Wacker Chemie Ag · XETR:WCH
Wacker Chemie — Wacker Chemie Ag Ord — Q3 2022 Earnings Presentation
21 slides from Wacker Chemie's earnings presentation, Oct 27, 2022
Slide 1: Q3 2022 – Conference Call Note
CREATING TOMORROW`S SOLUTIONS Q3 2022 – Conference Call Note Dr. Christian Hartel (CEO), Dr. Tobias Ohler (CFO) October 27, 2022 Ticker: WCH Q3 2022 – Conference Call Note www.wacker.com October 27, 2022 0
Slide 2: Disclaimer
Disclaimer The information contained in this presentation is for background purposes only and is subject to amendment, revision and updating. Certain statements and information contained in this presentation may relate to future expectations and other forward-looking statements that are based on man
Slide 3: WACKER Q3 2022 Highlights
WACKER Q3 2022 Highlights Financials Operations Sustainability €2.13bn Pricing Management New Sustainability Sales (+29% yoy) Chemicals EBITDA up yoy despite raws and energy headwinds Budget Strong Driven primarily by pricing Additional CapEx to Cash €457m 21.4% Order Entry achieve the largest possi
Slide 4: WACKER is Taking Actions for Power and Gas Challenges
WACKER is Taking Actions for Power and Gas Challenges Nat. Gas (€/MWh, Germany) Gas Curtailment in 2022 is Not the Lead Scenario 250 237 € High Gas storage target of 95% achieved in October, ahead of November deadline 200 150 Gas levy dropped; in addition, newly proposed energy price caps (power
Slide 5: FY Guidance in the Top Half of Previously Communicated Range Confirmed
FY Guidance in the Top Half of Previously Communicated Range Confirmed FY 2022 Group Guidance Sales at around €8.0 – 8.5bn EBITDA in range of €2.1 – 2.3bn (previously: €1.8 – 2.3bn) Previous provision of €200 – 250m for a potential gas curtailment in 2022 is no longer part of FY guidance Gui
Slide 6: EBITDA on Par Despite >€300m Raw Material and Energy Headwinds
Profit & Loss Statement EBITDA on Par Despite >€300m Raw Material and Energy Headwinds WACKER P&L Q3 2022 (€m) Comments Sales +29% yoy €m Q3 2022 Q3 2021 Volume/Mix -3%, Price +26%, FX +5% Sales 2,132 1,659 Gross profit from sales 486 EBITDA supported by pricing actions to compensate for 488 Gro
Slide 7: Equity Increases by ~€2bn on Earnings and Lower Pension Deficit
Balance Sheet Composition Equity Increases by ~€2bn on Earnings and Lower Pension Deficit Balance sheet (%) Characteristics 9/30/22 Strong Liquidity: Assets Liabilities Cash & securities of €1,973m €8.1bn €9.5bn €8.1bn €9.5bn (Dec 31, 2021: €1,983m) 38.1% Working capital increases due to highe
Slide 8: SILICONES: Specialties Drives Strong Result
SILICONES Specialties Drives Strong Result Sales (€m) Highlights Q3 +31% 921 936 Specialty business firm 890 680 657 EBITDA supported by positive price effects Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Headwinds from raw materials / energy & logistics EBITDA (€m) / margin Standards under press
Slide 9: POLYMERS: Price Initiatives Address Rise in Raw Materials, Energy and Logistics
POLYMERS Price Initiatives Address Rise in Raw Materials, Energy and Logistics Sales (€m) Highlights Q3 +8% 553 Sales supported by higher prices, lower volumes qoq 469 451 518 504 EBITDA held back by VAM plant turnaround Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Order intake decreased due to des
Slide 10: BIOSOLUTIONS: Sales Growth Continues – Upfront Costs Hold Results Back
BIOSOLUTIONS Sales Growth Continues – Upfront Costs Hold Results Back Sales (€m) Highlights Q3 +14% 89 Sales growth in BioIngredients driven by strong demand 78 80 77 84 for cyclodextrins and cysteine Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Upfront costs related to the German pandemic EBITDA (€m
