Annual Report 2009/10 Excellence in Retailing - Douglas Holding

Fig. 1 · Targets and results
Targets 2009/10 Results 2009/10 Targets 2010/11
Group sales growth at upper end
of target range of 0 to 2 percent
Earnings before taxes (EBT) at
upper end of target range of
120 to 130 million EUR
Capital expenditure volume of 100
to 110 million EUR (formalized after
initial guidance: 120 million EUR)
Sustainable increase in business
value based on DVA
Continued dividend policy – about
50 percent of Group net profit
intended to be distributed
Increase of 3.7 percent to 3.3
billion EUR
The streamlining of the store network announced in the last fiscal year for the closure
of about 50 stores lacking sustainable profits was executed as scheduled to a large extent
in the reporting period.
Overall, the 2009/10 fiscal year of the Christ jewelry stores was marked by a particularly
pleasing sales performance. The domestic perfumeries, too, delivered quite a respectable
performance. As supported by the first time full consolidation of the internet book
retailer, buch.de, sales climbed in the Books division.
Comparison of the targets and results of the 2009/10 fiscal year
Group sales increase of between
2 and 4 percent
EBT at 131.2 million EUR EBT at about 140 million EUR
Capital expenditure totals
117.5 million EUR
Capital expenditure volume of
about 125 million EUR
DVA climbs to 23.7 million EUR Sustainable increase in business
value based on DVA
Dividend proposal of 1.10 EUR per
share as in prior year corresponds
to a distribution ratio of 57 percent
Continued dividend policy – about
50 percent of Group net profit
intended to be distributed
The DOUGLAS Group achieved the sales and earnings targets set for the 2009/10 fiscal
year as finalized during the course of the fiscal year. Sales growth of 3.7 percent and earnings
before taxes of 131.2 million EUR surpassed the projected target ranges. On the basis
of the proposed dividend payout of 43.3 million EUR (1.10 EUR per share), the dividend distribution
ratio is 57 percent, and in line with the intended objective of distributing about
half of the Group net profit. This dividend proposal takes into account the consistency
strived for and the DOUGLAS Group’s profitability. The business value of the DOUGLAS
Group – measured in terms of the DVA – increased the business value again. With 23.7
million EUR, the DVA surpassed the prior year’s figure by 3.2 million EUR.
The capital expenditure volume excluding acquisitions totaled 117.5 million EUR in
the 2009/10 fiscal year, which was in line with the originally defined target figure. On the
whole, a total of 72 new specialty stores opened in Germany and abroad (prior year: 104).
This figure is offset by 104 store closures (prior year: 70). This mainly related to the Perfumeries
and Confectionery divisions and also contained closures as part of the planned
store streamlining. As of September 30, 2010, the store network comprised of 1,973 locations
following 2,005 stores the year before.
Management Report
Key results
Business activities and operating environment
Net assets, financial position and result of operations
DOUGLAS HOLDING AG
Subsequent events
Control system and success factors
Opportunities and risks situation
Statutory disclosures
Forecast and overall assessment
Fig. 1
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