Gurit Holding Ag · SIX:GURN
Gurit — H1 2024 Earnings Presentation
22 slides from Gurit's earnings presentation, Aug 19, 2024
Slide 1: Gurit H1 2024 Results
Gurit H1 2024 Results Media and Analyst Conference Mitja Schulz Javier Perez-Freije CEO CFO 19 August 2024 at 09:00 AM CEST WITH PASSION FOR A SUSTAINABLE FUTURE
Slide 2: Agenda
Agenda 1 Business Update & Highlights 2 Financial Results 3 Outlook 4 Q&A Session for Analysts & Financial Journalists Gurit H1 2024 Results | 19 Aug 2024 | 2
Slide 3: Gurit H1 2024 Key Figures
Gurit H1 2024 Key Figures Sales in CHF million Free cash flow in CHF million 213.5 -8.8%1) vs H1 2023 1.0 6.5 in H1 2023 Adjusted operating profit margin Net debt in CHF million 5.4% 5.6% in H1 2023 63.4 78.0 in June 2023 1) Net sales at constant exchange rates Gurit H1 2024 Results | 19/08/2024 19
Slide 4: H1 2024: Business Update
H1 2024 : Business Update After a slow start in the year, stronger second quarter driven by ramp-ups of new wind blades and higher demands in the non-wind markets. Wind Wind Strong permitting and auction × Western customers reduced and even improvements and renewed interest stopped activities, to
Slide 5: Wind Materials & Manufacturing Solutions in H1 2024
Wind Materials & Manufacturing Solutions in H1 2024 Successfully delivering on new product ramp ups Gurit Chennai manufactured tooling Successfully ramped up several new solutions for two major Indian OEMs. Gurit long-term client awarding core kits delivered for two major wind Projects for two
Slide 6: Lightweighting in Marine H1 2024
Lightweighting in Marine H1 2024 Leading Composites Engineering Team Gurit long-term client Riviera Motor Yachts Australia – delivered 6000th motor yacht in May at Sanctuary Cove Boat Show 2024. Chase Zero Hydrogen Powered Foiling SL Racing in NZ. Gurit engineering for Catamaran, 10m and 13m product
Slide 7: Industrial H1 2024 – Energy Efficiency Application Business
Industrial H1 2024 – Energy Efficiency Application Business Market entry in Transportation and Building & Construction Spanish truck manufacturer Indetruck – The The OpBox is a modular mobile retail or backyard first isothermal trailer with a PET floor, unit, made in Maine USA – from the Edura build
Slide 8: Relocation of the Manufacturing Site in Denmark
Relocation of the Manufacturing Site in Denmark • Gurit to relocate the production site in Middelfart, Denmark, to Chennai, India, and Tianjin, China • Increase the competitiveness of our Structural Profiles BU and important step towards future profitability of the business • Relocation to be finali
Slide 9: HY 2024 Financial Results
HY 2024 Financial Results Javier Perez-Freije CFO Gurit H1 2024 Results | 19 Aug 2024 | 9
Slide 10: Subdued demand in wind segments
Subdued demand in wind segments Wind Materials Man. Solutions Marine & Industrial Group (continued operations) mCHF mCHF mCHF mCHF 200 200 300 200 250 160 160 160 200 120 120 120 150 80 80 80 100 40 40 40 50 0 0 0 0 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 21 22 22
Slide 11: Operating results remain stable despite lower volumes
Operating results remain stable despite lower volumes H1 H1 CHF million 2024 2023 Sales 213.5 244.6 Sales declined by -8.8% at constant rates at constant rates -8.8% Gross profit 38.1 41.8 Improved result of Structural Profiles (Fiberline) % of sales 17.8% 17.1% EBITDA 17.4 20.3 Restructuring
Slide 12: Bridge adjusted operating profit
Bridge adjusted operating profit CHF million Gurit H1 2024 Results | 19 Aug 2024 | 12
Slide 13: Net working capital management on track
Net working capital management on track Trade net working capital CAPEX Free cash flow mCHF mCHF mCHF 30% 250 10 6.5 30 4.3 25% 22.4% 22.4%23.5% 1.0 20.5%20.1% 200 25 19.1% 0 20% 150 20 129.3 15% 110.5 104.8 117.2 13.8 -10 94.4 86.2 15 100 10% 10 6.7 5.5 50 5.2 -20 5% 5 -19.3 0% 0 0 -30 2019 2020 20
Slide 14: Balance sheet
Balance sheet Jun Dec Jun CHF million 2024 2023 2023 Net Debt 63.4 59.9 78.0 Increase in line with free cash flow Change +3.5 Equity Ratio 26.2% 28.3% 33.8% Ratio decreased due to loss of first half- Change -2.1%-pts year and goodwill offset Gross Debt / EBITDA 2.5x 2.1x 2.8x Borrowings increa
Slide 15: HY 2024 Outlook
HY 2024 Outlook Mitja Schulz CEO Gurit H1 2024 Results | 19 Aug 2024 | 15
Slide 16: Wind market forecast
Wind market forecast Wind markets with delayed grow, Offshore expected to double in 2027 Onshore Offshore +50% • Short-term market outlook 56 foresees flattish development double 47 10 in all major wind markets 43 except EMEA ON where 37 39 9 installations grow driven by 9 13 8 21 11 stronger permit
Slide 17: Positive Market Outlook for Marine & Industrial segments
Positive Market Outlook for Pursuing diversification Marine & Industrial segments Gurit forecast for marine & energy Marine and industry market environment: efficient application business: 2023-30 CAGR 5.0-7.0% expected Marine market continues to grow across all regions. Gurit expects to grow strong
Slide 18: Conclusion and Outlook
Conclusion and Outlook Conclusion Outlook Q1 was slow, Q2 within expectations. Expect Net Sales: slightly stronger sales in H2 vs. H1, if customer demand and projects materialize as foreseen. At the lower end of our guidance of 435 - 485 million CHF Wind markets grow short-term slower than pro
Slide 19: End of presentation
End of presentation Thank you for joining us today! To join the Q&A, please use your Next dates 2024 dial-in credentials. 31 October: Press release on Q3 and 9-months 2024 net sales results Contact: investor@gurit.com +41 44 316 15 50 Gurit H1 2024 Results | 19 Aug 2024 | 19
Slide 20: Questions & Answers
Questions & Answers To join the Q&A, please use your dial-in credentials. Gurit H1 2024 Results | 19 Aug 2024 | 20
Slide 21: Disclaimer
Disclaimer 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 statements are made
Slide 22: Thank you for your attention
Thank you for your attention investor@gurit.com www.gurit.com Gurit H1 2024 Results | 19 Aug 2024 | 22