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<strong>Fielmann</strong><br />
covers the whole range of optics<br />
1)<br />
Outlets Production<br />
Germany (560 shops)<br />
Frames<br />
Switzerland (31 shops)<br />
Lenses<br />
Austria (31 shops)<br />
Grinding plant<br />
Netherlands (14 shops)<br />
Poland (18 shops)<br />
Luxembourg(2 shops)<br />
Lithuania / Latvia (14 shops)<br />
1) As at 30 June <strong>2011</strong><br />
Total 656<br />
Agent and<br />
Services<br />
<strong>Fielmann</strong> AG
Primary market Germany -<br />
growth potential in Europe<br />
1997<br />
Sales 416 Mio. €<br />
4% 1%<br />
95 % 92 %<br />
Germany<br />
1999<br />
Sales ales 520 Mio. €<br />
6%<br />
1%<br />
1%<br />
80.4 %<br />
Switzerland Austria<br />
Other<br />
2010<br />
Sales 1,158.8 Mio. €<br />
10.9%<br />
5.7%<br />
3.0%
Horizontal integration excluding<br />
wholesale<br />
The value creation chain is abridged or covered directly by<br />
<strong>Fielmann</strong> and thus enables <strong>Fielmann</strong> to increase efficiency and<br />
realise the full sales potential.<br />
Design<br />
External Production &<br />
<strong>Fielmann</strong> Production<br />
x Wholesale Retail
<strong>Fielmann</strong> is setting the trend in the<br />
German market
High productivity means<br />
value for money (Market Share Germany 2010)<br />
5% 19% 48%<br />
shops sales units sold<br />
<strong>Fielmann</strong><br />
Sector
Allensbach survey<br />
For which additional services are you willing to pay more ?<br />
4%<br />
branded<br />
frames
<strong>Fielmann</strong> is the leader in the market
Clear winner in optical segment<br />
of German market (Sales in Germany in EUR m)<br />
Branches<br />
Ø-sales sales<br />
932,1<br />
<strong>Fielmann</strong><br />
559<br />
1.6 €m<br />
645<br />
Apollo<br />
722<br />
0.9 €m<br />
90<br />
Pro Optik<br />
98<br />
0.9 €m<br />
46<br />
Abele- Abele<br />
Optik<br />
73<br />
0.6 €m<br />
39<br />
Optiker<br />
Bode<br />
74<br />
0.5 €m<br />
(Sales in Germany in EUR m)<br />
<strong>Fielmann</strong> Germany<br />
2010<br />
our own estimates<br />
for the year 2010<br />
31<br />
Optik<br />
Matt<br />
69<br />
0.4 €m<br />
30<br />
Binder<br />
Optik<br />
51<br />
0.6 €m<br />
25<br />
Krass<br />
OPTIK<br />
49<br />
0.5 €m
<strong>Fielmann</strong> shops sell much more than<br />
traditional opticians<br />
80<br />
<strong>Fielmann</strong><br />
supercenters<br />
(Frames sold per day)<br />
>170<br />
Megastore
Up to 48 times of turnover of a<br />
traditional optician<br />
0.3<br />
Traditional<br />
optician<br />
Source: <strong>Fielmann</strong> AG / SPECTARIS / ZVA<br />
1.6<br />
<strong>Fielmann</strong><br />
shops<br />
Average annual sales per shop (in EUR m)<br />
> 5.2<br />
<strong>Fielmann</strong><br />
supercenters<br />
> 16.0<br />
Megastore
High-Tech High Tech used by <strong>Fielmann</strong>
