Gurit Full-Year 2012 Results
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Gurit Full-Year 2012 Results

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Gurit Full-Year 2012 Results Gurit Full-Year 2012 Results Presentation Transcript

  • Gurit Full-Year 2012 ResultsZürich/Switzerland March 12, 2013
  • 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
  • Key result messages FY 2012  Strong sales growth Q1-3, poor Q4: Good 1.8% FY sales growth to CHF 351.0 million despite volatile and tough Q4 Wind sales  Solid profitability: Excluding one-offs, operating profit margin close to 8-10% guidance corridor with 7.7%; including one-off items, operating profit margin of 3.6%  Flexible operations and impairments: Swift capacity adjustment to low demand levels in Q4, mothballing and impairment of Canadian and Chinese prepreg operations  Strong Net Cash Flow from operating activities: up to CHF 48.3 million after CHF -2.5 million in 2011Slide 3 Corporate
  • Summary FY 2012 Group Net sales CHF 351.0 million; +1.8% Wind Energy Net sales CHF 204.6 million; +4.0% Tooling Net sales CHF 24.9 million; -42.3% Net sales Transportation Net sales CHF 60.1 million; +16.0% Industrial & Marine Net sales CHF 57.6 million; +15.7% Eng. Structures Net sales CHF 3.8 million; +19.5% Operating profit (Swiss GAAP) CHF 12.7 million; down 54.8% vs. FY 2011 Earnings Operating profit (Swiss GAAP) margin at 3.6%; excluding one-offs at solid 7.7% Profit for the period of CHF 13.7 million after CHF 22.3 million a year ago Generally good operations performance in factories Cost and Prepreg production in Canada and China mothballed in Q4 Expenses One-off charges (mainly impairment costs) of CHF 14.2 million Material sourcing savings outweighed sales price decline by CHF 2.1 million Capex contained (PPE, Intangibles): Only CHF 6.0 million or 1.7% of net sales Cash flow and Operating Cash flow CHF 48.3 million; after cash drain of CHF 2.5 million a year ago Balance Sheet Equity ratio up to 70.5%Slide 4 Corporate
  • Net Sales Analysis by Markets FY 2012 Net sales in CHF million  Increase in Wind Energy sales Wind Energy Tooling Transportation Ind.&Marine 181.6 195.6 in Q1-Q3 2012 driven by 156.4 155.2 163.1 155.4 carbon fiber prepreg demand in the Americas; Tooling suffering from sluggish Chinese market and generally low CapEx levels, especially in India; Growth in all other target markets 1HY 2010 2HY 2010 1HY 2011 2HY 2011 1HY 2012 2HY 2012  Volatile sales contributions from Wind Energy and Tooling  Growing sales in Marine and Net sales with top 3 and top 5 customers Industrial sales 55-71% 30-50% 51-59% 18-25%  Stable Aerospace sales, 25-35% dynamic growth in Automotive Wind Energy Tooling Aero/Rail Ind. & Marine Eng. Structures  More broadly based customer baseSlide 5 Corporate
  • Key business messages FY 2012  Gurit Vision: Delivering the future of composite solutions  One Gurit Brand: Realigned various brand to mono brand  New Group organization: Better suited to address new target markets for additional growth with major program started in 2012  Strong R&D, contained CAPEX: 13 new products launched in 2012; CAPEX for automotive plant and glued balsa block factorySlide 6 Corporate
  • Lean Management StructureSlide 7 Corporate
  • Wind EnergySlide 8 Wind Energy
  • Wind Energy – Strategy and Achievements * Gurit estimate more Strategy conservative  Core: move from #2-3 position up to #1-2 position with 30-40% market share  Maintain and expand leading position in carbon prepregs with shares >50%  Better utilize prepreg factories again  Develop further cost-efficient, enabling technologies to help reduce cost/KWH  Leverage expertise in structural design Source: and processing 2011 2015 BTM Consult, 2011 90 Number of Gurit Customers Achievements 2012 80  Leader in carbon fibre prepregs 70  SparPregTM, VelinoxTM and AirstreamTM 60 America 50 technology for cost-efficient, low-void, 40 Asia / Pacific Europe thick laminates at ambient temperatures 30  Balsa with additional channel in China; 20 10 new glued block factory in Ecuador 0  Bridge-head in Brazil established 2007 2008 2009 2010 2011 2012Slide 9 Wind Energy
