Annual Report 2011 Key Data

Annual Report 2011 KEY Data Fielmann at a Glance 2011 2010 2009 2008 2007 Sales in ¤ m External sales 1) inc. VAT 1,229.9 1,158.8 1,113.4 1,057.6 984.4 Change in % + 6.1 + 4.1 + 5.3 + 7.4 + 7.8 Consolidated sales exc. VAT 1053.4 993.7 952.5 902.7 839.2 Change in % +6.0 +4.3 + 5.5 + 7.6 + 5.8 Quantities sold glasses/thousands 6,740 6,460 6,430 6,100 6,030 Change in % +4.3 +0.5 + 5.4 + 1.2 + 3.8 Pre-tax profit in ¤ m 172.9 170.3 163.9 161.8 136.3 Change in % +1.6 +3.9 + 1.3 + 18.7 + 27.5 Net income in ¤ m 125.0 120.8 115.3 113.9 82.0 Change in % +3.4 +4.8 + 1.2 + 38.9 +14.3 Cash flow from current business activity in ¤ m 132.2 145.1 115.7 114.7 111.8 Change in % –8.9 +25.4 + 0.9 + 2.5 –9.5 Financial assets in ¤ m 245.3 231.7 205.8 208.9 148.4 Change in % +5.8 +12.6 –1.5 +40.8 +17.9 Group equity ratio in % 61.4 61.8 62.4 59.0 60.8 Investment in ¤ m 38.4 39.0 41.1 37.7 42.3 Change in % – 1.5 – 5.1 + 9.0 – 10.9 – 11.1 Number of Branches 663 655 644 620 599 Employees as at 31. 12. 14,214 13,733 13,235 12,608 11,858 of which trainees 2,738 2,674 2,497 2,212 1,941 Key data per share Earnings in ¤ 2.90 2.80 2.67 2.63 1.88 Cash flow in ¤ 3.15 3.45 2.76 2.73 2.66 Dividend in ¤ 2.50 2.40 2.00 1.95 1.40 1) Sales including VAT/work in progress 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 firmly 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 time 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 equip- ment and a high level of technical competence. “You are the customer” is the guiding principle of our corporate philosophy. Absolute 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 44 Annual accounts 50 Notes to the accounts 105 Auditor’s Report 106 Branches Foreword Dear Shareholders and Friends of the Company, Time and again, Fielmann has introduced pioneering customer-friendly services to the market, such as fashion glasses for free, a selection of several thousand openly displayed frames, the three-year guarantee for all prescription glasses, our money-back guarantee, the satisfaction guarantee provided in the form of a letter of thanks and recognition of every complaint, as well as the glasses for free insurance. In the reporting year Fielmann extended its Günther Fielmann unit sales by 4.3 per cent to 6.74 million spectacles. External sales revenue including VAT increased by 6.1 per cent to ¤ 1.23 billion, while consolidated sales revenue grew by 6.0 per cent to ¤ 1.05 billion. We increased the pre-tax result to ¤ 172.9 million and net income to ¤ 125.0 million. The pre-tax profit margin now stands at 16.4 per cent. Fielmann allows its shareholders to partici- pate in the company’s success. In light of the pos- itive business development and available liquidity, the Supervisory and Management Boards are recommending payment of a dividend of ¤ 2.50 per share. This represents a dividend yield of 3.4 per cent on the year-end closing share price. The pay-out ratio is ¤ 105 million. Fielmann is unencumbered by debt and has liquidity measured in hundreds of millions, so that the company is in a position to finance its expan- sion from cash flow. Our equity ratio after payment of the 2011 dividend stands at 61 per cent. Fielmann shares have maintained a stable value and proved to be a sound investment since the company went public in 1994. At year-end, the share price stood at ¤ 73.44. The company has a stock market value of ¤ 3 billion. The share price is a reflection of the confidence that investors have in the company. Since the stock market flota- tion Fielmann shares have risen by 546 per cent. In excess of 80 per cent of our staff have taken up the option of investing in the company and buying shares. In this way, they have regis- Cologne, Schildergasse 2 Annual Report 2011 Foreword Annual Report 2011 3 Foreword tered their confidence in the company. They not We place great demands on our manage- only earn good salaries, but also receive divi- ment. Fielmann can only grow if it has well dends. This is highly motivating, and our custom- qualified staff. Our 663 branches record on av- ers reap the benefits. erage fifteen times the unit sales and five times The company’s 14,200 employees identify the sales revenue of the average optician. Our with the customers and advise them in the man- super-centres achieve on average thirty times the ner in which they themselves would like to be unit sales and ten times the sales revenue of the advised: with fairness, friendliness and compe- average optician. We have to train managers tence. Fielmann employees have the satisfaction for branches of this size ourselves and at the of being able to tailor the best possible solution Fielmann Academy at Schloss Plön, we prepare to suit the needs of each individual, irrespective the future managers for Europe. This non-profit of price. And people recognise honesty. facility trains more than 6,000 course partici- We owe our success to a stringent customer pants every year and is also available to external focus and competent and committed employees. opticians. We acknowledged our employees’ performance Fielmann always aims to be better and offer with a significant salary increase as well as bo- lower prices than the other opticians. Based on nuses and share schemes. our fundamental understanding of the market, A key reason for our success is the high level a new generation of professional opticians has of qualification of our employees. Fielmann con- emerged: contemporary, innovative and reason- siders itself as one of the elite. Fielmann invests ably priced. Our ultra-modern shops feature more than ¤ 17 million in training its apprentices state-of-the-art technology in consulting, eyesight year after year. testing and workshops. We display an entire uni- Fielmann operates Germany’s biggest train- verse of glasses, including major brands, interna- ing establishment in the optical industry. The tional design models and the fashion eyewear of training is of a high standard: national awards our own Fielmann collection. Fielmann combines testify to this. In 2011, Fielmann once again won fashion flair with reasonable prices. And 90 per the top award in the German optical industry cent of our customers say they intend to come competition, and also accounted for 92 per cent back to Fielmann for their next pair of glasses. of all state winners in the assistant examinations. With 5 per cent of all opticians’ shops On average over the last five years we have ac- (Fielmann: 566 branches, the industry: 12,030 counted for 93 per cent of all national winners shops), in Germany, Fielmann has a market share and 84 per cent of all federal state winners, with of 20 per cent of the total sales revenue and 50 a 5 per cent share of optical stores. per cent in terms of unit sales: ample proof of our keen pricing policy. If sales revenue and unit sale market shares were reconciled, Fielmann would have sold its glasses at the average price for the industry. In 2011 Fielmann opened another super-cen- tre in Cologne’s Schildergasse. Schildergasse is the most frequented shopping mile in Germany. Fielmann presents 15,000 pairs of spectacles, our own Fielmann collection, major brands and 4 Annual Report 2011 Foreword international designers on six floors covering an increase by more than 50 per cent in the next few area of 835 m². With 70 highly qualified op- years. Sunglasses, contact lenses and hearing ticians, 10 of which are master opticians and aids also offer additional potential. Fielmann is state-of-the-art technology, we plan to sell some confident that it can expand its market position 30,000 pairs of spectacles every year in the still further. Customers buy from companies that medium term. These would be the sales of more guarantee high quality at reasonable prices, and than 60 traditional optical stores.

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