Annual Report 2009/10 Excellence in Retailing - Douglas Holding

More documents

Recommendations

Info

144 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 A) Intangible assets and property, plant and equipment The capital expenditure of the 2009/10 fiscal year is broken down by divisions as follows: Capital expenditure 2009/10 (in EUR m) 2008/09 (in EUR m) Perfumeries 56.3 61.1 Books 30.3 24.2 Jewelry 14.4 8.0 Fashion 1.8 5.0 Confectionery 3.4 3.8 DOUGLAS HOLDING AG, Services 11.3 10.2 Total 117.5 112.3 Of this total, 38.7 million EUR is attributable to foreign subsidiaries (fiscal year 2008/09: 46.2 million EUR). The additions to intangible assets mostly relate to acquired Internet domains in connection with the business acquisition of buch.de internetstores AG. Capital expenditure in property, plant and equipment primarily relates to the opening and acquisition of 30 stores in Germany and 42 stores abroad. In addition, continual investments were made in designing and re-designing existing stores. Scheduled amortization/depreciation for the fiscal year totaled 116.3 million EUR (previous year: 116.2 million EUR). Impairment tests for property, plant and equipment and intangible assets at store level, as cash-generating units, led to write-downs totaling 12.4 million EUR in the fiscal year under review (previous year: 16.7 million EUR). Ongoing negative contributions towards profits and the intended closure of stores triggered the performance of impairment tests on the cash-generating units. In addition, write-ups amounted to 3.4 million EUR in fiscal year 2009/10 (previous year: 2.5 million EUR) and are shown under other operating income. In general, single cash-generating units are written-up due to increases in income following a previous write-down. As part of impairment testing, the carrying amount of the cash-generating unit is compared to its recoverable amount. The recoverable amount is calculated as being the value in use of the future Cash Flows based on internal forecasts. Sensitivity planning assumptions include sales growth, gross profit forecasts, estimates of replacement investments in the store network and the ratio of personnel expenses to sales on the basis individual stores. The forecasts are based on the fixed term of the respective lease agreements. The forecast term is between one and ten years. Calculations are based on an interest rate of 10.75 percent before taxes.
Finance leases As of the balance sheet date only one subsidiary had finance leases. The leased assets mostly comprised of vehicles, which were shown with a carrying value of nil as of September 30, 2010 (previous year: 0.1 million EUR). Operating leases Contracts qualifying as operating leases within the DOUGLAS Group mostly comprise store rental agreements. As a rule, these agreements are concluded for a basic rental period of 10 years and contain lease extension options. The operating leases shown do not include any lease extension options. The lease installments are based on both variable and fixed rental payments. The minimum lease payments from operating lease agreements amounted to 280.7 million EUR in the 2009/10 fiscal year (previous year: 281.1 million EUR). Contingent rent payments amounted to 3.0 million Euro. Operating leases Up to 1 year (in EUR m) 1 to 5 years (in EUR m) More than 5 years (in EUR m) Financial statements Total (in EUR m) 2009/10 2008/09 2009/10 2008/09 2009/10 2008/09 2009/10 2008/09 Obligations from operating leases 275.1 245.8 671.6 565.9 250.2 214.0 1,196.9 1,025.7 Income from subleases 9.6 15.8 25.2 42.8 12.9 23.8 47.7 82.4 B) Goodwill Goodwill in the amount of 155.3 million EUR (previous year: 167.1 million EUR) is due to differences from capital consolidation and 34.7 million EUR (previous year: 38.3 million EUR) is due to goodwill arising from asset deals at the level of the individual financial statements. According to the amendments made to IFRS 8.5 in