In 2009, WACKER POLYMERS’ total sales declined, too – down 14.3% to €743.8 million (2008: €867.9 million). As for sales volumes, dispersions and dispersible polymer powder dropped from the prior-year level. Regionally, the division generated sales gains in Asia but, elsewhere, reported sales declines of 10-30% compared to 2008’s figures.
Despite the drop in total sales, WACKER POLYMERS improved its EBITDA by 7.6% year over year to €117.2 million (2008: €108.9 million). While earnings benefited from cost-savings and lower energy and raw-material costs, they were hampered by lower dispersion and polymer-powder prices. The EBITDA margin rose to 15.8% (2008: 12.5%).
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Key Data: WACKER POLYMERS |
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€ million |
2009 |
2008 |
2007 |
2006 |
2005 | |||||
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Total sales |
743.8 |
867.9 |
632.8 |
559.6 |
473.8 | |||||
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EBITDA |
117.2 |
108.9 |
107.0 |
106.6 |
99.1 | |||||
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77.8 |
64.9 |
80.5 |
88.8 |
80.9 | ||||||
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Capital expenditures |
40.0 |
74.4 |
41.0 |
17.8 |
21.0 | |||||
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R&D expenses |
14.2 |
15.0 |
7.6 |
7.1 |
7.9 | |||||
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Employees (December 31, number) |
1,362 |
1,579 |
1,128 |
1,050 |
1,000 |
Year-over-year investments in the form of asset additions dropped by €34.4 million to €40.0 million (2008: €74.4 million). The investment focus was on completing the Nanjing production site (China), setting up and expanding technical competence centers, and optimizing existing production facilities. In 2008, WACKER POLYMERS also spent €171.2 million on acquiring Air Products Polymers and Wacker Polymer Systems – our former joint ventures.
To broaden its international presence, the division expanded its Dubai technical competence center (for construction applications) and opened two new technical centers in 2009: one in Allentown (USA) and the other – together with WACKER SILICONES – in Mumbai (India). These centers support customers locally in the development of new, tailored products and, thus, help the division strengthen its market position. In September 2009, WACKER POLYMERS and the Vietnam Institute of Building Materials (VIBM) jointly opened a test center for dry-mix mortars in Hanoi, the Vietnamese capital. The center’s objective is not only to promote the development and professional application of these products but also to certify them to local and international construction standards.
International Presence Expanded
Employee numbers decreased to 1,362 as per December 31, 2009 (December 31, 2008: 1,579).