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

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Profit announcement for 2008/09 In the financial year 2008/08, the Group revenue was DKK 3,601 million, which is a decrease of 4% relative to last year. After non-recurring costs amounting to DKK 115 million, operating profit came to DKK 162 million, which is in the high end of the range expected by the Executive Board. This is, in the light of the difficult market conditions, a very satisfactory result, which was achieved on the basis of the line of initiatives launched by the Executive Board to ensure healthy operations. Total cash flow realised was DKK 116 million, which is an increase of DKK 200 million relative to the financial year 2007/08. At its meeting on 9 September 2009 the Board of Directors of IC Companys A/S has approved the Audited Annual Report for the period 1 July 2008 – 30 June 2009. • In the financial year 2008/09, the Group reported revenue of DKK 3,601 million (DKK 3,737 million), which constitutes a setback of 4%. Same-store sales in the Group’s own stores declined by 7%. • Wholesale revenue recorded DKK 2,357 million, which constitutes a decrease of 6%. • Retail revenue recorded DKK 1,080 million, thus representing a 1% setback. • Gross profit came to DKK 2,136 million (DKK 2,259 million). The Group thus recorded a gross margin of 59.3% (60.4%). Adjusted for non-recurring costs of DKK 35 million, gross margin came to 60.3 % (60.8%). • Operating costs recorded DKK 1,974 million (DKK 1,910 million), which is an increase of 3%. Adjusted for non-recurring costs of a total of DKK 80 million, operating costs were retained at the same level relative to last year. • Operating profit saw a setback of 54% to DKK 162 million (DKK 349 million), which equals an EBIT margin of 4.5% (9.3%). Adjusted for non-recurring impacts amounting to a total of DKK 115 million, an EBIT margin of 7.7% (10.4%) is achieved. • The total cash flow was an inflow of DKK 116 million (an outflow of DKK 84 million). • Order intake for the winter collection 2009 is finally completed recording an 18% decrease in local currencies and 24% in the reporting currency. • As previously announced, it was decided to discontinue the share buyback programmes and the Board of Directors proposes that no dividend is to be paid to the shareholders for the financial year 2008/09. Instead, excess cash flows will be allocated to a reduction of the Group’s short term debt. • The Board of Directors has resolved to grant 233,500 stock options to the Executive Board and other executive employees. 2009/10 full year guidance • The market development remains uncertain, and visibility is therefore low. In consequence, revenue for the full year 2009/10 is expected to be in the region of DKK 3,300 – 3,400 million. The Executive Board launched a number of initiatives to counter the decreasing activity, including an adjustment of the fixed costs. As a result, operating profit for the full year 2009/10 is expected to be in the region of DKK 150 – 200 million. • Investments in the region of DKK 100 – 120 million are expected to be carried through, primarily for an expansion of the distribution and sales promoting improvements of the IT platform. Further information Niels Mikkelsen Chris Bigler Chief Executive Officer Chief Financial Officer Tel.: + 45 3266 7721 Tel.: +45 3266 7017 IC Companys – Annual Report 2008/09 3
Group financial highlights and key ratios Million DKK 2008/09 2007/08 2006/07 2005/06 2004/05 INCOME STATEMENT Revenue 3,600.6 3,737.2 3,353.8 3,022.0 2,820.6 Gross profit 2,135.9 2,258.8 1,982.9 1,767.5 1,593.8 Operating profit before depreciation & amortisation (EBITDA) 308.8 462.1 436.4 404.0 281.6 Operating profit before goodwill amortisation & special items 165.1 349.3 342.5 302.5 179.4 Operating profit (EBIT) 162.1 349.3 340.1 302.5 179.4 Net financial items (10.8) (31.9) (19.7) (19.9) (24.0) Profit/(loss) before tax 151.3 317.4 320.4 302.9 184.6 Profit/(loss) for the year 109.2 224.0 240.6 224.4 203.0 BALANCE SHEET Non-current assets 803.7 825.8 816.1 787.5 618.2 Current assets 981.0 1,106.5 1,033.2 877.5 851.4 Total assets 1,784.7 1,932.3 1,849.3 1,665.0 1,469.6 Equity 509.1 473.5 566.6 579.5 538.5 Total liabilities 1,275.6 1,458.8 1,282.7 1,085.5 931.1 CASH FLOW STATEMENT Cash flow from operating activities 335.1 340.1 291.2 326.3 277.9 Cash flow from investing activities (135.8) (138.4) (186.4) (141.8) (82.6) Cash flow from operating and investing activities 199.3 201.6 104.8 184.5 195.3 Cash flow from financing activities (83.0) (285.3) (261.5) (163.3) (3.0) Cash flow for the year 116.3 (83.7) (156.7) 21.2 192.3 KEY RATIOS Gross margin (%) 59.3 60.4 59.1 58.5 56.5 EBITDA margin (%) 8.6 12.4 13.0 13.4 10.0 EBIT margin (%) 4.5 9.3 10.1 10.7 7.4 Return on equity (%) 22.2 43.1 42.0 40.1 49.4 Equity ratio (%) 28.5 24.5 30.6 34.8 36.6 Average capital employed including goodwill 1,162.1 1,193.5 1,126.5 991.6 897.0 Return