Annual Report 2014 - UnternehmenAnnual Report 2014 5is set to increase in the next few years. Sun -...

Annual Report 2014

Key Data

Fielmann at a Glance

2014 2013 2012 2011 2010

Sales in ¤ m

external sales 1) inc. Vat 1,427.9 1,350.1 1,289.2 1,229.9 1,158.8

Change in % + 5.8 + 4.7 + 4.8 + 6.1 + 4.1

Consolidated sales exkl. MwSt. 1,226.5 1,157.1 1,107.1 1053.4 993.7

Change in % + 6.0 + 4.5 + 5.1 + 6.0 + 4.3

Quantities sold glasses/thousands 7,590 7,320 7,070 6,740 6,460

Change in % + 3.7 + 3.5 + 4.9 + 4.3 +0.5

Pre-tax profit 2) in ¤ m 226.0 199.1 180.6 173.6 170.3

Change in % + 13.5 + 10.2 + 4.1 + 2.0 + 3.9

Net income 2) in ¤ m 162.8 142.0 129.7 125.4 120.8

Change in % + 14.6 + 9.5 + 3.4 + 3.8 + 4.8

Cash flow from current business activity 3) in ¤ m 156.7 23.5 295.8 132.2 145.1

Change in % + 566.8 – 92.1 + 123.9 – 8.8 + 25.4

Financial assets in ¤ m 328.1 317.8 287.1 246.1 231.7

Change in % + 3.2 + 10.7 + 16.7 + 6.2 + 12.6

Group equity ratio in % 59.1 59.1 60.8 61.4 61.8

Investment in ¤ m 39.1 47.5 32.1 38.4 39.0

Change in % – 17.7 + 48.0 – 16.4 – 1.5 – 5.1

Number of branches 687 679 671 663 655

Employees 4) as at 31. 12. 16,732 16,158 15,494 14,871 13,733

of which trainees 2,922 2,874 2,779 2,738 2,674

Key data per share 5)

earnings in ¤ 1.87 1.64 1.51 1.46 1.40

Cash flow in ¤ 1.87 0.28 3.52 1.58 1.73

Dividend in ¤ 1.60 1.45 1.35 1.25 1.20

1) Sales including Vat /inventory change2) 2011: adjusted following revaluation in accordance with IaS 193) the decline in 2013 and the increase in 2014 results from regrouping the investment horizon; cf. page 334) 2014 - 2012: unweighted; 2011: adjusted, unweighted5) Stock split at a ratio of 1 to 2 on 22 august 2014; previous year‘s figure adjusted

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 guar-anteed 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.

Glasses: Fielmann

Contents

2 Foreword

6 Boards

8 Supervisory Board Report

10 Strategy

18 Shares

20 Industry

26 Management Report

58 Notes to the accounts

121 Auditor’s report

122 Branches

2 Annual Report 2014

Total customer dedication has taken us to the top and made Fielmann the market leader. Time and again, Fielmann has introduced customer-oriented services to the market, which had not previously existed in the sec-tor. These include fashionable glasses free of charge, a three-year guarantee for all prescription glasses, the choice of thousands of frames on open display, a money-back guarantee and satisfaction guarantee.

Our expectations for financial year 2014 have been met. Fielmann sold 7.6 million pairs of glasses. External sales including VAT increased by 5.8 per cent to ¤ 1.43 billion, while consolidated sales rose by 6.0 per cent to ¤ 1.23 billion. We improved our result by 13.5 per cent to ¤ 226.0 million, and net income for the year went up by 14.6 per cent to ¤ 162.8 million. The pre-tax return on sales amounted to 18 per cent.

Fielmann allows its shareholders to partici-pate in the company‘s success. In light of the positive business development, the Supervisory and Management Board are recommending a dividend of ¤ 1.60 per share to the Annual General Meeting. This represents a dividend yield of 2.8 per cent on the year-end closing price. The total distribution amount is ¤ 134.4 million.

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 2014 dividend stands at 59 per cent.

Since the company was floated on the stock market in 1994, Fielmann shares have proven to be a sound and stable investment. Over the past 20 years, Fielmann‘s share price has risen by 894 per cent. The share price is a reflec-tion of the confidence that investors have in the company.

FOREWORd

Günther Fielmann

Cologne, Schildergasse

Dear Shareholders and Friends of the Company,

Annual Report 2014 3

FOREWORd


FOREWORd

Once again in 2014, Fielmann shares re-corded further gains, closing at ¤ 56.55 at the end of the year. The company has a stock mar-ket valuation of ¤ 4.8 billion.

More than 80 per cent of our 16,732 em-ployees hold Fielmann shares, which is a testa-ment to their belief in the company. They not only earn good salaries, but also receive divi-dends. This provides motivation and our custom-ers benefit as a result.

Fielmann owes its success to a strict cus-tomer focus. Fielmann employees identify with customers. They provide a standard of service that they would wish to receive themselves, with fairness, friendliness and competence. Fiel-mann‘s staff have the satisfying task of finding the best possible solution for each and every customer, irrespective of their budget. People recognise honesty.

One of the main reasons for this success is that our employees are highly qualified. Year on year, Fielmann invests more than ¤ 20 million in training and continued professional develop-ment.

Fielmann is the major trainer in the optical industry and considers itself as one of the elite. National awards testify to the high standard of our training. In 2014, Fielmann accounted for all national winners in the German optical industry competition as well as 92 per cent of the federal state winners. On average over the last five years we have produced 93 per cent of all national winners and 91 per cent of all federal state winners.

We place great demands on our manage-ment. Fielmann can only grow if it has well qualified staff. Our 687 branches record be-tween five and ten times the sales revenue of the average optician, even as much as twenty or fifty times the sales in the top stores. We have to train branch managers for stores of this size ourselves. We prepare the future managers

for Europe at the Fielmann Academy at Schloss Plön. This non-profit facility trains more than 6,000 course participants every year and is also available to external opticians.

Fielmann always aims to be better and offer lower prices than the competition. Based on our fundamental understanding of the market, a new generation of professional optician stores has emerged: contemporary, innovative and reasonably priced. Our ultra-modern shops feature state-of-the-art technology in consulting, eyesight testing and workshops.

Fielmann is synonymous with fashion eye-wear at a fair price. With 5 per cent of all opti-cians‘ shops (Fielmann: 582 branches, the indus-try: 11,950 shops) in Germany, Fielmann has a market share of 20 per cent of the total sales revenue and 52 per cent in terms of unit sales. Proof indeed of the value for money we offer.

In our branches we display an entire uni-verse of glasses, including major brands, inter-national designer models and the fashion eye-wear of our own Fielmann collection. Fielmann combines fashion flair with reasonable prices, and 90 per cent of our customers say they in-tend to come back to Fielmann for their next pair of glasses.

Fielmann is continuing its expansion with it customary good judgment. As a family com-pany, Fielmann thinks in generations, setting great store by organic growth and avoiding risky acquisitions. Germany is our home mar-ket. We achieve market shares for unit sales of between 40 per cent and 50 per cent in medium-sized towns virtually from the outset. In the medium term, our plan is to operate 700 branches in Germany, selling more than 7 mil-lion pairs of glasses.

In the German-speaking countries of Ger-many, Austria and Switzerland, our aim is to have 785 branches selling more than 8 million pairs of glasses with sales revenue of ¤ 1.6 billion.


is set to increase in the next few years. Sun-glasses, contact lenses and hearing aids also offer additional potential.

Fielmann expects to increase its market shares in 2015. We shall be opening more branches and taking on more staff. Custom-ers buy from companies which guarantee high quality at an affordable price. In the optical industry this means Fielmann.

We would like to express our thanks to all our employees who have contributed to the success of the company with their dedication, competence and conscientiousness over the past year. Thanks are also due to our customers, associates, friends and you, the shareholders, for remaining loyal to the company.

Günther Fielmann

FOREWORd

Our focus in terms of expansion is on the German-speaking markets and adjacent Eu-ropean countries. We are successful abroad because we have been able to export the prin-ciples of our success in Germany to neighbour-ing countries. We offer consumers more than just the certainty of being reasonably priced. In other countries, we stand out from our com-petitors even more than in Germany when it comes to location, size, equipment, selection, price and expert advice.

We have identified potential growth oppor-tunities for the company in many areas. Our customer base offers considerable potential: on average, our customers are younger than those of our traditional competitors, and because our customer base remains loyal to us over many years, our share of high-value varifocals, which may be needed in the second half of life, is on the increase. Even excluding new customers, the proportion of varifocals sold by Fielmann

Konstanz, Rosgartenstraße


BOARdS

Halle, Leipziger Straße


BOARdS

ManagementBoard

SupervisoryBoard

Shareholder representatives

Günther Fielmann Chairman of the Management Board Sales and Human Resources up to 31 March 2015/Marketing dr Bastian Körber Sales from 1 April 2015Günter Schmid Materials Management and Productiondr Stefan Thies Human Resources from 1 April 2015/ Controlling/ ITGeorg Alexander Zeiss Finance/Properties

Prof. dr Mark K. Binz Chairman of the Supervisory Board, Lawyer, Stuttgart Anton-Wolfgang Managing director of A. W. Faber-Castell AG, Graf von Faber-Castell WendelsteinHans-Georg Frey Managing director of Jungheinrich AG, HamburgHans Joachim Oltersdorf Managing Partner of MPA Pharma GmbH, RellingenMarie-Christine Ostermann Managing director of Rullko Großeinkauf GmbH & Co. KG, HammProf. dr Hans-Joachim Priester Notary, retired, HamburgPier Paolo Righi CEO & President, Karl Lagerfeld International B.V., Amsterdam, Netherlandsdr Stefan Wolf Managing director of ElringKlinger AG, Sindelfingen

Eva Schleifenbaum Union secretary of ver.di, Kiel, deputy Chairperson of the Supervisory BoardSören dannmeier Optician at Fielmann AG & Co., HamburgJana Furcht Master Optician at Fielmann AG & Co., Munich Ralf Greve Lecturer in Management development at Fielmann Aus- & Weiterbildungs GmbH, HamburgFred Haselbach Master Optician at Fielmann AG & Co. OHG, LübeckHans Christopher Meier Business Executive at Fielmann AG, HamburgPetra Oettle Optician at Fielmann AG & Co. OHG, UlmJosef Peitz Union secretary of ver.di, Berlin

Employee representatives

dr Stefan ThiesGünther Fielmann Günter Schmiddr Bastian Körber Georg Alexander Zeiss


SUPERVISORY BOARd REPORT

Supervisory Board Report

In financial year 2014, the Supervisory Board once again discharged conscien-tiously the duties incumbent upon it under the law and in accordance with the Arti-cles of Association. It continually obtained information on all important business de-velopments and supervised the work of the Management Board, giving advice where necessary.

On the basis of written and oral re-ports from the Management Board, the Supervisory Board comprehensively dealt with the business and financial position, corporate strategy, staff policy and risk assessment in its discussions. It also con-ferred in depth on the business plan of the Management Board for 2015 and the medium-term planning up to 2017, adopting them in the form of an overall strategy plan. In addition, the Chairman of the Supervisory Board engaged in direct information exchanges with the Manage-ment Board for important matters between meetings.

In the past financial year, there were four meetings of the Supervisory Board. Of the shareholder representatives, two Supervisory Board members were each unable to attend one meeting on different occasions. The overall attendance rate for Management Board members was 100 per cent.

At the Supervisory Board meetings, the following issues were of particular im-portance:

At the meeting on 6 March 2014, the Management Board reported on the devel-opments over the course of financial year 2013 while also discussing current busi-ness issues. These included an assessment of the competitive environment, the current situation and expected development of on-line trade in the optical industry as well as reflecting on further expansion abroad. In addition, another subject broached in this meeting was the stock split, which later re-ceived approval from the Annual General Meeting 2014. Furthermore, there was an in-depth discussion regarding the existing guidelines governing financial investments for the Fielmann Group and their specific implementation. Finally, time was dedi-cated to the subject of employee satisfac-tion. Measures used for determining em-ployee satisfaction grades and their results were discussed, conclusions were drawn and the possibilities for further increasing employee satisfaction were debated.

At the balance sheet meeting on 9 April 2014, the auditors deloitte & Touche GmbH, represented by Mr Reiher and Ms deutsch, reported at length on the 2013 audit procedure and focus as well as the key findings. The main areas of the 2014 audit were also proposed and ex-plained in detail. The Supervisory Board

meeting was resumed on 10 April 2014. The Management Board reported in depth on the current status of the business. The Supervisory Board thereafter addressed the subject of Fielmann's press and public relations activities. The Head of the Press and Public Relations department at Fiel-mann, dr Branahl, was invited to attend as a guest and provided a comprehensive re-port on this topic. In addition, the Supervi-sory Board extended the appointments of Mr Fielmann to the Management Board in his role as Chairman of the Management Board and of Mr Schmid to the Manage-ment Board by three years in each case to 30 June 2017. A change to Mr Schmid's contract of employment was also agreed.

In its follow-up review immediately af-ter the Annual General Meeting on 3 July 2014, the Supervisory Board considered the events that took place at the AGM and the subject matter of the speeches. In ad-dition, key points from the first half of the financial year were discussed based on a report by the Management Board. Further-more, the recurring topic of customer satis-faction was also discussed in the meeting.

The meeting on 27 November 2014 focused on the discussion and adoption of the business plan 2015 and the framework plan up to 2017. Additionally, there was a comprehensive report and discussion on the subject of developments in employee remuneration. Also on the agenda, was the ZenIT project, which aims to improve processing times through the advancement of IT systems, including tablets. dr Körber, the Sales director managing the project, reported on the objectives pursued as part of the project and their effects on every-day branch operations, as well as the initial experiences since the project was

Professor dr Mark K. BinzChairman of theSupervisory Board


SUPERVISORY BOARd REPORT

first launched in August 2014. Finally, the Supervisory Board dealt with questions re-lated to the Corporate Governance Code, with a particular focus on the declaration of Compliance as at 31 december 2014.

In the past financial year, there were two meetings of the HR Committee.

The meeting on 9 April 2014 pre-pared for the extensions to the Manage-ment Board appointments of Mr Fielmann and Mr Schmid and discussed the system for Management Board remuneration. The meeting on 26 November 2014 primarily focused on a possible restructuring of Management Board responsibilities and expansion of the Management Board by an additional member.

