Gurit achieved important milestones in transforming the company into a Composite Materials and a Composite Systems and Engineering Group. 

 

Highlights: 

-Net sales for FY 2013 decrease 19.9% to CHF 281.1 million

-Operating profit of CHF 6.5 million or 2.3% of sales

-CHF 12.6 million cash flow; CHF 6.4 million net cash; equity ratio of 71%

-Proposed distribution of CHF 7.50 per bearer share 

 

The strong double digit sales growth and margin improvements in all end markets of the Composite Systems and Engineering business and additional materials sales to Industrial and Marine customers could, however, not compensate for the 43% decline in materials sales to Wind Energy customers. Gurit thus achieved net sales of CHF 281.1 million in full 2013, a decrease of 19.9% compared with 2012. 

 

The drop in Wind Energy sales volumes had a negative impact on the operating profit, which was also impacted by price decreases in the wind market, some production inefficiencies and CHF 1.4 million net impairment charges triggered mainly by the implementation of the new PVC core material strategy. Yet rigorous cost containment efforts kept the business profitable. Gurit achieved an operating profit of CHF 6.5 million or 2.3% of sales and reports net profit of CHF 0.1 million for the full year 2013.  

 

Gurit Composite 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 fiber 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.     

 

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