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

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22. Non-current debt to financial institutions DKK million 30.06.2009 30.06.2008 Maturity structure of long-term liabilities: After more than five years from the balance sheet date 168.0 168.0 Long-term debt at 30 June 168.0 168.0 Nominal value 168.0 168.0 The non-current debt to financial institutions as at 30 June 2009 was in 2008/09 converted from a floating-rate bullet loan denominated in DKK to a bullet loan converted in EUR. The average interest rate in 2008/09 amounted to 5.51% (2007/08 5.30%). The loan amounted to EUR 22.56 million as at 30 June 2009. The nominal value of the debt corresponds in all material respects to the fair value. 23. Short-term debt to credit institutions The Group’s total short-term debt to credit institutions comprises Danish and foreign overdraft facilities carrying interest at an average rate of 2.56% p.a. (5.40% in 2007/08). Short-term debt is repayable on demand, and the fair value therefore corresponds to the carrying amount. Short-term debt to credit institutions is denominated in the following currencies: DKK milliion 30.06.2009 30.06.2008 EUR 66 % 47 % DKK 13 % 36 % SEK 7 % 4 % PLN 3 % 3 % USD 2 % 5 % CAD 2 % 0 % GBP 1 % 1 % CHF 0 % 1 % Other 6 % 3 % Total 100 % 100 % 24. Trade payables DKK million 30.06.2009 30.06.2008 Trade payables 291.7 313.8 Total 291.7 313.8 The carrying amount corresponds to the fair value of the liabilities. 25. Other debt Mio. DKK 30.06.2009 30.06.2008 VAT, customs and PAYE tax withheld 62.7 48.0 Salaries, social security costs and holiday allowance payable 110.8 110.3 Unrealised loss on financial contracts - 42.3 Severance pay 16.3 18.3 Other costs payable 60.3 59.1 Other debt at 30 June 250.1 278.0 DKK 12.5 million in severance pay is due within a year. The carrying amount of amounts payable under Other debt in all material respects corresponds to the fair value of the liabilities. IC Companys – Årsrapport 2008/09 Group Group Group Group 67
26. Operating leases DKK million 30.06.2009 30.06.2008 Commitments under non-cancellable operating leases are: Shop leases and other land and buildings: 0-1 year 217.4 211.3 1-5 years 384.0 346.3 After 5 years 57.3 62.9 Total 658.7 620.5 Lease of equipment and furniture etc.: 0-1 year 14.3 15.5 1-5 years 13.3 19.4 After 5 years - - Total 27.6 34.9 The Group leases properties under operating leases. The lease period is typically between 3 – 10 years with an option to extend on expiry. Many of the lease contracts contain rules regarding revenue based lease. In addition, the Group leases cars and other operating equipment under operating leases. The lease period is typically between 3 - 5 years with an option to extend on expiry. An amount of DKK 286.9 million (2007/08: DKK 246.7 million) relating to operating leases has been recognised in the consolidated income statement for 2008/09. Some of the leased stores are sub-let to franchise stores etc., and for these the Company has received a rental income on non-terminable leases of DKK 19.9 million (2007/08 DKK 24.2 million). The expected future minimum rental income on non-terminable leases is DKK 52.8 million (2007/08: DKK 46.8million) for the financial years 2009/10 – 2014/15. 27. Other liabilities and contingent liabilities DKK million 30.06.2009 30.06.2008 Guarantees and other collateral security 573.9 631.5 The Company is jointly and severally liable with the other jointly taxed Danish companies for tax on the joint taxable income –up until 2004/05. The Company has entered into binding agreements with suppliers on the delivery of collections until 31 December 2009, of which the majority are tied to sales orders entered into with pre-order customers. The Parent Company’s shares in the subsidiary Raffinaderivej 10 A/S (recognised in the consolidated financial statements with an amount of DKK 2.2 million) have been provided as security for the Group’s long-term debt in relation to the acquisition of the property Raffinaderivej 10, amounting to DKK 168.0 million at 30 June 2009. Carrying amount of the property amounts to DKK 158.1 million. The Group is not currently involved in any pending litigation which may have a material effect on the Group’s financial position. The Group is subject to the usual return obligations imposed in the industry. Management expects no major loss on these obligations. The Group is regularly involved in litigation with Danish and foreign tax authorities. For an extended period of time, IC Companys has been subject to a tax audit in one of the Group’s German companies, which has generated a tax loss of DKK 145 million in the tax years comprised by the audit. Based on their audit, the German tax authorities have increased the income for the years under review by DKK 130 million. The argument is that the transfer pricing principles have not been correctly applied. IC Companys has brought the case before the Danish tax authorities in order to obtain a corresponding adjustment and repayment of tax paid. The Danish tax authorities have rejected this claim. Consequently, IC Companys has decided to bring the case before an EC Arbitration Commission pursuant to the applicable rules. The relevant authorities have not reached an agreement within the IC Companys – Årsrapport 2008/09 Group Group 68
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IC Companys - Annual Report 2008/09
Page 3 and 4:
IC COMPANYS 2008/09 The financial y
Page 5 and 6:
Group financial highlights and key
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
Page 54 and 55: Cash flow statement The cash flow s
Page 56 and 57: 5. Staff costs DKK million 2008/09
Page 58 and 59: The stock options were issued at an
Page 60 and 61: The expected volatility is based on
Page 62 and 63: 12. The Group’s intangible assets
Page 64 and 65: foreseeable future. The unrecognise
Page 66 and 67: Number Nominal value (kDKK) Share c
Page 70 and 71: time limit in pursuance thereof. Th
Page 72 and 73: Neither the Group nor the Parent Co
Page 74 and 75: lion. The Parent Company’s net re
Page 76 and 77: Profit Parent Company Note DKK mill
Page 78 and 79: Movements in equity, Parent Company
Page 80 and 81: Notes to the financial statements 1
Page 82 and 83: 8. Financial income and expenses Pa
Page 84 and 85: 13. Other non-current assets DKK mi
Page 86 and 87: Movements in allowance for bad debt
Page 88 and 89: the property Raffinaderivej 10. Rec
Page 90 and 91: Definition of key ratios EBITDA - m
Page 92 and 93: The Independent auditors’ report
Page 94 and 95: Executive Board Niels Mikkelsen Chr
Page 96: IC Companys - Årsrapport 2008/09 9
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IC Companys â Annual Report 2008/09 0 - IC Companys A/S

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