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Ic Group Annual Report 2016/17

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Ic Group Annual Report 2016/17 IC GROUP ANNUAL REPORT 2016/17 MANAGEMENT COMMENTARY 1 FINANCIAL HIGHLIGHTS AND KEY RATIOS 2 THE GROUP IN SHORT 3 FINANCIAL FACTS 2016/17 4 MANAGEMENT’S LETTER 6 OUTLOOK 7 STRATEGY AND GROUP STRUCTURE 10 BUSINESS SEGMENTS 24 CONSOLIDATED FINANCIAL REVIEW 26 RISK MANAGEMENT 28 CORPORATE RESPONSIBILITY 29 CORPORATE GOVERNANCE 30 EXECUTIVE TEAM AND BOARD OF DIRECTORS 35 SHAREHOLDER INFORMATION CONSOLIDATED FINANCIAL STATEMENTS 38 CONSOLIDATED INCOME STATEMENT 39 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 40 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 41 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 42 CONSOLIDATED STATEMENT OF CASH FLOWS 44 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS 82 INCOME STATEMENT 82 STATEMENT OF COMPREHENSIVE INCOME 83 STATEMENT OF FINANCIAL POSITION 84 STATEMENT OF CHANGES IN EQUITY 85 STATEMENT OF CASH FLOWS 86 NOTES TO THE PARENT COMPANY FINANCIAL STATEMENTS STATEMENTS 96 STATEMENT BY THE MANAGEMENT 97 THE INDEPENDENT AUDITOR’S REPORT GROUP STRUCTURE AND KEY RATIOS 100 GROUP STRUCTURE 101 DEFINITION OF KEY RATIOS FINANCIAL HIGHLIGHTS AND KEY RATIOS DKK million 2016/17 2015/16 2014/15 2013/14 2012/131) INCOME STATEMENT Revenue 2,749 2,665 2,638 2,563 2,424 Gross profit 1,519 1,513 1,446 1,470 1,371 Operating profit before depreciation and amortization (EBITDA) 205 306 263 284 255 Operating profit (EBIT) 125 243 207 221 191 Net financials (3) (7) (8) (5) (13) Profit for the year before tax 122 247 201 216 178 Profit for the year of continuing operations 92 192 154 160 138 Profit/loss for the year of discontinued operations - 3 (14) 5 (134) Profit for the year 92 195 140 165 4 STATEMENT OF FINANCIAL POSITION Total assets 1,393 1,444 1,852 1,854 2,022 Average invested capital including goodwill 772 736 659 708 914 Net working capital 318 314 268 314 279 Total equity 723 740 884 833 809 Non-controlling interest 10 7 5 4 4 Net interest-bearing debt, end of year 17 25 82 52 118 STATEMENT OF CASH FLOWS Cash flow from operating activities 175 183 226 264 232 Cash flow from investing activities (88) 55 15 (91) (167) Investments in property, plant and equipment (72) (81) (45) (77) (58) Free cash flow 87 238 241 173 65 Cash flow from financing activities (79) (319) (172) (109) (35) Net cash flow for the year 8 (81) 69 64 30 KEY RATIOS (%) Revenue growth 3.2 1.0 2.9 5.7 5.5 Gross margin 55.3 56.8 54.8 57.3 56.6 Cost ratio 50.7 47.7 47.0 49.3 48.7 EBITDA margin 7.5 11.5 10.0 11.0 10.5 EBIT margin 4.5 9.1 7.8 8.6 7.9 Tax rate 24.0 22.2 23.2 25.8 22.5 Return on equity 12.2 23.5 18.0 19.5 16.9 Equity ratio 51.9 51.2 47.5 45.3 40.0 Return on invested capital, 12 months trailing EBIT2) 16.2 33.0 31.4 31.2 20.9 Net working capital in proportion to 12 months trailing revenue 11.6 11.8 10.2 12.3 11.5 Cash conversion 0.7 1.0 1.2 0.8 0.3 Financial gearing 2.4 3.4 9.3 6.3 14.6 SHARE-BASED RATIOS Average number of shares excluding treasury shares, diluted (thousands) 16,639 16,678 16,550 16,447 16,402 Share price, end of year, DKK 140.0 172.0 187.5 185.5 122.0 Earnings per share, DKK 5.3 11.6 8.5 9.9 0.1 Diluted earnings per share, DKK 5.3 11.6 8.5 9.9 0.1 Diluted cash flow per share, DKK 10.5 11.0 13.7 18.2 14.2 Diluted net asset value per share, DKK 42.9 44.0 53.1 50.3 49.1 Diluted price/earnings, DKK 26.4 14.8 22.1 18.7 1,220.0 EMPLOYEES Number of employees, calculated as FTEs, end of year 1,186 1,146 1,042 1,047 1,264 NUMBER OF STORES (OWN STORES) Retail stores 126 115 95 107 102 Concessions 43 42 42 41 42 The key ratios have been calculated according to the recommendations set out in ”Recommendations & Financial Ratios 2016” issued by the Danish Society of Financial Analysts. 1) Comparative figures in the income statement have been adjusted to reflect that the Mid Market division has been presented as discontinued operations. Other key ratios for 2012/13 have not been adjusted. 2) Return on invested capital is calculated as EBIT’s share of invested capital, cf. definition of key ratios on page 101. 