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IC Companys – Annual Report 2008/09 000 IC Companys – Annual Report 2008/09 111 IC Companys – Annual Report 2008/09 000 IC Companys – Annual Report 2008/09 111 IC COMPANYS 2008/09 2 2 Profit announcement for 2008/09 333 Group ffinancialinancial highlights and key ratios 444 MARKETS AND STRATEGIES 5 5 Market development 555 From foundation to distribution 666 Outlook 2009/10 777 8 BRANDS 8 25 THE SHARED PLATFORM 25 CORPORATE AFFAIRS 26 26 Corporate Governance 262626 Risk management 282828 Corporate responsibility 303030 Shareholder information 323232 FINANCIAL REPORT 36 36 Revenue development 363636 Distribution channels 373737 Earnings development 383838 Balance sheet and liquidity 404040 Post balance sheet events 414141 FINANCIAL STATEMENT 42 42 Group 424242 Parent Company 747474 STATEMENTS AND OVERVIEWS 90 90 Statement by the management 909090 The Independent auditors’ repreportortortort 919191 Board of Directors and Executive Board 929292 IC Companys – Annual Report 2008/09 222 IC COMPANYS 2008/09 The financial year 2008/09 was a momentous year for Jackpot and Cottonfield for the other, respectively. IC Companys. At the onset of the year, a new Executive Secondly, sales responsibilities were reallocated be- Board set out with a determined ambition to increase tween brands and sales companies in order to place the Group’s growth and earnings capacity. Before the unequivocally all operational sales responsibility with end of the first half year, however, it became clear that the sales countries. Thirdly, the loss-making sales ac- a critical global economic recession was under way. tivities in China and Spain were discontinued. Fourthly, This was subsequently followed by a period of eco- the Group’s operations related to the interior design of nomic storm in the form of lacking liquidity in the mar- stores were outsourced. Finally, continuous staff ad- ket, currency instability and shrinking consumer confi- justments were performed in several departments of dence. the company. Overall, these actions not only reduced the cost base, but also increased the Group's executive Consequently, the focus areas of the Executive Board momentum significantly. were quickly extended by operational flexibility and financial solidity. In line with the above, the Executive Board launched and executed a line of initiatives Distribution strategy throughout the year. Measured against the last finan- cial year, IC Companys reinforced its position in the A part of the Executive Board’s strategy is the expan- international fashion industry. The executive momen- sion of revenue from own retail and franchise with a tum and efficiency have been significantly strength- view to develop these distribution channels to make up ened. Among other factors, this is a result from a priori- a larger part of the total distribution in the future. In tisation and focus on the markets and concepts that consequence, an important target is the marketing of a offer the largest potential. solid franchise concept. Further, opening own stores with focus on selected concepts and markets is priori- At a very early stage, the initiatives launched before the tised. Over the course of 2008/09, the Group increased economic recession proved to be the foundation on the number of own stores by 25%. which to continuously build a healthy development for the company. Unfortunately, these initiatives were not, Through continuous development of controlled whole- as initially assumed, sufficient and further cost base sale combined with order suggestions, our wholesale reductions were required. For IC Companys, the conse- customers are offered an increasingly professional quence was the termination of a large number of em- partnership. As previously reported (Interim Report Q3 ployees. This process was not an easy one and de- 2008/09) the project time frame is set to the next two manded an extraordinary effort on the part of many in years taking effect in the financial year 2010/11. the organisation. Numerous resources were allocated so as to ensure that the right choices were made and insecurity to the highest extent possible avoided. With Value chain optimisation this effort as a significant contributor, the organisation as a whole came through this difficult process and is The value chain optimisation was focused on three now looking forward. areas: The use of best practice in the collection devel- opment, reduction of styles in both collections and in- We would therefore like to thank our employees for season sales and optimisation of the Group’s sourcing. their loyalty and for the significant contribution they All these areas contribute to maintain the Group’s made in a difficult time. gross margins, which were under pressure as a result of the currency impacts from both sales and sourcing countries. Rationalisations