Following extensive consultation, the HR Committee consequently recom-mended that the Supervisory Board appoint dr Körber to the Management Board as the member responsible for Sales. dr Körber has worked at Fielmann Aktiengesellschaft since Oktober 2008, most recently in the position of Sales di-rector under the management of Günter Fielmann. After the appointment was agreed, dr Körber assumed his duties as the new Management Board member on 1 April 2015. At the same time, dr Thies also assumed additional management re-sponsibility as Head of Human Resources and Labour Relations. Günther Fielmann is dedicating himself to his role as Chair-man of the Management Board responsi-ble for corporate strategy, marketing and expansion. The Supervisory Board would like to wish every success to the Manage-ment Board, especially to dr Körber and dr Thies in their new roles.

The Mediation Committee, as defined under Section 27 Para. 3 of the Codeter-

mination Act (Mitbestimmungsgesetz) had no reason to convene in the past finan-cial year. In view of the upcoming elec-tion of shareholder representatives to the Supervisory Board at the Annual General Meeting 2015, a meeting was held by the Nomination Committee on 27 November 2014, as it is tasked with the preparation of candidate proposals.

No other committees exist. The Super-visory Board of Fielmann Aktiengesells-chaft opted to not form an Audit Commit-tee. Beyond the in-depth discussion as part of the annual balance sheet meeting, all Supervisory Board members have the op-portunity of obtaining a detailed briefing, to ask questions and make suggestions on the content and results of the audit before-hand in a discussion forum attended by the CFO and, if necessary, the chief auditor. The Supervisory Board again submitted to an internal assessment of its efficiency in financial year 2014.

No potential conflicts of interest arose amongst individual Supervisory Board members in financial year 2014, nor was there any suggestion of such conflicts.

The annual accounts of Fielmann Ak-tiengesellschaft and the consolidated ac-counts for financial year 2014 in accord-ance with Section 315a of the German Commercial Code (HGB) prepared on the basis of the International Financial Report-ing Standards (IFRS), as well as the Man-agement Report for Fielmann Aktienges-ellschaft and the Group were audited by deloitte & Touche GmbH, Hamburg, and passed without qualification. These docu-ments, including the Management Board’s proposed appropriation of profits, which were duly submitted to each member of the Supervisory Board, were verified by

the Supervisory Board and discussed in detail in the accounts meeting on 15 April 2015 in the presence of the auditors Mr Reiher and Ms deutsch, who reported on the key results of the annual audit. Follow-ing the final results of its examination, the Supervisory Board found no cause for ob-jection. The Supervisory Board approved the annual accounts, which are therefore adopted, as well as the consolidated ac-counts, and seconded the Management Board’s proposed appropriation of profits.

The auditors also examined the report of the Management Board on transactions with related parties in financial year 2014 and passed it with the unqualified confir-mation that the details in the report are correct and that the consideration of the company for the transactions outlined in the report was not inappropriately high, as defined by law.

The Supervisory Board has examined the report of the Management Board and in its meeting on 15 April 2015 heard a presentation of the key findings of the au-dit by the auditor. The Supervisory Board raises no objection to the report of the Management Board and the relevant audit conducted by the auditors.

The Supervisory Board would like to thank the Management Board and all the staff for their outstanding work during the past financial year.

Hamburg, 16 April 2015

Professor dr Mark K. BinzChairman of the Supervisory Board


STRATEGY


STRATEGY

Glasses: Fielmann

Fielmann is the market leader. We are known to 90 per cent of the German population. Fiel-mann has sold over 130 million pairs of glasses since 1972 when it opened its first shop. Over 23 million people wear Fielmann glasses and we sell every second pair of glasses in Ger-many.

Afamilybusiness

As a family business, Fielmann thinks long term. We see ourselves in our customers and under-stand customer orientation not just as an aid to boost sales, but rather as the cause of it. Fielmann wants satisfied customers. Fielmann has made free prescription glasses attractive, made them socially acceptable and removed the stigma attached to wearing them. Finally, we have made fashion glasses accessible to all through fair prices.

Fielmann created over 500 new jobs in 2014. We have a family-friendly employee pol-icy, offering flexible working hours and encour-aging part-time employment. The proportion of women we employ in management positions is 30 per cent. Fielmann thinks in terms of genera-tions, offering young people the best possible training and career opportunities. Fielmann once again accounted for all of the national and for 92 per cent of the state winners in the assistant examinations in 2014. Fielmann sets great store by organic growth, avoiding risky acquisitions and financing expansion from cash flow.

Customerorientation

Our guiding principle is „You are the customer“. We identify with our customers and endeavour to fulfil their wishes and desires. We advise every customer in the manner in which we our-selves would wish to be advised: fairly, compe-tently and in a friendly manner. Our opticians are not under pressure to talk customers into


buying expensive glasses. They find the best solution for each customer, irrespective of price.

People recognise honesty and over 90 per cent of our customers say they intend to come back to Fielmann for their next pair of glasses.

Freefashionableglasses

With fashionable glasses free of charge, Fiel-mann removed the stigma of wearing health service glasses and made spectacles socially acceptable. This is our company’s historic achievement.

For millions of years, the long-distance vision of short-sighted people was blurred and older people could not see near objects clearly. It is only in the last millennium that reading stones and lenses were discovered. The first receipt for spectacles comes dates back to Venice in 1316. The only known visual aids in the 14th century were collecting lenses for older people which helped with near vision. Biconcave lenses for younger people were then invented in the 15th century to help with distance vision.

With the invention of spectacles, for the first time in human history, presbyopic and poor-sighted persons were treated as equal to citi-zens who did not need glasses. Short-sighted people could see objects in the distance clearly for the first time, and older generations were able to read as they could when they were young. In the beginning, glasses were reserved for the clergy and the nobility, and later the respectable middle classes.

The policy of glasses for all is thanks to Bismarck’s social legislation. On 1 december 1884, section 6 of the Employees Health Insur-ance Bill came into force. For the first time all poor-sighted or presbyopic persons were en-titled to free prescription glasses. The policy of glasses for all was predominantly a social achievement. Being able to see better did not necessarily mean an improved appearance in

those days. Glasses were made of simple nickel frames. It was function that counted and not at-tractiveness. Prescription glasses enabled large groups of working-age people to find jobs, even when they were older, and poor-sighted per-sons finally had the same quality of life and professional opportunities as those who did not need glasses. Prescription glasses made an important contribution to education and profes-sional qualifications.

After the equality of privileged poor-sighted persons and those who did not need glasses in the 15th century and placing both rich and poor on an equal footing in the late 19th century as a result of Bismarck’s social legislation, the aes-thetic factor only started to gain importance for everyone from the time of the economic boom in the mid-20th century.

Before Fielmann, free prescriptions glasses had a timeless ugliness. There were six plastic frames for adults and two for children. Those who could not afford a smart pair of glasses had to wear the evidence on the end of their nose. Eight million Germans wore free prescrip-tion glasses. Right from the start, Fielmann was appalled by this kind of discrimination.

Fashionableglasses,

evenonafreeprescription

Fielmann made free prescription glasses at-tractive. The special agreement signed by Fiel-mann with the Esens statutory health insurance company was a major step forward. Fielmann transformed the eight timelessly ugly frames into a range of 90 fashionable, high-quality metal and plastic frames with 640 variants available on free prescription. We replaced the single frame available under health insurance con-tracts with a wide range of fashionable options, effectively giving those with free prescription glasses access to a smart frame of their choice for free. Fielmann has therefore abolished this

STRATEGY


form of social discrimination and made glasses socially acceptable. Today, thanks to Fielmann, anybody can afford stylish glasses.

Customer-friendlyservices

Time and again, Fielmann has pioneered and realised customer-friendly services, including fashionable eyewear free of charge, a selection of several thousand openly displayed frames, our money-back guarantee for prescription glasses, the three-year guarantee for all pre-scription glasses and the satisfaction guarantee.

Glassesforfreeinsurance

In spite of several structural reforms in the last few decades and the erosion of public health services that they have brought about, Fielmann still offers free prescription glasses with the HanseMerkur insurance policy, thus ensuring a high level of quality at the basic-care level. Millions of Fielmann customers have opted for this option.

An annual insurance premium of just ¤ 10 per annum gives customers immediate access to a very trendy pair of glasses with a metal or plastic frame from the glasses-for-free collec-tion with single-strength Carl Zeiss Vision preci-sion lenses. Every two years, these customers get a new pair of replacement glasses at no cost, including free replacement in the event of the glasses being broken or damaged or of a change of prescription.

Our policy holders can now chose from over 90 free metal or plastic frames in over 600 different variations. Conventional competi-tors generally charge between ¤ 60 and ¤ 120 for such frames.

Customers opting for a model for which an additional charge is payable receive a ¤ 15 discount off the purchase price. In addition, in the event of a change in visual acuity of more than 0.5 dioptres or if the glasses are dam-

STRATEGY


aged or broken, our policy holders get 70 per cent off the purchase price. Customers insuring varifocals or multifocals pay a premium of ¤ 50 per year and receive a ¤ 70 voucher for any model on which an additional charge applies. In addition, in the event of damage to a pair of varifocals, customers get 70 per cent off the price of the repair.

Entireuniverseoffashioneyewear

Fielmann introduced the concept of openly displaying several thousand pairs of glasses in their branches. Today, it is the customer who picks a frame. Each branch displays over 2,000 different frames. Our employees show our customers an entire world of fashion eye-wear, including major brands, international designer glasses and the trendy Fielmann col-lection - all at a fair price.

Money-backguarantee

Our good name, the money-back guarantee and every customer‘s right to redress all testify to the value-for-money we offer. The money-back guarantee is the cornerstone of our phi-losophy.

Fielmann brought competition into the opti-cal industry and democratised fashion eyewear with its policy of fair prices. If a customer sees a product bought from Fielmann at a lower price elsewhere within a period of six weeks after the purchase, Fielmann will take the item back and give a refund without any quibbling. This means that customers can rest assured that they have not paid one single euro too much.

Three-yearguarantee

Fielmann offers a three-year guarantee on all glasses, including children’s spectacles; parents know how valuable that can be. Customers buy-ing from Fielmann can rest assured that they are getting proven quality. All frames in the Fiel-

mann collection have been successfully tested to EN ISO 12870 standards in our laboratories, they are rust-proof, non-fade and do not leach nickel in accordance with the German Com-modities Ordinance.

Satisfactionguarantee

Fielmann customers run no risks when they buy from us. If they are not satisfied with our service, they can exchange or return the glasses which have been individually made for them and we will give them their money back, without any arguments. Complaints are an opportunity for us to improve our advice and service. Only satisfied customers will recommend Fielmann to others.

Ourstaff

For our success, we rely on competent and committed employees who bring the Fielmann brand to life. They see themselves in the custom-ers and advise them just as they would like to be advised themselves. They find the optimum solution for each customer, irrespective of price.

Fielmann is the biggest employer in the opti-cal sector with a workforce of 16,732; last year, the company created 574 new jobs. We have created a family-friendly environment by adopt-ing flexible working hours. 28 per cent of our staff works on a part-time basis and we have 30 per cent of women in managerial positions.

Over 80 per cent of our staff hold Fielmann shares, which is an expression of their confidence in the company. They not only receive good pay, but also dividends. This makes for a motivated workforce and our customers enjoy the benefit.

Trainingandfurther

professionaltraining

Year on year, Fielmann invests an eight-figure sum in training and continuing professional de-velopment. The money we invest in our staff is

STRATEGY


an investment in the future. We can only extend our lead in the market if each and every one of our employees is the best in his or her sphere. We regard ourselves as part of the elite and offer young people clear goals and convincing values.

Fielmann is the biggest trainer in the sector. Every year, over 10,000 young people apply for an apprenticeship at Fielmann. Over 900 of these get a place as an apprentice after passing our exam. A total of 2,922 apprentices are cur-rently being trained as opticians by the market leader. With a five per cent share of specialist optician stores, Fielmann accounts for 38 per cent share of all trainees in the optical sector in Germany.

National awards testify to the high standard of our training. In 2014, Fielmann accounted for all national and 92 per cent of state winners in the apprenticeship examinations for the Ger-man optical industry and on average in the last five years for 93 per cent of national winners and 91 per cent of state winners.

Anyone trained by Fielmann will be at home at every level of the optical sector: both as a craftsman and in the industry. Fielmann pro-motes the training of German craftsmen and women. It is the only trainer in the industry which not only introduces its apprentices to the optician‘s craft, but is also able to draw on its own frame production facilities, galvanisation plant, colour coating and lens grinding facilities in the internal teaching syllabus. Our customers benefit from our expert knowledge of the de-sign of glasses, from aesthetic considerations, the manufacture of frames and lenses and the customised production of glasses.

Largeopticalretailunits

In the last few years, the optical industry has seen the advent of some large outlets, with staff numbers well in excess of 50, specialist shops

with the latest refractive technology, contact lens fitting, workshops and consulting, sup-ported by sophisticated IT systems.

The ultra-modern Fielmann branches reflect this structural change. They are larger than the average competitor‘s store, generating six times the sales revenue of the average German op-tician. Our super-centres in large towns and cities have more than 60 employees on average and achieve annual sales revenue of between

STRATEGY


¤ 4 million and ¤ 17 million. The average sales of a traditional optician stand at ¤ 0.3 million. We have to train managers for branches of this size ourselves.

FielmannAcademyatSchlossPlön

The Fielmann Academy at Schloss Plön trains the next generation of professional opticians. It trains more than 6,000 opticians every year. Graduates of the Fielmann Academy will be well qualified for the future. The Academy is also available to external opticians.

Affordablefashioneyewear

The German optical industry is made up of small to medium-sized businesses and is highly fragmented. Unit sales are low, distribution costs high and productivity low. The average

optician sells fewer than two pairs of glasses a day.

Opticians are craftsmen. As a rule, they buy frames and lens discs from manufacturers or suppliers and assemble them in their workshop to produce the finished article. It is difficult for such opticians to judge the origin, quality and price of frames; the composition of lens coatings is virtually impossible for them to assess, and production costs can only be estimated. Conse-quently, a high price and impressive designer logo can all too easily become the hallmark of quality to an optician. The higher the status of the brand, the higher the price in most cases, and the consumer pays the mark-up.

