PV Crystalox Solar PLC
Climate Impact & Sustainability Data (2019, 2020-01 to 2021-06)
Reporting Period: 2019
Environmental Metrics
Total Carbon Emissions:322 tCO2e/year
Scope 1 Emissions:110 tCO2e/year
Scope 2 Emissions:212 tCO2e/year
Carbon Intensity:605 tCO2/€1 million of revenue (2019), 78 tCO2/€1 million of revenue (2018)
ESG Focus Areas
- Environment
- Social
- Governance
Environmental Achievements
- Implemented an environmental management system focusing on water and electricity consumption and waste emission reduction at its Erfurt, Germany site for more than ten years.
- Proactive approach to waste pre-treatment in Germany to reduce landfill impact and increase recycling.
Social Achievements
- Implemented a voluntary health management program for all staff in Erfurt in 2019.
- Commitment to equal opportunities for all employees and prohibiting discrimination.
- Sympathetic consideration to the recruitment, continuing employment, training, career development and promotion of disabled persons.
Governance Achievements
- Full compliance with the governance requirements of the QCA Code.
- Internal review found the Board is operating effectively.
- Annual performance evaluation of individual directors.
Climate Goals & Targets
Long-term Goals:
- Sale of the German business to a third party or transfer to the existing management team.
Short-term Goals:
- Complete the transformation of the manufacturing operation in Germany and resolve any potential challenge from tax authorities.
Environmental Challenges
- Extremely challenging PV market conditions since 2011.
- Transfer pricing risk with German tax authorities regarding the distribution of payments received under the arbitration settlement in 2018.
- Inability to generate sufficient new customers and develop a profitable business for its cutting services.
- Potential negative impact of coronavirus on high technology ceramics and optics industries in Germany.
Mitigation Strategies
- Transformation of the manufacturing operation in Germany to focus on cutting services for non-silicon materials.
- Engagement with German tax authorities to resolve transfer pricing issues.
- Targeting a range of customers across different industries for cutting services.
- German Government measures to compensate companies for reduced working hours due to coronavirus.
Supply Chain Management
Climate-Related Risks & Opportunities
Reporting Standards
Frameworks Used: QCA Code
Certifications: EN ISO 9001
Third-party Assurance: PricewaterhouseCoopers LLP
Reporting Period: 2020-01 to 2021-06
Environmental Metrics
Total Carbon Emissions:Not disclosed
Scope 1 Emissions:Not disclosed
Scope 2 Emissions:Not disclosed
Scope 3 Emissions:Not disclosed
Renewable Energy Share:Not disclosed
Total Energy Consumption:<40,000 kWh/year
Water Consumption:Not disclosed
Waste Generated:Not disclosed
Carbon Intensity:Not disclosed
ESG Focus Areas
- Employee well-being
- Environmental responsibility (minimal energy consumption)
- Responsible business conduct with customers and suppliers
- Community engagement
- Governance
Social Achievements
- Maintained regular and honest contact with customers and suppliers; encouraged charitable activities in local communities; minimized travel and used recyclable packaging where possible; ensured a safe, secure, and rewarding work environment for employees.
Governance Achievements
- Implemented cost-reduction measures including closing the UK office, making the CFO/Company Secretary role part-time, reducing director remuneration, and delisting from the London Stock Exchange; satisfactorily resolved tax audit issue with German subsidiary.
Climate Goals & Targets
Short-term Goals:
- Complete the transformation of the manufacturing operation in Germany and resolve any potential challenge from tax authorities.
Environmental Challenges
- Extremely challenging conditions in the PV market leading to the Group's exit from the industry; tax audit challenge regarding distribution of payments from an arbitration settlement; liquidity/cashflow risk (mitigated by holding significant cash balance).
Mitigation Strategies
- Major restructuring of the German subsidiary; successful resolution of the tax audit; cost reduction measures; active pursuit of the sale of PVCSS.
Supply Chain Management
Supplier Audits: Not disclosed