ANNUAL REPORT 2011/12 - IC Companys A/S

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Notes to the consolidated financial statements PAGE 74 14. Inventories DKK million 30 June 2012 30 June 2011 Raw material and consumables 42.3 30.4 Finished goods and goods for resale 341.0 355.0 Goods in transit 145.2 171.1 Total inventories 528.5 556.5 Changes in inventory write-downs are as follows: DKK million 30 June 2012 30 June 2011 Inventory write-downs at 1 July 120.6 130.1 Write-down for the year, additions 47.8 47.7 Write-down for the year, reversals (61.1) (57.2) Total inventory write-downs 107.3 120.6 Inventories recognised at net realisable value amounted to DKK 87.3 million (DKK 95.1 million) at 30 June 2012. 15. Trade receivables Trade receivables (gross) are specifi ed as follows: DKK million 30 June 2012 30 June 2011 Not yet due 279.6 257.4 Due, 1-60 days 67.3 76.8 Due, 61-120 days 41.7 28.8 Due more than 120 days 59.3 44.1 Total gross trade receivables 447.9 407.1 In general, the receivables do not carry interest until between 30 and 60 days after the invoice date. After this date, interest is charged on the outstanding amount. The Group has recognised DKK 5.0 million (DKK 6.5 million) in connection with interest on overdue trade receivables for 2011/12. Change in write-downs regarding trade receivables is as follows: DKK million 30 June 2012 30 June 2011 Write-downs 1 July 49.1 72.2 Foreign currency translations adjustments 2.9 4.3 Change in write-downs for the year 18.1 (11.9) Realised loss for the year (14.1) (15.5) Total write-downs 56.0 49.1 Receivables are written down to net realisable value corresponding to the amount of expected future net payments received on the receivables. Write-downs are calculated on the basis of individual assessments of the receivables. The carrying amounts of the receivables correspond in all material respect to their fair values. 16. Other receivables DKK million 30 June 2012 30 June 2011 VAT 12.0 11.6 Receivables from third party stores 9.4 2.3 Credit card receivables 10.0 9.5 Unrealised gain on fi nancial instruments 76.2 2.0 Sundry receivables 29.8 20.0 Total other receivables 137.4 45.4 All other receivables are due for payment within 1 year. Management assesses that the carrying amount of receivables at 30 June 2012 corresponds in all material respect to the fair value, and that the receivables are not subject to any particular credit risk. IC COMPANYS ANNUAL REPORT 2011/12
17. Prepayments Notes to the consolidated financial statements PAGE 75 DKK million 30 June 2012 30 June 2011 Collection samples 44.2 46.3 Advertising 6.5 8.2 Rent, etc. 29.0 27.5 Others 29.7 24.8 Total prepayments 109.4 106.8 18. Share capital The share capital consists of 16,942,807 shares with a nominal value of DKK 10 each. No shares carry any special rights. The share capital is fully paid up. The below capital adjustments have been made in the past fi ve years as follows: Nominal value Number DKK thousand Share capital at 1 July 2007 18,393,498 183,935 Exercise of warrants in 2007/08 112,059 1,121 Share capital reduction due to share buy-back programmes (585,925) (5,859) Share capital at 30 June 2008 17,919,632 179,197 Share capital reduction due to share buy-back programmes (976,825) (9,768) Share capital at 30 June 2009 16,942,807 169,428 Share capital at 30 June 2010 16,942,807 169,428 Share capital at 30 June 2011 16,942,807 169,428 Share capital at 30 June 2012 16,942,807 169,428 Treasury shares are as follows: % of share Nominal value capital Number DKK thousand Treasury shares at 1 July 2010 3.0 500,672 5,007 Addition through share buy-back programmes 0.3 60,000 600 Employed in connection with exercise of share options (0.1) (20,000) (200) Treasury shares at 30 June 2011 3.2 540,672 5,407 Treasury shares at 30 June 2012 3.2 540,672 5,407 Pursuant to a resolution passed by the shareholders at the Company’s general meeting, the Company may acquire treasury shares equivalent to a maximum of 10% of the share capital. The Company has not engaged in any share buy-back for the fi nancial year 2011/12. The value of the Company’s treasury shares at market price on 30 June 2012 amounted to DKK 52.7 million (DKK 119.5 million). 