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EANS-News: WACKER´s Earnings Grow Strongly in Q3 2009 Despite High One-Time Charges

Geschrieben am 05-11-2009

- Group sales up 7 percent on Q2 2009 to €987 million

- EBITDA climbs 8 percent quarter-on-quarter to €184 million despite
non-recurring charges of €52 million

- Net income for the period reaches €35.9 million

- Higher demand and sales volumes in third quarter drive confidence


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Corporate news transmitted by euro adhoc. The issuer/originator is solely
responsible for the content of this announcement.
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quarterly report

Subtitle: - Group sales up 7 percent on Q2 2009 to €987 million
- EBITDA climbs 8 percent quarter-on-quarter to €184 million despite
non-recurring charges of €52 million
- Net income for the period reaches €35.9 million
- Higher demand and sales volumes in third quarter drive confidence

München (euro adhoc) - November 5, 2009 - Wacker Chemie AG posted
strong quarter-on-quarter sales and earnings growth in July through
September 2009. Fueled chiefly by higher volumes, sales reached
EUR986.5 million (Q3 2008: EUR1,156.9m). Although 15 percent lower
than a year ago, sales at the Munich-based chemical group were up 7
percent against Q2 2009. More favorable year-on-year exchange rates
supported this growth, while lower prices hampered business
performance. Despite incurring an investment loss of EUR51.9 million
due to exiting former joint venture WACKER SCHOTT Solar, the Group
reported earnings before interest, taxes, depreciation and
amortization (EBITDA) of EUR184.0 million (Q3 2008: EUR327.5m), 8
percent higher than Q2 2009 (EUR170.1m). The EBITDA margin reached
18.7 percent (Q3 2008: 28.3 percent). Without the non-recurring
effect of WACKER SCHOTT Solar, the Group´s third-quarter EBITDA
margin would have been 23.9 percent. Higher production capacity
utilization in chemicals and semiconductors positively impacted
operating profitability, as did ongoing and rigorous cost management.
After special items, earnings before interest and taxes (EBIT)
amounted to EUR82.9 million in 2009´s third quarter (Q3 2008:
EUR237.9m). The EBIT margin for the period was 8.4 percent (Q3 2008:
20.6 percent). Q3 net income was EUR35.9 million (Q3 2008:
EUR170.8m). Thus, earnings per share amounted to EUR0.68 for July
through September 2009 (Q3 2008: EUR3.44).

WACKER reported substantial profitability gains in chemicals. EBITDA
at its three chemical divisions reached EUR116.0 million,
outperforming not only the prior-year quarter (Q3 2008: EUR92.7m) but
also Q2 2009 (EUR83.4m). At WACKER POLYSILICON, EBITDA of EUR86.5
million was below Q3 2008 (EUR130.7m) and Q2 2009. This decline
stemmed from exceptional items of EUR51.9 million due to exiting the
joint venture with SCHOTT Solar. As for Siltronic, the semiconductor
division more than halved its quarter-on-quarter losses. Nonetheless,
its EBITDA remained in negative territory at EUR-21.6 million (Q3
2008: EUR108.1m).

For full-year 2009, WACKER still expects its sales and operating
result to be significantly lower than last year. In all probability,
2009´s fourth quarter will again reflect the usual seasonal effects
that normally tend to dampen WACKER´s business during the final
months. For fiscal 2010, the Munich-based chemical company is
cautiously optimistic. Providing the economic recovery continues -
especially in WACKER´s key markets and regions - the company sees a
good chance of increasing both consolidated sales and operating
result in the coming year.

"Our third-quarter performance is an encouraging sign that the
economy is picking up," said CEO Rudolf Staudigl in Munich on
Thursday. "Sales volumes, capacity utilization, sales and earnings
all grew strongly compared to the second quarter. Nevertheless, there
is still uncertainty about how stable the recovery is going to be.
So, we must remain firmly focused on cutting costs and improving
operational efficiency. Above all, we will be keeping an eye on
WACKER´s cash flow and liquidity."

Regions In Q3 2009, the momentum for recovery was strongest for
WACKER in Asia, especially China. The Group´s third-quarter sales
reached EUR354.4 million in Asia, slightly up on last year (Q3 2008:
EUR349.8m). With 36 percent of Group sales now generated in Asia (Q3
2008: 30 percent), the region´s importance as a WACKER market
continues to grow. In Germany, sales amounted to EUR180.4 million for
the July to September quarter, down 27 percent year-on-year (Q3 2008:
EUR246.2m). At EUR253.8 million, sales in the rest of Europe were
just below the prior-year level (EUR261.5 million). As for the
Americas, although third-quarter sales fell 38 percent year-on-year
to EUR162.7 million (Q3 2008: EUR263.5m), they showed a 9 percent
improvement against the previous quarter. In other regions, Q3 sales
totaled EUR35.2 million (Q3 2008: EUR35.9m).