Not Fielmann. Fielmann has international clout, selling more than 7.6 million pairs of glasses last year, which is more than 25,000

STRATEGY


per day. On average, a Fielmann branch sells 35 pairs of glasses per day. Fielmann sells more glasses every year than all the opticians in the Netherland, Austria, Switzerland, Swe-den, denmark and Norway put together. These very high unit sales mean that we can buy in at lower prices and we pass the advantages on to our customers.

We are deeply rooted in the optical industry and know the manufacturers, prices and mar-gins, and we cover every stage of the value-added chain. Fielmann is manufacturer, agent and optician. We produce frames in Germany and operate joint ventures in the Far East. We supply our branches directly, bypassing any in-termediaries. Where the Fielmann collection is concerned, our branches are virtually factory outlets.

Fielmann also buys from manufactur-ers who supply the big brand names. Often, fashion brands no longer manufacture their own frames; instead, they buy them in, enhance them with their own designer names and then sell them on to opticians at a hefty mark-up. Opticians pay several times the factory price for products carrying designer names and logos.

Our own high-fashion Fielmann collection is sold to customers at what is practically the cost price to a traditional optician. Fielmann is happy with a wholesale margin and its prices in this segment are around 70 per cent below the general price level for branded goods, i.e. goods enhanced with a logo.

Branded frames are also guaranteed to be reasonably priced at Fielmann. We vouch for this with our money-back guarantee. In this seg-ment, our prices are up to 50 per cent below the general level.

Our production and logistics centre is based in Rathenow, the cradle of Germany‘s eyewear production; it brings together all our expertise in proprietary manufacturing and logistics. We

produce mineral and plastic lenses to order and fit them into the selected frames in our own grinding plant to produce the glasses which are then delivered overnight to our branches. This comes to more than 12 million articles per year.

Expansion

Fielmann is continuing its expansion with cus-tomary good judgement. As a family company, Fielmann thinks in terms of generations and sets great store by organic growth, avoiding risky acquisitions. Expansion is financed from cash flow.

Germany is our home market. We achieve a market share of 40 to 50 per cent virtually from the outset in medium-sized towns. Our aim is to have one branch per 100,000 inhabitants throughout Germany. We are aiming for a 50 per cent market share in all regional markets.

Our plan is to operate 700 branches in Germany in the medium term, selling more than seven million pairs of glasses and generating sales revenue of ¤ 1.3 billion. Our objective in the German-speaking world comprising Ger-many, Austria and Switzerland is to have 785 branches selling 8 million pairs of glasses and generating sales revenue of ¤ 1.6 billion.

Responsibility

Fielmann assumes responsibility for its custom-ers, its employees and for society. Investing in the community is investing in the future.

Fielmann plants one tree for every em-ployee each year; to-date, the company has planted over one million trees. The company finances long-term monitoring programmes in-volved in nature conservation, environmental protection, medicine, teaching and research. It is also involved in eco-agriculture and in the preservation of historical buildings, as well as supporting nurseries and schools. Fielmann also supports sport and leisure activities.

STRATEGY


Theenvironment

Shareholders experienced an eventful year on the stock market. Recovery phases were fol-lowed by share price slides and price correc-tions by price gains. The interest rate policy of the European Central Bank, falling oil price and political unrest in Ukraine affected the mood in the financial markets.

Low interest rates, signs of economic stabi-lisation in the eurozone and positive economic data in Germany supported the upward trend

Fielmann shares

130 %

120 %

110 %

100 %

90 %

1. January 2014 Fielmann dAX MdAX SdAX TECdAX 31. december 2014

Fielmannshares

Fielmann shares once again proved to be a sta-ble investment in 2014. Fielmann is convincing both customers and investors alike. Sharehold-ers and investors at home and abroad know us and have confidence in us. The stock split car-ried out on 22 August 2014 further enhanced the appeal of our shares.

Fielmann shares recorded a rise of 33.0 per cent in the reporting year and stood at ¤ 56.55 per share on 31 december 2014.

Fielmann shares thus significantly outperformed the main indices. As at the reporting date, the market capitalisation of Fielmann AG amounted to ¤ 4.75 billion.

SHARES

in the main indices. For the year as a whole, the German Share Index (dAX) posted gains of 2.7 per cent, with the MdAX up by 2.2 per cent, the SdAX by 5.9 per cent and the TECdAX climbing by 17.5 per cent.

ComparisonofFielmannsharepriceperformance,DAX,MDAX,SDAXandTECDAX


SHARES

Dividend

Fielmann Aktiengesellschaft has a long- standing shareholder-friendly dividend policy based on continued growth and sustainable business financing.

The shareholders also participate in the company‘s success. The Supervisory and Man-agement Boards are recommending a dividend of ¤ 1.60 per share to the Annual General Meeting in Hamburg on 9 July 2015, which equates to a year-on-year increase of 10.3 per cent. This represents a dividend yield of 2.8 per cent on the year-end closing price of ¤ 56.55. The total distribution amount is ¤ 134.4 million and the payout ratio is 85 per cent.

InvestorRelations

Fielmann stands for open and transparent communications. dialogue with shareholders, analysts, investors and the financial press is extremely important and helps strengthen con-fidence in the company and its philosophy.

KeyfiguresFielmannshares 2014 2013*

Number of shares in millions 84.00 84.00

Highest price ¤ 56.85 42.51

Lowest price ¤ 40.72 34.85

Year-end price ¤ 56.55 42.52

Price/earning ratio 30.24 25.92

Price/cash flow ratio 30.30 151.91

Sales of Fielmann shares in ¤ m 859.60 618.35

dividend total in ¤ m 134.40 121.80

KeyfiguresperFielmannshare 2014 2013*

Net income for the year ¤ 1.94 1.69

Earnings ¤ 1.87 1.65

Cash flow ¤ 1.87 0.28

Equity capital as per balance sheet ¤ 7.50 7.08

dividend per share ¤ 1.60 1.45

Financialcalendar

Quarterly report

28 April 2015

Annual General Meeting

9 July 2015

dividend payout

10 July 2015

Half-year report

27 August 2015

Analysts’ conference

28 August 2015

Quarterly report

5 November 2015

Preliminary figures for 2014

February 2016

Bloomberg code

FIE

Reuters code

FIEG.dE

Securities Id number/ISIN

dE0005772206

Furtherinformation:

Fielmann Aktiengesellschaft Investor Relations · Weidestraße 118 a 22083 HamburgTel.: + 49 (0) 40 - 270 76 - 442 Fax: + 49 (0) 40 - 270 76 - 150 Website: http://www.fielmann.comEmail: [email protected]

We present the company in Germany and abroad in individual meetings and at confer-ences. We are happy to answer any questions from institutional investors as well as other in-terested private investors. Once again Fielmann was comprehensively analysed and evaluated by a large number of renowned investment companies in the past year. Further details are available on our website.

This annual report is available in English and German.The annual accounts for Fielmann Aktiengesell-schaft are also available on request.

*Stock split on 22 August 2014; previous year‘s figure adjusted


INdUSTRY


Oneintwopeoplewearglasses

One in two Germans wear glasses. Among adults (aged 16+), the figure is 64 per cent, or 40.1 million. More than 73 per cent of the 45 to 59 age group wear glasses, as do virtually all pensioners. In the second half of life, even people with normal sight need reading glasses. (Allensbach, KGS)

Unitsalesandsalesrevenue

The Zentralverband der Augenoptiker (German Central Association of Opticians) calculated that the unit sales for the optical industry in Ger-many amounted to 12.15 million spectacles in 2014. Total sales revenue rose by 3.5 per cent to ¤ 5.6 billion.

There are no reliable figures for Switzer-land and Austria. We estimate that unit sales in Switzerland totalled 1.0 million pairs of glasses, while sales revenue stood at ¤ 1.0 bil-lion. There are 1,100 specialist optical stores in Switzerland. In Austria, opticians sold around 1.3 million pairs, generating sales revenue of ¤ 0.5 billion. There are 1,177 optician shops in Austria. (ZVA, Spectaris, SOV, WKO, Wirtschaftsblatt)

Onlinebusiness

Increasingly, consumer behaviour is being shaped by new media. Glasses and contact lenses are now also being offered online.

The Zentralverband der Augenoptiker (Ger-man Central Association of Opticians) calcu-lated that the sales revenue attributable to on-line sellers amounted to ¤ 0.21 billion in 2014, or 4 per cent of the optical industry’s total sales revenue. The number of pairs of glasses sold online is estimated by the Association at 0.65 million units, which is 5 per cent of the total unit sales. (ZVA)

However, online stores cannot determine the prescription strength and are consequently dependent on the data obtained from high

street opticians. Moreover, the appropriate visual comfort is contingent on optimal centring of the lens to the eye. Centring via an online portal results in a product of chance. Imprecise data can result in prismatic side-effects such as fatigue, discomfort and headaches as well as double vision. Glasses must be individually adapted for the wearer by an optician to guar-antee an optimal fit. Internet retailers cannot provide this service.

Specialistopticians

In 2014, Germany had 11,950 specialist opti-cian stores and there were 48,900 employees working in this sector.

In Germany, chains account for 17 per cent of all opticians. The proportion of chains is higher in neighbouring European countries, standing at 23 per cent in Switzerland and 28 per cent in Austria. (ZVA)

Unitsalesandsalesrevenuebystore

On average, the traditional German optician sells fewer than two pairs of glasses per day, whereas a Fielmann branch sells 35 every day. The average optician sells fewer than 600 pairs per annum, while Fielmann sells on average in excess of 10,000 per branch.

The average sales revenue of a traditional optician in Germany stands at around ¤ 0.3 million. By comparison, a Fielmann branch in Germany records average sales revenue of ¤ 1.9 million, while a branch in Austria regis-ters sales of ¤ 2.4 million and one in Switzer-land ¤ 5.2 million. (ZVA)

Theprofession

Opticians regard themselves as members of the healthcare profession, helping those with poor eyesight. In Germany, opticians are per-mitted to determine prescriptions and fit contact lenses.

Key industry data

INdUSTRY

1.8 1.2 0.6 0 Traditional Fielmann optician

0.3

AveragesalesGermanyin ¤ million per year/branch

1.9

6.0 4.0 2.0 0 Germany Austria Switzer- land

1.92.4

5.2

Averagesalesper Fielmann branch in ¤ million

30 20 10 0 Germany Switzer- Austria land

17

23

28

BranchsaturationNumber of branches (%)


Opticians advise their customers on the choice of lenses and frames, and manufacture individual pairs of glasses in their workshops from bought-in frames and lenses.

In Germany, every optician store approved by health insurance schemes must be managed by a master optician.

As craftspeople, German opticians are or-ganised in guilds. Fielmann is also a member of a guild. More than half of the owner-managed store are members of a purchasing or promo-tional cooperative. (ZVA)

Glassesasafashionaccessory

On average, Germans who wear glasses re-place them every four years. Alongside a change in prescription, wear and tear, break-age, loss and changing fashion trends are given

as the most important reasons for buying a new pair of glasses.

For some time now, glasses have been regarded as so much more than a means for correcting vision. Glasses communicate image and have a symbolic value. Through its pricing policy and selection, Fielmann has transformed glasses into affordable fashion accessories and established them in the media. Anyone casting a glance at today’s fashion magazines will find far more glasses pictured in their pages than was the case years ago. Many of those featured are from Fielmann, which offers a free lend-ing service to the media, photographers and stylists. (Allensbach, Spectaris, Emnid)

Lenses

Not all lenses are the same. Around 10 per cent of all lenses are still mineral based and although mineral lenses are a little heavier than organic ones, they are particularly scratch resistant.

Today, around 90 per cent of all lenses are produced from organic plastics. In the case of plastic lenses, the lightweight and largely shatterproof CR 39 predominates. To prevent scratching, the surface is often given a hard coating. The use of high index plastic materials to produce thinner and lighter lenses is steadily rising. A non-reflective coating prevents glare on all lenses. An increasing number of custom-ers now call for this level of comfort. (GfK, Spectaris, ZVA)

Varifocals:agrowthmarket

In the second half of life (45+), virtually every-one relies on reading glasses. Those who have worn glasses since they were young usually need glasses for both near and distance vision as they become older. Varifocals are the most convenient choice.

These days, bifocals with a visible reading segment are increasingly being replaced by

INdUSTRY


varifocals, where the lens progression is not visible to others. To the onlooker, varifocals are not recognisably different from the single-vision lenses worn when younger. However, increased convenience comes at a price. The more complex surface geometry of varifocals and the time it takes for adjustment make them an average of four times more expensive than single-vision lenses.

Fielmann is outperforming the industry in sales of varifocals and this is explained by the structure of its customer base. Fielmann cus-tomers are generally younger than those of our traditional competitors. They remain loyal to us over a period of many years. Consequently, even without gaining any new customers, the varifocal share of Fielmann sales is set to rise by more than 50 per cent in the medium term. (Allensbach, KGS, GfK)

Sunglasses

Sunglasses offer considerable growth potential for specialist opticians. Every year, some 20 million pairs of sunglasses are sold in Germany. The weather is a significant factor: when the sun shines, demand rises. Over four-fifths of sunglasses are sold over the counters of de-partment stores, chemists, boutiques, clothes shops, sports shops, specialist retailers and petrol stations.

Only one in five pairs of sunglasses is sold by an optician. The trend is towards more expensive glasses with a fashion label and guaranteed UV protection. This development is being fostered by the debate on the harmful effects of UV radiation.

Since only 45 per cent of all spectacle wearers have prescription sunglasses to date, Fielmann is anticipating further growth from the rising share of high quality and fashionable sun-glasses with individual correction strength. (Al-

lensbach, KGS, Spectaris)

Contactlenses

Contact lenses are gaining ground in Germany. While to date, only 5 per cent of the German population use contact lenses, the figure is 16 per cent in the USA and 17 per cent in Sweden.

New developments in soft lenses, such as one-day contact lenses, which are easy and comfortable to wear, and new varifocal con-tacts are likely to further stimulate growth in the German market.

