Årsrapport 2003/04

ÅRSRAPPORT
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ANNUAL REPORT
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DENKA HOLDING A/S
ÅRSRAPPORT
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ANNUAL REPORT
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Indholdsfortegnelse / Contents
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Side / Page
Hovedtal / Financial Highlights
4
Bestyrelse og direktion / Supervisory and Executive Boards
5
Koncernstruktur / Group Structure
6
Forretningsgrundlag / Business Base
Ledelsens årsberetning / Management's Review
7-9
10-17
Segmentoversigt / Segment Information
18
Ledelsens regnskabspåtegning / Statement by the Supervisory and Executive Boards on the Annual Report
19
Ejerforhold / Ownership
19
Anvendt regnskabspraksis / Accounting Policies Applied
20-27
Revisionspåtegning / Auditors' Report
28
Resultatopgørelse / Income Statement
29
Balance / Balance Sheet
30-31
Egenkapitalopgørelse / Statement of Equity Movements
32
Pengestrømsopgørelse / Cash Flow Statement
33
Noter til årsrapporten / Notes to the Annual Financial Statements
4
34-46
Generalforsamling
Tirsdag, den 24. august 2004 - kl. 16.00 i selskabets lokaler, Mørupvej 16, 7400 Herning.
General Meeting
On Tuesday 24 August 2004 - at 4 pm at the address of the company, Mørupvej 16, 7400 Herning, Denmark.
DENKA HOLDING A/S
Hovedtal for Denka koncernen
Financial Highlights for the Denka Group
Koncern /
Group
1999/00
2000/01
2001/02
2002/03
2003/04
Revenue
539,7
707,1
732,5
682,4
741,7
Gross profit
192,1
268,7
244,0
233,6
290,7
Resultatopgørelse i mio. kr.
Income statement in DKK mill.
Nettoomsætning
Bruttooverskud
Profit/loss from ordinary
Resultat af ordinær primær drift
operating activities
22,8
41,2
-26,8
-34,9
5,3
Finans, netto
Financing, net
-1,6
-13,5
-10,8
-14,2
-13,9
Resultat før skat og
Profit/loss before tax
minioritetsinteresser
and minority interests
21,0
27,1
-8,0
-53,8
-29,1
Resultat efter skat
Profit/loss after tax
17,6
19,1
-10,9
-43,8
-29,4
Balance i mio. kr.
Balance sheet details in DKK mill.
Anlægsaktiver
Fixed assets
189,9
221,1
264,4
266,9
258,8
Omsætningsaktiver
Current assets
253,1
340,4
295,6
294,4
270,7
Balancesum
Balance sheet total
443,0
561,5
560,0
561,3
529,5
Egenkapital
Equity
171,0
188,0
174,4
132,8
97,2
Rentebærende gæld
Interest bearing debt
163,3
268,7
282,9
345,2
328,1
Nøgletal
Financial ratios
Overskudsgrad
Operating margin
4,5
5,7
0,4
-5,8
-2,3
Overskud pr. 100 kr. aktie
Earnings per share of DKK 100
70
73
-42
-170
-113
Egenkapitalens forrentning
Return on equity
10
10
-6
-29
-25
Egenkapitalandel, %
Equity ratio %
39
33
31
24
18
Indre værdi
Book value
678
723
671
510
374
Gennemsnitligt antal
Average number of
medarbejdere, heltids
employees, full-time
539
635
688
747
762
Aktionærrelationer
Stock market ratios
Aktieudbytte, mio. kr.
Dividend, DKK million
2,5
2,6
0,0
0,0
0,0
Børskurs, ultimo
Market price at year-end
900
885
570
380
310
Aktiekapital, mio. kr.
Share capital, DKK million
25,2
26,0
26,0
26,0
26,0
Kurs/indre værdi
Price/book value
1,3
1,2
0,8
0,7
0,8
Price/earning ratio, ultimo
Price/earnings ratio, year-end
12,9
12,1
-
-
-
Nøgletallene er beregnet efter
The financial ratios have been
Finansanalytiker Foreningens
calculated in accordance with the
'Anbefalinger og Nøgletal 1997'.
guidelines for the Calculation of
Financial Ratios and Key Figures
1997 issued by the Danish Society of
Investment Professionals.
Nettoomsætning /
Resultat efter skat /
Egenkapital /
Revenue
Profit/loss after tax
Equity
Mio. kr.
DKK mill.
100
-40
0
-50
50
0
2003/04
-30
2002/03
200
100
2001/02
-20
2000/01
300
150
1999/00
-10
2003/04
400
2002/03
0
200
2001/02
500
250
2000/01
10
Mio. kr.
DKK mill.
1999/00
600
2003/04
20
2002/03
700
2001/02
30
2000/01
4
800
1999/00
DENKA HOLDING A/S
Mio. kr.
DKK mill.
Bestyrelse og direktion
Supervisory and Executive Boards
Bestyrelse /
Bestyrelses- og direktionshverv i andre danske selskaber /
Supervisory Board
Directorships and executive positions with other Danish Companies
Formand / Chairman of the Board
Ole Balle
Julius Koch A/S, Karen og Poul Hansens Familiefond, Expan Holding A/S
Højgårdsparken 15, Ganløse, Stenløse
Næstformand / Vice-Chairman
John Bredvig
Outline Vinduer A/S, Scanprint A/S, Limtræ Danmark A/S, Plus A/S, M&N Interiør A/S,
Holtshøjen 8, Skanderborg
MP Låger A/S, Kibæk Presenning A/S, Belodan ApS, Wood-Supply A/S
Jørgen Vagn Larsen
Egetæpper A/S, Ege Contract A/S, Ejendomsselskabet Textilforum A/S,
Bækkegårdsvej 25, Sparkjær, Viborg
Egebjerggård A/S, Egelunden A/S, HIH Development A/S, Nørhaven A/S
Christian Majgaard
Kompan A/S, Brandtex A/S, Kwintet A/S, H. Daugaard Holding A/S
Kronprinsensgade 21, Odense
George Theodoridis
Ingen / None
54, Vas. Pavlou Str, Athen
Christian Feddersen*
Ingen / None
Ålvej 21a, Ål, Vinderup
Emil Poulsen*
Ingen / None
Brombærvej 27, Ølgod
Birgit Lørup*
Ingen / None
Baunsbjergvej 5, Barde, Videbæk
Direktion / Executive Board
Viggo Mølholm
International Claire Group A/S
Hans Barslund
Ingen / None
* Medarbejdervalgt bestyrelsesmedlem / Employee Representative
Nærtstående parter
Følgende personer er som følge af betydelig indflydelse på virksomhedens drift at betragte som nærtstående parter:
Viggo Mølholm
Gennem ejerskab og som direktør i selskabet
Mogens Ærthøj
Gennem ejerskab og som direktør i tilknyttede virksomheder
Hans Barslund
Som direktør i selskabet
Bestyrelsesmedlemmerne
Gennem deres plads i bestyrelsen
Der har ikke været transaktioner med disse personer udover almindeligt ansættelsesforhold.
Related parties
The following persons are considered related parties due to their having a significant influence on the company's operations:
Viggo Mølholm
By virtue of ownership and in his capacity of executive officer of the company
Mogens Ærthøj
By virtue of ownership and in his capacity of executive officer of the group enterprises
Hans Barslund
In his capacity of executive officer of the company
Members of the Supervisory Board
By virtue of their positions on the board
No transactions have been conducted with the said persons other than within the framework of their employment.
5
Koncernstruktur
Group Structure
100%
100%
100%
Club 8 Company A/S
Dencon A/S
Club 8 Retail A/S
100%
100%
100%
100%
100%
100%
100%
91%
100%
100%
100%
100%
UAB Club 8 Company,
Lithuania
Club 8 Company GmbH,
Germany
Club 8 Company AB,
Sweden
Club 8 Company UK Ltd.,
United Kingdom
Club 8 Company B.V.,
Holland
Club 8 Company Inc.,
USA
BC Stockholm AB,
Sweden
BoConcept® Poland
Sp.z o. o., Poland
BoConcept® Deutschland
GmbH, Germany
Club 8 Company K.K.,
Japan
BoConcept® S.a.r.l.,
France
Club 8 Company
Retail Inc., USA
Basic 3D
Denka Holding A/S
LEDELSE
MANAGEMENT
Direktion, Denka Holding A/S
Executive Board, Denka Holding A/S
Viggo Mølholm, koncernchef.
Viggo Mølholm, President & CEO.
Hans Barslund, koncerndirektør.
Hans Barslund, Vice President & CFO.
Ledergruppe, Club 8 Company A/S
Group Management, Club 8 Company A/S
Viggo Mølholm, adm. direktør.
Viggo Mølholm, Managing Director.
Hans Barslund, vice adm. direktør.
Hans Barslund, Vice Managing Director.
Mogens Ærthøj, IT-direktør.
Mogens Ærthøj, IT Director.
Torben Paulin, salgsdirektør.
Torben Paulin, Sales Director.
Troels Dyrup Petersen, Supply Chain direktør.
Troels Dyrup Petersen, Supply Chain Director.
Claus Svenningsen, divisionsdirektør, polster.
Claus Svenningsen, Division Manager, upholstery.
Tina Pilgaard, Brand & Concept chef.
Tina Pilgaard, Brand & Concept Manager.
Kenneth Barsballe, Retail Operations chef.
Kenneth Barsballe, Retail Operations Manager.
Hanne Krøjgaard, økonomichef.
Hanne Krøjgaard, Financial Manager.
Charlotte Søder, Human Resources Manager.
Charlotte Søder, Human Resources Manager.
Stig Iversen, IT-chef.
Stig Iversen, IT Manager.
Carsten Jensen, distributionschef.
Carsten Jensen, Distribution Manager.
Ledergruppe, Dencon A/S
Executive Board, Dencon A/S
Henrik Feld, adm. direktør.
Henrik Feld, Managing Director.
Koncernens to største produktionsanlæg beliggende i Ølgod og Herning på henholdsvis 30.000 m2 og 24.000 m2. /
The Group's two largest production facilities of 30,000 square metres and 24,000 square metres respectively are located at Ølgod and Herning.
6
Forretningsgrundlag
Business Base
Koncernstruktur
Group structure
Denka Holding A/S' formål er i dag en 100%
Today Denka Holding A/S aims for full ownership of
ejerbesiddelse af aktiviteterne i selskaberne Club 8
the companies Club 8 Company A/S, Club 8 Retail A/S
Company A/S, Club 8 Retail A/S og Dencon A/S.
and Dencon A/S.
Alle operationelle aktiviteter finder sted i Club 8
All operational activities are handled by Club 8
Company A/S, der omfatter udvikling, produktion
Company A/S, which is in charge of the development,
og salg af møbler til private hjem, og Dencon A/S,
production and sale of furniture for private homes,
der omfatter udvikling, produktion og salg af
and by Dencon A/S, whose activities include develop-
kontormøbler til det professionelle marked, mens
ment, production and sale of office furniture for the
Club 8 Retail A/S driver retailaktiviteter indenfor
business sector, while Club 8 Retail A/S operates the
koncernens detailhandelskæde BoConcept®.
retail business of the Group's BoConcept® chain of
stores.
Mission
Gennem konceptløsninger og dedikeret, foku-
Mission
seret indsats at gøre modulære designmøbler
Through our dedicated, focussed effort and by means
tilgængelige for de mange bevidste forbrugere
of concept solutions, we aim to make modular design
i verden.
furniture available to the many style-conscious
consumers in the world.
Målsætning
Det er koncernens målsætning at blive Europas
Objectives
førende møbeludbyder indenfor dens segment.
It is the Group's objective to become Europe's
Dette sker primært gennem organisk vækst
leading furniture supplier within its segment.
indenfor det definerede forretningsområde og
This objective will primarily be achieved through
sekundært gennem opkøb, således at strategiske
organic growth within the defined business area,
synergieffekter opnås.
and secondly by gaining strategic synergies through
acquisitions.
Brands
Brands
Strategien fokuserer på et brand – BoConcept®.
Derved opnås de store marketingmæssige synergier
mellem produkt- og forretningsbrandet.
The strategy is to focus on one brand – that of
BoConcept®. This guarantees great marketing synergies between the product and the business brand.
Koncernens primære produktprogram omhandler
møbelkoncepter, som markedsføres gennem
The Group's core product range consists of furniture
franchisekæden BoConcept®, hvor målgruppen er
concepts that are distributed through the BoConcept®
den unge, moderne og trendsættende forbruger,
chain of stores, targeting the young, modern, trend-
der ønsker value for money.
setting consumer who wants value for money.
Det er strategien at komme med en væsentlig
Our vision is to launch one major new product
produktnyhed hvert år, samt at de eksisterende
every year while maintaining the existing product
produktkoncepter løbende plejes, så de til enhver
concepts in order for them to continue to reflect
tid er aktuelle på markedet. Livscyklusen bliver
current market trends at all times. This ensures the
derved så lang som muligt og samtidig med, at
longest possible life cycle of a product, in that
delkomponenter genanvendes fra program til
components can be reused from programme to
program, skabes der forudsætning for en rationel
programme, thus creating the basis for efficient
produktion.
production.
Som en konsekvens af den beslutning er dele af
As a consequence of this decision, parts of the
koncernens organisation lagt sammen, således at
Group have been merged thus that the sale and
salg og servicering af BoConcept® Brand Stores og
servicing of the BoConcept® Brand Stores and in
i fremtiden BoConcept® Studios sker parallelt ud
future the BoConcept® Studios take place in parallel,
fra et ønske om at optimere indsatsen og styrke
thereby optimising and strengthening the brand.
brandet.
7
Ved udgangen af regnskabsåret 2003/04 var der i
At the end of the financial year 2003/2004 there
alt 139 BoConcept® Brand Stores. I de kommende
were a total of 139 BoConcept® Brand Stores. In
år forventes der åbning af mellem 20-30 nye Brand
the years ahead we expect to open another 20
Stores pr. år, der vil give en nettotilgang på 15-25
or 30 new Brand Stores a year, resulting in a net
Brand Stores. Sideløbende hermed vil der marked
addition of 15-25 Brand Stores. Concurrently,
for marked ske en konvertering af de nuværende
we will convert the Club 8 studios to BoConcept®
Club 8 studier til BoConcept® Studios, samt åbning
Studios market by market as well as open new
af nye BoConcept® Studios.
BoConcept® Studios.
Den typiske BoConcept® Brand Store er i dag
BoConcept® Brand Stores typically cover an area
mellem 500-800 m2 og har et moderne, stilrent
of 500-800 square metres and are distinguished
udtryk. Hovedparten af de produkter, som afsættes
by a modern, minimalist style. The majority of
gennem butikkerne, er koncernens egne designede
the products sold through the stores are products
produkter. Den resterende del er særligt udvalgte
of the Group's own design. These are comple-
accessories og komplementærmøbler primært
mented by specially selected accessories and
importeret fra udlandet.
complementary furniture, primarily imported from
countries abroad.
Quattro
Butiksudtryk og markedsføring signalerer mærkevarer, der henvender sig til prisbevidste og trend-
Both store profile and marketing signal branded
sættende mennesker mellem 25-50 år med smag
goods targeting price-conscious trendsetters
for designmøbler.
between the ages of 25 and 50 with a taste for
designer furniture.
Fra koncernens afdeling for branding i Herning
styres konceptet stramt, hvorved alle butiksenheder
The Group's department for branding at Herning
worldwide fremstår med en ens og klar profil.
keeps a tight rein on the concept thus ensuring
Herfra sker også butiksprojektering, sortiments-
that all store units world-wide present a uniform
styring, udarbejdelse af marketing, uddannelses-
and clear corporate profile. The Brand & Concept
planer og konceptudvikling i det hele taget.
Department also handles store planning, controls
the assortment, drafts marketing and training plans
Med BoConcept® Brand Stores sikrer koncernen sig
and handles general concept development.
direkte indflydelse på afsætning, priselasticitet og
levetid.
Through the BoConcept® Brand Stores, the Group
can directly influence sales, price fixing and the life
Ved regnskabsårets afslutning er der i 63 Brand
cycles.
Stores blevet installeret et butiksstyringssystem,
Axapta. Det forøger ikke kun den enkelte
By the end of the financial year the Group had
forretningsenheds effektivitet, men binder effektivt
installed the enterprise resource planning system
forretningsenhederne og distributionscentret i
Axapta in 63 Brand Stores, which not only
Danmark kommunikationsmæssigt sammen.
enhances the efficiency of the individual store, but
also effectively ties together the store and distribution centre in Denmark in terms of communication.
Mærket Dencon, der varetages af datterselskabet
Dencon A/S, afsættes primært gennem andre
distributionskanaler end Club 8 Company
The brand of Dencon, which is handled by the
produkterne – nemlig til den del af kontrakt-
subsidiary Dencon A/S, is primarily distributed via
markedet, hvor brugerne værdsætter et attraktivt
alternative channels to the channels used for the
design kombineret med et attraktivt prisniveau.
Club 8 Company products – most notably to that
Salg/Marketing
design combined with affordable prices.
part of the contract market which values attractive
DENKA HOLDING A/S
Det er koncernens strategi at sælge møbel-
8
koncepter til et veldefineret segment. Afsætningen
Sales/Marketing
fokuserer på den rigtige eksponering i såvel
The Group strategy is to sell furniture to a clearly
BoConcept® Brand Stores som i BoConcept®
defined market segment. In the marketing of the
Studios, således at der sker en effektiv branding
products, great emphasis is placed on appropriate
af produkterne.
in-store presentation in BoConcept® Brand Stores
Salget optimeres løbende gennem systematisk
that the products achieve brand name status.
as well as in BoConcept® Studios, thus ensuring
merchandising i butikkerne samt skoling af
butikspersonalet, der altid skal have en stor
Sales are optimised continually by means of
kompetence og præference i salget af koncernens
systematic merchandising in the stores and
produkter understøttet af et professionelt
training of the store staff – who must always be
marketingmateriale.
highly skilled and promote the sale of the Group's
own products, backed by professional marketing
material.
