FIELMANN Aktiengesellschaft Annual Report 2010 Annual Report 2010

112 Pages·2011·3.33 MB·English

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Fielmann Aktiengesellschaft · Weidestraße 118 a · D-22083 Hamburg · Telephone: + 49 (0)40 / 270 76 - 0 L
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Fax: + 49 (0)40 / 270 76 - 399 · Mail: [email protected] · Net: www.fielmann.com FI
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KEY DATA
Fielmann at a Glance
2010 20093 2008 2007 2006
Sales in (cid:31) m
External sales 1) inc. VAT 1,158.8 1,113.4 1,057.6 984.4 913.4
Change in % + 4.1 + 5.3 + 7.4 + 7.8 + 8.4
Consolidated sales exc. VAT 993.7 952.5 902.7 839.2 792.9
Change in % +4.3 + 5.5 + 7.6 + 5.8 + 8.2
Quantities sold glasses/thousands 6,460 6,430 6,100 6,030 5,810
Change in % +0.5 + 5.4 + 1.2 + 3.8 + 2.7
Pre-tax profi t in (cid:31) m 170.3 163.9 161.8 136.3 106.9
Change in % +3.9 + 1.3 + 18.7 + 27.5 + 22.9
Net income in (cid:31) m 120.8 115.3 113.9 82.0 71.8
Change in % +4.8 + 1.2 + 38.9 +14.3 + 24.2
Cash fl ow in (cid:31) m 156.0 152.3 148.9 112.0 114.1
Change in % +3.1 + 2.3 + 32.9 –1.8 + 27.6
Group equity ratio in % 61.8 62.4 59.0 60.8 62.6
Investment in (cid:31) m 39.0 41.1 37.7 42.3 47.6
Change in % – 5.1 + 9.0 – 10.9 – 11.1 – 22.2
Number of Branches 655 644 620 599 571
Employees as at 31. 12. 13,733 13,235 12,608 11,858 11,160
of which trainees 2,674 2,497 2,212 1,941 1,715
Key data per share 2)
Earnings in (cid:31) 2.80 2.67 2.63 1.88 1.64
Cash fl ow in (cid:31) 3.71 3.63 3.55 2.67 2.72
Dividend in (cid:31) 2.40 2.00 1.95 1.40 1.20
1) Sales including VAT/work in progress
2) Changed, because of share split
3) Adjustment of 2009 fi nancial statements following audit
by the German Financial Reporting Enforcement Panel (FREP),
see Notes to the Consolidated Accounts, page 85
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Glasses: Fielmann
The name Fielmann is synonymous with fashion eyewear at a fair price. Fielmann is
known to 90 per cent of the German population. We are the market leader. With 23
million Germans wearing Fielmann glasses, every second pair of glasses is sold by the
company. Fielmann is fi rmly rooted in the industry and is active at every level of the
value-added chain in the optical industry. We are manufacturers, agents and opticians.
Fielmann has shaped the optical industry. It was Fielmann which made health
service glasses attractive and socially acceptable, removed the stigma of wearing
them and democratised spectacle fashion.
Time and again, Fielmann has introduced pioneering customer-oriented services to
the market. The fundamental hallmarks of our success are customer-friendly services,
an extensive selection of models at guaranteed reasonable prices, the best technical
equipment and a high level of technical competence.
“You are the customer” is the guiding principle of our corporate philosophy. Abso-
lute dedication to customer needs has taken us right to the top, and we identify with
our customers. Every member of our staff is committed to this principle.
We shall continue to demonstrate our customer focus and core competence in
new markets.
