27.10.2016 Wacker Chemie AG  DE000WCH8881

DGAP-News: Wacker Chemie AG: WACKER ENDS Q3 2016 WITH GOOD RESULTS


 
DGAP-News: Wacker Chemie AG / Key word(s): Quarter Results Wacker Chemie AG: WACKER ENDS Q3 2016 WITH GOOD RESULTS 27.10.2016 / 07:14 The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- - AT EUR1.35 BILLION, GROUP SALES FOR Q3 2016 DECLINE BY CLOSE TO 1 PERCENT YEAR OVER YEAR DUE TO PRICES AND BY 3 PERCENT QUARTER OVER QUARTER AMID LOWER VOLUMES - EBITDA OF EUR301 MILLION UP 14 PERCENT VERSUS LAST YEAR DUE TO GOOD COST LEVELS, AND ON A PAR WITH THE PRECEDING QUARTER - NET INCOME FOR Q3 AMOUNTS TO EUR68 MILLION - AT EUR229 MILLION, NET CASH FLOW FOR Q3 2016 SUBSTANTIALLY HIGHER THAN A YEAR AGO - FORECAST UNCHANGED: EBITDA FOR FULL-YEAR 2016 - WHEN ADJUSTED FOR SPECIAL INCOME - SHOULD REACH THE UPPER END OF THE PROJECTED RANGE OF 5 TO 10 PERCENT, WHILE GROUP SALES ARE EXPECTED TO GROW BY A LOW SINGLE- DIGIT PERCENTAGE Munich, October 27, 2016 - Wacker Chemie AG's Q3 2016 sales were slightly lower year over year, while its earnings before interest, taxes, depreciation and amortization (EBITDA) were substantially higher than last year. The Munich-based chemical group posted sales of EUR1,346.1 million in the reporting quarter (Q3 2015: EUR1,357.9 million), down 1 percent. This slight decrease was chiefly due to lower year-over-year prices for solar silicon, semiconductor wafers and some chemical products. Generally higher volumes did not fully offset these price effects. Relative to the preceding quarter (EUR1,386.2 million), sales were down by 3 percent, primarily due to a decline in volumes for polysilicon and some chemical products. WACKER achieved EBITDA of EUR300.9 million in Q3 2016, 14 percent more than a year ago (EUR264.3 million) and on a par with the preceding quarter (EUR300.0 million). The Group's EBITDA margin for July through September 2016 was 22.4 percent, compared with 19.5 percent a year ago and 21.6 percent in the prior quarter. The substantial year-over-year increase in EBITDA was primarily attributable to the good cost level. Group earnings before interest and taxes (EBIT) amounted to EUR115.2 million in Q3 2016 (Q3 2015: EUR125.5 million). That was a year-over-year decrease of 8 percent and yielded an EBIT margin of 8.6 percent, compared with 9.2 percent a year ago. Substantially higher depreciation contributed to the year-over-year decline in EBIT. Net income for the reporting quarter amounted to EUR67.5 million (Q3 2015: EUR58.2 million) and earnings per share came in at EUR1.29 (Q3 2015: EUR1.21). The full-year 2016 forecast remains unchanged. The company continues to expect a low single-digit percentage increase in Group sales. EBITDA on a comparable basis - i.e. adjusted to exclude special income from damages received and from terminated contractual and delivery relationships with solar customers - is expected to be between 5 and 10 percent higher than last year. After the positive business performance in the first half of the year, WACKER already announced at the end of July that it expected adjusted EBITDA to come in at the upper end of this range. "Although the underlying conditions were not always easy, WACKER performed well from July through September," said CEO Rudolf Staudigl in Munich on Thursday. "EBITDA at the chemical divisions and at Siltronic continued to grow both year over year and quarter over quarter. The market environment for our polysilicon business was more difficult, with solar customers ordering substantially less material in September than in the preceding months. Since then, however, there have been increasing indications that demand for solar silicon is picking up again." Regions In Q3 2016, sales were subdued in every region except Germany. Group sales in Asia amounted to EUR571.5 million in the reporting quarter, down by around 1 percent from last year's figure of EUR575.8 million. In Europe (excluding Germany), WACKER achieved sales of EUR302.0 million in Q3 2016 (Q3 2015: EUR316.5 million), some 5 percent below the year-earlier figure. The business trend in Germany was positive, with sales totaling EUR182.9 million in the