Polytec : Clarification on publication pursuant to Section 5 (2) of the Austrian Financial Reporting Enforcement Act (RL-KG) of 25.11.2021
May 02, 2022
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Clarification on publication pursuant to Section 5 (2) of the Austrian Financial Reporting Enforcement Act (RL-KG) of 25.11.2021
03.05.2022 Corporate News
Note: This is a translation of the original German version for information purposes without liability; the German version takes precedence.
The consolidated financial statements of POLYTEC Holding AG as at 31 December 2019 and the half-year financial report as at 30 June 2020 are incorrect for the following reasons:
The impairment test performed for the Carstyling cash-generating unit (CGU) is founded on cash flow projections that are not based on reasonable and supportable assumptions in accordance with IAS 36.33(a), which constitutes the management's best estimate of the economic environment. Furthermore, management has not ensured that in accordance with IAS 36.34 the assumptions on which the cash flow projections are based are consistent with actual past performance. In addition, the assumption of a continuous increase in earnings (as made in the medium-term planning for the terminal value assumptions) contradicts the requirements of IAS 36.37, according to which competition is expected to lead to pressure on earnings margins.
Therefore, the recoverability of almost the entire goodwill for the Carstyling CGU to the amount of EUR 12,643k could not be demonstrated as at 31 December 2019. As a result, earnings and equity as at 31 December 2019, and equity as at 30 June 2020, have been overstated.
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Polytec Holding AG published this content on 03 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 May 2022 03:12:04 UTC.
Polytec Holding AG is an Austria-based company. The Company is engaged as a full-service provider in the field of injection molding, as a specialist in fiber-reinforced plastics, as a manufacturer and developer of plastic parts and as a manufacturer of original accessories made of plastic and stainless steel. The Company offers design and project development as well as the production of tools and semi-finished products for fiber composite materials, component simulation and testing as well as almost all available plastics processing technologies. The Company has three market segments : Passenger Cars & Light Commercial Vehicles, Commercial Vehicles and Industrial Applications. Its portfolio comprises of seven technology-independent product lines : New Mobility, Smart plastic applications, Truck, Bus & Agriculture applications, Painted exteriors, Powertrain solutions, Battery applications and Underbody solutions.