  • Wind Energy – Results and Outlook Market environment 2012 CHFm Wind Energy: Net Sales  USA – strong till Q3; benefitting from PTC 300 subsidies and new carbon prepreg products 250  Asia – China with low demand and eroding 200 prices, India weak and key customers with 150 financial distress 100  Europe – stable in weak market, uninterrupted 50 0 customer demand 2007 2008 2009 2010 2011 2012 Results 2012 CHFm Wind Energy: Net Sales  Net sales of CHF 204.6 million 70 60  Up +4.0% vs. FY 2011; FX adj. +0.2% 50  Operating profit margin closer to Group 40 average 30 20 Outlook 2013 10  Gradual recovery expected during 2013 from 0 Q1 Q2 Q3 Q4 Q1 Q2* Q3* Q4* Q1* Q2* Q3* Q4* very low Q4, 2012 levels 2010 2011 2012Slide 10 Wind Energy
  • ToolingSlide 11 Tooling
  • Tooling – Strategy and Achievements Strategy  Asia: Leader in affordable, quickly available quality moulds for wind turbine blades  Internationally: High quality, custom tailored, affordable, quick and higher-volume mould making partner of choice  Penetrate European and American markets  Widen scope of tooling beyond Wind Energy  Marine: Plugs, moulds for spars and hulls  Ocean Energy  Transportation racks and fixtures Achievements FY 2012  Successful export business Source: Gurit / Market research estimates  Focus on after sales customer service in China  ISO 9001:2008 audit; CE certification  Co-operation with Hawart, Germany started  ILATECH mould coating developed,  Moulds in sections – progress madeSlide 12 Tooling
  • Tooling – Results and Outlook Market environment FY 2012 CHFm Tooling: Net Sales  Cyclical market fully hit 50  China: almost stand-still in Q1, Q3, Q4 – approx. 40 10 moulds in total China market Pre-acquisition  Global: No demand in India, good demand in 30 Europe and Americas 20 10 Results FY 2012 0  Net sales of CHF 24.9 million 2008 2009 2010 2011 2012  Down -42.3% in CHF; FX adj. -46.7% CHFm Tooling: Net Sales  Operating profit margin slightly above Group 18 average 16 14 12 Outlook 2013 10  Growing demand expected during 2013, staring 8 6 low for Wind Energy moulds 4  Business beyond Wind Energy Tooling (transport 2 0 racks and hinges, marine moulds and other new Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2010 2011 2012 business) to contribute moreSlide 13 Tooling
  • TransportationSlide 14 Transportation
  • Transportation – Strategy, Achievements Strategy Aerospace  Maintain leading position in aircraft interiors and certain structural applications at Airbus  Develop position in Boeing and others  Focus on next-generation, cost-out materials  Leverage competencies into Rail markets Strategy Automotive  Grow client/project base for car body panels  High-temp press process for bigger volumes Achievements 2012  New cost-out aerospace materials  Contract renewals for all Airbus models  Dynamically growing Automotive business  High-temp press technology for car parts  Capacity increase at Automotive plantSlide 15 Transportation
  • Transportation – Results and Outlook Market environment 2012 CHFm Transportation: Net Sales 80  Aerospace market with steady, single- digit growth, cost pressure 60  Rapidly growing sales in the automotive 40 business and new customer wins 20 0 Results 2012 2007 2008 2009 2010 2011 2012  Net sales of CHF 60.1 million CHFm Transportation: Net Sales  Up +16.0% vs. 2011; FX adj. +16.6%. 18 16  Operating profit margin above Group 14 average 12 10 Outlook FY 2013 8 6  Gradual growth in Aerospace 4  Dynamic growth in Automotive with new 2 contracts and based on new press 0 technology Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2010 2011 2012Slide 16 Transportation
  • Industrial and MarineSlide 17 Marine
  • Marine – Strategy and Achievements Strategy Marine  Penetrate all geographies and segments CHFm Marine Growth Potential 150  Mediterranean, Middle East and Far East  All boats including commercial, military and production vessels  B3 SmartPac 100 Asia / Pacific  Strategy Industrial North America  Use distribution model and full material offering 50 Europe for select new industrial applications (e.g. lightweight construction) 0 Achievements 2012 2010 2014  Introduced Balsa, PET and PVC to customers Source: Gurit / Market research estimates  Carbon prepreg clients for spar applications  Global roll out of B3 SmartPac ongoing  Increasing non-marine sales  Global brand-change to GuritSlide 18 Marine
