Trends: Assets

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Fixed Assets Decrease Due to Exchange-Rate Effects and Depreciation

Relative to the end of the previous year, fixed assets (including equity-accounted investments) declined by €550.2 million to €4.11 billion (Dec. 31, 2016: €4.66 billion). Depreciation, mainly of property, plant and equipment, amounted to €590.4 million. Capital expenditures once again declined in the reporting period, to €326.8 million (2016: €338.1 million). Investment spending focused mainly on WACKER SILICONES and WACKER POLYMERS as well as on infrastructure measures, with more than half of capital expenditures accounted for by projects in Germany. The derecognition of Siltronic’s fixed assets in Q1 2017 was compensated for by the recognition of the remaining interest in Siltronic as an equity-accounted investment. Changes in exchange rates decreased the carrying amount of fixed assets by €314.3 million.

Other Noncurrent Assets and Securities

Other noncurrent assets totaled €605.3 million as of December 31, 2017 (Dec. 31, 2016: €621.1 million) and were virtually unchanged year over year. WACKER invested surplus liquidity of €42.1 million (Dec. 31, 2016: €56.0 million) in noncurrent securities. Deferred tax assets were slightly higher, at €452.6 million on December 31, 2017.

Working Capital Declines by 7 Percent without Siltronic

Current assets decreased by 3 percent year over year, amounting to €2.12 billion (Dec. 31, 2016: €2.18 billion). One reason for this decrease was the deconsolidation of Siltronic assets.

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Working Capital






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As of December 31, 2017, working capital was down 7 percent. The share of working capital attributable to Siltronic (and derecognized 2017) amounted to €190.4 million at the time of deconsolidation. Working capital from continuing operations rose mainly because of an increase in inventories. Trade receivables were virtually unchanged. Exchange-rate effects lowered working capital by €43.3 million.

Liquidity Up 18 Percent

Securities and cash and cash equivalents are a major component of other current assets. Current securities amounted to €218.2 million at the end of 2017 (Dec. 31, 2016: €126.2 million), with WACKER investing liquid funds in fixed-term deposits and short-term bonds. Cash was almost unchanged, amounting to €286.9 million on the reporting date (Dec. 31, 2016: €283.5 million). Thus, total liquid assets (current and noncurrent securities, cash and cash equivalents) increased by 18 percent to €547.2 million (Dec. 31, 2016: €465.7 million).

Overall, the two transactions to relinquish the majority stake in Siltronic AG generated proceeds for WACKER of €440.8 million. The deconsolidation of Siltronic reduced liquid assets by €161.4 million. Payment of the dividend and variable compensation in Q2 2017 also reduced liquid assets. In Q4 2017, WACKER repaid financial liabilities totaling some €240 million, which further reduced liquidity.

Other current assets included other tax receivables of €63.4 million (Dec. 31, 2015: €45.4 million).