Afsætningen af koncernens produkter sker globalt,
The Group's products are sold world-wide, although
men med fokus på en række udvalgte hoved-
a number of selected markets are receiving
markeder. På hovedparten af markederne tilstræbes
special attention. On the majority of the markets,
afsætning gennem egne salgsselskaber eller egne
endeavours are made to sell through the Group's
sælgere, hvorved optimal service og indsats kan
own sales companies or sales representatives, thus
opnås.
providing the best possible service and ensuring
maximum sales effort.
Produktion/Logistik
Club 8 Company A/S har udviklet sig fra at være
Production/Logistics
møbelproducent til at være konceptholder og
Club 8 Company A/S progressed from furniture
international distributør af et komplet produktpro-
manufacturer to concept holder and international
gram af brandede livsstilsprodukter til BoConcept®
distributor of a complete range of branded lifestyle
Brand Stores og BoConcept® Studios.
products for BoConcept® Brand Stores and
BoConcept® Studios.
Disse ændrede betingelser har medført, at Club 8
Company etablerer en struktur med større fokus på
These changed circumstances lead to the establish-
Supply Chain Management, hvor egenproduktionen
ment of a structure with increased focus on the
består af fokuserede produktionsvirksomheder (4
Supply Chain Management where the Group's own
fabrikker), der fungerer som leverandører på linje
production consists of focussed production facilities
med eksterne leverandører.
(4 plants) acting as suppliers in line with external
suppliers.
Det er koncernens strategi, at produktionsenhederne har hvert deres kerneproduktionsområde,
It is Group strategy for the production units to
og at produktionsprocesser, der ikke dækkes af
have each their own core production area and for
disse, vil blive indkøbt hos underleverandører.
production processes falling outside these to be
Konsekvensen af et stigende salg gennem
provided by sub-contractors. The rise in the sales
BoConcept® kæden medfører, at en stadigt stigende
of the BoConcept® chain of stores has led to an
andel af produktprogrammet fremstilles hos
increasing part of the product range being manu-
eksterne leverandører.
factured by external suppliers.
For at effektivisere produktionen og sikre endnu
With a view to making the production process more
kortere og mere præcise leveringstider til kunderne
effective and ensuring shorter and more reliable
samt i højere grad være i stand til at håndtere
times of delivery as well as improving our ability to
leverancer fra underleverandører er et fuldautoma-
handle supplies from our sub-contractors, a fully
tiseret højlager taget i brug i efteråret 2002 ved
automatic high-bay warehouse was commissioned
koncernens største produktionsanlæg i Ølgod.
on the Group's largest production facilities at Ølgod
in the autumn of 2002.
Informationsteknologi/
Ledelsesinformationssystemer
Information technology/
Koncernen opfatter informationsteknologi som
Management information systems
en væsentlig konkurrenceparameter, som er en
The Group views information technology as a vital
nødvendig forudsætning for at være en troværdig
competitive parameter and a prerequisite to being
og konkurrencedygtig leverandør. Det velfunge-
considered a reliable and competitive supplier. For
rende informationsteknologisystem udbygges og
this reason the Group is continually developing
forbedres løbende af koncernen.
and improving its comprehensive and effective
information technology system.
Human Resources
Koncernen vil på alle fagområder tiltrække og
Human Resources
uddanne de bedst egnede medarbejdere, som alle
In all areas of expertise the Group will attract and
er medansvarlige for, at der udvikles, fremskaffes
train the most suitable candidates for the job. Our
eller produceres kvalitetsprodukter og ydes god
employees all have a share in the responsibility for
service overfor samarbejdspartnere og endelig, at
the development, procurement or manufacture of
der skabes et godt arbejdsmiljø med en høj moral.
high quality products and for ensuring our trading
partners good service and last, but not least,
Koncernen stiller store krav til sine medarbejdere,
creating a good working environment as a basis
da succesen afhænger netop af medarbejdernes
for high moral integrity among the staff.
passion, fleksibilitet, netværkssamarbejde samt vilje
og evne til at gribe mulighederne, når de byder sig.
The Group demands much from its staff, seeing
that their passion, flexibility, networking skills and
their will and ability to take hold of the possibilities
that arise are vital to our success.
9
Ledelsens årsberetning
Management's Review
Årets resultat
Profit for the year
Nettoomsætningen i Denka Holding A/S, hvis
Denka Holding A/S, which includes the activities of
aktiviteter omhandler Club 8 Company A/S, Club 8
Club 8 Company A/S, Club 8 Retail A/S and Dencon
Retail A/S og Dencon A/S, har i regnskabsåret
A/S, produced revenue of DKK 741.7 million in
2003/04 udgjort 741,7 mio. kr., hvilket er en
the financial year 2003/2004, up DKK 59.3 million
forøgelse på 59,3 mio. kr. i forhold til sidste år eller
or 8.7 per cent on the previous year. At constant
en stigning på 8,7%. Ved uændrede valutakurser
exchange rates relative to the corresponding period
i forhold til samme periode sidste år ville væksten
of last year, growth would have been 12.3 per cent.
have været 12,3%.
Ordinary operating activities generated profits of
Occa
Resultat af ordinær primær drift er et overskud på
DKK 5.3 million compared to losses of DKK 34.9
5,3 mio. kr. i forhold til et underskud på 34,9 mio.
million in the previous financial year. An improve-
kr. i sidste regnskabsår. En forbedring på 40,2 mio.
ment of DKK 40.2 million on last year.
kr. i forhold til året før.
The profit for the year has been negatively affected
Årets resultat er negativt påvirket af andre drifts-
by other operating expenses of DKK 22.4 million
omkostninger på i alt 22,4 mio. kr., som dækker
in total, which cover non-recurring costs and de-
over engangsomkostninger og nedskrivninger i
preciation in connection with the acquisition and
forbindelse med overtagelse og rekonstruktion af
restructuring of retail companies in Sweden, Poland
retailselskaber i Sverige, Polen og UK.
and the UK.
Ordinært resultat før skat og reguleret for
The result on ordinary activities before tax and
minoritetsinteresser er et underskud på 29,1 mio.
adjusted for minority interests was a loss of DKK
kr. i forhold til et underskud på 53,8 mio. kr. i sidste
29.1 million compared to a loss of DKK 53.8 million
regnskabsår.
in the previous financial year.
Årets underskud efter skat udgør 29,4 mio. kr.
The after-tax loss for the year was DKK 29.4 million
sammenholdt med sidste års underskud på 43,8
compared to last year's loss of DKK 43.8 million.
mio. kr. Resultatet betragtes som utilfredsstillende.
The result is considered unsatisfactory.
Årets resultat ligger væsentligt under det udmeldte
The result for the year is considerably below the
break-even resultat ved regnskabsårets begyn-
previously announced break-even result and
delse, og årets resultat er også under niveauet for
the result for the year is also below the figure
den seneste regnskabsmeddelelse til Københavns
submitted to the Copenhagen Stock Exchange
Fondsbørs den 4. marts 2004.
in the Group's most recent announcement dated
4 March 2004.
Den primære årsag hertil er, at der er hensat 14,4
mio. kr. i goodwillafskrivninger i forbindelse med
The principal reason for this are provisions of
overtagelse af såvel masterrettighederne som 3
DKK 14.4 million have been set aside for goodwill
BoConcept® Brand Stores i United Kingdom.
depreciations in connection with the takeover of
the master rights as well three BoConcept® Brand
Den samlede balancesum er reduceret fra 561,3
Stores in the United Kingdom.
mio. kr. sidste år til 529,5 mio. kr., så på trods af et
negativt driftsresultat er der et positivt cash flow på
In spite of the negative operating result, the
32,4 mio. kr. før afdrag på langfristet gæld.
balance sheet total has been reduced from DKK
DENKA HOLDING A/S
561.3 million last year to DKK 529.5 million,
Koncernens egenkapital er på statusdagen opgjort
resulting in a positive cash flow of DKK 32.4 million
til 97,2 mio. kr., og egenkapitalandelen udgør
before instalments on long-term liabilities other
18,4%.
than provisions.
Resultatets disponering
As at the balance sheet date the equity of the
Bestyrelsen for Denka Holding A/S indstiller til
Group amounted to DKK 97.2 million and the equity
generalforsamlingen, at årets underskud på
to debt ratio is 18.4 per cent.
29.356 tkr. disponeres således:
Distribution of profit
The Supervisory Board of Denka Holding A/S
recommends to the company in general meeting
that the loss for the year of DKK 29,356 ('000) is
distributed as follows:
10
Årets udbytte
0
Nettoopskrivning i tilknyttede
Dividend for the year
0
Net revaluation in Group
virksomheder
-17.582
enterprises
-17,582
Overført resultat
-11.774
Retained earnings
-11,774
I alt
-29.356
Total
-29,356
ÅRETS FORLØB
THE YEAR IN REVIEW
Indtjeningsudvikling
Development in earnings
Det samlede resultat lever ikke op til de oprindelige
The overall result fails to live up to our original
forventninger, men dækker over en række positive
expectations, but reflects a number of favourable
udviklinger, som dog bliver overskygget af nogle
developments, which are, unfortunately, over-
store restrukturerings- og engangsomkostninger.
shadowed by heavy restructuring and non-recurring
costs.
I forbindelse med at Club 8 Retail A/S har udvidet
ejerandelen i 3 Brand Stores i Sverige fra 50% til
Occasioned by the expansion of the ownership
100% samt udvidet ejerandelen i et polsk selskab
share in three Brand Stores in Sweden from 50
med 4 Brand Stores til 91%, har der været rekon-
per cent to 100 per cent and a 91 per cent expan-
struktionsomkostninger for i alt 8 mio. kr.
sion of the ownership share in a Polish company,
representing four Brand Stores, Club 8 Retail A/S
Efter regnskabsårets afslutning har JD Group,
has had restructuring costs of DKK 8 million in total.
Sydafrika - indehaver af BoConcept® UK, der har
masterrettighederne til det engelske marked samt
At the close of the financial year the JD Group,
driver 8 BoConcept® Brand Stores - besluttet
South Africa - owner of BoConcept® UK, which
at trække sig ud af det engelske marked. I den
holds the master rights to the English market and
forbindelse har koncernen i juni 2004 indgået
runs eight BoConcept® Brand Stores – decided to
aftale om at købe de sunde aktiviteter, som
pull out of the English market. As a result in June
omfatter 3 Brand Stores, en kontraktafdeling
2004 the Group has entered into an agreement
samt masterrettighederne. Hovedparten af den
to purchase the sound activities, which include
forventede goodwill er afskrevet i regnskabsåret
3 Brand Stores, a contract department and the
2003/04 og belaster regnskabet med £ 1,3 mio.
master rights. The majority of the expected
svarende til 14,4 mio. kr. Beløbet er afsat som
goodwill has been amortised in the financial year
anden gæld og nedskrivning på tilgodehavender.
2003/2004 and charged to the financial statements
Ved at tilbagekøbe masterrettighederne fastholder
in the amount of £ 1.3 million equivalent to DKK
BoConcept® sit fodfæste på det engelske marked,
14.4 million. The amount has been set aside as
hvor den fortsatte ekspansion vil foregå gennem
other payables and write downs of payables. By
franchiseejede Brand Stores samt ved oprettelse
repurchasing the master rights BoConcept® retains
af BoConcept® Studios hos veletablerede møbel-
its foothold on the English market where the
handlere og department stores.
continued expansion will take place through the
Ovennævnte engangsomkostninger til rekonstruk-
BoConcept® Studios at well consolidated furniture
tionerne belaster regnskabet totalt set med 22,4
dealers and department stores.
franchise owned Brand Stores and by establishing
mio. kr.
The above mentioned non-recurring restructuring
Det er strategien, at de overtagne Brand Stores i
costs are charged to the financial statements in the
såvel Sverige, Polen og United Kingdom skal sælges
amount of DKK 22.4 million in total.
til franchisetagere i de enkelte lande, således
at ressourcerne kan koncentreres om at være
The strategy is for the acquired Brand Stores in
konceptholder.
Sweden, Poland and the UK to be sold to franchisees in the different countries in order that
Målsætningen for indtjeningen i indeværende år var
we may concentrate our resources on being the
et break-even resultat baseret på en salgsfremgang
concept holder.
på 3-5%, en forbedring af dækningsgraden samt
effekten af gennemførte omkostningsreduktioner.
The target for the earnings in the current year was
a break-even result based on an increase in the
Konsekvensen af overtagelsen af den øgede ejer-
volume of sales of 3 to 5 per cent, an improvement
andel i butikkerne i Sverige og Polen gør, at disse
in the contribution ratio and the effect of cost
selskaber, i modsætning til sammenligningstallene
cuttings implemented.
for sidste år, er fuldt konsolideret ind i koncernregnskabet. Hvis der renses for tilgangen af Sverige og
As a consequence of our acquiring an increased
Polen samt hensættelsen vedr. UK, er der følgende
ownership share in the stores in Sweden and
udvikling:
Poland these companies are fully consolidated in
the comparative figures in the consolidated financial
statements, which was not the case last year.
Adjusted for the additions from Sweden and Poland
and the provision relating to the UK, the trend is as
follows:
11
• Omsætningsvækst på 4,4%. Ved uændrede
• Growth in revenue of 4.4 per cent. The increase
will be 7.9 per cent at unchanged foreign
valutakurser ville stigningen være 7,9%
exchange rates
• Dækningsgraden er steget fra 47,5% til 49,0%
• The contribution ratio has increased from 47.5
• Kapacitetsomkostningerne er reduceret med 13,1
per cent to 49.0 per cent
mio. kr. eller 4%
• Capacity costs have been cut by DKK 13.1 million
Flere af målsætningerne er således realiseret.
or 4 per cent
Udviklingen i dollarkursen har bevirket en reduceret
We have thus achieved several of our objectives.
omsætning og indtjening fra specielt almindelige
kunder i USA. Indtjeningen i datterselskaberne
The development in the dollar rate has resulted
i USA og UK levede ikke op til forventningerne,
in reduced revenue and earnings from ordinary
primært som følge af dårlig performance og for
customers in the USA especially. Earnings in
høje omkostninger i de lokale distributionscentre.
the subsidiaries in the USA and the UK failed to
Det lokale resultat i disse to selskaber var således
live up to expectations, primarily due to poor
et samlet underskud på 18 mio. kr., hvilket er
performance and prohibitive costs in the local
væsentligt under forventningerne.
distribution centres. The combined result of these
two companies locally was thus a loss of DKK 18
million, which is considerably below expectations.
Resultatet af aktiviteterne i det operative selskab,
Accessories
Club 8 Company A/S, har således realiseret en
resultatfremgang på 28,6 mio. kr. i forhold til sidste
This means that the result of the operating
år med et overskud før skat på 15,3 mio. kr. til
company, Club 8 Company A/S, has improved by
DKK 28.6 million on last year, resulting in a pre-tax
følge.
profit of DKK 15.3 million.
Den samlede balancesum er reduceret fra 561,3
mio. kr. sidste år til 529,5 mio. kr. som resultatet
The balance sheet total has been reduced from DKK
af, at tilgodehavender er reduceret fra 133,9 mio.
561.3 million last year to DKK 529.5 million as a
kr. til 96,5 mio. kr. Lagrene er dog vokset med 15,2
result of receivables having been reduced from DKK
mio. kr., hvoraf 9,5 mio. kr. skyldes overtagelsen af
133.9 million to DKK 96.5 million. However, inven-
Sverige og Polen. Den øgede sourcing i Fjernøsten
tories have grown by DKK 15.2 million, DKK 9.5
bevirker ligeledes en øget kapitalbinding i lagre.
million of which are attributable to the acquisition
of the Swedish and Polish activities. The increased
Reduktionen i balancen har bevirket, at på trods af
amount of sourcing in the Far East also contributes
et negativt driftsresultat er der et positivt cash flow
to more funds being tied up in inventories.
på 32,4 mio. kr. før afdrag på langfristet gæld. Hvis
der reguleres for indregningen af Sverige og Polen i
Despite a negative operating result, the reduction
balancen, er der reelt et positivt cash flow på 39,9
in the balance sheet total has resulted in a positive
mio. kr. før afdrag på langfristet gæld mod et mål
cash flow of DKK 32.4 million before instalments
på 30,0 mio. kr.
on long-term liabilities other than provisions. When
making an adjustment for the recognition in the
Koncernens egenkapital er på statusdagen opgjort
balance sheet of the Swedish and Polish activities,
til 97,2 mio. kr. Egenkapitalen er faldet med 35,5
this leaves a positive cash flow of DKK 39.9 million
mio. kr. i forhold til sidste år, hvilket i tillæg til årets
before instalments on long-term liabilities other
resultat består af -4,3 mio. kr. regulering til primo
than provisions compared to the targeted DKK 30.0
samt -1,8 mio. kr. i værdiregulering af sikrings-
million.
instrumenter. Egenkapitalandelen udgør 18,4%.
As at the balance sheet date the equity of the
Den rentebærende gæld er reduceret med 17,1
Group amounted to DKK 97.2 million. Equity
mio. kr.
declined by DKK 35.5 million on last year, which
decline combined with the result for the year is
Salgs-/markedsudvikling
made up of a downward adjustment of DKK 4.3
Der er væsentlig forskel på omsætningsudviklingen
million to the opening balance and a downward
value adjustment of DKK 1.8 million in
i de enkelte salgskanaler. Salget til
BoConcept® Brand Stores er steget
Omsætningsfordeling på salgskanaler /
respect of hedging instruments. The
med godt 15% i forhold til sidste
Share of Total Sales broken down by
equity to debt ratio is 18.4 per cent.
år. Salget til almindelige kunder
Channels of Distribution
Interest-bearing debt has been
DENKA HOLDING A/S
er derimod faldet med 5%. Salget
til Business-to-Business kunder
(kontormøbler) er faldet hele 18% i
forhold til sidste år, således at ande-
50%
lene af den totale omsætning målt
40%
på året er som følger: BoConcept®
30%
56%, almindeligt salg 38% og
Business-to-Business 6%. I grafen er
udviklingen i omsætningsfordelingen
på salgskanaler.
reduced by DKK 17.1 million.
