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Company Profile 2008Paths to Globality
Wacker Chemie AG Hanns-Seidel-Platz 4, 81737 München, Germany, Tel. +49 89 6279-0, Fax +49 89 6279-1770, www.wacker.com
Co
mp
an
y P
rofi
le
Wacker Chemie AG
Key Figures
2008 2007 Change in %
Results / Return
Sales € million 4,298.1 3,781.3 13.7
EBITDA € million 1,055.2 1,001.5 5.4
EBIT € million 647.9 649.6 – 0.3
Net income € million 438.3 422.2 3.8
Earnings per share € 8.84 8.49 4.1
ROCE % 25.7 25.3
Balance Sheet /Cash Flow
Total assets € million 4,625.1 3,918.1 18.0
Equity € million 2,082.8 1,865.6 11.6
Equity ratio % 45.0 47.6
Capital expenditures (including financial assets) € million 916.3 699.3 31.0
Depreciation (including financial assets) € million 407.3 351.9 15.7
Net cash flow € million 21.7 643.7 – 96.6
Research and Development
Research and development expenses € million 163.2 152.5 7.0
Employees
Personnel expenses € million 1,086.0 1,014.9 7.0
Employees (December 31) Number 15,922 15,044 5.8
WACKER at a Glance
Company Profile ... // Key Figures
The world is growing ever smaller. In the future, our enterprise and our operations will become even more global. What will re-main the same is that markets, customers and cultures will continue to differ. We will continue to do all we can to meet our customers’ expectations, whatever corner of the world they call home. Through high-quality products, outstanding on-site service and our concept of the right way to carry out global collaboration – through partnership and with trust. A sound basis for going forward into the future. Paths to Globality
This brochure 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.
Annual Report 2008 Wacker Chemie AG
Annual Report 2008 Wacker Chemie AG
Paths to Globality
WACKER generates nearly 80% of its sales outside Germany and is thus already today a globally-oriented enterprise. Our products are sold worldwide. We work to the same standards of sustainability, environmental protection and occupational safety throughout the world.
When it comes to individual markets, products or customers, we think locally. Our philosophy is that the focus of respon- sibility for day-to-day business lies within the region – with the people who know their customers. The better our understand- ing of markets, customers and cultures, the better we are able to recognize and meet their requirements. We are convinced that businesses which operate according to this principle will enjoy long-term success.
4 Company Profile ... // Mission …// Vision
Mission
WACKER is a leader in the chemical and semiconductor sectors, pushing ahead with technical innovations and the development of new products for the world’s key industries. In this way, the company helps improve people’s lives. WACKER is organized as a group of independently operating units with extensive re-sponsibility under one strong roof – this provides the necessary flexibility and resolve. Every thing we do is conducive to global networking and cultural integration.
5Annual Report 2008 Wacker Chemie AG
The chemical industry makes a vital, long-term contribution to global progress and sustain able development. Future social and economic success will rest more than ever on worldwide collab-oration and interconnected competen cies. Thus, the best way of mastering today’s and tomorrow’s challenges is through flexible and specialized units that can also profit from the opportunities.
Vision
Company Profile ... // Overview of WACKER’s Five Divisions
... // is one of the world’s largest producers of hyperpure silicon wafers for the semiconductor industry. It is a key supplier of most leading chip- makers. Focusing on the growing 300 mm wafer market, the division has reinforced its strong position by virtue of size, technology, quality and high capacity utilization.
... // is a world-leading silicones manu-facturer with over 3,000 highly specialized and innovative products. The division’s portfolio ranges from silicone fluids, emul- sions, resins, elastomers and sealants to silanes and pyrogenic silicas. These products stand out via their significant value-adding potential – enhancing both the benefits and performance of custom-ers’ end products.
Overview of WACKER’s Five Divisions
SIlTROnIC WACKERSIlICOnES
[Divisional shares in total Group sales ]
6
32% 32%
... // uses advanced chemical and biotech processes to manufacture innovative, tailored biotech and catalog products in the fine chemicals sector. Its products include pharmaceutical proteins, cyclodextrins, cysteine, organic intermediates and acetyl- acetone. The division focuses on devel- oping customized solutions for growth sec-tors such as pharmaceutical actives, cosmetics and food additives.
