ANNUAL REPORT 2022
INCL. SUSTAINABILITY
REPORT
www.gurit.com
GURIT ANNUAL REPORT 2022 KEY FACTS
KEY FACTS
Gurit saw its net sales increase by 11.9% at constant exchange rates versus prior year. Net sales of Continued Operations were CHF 488.6m (+17.0% at constant exchange rates or +11.6% in reported CHF). Adjusted for the acquisition of Fiberline and the divestment of the Aerospace business, sales declined 8.0% at constant exchange rates.
For 2022, Gurit reached an Operating Profit of CHF 22.3 million and an Operating Profit Margin of 4.5%. Excluding divestment effects, restructuring and impairment charges, the Adjusted Operating Profit Margin is 2.3%. Gurit achieved an Operating Cashflow of CHF 16.2 million (2021: CHF 20.9 million). Capital Expenditures amounted to CHF 15.2 million in 2022 compared to CHF 23.8 million in the previous year.
Our wind customers in China saw strong business growth in 2022 albeit in a very price competitive environment. Our Western customers curtailed output and suffer from a severe earnings crisis. The Marine and Industrial business developed favourably and despite price increases due to input factor cost pressures, we managed to grow the business significantly with existing and new products.
In April 2022 Gurit sold its Aerospace business and in May 2022 Gurit acquired a 60% share in Fiberline Composites (business unit Structural Profiles) which strengthens Gurit's position as a full system provider for the wind blade manufacturer market. In June last year Gurit's new extrusion, kitting, and tooling plant in Chennai, India became operational and synergies of co-locating the new Structural Profiles business with existing regional Gurit hubs are being utilised.
Split of Net Sales into Wind energy and Lightweighting
LIGHT-
WEIGHTING
WIND
ENERGY
Key Figures Consolidated Income Statement 2022 (in CHF million)
Net sales | 499.5 |
Adjusted operating profit margin | 2.3% |
Net profit | 9.1 |
Key Figures Consolidated Balance Sheet (in CHF million)
31.12.2022 | 31.12.2021 | |
Total assets | 363.5 | 332.0 |
thereof current assets | 239.1 | 213.0 |
Total liabilities | 250.9 | 161.7 |
thereof current liabilities | 142.4 | 102.3 |
Equity | 112.7 | 170.3 |
Equity ratio | 31.0% 51.3% |
Net Sales Development (Continued Business) (in CHF million)
360.7 | 504.8 | 545.1 | 437.8 | 488.6 |
2018 | 2019 | 2020 | 2021 | 2022 |
KEY FIGURES
AMOUNTS IN CHF MILLION | 2022 | 2021 | +/- % | ||||
NET SALES | 499.5 | 467.9 | 6.7% | ||||
Thereof continued operations | 488.6 | 437.8 | 11.6% | ||||
Thereof discontinued operations | 10.8 | 30.1 | - 64.0% | ||||
EBITDA | 39.8 | 41.0 | - 3.1% | ||||
EBITDA margin | 8.0% | 8.8% | |||||
Operating profit | 22.3 | 23.4 | - 4.7% | ||||
Operating profit margin | 4.5% | 5.0% | |||||
Adjusted operating profit | 11.2 | 33.0 | - 66.0% | ||||
Adjusted operating profit margin | 2.3% | 7.0% | |||||
Profit for the year | 9.1 | 9.2 | - 0.6% | ||||
Net cash flow from operating activities | 16.2 | 20.9 | - 22.4% | ||||
Capital expenditures | 15.2 | 23.8 | - 36.4% | ||||
Net debt | 84.0 | 38.3 | 119.6% | ||||
Equity in % of total assets | 31.0% | 51.3% | |||||
Gross debt/EBITDA ratio | 2.80 | 1.64 | |||||
Number of employees at December 31 | 2 480 | 2 450 | 1.2% | ||||
Average number of full-time equivalents | 2 495 | 2 609 | - 4.4% | ||||
Earnings per share* | CHF 1.98 | CHF 2.43 | |||||
Dividend per share (proposed/resolved)* | CHF 0.00 | CHF 0.70 | |||||
Market capitalisation at December 31 | 421.2 | 728.2 | - 42.2% | ||||
- For comparative reasons, 2021 numbers are presented in this table as if the single share structure had already been in place in 2021.
For explanation of financial terms used, see pages 294-295.
TABLE OF CONTENTS
GURIT INTEGRATED ANNUAL REPORT 2022
Inner cover | KEY FACTS |
2 | ABOUT GURIT |
6 | BUSINESS AND FINANCIAL REVIEW / |
LETTER TO SHAREHOLDERS | |
16 | ORGANISATION |
17 | INVESTOR RELATIONS |
20 | CORPORATE GOVERNANCE |
42 | COMPENSATION REPORT |
60 | SUSTAINABILITY REPORT |
240 | FINANCIAL REPORT |
294 EXPLANATION OF FINANCIAL TERMS USED / ABBREVIATIONS
297 GURIT ADDRESSES
Footnotes starting with "GRI" refer to the GRI global sustainability reporting standard ➞ www.globalreporting.org
GRI Content Index ➞ www.gurit.com/gri
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Gurit Holding AG published this content on 02 March 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 March 2023 05:43:02 UTC.