Gurit reports 1.8% higher un-audited net sales of CHF 351.0 million for FY 2012, which is slightly below its last annual guidance of around CHF 355 million. As announced in October, sales of materials to the global wind energy industry declined in the last quarter of the year.
The American wind materials market nearly came to a standstill in Q4 2012, due to the late renewal of the production tax credits for renewable energies in the USA. In addition, Asian wind markets continued to suffer from a very low investment level, over-capacities, and price pressure. Gurit reports 1.8% higher un-audited net sales of CHF 351.0 million for FY 2012, which is slightly below its last annual guidance of around CHF 355#
The decisive restructuring measures, which Gurit had immediately announced and implemented thus proved to be timely and appropriate. On the positive side, sales to Aerospace, Automotive as well as Industrial and Marine customers continued to grow during the last quarter of the year.
Over the full year 2012, sales to Aerospace customers increased by 6.8%, sales to marine and Industrial customers by 15.7%, whereas automotive sales largely exceeded for the first time the sales volume of CHF 10 million with an increase of 76.4% compared with last year.
The new Group organization announced earlier this year will help Gurit to address significant new growth opportunities beyond traditional markets and leverage its engineering and composites know-how as well as the Group's global capacities and presence more effectively.
Supported not least by the now renewed production tax credits in the US, Gurit expects the Wind Energy market to recover gradually from current levels during 2013.
Gurit's Composite Material business should also benefit in 2013 from further growing sales to the existing and new markets. Additional customer wins and larger car body part series in Automotive as well as a slowly recovering Tooling business should boost Gurit's Composite Systems and Engineering sales.
Gurit Automotive Ltd
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