IC Companys – Annual Report 2008/09 0 - IC Companys A/S

Group capital structure and dividend policy
IC Companys has the financial objective of distributing
dividends of 30% of the net profit each year.
As at 30 June 2009, short-term net bank debt is
DKK 365 million. The level is thus below DKK 400
million as prescribed in the Group’s capital structure
policy. Based on the insights gained during the
course of the financial crisis, IC Companys plans to
use excess cash to further reduce short term debt.
The remaining assumptions of the Group capital
structure are as follows:
• The average investment level in concept
stores, showrooms, supply chain and IT is
expected to amount to up to 4% of revenue.
• The working capital is expected to represent
11% - 12% of revenue
• Consolidated tax costs are expected to account
for 27 - 29% of the pre-tax profit, of
which 50 - 75% will be payable; the remaining
part will be offset against already recognised
tax assets.
• Long-term debt will be used solely to finance
the corporate head office at Raffinaderivej.
Share capital
At IC Companys’ Annual General Meeting on 22 October
2008 a resolution was passed to the effect
that the share capital be reduced by DKK nominal
value 976,825 equivalent to the number of shares
repurchased under the buyback programme carried
out in the period 3 January to 29 July 2008. At 30
June 2009, the share capital constituted DKK
169,428,070 (DKK 179,196,320). The share capital
consists of 16,942,807 shares nominal value DKK
10.
Treasury shares
At the present time, the number of treasury shares
of IC Companys is 420,682 for the hedging of stock
options to executive employees. The stake constitutes
2.5% of the total number of issued shares. The
Board of Directors has resolved to grant 233,500
stock options to the Executive Board and executive
employees.
IC Companys – Annual Report 2008/09
Treasury shares Number
Treasury shares at 1 July 2008
Shares repurchased under
1,318,882
share buy back programme 2007/08
Reduction of share capital under share buy-
78,625
back programme 2007/08
(976,825)
Treasury shares as at 30 June 2009 420,682
Ownership structure
As at 30 June 2009, IC Companys had 8,909 registered
shareholders, who aggregated hold 96.1% of
the share capital. The share of voting shares is
equivalent to the share capital for the Group’s
shareholders. A breakdown of the shareholders is
shown below:
Shareholders as at 30 June 2009
Number
Capital
share
Friheden Invest A/S 7,191.128 42.4%
Labor Market Supplementary ATP 2,276.549 13.4%
Hanssen Holding A/S 1,247.639 7.4%
Other Danish institutional investors 2,510,877 14,8%
Danish private investors 1,728.506 10.2%
Foreign institutional investors 782,422 4.6%
Foreign private investors 119,905 0.7%
Treasury shares 420,682 2.5%
Non-registered investors 665,099 3.9%
Total 16,942,807 100,0%
* Friheden Invest A/S, Hørsholm, Denmark, is owned by the
Chairman of the Board of Directors of the Group.
Investor relations
The Group has set out the objective to maintain a
high and uniform information flow and to further the
open and active dialogue with investors, analysts
and other stakeholders. At www.iccompanys.com
investor relations policy, financial statements, presentations,
the Group’s announcements to the OMX
Nordic Exchange Copenhagen and other relevant
investor information.
During the financial year, the Group hosted 4 webcasts
at the release of the quarterly reports and the
Annual Report. Furthermore, the Company participates
continually in road shows, investor seminars
and sets up meetings with individual investors and
financial analysts. IC Companys does not hold investor
meetings in a period of 4 weeks up to the release
of financial statements or other material announcements.
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