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Gurit full year results presentation 2011

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Gurit Investor Presentation Analyst and Media Conference FY 2011 results …

Gurit Investor Presentation Analyst and Media Conference FY 2011 results
Rudolf Hadorn, CEO
Markus Knuesli Amacker, CFO
March 16, 2012

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 basis of assumptions and expectations which may prove to be erroneous, although Gurit Holding AG believes them to be reasonable at this time.

Key Messages FY 2011

Strategy deployment: Completed core material offering range with Balsa acquisition and set-up Engineered Structures business unit for
future growth in large, light weight composite structures beyond current target markets

Sales Growth: Achieved strong sales momentum of CHFm 344.7 in a challenging market environment in 2011; +23.1% growth FX adjusted,
+10.6% in reported CHF

Profitability: Maintained 8% operational EBIT margin; scored 9% Group EBIT margin

Investment in future: Maintained high investment pace with combined Capex and acquisitions of CHFm 28.0

Net Debt: CHFm 32.6, affected by funding for growth, less favorable sales terms with clients (Wind Energy) and investment in future

Balance sheet: Remains very solid with 53% equity ratio

Leadership: Business units Tooling and Marine with new General Managers appointed in 2011, Engineered Structures staffed

Outlook 2012: Optimistic view, despite uncertainties around Wind Energy recovery in China and RES timing and amounts in the US

Dividend: Gurit Board of Directors proposes to distribute CHF 15 per bearer share (out of reserves from capital contributions); Dividend yield
3.7%

