Gurit Holding AG (0QQR) Q4 2023 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning from my side as well. I welcome you to the presentation of our financial year 2023 results. I'm here in GURIT's corporate office in Zurich together with my colleague Philipp Wirth, our CFO. Philipp Royer, GURIT's chairman of the board, is also with us today. Let's start and have a look at today's agenda. I will start the presentation by providing you a business update, highlighting the key events and achievements of last year. Philip will provide details on the financials before I spend a bit more time explaining our view on the markets and our full year outlook. Following the presentation, we have scheduled the Q&A session. So let's continue with the highlights of last year. We ended the year with a revenue of 460 million Swiss, which represents an adjusted growth of 2.7%. We improved our adjusted operating profit margin to 4.5%, coming from 2.3% in 2022. Our diligent focus on networking capital drove our free cash flow to 27.2 million, which is another significant improvement compared to the year before. Consequently, we were able to substantially reduce our net debt to below 60 million, significantly deleveraging our balance sheet. I want to thank the more than 2,500 Gurit employees worldwide for their daily efforts, their strong commitments towards our company, and their desire to support our customers globally. Let's have a closer look at last year's business activities. Wind customers have been cautiously investing again and winning new orders for future projects, both onshore and offshore. Western OEMs have taken actions to improve their financial performance with several returning to profitability during the year. We saw a slight recovery in the Western world and higher activities in China. The Chinese market established overcapacities for wind t...