COMPANY ANNOUNCEMENT
IC Companys A/S - Interim Report H1 2009/10
Consolidated revenue for Q2 2009/10 was unchanged compared to the corresponding
period last year. Total revenue for H1 2009/10 decreased by 9% to DKK 1,865
million. The negative trend experienced in the Group's retail channel for Q1
2009/10 has been succeeded by an increase in Q2 2009/10 while the decline in the
wholesale channel has been limited. This development contributed positively to
the consolidated operating profit which amounted to DKK 263 million
corresponding to an EBIT margin of 14.1%
The Board of Directors of IC Companys A/S has approved the consolidated interim
report for the period 1 July - 31 December 2009 at a Board Meeting held on 22
February 2010.
* Consolidated revenue for H1 2009/10 amounted to DKK 1,865 million (DKK
2,052 million) which corresponds to a 9% setback. However, revenue for Q2
2009/10 was unchanged compared to the corresponding period last year.
* Gross profit amounted to DKK 1,157 million (DKK 1,222 million) which
corresponds to an increase in the gross margin of 2.5 percentage point to
62.0%. The positive trend seen in Q1 thereby continued in Q2 2009/10.
* Capacity costs amounted to DKK 894 million (DKK 1,019 million) which is
equal to a 12% reduction. This corresponds to a cost rate of 47.9% (49.7%).
* Operating profit amounted to DKK 263 million (DKK 202 million) which
represents an increase in the EBIT margin of 4.2 percentage point to 14.1%.
Operating profit for Q2 2009/10 amounted to DKK 42 million (loss of DKK 28
million).
* Order intake for the summer collection 2010 has been completed and recorded
a 1% improvement measured in local currencies and a setback of 4% in
reporting currency.
Upward revision of outlook for 2009/10
* Given the current market situation, uncertainty still dominates the outlook
for the remainder of the financial year, however, the initiatives launched
by the Executive Board to counter decreasing activities experienced in
2008/09 have been realised faster than expected. Inventories have been
reduced and the discounts are smaller. Seen in light of the above, the Group
expects to generate revenues in the region of DKK 3,400 - 3,500 million
(previous estimate of DKK 3,300 - 3,400 million) and an operating profit in
the region of DKK 220 - 270 million (previous estimate of DKK 150 - 200
million) for the financial year 2009/10.
* The two tax cases, which involved IC Companys and the tax authorities in
Denmark and Germany, were settled and resulted in an improvement by DKK 30
million to the consolidated profit after financial items and tax.
* Investments in the region of DKK 100 - 120 million are expected to be
maintained, primarily for an expansion of the distribution and sales
promoting improvements of the IT platform.
Further information
Niels
Mikkelsen
Chris Bigler
Chief Executive
Officer Chief
Financial Officer
Phone: +45 3266 7721
Phone: +45 3266 7017
[HUG#1387163]