Investments and Net Cash Flow WACKER made further progress on
production capacity expansion, investing EUR171.8 million (Q3 2008:
EUR219.3m) during the 2009 July to September quarter. Despite the
high investment outflow for this strategic program, WACKER generated
a positive net cash flow of EUR92.7 million (Q3 2008: EUR86.0m),
largely due to the operational strength of its chemical divisions and
WACKER POLYSILICON.

Third-quarter investments focused on the ongoing expansion of
polysilicon capacities at Burghausen and Nünchritz. WACKER
POLYSILICON accounted for nearly two-thirds of the Group´s overall
investment volume. At Burghausen, the ramp-up of new production
capacities for hyperpure polycrystalline silicon is now under way, as
planned. Nünchritz´s new facility is under construction and is
expected to start production before the end of 2011. Further capital
expenditures went into the ongoing development of the silicones site
at Zhangjiagang.

Employees On the September 30, 2009 reporting date, WACKER had 15,685
employees (June 30, 2009: 15,721) - 11,979 at German sites (June 30,
2009: 12,002) and 3,706 outside Germany (June 30, 2009: 3,719). At
the start of 2009, WACKER had responded to the slump in demand by
reducing work hours at its German production sites. During the course
of the year, improving sales volumes have positively impacted
capacity utilization, enabling the company to significantly lower the
number of employees working reduced hours. From a peak of 3,100
employees in April 2009, the number was down to just over 100 by
mid-October.

Business Divisions The WACKER SILICONES division generated total
sales of EUR343.9 million in the third quarter of 2009 - a 13 percent
gain on the preceding quarter but 7 percent lower than a year ago (Q3
2008: EUR370.6m). Sales developed especially positive in the medical
technology and power transmission/distribution segments. Sales
volumes for automotive and electronics customers also picked up,
though were still well below last year´s third quarter. Capacity
utilization gains made since the first-half year lowered specific
manufacturing costs and bolstered WACKER SILICONES´ earnings.
Additionally, third-quarter raw-material and energy costs were not as
high as in the comparable period last year. For Q3 2009, the division
generated EBITDA of EUR69.4 million (Q3 2008: EUR61.0m). This
corresponds to an EBITDA margin of 20.2 percent (Q3 2008: 16.5
percent).

Thanks to robust dispersible powder demand in Q3 2009, WACKER
POLYMERS was able to keep sales at about Q2´s level. In the July
through September period, sales totaled EUR200.2 million (Q3 2008:
EUR238.9m). Asian business experienced the strongest demand growth.
Price pressures, though, persisted during the quarter. WACKER
POLYMERS´ earnings performance benefited from cost savings and lower
year-on-year raw-material prices. As a result, the division posted
substantial profitability gains in Q3 2009. At EUR42.6 million,
EBITDA was 45 percent above the year-earlier quarter (Q3 2008:
EUR29.3m). The corresponding EBITDA margin was 21.3 percent (Q3 2008:
12.3 percent).

WACKER FINE CHEMICALS reported total sales of EUR32.6 million for the
July through September quarter (Q3 2008: EUR22.7m). The year-on-year
sales gain was mainly due to the division taking over respon¬sibility
for gumbase activities from WACKER POLYMERS as of July 1, 2009.
Business with pharmaceutical proteins developed positively and sales
for bioengineered cysteine and gamma cyclodextrins were also higher
than a year earlier. In Q3 2009, the division´s EBITDA amounted to
EUR4.0 million (Q3 2008: EUR2.4m). This translates into a 67 percent
year-on-year increase, with an EBITDA margin of 12.3 percent (Q3
2008: 10.6 percent).

In the third quarter of 2009, WACKER POLYSILICON profited from the
market success of initial sales volumes generated by the ramp-up at
Burghausen´s new hyperpure polycrystalline silicon facilities. Thanks
to its Q3 production and sales-volume records, the division increased
total sales to EUR268.6 million - a good 12 percent above the
year-on-year figure (EUR238.9m), even though prices for short-term
orders were lower than a year earlier. On the earnings front, the
benefits of moderate operating costs and high capacity utilization
did not offset the strain on investment income due to exiting the
WACKER SCHOTT Solar joint venture. The exit-related expenses and
pro-rata losses totaled EUR51.9 million in the period under review.
This meant that Q3 EBITDA amounted to only EUR86.5 million (Q3 2008:
EUR130.7m) and the EBITDA margin was 32.2 percent (Q3 2008: 54.7
percent). Without the non-recurring items due to WACKER SCHOTT Solar,
WACKER POLYSILICON would have posted an EBITDA margin of 51.5
percent.

