Annual Report 2009/10 Excellence in Retailing - Douglas Holding

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34 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 Overall economic operating environment Global economy once again grows robustly The global economic recovery continued into the first half of 2010, which had commenced already in the preceding year. According to the predictions of the Institute for World Economy (IfW), the global economy grew substantially during this period, reaching almost the record level of the first half of 2008. An important contribution to the economic recovery came in particular from the emerging countries of Asia and Latin America. But western countries also made significant contributions towards economic recovery with high export activities and growing consumer spending. The third quarter of 2010 saw a somewhat declined momentum in the world economic recovery, which was, among others, due to the phasing out of economic stimulus packages and restrictions on fiscal consolidation in some countries. All in all, the economic outlook however remains positive. In particular, economies with strong exports will continue to profit from the Asian growth dynamic. Overall, IfW predicts economic production to grow by about 3.7 percent in 2010, thus nearly as much as in the years before the financial crisis. Heterogeneous development in the euro zone The economic recovery also accelerated in the euro zone in the first half of 2010. Particularly, export-oriented economies like Germany profited from the recovery of world trading. While in Germany production growth stood at 2.2 percent, the gross domestic product excluding Germany grew by only 0.6 percent. Below average production increases were posted by Portugal, Spain and Italy; while total production in Greece and Ireland dropped. On the whole, economic growth slightly cooled down in the second half of 2010. The IfW predicts an increase in the gross domestic product of 1.6 percent for the euro zone for 2010. Rapid economic recovery in Germany The German economy recovered in the first nine months of 2010 seemly faster than most of the other industrial nations as a result of exports. Germany benefited to a large extent from the rising demand for capital goods by expanding emerging economies. But the domestic economy developed positively, too – both private consumer spending and corporate capital expenditure increased considerably. The sharp decline in the unemployment figures, higher net salaries and the lower interest rates all supported this development. Consequently, Germany recovered rather quickly from the financial crisis compared to most of the other industrial countries. The IfW predicts a significant increase in the real gross domestic product of 3.5 percent for 2010. Company-specific operating environment Positive retail trading development According to the German Retail Association (HDE), the framework conditions for retailing improved dramatically during the course of 2010. This was aided in particular by the overall economic recovery, the upwards trend on the employment market and the stable consumer mood. Between January and September, the German retailing sector was higher by a nominal 2.1 percent and a real 1.1 percent over the same period last year. Looking
ahead at the positive economic outlook, the HDE raised their sales predictions at the end of September 2010 to a nominal plus of 1.5 percent for 2010. German employment market profits from economic recovery Above all, the employment market profited the most from the positive economic development in Germany during the reporting period. The gainful employment and mandatory socially insured numbers increased sharply in 2010; while the use of part-time work declined. In October 2010, the unemployment number dropped to below three million, translating to a rate of 7.0 percent. In the euro zone, the unemployment rate of 10.1 percent, which varies strongly among individual European countries, was considerably above this figure. NET ASSETS, FINANCIAL POSITION AND RESULT OF OPERATIONS Group sales increase to more than 3.3 billion EUR In the 2009/10 fiscal year, the DOUGLAS Group recorded a 3.7 percent increase in net sales for a total of over 3.3 billion EUR, thus clearly surpassing the most recently forecasted target of about 2 percent. Adjusted for currency effects, sales rose by 3.3 percent compared to the same period last year. This overall satisfying performance was encouraged by the German subsidiaries with a sales gain of 4.7 percent and by the foreign subsidiaries with a sales plus of 2.1 percent. Accordingly, the share of foreign subsidiaries in Group sales slightly declined to 34.7 percent (prior year: 35.3 percent). Sales generated in Poland Fig. 2 · Net sales by division and store network development Net sales (in EUR m) Change (in %) 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 Stores Change 2009/10 2008/09 Total Like-for-like 09/30/2010 09/30/2009 absolute Perfumeries 1,878.7 1,853.5 1.4 −0.7 1,205 1,220 −15 national 946.7 920.0 2.9 2.3 445 452 −7 international 932.0 933.5 −0.2 −3.7 760 768 −8 Books 905.8 819.7 10.5 1.2 289 294 −5 national 689.7 628.7 9.7 1.2 232 238 −6 international 216.1 191.0 13.1 1.3 57 56 1 Jewelry 310.2 292.4 6.1 6.0 204 203 1 Fashion 124.1 131.0 −5.3 −1.2 14 14 − Confectionery 99.4 101.0 −1.6 −0.9 261 274 −13 national 94.9 96.2 −1.3 −0.8 247 258 −11 international 4.5 4.8 −7.0 −2.7 14 16 −2 Services 2.6 3.2 − − − − − DOUGLAS Group 3,320.8 3,200.8 3.7 0.4 1,973 2,005 −32 national 2,168.2 2,071.5 4.7 2.0 1,142 1,165 −23 international 1,152.6 1,129.3 2.1 −2.7 831 840 −9 Fig. 2 Fig. 3 35
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 and 16: Fig. 3 Fig. 2 · Maximum and minimu
Page 17 and 18: from Executive Board speeches as we
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: Fig. 1 · Targets and results Targe
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
Page 67 and 68: The existing risks both as individu
Page 69 and 70: in most industrial countries, the s
Page 71 and 72: cialty retail stores forms a solid
Page 73 and 74: By relaunching its online presentat
Page 75 and 76: DIVISIONS CONTENTS 72 Perfumeries 8
Page 77 and 78: THE WORLD OF BEAUTY First, the good
Page 79 and 80: Nowy Sa˛ cz, Poland, October 2009
Page 81 and 82: Natalia Wörner and Michael Michals
Page 83 and 84: showpiece: “Hilfiger Woman” - a
Page 85 and 86: Stress-free shopping: Douglas - her
Page 87 and 88: 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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