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

Number
Nominal value
(kDKK)
Share capital at 30 June 2005 18,589,762 185,898
Issue of share-based payment plans in 2005/06 263,694 2,637
Share capital at 30 June 2006 18,853,456 188,535
Issue of share-based payment plans in 2006/07 105,917 1,059
Reduction of share capital due to share buyback carried through (565,875) (5,659)
Share capital at 30 June 2007 18,393,498 183,935
Issue of share-based payment plans in 2007/08 112,059 1,121
Reduction of share capital due to share buyback carried through (585,925) (5,859)
Share capital at 30 June 2008 17,919,632 179,197
Reduction of share capital due to share buyback carried through (976,825) (9,768)
Share capital at 30 June 2009 16,942,807 169,428
Breakdown of treasury shares:
% of share
capital Number
Nominal value
(kDKK)
Treasury shares 1 July 2007 4.6% 853,607 8,537.1
Addition through share buyback 6.1% 1,091,200 10,912.0
Reduction of share capital due to share buyback carried through -3.3% (585,925) (5,859.3) )
Disposal through exercise of share options -0.2% (40,000) (400.0)
Treasury shares at 30 June 2008 7.4% 1,318,882 13,189.8
Addition through share buyback 0.4% 78,625 786.25
Reduction of share capital due to share buyback carried through -5.3% (976,825) (9,768.3)
Treasury shares at 30 June 2009 2.5% 420,682 4,206.8
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 treasury shares held as of 1 July 2005 were originally acquired to cover the Company’s liabilities under the
stock option plan for the Executive Board.
In the 2008/09 financial year, the Company has in accordance with 2007/08 completed a share buyback programme
in order to reduce the Companys share capital. Under the programme, the Company acquired in
2008/09 treasury shares with a nominal value of DKK 786,250 (2007/08: DKK 10,912,000) at an average price
per share of DKK 166.0 (2007/08: 217.7DKK), equivalent to DKK 13.1 million (2007/08: DKK 237.6 million) excluding
brokerage.
As a consequence of the share buyback 976,825 shares have been cancelled in January 2009.
The value of the Company’s treasury shares at the market price on 30 June 2009 was DKK 43.3 million (30 June
2008: DKK 205.7 million).
20. Pension obligations
The pension obligations of Danish companies are covered by insurance, which is also the case with the pension
obligations of a large number of the Group’s foreign companies. Foreign companies whose pension obligations
are not or only partly covered by insurance (defined benefit plans) recognise the uncovered pension obligations on
an actuarial basis at the present value at the balance sheet date. The Group has defined benefit plans in the
Netherlands and Norway. These pension plans are covered in pension funds for the employees. In the consolidated
financial statements an amount of DKK 4.6 million (2007/08: DKK 5.7 million) has been recognised in liabilities
in relation to the Group’s obligations towards current and former employees after deduction of plan assets.
The Parent Company only operates defined contribution pension plans.
For defined benefit plans, the present value of future benefits, 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 about discount
rates, increases in pay rates and pensions, investment yield, staff resignation rates and mortality. Present
value is computed exclusively for the benefits to which the employees have earned entitlement through their employment
with the Company up till now.
An amount of DKK 34.6 million (2007/08: DKK 33.3 million) has been recognised in the consolidated income
statement relating to plans covered by insurance (defined contribution plans). For plans not covered by insurance
(defined benefit plans) a cost of DKK 0.7 million has been recognised (2007/08: a cost of DKK 2.1 million).
IC Companys – Årsrapport 2008/09
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