Annual Report 2012/13 - Clas Ohlson

Note 13 Inventories
Group
Parent Company
2012/13 2011/12 2012/13 2011/12
Merchandise 1,303.9 1,228.7 867.0 838.5
Total 1,303.9 1,228.7 867.0 838.5
Cost of goods sold 3,809.5 3,623.7 3,738.8 3,451.1
Of which, obsolescence 13.4 24.0 8.6 16.1
Obsolescence is calculated according to individual assessment on the basis
of age analysis in stores and the distribution centre.
Note 14 Accounts receivables
Group
Parent Company
2012/13 2011/12 2012/13 2011/12
Accounts receivables 21.3 17.1 14.8 12.2
Total 21.3 17.1 14.8 12.2
Fair value 21.3 17.1 14.8 12.2
Note 15 Prepaid expenses and
accrued income
Group
Parent Company
2012/13 2011/12 2012/13 2011/12
Prepaid rent 89.7 88.8 40.6 43.3
Prepaid costs of materials 17.2 17.5 17.2 17.5
Other prepaid expenses 46.7 47.0 21.4 13.1
Total 153.6 153.3 79.2 73.9
Note 16 Cash and cash equivalents
Group 2012/13 2011/12
Cash and bank balances 124.6 111.8
Group total 124.6 111.8
At the end of the year, utilised overdraft facilities, which are not included
in cash and cash equivalents, totalled SEK 0 M (30.0), refer to note 20.
Unutilised overdraft facilities in the Group, which are not included in cash and
cash equivalents, amounted to SEK 350.0 M (320.0).
Note 17 Forward contracts
As per the balance-sheet date, outstanding cash-flow hedging existed
according to the following table.
Currency
pair
Carrying amount
and fair value
Nominal
amount
Average
remaining
term in months. 1
Sell/buy 2012/13 2011/12 2012/13 2011/12 2012/13 2011/12
NOK/SEK 5.1 1.8 135.0 293.8 1.1 1.6
USD/SEK 0.4 0.4 78.7 73.9 1.1 2.4
Total 5.5 2.2 213.7 367.7 1.1 1.8
1
Maturity ranges 8 May–27 June for USD/SEK and 2 May–26 June for NOK/
SEK.
Forward contracts belong to the derivative category, which is used for
hedging purposes. All derivatives are measured at fair value, established by
using forward contract prices on the balance-sheet date, meaning, level 2
in the fair value hierarchy according to IFRS 7. As per 30 April, 2013, there
are only positive market values in the currency pairs. Forward contracts with
negative market values totalled SEK 0 M (0.8), which was recognised in the
item Other current liabilities. Forward contracts with positive market values
amounted to SEK 5.5 M (3.0), which is recognised in the item Other current
receivables.
Deferred tax of SEK 1.5 M was taken into account and the remaining fair
value of SEK 4.0 M was recognised in the hedging reserve within equity.
Note 18 Equity
The total number of ordinary shares is 65,600,000 (2010/11: 65,600,000)
with a quotient value of 1.25. The number of series A shares is 5,760,000,
while the number of series B shares is 59,840,000. Each series A share
carries ten votes, while each series B share carries one vote. All issued
shares are fully paid up. The company has outstanding stock option plans,
whose outcome was hedged through the repurchase of 2,312,192 B shares.
The number of shares outstanding at the end of the year was 63,287,808
(63,615,000). The average number of shares before and after dilution is
reported in Note 10.
The Group’s reserves contain exchange-rate differences of SEK –87.3 M
(–50.1 M), and hedging reserve of SEK 5.7 M (3.1).
Note 19 Pension obligations
The pension obligation pertains to employees in subsidiaries in Norway. It is a
defined-benefit pension plan, which means that payments to employees and
former employees are based on final salary and number of years of service.
The obligation is secured in the insurance company Storebrand AS.
Group 2012/13 2011/12
Surpluses (-)/obligations (+) in the balance sheet for:
Pension benefits 0.2 0.3
Group total 0.2 0.3
Group 2012/13 2011/12
Recognition in profit and loss pertaining to:
Pension benefits 0.2 0.3
Group total 0.2 0.3
Pension benefits
The amounts recognised in the balance sheet are as follows:
2012/13 2011/12 2010/11 2009/10 2008/09
Present value of
funded obligations 6.9 9.4 8.7 9.0 9.7
Fair value of plan
assets –8.1 –9.4 –8.6 –9.3 –8.0
Unrecognised actuarial
gains/losses 1.4 0.3 0.2 0.6 –1.6
Asset/liability in
balance sheet 0.2 0.3 0.3 0.3 0.1
The amounts recognised in the income statement are as follows:
2012/13 2011/12 2010/11
Expenses for service during current
year 0.3 0.3 0.4
Interest expense 0.3 0.3 0.4
Expected return on plan assets –0.3 –0.3 –0.5
Actuarial gains/losses reported during
the year –0.1 0.0 0.0
Total, included in personnel expenses 0.2 0.3 0.3
72
Accounts