Slide 1: Gurit Full Year 2015 Results
Gurit Full Year 2015 Results Zurich, March 15, 2016
Slide 2: them to be reasonable at this time .
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 on the bas
Slide 3: Key Business Performance Reasons FY 2015
Key Business Performance Reasons FY 2015 FY 2015 was operationally very successful mainly due to: Strong global Wind market growth of some 22% to ca. 63 GW of new WTG Market share gains and customer wins in Wind Energy core materials sales and a record year in Tooling Operational efficiency im
Slide 4: Key Business Results KPI FY 2015
Key Business Results KPI FY 2015 FY 2015 with significantly improved financial KPI's: Growth: Net sales growth of 10.4% to CHF 359.4 m (2014: 335.8 m) Operating Profit: Mid of guidance range at 9.2% RoS (2014: 4.2%) and CHF 33.0 m (2014: 14.2 m) Investment for future growth increased: Capex
Slide 5: Development by Key Markets
Development by Key Markets Gurit —=*{*CzZ=CE=e | |
Slide 6: Wind Energy
Wind Energy Slide 6 Corporate
Slide 7: Wind Energy – Strategy & Achievements
Wind Energy – Strategy & Achievements Strategy GW Installed Annually* Achieve balanced sales split across regions 63 and customers 70 60 67 59 63 60 56 Americas Achieve top 3 market position for entire core 52 54 50 materials product range 40 Asia / Develop further cost-efficient, enabling 30
Slide 8: Wind Energy – Results & Outlook
Wind Energy – Results & Outlook Market environment 2015 – record of 63 GW Americas – moderate market development with solid demand Wind Energy: Quarterly Net Sales Asia – strongest growth rates in terms of MCHF installed GW 50 35.8 39.8 40.8 39.1 Europe – mature market with stable demand 40 31
Slide 9: Aerospace
Aerospace Gurit FLOORING DUCTING ® £H250 ® EH 420C ® PN900 PH 840 ® PN9O1 ® EP 121 ® Pren INTERIOR COMPONENTS @ EP 137 ® PHG 600 ives || iI | | D corporate
Slide 10: Aerospace – Strategy & Achievements
Aerospace – Strategy & Achievements Strategy Maintain leading position in aircraft interiors and certain structural applications at Airbus Develop interior material position in Boeing Aerospace: Accessible Market* and others MCHF 300 227 Enter structural material market for business 185 195 20
Slide 11: Aerospace – Results & Outlook
Aerospace – Results & Outlook Market environment Airbus Deliveries per Program Delays in A350 ramp-up units 700 Lower A380 build rates 30 600 24 A380 Consolidation in the supplier base 500 108 86 A350 creating opportunities for Gurit in the US 400 300 A330s 490 436 Results FY 2015 200 100 Sing
Slide 12: Other Material Markets
Other Material Markets Slide 12 Corporate
Slide 13: Other Material Markets – Strategy & Achievements
Other Material Markets – Strategy & Achievements Strategy Minimum Size of Industrial Further expand in all leisure and commercial Market boat sectors Opportunities* MCHF Generate additional sales leads and 250 qualifications for automotive materials offering 200 200 Further advance material qu
Slide 14: Other Material Markets – Results & Outlook
Other Material Markets – Results & Outlook Market environment Marine market showing steady development – especially in patrol boat sector Other Material Markets: Addressable automotive composite material Quarterly Net Sales market growing MCHF Automotive materials showing progress based 30 18.