... // is a world-leading producer of hyper-pure polysilicon. Its product portfolio also includes pyrogenic silicas, chloro- silanes and salt. Its polysilicon is used throughout the semiconductor industry and in the growing photovoltaics sector. Reflecting customers’ application needs, the division’s polysilicon meets extra- ordinarily rigorous quality standards.
... // is a leading producer of state-of-the-art binders and polymer additives in the form of dispersible polymer powders and dispersions, polyvinyl acetates, surface coating resins and polyvinyl alcohol solu-tions. These products are found in con-struction chemicals, binders, printing inks, surface coatings and in the paper and automotive sectors.
WACKERPOlyMERS
WACKERPOlySIlICOn
WACKERFInE CHEMICAlS
7Annual Report 2008 Wacker Chemie AG
20% 13% 2%
Silicon Wafers – the Foundation of High Tech and InnovationsDuring television’s infancy, when cellphones and CD / MP3 players were still dreams, WACKER was already producing ultrathin silicon wafers. Siltronic produces monocrystalline silicon ingots from hyperpure polycrystalline silicon. Then, these ingots are sawn into silicon wafers, followed by edge-rounding, grinding, etching, polishing, cleaning and, if required, further enhancement. Customers use our wafers to manufacture discrete semiconductor devices and all types of ICs.
Siltronic produces silicon wafers with diameters ranging from 76 to 300 mm. The company’s main strategic focus is on the 300 mm sector, since this diameter is increasingly becoming the global standard. 300 mm technology enables our customers to considerably cut their production costs.
SIlTROnIC
[ Applications ] Personal computers, telecommunications, consumer electronics, energy supply, motor vehicles, consumer goods, aerospace technology, industrial control technology
[ Products ] Silicon wafers
Company Profile ... // SIlTROnIC8
Key Data: Siltronic
€ million 2008 2007 2006 2005 2004
Total sales 1,360.8 1,451.6 1,263.1 925.0 813.7
EBITDA 357.3 478.1 355.6 166.7 58.0
EBIT 193.8 337.2 213.1 5.8 – 100.7
Capital expenditures 199.6 200.0 167.7 68.0 187.3
R & D expenses 67.7 63.9 63.2 65.4 71.0
Employees (number as of December 31) 5,469 5,634 5,585 5,631 6,032
[ Production sites ] Burghausen, Freiberg /Saxony, Germany; Portland /Oregon, USA; Hikari, Japan; Singapore
[ Products ] Silicon wafers
9Annual Report 2008 Wacker Chemie AG
Company Profile ... // WACKER SIlICOnES
Unique Range of Properties Ensures High Product PerformanceThanks to their resistance to high temperatures, for example, silicone elastomers (silicone rubber) are indispensable for gaskets in electric irons and automobiles. Silicone resins, on the other hand, make facade paints weather- resistant, yet breathable. And the aerospace industry relies on silicones’ adhe-sive properties because they enable satellite solar panels to continue functioning at the extremely low temperatures of outer space.
Materials with Great ProspectsAnd there is no end in sight: WACKER SIlICOnES continues to invent and improve silicone products that are increasingly replacing other materials.
Silanes and SilicasThe portfolio is rounded out by silanes and pyrogenic silicas. Silanes are used to chemically bond organic and inorganic materials. Pyrogenic silicas serve as indispensable, highly versatile additives. These loose, voluminous white powders are used as, for example, active fillers for modifying proper-ties such as flow behavior.
WACKER SIlICOnES
[ Applications ] Automotive and transport, construction chemicals, office & household equipment, chemical industry, coatings, consumer care, electrical and electronics industries, moldmaking, fabric coating, insulation technology, cosmetics, adhesives and sealants, telecommunications, plastics and rubber processing, engineering and metal construction, medical technology, paper and film coating, textiles and pulp
10
[ Production sites ] Burghausen, Kempten, Nünchritz, Germany; Adrian / Michigan, Chino /California, Duncan /South Carolina, north Canton /Ohio, USA; Jandira /São Paulo, Brazil; Kolkata, India; Akeno, Japan; Shanghai, Shunde, Zhangjiagang, China
[ Products ] Silicone fluids, silicone emulsions, silicone rubber, silicone resins, silicone sealants, pyrogenic silica, thermoplastic silicone elastomers
Key Data: WACKER SILICONES
€ million 2008 2007 2006 2005 2004
Total sales 1,408.6 1,361.0 1,286.9 1,119.3 1,045.4
EBITDA 167.9 226.9 231.9 211.0 189.9
EBIT 86.3 144.6 147.8 111.5 105.8
Capital expenditures 107.0 102.2 140.9 102.9 107.0
R & D expenses 31.5 35.9 34.4 33.4 33.1
Employees (number as of December 31) 3,927 3,871 3,767 3,596 3,596
11Annual Report 2008 Wacker Chemie AG
Company Profile ... // WACKER POlyMERS
Construction via Green Building StandardsPioneering building techniques – such as exterior insulation and finish systems (EIFS) and intelligent color designs for facades – owe their effectiveness to WACKER’s climate-compatible dispersible polymer powders and dispersions. They couple energy and CO2 conservation with global green building standards. High-quality binders for decorative wall paints and low-emission flooring adhesives systematically continue this trend in buildings’ interiors.