60%
Sales/market development
Trends in revenue vary greatly
from one distribution channel to
another. Sales to the BoConcept®
20%
Brand Stores rose by 15 per cent
10%
compared to last year. Conversely,
®
BoConcept
Brand Stores
2002/03
12
sales to ordinary customers declined
0%
Business-to-Business
Almindeligt salg /
Ordinary sales
®
BoConcept Studios
2003/04
by 5 per cent. Sales to Business-toBusiness customers (office furniture)
Den strategiske satsning på BoConcept® giver sig
declined by as much as 18 per cent compared to
således udslag i, at dette segment nu er det største
last year, resulting in the following breakdown of
enkeltsegment.
total revenue by distribution channel on a full-year
basis: BoConcept® 56 per cent, ordinary sales 38
I det forløbne år har salgsindsatsen været fokuseret
per cent and Business-to-Business 6 per cent. The
på at øge omsætningen gennem BoConcept® Brand
graph shows the trend in revenue by channel of
Stores og BoConcept® Studios. En stor del af om-
distribution.
sætningen til almindelige kunder går til forhandlere,
der har etableret BoConcept® Studios eller Club 8
The strategic focus on BoConcept® has made this
Studios. Almindeligt produktsalg er fortsat faldende,
segment the largest single segment.
dels pga. den fokuserede indsats i henhold til
strategien samt udmeldelser af de programmer,
In the past year the sales effort has been focused
som ligger uden for BoConcept® kollektionen.
on increased revenue through the BoConcept®
Markedsmæssigt er der væsentlig forskel i udviklin-
substantial share of ordinary sales is generated by
gen på de enkelte markeder.
distributors who have set up BoConcept® Studios
Brand Stores and the BoConcept® Studios. A
or Club 8 Studios. Sales to ordinary customers
Udviklingen i USA og UK er kendetegnet af frem-
continue to decline, partly due to the strategy
gang i salget til BoConcept® Brand Stores som følge
adapted to make a concentrated effort to discon-
af et øget antal Brand Stores, hvorimod der har
tinue series that lie outside the BoConcept® ranges.
været tilbagegang i salget til almindelige kunder.
Der er nettofremgang på begge markeder. Den
Markets have developed in vastly different ways.
faldende dollarkurs har reduceret fremgangen
og har specielt ramt afsætningen til almindelige
The trends in the USA and the UK are characterised
kunder/kæder.
by increased sales to the BoConcept® Brand
Stores due to a rising number of Brand Stores,
I Japan har udviklingen både for BoConcept® Brand
whereas sales to ordinary customers have suffered
Stores og for det generelle salg været god.
a decline. Both markets show net progress. The
I Skandinavien er udviklingen vendt, idet den
and has hit sales to ordinary customers and chains
kraftige fokusering på de kunder, der er en del af
particularly hard.
declining dollar rate has reduced the improvement
den fremtidige studiestrategi, samt åbningen af
nye BoConcept® Brand Stores i Danmark begynder
In Japan sales grew, both generally and to the
at give effekt med en omsætningsvækst til følge i
BoConcept® Brand Stores.
såvel Danmark, Norge, Sverige og Finland.
In Scandinavia the trend has been reversed thus
Markedssituationen i Tyskland er fortsat præget af
that the strong focus on customers making up part
lavkonjunktur. Der er dog tegn på, at den negative
of our future studio strategy and the opening of
salgsudvikling til almindelige kunder opvejes af
new BoConcept® Brand Stores in Denmark is begin-
stigende afsætning til BoConcept® Brand Stores.
ning to take effect, resulting in growth in revenues
in Denmark, Norway, Sweden and Finland.
Salgsorganisationen udvikles og tilpasses løbende
i forhold til nye krav som følge af, at en større
The German market is still struggling under
og større andel af omsætningen sker gennem
economic recession. However, there are indications
BoConcept® Brand Stores og Studios.
that the negative trend in sales to ordinary
customers is being counteracted by rising sales
Retail/BoConcept®
to the BoConcept® Brand Stores.
Koncernens eget retailkoncept BoConcept® havde
ved årets afslutning 139 Brand Stores, hvilket vil
We are continually developing and adapting the
sige, at nettotilgangen af Brand Stores har været
sales organisation to the new requirements that are
20 Brand Stores. Bag disse tal ligger 24 nyåbninger
a result of a greater and greater share of revenues
og 4 lukninger. Det totale butiksareal er i perioden
being generated by the BoConcept® Brand Stores
forøget med 11.424 m2, og det totale salgsareal er
and Studios.
nu på 68.145 m2.
Retail/BoConcept®
BoConcept® blev kåret til årets bedste koncept
The Group's own retail concept, BoConcept®, had
indenfor kategorien 'household goods & electronics'
139 Brand Stores at year-end, corresponding to
da det internationale institut, Mapic, for 8. gang
a net addition of 20 Brand Stores. The underlying
valgte verdens mest dynamiske retailers ved et
figures are 24 new store openings and 4 closures.
internationalt arrangement i Cannes.
During the period, total store space grew by 11,424
square metres, bringing the total selling space up
Projektet vedrørende optimering af systemerne
to 68,145 square metres at present.
i og omkring vores BoConcept® kæde er med
færdiggørelsen af den elektroniske shop mana-
BoConcept® was elected the best concept of the
gement guide, 'Power Book', overgået til den
year within the category 'household goods &
globale forankringsfase. Det færdige resultat
electronics' when the international institute, Mapic,
er præsenteret for masters og franchisetagere,
chose the world's most dynamic retailers at an
der repræsenterede over 100 Brand Stores på
international event held in Cannes for the 8th time.
13
franchisekonferencen, der blev afholdt primo
With the completion of the electronic shop manage-
maj i Danmark. 'Power Booken' er en elektronisk
ment guide, the Power Book, the project relating to
driftsmanual, der bygger på best practice. 'Power
the optimisation of the systems in and around our
Booken' vil fremover understøtte alle kursus-
BoConcept® chain has entered its global consolida-
aktiviteter i BoConcept® University.
tion phase. The finished result has been presented
Indivi & Indivi 2
to masters and franchisees representing more
Projektet har skabt større klarhed omkring den
than 100 Brand Stores at the franchise conference,
organisatoriske proces i at ændre sig fra en
which was held in Denmark in early May. The Power
moderne møbelproducent til en international
Book is an electronic operational manual based on
logistik- og distributionsvirksomhed, der styrer
best practice. All the courses at the BoConcept®
en møbelkæde.
University will refer to this manual.
BoConcept®'s IT-system, Axapta, er i årets løb
The project has also created transparency as to the
blevet implementeret i 25 Brand Stores, således at
organisational process of changing from a modern
over 50% af BoConcept®'s samlede retailomsætning
furniture manufacturer to an international logistics
nu befinder sig på samme platform fordelt på i alt
and distribution business controlling a furniture
63 forskellige lokationer i 8 lande.
chain.
Marketing
The IT-system of BoConcept®, Axapta, has been
På alle markeder er markedsføringsindsatsen
implemented in 25 Brand Stores throughout the
koncentreret om at skabe ét brand, og det
year so that more than 50 per cent of the total
vurderes, at kendskabsgraden til BoConcept® er
retail revenues generated by BoConcept® are
øget. Nye tiltag i form af en international kommu-
now on the same platform, broken down into 63
nikationsplatform implementeres internationalt fra
different locations in 8 countries in total.
august 2004. Kommunikationsplatformen er opdelt
i nationale og lokale kampagner. Den nationale
Marketing
del bygger hovedsageligt på at skabe image og
The marketing effort is being stepped up with a
opbygge brandet, hvor de lokale kampagner har til
view to building greater awareness of the brand
formål at skabe trafik i butikken.
in all our markets. It is estimated that brand
awareness of BoConcept® has been increased.
De første skridt i en større automatiseringsproces
New measures in the form of an international
er startet, herunder implementeringen af en pris-
communication platform have been prepared
og tekstdatabase, som skal danne grundlag for
and will be implemented globally from the end of
alle tekster og priser, der overhovedet bruges på
August 2004. The communication platform is based
Club 8 Company. Det være sig prislister, kataloger,
on a break-up of national and regional campaigns.
internet, produktion, labels osv. Dette betyder, at
The national part will mainly be concentrated on
alle data kun registreres og opbevares ét sted, så
creating an image and building a brand, whereas
rettelser og tilføjelser ligeledes slår igennem i alle
the regional campaigns have the aim of getting
kategorier blot ved at lave en justering én gang.
people into the stores.
Club 8 Company A/S indgik efteråret 2003 et
The first steps have been taken in a general
strategisk samarbejde med et reklamebureau om at
automation process, which includes the creation
outsource produktionsdelen af marketingopgaverne.
of a database on which all texts and prices used
Skiftet er implementeret med succes. Dette er
by Club 8 Company will be based in future. This
ligeledes en af aktiviteterne i projektet om effektivi-
includes price lists, catalogues, internet, production,
sering af vores marketingopgaver via web-baserede
labels etc. This implies that data are only registered
løsninger, som vil blive fundamentet fremover til
and stored in one place thus that changes and
håndtering af marketingopgaverne for stadig flere
additions are implemented in all categories by
Brand Stores og Studios. En on-line imagebank er
means of a single adjustment.
allerede under implementering.
Club 8 Company A/S formed a strategic alliance
Business-to-Business
with a marketing agency with a view to outsourcing
Markedet for kontormøbler har været stærkt
the production side of its marketing tasks with
faldende, og afsætningen er således faldet med
effect from the autumn 2003. The change has
18% i forhold til sidste år.
been successfully implemented. This is yet another
DENKA HOLDING A/S
element in the project to enhance the efficiency
14
Til trods for den faldende omsætning, har en
of our marketing tasks by means of web-based
forbedret dækningsgrad samt en reduktion af
solutions, which will enable us to handle the
bemandingen forbedret indtjeningen i selskabet
marketing tasks of a growing number of Brand
med 2,5 mio. kr. i forhold til sidste år, men stadig
Stores and Studios in future. The first step with
med et underskud på 3,7 mio. kr. til følge.
an on-line. An on-line image bank is already being
implemented.
Produktudvikling/produktprogram
En vigtig del af koncernens strategi er design- og
Business-to-Business
konceptudvikling, ligesom det er en af de vigtigste
The office furniture market has been in serious
forudsætninger for BoConcept® Brand Stores fort-
decline, and as a consequence, sales have dropped
satte succes og udvikling.
by 18 per cent relative to last year.
Hele design- og konceptudviklingen tager sit
Despite the declining sales, an improvement of the
udgangspunkt i en 1.000 m2 BoConcept® Brand
contribution margin and staff cuts have resulted
Store. I udviklingsfasen lægges der ikke kun vægt
in improving earnings in the company by DKK 2.5
på, at produkterne skal have et højt designindhold
million relative to last year, albeit leaving a loss of
og være trendsættende, men også at de både skal
DKK 3.7 million.
være kommercielle samtidig med, at kollektionen
skal være 'affordable'. Hele BoConcept® sortimentet
Product development/Product range
af reoler, sofaer, borde, stole, senge, brugskunst
Design and concept development are important
etc. er totalkoordineret, hvad angår farver, træ-
tools in the Group strategy and one of the principal
sorter og design.
prerequisites for the continued success and
expansion of the BoConcept® Brand Stores.
I det forløbne år har der været fokus på designog logistikoptimering af store dele af produkt-
The development of the design and concept is
programmet samtidig med, at polsterprogrammet
based on a 1,000 sqm BoConcept® Brand Store.
er blevet væsentligt udvidet. Der er således sket en
In the development phase, regard is had not only
yderligere nedbringelse af antal varenumre – både
to ensuring that the products have a high design
lagerførte og i egen produktion, således at der er
content and are trendsetters; they also have to
skabt grundlag for væsentlige nyintroduktioner i det
be commercially viable and affordable. The entire
kommende år.
BoConcept® range, featuring wall units, sofas,
tables, chairs, beds, accessories etc. is completely
Supply Chain Management
coordinated as regards colours, wood species and
Der har i årets løb været fokuseret på at forbedre
design.
leveringsevnen på færdigvarer fra Danmark, da
hovedparten af varerne til øvrige distributions-
In the past year we have focused on optimising the
centre og nærmarkeder leveres herfra. Leverings-
logistics and design of large parts of our product
sikkerheden er forøget, således at over 95% af alle
range while considerably expanding the upholstery
bekræftede ordrer leveres til den lovede leverings-
range. We have therefore further reduced the
tid. Ligeledes kan over 95% af alle lagerførte varer
number of product codes – both for the products for
leveres inden for en uge, hvilket gør, at Club 8
which we are stockists and for our own production
Company kan tilbyde en af branchens bedste
in order to make room for key product launches in
leveringsydelser, både hvad angår leveringssikker-
the year ahead.
hed og leveringstid.
Supply Chain Management
Målet er at forbedre leveringssikkerheden på alle
During the year we have focused on improving our
markeder og ud af alle distributionscentre i det
ability to deliver finished goods from Denmark as
kommende år. Dette er en af forudsætningerne for
the majority of the goods to the other distribution
bedre rentabilitet i BoConcept® Brand Stores, som
centres and neighbouring markets are delivered
dermed ikke skal være lagerførende af alle varer.
from here. Reliability of delivery has been improved
thus that in excess of 95 per cent of all confirmed
Med et designorienteret produktprogram og
orders are delivered at the agreed time. Also,
hyppige ændringer i trends er der behov for hurtigt
more than 95 per cent of all goods in stock can be
og fleksibelt at kunne reagere i forhold til ændret
delivered within the week, and this makes Club 8
forbrugeradfærd. Derfor er der gennemført en
Company one of the leading suppliers in the
reduktion af gennemløbstiderne i plademøbel-
industry both as regards reliability and time of
fabrikkerne fra 35 til 25 dage med det formål at
delivery.
forøge leveringsevnen samt at reducere kapitalbindingen. Der forventes en fortsat reduktion af
The target is to improve the reliability of delivery
gennemløbstiden i fabrikkerne i indeværende år.
on all markets and out of all distribution centres
in the year ahead. This is one of the prerequisites
Polstervarer udgør en stigende andel af omsætnin-
for improved profitability in the BoConcept® Brand
gen. På fabrikken i Hornslet, hvor der produceres
Stores, which are not supposed to stock all goods.
ordrespecifikke polstervarer, er leveringssikkerheden blevet forbedret markant i år, hvilket
With a design oriented product range and
bidrager til en samlet forbedring af leveringssikker-
frequently changing trends there is a need to be
heden til kunderne. Ligeledes er der igangsat
able to respond quickly and flexibly to a change in
ændringer i forretningsgange og optimeringer,
consumer conduct. With this in mind the production
der reducerer leveringstiden, der nu er på 5–6
lead times in the board furniture factories have
uger. Målet er at reducere leveringstiden til 4 uger
been reduced from 35 to 25 days with a view to
gennem optimering af samarbejdet med systuer i
improving our ability to supply and reduce the
udlandet.
funds tied up in inventories. We expect to reduce
production lead times even further during the year.
Der vil blive arbejdet med at forbedre og effektivisere ordreoptagelsesprocesserne i hele for-
Upholstery items account for an ever increasing
syningskæden fra BoConcept® Brand Stores og
share of revenue. At the factory in Hornslet
tilbage til leverandørerne.
where we manufacture upholstery items to order,
reliability of delivery has been considerably
improved this year, and this contributes to the over-
15
En stigende andel af både færdigvarer og kom-
all improvement in the reliability of delivery to the
ponenter til egenproduktion sources i Fjernøsten.
customers. We have also implemented changes in
Udviklingen af et velfungerende netværk af leve-
business procedures and optimisations that reduce
randører i Fjernøsten er af afgørende betydning for
the delivery time, which is now five to six weeks.
Club 8 Company's evne til at udvikle og forsyne
The aim is to reduce the delivery time to four
BoConcept® kæden med det rette produktprogram
weeks through an optimisation of the collaboration
til en konkurrencedygtig pris. Et repræsentations-
with dressmakers' workrooms abroad.
kontor i Fjernøsten er under etablering, hvis formål
i første omgang er at indkøbe polstervarer og stof-
We will work to improve and enhance the efficiency
fer til underleverandørerne af polsterproduktionen.
of our order taking routines in the entire supply
Gennem udvikling af sortimenterne produceret i
chain from the BoConcept® Brand Stores and back
Fjernøsten er det ligeledes målet at kunne tilbyde
to the suppliers.
markedstilrettede polsterprodukter til primært det
japanske og amerikanske marked.
An increasing share of both finished goods and
Inzoni
components for in-house production is sourced in
En stigende andel af færdigvarer vil blive designet
the Far East. Creating a well functioning network
og udviklet i samarbejde med eksterne leveran-
of suppliers in the Far East is a key element in
dører i udlandet. Det kommende år vil der være
Club 8 Company's development of and supplying
fokus på at forbedre logistikken i forhold til en
the BoConcept® chain with the right product range
stigende sourcing i Fjernøsten. Dette vil bl.a. ske
at a competitive price. A representation office is
gennem udvikling af et netværk af samarbejds-
being set up in the Far East with the preliminary
partnere med kendskab til sourcing i Fjernøsten
aim of purchasing upholstery goods and fabrics
ligesom en modernisering af egne indkøbs- og
for sub-suppliers of the upholstery production. By
designprocesser er nødvendig.
developing the ranges manufactured in the Far East
we also aim to offer upholstery products adapted to
Medarbejdere
the Japanese and American markets in particular.
Det gennemsnitlige antal medarbejdere er steget
fra 747 i 2002/03 til 762 i 2003/04. Hvis der
More and more finished goods will be designed
reguleres for tilgangen af Sverige og Polen, er der
and developed in collaboration with external
reelt et fald i bemandingen på 52 medarbejdere i
suppliers abroad. In the year ahead we will focus
forhold til sidste år.
on improving logistics in relation to the increasing
amount of sourcing in the Far East. We will do this
Den gennemsnitlige bemanding i Danmark er
by developing a network of trading partners with
reduceret med 43 i forhold til 2002/03.
knowledge of sourcing in the Far East, and we also
need to update our own procurement and design
Investeringer
routines.
Der er i årets løb investeret 15,8 mio. kr. i anlægsaktiver, hvoraf 7,5 mio. kr. vedrører overtagelse af
Staff
tilknyttede virksomheder.
The average number of staff has risen from 747 in
2002/2003 to 762 in 2003/2004. Adjusted for the
additions from Sweden and Poland, there is a net
KONCERNENS FORVENTEDE
decline in staff of 52 compared to last year.
