Market value of listed PCC companies at 410.1 million euros
Two PCC Group companies, PCC Rokita SA and PCC Exol SA, are listed on the Warsaw Stock Exchange (GPW). As of December 31, 2024, the value of the share packages held directly by PCC SE amounted to a total of 348.1 million euros, around 26.1 % below the market value of the previous year. The total market capitalization of these listed PCC shareholdings amounted to 410.1 million euros as of the reporting date, likewise equating to a reduction of around 26.1 % compared to the previous year.
Fiscal 2024 was a record year internationally for the equity markets, and the global economy also proved resilient overall with growth of 3.2 %1. However, developments were highly mixed on a regional basis. While the USA recorded robust growth, economic momentum in Europe fell short of expectations due to structural challenges compounded by weaker industrial production and demand. Several Asian countries again showed positive developments, while China suffered persistently sluggish domestic demand.
Inflation in the eurozone continued to fall over the course of the year, which enabled both the European Central Bank and the Polish Central Bank to ease their respective restrictive monetary policies. Despite these encouraging interest rate developments, however, there remained a high degree of uncertainty regarding the extent and timing of individual further interest rate changes. This is due in particular to the potential impact of ongoing geopolitical crises such as the war in Ukraine and the conflict in the Middle East.
Against this backdrop, the major overarching share indices performed well, while sector performance was extremely mixed. Share prices in the technology sector rose disproportionately due to the increased use of generative AI technologies. In contrast, the chemical sector was characterized by high consolidation pressure following a number of strategic acquisitions, as well as a difficult business climate and the associated decline in sales. In general, European manufacturing companies were burdened by a sharp rise in wage and non-wage labor costs as well as declining demand within Europe. The associated challenges forced many manufacturing companies in almost all sectors of industry in Europe to reduce their production capacities, companies in the defense industry and defense-related sectors being among the exemptions. By contrast, the high volatility of the energy market, which has also been impacted by the ongoing war in Ukraine in 2024, eased considerably. With declining volatility, the industrial energy price also fell in 2024 due to the lower industrial demand described above, although this did not lead to any significant relief. In this overall context, the price performance of PCC Exol SA and PCC Rokita SA was subdued in 2024.
PCC holds a clear majority of around 85 % in each of its two listed subsidiaries. The main advantages of stock exchange listings are transparent company values, a strengthened equity base for the companies concerned, and also the possibility of financing future investments through additional equity measures. Stock market placements also offer institutional and private investors the opportunity to invest directly in the listed companies.
The European sector index STOXX Europe 600 Chemicals was highly volatile during the 2024 stock market year due to the higher exposure suffered by domestic demand in Europe. As at the reporting date, the STOXX Europe 600 Chemicals closed 8.3 % lower than at the start of the year.
The performance of the share values of the PCC subsidiaries in the local currency of the Polish złoty (PLN) 2024 was negative, recovering after the turn of the year. The złoty appreciated significantly against the euro in 2024, favoring the performance of these affiliates in local currency terms.
Two PCC Group companies, PCC Rokita SA and PCC Exol SA, are listed on the Warsaw Stock Exchange (GPW). As of December 31, 2024, the value of the share packages held directly by PCC SE amounted to a total of 348.1 million euros, around 26.1 % below the market value of the previous year. The total market capitalization of these listed PCC shareholdings amounted to 410.1 million euros as of the reporting date, likewise equating to a reduction of around 26.1 % compared to the previous year.
Fiscal 2024 was a record year internationally for the equity markets, and the global economy also proved resilient overall with growth of 3.2 %1. However, developments were highly mixed on a regional basis. While the USA recorded robust growth, economic momentum in Europe fell short of expectations due to structural challenges compounded by weaker industrial production and demand. Several Asian countries again showed positive developments, while China suffered persistently sluggish domestic demand.
Inflation in the eurozone continued to fall over the course of the year, which enabled both the European Central Bank and the Polish Central Bank to ease their respective restrictive monetary policies. Despite these encouraging interest rate developments, however, there remained a high degree of uncertainty regarding the extent and timing of individual further interest rate changes. This is due in particular to the potential impact of ongoing geopolitical crises such as the war in Ukraine and the conflict in the Middle East.
