Perrot Duval Holding S.A.
HALF-YEAR REPORT 2024/25 (FROM 1 MAY TO 31 OCTOBER 2024)
2
CONTENTS
- KEY FIGURES
- REPORT OF THE BOARD OF DIRECTORS
- CONSOLIDATED BALANCE SHEET
- CONSOLIDATED INCOME STATEMENT
9 EARNINGS PER SHARE FOR SHAREHOLDERS
10 CONSOLIDATED CASH FLOW STATEMENT | 3 |
- CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
- NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
15 ADDRESSES
Half-year report 2024/25
KEY FIGURES
KEY FIGURES
CHF 1,000 | 1st half-year | 1st half-year | |||
24/25 | 23/24 | ||||
Order intake | 6,868 | 7,825 | |||
Change versus previous year | -12.2% | -28.9% | |||
Net sales | 6,566 | 8,498 | |||
Change versus previous year | -22.7% | 16.7% | |||
Gross margin | 74.9% | 57.9% | |||
EBITDA | -684 | -702 | |||
as % of net sales | -10.4% | -8.3% | |||
Depreciation and amortisation | -564 | -577 | |||
EBIT | -1,247 | -1,279 | |||
as % of net sales | -19.0% | -15.1% | |||
Net profit/(loss) | -1,340 | -1,477 | |||
as % of sales | -20.4% | -17.4% | |||
4 | 31.10.24 | 31.10.23 | |||
Total assets | 14,993 | 19,026 | |||
Shareholders' equity | 11,301 | 11,713 | |||
Equity ratio (%) | 75.4% | 61.6% | |||
Employees (full time equivalent) | 103 | 106 | |||
PERROT DUVAL SECURITIES | 1st half-year | 1st half-year | |||
24/25 | 23/24 | ||||
Bearer shares | |||||
High | CHF | 70.50 | 87.00 | ||
Low | CHF | 35.20 | 61.50 | ||
As at 31.10. | CHF | 65.00 | 62.90 | ||
Market capitalisation | 31.10.24 | 31.10.23 | |||
Market capitalisation | CHF mio | 8.7 | 8.5 |
Half-year report 2024/25 | Key Figures |
REPORT OF THE BOARD OF DIRECTORS
ACTIVITIES
The Perrot Duval Group aims to be solid, dynamic, profitable and active in future-oriented market niches. Its growth is achieved both organically and through acquisitions.
To date, Perrot Duval Holding S.A. has oriented its investments as follows:
-
the automation of processes used in the manu- facture of chemical and pharmaceutical products. This is the domain of the subsidiary Füll Process S.A.,
100% owned (63% of consolidated sales as of
31 October 2024).
The Füll Division provides fully automated systems and components for dispensing and safety that improve or simplify certain manufacturing processes for chemicals - such as paints, printing inks, food and cosmetics - and pharmaceuticals. As of March 2021, its products and services address both production and laboratory applications (see page 5),
- the decorative cosmetic chemistry, more par- ticularly in the field of nail gels and lacquers. This is the core business of the 100% owned subsidiary Polystone Holding S.A. which acquired two compa- nies in Germany and France on 1 October 2021 (37% of consolidated sales as of 31 October 2024).
Polystone products are mainly intended for international wholesalers, but also for professional studios. The continuous development and adaptation of the products meet the high quality requirements of this industry (see page 6).
THE FÜLL PROCESS GROUP - (OWNED 100%)
«PROCESS AUTOMATION» SEGMENT
First half year results - development of the three investments
Project demand for Füll Systembau GmbH's automated dispensing systems remains strong, despite the unfavorable economic climate. The after-sales sector, in particular, continues to record strong growth, generating high gross contribution margins, which contribute to the company's overall stability.
The sector in which Füll Lab Automation GmbH is | |
active (automated dosing systems for laboratories) is | |
more affected by the economic slowdown. A major | |
order, which had been expected, has now been post- | |
poned. The balance of sales does not currently com- | |
pensate for this. | 5 |
The market for Füll Lab Automation GmbH is more specialised than for the other companies in the Füll Group, with less competition, but a smaller number of projects - often in the millions - and more stringent decision-making processes. At the moment, there are more projects ready to be ordered by customers than there were a few months ago, but they are taking longer to come to fruition, often for financial reasons, but rarely for industrial reasons.
As indicated in the annual report for the 2023/24 financial year, the operational activities of Tecos Bruhin AG have been gradually transferred from the Thurgau site to that of Füll Systembau GmbH from 2023 onwards. All Tecos Bruhin employees were made redundant on 31 December 2024.
Report of the Board of Directors | Half-year report 2024/25 |
REPORT OF THE BOARD OF DIRECTORS
Sales of the Füll Group's current business amounted to CHF 4.1 million, down 7% on the previous year (CHF 4.4 million).