Published in: Investor Relations

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  • 1. Gurit Investor PresentationAnalyst and Media ConferenceFY 2011 results Rudolf Hadorn, CEO Markus Knuesli Amacker, CFO March 16, 2012Wind Energy Tooling Transportation Marine
  • 2. 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 basis of assumptions and expectations which may prove to be erroneous, although Gurit Holding AG believes them to be reasonable at this time.Slide 2 Corporate
  • 3. Key Messages FY 2011 Strategy deployment: Completed core material offering range with Balsa acquisition and set-up Engineered Structures business unit for future growth in large, light weight composite structures beyond current target markets Sales Growth: Achieved strong sales momentum of CHFm 344.7 in a challenging market environment in 2011; +23.1% growth FX adjusted, +10.6% in reported CHF Profitability: Maintained 8% operational EBIT margin; scored 9% Group EBIT margin Investment in future: Maintained high investment pace with combined Capex and acquisitions of CHFm 28.0Slide 3 Corporate
  • 4. Key Messages FY 2011 Net Debt: CHFm 32.6, affected by funding for growth, less favorable sales terms with clients (Wind Energy) and investment in future Balance sheet: Remains very solid with 53% equity ratio Leadership: Business units Tooling and Marine with new General Managers appointed in 2011, Engineered Structures staffed Outlook 2012: Optimistic view, despite uncertainties around Wind Energy recovery in China and RES timing and amounts in the US Dividend: Gurit Board of Directors proposes to distribute CHF 15 per bearer share (out of reserves from capital contributions); Dividend yield 3.7%Slide 4 Corporate
  • 5. FY 2011 – Overview Group - net sales at CHFm 344.7; +23.1% FX adjusted; +10.6% in CHF Wind Energy - net sales CHFm 196.7; +39.7% FX adjusted; +24.1 % in CHF Tooling - net sales of CHFm 43.2; +11.9% FX adjusted; -0.4% in CHF Net sales Transportation - net sales of CHFm 51.9; +0.9% FX adjusted; -5.7% in CHF Marine - net sales of CHFm 52.1;+8.1% FX adjusted;-2.8% in CHF Operational EBIT of CHFm 27.6, up CHFm 2.8 compared with FY 2010; Operational EBIT margin at 8%, EBIT margin at 9%, Earnings EBITDA margin at 13.0% Net Result of CHFm 22.3 Solid equity ratio at 53% of balance sheet Fixed cost absorption benefit through growth, especially in prepregs Cost Flexible operations model maintained to master high demand changes management Material sourcing terms and dual sourcing shares improved during 2011 Material utilization variances now globally well under control CAPEX: CHFm 10.1; 2.9% of net sales R&D: CHFm 5.3; 1.5% of net sales Investments Balsa business acquisition 2011 payment of CHFm 13.7 and earn-out of Tooling of CHFm 4.2, mainly financed by additional borrowingSlide 5 Corporate
  • 6. Business Strategy – Being a Global Leader Being global: Adding focus on India and South American markets Leading position in top global customers in each target market Strong value add through full offering deployment Getting global Component opportunities Focus on Asia: 50% staff / 30% sales Built full line of core material, B3SmartPac, tooling Rapid growth of customer base Mainly European Rising value add through Prepreg, corecell foam, core material and tooling strategy formulated Few and dominant clients Low gross margin «Converter model» 2007 2010 2013Slide 6 Corporate
  • 7. Review by Business Unit Wind Energy Tooling Transportation Marine
  • 8. Wind EnergySlide 8 Wind Energy
  • 9. Wind Energy – Business Overview Leading global supplier of advanced composite materials for the wind power energy industry in Europe, the Americas and Asia Markets, Major customers – wind turbine blade manufacturers Customers Unique Selling Proposition Structural design know how Chemistry expertise and material processing Prototyping capabilities for all relevant blade material categories The trend towards renewable energy generation Market drivers, Offering Structural change in wind power industry enhancements Offering range of structural core materials completed in 2011 Addressable market 2011 ca. CHFm 600; Gurit market share ca. 33% Market Globally positioned, strength in Europe and Asia position Amongst the top 3 global core material producers Leading position in glass prepreg, leader in carbon prepreg since 2011Slide 9 Wind Energy
