.15 | 4.46 | 6.03 | 9.43 | 5.92 |
Lowest closing price during the year | EUR | 2.00 | 3.40 | 4.30 | 6.65 | 3.21 |
(on 30 December 2024) | ||||||
Market capitalisation at year-end | EUR million | 44.7 | 78.3 | 102.7 | 153.4 | 167.7 |
Share turnover (daily average, double counting) | Shares | 43,598 | 37,484 | 54,065 | 86,439 | 68,925 |
Earnings per share | EUR | -0.29 | -0.64 | -0.10 | 0.32 | 0.29 |
Proposed dividend per share | EUR | 0.00 | 0.00 | 0.10 | 0.10 | 0.30 |
Dividend yield on the basis of the average closing price | % | 0.00 | 0.00 | 1.70 | 1.10 | 5.10 |
SALES REVENUES, EBIT MARGIN
555.9 | 601.4 | 636.0 | 677.8 |
2.2% | |||
0.1% | 0.6% | ||
-1.1% | |||
2021 | 2022 | 2023 | 2024 |
Sales revenues | EBIT margin |
EBITDA, EBITDA MARGIN, EBIT
44.8 33.2 26.6 35.7
8.1% | ||||
5.5% | 4.2% | 5.3% | ||
12.3 | 0.7 | 3.9 | ||
-6.7 | ||||
2021 | 2022 | 2023 | 2024 | |
EBITDA | EBITDA margin | EBIT |
EQUITY, EQUITY RATIO
238.9 | 237.1 | 220.5 | 211.7 |
42.0% | 43.0% | 41.4% | 41.7% |
2021 | 2022 | 2023 | 2024 | |
Equity | Equity ratio | |||
POLYTEC 2024 | CONTENTS
36
SUSTAINABILITY
Role model for CO2 reduction: Organisational measures and
greater efficiency led to a significant reduction in gas
consumptionat two POLYTEC locations.
CONTENTS
EDITORIAL
3 Change as an opportunity
THE WORLD OF POLYTEC
4 Navigating change. Unlocking potential.
INTERVIEW WITH THE BOARD OF DIRECTORS
10 "We have prepared our organisation even better for future challenges."
COMPANY
22 Product Lines: Solutions by POLYTEC
26 Locations
28 Stay on track, use the leeway: The strategy of the
POLYTEC GROUP
INNOVATION
30 Driver for sustainable and efficient solutions
10
INTERVIEW
In a persistently difficult economic environment, POLYTEC achieved solid revenue growth in the
2024 financial year. The
company is also setting new strategic priorities for a
successful future.
SUSTAINABILITY
36 Plastics and the future: turning sustainability into a
strength at POLYTEC
38 Go Neutral 2035:
The POLYTEC GROUP's path to decarbonisation
40 Measures in all focus fields
SHARE & CORPORATE
GOVERNANCE
- Share & Investor Relations
- Corporate Governance
- Report of the Supervisory Board
FINANCIALS 2023
63 Group management report
136 Consolidated
financialstatements
142 Notes to the consolidated financialstatements
182 Declaration of all legal representatives
183 Audit certificate
187 Glossary
189 Service/Imprint
2
POLYTEC 2024 | EDITORIAL
CHANGE AS AN OPPORTUNITY
In times of great challenges and radical change, POLYTEC managed an important trend reversal in 2024: we increased EBIT by roughly EUR 10 million, thus achieving the operational turnaround, and continued to improve our balance
30 | sheet structure by significantly reduc- |
ing our net debt. Once again, we also | |
increased our revenue. A significant | |
contribution came from the non-auto | |
motive segment, which is becoming | |
INNOVATION | an increasingly important pillar of the |
POLYTEC GROUP. | |
power of our company. We have already proven in the past that we are
SMC recycling: How POLYTEC wants to make thermoset fibre composites recyclable with a newly developed process.
However, the past year also held a number of challenges in store for us: the European economy - and, conse- quently, the automotive industry - is stagnating, which is reflected in both lower production figures and high volatility in call-offs by our customers. In addition, we are confronted with cost increases due to inflation, and high pressure on prices.
Moreover, two of our plants were facing operational difficulties. However, the countermeasures implemented immediately have not only largely resolved the problems that arose. The knowledge gained in the process now also provides the basis for improvements for the entire POLYTEC GROUP.
The fact that we successfully overcame all these challenges once again demonstrates the adaptability and the
able to respond flexibly and quickly to changes in our environment and deliver what we have always stood for since the foundation of our company, even under difficult circumstances: innovation and quality at the highest level.
Therefore, we are headed for the future with optimism: supported by a sound balance sheet, a broad product and technology portfolio - from classic combustion vehicles to e-mobility and a wide range of non-automotive applications - and an excellent market position, our business model rests on solid foundations. This is a good basis for capturing the high potential in our company as well as in our markets in a decisive and target-oriented manner.
