Gurit reports strong sales growth for the full year 2014
- Group result: Net sales of CHF 335.8 million up 19.4% from CHF 281.1 million full year sales in 2013; operating profit expected to come in between 4 and 4.5% of net sales
- Composite Materials: Full year sales of CHF 256.7 million increase by 13% from CHF 227.3 million full year sales in 2013
- Composite Systems and Engineering: 46.9% increase in sales to CHF79.1 million compared with full year sales of CHF 53.8 million in 2013
Gurit (SIX Swiss Exchange: GUR) today reported preliminary and unaudited full year net sales of CHF 335.8 million representing an increase of 19.4% compared with net sales of CHF 281.1 million for the full year 2013. The favorable development essentially results from growth in the company's Tooling and Automotive business as well as from positive demand for core materials.
Looking at Gurit's Composite Materials Business, demand in the Wind Energy business increased by 11.8% pulled by the markedly recovered Asian market. The ongoing technology change in wind blade production and the related lower demand for glass prepreg products could be fully compensated by stronger core material sales to Wind Energy customers and strong sales of carbon prepreg products to the American market. Material supply to other markets grew by 14.2% essentially due to strong deliveries to the Marine market, particularly in Europe. In total, net sales in the Composite Materials Business increased by 13% year-on-year from CHF 227.3 million in 2013 to CHF 256.7 million in 2014.
Gurit's Composite Systems and Engineering Business continued to show growth. Net sales increased by 46.9% from CHF 53.8 million in 2013 to CHF 79.1 million in 2014. Improved output of automotive exterior components as well as higher order intakes in Tooling from the wind energy business uptake in Asia were the main drivers for this significant improvement in 2014. Sales in the Engineered Structures business grew by 28.7% from CHF 6.1 million in 2013 to CHF 7.9 million in 2014 driven by the growth in demand for bus components.
Gurit estimates that the recent strengthening of the Swiss Franc compared to the average exchange rates 2014 will negatively impact the reported CHF value of its sales in 2015 by approximately 5 to 8% and the profit margins only by a minor degree as most of Gurit's business activities are conducted outside of Switzerland. The impact on the 2015 balance sheet total in CHF is currently estimated at around 12% compared to year end 2014. The impact on the equity ratio is not expected to be significant.
Online publication of Annual Report 2014, Media/Analyst conference and international Webcast on Tuesday, March 17, 2015
Gurit will report its full 2014 results on March 17, 2015, by issuing a press release at 07.00 a.m. CET and publishing its Annual Report 2014 along with SHAPE, the Gurit Magazine, online at http://investors.gurit.com/publicationsdownloads.aspx. Management will also discuss the results in further detail at a joint media and analyst conference in Zurich on March 17, 2015, at 09:30 a.m. The conference will take place at SIX Swiss Exchange's Convention Point, Selnau Strasse 30, CH-8021 Zurich. 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. Please sign up for the live event by returning the enclosed registration form.
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 specialised 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 (man-made materials and balsa wood), 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 UK, Canada, the USA, 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/...