Annual Report 2009/10 Excellence in Retailing - Douglas Holding

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68 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 Thalia builds further on its multi-channel strategy – like here in Göttingen. earnings-oriented realization of the strategy. The implementation of the system will be pushed ahead further at Thalia in the current and coming fiscal years. The Thalia Group will continue to work on interlinking its expertise from the stationary business with those of the Internet business and the offering of e-books. In addition to its own e-book shop established in the autumn 2010, Thalia also launched an eReader – an electronic reading gadget – named “OYO” on the market. In so doing, Thalia is attaching importance to the increasing relevance of the digital content of books in the years ahead. The dynamic development in the area of social media is being applied by Thalia to set-up and expand its direct ongoing communication with its customers. Thus, more and more multimedia elements are being integrated at the bookstores. Moreover, the services are rounded out by top-qualified book retailers and the atmosphere of the shopping experience at the bookstores with the concept of the Thalia book universes. The Christ jewelry stores will continue to concentrate its efforts in Germany in the current and coming fiscal years and will not enter any new markets. An investment budget of roughly 4 million EUR for the 2010/11 fiscal year has been earmarked for five to ten new stores openings and various renovation and modernization work. The product-mix strategy of private and exclusive labels has proven to a decisive success factor for Christ. The product range will be rounded out in the future with additional fashionable labels. Christ constantly observes the market to identify trends in the jewelry sector early on. Furthermore, Christ continuously works on sharpening its image with customers as a highly-qualified jeweler. Customer loyalty will be secured with the enlarged range of service offers and the exclusive and private labels. This is decisive for the trend towards verticalization in the jewelry retail business and the associated growing fierce competition. In addition, Christ will test other distribution concepts in the areas of both multi-label and mono-label.
By relaunching its online presentation in autumn 2010, Christ has completed another step towards the direction of the multi-channel concept. The aim is to secure its solid position attained in stationary retailing and to expand its expertise as an online retailer in the jewelry and watches segment. In the Fashion division, AppelrathCüpper will focus on the further, consequent implementation of its new direction for women’s fashion stores in the areas of marketing and store design in the fiscal years ahead. The first signs of success are already evident from gaining new suppliers. Moreover, the product line and accessories have been broadened. The challenge now for AppelrathCüpper is to make the new strategy known to the customer – through the support of intensive marketing measures. With the launch of the AC online shop www.appelrath.com in autumn 2010, AppelrathCüpper tapped into the Internet business as a distribution channel. The aim is to improve both sales and earnings and to successfully establish “AC” as a profiled premium brands seller in the mid to upper genre for women’s fashion clothing at attractive prices. The Hussel confectionery shops will focus on its home market in Germany in the next two fiscal years. Entry in new markets is not planned at this time. The focus of the 2010/11 fiscal year will particularly be set on the scheduled numerous modernization work and implementing the new shop design concept. An investment budget of about 4 million EUR has been set aside. Together with the new shop concept, which has been successfully tested at the pilot shop in Aschaffenburg, Hussel has introduced a new logo in 2010, modified the presentation of products and packaging and offers additional services. The objective of the new concept is to highlight Hussel’s expertise in the area of high-quality chocolates. Hussel aims to profit from the current trend of a more conscious consumption and to establish itself as a qualitative and innovative leader in the confectionery market. The target is to fascinate existing customers for the new Hussel concept and to win new customers. Moreover, Hussel will secure its leading market position on the German confectionery market and expand its expertise in the confectionery segment on the Internet. Positive overall assessment of the DOUGLAS Group The DOUGLAS HOLDING AG’s Executive Board continues to assess the situation of the DOUGLAS Group as being positive. The Group has once again demonstrated a successful performance and has increased both sales and earnings in the year under review. Pleasingly, the positive performance of the all-important home market in Germany could offset the adverse sales performance delivered in some foreign markets. The DOUGLAS Group is well-positioned in all corporate divisions and has available solid net assets, financial position and result of operations positions. It will continue to carryforward its investment portfolio from today’s standpoint and will continuously examine and use the optimization potential. Decisive for corporate success in the future is the commitment of its employees, the first-class products and a modern store network. Furthermore, with the group-wide introduction of the multi-channel concept, a forwardlooking strategy has been developed for all five of the corporate divisions. 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 69
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Annual Report 2009/10 Excellence in
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U3 DOUGLAS HOLDING AG 1 DOUGLAS HOL
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MISSION STATEMENT DOUGLAS HOLDING A
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to within the foreseeable future. A
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CORPORATE GOVERNANCE DOUGLAS HOLDIN
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167 168 component of the Chief Huma
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Dr. Dr. h.c. Jörn Kreke, Chairman
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Fig. 3 Fig. 2 · Maximum and minimu
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from Executive Board speeches as we
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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 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
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Page 71: cialty retail stores forms a solid
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
Page 103 and 104: FASHIONS, TOP BRANDS, MULTI-CHANNEL
Page 105 and 106: Whether her style is casual or clas
Page 107 and 108: merchandising program, enabling App
Page 109 and 110: During the 2009/10 financial year H
Page 111 and 112: Impeccably showcased products: the
Page 113 and 114: Hussel in Figures Aschaffenburg is
Page 115 and 116: 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
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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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