annual report 2009

Safely
through the
global economic crisis
Report on financial year 2009 –
the 143rd year of the
Tengelmann Group

4 retail divisions
3 associate companies
11.34 billion euro in sales
2.4 percent increase
1 successful financial year

Preface 4
Management Report 6
Invited Comment 8
Business Divisions 12
Associated Companies 22
Social Responsibility 24
Employees 26
Balance sheet and explanatory notes 28
CONTENTS | 3

5 generations
16 countries
143 years
1 family business

Dear Readers,
Founded in 1867, our family business is now 143
years old, an age to be proud of, I do believe.
During this time “the firm” has survived two
World Wars and – it can now be said – two economic
crises of global proportions. In Germany
alone the business has seen six currencies and has
so far been managed by five generations of the
same family. All of them had and have one thing
in common: The resolute will to preserve the
company for the family and the generations to
come. Creativity, commitment and hard work are
still our watchwords. Continuity and reliability,
forward-looking business policies and a long-term
outlook are the strong foundations on which our
business is built. My family has always prioritized
the long-term security of the company over the
short-term maximization of profit. We have always
preferred to finance growth out of our own
resources rather than pursue expansion “on
credit”. It is not least for that reason that in the
past two years we have remained calm and composed
in the face of the financial and economic
crisis.
80 percent of German commercial enterprises
with a turnover of more than a million euro are
family businesses, many of them a hundred or
more years old. Our modern marketing concepts
prove day in, day out that traditional family businesses
are by no means “relics of the past”. Our
successful KiK and TEDi divisions number among
the few new retail businesses to be established in
the past 20 years. With the launch of the Plus
Online Shop in 2001 we broke new ground as the
first German retailer to open its doors on the Internet.
Today the shop forms the nucleus of our
new strategic e-commerce division which we shall
be consistently expanding in the coming years.
We have already acquired interests in marketleading
start-ups. In addition, we operate in a
total of 15 foreign markets where we see opportunities
for investment with a particular emphasis
(OBI) on Russia.
Overall we have survived the year of crisis in
2009 surprisingly well. Whereas other industries
and competitors have reported declining sales, we
can once again report higher sales revenues,
higher profits and an increase in our equity ratio.
In contrast to previous years we were aided more
by the strong development at our OBI and KiK
divisions in Germany than by those elsewhere in
the EU. In Hungary in particular – the first country
to be saved from sovereign insolvency only by
means of international aid – we suffered a painful
drop in sales and currency losses. We have also
taken further steps to ensure the restoration of
our Kaiser’s Tengelmann supermarkets to sustained
good health.
What is tradition without a future? Our tasks for
the coming years are to preserve Tengelmann as
a family business and equip our enterprise to
meet the future with a new generation at the
helm. Nor must we forget that we have a role to
play in the interests of society itself. Together with
our employees and our partners, we willingly embrace
the challenge.
Yours truly
Karl-Erivan W. Haub
PREFACE | 5

11 divisions
4,519 branches
84,516 employees
1 shared goal

Well equipped for the future
In financial year 2009 with 4,519 branches and
84,516 employees in 16 European countries, the
Tengelmann Group achieved sales valued at
11.34 billion euro, representing an increase of
2.4 percent over the year before.
As a result of the financial crisis the German economy
suffered a decline in 2009 for the first time
in six years, falling by 5 percent. The Tengelmann
Group divisions, too, were affected by the crisis
in the economy and the depressed mood among
consumers. On the other hand OBI and KiK in
particular performed strongly in a competitive environment
and increased their market share.
A slight increase in economic output is forecast
for 2010. We accordingly expect further growth
in the current year.
FOOD AND DRINK
Kaiser’s Tengelmann, since January 2010 a limited
company (GmbH), continues to push ahead
with the conversion of its branch network to the
successful “Black, Red, Gold” concept. These
Kaiser’s and Tengelmann stores are distinguished
by a broader than average range of fresh foods
and an extended choice of services. Following the
cessation of our Plus business activities in Germany
and some European countries, the sale of
the subsidiaries in Bulgaria and Romania has now
been completed. The Austrian subsidiary Ziel -
punkt was sold in May 2010. In addition, the
Tengelmann Group also remains the largest individual
shareholder in the North American supermarket
chain The Great Atlantic and Pacific Tea
Company, Inc., abbreviated to A & P.
CLOTHING AND NON-FOOD
The textile discounter KiK operates in six European
countries and in the past financial year has
consolidated its position as the leader on price in
the clothing segment.
In support of its image presentation the company
continues to prioritize its successful cooperation
with Verona Pooth and the Slogan “KiK – besser
als wie man denkt” (KiK – even better than you
think). Plus Online GmbH, founded nine years
ago as the first Internet shop to be opened
by a food discounter, today forms the nucleus
of the new strategic e-commerce division. The
Tengelmann Group also holds a 30 percent stake
in the 1-euro discounter TEDi.
DIY, HOME AND GARDEN
OBI is represented in 13 European countries.
In its home market of Germany, with its broad
pro duct range, a workforce skilled at advising
customers and a first-class ratio of price to performance,
the company remains the Number
One in the DIY market. In Austria, Poland, Italy
and Russia, too, OBI recorded substantial like-forlike
growth. Elsewhere in Eastern Europe, the DIY
sector suffered heavily in the economic crisis.
REAL ESTATE AND SERVICES
The remaining companies in the Tengelmann
Group without exception recorded positive
development: TREI Real Estate GmbH manages
the Group’s own real estate holdings outside
of Germany, Tengelmann Energie GmbH offers
a complete energy management service, and
Tengelmann Audit GmbH covers the full range of
auditing services. Subrenta Immobilienverwaltungsgesellschaft
mbH, Tengelmann Assekuranz
Vermittlungs-GmbH and TSG Sicherheit und
Service GmbH all succeeded in continuing the excellent
development reported in previous years.
www.tengelmann.de
MANAGEMENT REPORT | 7

Family businesses are better equipped
for times of crisis
by Prof. Peter May
There is no denying the crisis that has occurred
and still continues. And no one likes a crisis. But
a crisis has more than just a downside. A crisis
separates the wheat from the chaff, it divides the
world into winners and losers. In a crisis you survive.
Or not.
Many family businesses have proven to be astonishingly
robust, because both before and during
the crisis they have taken to heart the basic
common sense rules that since time began have
distinguished good and successful enterprises
from those that are mediocre or bad: They aspire
to strong values and clear goals, they espouse
professional management, they build trust and
they do business soundly and solidly.
VALUES AND GOALS
We have learned from bitter experience what
happens when an economy comes to believe in
money as its premier value and the maximization
of profit as its premier goal. Good family businesses
have resisted the lure of greed and avarice
and instead put their faith – old-fashioned as it
may have seemed – in the economic benefits of
value-based policies. As Thomas Mann’s honest
merchant Buddenbrook remarked: “My son,
show zeal for each day's affairs of business, but
only for such that makes for a peaceful night's
sleep.”
Strong values such as hard work and integrity, curiosity
and courage, fairness, tolerance and loyalty
and an unconditional commitment to the
common cause are both guard and guide on the
way to achieving goals that are at once challenging
yet realistic. Tengelmann too has not been
distracted, either before or during the crisis, from
its traditional values. Reliability and continuity,
decency in business and a commitment to
mankind and to nature collectively form the basis
for the ongoing sustainable development of a
family business that is now 143 years old.
CONCORDANCE BETWEEN OWNERSHIP AND
MANAGEMENT
Having defined strong values and clear goals, it
is at least as important that these should prevail in
the day to day business environment. They are
guaranteed to do so by the dominant proprietorial
position of the family and by a professional
management committed to acting in concordance
INVITED COMMENT | 9

10 | INVITED COMMENT
with the family code of values and goals. At
Tengelmann these guarantees are personified by
Karl-Erivan and Christian Haub. In their case the
risk that as managers they might fail to act in the
interest of the proprietors is effectively obviated.
Their every decision is measured against their resolve
never to make the one “big mistake” that
would endanger the independence and the assured
long-term survival of their family business.
They are the guarantees of future security not just
for the owners, but also for every stakeholder in
the enterprise.
BUILDING TRUST
Through the concordance between ownership
and management, many family businesses provide
a focus for the trust that is placed in them. A
focus that is all the more effective because the
owner–manager is likely to remain in post a great
deal longer than a salaried employee. Over time,
cautious family businessmen develop relationships
with their stakeholders that are founded on
trust: Because they know that when credibility
and trust are squandered, their customers, suppliers
and lenders will desert them. The crisis has
indeed revealed examples of family businesses
that squandered vital trust. Tengelmann on the
other hand has continued to focus on responsibility
and credibility. This is for example reflected
in the public perception of OBI, whose customers
associate the DIY store operator with trustworthiness
and credibility in terms of both product
quality and price.
Trust is also created through the acceptance of
social responsibility. A commitment to mankind
and to the environment has been integral to the
Tengelmann corporate philosophy since the
1960s. This uncompromising environmental
stance is evident in the opening of an experimental
climate-friendly store as a test bed for energy
efficiency, at this stage irrespective of cost
and profitability.
SOUNDNESS AND SOLIDITY
Perhaps the most important lesson to be learned
from the crisis is that wanton borrowing and an
insatiable appetite for power all too rapidly lead
to a descent into debt, demands for state intervention
and ultimately insolvency. The route of
virtually unlimited leverage is undeniably the easy
way to increase profitability. However, it frequently
also compounds risk to the point where it
is no longer controllable. Tengelmann has not fol-

lowed this route. The company management has
pursued a consistent policy of reducing debt, in
the course of which it has shed its Plus subsidiary
which accounted for by far the largest proportion
of consolidated sales. As a result, Tengelmann
today in terms of bank borrowings is net debt
free, with an equity ratio of 33 percent.
Strong family businesses have always understood
how to operate without borrowing and with a
high equity ratio. Tengelmann has not sought
short-term success through financial trickery. In
the crisis the management has continued to act
soundly and solidly, financing itself through its
own resources, exhibiting strong powers of innovation
and the courage to make incisive changes
that are ultimately aimed at safeguarding the
continuation of the family business and handing
it on to the sixth generation.
INVITED COMMENT | 11
Prof. Peter May is a leading expert on family businesses.
He has previously held the Wild Group
Chair of Family Business at the International Institute
for Management Development (IMD) in
Lausanne and teaches as a visiting professor at
the WHU – Otto Beisheim School in Vallendar. As
founder of INTES in Bonn-Bad Godesberg, he advises
the family owners of leading business enterprises.
He also publishes and lectures regularly
and has established various important initiatives
for family business (including the “Governance
Code for Family Businesses” and “Family Business
Entrepreneur of the Year”).
www.intes-online.de

1,500 organic products
6 own brands
20,959 employees
1 quality supermarket

Kaiser’s Tengelmann
Service with a heart and a helping hand
With 20,959 employees at 660 branches, Kaiser’s
Tengelmann – trading since the start of 2010 as a
limited company – achieved sales valued at 2.58
billion euro in the past financial year. This was
slightly below the level of the preceding year but
ahead of the trend in this sector.
Kaiser’s Tengelmann is actively gearing up for the
future. In the past financial year the company has
continued its consistent program to position itself
as a supermarket chain focused on quality and
freshness. A further 61 food stores in Germany
were converted to the successful “Black, Red,
Gold” concept that combines an emphasis on
freshness with the shopping experience, service
and customer orientation. By the end of 2009
that company had rolled out its coherent modern
image at a total of 203 locations. Regular market
research confirms that customer satisfaction is increased
and the brand image is improved under
the new concept. Kaiser’s Tengelmann has also
stepped up its investment to ensure that it is ideally
prepared to meet the future demands of the
market. In a very difficult climate overshadowed
by economic collapse and a 5 percent drop in
GDP – the worst negative growth since the post-
War era – Kaiser’s Tengelmann succeeded not
least through its successful “Black, Red, Gold”
store concept in maintaining its position.
In addition to branded goods, the company also
offers own-label products to suit every taste and
every pocket. On the one hand, Kaiser’s Tengelmann
now broadened its A & P (attractive &
price-conscious) range to include more than 400
items at entry-level prices. These items offered at
discount prices are not available for less anywhere
else in Germany. Customers who prefer higherquality
products can choose from the “Star
brand” range. Positioned in the medium price
segment, this own-label range of selected products
for discerning customers offers an alternative
to leading brands. By the end of the last financial
The Tengelmann climatefriendly
store generates
energy from 1,140 m 2 of
solar cells.
year the range comprised around 200 items. The
choice of goods available at Kaiser’s-Tengelmann
is complemented by the organic “Naturkind”
own-label range which was first launched by the
company almost 25 years ago in a pioneering
breakthrough in healthy eating. Since then, this
range has seen continuous growth as the number
of occasional purchasers of organic foods
continues to rise.
The Tengelmann climate-friendly store opened in
2008, is a clear expression of the company’s commitment
to the environment over many years,
and has meanwhile won numerous awards. In
recognition of the future-oriented technologies it
embodies (such as solar and geothermal energy
systems and an innovative lighting concept) in
2009, the climate-friendly store not only received
a European Commission Green Building Certificate,
but was also awarded the RWE Energy Efficiency
Prize, the Cooling Industry Award 2009
and German Solar Prize. It is also one of the
365 locations selected to participate in the "Germany
– Land of Ideas” contest in 2010.
www.kaiserstengelmann.de
www.kaisers.de
BUSINESS DIVISIONS | 13

