Wacker Chemie Ag · XETR:WCH
Wacker Chemie — Wacker Chemie Ag Ord — Q1 2024 Earnings Presentation
16 slides from Wacker Chemie's earnings presentation, Apr 25, 2024
Slide 1: Q1 2024 – Conference Call Note
CREATING TOMORROW’S SOLUTIONS Q1 2024 – Conference Call Note Dr. Christian Hartel (CEO), Dr. Tobias Ohler (CFO) April 25, 2024 Q1 2024 – Conference Call Note April 25, 2024 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 2024 Highlights
WACKER Q1 2024 Highlights Financials Operations Sustainability €1.49bn Higher Chemicals Silicone Gel Wins Demand Sustainability Sales (-15% yoy) Driven by lower prices Customer restocking drives volume Award improvements BELSIL® eco EG 3001 €172m 11.6% Lower Energy Costs wins the prestigious Fountai
Slide 4: Annual WOS Conference Projects Awarded for Improving Efficiency & Lowering Spec. Operating Costs
Annual WOS1 Conference 4 Projects Awarded for Improving Efficiency & Lowering Spec. Operating Costs SILICONES POLYMERS BIOSOLUTIONS POLYSILICON Burghausen Nanjing Amsterdam Burghausen New steam production Optimization of steam Higher utilization rates Improved processes Verbund (integrated p
Slide 5: EBITDA of €172m in Q1 2024 – YoY lower but Sequentially Higher
Profit & Loss Statement EBITDA of €172m in Q1 2024 – YoY lower but Sequentially Higher Profit & Loss (€m) Q1 Comments Q1 2024 Q1 2023 Sales -15% yoy Volume/Mix +4%, Price -17%, FX -1% Sales 1,490 1,744 EBITDA -39% yoy Performance defined by lower prices yoy. Gross profit from sales 211 329 EBITD
Slide 6: Resilient Financials with €4.7bn in Equity and €1.3bn in Liquidity
Balance Sheet Composition Resilient Financials with €4.7bn in Equity and €1.3bn in Liquidity Balance sheet (%) Characteristics 3/31/24 Assets Liabilities Cash & Securities: High level of liquidity at about €1.3bn €8.9bn €9.0bn €8.9bn €9.0bn Working Capital: +€200m higher due to seasonal higher s
Slide 7: Silicones: Q1/24 EBITDA at €81m on Customer Restocking, Outlook Raised
SILICONES Q1/24 EBITDA at €81m on Customer Restocking, Outlook Raised Sales (€m) Comments Q1 -7% 760 Improved specialties demand yoy and qoq, 699 673 610 710 mainly on customer restocking Prices for standards at low levels Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 EBITDA supported by better plan
Slide 8: Polymers: Q1/24 EBITDA at €56m, Volumes Up QoQ with Seasonality in Construction
POLYMERS Q1/24 EBITDA at €56m, Volumes Up QoQ with Seasonality in Construction Sales (€m) Comments Q1 -13% Prices lower yoy, but overall stable qoq 428 417 393 372 342 Volumes seasonally up qoq & higher yoy EBITDA higher qoq with improved asset utilization rates Q1 2023 Q2 2023 Q3 2023 Q4 2023
Slide 9: Biosolutions: Q1/24 EBITDA at €5m, New mRNA Facility Scheduled for Start Up Mid-Year
BIOSOLUTIONS Q1/24 EBITDA at €5m, New mRNA Facility Scheduled for Start Up Mid-Year Sales (€m) Comments Q1 -6% 93 BioIngredients with strong sales growth yoy, 77 91 77 72 Life Sciences Chemicals lower EBITDA supported by better product and contract mix Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 D
Slide 10: Polysilicon: Q1/24 EBITDA Higher QoQ at €43m, Lower Energy Costs Support the Result
POLYSILICON Q1/24 EBITDA Higher QoQ at €43m, Lower Energy Costs Support the Result Sales (€m) Comments Q1 -32% 513 Sales and EBITDA down yoy on significantly lower 441 342 303 300 Solar ASPs EBITDA supported by lower energy costs qoq, Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 sequentially also hig
Slide 11: Strong Financials with a Low Net Debt of €308m
Net Financial Position Strong Financials with a Low Net Debt of €308m Net Financial Position Bridge per 3/31/2024 (€m) 56 -84 0 -183 6 -103 -308 Net financial debt Cash flow Cash flow from Dividend Lease Exchange-rate Net financial debt as of from operating long-term paid, liabilities effects as of
Slide 12: Q1 2024 Results
Appendix Q1 2024 Results In €m Q1 2024 Q1 2023 % YoY Sales 1,490 1,744 -15% EBITDA reported 172 281 -39% EBITDA-Margin 11.6% 16.1% - EBIT 63 178 -65% EBIT-Margin 4.2% 10.2% - Net income for the period 48 147 -67% EPS 0.89 2.90 -69% CapEx 117 104 13% Net Cashflow -126 49 - Net Debt 308 - 446 - Q1 202
Slide 13: Q1 2024 Results – Breakdown by Business
Appendix Q1 2024 Results – Breakdown by Business Sales EBITDA EBITDA Margin (%) In €m / % Q1/24 Q1/23 % YoY Q4/23 % QoQ Q1/24 Q1/23 % YoY Q4/23 % QoQ Q1/24 Q1/23 Q4/23 Chemicals 1,083 1,188 -9% 952 14% 137 167 -18% 69 98% 12.6 14.0 7.3 SILICONES 710 760 -7% 610 17% 81 96 -15% 37 >100% 11.4 12.6 6.1
Slide 14: 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 2024 2020 2021 2022 2023 2024 Source: CRU, Si-Metal Spot FD Europe Source: EEX, Baseload Front Contract Avg. Month VAM (€/mt) Natural Gas (€/MWh) 4
Slide 15: Guidance FY 2024
Appendix Guidance FY 2024 In €m FY 2023 Outlook 2024 Sales 6,402 €6,000 – 6,500m EBITDA 824 €600 – 800m EBITDA margin (%) 12.9 Substantially lower than last year Net cash flow 166 Negative, substantially lower than last year CapEx 710 Slightly lower than last year Net Debt 84 Higher than last year N
Slide 16: WACKER: Issuer, Contact and Additional Information
WACKER: Issuer, Contact and Additional Information Issuer and Contact Financial Calendar INVESTOR RELATIONS CONTACTS 05/08/24 Annual General Meeting, Munich 07/26/24 Q2 2024 Results Joerg Hoffmann, CFA 09/18+19/24 CMD Burghausen Tel. +49 89 6279 1633 | joerg.hoffmann@wacker.com 10/29/24 Q3 2024 Resu