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Wacker Chemie AG: WACKER ENDS Q3 2016 WITH GOOD RESULTS - Seite 2
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."
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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
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
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