Annual Report 2012/13 - Clas Ohlson

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Note 8 Financial income and expenses Financial income and expenses are broken down as follows: Applicable tax rate for income tax, % 26.6 26.6 26.3 26.3 Effective tax rate, % 21.0 27.3 29.2 32.9 Group 2012/13 2011/12 Interest income 1.9 6.0 Group total 1.9 6.0 Parent Company 2012/13 2011/12 Interest income 2.0 1.0 Interest income. subsidiaries 4.9 21.2 Parent Company total 6.9 22.2 Financial income and expenses are broken down as follows: Group 2012/13 2011/12 Interest expenses –12.6 –15.6 Parent Company 2012/13 2011/12 Interest expenses –12.6 –15.4 Interest expenses, subsidiaries –3.3 –4.1 Parent Company total –15.9 –19.5 The net financial items for 2012/13 were charged with a nonrecurring item totalling SEK 6.4 M, pertaining to the excessive internal interest rate recognised for the years 2007 – 2011. Note 9 Income tax Group Parent Company 2012/13 2011/12 2012/13 2011/12 Tax on net profit for the year Income tax on net profit for the year 98.2 113.7 60.1 85.6 Deferred tax 98.2 113.7 60.1 85.6 Deferred tax pertaining to temporary differences –9.8 38.8 0.0 0.0 Deferred tax pertaining to the tax value in capitalised loss carry forwards 0.0 –2.0 0.0 0.0 –9.8 36.8 0.0 0.0 Total reported tax expense 88.4 150.5 60.1 85.6 Reconciliation of applicable tax rate and effective rate Reported profit before tax 419.9 551.0 206.1 332.0 Income tax calculated according to national tax rates pertaining to profit in each country (26-28%) –114.0 –147.6 –54.2 –87.3 Tax effect of: Non-deductible expenses/ non-recognised income –4.2 –3.8 –2.6 –1.4 Temporary differences 0.8 1.2 –1.2 3.1 Effect of changed tax rates in Sweden 31.1 0.0 0.0 0.0 Adjustment earlier taxation –2.0 –0.3 –2.0 0.0 Recognised tax expense –88.4 –150.5 –60.1 –85.6 Deferred tax items recognised directly in equity 0.0 0.0 0.0 0.0 Group 2012/13 2011/12 Recognised deferred tax assets and tax liabilities Equipment, tools, fixtures and fittings –1.9 –1.9 Inter-company profit in inventories –3.9 –5.0 Allocations 6.5 6.6 Pensions 0.3 0.3 Accelerated depreciation –77.5 –85.1 Tax allocation reserve –103.8 –105.1 Deficit in subsidiaries 0.0 0.0 Other 2.7 2.9 Total deferred tax asset (+) Deferred tax liability (–), net –177.4 –187.2 Deferred tax asset 3.1 3.2 Deferred tax liability –180.5 –190.5 The Group does not have any unrecognised deferred tax assets or tax liabilities on temporary differences. Amount Recognised Amount at start in profit and at the end Group 2012/13 of year loss of year Change in deferred tax in temporary differences during the year Equipment, tools, fixtures and fittings –1.9 0.0 –1.9 Inter-company profit in inventories –5.0 1.1 –3.9 Allocations 6.6 –0.1 6.5 Pensions 0.3 0.0 0.3 Accelerated depreciation –85.1 7.6 –77.5 Tax allocation reserve –105.1 1.3 –103.8 Other 2.9 –0.2 2.7 Total –187.3 9.8 –177.4 Group 2011/12 Change in deferred tax in temporary differences during the year Amount at start of year Recognised in profit and loss Amount at the end of year Equipment, tools, fixtures and fittings –2.1 0.2 –1.9 Inventories 0.0 0.0 0.0 Inter-company profit in inventories –7.7 2.7 –5.0 Allocations 8.2 –1.6 6.6 Pensions 0.2 0.1 0.3 Accelerated depreciation –74.1 –11.0 –85.1 Tax allocation reserve –77.0 –28.1 –105.1 Deficit in subsidiaries 2.0 –2.0 0.0 Other 0.0 2.9 2.9 Total –150.5 –36.8 –187.3 70 Accounts
Note 10 Earnings per share Earnings per share before dilution, SEK 2012/13 2011/12 Net profit for the year 331.5 400.5 Average number of shares outstanding before dilution 63.3 63.6 Earnings per share before dilution, SEK 5.23 6.29 Earnings per share after dilution, SEK Net profit for the year 331.5 400.5 Average number of shares outstanding after dilution 63.4 63.7 Earnings per share after dilution, SEK 5.23 6.29 Earnings per share before and after dilution The calculation of earnings per share has been based on net profit for the year attributable to the Parent Company’s shareholders, totalling SEK 331.5 M (400.5) and on a weighted average number of shares outstanding before and after dilution during both 2011/12 and 2012/13. Note 11 Dividend per share The dividends paid in 2012/13 and 2011/12 totalled SEK 269.0 M (SEK 4.25 per share) and SEK 238.6 M (SEK 3.75 per share). A dividend pertaining to 2012/2013 of SEK 4.25 per share, totalling SEK 279 M, will be proposed at the Annual General Meeting to be held on 7 September 2013. The proposed dividend has not been recognised as a liability in these financial statements. Note 12 Non-current assets Group Parent Company 2012/13 2011/12 2012/13 2011/12 Group Parent Company 2012/13 2011/12 2012/13 2011/12 Acquisitions for the year 29.1 29.1 28.9 28.9 Translation