WACKER’s total assets were 17.0 percent higher compared with December 31, 2020. Climbing by €1.18 billion, they amounted to €8.13 billion as of December 31, 2021 (Dec. 31, 2020: €6.95 billion). The biggest changes related to liquidity. Due to higher cash inflows from operating activities, WACKER recognized liquid assets of €1.98 billion as of December 31, 2021. On the equity and liabilities side, provisions for pensions were lower due to the transfer of €250 million to a contractual trust arrangement (CTA) to cover Wacker Chemie AG’s pension obligations. Higher discount rates and increased income from the pension fund’s assets also helped lower provisions for pensions. Equity rose substantially due to the Group’s high net income for the year.
In December 2020, WACKER accepted an offer from GlobalWafers Co. Ltd., Taiwan, to transfer WACKER’s remaining shares in Siltronic to GlobalWafers in the event the latter’s takeover bid for the company is successful. That is why this equity-accounted investment was reclassified as assets held for sale in the prior year. The investment has now been reclassified as equity-accounted given that, as of December 31, 2021, the sale was no longer assessed as being highly probable. This was because the sale had not taken place within the previous 12 months and the German authorities’ approval was deemed difficult to obtain. This assessment proved correct when the takeover was ultimately not approved. The takeover bid expired on January 31, 2022 without having been cleared by the German authorities.