In 2014, sales revenue from contact lenses, accessories and lens care products amounted to around ¤ 0.6 billion in Germany. The share attributable to opticians was ¤ 0.4 billion. Contact lenses are also sold by ophthalmolo-gists as well as opticians, in addition to which there are some specialist mail order companies and other sales channels such as pharmacies or drug stores. Fielmann is expecting sales rev-enue from contact lenses and accessories to double in the coming years.

(Allensbach, KGS, Spectaris, ZVA, GfK, PRB)

Hearingaids

Hearing aids are a growth market. In 2014, more than 1.2 million hearing aids were fitted by ENT doctors and 5,600 shops in Germany. Sales revenue for the sector stands at ¤ 1.5 billion.

As with the optical industry, the audiology industry is also very fragmented and prices are high. The hearing aid market is similar in struc-ture to that of the optical industry 30 years ago. In our industrialised society, people are living longer and have ever greater demands. They not only want to see well, but also to hear well. Our long-standing customers in the core catch-ment areas alone require more than 60,000 hearing aids per year. (BIHA)

Shareofpopulationwearingcontactlensesin per cent

15.0 10.0 5.0 0.0 Germany USA Sweden

5.0

16.017.0

INdUSTRY

Sources

BIHA Bundesinnung der Hör-geräteakustiker (Federal Guild of Hearing Aid Acousticians)

GfK Gesellschaft für Konsumgüter-forschung (Society for Con-sumer Research)

KGS Kuratorium Gutes Sehen (Good Vision Board of Trustees)

PRB Population Reference Bureau

VHI Vereinigung der Hörgeräte-Industrie (Association of the Hearing Aid Industry)

SOV Schweizer Optikverband (Swiss Optical Association)

WKO – Wirtschaftskammer Österreich (Austrian Federal Economic Chamber)

ZVA Zentralverband der Augenoptiker (Central Association of Opticians)


Fielmann Group Annual Report as at 31 December 2014

Content

Consolidatedaccountsforfinancialyear2014

26 GroupManagementReport

forfinancialyear2014

52 Consolidated balance sheet as at 31 december 2014

54 Consolidated profit and loss statement for the period from 1 January to 31 december 2014

54 Statement of the overall result

55 Movement in Group equity

56 Cash flow statement for the Fielmann Group

57 Segment reporting for the Fielmann Group

58 Notestotheconsolidatedaccounts

forfinancialyear2014

58 General information

58 Application of new and amended standards

63 Key accounting and valuation methods

72 Notes to the consolidated accounts

107 Information on related parties (IAS 24)

109 Other details

112 Statement of holdings and scope of consolidation as at 31 december 2014

121 Auditor’sreport

122 Branches

ManageMent RepoRt

26 AnnualReport2014

Management Report for the Fielmann Group for financial year 2014

Fielmann ThenameFielmannissynonymouswithfashioneyewearatafairprice.Fielmann is known to90per centof theGermanpopulation.Weare themarketleader.With23millionGermanswearingFielmannglasses,everysecondpairofglassesissoldbythecompany.Fielmannisfirmlyrootedintheindustryandisactiveatevery levelof thevalue-addedchain in theoptical industry.Wearedesigners,manufacturers,agentsandopticians.

Ourexpectationsfor2014havebeenmet.Unitsalesroseto7.6million(previousyear:7.3millionspectacles).ExternalsalesincludingVATgrewto¤1,427.9million(previousyear:¤1,350.1million)andconsolidatedsalesroseto¤1,226.5million(previous year: ¤ 1,157.1 million). Pre-tax profits grew to ¤ 226.0 million (previ-ousyear:¤199.1million)andnetincomefortheyearwentupto¤162.8million(previousyear:¤142.0million).Earningspersharestandat¤1.87(previousyear:¤3.29).Attheendofthereportingyear,Fielmannhad687branches(previousyear:679branches),ofwhich122siteswithhearingaiddepartments(previousyear:101hearingaiddepartments).

2014 2013

Consolidatednetincomefortheyear ¤m 162.8 142.0

Incomeattributabletoothershareholders ¤m 5.5 4.0

Net result for the period ¤m 157.3 138.0

Numberofshares mpcs 84.0 42.0

Earnings per share* ¤ 1.87 3.29

*Stocksplit1:2on22August2014

TheconsolidatedaccountsofFielmannAktiengesellschaftanditssubsidiarieshavebeen prepared in accordance with the International Financial Reporting Standards(IFRSincludingInternationalAccountingStandards(IAS))validforthereportingperiodandtakeintoconsiderationthestatementsoftheIFRSInterpretationsCommitteeIFRSIC(formerly InternationalFinancialReporting InterpretationsCommittee(IFRIC))and theformerStandingInterpretationsCommittee(SIC)wheretheyapplywithintheEUandweremandatoryintheyearunderrevieworwereappliedprematurelyonavoluntarybasis.TheprovisionsundercommerciallawpursuanttoSection315aoftheGermanCommercialCode(HGB)werealsoobserved.

General conditions

Europe TheEuropeanCentralBank(ECB)respondedtosomeweakeconomicdatafromtheeurozonewithfurtherratecuts.WhiletherehasbeenasustainedrecoveryintheeconomyinSpain,thesituationinItalyandFranceremainedunstable.Inviewofmassiveturbulenceontheoilmarkets,pricesintheeurozonehavebarelyrisenrecently,increas-inglyfuellingfearsofdeflation.

Quantities sold inmillionpairs

7.55.02.5 0 ’12 ’13 ’14

7.1 7.3 7.6

15001000 500 0 ’12 ’13 ’14

1,2891,428

External sales for the group inmillion¤

1,350

1.81.20.6 0 ’12 ’13 ’14

1.87

Earnings persharein¤

1.511.64

ManageMent RepoRt

AnnualReport2014 27

GeopoliticalunrestinUkraineandconcomitantsanctionsbyEUstatesandtheUSAledtoadeclineinRussia’sGDPaswellasamassivedepreciationoftheRussianroubleagainsttheeuroandlikewisefortheUkrainianhryvnia.

Atyear-end,therateofunemploymentatEUlevelwas11.4percent(previousyear:12.0percent).

Fortheyearasawhole,thegrossdomesticproductintheEU18increasedby0.9percent(previousyear:–0.5percent).Inthereportingyear,exportsroseby3.7percentinrealterms(previousyear:1.3percent),whileprivateconsumptionwasup1.0percent(previousyear:–0.5percent).

Germany Germany’seconomicperformance in2014was stronglyaffectedbyexternalfactors.Apartfromthedifferingeconomicgrowthratesineurozonestates,themonetarypoliciesoftheUSAandECBaswellasthefall-outfromtheUkrainecrisisarealsohavinganimpactontheGermaneconomy.Realgrossdomesticproduct(GDP)growthinGermanywas1.6percentin2014against0.1percentin2013,backedbyamildwinter,highemploymentlevelsinGermanyandgrowingconsumerinclination.Exportsroseyear-on-yearby3.9percent(previousyear:0.8percent).Investmentsinmachineryandequipmentincreasedsignificantlyforthefirsttime,rising4.3percent(previousyear:–2.4percent).Privateconsumptionincreasedby1.2percentinrealtermsoverthereportingperiod(previousyear:0.9percent),andpublicsectorconsumptionby1.1percent(previousyear:0.7percent).

Onaverage,consumerpricesfortheyearincreasedbyjust0.9percent(previousyear:1.5percent).Retailregisteredayear-on-yearsalesincreaseof1.4percentinrealterms(previousyear:0.1percent).AccordingtotheFederalStatisticalOffice,theworkingpopulationinGermanywasanaverageofaround42.6million(previousyear:42.2million). Incomparisonwith2013,employment increasedby372,000individuals,or0.9percent,whichmarksanewrecordhigh.Thenumberofvacan-ciestobefilledincreasedby57,000overthecourseoftheyearto498,000.Theaveragenumberofunemployedfortheyeardecreasedby52,000toanaverageof2.9million(previousyear:3.0million),representingarateofunemploymentof6.7percent(previousyear:6.9percent).

Switzerland TheeconomicsituationinSwitzerlandhasfurtherimprovedoverthecourseoftheyear.Theupturninexports,especiallyinthepharmaceuticalindustry,androbustdemandathomehaveledtoapositivegrowthimpetus.Inrealterms,inayear-on-yearcomparison,Switzerland’sGDProseby1.8percent(previousyear:2.0percent).Positivegrowthmomentumcamefromexportsandarobustdomesticeconomy.Onaverage,unemploymentwasunchangedat3.2percent.FollowingtheinterventionbytheBankofSwitzerlandin2011,astableexchangerateofaroundCHF1.21wasmaintainedin2014(previousyear:CHF1.23).Byyear-end,theSwissfrancagainsttheeurowasquotedatCHF1.20(previousyear:CHF1.23).Incom-parisonwith2013,theSwisscurrencywas2.4percentstrongerbytheendofyear.

1.81.20.60.0 Switzer-GermanyAustria land

1.81.6

0.4

GDP growth rate 2014inpercent

Unemployment rate inpercent

7.55.02.50.0 Switzer-GermanyAustria land

3.2

8.4

6.7

ManageMent RepoRt

28 AnnualReport2014

Austria TheAustrianeconomycontinuedtostagnatein2014.TheweakeconomicupturninEuropeandtheUkraine-Russiaconflicthaveledtoasustaineddeclineinexportsandrestrainedinvestmentactivities.Allinall,thishasledtoamoredifficultsituationoninthelabourmarket.GDProseby0.4percent(previousyear:0.2percent).Therateofunemploymentwasanaveragerateof8.4percentfortheyear(previousyear:7.6percent).Domesticdemand,privateconsumptionaswellasin-vestmentinplantandequipmentstagnatedatthepreviousyear’slevel.Asaresultofstrongpriceincreases,particularlyforhousingandfood,inflationstoodat1.7percent(previousyear:2.0percent).

Poland Poland’sGDPgrewsignificantlyby3.1percent,after1.5percentinthepreviousyear.Polandcontinuestoenjoyanupswing,whichisaboveallsustainedbyexports,investmentandconsumption.OnlytheRussianembargoonfoodimportspreventedevenstrongergrowthsincearound30percentofexportsinthissectorwenttoRussia.Thecontinuedhighrentlevelforretailspacesinmanyareasisleadingtopropertiesstillremainingvacantinvariousshoppingcentres.However,somereduc-tionsinrentlevelscanbefoundfornewrentals.Atyear-end,therateofunemploymentstoodatanaverageof8.0percent(previousyear:10.0percent).Theexchangerateofthezłotyagainsttheeurostabilisedinthe2014financialyear.

Eastern Europe Accordingtocentralbankestimates,Ukraine’seconomyshrankby7.5percentin2014(previousyear:–0.5percent).Inthewakeofpoliticalun-restinthecountry,thecurrencydroppedtoarecordlowinthefinancialyearanddepreciatedby70percentagainst theeuro. It isnotpossible tomakeageneraleconomicforecastfor thecurrentfinancialyearonaccountofrecentandongoingpoliticaldevelopments.Themassivedevaluationofthecurrencycontinuedinthefirstweeksoftheyear.

Belaruscontinuedtobattlelargedeficitsinitsdomesticbudgetandinternationaltradebalance.Overtheyearasawhole,thecurrencydepreciatedbyapproximately13percentversustheeuro.Accordingtogovernmentfigures,GDProseby1.6percent(previousyear:2.1percent).

ManageMent RepoRt

AnnualReport2014 29

The market TheGermanCentralAssociationofOpticians (ZentralverbandderAugenoptiker)calculatedthatin2014,unitsalesfortheopticalindustryinGermany,includingFielmann,amountedto11.5millionspectacles(previousyear:11.3millionglasses),whichisanincreaseof1.7percent.AccordingtotheAssociation,thetotalsalesrevenuerecordedbyhighstreetopticiansincreasedby2.7percentto¤5.4bil-lion(previousyear:¤5.3billion).Itestimatesthatoverallsalesincludingonlineretailwillamountto¤5.6billion(previousyear:¤5.4billion).Attheendofthereportingperiod,accordingtotheAssociation,thenumberofspecialistopticalstores,includingallbranchesandoperatingunits,was11,950(previousyear:12,000).

Germany’sopticalindustryishighlyfragmented.ThetraditionalGermanopticiansellsfewerthantwopairsofglassesperday,whereasaFielmannbranchsells35.Theaverageopticiansellsfewerthan600pairsofglassesperannum,whileFielmannsellsinexcessof10,000perbranch,onaverage.

In2014, theaverage sales revenueofa traditionalGermanopticianwasun-changedataround¤0.3million.Bycomparison,aFielmannbranchinGermanyrecordsaveragesalesrevenueof¤1.9million(previousyear:¤1.8million),whileabranchinAustriaregisterssalestotalling¤2.4million(previousyear:¤2.6mil-lion)andoneinSwitzerland,¤5.2million(previousyear:¤5.0million).NovalidfiguresareavailableforthekeydatarelatingtosectordevelopmentinAustriaandSwitzerland.According toourestimate,unit sales inSwitzerlandremainedatonemillionspectacles.AtCHF1.3billion,salesweresimilartothepreviousyear’sfigure.ThenumberofspecialistopticalstoresinSwitzerlandremainedunchangedat1,100.InAustria,itisestimatedthatunitsaleswillbeunchangedat1.3millionspectacles.Saleswerealsoonaparwiththepreviousyear’sfigure,at¤0.5billion.Thenumberofspecialistopticalstoresincreasedto1,177(previousyear:1,140stores).

Fielmann Group Fielmannhasshapedtheopticalindustry.ThenameFielmannissynonymouswithfashioneyewearatafairprice.Weareopticians,coveringthesector’sentirevalue-addedchain.

OurfacilitiesinRathenow,federalstateofBrandenburg,areacentreofexcellenceofmanufacturingandlogistics.Mineralandaboveallplasticlensesarepreparedtoorderandthenfittedintotheframesinourgrindingplant–allunderoneroof.Inatwo-shiftoperation,anaverageofmorethan18,000lensesaremanufacturedperdayandmorethan50,000ordersareprocessed.In2014,thelatesttechnologywasusedtomanufactureinexcessof4.5millionlensesofalllevelsoffinish,andsuppliedmorethan7.6millionframes.