In the H1 Interim Report it was announced that the A new culture Group has out an overall cost base saving target of DKK 200 - 250 million relative to the financial year IC Companys has always been synonymous with an 2007/08 – adjusted, however, for the opening of new exiting workplace. The Group has thus always been stores. The target was accomplished, and the cost sav- able to attract the most competent employees. The ings will take full effect as at 1 July 2009. new Executive Board wants to develop a performance culture, in which all employees experience the impor- The number of initiatives was considerable, and the tance of their contributions and are motivated by the most significant will be outlined in the financial state- opportunity to make a difference. ments. First of all, four brand organisations were merged into two. InWear and Matinique for one, and IC Companys – Annual Report 2008/09 222 Profit announcement for 2008/09 In the financial year 2008/08, the Group revenue was DKK 3,601 million, which is a decrease of 4% relative to last year. After nonnon----recurringrecurring costs amounting to DKK 115 million, oooperatingoperating profit came to DKK 162 millionmillion,,,, which is in the high end of the range expected by thethe ExExecutiveecutive Board. This is, iiinin the light of the diffdiffiiiicultcult market conditionsconditions,, a, a very satisfactory resultresult,, which was achieved on the basis of the line of initiativinitiativeses launched by the EEExExxxecutiveecutive Board to ensure healthy operationsoperations.. TTTotalTotal cash flow realised was DKK 116 million, which is an increase of DKK 200 mimilllllionlion relative to the financial year 2007/08. At its meeting on 9 September 2009 the Board of Directors of IC Companys A/S has approved the Audited Annual Report for the period 1 July 2008 – 30 June 2009. • In the financial year 2008/09, the Group reported revenue of DKK 3,601 million (DKK 3,737 million), which constitutes a setback of 4%. Same-store sales in the Group’s own stores declined by 7%. • Wholesale revenue recorded DKK 2,357 million, which constitutes a decrease of 6%. • Retail revenue recorded DKK 1,080 million, thus representing a 1% setback. • Gross profit came to DKK 2,136 million (DKK 2,259 million). The Group thus recorded a gross margin of 59.3% (60.4%). Adjusted for non-recurring costs of DKK 35 million, gross margin came to 60.3 % (60.8%). • Operating costs recorded DKK 1,974 million (DKK 1,910 million), which is an increase of 3%. Adjusted for non-recurring costs of a total of DKK 80 million, operating costs were retained at the same level relative to last year. • Operating profit saw a setback of 54% to DKK 162 million (DKK 349 million), which equals an EBIT margin of 4.5% (9.3%). Adjusted for non-recurring impacts amounting to a total of DKK 115 million, an EBIT margin of 7.7% (10.4%) is achieved. • The total cash flow was an inflow of DKK 116 million (an outflow of DKK 84 million). • Order intake for the winter collection 2009 is finally completed recording an 18% decrease in local currencies and 24% in the reporting currency. • As previously announced, it was decided to discontinue the share buyback programmes and the Board of Di- rectors proposes that no dividend is to be paid to the shareholders for the financial year 2008/09. Instead, excess cash flows will be allocated to a reduction of the Group’s short term debt. • The Board of Directors has resolved to grant 233,500 stock options to the Executive Board and other execu- tive employees. 2009/10 full year guidance • The market development remains uncertain, and visibility is therefore low. In consequence, revenue for the full year 2009/10 is expected to be in the region of DKK 3,300 – 3,400 million. The Executive Board launched a number of initiatives to counter the decreasing activity, including an adjustment of the fixed costs. As a result, operating profit for the full year 2009/10 is expected to be in the region of DKK 150 – 200 mil- lion. • Investments in the region of DKK 100 – 120 million are expected to be carried through, primarily for an ex- pansion of the distribution and sales promoting improvements of the IT platform. Further information Niels Mikkelsen Chris Bigler Chief Executive Officer Chief Financial Officer Tel.: + 45 3266 7721 Tel.: +45 3266 7017 IC Companys – Annual Report 2008/09 333 GGGroupGroup financial highlighhighlightsts and key ratios Million DKK 2008/09 2007/08 2006/07 2005/06 2004/05 INCOME STATEMENT Revenue 3,600.6 3,737.2 3,353.8 3,022.0 2,820.6 Gross profit 2,135.9 2,258.8 1,982.9 1,767.5 1,593.8 Operating profit before depreciation & amortisation (EBITDA) 308.8 462.1 436.4 404.0 281.6 Operating profit before goodwill amortisation & special items 165.1 349.3 342.5 302.5 179.4 Operating profit (EBIT) 162.1
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