{"id":5398,"date":"2025-05-06T15:55:35","date_gmt":"2025-05-06T13:55:35","guid":{"rendered":"https:\/\/geschaeftsbericht-2024.pcc.eu\/consolidated-financial-statements\/notes-to-the-consolidated-financial-statements\/summary-of-significant-accounting-and-valuation-policies\/"},"modified":"2025-05-21T13:34:31","modified_gmt":"2025-05-21T11:34:31","slug":"summary-of-significant-accounting-and-valuation-policies","status":"publish","type":"page","link":"https:\/\/geschaeftsbericht-2024.pcc.eu\/en\/consolidated-financial-statements\/notes-to-the-consolidated-financial-statements\/summary-of-significant-accounting-and-valuation-policies\/","title":{"rendered":"Summary of significant accounting and valuation policies"},"content":{"rendered":"\t\t
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(1) General disclosures<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tPCC Societas Europaea (PCC SE) is a non-listed corporation under European law headquartered in Duisburg and the parent compa- ny of the PCC Group. Its address is Moerser Str. 149, 47198 Duisburg, Germany. PCC SE is recorded in the Commercial Register of Duisburg District Court under reference HRB 19088.
<\/br>\n\nThe consolidated financial statements of PCC SE have been pre- pared in accordance with the International Financial Reporting Standards (IFRSs) issued by the International Accounting Standards Board (IASB) and the Interpretations issued by the IFRS Interpreta- tions Committee (IFRS IC), which had been adopted by the Europ- ean Commission for use in the EU by the reporting date and whose application was mandatory as of December 31, 2024. In addition, the requirements of Section 315e (3) HGB (German Commercial Code) in conjunction with Section 315e (1) HGB have been observed. The consolidated financial statements are based on the going concern principle.
<\/br>\n\nThe reporting date for the preparation of the consolidated financial statements is December 31, 2024, which is also the reporting date for the annual financial statements of PCC SE. The fiscal year of the Group corresponds to the calendar year.
<\/br>\n\nThe annual financial statements and subgroup financial statements of the subsidiaries included in the consolidated financial statements have also been prepared as at this reporting date. The financial statements of PCC SE and those of the consolidated subsidiaries have been prepared in accordance with uniform accounting and valuation policies.
<\/br>\n\nThe consolidated financial statements have been prepared in euros. The reporting currency is the euro. Unless otherwise indicated, all amounts are stated in thousands of euros (\u20ac k); rounding differences may therefore arise.
<\/br>\n\nIndividual items of the balance sheet and the statement of income of the PCC Group have been partially aggregated in the interests of clarity. These items are explained in the Notes appended. The con- solidated statement of income has been prepared using the nature of expense method.
<\/br>\n\nIn accordance with IAS 1.60, the PCC Group presents current and non-current assets and current and non-current liabilities in the bal- ance sheet as separate classification groups, some of which are ad- ditionally broken down by their respective maturities as of Decem- ber 31, 2024, in these notes to the consolidated financial statements.
<\/br>\n\nThe Executive Board of PCC SE finalized these financial statements in its meeting of April 29, 2025, whereupon they were presented to the Supervisory Board for examination and approval for publication, and then released to the operator of the German Federal Gazette for publication. \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
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(2) Changes in accounting policies, and standards and interpretations for which application is not yet mandatory<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tMandatory standards and interpretations applied for the first time<\/strong>
<\/br>\n\nThe amendments to IAS 1 \u201cPresentation of Financial Statements\u201d clarify that the classification of liabilities as current or non-current is based on the rights that the entity has at the reporting date.\n\nLiabilities are now classified as non-current if the entity has a sub- stantive right at the reporting date to defer settlement of the liability for at least 12 months. The management\u2019s intention to exercise or not to exercise a substantive right has no influence on the assess- ment. In addition, conditions contained in loan agreements (e.g. fi- nancial covenants) that an entity must fulfill within 12 months of the reporting date have no influence on the classification of a liability as current or non-current. Conversely, conditions that an entity must fulfill by or on the reporting date are decisive for classification.
<\/br>\n\nThe amendments to IFRS 16 \u201cLeases\u201d stipulate that the seller or les- see must subsequently measure the lease liability in such a way that no gain or loss is realized in relation to the retained right of use. \nThe amendments to IAS 7 \u201cStatement of Cash Flows\u201d and IFRS 7 \u201cFinancial Instruments: Disclosures\u201d relate in particular to addition- al mandatory disclosures in the Notes in connection with supplier financing agreements. \nThe listed accounting standards to be applied for the first time have no material impact on the consolidated financial statements of PCC SE.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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