12 8 4 0 GermanyAustria Switzer- land

1.11.2

11,9

Specialized opticalstores 2014 inthousand

6.04.02.0 0 GermanyAustria Switzer- land

1.92.4

5.2

Average sales revenue FielmannBranchesin¤million

ManageMent RepoRt

30 AnnualReport2014

Fielmann Aktiengesellschaft FielmannAktiengesellschaft,whichisheadquar-teredatWeidestraße118a,Hamburg,Germany,istheGroup’slistedparentcom-pany.FielmannAktiengesellschaftisinvolvedintheoperationofandinvestmentinopticalbusinesses,hearingaidcompaniesandthemanufactureandsaleofvisualaidsandotheropticalproducts.Theseincludespectacles,spectacleframesandlenses,sunglasses,contactlenses,relatedarticlesandaccessories,merchandiseofallkindsaswellashearingaidsandtheiraccessories.ThecompanyisrepresentedbyGüntherFielmann,ChairmanoftheManagementBoard,bytwomembersoftheManagementBoard,orbyoneManagementBoardmemberandanauthorisedsignatory.

Corporate management Customer satisfaction,unit sales, sales revenueandtheresultareallkeyfinancialandnon-financialperformanceindicatorsforcorporatemanagement.Onlysatisfiedcustomerswillremainloyaltothecompanyandensuresustainedlong-termgrowth.

Customersatisfactionrepresentsakeyindicatorthatisspecifictothecompanyandisdeterminedandevaluatedthroughcomprehensivesurveysatthelevelofeachindividualbranchbyanindependentmarketresearchinstituteonanongoingbasis.

TheGroup’smanagementstrategyrequiressegmentreportingforthevarioussalesmarketsofGermany,Switzerland,Austriaandothersalesmarkets.

Economic reportEarnings Whiletherestof theopticalsectorincludingonlineretail inGermanyreportedaunitsalesincreaseofjust1.8percent(previousyear:decline–0.4percent),Fielmannregisteredariseinunitsalesof3.7percentto7.6millionpairsofglasses(previousyear:7.3millionspectacles).ExternalsalesincludingVATgrewto¤1,427.9million (previous year:¤1,350.1million) and consolidated sales roseto¤1,226.5million (previousyear:¤1,157.1million).Unit salesofhearingaidsamounted to39,500 (previousyear:27,700),while sales totalled¤34.6million(previousyear:¤22.6million).Customersatisfactionincreasedslightlyto91.8percent(previousyear:91.7percent).

Therewasaclearabove-averageincreaseof57.6percentinotheroperatingin-cometo¤15.6million(previousyear:¤9.9million).Thisitemmainlyincludesincomefromsublettingleasedpropertyandfromwritingbackvalueadjustments,provisionsandforeignexchangegains.Theyear-on-yearchangemainlyreflectsthereportingofsuppliercontributionsreceivedsubsequentlyforpreviousyearsandincomefromcurrencyhedgingtransactionsforgoodspurchasingamountingto¤1.2million.

Costofmaterialsincreasedatadisproportionallylowerrateof4.8percentto¤264.7million(previousyear:¤252.5million)andinrelationtosales,thecostfellfrom21.8percentinthepreviousyearto21.5percent.Thisisaboveallduetoanimprovedsalesstructure.

ManageMent RepoRt

AnnualReport2014 31

Personnelexpensesroseby¤25.5millioninabsolutetermswithavirtuallysteadynumberandamountedto¤484.3million(previousyear:¤458.7million).Thisisessentiallyareflectionofthe3.5percentincreaseinstaffto16,732(previousyear:16,158employees),ofwhich497belonged tohearingaiddepartments (previousyear:389employees).

Otheroperatingexpensesincreasedbyarelativelylow2.8percentto¤231.6million(previousyear:¤225.2million).Theabsoluteincreasemainlyreflectshigherconsultancycostsandexpenditurefromleasingnewstoresandanintensificationoftrainingandfurthertraining.

DevelopmentsinUkraine,whichhadasignificantimpactontheexchangerateoftheUkrainianhryvnia(UAH),promptedustoadoptappropriateriskprovisioning.Theimpairmentrequirementwascalculatedaspartofanimpairmenttestandallocatedtotangibleassets.

In the reportingperiod, thepre-taxprofit of the FielmannGroupamounted to¤226.0million,whichrepresentsa13.5percentincreaseontheresultfortheprevi-ousyear(previousyear:¤199.1million).Netincomefortheyeartotalled¤162.8million(previousyear:¤142.0million).Fielmannhasinvestedinthemarketandinqualifiedemployees,aswellaspushingaheadwithexpansionandconsolidatingitsbranchnetwork.Unitsalesroseby3.7percent(previousyear:3.5percent),whilevaluesalesincreasedby6.0percent(previousyear:4.5percent).

Thefinancialresult iscalculatedfromnon-casheffects inconnectionwithcom-poundedanddiscountedinterestbasedontheIFRS/IASvaluationofbalancesheetitemsandfromoperatingnetinterestincomeresultingfromtheinvestmentandbor-rowingoffinancialassets.Whenviewingthetwoareasonanetbasis,thefinancialresult fell to¤0.2million,after¤0.7million in thepreviousyear.Theexpansivemonetarypolicyof the centralbanks continued tohavea strong impacton thesefigures.TherefinancinginterestrateoftheEuropeanCentralBank(ECB)wascuttoarecordlevelof0.05percent inSeptember2014.Inmanycasesbanksnownolongerpayinterestontimeandtermdepositswithamaturityofuptothreemonths.InDecember,bigGermancommercialbanksannouncedtheintroductionofnegativeinterestratesforsightdeposits.

Pre-tax profitin¤million

225150 75 0 ’12 ’13 ’14

180.6199.1

226.0

Net incomein¤million

150100 50 0 ’12 ’13 ’14

129.7 142.0

162.8

ManageMent RepoRt

32 AnnualReport2014

ThetaxratiooftheFielmannGroupstoodat28.0percent,after28.7percentinthesameperiodofthepreviousyear.Thepre-taxreturninrelationtoconsolidatedtotalsalesroseto18.4percent(previousyear:17.2percent),representinganetreturnof13.2percent(previousyear:12.2percent).Thereturnonequityaftertaxamountedto32.9percent(previousyear:30.0percent).Earningsbeforeinterest,taxes,depreciation,andamortisation(EBITDA)improvedto¤263.8million(previousyear:¤233.3million),andearningspershareincreasedby14.0percentto¤1.87(previousyear:¤1.64adjustedforthestocksplit).Theresultwasachievedby687branches(previousyear:679branches),ofwhich122siteswithintegratedhearingaiddepartments(previousyear:101branches). Inaddition,Fielmannoperates23branchesintheBalticStatesthroughfranchisees,whicharenotconsolidated(previ-ousyear:23branches).

Segments Inthereportingperiod,the582FielmannbranchesinGermany(previ-ousyear:578)achievedunitssalestotalling6.3millionspectacles(previousyear:6.1millionspectacles)andasalesrevenueinthesegmentamountingto¤1,025.8million(previousyear:¤962.0million).FielmannexpandeditsshareoftheGermanmarket:with5percentofallopticalstores(previousyear:5percent),Fielmannachieveda20percentshareofthesalesmarket(previousyear:20percent)anda52percentmarketshareintermsofunitsales(previousyear:51percent).InGermany, Fielmann recordedapre-tax result of¤181.3million (previous year:¤155.6million).Thepre-taxreturnonsalesamountedto18.5percent(previousyear:16.8percent).

InSwitzerland,the37Fielmannbranches(previousyear:33)achievedunitsalestotalling453,000millionspectacles (previousyear:426,000spectacles).Thesalesrevenueinthesegmentamountedto¤147.0million(previousyear:¤136.2million).Pre-taxearningsranto¤31.8million(previousyear:¤30.2million).Thereturnonsaleswas21.6percent,after22.2percentin2013duetofournewopenings.

Incontrast,exchangeratedevelopmentshadapositiveimpact.Overthecourseofthereportingperiod,theexchangerateoftheSwissfrancagainsttheeuromovedeverclosertotheminimumratesetbytheSwissNationalBank.Onaverageoverthecourseof2014,thefrancwasatCHF1.21andtherefore1.6percentstrongeragainsttheeuro(previousyear:averagerateCHF1.23).With3percentofallopticalstores(previousyear:3percent),Fielmannrecordeda44percentmarketshareintermsofunitsales(previousyear:42percent)andashareofthetotalsalesrevenueineurosamountingto15percent(previousyear:16percent).

900600300 0 ’12 ’13 ’14

914

1026

Sales revenue Germany in¤million

962

Quantities sold Germany inmillionpairs

6.04.02.0 0 ’12 ’13 ’14

6.15.96.3

240160 80 0 ’12 ’13 ’14

215.0

263.8

EBITDA in¤million

233.3

ManageMent RepoRt

AnnualReport2014 33

In thereportingyear,unitsales in the34Austrianbranches (previousyear:34)totalled405,000spectacles(previousyear:395,000spectacles).Thesalesrevenueinthesegmentroseby2.8percentto¤70.8million(previousyear:¤68.8million),whilepre-taxearningsranto¤13.5million(previousyear:¤13.3million).Thepre-taxreturnonsaleswasvirtuallyunchangedat19.1percent(previousyear:19.3percent).With3percentofallopticalstores(previousyear:3percent),Fielmannrecordeda31percentmarketshareintermsofunitsales(previousyear:30percent)andashareofthetotalsalesrevenueineurosamountingto19percent(previousyear:18percent).

IntheEUmemberstatesofPoland,theNetherlandsandLuxembourg,theGroupoperates34locations(previousyear:34),whichareincludedwithour38smallersites(previousyear:36)inBelarusandUkraineunderthe“Other”segment.

UnitsalesinPolandtotalled139,000spectacles(previousyear:143,000specta-cles).Theresultdevelopedpositively,withapre-taxreturnof7.9percent.TheaveragerateofthePolishzłotytotheeurofortheyearwasPLN4.18,whichalmostonaparwiththepreviousyear’sfigureofPLN4.20.

Thesalesrevenueinthe“Other”segmentwereunchangedat¤28.7million(previ-ousyear:¤28.7million).TakingintoaccounttheriskprovisionforactivitiesinUkraine,thepre-taxresultwas¤–0.7million(previousyear:¤0.0million).

Financial position

Financial management ThefinancialpositionoftheFielmannGroupcontinuestoremainsound.DespitethedividendpayoutofFielmannAktiengesellschaftfor2013risingby7.4percentinJuly2014,theGroup’sfinancialassetsatthereportingdatestillincreasedto¤328.1million(previousyear:¤317.8million).Attheendofthereportingyear,financialresources(assetswithmaturityuptothreemonths)amountedto¤127.3million(previousyear:¤136.5million).Forfurtherinformation,particu-larlywithregardtothechangedmaturitystructureofassets,pleaserefertoNote42intheConsolidatedNotes.TheGroup’sinvestmentpolicyisdefensiveanddirectedatmaintainingtheassets.Investmentguidelinesprovideforupperlimitsforindividualaddresses,aswellasforinvestmentclasses.Liabilitiestobanksamountedto¤0.5million(previousyear:¤0.6million).Additionalavailableshort-termcreditlineswereusedsolelyforsureties.Cash flow trend and investments Inthereportingyear,cashflowfromoperatingactivitieschangedstructurallycomparedwiththepreviousyearduetorestructuringwithinthefinancialassetsandtotalled¤156.7million(previousyear:¤23.5million).

Earningspershareconsequentlyclimbedto¤1.87(previousyear:¤0.28).The2013financialyearwasaffectedbytheadjustmentofFielmannAktiengesellschaft’scapitalmarketstrategy.Therewasanincreaseininvestmentswithmaturitiesofmorethanthreemonths.Thisresultedinanon-recurringeffectwithastrongdeclineincashflowfromoperatingactivities.

300200100 0 ’12 ’13 ’14

287.1317.8 328.1

Financial assets asat31.12.in¤million

ManageMent RepoRt

34 AnnualReport2014

The cash flow from investment activity amounted to¤ –38.7million (previousyear:¤–47.3million).Theinvestmentvolumeintheyearunderreviewwas¤39.1million(previousyear:¤47.5million)andwasfinancedsolelythroughFielmann’sownfunds.Thefundsweremainlyusedtoexpandandmaintainthebranchnetwork.Thecashflowfromfinancingactivities,whichisessentiallyduetothedividendpayout,amountedto¤–127.2million(previousyear:¤–117.6million).

Assets

Assets and capital structure Intheyearunderreview,totalGroupassetsroseby 4.7 per cent to ¤ 837.3 million (previous year: ¤ 799.4 million). The Groupreported tangiblefixedassetsof¤210.0million (previousyear:¤211.1million).Thiscorrespondstoashareof25.1percentofthetotalGroupassets(previousyear:26.4percent).

Investments,includinginnewbranches,theexpansionofhearingaiddepartmentsandtheconversionofexistingbranchesandforimprovingthelogisticsinRathenow,almost exactly matched depreciation and disposals, so tangible fixed assets onlydecreasedby¤1.1millionfortheyear(previousyear:increasedby¤11.0million).Aftertheproposeddividendpayout,theequitycoverfortangiblefixedassetsamountsto235.8percent(previousyear:223.9percent).Therewasanincreaseinwrite-downs,especiallyonactivitiesinUkraineandanimpairmentonapropertyoftotal¤3.1millionto¤38.0million(previousyear:¤34.9million).

Current assets amounted to¤505.1million (previous year:¤491.2million).Inventoriesundercurrentassetsincreasedby12.6percentto¤122.6million,whichisadisproportionatelygreaterincreasecomparedwiththegrowthinsales(previousyear:¤108.8million).Theinventoryturnoverratewas10.6(previousyear:11.2)onaccountofaslightexpansionofthecentralisedinventories.Asatthereportingdate,tradereceivableswereup¤2.6million to¤21.0million (previousyear:¤18.4million).

Consolidatedequityroseby4.8percent,or¤22.5million,andamountedto¤495.2million(previousyear:¤472.7million)afterdeductionoftheproposeddivi-dendpayoutof¤134.4million.ThesoundfinancialpositionoftheFielmannGroupisalsoreflectedintheunchangedhighequityratioof59.1percentafterdeductionoftheproposeddividend(previousyear:59.1percent).

