MUNICH (dpa-AFX) - The wafer manufacturer Siltronic expects a significant decline in operating profit due to persistently weak demand. As customers continue to reduce their inventories, earnings before interest and taxes (EBIT) are likely to be significantly below the previous year's figure, the MDax-listed company announced in Munich on Monday evening. Turnover is likely to stagnate. The Management Board expects delivery volumes to be postponed further into the future. In addition, the level of depreciation is likely to double. The Siltronic share fell by 3.6 percent on the Tradegate trading platform.

At the beginning of February, Siltronic reported an operating result of EUR 231 million for the completed 2023 financial year based on preliminary key data - after EUR 496 million in 2022. Meanwhile, the Executive Board confirmed the medium-term targets already known since the end of November.

The Management Board intends to reduce the dividend for the past financial year to EUR 1.20 per share. This is less than half of the EUR 3.00 paid for the 2022 financial year and below analysts' expectations./ngu/he