UDVIKLING I 2004/05
The average workforce in Denmark has been
Koncernen forventer for regnskabsåret 2004/05 et
reduced by 43 relative to 2002/2003.
driftsresultat før skat på mellem 10 og 15 mio. kr.
og en stigning i omsætningen på mellem 5 og 10%.
Investments
During the year DKK 15.8 million has been invested
Omsætningsstigningen er baseret på organisk
in fixed assets, DKK 7.5 million of which relate to
vækst på uændret niveau som resultat af helårs-
the acquisition of group enterprises.
effekten af butiksåbningerne i 2003/04 samt forventninger om åbninger af 15-20 nye BoConcept®
Brand Stores med nettotilgang af 10-15 Brand
FORECAST FOR THE GROUP
Stores til følge. Der forventes ligeledes en generel
FOR 2004/2005
DENKA HOLDING A/S
stigning i 'same store sale' som følge af de igangsatte aktiviteter, der understøtter og optimerer
For the financial year 2004/2005 the Group expects
driften i BoConcept® Brand Stores.
a pre-tax operating profit of between DKK 10 to 15
million and an increase in revenue of between 5 to
Der er iværksat handlingsplaner for at forbedre
10 per cent.
performance og økonomien i de lokale distributionscentre i UK og USA. Der er allokeret ressourcer
The increase in revenue is based on organic growth
fra såvel centralt som lokalt hold for at forbedre
at an unchanged level due to the full-year effect of
driftssituationen, hvilket forventes at bidrage
store openings in 2003/2004 and expectations of
til væsentlige forbedringer af resultaterne. Den
another 15 to 20 new BoConcept® Brand Stores,
indgåede aftale om overtagelse af de 3 Brand
resulting in a net addition of 10 to 15 Brand
Stores i UK vil ligeledes muliggøre flere optimerings-
Stores. Also, a general increase in 'same store
muligheder, der vil forbedre indtjeningen i
sales' is expected as a result of activities launched
distributionsselskabet.
to underpin and optimise the operation of the
BoConcept® Brand Stores.
16
Balancereduktion er fortsat et væsentligt indsatsområde med henblik på at frigøre midler til at
Plans of action have been launched to improve
reducere koncernens gældsforpligtigelser.
performance and the financial position in the
De vigtigste indsatsområder vil være:
local distribution centres in the UK and the USA.
Resources have been allocated both centrally
• Der investeres væsentligt mindre, end der
afskrives
and locally to improve operating conditions and
this is expected to contribute to considerable
• Kapitalbindingen i lagre skal reduceres ved at
improvements in the results. The agreement on the
reducere gennemløbstiden i forsyningskæden
acquisition of the three Brand Stores in the UK may
open up more possibilities for optimisation, which
Samlet mål, også for det kommende år, er et
will in turn improve the earnings potential in the
positivt cash flow på minimum 30 mio. kr. efter
distribution company.
investeringer.
The reduction in the balance sheet total with a view
Investeringer
to releasing funds to reduce group debt continues
Der er i det kommende år planlagt investeringer på
to be an important objective. The main areas of
ca. 15 mio. kr. i anlægsaktiver.
attention are:
Miljø
• To keep investments well below the depreciation
Koncernens selskaber er ikke omfattet af reglerne
om 'Grønne regnskaber'.
charge
• To reduce the funds tied up in inventories and to
reduce lead times in the supply chain
De lovpligtige miljøgodkendelser forefindes hos de
enkelte produktionsenheder.
The overall target, also for the year ahead, is a
positive cash flow of at least DKK 30 million after
Det forventes ikke, at der vil komme store miljø-
investments.
mæssige investeringer i den nærmeste fremtid.
Investments
Risici
During the next year we have planned to invest
Koncernens selskaber afdækker efter løbende
approximately DKK 15 million in fixed assets.
vurdering sine valutatilgodehavender og fremtidige
forventede valutaindtægter via valutatermins-
Environment
forretninger og valutaoptioner. Renterisici tilstræbes
The Group companies are not subject to the
afdækket ved at tilpasse renteløbetiden på
regulations on 'green accounting'.
koncernens rentebærende gæld til aktivmassens
rentefølsomhed.
The statutory environmental approvals are held by
the individual production units.
Det vurderes, at koncernen ikke har risici udover de
for branchen normalt forekommende.
No major environmental investments are planned in
the near future.
Begivenheder efter statusdagen
Bestyrelsen er ikke bekendt med begivenheder
Risks
indtruffet efter den 30. april 2004, udover de i
The Group companies hedge amounts owing to
beretningen omtalte køb i United Kingdom, som
them in foreign currencies and expected foreign
vil have væsentlig indflydelse på koncernens
exchange income by means of forward exchange
finansielle stilling.
contracts and foreign exchange options, based on
ongoing evaluations. Endeavours are being made
to hedge interest risks by matching the currency of
the interest payable on the Group's interest-bearing
debt with the total assets' sensitivity to interest
rates.
In the view of the management, the Group is not
subject to any risks other than those common to
the industry.
Post-balance-sheet events
Apart from the acquisitions in the United Kingdom
mentioned in the management review, the
supervisory board is aware of no events after
30 April 2004 which would materially influence
the financial position of the group.
Inzoni, Occa, Diva & Chairs
17
Segmentoversigt
Segment Information
(Mio. kr.)
(DKK mill.)
Boligindretning /
Kontormøbler /
Home furnishings
Office furniture
2003/04
2002/03
2003/04
2002/03
Segmentopdelt resultatopgørelse og balance /
Solid&Basic
Income statement and balance sheet by business segment
Resultatopgørelse
Income statement
Nettoomsætning
Revenue
700,8
633,8
40,9
48,6
Dækningsbidrag
Contribution margin
356,3
309,2
14,5
15,3
Bruttoresultat
Gross profit
283,9
228,3
6,9
5,3
Resultat af primær drift
Operating profit
-13,9
-29,1
-2,8
-5,2
Finansielle poster, netto
Net financials
-13,1
-13,3
-0,9
-1,0
-25,4
-47,6
-3,7
-6,2
Profit/loss from ordinary
Ordinært resultat før skat
activities before tax
Balance pr.
Balance sheet as at
30. april 2004
30 April 2004
Anlægsaktiver
Fixed assets
239,4
244,7
19,4
22,1
Varebeholdninger
Inventories
150,7
133,1
8,8
11,2
Tilgodehavender
Receivables
92,1
126,3
4,4
7,6
Likvide beholdninger
Cash
14,7
16,2
0,0
0,0
Total balance
Balance sheet total
496,9
520,3
32,6
41,0
Nøgletal
Financial ratios
Dækningsgrad
Contribution ratio
50,8
48,8
35,5
31,5
Overskudsgrad
Operating margin
-1,8
-5,4
-6,8
-10,7
Antal ansatte (gns.)
Average number of employees
722
694
40
53
Denka Holding A/S opererer på 2 markeder (segmenter):
Denka Holding A/S operates in 2 markets (segments):
• Boligindretning, som omfatter udvikling, produktion og salg
• Home furnishings – which includes development, production
af møbler til private hjem. Herunder er også medtaget driften
af egne butikker
• Kontormøbler, som omfatter udvikling, produktion og salg af
kontormøbler til det professionelle marked
and sale of furniture for private homes. This also includes the
operations of the Company's own stores
• Office furniture – which includes development, production
and sale of office furniture to the professional market
Omsætningen til det private marked, som udgør ovenstående
Sales to the private market – which are part of the above 'home
segment 'boligindretning', opdeles i salg til BoConcept® kunder
furnishings' segment – are divided into sales to BoConcept®
og salg til almindelige kædekunder og BoConcept® Studios. Det
customers and sales to ordinary chains and BoConcept®
er ikke muligt at udarbejde en opdeling af resultatopgørelsen
Studios. It is not possible to prepare a separate income state-
og balancen mellem disse to salgskanaler, idet der er fælles
ment and balance sheet for these two channels of distribution,
produktprogram, produktions- og salgsorganisation mv.
since they have a shared product range, production and sales
DENKA HOLDING A/S
organisation etc.
18
Ledelsens regnskabspåtegning
Statement by the Supervisory and
Executive Boards on the Annual Report
Bestyrelse og direktion har dags dato behandlet
The Supervisory and Executive Boards have today
og godkendt årsrapporten for 2003/04 for Denka
considered and adopted the annual report for
Holding A/S.
2003/2004.
Årsrapporten er aflagt i overensstemmelse med
The annual report has been prepared in accordance
årsregnskabsloven, danske regnskabsvejledninger
with the Danish Financial Statements Act, Danish
samt de krav Københavns Fondsbørs i øvrigt stiller
accounting standards and the Copenhagen Stock
til regnskabsaflæggelse for børsnoterede selskaber.
Exchange requirements pertaining to listed
Vi anser den valgte regnskabspraksis for hensigts-
companies. In our opinion, the accounting policies
mæssig, således at årsrapporten giver et retvisende
applied are appropriate, thus that the annual report
billede af koncernens og modervirksomhedens
gives a true and fair view of the Group's and the
aktiver, passiver, finansielle stilling samt resultat.
Parent Company's assets and liabilities, financial
position and profit/loss.
Årsrapporten indstilles til generalforsamlingens
The annual report is hereby submitted to the
godkendelse.
general meeting for adoption.
Herning, den 28. juni 2004
Herning, 28 June 2004
Direktion / Executive Board
Viggo Mølholm
Hans Barslund
Bestyrelse / Supervisory Board
Ole Balle
George Theodoridis
John Bredvig
Jørgen Vagn Larsen
Christian Majgaard
Christian Feddersen
Emil Poulsen
Birgit Lørup
EJERFORHOLD
OWNERSHIP
Følgende selskabsdeltagere besidder andele, der
The following shareholders hold shares representing
er tillagt enten 5% af aktiekapitalens stemmerettig-
at least 5% of the voting shares or not less than
heder eller udgør mindst 5% af selskabskapitalen,
5% of the share capital, or shares for a minimum of
dog mindst 100.000 kr.:
DKK 100,000:
Sato Office Systems (30,77%)
Sato Office Systems (30.77%)
168, Kifissias Ave., Maroussi, Athen, Grækenland
168, Kifissias Ave., Maroussi, Athens, Greece
Lønmodtagernes Dyrtidsfond (9,3%)
Lønmodtagernes Dyrtidsfond (9.3%)
Vendersgade 28, København K
Vendersgade 28, Copenhagen K, Denmark
Tage Mølholm (7,62%)
Tage Mølholm (7.62%)
Godthåbsvej 61, Herning
Godthåbsvej 61, Herning, Denmark
Viggo Mølholm (7,08%)
Viggo Mølholm (7.08%)
Nørre Allé 23, Herning
Nørre Allé 23, Herning, Denmark
Jens Ærthøj Jensen (5,38%)
Jens Ærthøj Jensen (5.38%)
Kaj Munksvej 10, Herning
Kaj Munksvej 10, Herning, Denmark
Mogens Ærthøj (5,19%)
Mogens Ærthøj (5.19%)
Th. Nielsensgade 75, Herning
Th. Nielsensgade 75, Herning, Denmark
Denka Holding A/S (4,96%)
Denka Holding A/S (4.96%)
Mørupvej 16, Herning
Mørupvej 16, Herning, Denmark
19
Anvendt regnskabspraksis
Accounting Policies Applied
Årsrapporten for Denka Holding A/S for 2003/04 er
The annual report of Denka Holding A/S for
aflagt i overensstemmelse med årsregnskabslovens
2003/2004 has been presented in accordance with
bestemmelser for klasse D-virksomheder, danske
the provisions of the Danish Financial Statements
regnskabsvejledninger samt de krav Københavns
Act pertaining to enterprises in reporting class D,
Fondsbørs i øvrigt stiller til regnskabsaflæggelse for
Danish accounting standards and the requirements
børsnoterede selskaber.
laid down by the Copenhagen Stock Exchange for
the presentation of the financial statements of
Koncern- og årsrapporten er aflagt efter samme
listed companies.
regnskabspraksis som sidste år.
Transit
The accounting policies applied in the preparation
Generelt om indregning og måling
of the consolidated and annual report remain
Aktiver indregnes i balancen, når det er sandsyn-
unchanged from last year.
ligt, at fremtidige økonomiske fordele vil tilflyde
koncernen, og aktivets værdi kan måles pålideligt.
Recognition and measurement generally
Assets are recognised in the balance sheet where
Forpligtelser indregnes i balancen, når de er
future economic gains are likely to flow to the
sandsynlige og kan måles pålideligt.
Group and where the value of the asset can be
measured reliably.
Ved første indregning måles aktiver og forpligtelser
til kostpris. Efterfølgende måles aktiver og forplig-
Liabilities are recognised in the balance sheet if
telser som beskrevet for hver enkelt regnskabspost
they are likely to be incurred and if they can be
nedenfor.
measured reliably.
Visse finansielle aktiver og forpligtelser måles til
Assets and liabilities are initially measured at cost.
amortiseret kostpris, hvorved der indregnes en
Subsequently, assets and liabilities are remeasured
konstant effektiv rente over løbetiden. Amortiseret
as described against each individual accounting
kostpris opgøres som oprindelig kostpris med
item below.
fradrag af eventuelle afdrag samt tillæg/fradrag
af den akkumulerede amortisering af forskellen
Certain financial assets and liabilities are measured
mellem kostpris og nominelt beløb.
at amortised cost, thus recognising the constant
effective rate of interest over the life of the asset
Ved indregning og måling tages hensyn til gevinster,
or liability. Amortised cost is calculated as the
tab og risici, der fremkommer, inden årsrapporten
historical cost price less any instalments or additions/
aflægges og som be- eller afkræfter forhold, der
deductions in the accumulated amortisation of the
eksisterede på balancedagen.
difference between cost and the nominal value.
Indtægter indregnes i resultatopgørelsen i takt
In the recognition and measurement process, gains,
med, at de indtjenes, herunder indregnes værdi-
losses and risks arising before the annual report is
reguleringer af finansielle aktiver og forpligtelser,
being presented and which substantiate or invalidate
der måles til dagsværdi eller amortiseret kostpris.
events existing on the balance sheet date must be
Endvidere indregnes omkostninger, der er afholdt
taken into account.
for at opnå årets indtjening, herunder afskrivninger,
nedskrivninger og hensatte forpligtelser samt tilbage-
In the income statement, income is recognised
førsler som følge af ændrede regnskabsmæssige
as it is earned and includes value adjustments of
skøn af beløb, der tidligere har været indregnet i
financial assets and liabilities, which are measured
resultatopgørelsen.
at fair value or amortised cost. In addition, costs
incurred to generate the profit for the year,
DENKA HOLDING A/S
including depreciation, writedowns and provisions
KONCERNRAPPORT
as well as reversals due to changed accounting
estimates of amounts that have previously been
Koncernrapporten omfatter moderselskabet Denka
recognised in the income statement, are recognised
Holding A/S samt tilknyttede virksomheder, hvori
in the income statement.
Denka Holding A/S råder over mere end 50% af
stemmerne eller har bestemmende indflydelse.
Virksomheder, hvori koncernen besidder mellem
CONSOLIDATED ANNUAL REPORT
20% og 50% af stemmerettighederne, og udøver
betydelig, men ikke bestemmende indflydelse,
The consolidated annual report includes the parent
betragtes som associerede virksomheder, jf.
company, Denka Holding A/S, as well as group
koncernoversigten.
enterprises in which Denka Holding A/S holds more
than 50% of the votes or over which it exercises
20
Koncernrapporten udarbejdes som en sammen-
a controlling influence. Enterprises in which the
lægning af modervirksomhedens og de enkelte
group holds between 20 and 50% of the votes
tilknyttede virksomheders reviderede årsrapporter,
and over which it exercises a significant, albeit not
der alle er aflagt i overensstemmelse med Denka
controlling influence, are considered associates, as
Holdings regnskabspraksis.
can be seen from the group chart.
Ved konsolideringen foretages eliminering af
The consolidated report has been prepared by
koncerninterne indtægter og omkostninger, interne
amalgamating the audited annual reports of the
mellemværender og udbytter, samt gevinster og tab
parent company and those of the individual group
ved dispositioner mellem de konsoliderede
enterprises, which have all been prepared in
virksomheder.
accordance with the accounting policies applied by
Denka Holding.
Kapitalandele i tilknyttede virksomheder udlignes
med den forholdsmæssige andel af tilknyttede
In the consolidation process inter-company income
virksomheders regnskabsmæssige indre værdi på
and costs, inter-company balances and dividends,
anskaffelsestidspunktet.
as well as profits and losses on transactions between
the consolidated companies are eliminated.
Nyerhvervede eller nystiftede virksomheder
indregnes i koncernrapporten fra anskaffelses-
Investments in group enterprises are offset with the
tidspunktet. Solgte eller afviklede virksomheder
parent company's proportionate share in the net
indregnes i den konsoliderede resultatopgørelse
assets of the enterprise as of the acquisition date
frem til afståelsestidspunktet. Sammenligningstal
and eliminated.
korrigeres ikke for nyerhvervede, solgte eller
afviklede virksomheder.
Newly acquired or newly founded enterprises are
recognised in the consolidated report as from the
Positive forskelsbeløb (goodwill) mellem
date of acquisition. Enterprises which have been
anskaffelsesværdi og dagsværdi af overtagne
sold or closed down are included in the consolidated
identificerede aktiver og forpligtelser, inklusive
income statement up to the date of disposal.
hensatte forpligtelser, indregnes under immaterielle
Comparative figures are not restated to take into
anlægsaktiver og afskrives systematisk over
account enterprises which are newly acquired, sold
resultatopgørelsen efter individuel vurdering af
or closed down.
den økonomiske levetid, dog maksimalt 10 år.
Positive differences (goodwill) between the cost
Fortjeneste eller tab ved afhændelse eller afvikling
and fair value of the assets and liabilities identified
af tilknyttede virksomheder og associerede virksom-
above, including provisions, are recognised under
heder opgøres som forskellen mellem salgssummen
intangible fixed assets and written off via the income
og afviklingssummen og den regnskabsmæssige
statement according to an individual assessment of
værdi af nettoaktiver på salgstidspunktet inklusive
the economic life of the asset or liability, the upper
ikke afskrevet goodwill samt forventede omkost-
limit being 10 years.
ninger til salg eller afvikling.