<strong>Fielmann</strong> philosophy
<strong>Fielmann</strong> philosophy<br />
„You You are the customer“ customer<br />
The company is<br />
famous for its<br />
consumer-friendly<br />
consumer friendly<br />
services. <strong>Fielmann</strong><br />
has made pre-<br />
scription glasses<br />
socially accep-<br />
table and has<br />
revolutionised the<br />
market with<br />
customer-oriented<br />
customer oriented<br />
services, guides<br />
by the corporate<br />
motto:
Emnid: Brand awareness prompted<br />
<strong>Fielmann</strong><br />
Zeiss<br />
Rodenstock<br />
Dior<br />
Armani<br />
3.4%<br />
3.0%<br />
61.8%<br />
61.8%<br />
98.7%<br />
82.6%<br />
82.6%<br />
0% 20% 40% 60% 80% 80%<br />
100%<br />
(Emnid)
Further sales potential in Germany
Sales mix 2010<br />
remaining<br />
2%<br />
sunglasses 2%<br />
frames<br />
19%<br />
contact<br />
lenses<br />
11%<br />
(<strong>Fielmann</strong> Group)<br />
lenses<br />
66%
Growth potential in southern Germany<br />
700 shops<br />
6,500,000 units sold<br />
1,100 € m sales<br />
120 € m net profit<br />
market share 2009 > 55 %<br />
6% 32% 57%<br />
shops sales units sold<br />
<strong>Fielmann</strong> Sector
New Supercenter in Cologne<br />
Opening autumn <strong>2011</strong>
Percentage of people<br />
wearing glasses is increasing<br />
2006<br />
1999<br />
1993<br />
1952<br />
43%<br />
Source: Allensbacher Archiv and AWA<br />
64%<br />
61%<br />
58%
High potential for multifocal lenses<br />
in Germany (index 2004 = 100)<br />
105<br />
112<br />
122<br />
130<br />
135<br />
143<br />
152<br />
161<br />
2006 2007 2008 2009 2010 <strong>2011</strong>e 2012e 2013e<br />
<strong>Fielmann</strong> group
Complex surface geometry<br />
of multifocal lenses
Market for contact lenses in Germany<br />
offers above-average above average growth potential<br />
Users of contact lenses<br />
in % of population<br />
15%<br />
12%<br />
4%<br />
Sweden<br />
USA<br />
Germany
<strong>Fielmann</strong> concept for contact lenses<br />
<strong>Fielmann</strong>-shop <strong>Fielmann</strong> shop Mönckebergstra<br />
M nckebergstraße e in Hamburg with a special contact-lense contact lense-studio studio on the back side.
Customer retention program<br />
Glasses for free insurance by <strong>Fielmann</strong> and HanseMerkur<br />
For a premium of just € 10 per year,<br />
immediately on signing the contract, insured<br />
parties are offered high fashion metal or<br />
plastic glasses from the glasses for free<br />
collection, with Zeiss single-vision single vision lenses and<br />
a three-year three year guarantee, a new pair of<br />
glasses every two years and free<br />
replacement in the event of breakage,<br />
damage or a change of prescription.<br />
Customers wishing to insure varifocals or<br />
multifocals pay an annual premium of € 50.<br />
Glasses for free.<br />
<strong>Fielmann</strong>.
