Gurit : Jahresbericht 2022; in Englisch

ANNUAL REPORT 2022

INCL. SUSTAINABILITY

REPORT

www.gurit.com

GURIT ANNUAL REPORT 2022 KEY FACTS

KEY FACTS

Gurit saw its net sales increase by 11.9% at constant exchange rates versus prior year. Net sales of Continued Operations were CHF 488.6m (+17.0% at constant exchange rates or +11.6% in reported CHF). Adjusted for the acquisition of Fiberline and the divestment of the Aerospace business, sales declined 8.0% at constant exchange rates.

For 2022, Gurit reached an Operating Profit of CHF 22.3 million and an Operating Profit Margin of 4.5%. Excluding divestment effects, restructuring and impairment charges, the Adjusted Operating Profit Margin is 2.3%. Gurit achieved an Operating Cashflow of CHF 16.2 million (2021: CHF 20.9 million). Capital Expenditures amounted to CHF 15.2 million in 2022 compared to CHF 23.8 million in the previous year.

Our wind customers in China saw strong business growth in 2022 albeit in a very price competitive environment. Our Western customers curtailed output and suffer from a severe earnings crisis. The Marine and Industrial business developed favourably and despite price increases due to input factor cost pressures, we managed to grow the business significantly with existing and new products.

In April 2022 Gurit sold its Aerospace business and in May 2022 Gurit acquired a 60% share in Fiberline Composites (business unit Structural Profiles) which strengthens Gurit's position as a full system provider for the wind blade manufacturer market. In June last year Gurit's new extrusion, kitting, and tooling plant in Chennai, India became operational and synergies of co-locating the new Structural Profiles business with existing regional Gurit hubs are being utilised.

Split of Net Sales into Wind energy and Lightweighting

LIGHT-

WEIGHTING

WIND

ENERGY

Key Figures Consolidated Income Statement 2022 (in CHF million)

Net sales

499.5

Adjusted operating profit margin	2.3%
Net profit	9.1

Key Figures Consolidated Balance Sheet (in CHF million)

	31.12.2022	31.12.2021
Total assets	363.5	332.0
thereof current assets	239.1	213.0
Total liabilities	250.9	161.7
thereof current liabilities	142.4	102.3
Equity	112.7	170.3
Equity ratio	31.0% 51.3%

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

360.7	504.8	545.1	437.8	488.6
2018	2019	2020	2021	2022

KEY FIGURES

AMOUNTS IN CHF MILLION		2022	2021		+/- %
NET SALES		499.5		467.9		6.7%
Thereof continued operations	488.6		437.8		11.6%
Thereof discontinued operations	10.8		30.1		- 64.0%
EBITDA	39.8		41.0		- 3.1%
EBITDA margin	8.0%		8.8%
Operating profit		22.3		23.4		- 4.7%
Operating profit margin	4.5%		5.0%
Adjusted operating profit	11.2		33.0		- 66.0%
Adjusted operating profit margin		2.3%		7.0%
Profit for the year	9.1		9.2		- 0.6%
Net cash flow from operating activities		16.2		20.9		- 22.4%
Capital expenditures		15.2		23.8		- 36.4%
Net debt	84.0		38.3		119.6%
Equity in % of total assets	31.0%		51.3%
Gross debt/EBITDA ratio		2.80		1.64
Number of employees at December 31	2 480		2 450		1.2%
Average number of full-time equivalents	2 495		2 609		- 4.4%
Earnings per share*		CHF 1.98	CHF 2.43
Dividend per share (proposed/resolved)*		CHF 0.00	CHF 0.70
Market capitalisation at December 31		421.2	728.2	- 42.2%

• For comparative reasons, 2021 numbers are presented in this table as if the single share structure had already been in place in 2021.
  For explanation of financial terms used, see pages 294-295.

TABLE OF CONTENTS

GURIT INTEGRATED ANNUAL REPORT 2022

Inner cover	KEY FACTS
2	ABOUT GURIT
6	BUSINESS AND FINANCIAL REVIEW /
	LETTER TO SHAREHOLDERS
16	ORGANISATION
17	INVESTOR RELATIONS
20	CORPORATE GOVERNANCE
42	COMPENSATION REPORT
60	SUSTAINABILITY REPORT
240	FINANCIAL REPORT

294 EXPLANATION OF FINANCIAL TERMS USED / ABBREVIATIONS

297 GURIT ADDRESSES

Footnotes starting with "GRI" refer to the GRI global sustainability reporting standard ➞ www.globalreporting.org

GRI Content Index ➞ www.gurit.com/gri