Annual Report 2009/10 Excellence in Retailing - Douglas Holding

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178 Further information Overview Glossary Financial calendar/Credits GLOSSARY Actuarial gains/losses Impact of changes in actuarial parameters when calculating pension obligations. Associated companies Companies over which the investor has significant influence (interest between twenty and fifty percent held) and is neither a subsidiary nor an interest in a joint venture. At-equity Valuation of interests in associated companies with their prorated stockholders’ equity and profits for the year. Available-for-sale securities Securities which are neither held for trading, i.e. to generate shortterm profits, nor held until a specific maturity. CAPM (Capital Asset Pricing Model) A capital market-oriented model used to calculate a company’s cost of capital. Cash Flow An indicator used in the analysis of balance sheets to show a company’s financial strength. The Cash Flow designates the changes to liquid funds resulting from operational activities and other factors within a given period. Cash Flow hedge Used to hedge against risks from Cash Flow fluctuations as a result of changes in interest rates. Cash Flow statement Presentation of an organization’s liquidity during the course of a fiscal year, reflecting the origins of funds and the effects of allocating resources. Cash-generating unit Smallest unit of assets which generates cash flows in a company, whereby these cash flows are mostly independent of cash flows for other assets or groups of assets. Cash-Management-System Computer-aided system for the optimum management of funds in the Group in respect to liquidity and profitability. Comprehensive income Comprehensive income is the change in equity, which comprises of the profit and loss for the period in the income statement plus components of earnings recognized directly to equity. Consolidation Aggregation of the financial statements from all the companies within a Group to produce the consolidated financial statement. Corporate Governance Term used to denote responsible corporate management and controlling that is aimed at generating sustained added value. DBO (Defined Benefit Obligation) Compulsory amount for the company resulting from a defined benefit plan. Defined contribution plan Plan for the provision of payments after the end of the employment relationship, in which the company pays defined contributions to an independent pension fund, and itself has neither a legal nor a de facto obligation to make payments over and above these amounts. Derivative financial instruments Financial products for which valuation is based on the performance of the underlying instrument. Dividend yield Interest paid on the capital invested in shares; calculated by dividing the dividend by the stock’s price at a specific date. DVA (DOUGLAS Value Added) DVA is a management control concept based on EVA® (-> EVA®) that has been specially tailored to the DOUGLAS Group’s requirements. EBIT Earnings before Interest and Taxes. EBIT margin Ratio of EBIT to sales. EBITDA Earnings before Interest, Taxes, Depreciation and Amortization EBITDA margin Ratio of EDITDA to sales. EBT Earnings before taxes EBT margin Ratio of EBT to sales. Endorsement process When the IASB passes an accounting standard, it is subjected to a formal recognition process by the EU. Standards that are recognized by the EU Commission in this process can be used by companies preparing their accounts using IFRS based on the EU directive. Eurozone The member states of European Union that have adopted the euro as their currency. During the period under review, the Eurozone comprised sixteen countries: Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, Portugal, Slovakia, Slovenia, Spain and the Netherlands. EVA® (Economic Value Added) EVA® is a concept developed by the corporate consultants Stern Stewart & Co. to promote value-oriented management control.
Fair Value Amount at which an asset would be transferred in an arm’s-length transaction. Finance lease Lease in which the main opportunities and risks associated with ownership of an asset are transferred to the user of that asset, irrespective of the actual transfer of legal title. Free Cash Flow Operating Cash Flow minus Cash Flow from investment activities. The Free Cash Flow is available for dividend payments to shareholders, and to pay interest. Free float The percentage of share capital that is not held by long-term investors and can therefore be freely traded on the market (free float). Full consolidation Method to prepare consolidated financial statements, in which all assets and liabilities as well as income and expense items are included in the consolidated financial statements regardless of the shareholding interest held in the respective subsidiary. Functional currency The currency used in the primary economic environment of a company’s operations. Goodwill Positive differential between a company’s purchase price and its net assets (assets minus debts). Hedge accounting Accounting treatment of hedge transactions. IFRIC (International Financial Reporting Interpretations Committee – formerly SIC) Concrete interpretations of individual IFRSs. IFRS/IAS (International Financial Reporting Standards – formerly IAS) Accounting standards issued by an international committee (International Accounting Standards Committee) with the aim of creating transparent accounting that is comparable worldwide. Impairment Reduction in value that is performed as soon as the carrying amount of an asset is greater than its recoverable amount, i.e., the higher value which would result from either its sale or its continued use. Like-for-like sales Sales relative to space; only includes sales from those branches operating during the year under review and the year being compared. Does not include stores whose sales area varied by at least 20 percent during the period under review. Market capitalization The market price of a listed company; calculated by multiplying the current share price by the number of shares issued. Further information MDAX Share index containing the fifty largest German and non-German companies within the DAX index (measured in terms of their trading volume and market capitalization). Multi-channel Integration of stationary and online distribution. Net realizable value Value that would be realized from sale in normal business less the estimated production and marketing costs which are still due. Operating lease Leasing for items where the main opportunities and risks associated with the leased item remain with the lessor. Past service cost Increase in the present value of a defined benefit pension commitment which is due to the work performed by the employees during the period under review. Plan assets Assets which are held in long-term funds or qualified insurance policies to fulfill payments to employees. Sale-and-Lease-Back-Transaction Sale of an item with simultaneous further use of the item by the seller. Short reporting period A reporting period that is shorter than twelve months. Overview Glossary Financial calendar/Credits Temporary differences Differences between the carrying amount of an asset and its tax base. Value added The additional increase in value generated in a company by operations, over and beyond that generated by the services obtained from thirdparty providers for this purpose. 179
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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
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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
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 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: Overview of the past several years
Page 186: www.douglas.de www.thalia.de · www
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