Contents
2 Foreword
6 Boards
8 Supervisory Board Report
10 Strategy
18 The shares
20 Key industry data
26 Management Report
42 Annual accounts
48 Notes to the accounts
90 The Fielmann Group at a glance
99 Auditor’s Report
100 Branches
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FOREWORD
Dear Shareholders and Friends of the Company,
All our expectations for fi nancial year 2010 eurozone GDP again rose by 1.7 per cent in
were met. Fielmann sold 6.5 million pairs of 2010 and Germany’s GDP, having dropped
spectacles. External sales revenue including down by 4.7 per cent, climbed back up by
VAT increased by 4.1 per cent to (cid:31) 1.16 bil- 3.6 per cent. Private consumption increased
lion, while consolidated sales revenue grew by by 0.4 per cent, with retail recording an in-
4.3 per cent to (cid:31) 993.7 million. We increased crease of 1.3 per cent. Fielmann sales rose by
the pre-tax result by 3.9 per cent to (cid:31) 170.3 4.1 per cent.
million and net income was up by 4.8 per cent With its slogan “You are the customer”,
to (cid:31) 120.8 million. The pre-tax profi t margin Fielmann has risen to become the market
now stands at 17.1 per cent. leader. The company’s 13,700 employees
Günther Fielmann Fielmann allows its shareholders to par- identify with the customers and advise them
ticipate in the company’s success. In light of in the manner in which they themselves would
the positive business development and avail- like to be advised: with fairness, friendliness
able liquidity, the Supervisory and Manage- and competence. Fielmann employees have
ment Boards are recommending payment of a the satisfaction of being able to tailor the best
dividend of (cid:31) 2.40 per share, representing an possible solution to suit the needs of each
increase of 20 per cent on the previous year. individual, irrespective of price. And people
In 2010, Fielmann shares once again recognise honesty.
maintained a stable value and proved to be a More than 80 per cent of our employees
sound investment. At year-end, the share price have opted to invest in Fielmann and buy
stood at (cid:31) 71.14. The company has a stock shares in the company, so that they not only
market value of (cid:31) 3 billion. The share price earn good salaries, but also receive dividends.
is a refl ection of the confi dence that investors This is highly motivating, and our customers
have in the company. Over the past 10 years, reap the benefi ts.
the Fielmann share price has risen by 379 per A key reason for our success is the high
cent, and if the dividend is included, this rep- level of qualifi cation of our employees. Fiel-
resents an increase in value of the order of mann admits itself to the elite. As a leading
514 per cent. company in the optical industry, Fielmann in-
As a family company, Fielmann thinks in vests more than (cid:31) 70 million in training its
terms of generations and sets great store by apprentices year after year.
organic growth, rather than risky acquisitions. Fielmann operates Germany’s biggest
Fielmann AG is unencumbered by debt and training establishment in the optical industry.
has liquidity measured in hundreds of millions, The training is of a high standard: national
so that the company is in a position to fi nance awards testify to this. In 2010, Fielmann once
its expansion from cash fl ow. Our equity ratio again won the top award in the German opti-
after payment of the 2010 dividend stands at cal industry competition, and also accounted
62 per cent. for 70 per cent of all state winners in the as-
Our result has been achieved in an envi- sistant examinations.
ronment which is still impacted by the effects of We are very demanding when it comes
the global fi nancial and economic crisis. GDP to our management, since Fielmann can only
in 2010 was not yet able to offset the losses of grow if it has well qualifi ed staff. Our 655
2009. After a 4.1 per cent decline in 2009, branches record between fi ve and ten times
2 Annual Report 2010
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FOREWORD
Vienna, Mariahilfer Straße
Annual Report 2010 3
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FOREWORD
the sales of the average optician, with the ciled, Fielmann would have sold its glasses at
top branches achieving between 20 and 50 the average price for the industry.
times the sales. We have to train managers Fielmann is continuing its expansion with
for branches of this size ourselves and at the customary good judgement. Germany is our
Fielmann Academy at Schloss Plön, we pre- home market. We achieve market shares of
pare the future managers for Europe. This non- between 40 per cent and 50 per cent in me-
profi t facility trains more than 6,000 course dium-sized towns virtually from the outset. In
participants every year and is also available the medium term, our plan is to operate 700
to external opticians. branches in Germany, selling more than 6.5
Fielmann always aims to be better and million pairs of glasses.