Slide 15: Tooling
Tooling Slide 15 Corporate
Slide 16: Tooling – Strategy & Achievements
Tooling – Strategy & Achievements Strategy USP's: Asia: Leader in affordable, quickly available quality moulds for wind turbine blades Internationally: Leader in quality, competitive, quickly available, higher-volume mould-making and outsourcing partner of choice Global Growth: Further penet
Slide 17: Tooling – Results & Outlook
Tooling – Results & Outlook Market environment Strong demand especially in Asia (Multi Megawatt programs) Tooling: Quarterly Net Sales Trend to longer, special moulds in small series, need for larger series of moulds of MCHF same size (Re-tooling) 20 16.8 15.9 14.1 14.5 Ongoing trend to outsou
Slide 18: Composite Components
Composite Componets Slide 18 Corporate
Slide 19: Comp. Components – Strategy & Achievements
Comp. Components – Strategy & Achievements Strategy Size of new Automotive Further grow client/project base for unique, complex- Press Technology Market* shaped, smaller series, Class-A, lightweight exterior MCHF car body panels 120 100 Win additional orders for industrialized press 80 manufactu
Slide 20: Comp. Components – Results & Outlook
Comp. Components – Results & Outlook Market environment Increasing interest in the automotive market for composite solutions – especially for weight, Composite Components: Quarterly Net Sales parts accuracy and visual carbon components Interest in composite parts for busses and MCHF 20 other veh
Slide 21: Financial Results 2015
Financial Results 2015 Gurit —=*{*CzZ=CE=e |
Slide 22: Net Sales Analysis by Markets
Net Sales Analysis by Markets Net sales in MCHF • Strong wind market in Asia 335.8 359.4 drove significantly increased Materials Components Tooling core material sales, more than offsetting a prepreg 167.0 168.8 177.8 181.6 program end • Other material markets currency-adjusted close to previous yea
Slide 23: Customer Concentration (Top 5 Customers)
Customer Concentration (Top 5 Customers) 60% 3% 50% 8% 40% 4% 12% 5% 4% 30% 9% 4% 5% 13% 6% 5% 20% 10% 7% 8% 7% 10% 21% 15% 13% 8% 0% 2012 2013 2014 2015 Customer concentration profile continuously improved over last years Slide 23 Corporate
Slide 24: Operating Profit and EBIT Development
Operating Profit and EBIT Development Operating profit (% Net sales) RONA (incl. Goodwill*) • Operating profit at medium 14.3% 13.7% term target of 8 - 10% of net 12.4% sales, thanks to: • record setting Tooling sales 6.4% and high utilization of core 5.8% 5.4% material capacities • favorable Compos
Slide 25: Operating Profit Bridge FY 2014 to FY 2015
Operating Profit Bridge FY 2014 to FY 2015 Slide 25 Corporate
Slide 26: Exchange Result and Tax
Exchange Result and Tax Exchange result • Exchange result in 2HY 0.3 0.4 0.2 2015 improved versus 1HY, mainly due to unhedged -0.1 -0.6 portions of net assets -1.1 exposures in USD and EUR – both currencies strengthened in 2HY. 1HY 2HY 1HY 2HY FY FY 2014 2014 2015 2015 2014 2015 Income Tax Expense •
Slide 27: Profit and Loss
Profit and Loss Consolidated P&L 2015 2014 Variance MCHF % NS MCHF % NS MCHF %-points Net sales 359.4 100.0% 335.8 100.0% 23.6 0.0% Gross margin 186.2 51.8% 166.1 49.5% 20.0 2.3% Personnel expense -83.8 -23.3% -89.9 -26.8% 6.1 3.5% Other operating expenses -69.4 -19.3% -62.0 -18.5% -7.3 -0.8% Operat
Slide 28: Balance Sheet
Balance Sheet CONSOLIDATED ASSETS Dec 2015 Dec 2014 Variance MCHF % MCHF % MCHF %-points Cash and cash equivalents 29.8 12% 29.0 11% 0.8 0% Trade receivables 65.2 26% 67.8 27% -2.6 -1% Inventories 51.2 20% 54.8 22% -3.6 -1% Other current assets 20.2 8% 19.6 8% 0.7 0% Deferred income tax assets 3.1 1
Slide 29: Cash Flow
Cash Flow Group Consolidated Cash Flow 2015 2014 Variance MCHF MCHF MCHF EBIT 33.0 16.2 16.8 Depreciation, amortisation, impairment 9.6 9.5 0.1 Change in working capital 0.4 -7.6 8.0 Income tax paid -5.8 -7.3 1.5 Other cash flow from operating activities 0.0 -3.2 3.2 Net cash flows from operating ac
Slide 30: Financial Results 2015 Conclusion
Financial Results 2015 Conclusion
Slide 31: Strategic Direction and Outlook 2016
Strategic Direction and Outlook 2016
Slide 32: Strategy and Execution 2015-2020
Strategy and Execution 2015-2020 Key Markets for Gurit Advanced Composites: Wind, Aerospace and Automotive – 3 key strategic growth markets Marine and Industrial – 2 key niche markets Growth Direction and Ambition: Grow Aerospace and Automotive together with Wind to 3 strong pillars Achi
Slide 33: Strategy Deployment 2015 – Operations Key
Strategy Deployment 2015 – Operations Key Notes HRM Senior Leadership Team completion and development Organisational Development in growing businesses Improvements in Health & Safety in Operations Operations Improvement Efficiency increases in critical operations improved versus 2014 O
Slide 34: Outlook 2016
Outlook 2016 Net Sales Lower wind energy demand on a global level anticipated Low single-digit growth expected for 2016 Operating Profitability Gurit strives to confirm the profitability target level of 8-10% in 2016 Slide 34 Corporate
Slide 35: Questions & Answers
Questions & Answers Gurit —=*{*CzZ=CE=e |