01 Sales / Cost of Goods Sold / Other Operating Income / Other Operating Expenses
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€ million |
2013 |
2012 |
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Sales |
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Proceeds from deliveries of products and merchandise |
4,392.1 |
4,541.5 |
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Proceeds from other services |
86.8 |
93.4 |
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Total |
4,478.9 |
4,634.9 |
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Cost of goods sold |
-3,815.4 |
-3,815.4 |
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Cost of goods sold includes the following reversals (+)/ |
11.5 |
-20.2 |
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Other operating income |
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Income from currency transactions |
103.8 |
144.6 |
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Income from reversal of provisions |
14.3 |
27.7 |
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Insurance compensation |
2.1 |
2.0 |
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Income from reversal of valuation allowances for receivables |
0.8 |
1.0 |
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Income from disposal of property, plant and equipment and financial assets |
9.9 |
5.9 |
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Income from incentives/grants |
7.9 |
6.7 |
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Income related to the termination of long-term supply contracts and to the receipt of advance payments |
91.9 |
158.0 |
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Other operating income |
23.8 |
20.8 |
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Total |
254.5 |
366.7 |
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Other operating expenses |
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Losses from currency transactions |
-106,6 |
-152,5 |
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Losses from valuation allowances for receivables |
-1.7 |
-19.1 |
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Losses from disposal of assets |
-9.9 |
-3.9 |
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Losses from impairment of property, plant and equipment |
-37.0 |
-2.5 |
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Losses from restructuring measures |
-3.9 |
-10.3 |
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Other operating expenses |
-51.1 |
-77.1 |
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Total |
-210.2 |
-265.4 |
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Cost of goods sold for the previous year 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. Adjustment of 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.
In fiscal 2013, impairments amounting to € 37.0 million were recognized. Of this amount, € 34.8 million is attributable to the Siltronic division, which retired noncurrent assets no longer used. The remaining impairment losses related to the shutdowns of smaller plants at other divisions.
Expenses for restructuring measures relate to the Siltronic division. In the previous year restructuring costs mainly comprised expenses in connection with the closure of the 150 mm wafer production plant at Portland and restructuring costs incurred in Germany.
Other operating expenses mainly comprise costs that are related to the construction of polysilicon facilities in the US and that cannot be capitalized.