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Gurit reports strategic progress and further profitability improvements for the first half-year 2017

Saturday, 19 August 2017

 
 

Zurich, Switzerland, August 18, 2017 - Gurit (SIX Swiss Exchange: GUR) reports net sales of CHF 175.2 million for the first six months of 2017. This represents a currency-adjusted decrease of -0.5% and -3.9% in reported Swiss francs over the previous year. Operating profit amounted to CHF 21 million and the operating profit margin reached 12% of net sales for the first half-year 2017.

Gurit reports strategic progress and further profitability improvements for the first half-year 2017

 

Zurich, Switzerland, August 18, 2017 - Gurit (SIX Swiss Exchange: GUR) reports net sales of CHF 175.2 million for the first six months of 2017. This represents a currency-adjusted decrease of -0.5% and -3.9% in reported Swiss francs over the previous year. Operating profit amounted to CHF 21 million and the operating profit margin reached 12% of net sales for the first half-year 2017.

 

Gurit made good progress in strategy implementation. The acquisition of PH Windsolutions, the foundation of a balsa wood joint-venture in Indonesia and the integration of the acquired PET business into the Company`s Composite Materials business represent the key achievements in the first half-year 2017. Sales-wise, Gurit met mixed market conditions across its target industries which led to a temporary dip in sales; and yet, the Company was able to further increase its operating profitability by 11% year-on-year.

 

Gurit Composite Materials

The business unit Composite Materials achieved net sales of CHF 129.7 million in the first half of 2017 (1HY 2016: CHF 136.0 million). This represents a decrease of -1.8% on currency-adjusted basis and -4.6% in reported Swiss francs. Sales to the wind energy market dropped by -3.0% on a currency-adjusted basis (-5.9% in reported Swiss francs) to CHF 69.1 million in the first six months of 2017 (1HY 2016: CHF 73.5 million). The decline mainly results from a weaker than expected demand situation in India which could not be fully compensated by the amount of newly installed capacity in other global wind energy regions. Revenues in other material markets (Marine, Industrial, Automotive Materials) decreased by -0.4% on a currency-adjusted basis (-3.1% in reported Swiss francs) to CHF 60.6 million in the first half of 2017(1HY 2016: CHF 62.5 million), mainly due to the continued hesitant order situation in the European and Asian marine leisure markets as well as the ongoing lack of large builds in the Middle Eastern construction industry due to the end customer credit situation. Sales to the European Aerospace industry showed further growth.

 

Gurit Composite Components

The business unit Composite Components reported net sales of CHF 9.8 million for the first half-year 2017 as compared to CHF 9.4 million in the first six months of 2016. This represents an increase of 14.8% on a currency-adjusted basis (+4.3% in reported Swiss francs).

 

Gurit Tooling

In Tooling, sales of wind turbine blade moulds and related equipment in the first six months of 2017 came in well and above the Company`s estimate at the beginning of the year. Demand from both Chinese and international customers was positive, also with regard to moulds for off-shore wind installations. Revenues increased by 0.5% on a currency-adjusted basis (‑3.3% in reported Swiss francs) to CHF 35.6 million (1HY 2016: CHF 36.8 million).

 

Key Financial Figures

Key Financial Figures
in TCHF

1HY 2016

1HY 2017

Change in %

Change at constant  rates

Net Sales by Markets:

 

 

 

 

    Wind Energy

73'497

69'139

-5.9%

-3.0%

    Other Material Markets

62'495

60'575

-3.1%

-0.4%

Gurit Composite Materials

135'992

129'714

-4.6%

-1.8%

 

 

 

 

 

Gurit Composite Components

9'417

9'823

4.3%

14.8%

Gurit Tooling

36'847

35'647

-3.3%

0.5%

 

 

 

 

 

TOTAL NET SALES

182'256

175'184

-3.9%

-0.5%

Operating profit

Last Updated ( Saturday, 19 August 2017 )