Invitation to the Annual Shareholders’ Meeting
Fiscal 2014 was a good year for WACKER.
We achieved a substantial increase in sales and earnings before interest, taxes, depreciation and amortization (EBITDA) in our centennial year, thanks to higher volumes at all our divisions and improved polysilicon prices. We also benefited from special income from advance payments retained and damages received in connection with amended or terminated contracts with solar-sector customers. Sales reached €4.83 billion overall, up almost 8 percent year on year. EBITDA rose by more than 50 percent to €1.04 billion.
The agreement reached last year with the Chinese Ministry of Commerce concerning polysilicon exports to China was of crucial importance to us. In accordance with the agreement, we have undertaken not to sell polysilicon manufactured at our European sites below a specific minimum price in China. In turn, the Chinese authorities will refrain from imposing anti-dumping and anti-subsidy tariffs on this material. As a result, we will remain in a position to offer our polysilicon in our biggest market at competitive prices. Other key financial indicators, too, were in line with – or even exceeded – our expectations. Although net financial debt further increased in 2014 as planned, we achieved our goal of keeping it below €1.1 billion in total. Net cash flow almost doubled year on year to more than €200 million and net income for the year was substantially higher at €195 million.
The acquisition of a majority stake in Siltronic Silicon Wafer in Singapore and the purchase of Scil Protein Productions in Halle, Germany, proved to be the right moves strategically, and both companies were quickly and successfully integrated into the WACKER Group. As a result of these acquisitions, Siltronic was able, in line with its strategy, to expand its business with 300 mm silicon wafers in Asia, while WACKER BIOSOLUTIONS now has additional prospects for growth in the field of pharmaceutical proteins thanks to additional capacity. This acquisition has already enabled us to conclude contracts with new customers. On the whole, we can be more than satisfied with the performance of all our divisions, particularly with the good results achieved by WACKER POLYSILICON and Siltronic.
We hereby invite WACKER’s shareholders to attend our Annual Shareholders’ Meeting at the ICM – International Congress Center Munich (Munich-Riem, Am Messesee 6, 81829 Munich, Germany) – on Friday, May 8, 2015, starting at 10:00 a.m.
Wacker Chemie AG
Dr. Peter-Alexander Wacker
Chairman of the Supervisory Board
Dr. Rudolf Staudigl
President & CEO