Profits and losses on the disposal or closing down
Omregning af fremmed valuta
of group enterprises and associates are measured
Transaktioner i fremmed valuta omregnes ved
as the difference between the selling price and the
første indregning til transaktionsdagens kurs.
closing down cost and the carrying amount of net
Valutadifferencer, der opstår mellem transaktions-
assets at the time of the sale, including goodwill
dagens kurs og kursen på betalingsdagen, ind-
which has not been amortised and estimated costs
regnes i resultatopgørelsen som en finansiel post.
incidental to the sale or closing down.
Tilgodehavender, gæld og andre monetære
Currency retranslation
poster i fremmed valuta, som ikke er afregnet
Transactions denominated in foreign currencies
på balancedagen, omregnes til balancedagens
are initially translated at the rate of exchange
valutakurs. Forskellen mellem balancedagens kurs
prevailing at the transaction date. Any exchange
og kursen på tidspunktet for tilgodehavendets
differences between the rate prevailing at the
eller gældens opståen eller indregning i seneste
transaction date and the rate prevailing at the date
årsrapport indregnes i resultatopgørelsen under
of settlement are taken to the income statement as
finansielle indtægter og omkostninger.
financial items.
Ved indregning af udenlandske tilknyttede og
Receivables, payables and other monetary items
associerede virksomheder, der er integrerede
denominated in foreign currencies, which have
enheder, omregnes monetære poster til balance-
not been settled at the balance sheet date, are
dagens kurs. Valutakursreguleringer af udenlandske
translated at the rate prevailing at the balance
tilknyttede virksomheders egenkapital ved årets
sheet date. The difference between the rate
begyndelse samt valutakursregulering af resultat-
prevailing at the balance sheet date and the rate
opgørelsen fra transaktionsdagens kurs til ultimo-
prevailing at the time when the receivable or
kurs foretages over resultatopgørelsen (finansielle
payable item arose or was recognised in the latest
poster). Ikke monetære poster omregnes til kursen
annual report is included in the income statement
på anskaffelsestidspunktet eller på tidspunktet for
under financial income and expenses.
21
efterfølgende op- eller nedskrivning af aktivitet.
Monetary items of foreign group enterprises and
Resultatopgørelsens poster omregnes til trans-
associates that are integral to the operations of
aktionsdagens kurs, idet poster afledt af ikke
the group are recognised at the rate prevailing
monetære poster dog omregnes til historiske
at the balance sheet date. Foreign exchange
kurser for den ikke monetære post.
rate adjustments of the equity of foreign group
enterprises at the beginning of the year and foreign
Afledte finansielle instrumenter
exchange rate adjustments of the income statement
Afledte finansielle instrumenter indregnes første
from the rate prevailing at the transaction date to
gang i balancen til kostpris og måles efterfølgende
the rate prevailing at year-end are made via the
til dagsværdi. Positive og negative dagsværdier af
income statement (financial items). Non-monetary
afledte finansielle instrumenter indgår i andre
items are translated at the rate prevailing at the
tilgodehavender henholdsvis anden gæld.
time of acquisition or at the time when the activity
was subsequently revalued or written down. Items
Ændringer i dagsværdier af afledte finansielle
in the income statement are translated at the rate
instrumenter, der er klassificeret som og opfylder
prevailing at the transaction date, whereas items
kriterierne for sikring af dagsværdien af et indregnet
derived from non-monetary items are translated to
aktiv eller en indregnet forpligtelse, indregnes i
the historical cost of the non-monetary item.
Cappa
resultatopgørelsen sammen med ændringen i
værdien af det sikrede aktiv eller den sikrede
Derivative financial instruments
forpligtelse.
Derivative financial instruments are initially
recognised in the balance sheet at cost and
Ændringer i dagsværdi af afledte finansielle
subsequently measured at fair value. Positive
instrumenter, der er klassificeret som og opfylder
and negative fair values of derivative financial
betingelserne for sikring af fremtidige aktiver og
instruments are taken to other receivables and
forpligtelser, indregnes direkte på egenkapitalen.
other payables respectively.
Indtægter og omkostninger vedrørende sådanne
sikringstransaktioner overføres fra egenkapitalen
Changes in the fair value of derivative financial
ved realisation af det sikrede og indregnes i samme
instruments, which qualify as fair value hedges
regnskabspost som det sikrede.
of a recognised asset or a recognised liability, are
recognised in the income statement together with
For afledte finansielle instrumenter, som ikke
the fair value adjustment of the hedged asset or
opfylder betingelserne for behandling som
liability.
sikringsinstrumenter, indregnes ændringer i
dagsværdi i resultatopgørelsen løbende.
Changes in the fair value of derivative financial
instruments qualifying as hedging instruments for
future assets and liabilities are taken directly to
RESULTATOPGØRELSE
equity. Income and costs incidental to such hedging
transactions are transferred from the equity and
Nettoomsætning
included with the hedged item upon realisation.
Indtægter ved salg af varer og tjenesteydelser
indregnes i resultatopgørelsen, såfremt levering og
For derivative financial instruments which do not
risikoovergang til køber har fundet sted inden årets
qualify as hedging instruments, any changes in fair
udgang, såfremt indtægten kan opgøres pålideligt
value are included in the income statement as they
og forventes modtaget. Nettoomsætningen måles
arise.
eksklusiv moms, afgifter og rabatter i forbindelse
med salget.
INCOME STATEMENT
Produktionsomkostninger
Produktionsomkostninger omfatter omkostninger,
Revenue
herunder afskrivninger og gager, der afholdes for
Income derived from the sale of goods and services
at opnå årets nettoomsætning.
is included in the income statement if delivery and
DENKA HOLDING A/S
risk pass to the purchaser before year-end and if
22
Under produktionsomkostninger indregnes tillige
the income can be reliably valued and is likely to
forskningsomkostninger og udviklingsomkostninger,
be received. Revenue is measured exclusive of VAT,
der ikke opfylder kriterierne for aktivering.
taxes and discounts in connection with the sale.
Distributionsomkostninger
Cost of sales
I distributionsomkostninger indregnes omkostninger,
Cost of sales includes costs, including depreciation
der er afholdt til distribution af varer solgt i årets
and wages and salaries that are paid to generate
løb samt til årets gennemførte salgskampagner
the revenue for the year.
m.v. Herunder indregnes omkostninger til salgspersonale, reklame- og udstillingsomkostninger
Cost of sales also includes research and develop-
samt afskrivninger.
ment costs that do not qualify for capitalisation.
Administrationsomkostninger
Distribution costs
I administrationsomkostninger indregnes omkost-
Distribution costs include costs incidental to the
ninger, der er afholdt i året til ledelse og admini-
distribution of goods sold during the year and costs
stration af koncernen, herunder omkostninger til
incidental to sales campaigns etc. The costs of sales
det administrative personale, ledelsen, leje af
staff, advertising and exhibitions and depreciation
lokaler samt afskrivninger.
are included in this item.
Andre driftsindtægter og -omkostninger
Administrative expenses
Andre driftsindtægter og -omkostninger indeholder
Administrative expenses include the costs
regnskabsposter af sekundær karakter i forhold til
incurred during the year for the management and
virksomhedens aktiviteter, herunder avance og tab
administration of the group, including the cost
ved salg af immaterielle, materielle og finansielle
of administrative personnel, management, renting
anlægsaktiver.
of premises and depreciation.
Resultat af kapitalandele i tilknyttede og
Other operating income and expenses
associerede virksomheder
Other operating income and expenses include
I modervirksomhedens resultatopgørelse indregnes
accounting items of a secondary nature relative to
den forholdsmæssige andel af de enkelte tilknyttede
the company's activities, including gains and losses
virksomheders resultat før skat efter fuld elimine-
on the sale of intangible assets, property, plant and
ring af intern avance/tab og fradrag af afskrivning
equipment as well as investments.
på goodwill. Andel i den tilknyttede virksomheds
skat og ekstraordinære poster indregnes under skat
Result of investments in group enterprises
af ordinært resultat henholdsvis ekstraordinært
and associates
resultat efter skat.
The pro rata share of the pre-tax results of the
individual group enterprises is included in the
I både modervirksomhedens og koncernens resultat-
income statement of the parent company after
opgørelser indregnes den forholdsmæssige andel
having completely eliminated intra-group
af de associerede virksomheders resultat før skat
profits and losses and after deducting goodwill
efter eliminering af forholdsmæssig andel af intern
amortisation. The share in the tax and extra-
avance/tab og fradrag af afskrivning på goodwill.
ordinary items of the group enterprises is recog-
Andel i associerede virksomheders skat og ekstra-
nised under tax on the result from ordinary activi-
ordinære poster indregnes under skat af ordinært
ties and extraordinary result after tax respectively.
resultat henholdsvis ekstraordinært resultat efter
skat.
The pro rata shares of the pre-tax results of the
individual associates are included in the income
Finansielle indtægter og omkostninger
statements of both the parent company and the
Finansielle indtægter og omkostninger indeholder
group after having eliminated the pro-rata shares
renter, kursreguleringer vedrørende værdipapirer,
of inter-company profits and losses and after
gæld og transaktioner i fremmed valuta, amortise-
deducting goodwill amortisation. The share in the
ring af finansielle aktiver og forpligtelser samt
taxes and extraordinary items of the associates is
tillæg og godtgørelse under acontoskatteordningen
recognised under tax on the result from ordinary
m.v. Finansielle indtægter og omkostninger indreg-
activities and extraordinary result after tax
nes med de beløb, der vedrører regnskabsåret.
respectively.
Ekstraordinære indtægter og omkostninger
Financial income and expenses
Ekstraordinære indtægter og omkostninger inde-
Financial income and expenses include interest,
holder indtægter og omkostninger, der hidrører fra
exchange adjustments relating to securities,
begivenheder eller transaktioner, der klart afviger
payables and transactions denominated in foreign
fra den ordinære drift, er uden for virksomhedens
currencies, amortisation of financial assets and
kontrol, og som ikke forventes at være af tilbage-
liabilities and surcharges and allowances under
vendende karakter.
the advance-payment-of-tax scheme etc. Financial
income and expenses are recognised in the
Skat af årets resultat
amounts relating to the financial year.
Denka Holding A/S er sambeskattet med en
række helejede danske og udenlandske tilknyttede
Extraordinary income and expenses
virksomheder. Den aktuelle danske selskabsskat
Extraordinary income and expenses include income
fordeles mellem de danske selskaber i forhold til
and expenses that relate to events or transactions
disses skattepligtige indkomst (fuld fordeling med
that clearly lie outside the ordinary activities of the
refusion vedrørende skattemæssige underskud).
company, that are beyond the company's control
De sambeskattede selskaber indgår i aconto-
and that are not of a recurring nature.
skatteordningen.
Tax on the profit for the year
Denka Holding A/S and a number of its wholly
owned Danish and foreign group enterprises
are taxed on a consolidated basis. The current
Danish tax charge is shared by the Danish group
23
Årets skat, der består af årets aktuelle skat og
enterprises in proportion to their taxable income
forskydning i udskudt skat, indregnes i resultat-
(full allocation with refund relating to losses for tax
opgørelsen med den del, der kan henføres til årets
purposes). The jointly taxed companies participate
resultat, og direkte på egenkapitalen med den del,
in the advance-payment-of-tax scheme.
der kan henføres til posteringer på egenkapitalen.
Den andel af den resultatførte skat, der knytter sig
The tax for the year, which consists of the current
til ekstraordinære poster, henføres hertil, mens den
tax charge and changes in deferred tax from the
resterende del henføres til årets ordinære resultat.
beginning of the year to year-end, is recognised
in the income statement in the proportion that
is attributable to the result for the year, and the
BALANCEN
proportion that is attributable to items under
the equity is taken directly to equity. That part
Immaterielle anlægsaktiver
of the tax in the income statement which relates
to extraordinary items is taken to those items
Goodwill
while the balance is transferred to the result from
Goodwill afskrives over den vurderede økonomiske
ordinary activities for the year.
levetid, der fastlægges på baggrund af ledelsens
erfaringer inden for de enkelte forretningsområder.
Goodwill afskrives lineært over afskrivningsperioden,
BALANCE SHEET
Accessories
der udgør maksimalt 10 år og er længst for strategisk erhvervede virksomheder med en stærk
Intangible fixed assets
markedsprofil og langsigtet indtjeningsprofil.
Goodwill
Den regnskabsmæssige værdi af goodwill vurderes
Goodwill is amortised over the expected useful
løbende og nedskrives til genindvindingsværdi over
life of the asset, which is fixed on the basis of the
resultatopgørelsen, såfremt den regnskabsmæssige
experience gained by the management within the
værdi overstiger de forventede fremtidige netto-
individual business segments. Goodwill is amortised
indtægter fra den virksomhed eller aktivitet, som
by the straight-line method over a period not
goodwill er knyttet til.
exceeding ten years, the amortisation period being
the longest for companies that have been acquired
Udviklingsomkostninger
for strategic reasons, that have a strong marketing
Der foretages ikke aktivering af forskning og ud-
profile and a long-term earnings profile.
vikling, da der i koncernen ikke udføres aktiviteter
som med rette kan kategoriseres som sådanne.
The carrying amount of goodwill is assessed at
regular intervals, and goodwill is written down to
Indretning lejede lokaler
the recoverable value via the income statement if
Indretning af lejede lokaler måles til kostpris med
the carrying amount exceeds the estimated future
fradrag af akkumulerede afskrivninger. Afskrivninger
net income generated by the business or activity to
foretages over lejeperioden, maksimalt 10 år.
which the goodwill is attached.
Deposita
Development costs
Deposita måles til kostpris. Der foretages ikke
The items research and development are not
afskrivninger på deposita. Deposita nedskrives til
capitalised since the group does not carry out any
genindvindingsværdien, såfremt denne er lavere
activities that may correctly be classified as such.
end den regnskabsmæssige værdi.
Leasehold improvements
Licenser
Leasehold improvements are measured at cost less
Licenser måles til kostpris med fradrag af akkumu-
accumulated amortisation. Amortisation is charged
lerede afskrivninger. Licenser nedskrives til gen-
over the rental period which does not exceed 10
indvindingsværdien, såfremt denne er lavere end
years.
den regnskabsmæssige værdi. Afskrivninger foretages over 3 år.
Deposits
Deposits are measured at cost. No amortisation
charge is made in respect of deposits. Deposits
are written down to the recoverable value or to the
carrying amount, whichever is the lower.
DENKA HOLDING A/S
Licences
Licences are measured at cost less accumulated
amortisation. Licences are written down to the
recoverable value or to the carrying amount,
whichever is the lower. Amortisation is charged
over three years.
Basic 3D, Occa, Quattro & Aero
24
Materielle anlægsaktiver
Property, plant and equipment
Grunde og bygninger, tekniske anlæg og maskiner
Land and buildings, plant and machinery as well
samt andre anlæg, driftsmateriel og inventar
as other works, operating equipment, fixtures and
måles til kostpris med fradrag af akkumulerede
fittings are measured at cost less accumulated
afskrivninger.
depreciation.
Kostprisen omfatter anskaffelsesprisen samt
The cost comprises the cost of acquisition as well
omkostninger direkte tilknyttet anskaffelsen indtil
as costs directly attributable to the acquisition until
det tidspunkt, hvor aktivet tages i brug.
such time when the asset is put into service.
Renteomkostninger på lån til finansiering af
Interest expense on loans to finance the production
fremstilling af materielle anlægsaktiver, og som
of property, plant and equipment which concerns
vedrører fremstillingsperioden, indregnes i kost-
the production period is included in cost. All other
prisen. Alle øvrige låneomkostninger indregnes
borrowing costs are recognised in the income
i resultatopgørelsen.
statement.
For leasingkontrakter opgøres kostprisen til laveste
As regards leases the cost is measured at the
værdi af dagsværdien og nutidsværdien af de
fair value or the net present value of future
fremtidige leasingydelser. Ved beregning af nutids-
leasing instalments, whichever is the lower. When
værdien anvendes leasingaftalens interne rentefod
calculating the net present value the interest rate
som diskonteringsfaktor eller en tilnærmet værdi
implicit in the lease or an approximation of the
for denne.
same is applied as the discounting factor.
Der foretages lineære afskrivninger over den for-
Depreciation is charged by the straight-line method
ventede brugstid, baseret på følgende vurderinger
over the expected useful economic life of the
af aktivernes forventede brugstider:
assets, based on the following assessment:
Bygninger
25 år
Buildings
Tekniske anlæg og maskiner
5-9 år
Plant and machinery
Driftsmateriel og inventar
3-7 år
Machinery and equipment,
fixtures and fittings
25 years
5-9 years
3-7 years
Aktiver med en anskaffelses-/kostpris under
25.000 kr. pr. enhed udgiftsføres i anskaffelsesåret.
Assets at a cost below DKK 25,000 per unit are
I detailbutikkerne dog under 15.000 kr. pr. enhed.
recognised in the income statement in the year of
acquisition. However, in the retail stores the upper
Materielle anlægsaktiver nedskrives til genind-
limit is DKK 15,000 per unit.
vindingsværdien, såfremt denne er lavere end
den regnskabsmæssige værdi. Der foretages
Property, plant and equipment are written down
nedskrivningstest af hvert enkelt aktiv henholdsvis
to the recoverable amount if this is lower than the
grupper af aktiver, når der er indikatorer på værdi-
carrying amount. Impairment tests are conducted
forringelse.
of individual assets or groups of assets when there
is an indication that they may be impaired.
Fortjeneste og tab ved afhændelse af materielle
anlægsaktiver opgøres som forskellen mellem
Gains and losses on the disposal of property, plant
salgsprisen med fradrag af salgsomkostninger og
and equipment are recognised as the difference
den regnskabsmæssige værdi på salgstidspunktet.
between the selling price less selling costs and
Fortjeneste eller tab indregnes i resultatopgørelsen
the carrying amount at the time of the sale. Gains
under andre driftsindtægter eller andre drifts-
or losses are recognised in the income statement
omkostninger.
under other operating income or other operating
expenses.
Finansielle anlægsaktiver
Kapitalandele i tilknyttede og associerede virksom-
Investments
heder måles efter den indre værdis metode.
Investments in group enterprises and associates
are accounted for by the equity method.
