Between year-end 2012 and year-end 2013, total assets decreased by 2.5 percent or € 160.4 million to € 6.33 billion (Dec. 31, 2012: € 6.49 billion), mainly because of lower noncurrent assets and a reduction in working capital compared with the prior year. The provisions for pensions recognized by WACKER at the balance sheet date were lower due to remeasurement effects, falling by € 156.2 million. In contrast, the senior unsecured notes placed in the USA in Q1 2013 increased total assets by US$ 400 million, raising both liquidity and financial liabilities. Liquidity was reduced by cash outflows for capital expenditures, the dividend payout and the redemption of bank loans falling due. Foreign currency translation effects reduced total assets by € 104.2 million.

The prior-year figures for equity and liabilities given here differ markedly from those published by WACKER in the 2012 quarterly reports and annual report. This is because of the adoption of the new IAS 19 (revised) accounting standard “Employee Benefits,” which led to a substantial rise in pension provisions. At the same time, equity was reduced. The changes are presented in detail in the Notes section under “Changes in Accounting and Valuation Methods”.

Asset and Capital Structure