Annual Report 2009/10 Excellence in Retailing - Douglas Holding

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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
All financial liabilities existing as of September 30, 2010 and for which payments were already contractually agreed were included. Plan payments for future liabilities were not taken into account. Floating interest rate payments were determined on the basis of the interest rates known as of September 30, 2010. Financial liabilities cancellable at all times are always classified to the earliest time slot. Amounts denominated in foreign currencies are translated to the euro currency using the average closing rate. Payments arising from the interest rate swaps are made at the respective interest adjustment dates, so that the swaps’ impact on liquidity is spread over their maturities up to the year 2012. In particular, a withdrawal in the amount of 25.0 million EUR from the revolving credit line is hedged by means of an interest rate swap. Since this deals with monthly payments, this amount is shown in full under current liabilities due to banks with a liquidity of up to 30 days. The DOUGLAS Group’s financing strategy aims to utilize the hedged amount of 25.0 million EUR over the entire hedging term. Interest rate risks The interest rate risk is the result of fluctuations in interest rates on the money and capital markets and market-related fluctuations of exchange rates. In order to minimize the DOUGLAS Group’s risks associated with interest rate fluctuations when refinancing, long-term loans were taken out at fixed and variable interest rates by concluding interest rate swaps. The drawings on the revolving credit facility are made on the basis of current money market rates and are therefore subject to interest risks. An amount of 25.0 million EUR from the revolving credit facility was hedged through interest rate swaps in the 2007/08 fiscal year. The following interest rate swaps were in use on the balance sheet date to reduce risk. The Fair Value is determined on the basis of the market value of the interest rate hedging instruments. Interest rate swaps Reference amount (in EUR m) 09/30/2010 09/30/2009 Fair Values: financial assets (in EUR m) Fair Values: financial liabilities (in EUR m) Reference amount (in EUR m) Fair Values: financial assets (in EUR m) Financial statements Fair Values: financial liabilities (in EUR m) Interest rate swaps 28.0 0.0 1.6 31.0 0.0 2.0 Of which within Cash Flow hedges 28.0 0.0 1.6 31.0 0.0 2.0 For purposes of quantifying the interest rate risk, a sensitivity analysis has been performed in accordance with IFRS 7. As part of this analysis, the impact from changes in the market rate of interest on the interest income and interest expense has been presented. The sensitivity analysis is based on the following parameters: non-derivative financial instruments with fixed interest are subject to interest rate risks, which would impact the income statement or equity, only when measured at Fair Value. If such financial instruments are measured at cost, there is no risk arising from changes in the market rates of interest. Financial instruments with floating rates are generally exposed to risks from changes in market rates of interest if they are not designated as a hedged item as part of a Cash Flow hedge. 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 163
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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
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showpiece: “Hilfiger Woman” - a
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Stress-free shopping: Douglas - her
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Established the first-ever Douglas
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Austria’s first multi-channel boo
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Divisions Thalia · Books 87 Tradit
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Thalia in Figures employees, who su
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Capturing the imaginations of Dortm
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Pear shape Round brilliant shape Pr
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Nadia Iram Christ, Frankfurt (Zeil)
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Christ: more than ever before. Empl
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FASHIONS, TOP BRANDS, MULTI-CHANNEL
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Whether her style is casual or clas
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merchandising program, enabling App
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During the 2009/10 financial year H
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Impeccably showcased products: the
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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 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: 31. Fair Values of financial instru
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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