Annual Report 2009/10 Excellence in Retailing - Douglas Holding

44 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. 9 · Consolidated balance sheet: assets
Non-current assets
Current assets
Assets held for sale
ers and liabilities to buch.de. By contrast, accounts payable increased from 254.8 million
EUR to 277.1 million EUR – also due to the first time inclusion of buch.de as of the balance
sheet date.
Solid financing
46 %
52 %
2%
47 %
53 %
09/30/2010 09/30/2009
1,713.4 EUR m 1,688.6 EUR m
Fig. 10 · Consolidated balance sheet: equity and liabilities
Equity
Non-current liabilities
Current liabilities
The DOUGLAS Group’s net debt – the net balance of cash and cash equivalents less
bank liabilities – stood at 124.0 million EUR as of the balance sheet date following 165.3
million EUR on the same date last year. The lower net debt as of the closing date mainly
relates to the higher Free Cash Flow. In the fiscal year under review, the average net debt
– derived from net debt amounts as of the four quarterly closing dates – amounted to 76,0
million EUR compared to an average of 146,5 million EUR as of the preceding year.
The banks attest to a low level of debt and a solid financing structure of the DOUGLAS
Group. Since September 2007, a credit facility for a term of five years has been contractually
available. This syndicated credit facility that was agreed with eleven banks and matures
in September 2012, allows the DOUGLAS Group to withdraw up to 500 million EUR.
Drawings amounted to only 91.3 million EUR as of the balance sheet date.
Executive Board’s overall assessment of the current economic situation
09/30/2010 09/30/2009
1,713.4 EUR m 1,688.6 EUR m
The DOUGLAS Group recorded a sound business development during the first quarter
of the current 2010/11 fiscal year which contains the important Christmas business.
In all, the Executive Board assessed the business development as of the preparation
date of this report as positive. From today’s standpoint, the Executive Board assumes that
sales and earnings will perform as projected and that the financial key indicators will be
reached as planned. As of the printing date of this report, the expectations were basically
in line with the current business development.
45 %
7%
48%
42 %
8%
50 %