First Quarter 2017 Sales and Annual General Meeting
Gurit reports solid start into the 2017 fiscal year
Net sales for Q1-2017 amounted to CHF 87.4 million, a 3.6% increase on a currency-adjusted base (-0.4% in reported Swiss Francs)
Gurit Annual General Meeting of Shareholders approved all proposals
Gurit (SIX Swiss Exchange: GUR) today reports unaudited results for the first quarter of 2017. Net sales for the first three months of 2017 developed in line with expectations and represent a good start into the 2017 fiscal year.
Gurit Composite Materials achieved net sales of CHF 67.4 million for the first quarter of 2017. This represents an increase of 1.6% (currency-adjusted: 4.9%) compared to net sales of CHF 66.4 million for the first three months of 2016. The wind energy market demand showed a slight rebound compared to the first quarter of 2016 and amounted to CHF 36.1 million. The sales development in the European aerospace business showed continued positive growth rates. Other material markets and in particular the marine and industrial sectors, however, continued to be slightly weaker than expected.
Gurit Composite Components revenues declined according to expectation as a consequence of the time gap between the orderly project expiries in 2015 and the start of newly won projects. Net sales amounted to CHF 4.8 million for the first quarter of 2017 versus CHF 5.0 million in the first quarter of 2016.
The order intake in the Gurit Tooling business continues to be solid. Due to the cyclicality of the business, Q1-2017 came in slightly lower than the prior year period. Net sales amounted to CHF 15.2 million in Q1-2017. This represents a decrease of -7.2% (currency-adjusted: -3.3%) compared to net sales of CHF 16.3 million achieved in the first quarter of 2016.
Annual General Meeting of Shareholders
The Annual General Meeting held today at Pfaeffikon, SZ, approved all motions proposed by the Board of Directors. Gurit will thus pay out CHF 20.00 per listed bearer share out of reserves from capital contributions.
Gurit bearer shares will be traded ex-dividend as from Tuesday, April 18, 2017 (ex-dividend date). The positions entitled to dividend payments will be recorded on Wednesday, April 19, 2017 (record date), and the payments will be made on Thursday, April 20, 2017 (payment date).
Gurit Half-Year 2017 Report
Gurit will publish its half-year report 2017 on August 18, 2017. Management will also discuss the results in further detail at a joint media and analyst conference on August 18, 2017, at 09:00 a.m. CEST. The conference will take place at the Zurich Marriott Hotel, Neumuehlequai 42, CH-8006 Zurich. As always, the presentations will be held in English and will also be accessible as webcast at http://www.gurit.com/Investors/Webcasts where an archived version will later be available for download.
For up-to-date information on Gurit`s financial calendar, please visit http://www.gurit.com/Investors/Events
To the extent that this announcement contains forward-looking statements, such statements are based on assumptions, planning and forecasts at the time of publication of this announcement. Forward-looking statements always involve uncertainties. Business and economic risks and developments, the conduct of competitors, political decisions and other factors may cause the actual results to be materially different from the assumptions, planning and forecasts at the time of publication of this announcement. Therefore, Gurit Holding AG does not assume any responsibility relating to forward-looking statements contained in this announcement.
Gurit Holding AG
The companies of Gurit Holding AG, Wattwil/Switzerland, (SIX Swiss Exchange: GUR) are specialized on the development and manufacture of advanced composite materials, related technologies and select finished parts and components. The comprehensive product range comprises fiber reinforced prepregs, structural core products, gel coats, adhesives, resins and consumables. Gurit supplies global growth markets with composite materials on the one hand and composite tooling equipment, structural engineering and select finished parts on the other. The global Group has production sites and offices in Switzerland, Germany, Hungary, Italy, Spain, the U.K., Poland, Canada, the U.S.A., Brazil, Ecuador, Australia, New Zealand, India and China. For more information, please visit www.gurit.com