2,887 branches
6 countries
18,129 employees
1 price leader

KiK
A knack for trends and prices
With sales of more than 1.63 billion euro in 2009,
KiK boosted turnover by 7.23 percent over the
year before. The textile discount specialist operates
2,887 branches across Europe with 18,129
employees.
KiK is growing at a tremendous pace despite the
tense economic situation. In Germany alone, the
company opened 182 branches in 2009. Europewide
the number of stores grew by 193 relative to
2008.
In the long term, KiK as a supplier of basic textile
needs intends to reach around 3,000 outlets in
Germany and around 5,000 in Europe: An ambitious
goal, but one that takes account of customer
demand for clothing at an economical
price. In 2009 KiK invested in optimizing its network
with the opening of 14 branches in Austria,
15 in Slovakia, 11 in Slovenia, 40 in the Czech Republic
and 30 in Hungary. Our textile discounter
has also developed a new type of store with the
arrival of its biggest branch to date in Berlin: Since
November 2009, KiK has been offering its familiar
high quality at the lowest comparative price in
a store with a floor area of more than 2.200 m 2 .
In August 2009, the company launched a successful
marketing campaign with TV personality
Verona Pooth and the slogan “KiK – besser als
wie man denkt!” (KiK – even better than you
think). This was followed in March 2010 with an
exclusive “Verona Pooth Collection”. Besides extensive
advertising, in a series of media projects in
2009 with partners such as RTL2 and the newspaper
Bild, KiK launched its attention-grabbing
“Volks-Aktion – T-Shirts für die ganze Familie”
(the “T-shirts for all the family” campaign). According
to Nielsen Media Research, KiK took seventh
place in 2008 and has now moved up to
Number 3 in the advertiser rankings.
The KiK product range was also significantly
expanded in 2009: The basic range comprises a
broad selection of ladies- and menswear and children’s
clothing, with an increasing proportion
manufactured using organic cotton as certified by
the Oeko-Tex ® label. As well as household goods
and gifts, textiles and fashion accessories, KiK also
offers various seasonal ranges. Among its own
brands, its Ergee hosiery range has been joined
by the Selina Collection aimed specifically at
teenagers and the successful Pokito line for children.
The company is also consolidating customer
loyalty with its new international own brand
“Okay”.
KiK is building on its positive development by optimizing
its Internet presence with a comprehensive
relaunch scheduled for the fall of 2010. In
future as one of Germany’s top ten textile retailers,
KiK aims to keep its customers up to date
even faster with new additions to its ranges. This
also applies to its successful football shirt promotion:
For three years now, football clubs have
been able to put together an individual set of
shirts and order online. In future KiK aims to roll
out this service even more widely.
The number one on
price is expanding its
portfolio with new
collections.
www.kik-textilien.com
BUSINESS DIVISIONS | 15

537 stores
37,663 experts
60,000 items
1 DIY paradise

OBI
Everything under one roof
In 2009 the sales generated at OBI’s 537 stores –
including 330 in Germany – amounted to 5.90
billion euro, representing an increase of 2.1 percent
over the year before.
OBI continued its international expansion in the
course of the financial and calendar year 2009.
The company substantially increased its presence
not just in Eastern Europe – with a focus on Russia
and Poland – but also in Italy, and added to its
market share in most countries. Despite the tense
situation brought on by the global economic crisis,
OBI's foreign units in Austria, Italy, Poland
and Russia in particular recorded some impressive
growth in like-for-like sales. In Austria OBI consolidated
it position as number two among the
country’s large-format DIY stores.
Of the 24 new OBI stores opened, eight were in
Germany. The company plans to step up the pace
of its continuing international expansion with an
average of 25 to 30 new store openings each
year. OBI is focusing mainly on supplementing
uniform standard solutions with demand-oriented
regional formats. Its sophisticated shop-in-shop
logic means that customers can quickly find their
way around every OBI store from Moscow to
Munich.
OBI is and remains the number one among DIY
stores in Germany. According to market analysis
by GfK, no other do-it-yourself chain has so many
satisfied customers. Shopping is a matter of trust,
and OBI customers have a great deal of trust in
their DIY store of choice. The reason lies not just
in the high quality of the more than 60,000 items
spanning technology and construction, home and
garden. It is the expert advice available from the
staff that impresses customers and safeguards
OBI’s leading position in the market. In the interests
of long-term satisfaction and the attendant
positive effect on business, OBI consistently refrains
from offering products of dubious origin
With a combined area of
4 km 2 OBI’s stores are
bigger than Hamburg’s
Speicherstadt.
and quality, as well as from frivolous discounting
promotions. For years now. the company has also
been committed to energy-efficient products that
carry no health risk.
As Europe’s largest garden center operator, OBI
consistently invests in regional marketing and emphasizes
individual services such as the sale of
plants from local nurseries. In order to identify
customer needs even more promptly, the company
has also stepped up its location-specific
market research. Currently OBI is developing its
ranges of bathroom and kitchen products and
establishing a clear profile in these growth areas.
The OBI product range has long benefited from
professional presentation on the Internet. From
catalogues and handy hints to details of stores
and offers, the OBI website scored a clear hit in
2009. Whether virtually on the Net or personally
in store, last year the company successfully lived
up to its slogan „WIE, WO, WAS weiß OBI“
(HOW, WHERE, WHAT – OBI knows!).
www.obi.de
BUSINESS DIVISIONS | 17

E-Commerce and Real Estate Management
A sure hand in online business and real estate
PLUS.DE
Plus.de ranks among Germany’s top ten most frequently
visited online shops. The business was
launched in 2001 as the first Internet shop to be
opened by a German food discounter and continued
to perform well in the growing e-commerce
market with a broad product range in
2009. The store offers a comprehensive choice in
the Home & Design, Sport & Wellness, DIY &
Garden, Multimedia & Consumer Electronics and
Kids World categories. These ranges are supplemented
by specially themed, up to date special
offers that have become known as the “Plus des
Tages” (the Plus of the day).
In the past financial year the company continued
the process of consolidation that begun in 2008
with the disposal of the Plus branches. In fall
2009 Plus.de was updated with the integration of
a sales platform on which partners can directly
display their goods. With the spin-off of its marketing
activities into Tengelmann New Media
GmbH, Plus Online is meanwhile also successfully
putting its expertise at the disposal of external
clients.
TREI
As a specialist in retail commercial properties, TREI
Real Estate GmbH amalgamates the Group’s real
estate holdings in Bulgaria, Austria, Poland, Portugal,
Romania, the Czech Republic and Hungary.
TREI acts both for Group companies and external
clients. The principal tenants are the purchasers
of the former Plus foreign subsidiaries. TREI manages
more than 500 properties, the bulk of which
are let on long-term leases. The company intends
to expand its commitment in Eastern Europe in
future with a focus on developing and letting specialist
stores.
www.plus.de
BUSINESS DIVISIONS | 19
The Tengelmann Group
plans to continue to expand
its e-commerce and
real estate business.

Energy and Auditing
The future in hand
TEG
Tengelmann Energie GmbH (TEG) is the Tengelmann
Group’s energy service provider. TEG offers
a complete energy management service to commercial
clients, ranging from sourcing electricity
on beneficial terms via billing through to energy
efficiency and environmental consulting.
TEG’s services are in particular demand among
so-called bundled clients – companies operating
from multiple locations. This also includes Tengel -
mann Group member companies to whom TEG
is increasingly supplying green electricity. Kaiser’s
Tengelmann GmbH, for example, exclusively uses
hydroelectric power. KiK too is gradually switching
to renewables.
In the past financial year TEG also began to offer
new services and is meanwhile generating around
70 percent of sales with non-Group customers.
The project launched in 2009 in which TEG offers
added value for its customers through the operation
of measuring and monitoring stations also
promises to yield market opportunities. Since January,
subsidiary company GrünHausEnergie
GmbH, a joint venture with Freiburg-based energy
supplier badenova, has been supplying private
households and small businesses with
certified eco-power. The increasing interest in renewable
energy is underscored by rising customer
numbers.
TAG/TASCO
TAG (Tengelmann Audit GmbH) and TASCO
(Tengelmann Auditing Services & COnsulting
GmbH) jointly offer a full range of auditing services
to both internal and external clients. Besides
conventional internal auditing, these services also
include test purchases in connection with branch
audits and advice on occupational safety and
health. In addition to Group companies, these
services are attracting an increasing number of
external clients who wish to have their processes
professionally audited.
www.tengelmann-energie.de
www.tasco-revision.de
BUSINESS DIVISIONS | 21
The Tengelmann Group
is investing in the future
by focusing on certified
green electricity and
continuously optimizing
its day to day processes.

433 A & P markets
946 TEDi branches
3,881 Netto stores
1 associates portfolio

Associated Companies
A prudent approach
A&P
Despite the ongoing economic crisis in the USA,
A & P has maintained its position as the market
leader in its core regions of New York, New Jersey
and Philadelphia. This North American supermarket
company operates under the “A & P”,
“Waldbaum’s”, “Food Emporium” and “Pathmark”
banners as well as “Superfresh” and
“Food Basics”.
With its four market formats, A & P covers the
full range of preferences of its various target
groups. The choice ranges from low-cost products
at “Food Basics” through to selected fine
foods at “Food Emporium”. Under the difficult
economic conditions, these two formats developed
most successfully. With unemployment rising
in the USA, “Food Basics” is most likely to
profit from the crisis.
NETTO MARKEN-DISCOUNT
In January 2009 Netto Marken-Discount GmbH
& Co. KG took over around 2,300 Plus stores in
Germany. Since then the Tengelmann Group has
held a 20 percent stake in the success of this enterprise.
The number of Netto stores nationwide
has now more than doubled to 3,881 and Netto
is joining the ranks of the leading German discounters.
The last Plus outlets are due to be converted
to the Netto concept in the course of the
year. By the end of 2009 the company reported
sales of 9.9 billion euro.
TEDI
There is no stopping TEDi. Once again in the past
year the company continuously expanded its position
as the leading 1-euro discounter. Including
the 150 or so new branches opened in 2009,
TEDi had 946 stores throughout Germany by the
end of December.
Quality for every customer:
A & P, Netto and
TEDi offer extensive
product ranges.
From all-purpose scissors to picture frames and
from toys and stationery to flower vases, TEDi offers
a huge variety of day to day items that are
supplemented by monthly special offers. Each
year the company attracts large numbers of new
customers with its special discount promotions to
start the school year. The existing range is due to
be enlarged again in 2010 with among others the
inclusion of drugstore products.
To ensure continuing high standards TEDi has developed
a certified quality system which will continue
to safeguard product quality in 2010.
www.aptea.com
www.netto-online.de
www.tedi-discount.com
ASSOCIATED COMPANIES | 23

42 years of protecting
the environment
14,631 fewer tons of CO 2
439 volunteer days
1 global commitment