  • 10. Wind Energy – Strategy and Achievements Cumulative installed MW* * Gurit estimate is more Strategy 500 conservative Building and developing a global structural core material presence 400 Benefit from the leading position 300 America in carbon and glass prepreg Asia /Pacific 200 Europe Achievements 2011 100 Acquisition of the Balsa core business: Completed the core material offering 0 Source: BTM Consult, 2010 2010 2014 Created a further solid platform for Number of Gurit Customers in 2010 organic growth in future 90 80 New carbon fibre products 70 Carbon fibre prepreg sales growing for 60 light weight blade applications 50 America Asia / Pacific 40 Further market penetration success in Europe 30 China and India 20 Prepreg equipment upgrades for higher 10 speed and better quality of product 0 2007 2008 2009 2010 2011 Source: Company DataSlide 10 Wind Energy
  • 11. Wind Energy – Results and Outlook Market environment 2011 Late in 2011, Chinese Wind Energy market turned from growth to contraction, high competition and consolidation of WT bladers European Wind Energy business still moderate American market overall moderate, strong for Gurit Results FY 2011 Net sales of CHFm 196.7 Up 24.1% vs. 2010; FX adj. +39.7% Excluding the effect of the Balsa acquisition: CHFm Wind Energy: Net Sales Up 17.2% vs 2010; FX adj. +31.9% 70 60 EBIT margin below Group average 50 Outlook 2012 40 Fair volume, price competitive markets in Europe 30 US market strong for Gurit for most of 2012, 20 2013 momentum unclear pending the PTC 10 Production Tax Credits decisions 0 Q1 Q2 Q3 Q4 Q1 Q2* Q3* Q4* China market recovery from low volume, low prices 2010 2010 2010 2010 2011 2011 2011 2011 expected in late 2012/13 *incl. Acquisition BalseuropSlide 11 Wind Energy
  • 12. ToolingSlide 12 Tooling
  • 13. Tooling – Business Overview Global leader as largest fully integrated, highly specialized, independent quality mould manufacturer Markets, Tooling for wind energy blade manufacturers Customers Addressed markets – global wind energy market customers Importance of Asia as a wind turbine blade manufacturing region Market drivers, Globally fast growing client base for fast, affordable and quality mould Offering making capability of Gurit Tooling in Americas, Europe and Africa enhancements Demand for longer blade moulds for on- and off-shore markets Emerging wind energy markets in India and South America (Brazil) Addressable market size of ca. CHFm 90 globally in 2011 Market Global #1 market position with market share of between 45 and 50% position Leading market position in China and strongly growing in India Started well in Europe, the Americas and AfricaSlide 13 Tooling
  • 14. Tooling – Strategy and Achievements Strategy Maintain leader position in Asia for wind CHFm Industry growth potential 200 turbine blade moulds Complete the out-of-China export business of wind turbine blade moulds to markets not yet 150 fully covered in Europe and the Americas Widen the scope of tooling beyond Wind 100 Energy composite mould needs Total 50 Achievements 2011 Most sales 2011 realized with export contracts 0 Built up an international project mgt. skill base 2010 2014 Source: Gurit / Market research estimates to support many new blade types and clients Built up a service organization for the installed mould base in India and Europe Completed installation of major new campus in Taicang, China New General Manager, Bing ChenSlide 14 Tooling
  • 15. Tooling – Results and Outlook Market environment 2011 CHFm Tooling: Net Sales Recovery of the Chinese market for turbine 50 45 rotor blade moulds 40 Export of moulds to India, the USA, South- 35 Pre-acquisition period 30 Africa and Europe continues to develop very 25 dynamically 20 15 10 Results FY 2011 5 0 Net sales of CHFm 43.2 2007 2008 2009 2010 2011 Stable vs 2010 in CHF; FX adj. +11.9% CHFm Tooling: Net Sales 18 EBIT margin above Group average 16 14 12 Outlook 10 8 China blade design changes, mould demand is 6 4 very low in 2012 2 0 Rapidly growing export demand for moulds Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 made in China will cover most of the sales 2010 2010 2010 2010 2011 2011 2011 2011 Expecting a slower start but accelerating demand from known projects during 2012Slide 15 Tooling
  • 16. TransportationSlide 16 Transportation
