Trends: Assets
|
|
|
|
|
€ million |
|
2023 |
|
2022 |
|---|---|---|---|---|
|
|
|
|
|
Intangible assets, property, plant and equipment, investment property and right-of-use assets |
|
3,555.9 |
|
3,175.6 |
Investments in joint ventures and associates accounted for using the equity method |
|
949.8 |
|
999.5 |
Other noncurrent assets |
|
447.0 |
|
566.3 |
Noncurrent assets |
|
4,952.7 |
|
4,741.4 |
Inventories |
|
1,449.2 |
|
1,655.8 |
Trade receivables |
|
788.6 |
|
916.2 |
Other current assets |
|
1,663.9 |
|
2,088.0 |
Current assets |
|
3,901.7 |
|
4,660.0 |
Total assets |
|
8,854.4 |
|
9,401.4 |
Increase in Fixed Assets Due to Investment Spending and Additions Resulting from the Acquisition of ADL BioPharma
Relative to the previous year, fixed assets (including equity-accounted investments) increased by €330.6 million to €4.51 billion (Dec. 31, 2022: €4.18 billion). Property, plant and equipment rose to €3.04 billion (Dec. 31, 2022: €2.72 billion). Capital expenditures increased significantly in 2023 to €709.6 million (2022: €546.8 million). Over half of the funds were invested in Germany. Assets from the acquisition of ADL BioPharma S.L.U, León, Spain, increased intangible assets and property, plant and equipment by €154.2 million. Right-of-use assets from leases amounted to €222.5 million as of the reporting date (Dec. 31, 2022: €243.2 million). Financing liabilities from leases amounted to €242.1 million as of the reporting date (Dec. 31, 2022: €261.1 million). Depreciation/amortization amounted to €418.7 million.
As of December 31, 2023, €857.4 million was recognized in the statement of financial position for the equity-accounted investment in Siltronic AG (Dec. 31, 2022: €860.9 million). That figure included the profit of €47.4 million generated by the investment. The distribution of dividends, together with currency effects, lowered the carrying amount of the investment.
Noncurrent Assets
Other noncurrent assets totaled €447.0 million as of December 31, 2023 (Dec. 31, 2022: €566.3 million), down 21.1 percent year over year. Noncurrent securities were reclassified as current.
Working Capital Down 19 Percent
Current assets fell 16.3 percent year over year and amounted to €3.90 billion (Dec. 31, 2022: €4.66 billion). The decrease was due mainly to lower working capital. As of December 31, 2023, working capital was down 19.4 percent versus the 2022 reporting date, and came to €1.36 billion (Dec. 31, 2022: €1.69 billion).
Inventories fell by 12.5 percent, dropping from €1.66 million to €1.45 billion, due primarily to much lower raw-material prices and reduced plant-utilization rates year over year. The drop of 13.9percent in trade receivables to €788.6 million (Dec. 31, 2022: €916.2 million) was due to lower sales volumes. Trade payables remained unchanged.
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€ million |
|
2023 |
|
2022 |
|
Change in % |
|---|---|---|---|---|---|---|
|
|
|
|
|
|
|
Trade receivables |
|
788.6 |
|
916.2 |
|
-13.9 |
Inventories |
|
1,449.2 |
|
1,655.8 |
|
-12.5 |
Trade payables |
|
-878.9 |
|
-885.6 |
|
-0.8 |
Working capital |
|
1,358.9 |
|
1,686.4 |
|
-19.4 |
Liquidity at €1.42 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 €347.4 million at the end of 2023 (Dec. 31, 2022: €877.1 million). Cash and cash equivalents came to €1.01 billion as of December 31, 2023 (Dec. 31, 2022: €894.7million). All in all, liquid assets (noncurrent and current securities, cash and cash equivalents) were down considerably year over year to €1.42 billion (Dec. 31, 2022: €1.96 billion). The dividend payment made by Wacker Chemie AG resulted in an outflow of liquid assets in the amount of €596.1 million (2022: €397.4 million). WACKER invested €639.6 million (versus €561.2 million the year before) in expanding its capacities and acquired ADL BioPharma S.L.U, León, Spain, as a new future production site for its biopharmaceutical business. These expenses were financed mainly using liquid assets.