Social Responsibility
It comes naturally
A social commitment to nature and mankind is a
long-established feature of the Tengelmann
Group. In 2009 it was our emergency aid for the
earthquake victims in Haiti that captured attention.
All of the OBI stores in Germany together
with Kaiser’s and Tengelmann branches, KiK textile
discount stores, TEDi branches and Plus Online
joined in the spontaneous “One cent for
Haiti” fundraising campaign initiated personally
by Karl-Erivan W. Haub: One cent was automatically
diverted from every customer purchase into
an emergency aid fund for the disaster victims.
When the campaign ended the Haub family
matched the amount collected, doubling the total
to 1.2 million euro.
Tengelmann has always felt a particular commitment
towards the conservation of nature, climate
and resources. Our current goal is to reduce the
greenhouse gases attributable to the Group by 20
percent by the year 2020. In order to document
the step by step success of this undertaking, since
2007 the Group has taken a pioneering role
among German retailers by publishing an emissions
balance sheet. One of the milestones on the
way to our goal is the Tengelmann climatefriendly
store that was recognized by the European
Commission 2009 as an example of “Green
Building”.
“Helping people to help themselves” is fundamental
to our social commitment, and is reflected
in a host of projects: Through wide-ranging
cooperation and information events, Kaiser’s
Tengelmann helps to prepare school students to
set foot on the career ladder. OBI has for years
been a committed supporter of the Deutscher
Kinderhospizverein, the association of German
children’s hospices. Regular donations to this
charitable organization benefit not just the children
concerned, but their parents and family
members. The “help and hope” foundation, set
up in 2005 on the initiative of KiK and supported
by the divisions of the Group, helps children in
desperate situations in places as far apart as
Germany and Cambodia.
KiK is particularly committed to improving working
conditions in the countries of South East Asia
where its goods are manufactured, for example
by auditing its suppliers and providing healthcare
for their workers. In addition, in Bangladesh KiK
has so far promoted the manufacture of more
than 500,000 patchwork rugs made of fabric offcuts
and is supporting sales and distribution. The
entire proceeds are being used to develop more
social projects. In recognition of this work at the
beginning of 2010, KiK and Care Bangladesh received
the Gold Standard Award for sustainability.
The annual Tengelmann Run organized each year
since 1995 by the Tengelmann Group, has meanwhile
become one of the best-known running
events in North Rhine-Westphalia. Traditionally
the proceeds of the event are donated to organizations
dedicated to providing sports for disabled
children and young people in the locality. Prominent
runners such as Frank Busemann and Marcel
Wüst are also happy to help the good cause
by taking part.
Since 2007 Karl-Erivan W. Haub has also encouraged
the more than 650 staff at the headquarters
in Mülheim an der Ruhr to show their commitment
to society by taking an annual “volunteer
day”, for which they receive a day off work.
Some volunteers have become so enthusiastic
that they continue their activities in their own
time, for example by distributing food to those in
need.
www.tengelmann.de
SOCIAL RESPONSIBILITY | 25
To help people in need
our employees work
hard on “volunteer
days” and test their
stamina in the Tengelmann
Run.

84,516 employees
4,491 Trainees
22 vocational
training options
Our capital for the future

Employees
When ideas take hold
For businesses, one of the keys to a secure future
lies in the level of qualification of their workforce.
This is true not just of Tengelmann. Traditionally
as a family business Tengelmann accepts a high
degree of responsibility towards its employees
and a commitment to their ongoing education
and training. Industry-wide, the Group is regarded
as a popular and dependable employer,
and one who encourages and challenges its employees
in equal measure. The Group’s record of
employing interns and engaging a high proportion
of trainees is just one aspect of the qualification
program. Experienced staff, too, have the
opportunity to pursue and develop their personal
careers with the support of the Group.
In recognition of its outstanding modern human
resources management, in January 2010 for the
second year in succession OBI was singled out by
the CRF Institute as “Germany’s Top Employer”.
The company which operates in 13 countries
turns over one of its stores each year for four
weeks to be run exclusively by a team of 60
trainees and BA students. The “trainees in
charge” project could well also be described as
“learning from the next generation”. This innovative
form of training is extremely well received
both by the participants in the project and by customers.
KiK, too, takes a special interest in supporting the
younger generation. Each year the company offers
around 1,000 vacancies for trainees spanning
16 different occupations. In 2009 the textile discount
specialist set a record for its number of
trainees and interns who accounted for more
than 12 percent of KiK employees last year. Once
the trainees have successfully completed their
training, the company continues to offer excellent
prospects: 72 percent of them are subsequently
offered employment – some 10 percent
above the national average in Germany (61 percent).
At Kaiser’s Tengelmann, in the past financial year
554 young people took their first step on the career
ladder. Their training places a strong emphasis
on service orientation as well as a high degree
of competence in the fresh food departments.
Wherever possible traditional elements of training
are supplemented with modern content and
methods. Regular contests such as the annual
“Sales Ace” competition are designed to challenge
young people and encourage them to identify
with the company. Kaiser’s Tengelmann also
deploys future-oriented learning technologies
such as for example interactive computer programs.
The common aim shared by all Group companies
is to recruit the next generation of managers primarily
from among their own ranks.
EMPLOYEES | 27
Training never ceases:
The Tengelmann Group
believes in its employees.

BALANCE SHEET AND EXPLANATORY NOTES | 29
Balance sheet and explanatory notes
Consolidated Annual Report 30
Consolidated Balance Sheet 50
Consolidated Statement of Assets 52
Notes to the Consolidated Financial Statements 54
Audit Certificate 62
Facts and figures 63

30 | CONSOLIDATED ANNUAL REPORT
Consolidated Annual Report
for financial year 2009
The Tengelmann Group is an international retail group based in Mülheim an der
Ruhr, comprising various divisions operating in Germany and 15 other European
countries. In the United States, the Group has an interest in the North American
supermarket business A & P.
1 ECONOMIC AND SECTOR-SPECIFIC DEVELOPMENT
Early in 2009 a steep and abrupt decline in world trade brought on by the financial
crisis triggered the worst recession of the post-War era, with hardly a single
country remaining unscathed. In the OECD countries industrial production in the
first quarter of 2009 fell by 16.6 percent. World trade suffered an extraordinary
decline of 30 percent. Following the sharp collapse at the start of the year, in the
second quarter of 2009 there were signs of a slight recovery in the global economy.
The attitude of investors towards risk also stabilized. In the recession unemployment
rose in almost all of the industrialized countries. Nevertheless thanks
to lower energy prices and fiscal policy measures, real available incomes were
higher, with a positive attendant effect on consumer spending in most developed
countries in Q2 2009. In real terms the global economy shrank by an overall
0.8 percent in 2009. Growth was recorded mainly in Asia, the Middle East and
Africa. By contrast, gross domestic product in the Eurozone fell by 3.9 percent in
2009 (2008: 0.6 percent).
The economies of Central and Eastern Europe were particularly hard hit by the
financial crisis with GDP falling dramatically in almost every country in 2009. The
worst declines in gross domestic product were recorded in Latvia, Estonia, the
Ukraine and Lithuania which saw falls running even into double digits. However,
the crisis also hit the Czech Republic, Slovenia, Finland, Romania, Ireland, Russia,
Austria, Italy and Hungary, leading to further falls in GDP. Only Poland managed
to beat the general trend and achieve a slight increase in gross domestic product.
Following on from weak growth of 1.3 percent in real terms in 2008, Germany
experienced a decline of 5.0 percent in GDP in 2009, the steepest fall in the post-
War era. However, after the collapse in the winter half-year 2008/2009, economic
output stabilized somewhat in the course of the year, albeit at a lower
level. Available household incomes rose by just 0.4 percent in 2009, the lowest
rate of growth since German reunification. In contrast to the preceding two years,
the 0.5 percent rise in consumer spending was slightly ahead of the increase in
available income. The savings ratio of 11.2 percent for private households remained
as high as in the year before. The rate of inflation climbed 0.4 percent in
2009, again the lowest rate since reunification.

Provisional figures indicate that sales in the retail sector were down by 1.8 percent
in real terms compared with the year before. In nominal terms sales fell by
2.4 percent. Food retailers (over 100 m 2 , excluding Aldi, Lidl, Norma) recorded an
overall drop in sales of 1.2 percent relative to the year before. On the other hand,
retailers in 2009 had two fewer trading days on which to do business. After making
this adjustment, sales declined by 0.5 percent, with all sales formats registering
a fall. The large supermarkets (400 – 999 m 2 ) reported sales down by
2.5 percent while small supermarkets (100 – 399 m 2 ) lost 7.1 percent. Stores over
1,000 m 2 suffered least of all.
After a weak start to the year in 2009, from April onwards the trend improved in
the DIY sector in Germany, with sales growing by 2.0 percent despite the difficult
economic conditions and the effects of the global financial crisis. German citizens
returned to spending more on their homes and gardens, with the result that
for the first time in several years, like-for-like store sales rose by 0.7 percent.
Sales in the German textiles market remained stable by value relative to the preceding
year, despite a slight decline in volumes. The development in the textiles
market in the past ten years has been consistently negative. Some retailers have
withdrawn, contributing to a readjustment in the market, while at the same time
new formats have appeared on the German scene. It was not until the fourth
quarter that the mood became somewhat cooler. The development in the Austrian
textiles market essentially mirrored the trend in Germany.
Expenditure on goods and services in the e-commerce sector reached a new
record high in Germany in 2009. Internet retailers saw their sales climb to
15.5 billion euro, up by 14 percent compared with the year before.
(Sources: Annual Report by the German Council of Economic Experts, November 2009; IfW, Weltkonjunktur im Frühjahr
(Kiel Institute, Global economy spring report), March 2010; Gemeinschaftsdiagnose Herbst 2009 (Joint diagnosis
fall 2009), October 2009; IMF, WEO update, January 2010; Germany Trade & Invest, Konjunkturprogramme
weltweit – Chancen in der Krise (Global economic programs – opportunities in the crisis); IfW, Konjunktur im Euroraum
im Frühjahr 2010 (Kiel Institute, Eurozone economy spring report 2010), March 2010; IfW, Weltkonjunktur
im Frühjahr 2010 (Kiel Institute, Global economy spring report 2010), March 2010; German Federal Statistical Office;
AC Nielsen sales monitor; GfK).
CONSOLIDATED ANNUAL REPORT | 31

32 | CONSOLIDATED ANNUAL REPORT
2 CORPORATE DEVELOPMENT/BUSINESS DIVISIONS
For the first time since the changeover to a revised financial year in 2008, the
Tengelmann Group has prepared its accounts for a full fiscal year that parallels the
calendar year (January 1 to December 31). As a result the financial year 2009
bears only limited comparison with the short financial year (eight months) accounted
for in 2008.
The management is satisfied with the development in business at the individual
divisions. The consequences of the global economic crisis have been overcome
more effectively than had been expected. In particular the OBI and KiK divisions
have expanded successfully and recorded positive development, whereas further
action is called for at Kaiser’s Tengelmann.
In the past financial year the Group generated net sales revenues of 8.1 billion
euro, lagging behind expectations. The figure for the preceding year (May 1 to
December 31, 2008) was 9.7 billion euro, however this does include the revenues
contributed by the Plus stores in Germany that were sold on the closing date at
the end of 2008. Due to the preceding short financial year of eight months, the
changes to the group of consolidated companies and exchange rate differences,
comparability is severely restricted.
The comparative figures stated hereinafter have been adjusted to allow for the
employees/branches of Plus in Germany. On the closing date the Tengelmann
Group operated 4,519 branches in Europe, some 3.7 percent more than in the
year before. Of this total, Germany accounted for 3,427 branches (+1.4 percent
compared with the closing date in 2008) and the rest of Europe 1,092 branches
(+11.7 percent). Of this total of branches, the individual divisions accounted for
the following numbers: OBI 537 branches (inc. franchise partners), KiK 2,887
branches, Kaiser’s Tengelmann 660 branches and Plus Eastern Europe 435
branches. On December 31, 2009 the Group had a workforce totaling 84,516
(+1.0 percent compared with the closing date in 2008), of whom 59,173 (-1.7
percent) were employed in Germany and 25,343 (+ 8.0 percent) elsewhere in
Europe.
All of the sales figures quoted hereinafter are gross (unconsolidated sales inc.
turnover tax) and were converted into euro at the average exchange rate during
the period under review.
BUSINESS DIVISIONS
The Tengelmann Group operates four in-store retail divisions:
OBI, KiK, Kaiser’s Tengelmann and Plus Eastern Europe. In addition the Group
also includes two further divisions, TREI Real Estate GmbH which is engaged in
letting branch and warehouse premises elsewhere in Europe, and Tengelmann
Energie GmbH (TEG) which operates in the energy sector.
KAISER’S TENGELMANN
Kaiser’s Tengelmann is a supermarket chain specializing in quality and freshness.
The attractive and extensive product range reflects the company’s aspirations and
positioning as a premium supplier. The company’s branch operations are located
exclusively in Germany. The Kaiser’s Tengelmann division continues to include

the Birkenhof meat and butchery products business and the timber fixtures and
fittings manufacturer Ligneus.
In the past financial year 2009 Kaiser’s Tengelmann achieved gross turnover of
2.91 billion euro, of which branch sales accounted for 2.58 billion euro. This was
slightly down on the annualized figure for the preceding year and lagged a little
behind expectations. The development in business operations mirrored the general
development in this sector. The company operated 660 branches (-6.5 percent)
in its four core regions of Berlin, North Rhine, Rhine-Main-Neckar and
Munich/Upper Bavaria. On the closing date Kaiser’s Tengelmann had a total of
21,779 employees (+2.5 percent).
The Rhine-Main-Neckar region registered a negative development in sales. The
focus of activities at Kaiser’s Tengelmann was therefore primarily on making the
business fit for the future. Work on the restructuring program was intensively
pursued in 2009. All areas of the undertaking from the retail business through to
the evolved corporate structure were analyzed and evaluated. As a result numerous
opportunities for optimization were identified and implemented and the
personnel structure at branch level and in services was adjusted in line with the
revised circumstances.
In the retail business numerous projects were carried forward including the intelligent
restructuring of prices and ranges at POS, presenting a holistic store image,
updating the “Black, Red, Gold” branch concept and improving procurement
terms. 194 branches have meanwhile been converted to the “Black, Red, Gold”
standard. The goal in the medium to long term is to convert the future-proof
branch network entirely to this successful concept, thereby ensuring that the
company presents a uniform, modern image. Work also continued in the past financial
year on improving branch premises. These improvements went hand in
hand with the necessary rationalization of the branch network, with a specific
focus on increasing network density in existing core regions. A total of nine new
properties were leased. As of the closing date the net total of branches was down
by 46 compared with the previous year.
In addition, in financial year 2009 the company entered into a successful joint
purchasing venture with its North German competitor Bünting. The company is
now in a stronger purchasing position which affords scope to pursue an active
price policy at POS.
The result for financial year 2009 was negative. It was depressed by high exceptional
costs resulting from the rationalization of the remaining branch network
and withdrawal from the Rhine-Main-Neckar region, as well as expenses in connection
with the relocation of administrative departments to the premises of the
parent company in Mülheim an der Ruhr.
CONSOLIDATED ANNUAL REPORT | 33

