Trends: Assets
|
|
|
|
|
€ million |
|
2022 |
|
2021 |
|---|---|---|---|---|
|
|
|
|
|
Intangible assets, property, plant and equipment, investment property and |
|
3,175.6 |
|
2,653.9 |
Investments in joint ventures and associates accounted for using the equity method |
|
999.5 |
|
708.9 |
Other noncurrent assets |
|
566.3 |
|
923.5 |
Noncurrent assets |
|
4,741.4 |
|
4,286.3 |
Inventories |
|
1,655.8 |
|
1,177.0 |
Trade receivables |
|
916.2 |
|
824.8 |
Other current assets |
|
2,088.0 |
|
1,846.2 |
Current assets |
|
4,660.0 |
|
3,848.0 |
Total assets |
|
9,401.4 |
|
8,134.3 |
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.
|
|
|
|
|
||
€ million |
|
2022 |
|
2021 |
|
Change in % |
|---|---|---|---|---|---|---|
|
|
|
|
|
|
|
Trade receivables |
|
916.2 |
|
824.8 |
|
11.1 |
Inventories |
|
1,655.8 |
|
1,177.0 |
|
40.7 |
Trade payables |
|
-885.6 |
|
-761.9 |
|
16.2 |
Working capital |
|
1,686.4 |
|
1,239.9 |
|
36.0 |
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).
