Gurit Reports Net Sales Growth, Operating Profit Margin of 11.2% for Fiscal Year 2020

March 08 (2021

Gurit reported net sales of CHF 578.8 million for the full year 2020. Gurit achieved an operating profit of CHF 64.6 million (11.2% of net sales) and net profit amounted to CHF 46.6 million in 2020.

Gurit reports sales growth of 3.3% in reported CHF and 8.9% at constant exchange rates for its Continued Operations, despite the effects of the global COVID-19 pandemic. This is largely due to the continuously strong wind energy market and the solid position Gurit has within this sector.

Composite Materials reported increased total sales with CHF 276.2 million (2019: CHF 249.7 million), a significant growth of 10.6% in reported CHF and a strong 16.1% at constant exchange rates compared to 2019. This growth has been driven by a strong global demand in the Wind Industry, including Balsa raw material and corresponding sales price increases, while the Marine and Industrial markets were hit by the pandemic.

Gurit reached an Operating Profit of CHF 64.6 million with a margin of 11.2% of net sales which is an increase of 2.2% in margin compared to the 9% margin reached in the previous year. In the Continued Operations the operating profit in 2020 reached CHF 64.1 million with an 11.1% margin to net sales, despite COVID-19 impacts. This is slightly above the 11.0% margin achieved during the fiscal year 2019. The Profit for the year 2020 amounted to CHF 46.6 million and an 8.1% margin of net sales, an increase of 33.5%. This equals to earnings per listed bearer share of CHF 100.31 in 2020 (2019: CHF 76.06).

Outlook 2021: Gurit currently expects to achieve sales revenue in the range of CHF 530-580 million and an operating profit margin between 9-11% for 2021. Revenue will be impacted by decreasing Balsa raw material costs and corresponding lower sales prices. We expect a temporarily reduced demand for China in 2021 as a result of the expiry of the Chinese wind feed-in tariffs by year-end 2020, followed by strong growth in the future years driven by increased demand for renewable energy. We anticipate a rebound of the Marine and Industrial markets in 2021 on and above pre-COVID levels. The Aerospace market has stabilized, and we expect a gradual recovery over the coming years.

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