Wacker Chemie Ag · XETR:WCH
Wacker Chemie — Wacker Chemie Ag Ord — Q1 2023 Earnings Presentation
19 slides from Wacker Chemie's earnings presentation, Apr 28, 2023
Slide 1: Q1 2023 – Conference Call Note
CREATING TOMORROW’S SOLUTIONS Q1 2023 – Conference Call Note Dr. Christian Hartel (CEO), Dr. Tobias Ohler (CFO) April 28, 2023 Q1 2023 – Conference Call Note April 28, 2023 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 Q1 2023 Highlights
WACKER Q1 2023 Highlights Financials Operations Sustainability €1.74bn Chemicals Improve QoQ WACKER’s 1st Ongoing customer destocking led to Carbon Footprint Sales (-16% yoy) Driven primarily by lower volumes much lower volumes yoy Conference1 Solid Key suppliers are now €281m 16.1% Semi Polysilicon
Slide 4: EBITDA of €281m in Q1 2023
Profit & Loss Statement EBITDA of €281m in Q1 2023 Profit & Loss (€m) Comments Q1 2023 Q1 2022 Sales -16% yoy Volume/Mix -14.3%, Price -1.9%, FX +0.2% Sales 1,744 2,076 EBITDA -56% yoy Gross profit from sales 329 668 Performance defined by lower volumes and high energy costs yoy. Chemicals resul
Slide 5: Resilient Financials with €5.1bn in Equity and €2.1bn in Liquidity
Balance Sheet Composition Resilient Financials with €5.1bn in Equity and €2.1bn in Liquidity Balance sheet (%) Characteristics 3/31/23 Assets Liabilities Cash & Securities: High level of liquidity at €2.1bn €9.4bn €9.6bn €9.4bn €9.6bn Working Capital: €109m higher YTD 44% 43% 54% 53% Pension P
Slide 6: SILICONES Sequential Improvement in Sales and EBITDA
SILICONES Sequential Improvement in Sales and EBITDA1 Sales (€m) Highlights Q1 -17% 921 936 890 706 760 Sequential improvements in volumes, but overall utilization remains low as customer destocking is not over yet Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Pricing pressure on Standards remains hig
Slide 7: POLYMERS Strong Sequential Improvement in EBITDA
POLYMERS Strong Sequential Improvement in EBITDA Sales (€m) Highlights Q1 -17% 518 553 504 Q1 volumes sequentially better, but much lower compared 421 428 to very strong PY volumes EBITDA margin stable yoy, sales prices trailing raws with a Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 delay EBITDA (€
Slide 8: BIOSOLUTIONS Upfront Costs Continue to Burden Results
BIOSOLUTIONS Upfront Costs Continue to Burden Results Sales (€m) 0% Highlights Q1 89 Q1 as expected with low BioPharma sales with projects 77 84 81 77 leading to later revenue recognition Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 EBITDA burdened by upfront costs related to the German pandemic prep
Slide 9: POLYSILICON Semi Continues Strong, Lower Volumes in Solar
POLYSILICON Semi Continues Strong, Lower Volumes in Solar Sales (€m) -16% Highlights Q1 568 619 574 Higher Semi prices and volumes yoy and qoq 525 441 Solar ASP higher yoy, stable qoq Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Significantly lower solar volumes, driven by a slow start at customers
Slide 10: Strong Net Financial Assets of €446m
Net Financial Position Strong Net Financial Assets of €446m Net Financial Position Bridge per 3/31/2023 (€m) 190 0 446 409 -141 -6 -7 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 11: Q1 2023 – Q&A Session
Q1 2023 – Q&A Session Q1 2023 – Conference Call Note April 28, 2023 10
Slide 12: WACKER Carbon Footprint Conference
Appendix WACKER Carbon Footprint Conference 1) A recording of the event is available here: Conference Q1 2023 – Conference Call Note April 28, 2023 11
Slide 13: ECS 2023 – WACKER Presents an Exciting Range of Innovative Products
Appendix ECS 2023 – WACKER Presents an Exciting Range of Innovative Products1 SILRES® Silicone additives for high-performance coatings SILRES® Silicone-based admixtures prevent water ingress VINNAPAS® Polymer binders for recycled concrete / time adhesives GENIOSIL® SMP-based waterproofing systems 1)
Slide 14: Guidance FY 2023
Appendix Guidance FY 2023 In €m FY 2022 Outlook 2023 Sales 8,209 €7,000 – 7,500m EBITDA 2,081 €1,100 – 1,400m EBITDA margin (%) 25.4 Substantially lower than last year Net cash flow 439 Positive, substantially lower than last year CapEx 547 Around €650m Net financial Assets 409 Low net financial deb
Slide 15: WACKER Q1 2023 Results
Appendix WACKER Q1 2023 Results In €m Q1 2023 Q1 2022 % YoY Sales 1,744 2,076 -16% EBITDA reported 281 644 -56% EBITDA-Margin 16.1% 31.0% EBIT 178 550 -68% EBIT-Margin 10.2% 26.5% Net income for the period 147 403 -63% EPS 2.90 7.92 -63% CapEx 104 84 24% Net Cash Flow 49 18 >100 Net Asset Position 4
Slide 16: Q1 2023 Results – Breakdown by Business
Appendix Q1 2023 Results – Breakdown by Business Sales EBITDA EBITDA Margin (%) In €m / % Q1/23 Q1/22 % YoY Q4/22 % QoQ Q1/23 Q1/22 % YoY Q4/22 % QoQ Q1/23 Q1/22 Q4/22 Chemicals 1,188 1,438 -17% 1,128 5% 167 372 -55% 168 -1% 14.0 25.9 14.9 SILICONES 760 921 -17% 706 8% 96 279 -66% 123 -22% 12.6 30.3
Slide 17: Strong Growth of Global PV Markets in 2023 Expected
Appendix Strong Growth of Global PV Markets in 2023 Expected Country 2019 2020 2021 2022 2023e Germany 4.0 4.8 5.3 7.9 7-10 Spain 4.7 2.6 3.8 7.5 7-10 Europe other 13.0 13.0 19.9 29.6 36-40 Europe total 21.7 21.2 29.0 45.0 50-60 USA 13.3 19.2 25 18.6 25-30 Japan 7.5 8.2 7.5 6.5 6-8 China 30.1 48.2 5
Slide 18: Key Raw Materials, Power and Gas
Appendix Key Raw Materials, Power and Gas Si-Metal (€/mt) Electricity (€/MWh) 10,000 500 8,000 400 6,000 300 4,000 200 2,000 100 0 0 2020 2021 2022 2023 2020 2021 2022 2023 Source: CRU, Si-Metal Spot FD Europe Source: EEX, Baseload Front Contract Avg. Month VAM (€/mt) Natural Gas (€/MWh) 4,000 250 3
Slide 19: WACKER: Issuer, Contact and Additional Information
WACKER: Issuer, Contact and Additional Information Issuer and Contact Financial Calendar INVESTOR RELATIONS CONTACTS 05/17/23 AGM Joerg Hoffmann, CFA 07/27/23 Q2 2023 Results Tel. +49 89 6279 1633 | joerg.hoffmann@wacker.com 10/26/23 Q3 2023 Results Scott McCollister Tel. +49 89 6279 1560 | scott.mc