reporting quarter, compared with EUR173.6 million a year earlier, a rise of about 5 percent. In the Americas, sales of EUR238.6 million were on a par with Q3 2015 (EUR238.9 million). Capital Expenditures and Net Cash Flow In Q3 2016, the Group's capital expenditures amounted to EUR98.9 million (Q3 2015: EUR220.5 million), down 55 percent. The funds were invested, among other things, in expanding capacities for downstream silicone products and in the further automation of production at Siltronic. Commissioning of the production facilities at WACKER's new polysilicon site in Charleston, Tennessee (USA), was completed as planned in the reporting quarter. The Group's net cash flow was EUR229.9 million in Q3 2016, after EUR36.2 million in Q3 2015. This marked increase was chiefly due to a combination of higher gross cash flow and substantially lower capital expenditures. Employees Relative to the preceding quarter, the number of WACKER employees worldwide remained virtually unchanged in Q3 2016. As of September 30, the Group had 17,136 employees (June 30, 2016: 17,081). As of the end of the reporting quarter, WACKER had 12,179 employees in Germany (June 30, 2016: 12,230) and 4,957 at its international sites (June 30, 2016: 4,851). Business Divisions In Q3 2016, WACKER SILICONES posted total sales of EUR503.1 million, on a par with the year-earlier level (EUR501.9 million). While volumes were somewhat higher than a year ago, prices for a number of product groups edged lower. Negative exchange-rate effects also decreased sales marginally. The division's sales were some 2 percent below the preceding quarter (EUR514.4 million) due to price and volume effects. EBITDA at WACKER SILICONES reached EUR100.7 million in the reporting quarter, around 23 percent higher than a year ago (EUR81.6 million). Compared with the preceding quarter (EUR93.7 million), it was up 8 percent. Earnings were lifted by high plant utilization - over 90 percent on average - and by low costs. The EBITDA margin improved to 20.0 percent in Q3 2016, after 16.3 percent a year ago and 18.2 percent in the preceding quarter. At WACKER POLYMERS, total sales of EUR308.2 million in the reporting quarter were 2 percent lower than a year ago (EUR313.0 million) and 5 percent below the preceding quarter (EUR325.7 million). Noticeably higher dispersion volumes year over year did not fully compensate for somewhat lower prices in a number of product groups. Negative exchange-rate effects, too, weighed slightly on the sales trend. Compared with Q2 2016, average prices were virtually unchanged, while volumes were lower on balance. The division's EBITDA grew to EUR73.2 million in the reporting quarter, compared with EUR64.7 million a year earlier - up 13 percent. This gain was essentially due to the low cost level, which in turn benefited from high plant utilization of almost 90 percent. Relative to the preceding quarter (EUR78.2 million), EBITDA decreased by around 6 percent. The decline stemmed not only from lower sales, but also from a quarter-over-quarter increase in the price of ethylene, a base material. The EBITDA margin came in at 23.8 percent in the reporting quarter, after 20.7 percent last year and 24.0 percent in the preceding quarter. WACKER BIOSOLUTIONS generated total sales of EUR54.0 million from July through September 2016. That was 7 percent more than a year ago (EUR50.4 million) and 2 percent more than in Q2 2016 (EUR53.2 million). Higher volumes in a number of segments were the main growth driver. On the other hand, sales were slowed by a slight decline in prices for some products, both year over year and quarter over quarter. EBITDA at WACKER BIOSOLUTIONS reached EUR11.3 million in the reporting quarter, markedly above both last year (EUR7.2 million) and the preceding quarter (EUR9.0 million). This strong growth was fueled by higher sales, by positive product-mix effects and by the division's good cost situation, which in turn was partly due to high plant utilization. The EBITDA margin came in at 20.9 percent, after 14.3 percent a year ago and 16.9 percent in Q2 2016. WACKER POLYSILICON generated sales totaling EUR253.0 million in