Annual Report 2009/10 Excellence in Retailing - Douglas Holding

162 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
Liquidity risks
Liability
32. Management of financial risks
The financial management of the DOUGLAS HOLDING AG is responsible for the
DOUGLAS Group’s financing and supports decision-makers in the German and foreign
Group companies in respect of all financial issues.
The uniform presence of the DOUGLAS Group facilitates better conditions on the
financial markets, and the bundling of the financing volumes of all domestic Group companies
allows optimal use of the resources available as part of a cash management system.
The financial risks relevant to the DOUGLAS Group, such as liquidity risks, the risk of
interest rate changes, default risks and risks from Cash Flow fluctuations are adequately
controlled and monitored by the financial management of the DOUGLAS HOLDING AG.
Liquidity risk
The DOUGLAS Group’s non-current financing is secured not only by its solid equity
but also through the bank loans at its disposal. This is backed by the ongoing, stable Cash
Flows of the operating Group companies.
Through the revolving credit facility raised in the amount of 500.0 million EUR undertaken
in the 2006/07 fiscal year, the DOUGLAS Group’s provision of credit is assured for a
period at the minimum for the next two years.
All of the German subsidiaries of the DOUGLAS Group are linked into a cash management
system (cash pooling). By combining financing volumes, short-term liquidity surpluses
of individual Group companies can be used to finance the cash requirements of other
Group companies. This leads to a reduction in borrowing and an optimizing of cash investments,
thus having a positive impact on the Group’s net interest result.
Carrying
amount
(in EUR m)
Payment due
within the
next 30 days
(in EUR m)
Redemption
Payment due
within
30 to 90 days
(in EUR m)
Interest Redemption
Payment due
within
90 to 360 days
(in EUR m)
Interest Redemption
Payment due
over a period of
1 to 5 years
(in EUR m)
Interest Redemption
Liabilities to banks 175.6 129.6 1.1 10.9 1.6 34.0 3.1
Trade accounts payable 277.1 153.3 111.8 12.0
Financial liabilities from the
valuation of options from
minority interests
Payment due
after more than
5 years
(in EUR m)
Interest Redemption
89.1 81.6 5.6 1.9
Derivative financial instruments 1.7 0.1 0.2 0.8 0.8
Advance payments received 1.3 1.3
Liabilities on bills accepted
and drawn
0.1 0.1
Other financial liabilities 13.5 13.5
Interest