IC Companys posts interim report for July'09-Mar'10
12 May '10
6 min read
The Board of Directors of IC Companys A/S has approved the consolidated interim report for the period 1 July 2009 – 31 March 2010 at a Board Meeting held on 11 May 2010.
Consolidated net revenue for Q3 2009/10 decreased modestly by 1% to DKK 996 million. The positive development of the Group's retail revenue continued into Q3. The Group's gross margin has been under considerable pressure due to foreign exchange movements. Improved efficiency has, however, absorbed the majority of these negative effects generated by exchange movements and the consolidated operating profit thus amounted to DKK 96 million corresponding to an EBIT margin of 9.6%
Statement By The Management The Board of Directors and the Executive Board have considered and approved the interim financial report for the period 1 July 2009 – 31 March 2010.
The interim financial report is unaudited and has been prepared in accordance with IAS 34 ”Interim Financial Reporting” as adopted by the EU, cf. section on accounting policies, and additional Danish interim reporting requirements for listed companies.
We consider the accounting policies applied to the effect that the interim financial report gives a true and fair view of the Group's assets, liabilities and financial position as at 31 March 2010, and of the results of the Group's operations and cash flows in the period 1 July 2009 – 31 March 2010.
We further consider Management's review to be a true and fair presentation of the development in the Group's operations and financial matters, the profit for the period and of the Group's financial position as a whole and describes material risks and elements of uncertainty pertaining to the Group.
• Consolidated revenue for Q3 2009/10 amounted to DKK 996 million (DKK 1,008 million) which corresponds to a 1% setback. • Gross profit for Q3 2009/10 amounted to DKK 580 million (DKK 599 million) which corresponds to a setback in the gross margin of 1.2 percentage points to 58.2%. Foreign exchange movements alone were attributable to a setback of 3.7 percentage points. • Capacity costs for Q3 2009/10 amounted to DKK 484 million (DKK 483 million) and are by and large unchanged. This corresponds to a cost rate of 48.6% (47.9%). • Operating profit for Q3 2009/10 amounted to DKK 96 million (DKK 116 million) which corresponds to a decrease in the EBIT margin of 1.9 percentage points to 9.6%. • Order intake for the autumn collection 2010 is expected to generate a growth rate of 2%.
Specified guidance for 2009/10
• Based on developments seen in Q3 and the month of April, the Group expects to generate revenue in the region of DKK 3,450 – 3,500 million (previous estimate of DKK 3,400-3,500 million) and an operating profit in the region of DKK 240 – 270 million (previous estimate of DKK 220-270 million) for the financial year 2009/10. • 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.
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