Slide 11: POLYSILICON: Strong Demand for Solar and Semi Polysilicon
POLYSILICON Strong Demand for Solar and Semi Polysilicon Sales (€m) Highlights Q3 +51% Strong demand and strong prices 525 568 619 409 470 Continued mix improvements with higher Semi volumes Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Sequentially higher costs for energy EBITDA (€m) / margin -5% O
Slide 12: Strong Q3 Net Cash Flow at €296m
Net Financial Position Strong Q3 Net Cash Flow at €296m Net Financial Position Bridge per 9/30/2022 (€m) 912 -502 547 -397 394 -132 -34 Net financial asset Cash flow Cash flow from Dividend Lease Exchange-rate Net financial asset as of from operating long-term paid, liabilities effects as of Dec. 31
Slide 13: Updated Guidance FY 2022
Updated Guidance FY 2022 In €m FY 2021 Outlook 2022 Sales 6,208 €8.0 – 8.5bn €2.1 – 2.3bn at current conditions in the energy markets EBITDA 1,539 (Previously: €1.8 –2.3bn) EBITDA margin (%) 24.8% Slightly higher than last year (Previously: on par with last year) Net cash flow 761 Clearly positive,
Slide 14: Appendix
CREATING TOMORROW`S SOLUTIONS Appendix Ticker: WCH Q3 2022 – Conference Call Note www.wacker.com October 27, 2022 13
Slide 15: Q3 2022 Results – P&L
Appendix: Q3 2022 Results – P&L In €m Q3 2022 Q3 2021 % YoY Q2 2022 % QoQ Sales 2,132 1,659 29% 2,174 -2% EBITDA 457 450 2% 626 -27% EBITDA margin 21.4% 27.1% - 28.8% - EBIT 351 359 -2% 529 -34% EBIT margin 16.4% 21.6% - 24.3% - Net income for the period 259 265 -2% 391 -34% EPS in € 5.08 5.22 -3% 7
Slide 16: Q3 2022 Results – Breakdown by Business
Appendix: Q3 2022 Results – Breakdown by Business Sales EBITDA EBITDA Margin (%) In €m / % Q3 2022 Q3 2021 % YoY Q2 2022 % QoQ Q3 2022 Q3 2021 % YoY Q2 2022 % QoQ Q3 2022 Q3 2021 Q2 2022 Chemicals 1,394 1,149 21% 1,490 -6% 258 245 5% 368 -30% 18.5 21.3 24.7 SILICONES 890 680 31% 936 -5% 198 161 23%
Slide 17: Strong Growth of Global PV Markets in 2022 Expected
Appendix: Strong Growth of Global PV Markets in 2022 Expected Country 2017 2018 2019 2020 2021 2022e Germany 1.8 3.0 4.0 4.9 5.3 6.0 – 8.0 Spain 0.1 0.4 4.7 3.3 4.9 6.0 – 9.0 Europe other 4.9 8.1 13.0 13.0 19.8 25.0 – 28.0 Europe total 6.8 11.5 21.7 21.2 30.0 37.0 – 45.0 Australia 1.3 3.8 4.4 5.1 5.
Slide 18: Raw Materials, Power and Gas Show Strong Price Inflation
Appendix: Raw Materials, Power and Gas Show Strong Price Inflation Si-Metal (€/mt) Electricity (€/MWh) 10,000 500 479 € High 8,000 8,200 € High 400 6,000 300 4,000 200 2,000 100 0 0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2017 2018 2019 2020 2021 2022 Source: CRU, Si-Metal Spot FD Europe S
Slide 19: Enabling Innovative Solutions in E-Mobility with Silicones
Appendix: Enabling Innovative Solutions in E-Mobility with Silicones Power Conversion Battery Assembly & Fuel Cell Sealing, bonding, Safety Sealing bipolar plates, potting, thermal Sealing, bonding, potting control units management potting, thermal management Sensor / ECU High Voltage Cables Potting
Slide 20: Silicones for Battery Assembly and Battery Safety
Appendix: Silicones for Battery Assembly and Battery Safety Battery Assembly and Safety Battery Lid / Module Protection Sprayable/dispensable silicone coating/potting High Voltage Cable Made with solid silicone rubber Cover Protection Sheet for Thermal Battery Gasket Runaway Dispensible silicone l
Slide 21: WACKER: Issuer, Contact and Additional Information
WACKER: Issuer, Contact and Additional Information Issuer and Contact Financial Calendar INVESTOR RELATIONS CONTACTS 03/14/23 FY 2022 Results Joerg Hoffmann, CFA 04/28/23 Q1 2023 Results Tel. +49 89 6279 1633 | joerg.hoffmann@wacker.com 05/17/23 AGM 07/27/23 Q2 2023 Results Scott McCollister Tel. +4