Annual Report 2009/10 Excellence in Retailing - Douglas Holding

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12 DOUGLAS HOLDING AG Mission Statement Letter to the Shareholders Executive Board Corporate Governance Report of the Supervisory Board DOUGLAS Share Impressions Human Resources Fig. 4 · DOUGLAS share – Market overview the business model and the potential of the DOUGLAS Group to the capital markets, thus achieving an objective and fair valuation of the DOUGLAS share. Also in the 2009/10 fiscal year, the Executive Board and the Investor Relations Team kept investors and financial analysts promptly and comprehensively informed about current business developments, strategic planning and the targets of the DOUGLAS Group. Representatives of the DOUGLAS HOLDING AG answered investors’ inquiries in the course of 25 road shows and investor conferences and in over 180 one-onone or group meetings in all major financial centers in Europe, the USA and at the company’s headquarters in Hagen, Germany. The top management of the operating divisions was also included in the communication to the capital markets. Furthermore, at a Store Tour in Berlin, analysts and institutional in- Fig. 5 · DOUGLAS share – Key information Type of share/denomination No-par value share Admission segment Prime standard Industry Retail Index MDAX ISIN DE0006099005 Stock exchanges Symbol DOU.ETR Ticker symbol Bloomberg DOU GR Ticker symbol Reuters DOHG.DE Designated Sponsor WestLB AG Frankfurt on the Main, Dusseldorf, Berlin, Hamburg, Stuttgart, Hanover and Munich 2009/10 2008/09 Shares issued as of balance sheet date m 39.3 39.3 Shares issued as of balance sheet date, not including treasury shares m 39.3 39.3 Capital stock EUR m 118.0 117.8 Highest stock quotation (XETRA) EUR 36.83 33.80 Lowest stock quotation (XETRA) EUR 29.95 25.62 Stock quotation as of end of fiscal year (XETRA) EUR 36.83 31.25 Market capitalization as of end of fiscal year EUR m 1,448.2 1,227.5 Earnings per share EUR 1.93 1.60 Dividend per share EUR 1.10 1.10 vestors had the opportunity to take a first-hand look at the DOUGLAS Group’s operations, and to convince themselves of the consistent manner in which lifestyle demands are being met in the specialty stores. An important date on the financial calendar is the annual Analysts’ Conference. At the Analysts’ Conference held back in January 2010 in Frankfurt on the Main, the Executive Board gave a full report to around 60 analysts and investors on the past 2008/09 fiscal year and on the sales and earnings forecasts for 2009/10. In three telephone conferences with an average of 35 participants, business developments in the first three quarters of 2009/10 were discussed in detail. The DOUGLAS Group attaches great importance to communicating with private investors. Many of whom took advantage of the Shareholders’ Meeting on March 24, 2010 held at the City Hall in Hagen to obtain a thorough picture from the DOUGLAS HOLDING AG’s Executive Board of business developments. The roughly 1,200 shareholders present at the Shareholders’ Meeting represented 58 percent of the capital stock (prior year: 59 percent) and approved all agenda topics. In order to meet the informational needs of private investors, the Investor Relations Team also addressed issues raised by investors at the DAF Share Forum in Berlin. Apart from personal talks, DOUGLAS HOLDING AG’s Internet website presents an alternative to shareholders and all interested potential investors to gain extensive information about the DOUGLAS Group. Under www.douglas-holding.com, share information, current news and dates, presentations and scripts
from Executive Board speeches as well as annual and interim financial reports can be accessed. Moreover, major portions of the Shareholders’ Meeting are broadcast live on the Internet every year. Company figures are continuously updated and during the current fiscal year information provided on the website will continue to improve in terms of content and to expand in specific areas. It was most gratifying that the Investor Relations initiatives of DOUGLAS HOLDING AG in the 2009/10 fiscal year reached top positions in external evaluations. As a result, DOUGLAS HOLDING AG ranked third place in the MDAX category of the German Investor Relations Award granted annually by the Deutsche Investor Relations Verband e.V. (DIRK). The economic magazine, Capital, and the Society of Investment Professionals in Germany (DVFA) awarded the Investor Relations Team second place with the “Capital Investor Relations” prize in the MDAX category. Investor Relations activities will be further improved in the 2010/11 fiscal year. DOUGLAS HOLDING AG’s idea is to strengthen communication not only in continuing to give first-class attention to existing shareholders, but also to attract new investors in Germany and abroad for the DOUGLAS share. High interest exhibited by analysts In the 2009/10 fiscal year, 24 analysts from renowned investment firms – mainly from Germany and the United Kingdom – regularly published studies and commentaries of current developments of the Fig. 6 · Dividend performance EUR 1.20 EUR 1.00 EUR 0.80 EUR 0.60 EUR 0.40 EUR 0.20 EUR 0.00 2005/06 2006/07 2007/08 2008/09 2009/10 1.10 1.10 1.10 1.10 1.10 DOUGLAS HOLDING AG DOUGLAS Group and made their