34 | CONSOLIDATED ANNUAL REPORT
KIK
Since it was first founded in 1994, KiK has always regarded itself as a supplier of
basic textiles to its target group of low-income and price-conscious households.
It has meanwhile developed into a Europe-wide group of companies with
branches in six countries: Germany, Austria, the Czech Republic, Slovenia, Hungary
and Slovakia.
The countries in which KiK operates were affected to varying degrees by the
global financial and economic crisis. Nevertheless in virtually all these countries
KiK has proved itself to be highly resilient and has in some cases developed
against the trend.
As a result of its expansion KiK achieved positive sales growth of 7 percent relative
to the preceding year (comparison based on identical periods). On a like-forlike
basis sales dipped only marginally.
Country Gross sales Branches Employees
in million € (Actual figures on the
qualifying date)
Financial short financial Actual Δ in % to Actual Δ in % to
year 2009 year 2008 total previous year total previous year
Germany 1,339.6 928.1 2,437 4.1 15,228 -1.9
Austria 192.4 133.5 249 1.6 1,406 7.3
Slovakia 11.0 2.7 25 150.0 227 152.2
Slovenia 28.2 15.4 31 55.0 198 7.0
Czech Republic 42.1 23.0 94 67.9 705 68.7
Hungary 17.3 4.4 51 142.9 365 58.0
Total 1,630.6 1,107.1 2,887 7.2 18,129 2.1
The company’s existing commitments were expanded or consolidated country
by country. However, in Eastern Europe in particular in the course of the year
there were delays in acquiring new locations as some project developers suffered
from refinancing problems in the crisis and were unable to release planned new
properties on schedule. In contrast to the great uncertainty that prevailed in the
marketplace and the number of corporate insolvencies registered or pending in
all the countries in which it operates, KiK achieved slower but nonetheless solid
growth and reported a sound equity base.
As in previous years, in Germany in particular the KiK Group on several occasions
became the focus of public attention. However, this did not essentially affect public
perception of the company or lead to any perceptible economic effects.
KiK again achieved a positive result in the past financial year.
OBI
The OBI Group is a retail chain specializing in DIY, leisure and garden products.
In financial year 2009 besides Germany OBI was also represented in twelve other
European countries.

OBI is the leading brand in the German and European DIY market and the fifth
largest DIY store operator worldwide. In addition to Germany, Italy, the Czech Republic,
Slovenia, Poland, Hungary, Croatia, Bosnia-Herzegovina and Russia, the
company is also represented in Austria, Switzerland, the Ukraine and Romania.
The financial crisis also affected the development in business at OBI. All of the countries
in which the company operates registered – in some cases significant – declines
in economic output with corresponding effects on unemployment. Hardest hit were
the Eastern European markets. Nevertheless as a result of expansion OBI succeeded
in increasing its store sales (inc. franchise partners) by a currency-adjusted 2.1 percent
compared with the preceding 12-month period, despite a slight fall in like-for-like
sales. OBI also succeeded in increasing its market share in most countries. As in previous
years, international activities in particular made a positive contribution to the
development in sales with Russia and Italy recoding increases of 6.4 percent and 4.7
percent respectively. However, sales at OBI’s German stores also collectively rose by
0.5 percent. 43.7 percent of consolidated sales were generated outside of Germany.
The OBI Group contributed 3.3 billion euro (66.1 percent of total sales) to the
(net) consolidated sales figure for the Tengelmann Group. The remaining proportion
of sales turnover is attributable to franchisees who hold a majority stake
in their business enterprises.
With the theme of “WIE, WO, WAS weiß OBI” (HOW, WHERE, WHAT – OBI
knows!), OBI continued in 2009 to position itself as the leading retailer for house
and garden.
CONSOLIDATED ANNUAL REPORT | 35
Country Gross sales* Branches Employees
in million € (Actual figures on the
qualifying date***)
Financial short financial Actual Δ in % to Actual Δ in % to
year 2009 year 2008** total previous year total previous year
Germany
Bosnia-
3,321.2 2,246.5 330 -0.3 21,320 -5.7
Herzegovina 18.5 17.0 3 0.0 214 -6.1
Italy 400.5 269.8 47 14.6 1,914 13.2
Croatia 11.8 7.1 3 50.0 173 36.2
Austria 332.9 226.4 32 -8.6 1,761 -6.3
Poland 467.9 404.6 32 3.2 3,661 -2.4
Romania 35.6 5.0 4 100.0 433 1.6
Russia 524.9 428.5 15 15.4 2,741 23.5
Switzerland 169.3 103.6 10 0.0 616 0.3
Slovenia 61.9 45.4 6 20.0 394 13.5
Czech Republic 350.7 265.1 29 7.4 2,437 -5.2
Ukraine 24.1 5.9 3 50.0 388 -16.4
Hungary 178.1 158.2 23 0.0 1,611 2.2
Total 5,897.4 4,183.1 537 2.3 37,663 -2.2
* OBI stores incl, franchise partners **SFY 2008 = short financial year 2008 (May 01. 2008 – December 31. 2008)
*** incl, franchise partner stores as well as trainees and temporary staff

36 | CONSOLIDATED ANNUAL REPORT
Sustainability, environment and energy efficiency were given high priority in the
product range and marketing. The Internet has become an essential marketing element
due to increasing importance attached to purchase decisions processes.
Numerous information aimed at encouraging environmental awareness has been
provided at obi.de: from cooperation with GrünHausEnergie via the “Blauer
Engel” (Blue Angel) product range through to numerous expert advisors on all aspects
of energy efficiency. To this end, OBI provides the customers with information
regarding environmentally-friendly measures and thereby makes an active
contribution towards environmental protection.
With supported aided brand awareness of 97 percent, OBI is – according to a survey
by the institute TNS Infratest in 2008 - one of the best-known brands in Germany.
OBI returned a positive result in the 2009 financial year.
PLUS EASTERN EUROPE
Food discount foreign subsidiaries in Austria, Romania and Bulgaria were amalgamated
under the heading of Plus Eastern Europe GmbH. Each of these national
companies is an independent unit with its own structures and operates on the
market under the Plus brand or in Austria under Zielpunkt.
The 2009 financial year of Zielpunkt in Austria was characterized by a reduction
of the branch network in addition to the economic crisis and the accompanying
extremely aggressive price competition. Zielpunkt discontinued or shut down
42 branches in total, not only on account of the withdrawal from Salzburg and
Carinthia. As a discount supermarket, Zielpunkt is positioned between discount
and full range supplier and offers therefore a comprehensive selection of branded
goods as well as own brands. There is also an emphasis on an increased offer of
regional products which enjoy high popularity in Austria. On a like-for-like basis
sales slipped by 3.5 percent. The company ended the past financial year with a
negative result and will remain dependent on its parent company for financial
support.
Plus business operations in Romania were consistently developed. In the financial
year 2009, Plus defended its market leadership and its 96 branches generated
sales amounting to 348 million euro, representing an increase of 2.8 percent on
a like-for-like-basis.
Country Gross sales Branches Employees
in million € (Actual figures on the
qualifying date)
Financial short financial Actual Δ in % to Actual Δ in % to
year 2009 year 2008* total previous year total previous year
Austria 597.2 440.7 319 -11.6 2.986 -11.3
Romania 348.3 227.2 96 35.2 2.146 18.2
Bulgaria 8.7 0.0 20 n/a 888 n/a
Total 954.2 667.9 435 0.7 6.020 15.0
* SFY 2008 = short financial year 2008 (May 01, 2008 – December 31, 2008)

The product range and marketing activities have been adapted to the changing
situation and purchase behavior. Also in 2009 the focus was on expansion. On
the qualifying date the number of branches rose from 71 to 96 in comparison to
the previous year’s balance sheet closing date. Plus Romania posted a negative
result for the financial year 2009.
Plus Bulgaria was established in 2006. After a lead time of approx. three years the
first branch was opened in Pernik in September 2009, followed by 19 additional
Plus markets by the end of the financial year. Plus is the market leader in Bulgaria.
In view of the start-up phase, Plus Bulgaria posted a negative result.
As expected, the annual financial result of Plus Eastern Europe GmbH is negative
overall.
TREI REAL ESTATE GMBH
TREI Real Estate GmbH amalgamates the former Plus properties in Poland, Portugal,
the Czech Republic, Hungary, Romania, Bulgaria and Austria. TREI is tasked
with administering and letting these retail properties, developing and constructing
new sites and actively managing the existing real estate portfolio. In financial
year 2009 the emphasis was on completing the properties already in the planning
or construction stage as well as supporting the expansion of the Plus Eastern Europe
operating companies in Romania and Bulgaria.
After its founding in 2008, the company expanded its real estate portfolio and
developed its structures in financial year 2009. As of December 31, 2009 the
TREI portfolio comprised a total of 522 properties and 441 – predominantly longterm
– leases. The tenants are primarily the purchasers of the former Plus foreign
subsidiaries in Poland, Portugal, the Czech Republic and Hungary.
In Austria, Romania and Bulgaria, the properties are, in of principle, leased internally.
By the balance sheet closing date the company generated sales of 73.7 million
euro and employed a staff of 59 across Europe, whereby it failed to match
the expectations.
With the exception of the Czech Republic, leases denominated in euro have been
agreed with all of the principal tenants. As a matter of principle the properties are
financed in the same currency in which the leases are denominated, so as to exclude
exchange rate and liquidity risks. The financial results are positive despite the significant
impact on the result through currency conversion on account of the valued
liabilities in euro in foreign currency countries as of the balance sheet closing date.
TENGELMANN ENERGIE
The business activities of Tengelmann Energie GmbH (TEG) include supplying
Group member companies as well as external clients with electricity and gas. In
addition TEG is also engaged in the brokerage business and provides energy management
services (purchasing, invoice verification, etc.) and technical project development
and consulting in return for appropriate fees.
In 2009, the energy market was dominated by falling energy demand in the
domestic and international market in the course of the economic crises, which
CONSOLIDATED ANNUAL REPORT | 37

