Invitation to the Annual Shareholders’ Meeting
2013 was not an easy year for WACKER. Although we set new records for polysilicon volumes, sales and EBITDA (earnings before interest, taxes, depreciation and amortization) fell short of the prior-year figures. Low polysilicon prices and persistent price pressure in the semiconductor segment were mainly responsible for this decrease. Overall, price effects reduced Group sales by around €360 million. Although our chemical business was stable, there was an absence of economic tailwinds.
Given the exceptionally challenging circumstances, WACKER delivered a respectable performance. Looking at the bottom line, we generated Group sales of €4.48 billion, a good 3 percent below the previous year, with EBITDA coming in at €679 million, down about 15 percent.
By focusing our resources, we cut costs across every corporate sector. This enabled us to limit the negative influence of price effects on Group sales and EBITDA. Cost savings of around €225 million made a substantial contribution. We also benefited here from higher production output.
Net cash flow and net financial debt performed better than expected. This positive outcome was due to lower investments and inventories. At just under €800 million, net financial debt remained well below the one-billion-euro mark.
We hereby invite WACKER’s shareholders to attend our Annual Shareholders’ Meeting at the ICM – International Congress Centre Munich (Munich-Riem, Am Messesee 6, 81829 Munich, Germany) – on Thursday, May 15, 2014, starting at 10:00 a.m.
Wacker Chemie AG
Dr. Peter-Alexander Wacker
Chairman of the Supervisory Board
Dr. Rudolf Staudigl
President & CEO