Communiqués de presse

Gurit Reports Net Sales of CHF 467.9 million and an adjusted Operating Profit Margin of 7.0% for Calendar Year 2021

Zurich, March 1, 2022 - Ad hoc announcement pursuant to Art. 53 LR

  • Net Sales 2021 of CHF 467.9 million
  • Operating profit margin at 5.0% of net sales and 7% adjusted for one-off items
  • Proposed distribution of CHF 7.00 per bearer share

Gurit (SIX Swiss Exchange: GUR) today reported net sales of CHF 467.9 million for the full year 2021. Gurit achieved an operating profit of CHF 23.4 million (5.0% of net sales). Adjusted for one-off items, the operating profit was CHF 33.0 million (7.0% of net sales). Net profit amounted to CHF 9.2 million in 2021.

Gurit saw its net sales decline by -19.8% at constant exchange rates or -18.9% in reported CHF versus prior year. Net sales were impacted by a globally reduced demand for wind blades and by a decreasing demand and price of balsa, compared to a very strong previous year. The Marine and Industrial markets have picked up double digit growth rates in the second half-year, compared to prior year.

Composite Materials reported net sales of CHF 221.8 million for 2021. This is a decline of -21.1% at constant rates compared to 2020. The decrease is due to lower Wind demand and globally reduced volumes and prices in balsa. Sales and profitability were also impacted by delays in the ramp-up of the new PET extrusion facility in Tamaulipas, Mexico. The Wind energy market was negatively impacted in 2021 due to the expiration of government subsidies in both China and the US. The Marine and Industrial markets have performed strongly and saw double digit growth rates.

Kitting recorded net sales of CHF 185.5 million for 2021. This is a decrease of -17.8% at constant exchange rates compared to 2020. Kitting net sales were also negatively impacted by the slowdown in wind blade manufacturing.

The Business Unit Manufacturing Solutions (Tooling) reported net sales of CHF 73.2 million, which represents a decrease of -28.3% at constant exchange rates compared to 2020. The second half of 2021 saw a weaker tooling market in general and particularly in China.

Aerospace reported net sales of CHF 30.1 million for 2021. This represents a decrease of
-5.3% at constant exchange rates compared to 2020. While the Business Unit faced a sharp decline compared to pre-COVID-19 levels, sales trends now continue to head in a positive direction with global aircraft OEMs increasing build rates.

Sales by geographic location in 2021 showed the Asia-Pacific region contributing the largest share with 39.9% of total sales, compared to 43% in 2020. Deliveries to Europe accounted for 31.2% of total Group sales in 2021 (2020: 29.4%). Goods delivered to the Americas accounted for 21.9% of total Group sales (2020: 22.0%), while supply to the rest of the world amounted to 7.0% (2020: 5.5%).

Profitability
Gurit reached an Operating Profit of CHF 23.4 million with a margin of 5.0% of net sales, which includes expenses of CHF 9.6 million to adjust the balsa footprint and consolidate the kitting operation for America in Mexico. Adjusted for these 'one-time' items the operating profit margin is 7.0%. In addition, the company faced significant start-up costs for its new PET extruder facilities. This compares with a 11.2% margin reached in the previous year. Net profit for the year 2021 amounted to CHF 9.2 million. This equals to earnings per listed bearer share of CHF 24.29 in 2021 (2020: CHF 100.31).

Cash Flow and Balance Sheet
Gurit achieved a Net Cash Flow from operating activities of CHF 20.9 million (2020: CHF 70.2 million). Capital expenditures amounted to CHF 23.8 million in 2021 compared to CHF 26.7 million in the previous year. We continued to invest mainly in PET extrusion capacities in Composite Materials, the extension of our global footprint as well as Automation of Manufacturing lines and Industry 4.0 capabilities of our plants.

Outlook 2022
An uncertain wind market outlook, recent geopolitical developments and potentially continued disruptions of global supply chains influence our FY 2022 guidance.  Gurit expects a revenue of around CHF 440-480 million, and an operating profit margin between 5.5% and 8.0%.  

Introduction of a listed single registered share
As announced on January 31, 2022, the Board of Directors proposes to the Annual General Meeting of shareholders the introduction of a single registered share structure and an 1:10 share split of current bearer shares. Gurit is dedicated towards achieving best-in class Corporate Governance as part of its commitment to a continuous improvement of its ESG performance.

Climate neutrality and ongoing commitment to Sustainability
Gurit has achieved its target to achieve climate neutrality by switching its power consumption to 100% renewable electricity and to offset its direct emissions (Greenhouse Gas scope 1) and part of its indirect emissions (Greenhouse Gas scope 3) by means of verified carbon offset credits from a windfarm in India. Furthermore, Gurit has set up a comprehensive sustainability structure with workstreams to meet the high expectations from our employees and customers, in particular in the renewable energy sector.

Key financial figures
in CHF million

2021

2020

Change in reported CHF

Change @ constant 2020 rates

Net sales by markets:

 

 

 

 

Composite Materials

221.8

276.2

-19.7%

-21.1%

Kitting

185.5

225.6

-17.8%

-17.8%

Manufacturing Solutions (Tooling)

73.2

98.7

-25.8%

-28.3%

Aerospace

30.1

31.6

-4.6%

-5.3%

Elimination

-42.7

-55.3

 

 

Total Continued Operations

467.9

576.7

-18.9%

-19.8%

Composite Components
(Discontinued Operations)

0.0

2.1

-100.0%

-100.0%

Total Group

467.9

578.8

-19.2%

-20.1%

 

 

 

   

EBITDA

41.0

76.9

   

EBITDA Margin

8.8%

13.3%

   

Operating profit

23.4

64.6

   

Operating Profit Margin

5.0%

11.2%

   

Adjusted Operating profit

33.0

 

   

Adj. Operating profit margin

7.0%

 

   

Profit for the year

9.2

46.6

   

Operating Cashflow

20.9

70.2

   

Capital expenditures

23.8

26.7

   

Net Debt

38.3

19.9

   

Equity in % of total assets

51.3%

45.7%

   
         

 

Annual General Meeting of Shareholders on April 20, 2022
At the Annual General Meeting, which will be held on April 20, 2022 without physical presence of the shareholders, a dividend distribution of CHF 3 276 000 will be proposed (CHF 7.00 per bearer share and CHF 1.40 per registered share). The full invitation to the AGM including all motions proposed by the Board of Directors will be available for download from March 24, 2022 onwards at: http://www.gurit.com/Investors/AGM

Online publication of Annual Report 2021, Media and Analyst webcast on March 1, 2022
The Gurit Annual Report 2021 is available online at www.gurit.com/investors/reports

The Sustainability Report 2021 is available as a part of the Annual Report or also on the Gurit website at www.gurit.com/sustainability

Management will also discuss the results at a joint media and analyst webcast on March 1, 2022, at 09:00 a.m. CET.  As always, the presentations will be held in English and can be accessed on the following URL: http://www.gurit.com/Investors/Webcasts An archived version will later be made available on the same link. Financial Analysts and Media Representatives who wish to ask questions during the Q&A conference call may do so upon prior registration via e-mail at investor@gurit.com

Roadshow
In the afternoon of March 1, 2022 Gurit CEO Mitja Schulz and CFO Philippe Wirth will be available to meet investors at a roadshow at the premises of Zürcher Kantonalbank in Zurich. For more information: https://broker.zkb.ch/en/corporate-access/calendar



 

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