the reporting quarter, down 7 percent over both last year (EUR271.4 million) and the preceding quarter (EUR272.2 million). Volumes remained almost unchanged versus last year, while average prices for solar silicon were lower. Compared with the preceding quarter, volumes slowed substantially because customers ordered less solar silicon toward the end of the reporting quarter. WACKER POLYSILICON's EBITDA totaled EUR82.3 million from July through September (Q3 2015: EUR91.8 million). The main reason for this 10-percent decline was that EUR17.8 million in advance payments retained and damages received were recorded in Q3 2015, whereas no special income of this kind was posted in the reporting quarter. Adjusted for this income, the division's EBITDA grew by 11 percent year over year. Relative to the preceding quarter (EUR77.7 million), EBITDA was up 6 percent. This increase reflected the fact that no further start-up costs for the new Charleston site were incurred in the reporting quarter. WACKER POLYSILICON's July- through-September EBITDA margin was 32.5 percent, after 33.8 percent in Q3 2015 and 28.5 percent in Q2 2016. Siltronic generated total sales of EUR236.7 million in Q3 2016, up some 3 percent from last year's EUR230.6 million. A year-over-year increase in volumes, including inventory sales, compensated for lower average prices. Favorable exchange rates also had a positive impact on the sales trend. Compared with the preceding quarter (EUR229.8 million), sales were also up 3 percent. This rise was due to somewhat higher volumes than in Q2 2016 and positive exchange-rate effects, with average prices remaining virtually unchanged. Reporting-quarter EBITDA at Siltronic reached EUR36.9 million, after EUR29.4 million a year earlier, an increase of 26 percent. In Q3 2015, currency-hedging losses had reduced EBITDA by EUR15.5 million, while the corresponding reporting-quarter figure was only EUR6.8 million. Relative to the preceding quarter (EUR35.0 million), EBITDA was up by around 5 percent, with higher sales and a good cost situation lifting earnings. Siltronic's EBITDA margin was 15.6 percent in the reporting quarter, after 12.7 percent in Q3 2015 and 15.2 percent in Q2 2016. Outlook WACKER expects its chemical-business sales to increase slightly for full- year 2016, whereas sales at Siltronic and WACKER POLYSILICON are likely to edge down. EBITDA at WACKER SILICONES should be markedly above last year's figure. WACKER POLYMERS also expects to post a noticeable increase compared with last year. WACKER BIOSOLUTIONS projects its EBITDA margin to remain more or less unchanged year over year. WACKER POLYSILICON anticipates that its EBITDA will decline significantly year over year, since less special income from advance payments retained and damages received will be posted in 2016 than last year. Full-year EBITDA will also be reduced by start-up costs at the new polysilicon production site in Charleston, Tennessee. Siltronic continues to anticipate a slight improvement in its EBITDA margin compared with last year. Overall, WACKER continues to expect Group sales to rise by a low single- digit percentage in fiscal 2016. EBITDA should climb by between 5 and 10 percent on a comparable basis, i.e. when adjusted to exclude special income. As already announced at the end of July following the company's positive business performance in the first half of the year, WACKER continues to expect adjusted EBITDA to come in at the upper end of this range. The EBITDA margin, on the other hand, will be somewhat lower, since no major special-income items are expected. Capital expenditures will come to about EUR425 million, substantially lower than a year ago. Depreciation will amount to around EUR720 million, significantly above last year's level. Group net income should be markedly lower year over year. WACKER expects net cash flow to be clearly positive. Net financial debt at year- end 2016 is anticipated to be slightly lower than last year. Information for editorial offices: The Q3 2016 report is available for download on the WACKER website (www.wacker.com) under Investor Relations. Key Figures of the WACKER Group

