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

ness plans are based on management’s specific assessment of the business units’ expected performance during
the strategy period. In the calculation of value in use, a discount rate of 13.78% before tax has been applied.
In the financial year 2008/09, write-down was made of goodwill amounting to DKK 3 million related to the sourcing
company in Turkey (IC Companys Research ApS).
The background of the write-down is that an agreement to divest the activity in IC Companys Research ApS. As at
1 August 2009, the activity is transferred to the current production manager, who will carry on the existing business
as an agent.
Leasehold rights with indefinable useful lives
Of the total carrying amount of “Leasehold rights”, DKK 6.2 million (2007/08: DKK 6.2 million) relates to leasehold
rights with indefinable useful lives, determined on the basis of the contractual terms of the leases. Therefore,
impairment tests were conducted at 30 June 2009, and management assesses that the recoverable amount exceeds
the carrying amount.
13. Financial assets
DKK million
Non-current loans
to customers Shares Deposits, etc.
Total financial
assets
Carrying amount at 1 July 2007 3.0 0.6 20.8 24.4
Additions, disposals and exchange differences during
the year
(1.9) - 3.1 1. 2
Carrying amount at 30 June 2008 1.1 0.6 23.9 25.6
Additions, disposals and exchange differences during
the year
8.3 (0.1) 1.6 9. 7
Carrying amount at 30 June 2009 9.4 0.5 25.5 35.4
The Group has in 2007/08, granted subordinated loan of DKK 1.1 million to a business partner. In the financial
year 2009/10, DKK 0.2 million of this loan will lapse. In 2008/09, DKK 0.9 million related to this loan is itemized
as ”Long-term loan to business partners”.
In 2008/09 the Group has granted subordinated loan of DKK 8.5 million to a business partner. The term of the
loan is 4.5 years with a floating interest rate. The carrying amount is classified as “Non-current loans to customers”.
All outstanding amounts are interest-bearing.
No security has been received for the loan. The carrying amount of the financial assets corresponds to the fair
value.
14. Deferred tax
DKK million 30.06.2009 30.06.2008
Deferred tax assets at 1 July 79.0 108.1
Prior-year adjustments 1.7 (1.9)
Adjustment regarding changes in tax percentages 0.7 (0.1)
Currency translation 4.2 0.8
Deferred tax on equity movements (13.9) 3.9
Change in deferred tax on profit for the year 18.0 (31.8)
Net deferred tax assets at 30 June 89.7 79.0
Recognised as follows:
Deferred tax assets 129.0 123.9
Deferred tax (39.3) (44.9)
Net deferred tax assets at 30 June 89.7 79.0
Breakdown of deferred tax assets at 30 June:
Gross deferred tax assets 200.4 189.3
Unrecognised tax assets (110.7) (110.3)
Net deferred tax assets at 30 June 89.7 79.0
Unrecognised tax assets relate to tax losses that are not assessed to be sufficiently likely to be utilised in the
IC Companys – Årsrapport 2008/09
Group
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