38 | CONSOLIDATED ANNUAL REPORT
resulted in significantly lower energy costs. However, competitive price elements
that cannot be influenced, such as EEC contributions and network user fees
showed contrary trends.
TEG’s financial year 2009 was notable for high continuity in supplying existing
customers as well as for successful acquisition of two major customers in the commercial
energy and electricity segment. The brokerage business continued to fall.
The internal main focus was on reviewing business processes, developing innovative
projects and implementing the organizational changes as a result thereof.
For the first time, TEG used the opportunity to be actively involved in pilot projects
for several customers as measuring operator.
This service will be expanded further. For the further development of commercial
energy contracting, a comprehensive project has been set up in order to optimize
process and contractual structures of the product. TEG generated sales – below
the expectations – amounting to 210.2 million euro with 99 employees, representing
an increase of 12.6 percent over the year before. The rise in customer
energy demand was essentially the result of expansion, extended store opening
hours as well as enlarged interiors.
TEG achieved a positive result in the 2009 financial year.
The GrünHausEnergie GmbH which was launched in January 2009 as a 51 percent
subsidiary, which has been distributed via Kaiser’s Tengelmann, failed to
meet the marketing expectations for the eco-friendly electricity product intended
for private households. This was compensated by increased sales in the commercial
enterprise segment.
3 INVESTMENTS
THE GREAT ATLANTIC AND PACIFIC TEA COMPANY, INC.
The Great Atlantic and Pacific Tea Company, Inc. (A & P) operates 433 branches
in the Northeast of the United States including “Price Impact” (Pathmark), “Discount”
(Food Basics), “Gourmet” (Food Emporium) and “Fresh” (A & P, Waldbaum’s
and Superfresh). In its traditional territories of New York and New Jersey,
the company is the undisputed market leader. The financial year of A & P, which
was integrated into the consolidated financial statements of the past financial
year, comprised the period from March 1, 2008 to February 28, 2009. During
this financial year A & P generated sales amounting to USD 9.5 billion representing
a relative improvement in sales of 48.7 percent. Improvement in sales is
primarily the result of the acquisition of Pathmark in the past financial year. In the
annual financial statement as of February, 2009 a net loss for the year amounting
to USD 143.3 million was reported.
In 2009, the USA suffered from the worst recession in more than 30 years. Due
to lack of social security systems like in Germany, increasing unemployment figures
have a direct impact on purchase power as well as on the sales development
of retail enterprises like A & P. The year 2009 proved to be a difficult one for the
company. While the first half of the financial year was relatively stable, the decline
in sales accelerated in the period following. In addition, food prices slipped

y approx. 3 percent due to a simultaneous decline in demand and overproduction.
As a result of these impacts, a decline in sales of 7.4 percent has been
recorded for the past financial year ending on February 27, 2010. The resulting
net loss for the year amounts to USD 857.4 million, whereas USD 458.0 million
resulted from depreciation of goodwill and brand rights.
The Tengelmann Group also remains the largest individual shareholder in A & P,
holding a stake of 41.2 percent (closing date February 28, 2009).To safeguard the
financing situation of A & P, the shareholders of the Tengelmann Warenhandelsgesellschaft
KG decided on July 14, 2009 to support the company with further
equity capital. As part of a non-public subscription the shareholders therefore
purchased 60,000 preferred shares with a nominal value amounting to USD
1,000/share. After subscription the purchased shares were contributed to the
Tengelmann Warenhandelsgesellschaft KG.
TEDI GMBH & CO. KG
The 1-euro discounter TEDi operates 946 branches throughout Germany and
employs 6,384 staff. The company has followed up its success as a market leader
among the 1-euro discounters in the past financial year and generated net
profits amounting to 239.9 million euro in the financial year 2008/2008 (May
2008 – April 2009). Already five years after the founding of the company, TEDi
recorded profit. TEDi will in future continue its intensive expansion policy.
Further focus will be on improving the product range, introducing a quality assurance
system, optimizing the branch network and target-oriented marketing.
The Tengelmann Group has a 30 percent stake in TEDi.
NETTO MARKEN-DISCOUNT AG & CO. KG
Since the integration of Plus activities into Netto Marken-Discount AG & Co. KG,
the Tengelmann Group holds a 15 percent share in Netto’s assets and voting
rights, as well as a 20 percent profit share entitlement. The company now operates
throughout Germany and generated with approx. 4,000 branches overall
sales amounting to approx. 10 billion euro and ranks with over 60,000 employees
among the leaders in the German food discounting segment. In the past financial
year the focus was on integration of Plus branches and the associated
changeover to the Netto marketing concept. In the past financial year the annual
net profit of Netto Marken-Discount AG & Co. KG recorded a sharp rise. Growth
in sales and increase in earnings of note are expected in future.
CONSOLIDATED ANNUAL REPORT | 39

40 | CONSOLIDATED ANNUAL REPORT
4 NET ASSETS AND FINANCIAL POSITION
The consolidated balance sheet total in financial year 2009 declined by 174.0
million euro in comparison with the year before and stands at 4,880.7 million
euro. The changes in individual balance sheet items were as follows:
Assets in million € Liabilities in million €
Fixed assets +670.0 Equity capital -32.8
Inventories +10.0 Tied shareholder
Liquid funds +356.9 accounts 0
Receivables and
other assets -1,210.1 Financial liabilities -108.7
Deferred taxes -2.5 Trade receivables +84.2
Other equity
Other assets +1.7 and liabilities -116.7
Total -174.0 Total -174.0
The equity ratio within the Group was increased by 0.5 percent compared with
the year before to stand at 32.5 percent. The Group's capital resources are composed
of equity capital and tied shareholder accounts.
Total investments in tangible assets in financial year 2009 amounted to 248 million
euro, and therefore clearly exceeded overall depreciation which totaled
136 million euro. Taking into account the changes in the consolidated group and
currency impacts, tangible assets rose by a total of 66 million euro.
In the financial year 2009, investments totaling 651 million euro were made in financial
assets. The investments primarily concern participating interest in Netto
Marken-Discount AG & Co. KG. Moreover, A & P purchased preferred shares
(convertibles) which were invested in the e-commerce business.
The substantial decline in other assets resulted primarily from the compensation
of receivables in line with the deconsolidation that took place at the end of the
short financial year 2008.
Financial liabilities were reduced by a total of 109 million euro in the 2009 financial
year, while liquidity rose by 357 million euro.
5 EARNINGS SITUATION
Group sales in the financial year 2009 declined from 1,626 million euro to
8,088 million euro in comparison to the short financial year 2008 (eight months).
The decline in sales is mainly attributable to the disposal of the Plus markets in
Germany on December 31, 2008. Moreover, the currency development had a
negative impact.

6 RISK MANAGEMENT AND BUSINESS RISKS
RISK MANAGEMENT
Germany's Corporate Control and Transparency Act (KonTraG) calls for a monitoring
system that allows risks which might endanger the continued existence of
a company to be identified at an early stage. Even though this legislation imposes
no direct obligation on the Tengelmann Group, risk management systems have
for a long time been integral to our management information systems.
Responsibilities at divisional level are structured along functional lines. Branch operations
are controlled by responsible regional managers and well-trained branch
managers. While at head offices, all specialist departments – coordinated by the
Finance/Controlling department – actively exercise their responsibility to identify
risks. All branches and service departments are integrated into a strategy, planning
and budgetary process, which includes an evaluation of the market and the
competitive environment, the preparation of action plans and quantitative planning
to account for all significant economic factors. The process is renewed for
each financial year. In addition, at overall company level a rolling three-year
medium-term projection is made on the basis of essential key data.
The planning process similarly takes account of the factors that will impact on
the net worth, financial and earnings position of Group companies. Deviations
from the planned course are analyzed and the results forwarded to the relevant
management committees in order to counter abortive developments and exploit
opportunities. In advance of the strategy and planning processes, potential risks
and opportunities are consistently analyzed, and if necessary, new alternative
courses of action are developed.
BUSINESS RISKS TYPICAL OF THIS SECTOR
As retail businesses, all Tengelmann Group member companies share a general
exposure to the business risks typical of this sector. These include the following
risks:
a) General development in sales and purchase prices in the various markets
b) Risks arising from unforeseeable food product quality problems, product
liability risks and public discussions arising therefrom.
c) Generally fiercer competition in retail with view to increase market share.
d) Changes in purchase pattern and developing trends. This hazard is countered
by a quality management system that is primarily geared towards adapting
sales concepts and product ranges at an early stage to meet demand and
match competitive developments. A strict quality alignment including high
quality of traded goods is viewed as a strategic response. The increasing
market power of individual competitors is countered by future-oriented positioning
and additional measures such as, for example, restructuring measures
or entering into joint purchasing deals.
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42 | CONSOLIDATED ANNUAL REPORT
These risks have been assessed on the basis of their potential economic impact
and incorporated in planning documentation. Even as strategies are being developed,
the risks posed by competition are analyzed and entrepreneurial steps taken
to counteract these. The strategies pursued by all divisions are regularly reviewed
in order to ensure that they match up to the ever-changing variables of the marketplace
and the competitive climate, and to adapt them wherever necessary.
ECONOMIC GLOBAL SITUATION AND OTHER INDIVIDUAL RISKS
A series of additional risks have also been considered and evaluated in the course
of planning: For example, the risks arising from unforeseeable increases in standard
wage levels, from the development of the market in general and from a
decline in disposable income.
The following individual risks in particular are evident for the years ahead:
A) RISKS ARISING FROM THE GLOBAL ECONOMIC CRISIS
In the course of the year 2009, the hardest financial and economic crisis for the
past 30 years increasingly spilled over into the real economy. The USA and Eastern
European countries were particularly hit. The duration and intensity of the
impact of the financial crisis are difficult to estimate. However, it must be anticipated
that there will be no significant recovery of the global economy in 2010 to
pre-crisis level. It is currently anticipated that gross domestic product in 2010 will
increase by 1.2 percent (ifW). It is to be expected that the individual divisions of
the Tengelmann Group will be affected to varying degrees.
Customers‘ reticence to spend is likely to have a negative impact on food-based
supermarkets. This risk is countered by stronger profiling of supermarkets as quality
and freshness supermarkets and more intelligent pricing methodologies. The
economic crisis presents a major challenge for the DIY stores sector, especially in
Eastern Europe. In order to achieve their growth targets, the DIY stores operators
must continue to expand, particularly in Eastern Europe where the markets are
less developed and the pent-up demand among the population to modernize
and improve their houses and apartments is still correspondingly high. Moreover,
conservative assumptions were used for 2009 and 2010 planning whereby expenses
have been adjusted as investments accordingly.
B) RISKS ARISING FROM FOREIGN CURRENCY TRANSACTIONS
Business operations are exposed to the usual market risks associated with interest
and currency rate uncertainties. Especially in the international purchase segment
of the central and national companies currency risks arise. Moreover, risks
in interest change from foreign financing contracts can result therefrom. Forward
exchange transactions are entered into to the necessary extent in order to hedge
against the currency risks associated with the importation of goods. Furthermore,
currency risks are accommodated by way of consistent currency controlling. In the
case of TREI, in coordination with the appropriate specialist departments at Group
headquarters suitable instruments such as interest rate swaps are used to hedge
against the interest rate risks associated with the financing of real estate properties
in foreign countries. Additionally, foreign leases are tied to the euro as far as
possible and financing of real estate properties in foreign countries is generally in
compliance with the currency agreed in the term of leases.