cheaper than other opticians. Based on our In the German-speaking world, which com-
fundamental understanding of the market, a prises Germany, Switzerland and Austria, our
new generation of professional opticians has aim is to achieve 780 branches selling 7.4
emerged: contemporary, innovative and rea- million glasses and registering sales revenue
sonably priced. Our ultra-modern shops fea- amounting to (cid:31) 1.3 billion.
ture state-of-the-art technology in consulting, Our core focus in terms of expansion is on
eyesight testing and workshops. We display the German-speaking markets and adjacent
an entire universe of glasses, including major areas of Europe. We are successful abroad
brands, international designer models and the because we have been able to export the prin-
fashion eyewear of our own Fielmann collec- ciples of our success in Germany to neighbour-
tion. Fielmann combines fashion fl air with rea- ing countries. We offer consumers more than
sonable prices. And 90 per cent of our custom- just the certainty of being reasonably priced.
ers say they intend to come back to Fielmann In other countries, we stand out from our com-
for their next pair of glasses. petitors even more than in Germany, in terms
Fielmann has made health service glasses of location, size, equipment, selection, price
attractive, removed the social stigma of wear- and professional advice.
ing them, and democratised fashion eyewear We have identifi ed potential growth op-
with reasonable prices. Time and again, Fiel- portunities in many areas. Our customer base
mann has introduced pioneering customer- offers considerable potential: on average, our
friendly services to the market, such as fashion customers are younger than those of our tradi-
glasses for free, the three-year guarantee, the tional competitors. And because our customer
money-back guarantee, the satisfaction guar- base remains loyal to us over many years, our
antee and recognition of every complaint, as share of the high-value varifocals, which may
well as the glasses for free insurance from Fiel- be needed in the second half of life, is on the
mann and HanseMerkur. increase. Even excluding new customers, the
With 5 per cent of all opticians’ shops (Fiel- proportion of varifocals sold by Fielmann is set
mann: 559 branches, the industry: 12,000 to increase by more than 50 per cent in the
shops), in Germany, Fielmann has a market next few years. Sunglasses, contact lenses and
share of 19 per cent of the total sales revenue hearing aids also offer additional potential.
and 48 per cent in terms of unit sales: ample Fielmann is confi dent that it can expand
proof of our keen pricing policy. If sales rev- its market position still further. Customers buy
enue and unit sale market shares were recon- from companies that guarantee high quality at
4 Annual Report 2010
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FOREWORD
Frankfurt, Roßmarkt
reasonable prices, and in the optical industry, success of the company with their dedication,
this means Fielmann. competence and conscientiousness over the
For 2011, Fielmann is anticipating in- past year. Thanks are also due to our custom-
creased unit sales, higher sales revenue and ers, associates, friends, and you, the share-
a rise in profi t. We shall be opening more holders, for your loyalty to the company.
branches and taking on more staff. The fi rst
months of the current fi nancial year are justify-
ing our confi dence.
We should like to express our thanks to all
our employees who have contributed to the Günther Fielmann
Annual Report 2010 5
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BOARDS
Günther Fielmann Günter Schmid Dr. Stefan Thies Georg Alexander Zeiss
Management Board Günther Fielmann Chairman of the Management Board,
Sales/Marketing/Human Resources
Günter Schmid Materials Management/Production
Dr. Stefan Thies IT/Controlling
Georg Alexander Zeiss Finance/Property
Supervisory Board
Shareholder representatives Prof. Dr. Mark K. Binz Lawyer, Stuttgart, Chairman of the Supervisory Board
Anton-Wolfgang
Graf von Faber-Castell Managing Director of A. W. Faber-Castell AG, Wendelstein
Hans-Georg Frey Managing Director of Jungheinrich AG, Hamburg 2
Helmut Nanz Managing Director of the Nanz Group, Stuttgart 1
Hans Joachim Oltersdorf Managing Director of MPA Pharma GmbH, Rellingen
Marie-Christine Ostermann Managing Director of Rullko Großeinkauf GmbH & Co. KG,
Hamm 2
