01.02.2017
Wacker Chemie AG DE000WCH8881
DGAP-News: Wacker Chemie AG: WACKER HITS NEW SALES HIGH, LIFTS EBITDA AND BOOSTS CASH FLOW IN 2016
DGAP-News: Wacker Chemie AG / Key word(s): Preliminary Results
Wacker Chemie AG: WACKER HITS NEW SALES HIGH, LIFTS EBITDA AND BOOSTS CASH
FLOW IN 2016
01.02.2017 / 07:14
The issuer is solely responsible for the content of this announcement.
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- SALES GROW 2 PERCENT ON HIGHER VOLUMES TO REACH EUR5.4 BILLION IN FULL-
YEAR 2016
- EBITDA OF EUR1.10 BILLION UP AROUND 5 PERCENT YEAR OVER YEAR DESPITE
SIGNIFICANT DROP IN SPECIAL INCOME
- Q4 2016 SALES SOME 10 PERCENT HIGHER THAN A YEAR EARLIER AT EUR1.35
BILLION, WITH FINAL-QUARTER EBITDA UP 44 PERCENT TO EUR270 MILLION
- EBIT FOR 2016 REACHES EUR365 MILLION, DECLINING 23 PERCENT VERSUS LAST
YEAR AMID HIGHER DEPRECIATION
- NET INCOME FOR 2016 TOTALS TO AROUND EUR190 MILLION
- NET CASH FLOW ADVANCES TO ABOUT EUR400 MILLION IN 2016
Munich, February 1, 2017 - After a good fourth quarter, Wacker Chemie AG
achieved its sales target for full-year 2016 and exceeded its earnings
expectations. According to preliminary calculations, the Munich-based
chemical group generated total sales of EUR5.4 billion during the reporting
year (2015: EUR5.3 billion). That was about 2 percent above the 2015
figure. The increase was primarily attributable to higher volumes. Every
division generated year-over-year sales growth in 2016.
According to preliminary figures, Group EBITDA (earnings before interest,
taxes, depreciation and amortization) came in at EUR1.10 billion (2015:
EUR1.05 billion). It was 5 percent above the prior-year level despite
substantially lower special income from advance payments retained and
damages received from solar-sector customers. These special-income items
amounted to some EUR20 million (2015: EUR138 million). Adjusted for this
effect, EBITDA increased by 19 percent in the reporting year. The Group's
EBIT (earnings before interest and taxes) came in at EUR365 million in 2016
(2015: EUR473 million). This year-over-year decline of 23 percent reflects
the substantial increase in depreciation. In 2016, depreciation amounted to
some EUR735 million (2015: EUR575 million). WACKER posted preliminary net
income of some EUR190 million (2015: EUR242 million).
"Our chemical business performed well in the fourth quarter, and we also
saw good volume growth in semiconductor wafers and polysilicon," said Group
CEO Rudolf Staudigl on Wednesday in Munich. "Thanks to good customer
demand, sales were substantially higher in all segments than a year ago. On
balance, we generated the strongest final-quarter sales to date."
Investments, Net Cash Flow and Net Financial Debt
WACKER's capital expenditures amounted to EUR430 million in 2016 (2015:
EUR834 million) according to preliminary figures - down by almost one-half
versus last year, as expected. Capital spending focused on expanding
capacities for downstream silicone products, on modernizing Siltronic's
crystal-pulling facilities and on completing the polysilicon plant in
Charleston, Tennessee (USA). WACKER finished commissioning the production
facilities there on schedule in the third quarter of 2016.
The Group's net cash flow was clearly positive, as forecast, and amounted
to around EUR400 million (2015: EUR23 million). This strong rise was mainly
due to the substantial decline in capital expenditures. Net financial debt
was slightly below the year-earlier level, as expected. It amounted to
around EUR990 million at December 31, 2016 (Dec. 31, 2015: EUR1.07
billion).
Business Performance in Q4 2016
WACKER closed the fourth quarter of 2016 with substantial gains in sales
and EBITDA. Group sales from October through December 2016 totaled roughly
EUR1.35 billion (Q4 2015: EUR1.23 billion), up 10 percent. EBITDA reached
EUR270 million in Q4 2016 (Q4 2015: EUR 188 million). That was 44 percent
more than the year-earlier figure.
WACKER's business in the final quarter was mainly spurred by lively
customer demand. Sales were above the comparative Q4 2015 figures at every
division.
WACKER's three chemical divisions substantially increased their total sales
between October and December 2016. This sales growth stemmed primarily from
higher volumes for silicones. Final-quarter sales at WACKER SILICONES, came
in at EUR490 million (Q4 2015: EUR 460 million), some 7 percent above the
prior-year figure. WACKER POLYMERS posted total sales of EUR275 million in
Q4 2016 (Q4 2015: EUR273 million), up slightly by about 1 percent. Sales at
WACKER BIOSOLUTIONS climbed 11 percent to EUR50 million (Q4 2015: EUR45
million).
EBITDA at the chemical divisions grew even more strongly than sales. The
EBITDA increase was achieved through higher sales combined with low cost
levels, stemming partly from high plant utilization levels, especially for
silicones. In addition, ongoing efficiency programs had a positive impact
on EBITDA at the chemical divisions. WACKER SILICONES posted EBITDA of
EUR80 million in the final quarter of 2016 (Q4 2015: EUR50 million), a rise
of 60 percent. WACKER POLYMERS lifted its EBITDA by 10 percent to EUR45
million (Q4 2015: EUR41 million). WACKER BIOSOLUTIONS reported EBITDA of
about EUR7 million in Q4 2016 (Q4 2015: EUR7 million).
From October through December 2016, WACKER POLYSILICON achieved total sales
of EUR295 million (Q4 2015: EUR242 million). This rise of 22 percent was
due to volume growth. The division's EBITDA grew by 20 percent versus a
year earlier. It reached EUR85 million in Q4 2016 (Q4 2015: EUR71 million),
and included special-income items of around EUR13 million (Q4 2015: EUR28
million).
Siltronic generated total sales of EUR246 million between October and
December 2016 (Q4 2015: EUR215 million). This rise of 14 percent was
attributable above all to higher volumes. Favorable exchange-rate effects
also contributed to sales growth. Siltronic more than doubled its EBITDA to
EUR50 million in Q4 2016 (Q4 2015: EUR23 million). In addition to higher
sales, good cost trends and a year-over-year reduction in currency hedging
losses had a positive effect on fourth-quarter EBITDA.
WACKER's Preliminary Key Figures
EUR million 2016e 2015 Change in % Sales 5,400 5,296 2 EBITDA1 1,100 1,049 5 EBITDA margin2 (%) 20 20 - EBIT3 365 473 -23 EBIT margin2 (%) 7 9 - Net income for the year 190 242 -21 Capital expenditures (including 430 834 -48 financial assets) Net cash flow4 400 23 >1001 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 changes arising from finance leases. The Q4 2016 and fiscal 2016 figures and forecasts in this press release are preliminary. Wacker Chemie AG will publish its Q4 Report and Annual Report 2016 on March 14, 2017. For further information, please contact: Wacker Chemie AG Media Relations & Information Christof Bachmair Phone: +49 89 6279-1830 [email protected] --------------------------------------------------------------------------- 01.02.2017 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 --------------------------------------------------------------------------- 540379 01.02.2017
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