Hearing aid market Germany
Germany<br />
Hearing aid market (units sold in<br />
(units sold in ´000 000 pcs)<br />
600<br />
740<br />
670 675<br />
850<br />
2002 2003 2004 2005<br />
2009 Source ZVEI<br />
Independent suppliers (estimated)<br />
1)<br />
1) the figures are based on a rough estimate for the year 2009.<br />
2009
Germany<br />
Hearing aid market is fragmented<br />
Kind<br />
Geers 1)<br />
Independent ~72% 72%<br />
~11% 11%<br />
~10% 10%<br />
Amplifon<br />
~4% 4%<br />
Seifert<br />
~2% 2%<br />
<strong>Fielmann</strong><br />
~1% 1%<br />
Market share units sold<br />
shops<br />
2,973<br />
476<br />
401<br />
187<br />
63<br />
57<br />
1) incl. 134 Hörgut H rgut shops.<br />
shops
<strong>Fielmann</strong><br />
shop-in shop in-shop shop concept for hearing aids
Germany<br />
Hearing aid market<br />
Standard segment<br />
Mid-range Mid range segment<br />
Premium price segment<br />
selling price Market share Market share<br />
units sold sales<br />
360 €<br />
up to 1,500 €<br />
up to 3,000 €<br />
Average ticket-price ticket price ~1,200 1,200 €<br />
Market volume 2009 Hearing<br />
~1.1 bn<br />
impaired<br />
persons<br />
~30% 30%<br />
~50% 50%<br />
~20% 20%<br />
1.1 bn € (incl. assessories)<br />
3 – 4 million hearing aid users<br />
~10% 10%<br />
~40% 40%<br />
~50% 50%<br />
13 – 15 million persons
Employees
The challenge to qualify employees<br />
employees<br />
apprentices<br />
7,820<br />
1,060<br />
9,150<br />
1,480<br />
9,640<br />
9,900<br />
10,034<br />
1,810 1,820<br />
1,701<br />
9,776<br />
1,484<br />
10,470 11,160<br />
1,502<br />
1,715<br />
11,858 12,608 13,235 13,733<br />
1,941<br />
2,212<br />
2,497<br />
2,674<br />
1999 2000 2001 2002 2003 2004 2005 2006 2007 2007<br />
2008 2009 2010
<strong>Fielmann</strong> is also market leader<br />
in training schemes<br />
5%<br />
shops<br />
35%<br />
apprentices
<strong>Fielmann</strong> Academy<br />
at Plön Pl n Castle<br />
Plön Pl<br />
Hamburg
<strong>Fielmann</strong> Academy<br />
at Plön Pl n Castle<br />
��<br />
��<br />
More than 6,000<br />
apprentices, opticians,<br />
students of master degree<br />
courses and university are<br />
getting trained at Plön Pl n<br />
Castle every year with the<br />
latest technical equipment<br />
Master training courses
Customer satisfaction is deciding<br />
factor for staff bonuses<br />
Customers<br />
satisfaction<br />
50 %<br />
(for <strong>Fielmann</strong> shop managers)<br />
units sold 50%<br />
sales 25%<br />
profit 25%
Expansion in Europe
Switzerland
Similar business patterns in<br />
Switzerland as in Germany<br />
3% 14% 35%<br />
<strong>Fielmann</strong><br />
Sector<br />
Market share Switzerland 2010<br />
shops sales units sold
Expansion Switzerland<br />
Targets for the medium term<br />
Basel<br />
Baden<br />
Basel<br />
Baden<br />
Schaffhausen<br />
Winterthur<br />
Wil<br />
Olten<br />
Aarau<br />
Baden<br />
Spreitenbach<br />
Frauenfeld<br />
Solothurn<br />
Zofingen<br />
Zurich St. Gallen<br />
Biel<br />
Langenthal<br />
Zurich-Oerlikon<br />
Zurich Oerlikon<br />
Neuchatel Burgdorf<br />
Buchs<br />
Zug<br />
Fribourg<br />
Rapperswil<br />
Chur<br />
Fribourg<br />
Rapperswil<br />
Chur<br />
Bern<br />
Luzern<br />
Lausanne<br />
Thun<br />
Geneva<br />
Retail Switzerland<br />
Branches<br />
40<br />
Units sold 400,000<br />
External sales 120 € m
Austria
Similar business patterns also<br />
seen in Austria<br />
