Gurit has reported preliminary and unaudited net sales of CHF 499.5 million for the full year 2022. Net sales of Continued Operations were CHF 488.6m which is an increase of 17.0% at constant exchange rates or 11.6% in reported CHF versus prior year. Adjusted for the acquisition of Fiberline and the divestment of the Aerospace business, sales declined 8.0% at constant exchange rates.
In 2022 Gurit net sales were impacted by a reduced demand of Western wind customers, mainly driven by lower US market momentum, slow permitting and delayed wind park projects as well as Western wind turbine manufacturers consolidating their activities and exiting certain regions. The Chinese domestic wind market saw strong growth in sales in 2022.
Composite Materials reported net sales of CHF 325.5 million for 2022. This increase of 52.9% at constant rates compared to 2021 contains a contribution of CHF 102.0 million from Structural Profiles (Fiberline Composites), where Gurit acquired a 60% majority stake in May 2022. Wind sales have been influenced by a stronger Wind market in China but a reduced demand from the rest of the world.
Kitting recorded net sales of CHF 148.6 million for 2022. This is a decrease of -14.0% at constant exchange rates compared to 2021. Kitting caters exclusively to the Wind market and saw a generally lower demand from Western customers outside China.
The Business Unit Manufacturing Solutions (Tooling) reported net sales of CHF 57.5 million, which represents a decrease of -21.5% at constant exchange rates compared to 2021. Manufacturing solutions net sales result was very low due to Western customers having had almost no mould demand in 2022. In contrast, the mould business in the Chinese domestic market saw good sales, however with very competitive pricing.
For the calendar year 2022, Gurit expects an operating profit margin of above 4%. Excluding divestment effects, restructuring and impairment charges, the adjusted operating profit margin is expected to be above 2%. This compares to an operating profit margin of 5.0% and an adjusted operating profit margin of 7.0% in the calendar year 2021.