  • 17. Transportation – Business Overview Aerospace/Rail Prepreg material for aircraft interiors, secondary structures, lightweight rail Markets, panels Global customers throughout the supply chain of commercial aircraft Customers Addressable market 2011: ca. CHFm 185 Automotive Tier 1 composite body panels supplier to leading OEM’s of high-end vehicles Addressable market 2011: ca. CHFm 20 Safety and comfort in mobility combined with lower weight and higher fuel Market drivers, efficiency Offering Widening market and shorter innovation cycles in aerospace Automotive – Conversion form traditional materials enhancements Rail – Increasing interest in urban transit, especially in China Aerospace Leader in Airbus interiors and secondary structures ; market share in 2011 of ca. 24% Market Interior supplier with global presence Automotive position Presently four customers, seeing ongoing industry interest Prime supplier to Aston Martin Market share in premium panel segment of ca. 34%Slide 17 Transportation
  • 18. Transportation – Strategy and Achievements Strategy Expanding the leading position in aircraft interiors and certain structural applications Industry Growth Potential - Accessible Markets CHFm Grow the client and business base for 350 premium car body panels 300 Auto Develop an offering for automated panel 250 200 Aero/Rail pressing of high temperature, class A surface 150 parts for bigger volume car series 100 50 Leveraging and expanding competencies into 0 Rail markets 2010 2014 Source: Gurit / Market research estimates Achievements 2011 Aerospace business Intensified cooperation with Airbus Tier 1 partners for flooring/interiors Automotive business Won (1) and renewed (1) contract Innovation efforts on panel manufacturing automation startedSlide 18 Transportation
  • 19. Transportation – Results and Outlook Market environment 2011 Underlying aerospace market grows at a high single-digit rate Growing sales development in the automotive business Results FY 2011 Net sales of CHFm 51.9 Down 5.7% vs 2010; FX adj. +0.9%. Transportation: Net Sales EBIT margin above Group average 16 Outlook 12 CHFm Finalize follow-up contracts Aerospace 8 supplies 2012 – 2014 Continue to build Automotive and gain further 4 orders 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2010 2010 2010 2010 2011 2011 2011 2011Slide 19 Transportation
  • 20. MarineSlide 20 Marine
  • 21. Marine – Business Overview Marine business – Gurit’s product and service brand SP-High Modulus Working alongside the world’s leading boat designers and builders Markets, Offering an integrated solution of structural design, materials science Customers manufacturing technology and process engineering Global Marine market – superyachts, race boats, production craft, commercial and military boats Americas and Europe market growth favorable, APAC hit by high FX Market drivers, Second hand boat markets cleared, demand for new boats setting in Offering Full line offering range as a “one stop shop” gets more traction enhancements SP-High Modulus complementary presence and competencies B3SmartPac to address series builds market, adding momentum in USA Premier supplier of epoxy based technology and core materials Addressable market in 2011: ca. CHFm 222 (in 2008: ca. CHFm 400) Market Market share 2011 ca. 25% with the following positions by segment: position #1 for Marine Structural Engineering #2 for Prepreg #3 for Core materialsSlide 21 Marine
  • 22. Marine – Strategy and Achievements Strategy Global reach and leverage globally Industry growth potential CHFm leading structural engineering position 150 Expand into new geographic markets and boat segments Focus on growth areas: Mediterranean, 100 Asia / Pacific Middle East and Far East North America Address new boat categories: commercial, Europe military and production vessels 50 Penetrate production boat market with B3 SmartPac 0 2010 2014 Achievements 2011 Established US presence in Bristol, Rhode Source: Gurit / Market research estimates Island, restructured Australia presence Introduced Balsa, PET and PVC to customers Wins with carbon prepreg clients for mast applications Global roll out of B3 SmartPac ongoing New General Manager, Giorgio VismaraSlide 22 Marine
  • 23. Marine – Results and Outlook Market environment 2011 Marine business recovers gradually European and American markets developed quite well Rising activities in China and South East Asia Australia and New Zealand suffered from strong Australian dollar Results FY 2011 Net sales of CHFm 52.1 Down 2.8% vs 2010; FX adj. +8.1% EBIT margin below Group average Outlook Increased organic growth levels Sales starting to grow in race and superyachts B3 SmartPacs development in production boats *incl. Acquisition High ModulusSlide 23 Marine
  • 24. Engineered Structures With permission of SL RaschSlide 24 Marine
  • 25. Engineered Structures – System Solutions in advance compositesSlide 25 Corporate
  • 26. Financial Results 2011 Wind Energy Tooling Transportation Marine
