Annual Report 2022

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Creating tomorrow’s solutions

Trends: Assets

Increase in Fixed Assets Due to Capital Expenditures and Right-of-Use Assets from Leases

Relative to the end of the previous year, fixed assets (including equity-accounted investments) increased by €812.3 million to €4.18 billion (Dec. 31, 2021: €3.36 billion). Property, plant and equipment rose to €2.72 billion (Dec. 31, 2021: €2.47 billion). Capital expenditures increased to €546.8 million (2021: €343.8 million). Investment spending focused mainly on WACKER SILICONES and WACKER POLYMERS, as well as on WACKER BIOSOLUTIONS. Over half of the funds were invested in Germany. Current depreciation/amortization amounted to €402.1 million. Assets from the acquisition of SICO Performance Material (Shandong) Co., Ltd., China, increased intangible assets and property, plant and equipment by €219.7 million. Right-of-use assets from leases amounted to €243.2 million as of the reporting date (Dec. 31, 2021: €138.8 million). Financing liabilities from leases amounted to €261.1 million as of the reporting date (Dec. 31, 2021: €153.7 million).

As of December 31, 2022, €860.9 million was recognized in the statement of financial position for the equity-accounted investment in Siltronic AG (Dec. 31, 2021: €659.0 million). That figure included the profit of €108.0 million generated by the investment. The reversal of an impairment loss on Dow Siloxane Co. Ltd., China increased the value of equity-accounted investments by €72.4 million.

Noncurrent Assets

Other noncurrent assets totaled €566.3 million as of December 31, 2022 (Dec. 31, 2021: €923.5 million), down 38.7 percent year over year. Noncurrent securities were reclassified as current in preparation for repayment of a US$-denominated loan in Q2 2023. Deferred tax assets declined markedly, from €569.7 million to €272.9 million, reflecting higher discount rates on provisions for pensions.

Working Capital Up 36 Percent

Current assets grew 21.1 percent year over year and amounted to €4.66 billion (Dec. 31, 2021: €3.85 billion). The increase was due mainly to higher working capital. As of December 31, 2022, working capital was up 36.0 percent versus the 2021 reporting date and amounted to €1.69 billion (Dec. 31, 2021: €1.24 billion).

Inventories grew by 40.7 percent, rising from €1,177.0 million to €1.66 billion, mainly due to higher raw-material prices year over year. The increase of 11.1 percent in trade receivables to reach €916.2 million (Dec. 31, 2021: €824.8 million) was due to higher sales volumes. Trade payables rose 16.2 percent, also due to higher raw-material prices.

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Liquidity at €1.96 Billion

Securities, fixed-term deposits, and cash and cash equivalents are major components of other current assets. Current securities and fixed-term deposits amounted to €877.1 million at the end of Q4 2022 (Dec. 31, 2021: €738.2 million). Cash and cash equivalents came in at €894.7 million as of December 31, 2022 (Dec. 31, 2021: €926.6 million). Overall, liquid assets (current and noncurrent securities, cash and cash equivalents) were virtually unchanged at €1.96 billion (Dec. 31, 2021: €1.98 million). Current gross cash flow was sufficient to finance Wacker Chemie AG’s dividend payment of €397.4 million (2021: €99.4 million) and capital expenditures of €561.2 million (prior year: €321.3 million).

Systematic name given to compounds comprising silicon atoms linked together via oxygen atoms and with the remaining valences occupied by hydrogen or organic groups. Siloxanes are the building blocks for the polymers (polysiloxane and polyorganosiloxane) that form silicones.