DGAP-Adhoc: Wacker Chemie AG: WACKER Intends to Take an Impairment on Fixed Assets
DGAP-Ad-hoc: Wacker Chemie AG / Key word(s): Profit Warning/Change in Forecast
Wacker Chemie AG: WACKER Intends to Take an Impairment on Fixed Assets
05-Dec-2019 / 17:16 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
Disclosure of Insider Information as per Article 17 of MAR
Wacker Chemie AG / Impairment
WACKER Intends to Take an Impairment on Fixed Assets
Munich, December 5, 2019, 04.30 p.m. CET - In its financial statements for 2019, Wacker Chemie AG intends to take an impairment of around €750 million on the carrying amount of its production facilities for hyperpure polysilicon. The write-down stems from the continued absence of a recovery in solar-grade polysilicon prices due to the high overcapacity created by Chinese manufacturers.
The exact amount to be written down will become clear during the completion of the financial statements. The impairment will reduce not only the value of property, plant and equipment in the consolidated statement of financial position, but also Group EBIT, WACKER POLYSILICON's EBIT, and the Group's net result for the year. Cash flow, on the other hand, will be unaffected by the write-down.
For 2019, WACKER now expects a net result of around €-750 million (previous guidance: slightly positive net income). As previously, today's guidance excludes special income of €112.5 million in insurance compensation, which WACKER booked in Q3 2019.
Issuer and Contact
Wacker Chemie AG
81737 Munich, Germany
Tel. +49 89 6279 1633
Fax: +49 89 6279-1179
Deutsche Boerse: WCH
Ticker, Bloomberg: CHM/WCH:GR
Ticker, Reuters: CHE/WCHG.DE
Listing: Frankfurt Stock Exchange (Frankfurter Wertpapierbörse), Official Market (Prime Standard)
This publication contains forward-looking statements based on assumptions and estimates of WACKER's Executive Board. Although we assume the expectations in these forward-looking statements are realistic, we cannot guarantee they will prove to be correct. The assumptions may harbor risks and uncertainties that may cause the actual figures to differ considerably from the forward-looking statements. Factors that may cause such discrepancies include, among other things, changes in the economic and business environment, variations in exchange and interest rates, the introduction of competing products, lack of acceptance for new products or services, and changes in corporate strategy. WACKER does not plan to update its forward-looking statements, nor does it assume the obligation to do so.
This document includes supplemental financial measures (not clearly defined in the applicable financial reporting framework) that are or may be alternative performance measures (APM). These supplemental financial measures should not be viewed in isolation or as alternatives to measures of WACKER's net assets and financial positions or results of operations as presented in accordance with the applicable financial reporting framework in its Consolidated Financial Statements. Other companies that report or describe similarly titled alternative performance measures may calculate them differently. Explanations of financial measures used can be found in the Annual Report 2018 of Wacker Chemie AG which is available for download under www.wacker.com.
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||Wacker Chemie AG
||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange
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929703 05-Dec-2019 CET/CEST
Quelle: boersengefluester.de und Firmenangaben
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1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de
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