Annual Report 2023

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Creating tomorrow’s solutions

Trends: Assets

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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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.