1 IC GROUP A/S • ANNUAL REPORT 2016/17 • MANAGEMENT COMMENTARY IC GROUP THE GROUP IN SHORT AMBITION IC Group operates in the apparel and fashion industry. As a portfolio company, we The ambition of the Group Premium create value through an active ownership of brands within the Premium segment. brands is to generate revenue growth, We focus on this market segment as it has historically been characterized by strong and thereby also for the Group as a growth rates and high earnings. This segment is also characterized by a conside- whole. Concurrently with the expected rable degree of internationalization which is also the strategic target of all of the higher revenue, it is also our ambition to Group Premium brands. improve the EBIT margin. PREMIUM BRANDS Peak Performance was founded in With its strong roots in classic menswear Since its foundation in 2003, By Malene Sweden in 1986 by passionate skiers. confection tradition and proud tailoring skills, Birger has been recognized as a high- Today, Peak Performance is the largest Tiger of Sweden has, since 1903, developed profile design brand with an international brand in Scandinavia developing into the largest confection and fashion brand appeal offering ”affordable luxury” technical, functional sports and in the Nordic region distinguishing itself by to fashion-conscious women. Today, fashion wear. offering modern apparel to men and women the brand is one of the largest female characterized by ”a different cut”. fashion brands in the Nordic region. peakperformance.com tigerofsweden.com bymalenebirger.com Revenue and EBIT margin Revenue and EBIT margin Revenue and EBIT margin DKK million % DKK million % DKK million % 1,250 15 1,250 15 400 15 1,100 12 1,100 12 350 12 950 9 950 9 300 9 800 6 800 6 250 6 650 3 650 3 200 3 500 0 500 0 150 0 2014/15 2015/16 2016/17 2014/15 2015/16 2016/17 2014/15 2015/16 2016/17 Revenue EBIT margin Revenue EBIT margin Revenue EBIT margin OTHER BRANDS BRAND MARKET EQUITY REVENUE EBIT MARGIN SEGMENT INTEREST DKK MILLION SAINT TROPEZ FAST FASHION – FEMALE 100% DESIGNERS REMIX PREMIUM – FEMALE 51% 400 2.5% 2 IC GROUP A/S • ANNUAL REPORT 2016/17 • MANAGEMENT COMMENTARY FINANCIAL FACTS 2016/17 OVERVIEW THE GROUP REVENUE FREE CASH FLOW Rev DKK MILLION DKK MILLION 2,749 87 GROWTH IN RETURN ON LOCAL CURRENCY INVESTED CAPITAL Pe Perforne 38 Ter o Seen 35 4.3% 16.2% B Mene Brer 12 Oer rn 15 EBIT NET WORKING CAPITAL EIT DKK MILLION RELATIVE TO REVENUE 125 11.6% STRATEGY EBIT NET INTEREST-BEARING MARGIN DEBT, DKK MILLION Pe Perforne 56 Ter o Seen 37 4.5% 17 B Mene Brer 1 Oer rn 6 PEAK PERFORMANCE TIGER OF SWEDEN BY MALENE BIRGER REVENUE GROWTH IN REVENUE GROWTH IN REVENUE GROWTH IN DKK MILLION LOCAL CURRENCY DKK MILLION LOCAL CURRENCY DKK MILLION LOCAL CURRENCY 1,035 11.6% 963 0.6% 351 (0.4)% EBIT EBIT EBIT EBIT EBIT EBIT DKK MILLION MARGIN DKK MILLION MARGIN DKK MILLION MARGIN 101 9.8% 67 7.0% 3 0.9% PERFORMANCE G venue G venue G venue Nor reon 66 Re o Europe 31 Nor reon 79 Re o Europe 18 Nor reon 64 Re o Europe 25 Re o e or 3 Re o e or 3 Re o e or 11 WHOLESALE RETAIL WHOLESALE RETAIL WHOLESALE RETAIL 37% GOVERNANCE MANAGEMENT COMMENTARY • ANNUAL REPORT 2016/17 • IC GROUP A/S 3 MANAGEMENT’S LETTER Earnings development for the Group lection development process, the effect of the new management The Group’s performance for the financial year 2016/17 was team and the more stringent commercial principles should not be affected by a number of extraordinary factors relating to the expected to materialize until the financial year 2018/19. Revenue structural changes implemented during H2 2016/17 which in Tiger of Sweden for the financial year 2016/17 increased by resulted in significant non-recurring costs. The financial results 0.6% measured in local currency whereas earnings were affected for the Group’s three Premium brands for the financial year by write-downs of inventory and distribution as well as higher 2016/17 were marked by a number of factors identified in con- costs. The EBIT margin amounted to 7.0% compared to 11.1% in nection with the change of the Group’s management structure, 2015/16. in particular in respect of purchase of goods and in-season selling, which needs to be addressed. This has especially been By Malene Birger has implemented a more commercial approach the case in Tiger of Sweden which has also showed a need for a to its business in several areas. The production development strengthened and renewed approach in other arear of the busi- process, collection structure and pricing structure model have ness.
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