Ideal CombinationsPolymer dispersions for wood and paper adhesives are a perfect example of how WACKER combines high-tech and ecology to create perfect cardboard and corrugated-paper packaging. Highly efficient, f lexible and environmentally compatible, our binders also enhance nonwovens for consumer-care applications – and optimize blister packaging (where they custom-regulate heat-sealable lacquers for each desired application).
Local Access to Global ServicesSince regional raw materials are just as diverse as the world’s climate zones, customers rely on our global technical centers for locally-tailored support during their product development stage. This long-term commitment draws on WACKER’s wealth of expertise and is the mainstay of an intensive knowledge transfer which is effectively applied and made available via our VInnAPAS® ACADEMy.
WACKER POlyMERS
[ Applications ] Construction products, paints and surface coatings, pigment preparations, adhesives, nonwovens, composites, paper and ceramics, chemicals, textiles and gumbase
12
[ Production sites ] Burghausen, Cologne, Germany; Calvert City / Kentucky and South Brunswick /new Jersey, USA; nanjing, Wuxi, Zhangjiagang, China; Ulsan, South Korea
[ Products ] Dispersible polymer powders and construction dispersions, polymer dispersions, solid and surface-coating resins, polyvinyl acetates and alcohols
Key Data: WACKER POLYMERS
€ million 2008 2007 2006 2005 2004
Total sales 867.9 632.8 559.6 473.8 424.9
EBITDA 108.9 107.0 106.6 99.1 102.6
EBIT 64.9 80.5 88.8 80.9 80.9
Capital expenditures 74.4 41.0 17.8 21.0 9.1
R & D expenses 15.0 7.6 7.1 7.9 7.4
Employees (number as of December 31) 1,579 1,128 1,050 1,000 986
13Annual Report 2008 Wacker Chemie AG
Company Profile ... // WACKER POlySIlICOn
WACKER POlySIlICOn
From Microchips to Solar Cells: Raw Materials for Growth MarketsPolysilicon for wafers (used by chip and solar-cell manufacturers) must be of particularly high purity and have a specific surface structure. The starting point for polysilicon is metallurgical silicon. It takes many elaborate and complex processes to convert this raw material into hyperpure polysilicon. But this necessary infrastructure is at our disposal thanks to WACKER POlySIlICOn’s integrated silicon-based production system.
The Sun as a Power PlantSupplies of solar energy are inexhaustible on a human time scale. To satisfy the photovoltaic sector’s cost and purity criteria, WACKER POlySIlICOn has further optimized the rod-deposition process for producing solar-grade silicon. At the same time, we developed a novel process that produces silicon granules from trichlorosilane in a fluid bed. These silicon granules perfectly complement our existing product portfolio and are being put to use in new crystal-growing applications for solar technology.
Salt of the EarthWACKER POlySIlICOn owns a further source of raw materials – the Stetten salt mine. It covers the Group’s salt-related needs and also supplies road salt.