recommendations. As of September 30, 2010, eight analysts recommended buying the DOUGLAS share, thirteen categorized them as “hold” and only three gave a “sell” recommendation. The majority of the analysts raised the share targets for the DOUGLAS share during the course of the year. In their studies, the analysts concluded that the DOUGLAS Group is very well positioned and should benefit disproportionately from the much improved economic conditions and the increased consumer spending, especially in Germany. Stable dividend The Executive and Supervisory Boards of DOUG- LAS HOLDING AG will propose to the Shareholders’ Meeting on March 23, 2011 to approve a dividend of 1.10 Euro per no-par value share for the 2009/10 fiscal year just like in the preceding year. This corresponds to a payout ratio of 57 percent of the consolidated net income allocated to DOUGLAS shareholders. If the dividend is viewed in relation to the market price of 36.83 Euro for DOUGLAS shares as of the end of the 2009/10 fiscal year, this would result in a dividend yield of 3.0 percent. Therefore, on the basis of a stable dividend payout year-on-year – even during an overall global financial market crisis – the Executive and Supervisory Boards want to demonstrate their shareholder-friendly dividend policy, thus allowing shareholders to also participate in the solid corporate development in an appropriate manner for the 2009/10 fiscal year. Fig. 7 · Dividend yield 6.0 % 5.0 % 4.0 % 3.0 % 2.0 % 1.0 % 0.0 % 2005/06 2006/07 2007/08 2008/09 2009/10 3.0 2.5 Mission Statement Letter to the Shareholders Executive Board Corporate Governance Report of the Supervisory Board DOUGLAS Share Impressions Human Resources 3.4 3.5 3.0 13 Fig. 6 Fig. 7
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: Fig. 3 Fig. 2 · Maximum and minimu
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
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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
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FINANCIAL STATEMENTS CONTENTS 112 F
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CONSOLIDATED INCOME STATEMENT for t
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STATEMENT OF CHANGES IN GROUP EQUIT
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Financial statements Facts & figure
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NOTES TO THE CONSOLIDATED FINANCIAL
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IAS 23 “Borrowing Costs” In Mar
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public sector have been expanded. T
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Group of Consolidated Companies Ger
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At-equity consolidation 09/30/2010
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5. Accounting and valuation princip
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Financial assets denominated in a f
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issued for speculative purposes. De
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NOTES TO THE INCOME STATEMENT 6. Sa
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11. Investment result In the previo
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15. Income taxes Income taxes 2009/
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Intangible assets - Fiscal year 200
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Property, plant and equipment - Fis
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Finance leases As of the balance sh
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Carrying amounts of goodwill and in
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accounts. The write-downs on trade
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23. Assets and liabilities held for
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of the fiscal year, which are then
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essary information, this plan is qu
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Statement of changes in current pro
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Cash and cash equivalents are compr
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31. Fair Values of financial instru
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All financial liabilities existing
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Financial liabilities In the 2006/0
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There were no receivables from rela
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Expenses for auditor’s fees In ac
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Significant shareholdings No. Name
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Prof. Dr. Mark Wössner Entrepreneu
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FURTHER INFORMATION CONTENTS 176 Ov
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Overview of the past several years
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Fair Value Amount at which an asset
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www.douglas.de www.thalia.de · www
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Annual Report 2009/10 Excellence in Retailing - Douglas Holding

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