CHF 1 000 | 1st half-year | 1st half-year | ||
24/25 | 23/24 | |||
Order intake | 4,426 | 3,728 | ||
change versus | ||||
previous year | 18.7% | -37.5% | ||
Net sales | 4,127 | 4,450 | ||
change versus | ||||
previous year | -7.3% | 60.1% | ||
EBITDA | -171 | -816 | ||
as % of net sales | -4.1% | -18.3% | ||
Depreciation and | ||||
amortisation | -137 | -163 | ||
6 | EBIT | -308 | -979 | |
as % of net sales | -7.5% | -22.0% | ||
Employees (full time | ||||
equivalent) | 43 | 44 |
The decline in the interim loss EBIT (earnings before interest and taxes), usual at this time of year, to CHF 0.3 million at the end of the first half of the 2024/25 financial year (loss of CHF 1.0 million a year earlier) is explained by a higher gross margin (repre- senting CHF + 0.5 million) and lower expenses of CHF 0.2 million compared with the situation at 31 October 2023.
Outlook of the Füll Division
Füll Systembau GmbH plans to achieve its budgeted sales for the full fiscal year. Its main challenges are to meet delivery deadlines for new projects and to recruit and train specialist staff. The job market seems to be easing slowly, and the search for qualified personnel is yielding some successes.
The demand for Füll Lab Automation GmbH to carry out major projects remains high. However, if these were only to be placed from spring 2025 onwards, they would only have an impact on earnings in the 2025/26 financial year. We can therefore expect a significant reduction in sales in the 2024/25 financial year, partly offset by an increase in the relative gross margin and control of operating costs.
Tecos Bruhin AG will cease operations on 31 Decem- ber 2024. At Füll Systembau GmbH, which has taken over the operational business of Tecos, four new orders for Tecos dispensing systems have been placed for 2024. At Füll Systembau GmbH, this niche business is not expected to generate significant sales volume. This is why only one additional person has been hired to cope with the demand for this type of installation.
The first half of the year saw a significant increase in consolidated orders (4.4 million CHF), up 19% on the same period last year. The vast majority of these orders will be delivered in the second half of the current year.
Provided that deadlines are met at all levels, the sales forecast for the 2024/25 financial year is maintained (CHF 9.5 million), in line with budgeted expectations.
THE POLYSTONE GROUP - (OWNED 100%)
«CHEMICAL COSMETICS» SEGMENT
First half year results - temporary decline in order intake
In the first six months of the year, sales fell by 40% to
2.4 million CHF, and order intake by the same percen- tage to CHF 2.4 million, compared with the same period last year. There are two main reasons for this severe but temporary setback. Polystone finds itself in a temporarily delicate situation, resulting both from a difference in business conduct on the part of local management and from an adverse economic environ- ment.
Half-year report 2024/25 | Report of the Board of Directors |
REPORT OF THE BOARD OF DIRECTORS
On the company's side, it is clearly the sales department where shortcomings have been noted: inadequate customer service and follow-up, and a shortage of qualified personnel following retirements.
From an economic point of view, the two most important customers took a downturn in their markets. Their demand has fallen by more than half since the beginning of the year, without Polystone having been replaced by any particular competitor with these customers.
CHF 1 000 | 1st half-year | 1st half-year |
24/25 | 23/24 | |
Order intake | 2,442 | 4,097 |
change versus | ||
previous year | -40.4% | -18.8% |
Net sales | 2,439 | 4,048 |
change versus | ||
previous year | -39.7 % | -10.1% |
EBITDA | 15 | 722 |
as % of net sales | 0.6% | 17.8% |
Depreciation and | ||
amortisation | -421 | -408 |
EBIT | -406 | 314 |
as % of net sales | -16.6% | 7.8% |
Employees (full time | ||
equivalent) | 57 | 59 |
Several measures were taken as early as August. The managing director, in place since 1st March 2023, was dismissed. Since then, Mr. Bruhin, CEO of the Perrot Duval Group, has taken charge of local management. The sales organisation will be placed under the leadership of a new Sales Director. At the same time, the sales department has been strengthened, although
several positions have yet to be filled. Several new processes (including on-going training for the sales team) have been introduced to simplify procedures and improve customer service. The marketing department is currently being outsourced to an external company.
As a compensating effect to the decrease in sales, the gross margin was raised by 2 percentage points to 77.4% (0.3 million CHF), and operating costs were reduced by 0.4 million CHF compared with those prevailing at 31 October 2023. The interim EBIT (ear- nings before interest and taxes) loss of 0.4 million CHF at the end of the first half of the 2024/25 financial year (profit of 0.3 million CHF a year earlier) reflects the decline in sales over the period alone.
Outlook of the Polystone Division
The measures taken should enable to generate profit | 7 |
as early as January 2025. This will be too late to make up for the shortfall in sales in the 1st half of 2024/25. Sales should reach 6.0 million CHF, provided current conditions remain stable.
Also by the end of January 2025, a three-year Polys- tone plan will be drawn up, presenting the various actions launched and the cost-cutting programs.
