Wacker Polysilicon’s sales decreased by 27 percent
Post date: 19/01/2019 - 21:11
German Wacker Chemie AG posted total sales of €4.98 billion ($5.66 billion) last year, a rise of 1 percent compared to €4.92 billion ($5.60 billion) in 2017, which was mainly due to higher volumes and prices in chemicals. The Group’s preliminary EBITDA for 2018 amounted to €930 million ($1,058 million), compared to €1,014 million ($1,154 million) in 2017. That was 8 percent less than the year before. Net income for 2018 totaled to €260 million ($296 million). 2017’s net income of €885 million ($1,007 million) included income of €635 million from discontinued operations.
Wacker Polysilicon generated sales of €825 million ($939 million), 27 percent less than the year before with €1.12 billion ($1.27 billion). The decline of 27 percent was prompted by market-driven pressure on volumes and prices, by the production shutdown at Charleston in the first months of last year and by the gradual ramp-up of production, which was concluded only in early December. China’s decision to curb the amount of new photovoltaic installations slowed demand for solar modules, starting late May 2018. Wacker Polysilicon used this market situation for inventory rebuilding so that it can supply customers promptly in the future.
»We returned to full capacity there in early December 2018. But, as a result, there was not enough time left to conclude our talks with the insurer for fiscal 2018,« says CEO Rudolf Staudigl. »We continue to expect that insurance compensation will fully cover the repair work at the site and the business interruption loss. We expect this during 2019.«