[ Products ] Hyperpure polycrys-talline silicon, chlorosilanes, pyrogenic silicas, salt, caustic soda, solar-grade silicon wafers
[ Applications ] Semiconductor and solar industries
14
[ Products ] Hyperpure polycrys-talline silicon, chlorosilanes, pyrogenic silicas, salt, caustic soda, solar-grade silicon wafers
[ Production sites ] Alzenau, Burghausen, Jena, Germany
Key Data: WACKER POLYSILICON
€ million 2008 2007 2006 2005 2004
Total sales 828.1 456.9 325.6 288.1 258.8
EBITDA 422.0 182.2 118.3 90.2 74.5
EBIT 349.8 135.0 88.8 66.2 46.7
Capital expenditures 410.3 259.5 148.5 67.6 34.3
R & D expenses 5.4 6.3 5.1 5.3 6.0
Employees (number as of December 31) 1,289 1,003 875 832 769
15Annual Report 2008 Wacker Chemie AG
Company Profile ... // WACKER FInE CHEMICAlS
WACKER FInE CHEMICAlS
New Impulses and Custom Biotech SolutionsThe Future Belongs to Biotechnology
WACKER FInE CHEMICAlS uses its over 20 years of experience in biotech processes to manufacture innovative and custom biotech products. Cyclodextrins, for example, are ring-shaped sugar molecules obtained by biotrans formation of cornstarch. Able to temporarily trap other molecules inside their ring-like structure, cyclodextrins are the technology behind room sprays that neutralize unpleasant odors. In food, they mask bitter flavors and protect sensitive substances against the destructive effects of light and oxygen. A further highly promising field is biologics, which are pharmaceutical proteins produced by bacteria and other methods. Here, WACKER FInE CHEMICAlS has patented technologies for par-ticularly efficient processes.
Leveraging SynergiesIn its chemical segment, WACKER FInE CHEMICAlS intends to increasingly leverage synergies with WACKER SIlICOnES involving the production of specialty silanes. For the manufacture of acetylace-tone, the division relies on the advantages of integrated ketene production at the Burghausen site and continues to extend its market leadership in that field.
[ Applications ] Agrochemicals, pharmaceuticals, food, cosmetics and personal care, aromas /fragrances and flavorings, household goods, paints and plasters, coatings, specialty chemicals, chemical industry
[ Products ] Cyclodextrins, cyclodextrin complexes, cystine, cysteine, biologics, fine chemicals, organic intermediates, organosilanes
16
[ Production sites ] Burghausen, Jena, Germany; Eddyville / Iowa, USA
Key Data: WACKER FINE CHEMICALS
€ million 2008 2007 2006 2005 2004
Total sales 97.7 112.4 112.6 110.5 103.3
EBITDA 9.2 9.5 10.5 17.6 16.1
EBIT 6.0 – 7.5 – 4.5 10.1 8.5
Capital expenditures 16.5 7.5 4.0 13.2 3.6
R &D expenses 2.3 2.1 6.0 6.1 5.9
Employees (number as of December 31) 259 245 300 321 311
17Annual Report 2008 Wacker Chemie AG
Company Profile ... // Our Responsibility
Our Responsibility
As a globally active company, WACKER is a good corporate citizen that takes its social responsibilities very seriously. The company aims to adhere to the principles of sustainability in all its activities.
Setting Global StandardsOne of WACKER’s guiding principles is Responsible Care®, a voluntary worldwide initiative launched by the chemical industry in 1985. The German chemical industry association introduced Responsible Care® to that country in 1991 – and WACKER joined right from the start. Since then, the Group has been consistently and proactively enhancing its safety, health and environmental performance. Further- more, our activities focus on product stewardship, as well as responsibility along the entire supply
18
chain and toward society in general. Additionally, Wacker Chemie AG joined the Global Compact in April 2006. An agreement between the United nations and the corporate world, the Global Compact endeavors to steer globalization in a more social and ecological direction.
WACKER is not, however, purely a producer of sustainable products and services. We have as-sumed a more extensive role in society. Within the Group itself, wide-ranging initiatives actively promote our social principles – through personnel development initiatives, work-life balance programs and support of physically-challenged employees.
In society at large, WACKER’s strong sense of responsibility is reflected through its support of kindergartens, schools and universities, as well as its commitment to vocational and on-the-job training. To support those in need, the Group and its employees launched the WACKER Relief Fund (WACKER HIlFSFOnD), a charitable organization to aid disaster victims. As a good corporate citizen, the company actively reaches out to business partners and plant neighbors.