  • Marine – Results and Outlook CHFm Industrial and Marine: Net Sales Market environment 2012 90 80  Marine business recovering gradually with more 70 momentum in super yacht and race boats, 60 regionally in Europe and UAE 50  Increasing sales to non-marine customers 40  Australia and New Zealand suffering from strong 30 20 currency impacts – but good industrial sales leads 10 0 Results 2012 2007 2008 2009 2010 2011* 2012* *: Excluding engineering sales  Net sales of CHF 57.6 million CHFm Industrial and Marine: Net Sales  Up +15.7% vs. 2011; FX adj. +9.5% 20  Operating profit margin below Group average 15 Outlook 2013 10  Increased growth by industrial material sales 5  Renewed activity in race and super yachts 0  B3 SmartPacs inroads into production boats Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2010 2011 2012Slide 19 Marine
  • Engineered StructuresSlide 20 Corporate
  • Engin. Structures – Strategy, Achievements Strategy  Establish Gurit early in new applications in existing and newly emerging or converting industries  Leverage leading composites engineering, prototyping, tooling and manufacturing capabilities  Assess new industry trends and approach key players in concise manner  Address new markets outside traditional Gurit target markets Achievements 2012  Sales increase  Patented modular bridges  Ocean Energy parts delivered  Prototype series of rear sections for London’s new double decker commuter buses followed by large series orders  Landmark projects (Foryd harbour, Rhyl harbor bridge, Saudi projects)Slide 21 Corporate
  • Engin. Structures – Results and Outlook Market environment 2012 CHFm Engineered Structures: Net Sales 2  Hardly any existing market data  Engineering for marine, construction and new special projects  Promote Gurit as expert of complex, big, 1 lightweight structures Results 2012 0  Net sales of CHF 3.8 million Q1 2012 Q2 2012 Q3 2012 Q4 2012  Up +19.5% vs. 2011; FX adj. +13.3%  Majority is engineering revenue  Operating profit margin below Group average Outlook 2013  Gradually growing businessSlide 22 Corporate
  • Technology, Research & DevelopmentSlide 23 Corporate
  • High innovation pace (1) Key new Products Customer benefits  SparPreg AirstreamTM Low void content, no air conditioned factory needed  RENUVOTM Wet Laminating Fast UV curing & mono-component – no mixing, clean application  Prepreg Process Coat Semi-translucent (to allow bond-line inspection) and easy to sand without compromising paint adhesion  Infusion Process Coat Clear, tough in-mould process coat ideal for infused components and de- moulded laminate inspection  VelinoxTM 100 Snap curing, low exotherm, long shelf-lifeSlide 24 Corporate
  • High innovation pace (2) Key new Products Customer benefits  GPET FR Lowest density fire retardant foam on the market  GPET LITE Low panel resin uptake – saving resin & cost without compromising laminate adhesion  RENUVOTM FS Finishing system for surface repairs with up to 5 minutes working time in direct sunlight  CBS200 High temperature SPRINT material, apt for high temperature OEM paint process, ideal for rapid press moulded automotive components with Class A surface finishSlide 25 Corporate
  • Financial Results 2012
  • Net Sales Analysis by Markets Stable Wind Energy sales, growth in sales of Automotive parts and materials to new markets Net sales in CHFm 344.7 351.0  Stable Wind Energy sales Industrial and Marine Transportation y-o-y, despite week demand in Q4 Tooling Wind Energy 195.6 163.1 181.6 155.4  Tooling sales heavily impacted by low investment activity in the Wind energy market H1 2011 H2 2011 H1 2012 H2 2012 FY 2011 FY 2012  76.4% increase in Automotive part sales boosting sales in Net sales by markets 2012 2011 @ 2012 2011 ∆ 2012 vs in CHFm ytd. 2011 Transportation FX rates @ 2012 rates  Sales to new industrial Wind Energy 204.6 204.2 196.7 0.2% Tooling 24.9 46.8 43.2 -46.7% markets driving the Transportation 60.1 51.6 51.9 16.6% progress in Industrial and Industrial and Marine 57.6 52.6 49.8 9.5% Marine sales Engineered Structures 3.8 3.4 3.2 13.3% Total Net Sales 351.0 358.5 344.7 -2.1%Slide 27 Corporate
  • Operational EBIT and operating profit development Financial year operational EBIT of CHF 26.9 million in line with previous year Operating profit (CHFm) 27.6 26.9 Operational EBIT (CHFm) 28.1 17.9 19.6  Stable financial year operational 17.2 17.9 9.7 7.3 EBIT of CHF 26.9 million, 12.7 representing 7.7% of Net sales 10.2 (2011: CHF 27.6 million or 8.0% -4.5 of Net sales) H1 2011 H2 2011 H1 2012 H2 2012 FY 2011 FY 2012  Volatility of operational EBIT during the year driven by the high RONA (incl. Goodwill) Operating profit (% Net sales) volatility in the Wind market 9.9% 8.8% 8.2%  Operating profit and Rona 9.7% 6.2% suffering from CHF 14.2 million of 9.0% 7.6% 3.6% impairments, restructuring costs 6.1% and other one off charges 3.6% -4.6% -2.9% H1 2011 H2 2011 H1 2012 H2 2012 FY 2011 FY 2012Slide 28 Corporate
