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

lion. The Parent Company’s net receivables from subsidiaries include a provision of DKK 92.0 million (30 June
2008: DKK 80.0 million) to meet likely future losses in subsidiaries with negative equity values.
The Parent Company has issued letters of comfort for certain subsidiaries.
The Parent Company has received dividends of DKK 53.9 million (2007/08: DKK 50.3 million) from subsidiaries.
The Group has a property lease with I/S Hakkesstraat 35-37, Venlo, the Netherlands. This partnership is owned
95% by the Chairman of the Board of Directors: Niels Martinsen (who owns 42.4% of IC Companys A/S via Friheden
Invest A/S). The property functions as a distribution centre. The lease has been entered into on arm’s length
terms based on an impartial assessment of the rent by a licensed estate agent in the Netherlands. The lease cannot
be terminated by any of the parties until 1 April 2010. The rent paid by the Group in respect of the lease was
DKK 2.5 million in 2008/09 (2007/08: DKK 2.4 million).
The Company has had other transactions during the year with Niels Martinsen and companies controlled by Niels
Martinsen. The transactions were all made on arm’s length terms and did not exceed DKK 1 million for the financial
year.
With the exception of intra-group transactions, which have been eliminated in the consolidated financial statements,
and usual management remuneration, the Group has not made transactions in this or any previous years
with the Board of Directors, Executive Board, executives, major shareholders or other related parties.
IC Companys – Årsrapport 2008/09
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