{"id":5225,"date":"2025-05-06T11:05:47","date_gmt":"2025-05-06T09:05:47","guid":{"rendered":"https:\/\/geschaeftsbericht-2024.pcc.eu\/group-management-report\/business-development-and-financial-performance\/"},"modified":"2025-05-21T18:19:29","modified_gmt":"2025-05-21T16:19:29","slug":"business-development-and-financial-performance","status":"publish","type":"page","link":"https:\/\/geschaeftsbericht-2024.pcc.eu\/en\/group-management-report\/business-development-and-financial-performance\/","title":{"rendered":"Business development and financial performance"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"5225\" class=\"elementor elementor-5225 elementor-555\" data-elementor-post-type=\"page\">\n\t\t\t\t<div class=\"elementor-element elementor-element-e52b6fc e-flex e-con-boxed e-con e-parent\" data-id=\"e52b6fc\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-fccb3af elementor-absolute elementor-widget elementor-widget-menu-anchor\" data-id=\"fccb3af\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_position&quot;:&quot;absolute&quot;}\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-menu-anchor\" id=\"development\"><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c6a1d80 elementor-widget elementor-widget-text-editor\" data-id=\"c6a1d80\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tDevelopment of selected Group indicators\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bd44d6f elementor-widget elementor-widget-spacer\" data-id=\"bd44d6f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-87cdb19 elementor-widget elementor-widget-pdf_table_widget\" data-id=\"87cdb19\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"pdf_table_widget.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div style=\"margin-bottom:10px;\"><a class=\"pcc-excel-download\" href=\"https:\/\/geschaeftsbericht-2024.pcc.eu\/wp-content\/uploads\/pcc\/excel\/en\/t_l_08.xlsx\" download style=\"text-decoration:none;padding:6px 10px;border:1px solid #ccc;border-radius:4px;background:#f0f0f0;display:inline-flex;align-items:center;\"><img decoding=\"async\" src=\"https:\/\/geschaeftsbericht-2024.pcc.eu\/wp-content\/plugins\/pcc-elementor\/widgets\/download-solid.svg\" alt=\"download excel\" style=\"width:1em;height:1em;margin-right:0.5em;vertical-align:middle;\" \/>download excel<\/a><\/div><style>\n            #pdf-container-87cdb19 {\n                overflow-x: auto;\n                overflow-y: hidden;\n                max-width: 100%;\n                white-space: nowrap;\n                cursor: grab;\n            }\n            #pdf-container-87cdb19 canvas {\n                display: inline-block;\n            }\n            #pdf-container-87cdb19:active {\n                cursor: grabbing;\n            }\n            #pdf-container-87cdb19::-webkit-scrollbar {\n                height: 10px;\n            }\n            #pdf-container-87cdb19::-webkit-scrollbar-thumb {\n                background-color: #ff5f00;\n                border-radius: 5px;\n            }\n            #pdf-container-87cdb19::-webkit-scrollbar-track {\n                background-color: #f7f7f7;\n                border-radius: 5px;\n            }\n        <\/style><div id=\"pdf-container-87cdb19\"><\/div>\n<script>\n(function(){\n    var ua = navigator.userAgent;\n    var isLegacyWebKit = \/\\bVersion\\\/(16|17)\\.\/.test(ua)\n                       && \/\\bSafari\\\/\/.test(ua)\n                       && !\/\\bChrome\\\/\/.test(ua);\n\n    function renderPDF(pdfjsLib) {\n        console.log(\"PDF.js: rendering with\", pdfjsLib.version || \"(no version property)\");\n        var container = document.getElementById(\"pdf-container-87cdb19\");\n        pdfjsLib.getDocument(\"https:\/\/geschaeftsbericht-2024.pcc.eu\/wp-content\/uploads\/pcc\/pdf\/en\/t_l_08.pdf?v=\"+Date.now()).promise\n            .then(function(pdf){ return pdf.getPage(1); })\n            .then(function(page){\n                var viewport = page.getViewport({ scale: 2.25 });\n                var ratio    = window.devicePixelRatio || 1;\n                var canvas   = 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Before