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Pascal A/S
Ellekær 6A, 2, 2730 Herlev, CVR 29240817
Virksomhedsform
Aktieselskab
Etableret
2006
Størrelse
Mellemstore
Ansatte
60
Omsætning
223
MDKK
Bruttofortj.
122
MDKK
Primært resultat (EBIT)
25
MDKK
Årets resultat
20
MDKK
Egenkapital
90
MDKK
annonce
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Rang Årets resultat
Rang i branche
32/1.014
"Top 10%"
Rang i Danmark
7.179/359.293
"Top 10%"
Direktion top 3
Bestyrelse top 3
Ole Hadbjerg Lauridsen 4 | Bestyrelsesformand |
Peter Frentz 6 | Bestyrelsesmedlem |
Jesper Lind Hansen 5 | Bestyrelsesmedlem |
Legale ejere top 3
100% | Pascal Capital Aps | DK |
Tegningsregler
Selskabet tegnes af direktøren i forening med 1 bestyrelsesmedlem eller af 3 medlemmer af bestyrelsen i forening.
Stamoplysninger baseret på CVR
Navn | Pascal A/S |
CVR | 29240817 |
Adresse | Ellekær 6A, 2, 2730 Herlev |
Branche | Engroshandel med informations- og kommunikationsudstyr [465000] |
Etableret | 01-01-2006 (19 år) |
Første regnskabsperiode | 01-01-2006 til 30-06-2007 |
Virksomhedsform | Aktieselskab |
Antal ansatte | 68 (årsværk:65) |
Reklamebeskyttelse | Nej |
Revisor | Kpmg P/S siden 05-03-2024 |
Regnskabsperiode | 01-07 til 30-06 |
Selskabskapital | 500.000 DKK |
Vedtægter seneste | 27-09-2023 |
Medlem af brancherne
- Engroshandel med informations- og kommunikationsudstyr [465000]NACE6 indeholdende 1.352 virk.
- Engroshandel med informations- og kommunikationsudstyr [465]NACE3 indeholdende 1.352 virk.
- Engroshandel [46]NACE2 indeholdende 25.149 virk.
- Engroshandel og detailhandel [G]NACE1 indeholdende 65.118 virk.
Formål
Selskabets formål er at udvikle og sælge hardware- og softwareløsninger i bredeste forstand samt foretage hermed beslægtet virksomhed efter virksomhedens skøn.
Regnskab
2024 | 2023 | 2022 | |
---|---|---|---|
Valuta/enhed | 000' DKK | 000' DKK | 000' DKK |
Omsætning | 223.256 +21% | 184.257 - | - - |
Bruttofortjeneste | 122.242 +46% | 83.974 +96% | 42.741 +106% |
Årets resultat | 19.879 0% | 19.961 +37% | 14.553 - |
Egenkapital | 90.313 +86% | 48.494 +29% | 37.480 +63% |
Balance | 139.282 +54% | 90.699 +25% | 72.654 +76% |
Ledelsesberetning sammendrag
Ledelsesberetning
PASCAL at a glanceCopenhagenHeadquartersPhiladelphia ShenzhenPascal US HQVtech & Pascal is a global leader in audio amplifier electronics, Non-Core outsourcedChicagospecializing in the design and manufacture of high-3 PL Distributionperformance amplifier modules and rack-mounted BangkokOutsourced & amplifiers. Our business model is committed to delivering Own OfcesOriginal Design Manufacturer (ODM) modules and Malaysia and SingaporeAPAC Blaze distributionamplifier solutions tailored to the needs of the professional audio industry.CopenhagenHeadquartersOur purpose70+Sales countries95%Employee retention rateOur products are sold in 70+ countries We are 80+worldwide.Employees end of yearthe power behind 223DKKm3Revenue13Market segmentsgreat soundNationalitiesPASCAL continues with positive developments, • Residentialand in 2023, we experienced a solid growth of in Denmark, US, Germany, France, Norway, UK, • Commercial install24% compared to fiscal year 2022/23.Thailand & Singapore• Pro AudioLetter from the CEOChanging the Pro-Audio industryWe are prioritizing our company’s resilience and maintaining our shareholders’ expectations, even in the face of increased market uncertainty. Our ODM business model has proven to be a true asset, enabling us to support our partners with fast and quality solutions so they can navigate the challenges of the current economic climate. As a privately owned company we have been privileged to be able to invest despite high interest rates.During the year, Pascal Audio has made signicant strides in implementing our new three-year strategy across our business areas. It is designed to reducing time to market, reducing development investments and risks, making it easier to be a partner upstream or downstream in the industry while enhancing sustainability by reducing environmental impact across the value chain. Our exceptional business model has led to record-breaking revenues and global market expansion.We are committed to creating a workplace where employees can thrive mentally and physically. Through regular feedback and engagement initiatives, we strive to understand and address employee needs, ensuring a positive and supportive work culture. This year we have introduced Pascal Days, an annual event that brings together employees from around the world. We do this to further strengthen our team and build on the already close relationships. At Pascal we have 95% employee retention, which is a signicant reason behind the results we are creating. When