Annual Report 2009/10 Excellence in Retailing - Douglas Holding

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130 Financial statements Facts & figures Consolidated income statement Consolidated balance sheet Statement of changes in Group equity Segment reporting Consolidated Cash Flow statement Notes Notes to the income statement Notes to the balance sheet Auditor’s report Useful lives Software 3−5 Leasehold rights 5−15 Customer bases 5−10 Non-competition clauses 5 Buildings 10−50 Store fittings, office and operating equipment 3−10 Leasing The economic ownership of a leased asset is classified to that contractual party who bears substantially all the risks and rewards incident to ownership of the leased asset. Material lease arrangements predominantly relate to the leasing of company stores within the DOUGLAS Group. Leases are recognized in the balance sheet according to the requirements of IAS 17. In order to ensure the greatest possible flexibility, the DOUGLAS Group generally aims to conclude rental agreements with a fixed rental period of no more than 10 years and single or multiple exercisable options to extend the lease. In classifying lease agreements, consideration is given to the basic lease term and the exercise of any renewal options on the basis of knowledge acquired in the past, which means that these agreements regularly qualify as operating leases. If, in cases of exception, the economic ownership of leased assets can be allocated to the DOUGLAS Group, the leased assets are capitalized at the inception of the lease and subject to scheduled straight-line depreciation in subsequent periods. At the commencement of the lease, the leased asset is recognized at the Fair Value of the asset or, if lower, the present value of the minimum lease payments. On the other hand, the financial obligations that result from future lease payments are recognized as a liability in the same amount. Depreciation is conducted over the estimated useful life or the shorter lease term. This liability is amortized proportionately over the lease term according to the effective interest rate method plus accrued interest. Financial assets Financial assets, including interests in unconsolidated companies that are not measured using the equity method, other equity participations, loans, securities and contractual receivables are accounted for according to IAS 39. Depending on their classification, these are either measured at Fair Value (securities and financial assets from derivative financial instruments) or amortized cost (loans, trade receivables, and other contractual financial receivables). Financial assets are initially measured at Fair Value. Interests in companies in which the DOUGLAS Group has a significant influence are recognized in the balance sheet using the equity method at their allocable equity and reported as investments in associates. Financial assets are derecognized either upon settlement or when substantially all opportunities and risks are transferred. Years
Financial assets denominated in a foreign currency are translated to the functional currency at the date of acquisition. An adjustment is then made to the respective closing rate on each balance sheet date and recognized to profit or loss. Interest income and expense are matched to the period in the financial result. Deferred taxes Deferred taxes are identified using the liability method based on the requirements of IAS 12. Deferred taxes are thus recognized for temporary differences between the carrying amounts in the consolidated financial statements and the tax base to the extent that these differences will lead to tax refunds or charges in future. Deferred taxes are measured taking into account the tax rates and tax regulations that have been enacted on the balance sheet date or which are expected to be enacted when the differences are reversed. Deferred tax assets are only recognized to the extent that there is taxable income on the date the difference is reversed against which the difference can be offset. If the future tax advantage from loss carryforwards can be used with sufficient certainty in future periods, deferred tax assets are capitalized. Deferred tax assets and liabilities are netted to the extent that the tax claims and tax liabilities are for the same tax authority. Inventories As a rule, merchandise is recognized at the lower of cost and net realizable value. In individual areas, acquisition costs are identified using the retail method based on the selling price using reasonable valuation allowance deductions. The net realizable value is the estimated selling price in the ordinary course of business less the estimated costs necessary to make the sale. Selling as well as fashion and other risks were taken into account, to the extent needed, as part of measurement at the net realizable value. Raw materials, consumables and supplies are recognized at their acquisition costs. Receivables and other financial assets Trade accounts receivable and other financial assets are capitalized at amortized cost at the time of revenue recognition. Recognizable risks are taken into account via writedowns. A major portion of receivables that is more than 60 days overdue is transferred to a collection agency and written-down in this connection. Write-downs are in part conducted by using bad debt accounts. Receivables and other assets are generally derecognized when they are settled. Securities Securities are carried at their Fair Value according to the requirements of IAS 39. As a result, the Fair Value is adjusted and reflected directly in equity via a separate equity component, as securities have been classified to the “available for sale” category. Securities are generally initially recognized at the trade date. Cash and cash equivalents Cash and cash equivalents, which include money accounts and short term money deposits with banks, are stated at amortized cost. Financial statements Facts & figures Consolidated income statement Consolidated balance sheet Statement of changes in Group equity Segment reporting Consolidated Cash Flow statement Notes Notes to the income statement Notes to the balance sheet Auditor’s report 131
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Annual Report 2009/10 Excellence in
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U3 DOUGLAS HOLDING AG 1 DOUGLAS HOL