C) RISKS ARISING FROM THE PROPERTY LETTING ACTIVITIES OF TREI IN
EASTERN EUROPE
Virtually all of TREI’s properties are let on long-term leases to purchasers of the
former Plus operating companies. In view of the slanted tenant structure, the individual
national business units are to a large extent dependent on the creditworthiness
of their respective principal tenants. In particular in the event of
devaluation of foreign currency, tenants are economically burdened by contracts
concluded in euro. As far as possible all available financial data and information
with regard to the companies concerned will be regularly pursued in order to
identify risks at an early stage. The aim is to successively reduce this dependency
through planned project development and active management of the existing
portfolio.
D) RISKS ARISING FROM EXPANSION
A certain risk potential arises from expansion by our divisions in Eastern Europe.
In particular in countries outside of the European Union, this involvement is subject
to increased hazards resulting from political instability, organized crime and
corruption and lack of legal security. Moreover, government action might lead to
expropriation or the withdrawal of business permits.
With the entry into new countries and the associated set-up of national companies,
the regular location analysis will be expanded by detailed inspection and
evaluation of the individual country risks, the macroeconomic overall development
as well as the political environment of the country. Additionally a continuous
review of the country analysis results during the start-up phase in a new
country is implemented on a regular basis.
E) RISKS ARISING FORM DISCONTINUATION OF COMMERCIAL ENERGY
CONTRACTING
The aim of the German Federal Ministry of Finance is to amend the provisions of
the Energy and Electricity Act for producing companies as tax losses amounting
to approx. 500 million euro per annum result from the availment of the energy
and electricity tax advantage for the so-called commercial energy contracting.
Currently there is a draft bill according to which all commercial energy contracts
with users outside the producing sector will lose their energy and electricity tax
advantage privileges. This will incur higher cost for consumers and for TEG a reduction
in added value. For this reason, the TEG is intensively working at association
and ministerial levels with the goal that the draft bill will be modified in the
interest of the company.
F) RISKS ARISING FROM HIGHLY SENSITIVE IT PROCESSES
All of the important processes within our enterprise are IT-supported. Information
technology constitutes a significant and highly sensitive factor in safeguarding
corporate activities. The existing emergency plans are regularly reviewed and possible
scenarios developed in order to increase security standards. The computer
centers operated by the Tengelmann Group are accordingly prepared for potential
loss or damage. Emergency computer centers are available to guard against
risks arising from possible catastrophes such as earthquakes.
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44 | CONSOLIDATED ANNUAL REPORT
G) RISKS ARISING FROM AN IMPENDING MINIMUM WAGE IN THE RETAIL
SECTOR
Currently the necessity of a minimum wage is being discussed on a cross-sectoral
basis. German retailers are also under pressure in this respect, however, strictly refuse
to accept legal regulations. The Tengelmann Group is actively involved in the defi -
nition of the minimum wage as part of the “Innovative wage policy” project. In view
of the accompanying talks with Verdi a minimum wage agreement is expected to be
concluded by 2011 at the latest. The amount of such minimum wage and the corre
sponding economic impacts are currently a matter of speculation. However, these
factors will be significant and would affect KiK and Kaiser’s Tengelmann in particular.
The Tengelmann Group has over a comprehensive crisis management system, especially
in view of a possible (influenza) pandemic. The existing early warning
and emergency plans are regularly tested. In addition, there is also an emergency
control center and service point with which all branches and logistics locations are
integrated in order to promptly avert potential loss or damage.
7 OUTLOOK AND OPPORTUNITIES
Given the financial and economic crisis and the forecasts for 2010, it is to be expected
that there will be no significant recovery of the global economy in 2010
to pre-crisis level. It is currently anticipated that gross domestic product in 2010
will increase by 1.2 percent (ifW). Since this may not necessarily lead to increased
consumption in the retail sector, a difficult year for retailers must be anticipated
analog to 2009.
The Company Management also expects positive results in the next two years.
OBI and KiK will continue their expansion. In general, a stable sales development
is forecast. The aim is to achieve positive impacts on earnings through the new
strategic e-commerce business.
KAISER’S TENGELMANN
With the resolution of the extraordinary shareholders’ meeting on November 5,
2009, Kaiser’s Tengelmann AG changed its legal form early in January 2010 pursuant
to the stipulations set out in the Transformation of Company Act and trades
as Kaiser’s Tengelmann GmbH since registration in the Commercial Register on
January 4, 2010. In April 2010, Kaiser’s Tengelmann moved its headquarters from
Viersen to the premises of the German parent company in Mülheim an der Ruhr.
Significant saving are associated with this. Moreover, the aim is to realize the considerable
synergies between the Group and Kaiser’s Tengelmann.
In view of the continuing financial and economic crisis and the hesitant forecasts
for 2010, it must be anticipated that there will be no significant recovery of the
economic situation in 2010. In food retailing, the trend towards entry-level priced
goods will also remain in the supermarket and hypermarket segment. Opportunities
therefore still remain for a quality supermarket to stand out from the crowd
and win customers over to its concept. Moreover, the retail expects impact from
the so-called “homing trend” – the relocation of social life to the home – that
could lead, according to GfK, to overall higher customer loyalty in the premium
segment in addition to the discounters.

However, it will be difficult for a small supplier like Kaiser’s Tengelmann to maintain
a successful market position in comparison to competitors. All efforts are
required to compete against the large discounters – predominantly Edeka and
Rewe who are also intensively battling for market shares.
In addition to the value for money and entry-level price brands, in 2010 the company
intends accordingly to highlight the features that distinguish it from the discounters,
such as quality, freshness, choice and variety, service-orientation/staff,
premium merchandise, organic and regional products. Here, Kaiser’s Tengelmann
enjoys a good position with its Birkenhof concept also vis-à-vis system competitors.
These options yield positive and partially new approaches for Kaiser’s
Tengelmann as well as further positive impacts resulting from the numerous store
conversions and the successful “Black, Red, Gold” branch concept.
In order to prepare Kaiser’s Tengelmann for the future far-reaching and comprehensive
changes have been initiated in the past financial year that will be continued
and concluded in 2010. In this context, the focus remains on the decision
made in March 2010, to shed the loss-making branches in the Rhine-Main-
Necker region. In the meantime, antitrust approval for shedding of 85 branches
to two competitors has been granted. Shedding of the Rhine-Main-Necker
branches enables Kaiser’s Tengelmann to focus all efforts on the remaining sales
regions Berlin, Munich/Upper Bavaria and North Rhine, where Kaiser’s Tengelmann
has a strong market position.
The restructuring measures implemented in the past financial year are aimed at
stabilizing earnings in the medium term. A loss is anticipated for the financial year
2010 due to continuing restructuring measures, but we expect to be back in profit
by 2013.
KIK
KiK continues to have a sound capital base that will facilitate both its existence
independent of banking support as well as further expansion. KiK also anticipates
that as a result of the crisis-related market exit of competitors, the rental terms
for new branches will improve in its favor in the coming years. With a substantially
increased selection of aggressively priced goods and greater expenditure on
advertising, KiK hopes in the present time of crisis to boost both customer numbers
and the volume and value of sales through existing stores. The company
may then emerge from the crisis as a winner and establish itself once and for all
as a fixture in the marketplace. With purchasing power in Germany continuing to
decline, the trend towards discounting is likely to continue, in which case KiK as
a textile discounter should profit accordingly.
The estimated potential for at least 3,000 branches in Germany is expected to be
realized by the company’s own efforts in the next five years. In addition to expansion
per se, KiK sees further potential to increase earnings by reassessing its
existing branch portfolio. The intention is each year to replace around 50 smaller
branches with larger floor-area concepts. In order to concentrate initially on
optimizing the portfolio economically as well as organizationally, a decision on
whether to enter into the markets in additional countries will not be taken until
end of 2010.
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46 | CONSOLIDATED ANNUAL REPORT
KiK intends to develop and position itself as a brand. As part of the process,
branded goods are to be incorporated into the product range and the company’s
own-label brands developed to enhance their image In March 2009, KiK acquired
the hosiery brand “Ergee“, which is currently being consistently further expanded.
In May 2009 Verona Pooth was contracted for PR/advertising purposes.
Her own collection launched in March 2010 rounds off Verona Pooth’s commitment.
Initial customer responses indicate that the cooperation is already successful
and that KiK in Germany and Austria are benefiting from the strong increase
in media presence and attention.
As a result of continued expansion, it is anticipated that the next two years will
record an increase in sales revenues and a positive result.
OBI
Following the financial crisis in 2009, which OBI outstandingly overcame through
a full range of measures, OBI can look to the future with confidence. Assuming
that its net assets, financial position and earnings situation remain stable, OBI is
to continue to grow in future at a moderate pace and thus set the standard of
competition both nationally and internationally.
Through strong customer focus, excellent service quality and product variety that
optimally meets customer requirements, OBI will continue to significantly stand
out from the competition in future, and will continue to secure and further expand
its market leadership in Germany and abroad. Moreover, OBI will also maintain
its presence and continue its expansion in Eastern Europe. OBI will also
continue to focus strongly on its German home market with the aim of expanding
its market leadership still further.
Although it must be anticipated that private households will be postponing major
refurbishing and modernization projects owing to the economic crisis, this could
have a positive effect on the DIY sector as a large number of consumers are likely
to forego commissioning costly technical crews. Instead, the necessary works will
be carried out independently and the required materials purchased at DIY markets.
A further increase could result from investments in housing energy efficiency. Incentives
for such energy saving projects currently include public funding measures,
as well as the prospect of a long-term reduction of ancillary living costs.
Optimistic experts see a trend towards so-called “cocooning” in times of crises.
It is anticipated that in economically difficult times consumers spend more time
within their own four walls and forego expenditures in the areas of gastronomy
and travel in favor of home improvement. This could also enhance DIY sales.
Moreover, a further opportunity has been recognized in the use of Internet retailing
as a sales channel. In stationary trading, OBI is also planning to open new
markets in 2010. Besides the removal of old markets, which will be closed, the
new openings represent the expansion of the existing branch network. Therefore,
the presence of OBI markets will continue to increase for customers in 2010.
In addition to Germany, the focus is on opening new stores in Italy and Poland.

Due to continued expansion, sales revenue increases and a positive result can be
anticipated for the next two years.
PLUS EASTERN EUROPE
The Plus subsidiaries in Romania and Bulgaria were sold to the international corporation
Lidl in February 2010. All employees were taken over by the purchaser.
However, this transaction is still subject to antitrust approval in both countries, but
approval is expected by mid-year.
In Austria, the last remaining discount subsidiary - Zielpunkt GmbH & Co. KG –
was sold to bluO investment fund in Luxembourg. The transfer is still subject to
antitrust approval.
TREI REAL ESTATE GMBH
In the financial year 2010, TREI will complete the remaining properties from the
purchase contracts of Plus foreign subsidiaries and turn them over to the tenants
for use. At the same time, TREI, as an expert in retail properties, is tasked with
planning, developing and letting specialist stores in Eastern Europe.
The TREI subsidiaries in Romania and Bulgaria were sold to the purchaser of the
Plus subsidiaries as part of a share-purchase agreement.
The expected increase in density of retail networks in Central and Eastern Europe
offer considerable development potential for TREI in the medium term. In
addition to food retailing, this is also extended to the drugstore, textile and
shoe segments. Against the backdrop of the current economic situation, it is
anticipated that expansion activities of potential tenants will gradually increase
in 2010.
Given the number of long-term leases, a stable development in sales and a positive
result is also to be expected in the coming two years.
TENGELMANN ENERGIE
For TEG, the objective will remain to recognize changes in energy-economic conditions
at an early stage and to change the service and product offer in good time
in order to be able to continue offering their customers future-oriented services.
In 2010, the marketing activities must primarily focus on the implementation of
a new contract structure in the area of commercial energy for existing customers.
The energy supply to Netto (former Plus) ends on December 31, 2010. This will
result in a loss of delivered electricity for TEG amounting to approx. 500 GWh/a.
By early 2010, around 25 percent of this loss was cancelled out by new customer
acquisition. Increased marketing aims to cancel out other losses. The initiated
changes in the procurement structure will continue to be consistently pursued. At
the start of the financial year, 2,600 locations with approx. 660 GWh/a were already
integrated into the new procurement structure. The introduced software
will be further developed to meet the requirements of TEG.
In order to consistently exploit the development potentials of TEG in IT efficiency
and processes, the “IT and process” division, established in 2009, will continue
to optimize the organizational and process structure.
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48 | CONSOLIDATED ANNUAL REPORT
Possible legal changes regarding energy tax may result in significant changes for
TEG and the entire enterprise. When preparing this annual report the present
draft would result in the current commercial energy contracting of TEG not being
continued in the current orientation. Due to this, comprehensive restructuring
measures and personnel adaptations are imperative and significant negative impacts
on the coming result are inevitable. The future business principles of the
TEG would require re-definition and re-structuring. The risks of possible subsequent
tax claims for the financial years 2055 and 2006 have been accommodated
for the past financial year. The corporation expects that the course of
business will stabilize due to the demand of products and services in the energy
segment. For 2010 and 2011 an increase in sales and a positive result is anticipated.
TENGELMANN CLIMATE INITIATIVE
For more than 40 years the Tengelmann Group has been a pioneer in environmental
protection and nature conservation, a field that has acquired new relevance
with the debate surrounding climate protection. The strength of the
Tengelmann Group’s commitment to the environment was clearly evident last
year in the wide variety of climate protection projects supported by the Group.
As part of the Tengelmann Climate Initiative, the company has set itself the goal
of saving 20 percent of CO 2 by the year 2020. To confirm that it is on course to
meet the target, in October 2007 Tengelmann became the first German retailer
to produce an annual emissions balance sheet that monitors CO 2 emissions.
The first Tengelmann climate-friendly store that opened in December 2008 has
become a beacon project for climate protection in the retail sector. The store in
Mülheim an der Ruhr is also officially certified as a model project for the sector
as a whole. In the meantime it has received many awards (e.g. GreenBuilding-
Zertifikat [EC certificate], RWE Energie-Effizienz-Preis 2009 [RWE energy efficiency
prize 2009], Plakette des Deutschen Solarpreises [German Solar Prize
Plaque], Cooling Industry Award 2009. After a year in operation, results reveal
that the market has reached its set energy saving objectives, i.e. the market
requires approx. 48 percent less energy than comparable branches and is CO 2
neutral as a result of its innovative technical equipment. The findings on the
particularly energy-saving components are included in the specification for new
construction and conversion of branches and thus can be multiplied. Over 100
markets already feature enclosed freezers and chill cabinets.
The Tengelmann Group continues to take in the Product Carbon Footprint (PCF)”
pilot project in Germany. There are, meanwhile, further PCF initiatives, including
several at the EU level, in which the Tengelmann Group is involved via TEG.