ByresolutionoftheordinaryAnnualGeneralMeetingofFielmannAktiengesell-schafton3July2014,thesharecapitalofthecompanywasincreasedby¤29.4million,from¤54.6millionto¤84.0million.Subsequently,byresolutionofthesameday, therewasastocksplitof thesharecapital into84.0millionordinaryshares(onetotwosharesplit).Theconversionofsharetradingtookplacewitheffectfrom22August2014.

900600300 0 ’12 ’13 ’14

753.2837.3

Total Group assetsin¤million

799.4

450300150 0 ’12 ’13 ’14

457.8495.2

Equity capital afterdeductionoftheproposeddividendin¤million

472.7

ManageMent RepoRt

AnnualReport2014 35

Accrualsamountedto¤60.8million(previousyear:¤59.0million).Tradepaya-blesandotherfinancialliabilitiesroseby7.0percentto¤82.6millioninthereportingyear,whichisadisproportionatelyhigherincreasecomparedwiththeexpansionofbusinessoperations(previousyear:¤77.2million).

General statement of the Management Board on the current financial posi-

tion AtthetimeofdraftingofthepresentAnnualReport,theManagementBoardisoftheopinionthattheoutlookforbusinessdevelopmentremainspositive.Fromthecurrentperspective, theManagementBoard isassuming thatwith theappropriateresultsFielmannwillacquirefurtherunitsalesandsalesrevenueshares.Atthetimeofprinting,theactualbusinessdevelopmentwasinlinewiththeexpectations.

Value added Thevalueaddedcalculationdeterminestheeconomicvalueachievedbyacompanyviaproductionandservices.Italsoshowsthesharereceivedbyindi-vidualsdirectlyorindirectlyfromthecompany.

Source ¤ m Application ¤ m %

Salesrevenuesincludinginventorychange

1,228.7

Shareholdersandotherpartners 139.9 19,7

Otherincome 14.0Employeesandexecu-tivebodies 484.7 68,2

Total sales 1,242.7 Publicsector 63.2 8,9

Costofmaterials –264.7 Creditors 0.3

Depreciation –38.0 Company 22.7 3,2

Otheroperatingexpenses –228.9

Othertaxes –0.3

Total preliminary liabilities –531.9

Value added 710.8 710.8 100

Employees FielmannisthebiggestemployerintheopticalindustryinGermanyandSwitzerland.Intheyearunderreview,anaverageof16,389staffwereemployedintheGroup(previousyear:15,808).Personnelexpensestotalled¤484.3million(previousyear:458.7million),while thestaffcostratioinrelationtoconsolidatedtotalsalesamountedto39.4percent(previousyear:39.5percent).

Thesuccessofourcompanyessentiallydependsonhowwellthestaffperform.Formanyyears,morethan30percentofFielmann’smanagementpositionshavebeenfilledbywomen.Theshareofqualifiedwomenwithprofessionalexperiencewillcontinuetorise.Byadoptingflexibleworkinghourarrangements,afamily-friendlyenvironmenthasbeenestablished.Asatthereportingdate,28percentofthe16,732employeesworkonapart-timebasis(previousyear:28percentof16,158).Fielmannisthereforelargelytakingintoaccountrequirementstostructureworkinghoursindividually.

Value addedin¤million

750500250 0 ’12 ’13 ’14

616.2657.7

710.8

Employee developmentGroup on an average

15,00010,000 5,000 0 ’12 ’13 ’14

15,14216,38915,808

ManageMent RepoRt

36 AnnualReport2014

DemographicdevelopmentsinGermany,SwitzerlandandAustriahaveledFielmanntorecruitstaffatanearlyageandtoensuretheirqualificationinavarietyoftrainingprogrammes.TheGroupoffersawide-rangingspectrumofcareeroptionswithattractiveremunerationpackagesandfinancialdevelopmentprospects.Inrecentyears,therehasbeenastrongerfocusonboththeseaspects.

Itisourstrictcustomerfocusthathastakenustothetopofourfield.Ourphilosophyisalsoreflectedinthesalariespaidtostaff.AsignificantpartofthebonuseswepayourbranchmanagersandourManagementBoardiscontingentoncustomersatisfaction.Fielmannalsooffersitsstafftheopportunitytoinvestinthecompany.Morethan80percentofourstaffholdFielmannsharesandreceivedividendsinadditiontotheirsalaries.Thisactsasamotivationandourcustomersbenefitasaresult.

Fielmann further training and continued professional development AllFielmannbranches inGermanyandabroadaremanagedbymasteropticiansandoptometristswhoaresupportedbyateamoffriendly,competentstaffconsistingmainlyofopticians’assistants.Fielmannisthemajortrainerintheopticalindustry,andinthereportingperiod,2,922youngpeopleweretrained(previousyear:2,874trainees).Nationalawardstestifytothehighstandardofourtraining.Overthepastfiveyears,Fielmannaccountedforanaverageof91percentofallfederalstatewinnersand93percentofallnationalwinnersintheGermanopticalindustrycompetition.

On theFielmanncampus inPlön, including thenon-profit FielmannAcademyatSchlossPlönGmbH,Fielmann trainsyoung talent tobecome thenewgenerationofspecialistopticians.In2014,morethan6,000qualifiedopticiansagaingraduatedfromtheacademy.State-of-the-art technologybothforoptometryandaudiologytogetherwith innovative teachingmethodsandaidssupportahighstandardof trainingandfurthertraining.TheFielmannAcademycolloquiainPlönhavebecomeestablishedasapermanentfixture for theexchangebetweenscienceandpracticalapplication. Intotal,morethan3,700visitorshaveattended28eventssince2007todiscussthelatesttrendsintheopticalindustry.In2012,thecentralfurthertrainingandcontinuedprofes-sionaldevelopmentforhearingaidacousticsstartedontheFielmanncampusinPlön.

Comparison of planned/actual data 2014 The expectations regarding theGroup’sbusinessdevelopmentwhichwerepublishedintheoutlookfor2014andinthesummarisedstatementontheforecastinthe2013AnnualReporthavebeenmet.

In2014,atotalof¤39.1millionwasinvestedinexpandingandmaintainingthebranchnetworkaswellasinproductionandinfrastructure(plan2014:¤53.0million).Investmentswereaccountedforasfollows:

Employee developmentGroup asat31.12.

15,00010,000 5,000 0 ’12 ’13 ’14

15,49416,73216,158

Traineesasat31.12.

3,0002,0001,000 0 ’12 ’13 ’14

2,7792,9222,874

ManageMent RepoRt

AnnualReport2014 37

Tennewlocationswereopenedinthe2014financialyear(plan2014:tenloca-tions).Investmentsof¤29.7millionweremadeinGermany(plan2014:¤44.3million),¤1.0millioninAustria(plan2014:¤1.2million),¤8.1millioninSwitzerland(plan2014:¤6.9million)andunder¤0.2millioninPoland(plan2014:under¤1million).Spending on renovating existing branches and opening new ones totalled ¤ 26.4million(plan2014:¤29.5million).Around¤3.5millionwasinvestedinincreasingproductioncapacity(plan2014:¤6.3million)andafurther¤9.2millionintheGroupinfrastructure(plan2014:¤17.2million).ThedisparitiesareaboveallattributabletotheimplementationofthenewhardwareandsoftwarethroughoutGermanbranches.Lastyear,Fielmanninvestedmorethan¤20millionintrainingandcontinuedprofessionaldevelopment(plan2014:morethan¤20million).

Marketshareincreaseswereachievedasexpectedinthe2014financialyear.With5percentofallbranchesinGermany(previousyear:5percent),Fielmannachieveda20percentshareofthesalesmarket(previousyear:20percent)anda52percentmarketshareintermsofunitsales(previousyear:51percent).Unitsaleswereup3.7percentinthepastfinancialyear(plan2014:riseinunitsalestomatchpreviousyear.Increase in2013:3.5percent),whileconsolidatedsalesroseby6.0percentandthereforeexceededexpectations(plan2014:salesdevelopmentasinpreviousyears.Averageincrease2010to2013:5.0percent).Earningsfromordinaryactivitiessurged13.5percent(plan2014:similarpositivetrendforearningsfromordinaryactivities).Customersatisfactionroseslightlyto91.8percent(plan2014:toholdcustomersatis-factionatthepresentlevel.Customersatisfactionin2013:91.7percent).Asplanned,shareholdersbenefitedfromthecompany’ssuccessthroughanincreaseof10.3percentinthedividendpayoutfrom¤1.45to¤1.60,withahighreturnonsalesandequityfortheretailtrade(pre-taxreturnonsales:18.4percent;returnonequityaftertax:32.9percent).

Remuneration report Inprinciple,thetermofManagementBoardservicecon-tractsconstitutesthreeyears.ManagementBoardemolumentsforworkcarriedoutin thefinancialyeararedividedintofixedandvariableperformance-relatedcom-ponents.OnememberoftheManagementBoardhasalsobeengrantedapensionundertaking.The individualmonetaryequivalents forprivateuseofcompanycarsandaproratashareofthegroupaccidentinsurancepremiumformembersoftheManagementBoardwereaddedtothefixedsalarycomponent.ThebonussystemthatappliestoallManagementBoardmemberscomprisesthefollowing:

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38 AnnualReport2014

ThestrictcustomerorientationoftheFielmannGroupasthecoreofitscorporatephilosophyisreflectedinthevariableremunerationcomponentoftheManagementBoardcontracts.Bonusesare split into twoparts.Bonus I is related to theannualresult,whilebonus IIaims topromote sustainablecorporategrowth.Thisbonus isalsocalculatedaccordingtocustomersatisfaction.ForBonusI,thebonuspercentagethathasbeenagreedfor theindividualManagementBoardmembersismultipliedby70percentoftheadjustedannualnetprofitoftheFielmannGroup.ForBonusII,theindividualbonuspercentageisinitiallycalculatedas30percentoftheadjustedannualnetprofitinthethree-yearbonusperiodoftheFielmannGroup.

Theamountobtainedinthiswayisthenratedonthebasisofasystemoftargetsandthefinalresultmaybebetween0percentandamaximumofdoublethestartingpoint,i.e.60percent.Customersatisfactionisthereforeparticularlyimportantwhenmeasuringbonuses.Forexample,iftheFielmannGroupachievesthesamepositiveoverallresultasinthepreviousyear,butwithbadcustomersatisfactionvalues,thebo-nusesoftheindividualmembersoftheManagementBoardonlyamountto70percentofthepreviousarrangement.Ifoutstandingcustomersatisfactionvaluesareachieved,buttheeconomicdevelopmentstaysthesame,thebonusmayamounttoupto130percentoverallcomparedwiththeprevioussolelyperformance-basedarrangement.

Atthesametime,inthecontractsofemploymenttheupperlimitofthetotalvariableremunerationpayabletoamemberoftheManagementBoardwassetat150percent(ManagementBoardcontractsofDrStefanThiesandGeorgAlexanderZeiss)or200percent(ManagementBoardcontractsofGüntherFielmannandGünterSchmid).

TheindividualamountspayableforthefinancialyearunderreviewandthoseforthepreviousyearareindicatedintheNotestotheAccountsunderfig.(30),asareexplanationsoftheseveranceagreements.

Details pursuant to Section 315 Para. 4 of the German Commercial Code

(HGB) as well as shareholder structure

The composition of subscribed capital The subscribed capital of FielmannAktiengesellschaftamountedtoT¤84,000,dividedinto84millionordinary(bearershares)sharesofnoparvalue.Therearenodifferentcategoriesofshare.Allsharesareassociatedwiththesamerightsandduties.Eachnoparvaluesharegrantsonevoteinthegeneralshareholders’meetingofFielmannAktiengesellschaft(Article14Para.6oftheArticlesofAssociation).

ManageMent RepoRt

AnnualReport2014 39

Limitations affecting voting rights or the transfer of shares Withtheagree-mentdated4April2013,MarcFielmannandSophieLuiseFielmannjoinedthepoolagreement(poolcontract)betweenGüntherFielmannandKORVASE,Lütjensee,whichwasconcludedon3April2013.Thepoolcontractcomprises60,180,844sharesinFielmannAktiengesellschaft(poolshares).Accordingtothepoolcontract,thetransferofpoolsharestothirdpartiesrequiresapprovalbyallothermembersofthepool.Inaddition,everypoolmemberwishingtoselltheirpoolsharesmustfirstofferthesetotheothermembersofthepool(preferentialpurchaseright).

ThepoolcontractstipulatesthatthevotingrightsofpoolsharesmustbeexercisedattheAnnualGeneralMeetingofFielmannAktiengesellschaftinaccordancewiththeresolutionspassedbypoolmembersinthepoolmeeting,whichmustoccurregardlessofwhetherandinwhatwaytherespectivepoolmembervotedatthepoolmeeting.ThevotingrightofapoolmemberinthepoolmeetingisbasedontheirvotingrightattheAnnualGeneralMeetingofFielmannAktiengesellschaft.Eachpoolsharegrantsonevote.

Shareholdings in the company’s capital that exceed 10 per cent of

voting rights Atthetimeofpreparingtheseconsolidatedaccounts,thefollowingdirectandindirectinterestsinthesharecapitalexceededthe10percentthreshold:GüntherFielmann,Lütjensee(directandindirectshareholdings),MarcFielmann,Ham-burg(directandindirectshareholdings),SophieLuiseFielmann,Hamburg(directandin-directshareholdings),KORVASE,Lütjensee(directandindirectshareholdings),FielmannInteroptikGmbH&CO.KG,Hamburg(directandindirectshareholdings),FielmannFamilienstiftung,Hamburg(indirectshareholdings).

Thefreefloatamountsto28.36percent.Forfurtherinformationonvotingrights,pleaserefertotheNotestotheconsoli-

datedaccountsfor2014ofFielmannAktiengesellschaft.

Shares with special rights conferring powers of control Noshareshavebeenissuedwithspecialrightsconferringpowersofcontrol.

The control of voting rights in the case of shareholdings of employees

who do not directly exercise their control rights Thereisnosuchconstella-tionwithinthecompany.