At Siltronic, third-quarter sales and earnings showed improvement,
but remained unsatisfactory. Higher sales volumes for all wafer
diameters resulted in total sales of EUR174.0 million in Q3 2009 (Q3
2008: EUR359.4m). Although 52 percent down year-on-year, sales
climbed nearly 14 percent against the preceding quarter (Q2 2009:
EUR153.1m). Market prices for silicon wafers declined slightly
quarter-on-quarter, but now appear to be bottoming out. Thanks to the
higher sales volumes, plant capacity utilization rose significantly
against Q2 - in some cases to as much as 80 percent, depending on the
wafer diameter. Bolstered by increased capacity utilization, EBITDA
grew by EUR36.6 million quarter-on-quarter. Although improved, EBITDA
remained in negative territory at EUR-21.6 million (Q3 2008:
EUR108.1m). Siltronic has been pressing ahead with its new strategy
(announced in early July) of defining lead sites to make its
production network more efficient and flexible. To be able to supply
customers from the lead sites designated, Siltronic is swiftly
putting the wafers produced there through the necessary customer
qualification processes.

Outlook After the current phase of economic stabilization, all the
present forecasts and predictions for the months ahead assume that
the global economy will pick up steadily. There is uncertainty,
though, about just how stable the recovery is going to be. Currently,
most experts forecast a moderate rebound for 2010. At the moment,
WACKER´s customers are continuing to act cautiously and are placing
rather short-term orders. The US dollar´s current weakness is a
further strain.

All of this makes it difficult for WACKER to reliably forecast
business development in the fourth quarter. While the company does
not expect the economic upturn to weaken in the fourth quarter, it
anticipates the presence of the usual seasonal factors, which
normally subdue business in this period. WACKER continues to assume
that the Group´s sales and operating result for the full year 2009
will remain well below the levels achieved in 2008.

If the economic recovery continues, in particular in WACKER´s key
sales sectors and regions, the company sees good chances of
increasing both Group sales and the operating result again in the
year ahead. WACKER meets all the conditions for continuing to
successfully overcome the effects of the crisis and proceeding along
its course of profitable growth.

Information for editorial offices: The Q3 2009 report can be
downloaded from WACKER´s website (www.wacker.com) under Investor
Relations.

This press release 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 the
forward-looking statements, nor does it assume the obligation to do
so.

WACKER´s Key Figures


|in EUR million |Q3 2009 |Q3 2008 |Change | |9M 2009 |9M 2008|Change |
| | | |in % | | | |in % |
|Sales |986.5 |1,156.9 |-14.7 | |2,784.5 |3,299.4|-15.6 |
|EBITDA1 |184.0 |327.5 |-43.8 | |511.9 |936.5 |-45.3 |
|EBITDA margin2 |18.7% |28.3% |-33.9 | |18.4% |28.4% |-35.2 |
|EBIT3 |82.9 |237.9 |-65.2 | |87.4 |661.5 |-86.8 |
|EBIT margin2 |8.4% |20.6% |-59.2 | |3.1% |20.0% |-84.5 |
| | | | | | | | |
|Financial result |-6.6 |-4.6 |43.5 | |-20.0 |-8.5 |>100 |
|Income before taxes |76.3 |233.3 |-67.3 | |67.4 |653.0 |-89.7 |
|Net income for the |35.9 |170.8 |-79.0 | |-33.1 |454.0 |n.a. |
|period | | | | | | | |
| | | | | | | | |
|Earnings per share in |0.68 |3.44 |-80.2 | |-0.62 |9.14 |n.a. |
|EUR
| | | | | | | |
|Investments (incl. |171.8 |219.3 |-21.7 | |542.9 |546.2 |-0.6 |
|financial assets) | | | | | | | |
|Investments in |- |- |- | |- |-171.2 |-100.0 |
|acquisitions | | | | | | | |
|Net cash flow |92.7 |86.0 |7.8 | |53.4 |187.5 |-71.5 |
| | | | | |
|in EUR million |Sept. |Sept. |Dec. | |
| |30, |30, |31, | |
| |2009 |2008 |2008 | |
| | | | | |
|Equity |1,984.7 |2,080.1 |2,082.8| |
|Financial liabilities |517.9 |306.8 |272.4 | |
|Provisions for pensions |394.9 |387.1 |376.1 | |
|Net financial debt |50.2 |-188.8 |-32.9 | |
|Total assets |4,734.4 |4,605.1 |4,625.1| |
| | | | | |
|Employees (number at end|15,685 |15,843 |15,922 | |
|of reporting period) | | | | |


1 EBITDA is EBIT before depreciation and amortization.
2 Margins are calculated based on sales.
3 EBIT is the result from continuing operations for the reporting period before
interest and other financial result, limited partnership interests and income
taxes.



end of announcement euro adhoc
--------------------------------------------------------------------------------


ots Originaltext: Wacker Chemie AG
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:

Christof Bachmair

Media Relations & Information

Tel.: +49 (0)89 6279 1830

E-Mail: christof.bachmair@wacker.com

Branche: Chemicals
ISIN: DE000WCH8881
WKN: WCH888
Index: Midcap Market Index, MDAX, CDAX, Classic All Share, HDAX,
Prime All Share
Börsen: Frankfurt / regulated dealing/prime standard


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