Gurit Holding Ag · SIX:GURN
Gurit — FY2021 Earnings Presentation
24 slides from Gurit's earnings presentation, Mar 1, 2022
Slide 1: Gurit FY2021 Results
Gurit FY2021 Results Media and Analyst Conference Mitja Schulz Philippe Wirth CEO CFO 1 March 2022 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 FY2021 Media & Analyst Conference | 01/03/2022 | 3 Gurit Confidential
Slide 4: 2021 Highlights
2021 Highlights Revenue of 468m CHF Impacted by Wind market decline and lower Balsa sales 467.9 million CHF Adj. Operating profit margin of 7% (excl. restr. & imp. charges) Net sales Impacted by material cost inflation; lower tooling business, ramp-up costs Growing "Lightweighting" business Marine b
Slide 5: 2021 review: Footprint expansion & extended customer base
2021 review Footprint expansion & extended customer base Chennai, South India Tamaulipas, Mexico FY2021 Media & Analyst Conference | 01/03/2022 | 5 Gurit Confidential
Slide 6: Extended customer long-term agreements and new customers won
2021 – Extended important customer long-term agreements. Successfully won new customers in new business segments 3-year core kit engineering and supply contract with a major wind turbine manufacturer Supply agreement with major EMEA & USA growth through North American composite various channels/form
Slide 7: On track with innovation: JEC Innovation Awards finalist
On track with innovation Gurit recognized as Finalist for JEC Innovation Awards Te Ahi Tupua sculpture, New Zealand Carbon Fiber Reinforced sculpture, Gurit engineering as enabler for complex shapes with fully recyclable materials Zero Emission High Speed Ferry Composites passenger ferry with ze
Slide 8: Progress on achieving Gurit's long-term ESG goals
Progress on achieving Gurit's long-term ESG goals SUSTAINABILITY STRATEGY FOCUS: FOCUS: HEALTH AND SAFETY ENVIRONMENT Execution of "Sustainability Strategy" Achieved 42% reduction Achieved Climate neutrality for Sustainability Organisation set-up in accident rate (LTAR) scope 1, 2, partial scope 3
Slide 9: FY2021 Financial Results
FY2021 Financial Results Philippe Wirth CFO WITH PASSION FOR A SUSTAINABLE FUTURE
Slide 10: Sales impacted by globally reduced demand for wind blades
Sales impacted by globally reduced demand for wind blades Materials Kitting Manuf. Solutions Aero Group (continued operations) -21.1% -17.8% -28.3% -5.3% mCHF mCHF mCHF mCHF mCHF 160 160 160 160 300 140 140 140 140 250 120 120 120 120 200 100 100 100 100 80 80 80 80 150 60 60 60 60 100 40 40 40 40 5
Slide 11: Operating results impacted by challenging market
Operating results impacted by challenging market CHF million 2021 2020 Sales 467.9 578.8 Sales decline -19.8% at constant exchange rate Growth -19.8% (continued business) Gross profit margin 2.7%- pts below prior year Gross profit 85.0 121.0 -1.0%-pts due to one-time balsa inventory write offs
Slide 12: Adjusted operating profit
Adjusted operating profit mCHF FY2021 Media & Analyst Conference | 01/03/2022 | 12 Gurit Confidential
Slide 13: Not recognized tax losses negatively impact the tax rate
Not recognized tax losses negatively impact the tax rate mCHF 56.2% 25.3% FY2021 Media & Analyst Conference | 01/03/2022 | 13 Gurit Confidential
Slide 14: Cash flow: continued investments in capacity
Cash flow: continued investments in capacity Trade Net Working Capital CAPEX Free Cash Flow 30% 250 30 50 45.8 25.5% 26.7 42.1 25% 22.2% 22.8% 24.7 23.8 40 200 25 19.3% 20% 30 136.4 150 20 127.7 15.3 15% 111.6 106.8 20 15 100 10% 10 10 5.3 5% 50 5 0 0% 0 0 -2.5 -10 2018 2019 2020 2021 2018 2019 2020
Slide 15: Healthy balance sheet
Healthy balance sheet CHF million Dec 2021 Dec 2020 Net Debt 38.3 19.9 Net debt increase CHF 18.4m compared to Change +18.4 prior year Equity Ratio 51.3% 45.7% Equity ratio remains solid Change 5.6%-pts Gross Debt / EBITDA 1.6x 0.9x Increase due to lower EBITDA Change +0.7x RONA1) 3.1% 16.0%
Slide 16: One share, one vote
One share, one vote Major share holders after single share (based on Dec 2021 holdings) Introduction of listed single registered share 1:10 share split of current bearer shares, 1:2 split of current registered shares Voting rights of current registered shareholders would change from 36.4% to 1
Slide 17: Outlook
Outlook Mitja Schulz CEO WITH PASSION FOR A SUSTAINABLE FUTURE
Slide 18: Wind Energy Market Outlook
Wind Energy Market Outlook Transition period after high 2020, strong growth post-2024 expected Global wind installations (GW)1 Onshore Offshore +7% CAGR On&Off-shore 400 +32% 390 113 121 100 92 93 93 93 91 54 108 50 76 79 78 79 49 16 30 0 4 6 13 14 13 Yearly Average 2020 2021e 2022e 2023e 2024e Year
Slide 19: Positive Lightweighting Markets Outlook
Positive Lightweighting Markets Outlook Pursuing diversification 2020-2028, the Marine Composite market Marine and Industry market environment // Gurit CAGR 2020-25 11% will Marine market continues to recover across all regions, exceeding ACCELERATE * at a CAGR *) of expectations 6.6% Renewed fo
Slide 20: 2022: Operational Execution and Strategy Fulfillment
2022: Operational Execution and Strategy Fulfillment Strengthening Innovation & China regional Product Roadmap set-up Ramp Up Business Growth India / Mexico outside of wind Price & Cash Sustainability & Management ESG strengthening KAM Raw Material -> Global deployment New Purchasing & Footprint Mgt
Slide 21: Conclusion Outlook 2022
Conclusion Outlook 2022 Strategically on track An uncertain wind market outlook, recent Challenging Wind market geopolitical developments and potentially environment continued disruptions of global supply chains Marine & Industrial with strong influence our FY 2022 guidance. Gurit growth traje
Slide 22: End of presentation
End of presentation Thank you for joining us today! Next dates 20 April: Virtual AGM & Q1 net sales Please stay on the line if you wish to attend the Q&A session 17 August: 1HY 2022 results 21 October: Q3 net sales Contact: investor@gurit.com +41 44 316 15 50 FY2021 Media & Analyst Conference
Slide 23: Questions & Answers
Questions & Answers Mitja Schulz Philippe Wirth CEO CFO FY2021 Media & Analyst Conference | 01/03/2022 | 23 Gurit Confidential
Slide 24: Thank you for your attention
Thank you for your attention investor@gurit.com www.gurit.com FY2021 Media & Analyst Conference | 01/03/2022 | 24 Gurit Confidential