Against this backdrop, the major overarching share indices performed well, while sector performance was extremely mixed. Share prices in the technology sector rose disproportionately due to the increased use of generative AI technologies. In contrast, the chemical sector was characterized by high consolidation pressure following a number of strategic acquisitions, as well as a difficult business climate and the associated decline in sales. In general, European manufacturing companies were burdened by a sharp rise in wage and non-wage labor costs as well as declining demand within Europe. The associated challenges forced many manufacturing companies in almost all sectors of industry in Europe to reduce their production capacities, companies in the defense industry and defense-related sectors being among the exemptions. By contrast, the high volatility of the energy market, which has also been impacted by the ongoing war in Ukraine in 2024, eased considerably. With declining volatility, the industrial energy price also fell in 2024 due to the lower industrial demand described above, although this did not lead to any significant relief. In this overall context, the price performance of PCC Exol SA and PCC Rokita SA was subdued in 2024.
PCC holds a clear majority of around 85 % in each of its two listed subsidiaries. The main advantages of stock exchange listings are transparent company values, a strengthened equity base for the companies concerned, and also the possibility of financing future investments through additional equity measures. Stock market placements also offer institutional and private investors the opportunity to invest directly in the listed companies.
The European sector index STOXX Europe 600 Chemicals was highly volatile during the 2024 stock market year due to the higher exposure suffered by domestic demand in Europe. As at the reporting date, the STOXX Europe 600 Chemicals closed 8.3 % lower than at the start of the year.
The performance of the share values of the PCC subsidiaries in the local currency of the Polish złoty (PLN) 2024 was negative, recovering after the turn of the year. The złoty appreciated significantly against the euro in 2024, favoring the performance of these affiliates in local currency terms.
Share price development of listed PCC subsidiaries
The closing price of PCC Rokita SA (PLPCCRK00076) as of December 30, 2024 was PLN 69.0, representing a year-on-year decline of 28.1 %. Market capitalization at the end of the year was thus the equivalent of 320.4 million euros. After the reporting date, the shares of PCC Rokita SA showed encouraging strength due to the brightening business climate. As of March 31, 2025, the shares of PCC Rokita SA were trading at PLN 73.7, representing a price gain of 6.8 % since the beginning of the year. This strong upturn underscores the high level of confidence of capital market participants in our value creation. PCC SE holds 84.26 % of the shares in PCC Rokita SA.
The price performance of PCC Exol SA (PLPCCEX00010) reflects the volatile geopolitical development of its customer countries, with fluctuating demand in the end markets compounded by destocking by the end customers serving those markets. The closing price at the end of 2024 was PLN 2.2, which corresponds to a year-on-year decline of 24.3 %. The market capitalization of PCC Exol SA thus fell to the equivalent of 89.6 million euros. In the first quarter of 2025, the shares of PCC Exol SA impressed with their resilience on the capital market. As of March 31, 2025, they had rallied to PLN 2.33, representing an increase of 5.9 % since the beginning of the year. PCC SE holds 87.09 % of the shares in PCC Exol SA.
The closing price of PCC Rokita SA (PLPCCRK00076) as of December 30, 2024 was PLN 69.0, representing a year-on-year decline of 28.1 %. Market capitalization at the end of the year was thus the equivalent of 320.4 million euros. After the reporting date, the shares of PCC Rokita SA showed encouraging strength due to the brightening business climate. As of March 31, 2025, the shares of PCC Rokita SA were trading at PLN 73.7, representing a price gain of 6.8 % since the beginning of the year. This strong upturn underscores the high level of confidence of capital market participants in our value creation. PCC SE holds 84.26 % of the shares in PCC Rokita SA.
The price performance of PCC Exol SA (PLPCCEX00010) reflects the volatile geopolitical development of its customer countries, with fluctuating demand in the end markets compounded by destocking by the end customers serving those markets. The closing price at the end of 2024 was PLN 2.2, which corresponds to a year-on-year decline of 24.3 %. The market capitalization of PCC Exol SA thus fell to the equivalent of 89.6 million euros. In the first quarter of 2025, the shares of PCC Exol SA impressed with their resilience on the capital market. As of March 31, 2025, they had rallied to PLN 2.33, representing an increase of 5.9 % since the beginning of the year. PCC SE holds 87.09 % of the shares in PCC Exol SA.
1 Source: IMF (International Monetary Fund) World Economic Outlook Update January 2025
