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Siltronic lowers its forecast of financial year 2019
German silicon wafer maker Siltronic AG's sales reached approximately EUR 354 million in Q1 2019. The EBITDA margin was approximately 36%. However, the company expects Q2 2019 to be significantly weaker than Q1 2019.
When Siltronic previously announced its guidance, it did so under the condition that order intake would need to increase quite significantly in the second half of 2019. However, due to the general economic slowdown and geopolitical uncertainties as well as ongoing inventory corrections in the whole value chain, the timing of a market rebound is, however, not visible. Therefore, the company has decided to adjust the forecast of financial year 2019. The Executive Board expects that the wafer area sold in 2019 will be significantly lower than in 2018. This is due to a strongly decreasing demand in smaller wafers with a diameter of up to 150 mm and a noticeable decrease in 200 mm loading. Loading in 300 mm has also been coming down. Siltronic says in an update that depending on the timing of a market recovery and on exchange rate effects, sales 2019 will be around 5% to 10% below the previous year. EBITDA margin should be between 33% and 37% (prior: slightly below prior year). EBIT will correspondingly be significantly below previous year. The company says it has taken actions in response to the increasing challenges and the number of temporary workers has been significantly reduced in view of the lower capacity utilisation. The continuous cost reduction programs which have been introduced in 2010 will be pursued with full force.
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