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    GURN   CH1173567111

GURIT HOLDING AG

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Gurit : Jahresbericht 2021; in Englisch

03/01/2022 | 12:28am EDT

ANNUAL REPORT 2021

www.gurit.com

GURIT ANNUAL REPORT 2021 KEY FACTS

KEY FACTS

Gurit saw its net sales decline by -19.8% at constant exchange rates or -18.9% in reported CHF versus prior year. Gurit reached an Operating Profit of CHF 23.4 million with a margin of 5.0% of net sales, which includes expenses of CHF 9.6 million to adjust the balsa footprint and consolidate the kitting operation for America in

KEY FIGURES

AMOUNTS IN CHF MILLION

2021

2020

+/- %

Mexico. Adjusted for these "one-time" items the operating profit

margin was 7.0%. In

addition, the company

faced significant start-up costs for its new PET extruder facilities.

This compares with a

11.2% margin reached

in the previous year. Gurit achieved a Net Cash Flow from operating activities of CHF 20.9 million (2020: CHF

70.2 million). Capital expenditures amounted to CHF 23.8 million in 2021 compared to CHF 26.7 million in the previous year.

The Wind markets 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.

We restructured our Wind Systems Business Unit by combining the former Kitting and Composite Materials business units into one. Furthermore, investments were made to establish a new facility in Ahmedabad, Northern India. A second facility is under construction in the South of India, and our operations in Mexico were strengthened in order to serve the North American markets.

NET SALES

Thereof continued operations Thereof discontinued operations

EBITDA

EBITDA margin

Operating profit

Operating profit margin

Adjusted Operating profit

Adjusted Operating profit margin

Profit for the year

Net cash flow from operating activities

Capital expenditures

Net debt

Equity in % of total assets

Gross debt/EBITDA ratio

Number of employees at December 31

467.9

578.8

- 19.2%

467.9

576.7

- 18.9%

-

2.1

- 100%

41.0

76.9

- 46.7%

8.8%

13.3%

23.4

64.6

- 63.8%

5.0%

11.2%

33.0

7.0%

9.2

46.6

- 80.4%

20.9

70.2

- 70.2%

23.8

26.7

- 10.7%

38.3

19.9

92.6%

51.3%

45.7%

1.64

0.87

2 450

2 951

- 17.0%

3rd Party Net Sales into Wind Energy and Lightweighting

LIGHT-

WEIGHTING

Key Figures Consolidated Income Statement 2021 (in CHF million)

Net sales

467.9

Average number of full-time equivalents

Earnings per bearer share

Dividend per bearer share (proposed/resolved)

Market capitalisation at December 31

2 609

2 944

- 11.4%

CHF 24.29

CHF 100.31

-

CHF 7.00

CHF

30.00

- 76.7%

728.2

1

160.6

- 37.3%

WIND ENERGY

Adjusted Operating profit margin

7.0%

Net profit

9.2

For explanation of financial terms used, see pages 274-275.

Key Figures Consolidated Balance Sheet (in CHF million)

31.12.2021

31.12.2020

Total assets

332.0

376.7

thereof current assets

213.0

264.2

Total liabilities

161.7

204.8

thereof current liabilities

102.3

156.9

Equity

170.3

172.0

Equity ratio

51.3% 45.7%

Net Sales Development (Continued Business) (in CHF million)

340.0

410.6

558.3

576.7

467.9

2017

2018

2019

2020

2021

TABLE OF

CONTENTS

INNER COVER

KEY FACTS

2

BUSINESS AND FINANCIAL REVIEW

12

ORGANISATION

13

INVESTOR RELATIONS

16

CORPORATE GOVERNANCE

36

COMPENSATION REPORT

52

SUSTAINABILITY REPORT

224

FINANCIAL REPORT

274

EXPLANATION OF FINANCIAL TERMS USED

277

GURIT ADDRESSES

GURIT ANNUAL REPORT 2021 BUSINESS AND FINANCIAL REVIEW

BUSINESS AND FINANCIAL REVIEW

  • GRI 102-14 Statement from most senior decision maker

The GRI footnotes throughout this report refer to the Global Reporting Initiative (GRI) and are part of Gurit's commitment to sustainability reporting. The GRI framework aims to enable third parties to assess a company's sustainability performance.

DEAR SHAREHOLDERS,

We look back on an eventful and challenging year that our team nevertheless managed competently. We secured long-term contracts with our major wind customers and won new customers in our Marine & Industrial business, thanks to our sales and customer support teams who adapted themselves well to the market environ- ment. The pandemic continued to present obstacles on many fronts. Restrictions in travel for technicians, sales staff and business meetings, reductions in networking opportunities at trade shows, and the issues arising in transportation and supply chains affected us as well as customers around the world.

2021 was a difficult year for the wind energy industry in particular, at least when you compare it with the record high demand in the previous year; however, less so when you look back at the demand levels over the three prior years. The market saw a reduction in demand for blades in China due to the expiration of government subsidies, and there were consequent reductions in demand for balsa wood. The situation in China is expected to be temporary, and in preparation for this we restructured, streamlining our Wind Systems Business Unit by combining the former Kitting and Composite Materials Business Units into one. We have taken the opportunity over this past year to establish our new facility in Ahmedabad, Northern India, and strengthened our operations in Mexico to serve the North American markets. Together with our plants and facilities in Europe, China and South America, we are in a strong position to move forward once the wind market picks up again and support our customers globally.