Interest, Taxes, Depreciation and\nAmortization)<\/li>\n \t<li>EBIT (Earnings Before Interest and Taxes) = Operating result =\nEBITDA \u2013 Depreciation and Amortization<\/li>\n \t<li>EBT (Earnings Before Taxes) = EBIT \u2013 Interest<\/li>\n \t<li>Gross cash flow = Net result adjusted for non-cash income\nand expenses<\/li>\n \t<li>ROCE (Return On Capital Employed) = EBIT \/ (Average equity +\nAverage interest-bearing debt)<\/li>\n \t<li>Net debt = Interest-bearing debt \u2013 Liquid funds \u2013\nOther current securities<\/li>\n \t<li>Equity ratio = balance sheet equity divided by total assets<\/li>\n \t<li>Return on equity = Net result \/ Average equity<\/li>\n \t<li>Change in percentage points<\/li>\n<\/ol>\n\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-eaf0acf elementor-widget elementor-widget-spacer\" data-id=\"eaf0acf\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-091bf7d e-flex e-con-boxed e-con e-parent\" data-id=\"091bf7d\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-c799b24 elementor-widget elementor-widget-menu-anchor\" data-id=\"c799b24\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-menu-anchor\" id=\"earningsposition\"><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7024676 elementor-widget elementor-widget-text-editor\" data-id=\"7024676\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<strong>Earnings position\n<\/strong>\n<br>Overall, business performance in 2024 remained subdued from the\nprevious year. The general weakness in growth, geopolitical instability,\ncompetitive disadvantages in a global context, high energy costs\nand an unclear outlook had a negative impact on the past fiscal year.\nThe lack of macroeconomic recovery coupled with low public sector\ninvestment and restrained private consumption created a difficult\nenvironment for the operating business overall. Segments such\nas Polyols &amp; Derivatives and other areas of basic chemicals were\nparticularly affected by this, while the Surfactants &amp; Derivatives\nand Logistics segments managed an appreciable upturn. Although\neconomic development in the USA was significantly better, it was\nmixed in Europe. Countries such as Poland and Spain had comparable\ngrowth rates to the USA. In contrast, Germany had to contend\nwith zero growth.       The interest rate policy of the European Central\nBank (ECB) reverted to interest rate cuts. Inflation rates were declining,\nso interest rates were reduced to stimulate investment and\nconsumption. The ECB\u2019s deposit rate was 2.75 % at the end of 2024.\nThe competitive conditions for goods from Asia, particularly China,\ncontinued to have a negative impact on production and pre-production\nin Europe in the past fiscal year. Differing tariff policies,\nburdensome regulation and cumbersome bureaucracy, as well as\nmisguided subsidy measures in Europe, created a weak investment\nenvironment overall.   \n<br><br>The global economy initially recovered after the pandemic with an\nunexpectedly high growth rate. The megatrend of sustainability and\nthe upturn in green technologies drove new investments worldwide,\nwhile inflation remained a challenge for many economies.\nThe German economy experienced a slight recession for the second\nyear in a row in 2024, with gross domestic product (GDP) shrinking\nby 0.3 %. The global economy faced several challenges and opportunities\nin 2024, with moderate growth of around 3.5 % expected.   \n<br><br>Subdued demand and weak consumption in numerous sectors led\nto declines in production in many industries. The construction industry \nwas particularly affected as a result of higher interest rates\nand prices. Private consumption of furniture and consumer electronics,\nfor example, was restrained. Domestic demand in China was\nsimilarly weak as in the previous year, with the result that, at times,\nlarge volumes of chemical products and silicon metal were exported\nto Europe. This led to further price competition in Europe due to\nsome of said volumes being imported at low prices.   \n<br><br>Overall, the PCC Group ended fiscal 2024 with earnings before interest,\ntaxes, depreciation and amortization (EBITDA) of \u20ac 88.0 million,\ndown \u20ac 24.3 million or 21.7 % on the previous year. Group sales\namounted to \u20ac 960.0 million in 2024, a decrease of \u20ac 33.6 million or\n3.4 %. This sales trend was in line with the general economic situation\nin the European Union and resulted from falling prices and\ndeclining capacity utilization in downstream industries. Together\nwith high and rising costs, particularly in the area of personnel and\nexternal service providers, as well as higher maintenance and repair\nexpenses due to unplanned plant shutdowns, this led to a decline in\nearnings at the EBITDA level. \n<br><br>At \u20ac \u2013 65.9 million, the Chlorine &amp; Derivatives segment recorded\nthe largest nominal year-on-year decline in sales, while the Surfactants\n&amp; Derivatives, Silicon &amp; Derivatives and Logistics segments\nincreased their revenues. The Logistics segment achieved the largest\nincrease in sales with a plus of \u20ac 26.9 million. The Surfactants &amp; Derivatives\nsegment was the main revenue driver in the Group. There\nwere no significant effects on sales revenue arising from changes in\nthe scope of consolidation in 2024. \n<br><br>The euro is not the functional currency of most PCC Group companies.\nConsequently, exchange rate effects in the translation of sales\nand earnings figures have an impact on the consolidated statement\nof income. Based on exchange rates unchanged from the previous\nyear, sales of the PCC Group would have amounted to \u20ac 926.6 million,\nwhich would be \u20ac 33.4 million or 3.5 % lower than the actual\nfigure. This is due to the exchange rate movements of the currencies\nof relevance to the PCC Group, particularly the Polish z\u0142oty.   \n<br><br>The gross profit of the PCC Group declined in 2024, falling to\n\u20ac 292.4 million (previous year: \u20ac 307.3 million). The gross yield figure\nfell to 30.5 % (previous year: 30.9 %). In addition to selling prices, the\npurchase prices of key raw materials also fell. However, procurement\ncosts for energy and logistics remained almost unchanged compared\nto the previous year.  \n\nPersonnel expenses increased year on year from \u20ac 138.0 million\nto \u20ac 150.7 million, meaning that fiscal 2024 saw another rise in this\nexpense item. Wages and salaries continued to increase disproportionately\ndue to high inflationary pressure. The number of employees\nin the Group also rose slightly, increasing by 0.9 % from 3,265\nto 3,295 as at the reporting date. The increase was attributable to\nthe Holding &amp; Projects, Silicon &amp; Derivatives and Surfactants &amp; Derivatives\nsegments. The two-furnace operation of the silicon metal\nplant in Iceland and the commissioning of the new ethoxylates\nplant in Poland were the main reasons for the increases. By contrast,\nemployment declined in the Trading &amp; Services segment, where we\nreduced overcapacity. From a regional perspective, 14 of the jobs\ncreated were in Poland. In the Rest of Europe region 12 jobs were\ncreated, while a total of four jobs were created in all other regions.        \n<br><br>Other operating income increased from \u20ac 34.0 million in the previous year to \u20ac 45.0 million in the past fiscal year. The increase is mainly due to income from the sale of CO<sub>2<\/sub> certificates in the amount of \u20ac 3.0 million (previous year: \u2013) and higher compensation payments in connection with CO<sub>2<\/sub> certificates in the amount of \u20ac 19.4 million (previous year: \u20ac 16.1 million). The compensation payments are granted by the Polish state to offset price increases for CO<sub>2<\/sub> certificates. \n<br><br>Within the business activities of the PCC Group, new products, processes\nand procedures are continuously being researched and developed,\nwhile existing customer solutions are constantly refined.