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  • Gurit Holding AG
  • Thurgauerstrasse 54
  • 8050 Zürich
  • http://www.gurit.com
  • Ansprechpartner
  • Tanja Moehler
  • +41 (44) 31615-55

Gurit Reports Double-digit Growth and Significant Profit Improvement in 2015

(PresseBox) (Zürich, )
Net sales for FY 2015 increase currency-adjusted by 10.4% to CHF 359.4 million; Operating profit margin reaches 9.2% of net sales in 2015
Operating profit rises to CHF 33.0 million; Cash flow from operating activities of CHF 37.2 million
Strong Capex of CHF 16.7 million to support further organic growth
Proposed distribution of CHF 15.00 per bearer share


Gurit (SIX Swiss Exchange: GUR) today reports double-digit sales growth for the second consecutive year. The strong wind energy demand, customer wins and the full deployment of the Company`s comprehensive core materials offering were the main contributors to the increase of net sales to CHF 359.4 million for 2015. Based on the positive sales development and the materialization of the initiated improvement programs, operating profit rose to CHF 33.0 million (9.2% of net sales) and net profit amounted to CHF 22.6 million for the full year 2015.

Gurit Composite Materials achieved net sales of CHF 274.0 million in 2015. This represents an increase of 6.7% (currency-adjusted: 11.6%) compared to net sales of CHF 256.7 million in 2014. Net sales to the wind energy market grew by 18.4% (currency-adjusted: 23.9%) to CHF 155.4 million in 2015. Material supply to other material markets slightly declined by 5.5% (currency-adjusted: -1.4%), mainly due to lower build rates in the aerospace segments served by Gurit and due to somewhat lower sales to the marine market compared to a very strong 2014.

Gurit Composite Components showed the anticipated drop in sales and declined by 18.2% (currency-adjusted: -16.2%) from CHF 32.3 million in 2014 to CHF 26.4 million in 2015. This decrease results from contracts ending on schedule and a production delay for a large project.

Gurit Tooling reported another record year in 2015, driven by the strong wind energy market. Net sales amounted to CHF 59.0 million, representing an increase of 26.1% (currency-adjusted: 21.6%) from net sales of CHF 46.8 million in 2014.

Profitability Reaches Mid-Term Target Level

Gurit achieved an operating profit of CHF 33.0 million in 2015. The operating profit margin improved from 4.2% of net sales in 2014 to 9.2% in 2015. It also reached the Company’s mid-term profitability target level of 8–10%. Overall, Group profitability benefited from a favorable product mix in composite materials and a record year in Tooling.

Gurit reports a net profit of CHF 22.6 million in 2015 (2014: CHF 11.1 million). This equals to earnings per listed bearer share of CHF 48.24 (2014: CHF 23.74).

Continued Positive Cash Flow and Strong Balance Sheet

Gurit generated a positive cash flow from operating activities of CHF 37.2 million and closed the year with a net cash position of CHF 20.4 million (2014: CHF 4.2 million) and a strong equity ratio of 71.4% (2014: 68.4%). Capital expenditures were higher than in previous years to support organic growth across all businesses and amounted to CHF 16.7 million in 2015 (2014: CHF 9.2 million).

Outlook 2016

Overall, Gurit currently estimates that the Company will continue to grow on a low single-digit level in 2016. In terms of profitability, the Company strives to confirm its target of 8-10%.

Annual General Meeting of April 14, 2016

The Board of Directors proposes to the Annual General Meeting scheduled for April 14, 2016, to distribute CHF 15.00 per listed bearer share out of the reserves from former capital contributions. The full invitation to the Annual General Meeting including all motions proposed by the Board of Directors will be available for Download at http://investors.gurit.com/agm.aspx from March 16, 2016, onwards.

Online publication of Annual Report 2015, Media/Analyst conference and international webcast today, Tuesday, March 15, 2016

Gurit has published its Annual Report 2015 online at http://investors.gurit.com/publicationsdownloads.aspx. Management will discuss the results today in further detail at a joint media and analyst conference in Zurich at 09:30 a.m. CET. The conference will take place at SIX Swiss Exchange’s Convention Point, Selnau Strasse 30, CH-8021 Zürich. The presentations will be held in English and will also be accessible as a webcast on www.gurit.com where an archived version will later be available for download.

Forward-looking statements:

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., Canada, the U.S.A., Brazil, Ecuador, Australia, New Zealand, India and China. For more information, please visit www.gurit.com or sign-up for email alerts at http://investors.gurit.com/...