Annual Report 2009/10 Excellence in Retailing - Douglas Holding

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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 %
DOUGLAS HOLDING AG The DOUGLAS HOLDING AG, with its head office in Hagen/Germany, is the strategic investment and management holding company responsible for centralized management and service functions for the subsidiaries of the DOUGLAS Group. This embodies making all decisions concerning fundamental aspects of corporate strategy, the financing and funding of Group companies and appointment of key management positions in the Group. For purposes of supporting the financing functions, Douglas Finance B.V., Nijmegen/The Netherlands, assumed the tasks of financing the foreign subsidiaries already in the previous year. The DOUGLAS HOLDING AG’s annual net income calculated in accordance with the provisions of the German Commercial Code (HGB) is decisive for the calculation of the proposed dividend payout; this is basically determined by the earnings received from participating interests in operating subsidiaries. Since profit and loss transfer agreements exist with key German companies, the bulk of the earnings recorded are received in the same fiscal year. For the 2009/10 fiscal year, the DOUGLAS HOLDING AG’s income statement reports investment earnings of 123.2 million EUR as compared to 111.2 million EUR in the preceding fiscal year. The main contributor to this figure was the Perfumeries division with earnings from investments of 92.3 million EUR (prior year: 85.4 million EUR). The higher year-on-year figure largely relates to higher earnings contributed by the German perfumery companies. The investment earnings from the Jewelry division increased to 18.1 million EUR after 14.9 million EUR the year before due to the positive business performance. Because of the poor business performance and the non-distributable profit from the revaluation of the buch.de shares, the investment earnings from the Books division decreased from 12.0 million EUR to 5.8 million EUR. There were no notable investment earnings from the Fashion division. As a result of the prior year’s transfer of special reserves with an equity portion to investments at the head office in Hagen, Germany, other operating income and depreciation each increased by 7.1 million EUR. The net interest result fell by 4.6 million EUR to 8.9 million EUR. This was caused by lower interest rates that led to lower interest income from short term loans granted to subsidiaries. Particularly from the higher investment earnings, the earnings from the operating activities of DOUGLAS HOLDING AG climbed to 116.2 million EUR (prior year: 108.0 million EUR). The increase in income taxes from 32.0 million EUR to 36.8 million EUR was due to the improved pre-tax earnings. Net income, i.e. earnings from operating activities after deducting taxes, reached 86.7 million EUR following 75.9 million EUR the year before. As per September 30, 2010, the balance sheet total increased by 28.5 million EUR to 969.9 million EUR year-on-year. On the assets side, the investment net carrying values increased by 71.0 million EUR as a result of capital increases executed for the subsidiaries during the reporting period. An offsetting effect came from lower loans to affiliated 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 45
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 and 44: The operating earnings in the Books
Page 45 and 46: Fig. 6 · Development of capital ex
Page 47: lining, which had a liquidity effec
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)
Page 101 and 102:
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/
Page 145 and 146:
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
Page 157 and 158:
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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