A rePort: How is a head- liner actually produced? friedrich ... - polytec

Automotive Composites Division
UNIT 2006 2005 2004
Sales
Contribution
EUR mill. 61.5 61.8 65.0
to group sales % 11.7 12.3 16.6
EBITDA
EBITDA margin
EUR mill. 2.0 2.9 5.1
(EBITDA/sales) % 3.3 4.7 7.8
EBIT
EBIT margin
EUR mill. -0.2 0.9 3.2
(EBIT/sales) % -0.3 1.5 4.8
Net profi t
Net profi t margin
EUR mill. -1.6 -0.4 1.5
(Result after tax/sales)
Average capital
% -2.6 -0.6 2.3
employed
ROCE before tax
EUR mill. 16.3 18.1 15.0
(EBIT/capital employed) % -1.2 4.9 21.5
Unfortunately, the declining development of the Automotive Composites
Division could not be stopped in the fi nancial year 2006.
While sales fi gures remained almost at the previous year’s level,
this fact was, however, mainly caused by signifi cantly higher sales
with the most important customer of the division, IVECO (+28.7%),
which receives its products exclusively from the facilities in Italy.
The second plant belonging to this division which is located in
Sweden reported a sales decrease of EUR 6.0 million resulting
from the end of orders from Porsche and Scania.
On account of the weaker utilisation of the facilities connected
with the end of these orders, the development this division’s result
was not in line with its sales development. Therefore, a comprehensive
set of measures was implemented in the second half year
in the plant in Sweden which will cause a signifi cant decline of the
headcount and should result in the facility being able to achieve a
positive EBIT by the middle of 2007.
Caused by the problems in the Ljungby plant, Sweden, described
above, the increase of the earnings in Italy was unable to prevent
that the division’s EBIT fell by approx. EUR 1.1 million behind the
result in 2005 and was thus slightly in the negative.
Industrial Division (Non-Automotive)
MANAGEMENT
REPORT
UNIT 2006 2005 2004
Sales
Contribution
EUR mill. 19.7 16.3 16.6
to group sales % 3.8 3.3 4.2
EBITDA
EBITDA margin
EUR mill. 4.4 3.3 3.5
(EBITDA/sales) % 22.3 20.2 21.1
EBIT
EBIT margin
EUR mill. 3.9 2.8 2.6
(EBIT/sales) % 19.8 17.2 15.7
Net profi t
Net profi t margin
EUR mill. 2.7 2.0 2.2
(Result after tax/sales)
Average capital
% 13.7 12.3 13.3
employed
ROCE before tax
EUR mill. 10.5 10.1 10.9
(EBIT/capital employed) % 37.2 28.2 23.6
47
On account of the generally good economic situation, the division
achieved sales rises in both of its fi elds of activity, i.e. special
machine manufacturing (+25.0%) and PU processing (+17.2%).
While a slight decrease of the gross margin resulted from raw
material increases, such impaired the result only slightly thanks to
effects from the fi x cost decline caused by the sales increase.
Accordingly, this division increased its EBIT by EUR 1.1 million or
38.2% compared to the previous year which represents a remarkable
achievement in view of the fact that the essential facility of this
division in Marchtrenk had burnt down, in part, at the end of 2005.
POLYTEC
ANNUAL REPORT 2006