we talk about the power behind great sound, we know the power lies in the people.Pascal A/S Strengthens Leadership Team for Continued GrowthOur continued growth has necessitated a reevaluation of our organizational structure. The establishment of an executive level has provided the governance and strategic focus required to drive our ambitious expansion plans:Henrik Thomsen strengthens our innovation •engine as Chief Research and Development Ofcer, with a proven track record in developing cutting-edge solutions with experience from multiple frontrunner companies.Thorlak Vestergaard, a seasoned leader, as •Chief Operations Ofcer, leveraging his experience in optimizing processes and driving operational excellence to the benet of our customers.Rebecca Collard joins as Chief People and •Culture Ofcer, bringing her expertise in fostering a high-performing and engaged workforce, crucial for scaling effectively.All three executives boast extensive experience in leading and growing large companies. Their strategic insights will be instrumental in propelling Pascal A/S to a prominent position within the Professional Audio industry.Pascal’s value “proposition is to bring great ROI at minimal risk. Specifically, Pascal brings relevant, reliable and sustainable audio solutions that minimizes time-to-market and investments.Customer-Centric ExcellenceOur relentless commitment to our partners’ success has driven us to deliver a series of groundbreaking product solutions and innovative services throughout the scal year. We have also strengthened our partnerships to provide comprehensive solutions to our customers and leverage the latest technologies.We are excited about the future, and we remain committed to serving our customers with dedication and innovation. We thank our employees, customers, partners, and stakeholders for their trust and support, which has been instrumental in our continued success.FinancialhighlightsAn exiting year for Pascal with record breaking revenues and new acquisitions, as well as optimization of the Blaze America’s business to secure sustainable growth.Pascal Group achieved record-breaking revenues of DKK 223 million, representing a 24% year-over-year growth. While this is a signicant accomplishment, it fell short of the targeted DKK 250 million due to underperformance in specic Blaze business areas, primarily in the Americas but also to some extent in EMEA and APAC.To address these challenges, Blaze’s Americas management and a substantial portion of the sales force have been replaced, and a comprehensive review and adjustment of the Americas strategy have been implemented.The Group’s Cash EBITDA was adversely impacted by the shortfall in sales, coupled with strategic decisions to adjust the role of Blaze Americas, including the termination of active loudspeaker development in North Carolina and layoffs in the Pennsylvania ofce. As a result, Cash EBITDA nished at DKK 25 million, below the nancial year target of DKK 40 million.These factors, along with the cash acquisition of Cornered Audio and deliberate investments in extra Net Working Capital, contributed to cashows falling short of budget and target. Down-paid Loan to Group further impacted the Group’s cash position.Revenue Cash EBITDA Net result Cash ow from operating (DKKm)(DKKm)(DKKm)activities (DKKm)223m 25m 21m 17m3222334202118017251099(18)545(2)2022/2321/2220/21 23/2420/21 23/2421/2222/2322/2321/2220/21 23/2422/2321/2220/21 23/24OutlookWe are excited to announce that even more game-changing innovations are on the horizon, that will further enhance the value we provide to our eco-system partners and accelerate our growth. These new developments will solidify our business model as a leading solutions provider in the pro audio industry. This will set the stage for continued success in the years to come.We expect revenue of DKKm 255-275, sustaining our double-digit growth. Protability is maintained with Cash EBITDA of DKKm 25-35.Financial performance for the groupDKKm 2023/24 2022/23 2021/22Revenue 223,256 179,556 99,474Gross profit 122,242 112,317 60,132Cash EBITDA 25,061 33,501 2,242EBIT 26,288 32,151 7,572Net financials 334 -1,764 876EBT 26,622 30,387 8,448Earnings for the year 20,541 19,961 5,228Cash flow from operations 16,989 32,094 -18,451Total assets 120,083 90,699 63,714Investments in property, plant and equipment 748 1,565 2,196Equity 68,334 48,494 28,283Gross margin 54.8% 62.6% 60.4%EBIT-margin 11.8% 17.9% 7.6%Current ratio 1.99 1.92 1.43Return on equity 30.1% 41.2% 18.5%Equity ratio 56.9% 53.5% 44.4%Refer to accounting policies for denition of nancial ratios and glossary.Our strategyWhat we deliverHigh quality/price ratio combined with a simplicity