Gurit Holding Ag · SIX:GURN
Gurit — FY2023 Earnings Presentation
23 slides from Gurit's earnings presentation, Mar 4, 2024
Slide 1: Gurit 2023 Results
Gurit 2023 Results Media and Analyst Conference 4 March 2024 at 09:00 AM CET WITH PASSION FOR A SUSTAINABLE FUTURE
Slide 2: Introductory statement
Introductory statement This presentation may include forward-looking statements that reflect the intentions, beliefs or current expectations and projections of Gurit Holding AG about the future results of operations, financial condition, liquidity, performance and similar circumstances. Such stateme
Slide 3: Agenda
Agenda 1 Business update 2 Financial results 3 Outlook 4 Q&A session for Analysts & Financial Journalists Gurit FY2023 Presentation | 4 Mar 2024 | 3
Slide 4: FY 2023 - Highlights
FY 2023 - Highlights Sales impacted by strong CHF, achieved Sales in CHFm Free cash flow in CHFm growth of 2.7% FX adjusted. Much stronger 459.9 27.2 activities with Western Wind customers, selectivity in China. Marine and other industrial markets continue growth trajectory. +2.7% 1) vs. 2022 3.5
Slide 5: FY 2023: Business Update
FY 2023 : Business Update Wind market: Slow recovery in the Western world, higher activity in China but overcapacities for wind turbines and in the supply chain. Strengthened our position as leading PET & Kitting provider to Western wind customers. Becoming more selective with business in China.
Slide 6: Sustainability Highlights 2023
Sustainability Highlights 2023 Globally recognized ESG Ratings Sustainability Award
Slide 7: Changes in the Group Executive Management
Changes in the Group Executive Management • Karen Glauser joined Gurit on February 1st 2024 as new Head of Group HR, replacing Hannes Haueis who left Gurit end of November 2023. • Javier Perez will join Gurit as new CFO on May 1st 2024, succeeding Philippe Wirth who will leave Gurit end of March 202
Slide 8: 2023 Financial Results
2023 Financial Results Philippe Wirth, CFO WITH PASSION FOR A SUSTAINABLE FUTURE
Slide 9: Western wind market continues to recover
Western wind market continues to recover Wind Materials Man. Solutions Marine & Industrial Group (continued operations) +1.9% -0.3% +7.1% +2.7% mCHF mCHF mCHF mCHF 200 200 200 300 250 150 150 150 200 100 100 100 150 100 50 50 50 50 0 0 0 0 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2
Slide 10: Operating results benefit from an improved market environment
Operating results benefit from an improved market environment CHF Million 2023 2022 Sales 459.9 499.5 Sales increase (excl. M&A) 2.6% at constant Growth -7.9% exchange rates Gross profit 74.8 64.3 Manufacturing Solutions product mix CHF +8.2m % of sales 16.3% 12.9% Sales price, raw material co
Slide 11: Adjusted operating profit
Adjusted operating profit mCHF Gurit FY2023 Presentation | 4 Mar 2024 | 11
Slide 12: Cash flow management initiatives are bearing fruit
Cash flow management initiatives are bearing fruit Trade Net Working Capital CAPEX Free Cash Flow 30% 250 30 26.7 25% 22.4% 22.4% 23.5% 200 25 24.7 23.8 50 45.8 20.5% 42.1 19.1% 20% 40 150 20 129.3 110.5 104.8 117.2 15.2 27.2 15% 15 30 94.4 11.3 100 10% 10 20 5% 50 5 10 3.5 0% 0 0 0 2019 2020 2021 2
Slide 13: Strengthened balance sheet
Strengthened balance sheet Dec Dec CHF million 2023 2022 Net debt 59.9 84.0 2023 reduction in line with free cash flow Change -24.1 Equity ratio 28.3% 31.0% Fiberline additional goodwill CHF 21.3m Change -2.7%-pts Currency loss CHF 20.6m Gross debt / EBITDA 2.1x 2.8x Borrowings reduction CHF
Slide 14: Outlook
Outlook Mitja Schulz CEO WITH PASSION FOR A SUSTAINABLE FUTURE
Slide 15: COP28 Pillars: Dual & Complementary Market Approach into Decarbonization
COP28 Pillars: Dual & Complementary Market Approach into Decarbonization Renewables Wind Energy Energy Efficient Applications Reduced energy consumption through lightweighting & insulation Easier manufacturability and material handling Full recyclability Gurit FY2023 Presentation | 4 Mar 202
Slide 16: Western Wind markets expected to grow substantially from 2025 onwards
Western Wind markets are expected to grow substantially from 2025 onwards, yielding double-digit CAGR Onshore Offshore 2024 growth expected in China, while Westerners show slight decline vs. 2023 and still consume sizeable blade +11% 55 inventories. 44 46 10 41 41 +34% Most Western OEMs progress
Slide 17: Positive Lightweighting Markets Outlook
Positive Lightweighting Markets Outlook Pursuing diversification Marine and Industry market environment: 2023-30 CAGR 5.0-7.0% expected Marine market continues to grow across all regions. Strong demand for PET across all markets, in particular related to sustainability. Gurit forecast for Marine
Slide 18: Acquisition of FX Composites in Dallas to enable US growth
Acquisition of FX Composites in Dallas to enable US growth for Energy Efficient Composites US Market is the most prominent to growth. Developing Energy Efficient Composite requires a visible and scalable Hub both to be identified as a committed regional player, and operationally allow us to acce
Slide 19: 2024 Volume Growth of ~5% driven by Western Market share gains
2024 Volume Growth of ~5% driven by Western Market share gains, offset by Material price reductions and less China business Rationalize Sales Market Share mCHF Renewables – Wind – Market Share Winning market share across the Wind portfolio into Western OEMs and their global footprint. Secured LT
Slide 20: Conclusion and Outlook
Conclusion and Outlook Conclusion Outlook 2023 saw moderate growth in a still difficult Wind market environment, impacted by a strong FY 2024 Net Sales: 435 - 485 million CHF CHF. Improved operating profit and cash flow Adj. Operating profit margin: performance, de-leveraged balance sheet. 5
Slide 21: End of presentation
End of presentation Thank you for joining us today! Next dates 18 April: AGM Annual General Meeting & To join the Q&A, please use your Q1 net sales media release dial-in credentials. 19 August: HY report, sales media release, Analyst & Media Conference 09 October: Capital Markets Day Contact:
Slide 22: Questions & Answers
Questions & Answers To join the Q&A, please use your dial-in credentials. Gurit FY2023 Presentation | 4 Mar 2024 | 22
Slide 23: Thank you for your attention
Thank you for your attention investor@gurit.com www.gurit.com Gurit FY2023 Presentation | 4 Mar 2024 | 23