Net sales

Gurit 2021 net sales impacted by wind blade reduction and balsa demand

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As of January 31, Gurit Holdings S.A. (Zurich, Switzerland) reported preliminary, unaudited net revenue of 467.9 million francs (approximately $507.9 million) for the full year 2021. This is a decrease of -19.8% at constant exchange rates or -18.9% in reported francs compared to the previous year. The company’s board of directors proposes to the annual general meeting a stock split and the introduction of a single-share structure, in order to further strengthen the company’s corporate governance and ESG performance.

Overall, Gurit saw its 2021 net sales impacted by an overall reduced demand for wind turbine blades and lower demand and price for balsa, compared to very strong demand the previous year. . Comparatively, the Marine and Industrial markets recorded double-digit growth rates in the second half compared to 2020.

Composite materials reports net sales of CHF 221.8 million (approximately US$240.8 million) for 2021. This is a decrease of -21.1% at constant exchange rates compared to 2020. This decrease is due lower wind demand and overall lower balsa volumes and prices. The marine and industrial markets posted solid performances and recorded double-digit growth rates.

Kitting recorded net sales of CHF 185.5 million (approx. kitting were also negatively affected by the slowdown in blade manufacturing and lower material prices.

The business unit Manufacturing solutions (tooling) achieved net sales of CHF 73.2 million (approximately US$79.4 million), representing a decrease of -28.3% at constant exchange rates compared to 2020. The second half 2021 has seen a weaker tooling market in general and particularly in China.

Aerospace recorded net sales of CHF 30.1 million (approximately US$32.7 million) for 2021. This represents a decrease of -5.3% at constant exchange rates compared to 2020. trends sales continue to move in a positive direction as global aircraft manufacturers increase their build rates.

Net turnover in millions of CHF
(unaudited)

Full year

Sales per quarter

2021

2020

Change in reported CHF

Change at constant rates 2020

Q1 2021

Q2 2021

Q3 2021

Q4 2021

Composite materials

221.8

276.2

-19.7%

-21.1%

59.8

58.4

51.1

52.6

Kitting

185.5

225.6

-17.8%

-17.8%

43.0

52.2

42.8

47.5

Manufacturing solutions (tooling)

73.2

98.7

-25.8%

-28.3%

30.6

24.7

8.6

9.2

Aerospace

30.1

31.6

-4.6%

-5.3%

6.6

7.6

7.8

8.1

Elimination

-42.7

-55.3

-12.3

-12.0

-8.0

-10.4

Total continuing operations

467.9

576.7

-18.9%

-19.8%

127.7

130.9

102.3

107.0

Composite components (discontinued operations)

0.0

2.1

-100.0%

-100.0%

0.0

0.0

0.0

0.0

Total group

467.9

578.8

-19.2%

-20.1%

127.7

130.9

102.3

107.0

The Board of Directors proposes the adoption of the “One share, one vote” principle by introducing a single registered share structure. The proposed new shareholding structure would further strengthen Gurit’s corporate governance and provide equal voting rights to all shareholders.

The current significant registered shareholders have indicated their agreement to waive their voting privileges in favor of a new single share structure, without compensation. The voting rights of current registered shareholders would together fall from 36.4% to 10.3% after the introduction of the single registered share.

Gurit’s listed bearer shares have also seen a significant price increase over the past few years. In order to facilitate trading for private investors, the board of directors will propose a 1:10 share split at the annual general meeting scheduled for April 20, 2022. This concerns 420,000 Gurit bearer shares with a nominal value of CHF 50.00 each (Swiss security no. 801223, ISIN CH0008012236, symbol GUR) listed on the SIX Swiss Exchange. At the same time, the Board will propose a 1:2 split of the currently unlisted registered shares of Gurit Holding AG. Subject to the approval of these proposals by the General Meeting, the stock splits would become effective in early May 2022.