Gurit Holding AG

Earnings Release • Apr 14, 2021

News Details

Ad-hoc | 14 April 2021 18:38

Gurit reports net sales of 127.7 million CHF in Q1/2021

Gurit Holding AG / Key word(s): AGMEGM/Quarter Results

14-Apr-2021 / 18:38 CET/CEST

Release of an ad hoc announcement pursuant to Art. 53 KR

The issuer is solely responsible for the content of this announcement.

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Net sales in the first quarter were impacted by a temporarily reduced demand for wind blades in China in 2021 as a result of the expiry of the Chinese wind feed-in tariffs by year-end 2020, and by decreasing Balsa raw material costs and corresponding lower sales prices. The Marine and Industrial markets have rebounded to pre-COVID-19 levels and Aerospace has stabilized at low levels.

Composite Materials achieved net sales of CHF 59.8 million for the first quarter of 2021. This represents a decrease of -9.8% at constant exchange rates compared to the first quarter of 2020. The decrease is mainly due to Wind volumes in China and reduced prices in Balsa while Marine and Industrial markets are back to pre-pandemic levels.

Kitting recorded net sales of CHF 43.0 million for the first quarter of 2021. This is a decrease of -9.5% at constant exchange rates compared to the first quarter of the prior year. Kitting net sales were also negatively impacted compared to prior year due to the slowdown in China and lower material pricing.

Tooling saw an increase in first quarter 2021 net sales by 57.7% at constant exchange rates compared to the first quarter of 2020 to CHF 30.6 million. The strong growth is mainly due to the timing of orders of western wind turbine OEMs and blade manufacturers .

Aerospace net sales in the first quarter of 2021 of CHF 6.6 million declined by -51.5% at constant exchange rates compared to the first quarter of 2020. While we face a sharp decline compared to prior year's pre-COVID-19 levels, sales have stabilized at a low level and necessary cost adjustments have been executed.

NET SALES	First Quarter
in mCHF	2021	2020	Change in reported CHF	Change @ constant 2020 rates
Composite Materials	59.8	66.2	-9.6%	-9.8%
Kitting	43.0	48.1	-10.6%	-9.5%
Tooling	30.6	19.5	57.4%	57.7%
Aerospace	6.6	13.4	-50.7%	-51.5%
Elimination	-12.3	-12.4
Total Continued Operations	127.7	134.7	-5.2%	-4.8%
Composite Components (Discontinued Operations)	0.0	1.4	-100.0%	-100.0%
Total Group	127.7	136.1	-6.2%	-5.8%

Outlook

For the year 2021, Gurit expects a revenue of around CHF 530-580 million and an operating profit margin between 9 – 11%. After the transition year 2021 we expect the wind market to continue to grow strongly, driven by increased demand for renewable energy.

Annual General Meeting of Shareholders

The Annual General Meeting today approved all motions proposed by the Board of Directors. Gurit will thus pay out to shareholders a total of 30.00 CHF per listed bearer share. Gurit bearer shares will be traded ex-dividend as from April 16, 2021 (ex-dividend date). The positions entitled to dividend payments will be recorded on April 19, 2021 (record date), and the payments will be made on April 20, 2020 (payment date). AGM voting results will be published on Gurit’s Investor Relations webpage under the following link:

https://www.gurit.com/en/investors/agm

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, composite tooling equipment and core kitting services. The product range comprises, structural core materials, fibre reinforced prepregs, formulated products such as adhesives, resins as well as structural composite engineering. Gurit supplies global growth markets such as the wind turbine industry, aerospace, marine, rail and many more. Gurit operates production sites and offices in Australia, Canada, China, Denmark, Ecuador, Germany, Indonesia, India, Italy, Mexico, New Zealand, Poland, Spain, Switzerland, Turkey, United Kingdom and the United States.

www.gurit.com

Gurit Group Communications

Thomas Nauer

Phone: +41 44 316 15 50

E-mail. thomas.nauer (at) gurit.com

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End of ad hoc announcement

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Language:	English
Company:	Gurit Holding AG
	Thurgauerstrasse 54
	8050 Zurich
	Switzerland
Internet:	https://www.gurit.com/
ISIN:	CH0008012236
Valor:	801223
Listed:	SIX Swiss Exchange
EQS News ID:	1184907

End of Announcement	EQS Group News Service