2024-03-12 18:26:03 ET
Wacker Chemie AG (WKCMF)
Q4 2023 Earnings Conference Call
March 12, 2024 11:00 ET
Company Participants
Joerg Hoffmann - Head, Investor Relations
Christian Hartel - President & Chief Executive Officer
Tobias Ohler - Chief Financial Officer
Conference Call Participants
Jaideep Pandya - On Field Investment Research
Chetan Udeshi - JPMorgan Chase & Co.
Andreas Heine - Stifel
Sean McLoughlin - HSBC
Sebastian Bray - Berenberg
Rikin Patel - BNP Paribas Exane
Sam Perry - UBS
Sebastian Satz - Citi
Presentation
Operator
The conference is now recorded. Welcome to the Wacker Chemie Conference Call Full Year 2023 Results. [Operator Instructions]
Now, I hand over to Joerg Hoffmann, Head of Investor Relations.
Joerg Hoffmann
Thank you, operator. Welcome to the Wacker Chemie AG conference call on our full year 2023 results. Dr. Christian Hartel, our CEO; and Dr. Tobias Ohler, our CFO, will take you through our prepared slides momentarily. The press release, our IR presentation, the annual report for 2023 and detailed financial tables are available on our web page under the caption Investor Relations. Please note that management's comments during this call include forward-looking statements involving risks and uncertainties. We encourage you to review the Safe Harbor statement in today's press release, presentation and our recent annual report regarding risk factors. All documents mentioned are available on our website. Chris?
Christian Hartel
Thank you, Joerg. Welcome, everyone. 2023 was a challenging year. We saw a weak demand for most durable goods and in construction amid a wave of prolonged destocking at most of our customers. Early last year, there were hopes for a recovery in customer demand across the chemical industry, especially for the second half of the year but that did not materialize as we all know. Weak demand for chemicals has led to price competition in most markets. High energy prices in Germany, still overall high raw material costs and low asset utilization added burden to our business. All of this meant that our 2023 results were far below the record figures from 2022. As we disclosed in our prelims at the end of January, full year 2023 sales fell by 22% to €6.4 billion due to weak market environment. EBITDA amounted to €824 million, 60% less than the previous year and net income came in at €327 million....
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Wacker Chemie AG (WKCMF) Q4 2023 Earnings Call Transcript