Prof. Dr. Hans-Joachim Priester Notary, retired, Hamburg
Pier Paolo Righi General Manager Tommy Hilfi ger Italia srl., Amsterdam
Dr. Stefan Wolf Chairman of the Management Board of ElringKlinger AG,
Leinfelden-Echterdingen 2
Employee representatives Eva Schleifenbaum Union Secretary of ver.di, Kiel,
Deputy Chairperson of the Supervisory Board
Sören Dannmeier Optician at Fielmann AG & Co., Hamburg 2
Jana Furcht Master Optician at Fielmann AG & Co., Munich
Ralf Greve Lecturer in Management Development at Fielmann
Aus- & Weiterbildungs GmbH, Hamburg 2
Peter Haacke Union Secretary of ver.di, Potsdam, Berlin 1
Johannes Haerkötter Branch Manager at Fielmann AG & Co. Potsdam, Berlin 1
Fred Haselbach Branch Manager at Fielmann AG & Co. oHG, Lübeck 2
Karin Höft Employee at Fielmann Aktiengesellschaft, Hamburg 1
Hans Christopher Meier Business Executive at Fielmann AG, Hamburg 2
Petra Oettle Master Optician at Fielmann AG & Co. oHG, Ulm 2
Josef Peitz Union Secretary of ver.di, Berlin 2
Sabine Thielemann Precision Optician at Fielmann AG & Co., Naumburg 1
1 Member of the Supervisory Board until 8. 7. 2010
2 Member of the Supervisory Board from 8. 7. 2010
6 Annual Report 2010
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BOARDS
Luneburg, Große
Bäckerstraße
Annual Report 2010 7
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SUPERVISORY BOARD REPORT
Supervisory Board Report
In fi nancial year 2010, the Supervisory Board In the year under review, the Supervisory
once again discharged conscientiously the du- Board also dealt with the requirements for the
ties incumbent upon it under the law and in Management Report, the risk management sys-
accordance with the articles of association. It tem and internal controlling, compliance there-
regularly obtained information on all important with and implementation for the reporting proc-
business developments and supervised the work ess; this also included the preparation and audit
of the Management Board, giving advice where of the annual accounts of Fielmann AG and the
necessary. It discussed in detail the business Group. Further subjects of discussion were the
plan of the Management Board for 2011 and consequences of the amended accounting prin-
the medium-term planning up to 2013, and ciples for Fielmann and the Act on the Appropri-
Professor Dr. Mark K. Binz adopted them in the form of an overall strategy ateness of Management Board Compensation
Chairmen of the Supervisory plan. On the basis of written and oral reports (VorstAG). In order to implement this Act, the
Board from the Management Board, the Supervisory Supervisory Board agreed a new remuneration
Board dealt with the business and fi nancial po- model for the Management Board, which takes
sition, corporate strategy, staff policy and risk into account the essential factor for the success
assessment in detail in its discussions. of Fielmann’s business model, namely customer
The following topics were also under dis- satisfaction. In addition, for important matters
cussion at Supervisory Board meetings: the the Chairmen of the Supervisory and Manage-
development and outlook for the industry now ment Boards engaged in direct information ex-
that the fi nancial and economic crisis has been changes, as in previous years.
overcome; the staff situation and development, In the past fi nancial year, there were four
including the remuneration structure, train- meetings of the Supervisory Board and one
ing, career progression and the proportion of meeting of the HR and Nomination Committees
women in management positions; Fielmann’s to prepare candidate proposals for the election
reaction to competitors’ activities; the opening of shareholders’ representatives to the Supervi-
of new branches in Germany, Austria and Swit- sory Board. There was no need for a meeting
zerland, as well as further expansion to other of the Mediation Committee under Section 27
European markets; the Fielmann Academy in para. 3 of the Mitbestimmungsgesetz (Codeter-
Plön and Fielmann’s performance in current in- mination Act). Additional committees were not
dustry surveys. formed. The Supervisory Board of Fielmann AG
meets the requirements of Section 100 para. 5
of the German Stock Corporation Act (AktG)
and it was therefore not necessary to form an
Audit Committee. The Supervisory Board again
submitted to an internal assessment of its ef-
fi ciency in fi nancial year 2010.
8 Annual Report 2010
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