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

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4 PREFACE OF THE CEO DEAR SHAREHOLDERS, CUSTOMERS AND BUSINESS PARTNERS! 2006 was remarkable for the POLYTEC GROUP in many ways, but the major milestone for the Company and the highlight for me as main shareholder and CEO was the IPO on April 28th 2006. This lead to fundamental change in the shareholder structure with the virtual exit of our previous Private Equity partner Capvis. Shares to the value of EUR 90 million were successfully placed with National and International investors. There were occasions in the period from 2000 when the interests of the short term and medium term investor, Capvis, were contrary to those of the long term shareholder and founder of the company. However I did see the increase in shareholder value as a primary focus and, as CEO and main shareholder, I will continue to do so in the future. It is clear from the success of the IPO, that the company and its management have been trusted by the investing public, otherwise why would they invest in a more or less unknown company. With this annual report, the fi rst from POLYTEC HOLDING AG after the IPO, we make ourselves accountable fi rst and foremost to you, our valued shareholders and we hope that with this very satisfactory result for 2006, we have fulfi lled your expectations. The 1.8% growth in the European Automotive market in 2006, with 18 million units, was helpful to the POLYTEC GROUP. The fact that the highest increases were in Germany and Italy was also ad- POLYTEC ANNUAL REPORT 2006 vantageous. However, the automotive supply industry remains a diffi cult place and the downward price pressure from the OEMs remains enormous. Given this background, it is gratifying that once again, like every year in its 20 year history, the POLYTEC GROUP achieved record sales and record EBITDA. Organic growth of 4.8% over 2005 levels helped us to achieve consolidated sales of EUR 525.2 million and an EBITDA of EUR 48.0 million. For me, the increase in Return on Capital Employed (ROCE) to 21.0% is of special signifi cance. The improvement in this key ratio shows that the growth of the POLYTEC GROUP is profi table growth. The performance of the business has driven up the earnings per share from EUR 0.75 to a satisfactory EUR 0.86. At the Annual General Meeting in Linz Design Centre on June 6th 2007, we will recommend a dividend of EUR 0.25 per share. As with other IPO promises, I see this as a way to include the shareholders in the success of the POLYTEC GROUP. Highly customer orientated, the POLYTEC GROUP, with its focus on innovation, capable processes, price, quality and service has forced itself into the fi eld of vision of the OEMs. Large new orders for parts for automotive interiors and engine compartments were received giving a very satisfying 57% in-
crease in order intake. Unfortunately these large new orders are in development and will not start production until 2009. Given that two signifi cant orders which ran out in the third quarter of 2006 cannot be replaced in the short term, we will not see organic growth leading us to improved results in 2007. “Highly customer orientated, the POLYTEC GROUP, with its clear focus on innovation and capable processes, has attracted the attention of the OEMs.” Friedrich Huemer, CEO I do see, however, that by staying true to its traditions, there is a way in which POLYTEC can achieve record sales and a record result in 2007. The continuing trend of consolidation of the supplier base will present possible opportunities for acquisitions, especially amongst those competitors who are experiencing fi nancial problems. As we continuously study the market place for potential acquisitions, I am very optimistic that we can increase our sales through this route. Twenty years ago when I took the plunge into running my own business, I had, like every company founder, goals and visions. Although I take some pride that, along the way, I have had to set these goals even higher, the most important issue is to always set the bar very high. This applies not only to achieving economic goals in the forthcoming fi nancial year, but to establishing POLYTEC as a Tier 1 supplier and preferred development partner to the leading car manufacturers. In conclusion, I would like to express my thanks to the shareholders, customers and business partners who have given their trust to the management, the employees and the POLYTEC GROUP. I hope that you enjoy reading our annual report and I will be pleased to welcome you as a shareholder at our Annual General Meeting. Friedrich Huemer CEO POLYTEC HOLDING AG PREFACE OF THE CEO POLYTEC ANNUAL REPORT 2006 5
Page 1 and 2: Polytec AT 0 0 0 0 A 0 0 X X 9 Annu
Page 3: POLYTEC GROUP OVERVIEW NET DEBT IN
Page 7: CONTENTS Preface of the CEO . . . .
Page 11 and 12: Milestone ... NOT STIRRED James Bon
Page 13 and 14: Air vent and cabin roof: One of the
Page 15 and 16: BMW in front The BMW is the largest
Page 17 and 18: CLEAR AND
Page 19 and 20: SOUTH AFRICA S POLYTEC COMPOSITES S
Page 21 and 22: Mr Huemer, rumour has it, that you
Page 23 and 24: customers we do not have enough pow
Page 26 and 27: 22 HOW IS A HEADLINER ACTUALLY PROD
Page 28 and 29: 24 POLYTEC ANNUAL REPORT 2006 REPOR
Page 30 and 31: 26 POLYTEC ANNUAL REPORT 2006 REPOR
Page 32 and 33: 28 REINHARD URMANN is a member of t
Page 34 and 35: 30 Kässbohrer suppliers day 1993 F
Page 36 and 37: 32 POLYTEC Elastoform Building unde
Page 38 and 39: 34 seen the accounts of the trouble
Page 40 and 41: 36 CORPORATE GOVERNANCE The Austria
Page 42 and 43: 38 MEMBERS OF THE SUPERVISORY BOARD
Page 44 and 45: 40 INVESTOR RELATIONS INITIAL PUBLI
Page 46: 42 POLYTEC ANNUAL REPORT 2006 INVES
Page 49 and 50: also important for POLYTEC GROUP, u
Page 51 and 52: Automotive Composites Division UNIT
Page 53 and 54: solvent-free painting systems in 20
Page 55 and 56: FINANCIAL STATEMENTS CONSOLIDATED F
Page 57 and 58: CONSOLIDATED BALANCE SHEET AS OF DE
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CHANGES IN SHARE- HOLDERS EQUITY IN
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sure of balance sheet silent reserv
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7%). If no independent cash fl ow c
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D. EXPLANATORY COMMENTS ON THE CONS
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10. Goodwill Goodwill is allocated
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17. Interest Bearing Liabilities Th
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4. Risk Reporting In the context of
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8. Executive Bodies of POLYTEC HOLD
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COST OF ACQUISITION OR PRODUCTION B
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OTHERS/ INDUSTRIAL CONSOLIDATION GR
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SCHEDULE OF GROUP INVESTMENTS AS OF
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GLOSSARY ATX PRIME The ATX prime in
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A rePort: How is a head- liner actually produced? friedrich ... - polytec

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