Annual Report 2012/13 - Clas Ohlson

Note 22 Other provisions
Pertains to provisions for guarantee commitments, unredeemed gift cards,
open purchase and estimated bonus points to customer club members,
which are all expected to be utilised during the subsequent financial year. The
provision for estimated future guarantee commitments is equivalent to the
guarantee expenses for the year with respect to the length of the warranty
period. Ninety days open purchase is applicable in the terms of purchase.
The provision for open purchase is calculated according to these terms, with
respect to the estimated return rate.
Group
Parent Company
Guarantee commitments 2012/13 2011/12 2012/13 2011/12
Opening provisions 8.6 7.9 4.6 4.5
Utilised during the year –8.6 –7.9 –4.6 –4.5
Allocated during the year 10.2 8.6 6.2 4.6
Total 10.2 8.6 6.2 4.6
Open purchase, unredeemed
gift cards and bonus points 2012/13 2011/12 2012/13 2011/12
Opening provisions 17.8 15.5 9.3 8.8
Utilised during the year –17.8 –15.5 –9.3 –8.8
Allocated during the year 19.0 17.8 12.0 9.3
Total 19.0 17.8 12.0 9.3
Note 23 Intra-Group transactions
Of the Parent Company’s invoiced sales, intra-Group sales accounted for
SEK 2,129.1 M (1,995.7). Of this sum, SEK 1,789.5 M (1,666.6) related to
sales to Clas Ohlson AS in Norway, SEK 323.8 M (314.3) to sales to Clas
Ohlson OY in Finland and SEK 15.8 M (14.8) to sales to Clas Ohlson Ltd in
the UK. No purchases were made from subsidiaries.
Note 24 Participations in Group
companies
The subsidiary Clas Ohlson AS in Norway, with corporate registration number
NO 937402198 and registered office in Oslo; 10,000 shares with a par
value of NOK 100. Shareholding 100 per cent. Carrying amount NOK 50,475
(50,475).
The subsidiary Clas Ohlson OY in Finland, with corporate registration
number FI 1765891-7 and registered office in Helsinki; 500,000 shares with
a par value of EUR 1. Shareholding 100 per cent. The carrying amount was
SEK 18.0 M (18.0 M), of which the value of shareholder contributions was
SEK 13.3 M (13.3 M).
The subsidiary Clas Ohlson Ltd in the UK, with corporate registration
number 6298382, 300,000 shares with a par value of GBP 1. Shareholding
100 per cent. Carrying amount SEK 4.0 M (4.0).
The subsidiary Clas Ohlson Ltd in Shanghai, with corporate registration
number 3110000400574190, 1,500,000 shares with a par value of USD 1.
Shareholding 100 per cent. Carrying amount SEK 11.3 M (11.3).
Note 25 Appropriations
Parent Company 2012/13 2011/12
The difference between recognised depreciation
and depreciation according to plan :
– Equipment, tools, fixtures and fittings –29.9 –42.6
– Land and buildings 1.0 1.0
Provision for tax allocation reserve
Taxation 2014 and 2013 –72.0 –107.0
Total Parent Company –100.9 –148.6
Note 26 Cash and bank balances
Parent Company 2012/13 2011/12
Cash and bank balances 26.8 86.1
Total Parent Company 26.8 86.1
Utilised overdraft facilities, which are not included in cash and bank balances,
totalled SEK 0.0 M (30.0 M) at the end of the year. The credit is included in a
cash pool for the Group in which utilised credit totalled SEK 0.0 M.
Unutilised Group overdraft facilities, which are not included in cash and
cash equivalents, totalled SEK 350.0 M (320.0).
Note 27 Untaxed reserves
Parent Company 2012/13 2011/12
Accumulated difference between recognised depreciation
and depreciation according to plan on:
– Equipment, tools, fixtures and fittings 347.6 317.7
– Land and buildings 4.8 5.8
Provision for tax allocation reserve
Tax 2010 71.6 71.6
Tax 2011 158.0 158.0
Tax 2012 63.0 63.0
Tax 2013 107.0 107.0
Tax 2014 72.0 -
Total Parent Company 824.0 723.1
Note 28 Pledged assets
Group
Parent Company
2012/13 2011/12 2012/13 2011/12
Cash and cash equivalents 14.9 13.9 0.0 0.0
Property mortgages 0.0 0.0 0.0 0.0
Floating mortgages 0.0 0.0 0.0 0.0
Total pledged assets 14.9 13.9 0.0 0.0
The company has no security for own obligations pertaining to currency forward
contracts. Applicable utilised overdraft facilities report the company’s
financial covenants, for which the company met the terms and conditions by
a healthy margin. At year-end, overdraft facilities totalled SEK 0.0 M (30.0) in
the Group and Parent Company. During the year, unutilised overdraft facilities
amounted to SEK 350.0 M (320.0) in the Group and Parent Company.
Note 29 Contingent liabilities and
commitments
2012/13 2011/12
Contingent liabilities Parent Company
Guarantee in favour of Group companies pertaining
to future rental commitments 275.3 281.5
Commitments
All store premises, with the exception of Insjön, are leased and treated as
operating leases. The company’s policy is that rent should be fixed and not
based on store turnover. The average contract period at 30 April 2013 was
five years.
Agreed leases have been calculated according to rent levels for 2013.
Parent Company 2012/13 2011/12
Rents and lease payments in financial year 242.2 221.1
2013/14 2014/15 2015/16 2016/17 2017–
Contracted future
rents 239.6 226.0 207.3 194.8 629.5
The Group has no contingent liabilities.
Commitments
All store premises, with the exception of Insjön, are leased and treated as
operating leases. The company’s policy is that rent should be fixed and not
based on store turnover. The average contract period at 30 April 2013 was
five years.
Agreed leases have been calculated according to rent levels for 2013.
74
Accounts