Announcement of annual report 2013/14 – higher operating

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News Desk 2018

Aug 21, 2014 at 2:15 AM

Announcement of annual report 2013/14 – higher operating profit than expected

IC COMPANYS A/S ANNUAL REPORT/ANNUAL ACCOUNTS Consolidated revenue of continuing operations for 2013/14 amounted to DKK 2,563 million corresponding to an increase of 6% compared to 2012/13. Consolidated operating profit amounted to DKK 221 million which is higher than expected. Consequently, Management has proposed that an ordinary dividend of DKK 49 million (DKK 3.00 per eligible share) is distributed in respect of the financial year 2013/14. * Peak Performance realized a revenue of DKK 930 million (DKK 931 million) which is at the same level as last financial year. The operating profit amounted to DKK 67 million (DKK 68 million) corresponding to an EBIT margin of 7.2% (7.3%). * Tiger of Sweden realized a revenue of DKK 883 million (DKK 768 million) corresponding to a growth rate of 15%. The operating profit amounted to DKK 96 million DKK (DKK 76 million) corresponding to an EBIT margin of 10.9% (9.9%). * By Malene Birger realized a revenue of DKK 327 million (DKK 295 million) corresponding to a growth rate of 10%. The operating profit amounted to DKK 27 million (DKK 18 million) corresponding to an EBIT margin of 8.3% (5.9%). * Consolidated revenue of continuing operations for 2013/14 rose by 6% to DKK 2,563 million (DKK 2,424 million). The last reported outlook stated a level of DKK 2,560 – 2,580 million. * Consolidated gross profit of continuing operations for 2013/14 amounted to DKK 1,470 million (DKK 1,371 million) and the Group thus realized a gross margin of 57.3% (56.6%) corresponding to an improvement of 0.7 percentage points compared to last financial year. * The capacity costs for 2013/14 amounted to DKK 1,249 million (DKK 1,180 million) corresponding to an increase of 6%. The Group thus realized a cost rate at 48.7% (48.7%) which is at the same level as last financial year. * Consolidated operating profit of continuing operations for 2013/14 amounted to DKK 221 million (DKK 191 million) and the Group thus realized an EBIT margin of 8.6% (7.9%). The operating profit after tax amounted to DKK 165 million compared to DKK 4 million for the financial year of 2012/13. * Cash flow from operating and investing activities of continuing operations for 2013/14 rose by DKK 106 million to DKK 165 million (DKK 59 million) which is primarily attributable to a higher operating profit as well as a lower level of investments. * Investments of continuing operations for 2013/14 amounted to DKK 91 million (DKK 167 million). The last reported outlook stated a level of DKK 70 - 90 million. * Management will propose at the Annual General Meeting 2014 that a resolution recommending an ordinary dividend of DKK 3.00 per eligible share corresponding to a total dividend of DKK 49 million is distributed in respect of the financial year 2013/14. * The Board of Directors has resolved to grant warrants to the Executive Board based on the realized results. The value of the warrants granted amounts to DKK 1.5 million corresponding to 19.7% of the fixed annual salary of the members of the Executive Board. The final number of warrants granted will be calculated after having received the closing price of the IC Companys share at 5 p.m. on 21 August 2014. OUTLOOK FOR 2014/15 The Group’s Premium brands – in particular Tiger of Sweden and By Malene Birger - are expected to continue the positive development seen in 2013/14, and consequently, the total consolidated revenue is expected to be higher for the financial year 2014/15. All of the Group’s Premium brands are expected to improve their EBIT for the financial year 2014/15. The non-core business is expected to maintain its profitability. However, the consolidated operating profit for 2014/15 will be affected by the amount of capacity costs which until recently were paid by the Mid Market division. These capacity costs amount to approx. DKK 45 million. Considering that the Group has undertaken to provide services to DK Company during a transition period of 6-12 months, these capacity costs will be reduced gradually during 2014/15 in order to not impact on the financial year 2015/16. Investments for the financial year 2014/15 are expected to attain a level of 3-5% of revenue. Provided that the consolidated results are in line with expectations, Management expects to distribute an extraordinary dividend of approx. DKK 100 million during the financial year 2014/15. Group CEO of IC Companys A/S Mads Ryder commented; ”We have simplified the business and improved earnings. This year we see the impact from these efforts and have generated solid results. With our three Premium brands we have achieved a strong foundation for continuous growth and earnings. The course is set, and we must realize the defined targets. However, the financial year 2014/15 will be a year characterized by cost adjustments”. IC COMPANYS A/S Mads Ryder Group CEO Rud T. Pedersen Group CFO PLEASE DIRECT ANY QUESTIONS REGARDING THIS ANNOUNCEMENT TO: Jens Bak-Holder IR Manager Phone: +45 3266 7093

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