- Annual report 2007/2008
-
Annual report 2008/2009
- 2008/2009 In brief
- President’s comments
- Hemtex share
- Presentation of operations
- Board of Directors’ report
- Income statements
- Balance sheets
- Changes in consolidated shareholders’ equity
- Changes in Parent Company shareholders’ equity
- Cash-flow statements
-
Notes
- Note 1 - Accounting principles
- Note 2 - Segment reporting
- Note 3 - Other operating income
- Note 4 - Employees and personnel costs
- Note 5 - Fees to auditors
- Note 6 - Depreciation/amortization of tangible and intangible fixed assets
- Note 7 - Exchange-rate differences that affected profits
- Note 8 - Net financial items
- Note 9 - Appropriations
- Note 10 - Taxes
- Note 11 - Earnings per share
- Note 12 - Intangible fixed assets
- Note 13 - Tangible fixed assets
- Note 14 - Financial fixed assets
- Note 15 - Deferred tax assets/deferred tax liabilities
- Note 16 - Prepaid expenses and accrued income
- Note 17 - Shareholders’ equity
- Note 18 - Untaxed reserves
- Note 19 - Liabilities to credit institutions
- Note 20 - Overdraft facilities
- Note 21 - Derivative held for hedging
- Note 22 - Accrued expenses and deferred income
- Note 23 - Pledged assets
- Note 24 - Contingent liabilities
- Note 25 - Leasing fees relating to operational leasing
- Note 26 - Adjustments for non-cash flow items
- Note 27 - Transactions not entailing payment
- Note 28 - Paid interest
- Note 29 - Acquisition of subsidiaries/operations
- Note 30 - Financial risks and risk policies
- Note 31 - Transactions with related parties
- Note 32 - Events after the closing date
- Note 33 - Important estimates and assessments
- Note 34 - Proposed dividend to shareholders
- Note 35 - Information about the Parent Company
- Note 36 - Definitions of key data
- Nine-year summary
- Proposed distribution of earnings
- Audit report
- Board of Directors
- Corporate Governance
- Management
- Hemtex stores
- Information about the AGM
- Annual reports archive
- Annual report 2009
- Annual Report 2010
- Annual Reports archive
Note 17 - Shareholders’ equity
Consolidated shareholders’ equity
Share capital
The Parent Company’s share capital.
Other capital contributions
This refers to capital contributed by the owners and includes share premium reserves that were transferred to the statutory reserve at December 31, 2005. As of January 1, 2006 and forward, allocations to share premium reserves are also recognized as capital contributions.
Reserves
Hemtex’ reserves consist solely of translation reserves. The translation reserve contains all exchange-rate differences that arise in the translation of financial reports from foreign operations that have prepared their accounts in another currency than that used for the Group’s financial reports. The Parent Company and the Group present their reports in SEK.
Retained earnings and profit for the year
Retained earnings and profit for the year includes profits earned by the Parent Company and its subsidiaries. Previous allocations to statutory reserves, including transferred share premium reserves, are included in this equity item.
Shareholders’ equity in the Parent Company
Share capital
The registered share capital amounts to SEK 73,344,000 (73,344,000) and comprises 29,337,400 shares (29,337,400). Hemtex AB has only one type of share with all shares carrying equal voting rights.
Restricted reserves
Restricted reserves may not be reduced through dividends.
Statutory reserve: The objective of the statutory reserve is to save a portion of net profit that is not needed to cover losses brought forward.
Share premium reserve: When a share is issued at a premium price, meaning that payment is received in excess of the share’s par value, an amount corresponding to the payment received in excess of the par value is transferred to the share premium reserve. According to the transition rule in the amendment to the Swedish Annual Accounts Act, funds transferred to the premium reserve prior to January 1, 2006 must be transferred to the statutory reserve in the first annual report prepared after January 1, 2006. Premium reserves arising after January 1, 2006 are recognized as non-restricted equity.
Non-restricted equity
Retained earnings comprise the preceding year’s non-restricted equity after any allocations and after any dividends have been paid. Together with net profit for the year, these earnings correspond to total non-restricted equity, meaning the amount that is available to be paid as a dividend to shareholders.
Capital management
In accordance with the Board of Directors’ policy, the Group’s financial objective is to have a favorable capital structure and financial stability, thereby retaining investors, credit providers, market confidence and to constitute a basis for continued development of business operations. Capital is defined as total equity. At its meeting in June 2008, the Board decided to add to the Group’s financial objective. The current objective prescribes that the Group shall increase net sales by 15% annually, that the operating margin shall be 15% over a business cycle and the market share in the Nordic region shall be 15%. In addition to these three goals, the Board decided that equity/assets should be maintained at between 30 and 40% and that net debt/EBITDA should not exceed three.