driven excellent customer experience. This is obtained through our integrated approach, cutting-edge app-based interactions, full-spectrum installation solutions, rapid supply chain, and forward-thinking business model collectively position us as a pioneering force in the pro audio industry enabling and empowering all our partners in the value chain. We embody a commercially driven engineering powerhouse, with an exceptional and competitive supply chain and a deep understanding of user experience being an end-customer or integrator on location . Our repertoire encompasses cutting-edge offerings in digitalization and AI. Leveraging our prociency in software and infrastructure, we are primed to create impactful solutions that truly stand out.Changing the gameDesign and prepare the future of excellent pro audio. Build the foundation for next growth step and market leadership.Core businessOptimize and accelerate core pro audio business. Double digits revenue growth and even greater protability.Our 5 guiding principles1 2 3 4 5Enable and Empower all Mass market-oriented Intelligent sustainable Keeping People at the Simplicity in everything partners across the standardized solutions will be part of center of what we dowe doentire value streamenvironmentally focused the value chain designChanging the gamesolutionsWe commit to continuously Smooth the customer Our aim is to empower every Our goal is designing work on creating a workplace journey by removing barriers partner throughout the entire We embrace and aspire to products for new business focusing on the well-being of and streamline workows by value stream, encompassing offer standardized solutions horizons. Imagine products the team, striving to enable removing unnecessary steps. distributors, dealers, and with minimal usage of seamlessly integrating with and support the individual in Automate processes without customers/locations at all resources that cater to the apps, tracking energy utilizing their talents to overcomplicating, apply downstream layers making it requirements of 80% of the consumption and carbon create a meaningful work-life simple designs and clear possible to add value in all locations within our target footprint aiming to minimize and create value for our communications. Educate markets, cultivating an segments and strive to make the environmental impact. customers and partners.employees to embrace outside in mindset.a positive contribution to the Innovation knows no bounds.simplicity. Continuously evaluate and adapt.circular economy.February 2024Pascal business areaAddition to the Pascal Commercial team in USIncreasing our presence and focus on the leading market within pro audio across all US regions.At Pascal Audio, we’re driven by a relentless commitment 1to our OEM customers. We aim to be the go-to partner in the Pro Audio industry, offering customized high-quality amplification solutions with unparalleled speed to May 2024market. We take pride in our customer-centric mindset, Pascal Daysensuring that every interaction with Pascal, from November 2023We held the first annual Pascal Days, innovative product solutions to swift, reliable deliveries, bringing together the People behind 8CH Amplifiersgreat sound to strengthen organization is as smooth as it can be.The launch of 8-channel IP/PzC and solidify our strategic vision.amplifiers are expected to drive increased revenue by addressing the growing demand for higher channel density in installation applications.Pascalkey eventsOctober 2023June 2024Increased SW CapacityEstablished additional Our 60% expansion in internal software development Manufacturing Centre of capacity strengthens our commitment to software-Excellence in Thailanddefined installations, giving our customers a significant Pascal Thailand office will become competitive advantage through increased system a gateway into further developing flexibility and faster deployment of new installations.services and offerings for excellence in delivery model.The Pascal brand is synonymous with innovation Pascal provides great return on investment at January 2024in amplication solutions and software controls, minimal risk to branded audio manufacturers by catering to a wide spectrum of sectors, from enabling our customers to launch relevant, reliable Executive Management TeamEstablishment of executive commercial installations to residential settings, and sustainable audio solutions that minimizes 2management team following the portable PA systems, and the dynamic world of time-to-market and investments.onboarding of three new CXO. A touring and live events.major milestone in securing mature governance structure and strategic focus required to Find more information