19. Retirement benefit obligations The retirement benefi t obligations of Danish companies are covered by insurance which is also the case with the retirement benefi t obligations of a large number of the Group’s subsidiaries. Foreign subsidiaries whose retirement benefi t obligations are not or only partly covered by insurance (defi ned benefi t plans) recognise the uncovered retirement benefi t obligations on an actuarial basis at the present value at the end of the reporting period. The Group has defi ned benefi t plans in the Netherlands and Norway. These retirement plans are covered in retirement funds for the employees. In the consolidated fi nancial statements an amount of DKK 6.3 million (DKK 5.8 million) has been recognised under liabilities in relation to the Group’s obligations for current and former employees after deduction of assets relating to the plan. The Parent Company only operates defi ned contribution pension plans. Furthermore, an amount of DKK 6.6 million (DKK nil) attributable to retirement benefi t obligations in one of the Group enterprises has been included which has been hedged by shares and recognised under fi nancial assets. For defi ned benefi t plans, the present value of future benefi ts, which the Company is liable to pay under the plan, is computed using actuarial principles. The computation of the present value is based on assumptions of computable rate of interest, increases in pay rates and retirement contributions, investment yield, staff resignation rates and mortality rates. Present value is computed exclusively for the benefi ts to which the employees have earned entitlement through their employment with the Company up till now. IC COMPANYS ANNUAL REPORT 2011/12
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ANNUAL REPORT 2011/12
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Management report A clear direction
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Financial highlights and key ratios
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Our Vision; to be one of the best d
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Financial potential Strong growth o
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Outlook Outlook for 2011/12 fulfill
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strategy (please see page 6), the G
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Premium By Malene Birger About the
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Premium Designers Remix About the b
Page 19 and 20:
Mid Market Matinique About the bran
Page 21 and 22:
Mid Market Management report PAGE 2
Page 23 and 24: Mid Market Cottonfield About the br
Page 25 and 26: Fast Fashion Soaked in Luxury About
Page 27 and 28: wholesale market. Furthermore, most
Page 29 and 30: Group brands The adverse developmen
Page 31 and 32: Earnings development Gross margin a
Page 33 and 34: Furthermore, cash and cash equivale
Page 35 and 36: To facilitate the implementation of
Page 37 and 38: This policy sets out certain overal
Page 39 and 40: PRINCIPLES Planet - Environmental r
Page 41 and 42: Board of Directors The Company’s
Page 43 and 44: The Board of Directors and the Exec
Page 45 and 46: Supplier risk The Group’s product
Page 47 and 48: Please see note 28 to the consolida
Page 49 and 50: The Executive Board Peter Fabrin Ex
Page 51 and 52: The Board of Directors Ole Wengel D
Page 53 and 54: Management report PAGE 53 IC COMPAN
Page 57 and 58: Annual General Meeting 2012 Managem
Page 59 and 60: Consolidated income statement Conso
Page 61 and 62: Consolidated statement of financial
Page 63 and 64: Consolidated statement of cash flow
Page 65 and 66: Notes to the consolidated financial
Page 67 and 68: 4. Staff costs Notes to the consoli
Page 71 and 72: 10. Dividends Please see note 9 of
Page 73: Notes to the consolidated financial
Page 77 and 78: 21. Non-current liabilities to cred
Page 91 and 92: Income statement Financial statemen
Page 93 and 94: Statement of financial position ASS
Page 95 and 96: Statement of cash flows Financial s
Page 97 and 98: Notes to the financial statements o
Page 99 and 100: 9. Dividends Notes to the financial
Page 101 and 102: 13. Deferred tax Notes to the finan
Page 103 and 104: Notes to the financial statements o
Page 105 and 106: Group structure at 30 June 2012 Man
Page 107 and 108: Statements Statement by the Managem
Page 109 and 110: Financial highlights and key ratios
Page 111: Other executives Name Position Fred
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ANNUAL REPORT 2011/12 - IC Companys A/S

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