Announcement of annual report 2012/13 IC COMPANYS A/S

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News Desk 2018

Aug 22, 2013 at 2:00 AM

Announcement of annual report 2012/13

IC COMPANYS A/S ANNUAL REPORT/ANNUAL ACCOUNTS CONSOLIDATED REVENUE FOR 2012/13 OF CONTINUING OPERATIONS AMOUNTED TO DKK 3,314 MILLION CORRESPONDING TO AN INCREASE OF 1% COMPARED TO 2011/12. CONSOLIDATED OPERATING PROFIT AMOUNTED TO DKK 157 MILLION AND WAS NEGATIVELY AFFECTED BY TOTAL NON-RECURRING COSTS OF DKK 53 MILLION. AFTER HAVING ADJUSTED FOR THE TOTAL NON-RECURRING COSTS, THE GROUP’S CONTINUING OPERATIONS GENERATED AN OPERATING PROFIT OF DKK 210 MILLION WHICH IS THE SAME LEVEL AS LAST FINANCIAL YEAR (ALSO ADJUSTED). SOLID CASH FLOWS CONTRIBUTED TO A REDUCTION OF THE NET INTEREST-BEARING DEBT AND CONSEQUENTLY THIS MEANS THAT AN EXTRAORDINARY DIVIDEND OF DKK 100 MILLION IS CONSIDERED DISTRIBUTED DURING 2013/14 BESIDES THE ORDINARY DIVIDEND OF DKK 33 MILLION (DKK 2.00 PER SHARE). * The Premium Outdoor segment realised a revenue of DKK 931 million for 2012/13 (DKK 976 million) which constitutes a setback of 5%. The operating profit amounted to DKK 69 million (DKK 55 million) corresponding to an EBIT margin of 7.4%. * The Premium Contemporary segment realised a revenue of DKK 1,064 million for 2012/13 (DKK 905 million) which constitutes an increase of 18%. The operating profit amounted to DKK 95 million (DKK 98 million) corresponding to an EBIT margin of 8.9%. * The Mid Market Contemporary segment realised a revenue of DKK 891 million for 2012/13 (DKK 995 million) which constitutes a decline of 11%. The operating loss amounted to DKK 37 million (profit of DKK 40 million) corresponding to a negative EBIT margin of 4.2% and was significantly affected by total non-recurring costs of DKK 46 million for the financial year under review. * Consolidated revenue for 2012/13 of continuing operations amounted to DKK 3,314 million (DKK 3,293 million) corresponding to an improvement of 1% compared to 2011/12. The last reported outlook inca-ted an expected level of DKK 3,250-3,300 million. Consolidated revenue for Q4 2012/13 amounted to DKK 624 million corresponding to an increase of 10%. * Consolidated gross profit for 2012/13 amounted to DKK 1,869 million (DKK 1,835 million) and the Group thus realised a gross margin of 56.4% (55.7%) corresponding to an increase of 0.7 percentage points compared to last financial year. The gross margin for Q4 2012/13 amounted to 53.9% corresponding to a decline of 3.7 percentage points compared to Q4 2011/12. * Consolidated costs for 2012/13 amounted to DKK 1,712 million (DKK 1,639 million) corresponding to an increase of 4%. The Group thus realised a cost rate of 51.7% (49.8%) which is 1.9 percentage points higher compared to 2011/12. * After having adjusted for the non-recurring costs of DKK 53 million (DKK 14 million) and the negative impact from foreign currency translation of DKK 45 million, the costs of continuing operations were reduced by DKK 11 million compared to last financial year. * Consolidated operating profit for 2012/13 of continuing operations amounted to DKK 157 million (DKK 195 million) and the Group thus realised an EBIT margin of 4.7% (5.9%). The Group suffered an operating loss of DKK 98 million for Q4 2012/13 corresponding to a deterioration of DKK 45 million compared to Q4 2011/12. * After having adjusted for non-recurring costs of DKK 38 million in Q4 2012/13, the operating profit amounted to DKK 195 million. The last reported outlook stated an expected level of DKK 170-200 million when not including non-recurring costs in Q4. * Cash flow from operating and investing activities of continuing operations rose by DKK 47 million to DKK 183 million (DKK 136 million). * Investments for 2012/13 amounted to DKK 66 million (DKK 108 million) and were lower than expected (the last reported outlook indicated a level of DKK 80-100 million) which is primarily attributable to a temporary difference of IT investments and leasehold improvements. OUTLOOK FOR 2013/14 The Group’s Premium brands are expected to continue the positive development and generate solid growth rates for 2013/14. As a consequence of the challenges in the Group’s Mid Market segment, which is expected to suffer a revenue setback, the total consolidated revenue growth for 2013/14 is expected to be modest. However, earnings are expected to be improved in all segments and the total consolidated earnings are consequently expected to increase significantly compared to DKK 157 million realised in 2012/13. Investments for the financial year 2013/14 are expected to attain a level of DKK 70-90 million primarily for an expansion of the distribution in the two Premium segments. The Board of Directors recommends that a dividend of DKK 2.00 per ordinary share eligible for dividend is distributed to the shareholders corresponding to a total dividend of DKK 33 million. Furthermore, during the financial year 2013/14 Management expects to distribute DKK 100 million through a combination of share buy-back and extraordinary dividend. Group CEO of IC Companys A/S Mads Ryder commented; ”The corporate strategy is finalised and the targets are set. Earnings must improve. Our Premium brands, which all hold great potentials, must continue the expansion they have embarked on, and the Mid Market segment must put higher focus on its earnings capacity in the core markets. I look forward to heading IC Companys and fulfilling the target of future improved earnings.” IC COMPANYS A/S Mads Ryder Group Chief Executive Officer Chris Bigler Chief Financial Officer PLEASE DIRECT ANY QUESTIONS REGARDING THIS ANNOUNCEMENT TO: Jens Bak-Holder IR Manager Phone: +45 3266 7093

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