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Gurit second quarter 2013 sales recover gradually from first quarter 2013 level

News International-French

30 Jul 2013

Gurit achieved in the first six months of 2013 net sales of CHF 129.7 million, a decline of 33.7% over the respective strong, prior year period.

This reflects the demand situation in the global wind energy market where overcapacities impact pricing and installation rates in China and where the USA have missed the 2012 levels by far. On the positive side, sales to non-wind energy related customers continue to grow. Also, total Q2 2013 (second quarter) sales grew by 13.1% compared with Q1 2013 (first quarter), confirming the anticipated sales recovery, yet at a lower than expected pace.

Gurit Composite Materials: In 1HY 2013 (first harf year), Gurit achieved net sales of CHF 109.1 million (1HY 2012: CHF 172.3 million) with customers in the traditionally supplied materials target markets of wind energy, aerospace and marine, and increasingly so in additional industrial markets. Sales to wind energy customers declined sharply given the lower demand from Asian and American markets as well as some postponements of European offshore projects. In contrast, Gurit achieved a 12.8% sales increase with material supplies for industrial and marine purposes while sales to aerospace and rail customers remained stable.

Gurit Composite Systems and Engineering: For 1HY 2013, Gurit reports net sales of CHF 20.6 million (1HY 2012: CHF 23.4 million) from engineering services and the manufacture of finished parts, systems and tools. Sales of finished automotive car body parts rose by 63.8% compared with 1HY 2012, thanks to the delivery of larger parts series to an increased number of customers. Tooling sales increased 96% in Q2 2013 compared with Q1 2013, confirming first signs of re-covery, while the aggregate 1HY 2013 sales level is 38.7% lower than in 1HY 2012.

Outlook: Due to the slower than anticipated demand recovery for composite ma-terials and tooling equipment in the wind energy markets as well as some post-ponements of orders in Gurit Composite Systems and Engineering, the 1HY 2013 operating profit is now anticipated to be slightly above break-even. For the full year 2013, Gurit now expects net sales to fall somewhat below CHF 300 million and the operating profit margin to reach 3 to 5%.

Gurit will publish its half-year results as scheduled on August 23, 2013.