PCC SE: PCC consolidates positive trend with significant increases in sales and earnings in second quarter 2021

Duisburg (pta025/26.08.2021/11:58) - Duisburg-based investment holding company PCC SE continued its positive business performance, exceeding expectations with significant earnings and sales increases in the second quarter of 2021. Consolidated sales grew by 15 % versus Q1 2020 to Eur 239.5 million. Group revenues for the first half-year came in at Eur 448.4 million, an increase of 22 % versus the comparative prior-year period. "A sustained high level of demand combined with rising commodity prices constitute the main reasons for this gratifying performance," commented Ulrike Warnecke, Managing Director of PCC SE.

The PCC Group's Q2 and six-month earnings exceeded the prior-year figures, with Q2 earnings also beating the already exceptionally good figures for the first quarter of 2021.

Earnings before interest and other financial items, taxes, depreciation and amortization (EBITDA) rose by 40 % in the second quarter compared to the preceding quarter, coming in at Eur 50.3 million. This meant that EBITDA for the first six months increased by 159 % year-on-year to Eur 86.2 million.

Operating profit (EBIT) rose to Eur 31.6 million in the second quarter and to Eur 50.8 million as of the end of the first half of the year (prior half-year figure: Eur 0.4 million).

Earnings before taxes (EBT) amounted to Eur 21.6 million in the second quarter, accumulating to Eur 33.7 million at the end of the first half of the year (prior half-year figure: Eur -21.8 million).

Operating cash flow also improved significantly, rising to Eur 43.4 million in the first half of the year, compared to Eur 33.6 million in the same period of the previous year.

The Chemicals division, the main revenue generator of the PCC Group, made a particularly strong contribution to this positive performance with significant increases in both sales and earnings.

Investment project in Malaysia proceeding to plan
The project to establish a production facility for polyols and surfactants in Malaysia is progressing according to plan. In the course of the second quarter, the project company PCC Oxyalkylates Malaysia Sdn. Bhd., a 50/50 joint venture of PCC SE and PETRONAS Chemicals Group Berhad, issued the plant constructor with a "Final Notice to Proceed" for project phase 2. In addition, a major Malaysian bank came on board on the project financing side.

Silicon metal plant in Iceland operating at near-full capacity
Icelandic affiliate PCC BakkiSilicon hf. started up its second furnace for silicon metal production in the first week of July. The first furnace had already come back on stream in April of this year following a temporary halt in production in the preceding year. Both furnaces are now producing at near-full capacity.

The aforementioned Group financials are unaudited. The quarterly report 2/2021 is available online at https://www.pcc-financialdata.eu.

Profile of PCC SE
Headquartered in Duisburg, Germany, PCC SE is the parent and investment holding company of the globally active PCC Group with its more than 3,200 employees. The Group companies of PCC SE have core competencies in the production of chemical feedstocks and specialties, with container logistics forming a further strong pillar in the investment portfolio. An investor committed to the longer term, PCC SE concentrates on continuously increasing the enterprise value of its portfolio companies through sustainable investments and the ongoing creation of new value. The largest chemical producers of the PCC Group are PCC Rokita SA, a major chlorine manufacturer and Eastern Europe's leading producer of polyols, and PCC Exol SA, one of Europe's most advanced surfactant manufacturers.
PCC was founded in 1993 by Waldemar Preussner, sole shareholder of PCC SE, who today holds the position of Chairman of the Board. The PCC Group generated consolidated sales of Eur 717 million in fiscal 2020, with its capital expenditures totaling some Eur 67 million. For further information, go to: https://www.pcc.eu

(Ende)