on capital employed (%) 14.2 29.3 30.4 30.5 20.0 Net interest-bearing debt, end of year 533.1 639.0 557.6 401.9 313.4 Financial leverage (%) 104.7 134.9 98.4 69.3 58.2 SHARE DATA* Diluted average number of shares excluding treasury shares 16,524.4 17,415.8 18,126.8 18,648.4 18,207.7 Market price, end of year DKK 103.0 156.0 318.0 344.5 275.0 Diluted earnings per share, DKK 6.1 12.6 13.3 12.3 11.3 Diluted cash flow per share, DKK 20.3 19.5 16.5 18.0 15.5 Diluted net asset value per share, DKK 30.0 28.0 32.5 32.4 29.2 Diluted price / earning, DKK 16.8 12.4 24.5 28.8 24.9 EMPLOYEES Number of employees (full-time equivalents at the end of the year) 2,261 2,441 2,252 * The effect of IC Companys' programmes for share options and warrants has been included in the diluted values. The key ratios and share data have been calculated according to the recommendations in "Recommendations and Ratios 2005" issued by the Danish Society of Financial Analysts. The equity ratio is calculated as the equity at period end divided by the total assets at period end. Disclaimer This announcement contains future-orientated statements regarding the Company’s future development and results and other statements that are not historic facts. Such statements are based on the currently well-founded prerequisites and expectations of the management that may prove erroneous. The actual results may deviate considerably from what has been outlined as planned, assumed, assessed or forecast in this announcement. This announcement is a translation from the Danish language. In the event of any discrepancy between the Danish and English versions, the Danish version shall prevail. IC Companys – Annual Report 2008/09 2,032 1,926 4
Page 1 and 2: IC Companys - Annual Report 2008/09
Page 3: IC COMPANYS 2008/09 The financial y
Page 7 and 8: From foundation to distribution As
Page 9: BRANDS IC Companys operates a portf
Page 13 and 14: 9 FACTS-BASED PRODUCT DEVELOPMENT -
Page 16 and 17: HISTORY Jackpot began in the early
Page 18 and 19: TRULY GOOD NEWS To mark our excitin
Page 20 and 21: By Malene Birger was created in 200
Page 22 and 23: History Matinique was founded in 19
Page 24 and 25: Soaked in Luxury is one of the youn
Page 26 and 27: THE SHARED PLATFORM The Group’s s
Page 28 and 29: Incentive-based compensation With t
Page 30 and 31: taking risks, but longevity in term
Page 32 and 33: Communication on progress 2008/09 T
Page 34 and 35: Group capital structure and dividen
Page 36 and 37: Stock Exchange Announcements 2008/0
Page 38 and 39: The development in Norway was gener
Page 40 and 41: Over a number of years, the Group
Page 42 and 43: Post balance sheet events After the
Page 44 and 45: Income statement Note DKK million 2
Page 46 and 47: Movements in equity DKK millions Sh
Page 48 and 49: Notes to the financial statements 1
Page 50 and 51: Share-based incentive plans Share-b
Page 52 and 53: Software and IT development is amor
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Cash flow statement The cash flow s
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5. Staff costs DKK million 2008/09
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The stock options were issued at an
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The expected volatility is based on
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12. The Group’s intangible assets
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foreseeable future. The unrecognise
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Number Nominal value (kDKK) Share c
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22. Non-current debt to financial i
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time limit in pursuance thereof. Th
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Neither the Group nor the Parent Co
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lion. The Parent Company’s net re
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Profit Parent Company Note DKK mill
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Movements in equity, Parent Company
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Notes to the financial statements 1
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8. Financial income and expenses Pa
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13. Other non-current assets DKK mi
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Movements in allowance for bad debt
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the property Raffinaderivej 10. Rec
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Definition of key ratios EBITDA - m
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The Independent auditors’ report
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Executive Board Niels Mikkelsen Chr
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IC Companys - Årsrapport 2008/09 9
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IC Companys â Annual Report 2008/09 0 - IC Companys A/S