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Gurit Shows Gradual Recovery from Lows in the Materials Business with Strong Growth in Systems and Engineering

04 February 2014

Gurit achieved un-audited full year net sales of CHF 281.1 million, a decrease of 19.9% compared with 2012.

The strong double digit growth in all end markets of the composite systems and engineering business, as well as additional sales of materials to industrial and marine customers could not compensate for the 42.6% decline in materials sales to wind energy customers. This business suffered heavily from lower volumes in the US market and the continuously reduced demand for glass fibre prepregs. Due to the low materials sales volume and certain impairment charges resulting from the implementation of the new PVC core material strategy, Gurit will reach an operating profit margin of around 2% of net sales for the full year 2013.

In the fourth quarter of 2013, Gurit’s material sales fell 2.2% short of the preceding quarter. Sales to the wind energy market were also impacted by the postponement of deliveries into quarter one of 2014. Sales to industrial and marine customers continued to grow thanks to various marine and civil engineering projects in the EMEA and American markets. Sales to the aerospace market were negatively impacted by low customer activities in December.

Year over year, materials sales decreased by 26.7% to CHF 227.3 million. Sales to the wind energy industry suffered heavily from the delayed tax credit renewal in the USA at the beginning of the year, but also from the ongoing low demand for glass fibre prepreg in Europe. As a very positive contrast, sales to the industrial and marine markets developed successfully – predominantly supported by significant sales for civil construction and military boat applications.

Gurit continued to develop its systems and engineering business in 2013 and achieved 31.9% higher revenues of CHF 53.8 million. The sales generated in the fourth quarter reached a new high with CHF 16.9 million. Gurit’s automotive exterior component business grew by 24.1% year over year. Sales in engineered structures increased by 60.5% due to large deliveries of composite components for buses. Sales of tooling equipment increased by 31.3% over 2012, driven mainly by large deliveries to non-Chinese customers in the second half of 2013.





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