Zurich, Switzerland, March 17, 2015 – Gurit (SIX Swiss Exchange: GUR) today reports double digit sales growth across all market segments for the fiscal year 2014, deriving substantial benefit from generally favorable markets. A considerable upswing in Gurit`s Tooling and Automotive business as well as positive demand for core materials were the main contributors to the increase of net sales to CHF 335.8 million for 2014. Backed by the positive sales development, operating profit rose to CHF 14.2 million (4.2% of net sales) and net profit amounted to CHF 11.1 million for the full year 2014.Gurit Composite Materials achieved full-year sales of CHF 256.7 million in 2014. This increase of 13% compared with the previous year mainly resulted from the upturn in the wind energy business, increased demand in the marine industry and substantial growth in the material supply to other industrial markets. Sales contribution from wind energy increased by 11.8% to CHF 131.2 million in 2014, other material markets contributed CHF 125.5 million to total Group sales. Gurit Composite Systems and Engineering reported an increase in revenues by 46.9% to CHF 79.1 million for the full year 2014 mainly due to excellent growth in the company`s tooling business fueled by the wind energy uptake in Asia as well as improved output of automotive exterior components. Sales from the automotive components business accounted for CHF 24.4 million, up 62.9%. Tooling contributed CHF 46.8 million to total Group sales, and Engineered Structures increased to sales of CHF 7.9 million in 2014.Higher profitability, yet room for improvementGurit achieved an operating profit of CHF 14.2 million (2013: CHF 6.5 million), the operating profit margin improved to 4.2% in 2014 (2013: 2.3%). Profitability benefited from the positive sales development in the company`s tooling business and other rewarding segments but was still impacted by operational inefficiencies in both business segments. Lower but improving margins in the wind-related material supply also had adverse effects on profitability in 2014. After tax expenses of CHF 4.1 million (2013: CHF 4.7 million), Gurit reports a net profit of CHF 11.1 million in 2014 (2013: CHF 0.1 million). This equals to earnings of CHF 23.74 per listed bearer share (2013: CHF 0.24). Positive cash flow and strong balance sheetGurit generated a positive cash flow from operating activities of CHF 7.6 million and closed the year with a net cash position of CHF 4.2 million (2013: CHF 6.4 million) and a strong equity ratio of 68.4% (2013: 70.8%). Capital expenditures increased to CHF 9.2 million (2013: CHF 6.2 million), with the biggest expenditures used for the upgrading of existing equipment and the extension of production capabilities at various sites. Outlook 2015Gurit is prudently optimistic for the company`s development in 2015. Favorable demand is expected in the wind energy and automotive materials businesses. The aero and marine markets are projected to progress moderately whilst new growth impulses are anticipated from new product applications and business development initiatives in the industrial markets. Gurit is confident that it will continue to grow in 2015 and will continue to firmly work on the further improvement of the company`s operating profit level. Annual General Meeting of April 9, 2015The Board of Directors proposes to the Annual General Meeting scheduled for April 9, 2015, to distribute CHF 8.50 per listed bearer share out of the reserves from former capital contributions. The full invitation to the Annual General Meeting including all motions proposed by the Board of Directors will be available for Download at http://investors.gurit.com/agm.aspx from March 18, 2015, onwards.
Key Financial Figures
in MCHF
|
2014
|
2013
|
% change
|
|
|
|
|
Wind Energy
|
131.2
|
117.4
|
11.8%
|
Other Material markets
|
125.5
|
109.9
|
14.2%
|
Automotive
|
24.4
|
15.0
|
62.9%
|
Tooling
|
46.8
|
32.7
|
42.9%
|
Engineered Structures
|
7.9
|
6.1
|
28.7%
|
Total net sales
|
335.8
|
281.1
|
19.4%
|
|
|
|
|
Operating profit
|
14.2
|
6.5
|
|
EBIT
|
16.2
|
6.5
|
|
Profit for the period
|
11.1
|
0.1
|
|
|
|
|
|
Operating cash flow
|
7.6
|
12.6
|
|
Capital expenditures
|
9.2
|
6.2
|
|
|
|
|
|
Equity ratio
|
68.4%
|
70.8%
|
|
Online publication of Annual Report 2014, Media/Analyst conference and international webcast today, Tuesday, March 17, 2015
Gurit has published its Annual Report 2014 online at http://investors.gurit.com/publicationsdownloads.aspx. Management will discuss the results today in further detail at a joint media and analyst conference in Zurich at 09:30 a.m. CET. The conference will take place at SIX Swiss Exchange’s Convention Point, Selnau Strasse 30, CH-8021 Zürich. The presentations will be held in English and will also be accessible as a webcast on www.gurit.com where an archived version will later be available for download.
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