Report of the Board of Directors | Half-year report 2024/25 |
CONSOLIDATED BALANCE SHEET
CHF 1,000 | Note | 31.10.24 | 30.04.24 | |
Assets | ||||
Cash and cash equivalents | 5,7 | 1,965 | 3,151 | |
Trade accounts receivable | 918 | 1,051 | ||
Other short-term receivables | 872 | 1,208 | ||
Inventories | 8 | 3,612 | 4,358 | |
Prepayments and accrued income | 468 | 515 | ||
Total current assets | 7,835 | 10,283 | ||
Financial assets (loan to related parties) | 151 | 151 | ||
Tangible fixed assets | 6,178 | 6,699 | ||
Intangible assets | 829 | 1,078 | ||
Total non-current assets | 9 | 7,158 | 7,928 | |
Total assets | 14,993 | 18,211 | ||
Liabilities | ||||
Interest-bearing current financial liabilities | 5 | 189 | 260 | |
Trade accounts payable | 502 | 816 | ||
8 | Other current liabilities | 10 | 2,157 | 2,723 |
Accrued liabilities and deferred income | 509 | 561 | ||
Short-term provisions | 144 | 200 | ||
Provision for income taxes | 132 | 402 | ||
Total current liabilities | 3,633 | 4,962 | ||
Interest-bearing non-current financial liabilities | 5 | 0 | 166 | |
Deferred tax liabilities | 59 | 74 | ||
Total non-current liabilities | 59 | 240 | ||
Total liabilities | 3,692 | 5,202 | ||
Equity | ||||
Share capital | 6,725 | 6,725 | ||
Capital reserves | 318 | 385 | ||
Accumulated Profits | 5,411 | 6,818 | ||
Currency translation differences | -1,153 | -919 | ||
Total shareholders' equity | 11,301 | 13,009 | ||
Total liabilities and shareholders' equity | 14,993 | 18,211 |
Half-year report 2024/25 | Consolidated balance sheet |
CONSOLIDATED INCOME STATEMENT
CHF 1,000 | 1st half-year | 1st half-year | |
24/25 | 23/24 | ||
Net sales from goods and services | 1 | 6,566 | 8,498 |
Other operating income | 227 | 156 | |
Cost of materials | -1,794 | -2,846 | |
Change in inventories (work in progress & finished goods) | -590 | -736 | |
Personnel costs | -3,567 | -3,851 | |
General and administrative costs | -432 | -582 | |
Sales costs | -207 | -289 | |
Other operating expenses | -886 | -1,052 | |
Depreciation on tangible assets | -430 | -465 | |
Amortisation on intangible assets | -134 | -112 | |
Operating result (EBIT) | -1,247 | -1,279 | |
Financial income | 120 | 0 | |
Financial expenses | -339 | -187 | |
Financial result | -219 | -187 | |
Loss before taxes | -1,466 | -1,466 | |
Income tax | 126 | -11 | |
Net loss | -1,340 | -1,477 |
CHF | 24/25 | 23/24 | |
Undiluted/diluted earnings per share for shareholders | |||
Profit (+)/loss (-) (CHF) per bearer share | 2 | -9,96 | - 10,98 |
Undiluted/diluted | -9,96 | - 10,98 | |
Profit (+)/loss (-) (CHF) per registered share | 2 | -1,99 | - 2,20 |
Undiluted/diluted | -1,99 | - 2,20 |
9
Consolidated Income Statement | Half-year report 2024/25 |
CONSOLIDATED CASH FLOW STATEMENT
CHF 1,000 | 1st half-year | 1st half-year | ||
Indirect method with cash and cash equivalents | 24/25 | 23/24 | ||
Net loss | -1,340 | -1,477 | ||
Depreciation on tangible assets | 430 | 465 | ||
Amortisation on intangible assets | 134 | 112 | ||
Other non cash item | 89 | -203 | ||
Change in provisions | -341 | -173 | ||
Change in trade accounts receivable | 133 | 257 | ||
Change in inventories | 8 | 746 | 1,172 | |
Change in other current assets | 383 | -566 | ||
Change in trade accounts payable | -288 | -22 | ||
Change in other current liabilities | -618 | 92 | ||
Cash inflow/outflow from operating activities | -672 | -343 | ||
Investments in tangible fixed assets | -36 | -221 | ||
Investments in intangible assets | -73 | -16 | ||
10 | Cash inflow/outflow from investing activities | -109 | -237 | |
Change in non-current financial liabilities | -166 | -23 | ||
Change in current financial liabilities | -71 | -279 | ||
Distribution from the capital contribution reserves | -67 | -134 | ||
Dividend paid | -67 | -134 | ||
Cash inflow/outflow from financing activities | -371 | -570 | ||
Currency translation differences on cash and cash equivalents | -34 | -119 | ||
Change in cash and cash equivalents | -1,186 | -1,269 | ||
Cash and cash equivalents at the beginning of the year | 3,151 | 4,732 | ||
Cash and cash equivalents at the end of the half-year | 1,965 | 3,463 | ||
Total cash and cash equivalents | 1,965 | 3,463 | ||
Change in cash and cash equivalents | -1,186 | -1,269 |
Half-year report 2024/25 | Consolidated Cash Flow Statement |