WACKER expects record sales and earnings for 2007
- Sales climb 13 percent to 3.78 billion - EBITDA up 27 percent to 1 billion - Earnings per share estimated at 8.50
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Munich (euro adhoc) - February 14, 2008 - According to its preliminary business results for fiscal 2007, Wacker Chemie AG saw another record year in terms of sales and earnings. The Munich-based chemical company boosted its sales by 13 percent to EUR3.78bn (2006: EUR3.34bn), thanks chiefly to volume gains and higher product prices. Earnings growth was double that of sales despite negative exchange-rate effects. EBITDA (earnings before interest, tax, deprecation and amortization) reached EUR1bn (2006: EUR786.3m), up 27 percent. The EBITDA margin was 26.5 percent (2006: 23.6 percent). In Q4 2007, WACKER´s sales and EBITDA were significantly higher than in the comparable prior-year quarter. Earnings per share for 2007 are expected to come in at about EUR8.50 based on a tax rate of some 33 percent. In 2006, earnings per share outstanding reached EUR6.46 at a tax rate of 25 percent.
"In 2007, we achieved a return on capital employed of over 25 percent, which places us among the best in the chemical sector," said Group CEO Peter-Alexander Wacker. "Demand for our products remains strong, fueled by global growth trends - energy efficiency, climate change, the progressive digitalization of our lives and the increasing prosperity of emerging economies. We consider strong demand to be a key factor driving our ability to continue outpacing world GDP growth."
In 2007, WACKER POLYSILICON benefited from both price and production-volume increases, the latter stemming from expanded hyperpure polycrystalline silicon capacity. Polysilicon output rose 30 percent against 2006, reaching 8,100 metric tons. Based on preliminary figures, WACKER POLYSILICON expects to post full-year sales of EUR457m for 2007 (2006: EUR325.6m), a rise of 40 percent. At EUR182m, EBITDA was up 54 percent (2006: EUR118.1m) despite higher energy costs. In 2007, WACKER´s chemical divisions generated full-year sales of EUR2.1bn (2006: EUR1.96bn). Growth was mainly driven by substantial volume gains, although price increases also played a role. According to preliminary figures, the chemical divisions generated an EBITDA of about EUR343m (2006: EUR349.0m). Two factors influenced performance. First, 2007´s raw-material costs rose strongly compared to the prior year. Second, WACKER had to digest high costs for the procurement of polymer precursors following a raw material supplier´s unscheduled plant shutdown in Q4 2007. Both factors meant that WACKER´s chemical divisions only just matched their prior-year earnings level.
At Siltronic, sales grew 15 percent to EUR1.45bn in 2007 (2006: EUR1.26bn). This rise was primarily due to higher production volumes. Earnings were even more upbeat. Preliminary EBITDA soared 34 percent to EUR478m (2006: EUR355.6m). Key factors fueling this surge were shifts in the product mix toward 300 mm wafers and sales to the solar industry, as well as efficiency gains.
The Q4 and fiscal 2007 figures and forecasts in this press release are preliminary. Wacker Chemie AG will publish its Q4 Report and 2007 Annual Report on March 18, 2008.
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.
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Further inquiry note:
Christof Bachmair
Media Relations & Information
Tel. +49 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,
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Börsen: Börse Frankfurt / regulated dealing/prime standard
Original-Content von: Wacker Chemie AG, übermittelt durch news aktuell