Yours sincerely,
Markus Huemer
3
POLYTEC 2024 | THE WORLD OF POLYTEC
POLYTEC GROUP
NAVIGATING
CHANGE.
UNLOCKING
POTENTIAL.
4
POLYTEC 2024 | THE WORLD OF POLYTEC
POLYTEC excels in the exceptional ability to adapt to changing
market dynamics through organisational and technological
flexibility . The company has proven this strength time and again in the past and successfully held its ground even in economically difficult times.
Despite this high level of flexibility, POLYTEC does not remain unaffected by the current economic trend. Especially the weakness of the automotive industry, still the company's central market, is evident: vehicle production in Europe declined by roughly seven percent in 2024 compared to the previous year and is expected to stagnate at around 15 to 16 million vehicles produced in the medium term. For ref- erence: European vehicle production peaked at approximately 21 million in 2017, with no sign of recovery in sight. On a positive note, however, POLYTEC is still able to generate solid revenue in this market as an established partner of the European automotive industry even when growth is stagnating.
A wide range of challenges
Nevertheless, the automotive industry is currently facing multiple challeng- es. Electromobility, whose revenues recently fell significantly short of ex- pectations, and extended life cycles of vehicles with combustion engines underline the uncertainty that currently dominates the industry. Over the past years, POLYTEC had added innovative solutions, in particular components for thermal management and around the battery, to its product portfolio for electric vehicles. Some of these prod- ucts, however, have not been sold in large quantities so far due to early production phase-outs as well as the withdrawal or postponement of contracts by OEMs. This is due to the general uncertainty in the market, which makes planning significantly more difficult for all market players. Additional factors, such as excess production capacities in the entire sector, general delays in awarding contracts in 2024, and persisting price pressure, have further increased strain on the indus-
try. Against this backdrop, POLYTEC is currently benefitting from the fact that it also enjoys a good positioning for conventional combustion vehicles with its products, and its portfolio therefore comprises attractive products for both electric and conventional vehicles.
In addition to the primarily domestic challenges of the European industry, external factors might further aggravate the situation in the medium term. The Trump Administration's announcements of imposing tariffs on European goods are expected to have an additional impact on the already strained automotive industry. Protectionist measures like these could substantially impair European manufacturers' competitiveness in the important US market and give rise to further uncertainty. It remains to be seen to what extent the measures will be permanent. However, making investment decisions on the basis of unpredictable economic policy conditions is certainly a challenge. At the same time, these developments illustrate why POLYTEC, with its
5
POLYTEC 2024 | THE WORLD OF POLYTEC
POLYTEC is positioning itself in future markets
with innovative solutions for thermal management in electric cars.
technologicalbreadth and market-oriented flexibility, is able to respond to such challenges in a more targeted manner than many competitors.
Technological diversity as a key to success
Based on a wide range of technologies and materials as well as a solution-oriented market approach, POLYTEC pursues a strategy that allows serving customer needs efficiently. Launched in 2020, the POLYTEC SOLUTION FORCE is central to this technology-independent
approach, which POLYTEC successfully applies in both the automotive industry and other sectors. Over the past years, it has helped the company to establish itself as a valued supplier of high-quality and innovative plastic solutions, increasingly also in non-automotive seg- ments. The basis for this is the focus on proactive product development and flexibility, which the company builds on in the targeted expansion of both its product and customer portfolios. Rather than concentrating on materials and technologies alone, the POLYTEC SOLUTION FORCE focuses on applica-
tions and specific customer benefits, thus expanding POLYTEC's prospects in the automotive market, on the one hand. Requirements for vehicles are changing significantly and POLYTEC can advance into new application areas with its innovative plastic solutions. On the other hand, the company is opening up access to completely new industry and market segments with the POLYTEC SOLUTION FORCE. This is to contribute to further increasing the share of the non-automotive business in revenue in the coming years, thus reducing dependence on the automotive business in the long term.
Future-proof business areas
This new concentration on future-oriented segments aside from the automotive industry is an important part of POLYTEC's portfolio strategy, summarised under the title "Smart Plastics Applications". Addressing a broad spectrum of plastic solutions ranging from reusable containers and autonomous mobility solutions to energy storage and charging infrastructure, this product segment opens up new opportunities beyond the classic automotive business. In 2024, this segment saw a very positive development; in the coming years, its share in the group's revenue is expected to increase to a realistic 20 percent. Reusable packaging solu- tions, a product segment that POLYTEC has been engaged in for many years, offers special potential in this context. In 2024, an average of more than one logistics box per second rolled off the production line at the Ebensee plant.
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