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Wind Energy – In the first half of 2012, Wind Energy sales grew by 34.0% (FX adjusted: 33.4%, acquisition and FX adjusted: 29.7%) to CHF 120.7 million. Uninterrupted demand from customers in Europe and higher sales of carbon prepreg materials to American customers supported the growth momentum over the first half of 2011. The market in China was affected by a strong decline both in volumes and prices and Indian demand suffered from customer specific issues. Gurit projects a good level of business momentum for the second half of 2012, yet expects the US demand for carbon fibre prepreg materials to decline in Q4, with continuing effect in 2013.
Tooling – The Tooling market continued to develop cyclically: in Q1 2012, overall demand levels were even lower than in the prior year, while Q2 2012 saw a significant rebound. In China, the demand for wind turbine blade moulds was almost down to zero in Q1 and improved in Q2, 2012. With shipments to Europe, North America and India, the internationalization of Gurit’s mould supplies went on. The Indian market was, however, weaker compared with last year. Overall, Tooling reports -6.9% (FX adjusted -12.3%) lower sales of CHF 17.4 million for the first half of 2012. Gurit expects a soft sales activity for Q3 and currently anticipates a stronger Q4, both in China and on the export markets.
Transportation – Overall sales achieved in Transportation markets remained stable over the corresponding prior-year period, reflecting the steady, long-term character of the aerospace business. A significant sales increase resulted, however, in the Automotive business, thanks to additional models of existing and new customers. Gurit expects a steady sales trend in the Aerospace business and strong ongoing growth in the Automotive business, supported by the launch of the new car models where Gurit had won body panel programs.
Marine – The Marine business continued to recover gradually in Europe and the Americas and also recorded again higher sales in Asia-Pacific. Sales grew by 13.5% (FX adjusted 11.9%) to CHF 27.6 million not least supported by a stronger presence in various local marine markets and a growing demand for pre-cut and kitted B3 SmartPac technology and material packages. Reflecting the formation of Gurit’s new Engineered Structures unit, prior-year sales figures were restated: The formerly included engineering fees are now reported in Engineered Structures. Gurit expects further growth both from the marine sector and from new industrial applications for which resins and adhesives are supplied through the fine-mesh marine sales and service organization.
Engineered Structures – Gurit’s new entity combining extensive engineering know-how with prototyping and parts production capabilities reports sales of CHF 1.8 million compared with CHF 1.9 million in the respective prior-year period. Successfully completed ventures include amongst others the manufacture of tidal turbine blades, engineering and material concepts for London’s new double-deck busses and various civil engineering and architectural projects.
Outlook: Gurit expects sales to decrease during Q4 2012 due to the decline of the carbon fibre prepreg business in the US, yet remains from a current perspective confident in achieving its operating profit margin target of 8-10% also for the full year 2012.
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Key Figures
in CHF thousand
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1HY 2011
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1HY 2012
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% change
|
% change at actual June 2012 FX rates
|
|
Wind Energy
|
90,078
|
120,744
|
34.0
|
33.4
|
|
Tooling
|
18,660
|
17,380
|
-6.9
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-12.3
|
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Transportation
|
28,073
|
28,102
|
0.1
|
2.6
|
|
Marine
|
24,342
|
27,621
|
13.5
|
11.9
|
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Engineered Structures
|
1,946
|
1,799
|
-7.6
|
-9.0
|
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TOTAL GROUP SALES
|
163,099
|
195,646
|
20.0
|
19.0
|
|
|
|
|
|
|
|
Operational EBIT 1
|
9,707
|
19,620
|
102.1
|
|
|
Operating profit 1
|
10,193
|
17,173
|
68.5
|
|
|
Non operating result
|
2,903
|
–
|
|
|
|
Profit for the period
|
9,484
|
10,626
|
12.0
|
|
|
|
|
|
|
|
|
Operating Cash flow
|
4,560
|
16,773
|
267.9
|
|
|
CapEx (PPE, Intangibles)
|
4,947
|
2,461
|
-50.3
|
|
|
Tax
|
2,206
|
6,135
|
178.1
|
|
|
Profit before tax
|
11,690
|
16,762
|
43.4
|
|
|
|
|
|
|
|
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Tax rate
|
18.9%
|
36.6%
|
–
|
|
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Equity ratio
|
45.8%
|
55.7%
|
–
|
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[1]For direct comparison with prior reporting: Operational EBIT equals Operating profit excluding impairments and one-off charges. Going forward, Gurit will report Operating profit according to Swiss GAAP FER.
The full half-year report including the detailed financial statements is available for download at http://investors.gurit.com/download-archive.aspx.
Conference Call/Webcast: Gurit will discuss its 1HY 2012 results today in an English-speaking conference call at 09:00 a.m. CEST. Participants can dial in at
- Europe +41 (0)91 610 56 00
- Great Britain +44 (0)203 059 5862
- USA (Toll-free) +1 (1)866 291 41 66
All participants should dial in at least 5 minutes prior to the call. There is no PIN required to access the call. A live webcast of the conference call and the presentation visuals are available in the investor relations section of the Gurit website www.gurit.com where a recorded version will later be archived.
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