Kapitalandele i tilknyttede og associerede virksomheder måles i balancen til den forholdsmæssige
Investments in group enterprises and associates
andel af virksomhedens regnskabsmæssige indre
are measured in the balance sheet at the pro
værdi opgjort efter moderselskabets regnskabs-
rata share of the company's net asset value in
praksis med fradrag eller tillæg af urealiserede
accordance with the accounting policies applied by
koncerninterne avancer og tab.
the parent company with the addition or deduction
of unrealised inter-company profits and losses.
Nettoopskrivning af kapitalandele i tilknyttede og
associerede virksomheder overføres under egen-
Net revaluation of investments in group enterprises
kapitalen til reserve for nettoopskrivning efter
or associates is taken to equity under the reserve
indre værdis metode i det omfang, den regnskabs-
for net revaluation according to the equity method
mæssige værdi overstiger anskaffelsesværdien.
to the extent that the carrying amount exceeds the
cost.
Øvrige finansielle anlægsaktiver måles til
anskaffelsespris eller til genindvindingsværdien
på balancedagen, såfremt denne er lavere.
25
Varebeholdninger
Other investments are measured at cost or
Varebeholdninger måles til kostpris efter FIFO-
recoverable value at the balance sheet date,
metoden. Er nettorealisationsværdien lavere end
whichever is the lower.
kostprisen, nedskrives til denne lavere værdi.
Inventories
Kostprisen for handelsvarer, råvarer og hjælpe-
Inventories are measured at cost according to the
materialer omfatter anskaffelsesprisen med tillæg
FIFO method. Where the net realisation value is
af hjemtagelsesomkostninger.
lower than the cost, the item is written down to the
latter lower value.
Kostprisen for fremstillede færdigvarer og varer
under fremstilling omfatter kostpris for råvarer,
The cost of goods for resale, raw materials and
hjælpematerialer, direkte løn og indirekte
consumables includes the cost with the addition of
produktionsomkostninger. Indirekte produktions-
the landed cost.
Moments
omkostninger indeholder indirekte materialer og
løn samt vedligeholdelse af og afskrivninger på
The cost of manufactured goods and work in
de i produktionsprocessen benyttede maskiner,
progress includes the cost of raw materials,
fabriksbygninger og udstyr samt omkostninger til
consumables, direct wages and indirect production
fabriksadministration og ledelse. Låneomkostninger
costs. Indirect production costs include indirect
og udviklingsomkostninger, som er udgiftsført,
materials and wages as well as maintenance and
indregnes ikke.
depreciation of the plant and machinery applied
in the production process, production facilities
Nettorealisationsværdien for varebeholdninger op-
and equipment as well as the cost of factory
gøres som salgssum med fradrag af færdiggørelses-
administration and management. Loan and
omkostninger og omkostninger, der afholdes for at
development costs, which have been expensed in
effektuere salget, og fastsættes under hensyntagen
the income statement, are not recognised.
til omsættelighed, ukurans og udvikling i forventet
salgspris.
The net realisable value of inventories is measured
as the selling price less finishing costs and costs
Tilgodehavender
incurred to bring about the sale. Marketability,
Tilgodehavender måles til amortiseret kostpris. Der
obsolescence and the development in the expected
nedskrives til imødegåelse af forventede tab.
selling price are factors taken into account in fixing
this value.
Periodeafgrænsningsposter
Periodeafgrænsningsposter indregnet under
Receivables
omsætningsaktiver omfatter afholdte omkostninger
Receivables are measured at amortised cost.
vedrørende efterfølgende regnskabsår.
Receivables are written down to provide for
expected losses.
EGENKAPITAL
Prepayments
Accruals and deferred income recognised under
Udbytte
current assets include costs paid relating to
Foreslået udbytte indregnes som en forpligtelse på
subsequent financial years.
tidspunktet for vedtagelse på generalforsamlingen.
Udbytte, som forventes udbetalt for året, vises som
en særskilt post under egenkapitalen.
EQUITY
Egne kapitalandele
Dividend
Anskaffelses- og afståelsessummer samt udbytte
The dividend proposed is recognised as a liability
for egne kapitalandele indregnes direkte på
at the time of approval by the general meeting.
overført resultat under egenkapitalen. Gevinster
Dividend which is expected to be distributed for the
eller tab ved salg indregnes således ikke i resultat-
year is shown as a separate item under the equity.
opgørelsen. Kapitalnedsættelser ved annullering
af egne kapitalandele reducerer selskabskapitalen
Treasury shares
med et beløb svarende til kapitalandelenes
Cost of acquisition, consideration received and
nominelle værdi.
dividends received from treasury shares are
DENKA HOLDING A/S
recognised directly as retained earnings in capital
26
Selskabsskat og udskudt skat
and reserves. Accordingly, gains and losses from
Aktuelle skatteforpligtelser og tilgodehavende
sale are not recognised in the income statement.
aktuel skat indregnes i balancen som beregnet
Capital reductions from the cancellation of treasury
skat af årets skattepligtige indkomst, reguleret for
shares are deducted from the share capital in an
skat af tidligere års skattepligtige indkomst samt
amount corresponding to the nominal value of the
for betalte acontoskatter.
shares.
Udskudt skat måles efter den balanceorienterede
Income taxes and deferred tax
gældsmetode af alle midlertidige forskelle mellem
The current tax charge and the current tax
regnskabsmæssig og skattemæssig værdi af aktiver
receivable are recognised in the balance sheet as
og forpligtelser.
the estimated tax charge in respect of the taxable
Der foretages regulering af udskudt skat vedrørende
income for the year, adjusted for tax on previous
foretagne elimineringer af urealiserede koncern-
years' taxable income and tax paid in advance.
interne avancer og tab.
Deferred tax is provided according to the balance
Udskudt skat måles på grundlag af de skattesatser,
sheet liability method for all temporary differences
der gælder i Danmark, som der med balancedagens
between the carrying amounts of assets and
lovgivning vil være gældende, når den udskudte
liabilities and the amounts used for tax purposes.
skat forventes udløst som aktuel skat. Ændring i
udskudt skat som følge af ændringer i skattesatser
Deferred tax will be adjusted to account for the
indregnes i resultatopgørelsen.
elimination of unrealised inter-company profits and
losses.
Finansielle gældsforpligtelser
Gæld til realkreditinstitutter og kreditinstitutter
Deferred tax is measured on the basis of the rates
indregnes ved låneoptagelsen til det modtagne
of tax applicable in Denmark at the time when the
provenu efter fradrag af afholdte transaktions-
deferred tax is expected to become payable, based
omkostninger. I efterfølgende perioder indregnes
on the legislation applicable at the balance sheet
de finansielle forpligtelser til amortiseret kostpris
date. Any change in deferred tax due to changes
svarende til den kapitaliserede værdi ved anven-
in tax rates would be recognised in the income
delse af den effektive rente, således at forskellen
statement.
mellem provenuet og den nominelle værdi indregnes i resultatopgørelsen over låneperioden.
Financial liabilities
Loans with real mortgage institutions and credit
I finansielle forpligtelser indregnes tillige den
institutions are recognised when raised in the
kapitaliserede restleasingforpligtelse på finansielle
amount of the proceeds after deducting transaction
leasingkontrakter.
costs. In subsequent periods the financial liabilities
will be measured at amortised cost corresponding
Andre gældsforpligtelser, som omfatter gæld til
to the capitalised value applying the effective rate
leverandører, tilknyttede virksomheder samt anden
of interest thus that the difference between the
gæld, måles til amortiseret kostpris.
proceeds and the nominal value is included in the
income statement for the term of the loan.
KONCERNPENGESTRØMSOPGØRELSE
Financial liabilities also include the capitalised
balances of commitments under finance leases.
Pengestrømsopgørelsen viser koncernens
pengestrømme for året fordelt på driftsaktivitet,
Other liabilities, which include trade payables,
investeringsaktivitet og finansieringsaktivitet, årets
payables to Group enterprises and other payables,
forskydning i likvider samt koncernens likvider ved
are measured at amortised cost.
årets begyndelse og slutning.
Pengestrøm fra driftsaktivitet
CONSOLIDATED CASH FLOW STATEMENT
Pengestrømme fra driftsaktivitet opgøres som
koncernens andel af resultatet reguleret for ikke-
The cash flow statement shows the Group's cash
kontante driftsposter, ændring i driftskapital samt
flow divided into operating activities, investment
betalt selskabsskat.
activities and financing activities, the change in
cash during the year and the Group's cash at the
Pengestrøm til investeringsaktivitet
beginning of the year and at year-end.
Pengestrømme til investeringsaktivitet omfatter
betaling i forbindelse med køb og salg af
Cash flow from operating activities
anlægsaktiver samt værdipapirer henført til
Cash flow from operating activities is stated as the
investeringsaktivitet.
Group's share of the result adjusted for non-cash
operating items, changes in working capital and
Pengestrøm fra finansieringsaktivitet
income taxes paid.
Pengestrømme fra finansieringsaktivitet omfatter
betalinger til og fra aktionærer samt optagelse af og
Cash flow from investment activity
afdrag på prioritetsgæld og anden langfristet gæld.
Cash flow from investment activities comprises cash
flow from the acquisition and sale of fixed assets
Likvider
and securities transferred to investment activities.
Likvider omfatter likvide beholdninger samt
realisable værdipapirer med ubetydelig risiko for
Cash flow from financing activities
værdiændringer.
Cash flow from financing comprises payments
to and from shareholders and borrowing of and
instalments on mortgage loans as well as other
long-term payables.
Cash
Cash includes cash funds and realisable securities
with a negligible risk of changing in value.
27
Revisionspåtegning
Auditors' Report
Til aktionærerne i Denka Holding A/S
To the shareholders of Denka Holding A/S
Vi har revideret årsrapporten for Denka Holding A/S
We have audited the annual report of Denka
for år 2003/04.
Holding A/S for the financial year 2003/2004.
Selskabets ledelse har ansvaret for årsrapporten.
The annual report is the responsibility of the
Vores ansvar er på grundlag af vores revision at
Company's Executive and Supervisory Boards.
udtrykke en konklusion om årsrapporten.
Our responsibility is to express an opinion on the
annual report, based on our audit.
Soho
Den udførte revision
Vi har udført vor revision i overensstemmelse med
Basis of opinion
danske revisionsstandarder. Disse standarder
We conducted our audit in accordance with Danish
kræver, at vi tilrettelægger og udfører revisionen
auditing standards. Those standards require that
med henblik på at opnå høj grad af sikkerhed for, at
we plan and perform the audit to obtain reasonable
årsrapporten ikke indeholder væsentlig fejlinforma-
assurance that the annual report is free of material
tion. Revisionen omfatter stikprøvevis undersøgelse
misstatement. An audit includes examining, on a
af information, der understøtter de i årsrapporten
test basis, evidence supporting the amounts and
anførte beløb og oplysninger. Revisionen omfatter
disclosures in the annual report. An audit also
endvidere stillingtagen til den af ledelsen anvendte
includes assessing the accounting policies used
regnskabspraksis og til de væsentlige skøn, som
and significant estimates made by the board of
ledelsen har udøvet, samt en vurdering af den sam-
executives, as well as evaluating the overall annual
lede præsentation af årsrapporten. Det er vor op-
report presentation. We believe that our audit
fattelse, at den udførte revision giver et tilstrække-
provides a reasonable basis for our opinion.
ligt grundlag for vor konklusion.
Our audit has not resulted in any qualification.
Revisionen har ikke givet anledning til forbehold.
Opinion
Konklusion
In our opinion, the annual report gives a true and
Det er vor opfattelse, at årsrapporten giver et
fair view of the Group's and the Parent Company's
retvisende billede af koncernens og selskabets
financial position and of the results of the Group's
aktiver, passiver og finansielle stilling samt af
and the Parent Company's operations and
resultatet af koncernens og selskabets aktiviteter
consolidated cash flows for the financial year
og koncernens pengestrømme for regnskabsåret
2003/2004 in accordance with the Danish Financial
2003/04 i overensstemmelse med årsregnskabs-
Statements Act, Danish accounting standards and
loven, danske regnskabsvejledninger og de krav,
additional requirements of the Danish Stock
som Københavns Fondsbørs i øvrigt stiller til regn-
Exchange for the financial reporting of listed
skabsaflæggelse for børsnoterede selskaber.
companies.
Herning, den 28. juni 2004
Herning, 28 June 2004
KPMG C.Jespersen
Partner Revision
Statsautoriseret Revisionsinteressentskab
statsautoriseret revisionsaktieselskab
Niels J. Jørgensen
Statsaut. revisor
DENKA HOLDING A/S
State Authorised Public Accountant
28
Kenn Jensen
Leif Rygaard Jensen
Statsaut. revisor
Statsaut. revisor
State Authorised Public Accountant
State Authorised Public Accountant
Resultatopgørelse
for året 1. maj 2003 – 30. april 2004
Income Statement
for the Financial Year 1 May 2003 – 30 April 2004
Note
1
(tkr.)
(DKK'000)
Nettoomsætning
Revenue
Direkte produktionsomkostninger
Cost of sales
Dækningsbidrag
Contribution margin
Koncern /
Modervirksomhed /
Group
Parent Company
2003/04
2002/03
2003/04
2002/03
741.674
682.394
0
0
-370.861
-357.847
0
0
370.813
324.547
0
0
Indirekte
Production
produktionsomkostninger
overheads
-80.023
-90.910
0
0
Bruttooverskud
Gross profit
290.790
233.637
0
0
2
Distributionsomkostninger
Distribution costs
-203.617
-176.250
0
0
2
Administrationsomkostninger
Administration expenses
-81.880
-92.292
914
-294
Resultat af ordinær
Profit/loss from ordinary
primær drift
operating activities
5.293
-34.905
914
-294
3
Andre driftsindtægter
Other operating income
376
579
0
0
3
Andre driftsomkostninger
Other revenue expenditures
-22.359
0
-14.359
0
Resultat af primær drift
Operating profit/loss
-16.690
-34.326
-13.445
-294
Ordinært resultat før skat i
Pre-tax profit/loss from ordinary
tilknyttede virksomheder
activities in group enterprises
0
0
-14.608
-52.680
Ordinært resultat før skat i
Pre-tax profit/loss from ordi-
associerede virksomheder
nary activities in associates
0
-5.222
0
0
6
Finansielle indtægter
Financial income
3.023
2.948
1.867
2.470
7
Finansielle omkostninger
Financial expenses
-16.959
-17.197
-2.926
-3.293
Ordinært resultat
Profit/loss from ordinary
før skat
activities before tax
-30.626
-53.797
-29.112
-53.797
-244
9.990
-244
9.990
-30.870
-43.807
-29.356
-43.807
1.514
0
0
0
-29.356
-43.807
-29.356
-43.807
0
0
2
4
5
Tax on the profit/loss from
8
Skat af ordinært resultat
ordinary activities
Ordinært resultat
Profit/loss from ordinary
efter skat
activities after tax
Minoritetsinteressernes andel
Minority interests' share of
af årets underskud
the loss for the year
Årets resultat
Loss for the year
Forslag til resultatdisponering
Foreslået udbytte
Recommended appropriation of profits etc.
Henlæggelse til reserve for nettoopskrivning
Dividend proposed
efter den indre værdis metode
Transfer to net revaluation reserve according to
-17.582
-42.913
Overført resultat
the equity method
-11.774
-894
-29.356
-43.807
Retained earnings
29
Balance pr. 30. april 2004
Balance Sheet as at 30 April 2004
Note
(DKK'000)
AKTIVER
ASSETS
Anlægsaktiver
Fixed assets
Immaterielle anlægsaktiver
Intangible fixed assets
Goodwill
Goodwill
Indretning af lejede lokaler
Leasehold improvements
Deposita
Licenser
10
Materielle anlægsaktiver
Modervirksomhed /
Group
Parent Company
2003
2004
2003
2004
3.799
4.713
0
0
10.410
12.292
0
0
Deposits
9.770
5.688
0
0
Licences
764
1.378
0
0
24.743
24.071
0
0
122.819
114.532
16.370
18.283
95.212
107.288
0
0
10.457
12.689
0
0
1.891
2.644
0
0
230.379
237.153
16.370
18.283
0
0
121.871
129.998
Diva
9
(tkr.)
Koncern /
Property, plant
and equipment
4
5
DENKA HOLDING A/S
11
30
Grunde og bygninger
Land and buildings
Teknisk anlæg og maskiner
Plant and machinery
Driftsmateriel og
Fixtures and fittings,
inventar
tools and equipment
Materielle anlægsaktiver
Property, plant and
under udførelse
equipment in progress
Finansielle anlægsaktiver
Investments
Kapitalandele i tilknyttede
Investments in
virksomheder
group enterprises
Kapitalandele i associerede
virksomheder
Investments in associates
0
-1.211
0
0
Aktier
Shares
2.499
2.754
105
105
Andre udlån
Other loans
1.145
4.081
0
0
3.644
5.624
121.976
130.103
258.766
266.848
138.346
148.386
Anlægsaktiver i alt
Total fixed assets
Omsætningsaktiver
Current assets
Varebeholdninger
Inventories
Råvarer
Raw materials
23.999
27.980
0
0
Varer under fremstilling
Work in progress
24.476
29.661
0
0
Fremstillede varer
Manufactured goods
og handelsvarer
and goods for resale
111.080
86.669
0
0
159.555
144.310
0
0
82.357
120.033
0
0
Tilgodehavender
Receivables
Tilgodehavender fra salg
Trade receivables
Tilgodehavender hos
Receivables from
tilknyttede virksomheder
group enterprises
0
0
17.825
52.844
Andre tilgodehavender
Other receivables
10.005
10.166
36
30
Periodeafgrænsnings-
Prepayments and
poster
accrued income
4.133
3.746
0
0
96.495
133.945
17.861
52.874
14.676
16.240
0
0
Likvide beholdninger
Cash
Omsætningsaktiver i alt
Total current assets
270.726
294.495
17.861
52.874
AKTIVER I ALT
TOTAL ASSETS
529.492
561.343
156.207
201.260
Balance pr. 30. april 2004
Balance Sheet as at 30 April 2004
Note
12
13
Koncern /
Modervirksomhed /
Group
Parent Company
(tkr.)