\nCross-company project teams are also formed for this purpose. The\nPCC Group recorded research and development (R&amp;D) expenses of\n\u20ac 8.8 million in the year under review, underscoring its high level of \ncommitment in this area (previous year: \u20ac 7.0 million). In addition,\nexpenditure on internally developed intangible assets and property,\nplant and equipment amounting to \u20ac 1.1 million was capitalized\n(previous year: \u20ac 10.2 million).   \n<br><br>Capital expenditures amounted to \u20ac 126.5 million in 2024 and was\ntherefore 11.2 % below the previous year\u2019s level of \u20ac 142.5 million.\nThese investments were mainly spread across the Trading &amp; Services,\nSurfactants &amp; Derivatives and Logistics segments, as well as project\ndevelopments in the Holding &amp; Projects segment. The PCC Group\nfocused primarily on long-term investments, accompanied by\nmodernization investments. In fiscal 2024, investments were mainly\nmade in the completion of the new ethoxylation plant in P\u0142ock and\nthe oxyalkylates plant at the Brzeg Dolny site. These were accompanied\nby investment measures in infrastructure such as the local electricity\ngrid. PCC also invested in additional locomotives, platforms\nand container cranes in the Logistics segment. Further funds were\nmade available for the development of state-of-the-art materials for\nuse in lithium-ion batteries.      All investments are intended to contribute\nto future increases in sales and earnings of the PCC Group.\nAt the same time, investments mean an increase in depreciation,\namortization and interest expense for the consolidated statement of\nincome, albeit with interest expense being consistently capitalized\nin the case of investments not yet completed. In the balance sheet\nas of December 31, 2024, these effects are reflected in the increase\nin non-current assets and, on the liabilities side, in higher non-current\nfinancial liabilities. Depreciation and amortization of intangible\nassets, property, plant and equipment and right-of-use assets increased\nyear on year to \u20ac 86.0 million (previous year: \u20ac 78.9 million).   \n<br><br>Interest and similar expenses mainly resulted from bond liabilities,\nliabilities to banks and lease liabilities. These expenses rose by 11.2 %\nfrom \u20ac 45.2 million to \u20ac 50.3 million in the past fiscal year. This increase\nis mainly due to higher financial liabilities for investments and\nthe general rise in interest rates. Benchmark interest rates in the European\nUnion, Poland and the USA initially peaked in spring 2024 and trended down again in the summer. Both the parent company\nPCC SE and other Group companies had to implement follow-up\nfinancing or refinancing in this adjusted market interest-rate environment.\nSome non-current financial liabilities are also subject\nto floating interest rates, with the prevailing level of base interest\nrates always exerting an almost immediate impact. The PCC Group\ncounters such interest rate increases with hedging transactions.      The weighted interest rate of all interest-bearing liabilities increased from\n4.7 % in the previous year to 5.1 % in fiscal 2024. Financial liabilities\nincreased by a total of \u20ac 55.4 million or 6.1 % year on year. Interest\nattributable to the creation of a qualifying asset is capitalized during\nthe construction period.  \n<br><br>Income and expenses from exchange rate differences are reported\nin the financial result under foreign currency translation result. In fiscal\n2024, the effect on earnings was a plus of \u20ac 15.5 million (previous\nyear: \u20ac \u2013 13.3 million). \n<br><br>The effective tax rate of the PCC Group in the year under review was\n\u2013 62.8 % (previous year: \u2013 20.4 %).