Annual Report 2009/10 Excellence in Retailing - Douglas Holding

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40 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 113 135–139 129–134 Fig. 6 Tax expenses stood at 55.1 million EUR in the reporting year after 41.1 million in the same period last year. In all, the Group tax rate increased by 2.4 percentage points to 42.0 percent of the pre-tax earnings. The higher tax rate is mainly the result of losses reported by some foreign subsidiaries for which no deferred tax assets had previously been recognized as well as the higher write-downs for goodwill. The 2009/10 fiscal year closed with net income of 76.1 million EUR. The portion of net income attributable to minority interests amounted to 0.2 million EUR (prior year: 0.0 million EUR). Consequently, the portion of net income attributable to the DOUGLAS shareholders amounted to 75.9 million EUR compared to 62.8 million EUR the year before. Earnings per share rose to 1.93 EUR following 1.60 EUR in the preceding year. The DOUGLAS Group’s detailed consolidated income statement can be found on page 113 of this Annual Report. Further explanations of the development of individual income and expense items can be found in the Notes accompanying the consolidated financial statements commencing on page 135. Measurement decisions applied to the accounting and valuation principles as well as important forward-looking assumptions are explained in detail in the Notes accompanying the consolidated financial statements under Note 5 (commencing on page 129). Capital expenditure slightly above the prior year’s level The DOUGLAS Group invested a total of 117.5 million EUR in the 2009/10 fiscal year, mostly for the expansion and modernization of the existing store network. Capital expenditure therefore exceeded the prior year’s amount by 5.2 million EUR and the adjusted capital expenditure budget earmarked at between 100 to 110 million EUR. The number of Investing in modern shop designs – like here at Hussel in Cologne.
Fig. 6 · Development of capital expenditure in Germany and abroad international national 35.4% 64.6% 2006/07 2007/08 2008/09 2009/10 Total (in EUR m) 155.8 155.5 112.3 117.5 Change year-on-year +10.3 −0.2 −27.8 +4.6 stores fell by 32 to a total of 1,973 stores. Total Group sales space stood at 596,575 square meter as of the closing date compared to 590,646 square meter the year before. The lower store network figure arose from the planned store network streamlining conducted during the reporting period. In total, the 104 store closures were offset by the opening of 72 new stores. The continued moderate investment level relates to a more restrictive investment policy and the increasing demand in the quality of store location. In the Perfumeries division, Douglas invested 56.3 million EUR for the opening of 48 new perfumeries as well as in the modernization of the store network (prior year: 61.1 million EUR). The focal point of new openings was placed on 41 new stores outside of Germany with an investment sum of 30.9 million EUR. The new store openings were mainly in Poland, Bulgaria and Italy. In Germany, an investment amount of 25.4 million EUR went primarily towards numerous modernization projects as well as to seven new perfumery stores. As of September 30, 2010, the retail store network stood at 1,205 perfumeries with a total sales space of 279,050 square meter following 1,220 stores with a total sales space of 277,455 square meter the year before. A total of 30.3 million EUR was invested in the Books division for six new Thalia bookstores and the refurbishment of the existing store network (prior year: 24.2 million EUR); of which 22.5 million EUR related to Germany and 7.8 million EUR to Switzerland and Austria, respectively. Five new bookstores were opened in Germany and one abroad. Thus, the store network as of the balance sheet date amounted to 289 bookstores with a total sales space of 244,766 square meter compared to 294 stores and total sales space of 242,204 square meter in the prior year. The investment increase in the Jewelry division from 8.0 million to 14.4 million EUR resulted from the slightly higher number of 9 new openings (prior year: 6) and diverse modernization work for the existing store network. The 204 stores (prior year: 203) had a total sales space of 21,904 square meter as of September 30, 2010. Subsequently, the yearon-year comparison of sales space was higher by 2,107 square meter. 41.6% 58.4% 41.1% 58.9% 32.9 % 67.1% 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 41
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 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: The operating earnings in the Books
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
Page 89 and 90: Austria’s first multi-channel boo
Page 91 and 92: Divisions Thalia · Books 87 Tradit
Page 93 and 94: Thalia in Figures employees, who su
Page 95 and 96:
Capturing the imaginations of Dortm
Page 97 and 98:
Pear shape Round brilliant shape Pr
Page 99 and 100:
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
Page 107 and 108:
merchandising program, enabling App
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During the 2009/10 financial year H
Page 111 and 112:
Impeccably showcased products: the
Page 113 and 114:
Hussel in Figures Aschaffenburg is
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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
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11. Investment result In the previo
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15. Income taxes Income taxes 2009/
Page 145 and 146:
Intangible assets - Fiscal year 200
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Property, plant and equipment - Fis
Page 149 and 150:
Finance leases As of the balance sh
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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
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Expenses for auditor’s fees In ac
Page 175 and 176:
Significant shareholdings No. Name
Page 177 and 178:
Prof. Dr. Mark Wössner Entrepreneu
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FURTHER INFORMATION CONTENTS 176 Ov
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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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