PCC SE: PCC publishes audited and certified consolidated financial statements covering an outstanding fiscal 2021

Duisburg (pta034/09.05.2022/16:22) - Today sees PCC SE publish its audited consolidated financial statements for an outstanding fiscal 2021, with sales of around one billion euros and earnings at the EBITDA level of almost 200 million euros. "The success we are now enjoying is the result of our corporate strategy geared toward long-term value creation," explained Dr. Peter Wenzel, CEO of PCC SE. "Over the past decade, we have assigned approx. one billion euros to growth investments, the fruits of which we are now beginning to reap."

PCC increased Group sales in fiscal 2021 by 37 % to € 979.6 million, with high demand and in some cases substantial price increases for chemical products being the main growth drivers. Revenue and earnings were further boosted by the commissioning of expansion investments in the Chemicals division and the successful restart of the silicon metal plant in Iceland.

Consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) increased to € 197.5 million, up 136 % from 2020 and 100 % from the last pre-coronavirus year 2019. Earnings before taxes (EBT) also improved significantly to € 91.7 million compared to a loss of € -38.4 million in the previous year, as did operating cash flow at € 129.9 million, up 13 % year on year. As already published at the time of the presentation of the unaudited financial results for the fourth quarter of 2021, fiscal 2021 was by far one of the most successful years in the 28-year history of the PCC Group.

The Chemicals division once again made by far the largest contribution in terms of both earnings and revenues. Almost all segments of this division closed 2021 with results significantly above the previous year and far better than forecasted. This applies in particular to the Polyols segment, which again outperformed an already very successful previous year thanks to sustained high demand, enabling it to surpass historically good earnings for the second year in succession. Sales in this now largest of our Group segments rose by 66 % to € 239.9 million. Earnings in the Surfactants segment were also significantly higher than the solid levels of the previous year, thanks in part to increasing demand for higher-value products for industrial applications, sales of which had been dampened in the previous year due to the pandemic. This also applies to the Chlorine segment, which likewise benefited from rising demand in 2021 as a result of the economic upturn.

Our silicon metal production operation posted a similarly gratifying set of results. This raw material, which is a key input for electronic components, solar systems, batteries and many other innovative products, is produced by PCC in close proximity to its customers in Europe and on the basis of 100 % renewable energies. High demand and the rise in energy costs at other production sites have brought a significant increase in the market price of silicon metal, as a result of which PCC is considering expanding the plant in Iceland.

Substantial growth in capital expenditures

Capital expenditures in the PCC Group in 2021 totaled € 110.9 million, compared to significantly lower investments of € 66.6 million in the previous year due to the pandemic. In particular, October 2021 saw commencement of construction on a production plant for oxyalkylates (specialty polyols and surfactants) in a joint venture with PETRONAS Chemicals Group Berhad in Malaysia. The goal is to develop PCC into a global player in this important and successful business segment.

The 2021 consolidated annual report of the PCC Group in German 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 3,300 employees. The Group companies of PCC SE have core competencies in the production of chemical feedstocks and specialties, silicon and silicon derivatives and in the field of container logistics. 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 BakkiSilicon hf. operates one of the world's most modern and climate-friendly silicon production facilities in Iceland. PCC was founded in 1993 by Waldemar Preussner, sole shareholder of PCC SE, who today holds the position of Chairman of the Supervisory Board. The PCC Group generated consolidated sales of € 980 million in fiscal 2021, with its capital expenditures totaling around € 111 million. For further information, go to: https://www.pcc.eu

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