Zurich, March 4, 2024 – Ad hoc announcement pursuant to Art. 53 LR Gurit (SIX Swiss Exchange: GURN) today reports net sales of CHF 459.9 million for the full year 2023. Gurit reached an operating profit of CHF 20.3 million with a margin of 4.4% of net sales. Adjusted operating profit was CHF 20.6 million or 4.5% of net sales. Net profit amounted to CHF 4.0 million in 2023. Driven by improved cash flow generation, net debt decreased by CHF 24.1 million. For 2024, Gurit expects profitability to further increase thanks to its global footprint. Gurit saw its net sales increase by 0.5% at constant exchange rates versus prior year. Net sales of continued operations were CHF 459.9 million (+2.7% at constant exchange rates or -5.9% in reported CHF). Excluding acquisition effects, total Group sales grew by 2.6% at constant exchange rates. Wind customers in 2023 have been cautiously investing again and winning new orders for future projects both onshore and offshore. Western OEMs have taken actions towards improving their financial performances with several returning to profitability during the year. The Marine and Industrial business had another good year and continued with profitable growth. We were able to win the first significant orders with major European boat builders. We also successfully won business for recycled PET panels for multiple industrial applications in the US. Wind Materials achieved net sales of CHF 307.1 million for 2023. This represents an increase of 1.9% at constant exchange rates compared to 2022 and contains a contribution of CHF 99.4 million from Structural Profiles (Fiberline Composites). Market share gains for Western customers in core materials have been partly offset by lower volumes for Chinese customers, in an effort to improve margins. During the year long term agreements have been signed with major OEMs. Manufacturing Solutions achieved a turnover of CHF 51.3 million, which represents a decrease of -0.3% at constant exchange rates compared to 2022. The year, particularly the first half, has seen Western customers releasing more investments in incremental blade manufacturing capacities. Selectivity was applied in the Chinese market to keep capacity for projects with higher added value. Innovative applications as ship rotors emerged nicely. Marine and Industrial reports net sales of CHF 101.6 million for 2023. This is an increase of 7.1% at constant exchange rates compared to 2022. Traditional products like Prepreg and Corecell™ are maintaining a strong position in the market as well as generating new sales in developing areas like subsea; likewise, our recycled PET foam is both gaining shares in existing markets while growing in recognition as a superior material option in new applications. Industrial opportunities are expanding, for example through the promotion of PET panel solutions in transportation and construction applications. Profitability Net profit for the year 2023 amounted to CHF 4.0 million. This equals earnings per listed share of CHF 1.59 (2022: CHF 1.98). Cash Flow and Balance Sheet Strengthening our US Business Outlook For our marine activities, we expect medium to large projects to maintain their position, while smaller projects are expected to soften slightly. In the industrial segments we are confident that growth will accelerate driven by the increasing demand for recycled PET foam. Considering the above, we expect a back end loaded 2024 with net sales between CHF 435 – 485 million and an adjusted operating profit margin of 5% – 8% (respectively CHF 460 million and 4.5% in 2023). We at Gurit are thrilled by the commitments from global governments during COP28 aiming to triple the global renewable power capacity by 2030 and double the rate of energy efficiency improvements. We expect those initiatives to impact sales very significantly from 2025, as they started to translate into major turbine orders for our wind customers in recent months. So, we will continue to prepare our global manufacturing footprint for the announced growth. Sustainability road – delivering on ESG Gurit has earned an A rating from MSCI, who rates companies according to exposure to industry specific ESG risks and the ability to manage those risks relative to peers. This rating puts Gurit within the top tier of all rated companies in the specialty chemicals sector. Key financial figures 2023
* Wind Materials sales contain Structural Profiles sales of CHF 99.4 million in 2023 and CHF 102 million in 2022 for a period of 8 months following the acquisition end of April 2022. Annual General Meeting of Shareholders on April 18, 2024 As the adjusted operating profit is improved vs. 2022, the Board of Directors recommends to the AGM to pay out a dividend of CHF 0.35 per share for the year 2023. The full invitation to the AGM including all motions proposed by the Board of Directors will be available for download at least 20 days prior to the AGM at: https://www.gurit.com/agm-shareholders/. Publications Media and Analyst Conference Roadshow A Capital Markets Day for investors, analysts and financial media representatives is scheduled to take place on October 9, 2024, in Zurich. About Gurit Gurit Group Communications Phone: +41 44 316 15 50, e-mail: investor (at) gurit.com All trademarks used or mentioned in this release are protected by law. Forward-looking statements: |