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Gurit-sales increase because of strong wind energy business

Zurich, Switzerland - Gurit reports net sales of CHF 178 million for the first half-year 2015.

This represents an increase of 6.5% in reported Swiss francs or a 9.1% rise at normalized 2015 currency rates (1HY 2014: CHF 167 million). Strong product demand, in particular in the wind energy business, led to favorable sales growth and also translated into a significantly improved profitability. Operating profit for the period improved to CHF 15.8 million or 8.9% of net sales.

The business unit Composite Materials achieved net sales of CHF 136.6 million in the first half of 2015 (1HY 2014: 128.8 million). This represents an increase of 6% in reported Swiss francs or 10.7% on a currency-adjusted basis. Material sales to wind energy customers grew by 13.1% (currency-adjusted: 18.5%) in the first six months of 2015. Main growth driver was the well-balanced core materials product offering. The lower sales of wind energy prepreg sales due to a program ending 2014 could be more than offset by other products. Sales to other material markets (Marine, Aerospace, Industrial, Automotive Materials, and Ballistics) amounted to CHF 61 million in the first half of 2015. This represents a 1.5% decrease in reported Swiss francs or a 2.3% currency-adjusted increase.

The newly created composite components business unit (automotive components, bus parts and structural engineering) reported sales of CHF 14.9 million for the first half-year 2015 as compared to CHF 13 million in the first six months of 2014. This represents an increase of 14.5% in reported Swiss francs or 17.6% on a currency-adjusted basis.

In Tooling, sales of wind turbine blade moulds and related equipment in the first six months of 2015 increased by 4.4 percent to CHF 26.3 million (1HY 2014: 25.2 million).

The strong increase in sales and the concomitant better capacity utilization in the core material factories, operating performance improvements and favorable sourcing prices have enabled Gurit to reach an operating profit of CHF 15.8 million, or 8.9% of net sales during the first six months of 2015. This is a major step forward compared to the CHF 7.7 million, or 4.6% of net sales during the first half of 2014. It also reflects the ongoing progress the company has made in terms of operational excellence.

Net cash flow from operating activities amounted to CHF 7.3 million in the first half of 2015. Capital expenditures of CHF 6.6 million in the first six months of 2015 included part of the newly installed prepreg tower at the company`s aerospace production site in Kassel, Germany, the expansion of Gurit



Source: IWR Online, 26 Aug 2015

 


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