Annual Report 2012/13 - Clas Ohlson

Of the total expense, SEK 0.0 M (0.0) was included in the item Cost of
goods sold, SEK 0.2 M (0.2) in Selling expenses and SEK 0.0 M (0.1) in
Administrative expenses.
The actual return on plan assets was SEK 0.2 M (0.3).
Changes to the asset/liability recognised in the balance sheet are:
2012/13 2011/12
At the start of the year 0.3 0.3
Exchange-rate differences 0.0 0.0
Total expenses recognised in profit and loss 0.2 0.3
Contributions paid –0.3 –0.3
At end of year 0.2 0.3
The principal actuarial assumptions used were as follows:
2012/13 2011/12
Discount rate, % 3.9 2.6
Expected return on plan assets, % 3.9 4.1
Future pay increases, % 3.5 3.5
Future pension increases, % 0.2 0.1
Estimated average remaining period of service, years 5 6
Defined-contribution plans
Defined-contribution plans exist in Sweden, Norway and Finland. Payment to
these plans takes place on a continuous basis according to the rules for the
plan concerned.
2012/13 2011/12
Group 51.1 48.2
Parent Company 31.3 30.0
Of the Group’s total expense for defined-contribution plans, SEK 8.6 M (8.6)
pertained to the ITP plan financed in Alecta. Alecta’s surplus may be distributed
to the policyholders and/or the insured. At the end of 2012, Alecta’s surplus in
the form of the collective funding ratio was 129 per cent (2011: 113 per cent).
The collective funding ratio comprises the market value of Alecta’s assets as
a percentage of the insurance commitments calculated according to Alecta’s
actuarial assumptions, which do not comply with IAS 19.
Note 20 Financial instruments
Financial instruments by category
Assets 30 April 2013
Loans and
accounts
receivable
Hedging:
Forward
contracts
Total
Derivative instruments 0.0 5.5 5.5
Accounts receivable 21.3 0.0 21.3
Cash and cash equivalents 124.6 0.0 124.6
Total 145.9 5.5 151.4
Liabilities 30 April 2013
Hedging:
Forward
contracts
Other
financial
liabilites
Total
Derivative instruments 0.0 0.0 0.0
Bank loans 0.0 0.0 0.0
Accounts payable and other liabilities 0.0 587.7 587.7
Total 0.0 587.7 587.7
Assets 30 April 2012
Loans and
accounts
receivable
Hedging:
Forward
contracts
Total
Derivative instruments 0.0 3.0 3.0
Accounts receivables 17.1 0.0 17.1
Cash and cash equivalents 111.8 0.0 111.8
Total 128.9 3.0 131.9
Liabilities 30 April 2012
Hedging:
Forward
contracts
Other
financial
liabilites
Total
Derivative instruments 0.8 0.0 0.8
Bank loans 0.0 0.0 0.0
Accounts payable and other liabilities 0.0 492.1 492.1
Total 0.8 492.1 492.9
Financial liabilities
Group
Parent Company
2012/13 2011/12 2012/13 2011/12
Accounts payables 511.8 396.8 458.5 341.9
Other short term liabilities 75.9 65.3 12.9 13.8
Total 587.7 462.1 471.4 355.7
Fair value 587.7 462.1 471.4 355.7
The average period of credit is 45 days (45 days) for accounts payable and
21 days (20 days) for other current liabilities.
Non-current portion
Group
Parent Company
2012/13 2011/12 2012/13 2011/12
Bank loans 0.0 0.0 0.0 0.0
Curent portion
Overdraft facilities 0.0 30.0 0.0 30.0
Total borrowing 0.0 30.0 0.0 30.0
All bank loans and overdraft facilities are denominated in SEK. During the
financial year, the Parent Company had a bank loan that was repaid in full.
During the financial year, the bank loan carried an average annual interest rate
of 2.06 per cent. The overdraft facility carries floating interest rates. During
the year, the average interest rate was 2.02 per cent.
Collateral for bank loans consisted of the reporting of financial covenants.
The credit limit on the overdraft facilities totalled SEK 350 M (350). The Parent
Company’s credit is included in a cash pool for the Group in which utilised
credit totalled SEK 0.0 M (30.0).
The fair value on borrowing corresponds to its carrying amount, since the
discounting effect is not significant.
Note 21 Accrued expenses and
deferred income
Group
Parent Company
2012/13 2011/12 2012/13 2011/12
Accrued salary expenses 88.1 85.0 48.4 44.6
Accrued holiday pay
expenses 150.6 140.8 87.9 82.3
Accrued social security
contributions 73.7 83.1 60.8 70.7
Other items 118.6 88.5 46.1 18.8
Total 431.0 397.4 243.2 216.4
Accounts 73