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MISSION STATEMENT DOUGLAS HOLDING A
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to within the foreseeable future. A
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CORPORATE GOVERNANCE DOUGLAS HOLDIN
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167 168 component of the Chief Huma
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Dr. Dr. h.c. Jörn Kreke, Chairman
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Fig. 3 Fig. 2 · Maximum and minimu
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from Executive Board speeches as we
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IMPRESSIONS October 2009 With Dougl
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June 2010 Hussel pilots a “new wo
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DOUGLAS HOLDING AG 19 Mission State
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Valued for their reading tips: Mari
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seminar at the Zeppelin University
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DOUGLAS HOLDING AG Mission Statemen
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MANAGEMENT REPORT CONTENTS Manageme
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KEY RESULTS IN THE 2009/10 FISCAL Y
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All five retailing divisions combin
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Fig. 1 · Targets and results Targe
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ahead at the positive economic outl
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In the fiscal year, Douglas opened
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The operating earnings in the Books
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Fig. 6 · Development of capital ex
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lining, which had a liquidity effec
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DOUGLAS HOLDING AG The DOUGLAS HOLD
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INTERNAL CONTROL SYSTEM AND KEY SUC
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DVA calculation Based on the premis
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Fig. 14 · Employees by division Ch
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development of highly qualified emp
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Corporate responsibility is also an
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“La Margerita” in organic quali
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Information technology opportunitie
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The data transferred is then automa
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The existing risks both as individu
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in most industrial countries, the s
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cialty retail stores forms a solid
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By relaunching its online presentat
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DIVISIONS CONTENTS 72 Perfumeries 8
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THE WORLD OF BEAUTY First, the good
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Nowy Sa˛ cz, Poland, October 2009
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Natalia Wörner and Michael Michals
Page 83 and 84: showpiece: “Hilfiger Woman” - a
Page 85 and 86: Stress-free shopping: Douglas - her
Page 87 and 88: Established the first-ever Douglas
Page 89 and 90: Austria’s first multi-channel boo
Page 91 and 92: Divisions Thalia · Books 87 Tradit
Page 93 and 94: Thalia in Figures employees, who su
Page 95 and 96: Capturing the imaginations of Dortm
Page 97 and 98: Pear shape Round brilliant shape Pr
Page 99 and 100: Nadia Iram Christ, Frankfurt (Zeil)
Page 101 and 102: Christ: more than ever before. Empl
Page 103 and 104: FASHIONS, TOP BRANDS, MULTI-CHANNEL
Page 105 and 106: Whether her style is casual or clas
Page 107 and 108: merchandising program, enabling App
Page 109 and 110: During the 2009/10 financial year H
Page 111 and 112: Impeccably showcased products: the
Page 113 and 114: Hussel in Figures Aschaffenburg is
Page 115 and 116: FINANCIAL STATEMENTS CONTENTS 112 F
Page 117 and 118: CONSOLIDATED INCOME STATEMENT for t
Page 119 and 120: STATEMENT OF CHANGES IN GROUP EQUIT
Page 121 and 122: Financial statements Facts & figure
Page 123 and 124: NOTES TO THE CONSOLIDATED FINANCIAL
Page 125 and 126: IAS 23 “Borrowing Costs” In Mar
Page 127 and 128: public sector have been expanded. T
Page 129 and 130: Group of Consolidated Companies Ger
Page 131 and 132: At-equity consolidation 09/30/2010
Page 133: 5. Accounting and valuation princip
Page 137 and 138: issued for speculative purposes. De
Page 139 and 140: NOTES TO THE INCOME STATEMENT 6. Sa
Page 141 and 142: 11. Investment result In the previo
Page 143 and 144: 15. Income taxes Income taxes 2009/
Page 145 and 146: Intangible assets - Fiscal year 200
Page 147 and 148: Property, plant and equipment - Fis
Page 149 and 150: Finance leases As of the balance sh
Page 151 and 152: Carrying amounts of goodwill and in
Page 153 and 154: accounts. The write-downs on trade
Page 155 and 156: 23. Assets and liabilities held for
Page 157 and 158: of the fiscal year, which are then
Page 159 and 160: essary information, this plan is qu
Page 161 and 162: Statement of changes in current pro
Page 163 and 164: Cash and cash equivalents are compr
Page 165 and 166: 31. Fair Values of financial instru
Page 167 and 168: All financial liabilities existing
Page 169 and 170: Financial liabilities In the 2006/0
Page 171 and 172: There were no receivables from rela
Page 173 and 174: Expenses for auditor’s fees In ac
Page 175 and 176: Significant shareholdings No. Name
Page 177 and 178: Prof. Dr. Mark Wössner Entrepreneu
Page 179 and 180: FURTHER INFORMATION CONTENTS 176 Ov
Page 181 and 182: Overview of the past several years
Page 183 and 184: Fair Value Amount at which an asset
Page 186:
www.douglas.de www.thalia.de · www
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Annual Report 2009/10 Excellence in Retailing - Douglas Holding

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