ManageMent RepoRt

40 AnnualReport2014

Statutory regulations and provisions in the Articles of Association

governing the appointment and dismissal of Management Board mem-

bers and amendments to the Articles of Association Thestatutoryprovi-sionsonappointmentanddismissalofManagementBoardmembersarelaiddowninArticle84oftheGermanStockCorporationAct(AktG).Article7Para.1oftheArticlesofAssociationofFielmannAktiengesellschaftprovidesforthefollowingregu-lationonthecompositionoftheManagementBoard:

“(1)Thecompany’sManagementBoardshallconsistofatleastthreepersons.TheSupervisoryBoardshalldeterminethenumberofManagementBoardmembersandthepersonwhoistobetheChairpersonoftheManagementBoard,aswellasthelatter’sdeputy,ifapplicable.”

ThestatutoryprovisionsonamendingtheArticlesofAssociationarelaiddowninArticle119oftheGermanStockCorporationAct(AktG)inconjunctionwithArticle179of theAktG.Article14Para.7of theArticlesofAssociationofFielmannAk-tiengesellschaftprovidesforthefollowingregulationonamendmentstotheArticlesofAssociation:

“(7)Unlessotherwisestipulatedbythestatutoryprovisions,asimplemajorityofvotescastisrequiredandsufficienttopassresolutionsattheAnnualGeneralMeet-ing.”

Authorisation of the Management Board to issue or repurchase

shares TheManagementBoardhastheauthority,withtheunanimousconsentofallitsmembersandthatoftheSupervisoryBoard,tocarryoutnewrightsissuesofordinarybearersharesforcashand/orcontributionsinkindtotallingupto¤5million,inoneormorestages,upto6July2016(authorisedcapital2011).Thenewsharesaretobeofferedtoshareholdersforsubscription.

However,theManagementBoardhastheauthority,withtheunanimousconsentofallitsmembersandthatoftheSupervisoryBoard,toexcludeshareholders’subscrip-tionrightsinthecasesindicatedbelow:– to make use of any residual amounts by excluding shareholders’ subscription

rights;– when increasing the share capital, in return for cash contributionspursuant to

Article186Para.3(4)oftheGermanStockCorporationAct(AktG),iftheissueamountofthenewsharesdoesnotfallfarshortofthemarketpriceforsharesthatarealreadylistedatthetimetheissueamountisfinallydetermined;

− foracapitalincreaseforcontributionsinkindtograntsharesforthepurposeofacquiringcompanies,partsofcompaniesorinvestmentsincompanies.Moreover,theManagementBoardisauthorised,withtheunanimousconsentof

allitsmembersandthatoftheSupervisoryBoard,tostipulatealltheremainingde-tailsconcerningimplementationofsharecapitalincreasesinthecontextofthe2011authorisedsharecapital.

ManageMent RepoRt

AnnualReport2014 41

Significant agreements which take effect upon a change of control of the

company following a takeover bid Suchsignificantagreementsdonotexist.

Compensation agreements concluded by the company with the mem-

bers of the Management Board or employees in the event of a takeover

bid SuchcompensationagreementswiththemembersoftheManagementBoardoremployeesdonotexist.

Dependency report InaccordancewithArticle312oftheGermanStockCor-poration Act (AktG), the Management Board of Fielmann Aktiengesellschaft haspreparedadependencyreportdetailingthecompany’srelationshipswithGüntherFielmann (Chairmanof theManagementBoardof FielmannAktiengesellschaft)aswellaswithothercompaniesaffiliatedtohimandwiththecompanieswhicharepartoftheFielmannGroup.

TheManagementBoardhasreleasedthefollowingclosingstatementinthisreport:“InaccordancewithArticle312Para.3oftheGermanStockCorporationAct(AktG),theManagementBoarddeclaresthatourcompanyreceivedanappropriateserviceorcompensationinreturnforeachtransactionindicatedinthereportonrelationshipswithaffiliatedcompanies,onthebasisofthecircumstancesofwhichwewereawareatthetimewhenthetransactionswerecarriedout.Nomeasuresthataresubjecttomandatoryreportingrequirementsoccurredinfinancialyear2014.“

Supplementary report Thefirstfewweeksoffinancialyear2015weremarkedbysomemassivecurrencymovements.

Thedepreciationof theeuroagainst theUSD,whichbeganat theendof thesecondquarterof2014,acceleratedsharplyinthefirstfewweeksofthisyear.

TheSwissNationalBankscrappedtheSwissfranc’spegtotheeuroon15Janu-ary2015, therebyabolishing theminimumexchange rateofCHF1.20per euro.Thereafter,thevalueoftheSwissfrancincreased.

TheUkrainiancurrencyandtheBelarusianroubledepreciatedmassively.Atthetimeofproducingthepresentreport,therehadbeennofurthersignificant

eventssince31December2014whichcouldhaveaneffectontheassets,financialpositionandearningsoftheFielmannGroup.

TherewillbeanewstructureintheManagementBoardwitheffectfrom1April2015.AsChairmanoftheManagementBoard,MrGüntherFielmannisresponsiblefor corporate strategy, marketing and expansion. The Supervisory Board has ap-pointedDrKörbertotheManagementBoard,wherehewillbeHeadofSales.DrStefanThieswilltakeovernotonlytheexistingITandControllingManagementBoardfunctions, but alsobecomesHeadofHumanResourcesand Labour Relations.MrSchmidremainsHeadofMaterialsManagementandProductionandMrZeissHeadofFinanceandProperty.

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42 AnnualReport2014

Risk management system Fielmann’scomprehensiveopportunityandriskman-agementsystemenablesthecompanytoidentifyandmakeuseofopportunitiesingoodtime,whilealsokeepinginmindthepotentialrisks.Riskmanagementisbasedondetailedreporting,whichcomprisesallplanningandcontrolsystems.Usingpre-viously identifiedanddefined thresholds, thecompanyregularlyanalyseswhetherconcentrationsofriskexistwithin theGrouporwithinFielmannAktiengesellschaft.Monitoringisintegratedineverydayprocesses,withmonthlyandannualreportingcompletingtheearlywarningsystem.PotentialrisksareidentifiedandevaluatedwithregardtotheirpotentialsignificanceforthebusinesspositionofFielmannAktienges-ellschaftandtheGroup.Theresultsof theassessmentaredocumentedonspecificformswitha traffic light system for thepotential severityof the risk. The risksarecategorisedasfollows:Green: goodsituation(expecteddamagehasanextentoflessthan1percent

ofanticipatedpre-taxprofit)Green-yellow:slightlynegativedeviationfromgoodsituation(expecteddamagehas

anextentofbetween1percentand3percentofanticipatedpre-taxprofit)

Yellow: riskofcriticalsituationoccurring(expecteddamagehasanextentofbetween3percentand5percentofanticipatedpre-taxprofit)

Yellow-red: critical situation (expecteddamagehasanextentofbetween5percentand10percentofanticipatedpre-taxprofit)

Red: highlycritical(expecteddamagehasanextentofmorethan10percentofanticipatedpre-taxprofit)

In addition to monthly and annual reporting, there is also mandatory ad hocreporting.Theprocessofriskidentification,evaluationandassessmentiscarriedoutinadecentralisedwayby the individualdepartments.Riskofficerscoordinateriskidentification,evaluationandassessmentaswellasbeingresponsibleforconveyingtheriskfromtheindividualdepartmentstotheManagementBoard.Thiscoversawiderangeofseparaterisks,whichcaninturnbegroupedintothefollowingcategories:

– Businessenvironmentrisks– Groupperformanceandexpenserisks– Risksinotherareas: – Finances – Productionandlogistics – Informationtechnology – PersonnelThesystemreflectsthelikelihoodofrisksarisingandtheirpotentialimpact.The

effectivenessoftheinformationsystemisregularlyassessedbyaninternalaudit,aswellasbytheexternalaudit.TheFielmannGroupandFielmannAktiengesellschaftfacepotentialrisksasdetailedbelow.Anyadditionalgeneralrisksarenotspecificallydefinedas,bytheirverynature,theycannotbeavoided.

ManageMent RepoRt

AnnualReport2014 43

Opportunities and risks inherent in future development Theinformationbelowon risks inherent in futuredevelopment relates to the risks included in Fiel-mann’sriskmanagementsystem.Toimprovethequalityoftheinformationprovided,thereportingofcreditrisks,exchangeraterisks,interestraterisks,marketrisksandliquidityrisksunderIFRS7isincludedintheManagementReportunder“Financialrisks”.Theexplanationsconcerningtheopportunitiesinherentinfuturedevelopmentmainlyrelatetooperatingareas.

Sector and other external risks Economicfluctuationsintheinternationalmar-ketplaceandincreasinglyintensecompetitionconstitutethefundamentalrisks.Thisgivesrisetorisksrelatingtopriceandsales.Ongoingdecentralisedandcentralisedmonitoringofthecompetitionfacilitatesearlyidentificationoftrends.Monitoringthecompetitionalsoincludesdevelopmentsontheinternet.Throughmanualandauto-matedprocesses,therangeofferedbyonlineprovidersofcontactlensesiscontinu-ouslymonitoredandanalysed.TheManagementBoardandotherdecision-makersareinformedpromptlyofanymovementsinthemarket.Inthisway,risksareidentifiedatanearlystageandmeasurestolimitthemcanbeimplementedatshortnotice.

Increasingly,consumerbehaviourisbeingshapedbynewmedia.Glassesandcontact lenses are now also being offered online. However, online stores cannotdetermine the prescription strength and are consequently dependent on the dataobtainedfromhighstreetopticians.Inordertoensurebestpossiblevision,thelensesmustbecentredwithcorrecthorizontalandverticalpositioning.Onlyby individu-allydeterminingcentringdatacanitbeensuredthattheprinciplelineofvisionisintheopticalcentreofthelenses.Centringviaanonlineportalresultsinaproductofchance.Imprecisedatacanresultinprismaticside-effectssuchasfatigue,discomfortandheadachesaswellasdoublevision.Glassesmustbeindividuallyadaptedforthewearerbyanopticiantoguaranteeanoptimalfit.InternetretailerscannotprovidethisserviceandforthatreasonFielmanndoesnotsellprescriptionspectaclesonline.Consequently,theassessmentofriskisunchangedat“low”(greentogreen-yellow).

Segment-specific risks (business environment risks) SegmentreportingintheconsolidatedaccountsinlinewithIFRSiscarriedoutaccordingtoregionalunitsalesmarketsandof theseonly thesalesrevenueofSwitzerlandandthesegment“Other”maybeaffectedbyexchangeratefluctuations.For furtherdetails,pleaserefertoourcommentsunder“Currencyrisks”.

Changesinhealthcarelegislationdonotposearisk,astheopticalindustryhasvirtuallybeencompletelyderegulatedinallsegmentsandtherefunds thatarestillgivenbyhealthinsurancecompaniesaresosmallthattheyareoflittleconsequenceforthecompany.Consequently,theriskassessmentisas“low”(green).

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44 AnnualReport2014

Witheffectfrom1November2013,thefixedamountthatstatutoryhealthinsur-ancefundsinGermanypaytoinsuredhardofhearingindividualswasincreasedto¤785.00perhearingaidincludingVAT.Asupplyobjectivewassetatthesametimeasthisfixedamount.Accordingly,anyonewithstatutoryhealthinsuranceisentitledtotreatmentwhichaffordsasclosetonormalhearingasispossiblethroughthelatestmedicaltechnology.Asaresultoftheframe-workagreementswithstatutoryhealthin-suranceproviders,hearingaidtechniciansarealreadyobligatedtomeetthisobjectiveatnocharge.ThispresentsanopportunityforFielmanntogainfurthermarketshares.

Operating risks (production and logistics risks) Bymanufacturingourownproducts,weareabletocontroltheflowofgoods,fromcheckingtherawmaterials,toputtingtogetherthefinishedspectacles.TheuseofprocessescertifiedunderDINISO9001ensuresastandardisedorganisationwithhighlyautomatedmanufacturingandtestingprocesseswhichdeliverconsistentlyhighquality.– Systematictrainingandqualificationprogrammesforemployees– Ongoingfurtherdevelopmentoftheproductionprocessesandtechnologies– Comprehensivesafeguardsatthebranches– Regularcalibrationofmeasuringequipment,maintenanceofmachinery,ITsystems

andcommunicationinfrastructureIntheeventofanylossthatmayneverthelessoccur,thecompanyisinsuredtoan

economicallyappropriateextent.Consequently,theriskassessmentfortheareaofproductionandlogisticsisunchangedat“low”(green).

Group performance and expense risks Asadesigner,manufacturer,agentand optician, Fielmann covers the entire value-creation chain for spectacles. Ourprocurementstrengthandglobalbusinessrelationshipsallowustoeasesupplybottle-necksintheshorttermandrespondtodevelopmentsinpurchasingpricesinaflexibleway.Consequently,theassessmentofriskisunchangedat“low”(green).

Financial risks Foreignexchangeandinterestratefluctuationsmayresultinsig-nificantprofitandcashflowrisksfortheFielmannGroup.Wherepossible,Fielmannapproachestheserisksonacentralisedbasisandmanagesthemwithforesight.Busi-nessoperationsalsogiverisetorisksrelatedtointerestratesandcurrencyfluctuations.Theinstrumentsusedtohedgethesefinancialrisksareindicatedintheexplanatorynotesontherespectivebalancesheetitems.Majorpurchasingcontractsarepricedineuros.Fielmannfinancesthemajorityofitsactivitiesfromitsownfunds,whichmeansthatitislargelyindependentofmovementsininterestrates.

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AnnualReport2014 45

Interest ratechangesalso impacton the levelofbalancesheetprovisionsandconsequently,onthefinancialresults.Risksalsoarisefromfluctuationsinexchangeratesandsecurities.Thesearecontrolledbymeansofan investmentmanagementsystemtomonitorcredit,liquidity,market,interestrateandcurrencyrisksinthecontextofshortandlong-termfinancialplanning.Consequently,theassessmentoffinancialriskisunchangedat“low”(green).