(DKK'000)
PASSIVER
LIABILITIES AND EQUITY
Egenkapital
Equity
Aktiekapital
Share capital
26.000
26.000
26.000
26.000
Overkurs ved aktieemission
Share premium account
23.462
23.462
23.462
23.462
Nettoopskrivning efter den
Net revaluation according to
indre værdis metode
the equity method
31.987
51.193
31.987
51.193
Overført resultat
Retained earnings
15.772
32.106
15.772
32.106
Foreslået udbytte
Dividend proposed
0
0
0
0
Egenkapital i alt
Total equity
97.221
132.761
97.221
132.761
Hensatte
Provisions for liabilities
forpligtelser
and charges
Udskudt skat
Deferred taxation
1.304
7.469
-1.056
3.486
Hensatte forpligtelser
Total provisions for
i alt
liabilities and charges
1.304
7.469
-1.056
3.486
137.597
149.938
26.252
31.209
137.597
149.938
26.252
31.209
2003
2004
2003
2004
Liabilities other
14
15
Gældsforpligtelser
than provisions
Langfristede
Long-term liabilities
gældsforpligtelser
other than provisions
Realkredit- og
Mortgage credit and bank
kreditinstitutter
overdraft
Kortfristede
Short-term liabilities
gældsforpligtelser
other than provisions
Kortfristet del af langfristede
Current portion of long-term
gældsforpligtelser
liabilities other than provisions
Kreditinstitutter
Banks
Forudbetaling fra kunder
Prepayments from customers
Leverandørgæld
Trade payables
Selskabsskat
Income taxes
Anden gæld
Other payables
12.305
15.391
5.000
4.996
178.217
179.833
27.491
27.497
0
4.008
1.760
0
47.228
34.999
0
0
823
0
0
0
50.789
39.192
1.299
1.311
293.370
271.175
33.790
33.804
430.967
421.113
60.042
65.013
529.492
561.343
156.207
201.260
Total liabilities other
Gældsforpligtelser i alt
than provisions
TOTAL LIABILITIES
16
PASSIVER I ALT
AND EQUITY
Eventualforpligtelser,
Contingent liabilities,
andre økonomiske
other financial liabilities
forpligtelser og
and guarantees
sikkerhedsstillelser
31
32
Adjustment to the beginning
of the year
Profit/loss for the year
Net adjustment for
revaluation
Regulering
til primo
Årets resultat
Nettoregulering til
opskrivning
of the year
Value adjustment of hedging
instruments, year-end
Equity
as at 1 May 2003
instrumenter, primo
Værdiregulering af sikrings-
instrumenter, ultimo
Egenkapital
1. maj 2003
Dividend distributed
Profit/loss for the year
Udloddet udbytte
Årets resultat
31.987
0
15.772
0
97.221
-1.126
-712
-29.356
0
-4.346
132.761
712
2.303
0
-43.807
-863
174.416
which reason the comparative figures have not been restated.
possible to calculate the errors and omissions for the individual financial years for
23.462
0
0
0
Total
Japan (subsidiary of Club 8 Retail A/S) during previous years. It has not been
26.000
-11.774
-4.560
32.106
Dividend
proposed
skabsår, hvorfor der ikke er sket tilretninger af sammenligningstallene.
as at 30 April 2004
30. april 2004
0
5.747
-894
760
26.493
earnings
Retained
I alt /
and omissions in the financial statements submitted in the Club 8 Company K.K.,
Equity
Egenkapital
-1.126
-712
-17.582
214
51.193
-5.747
5.747
reserve
Foreslået
udbytte /
i tidligere år. Det har ikke været muligt at opgøre fejlen for de enkelte regn-
instruments, year-end
instrumenter, ultimo
23.462
712
2.303
-42.913
-1.623
92.714
equity method
according to the Revaluation
Net revaluation
Overført
resultat /
Adjustments to the opening balance of DKK 4,560 ('000) primarily relate to errors
Value adjustment of hedging
Værdiregulering af sikrings-
26.000
23.462
account
26.000
premium
Share
capital
Opskrivningshen-
værdis metode / læggelser /
efter den indre
Nettoopskrivning
regnskaber i Club 8 Company K.K., Japan (datterselskab i Club 8 Retail A/S)
of the year
instrumenter, primo
emission /
kapital /
Share
ved
Aktie-
Overkurs
Koncern og modervirksomhed / Group and Parent Company
Delta
Reguleringer til primo på 4.560 tkr. vedrører fortrinsvis fejl i de aflagte
instruments, at the beginning
Værdiregulering af sikrings-
Value adjustment of hedging
of the year
Regulering til primo
Adjustment to the beginning
instruments, at the beginning
Værdiregulering af sikrings-
Value adjustment of hedging
Equity
as at 1 May 2002
1. maj 2002
(DKK'000)
Egenkapital
(tkr.)
DENKA HOLDING A/S
Egenkapitalopgørelse
Statement of Equity Movements
Koncernpengestrømsopgørelse 2003/2004
Cash Flow Statement 2003/2004
Note
Koncern /
Group
17
18
(tkr.)
(DKK'000)
Nettoomsætning og andre driftsindtægter
Revenue and other operating income
Driftsudgifter
Operating expenses
Afskrivninger
Regulering selskabsskat
2003/04
2002/03
741.674
682.394
-758.364
-716.720
Depreciation
33.917
40.183
Adjustment income taxes
-4.882
1.449
Ændring i driftskapital
Change in net working capital
51.103
-17.454
Pengestrømme fra drift
Cash flow from operating activities
før finansielle poster
before financial items
63.448
-10.148
Renteindbetalinger og lignende
Interest income etc.
Renteudbetalinger
Interest paid
Pengestrømme fra ordinær drift
3.023
2.948
-16.959
-17.197
Cash flow from ordinary operating activities
49.512
-24.397
Betalt selskabsskat
Income taxes paid
-1.335
-4.845
Pengestrømme fra driftsaktivitet
Cash flow from operating activities
48.177
-29.242
Køb af immaterielle anlægsaktiver, netto
Acquisition of intangible fixed assets, net
-2.792
-413
Køb af materielle anlægsaktiver, netto
Acquisition of property, plant and equipment, net
-7.465
-43.133
Køb af finansielle anlægsaktiver, netto
Acquisition of investments, net
255
-3.091
Køb/salg kapitalandel i associerede
Acquisitions/divestments of shares
virksomheder
in associates
-1.211
0
Andre udlån
Other loans
2.936
0
Køb af tilknyttede virksomheder
Purchase of group enterprises
og aktiviteter
and activities
-7.481
0
Pengestrømme til investeringsaktivitet
Cash flow for investing activities
-15.758
-46.637
-15.427
-11.921
0
34.393
-18.556
39.811
0
0
-33.983
62.283
Instalments on long-term
Afdrag på langfristet gæld
liabilities other than provisions
Provenu ved låneoptagelse
Proceeds from loans raised
Ændring af gæld til kreditinstitutter
Change in bank debt
Betalt udbytte
Dividend paid
Pengestrømme fra
Cash flow from
finansieringsaktivitet
financing activities
Årets pengestrøm
Net cash inflow/outflow
-1.564
-13.596
Likvider primo
Cash at the beginning of the year
16.240
29.836
Likvider ultimo
Cash at year-end
14.676
16.240
33
Noter til årsrapporten
Notes to the Annual Financial Statements
Chairs
1
2
(tkr.)
(DKK'000)
Nettoomsætning
Revenue
Hjemmemarkedet
Home market
Eksportmarkedet
Export market
Eksportandel af nettoomsætning
Export share of revenue
Omkostninger
Costs
Personaleomkostninger
Staff costs
Honorar til moder-
Remuneration of the supervi-
virksomhedens bestyrelse
sory board in parent company
Gager og lønninger
Wages and salaries
Pensioner
Koncern /
Modervirksomhed /
Group
Parent Company
2003/04
2002/03
2003/04
2002/03
74.386
70.039
0
0
667.288
612.355
0
0
741.674
682.394
0
0
90,0%
89,7%
475
425
475
425
176.528
172.400
0
0
Pensions
8.483
8.109
0
0
til social sikring
Other social security costs
8.097
5.979
0
0
Øvrige personaleomkostninger
Other staff costs
3.047
3.127
0
0
196.630
190.040
475
425
Andre omkostninger
Personaleomkostninger ind-
Staff costs are recognised in
regnes således i regnskaberne:
the accounts as follows:
Direkte produktionsomkostninger
Cost of sales
68.478
67.955
0
0
produktionsomkostninger
Production overheads
29.304
37.124
0
0
Distributionsomkostninger
Distribution costs
76.695
61.891
0
0
Administrationsomkostninger
Administrative expenses
22.153
23.070
475
425
196.630
190.040
475
425
762
747
0
0
Indirekte
Gennemsnitligt antal
Average number of
medarbejdere
employees
I personaleomkostninger indgår gager til modervirksomhedens
Staff costs include salaries to the management of the parent
direktion med 2.322 tkr. (sidste år 2.217 tkr.) og pensioner med
company in the amount of DKK 2,322 ('000) (last year DKK
133 tkr. (sidste år 173 tkr.).
2,217 ('000)) and pensions in the amount of DKK 133 ('000)
(last year DKK 173 ('000)).
DENKA HOLDING A/S
Denka Holding koncernen har tildelt 11 ledende medarbejdere,
34
herunder modervirksomhedens direktion, optioner i Denka
The Denka Holding Group has awarded 11 members of the
Holding A/S. Optionsprogrammet omfatter 7.800 stk. aktier
staff, including the management of the parent company,
á nom. 100 kr., hvoraf 1.600 stk. er tildelt modervirksom-
share options in Denka Holding A/S. The option scheme
hedens direktion. Optionerne kan udnyttes i perioden fra
includes 7,800 shares of nominally DKK 100 each, 1,600
offentliggørelse af årsrapporten for 2004 og frem til 3 uger efter
of which have been awarded the management of the parent
offentliggørelse af årsrapporten for 2005. Optionerne kan alene
company. The share options may be exercised in the period
benyttes i en periode på 3 uger efter offentliggørelse af hel- og
from the publication of the annual report for 2004 until
delårsrapporter. Optionskursen udgør 1.100.
3 weeks after the publication of the annual report for 2005.
The options may merely be exploited for a period of 3 weeks
Der er ikke etableret andre incitamentsprogrammer for
after the publication of annual reports for the full year or part
selskabets ledelse bortset fra almindelige bonusaftaler.
of the year. The option price is 1,100.
No other incentive programmes have been set up for the
Company's management apart from ordinary bonus schemes.
Noter til årsrapporten
Notes to the Annual Financial Statements
2
(tkr.)
(DKK'000)
Omkostninger (fortsat)
Costs (continued)
Koncern /
Modervirksomhed /
Group
Parent Company
2003/04
2002/03
2003/04
2002/03
Depreciation and
Ned- og afskrivninger
writedowns
Immaterielle anlægsaktiver
Intangible fixed assets
Materielle anlægsaktiver
Property, plant and equipment
Ned- og afskrivninger
Depreciation and writedowns
indregnes således:
are recognised as follows:
3.943
12.914
0
0
29.974
27.269
1.913
2.017
33.917
40.183
1.913
2.017
0
Indirekte produktions-
3
3
omkostninger
Production overheads
23.229
20.914
0
Distributionsomkostninger
Distribution costs
4.857
12.472
0
0
Administrationsomkostninger
Administrative expenses
5.831
6.797
1.913
2.017
33.917
40.183
1.913
2.017
1.104
950
156
185
1.091
1.169
30
30
2.195
2.119
186
215
439
486
81
115
1.061
1.139
0
0
1.500
1.625
81
115
1.667
0
0
0
-355
684
0
0
-936
-105
0
0
376
579
0
0
-14.359
0
-14.359
0
-8.000
0
0
0
-22.359
0
-14.359
0
Honorar til general-
Fees to the auditors
forsamlingsvalgte
appointed at the annual
revisorer
general meeting
Samlet honorar KPMG
Aggregate fee for KPMG
Samlet honorar
Aggregate fee for other
øvrige revisorer
auditors
Heraf andre ydelser end
Of this amount, services other
revision KPMG
than auditing, KPMG
Heraf andre ydelser end
Of this amount, services other
revision øvrige revisorer
than auditing, other auditors
Andre driftsindtægter
Other operating income
For meget afsat til retssag
Too much allocated for lawsuit
Gevinst ved salg af
Proceeds from the sale of
materielle anlægsaktiver
property, plant and equipment
Gevinst ved salg af
Proceeds from the sale of
finansielle anlægsaktiver
investments
Andre driftsomkostninger
Other operating expenses
Nedskrivning masterrettigheder
Write down of master rights
England
England
Engangs- og rekonstruktionsomkostninger af overtagne
Non-recurrent and reconstruc-
associerede virksomheder
tion costs acquired associates
35
Noter til årsrapporten
Notes to the Annual Financial Statements
Modervirksomhed /
Parent Company
4
(tkr.)
(DKK'000)
Kapitalandele i tilknyttede
Investments in
virksomheder
group enterprises
Kostpris primo
of the year
78.805
67.805
Årets tilgang
Additions during the year
30.000
11.000
Anskaffelsessum ultimo
Cost at year-end
108.805
78.805
51.193
91.945
2003/04
2002/03
InBound
Cost at the beginning
Revaluation at the beginning
of the year
Opskrivninger primo
Adjustment of the value
Regulering af primo værdi
at the beginning of the year
Årets resultat
Profit/loss for the year
Værdiregulering af
Value adjustment of hedging
sikringsinstrumenter
instruments
Nedskrivning masterrettigheder
Write down of master rights
England
England
Opskrivninger ultimo
-4.348
-854
-17.582
-42.913
-1.838
3.015
-14.359
0
13.066
51.193
121.871
129.998
Revaluation at year-end
Regnskabsmæssig
Carrying amount
værdi ultimo
at year-end
DENKA HOLDING A/S
(tkr.)
36
(DKK'000)
Navn og hjemsted
Name and domicile
Club 8 Company A/S,
Club 8 Company A/S,
Ølgod
DK-Ølgod
Club 8 Retail A/S,
Club 8 Retail A/S,
Herning
DK-Herning
Dencon A/S,
Dencon A/S,
Skive
DK-Skive
Nedskrivning
Write down of
masterrettigheder
master rights
England
England
SelskabsEjerandel /
kapital /
Ownership
Company
share
capital
Egenkapital /
Equity
Ord. resultat
Årets
før skat /
resultat /
Profit/loss from
Profit/loss
ordinary activities
for the
before tax
year
100%
1.000
129.959
-2.992
-5.877
100%
2.000
2.338
-7.961
-9.138
100%
5.000
3.933
-3.655
-2.567
136.230
-14.608
-17.582
-14.359
121.871
Noter til årsrapporten
Notes to the Annual Financial Statements
Koncern /
Group
(tkr.)
5
(DKK'000)
2004
Kapitalandele i
associerede virksomheder
Investments in associates
Kostpris primo
of the year
Årets afgang
Disposals during the year
Anskaffelsessum ultimo
Cost at year-end
Cost at the beginning
3.867
-3.867
0
Revaluation at the beginning
6
7
Opskrivninger primo
of the year
Valutakursreguleringer
Exchange rate adjustment
0
Årets resultat
Profit/loss for the year
0
Årets afgang
Disposals during the year
Opskrivninger ultimo
Revaluation at year-end
Regnskabsmæssig
Carrying amount
værdi ultimo
at year-end
(tkr.)
(DKK'000)
Finansielle indtægter
Financial income
Øvrige renteindtægter
Other interest receivable
Renteindtægter fra tilknyttede
Interest receivable from
virksomheder
group enterprises
Finansielle omkostninger
Financial expenses
Valutakurstab
Foreign exchange losses
Øvrige renteomkostninger
Other interest payable
-5.078
5.078
0
0
Koncern /
Modervirksomhed /
Group
Parent Company
2003/04
2002/03
2003/04
2002/03
3.023
2.948
0
2
0
0
1.867
2.468
3.023
2.948
1.867
2.470
1.391
1.017
43
-36
15.568
16.180
2.883
3.329
16.959
17.197
2.926
3.293
37
Noter til årsrapporten
Notes to the Annual Financial Statements
(tkr.)
(DKK'000)
Koncern /
Modervirksomhed /
Group
Parent Company
2003/04
2002/03
2003/04
2002/03
3.189
-9.850
215
-30
-48
-1.104
-48
64
-2.897
964
-2.897
-257
0
0
2.974
-9.767
244
-9.990
244
-9.990
244
-9.990
244
-9.990
0
0
0
0
244
-9.990
244
-9.990
-9.188
-16.139
-8.733
-16.139
Tax on the profit
8
Årets skat
for the year
Skat af årets skattepligtige
Tax on the taxable
indkomst
income for the year
Gamma
Adjustment for previous
Regulering tidligere års skatter
years' tax
Regulering af udskudt
Adjustment of deferred
skat
taxation
Skat i tilknyttede virksomheder
Tax in group enterprises
der specificeres således:
broken down as follows:
Tax on profit/loss from
Skat af ordinært resultat
ordinary activities
Tax on profit/loss from
Skat af ekstraordinært resultat
extraordinary activities
Årets skat i alt
Total tax for the year
Tax on profit/loss from
Skat af ordinært resultat
ordinary activities may be
kan forklares således:
specified as follows:
30% tax assessed on
Beregnet 30% skat af
profit/loss from ordinary
ordinært resultat før skat
activities before tax
Skatteeffekten af:
Tax effect of:
Ikke fradragsberettiget
Non-deductible amortisation
afskrivning på goodwill
of goodwill
1.156
2.773
0
0
8.228
4.480
8.929
6.085
48
-1.104
48
64
244
-9.990
244
-9.990
DENKA HOLDING A/S
Ikke fradragsberettigede
38
omkostninger i øvrigt
Non-deductible other costs
Regulering af skat vedr.
Adjustment for previous
tidligere år
years' tax
Noter til årsrapporten
Notes to the Annual Financial Statements
Indretning
Goodwill /
9
(tkr.)
