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
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Gurit Holding AG published this content on 02 March 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 March 2023 05:43:02 UTC.
Gurit Holding AG is a Swiss holding company and is engaged in the development, production and marketing of advanced composite materials featuring bespoke physical and chemical characteristics. The Company operates through the sole business segment Composites. The Company's product portfolio comprises fiber reinforced glass and carbon prepregs, structural core products, gel coats, adhesives, resins and consumables as well as composite process equipment and car body panels. The Company focuses on four core markets: Wind Energy, for which the Company develops and manufactures advanced composites; Tooling, for which the Company manufactures moulds; Transportation, for which the Company produces aircraft interiors and spacecraft materials, and Marine, for which it manufactures and supplies composite materials to the boatbuilding market. It also supplies its products to the Architectural market and supplies the Ocean Energy sector, as well as provides engineering consultancy services.