  • Operating profit Bridge FY 2011 to FY 2012 Price concessions and unfavorable mix offset by productivity gains and material cost savings 40 in CHFm 3.7 4.4 35 6.5 4.2 30 8.2% 8.0% 1.3 0.5 1.0 7.7% 25 20 14.2 15 28.1 27.6 26.9 3.6% 10 12.7 5 0 Operating One-off Operational Material Productivity Sales prices BU mix Bad debts Others Operational One-off Operating profit 2011 items 2011 EBIT 2011 cost savings and loading EBIT 2012 items 2012 profit 2012Slide 29 Corporate
  • Exchange result and Tax 2012 Tax charge heavily impacted by one offs and un-taxed loss carry forwards Exchange result (CHFm)  USD and RMB exposure generating some volatility in the exchange result, 0.9 however limited by a continuous 0.5 0.4 balance sheet hedging -0.1 -0.7  Non tax effective restructuring and impairment charges impacted the -1.6 average tax charge negatively by H1 2011 H2 2011 H1 2012 H2 2012 FY 2011 FY 2012 CHF 3.4 million  Unfavorable country mix and un-taxed losses impacted the average tax charge negatively by another CHF 2.8 million  The release of a no longer required CHF 11.9 million deferred tax provision impacted the tax charge positivelySlide 30 Corporate
  • Net Result FY 2012 Net result reaching 3.9% of Net sales despite significant one off charges Consolidated P&L 2012 2011 CHFm % NS CHFm % NS Net sales 351.0 100.0% 344.7 100.0% Contribution margin 1 154.6 44.0% 157.8 45.8% Operating expenses -127.7 -36.4% -130.2 -37.8% Operational EBIT 26.9 7.7% 27.6 8.0% One-off items -14.2 -4.0% 0.5 0.1% Operating profit 12.7 3.6% 28.1 8.2% Non-operating & e.o. result 1.2 0.3% 2.9 0.8% EBIT 13.9 4.0% 31.0 9.0% Interest income and expenses -1.7 -0.5% -2.4 -0.7% Exchange gains and losses -0.7 -0.2% 0.4 0.1% Other financial income and expenses -0.4 -0.1% -0.2 -0.1% Taxes 2.6 0.7% -6.5 -1.9% Net result 13.7 3.9% 22.3 6.5% Earnings per bearer share 29.39 47.83Slide 31 Corporate
  • Cash Flow Strong cash flow thanks to good operational performance and decreased net working capitalGroup Consolidated Cash Flow 2012 2011 CHFm CHFmEBIT 13.9 31.0Depreciation, amortisation, impairment 22.6 13.8Change in working capital 18.1 -35.1Other cash flow from operating activities -6.4 -12.2Net cash flows from operating activities 48.3 -2.5Purchase of PPE and Intangibles -6.0 -10.1Proceeds from sale of PPE 3.6 4.2Change in borrowings -20.9 14.4Distribution to shareholders -7.0 -7.0Acquisition of subsidiaries -0.9 -17.9Purchase of treasury shares -0.2 0.0Repayments of loans receivable 0.9 0.0CHANGE IN CASH AND CASH EQUIVALENTS 17.7 -18.9Slide 32 Corporate
  • Balance Sheet Increased equity ratio of 71% thanks to strong cash flow and low investing activity CONSOLIDATED ASSETS Dec 2012 Dec 2011  Trade NWC CHFm % CHFm % decreased from Cash and cash equivalents 37.3 16% 19.9 7% CHF 106 million (31 Trade receivables 61.1 26% 81.5 30% % of Net sales) to Inventories 36.6 16% 49.1 18% CHF 85 million Other current assets 12.1 5% 16.0 6% (24% of Net sales) Deferred income tax assets 1.0 0% 2.2 1% Property, plant and equipment 77.1 33% 97.1 36%  Reduced fixed asset Intangible assets 5.7 2% 5.5 2% base following the Other non-current assets 0.9 0% 1.6 1% partial impairment of TOTAL ASSETS 231.6 100% 272.9 100% the prepreg capacity CONSOLIDATED LIABILITIES AND EQUITY Dec 2012 Dec 2011  CHF 10.9 million CHFm % CHFm % reduction in Borrowings 31.3 13% 52.5 19% provisions mainly Trade payables 12.8 6% 24.2 9% relates to reduced Other current liabilities 18.3 8% 21.6 8% contingent Deferred income tax liabilities 0.9 0% 12.9 5% acquisition Provisions 4.9 2% 15.8 6% considerations Equity 163.4 71% 145.9 53% TOTAL LIABILITIES AND EQUITY 231.6 100% 272.9 100%Slide 33 Corporate
  • Outlook and Guidance
  • Outlook and guidance FY 2013  Wind Energy market related sales are expected to recover gradually from low Q4 2012  Increasing material sales in other existing and new markets  Growing Automotive business thanks to additional customer wins and larger car body parts series  Net sales for FY 2013 expected to be around CHF 300 million  Operating profit expected to exceed 6% of Net salesSlide 35 Corporate