(DKK'000)
Immaterielle anlægsaktiver
Intangible fixed assets
KONCERN
GROUP
lejede lokaler /
Deposita /
Licenser /
Deposits
Licences
Leasehold
Goodwill
improvements
Cost at the beginning
Anskaffelsessum primo
of the year
14.262
20.764
5.688
5.512
0
Adjustment at the beginning
Regulering primo
of the year
Valutakursregulering
Exchange rate adjustment
0
-344
0
12
-451
56
Nyanskaffelser
0
Acquisitions
0
555
4.026
101
Tilgang ved køb
Additions with acquisition
0
2.588
0
193
Overført
Transferred
0
-2.511
0
0
Årets afgang
Disposals during the year
0
-771
0
0
Anskaffelsessum ultimo
Cost at year-end
14.274
19.830
9.770
5.806
Afskrivninger primo
beginning of the year
9.549
8.472
0
4.134
0
Amortisation at the
Adjustment at the beginning
Regulering primo
of the year
0
-343
0
Valutakursregulering
Exchange rate adjustment
0
341
0
0
Årets afskrivninger
Amortisation for the year
926
2.191
0
826
Tilgang ved køb
Additions with acquisition
0
838
0
82
Overført
Transferred
0
-2.092
0
0
Årets afgang
Disposals during the year
0
13
0
0
Afskrivninger ultimo
Amortisation at year-end
10.475
9.420
0
5.042
Regnskabsmæssig
Carrying amount at
værdi ultimo
year-end
3.799
10.410
9.770
764
Afskrives over
Amortised over
10 år /
5-10 år /
3 år /
years
years
years
39
Noter til årsrapporten
Notes to the Annual Financial Statements
Materielle
anlægs(tkr.)
(DKK'000)
Tekniske
Drifts-
Grunde og
anlæg og
materiel og
aktiver
under
bygninger /
maskiner /
inventar /
udførelse /
Fixtures and
plant and
Property,
Land and
Plant and
fittings, tools
equipment
buildings
machinery
and equipment
in progress
179.128
219.722
26.220
2.644
Property, plant
Limo
10
Materielle anlægsaktiver
and equipment
KONCERN
GROUP
Anskaffelsessum primo
of the year
Cost at the beginning
Adjustment, at the beginning
Regulering til primo
of the year
0
0
-214
0
Valutakursregulering
Exchange rate adjustment
0
29
-139
0
Årets afgang
Disposals during the year
0
-4.458
-10.600
0
Tilgang ved køb
Additions from acquisition
14.485
0
1.522
0
Overført
Transferred
772
1.776
2.803
-2.644
Nyanskaffelser
Acquisitions
165
4.313
5.570
1.891
Anskaffelsessum ultimo
Cost at year-end
194.550
221.382
25.162
1.891
64.596
112.434
13.531
0
Depreciation at the
Afskrivninger primo
beginning of the year
DENKA HOLDING A/S
Adjustment, at the beginning
40
Regulering til primo
of the year
0
0
-170
0
Valutakursregulering
Exchange rate adjustment
0
7
-74
0
Årets afgang
Disposals during the year
0
-4.011
-6.120
0
Tilgang ved køb
Additions with acquisition
0
0
230
0
Overført
Transferred
118
0
2.092
0
Årets afskrivninger
Depreciation for the year
7.017
17.740
5.216
0
Afskrivninger ultimo
Depreciation at year-end
71.731
126.170
14.705
0
Regnskabsmæssig
Carrying amount at
værdi ultimo
year-end
122.819
95.212
10.457
1.891
Afskrives over
Depreciated over
I grunde og bygninger er der
Under the heading 'land and
aktiveret finansierings-
buildings' financing costs in
omkostninger med 4 mio. kr.
the amount of DKK 4 million
have been capitalised.
Der indgår leasede aktiver
til en bogført værdi på
Plant and machinery includes
36,7 mio. kr. i tekniske
leased assets at the carrying
anlæg og maskiner.
amount of DKK 36.7 million.
25 år /
5-9 år /
3-7 år /
years
years
years
Noter til årsrapporten
Notes to the Annual Financial Statements
Grunde og
(tkr.)
bygninger /
(DKK'000)
Land and
buildings
10
Materielle anlægsaktiver
Property, plant and equipment
(fortsat)
(continued)
MODERVIRKSOMHED
PARENT COMPANY
Anskaffelsessum primo
Cost at the beginning of the year
Nyanskaffelser
Acquisitions
Anskaffelsessum ultimo
Cost at year-end
54.880
Afskrivninger primo
Depreciation at the beginning of the year
36.597
Årets afskrivninger
Depreciation for the year
1.913
Afskrivninger ultimo
Depreciation at year-end
38.510
Regnskabsmæssig værdi ultimo
Carrying amount at year-end
16.370
Afskrives over
Depreciated over
54.880
0
25 år /
Ejendommen anvendes som domicil-
The property is being used as a residence and is
ejendom og er derfor regnskabsmæssigt
thus treated on a par with the other properties
behandlet som øvrige ejendomme.
for accounting purposes.
years
Kontantvurdering af danske grunde og
Assessed cash value of Danish land and buildings
bygninger pr. 1. oktober 2003 udgør:
at 1 October 2003 amounts to:
Fabriksejendom, Mørupvej 10-22
Production facilities, Mørupvej 10-22
45.500
Ejendomme i modervirksomhed
Properties of the parent company
45.500
Fabriksejendom, Fabriksvej 4, Ølgod
Production facilities, Fabriksvej 4, Ølgod
(Club 8 Company A/S)
(Club 8 Company A/S)
Fabriksejendom, Skyttevej 21, Skive
Production facilities, Skyttevej 21, Skive
(Dencon A/S)
(Dencon A/S)
21.000
Danske ejendomme i koncernen
Danish properties of the Group
82.000
Realisation af grunde og bygninger til
Realisation of land and buildings at the carrying amount
bogført værdi vil ikke udløse beskatning.
will not give rise to taxation. Reversed depreciation
Genvundne afskrivninger er ikke omfattet
is not included in this, and tax in this respect
heraf, og skat herpå er afsat under
has been recognised under provisions for deferred tax.
61.000
hensættelser til udskudt skat.
41
Noter til årsrapporten
Notes to the Annual Financial Statements
Aktier /
Shares
(tkr.)
Marque
11
12
Finansielle anlægsaktiver
Investments
KONCERN
GROUP
Anskaffelsessum primo
Cost at the beginning of the year
Årets afgang
Disposals during the year
Anskaffelsessum ultimo
Cost at year-end
Regnskabsmæssig
Carrying amount at
værdi ultimo
year-end
MODERVIRKSOMHED
PARENT COMPANY
Anskaffelsessum primo
Cost at the beginning of the year
105
Anskaffelsessum ultimo
Cost at year-end
105
Regnskabsmæssig
Carrying amount at
værdi ultimo
year-end
Aktiekapital
Share capital
Aktiekapitalen består af:
The share capital consists of:
24.000 stk. A-aktier á 100 kr.
24,000 Class A shares of DKK 100
236.000 stk. B-aktier á 100 kr.
236,000 Class B shares of DKK 100
For hver A-aktie gives ret til 10 stemmer,
Each Class A share carries 10 votes, while
mens 1 B-aktie giver ret til 1 stemme.
Class B shares carry one vote each.
Aktiekapitalen er udvidet ved nytegning
The share capital was increased by the issue
i 2000/01 med 8.000 stk. B-aktier.
of 8,000 new Class B shares in 2000/2001.
DENKA HOLDING A/S
(tkr.)
42
(DKK'000)
(DKK'000)
2.754
-255
2.499
2.499
105
Antal stk. /
Nominel værdi (tkr.) /
% af selskabskapital /
Number of shares
Nominal value (DKK '000)
Percentage of share capital
2003
2004
2003
2004
2003
2004
1. maj
1 May
12.900
12.900
1.290
1.290
4,96%
4,96%
Køb
Acquisition
0
0
0
0
0
0
Salg
Sale
0
0
0
0
0
0
Egne aktier
Treasury shares
30. april
30 April
12.900
12.900
1.290
1.290
4,96%
4,96%
Noter til årsrapporten
Notes to the Annual Financial Statements
13
(tkr.)
(DKK'000)
Udskudt skat
Deferred taxation
Koncern /
Modervirksomhed /
Group
Parent Company
2003
2004
2003
2004
Deferred tax, at the
14
Udskudt skat primo
beginning of the year
Årets udskudte skat
Deferred tax for the year
Modregnet tilgodehavende
Set-off against current tax
aktuel skat
receivables
Regulering udskudt skat
Adjustment of deferred tax
tidligere år
previous years
Udskudt skat ultimo
Deferred tax at year-end
Udskudt skat vedrører:
Deferred tax relates to:
Immaterielle anlægsaktiver
Intangible fixed assets
Materielle anlægsaktiver
Property, plant and equipment
Finansielle anlægsaktiver
Investments
(interne avancer)
Hensatte forpligtelser
7.469
16.286
3.486
3.766
-5.522
964
-4.517
-257
0
-9.766
0
-23
-643
-15
-25
0
1.304
7.469
-1.056
3.486
20
376
0
0
14.084
17.555
3.251
3.509
(internal profits)
-2.900
-1.587
0
0
Provision
-3.727
-6.039
0
0
Omsætningsaktiver
Current assets
-6.173
6.930
-4.307
0
Modregnet aktuel skat
Off-set current tax
0
-9.766
0
-23
1.304
7.469
-1.056
3.486
49.709
53.022
0
0
3.128
2.742
0
0
52.837
55.764
0
0
Gæld til realkredit-
Mortgage loans and
og kreditinstitutter
bank overdrafts
Liabilities other than
Gældsforpligtelserne
provisions may be broken
fordeles således:
down as follows:
Realkreditinstitutter
Mortgage credit institutions
Langfristet
Long-term
Kortfristet
Short-term
Total mortgage credit
Realkreditinstitutter i alt
institutions
Kreditinstitutter
Banks
Langfristet
Long-term
87.889
96.916
26.252
31.209
Kortfristet
Short-term
9.177
12.648
5.000
4.996
Kreditinstitutter i alt
Total banks
97.066
109.564
31.252
36.205
149.903
165.328
31.252
36.205
54.202
68.024
0
2.500
Total liabilities other
Gæld i alt
than provisions
Langfristet
Long-term liabilities other
gældsforpligtelse, der
than provisions, falling due
forfalder efter 5 år fra
more than 5 years after the
regnskabsårets udløb
expiry of the financial year
43
Noter til årsrapporten
Notes to the Annual Financial Statements
Koncern / Group
(tkr.)
Regnskabs-
(DKK'000)
mæssig
Leasingydelse /
Rente /
Leasing
Beds
instalment
15
Af langfristet gældsforpligtelse
Of long-term bank debt, the
til kreditinstitutter vedrører
following relates to finance
følgende finansiel leasing:
leases:
værdi /
Carrying
Interest
amount
0-1 år
0-1 year
6.042
-1.866
4.176
1-5 år
1-5 years
22.785
-5.296
17.489
>5 år
>5 years
19.022
-1.104
17.918
47.849
-8.266
39.583
(tkr.)
(DKK'000)
Skyldig selskabsskat
Income taxes due
Koncern /
Modervirksomhed /
Group
Parent Company
2003
2004
2003
2004
Income taxes due at the
Skyldig selskabsskat primo
beginning of the year
Årets aktuelle skat
Current tax for the year
inkl. sambeskattede
including jointly taxed
dattervirksomheder
subsidiaries
Overført modregning
Off-set deferred tax,
udskudt skat
brought forward
Regulering tidligere år
Adjustment previous years
0
5.454
0
287
2.097
-9.850
0
-30
0
9.766
0
23
61
-525
61
64
-1.335
-4.845
-61
-344
823
0
0
0
122.819
114.532
16.369
18.283
Income taxes paid for
Betalt selskabsskat i året
the year
Income taxes due
DENKA HOLDING A/S
16
44
Skyldig selskabsskat ultimo
at year-end
Eventualforpligtelser og
Contingent liabilities
sikkerhedsstillelser
and guarantees
Grunde og bygninger som
Land and buildings
er bogført til:
recognised at:
er behæftet udover
are mortgaged above
prioritetsgælden på:
the mortgage debt of:
52.837
55.764
0
0
med skadesløsbrev på:
with indemnity bond of:
50.000
50.000
25.000
25.000
pantebrev på:
mortgage in the amount of:
30.000
30.000
30.000
30.000
Indgåede valutatermins-
Forward exchange contracts
forretninger med pligt
subject to an obligation to
til salg af valuta
sell currency
105.587
98.940
0
0
Noter til årsrapporten
Notes to the Annual Financial Statements
Koncern / Group
(tkr.)
16
(DKK'000)
Eventualforpligtelser og
Contingent liabilities and
sikkerhedsstillelser (fortsat)
guarantees (continued)
Denka Holding A/S,
Denka Holding A/S,
Herning
DK-Herning
Club 8 Company A/S,
Club 8 Company A/S,
Ølgod
DK-Ølgod
Club 8 Company Inc.,
Club 8 Company Inc.,
USA (2004/05)
USA (2004/2005)
Club 8 Company UK Ltd.,
Club 8 Company UK Ltd.,
UK (2004/05)
UK (2004/2005)
UAB Club 8 Company,
UAB Club 8 Company,
Litauen
Lithuania
Club 8 Company K.K.,
Club 8 Company K.K.,
Japan (2003/04)
Japan (2003/2004)
Club 8 Company Retail Inc.,
Club 8 Company Retail Inc.,
USA (2004/10)
USA (2004/2010)
BoConcept® S.a.r.l.,
BoConcept® S.a.r.l.,
Frankrig (2004)
France (2004)
BoConcept® Deutschland
BoConcept® Deutschland
GmbH, Tyskland (2004/10)
GmbH, Germany (2004/2010)
BC Stockholm AB,
BC Stockholm AB,
Sverige (2004/11)
Sweden (2004/2011)
Bank-
Kautioner
Lejeaftaler /
garantier /
døtre /
Tenancy
Bank
Guarantees for
agreements
guarantees
group enterprises
214.471
11.496
3.824
18
Total
214.471
15.320
1.090
1.090
1.524
1.524
4.536
4.536
23.624
23.624
18.850
18.850
476
476
10.283
10.283
21.377
1.217
93.256
5.041
22.594
214.471
312.768
Selskabet hæfter solidarisk sammen med øvrige
The company is jointly and severally liable together with
sambeskattede danske selskaber for skat af
the other jointly taxed Danish companies for tax on the
sambeskatningsindkomsten.
consolidated taxable income.
2004
17
I alt /
2003
Ændringer til driftskapital
Change in net working capital
Ændring tilgodehavender
Change in receivables
36.661
4.958
Ændring varebeholdninger
Change in inventories
-5.707
-17.424
Ændring leverandørgæld mv.
Change in trade payables etc.
20.149
-4.988
51.103
-17.454
Køb af tilknyttede
Purchase of group
virksomheder og aktiviteter
enterprises and activities
Immaterielle anlægsaktiver
Intangible fixed assets
Materielle anlægsaktiver
Property, plant and equipment
Varebeholdninger
-1.861
0
-15.697
0
Inventories
-9.538
0
Tilgodehavender
Receivables
-1.919
0
Leverandørgæld
Trade payables
Kreditinstitutter
Banks
4.594
0
16.940
0
-7.481
0
45
Noter til årsrapporten
Notes to the Annual Financial Statements
Koncern / Group
(tkr.)
Afdækket ved
(DKK'000)
Tilgode-
Gælds-
valutatermins
Netto-
havender /
forpligtelser /
kontrakter /
position /
Hedged by
Liabilities other forward exchange
Receivables than provisions
Accessories
19
contracts
Net
position
Valutarisiko / Foreign exchange risks
Valuta /
Betaling/udløb /
Foreign currencies
Payment/maturity
CHF
<1 år / year
42
-3.027
0
>1 år / year
0
0
0
0
<1 år / year
11.728
-33.767
-43.209
-65.248
>1 år / year
0
0
0
0
<1 år / year
0
-286
-14.594
-14.880
GBP
JPY
SEK
USD
EUR
Øvrige / Others
-2.985
>1 år / year
0
0
0
0
<1 år / year
4.087
-5.925
-3.253
-5.091
>1 år / year
0
0
0
0
<1 år / year
16.920
-14.479
-44.532
-42.091
>1 år / year
0
0
0
0
<1 år / year
34.372
-18.069
0
16.303
>1 år / year
0
-87.543
0
-87.543
<1 år / year
2.312
-978
0
1.334
>1 år / year
0
0
0
0
69.461
-164.074
-105.588
-200.201
Pr. 30. april 2004 udgør urealiserede nettogevinster
As at 30 April 2004 unrealised net profits on derivative
på afledte finansielle instrumenter til valutasikring
financial instruments for foreign exchange risk hedging
1.328 tkr., hvoraf 821 tkr. er indregnet i resultat-
amount to DKK 1,328 ('000). DKK 821 ('000) have been
opgørelsen.
recognised in the income statement.
Forventede fremtidige transaktioner
Anticipated future transactions
Koncernen afdækker forventede valutarisici op til
The Group expects to hedge foreign exchange risks in up to
12 mdr. frem i tiden med valutaterminskontrakter.
12 months ahead by means for foreign exchange contracts.
(tkr.)
(DKK'000)
Udskudt indregning i
resultatopgørelsen af
gevinster/tab (-), der
forventes realiseret
Kontraktmæssig værdi /
efter balancedagen /
Deferred recognition in
DENKA HOLDING A/S
the income statement
46
of gains/losses
which are expected to
be realised after the
Contract value
Periode /
Term
Valutatermins-
Forward exchange
kontrakter
contracts
30/4 2004
30/4 2003
balance sheet date
30/4 2004
30/4 2003
0-12 mdr. /
months
105.588
98.940
507
1.057
Valutasikring vedrører sikring af varesalg
Forward exchange contracts relate to the hedging of the pur-
og varekøb, jf. koncernens politik herfor.
chase and sale of goods, see group policy mentioned earlier.
Denka Holding A/S
Post Box 189
Mørupvej 16
DK-7400 Herning
Tel. +45 96 26 72 01
Fax +45 96 26 72 11
CVR no. 34 01 84 13
08-04/1
Club 8 Company In-House
www.club8.com
Translation: Eunike Hansen
Layout: Effectiv Reklamebureau ApS
Reproduction: Delta Grafisk A/S
Print: Aabenraa Bogtryk