Sales in the Marine & Industrial sector have developed strongly with double-digit growth rates, and we have started to see sales recover in the Aerospace sector. We successfully introduced recycled PET to new and established customers in the Marine & Industrial markets and we believe that these markets will offer sustainable growth opportunities for Gurit.

Our bottom line results were impacted by the market situation, raw material and logistics prices, the pandemic in general, higher than expected ramp-up costs in Mexico and restructuring expenses.

2

3

GURIT ANNUAL REPORT 2021 BUSINESS AND FINANCIAL REVIEW

STRATEGY 2025 - ONE WINNING GURIT

In 2021, we introduced our updated Strategy 2025. The motto "One Winning Gurit" underpins our actions and plans, which focus on technology leadership and innovation, strong customer orientation and regional proximity as well as sustainability and health and safety. Each of these areas is integral to the success of our business and guides us in our day-to-daydecision-making process at all levels throughout the organisation.

We continuously build our position as a solution provider for our customers, with specific focus on both onshore and offshore wind energy blade manufacturers. We have a full service offering of innovative systems and engineering solutions. Developing regional proximity to our customers has been a key part of our strategy this past year and will remain so going forward. We also strengthened our approach to innovation, and strengthened our global Technology & Innovation team to reposition ourselves as a future-oriented solution provider for highly competitive composites manufacturing solutions.

In our lightweighting sectors, we continue to be a leading partner to the industry, through new product innovations and technical solutions. We launched a new fire-resistant version of our PET structural core - Kerdyn™ Green FR - in response to the growing demand in industrial applications for structural core with good fire, smoke and toxicity behaviour, opening up new market opportunities in the Marine and Industrial market segments.

At Gurit, our employees continue to be crucial to our success and with the change and uncertainty we have had to live with over the past two years, we believe companies have a responsibility to step up for their staff. We have put in place several programmes to support our team through what continues to be challenging times. We have established employee development and leadership programs, introduced mental health initiatives, and new communication channels. In 2022 we are launching innovation culture and employee engagement initiatives, as well as encouraging our Sites to become involved in local community projects as part of our commitment to social responsibility. We aim to grow a team of talented, engaged and supported staff who together build One Winning Gurit.

MARKETS SHOW MIXED GROWTH

Gurit finished the year with net sales impacted by a globally reduced demand for wind blades and a decreasing demand for and price of balsa, compared with a very strong previous year. Both the Marine and Industrial markets as well as Aerospace have picked up growth compared with the 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. Nonetheless, we saw progress in both our India facilities coming online as well as the Tamaulipas plant improving production capability, and the relocation of our kitting operation

from the US to Mexico in the third quarter of the year. The Marine and Industrial markets have performed strongly and saw double digit growth rates. Marine markets have exceeded expectations, having recovered to above pre-COVID levels, and we see a continued trend for industrial segments to offer new growth potential as companies look to replace conventional materials with advanced composites.

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. A strong first half was followed by a weaker Q3 and Q4. 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 -5.3% at constant exchange rates compared to 2020. While the Business Unit faced a sharp decline compared to pre-COVID-19 levels, sales trends continue to head in a positive direction with global aircraft OEMs increasing build rates. The Business Unit had been hit hard by the pandemic, but the now consolidated production site in Kassel, complete with modernised equipment, saw positive signs from the market, with build rates in the global passenger aircraft industry increasing.

During 2021, Gurit reduced its employment by 11.4% to an average number of full-time equivalents of 2609, compared to 2944 in 2020. This reduction is due to organisational changes mainly in the balsa and kitting oper- ations. At the end of the year, 42.4% of the employees worked for Gurit in the Asia-Pacific region, 32.3% in the EMEA region and 25.3% in the Americas region.

ORGANISATIONAL DEVELOPMENT

As announced in 2020, Mitja Schulz joined the Gurit Group as CEO in January 2021, replacing Rudolf Hadorn who retired from the role after 13 years to become a member of the Board of Directors.

Effective July 2021, Gurit merged the BU Kitting and BU Wind Materials into one customer-focused organisation, BU Wind Systems. Andreas Kipker, former Head of BU Kitting, took over the lead of this Business Unit. With this organisational adjustment, Gurit has tightened its alignment along its value chain and emphasised its customer -focus towards wind blade manufacturers.

Also in July, former Head of BU Wind Materials, Dr. Ernst Lutz, was appointed Chief Technology Officer, with a remit to strengthen technology and development across the company.

The former BU Tooling has been renamed BU Manufacturing Solutions, reflecting its position as a versatile solution provider for wind turbine blade manufacturers.

4

5

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Disclaimer

Gurit Holding AG published this content on 01 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 March 2022 05:27:07 UTC.


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Sales 2022 484 M 515 M 515 M
Net income 2022 17,3 M 18,4 M 18,4 M
Net Debt 2022 78,2 M 83,1 M 83,1 M
P/E ratio 2022 33,3x
Yield 2022 1,02%
Capitalization 507 M 539 M 539 M
EV / Sales 2022 1,21x
EV / Sales 2023 1,06x
Nbr of Employees 2 406
Free-Float 54,1%
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Number of Analysts 6
Last Close Price 118,00 CHF
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Spread / Average Target 19,9%
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Managers and Directors
Mitja Schulz Chief Executive Officer
Philippe Wirth Chief Financial Officer
Rudolf Hadorn Chairman
Ernst Lutz Chief Technology Officer
Nick Huber Non-Executive Director
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