\n<br><br>Compared to the previous year, earnings before taxes (EBT) decreased\nby \u20ac 8.7 million to \u20ac \u2013 29.5 million. The consolidated comprehensive\nincome of the PCC Group decreased from \u20ac \u2013 1.7 million\nin the previous year to \u20ac \u2013 37.1 million in the year under review, mainly\nas a result of the effects already explained above. \t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-3be41dc e-flex e-con-boxed e-con e-parent\" data-id=\"3be41dc\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-10dc4c3 elementor-widget elementor-widget-menu-anchor\" data-id=\"10dc4c3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-menu-anchor\" id=\"Netassets\"><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e526419 elementor-widget elementor-widget-text-editor\" data-id=\"e526419\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<strong>Net assets<\/strong><br>\nTotal assets grew year on year by \u20ac 14.9 million or 0.9 % to\n\u20ac 1,605.0 million as at December 31, 2024. This change is mainly due\nto an increase in non-current assets as a result of investments and\na decrease in current assets, mainly in cash and cash equivalents.\nIntangible assets rose by \u20ac 0.7 million to \u20ac 53.0 million. The net\ncarrying amount of property, plant and equipment increased by\n\u20ac 48.3 million or 4.8 % to \u20ac 1,044.6 million. Right-of-use assets grew \nby \u20ac 8.1 million or 10.0 % to \u20ac 89.1 million. Investments accounted for\nusing the equity method decreased by \u20ac 9.2 million to \u20ac 4.9 million,\nessentially reflecting the valuation of the Malaysian joint venture\nPCG PCC Oxyalkylates Sdn.      Bhd. The balance sheet item also includes\nthe pro rata allocation of the results of the Thai joint venture\nIRPC Polyol Company Ltd. and the Russian joint venture OOO DME\nAerosol. If accumulated losses exceed the equity value, this is carried\nat an updated equity value of zero. As at the reporting date of the\npast fiscal year, this was still the case for OOO DME Aerosol.   <br><\/br>\n\nCurrent assets amounted to \u20ac 369.2 million on the balance sheet\ndate, \u20ac 16.7 million below the previous year. Inventories rose by\n\u20ac 14.1 million to \u20ac 121.8 million. In anticipation of bottlenecks in\navailability and slightly rising prices for various raw materials, we\nincreased some inventories at the end of the year. Trade accounts\nreceivable rose slightly by \u20ac 2.0 million to \u20ac 105.3 million. Despite the\nfall in sales revenue for the year as a whole, we granted slight extensions\nin payment terms, which led to this increase. Other receivables\nand other assets grew from \u20ac 31.8 million to \u20ac 38.4 million. Cash and\ncash equivalents decreased by \u20ac 29.1 million or 22.6 % to \u20ac 99.5 million\ndue to the decline in cash flow from operating activities and loss\nfinancing.       As at December 31, 2024, the cash and cash equivalents\nbalance sheet item included \u20ac 3.5 million (previous year: \u20ac 4.1 million)\nin funds that were not freely available. These were almost entirely\nattributable to funds already earmarked for investment projects. \t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-ec9dcde e-flex e-con-boxed e-con e-parent\" data-id=\"ec9dcde\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-40f7861 elementor-widget elementor-widget-menu-anchor\" data-id=\"40f7861\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-menu-anchor\" id=\"Financialposition\"><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-17057a6 elementor-widget elementor-widget-text-editor\" data-id=\"17057a6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<strong>Financial position<\/strong>\n<br>The equity of the PCC Group decreased by \u20ac 46.3 million, from\n\u20ac 389.4 million in the previous year to \u20ac 343.1 million in the year under\nreview. This development is mainly attributable to the negative\nconsolidated net result and the decline in the minority interests\nitem. Hybrid capital is an equity instrument of the subsidiary PCC\nBakkiSilicon hf. In accordance with IAS 32, this is classified as equity,\nas there is neither a contractual obligation to repay the nominal\namount nor to pay interest. Instead, repayment is linked to conditions \nthat depend on the decision of the company\u2019s management\nto make distributions to shareholders. As soon as resolutions on distributions\nto them are passed, the hybrid capital will also be serviced\non a pro rata basis.     \n<br><br>The revenue reserves \/ other reserves item fell by \u20ac 42.2 million to\n\u20ac 205.9 million, mainly due to the consolidated net result. Minority\ninterests decreased by \u20ac 15.0 million to \u20ac 58.5 million, mainly due to\nthe losses attributable to those non-controlling shareholders. Other\nequity items increased by \u20ac 10.9 million to \u20ac \u2013 5.0 million, primarily\nas a result of differences from currency translation recognized directly\nin equity. By contrast, the remeasurement of defined benefit\npension obligations as at the reporting date did not result in any\nsignificant absolute change compared to the previous year. The\nmeasurement of the non-consolidated PCC Organic Oils Ghana LTD\nat fair value resulted in a change in value of \u20ac 0.2 million, which is\nalso reported under other equity items. The equity ratio fell from\n24.5 % in the previous year to 21.4 % in the reporting year due to the\naforementioned effects.      \n<br><br>Long-term investments are financed with long-term debt. Non-current\nprovisions and liabilities increased by 10.7 % to \u20ac 887.0 million as\nat December 31, 2024 (previous year: \u20ac 801.5 million). This was mainly\ndue to the increase in non-current financial liabilities, which rose\nby \u20ac 77.0 million or 10.8 % compared to the previous year. Deferred\ntax liabilities rose to \u20ac 18.5 million (previous year: \u20ac 16.6 million). Other\nliabilities increased by \u20ac 7.9 million or 12.3 % to \u20ac 72.1 million.   \n<br><br>Pertaining to bond liabilities, the holding company PCC SE fully redeemed\nseven bonds with a total volume of \u20ac 126.0 million on maturity\nin the course of 2024 (previous year: \u20ac 83.7 million). The issuance\nvolume placed by the end of the year amounted to \u20ac 157.4 million\n(previous year: \u20ac 85.6 million) and was achieved through six new issuances.\nThese funds were used in the past fiscal year both for the\npartial refinancing of maturing liabilities and for the financing of\ninvestments. In addition to PCC SE, whose bonds are denominated \nin euros, other Group companies also issued bonds. The bonds issued\nin Polish z\u0142oty by PCC Rokita SA and PCC Exol SA had a value\nof \u20ac 45.2 million as of the closing date of fiscal 2024 (previous year:\n\u20ac 44.6 million). Unutilized secured credit lines within the PCC Group\namounted to \u20ac 144.9 million as of the reporting date (previous year:\n\u20ac 61.6 million).     \n<br><br>Current provisions and liabilities decreased by \u20ac 24.3 million or 6.1 %\nto \u20ac 375.0 million. Tax liabilities decreased by \u20ac 1.0 million to \u20ac 4.5\nmillion. Trade accounts payable increased by \u20ac 21.9 million or 25.1 %\nto \u20ac 109.1 million. Financial liabilities due within the next twelve\nmonths decreased by \u20ac 21.6 million to \u20ac 168.4 million. Other liabilities\ndecreased by \u20ac 16.9 million to \u20ac 55.5 million.    \n<br><br>Provisions for pensions and similar obligations, and other provisions,\ndecreased by \u20ac 8.0 million to \u20ac 44.1 million.\n<br><br>The net debt of the PCC Group increased in the year under review\nby \u20ac 84.5 million or 10.9 % to \u20ac 860.1 million. This was due not only to\nborrowings for capital expenditures but also to the decline in cash\nand cash equivalents. Due to the fall in earnings before interest, taxes,\ndepreciation and amortization (EBITDA), the ratio of net debt to\nEBITDA deteriorated from 6.9 to 9.8. Our goal of guiding this leverage\nratio to below 5.0 was therefore not achieved.   \t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1156cbd elementor-widget elementor-widget-spacer\" data-id=\"1156cbd\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a11a355 elementor-widget elementor-widget-pdf_table_widget\" data-id=\"a11a355\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"pdf_table_widget.