3% 15% 29%<br />
shops sales units sold<br />
<strong>Fielmann</strong><br />
Sector<br />
Market share Austria 2010
Expansion Austria<br />
Targets for the medium term<br />
Bregenz<br />
Dornbirn<br />
Bürs rs<br />
Innsbruck<br />
Krems<br />
Pasching<br />
St. Pölten P lten<br />
Wels<br />
Ried<br />
Linz<br />
Salzburg<br />
Amstedten<br />
Kapfenberg<br />
Villach<br />
Graz<br />
Klagenfurt<br />
Vienna<br />
Baden<br />
Wiener Neustadt<br />
Seiersberg<br />
Retail Austria<br />
Branches<br />
Units sold<br />
External sales<br />
40<br />
450,000<br />
85 € m
Expansion Eastern Europe
Gliwice<br />
Gliwice<br />
Expansion Eastern Europe<br />
Expansion Eastern Europe<br />
UKRAINE<br />
UKRAINE<br />
Rathenow<br />
Rathenow<br />
Poznan<br />
Poznan<br />
Minsk<br />
Minsk<br />
Kiev<br />
Kiev<br />
POLAND<br />
POLAND<br />
Szczecin<br />
Szczecin<br />
Gdynia<br />
Gdynia<br />
Gdansk<br />
Gdansk<br />
Bialystok<br />
Bialystok<br />
Warszawa<br />
Warszawa<br />
Torun<br />
Torun<br />
Bydgoszcz<br />
Bydgoszcz<br />
Radom<br />
Radom<br />
Lublin<br />
Lublin<br />
Lodz<br />
Lodz<br />
Kielce<br />
Kielce<br />
Wroclaw<br />
Wroclaw<br />
Bytom<br />
Bytom Czestochowa<br />
Czestochowa<br />
Sosnowiec<br />
Sosnowiec<br />
Katowice<br />
Katowice<br />
GERMANY<br />
GERMANY<br />
BELARUS<br />
BELARUS<br />
Gorz<br />
Gorzów<br />
Krakow<br />
Krakow<br />
Chorz<br />
Chorzów<br />
Rumia<br />
Rumia<br />
Koszain<br />
Koszain<br />
P��ock<br />
ock<br />
Legnica<br />
Legnica
Expansion Eastern Europe
Expansion<br />
Lithuania/Latvia/Estonia<br />
POLAND<br />
LATVIA<br />
LITHUANIA<br />
ESTONIA<br />
Tallinn<br />
Riga<br />
Klaipeda Siauliai<br />
Panevezys<br />
Siauliai<br />
Panevezys<br />
Kaunas (2 shops)<br />
Vilnius (3Shops)
Financials
Interim report<br />
as at 30 June <strong>2011</strong><br />
Quantities sold<br />
External sales<br />
Consolidated sales<br />
Pre-tax Pre tax Profit<br />
Net income<br />
(glasses in pcs. m)<br />
(in € m)<br />
(in € m)<br />
(in € m)<br />
(in € m)<br />
<strong>2011</strong> 2010<br />
3.3<br />
3.1<br />
615.4<br />
523.7<br />
86.4<br />
61.8<br />
573.7<br />
487.4<br />
78.8<br />
56,0<br />
4.9%<br />
7.3%<br />
7.4%<br />
9.6%<br />
10.4%<br />
Earnings per share (in €) 1.44 1.30 10.4%
Trend<br />
taxation ratio<br />
47,7%<br />
42,1%<br />
29,5% 28,7%<br />
37,5% 38,4%<br />
1999…………<br />
1999………….<br />
. 2009 2010<br />
gemäß gemäß<br />
HGB gemäß gemäß<br />
IAS / IFRS<br />
33,6% 32,9%<br />
39,8%<br />
29,6%<br />
29,6% 29,0%
Shareholder-friendly Shareholder friendly dividend<br />
policy for years<br />
50%<br />
0,63<br />
60,5%<br />
72,4%<br />
0,80 0,80<br />
72,5%<br />
0,95<br />
73,0%<br />
1,20<br />
74,4%<br />
1,40<br />
IFRS 2005 / 2006; until 2004 according to HGB Dividend in in<br />
€ payout ratio in %<br />
( in % of net income less minority interest<br />
)<br />
74,0% 75,0%<br />
1,95<br />
2,00<br />
85,6%<br />
2,40<br />
2002 2003 2004 2005 2006 2007 2008 2009 2010
Growth potentials<br />
for the medium- medium and long-term<br />
long term<br />
Space growth<br />
Germany<br />
Switzerland<br />
Austria<br />
Up to 700 branches<br />
Up to 40 branches<br />
Up to 40 branches<br />
Poland Up to 40 branches<br />
Others<br />
At least 3 % yoy<br />
The proportion of vario-<br />
focals will increase<br />
accordingtly demo-<br />
graphic development<br />
The german market is<br />
underdeveloped<br />
Unique offer by<br />
