Annual Report 2009/10 Excellence in Retailing - Douglas Holding

46 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
companies, which was the result of the higher funding of foreign subsidiaries by Douglas
Finance B.V., Nijmegen/The Netherlands. The liabilities side increased due to additions
made to reserves in comparison to the preceding year.
An amount of 43.4 million EUR was transferred to retained earnings from the 2009/10
net income amount. Taking into account the profit carried forward from the previous year
in the amount of 0.7 million EUR, net retained profits totaled 44.0 million EUR like in the
preceding fiscal year. Correspondingly, the DOUGLAS HOLDING AG reported equity of
776.5 million EUR as of September 30, 2010 (prior year: 732.4 million EUR) and an equity
ratio of 80.1 percent (prior year: 77.8 percent).
The complete set of financial statements of DOUGLAS HOLDING AG, which have been
issued with an unqualified audit opinion by the independent accountants, are publicized
in Germany in the so-called “elektronischer Bundesanzeiger” (“electronic Federal Gazette”,
Internet platform for official publications). They may also be requested in paper form from
the DOUGLAS HOLDING AG as well as being available online at www.douglas-holding.com.
Dividend stable at 1.10 EUR
Similar to the previous year, the Executive and Supervisory Boards of DOUGLAS
HOLDING AG will propose to the Annual Shareholders’ Meeting on March 23, 2011 to approve
a dividend distribution from the net retained profits of 1.10 EUR per dividend-bearing
share. This corresponds to a distribution ratio of 57 percent. Therefore, this proposal
is in line with the objective of distributing about 50 percent of Group net income.
Based on a closing share price of 36.83 EUR as of September 30, 2010, the dividend yield
would be 3.0 percent. A total distribution for the dividend-bearing capital in the amount
of 118.1 million EUR would result in a distribution payout of 43.3 million EUR.
SUBSEQUENT EVENTS
Effective December 30, 201o, the shareholding interests in Douglas Rivoli Holding B.V.,
Nijmegen/Netherlands, OOO Douglas Rivoli, Moscow/Russia and OOO Parfümerie International
Company, Moscow/Russia were sold.
As a result of the capital increase to issue employee shares executed on November 23,
2010, the capital stock rose by 0.2 million EUR to 118.1 million EUR. The transactions described
above do not materially impact the net assets, financial position and result of operations
of the DOUGLAS Group.
Other important events subsequent to the balance sheet date did not arise.