on1) OEM - Original equipment manufacturerwww.pascal-audio.com2) PA - Professional audiodeliver on ambitions.July 2023May 2024AoIP AmplifiersPascal is capitalizing on the rapidly expanding Audio-over-IP market Ci-Serieswith the launch of Dante™ equipped amplifiers. This strategic move, Blaze Audio acquires Cornered Audio’s coupled with Blaze Audio’s expansion into AoIP-amplifiers, positions us Commercial Install (Ci) Loudspeaker series to for significant growth and market share capture.offering a compelling value proposition for customers seeking a high performance/cost September 2023ratio in the commercial install segment.Blaze AudioCCA10i wins SVC’s 2023key eventsBest in Market for its speaker with the innovative Constant Curvature waveguide for unprecedented array coherence.April 2024SVC’s Innovative Product AwardBlaze Audio wins SVC’s 2024 Innovative Product Awards for its PowerZone Connect 1008 8CH 1RU amplifier.Blaze business areaBlaze Audio delivers commercially simple and sustainable, professional audio solutions at a superior performance/cost ratio to January 2024partners and end-users.June 2024Introducing the Constant Beamwidth Loudspeaker Installation Product Award, “Most Innovative Hardware”Blaze Audio is on a mission to service the (CBL) SeriesThe CBL-Series loudspeakers SCN Honors Blaze Audio the Installation commercial installation sector, as the preferred feature a patented acoustic Product Awards at InfoComm 2024 in choice for distribution and installation partners. design that streamlines the category “Most Innovative Audio We offer a seamless and efcient experience, installation and tuning, Hardware” for the CBL528 point-source providing specialized amplication, control significantly reducing labor speaker with the patented mid-high systems, and speakers tailored to the unique costs associated with frequency gain shading technology.Find more information onwww.blaze-audio.comneeds of this sector.complex audio setups.ESGAt Pascal we are committed to operating responsibly and sustainably, contributing positively to society and the environment. Sustainability practices remains deeply integrated into our strategy and business operations, reflecting our belief in creating balance between commercial success and living up to our responsibilities.Acknowledging our responsibility towards the planet and our people and securing our joint future, we relentlessly work towards developing even better environmentally friendly products, while maintaining a safe and nurturing work environment. Our commitment to sustainability extends throughout our business operations, from product design and manufacturing to supply chain management. We prioritize energy efciency, product longevity, and ethical sourcing practices. Our products are engineered for durability and optimized for resource efciency, reducing environmental impact and operating costs for customers.The people of Pascal are the power behind great sound, and we wish to foster a positive and inclusive work environment, prioritizing employee well-being and engagement, while actively promoting a diverse workforce through data-driven recruitment practices. We conduct business with integrity and transparency, adhering to high ethical standards and respecting human rights. This applies to our internal operations and our relationships with suppliers. Pascal is committed to strong corporate governance and ethical decision-making. We maintain open communication with stakeholders, value their feedback, and ensure transparency in our operations. By integrating sustainability and social responsibility into our business practices, Pascal aims to create a positive impact on the industry and the environment while maintaining our commitment to quality and innovation.Sustainability is in our DNAEver since founded in 2006 Pascal has been committed to developing competitive high quality and long-lasting products, that stays relevant and operational in the market for decades. Our focus on optimizing the power consumption and reducing the use of components in our products, for the benet of the environment and our customers is part of our DNA. Our products are engineered with a focus on energy efciency from the ground up. Years of real-world experience and continuous investment in innovation allow us to constantly rene our designs for a more sustainable lifecycle. The compact form factor translates to fewer materials used and reduced carbon footprint from shipping. Our dedicated team is committed to ongoing design improvements, resulting in not only enhanced energy efciency but also extended product lifespan.Our ESG journey2024 was the year we ofcially embarked on our journey towards CSRD compliance.2024Q1 