March 17, 2020 / 6:28 AM / 21 days ago

BRIEF-Wacker Chemie FY Net Loss At EUR 630 Million

March 17 (Reuters) - WACKER CHEMIE AG:

* FY SALES FELL 1 PERCENT TO 4.93 BILLION EUR

* FOR 2019, SALES OF EUR 4.93 BILLION WERE DOWN 1 PERCENT YEAR OVER YEAR

* FOR 2020, WACKER EXPECTS SALES TO GROW BY A LOW-SINGLE-DIGIT PERCENTAGE

* FY NET RESULT FOR YEAR OF EUR -630 MILLION DUE TO IMPAIRMENT CHARGE OF EUR 760 MILLION ON POLYSILICON FACILITIES

* DIVIDEND PROPOSAL OF EUR 0.50 PER SHARE EQUIVALENT TO A PAYOUT OF EUR 25 MILLION

* FY NET RESULT FOR YEAR OF EUR -630 MILLION DUE TO IMPAIRMENT CHARGE OF EUR 760 MILLION ON POLYSILICON FACILITIES

* OUTLOOK 2020: EBITDA IS LIKELY TO DECLINE BY A MID-SINGLE-DIGIT PERCENTAGE VERSUS LAST YEAR

* EARNINGS IMPACT OF CORONAVIRUS PANDEMIC COULD EXCEED EUR 100 MILLION

* OUTLOOK 2020: EXPECT SALES TO CLIMB BY A LOW-SINGLE-DIGIT PERCENTAGE

* NET CASH FLOW IS PROJECTED TO REMAIN CLEARLY POSITIVE AGAIN IN 2020 AND SUBSTANTIALLY HIGHER YEAR OVER YEAR

* 2020 FORECAST DOES NOT INCLUDE ECONOMIC IMPACT OF A POSSIBLE CORONAVIRUS PANDEMIC

* FORECASTS SALES OF SOME EUR 1.2 BILLION FOR Q1 OF 2020 (Q1 2019: EUR 1.24 BILLION)

* EXPECTS EBITDA IN Q1 2020 TO BE SUBSTANTIALLY ABOVE LAST YEAR'S LEVEL (EUR 142.0 MILLION)

* FORECASTS SALES OF SOME EUR 1.2 BILLION FOR Q1 OF 2020 (Q1 2019: EUR 1.24 BILLION)

* WITH EFFICIENCY PROGRAM, MORE THAN 1,000 JOBS ARE EXPECTED TO GO BY END OF 2022

* JOB CUTS WILL AFFECT WACKER'S ADMINISTRATIVE DEPARTMENTS AND INDIRECT AND NON-OPERATIONAL FUNCTIONS OF ITS BUSINESS DIVISIONS

* MOST OF JOB LOSSES - OVER 80 PERCENT - WILL BE AT ITS GERMAN SITES

* EXPECTS TO SAVE EUR 250 MILLION A YEAR BY REDUCING MATERIAL COSTS AND IN-HOUSE SERVICES AND BY CREATING A LEANER COMPANY STRUCTURE Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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