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PCC SE: PCC posts significant increase in consolidated sales and earnings for 2018

Earnings: 2018 EBITDA up 33.8 % versus previous year to EUR 98.8 million

Duisburg (pta020/25.03.2019/10:58) - The Duisburg-based holding company PCC SE significantly increased consolidated sales and net income in the 2018 fiscal year. With around 3,500 employees in 18 countries, the PCC Group managed by PCC SE generated sales of EUR 781.3 million in 2018, representing an increase of 14.4 % versus prior year. Consolidated earnings before interest and other financial items, taxes, depreciation and amortization (EBITDA) rose by 33.8 % to EUR 98.8 million, while earnings before taxes (EBT) almost tripled to EUR 40.1 million. "The main reason for this growth lay in an increase in sales volumes with commodity price levels remaining at a high level," explains Ulrike Warnecke, Managing Director of PCC SE. "The Chemicals segments Chlorine and Surfactants, together with the business units Commodity Trading and Intermodal Transport, were particularly instrumental in this development." Taken as a whole, the Chemicals division - by far PCC's largest - significantly exceeded expectations in terms of both revenues and earnings.

"The fourth quarter saw a continuation of the positive performance of the previous months at the majority of PCC SE's affiliates," comments Warnecke. Although the quarterly sales figure of EUR 190.6 million fell short of the record level for the previous quarter of EUR 203.3 million, revenues nevertheless remained at a high level. This also applies to EBITDA, which amounted to EUR 21.2 million in the fourth quarter.

The disclosures made herein represent preliminary figures for the consolidated financial statements. The final, audited financial data will be published on our website, and specifically under, in the second quarter of 2019 once the consolidated financial statements have been approved and certified.

Group segment highlights

As the biggest contributor to PCC's revenues and earnings by far, the Chemicals division with its five segments Polyols, Surfactants, Chlorine, Specialty Chemicals and Consumer Products posted sales in the fourth quarter of 2018 amounting to EUR 161.4 million. As of year-end, divisional sales thus amounted to EUR 670.6, an increase of 14.1 % versus prior year. Sales overall were thus also higher than expected. On the earnings side, too, the corresponding figures for the previous year and our expectations for 2018 were again significantly exceeded.

In the Polyols segment, PCC Rokita SA - based in Brzeg Dolny (Poland) and the largest of the PCC Group's subsidiaries - succeeded in closing both the fourth quarter and full fiscal 2018 with positive results, despite operating in a difficult market environment. The Surfactants and Chlorine segments performed extremely well both in the final quarter of 2018 and over the year as a whole. With EBITDA of EUR 66.7 million in 2018, the Chlorine segment was also the main earnings driver of the PCC Group. The Chlorine business unit of PCC Rokita SA benefited in particular from rising prices for the chlorine derivative, sodium hydroxide monohydrate (caustic soda solution). The MCAA business unit also saw EBITDA increase once again in the fourth quarter. Commissioned in 2016, the production plant for ultra-pure monochloroacetic acid (MCAA) is the only one of its kind in Eastern Europe. The Specialty Chemicals segment likewise closed the fourth quarter of 2018 in profit, with results coming in better than expected. The primary contributor to these earnings was the commodity trading business led by Duisburg-based PCC Trade & Services GmbH. By contrast, sales and earnings in the Consumer Products segment, which is currently undergoing a restructuring process, were below expectations.

2018 saw us complete two major projects under the management of the Holding/Projects segment: In Russia's Tula region we succeeded in commissioning a plant in December 2018 for the production of high-purity aerosol-grade dimethyl ether (DME). The facility boasts an annual capacity of 20,000 metric tons. DME is mainly used as a propellant, for example in the construction industry for the production of polyurethane construction foam and in the cosmetics industry for hairstyling products.

And, also in 2018, a production plant for silicon metal was commissioned in Iceland. This is powered exclusively by green electricity (primarily geothermal), making it one of the most environmentally compatible facilities of its kind in the world. However, the plant with an annual capacity of 32,000 metric tons has not yet been taken on stream for regular operations. Due in particular to the extreme nature, even for northern Iceland, of the prevailing weather, it has not yet been possible to maintain continuous production this winter. However, the revenue shortfall of EUR 57 million caused by the delay was largely compensated out by the strong performances posted by the majority of our portfolio businesses. Plans have been put in place for the final acceptance of the silicon metal plant in the near future.

The Logistics segment achieved a year-on-year revenue increase of 17.8 % to EUR 88.6 million for 2018, driven primarily by the growth of Polish container logistics provider PCC Intermodal S.A. In the Energy segment, both the Conventional Energies business unit, the customers of which include PCC's chemical plants in Poland, and the Renewable Energies business unit posted positive results for the fourth quarter and full fiscal 2018.

PCC Group Quarterly Report 4/2018 download:
Further details on the business performance of the PCC Group in the fourth quarter of 2018 can be found in the quarterly report. This is available for downloading as a PDF file from

Profile of PCC SE ( )

Headquartered in Duisburg, Germany, PCC SE is an investor aligned to the long term. As a multi-investment enterprise, PCC has a diversified portfolio of Group companies primarily active in the production of chemical commodities, specialty chemicals and silicon metal. It also has major interests in the field of container logistics. PCC was founded in 1993 by Waldemar Preussner, who, as its sole shareholder, is today Chairman of the Administrative Board of PCC SE.

With currently around 3,500 employees in 18 countries, the PCC Group generated consolidated sales of some EUR 781.3 million in 2018. The majority of these revenues, about 85 %, was generated by the five segments of PCC's Chemicals division - Polyols, Surfactants, Chlorine, Specialty Chemicals and Consumer Products. In the same period, PCC's earnings before interest and other financial items, taxes, depreciation and amortization (EBITDA) came in at EUR 98.8 million. Capital expenditures in 2018 amounted to EUR 168.6 million, with much of the spend going on the construction of a silicon metal plant in Iceland and a DME plant in Russia, both commissioned in 2018.

The largest Group company is PCC Rokita SA, which has one of Poland's biggest chemical plants near Wroclaw. Among other things, it is a major chlorine producer and Eastern Europe's leading manufacturer of polyols. Group subsidiary PCC Exol SA, meanwhile, is one of the largest manufacturers of surfactants in Poland. In the Logistics segment, PCC container transport services connect international destinations, and within the Energy segment, PCC operates a number of modern power plants.

emitter: PCC SE
Moerser Straße 149
47198 Duisburg
contact person: Susanne Biskamp-Pilch, Head of Marketing & PR
phone: +49 2066 2019-35
stock exchanges: open market (free market) in Frankfurt
ISIN(s): DE000A2TR422 (bond), DE000A2TSTW0 (bond)
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