19Annual Report 2008 Wacker Chemie AG
WACKER WorldwideSites
20
04 SwedenSolna
05 Great BritainChertsey
06 Netherlands Krommenie
07 Russia Moscow
08 Poland Warsaw
09 Czech RepublicPlzeň Prague
10 France lyon
11 SpainBarcelona
12 Hungary Budapest
13 Italy Milan
14 UkraineKiev
15 TurkeyIstanbul
16 GreeceAthens
17 GermanyAlzenau Burghausen Cologne Freiberg / Saxony Jena Kempten Munich nünchritz Stetten Stuttgart
Production sites
Non-production sites
Production sites with technical center
Non-production sites with technical center
Technical center
0 50Years of Operation
01 USAAdrian / Michigan Allentown / Pennsylvania Austin / Texas Calvert City / Kentucky Chino / California Duncan / South Carolina Eddyville / Iowa north Canton /Ohio Portland /Oregon San José / California South Brunswick / new Jersey
02 MexicoMexico City
03 BrazilJandira / São Paulo
The Americas Europe
01
02
03
01
21
04 SwedenSolna
05 Great BritainChertsey
06 Netherlands Krommenie
07 Russia Moscow
08 Poland Warsaw
09 Czech RepublicPlzeň Prague
10 France lyon
11 SpainBarcelona
12 Hungary Budapest
13 Italy Milan
14 UkraineKiev
15 TurkeyIstanbul
16 GreeceAthens
17 GermanyAlzenau Burghausen Cologne Freiberg / Saxony Jena Kempten Munich nünchritz Stetten Stuttgart
18 JapanAkeno Hikari Osaka Tokyo
19 South KoreaSeoul Suwon Ulsan
20 ChinaBeijing Guangzhou Hong Kong nanjing Shanghai Shunde Wuxi Zhangjiagang
21 IndiaBangalore Kolkata Mumbai new Delhi
22 TaiwanHsinchu Taipeh
23 VietnamHo Chi Minh City
24 ThailandBangkok
25 SingaporeSingapore
26 IndonesiaJakarta
27 United Arab EmiratesDubai
28 AustraliaMelbourne
Asia /Australia
05
07
11
1213
14
1516181920
2223
25
26
28
2127
0809
24
1706
10
04
Company Profile ... // Our Goals
Our Goals
04
Integrated silicon-
based production ... //
Building on our strengths
– we want to safeguard
and extend our competi-
tive lead.
03
Sustainable manage-
ment ... //
Focusing on coming
generations – we cannot
afford to mismanage
our future.
05
Market share ... //
Competition stimulates
business – we are
out to win, not
just to perform well.
02
Employees ... //
Promoting excellence –
we need and want the
best.
01
Customer focus ... //
Serving customers is our business – we must offer solutions for today and tomorrow.
07
Innovation ... //
Aiming high – R&D
secures our future.
06
Sales / growth ... //
To grow is to succeed –
we must see growth as
a chance for everyone.
09
Profitability ... //
Profit is good – we
can only spend what
we have earned.
08
Cash flow ... //
Standing on our own
two feet – cash makes
us self-reliant.
10
Value creation ... //
Securing and enhancing
value – our efforts must
pay off.
22
Key Figures
2008 2007 Change in %
Results / Return
Sales € million 4,298.1 3,781.3 13.7
EBITDA € million 1,055.2 1,001.5 5.4
EBIT € million 647.9 649.6 – 0.3
Net income € million 438.3 422.2 3.8
Earnings per share € 8.84 8.49 4.1
ROCE % 25.7 25.3
Balance Sheet /Cash Flow
Total assets € million 4,625.1 3,918.1 18.0
Equity € million 2,082.8 1,865.6 11.6
Equity ratio % 45.0 47.6
Capital expenditures (including financial assets) € million 916.3 699.3 31.0
Depreciation (including financial assets) € million 407.3 351.9 15.7
Net cash flow € million 21.7 643.7 – 96.6
Research and Development
Research and development expenses € million 163.2 152.5 7.0
Employees
Personnel expenses € million 1,086.0 1,014.9 7.0
Employees (December 31) Number 15,922 15,044 5.8
WACKER at a Glance
Company Profile ... // Key Figures
The world is growing ever smaller. In the future, our enterprise and our operations will become even more global. What will re-main the same is that markets, customers and cultures will continue to differ. We will continue to do all we can to meet our customers’ expectations, whatever corner of the world they call home. Through high-quality products, outstanding on-site service and our concept of the right way to carry out global collaboration – through partnership and with trust. A sound basis for going forward into the future. Paths to Globality
This brochure 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.
Annual Report 2008 Wacker Chemie AG
Company Profile 2008Paths to Globality
Wacker Chemie AG Hanns-Seidel-Platz 4, 81737 München, Germany, Tel. +49 89 6279-0, Fax +49 89 6279-1770, www.wacker.com
Co
mp
an
y P
rofi
le
Wacker Chemie AG
