We - KappAhl

COMMENTS ON THE CONSOLIDATED BALANCE SHEET
Non-current assets
Intangible assets
intangible assets consist mainly of goodwill, SEK
696 million, and trademarks, SEK 610 million.
impairment tests are carried out annually or more
often if warranted. no risk of impairment loss is
considered to exist and there has been no change
in value between the financial years.
Deferred tax assets/tax liabilities
net deferred tax assets increased by SEK 14 million
between the years. the change in tax rate in
Sweden has not had any material impact on
deferred tax; the effect was only SEK 4 million
in increased tax expense.
Current assets
Inventories
inventories are recorded at the lower of cost or net
realisable value. inventories increased by SEK 114
million between the years. half of the increase is
due to new stores. the rest of the increase in
inventories mainly consists of goods in transit and
a small increase in inventories per store. inventories
are well-balanced in terms of composition and
size.
Equity
changes in equity were SEK –141 million and,
apart from the net income for the year of SEK 315
million, mainly consisted of dividend to shareholders
during the year, a total of SEK 338 million and
cash flow hedging, a total of SEK –109 million.
Long-term liabilities
at the end of the financial year a temporary reallocation
was made between long-term and current
liabilities. in the previous year loans for finance
leases ceased, in that the properties in which the
distribution centre and head office are located
were acquired during the year. the change had the
corresponding effect on the balance sheet item
’finance lease loans’ under ’current liabilities’ for
the previous year.
Current liabilities
Accrued expenses and deferred income
the balance sheet item increased by SEK 37 million
and mainly consists of staff-related liabilities.
Bank overdraft facilities
the Group’s bank overdraft facilities decreased
compared with last year. this is principally due to
rescheduling the Group’s loan structure. this is
described in more detail in note 22.
2008/2009 Kappahl financial information 41