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div style=\"margin-bottom:10px;\"><a class=\"pcc-excel-download\" href=\"https:\/\/geschaeftsbericht-2024.pcc.eu\/wp-content\/uploads\/pcc\/excel\/en\/t_l_09.xlsx\" download style=\"text-decoration:none;padding:6px 10px;border:1px solid #ccc;border-radius:4px;background:#f0f0f0;display:inline-flex;align-items:center;\"><img decoding=\"async\" src=\"https:\/\/geschaeftsbericht-2024.pcc.eu\/wp-content\/plugins\/pcc-elementor\/widgets\/download-solid.svg\" alt=\"download excel\" style=\"width:1em;height:1em;margin-right:0.5em;vertical-align:middle;\" \/>download excel<\/a><\/div><style>\n            #pdf-container-a11a355 {\n                overflow-x: auto;\n                overflow-y: hidden;\n                max-width: 100%;\n                white-space: nowrap;\n                cursor: grab;\n            }\n            #pdf-container-a11a355 canvas {\n                display: inline-block;\n            }\n            #pdf-container-a11a355:active {\n                cursor: grabbing;\n            }\n            #pdf-container-a11a355::-webkit-scrollbar {\n                height: 10px;\n            }\n            #pdf-container-a11a355::-webkit-scrollbar-thumb {\n                background-color: #ff5f00;\n                border-radius: 5px;\n            }\n            #pdf-container-a11a355::-webkit-scrollbar-track {\n                background-color: #f7f7f7;\n                border-radius: 5px;\n            }\n        <\/style><div id=\"pdf-container-a11a355\"><\/div>\n<script>\n(function(){\n    var ua = navigator.userAgent;\n    var isLegacyWebKit = \/\\bVersion\\\/(16|17)\\.\/.test(ua)\n                       && \/\\bSafari\\\/\/.test(ua)\n                       && !\/\\bChrome\\\/\/.test(ua);\n\n    function renderPDF(pdfjsLib) {\n        console.log(\"PDF.js: rendering with\", pdfjsLib.version || \"(no version property)\");\n        var container = document.getElementById(\"pdf-container-a11a355\");\n        pdfjsLib.getDocument(\"https:\/\/geschaeftsbericht-2024.pcc.eu\/wp-content\/uploads\/pcc\/pdf\/en\/t_l_09.pdf?v=\"+Date.now()).promise\n            .then(function(pdf){ return pdf.getPage(1); })\n            .then(function(page){\n                var viewport = page.getViewport({ scale: 2.25 });\n                var ratio    = window.devicePixelRatio || 1;\n                var canvas   = document.createElement(\"canvas\");\n                var ctx      = canvas.getContext(\"2d\");\n                canvas.width  = viewport.width * ratio;\n                canvas.height = viewport.height * ratio;\n                canvas.style.width  = viewport.width + \"px\";\n                canvas.style.height = viewport.height + \"px\";\n                ctx.scale(ratio, ratio);\n                return page.render({ canvasContext: ctx, viewport: viewport }).promise\n                    .then(function(){ container.appendChild(canvas); });\n            })\n            .catch(function(err){ console.error(\"PDF.js Fehler:\", err); });\n\n        \/\/ Drag-Scroll\n        var isDown=false, startX, scrollLeft;\n        container.addEventListener(\"mousedown\", function(e){\n            isDown=true;\n            startX=e.pageX-container.offsetLeft;\n            scrollLeft=container.scrollLeft;\n            container.style.cursor=\"grabbing\";\n        });\n        [\"mouseleave\",\"mouseup\"].forEach(function(evt){\n            container.addEventListener(evt, function(){\n                isDown=false;\n                container.style.cursor=\"grab\";\n            });\n        });\n        container.addEventListener(\"mousemove\", function(e){\n            if(!isDown) return;\n            e.preventDefault();\n            var x=e.pageX-container.offsetLeft;\n            var walk=(x-startX)*1.2;\n            container.scrollLeft=scrollLeft-walk;\n        });\n    }\n\n    if (isLegacyWebKit) {\n        console.log(\"PDF.js: Loading UMD v3.11.174 for legacy WebKit\");\n        var s = document.createElement(\"script\");\n        s.src = \"https:\/\/cdn.jsdelivr.net\/npm\/pdfjs-dist@3.11.174\/build\/pdf.min.js\";\n        s.onload = function(){\n            pdfjsLib.GlobalWorkerOptions.workerSrc =\n              \"https:\/\/cdn.jsdelivr.net\/npm\/pdfjs-dist@3.11.174\/build\/pdf.worker.min.js\";\n            renderPDF(pdfjsLib);\n        };\n        document.head.appendChild(s);\n    } else {\n        console.log(\"PDF.js: Loading ESM v5.2.133 standard build\");\n        var s_module = document.createElement(\"script\");\n        s_module.type = \"module\";\n        s_module.textContent = `\n            import * as pdfjsLib from \"https:\/\/unpkg.com\/pdfjs-dist@5.2.133\/build\/pdf.min.mjs\";\n            pdfjsLib.GlobalWorkerOptions.workerSrc =\n              \"https:\/\/unpkg.com\/pdfjs-dist@5.2.133\/build\/pdf.worker.min.mjs\";\n            (${renderPDF.toString()})(pdfjsLib);\n        `;\n        document.head.appendChild(s_module);\n    }\n})();\n<\/script>\n\n        \t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9c3ed61 elementor-widget elementor-widget-spacer\" data-id=\"9c3ed61\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fd25bd6 elementor-widget elementor-widget-text-editor\" data-id=\"fd25bd6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tOverall, in a geopolitically tense and macroeconomically challenging\nenvironment, the company\u2019s management considers the development\nof its net assets, financial position and results of operations\nin fiscal 2024 to be unsatisfactory. The business performance of the\nPCC Group was extremely successful in some segments, such as\nLogistics. As well as increasing sales and earnings, the Intermodal\nTransport business unit also assumed market leadership in Poland.\nAlthough we were able to reduce the high production costs in the\nSilicon Metal business unit, this was not sufficient in the year under\nreview to enable us to compete with Chinese dumping imports.\nAcross all segments, EBITDA was additionally burdened by high\nfixed costs, for example for personnel or external service providers,\nas well as maintenance and repair expenses from unplanned\nplant shutdowns. For the reasons described above, we were unable\nto meet our expectation of increasing revenue by 5 \u2013 10 % in fiscal\n2024.      We were also unable to achieve our expectation of an increase\nin EBITDA of around 25 % to 30 %. Both shortfalls are due primarily\nto lower sales volumes than budgeted. In addition, further price declines,\nparticularly in the Chlorine &amp; Derivatives segment, as well as\nunforeseeable technical difficulties and the associated unplanned\nplant shutdowns plus additional maintenance and repair expenses,\nhad a negative impact on earnings. Adjusted for the significant\nlosses in the Silicon &amp; Derivatives segment, positive results would\nnevertheless have been achievable at all earnings levels. Ultimately,\nhowever, a loss in the double-digit million euro range was posted.    \t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Development of selected Group indicators Download Excel EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) EBIT (Earnings Before Interest and Taxes) = Operating result = EBITDA \u2013 Depreciation and Amortization EBT (Earnings Before Taxes) = EBIT \u2013 Interest Gross cash flow = Net result adjusted for non-cash income and expenses ROCE (Return On Capital Employed) [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":0,"parent":5120,"menu_order":3,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"footnotes":""},"class_list":["post-5225","page","type-page","status-publish","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/geschaeftsbericht-2024.pcc.eu\/en\/wp-json\/wp\/v2\/pages\/5225","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/geschaeftsbericht-2024.pcc.eu\/en\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/geschaeftsbericht-2024.pcc.eu\/en\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/geschaeftsbericht-2024.pcc.eu\/en\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/geschaeftsbericht-2024.pcc.eu\/en\/wp-json\/wp\/v2\/comments?post=5225"}],"version-history":[{"count":2,"href":"https:\/\/geschaeftsbericht-2024.pcc.eu\/en\/wp-json\/wp\/v2\/pages\/5225\/revisions"}],"predecessor-version":[{"id":6057,"href":"https:\/\/geschaeftsbericht-2024.pcc.eu\/en\/wp-json\/wp\/v2\/pages\/5225\/revisions\/6057"}],"up":[{"embeddable":true,"href":"https:\/\/geschaeftsbericht-2024.pcc.eu\/en\/wp-json\/wp\/v2\/pages\/5120"}],"wp:attachment":[{"href":"https:\/\/geschaeftsbericht-2024.pcc.eu\/en\/wp-json\/wp\/v2\/media?parent=5225"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}