8 THANKS TO STAFF AND CUSTOMERS
We would like to thank our members of staff who in the past financial year have
once again displayed an exceptional commitment to our Group. It was only with
their support that we have been able to guide our enterprise successfully through
the most difficult year since World War II. Our thanks are due also to the works
council members who have lent constructive support during difficult decisions relating
to Kaiser’s Tengelmann. In addition, we would also like to thank our customers
who in the course of this year have continued to place their confidence
in our stores as well as to all partners for their excellent and trustful cooperation.
Mülheim an der Ruhr, June 2, 2010
Tengelmann Verwaltungs- und Beteiligungs GmbH
Karl-Erivan W. Haub Christian W. E. Haub
CEO CEO
CONSOLIDATED ANNUAL REPORT | 49

50 | CONSOLIDATED BALANCE SHEET
Consolidated financial statements to December 31, 2009
ASSETS December 31, December 31,
2009 2008
T€ T€
A. Fixed assets
I. Intangible assets 265,811 283,763
II. Tangible assets 1,200,427 1,134,056
III. Financial assets 757,973 136,361
2,224,211 1,554,180
B. Current assets
I. Inventories
Raw materials and supplies 7,347 7,909
Goods and accomplishments in process 1,033 865
Finished products and goods 1,054,173 1,042,936
Payments on account 48 862
1,062,601 1,052,572
II. Receivables and other assets
Trade receivables 59,076 64,634
Receivable from affiliated enterprises 1,490 1,292
Liabilities vis-à-vis companies which are linked
by virtue of participating interests 64,217 47,623
Other assets 375,314 1,596,671
of which residual term up to one year (36,450) (3,265)
of which from shareholders (73,458) (45,032)
500,097 1,710,220
III. Shares
Shares in affiliated enterprises 2,395 2,395
IV. Cheques, cash assets, bank balances 922,162 565,290
2,487,255 3,330,477
C. Accruals and deferrals 26,180 24,487
of which disagio (815) (1,261)
D. Deferred tax assets 143,034 145,531
Balance sheet total 4,880,680 5,054,675

CONSOLIDATED BALANCE SHEET | 51
EQUITY AND LIABILITIES December 31, December 31,
2009 2008
T€ T€
A. Equity
Capital contributions 45,000 45,000
Revenue reserves 912,730 958,907
Shares of other shareholders 183,283 169,969
1,141,013 1,173,876
B. Tied shareholder accounts 445,690 445,690
1,586,703 1,619,566
C. Accruals
Accruals for pensions and similar commitments 171,992 170,409
Tax accruals 210,913 201,330
Other accruals 851,805 857,688
1,234,710 1,229,427
D. Liabilities
Liabilities vis-à-vis banks 212,564 321,222
of which residual term up to one year (23,578) (173,702)
Payments on account for orders 2,909 2,808
of which residual term up to one year
Trade receivables 909,298 825,150
of which residual term up to one year (908,476) (824,531)
Liabilities vis-à-vis affiliated enterprises 15,785 16,114
of which residual term up to one year (15,785) (5,804)
Liabilities vis-à-vis companies which are linked
by virtue of participating interests 524,843 3,699
of which residual term up to one year (39,443) (3,699)
Other liabilities 364,933 1,006,750
of which residual term up to one year (237,974) (465,857)
of which taxes (60,742) (51,519)
of which relating to social security (13,836) (12,113)
of which vis-à-vis general partners (41,083) (7,996)
2,030,332 2,175,743
E. Accruals and deferrals 27,065 29,117
F. Deferred tax liabilities 1,870 822
Balance sheet total 4,880,680 5,054,675

52 | CONSOLIDATED STATEMENT OF ASSETS
Development of Group assets
Cost of acquisition and
Balance carried Changes Exchange rate Additions
forward as of consolidated differences
January 01/2009 group
T€ T€ T€ T€
Fixed assets
I. Intangible assets
Concessions, industrial rights and
similar rights and assets 168,662 -189 -43 9,686
Goodwill 503,823 1,079 15 18,345
Other intangible assets
(including payments on account)
8,424 0 -4 1,402
680,909 890 -32 29,433
II. Tangible assets
Land, land rights and buildings including
buildings on third-party land 963,800 0 -226 99,300
Technical equipment and machines 32,428 0 -439 16,469
Other equipment, furnitures and fixtures 1,134,750 -151 -1,207 108,270
Payments on account and
assets under construction 39,142 0 -373 23,713
2,170,120 -151 -2,245 247,752
III. Financial assets
Shares in affiliated enterprises 4,736 -267 0 1,418
Interests in associated companies 159,012 -461 -213 44,407
Other participating interests 42 0 0 589,170
Liabilities vis-à-vis companies which are linked
by virtue of participating interests 5,061 0 0 0
Security of assets 262 0 0 9,030
Other loans 56,980 0 46 6,984
226,093 -728 -167 651,009
1) The depreciations in the financial year totaled T€ -654.
2) The depreciations in the financial year totaled T€ 449.
3,077,122 11 1) -2,444 2) 928,194

CONSOLIDATED STATEMENT OF ASSETS | 53
manufacture Depreciation Cumulated Book value Book value
in the depreciations on December on December
Rebookings Disposals Status financial year 31, 2009 31, 2008
on December
31, 2009
T€ T€ T€ T€ T€ T€ T€
8,073 2,186 184,003 14,276 142,050 41,953 41,859
46 0 523,308 33,807 301,255 222,053 236,451
-7,783 100 1,939 56 134 1,805 5,453
336 2,286 709,250 48,139 443,439 265,811 283,763
66,617 46,012 1,083,479 31,603 260,702 822,777 749,970
-3,672 285 44,501 2,201 20,927 23,574 9,598
-39,413 96,576 1,105,673 101,994 789,253 316,420 335,382
-23,242 1,548 37,692 0 36 37,656 39,106
290 144,421 2,271,345 135,798 1,070,918 1,200,427 1,134,056
0 1,417 4,470 960 3,635 835 1,683
0 8,129 194,616 113 81,335 113,281 77,473
0 0 589,212 0 0 589,212 42
0 0 5,061 0 5,061 0 0
0 262 9,030 0 0 9,030 251
0 17,582 46,428 805 813 45,615 56,912
0 27,390 848,817 1,878 90,844 757,973 136,361
626 174,097 3,829,412 185,815 1,605,201 2,224,211 1,554,180

54 | NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Extract from the notes to the consolidated financial statements for the
financial year 2009
GENERAL PRINCIPLES
As a commercial partnership, Tengelmann Warenhandelsgesellschaft KG of
Mülheim an der Ruhr is required in accordance with the provisions of the German
Disclosure Act [PublG] to prepare and publish consolidated financial statements
and a consolidated management report.
The consolidated financial statements of Tengelmann Warenhandelsgesellschaft
KG are prepared in accordance with the applicable rules for corporations contained
in the German Commercial Code [HGB]. The company waives the right to
apply the simplified rules pursuant to Article 13, Para. 3, Sentences 1 and 2 of the
Disclosure Act [PublG], with the result that consolidated statements have the effect
of discharging the company’s responsibilities in accordance with Article 291
of the Commercial Code [HGB]. The Group did not avail itself of the option to
voluntarily apply the modified accounting and valuation rules provided for by
German Commercial Code (HGB) as amended by the Accounting and Reporting
Regulations Modernization Act (BilMoG) ahead of time.
The balance sheet is fundamentally structured in accordance with Article 266,
Para. 2 of the German Commercial Code (HGB). In structuring the income statement
the cost categories-oriented format has been applied in accordance with
Article 275, Para. 2 HGB.
In the interests of greater clarity of presentation, in the consolidated balance sheet
and consolidated income statement certain items have been amalgamated and
are reported separately in the notes pursuant to Article 265, Para. 7, No. 2 HGB.
In contrast to the previous year, deferred tax assets and liabilities are are reported
separately. The figures reported for the previous year have been adjusted accordingly.
In 2008 the financial year of Tengelmann Warenhandelsgesellschaft KG and the
Group was altered to the calendar year. The period from May 1 to December 2008
was a short financial year and comparability with the preceding year is limited.
The financial statements of integrated subsidiaries were prepared in accordance
with the accounting and valuation methods specified by Tengelmann Warenhandelsgesellschaft
KG. In the case of the majority of these companies, the financial
year corresponds with the Group financial year. Insofar as the financial
years of integrated companies end more than three months prior to the qualifying
date of the consolidated financial statements, interim financial statements
were prepared for the purpose of consolidation.
CONSOLIDATED GROUP
In addition to Tengelmann Warenhandelsgesellschaft KG, the consolidated financial
statements include all significant subsidiaries in which Tengelmann Warenhandelsgesellschaft
KG directly or indirectly holds a majority of shareholder voting
rights.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | 55
The fully consolidated group comprises 107 (previous year 116) German and 76
(previous year 76) foreign companies. In the period under review 3 (previous year
14) subsidiaries were included in the consolidated financial statements for the
first time; 12 (previous year 24) companies exited the consolidated group or were
merged with or absorbed by other integrated companies.
In comparison with the previous year, no significant changes have taken place in
the consolidated group: The consolidated balance sheet likewise bears no limited
comparison with the previous year.
The consolidated income statement is limited in comparison with the previous
year because of the Plus Warenhandelsgesellschaft mbH, Mülheim an der Ruhr,
sold on December 31, 2008 and PLUS Élelmiszer Diszkont Kft., Budapest/Hungary
sold in the short financial year 2008. For comparability purposes comparative
figures for selected items have been ascertained.
2009 May 1 – December May 1 – December
31, 2008 31, 2008 comparable
T€ T€ T€
Sales revenues 8,088,033 9,713,992 5,566,047
Material expenses 5,090,582 6,722,863 3,525,526
Personnel expenses 1,455,179 1,472,908 1,011,756
Depreciations 187,975 152,581 124,473
Other operating
expenses 1,590,768 1,772,395 1,252,969
Operating result 214,451 -103,041 -92,139
Results from
ordinary activities 203,090 -282,746 -292,064
As a result of their subordinate overall significance for the net assets, financial
position and earnings situation of the Group, in the case of seven (previous year
ten) German and nine (previous year ten) foreign subsidiaries, in accordance with
Article 296, Para. 2, HGB, consolidation was dispensed with. Four companies
(previous year four) intended for resale or liquidation were not consolidated as
provided for in Article 296, 1 No. 3 HGB.
In the year under review, as in the previous year, one foreign company in which
Tengelmann owns a capital share of 49 percent was consolidated on a pro rata
basis since it is managed jointly with a company not included in the consolidated
financial statements.
27 (previous year 28) German and seven (previous year seven) foreign associate
companies in which the Tengelmann Group mainly holds between 20 percent
and 50 percent of the shares are integrated into the consolidated financial statements
in accordance with the at-equity method.
In the case of three (previous year three) German associate companies deemed

