Gurit has reported net sales of CHF 467.9 million for the full year 2021. Gurit saw its net sales decline by -19.8%. Net sales were impacted by a globally reduced demand for wind blades and by a decreasing demand and price of balsa, compared to a very strong previous year.
Gurit achieved an operating profit of CHF 23.4 million (5.0% of net sales). Adjusted for one-off items, the operating profit was CHF 33.0 million (7.0% of net sales). Net profit amounted to CHF 9.2 million in 2021.
Composite Materials reported net sales of CHF 221.8 million for 2021. This is a decline of -21.1% at constant rates compared to 2020. The decrease is due to lower Wind demand and globally reduced volumes and prices in balsa. Sales and profitability were also impacted by delays in the ramp-up of the new PET extrusion facility in Tamaulipas, Mexico. The Wind energy market was negatively impacted in 2021 due to the expiration of government subsidies in both China and the US.
Kitting recorded net sales of CHF 185.5 million for 2021. This is a decrease of -17.8% at constant exchange rates compared to 2020. Kitting net sales were also negatively impacted by the slowdown in wind blade manufacturing.
The Business Unit Manufacturing Solutions (Tooling) reported net sales of CHF 73.2 million, which represents a decrease of -28.3% at constant exchange rates compared to 2020. The second half of 2021 saw a weaker tooling market in general and particularly in China.
Sales by geographic location in 2021 showed the Asia-Pacific region contributing the largest share with 39.9% of total sales, compared to 43% in 2020. Deliveries to Europe accounted for 31.2% of total Group sales in 2021 (2020: 29.4%). Goods delivered to the Americas accounted for 21.9% of total Group sales (2020: 22.0%), while supply to the rest of the world amounted to 7.0% (2020: 5.5%).
Gurit reached an Operating Profit of CHF 23.4 million with a margin of 5.0% of net sales, which includes expenses of CHF 9.6 million to adjust the balsa footprint and consolidate the kitting operation for America in Mexico. Adjusted for these “one-time” items the operating profit margin is 7.0%. In addition, the company faced significant start-up costs for its new PET extruder facilities. This compares with a 11.2% margin reached in the previous year. Net profit for the year 2021 amounted to CHF 9.2 million.
An uncertain wind market outlook, recent geopolitical developments and potentially continued disruptions of global supply chains influence its FY 2022 guidance. Gurit expects a revenue of around CHF 440-480 million, and an operating profit margin between 5.5% and 8.0%.
