Annual Report 2009/10 Excellence in Retailing - Douglas Holding

154 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
Pursuant to a resolution of the Shareholders´ Meeting on March 24, 2010, a dividend
of 1.10 EUR per share, or a total amount of 43.3 million EUR was distributed to the shareholders
from the net retained earnings of 44.0 million EUR from the fiscal year 2008/09.
The remaining amount of 0.7 million EUR was carried forward.
The Executive Board will propose to the Shareholders’ Meeting to pay from the reported
retained earnings of DOUGLAS HOLDING AG totaling 44.0 million EUR for the
fiscal year 2009/10, a dividend of 1.10 EUR per no-par value share with dividend rights,
or a total amount of 43.3 million EUR. The remaining amount of 0.7 million EUR is to be
carried forward.
25. Provisions for pensions
Provisions for pensions are formed for commitments arising from pension entitlements
and ongoing payments to employees and former employees and their surviving dependents.
The pension entitlements usually relate to a payment for contractually agreed oldage
pension as a monthly amount. These commitments are accounted for according to
the requirements of IAS 19. The measurement for German subsidiaries is valued based on
actuarial reports pursuant to the following parameters:
Calculation parameters
09/30/2010
(in %)
09/30/2009
(in %)
Interest rate 4.70 5.90
Pension-benefit increase rate during expectancy period 2.5 2.5
Increase in consumer price index 1.5 2.0
The expected return on plan assets is between two and four percent.
The interest rates for the foreign subsidiaries are between 2.75 percent to 4.10 percent,
with a pension-benefit rate during the expectancy period of between 1.2 percent and 2.0
percent and an increase in consumer price index of 0.5 percent to 2.5 percent.
Dr. Heubeck’s 2005 “Mortality Tables,” or comparable country-specific mortality
tables, were used as a basis for the biometric parameters.
The actuarial gains and losses were recorded based on the 10 percent corridor method.
According to this method, actuarial gains and losses are only recognized in income if they
exceed 10 percent of the amount of the commitment. The amount which exceeds the corridor
is then distributed over the average remaining working lives of the employees participating
in that pension plan.
Company pensions in the DOUGLAS Group are based primarily on defined benefit
plans.
The perfumery, Douglas Nederland B.V. takes part in a multi-employer-plan which basically
must be qualified as a defined benefit plan. But due to the unavailability of the nec-