Gurit Holding AG / Key word(s): Annual Results/Sustainability
Zurich, March 1, 2022 - Ad hoc announcement pursuant to Art. 53 LR
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
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%).
Cash Flow and Balance Sheet
Introduction of a listed single registered share
Climate neutrality and ongoing commitment to Sustainability
Annual General Meeting of Shareholders on April 20, 2022
Online publication of Annual Report 2021, Media and Analyst webcast on March 1, 2022
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 email@example.com
End of ad hoc announcement
|Company:||Gurit Holding AG|
|Listed:||SIX Swiss Exchange|
|EQS News ID:||1290575|
|End of Announcement||EQS News Service|
1290575 01-March-2022 CET/CEST