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Gurit Reports Strong Net Sales Growth of 35.5% for 2019

Zurich, January 31, 2020 –Gurit (SIX Swiss Exchange: GUR) today reported preliminary and unaudited net sales of CHF 576.4 million for the full year 2019 (FY2018: CHF 425.3 million). This represents an increase of 35.5% in reported Swiss francs and 38.6% growth on a currency adjusted basis. The organic growth for the Gurit Group has been 11.3% on a currency adjusted basis.

Overall, Gurit experienced solid growth across all its business units, with the exception of Tooling, which saw a softer second half year 2019. The Wind Energy demand and the attractive material and service offering helped Composite Materials and Kitting to achieve strong results.

Composite Materials increased net sales by 12.8% (currency adjusted: 15.2%) year-on-year from CHF 221.3 million in 2018 to CHF 249.5 million in 2019.

Kitting reported net sales of CHF 190.7 million and is on a solid growth track versus the prior year of which Gurit consolidated only the last quarter. This contribution represents the majority of the acquisition effect for the Gurit net sales growth reported.


Gurit`s Tooling Business reported a very strong first half year and an expected weaker second half year. Net sales decreased by -10.5% (currency adjusted: -8.6%) to CHF 106.1 million in 2019 compared to net sales of CHF 118.5 million in 2018. The increase in demand from Asian customers secured in the second half of 2019 will enable strong first half year 2020 sales and a good capacity utilization.

 

Gurit’s Aerospace Business reported net sales of CHF 53.5 million, this represents an increase of 7.3% (currency adjusted: 9.6%). Both the European and the North American market demand contributed positively to the sales results.

The Composite Components Business reported net sales of CHF 18.1 million in 2019 compared to net sales of CHF 14.7 million in 2018. As communicated on October 29, 2019, Gurit has decided to close its automotive production site in Hungary mid-2020.

NET SALES

Full Year

SALES BY QUARTER

in CHF million
(unaudited)

2019

2018*

Change in reported CHF

Change @ constant currency

Q1
2019

Q2
2019

Q3
2019

Q4
2019

Composite Materials

249.5

221.3

12.8%

15.2%

60.7

61.5

63.2

64.1

Kitting

190.7

28.9

34.4

40.8

51.9

63.6

Tooling

106.1

118.5

-10.5%

-8.6%

36.1

31.7

22.5

15.8

Aerospace

53.5

49.9

7.3%

9.6%

14.3

13.1

13.8

12.2

Elimination

-41.5

-8.0

-7.2

-10.5

-10.9

-12.9

Total Continued Operations

558.3

410.6

36.0%

39.0%

138.2

136.7

140.6

142.8

Composite Components
(Discontinued Operations)

18.1

14.7

22.7%

27.0%

4.5

5.3

3.2

5.1

Total Group

576.4

425.3

35.5%

38.6%

142.7

142.0

143.8

147.9

Total Group,
excl. acquisition effects

463.0

425.3

8.8%

11.3%

113.8

109.9

100.7

138.6

* The disclosure of business unit sales is newly presented showing total net sales of the business units and the total inter-business unit sales elimination in a separate line. Previously, the disclosed business unit sales only showed third party net sales of the respective business units. In addition, Composite Engineering sales – which were previously part of Business Unit Composite Components – are newly included in Business Unit Composite Materials. Prior-period figures have been restated accordingly.

Online publication of Annual Report 2019, Media/Analyst conference and Webcast on Thursday, February 27, 2020

Gurit will report its 2019 full year results on February 27, 2020, by issuing a press release at 07:00 a.m. CET and publishing its Annual Report 2019 online at http://www.gurit.com/Investors/Reports. Management will also discuss the results at a joint media and analyst conference in Zurich on February 27, 2020, at 09:00 a.m. CET. The conference will take place at the Zurich Marriott Hotel, Neumuehlequai 42, CH-8006 Zurich.  Please signup for the conference by returning the enclosed registration form or e-mail to investor@gurit.com. The presentations will be held in English and will also be accessible as webcast at http://www.gurit.com/Investors/Webcastswhere an archived version will be available for download.

About Gurit:

The subsidiaries of Gurit Holding AG, Wattwil/Switzerland, (SIX Swiss Exchange: GUR) are specialized on the development and manufacture of advanced composite materials, related technologies and select finished parts and components. The comprehensive product range comprises fibre reinforced prepregs, structural core products, gel coats, adhesives, resins and consumables. Gurit supplies global growth markets with composite materials on the one hand and composite tooling equipment, core material wind turbine blade kits, structural engineering and select finished parts on the other. Gurit operates production sites and offices in Canada, China, Denmark, Ecuador, Germany, Hungary, Indonesia, India, Italy, Mexico, New Zealand, Poland, Spain, Switzerland, Turkey, United Kingdom and the United States.

Gurit Group Communications

Thomas Nauer, phone +41 44 316 15 55, e-mail: thomas.nauer (at) gurit.com

All trademarks used or mentioned in this release are protected by law.

Forward-looking statements:

To the extent that this announcement contains forward-looking statements, such statements are based on assumptions, planning and forecasts at the time ofpublication 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.