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Wacker Chemie AG

EANS-News: WACKER Ends Fiscal Year 2010 With New Record Figures

Munich (euro adhoc) -

  • 2010 sales climb 28 percent to €4.75 billion - At €1.19 billion, EBITDA nearly doubles year over year - Full-year 2010 EBIT set to reach some €760 million, net income expected at half a billion Euro
  • Around €690 million invested in growth projects and acquisitions financed from own cash flow - CEO Rudolf Staudigl: “Customer demand remains strong in the new year”
  Corporate news transmitted by euro adhoc. The issuer/originator is solely
  responsible for the content of this announcement.
Financial Figures/Balance Sheet
Subtitle: - 2010 sales climb 28 percent to €4.75 billion - At €1.19 
billion, EBITDA nearly doubles year over year - Full-year 2010 EBIT 
set to reach some €760 million, net income expected at half a billion
Euro - Around €690 million invested in growth projects and 
acquisitions financed from own cash flow - CEO Rudolf Staudigl: 
“Customer demand remains strong in the new year”
January 31, 2011 - According to preliminary
figures and as expected, Wacker Chemie AG set new sales and earnings 
records in 2010. The Munich-based chemical company posted total sales
of EUR4.75 billion in 2010, up some 28 percent year over year. Strong
sales volumes due to high customer demand were the main factor behind
the sales increase.
According to preliminary figures, earnings before interest, taxes, 
depreciation and amortization (EBITDA) amounted to some EUR1.19 
billion (2009: EUR607 million) - thus nearly doubling compared with 
the previous year. Earnings growth was largely the result of higher 
sales volumes and revenues, as well as increased plant utilization, 
which benefited specific production costs. Earnings before interest 
and taxes (EBIT) are estimated to reach EUR760 million in 2010 (2009:
EUR27 million) according to preliminary calculations. Net income for 
the year is expected at around EUR495 million (2009: EUR-75 million).
In fiscal 2010, WACKER´s investments (including acquisitions) 
amounted to some EUR690 million (2009: EUR740 million) according to 
preliminary figures. WACKER financed these completely through 
cashflow from operating activities. In terms of net financial 
liabilities, WACKER posted a surplus of around EUR260 million (2009: 
EUR-76 million) at the end of 2010. Investment spending focused on 
the Group´s strategic growth projects, primarily concerning hyperpure
polysilicon production facilities under construction at the company´s
Nünchritz (Germany) site.
Customer demand remained at a high level in Q4 2010. Group sales from
October through December 2010 amounted to EUR1.21 billion (Q4 2009: 
EUR935 million) - up 29 percent against the prior-year period. Sales 
dropped by close to 5 percent compared to Q3 2010 (EUR1.27 billion) 
due to the usual seasonal effects, particularly in 
construction-related business. WACKER´s Q4 2010 EBITDA reached some 
EUR290 million (Q4 2009: EUR95 million).
WACKER´s chemical divisions generated total sales of some EUR600 
million between October and December 2010 (Q4 2009: EUR519 million) -
thus up 16 percent against the prior-year quarter. In Q4 2010, 
chemical divisions´ EBITDA climbed over 40 percent to about EUR50 
million (Q4 2009: EUR35 million). Two non-recurring effects had an 
impact on last fiscal year´s figure. In Q4, WACKER established 
provisions of EUR50 million for expected future losses from its 
silicone business in China caused by higher transfer prices for 
siloxane from its joint venture with Dow Corning. In contrast, the 
sale of WACKER´s share in US-based Planar Solutions improved Group 
EBITDA by EUR20 million. In early December, former partner FUJIFILM 
Electronic Materials acquired WACKER´s 50-percent share in this joint
venture. Planar Solutions produces CMP slurries for the surface 
treatment of semiconductors and purchases WACKER´s HDK® pyrogenic 
silica to do so.
The semiconductor segment grew even faster than chemical-related 
business. Siltronic generated Q4 2010 sales of around EUR270 million 
(Q4 2009: EUR184 million), thereby exceeding the prior-year period´s 
level by 46 percent. Higher sales volumes and, in some cases, higher 
prices contributed to this increase. Siltronic´s EBITDA from October 
through December 2010 amounted to almost EUR40 million (Q4 2009: 
EUR-23 million), thus outperforming the prior-year period´s figure by
more than EUR60 million. Siltronic´s Q4 EBITDA was higher quarter 
over quarter as well (Q3 2010: EUR32 million).
Hyperpure polycrystalline silicon business remained strong. Sales at 
WACKER POLYSILICON rose 38 percent to around EUR370 million in Q4 
2010 (Q4 2009: EUR269 million). In the same period, EBITDA grew 
almost 60 percent to some EUR205 million (Q4 2009: EUR130 million). 
Thus, the division posted an EBITDA margin clearly above 50 percent 
in Q4 2010, as in the prior quarter. In total, WACKER POLYSILICON 
produced and sold over 30,000 metric tons of hyperpure polysilicon in
2010.
"WACKER shook off the effects of the world economic crisis faster 
than anticipated and finished 2010 with new record figures," said CEO
Rudolf Staudigl. "Our customers´ demand for our products remains 
strong and we kicked off the new year well - with a business trend 
that continues to develop positively."
The Q4 and fiscal 2010 figures and forecasts in this press release 
are preliminary. Wacker Chemie AG will publish its Q4 Report and 
Annual Report 2010 on Wednesday, March 16, 2011.
This press release contains forward-looking statements based on 
assumptions and estimates of WACKER´s Executive Board. Although we 
assume the expectations in these forward-­looking statements are 
realistic, we cannot guarantee they will prove to be correct. The 
assumptions may harbor risks and uncertainties that may cause the 
actual figures to differ considerably from the forward-looking 
statements. Factors that may cause such discrepancies include, among 
other things, changes in the economic and business environment, 
variations in exchange and interest rates, the introduction of 
competing products, lack of acceptance for new products or services, 
and changes in corporate strategy. WACKER does not plan to update the
forward-­looking statements, nor does it assume the obligation to do 
so.
end of announcement                               euro adhoc

Further inquiry note:

Christof Bachmair
Media Relations & Information
Tel.: +49 (0)89 6279 1830
E-Mail: christof.bachmair@wacker.com

Branche: Chemicals
ISIN: DE000WCH8881
WKN: WCH888
Index: Midcap Market Index, MDAX, CDAX, Classic All Share, HDAX,
Prime All Share
Börsen: Frankfurt / regulated dealing/prime standard

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