STOCK EXCHANGE ANNOUNCEMENT
2 March 2009
Structural adjustments in IC Companys A/S
As previously announced in the Group's Interim Report H1 23 February
2009 (Stock Exchange Announcement no. 7/2009) the Executive Board
has launched a number of initiatives with a view to, among other
things, reducing the cost base. These initiatives are partly made to
enhance efficiency and flexibility in IC Companys in order to
strengthen the Group's sustainability to cyclical fluctuations, and
partly to increase the capacity to exploit new opportunities.
Outsourcing non-strategic functions
In the future, an external partner will be responsible for the
interior shop design. As a result, the Group's executive momentum and
flexibility will be enhanced, which is paramount to the realisation
of the growth required. Our partner assumes full ownership after a
transition period up to 1 July 2009.
Other structural adjustments
In order to increase efficiency, two minor warehouses in Poland are
merged into one large that is more suitably organised. Combined, the
result is a capacity increase from the beginning of April 2009 and
consequently, the satellite warehouse in Herlev will be vacated. The
relocation is expected to be completed 1 July 2009.
In connection with increased focus on value chain optimisation,
Soaked in Luxury will be integrated in IC Companys A/S and on the
shared platform. The integration will result in synergy effects,
which are expected to benefit not only the brand by offering
economies of scale, but also the shared platform, which in turn will
draw on the insights and competences built in Soaked in Luxury. The
integration is expected to be completed during the first quarter of
the financial year 2009/10.
The structural adjustments mentioned in the above are part of the
rationalisations announced in the Interim Report H1 2008/09. As
such, they will not have any impact on the future expectations
previously announced.
IC Companys A/S
Niels Mikkelsen
Chief Executive Officer
Please direct any questions regarding this announcement to
Chris Bigler
Chief Financial Officer
+45 3266 7017
Thomas Rohold
Investor Relations Manager
+45 3266 7093
This announcement is a translation from the Danish language. In the
event of any discrepancy between the Danish and English versions, the
Danish version shall prevail.