differences 0.0 0.0 0.0 0.0 Closing accumulated depreciation 224.6 195.5 223.9 195.0 Closing residual value according to plan 514.8 542.6 513.8 541.3 Carrying amount, land 6.5 6.5 6.5 6.5 Equipment, tools, fixtures and fittings Opening cost of acquisition 1,462.0 1,301.5 890.9 849.3 Acquisitions for the year 128.3 151.0 44.6 63.6 Reclassification 0.0 0.0 0.0 0.0 Sales and disposals –16.7 –22.4 –15.7 –22.0 Translation differences –33.0 31.9 0.0 0.0 Closing accumulated cost 1,540.6 1,462.0 919.8 890.9 Opening depreciation 577.0 436.6 362.8 300.9 Depreciation for the year 155.3 148.4 87.3 82.2 Sales and disposals –15.8 –21.1 –15.3 –20.3 Translation differences –11.7 13.1 0.0 0.0 Closing accumulated depreciation 704.8 577.0 434.8 362.8 Closing residual value according to plan 835.8 885.0 485.0 528.1 Intangible assets Activated IT and software costs Opening depreciation 89.4 33.9 89.4 33.9 Acquisitions for the year 37.4 55.5 37.4 55.5 Sales and disposals –0.6 0.0 –0.6 0.0 Closing accumulated cost 126.2 89.4 126.2 89.4 Opening depreciation 2.0 0.4 2.0 0.4 Depreciation for the year 13.3 1.6 13.3 1.6 Sales and disposals –0.1 0.0 –0.1 0.0 Closing accumulated depreciation 15.2 2.0 15.2 2.0 Closing residual value according to plan 111.0 87.4 111.0 87.4 Financial assets Opening cost 0.3 0.5 446.7 446.7 Decrease/increase in non-current receivables –0.2 –0.2 –212.8 0.0 Closing accumulated cost 0.1 0.3 233.9 446.7 Fair value 0.1 0.3 233.9 446.7 Investment commitments Contracted investments on the balance-sheet date not yet recognised in the financial statements total the following amounts: Land and buildings 20.8 0.0 20.8 0.0 Equipment, tools, fixtures and fittings 55.5 88.0 22.5 27.0 Property, plant and equipment Land and buildings Opening cost 738.1 737.5 736.3 735.7 Acquisitions for the year 1.3 0.6 1.3 0.6 Reclassifications 0.0 0.0 0.0 0.0 Translation differences 0.0 0.0 0.0 0.0 Closing accumulated depreciation 739.4 738.1 737.6 736.3 Accounts 71
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Annual Report 2012/13
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More people discover Clas Ohls Clas
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International expansion The year in
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share responsibility for improving
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Strategic orientation Clas Ohlson
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High level of service The level of
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Market overview Overall, the retail
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and Kjell & Co. As shown in the tab
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Marketing Our marketing communicati
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Multi-channel strategy - “one Cla
Page 21 and 22:
Three sizes Clas Ohlson has custome
Page 23 and 24: New markets - the key to internatio
Page 25 and 26: environmental properties of product
Page 27 and 28: Clas Ohlson's distribution centre i
Page 29 and 30: smaller, individual specialist reta
Page 31 and 32: Sustainable development Clas Ohlson
Page 33 and 34: Significant events during the year
Page 35 and 36: Business ethics Clas Ohlson works t
Page 37 and 38: Preventive and training measures In
Page 39 and 40: The CSR audit process At Clas Ohlso
Page 41 and 42: From Lund to London in less than tw
Page 43 and 44: Focus on spare parts - Clas Ohlson
Page 45 and 46: Organisation and responsibility Env
Page 47 and 48: Clas Ohlson’s catalogues are prin
Page 49 and 50: One of Sweden's largest Annual Gene
Page 51 and 52: Trend in share capital Additional A
Page 53 and 54: On 21 November 2012, the Swedish Go
Page 55 and 56: ses the Chairman of the AGM. At Cla
Page 57 and 58: nance of subsidiaries, as well as t
Page 59 and 60: Control environment The control env
Page 61 and 62: financial year, LTI 2010 was conclu
Page 63 and 64: Comments Sales Sales amounted to SE
Page 65 and 66: Group Balance sheet SEK M Note 30 A
Page 67 and 68: Parent Company Balance sheet SEK M
Page 69 and 70: and expenses directly attributable
Page 71 and 72: Price risk The price risk is regard
Page 73: emuneration is also conditional upo
Page 77 and 78: Of the total expense, SEK 0.0 M (0.
Page 79 and 80: Group 2012/13 2011/12 Rents and lea
Page 81 and 82: Audit report To the Annual General
Page 83 and 84: Björn Haid Board member since 1990
Page 85 and 86: Henrik Andersson Board member since
Page 87 and 88: Göran Melin CFO. Employee since 20
Page 89 and 90: Addresses Head office Clas Ohlson A
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Annual Report 2012/13 - Clas Ohlson

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