Fielmann Report 2013

Annual Report 2013 Key Data Fielmann at a Glance 2013 2012 2011 2010 2009 Sales in ¤ m external sales 1) inc. Vat 1,350.1 1,289.2 1,229.9 1,158.8 1,113.4 Change in % + 4.7 + 4.8 + 6.1 + 4.1 + 5.3 Consolidated sales exc. Vat 1,157.1 1,107.1 1053.4 993.7 952.5 Change in % + 4.5 + 5.1 + 6.0 + 4.3 + 5.5 Quantities sold glasses/thousands 7,320 7,070 6,740 6,460 6,430 Change in % + 3.5 + 4.9 + 4.3 +0.5 + 5.4 Pre-tax profit 2) in ¤ m 199.1 180.6 173.6 170.3 163.9 Change in % + 10.2 + 4.1 + 2.0 + 3.9 + 1.3 Net income 2) in ¤ m 142.0 129.7 125.4 120.8 115.3 Change in % + 9.5 + 3.4 + 3.8 + 4.8 + 1.2 Cash flow from current business activity 3) in ¤ m 23.5 295.8 132.2 145.1 115.7 Change in % – 92.1 + 123.9 – 8.8 + 25.4 + 0.9 Financial assets in ¤ m 317.8 287.1 246.1 231.7 205.8 Change in % + 10.7 + 16.7 + 6.2 + 12.6 – 1.5 Group equity ratio in % 59.1 60.8 61.4 61.8 62.4 Investment in ¤ m 47.5 32.1 38.4 39.0 41.1 Change in % + 48.0 – 16.4 – 1.5 – 5.1 + 9.0 Number of branches 679 671 663 655 644 Employees 4) as at 31. 12. 16,158 15,494 14,871 13,733 13,235 of which trainees 2,874 2,779 2,738 2,674 2,497 Key data per share earnings in ¤ 3.29 3.01 2.91 2.80 2.67 Cash flow 3) in ¤ 0.56 7.04 3.15 3.45 2.76 Dividend in ¤ 2.90 2.70 2.50 2.40 2.00 1) Sales including VAT/inventory change 2) 2011: adjusted following revaluation in accordance with IaS 19 3) the decline in 2013 results from expanding the investment horizon to include maturities of up to 18 months; cf. page 32 4) 2013 and 2012: unweighted; 2011: adjusted, unweighted 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 wearing Fielmann glasses. In Germany, every second pair of glasses is sold by the company. Fielmann is deeply 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, which had not previously existed. 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. It is our strict customer focus that has taken us to the top of our field. 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 Shares 20 Industry 26 Management Report 56 Notes to the accounts 117 Auditor’s report 118 Branches Foreword Dear Shareholders and Friends of the Company, Our expectations for 2013 have been met. Fiel- mann sold 7.3 million pairs of glasses. external sales including VAT increased by 4.7 per cent to ¤ 1.35 billion, while consolidated sales rose by 4.5 per cent to ¤ 1.16 billion. We improved our result by 10.2 per cent to ¤ 199 million, and net income for the year went up by 9.5 per cent to ¤ 142 million. the pre-tax return on sales amounted to 17 per cent. Fielmann allows its shareholders to par- Günther Fielmann ticipate in the company’s success. In light of the positive business development and available liquidity, the Supervisory and Management Boards are recommending a dividend of ¤ 2.90 per share to the annual General Meeting. this represents a year-on-year increase of 7.4 per cent. the total distribution amount is ¤ 121.8 million. Fielmann shares again maintained a stable value and proved to be a sound investment in 2013. at year-end, the share price stood at ¤ 85. the company has a stock market value of ¤ 3.6 billion. the share price is a reflection of the confidence that investors have in the company. Since 2000, Fielmann shares have risen by 473 per cent. as a family company, Fielmann thinks in terms of generations and sets great store by organic growth, rather than risky acquisitions. Fielmann aG is virtually debt free. We have liquidity measured in hundreds of millions, so that the company is in a position to finance its expansion from cash flow. Our equity ratio after payment of the 2013 dividend stands at 59.1 per cent. Fielmann has become the market leader with the slogan: “you are the customer”. Our 16,158 employees identify with customers. they provide a standard of service that they would wish to receive themselves, with fairness, friendliness and competence. Fielmann’s staff have the satisfying task of finding the best possible solution for each and every customer, irrespective of their budget. People recognise honesty. Cologne, Schildergasse 2 Annual Report 2013 Foreword annual Report 2013 3 Foreword More than 80 per cent of our employees Fielmann always aims to be better and offer hold Fielmann shares. We manage more than lower prices than the other opticians. Based on 13,000 custodial accounts free of charge. Our our fundamental understanding of the market, internal stock exchange enables staff to trade in a new generation of professional opticians has Fielmann shares without paying any fees. they emerged: contemporary, innovative and reason- not only earn good salaries, but also receive divi- ably priced. Our ultra-modern shops feature dends. this provides motivation and our custom- state-of-the-art technology in consulting, eyesight ers benefit as a result. testing and workshops. We display an entire uni- One of the main reasons for our success is verse of glasses, including major brands, interna- that our employees are highly qualified. Fiel- tional design models and the fashion eyewear of mann considers itself as one of the elite. year on our own Fielmann collection. Fielmann combines year, Fielmann invests more than ¤ 20 million fashion flair with reasonable prices. More than in training and continued professional develop- 90 per cent of our customers say they intend ment. to come back to Fielmann for their next pair of Fielmann is the major trainer in the optical glasses. industry and employs more than 2,800 trainees. It was Fielmann which made health service National awards are proof that the training is of glasses attractive and socially acceptable, re- a high standard. In 2013, Fielmann accounted moved the stigma of wearing them and democ- for all national winners in the German optical ratised spectacle fashion. time and time again, industry competition as well as all federal state Fielmann has introduced customer-oriented serv- winners in the apprenticeship examinations, with ices to the market as had not previously existing only a 5 per cent share of optical stores. On in the optical sector. this included fashionable average over the last five years we have glasses free of charge, choice from an openly accounted for 93 per cent of all national winners displayed selection comprising thousands of and 89 per cent of all federal state winners. frames, a three-year guarantee, a money-back We place great demands on our manage- guarantee, the satisfaction guarantee, recogni- ment. Fielmann can only grow if it has well quali- tion of every complaint and free glasses insur- fied staff. Our 679 branches record between ance. five and ten times the sales revenue of the aver- With 5 per cent of all opticians’ shops (Fiel- age optician, even as much as twenty or fifty mann: 578 branches, the industry: 12,000 times the sales in the top stores. We have to train shops) in Germany, Fielmann has a market share branch managers for stores of this size ourselves. of 20 per cent of the total sales revenue and We prepare the future managers for europe at 51 per cent in terms of unit sales. Our prices the Fielmann academy at Schloss Plön. this are guaranteed to always be affordable. If sales non-profit facility trains more than 6,000 course revenue and unit sale market shares were recon- participants every year and is also available to ciled, Fielmann would have sold its glasses at the external opticians. average price for the industry. Fielmann is continuing its expansion with cus- tomary good judgement. Germany is our home market. We achieve market shares of between 40 per cent and 50 per cent in medium-sized towns virtually from the outset. In the medium 4 Annual Report 2013 Foreword term, our plan is to operate 700 branches in Germany, selling more than 7 million pairs of glasses. In the German-speaking countries, which comprises Germany, Switzerland and austria, our aim is to achieve 780 branches selling 8 million glasses and registering sales revenue amounting to ¤ 1.6 billion.

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