Gurit Holding Ag · SIX:GURN
Gurit — H1 2023 Earnings Presentation
21 slides from Gurit's earnings presentation, Aug 16, 2023
Slide 1: Gurit H1 2023 Results
Gurit H1 2023 Results Media and Analyst Conference Mitja Schulz Philippe Wirth CEO CFO 16 August 2023 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 Organizational Update 5 Q&A session for Analysts & Journalists Gurit H1 2023 Results | 16 / 08 / 2023 | 3
Slide 4: H1 2023 - Highlights
H1 2023 - Highlights Sales in line with expectations. Western Wind Sales in CHFm Free cash flow in CHFm business with cautious signs of recovery, and 244.6 6.5 solid Chinese wind business. Marine and other industrial markets continue growth trajectory. +17.6% 1) vs. H1 2022 -19.3m in H1 2022 Imp
Slide 5: H1 2023: Wind
H1 2023: Wind Western wind customers are ordering moulds again – Manufacturing Solutions is seeing a more sustainable customer mix PET market share increasing Gurit maintains a strong position in China Chennai plant has had a successful first year. PET & Kitting volumes on track, 1st mould s
Slide 6: Gurit acquires the remaining 40% share of Fiberline
Gurit acquires the remaining 40% share of Fiberline Agreement reached on Aug. 15th to acquire the remaining 40% from Thorning family. Purchase price of maximum EUR 28.15 million (cash deal and earn-out provision) Full integration of Structural Profiles will strengthen Gurit’s position as solutio
Slide 7: H1 2023: Marine & Industrial
H1 2023: Marine & Industrial Marine: Year on year growth, driven by continued strong market environment for production and pleasure boats as well as sailing yachts Strong operational execution and price management Business wins with new Marine customers in EU and NA Industrial sectors see gr
Slide 8: Execution of ESG strategy on track
Execution of ESG strategy on track New A-Rating for ESG performance from MSCI Silver Medal Rating (July 2023) InRate Governance from EcoVadis Rating improved +7% (January 2023) (2023 vs. 2022) Produced by MSCI ESG Research as of 07/2023 Continued engagement with industry- Developing & sharing of bes
Slide 9: H1 2023 Financial Results
H1 2023 Financial Results Philippe Wirth, CFO WITH PASSION FOR A SUSTAINABLE FUTURE
Slide 10: Western wind market shows signs of recovery
Western wind market shows signs of recovery Materials Kitting Man. Solutions Group (continued operations) +21.0% +10.4% +5.1% mCHF mCHF mCHF mCHF 200 200 200 300 250 160 160 160 200 120 120 120 150 80 80 80 100 40 40 40 50 0 0 0 0 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H1 H2 H1 H2 H1
Slide 11: Operating results benefit from an improved market environment
Operating results benefit from an improved market environment H1 H1 CHF million 2023 2022 Sales 244.6 234.8 Sales increase (excl. M&A) 8.6% at constant Growth 12.8% exchange rates Gross profit 41.8 30.9 Tooling product mix CHF +7.9m % of sales 17.1% 13.2% Raw material and freight costs CHF +4.
Slide 12: Adjusted operating profit more than doubled
Adjusted operating profit more than doubled mCHF Gurit H1 2023 Results | 16 / 08 / 2023 | 12
Slide 13: 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 30 21.7 25% 22.4% 22.4% 23.5% 20 21.1% 200 25 13.9 19.1% 20% 20 10 4.3 6.5 129.3 150 15% 110.5 104.8 117.2 107.2 13.8 0 15 100 11.2 11.8 10% 10 -10 6.7 5.5 5% 50 5 -20 -19.3 0% 0 0 -30 2019 2
Slide 14: Strengthened balance sheet
Strengthened balance sheet Jun Dec Jun CHF million 2023 2022 2022 Net Debt 78.0 84.0 104.2 Reduction in line with free cash flow Change -6.0 Equity Ratio 33.8% 31.0% 34.0% Improvements in profits offset by currency Change +2.8%-pts Gross Debt / EBITDA 2.8x 2.8x 3.3x Borrowings reduced by CHF 2
Slide 15: Outlook
Outlook Mitja Schulz CEO WITH PASSION FOR A SUSTAINABLE FUTURE
Slide 16: Wind Market Outlook 2023-2030
Wind Market Outlook 2023-2030 Short-term uncertainties remain with some AP (ex China) customers announcing negative impacts 1) Brinckmann: Global Wind Market Forecast H1 2023 AM related to quality issues. We anticipate further EMEA blade stock depletion since customers sit on On&Off-shore sizeable
Slide 17: Conclusion and Outlook
Conclusion and Outlook Conclusion H1 sales within expected levels, positive Wind product mix and strong M&I business Outlook Initiated measures to improve profitability FY 2023 Net Sales: and cash deliver expected results CHF 460–490 million (former outlook was CHF 450–510 million) Acquisiti
Slide 18: Organizational change Board of Directors
Organizational change Board of Directors Chairman Rudolf Hadorn stepping down for personal reasons Rudolf Hadorn served Gurit for almost 16 years Philippe Royer is a member of Gurit’s BoD as CEO and member of the BoD. since 2019. He was elected by the BoD as Chairman until the next Annual General Me
Slide 19: End of presentation
End of presentation Thank you for joining us today! Next dates Please use your dial-in credentials if 18 October 2023 you wish to join the Q&A session and Q3 net sales media release ask questions. 31 January 2024 Preliminary FY 2023 sales media release 4 March 2024 Contact: investor@gurit.com
Slide 20: Questions & Answers
Questions & Answers Gurit H1 2023 Results | 16 / 08 / 2023 | 20
Slide 21: Thank you for your attention
Thank you for your attention investor@gurit.com www.gurit.com Gurit H1 2023 Results | 16 / 08 / 2023 | 21