  • 27. Net Sales Analysis by Markets Net sales in CHFm 344.7 311.6 Strong increase in Wind Energy sales driven by 155.2 163.1 181.6 carbon fiber prepreg and 156.4 Balsa. Another year of growth in Tooling sales after weak H1 2011, thanks to fast development of export Net Sales 2011 2010 @ 2011 2010 ∆ 2011 vs sales. in CHFm FX rates 2010 FX adj. Wind Energy 196.7 140.8 158.5 39.7% Slow but steady recovery Tooling 43.2 38.6 43.4 11.9% in Marine. Transportation 51.9 51.4 55.0 0.9% Marine 52.1 48.2 53.6 8.1% Growth excluding Others 0.8 1.0 1.1 (15.4)% Balseurop acquisition of 19.2% at constant Group 344.7 280.0 311.6 23.1% translation rates.Slide 27 Corporate
  • 28. EBIT and Operational EBIT development Strong operating EBIT margin of 9.9% during H2 2011, thanks to good loading and cost control. CHFm 2.8 or (11.3%) inrease in operational EBIT for FY 2011 vs FY 2010, despite the negative translation impact due to the strong CHF. The increased Net working capital needs have been financed by the addtional operating EBIT, resulting in a stable RONA yoy.Slide 28 Corporate
  • 29. Operational EBIT* Bridge FY 2010 to FY 2011 60 in MCHF 50 2.6 2.9 9.9 4.1 40 3.0 3.8 15.7 3.0 30 2.8 8.0% 8.0% 20 27.6 24.8 10 0 * Defined as Operating profit excluding other operating income and non-recurring expenses and excluding impairmentSlide 29 Corporate
  • 30. Exchange result and Tax Exchange result (CHFm) 0.5 0.4 -0.5 -0.1 -1.2 Improved balance sheet hedging reducing the exchange -1.7 result in a versatile H1 2010 H2 2010 H1 2011 H2 2011 FY 2010 FY 2011 environment. Increased tax rate during H2 2011 mainly due to unfavourable country mix. Tax rate (% of PBT) 25.0% 22.5% Full year 2011 tax rate of 22.5% 19.6% 18.9% comparable to 21.3% posted in 15.8% 2010 when excluding the 7.8% significant one off effects H1 2010 H2 2010 H1 2011 H2 2011 FY 2010 FY 2011 incurred in H2 2010.Slide 30 Corporate
  • 31. Net Result FY 2011 FY 2011 FY 2010 CHFm % NS CHFm % NS Net sales 344.7 100% 311.6 100% Operational EBIT 27.6 8.0% 24.8 8.0% Exceptional items 3.4 1.0% 7.9 2.5% EBIT 31.0 9.0% 32.7 10.5% EBITDA 44.8 13.0% 46.1 14.8% Interest income and expenses (2.4) (0.7)% (1.2) (0.4)% Exchange result and Other financial 0.2 0.1% (1.9) (0.6)% income and expenses Taxes (6.5) (1.9)% (4.7) (1.5)% Net result 22.3 6.5% 24.9 8.0% Earnings per bearer share (in CHF) 47.83 53.45Slide 31 Corporate
  • 32. Cash Flow FY 2011 FY 2010 CHFm CHFmEBIT 31.0 32.7Depreciation, amortization, impairment 13.8 13.4Change in working capital (35.1) (24.4) (12.2) (5.4)Other cash flow from operating activities (2.5) 16.3Net cash flows from operating activityPurchase of PPE and intangibles, net (5.9) (20.9)Acquisition of subsidiaries (17.9) 0.0Change in borrowings 14.4 5.1 (7.0) (7.0)Dividend distribution 0.0 (0.4)Other investing and financing activitiesCHANGE IN CASH AND CASH EQUIVALENTS (18.9) (6.9)Slide 32 Corporate
  • 33. Balance Sheet 31 December 2011 31 December 2010 Trade NWC increased fromCONSOLIDATED ASSETS CHFm % CHFm % CHFm 64.7Cash and cash equivalents 19.9 7% 40.1 17% (21% of Net sales)Trade receivables 81.5 30% 46.9 19% to CHFm 106.0 (31 % of Net sales).Inventories 49.1 18% 36.2 15%Other current assets 16.0 5% 11.5 5% Addtional borrowingDeferred income tax assets 2.2 1% 2.5 1% of CHFm 22 resulting mainlyProperty, plant and equipment 97.1 36% 97.1 40% from BalseuropIntangible and other non current assets 7.1 3% 6.4 3% acquisition.TOTAL ASSETS 272.9 100% 240.7 100% Equity burdend byCONS. LIABILITIES AND EQUITY CHFm % CHFm % CHFm 19.3Borrowings 52.5 19% 30.5 13% Balseurop GoodwillTrade payables 24.2 9% 18.4 8% but benefitting from CHFm 9.4Other current liabilities 23.6 9% 31.0 13% acquistion priceDeferred income tax liabilities 12.9 5% 12.6 5% adjustments.Other non-current liabilities 13.8 5% 10.4 4%Equity 145.9 53% 137.8 57%TOTAL LIABILITIES AND EQUITY 272.9 100% 240.7 100%Slide 33 Corporate
  • 34. Outlook and Guidance Wind Energy Tooling Transportation Marine
  • 35. Outlook and Guidance Guidance 2012 Sales: Further organic growth potential in all target markets. Due to market volatility no numeric target can be provided for Gurit in 2012 Operational EBIT margin: 8-10% Mid-term Sales: Double-digit growth rate expected Operational EBIT margin: 8-10%Slide 35 Corporate
  • 36. Agenda Communication schedule 2012 Annual General Meeting of Shareholders April 23, 2012 Half-year results 2012 August 30, 2012 Sales Q3 2012 October 26, 2012Slide 36 Corporate
  • 37. Your questions, please Wind Energy Tooling Transportation Marine