56 | NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
to be of subordinate significance, in accordance with Article 311, Para. 2, HGB,
an at-equity valuation was dispensed with.
In addition, the Group holds the following interests with a shareholding in excess
of 20 percent:
Name, registered office Capital share Equity capital Earnings in the past
financial year
% T€ T€
FISTULA Grundstücks-Vermietungsgesellschaft
mbH & Co.
Objekt Wermelskirchen KG, Düsseldorf 94.0 4841) (voting rights 15.0)
127
Padlata GmbH & Co. KG, Pöcking 94.0 5 2) 135 2)
(voting rights 10.0)
ROSEA Grundstücks-Vermietungsgesellschaft
mbH & Co.
Objekt Offenburg KG, Düsseldorf 82.5 -2,122 1) -25
(voting rights 8.0)
SOREX Grundstücks-Vermietungsgesellschaft
mbH & Co.
Objekt Lüdenscheid KG, Düsseldorf 95.0 -1,152 1) 25
(voting rights 19.0)
TALPA Grundstücks-Vermietungsgesellschaft
mbH & Co.
Objekt Bensheim KG, Düsseldorf 49.9 2,335 1) -3
(voting rights 10.0)
Wines GmbH & Co. KG, Pöcking 94.0 25 3) -45 3)
(voting rights 47.0)
1) Before taking into account capital contributions outstanding and not called in.
2) The interest in Padlata GmbH & Co. KG, Pöcking, relates to a capital interest held by the limited partners. The
company reports overall attributable shares in losses not covered by capital contributions amounting to T€ 835.
3) The interest in WINES GmbH & Co. KG, Pöcking, relates to a fixed capital contribution by the limited partners.
The company reports overall attributable shares in losses not covered by capital contributions amounting to
T€ 1,093.
A summary of all the associate companies of the Tengelmann Group is attached
as Annex 2 to these Notes.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | 57
CONSOLIDATION PRINCIPLES
Contrary to German Accounting Standards Numbers 4 and 9 [DRS 4 and 9], the
capital consolidation of companies consolidated both fully and pro rata was performed
in accordance with the book value method by setting off the cost of acquiring
the interest against the pro rata consolidatable equity at the time of
acquisition or time of first inclusion in the consolidated accounts.
Differences arising from capital consolidation are – as far as possible – allocated
to corresponding assets and liabilities. Any asset-side difference still remaining is
reported as goodwill and subjected to scheduled depreciation. Any resulting liability-side
difference is allocated to revenue reserves.
In the case of first-time consolidation at equity, the book value method has been
applied, whereby any remaining difference is reported together with the participating
interest. The difference is calculated at the point in time at which the undertaking
is first integrated into the consolidated financial statements as an
associated company. The shares in these companies’ annual results including
writedowns on goodwill are shown as part of the consolidated income from participating
interests. An elimination of interim results pursuant to Article 312, Para.
5, Sentence 3, HGB, in conjunction with Article 304, Para. 2, HGB has not been
performed.
Interim results, income and expenditure and inter-company accounts receivable
and payable within the consolidated group have been eliminated.
Tax accruals and deferrals were made in respect of consolidations having an effect
on income.
CURRENCY CONVERSION
The assets and liabilities of foreign companies included in the consolidated financial
statements are reported at the mean rate of exchange on the qualifying
date.
Any resulting differences relative to the consolidated equity at the time of first
consolidation are set off against revenue reserves. On the qualifying date currency
differences amounting to TEUR -49,681 were included in equity.
Income and expenditure as reported in the respective income statements are converted
at the average exchange rate during the financial year, whereas the annual
result and depreciation are converted at the mean rate of exchange on the balance
sheet closing date, not including the sub-group OBI Group Holding GmbH,
Wermelskirchen. The resulting differences are reported under the headings of
‘Other operating income’ or ‘Other operating expenses’. The income in the financial
year amounted to TEUR 708 and the expenses to TEUR 65.
ACCOUNTING AND VALUATION METHODS
Intangible assets acquired in return for payment are carried at cost of acquisition
and depreciated on a linear basis. Goodwill deriving from capital consolidation is
on principle depreciated over 15 years. OBI Group Holding GmbH constitutes an
exception in that its depreciation period is eight years.

58 | NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Tangible assets are reported at cost of acquisition of manufacture less scheduled
depreciation. Buildings are depreciated either on a linear basis over 20 to 50 years,
or in Germany up to December 31, 2007 on a reducing balance basis. Non-real
estate fixed assets are generally depreciated on a linear basis over three to 15
years. Assets acquired after December 31, 2008 which in their initial years are
subject to actual wear and tear in excess of linear depreciation have for reasons
of commercial prudence been depreciated on a declining balance basis.
Insofar as the asset values calculated in accordance with the above principles are
greater than the value attributable on the qualifying date of the financial statements,
this is allowed for by non-scheduled depreciation.
Shares in non-consolidated associated companies, other participating interests
and securities are valued at the lower of cost or market.
Interests in associated companies are valued at net book value, plus or less the pro
rata company results not as yet received and less scheduled depreciation of differentials
carried as assets.
Loans are carried at nominal value.
Inventories are reported at cost of acquisition of manufacture or lower current or
market prices. Stockholding and market risks are taken into consideration through
valuation allowances.
Trade accounts receivable and other assets are reported at nominal value. Discernible
individual risks as well as general risk exposure are taken into consideration
through appropriate valuation allowances.
Marketable securities are reported at the lower of cost or market on the balance
sheet closing date.
Deferred tax assets pursuant to Article 274, HGB are carried in respect of all temporary
differences deductible at a future date between the figures reported in
the consolidated balance sheet and the tax balance sheet and between commercial
balance sheets I and II. Furthermore in accordance with German Accounting
Standard Number 10 [DRS 10] deferred tax assets are also recognized
in respect of losses carried forward insofar as it is likely that these will be used in
subsequent years. Where it is considered unlikely that deferred tax assets can be
realized in subsequent years, a value adjustment is made. When calculating deferred
taxes, it is presumed that the tax rates applicable under current legislation
will apply at the time of their anticipated realization. In addition, deferred taxes
on consolidation are calculated at the corresponding tax rate applicable to the
respective group or sub-group. Deferred tax assets and liabilities are netted
against one another insofar as they relate to the same tax authority. The effects
of changes in tax rates are taken into consideration in the year in which the rules
are changed, insofar as these affect net income.
Provisions for pensions and similar commitments are formed in Germany in accordance
with actuarial principles on the basis of an interest rate of 4.5 percent

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | 59
(previous year 4.5 percent) in accordance with the net present value method;
whereby the mortality tables [Richttafeln 2005 G] calculated by Prof. Dr. Klaus
Heubeck have been applied.
The other provisions are formed on the basis of sound business judgment to accommodate
discernible risks, contingent obligations and impending losses.
Liabilities are carried at repayment value.
DERIVATES
The Tengelmann Group uses derivative financial instruments including forward
exchange transactions, currency options, interest rate swaps and caps to provide
security for various underlying transactions. In addition there is a put option on
the sale of a participating interest as security for the book value of this interest.
These derivatives are used to hedge variable interest rate loans (interest rate
swaps and caps) and as security for firm and planned orders and internal loans
within the Group that are denominated in foreign currency (currency forwards
and options).
The transactions on the qualifying date were structured as follows:
The market values of derivative financial instruments as of the balance sheet closing
date were calculated on the basis of current market parameters and recognized
mathematical models.
December 31, 2009
Nominal Positive market values Negative market values
T€ T€ T€
Type of transaction
Interest rate swaps
of which as hedges on the
98,816 89 19,865
underlying transaction (98,816) (89) (19,865)
Interest rate caps
of which as hedges on the
1,217 1 0
underlying transaction (1,217) (1) (0)
Forward exchange transactions
of which as hedges on the
434,533 4,160 6,605
underlying transaction (377,772) (2,898) (6,489)
Currency options
of which as hedges on the
60,900 2,500 0
underlying transaction (0) (0) (0)

60 | NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
The above instruments are accounted for as follows:
Interest rate swaps entered into as hedges on variable interest rate loans are regarded
as coincident with the underlying loan and are not recognized on balance
sheet. The positive market values of interest rate swaps not intended for use as
hedges are not recognized. The premium paid for an interest cap used to hedge
a variable rate loan is written off in full.
In the case of forward exchange operations, provisions for contingent losses on
pending transactions are formed in respect of those transactions which on the
balance sheet closing date exhibit a negative market value and do not form security
for an underlying transaction, or alternatively in the event that the congruent
relationship between underlying transaction and hedge has a negative
market value. Positive market values of forward exchange transactions are not
recognized on balance sheet. The premiums for currency options transactions are
capitalized and recognized on the balance sheet closing date if necessary at the
lower of cost or market. The option on the sale of a participating interest is recognized
at cost together with the interest itself. On the qualifying date the market
value was TEUR 45,180.
CONTINGENCIES
External liabilities to franchise partners resulted in the creation of securities
amounting to TEUR 22,492 (previous year TEUR 14,427). The change was attributable
to the acceptance of securities for franchise partners in Bosnia (TEUR
3,549; previous year TEUR 0), and an increase in collateral for external liabilities
in Austria (TEUR 19,393; previous year TEUR 14,427).
December 31, 2009 December 31, 2008
T€ T€
Guarantees and indemnities 9,069 7,767
Collateral security 30,339 14,559
Delcredere risk from central accounting 114,670 91,276
Others 2,512 14
156,590 113,616
In addition, on the qualifying date there was also a letter of comfort in favor of
an associated company. The letter of comfort is unlimited in time. It is restricted
in amount to TEUR 600 and includes a commitment to fund the company concerned
in such manner as to enable it to satisfy all financial and business obligations
towards its creditors.

OTHER FINANCIAL COMMITMENTS
Other financial commitments are as follows:
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | 61
In addition, TK OBH also includes commitments deriving from outstanding
contributions not yet called off in the amount of TEUR 3,622 (previous year
TEUR 3,077).
December 31, 2009 December
31, 2008
Of which due Total In one year In one to After five Total
five years years
T€ T€ T€ T€ T€
Leases 3,978,622 539,174 1,719,201 1,720,247 4,323,643
Leasing contracts 640,468 68,130 225,406 346,932 623,970
Maintenance contracts 34,717 24,302 10,337 78 60,203
Purchase commitments for
investments in fixed assets 53,881 39,895 11,141 2,845 55,362
Commitments from
purchase contracts 44,000 12,000 32,000 0 0
4,751,688 683,501 1,998,085 2,070,102 5,063,178

62 | AUDIT CERTIFICATE
Audit certificate of the annual auditor
The complete consolidated financial statements
have been awarded the following audit certificate:
We have audited the consolidated financial statements
prepared by Tengelmann Warenhandelsgesellschaft
KG of Mülheim an der Ruhr,
comprising the balance sheet, income statement,
notes, cash flow statement and statement of
changes in equity, as well as the consolidated
management report for the financial year from
January 1 to December 31, 2009. It is the responsibility
of the officers legally entitled to represent
the company to prepare the consolidated
financial statements and consolidated management
report in accordance with the provisions of
German commercial law. Our task is on the basis
of the audit undertaken by us to deliver a judgment
on the consolidated financial statements
and consolidated management report.
We have conducted our audit of the consolidated
financial statements pursuant to Article 317 of the
German Commercial Code (HGB) in consideration
of the German auditing standards defined by
the Institut der Wirtschaftsprüfer (IDW). These
require the audit to be planned and conducted in
such manner as to detect with adequate certainty
any inaccuracies or infringements which may significantly
impact on the impression of the net assets,
financial position and earnings situation as
conveyed by the consolidated financial statements
and the consolidated management report
in consideration of the principles of due and
proper accounting. In determining the actions to
be taken as part of the auditing procedure, consideration
was given to a knowledge of the business
activities of the Group and its economic and
legal environment, as well as to the possible errors
likely to be encountered. In the course of the
audit the effectiveness of the internal accounting
control system and proofs of the information contained
in the consolidated financial statements
and consolidated management report were assessed
on the basis of random samples. The audit
encompasses an appraisal of the annual financial
statements of the companies integrated into the
consolidated accounts, the demarcation of the
consolidated group, the accounting and consolidation
principles applied and the principal assessments
made by the officers legally entitled to
represent the company, as well as an evaluation
of the overall presentation of the consolidated financial
statements and consolidated management
report. We are of the opinion that our audit
forms an adequately secure foundation on which
to base our judgment.
Our audit has caused us to raise no objections.
In our judgment based on the findings of our
audit, the consolidated financial statements comply
with the principles of the law and in consideration
of accounting standards convey an image
of the net assets, financial position and earnings
situation of the Group which accords with the
true circumstances. The consolidated management
report is consistent with the consolidated
financial statements and overall presents an accurate
image of the position of the Group and the
opportunities and risks of future development.”
Cologne, dated June 2, 2010
KPMG AG
Wirtschaftsprüfungsgesellschaft
Nonnenmacher Schumacher
Wirtschaftsprüfer Wirtschaftsprüfer
(Auditor) (Auditor)

for Financial Year 2009
Facts and figures
FACTS AND FIGURES | 63
Sales in billion € Deviation in %
vs. previous year
Germany 7.51 n/a
Europe 3.83 n/a
Total 11.34 n/a
Employees Deviation in %
vs. previous year
Germany 59,173 -1.7
Europe 25,343 8.0
Total 84,516 1.0
Branches Deviation in %
vs. previous year
Germany 3,427 1.4
Europe 1,092 11.7
Total 4,519 3.7
General information
The consolidated sales figure includes sales recorded by the production business units after adjusting
for internal sales.
Arithmetical differences may occur as a result of rounding.
Employee and branch data are based on the closing date of the relevant financial year.
For companies abroad the average exchange rates for the relevant reporting periods have been applied.

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45478 Mülheim an der Ruhr
Phone: +49 208 5806-7601
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E-mail: public-relations@uz.tengelmann.de
Internet: www.tengelmann.de
Responsible for content:
Sieglinde Schuchardt