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€ million |
2012 |
2011 | ||||
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Sales |
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Proceeds from deliveries of products and merchandise |
4,541.5 |
4,814.0 | ||||
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Proceeds from other services |
93.4 |
95.7 | ||||
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4,634.9 |
4,909.7 | ||||
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Cost of goods sold |
-3,821.8 |
-3,747.2 | ||||
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Cost of goods sold includes the following reversals (+)/ |
-20.2 |
-15.2 | ||||
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Other operating income |
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Income from currency transactions |
144.6 |
167.1 | ||||
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Income from reversal of provisions |
27.7 |
13.2 | ||||
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Insurance compensation |
2.0 |
4.5 | ||||
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Income from reversal of valuation allowances for receivables |
1.0 |
3.3 | ||||
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Income from disposal of assets |
5.9 |
0.9 | ||||
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Income from subsidies/grants |
6.7 |
4.9 | ||||
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Income from receipt of advance payments and damages1 |
158.0 |
66.2 | ||||
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Other operating income |
20.8 |
26.5 | ||||
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366.7 |
286.6 | ||||
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Other operating expenses |
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Losses from currency transactions |
-152,5 |
-127,3 | ||||
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Losses from valuation allowances for receivables |
-19.1 |
-1.6 | ||||
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Losses from disposal of assets |
-3.9 |
-1.3 | ||||
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Losses from impairment of property, plant and equipment |
-2.5 |
-41.4 | ||||
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Losses from restructuring measures |
-10.3 |
-49.6 | ||||
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Other operating expenses |
-77.1 |
-39.3 | ||||
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-265.4 |
-260.5 | ||||
Cost of goods sold includes net income totaling €74.9 million from a reduction in provisions for expected losses from WACKER’s silicone business in China. This was due to a change in transfer pricing policy between WACKER’s Chinese subsidiaries and the siloxane-production associate Dow Corning (ZJG) Co. Ltd., China. Amendments to these transfer prices resulted in an impairment of €77.0 million in the carrying amount of Dow Corning (ZJG) Co. Ltd., China, which is accounted for using the equity method.
Restructuring costs mainly comprise expenses in connection with the closure of the 150 mm wafer production plant at Portland and restructuring costs incurred in Germany. The amount of €49.6 million in restructuring costs reported in 2011 related to the closure of Siltronic Japan Corporation’s silicon wafer plant at Hikari, Japan.
Other operating expenses mainly comprise costs that are related to the construction of polysilicon facilities in the US and that cannot be capitalized.
In fiscal 2012, an amount of €2.5 million was recognized for impairments of small-scale facilities.
Impairments of noncurrent assets in the previous year related to the following areas:
- An impairment of €23.6 million was recognized for the partial shutdown of a granular polysilicon production plant, which was written down to fair value.
- Due to the decision to close the silicon wafer facility at Hikari, Japan, all of its property, plant and equipment had to be written down to fair value. This led to an impairment loss of €14.8 million.
- The remaining impairment losses of €3.0 million related to the planned shutdowns of smaller plants in Germany.