Market value of listed PCC companies rises to € 522.7 million
Two PCC Group companies, PCC Rokita SA and PCC Exol SA, are listed on the Warsaw Stock Exchange (GPW). Including the share packages of its subsidiaries, PCC SE holds a clear majority of around 85 % in each of the two listed affiliates. The main advantages of stock exchange listings are transparent company valuations, a strengthened equity base for the entities involved, and the possibility of financing future investments through further equity measures. Stock exchange listings also offer institutional and private investors the opportunity to acquire a direct stake in a company.
The value of the share packages of listed shareholdings held directly by PCC SE and indirectly via its subsidiaries as of the reporting date December 31, 2022, amounted to a combined total of €443.7 million, around 7.1 % above the stock market value of the previous year. The total market capitalization of these listed PCC shareholdings at the reporting date amounted to €522.7 million, an increase of 6.9 % compared to the previous year.
As in 2021, the 2022 stock trading year was dominated by the impact of the coronavirus pandemic, with the Russian war against Ukraine also impacting the markets since February 2022. The increased restrictive zero-covid policy of the Chinese central government led to far-reaching restrictions on global supply chains, particularly in the first half of 2022, and thus also impacted global economic growth. The stock markets reacted to this development with a persistent downward trend, which was only broken in the final quarter of the year. The war in Ukraine and the associated energy crisis further slowed economic development across Europe. In addition, the US Federal Reserve and the ECB in particular, together with other national central banks in countries such as Poland, ended their expansionary monetary policies due to inflationary pressures. At present, it is not possible to reliably estimate when the Polish central bank will reduce its interest rates again, as this depends on several factors, in particular its inflation target.
The European sector index STOXX Europe 600 Chemicals was characterized by a sharp decline during the 2022 stock trading year due to the energy crisis. At year-end, STOXX Europe 600 Chemicals closed 16.6 % down on the start of the year. The cumulative growth of the PCC subsidiaries in fiscal 2022 was thus well above that of the benchmark index.
PCC Rokita SA shares gain 1.6 % in 2022
The closing price of PCC Rokita SA stock (PLPCCRK00076) as of December 31, 2022 was PLN 95.60, corresponding to a year-on-year gain of 4.4 %. Its market capitalization at yearend was thus the equivalent of € 405.5 million. And the share price of PCC Rokita SA continued to show encouraging strength beyond the turn of the year thanks to the clearly positive development of the affiliate’s business units. As of March 31, 2023, the shares of PCC Rokita SA were trading at historic highs, underpinning the strong confidence of capital market participants in our value creation capabilities. Including the share packages of its subsidiaries, PCC SE holds 84.26 % of the shares in PCC Rokita SA.
Shares in PCC Exol SA up 25.0 % in 2022
The share price performance of PCC Exol SA (PLPCCEX00010) reflected the very good economic performance of the company. Its development in fiscal 2021 had already shown how effective and resilient this surfactants manufacturer was in navigating its operating business through a series of crises; and fiscal 2022 saw PCC Exol SA continue to progress along similarly successful lines. The closing share price on December 31, 2022 was PLN 3.15, corresponding to a year-on-year increase of 27.3 %. As a result, the market capitalization of PCC Exol SA increased to the equivalent of € 117.2 million, again clearly reflecting the positive development of this affiliate’s business units in the course of fiscal 2022. PCC Exol SA shares also performed well in the first quarter of 2023, reaching PLN 3.51 as of March 31, 2023 – an increase of 9.1 % compared to December 31, 2022. Including the share packages of its subsidiaries, PCC SE holds 87.03 % of the shares in PCC Exol SA.