ESG longlist12Q2 – Q3 DMA work including IROQ3 Our rst climate assessment done, establishing our baselineQ4 DMA readyQ4 Target setting1) Double Materiality Assessment2) Impact, Risks & OpportunitiesFuture OutlookIn 2024, Pascal conducted our rst climate assessment. The report highlights the positive impact of our internal decisions on reducing COe emissions, 2while also identifying areas for improvement in our Sourcing and Supply Chain, primarily within Scope 3. Starting in 2025, all our strategic initiatives will incorporate their positive ESG impact, based on our double materiality assessment. We are condent that our ESG efforts will lead to a reduction in both our own and our customers’ COe emissions, through 2both our products and services offerings.ExecutivemanagementGustaf HøskuldssonCEO1975 Born October 2019 Joined Previous companies• Cobham, Senior Vice Presiden Operations and Manufactoring• Cobham SATCOM, Vice President, Global Operations• WIDEX, Vice President, Global Supply ChainAccomplished executive with more than a decade of leadership experience in high-tech industries. Joined Pascal October 2019 as COO took over the position of CEO September 2021.Proven track record of driving operational excellence and strategic transformation within multinational organizations. Skilled in navigating complex business environments and fostering high-performing teams. Passionate about leveraging technical expertise to deliver innovative solutions and achieve sustainable growth.Rebecca CollardChief People & Culture Ofcer (CPCO)1978BornMarch 2023JoinedPrevious companies• EPOS audio, Global HR Business Partner• Sennheiser Communications, Global HR Business Partner• COWI, HR ConsultantExperienced People prole with more than 10 years experience from large international organisations insuring alignment between business and people priorities and fostering a high-performing and engaged teams. Successfully supported extensively growing organisations through transitions, including mergers and de-mergers, enabling management to navigate the changing environment. Passionate about preparing the people and the organisation for the future and driving the sustainability agenda.Thorlak VestergaardChief Operations Ofcer (COO)1972BornOctober 2023JoinedPrevious companies• NIL Technology, VP Manufactoring, Supply Chain and Quality• Brüel & Kjær, Head of Product Creation Excellence• Jabra, Senior Director, Global Sales OperationsExperienced leader with more than 25 years of experience within Global Operations, Manufacturing, Supply Chain, R&D and Sales and more than 20 years international leadership experience. Has a long track record of successfullty establishing Operations as a true value add for both customers and companies in the High Tech industry. Passionate about transforming Operations in Pascal to become a signicant part of the value proposition. Henrik ThomsenChief R&D Ofcer (CRDO)1966BornJanuary 2024JoinedPrevious companies• Ambu, Director System Architecture and Engineering• Oticon, Director HW Framework• Nokia, R&D DirectorSeasoned leader with more than 20 years extensive international leadership experience in audio, medical - and mobile phone devices, and the telecom industry. Successfully lead multinational teams to develop and deliver high quality products utilizing the latest technology in a growing system complexity. Passionate about utilizing the experience and great talent within Pascal to make a true difference for our customers and the way Pascal operate in the Pro-Audio industry.Board of DirectorsEyal SteinitzChairman of the BoardJoined2022Competencies• Drives value creation, strategic agenda, and business-critical change agendas• Commercial and operational excellence• Governance and decision-making excellence• M&A processes, negotiation, and PMI• Broad insights into nance, legal and ITPrimary Position• Managing Partner, Omera Consulting P/SOther Board positions• Make A/S• Autorola Group Holding A/S, Autorola A/S, Autocom A/S• Crosstepper Me-Mover ApS• Omera Consulting P/SPeter FrentzBoard memberJoined2006Competencies• Co-founder of Pascal• 25 years experience in the pro audio industry human due diligence• B2B sales development• BoD performancePrimary Position• CEO, HBV Invest & ConsultingOther Board positions• Pascal Capital APSVillads ThomsenBoard memberJoined2018Competencies• Transformational leadership across the value chain in tech-driven companies• International business development• Strategic design and execution with focus on digitalization• Change management and cultural transformation• Commercial ExcellencePrimary Position• President & CEO, Interacoustics A/SOther Board positions• N/AGeneralforsamlingsdato: 15-11-2024