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SIX Exchange Regulation reprimands Perrot Duval Holding SA for several errors in its Swiss GAAP FER semi-annual financial statements 2015/16. Perrot Duval Holding SA is sanctioned for the missing presentation of the cash flow statement, the non-disclosure of earnings per share as well as the missing statement with regard to Swiss GAAP FER 31.
The following violations of Swiss GAAP FER have been identified in Perrot Duval Holding SA’s semi- annual financial statements 2015/16:
Perrot Duval states in the notes of the semi-annual financial statements 2015/16 that this is a semi- annual report in accordance with the no longer valid accounting recommendation Swiss GAAP FER 12. However, the semi-annual financial statements should have been prepared in accordance with the complementary recommendation for listed companies Swiss GAAP FER 31, which was enacted on 1 January 2015. As a consequence, the semi-annual financial statements do not include a cash flow statement as well as the presentation of earnings per share.
After considering the severity of the errors, the degree of fault as well as the fact that the company has not been sanctioned during the last three years, SIX Exchange Regulation issued a sanction notice reprimanding Perrot Duval Holding SA. The company has accepted the sanction notice and will correct the errors in accordance with the requirements of Swiss GAAP FER in its annual financial statements 2015/16 and its semi-annual financial statements 2016/17.
Previous sanctions in the area of financial reporting can be found at: https://www.six-exchange-regulation.com/en/home/publications/explorer/sanction-decisions.html
Appendix regarding the accounting standards
Periodic financial reporting is part of the information required under the Stock Exchange Act and the Listing Rules to ensure a functional market. As part of this process, issuers must comply with the applicable financial reporting standards.
Information about financial reporting can be found at:https://www.six-exchange-regulation.com/en/home/issuer/obligations/financial-reporting.html
The following accounting standards were relevant for the assessment of the case in question According to Swiss GAAP FER 31/10 the interim reporting of a listed company contains as a minimum a condensed income statement, including earnings per share, a condensed cash flow statement, a condensed balance sheet and condensed changes in equity. In addition, according to Swiss GAAP FER 31/12 the notes must state that the interim report has been prepared in accordance with Swiss GAAP FER 31.