EURmillion                      Q3 2016           Q3 2015            Change
                                                                       in %
Sales                           1,346.1           1,357.9              -0.9
EBITDA1                           300.9             264.3              13.8
EBITDA margin2 (%)                 22.4              19.5                 -
EBIT3                             115.2             125.5              -8.2
EBIT margin2 (%)                    8.6               9.2                 -

Financial result                  -25.8             -23.5               9.8
Income before income               89.4             102.0             -12.4
taxes
Net income for the                 67.5              58.2              16.0
period

Earnings per share                 1.29              1.21               6.7
(EUR)

Capital expenditures               98.9             220.5             -55.1
Depreciation                      185.7             138.8              33.8
Net cash flow4                    229.2              36.2              >100




EURmillion                      9M 2016           9M 2015            Change
                                                                       in %
Sales                           4,046.6           4,063.3              -0.4
EBITDA1                           829.8             860.4              -3.6
EBITDA margin2 (%)                 20.5              21.2                 -
EBIT3                             285.0             439.7             -35.2
EBIT margin2 (%)                    7.0              10.8                 -

Financial result                  -78.8             -50.4              56.3
Income before income              206.2             389.3             -47.0
taxes
Net income for the                142.5             237.0             -39.9
period

Earnings per share                 2.85              4.84             -41.1
(EUR)

Capital expenditures              298.1             609.6             -51.1
Depreciation                      544.8             420.7              29.5
Net cash flow4                    343.2              74.6              >100


EURmillion               Sept. 30, 2016    Sept. 30, 2015     Dec. 31, 2015
Total assets                    7,606.6           7,322.0           7,264.4
Equity                          2,073.8           2,752.7           2,795.1
Equity ratio (%)                   27.3              37.6              38.5
Financial liabilities           1,635.7           1,446.9           1,455.4
Net financial debt5               967.8             970.2           1,074.0

Employees (number at             17,136            17,021            16,972
end of period)


1 EBITDA is EBIT before depreciation and amortization. 2 Margins are calculated based on sales. 3 EBIT is the result from continuing operations for the period before interest and other financial results, and income taxes. 4 Sum of cash flow from operating activities (excluding changes in advance payments) and cash flow from long-term investing activities (before securities), including additions due to finance leases. 5 Sum of cash and cash equivalents, noncurrent and current securities, and noncurrent and current financial liabilities. 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. For further information, please contact: Wacker Chemie AG Media Relations & Information Christof Bachmair Tel. +49 89 6279-1830 [email protected] --------------------------------------------------------------------------- 27.10.2016 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de --------------------------------------------------------------------------- Language: English Company: Wacker Chemie AG Hanns-Seidel-Platz 4 81737 München Germany Phone: 0049-89-6279-1633 Fax: 0049-89-6279-2933 E-mail: [email protected] Internet: www.wacker.com ISIN: DE000WCH8881 WKN: WCH888 Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange End of News DGAP News Service --------------------------------------------------------------------------- 514921 27.10.2016


Die wichtigsten Finanzdaten auf einen Blick
  2017 2018 2019 2020 2021 2022 2023e
Umsatzerlöse1 4.924,20 4.978,80 4.927,60 4.692,20 6.207,50 8.209,30 6.402,20
EBITDA1,2 1.014,10 930,00 783,40 666,30 1.538,50 2.080,90 823,60
EBITDA-Marge3 20,59 18,68 15,90 14,20 24,79 25,35
EBIT1,4 423,70 389,60 -536,30 262,00 1.134,30 1.477,10 404,90
EBIT-Marge5 8,60 7,83 -10,88 5,58 18,27 17,99 6,32
Jahresüberschuss1 884,80 260,10 -626,90 202,30 827,80 1.281,60 327,30
Netto-Marge6 17,97 5,22 -12,72 4,31 13,34 15,61 5,11
Cashflow1,7 657,10 509,60 184,40 697,70 760,80 438,80 165,60
Ergebnis je Aktie8 17,45 4,95 -12,94 3,81 16,24 25,18 6,31
Dividende8 4,50 2,50 0,50 2,00 8,00 12,00 2,00
Quelle: boersengefluester.de und Firmenangaben

  Geschäftsbericht 2023 - Kostenfrei herunterladen.  
1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de

Wirtschaftsprüfer: KPMG

INVESTOR-INFORMATIONEN
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Wacker Chemie
WKN Kurs in € Einschätzung Börsenwert in Mio. €
WCH888 104,550 Halten 5.452,55
KGV 2025e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
12,30 16,66 0,76 13,98
KBV KCV KUV EV/EBITDA
1,28 33,05 0,85 7,81
Dividende '22 in € Dividende '23e in € Div.-Rendite '23e
in %
Hauptversammlung
12,00 3,00 2,87 08.05.2024
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
25.04.2024 26.07.2024 29.10.2024 12.03.2024
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
2,64% -11,53% -8,53% -27,70%
    
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