Centiel (CNTL) H2 2024 earnings summary

Executive summary

• 2024 marked a turning point with the sale of HOCHDORF Swiss Nutrition AG, enabling its independent future but leaving HOCN AG without operational business and in a state of over-indebtedness.

• The sale was completed on 10 December 2024 for a net price of CHF 15.5 million, but this was insufficient to cover outstanding hybrid bond obligations and led to a significant loss.

• HOCN AG entered provisional debt restructuring (Nachlassstundung) in August 2024, extended to April 2025, and then granted definitive debt restructuring until August 2025.

• The group’s financial statements were prepared on a liquidation basis, reflecting the end of business continuity.

Financial highlights

• Net sales for 2024 were CHF 241.2 million, down from CHF 307.8 million in 2023.

• EBITDA was CHF 6.1 million (2023: CHF 7.8 million); EBIT was CHF -4.4 million (2023: CHF -3.9 million).

• Net loss for the group was CHF -178.6 million, mainly due to a CHF 168 million loss from the sale of HOCHDORF Swiss Nutrition AG.

• Equity ratio dropped to 86.0% (2023: 58.1%), with total assets at CHF 16.0 million (2023: CHF 271.7 million).

• Earnings per share fell to CHF -83.10 (2023: CHF -4.75).

Outlook and guidance

• The company is under definitive debt restructuring until August 2025, with a focus on creditor protection and potential restructuring alternatives.

• An extraordinary general meeting is scheduled for April 2025 to address board changes, capital increase, and reversal of delisting.