<strong>Fielmann</strong><br />
In our core catchment<br />
areas alone costumers<br />
need 60,000 hearing<br />
aids every year<br />
Organic growth<br />
Like for Like<br />
Demography<br />
Contactlenses<br />
Glasses for<br />
free insurance<br />
Hearing aid
The <strong>Fielmann</strong> share
A comparison of <strong>Fielmann</strong> shares<br />
with the DAX, SDAX, MDAX and TecDAX<br />
180%<br />
100%<br />
40%<br />
1.1.2008<br />
<strong>Fielmann</strong> share DAX<br />
M-DAX DAX S-DAX DAX<br />
TecDAX<br />
21.9.<strong>2011</strong>
Studies on <strong>Fielmann</strong>: <strong>2011</strong><br />
analyst date recommendation<br />
Hauck & Aufhäuser M.-Th. Gruebner 06/09/11 hold<br />
BoA Merrill Lynch F. Cereda 06/09/11 neutral<br />
Commerzbank G. Remshagen 01/08/11 reduce<br />
Exane BNP Paribas A. Inderst 01/08/11 neutral<br />
UniCredit K. Kastenberger 01/09/11 hold<br />
Berenberg Bank A. Patrice 30/08/11 hold<br />
LBBW I. Schäfer 30/08/11 hold<br />
Cheuvreux C. Abbott 10/08/11 buy<br />
BHF Bank P. Steiner 08/07/11 marketrweight<br />
WestLB T. Rosenke 07/07/11 hold<br />
Baader Bank V. Bosse 18/05/11 buy<br />
Bankhaus Lampe C. Schlienkamp 04/05/11 buy<br />
DZ Bank Dr. H. Schwesig 03/05/11 buy<br />
M.M. Warburg T. Kleibauer 28/04/11 hold<br />
Deutsche Bank M. Kuhn 28/04/11 hold<br />
Metzler S. Frericks 25/02/11 buy<br />
HSBC T. Britsch 24/02/11 neutral<br />
SRH AlsterResearch AG C. Mainitz 20/01/11 sell
The <strong>Fielmann</strong> Share<br />
• IPO: 14.09.1994<br />
• ISIN: DE0005772206<br />
• Segment: MDAX, Prime Standard<br />
• Shares outstanding: 42,000,000 (share split<br />
as at 9.8.06 1:2)<br />
• Shareholder structure: Günther nther <strong>Fielmann</strong> 36.80 %<br />
<strong>Fielmann</strong> Familienstiftung 11.36 %<br />
<strong>Fielmann</strong> Interoptik 15.12 %<br />
Marc <strong>Fielmann</strong> 7.73 %<br />
Free float 28.99 %
Disclaimer<br />
The present document was produced by <strong>Fielmann</strong> AG, Hamburg for exclusive use in<br />
analyst presentations given by the Management Board or the Investor Relations<br />
department of <strong>Fielmann</strong> AG and may not be copied or passed on to anyone not<br />
participating in the presentation.<br />
The document contains predictions that do not describe historical facts, but<br />
assumptions and expectations. Predictions are based on forecasts, estimates and what is<br />
anticipated on the basis of information currently available to the management of<br />
<strong>Fielmann</strong> AG. Such predictions are subject to risks and uncertainties, which may result<br />
in the final results deviating significantly from the predictions. Many of the risks and<br />
uncertainties result from factors, which cannot be precisely estimated by <strong>Fielmann</strong> AG<br />
or are beyond its control. These include the legal framework conditions, the future<br />
economic and market situation, the behaviour of other players in the market and the<br />
ability to achieve corporate targets. We would ask you not to place complete faith in<br />
the predictions, which are only valid on the date of the presentation.<br />
<strong>Fielmann</strong> AG shall not be liable for correcting or further developing such predictions<br />
in the light of new information, future events or amended forecasts given by the<br />
Management Board.
Disclaimer<br />
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