conjunction with IAS 36.80b, goodwill is to be reallocated to the operating segments. As a consequence, the goodwill of Douglas Iberia Holding S.A. in the amount of 13.9 million Euro was reallocated in the amount of 7.0 million Euro to Douglas Spain S.A. and 6.9 million Euro to Douglas Portugal Lda.. Secondly, the goodwill of S.I.A. Douglas Baltic in the amount of 7.0 million Euro was reallocated in the amount of 5.2 million Euro to the Latvian subsidiary and 1.8 million to the Lithuanian subsidiary. This reallocation of goodwill was conducted prospectively as per October 1, 2009. According to IAS 36, existing goodwill is subject to an impairment test at least once each year. Goodwill from company acquisitions is allocated at a legal-unit level, because it is monitored and controlled at that level. As is the case for impairment tests for tangible assets, the carrying amount of the cash-generating units is compared with the recoverable amount of the cash-generating units, with the recoverable amount in the DOUGLAS Group being defined as the value in use based on the discounted future Cash Flows from the internal forecast. Sensitivity planning assumptions include sales growth, gross profit forecasts, estimates of replacement investments in the store network and the ratio of personnel expenses to sales. The forecasts are based on both internal company estimates and 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 145
Page 1 and 2:
Annual Report 2009/10 Excellence in
Page 3 and 4:
U3 DOUGLAS HOLDING AG 1 DOUGLAS HOL
Page 5 and 6:
MISSION STATEMENT DOUGLAS HOLDING A
Page 7 and 8:
to within the foreseeable future. A
Page 9 and 10:
CORPORATE GOVERNANCE DOUGLAS HOLDIN
Page 11 and 12:
167 168 component of the Chief Huma
Page 13 and 14:
Dr. Dr. h.c. Jörn Kreke, Chairman
Page 15 and 16:
Fig. 3 Fig. 2 · Maximum and minimu
Page 17 and 18:
from Executive Board speeches as we
Page 19 and 20:
IMPRESSIONS October 2009 With Dougl
Page 21 and 22:
June 2010 Hussel pilots a “new wo
Page 23 and 24:
DOUGLAS HOLDING AG 19 Mission State
Page 25 and 26:
Valued for their reading tips: Mari
Page 27 and 28:
seminar at the Zeppelin University
Page 29 and 30:
DOUGLAS HOLDING AG Mission Statemen
Page 31 and 32:
MANAGEMENT REPORT CONTENTS Manageme
Page 33 and 34:
KEY RESULTS IN THE 2009/10 FISCAL Y
Page 35 and 36:
All five retailing divisions combin
Page 37 and 38:
Fig. 1 · Targets and results Targe
Page 39 and 40:
ahead at the positive economic outl
Page 41 and 42:
In the fiscal year, Douglas opened
Page 43 and 44:
The operating earnings in the Books
Page 45 and 46:
Fig. 6 · Development of capital ex
Page 47 and 48:
lining, which had a liquidity effec
Page 49 and 50:
DOUGLAS HOLDING AG The DOUGLAS HOLD
Page 51 and 52:
INTERNAL CONTROL SYSTEM AND KEY SUC
Page 53 and 54:
DVA calculation Based on the premis
Page 55 and 56:
Fig. 14 · Employees by division Ch
Page 57 and 58:
development of highly qualified emp
Page 59 and 60:
Corporate responsibility is also an
Page 61 and 62:
“La Margerita” in organic quali
Page 63 and 64:
Information technology opportunitie
Page 65 and 66:
The data transferred is then automa
Page 67 and 68:
The existing risks both as individu
Page 69 and 70:
in most industrial countries, the s
Page 71 and 72:
cialty retail stores forms a solid
Page 73 and 74:
By relaunching its online presentat
Page 75 and 76:
DIVISIONS CONTENTS 72 Perfumeries 8
Page 77 and 78:
THE WORLD OF BEAUTY First, the good
Page 79 and 80:
Nowy Sa˛ cz, Poland, October 2009
Page 81 and 82:
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 and 134: 5. Accounting and valuation princip
Page 135 and 136: Financial assets denominated in a f
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: Property, plant and equipment - Fis
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
show all

Annual Report 2009/10 Excellence in Retailing - Douglas Holding

Create successful ePaper yourself

Delete template?

Save as template?