Credit risks (finance) ThemaximumdefaultriskwithintheGroupcorrespondstotheamountofthebookvalueofthefinancialassets.Baddebtchargesareappliedtotakeaccountofdefaultrisks.Lowinterestratesintheeurozoneaswellasadequateliquidityprovisionbythecentralbanksresultedinastabilisationonthefinancialmar-ketsin2014.However,thereisstillhighriskforthesingleeurocurrencyasaresultofhighprivateandpublicdebtinsomeeurozonecountries.

AfterinterestratesweresuccessivelyloweredbytheECBintheyearssince2011,thelevelofinterestdroppedtoanhistoriclowin2014.Asatthereportingdate,31December2014, theECB’smain refinancing interest ratewasonly0.05per cent(previousyear:0.25percent).

ThenetinterestincomeoftheFielmannGroupfellby16.2percentto¤1.5mil-lion(previousyear:¤1.8million).

With regard to financing, the top priority of investment decisions remains, inprinciple,tosecurepurchasingpoweronasustainedbasis.In2014,therateofpriceincreasesinGermanystoodat0.9percent(previousyear:1.5percent).Aninvest-mentguidelinestipulatesthemaximumamountforallclassesoffinancialinstrumentsusedforinvestmentpurposes.Investmentoptionsareessentiallylimitedtoinvestmentgradesecurities.Inlightofthecontinuinggreatuncertaintyonthefinancialmarketsin2015,FielmannAktiengesellschaftresolvedtoinvest,inparticular,inassetswithahigh credit ratingor to leave liquid fundson cash-managementaccounts oroncurrentaccounts.

Businessassociates’creditratingsarealwayscheckedandrecordedbeforeanymajorinvestmentdecisionismade.Settinganupper limitoninvestmentsforeverycounterpartylimitsthedefaultrisk,asdoesthecurrentfocusontheinvestmenthorizonwithtermsofsevenmonths,onaverage(previousyear:maturitiesoffourmonths,onaverage).Non-ratedsecuritiesaresubjecttointernalassessmentandhere,amongotheraspects,theexistingratingoftheissuerorofacomparableborrowerandthefeaturesofthesecuritiesaretakenintoaccount.Investmentswithatermofuptothreemonthsdonotrequirearating,althoughthisissubjecttothespecificexemptionlimitsdefined in the investmentguideline.Consequently, theassessmentofcredit risks isunchangedat“low”(green).

Interest rate development2014inpercent

0.6

0.4

0.2

0

12M-EURIBOR 6M-EURIBOR

1.1. 31.12.

ManageMent RepoRt

46 AnnualReport2014

Thereisnoconcentrationofdefaultrisksrelatingtotradereceivables,sinceretailactivitiesdonotresultinafocusonindividualborrowers.Inviewofthis,theassess-mentofdefaultriskis“low”(green).

Liquidity risks (finance) Financial controlling is based on ensuring that theManagementBoardhasthenecessaryflexibilitytomakeentrepreneurialdecisionsandtoguaranteethetimelyfulfilmentof theGroup’sexistingpaymentobligations.FielmannAktiengesellschaft’sliquiditymanagementiscentralisedforallGroupsub-sidiaries.Currently,therearenoliquidityrisks(green).Moreover,thehighlevelofli-quidityprovidessufficientleewayforfurtherexpansion.Asat31December2014,thefinancialassetsoftheGrouptotalled¤328.1million(previousyear:¤317.8million).

Market risks (finance) ThemarketrisksthatarerelevanttotheFielmannGroupareprimarilyinterestrateandcurrencyrisks.Sensitivityanalysisisusedtoillustratehowvariousdevelopmentsresultedfromtheimpactofpastperformanceorevents.

Interest rate risks (finance) Thesensitivityanalysisofinterestraterisksisbasedonthefollowingpremises:Primaryfinancialinstrumentsareonlysubjecttointerestraterisksiftheyarevaluedatfairvalue.Financialinstrumentswithfloatingratesaregenerallysubjecttomarketinterestraterisks,asareliquidfundsoncurrentaccounts.Consequently,theriskassessmentforinterestratesisunchangedat“low”(green).

Intheeventofachangeintheinterestrateof2percentagepoints,theimpactonnetincomewouldhaveamountedto¤3.1million(previousyear:¤2.0million),takingintoaccounttheaveragetimetomaturityofthefinancialinstrumentsthataresubject to interest rate risks.Consequently, the riskassessment for interest rates isunchangedat“low”(green).

Currency risks (finance) Given its international focus, the FielmannGroup isexposedtocurrencyrisksinconnectionwithpaymentflowsoutsideitsownfunctionalcurrencyduringthenormalcourseofitsbusinessoperations.Morethan85percentoftheGroup’spaymentflowsareineuros,approximately10percentinSwissfrancs(CHF),withtherestdividedbetweenUSdollars(USD),Polishzłoty(PLN),Ukrainianhrywnja(UAH),Japaneseyen(YEN)andBelarusianroubles(BYR).

Inordertolimitcurrencyrisksonoutgoingpaymentsandregularexpectedcashflows in foreign currencies, currency forwardswithmaturities of up to12monthsaremainlyusedforhedgingpurposes.FielmannusesmarketablecurrencyforwardssolelyintheoperationalcurrenciesofCHFandUSD.Hedgingisnotforspeculativepurposes,butpurelytosecuretheregularcashflowoftheGroupinforeigncurrencies.

Simulationmodellingisusedasthebasisforassessmentofanyrisksidentified,takingintoaccountavarietyofdifferentscenarios.

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AnnualReport2014 47

Thefairvalueofthefinancialinstrumentsusedisgenerallyassessedonthebasisofexistingmarketinformation.ForeignexchangerisksarisingfromthetranslationoffinancialassetsandliabilitiesrelatingtoforeignsubsidiariesintotheGroup’sreportingcurrencyarenotgenerallyhedged.

Onaccount of their sum total or thedisproportionately highassociated costs,currenciesPLN,UAHandBYRarenothedged.

Asatreportingdate(31December2014),therewereforexfuturestransactionswitharesidualtermto31December2015amountingtoUSD1.5millionpermonth(previousyear:none),andsalescontractsamountingtoCHF2.0millionpermonthwithamaturitytoJune2015(previousyear:none).Consequently,thecurrencyriskassessmentisunchangedat“low”(green).

Demand for skilled staff (personnel) Demographicchangesarealteringthelabourmarketinthelongterm.AccordingtotheBertelsmannFoundation,by2025,thenumberofindividualsinGermanyinthe19to24agegroupwillhavedroppedby1.2million.Asaresultofthedemographicchanges,thenumberofgainfullyemployedpersonsinGermanywilldecreasefromthecurrent42.6milliontoapproximately39millionin2025.Tocounteracttheeffectsofthistrendonthecompanyatanearlystage,Fielmannisvisitingschoolsandjobfairstofindtheskilledstaffofthefuture.Everyyear,morethan10,000youngpeopleapplytoFielmannforanapprenticeship.

Asthebiggest trainingestablishment in theoptical industry,Fielmannis funda-mentallyshapingGermancraftsmanshiptraining.Itiscarriedoutwithprecisionandthoroughness,includingatourbranchesabroad.Yearonyear,Fielmannmakesaneight-digitinvestmentintraining,andhasincreasedthenumberoftrainingplacesinthelastyearby48toatotalof2,922(previousyear:2,874apprentices).Anumberofnationalawardspaytestamenttothequalityofthetrainingweprovide.Fielmannalsoinvests in innovative further trainingconcepts.Part-timemastercraftsman’scoursesgiveopticianswhoare tied toa certain locationorwhoare,as is frequently thecase,restrictedduetofamilycommitmentstheopportunitytoobtainfurtherqualifica-tionsandthechancetoadvanceintheircareers.Giventhecurrentsituationandtherespectivemeasuresthathavebeenimplemented,theassessmentofpersonnelriskis“low”(green).

IT risks TheoperatingandstrategicmanagementoftheGroupisintegratedintoacomplexinformationtechnologysystem.TheITsystemsareregularlymaintainedandareequippedwithaseriesofsafeguards.ThemaintenanceandoptimisationofthesystemsissecuredbymeansofaconstantdialoguebetweeninternalandexternalITspecialists.TheFielmannGroupalsocounteractsrisksfromunauthoriseddataaccess,data misuse and data loss with appropriate measures. Technological innovationsanddevelopmentsarecontinuouslymonitoredanddeployedwheresuitable.Conse-quently,theoverallassessmentofITrisksis“low”(green).

UkrainianhrywnjaBelarusianroublesPolishzloty

SwissfrancsUSdollarJapaneseyen

180

160

140

120

100

80

105

100

95

90

85

1.1. 31.12.

1.1. 31.12.

Currency rate development 2014inpercent

ManageMent RepoRt

48 AnnualReport2014

Opportunities AccordingtoarecentstudycarriedoutbyGoodVisionTrusteesAssociation(KuratoriumGutesSehene.V.),thenumberofspectacleswearersinthe20to29agegrouphasmorethandoubledsince1952.Inthe30to44agegroup,theriseisinexcessof55percent.Inthesecondhalfoflife,virtuallyeveryonere-quiresglasses.Normalsightedpeopleneedreadingglassesandthosewhosufferfrompoorsightwhohavebeenwearingglassessinceanearlyageneedtwopairs,forbothcloseanddistancevision.Multifocallensesarethemostconvenientchoicethesedays.Fielmannisoutperformingtheindustryinsalesofvarifocalsandthisisexplainedbythestructureof thecustomerbase.Fielmanncustomersaregenerallyyoungerthanthoseofitstraditionalcompetitors.Theyremainloyaltousoveraperiodofmanyyears.Consequently,evenwithoutgaininganynewcustomers,thevarifocalshareofFielmannsalesissettorisebymorethan50percentoverthecomingyears.

Asadesigner,manufacturer,agentandoptician,Fielmanncoverstheentirevalue-addedchainforspectacles.Fielmanncanofferglassesatlowerpricesthanthecom-petition,becauseaswellasproducingitsown,Fielmannalsobuysinfrommanufactur-ersproducingformajorbrandnames.Wepasstheadvantagesontoourcustomers.

Just45percentofallspectacleswearerscurrentlywearprescriptionsunglasses.Fielmannisanticipatingfurthergrowthfromtherisingshareoffashionableprescrip-tionsunglasses.Newdevelopmentsincontactlenstechnology,suchasthemodernandcomfortabledailiesandcustomer-specificlenses,arealsosettoboostgrowth.Innovativesalesconceptswhichincorporateonlineorderingwillincreasecustomerloyaltyandgeneratefurthersalespotential.

Inadditiontosalesgrowthintheopticalsector,weexpectaddedmomentumfromthecontinuedexpansionofourhearingaiddepartments.Ourlong-standingcustomersinthecorecatchmentareasalonerequiremorethan60,000hearingaidsperyear.InGermany,morethan6.4millionpeoplehaveahearingconditionrequiringtreatment(accordingtotheGermanGuildofHearingAidAudiometrists),butatthemoment,only2.5millionuseahearingaidsystem.Duetoincreasinglysmall,practicalandvirtually“invisible”hearingaids, thenumberofhearingaidusers isanticipatedtorisesignificantlyoverthecomingyears.Thecombinationofglassesandhearingaidisadvantageousforcustomersandimprovesloyaltytoourcompany.

FielmannisdevelopingitsbranchnetworkinGermanyandpressingaheadwithitsexpansionabroad.Themarkets inAustria,SwitzerlandandotherneighbouringcountriesinEuropeofferusopportunitiesforsubstantialgrowthandearnings.

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AnnualReport2014 49

Main features of the internal control and risk management system in

terms of the accounting process The Management Board of Fielmann Ak-tiengesellschaftisresponsibleforthepreparationandaccuracyoftheconsolidatedand annual accounts as well as the management report. Training and a regularexchange,standardiseddocumentsaswellasacomputer-aidedinformationsystemforaccountingquestionsandastandard,Group-wideaccountingsystemdefinetheprocessesandsupporttheproperandtimelypreparationoftheaccounts.

Control of the flowof goods and valuation is carried out using the standard,Group-wide accounting system. To utilise the high level of integration of the SAPsystemsdeployedandthestandardisationofmanyoftheprocessesinvolved,theend-of-yearbalancingworkhasbeencentralisedintherespectivedepartments.VirtuallyalltheindividualaccountsarepreparedinSAPandmergedfortheGroupcentrally.Thebasisforeachvoucherauditisthecontrolsystemthatmonitorsprocessanddataqualitywhichhasbeeninstalledforaccountingatthelevelofindividualfinancialstate-mentsandtheGroup.Thiscontrolsystemincludesinformationflowcharts,acontrolsystemfordailycashaccounting,inspectionandchecklistsaswellasanITsystemformonitoringtransactionsformonthly,annualandGroupstatements.

Compliancewiththedocumentsissubjecttoaregularreviewbytheinternalauditdepartment.Theaccountingguide-linesofacentralfinancialinformationsystemapplytotheindividualaccountsofthecompaniesincludedaccordingtolocalcommerciallaw:anoteismadeofanyspecialfeaturesapplyingtoindividualcompanies.Ifanyofthecompaniesincludedpreparetheiraccountsaccordingtootheraccountingstand-ards,theaccountingstandardsforcommercialfinancialstatementsll,whichareusedcentrallybyGroupAccounting,apply.Theaccountingprinciplesarealsoappliedtointerimaccountsandensurefactualandtime-relatedconsistency.

Through the highly integrated SAP system, controls of internal balances andservice relationshipscanbeprocessedextensivelyandautomatically.With the in-volvementofGroupControlling, strict adherence to the “dual control”principle isensuredwithregardtodatathatshouldbetakenintoaccountandprocessedintheGroupasabasisformonthlyandannualaccounts.

InthelastfinancialyeartheSupervisoryBoardwassatisfiedwiththeeffectivenessoftheinternalcontrolsystemandtheriskmanagementsystemaswellastheinternalreviewsystem.PleaserefertotheSupervisoryBoardreportforfurtherdetails.

ManageMent RepoRt

50 AnnualReport2014

Summary of the risk position as well as the internal audit system pursu-

ant to the requirements under Article 107 of the German Stock Corpora-

tion Act (AktG) TheGroup’smarketposition,itsfinancialstrengthandabusinessmodelthatallowsFielmanntoidentifyandactongrowthopportunitiesearlierthanthecompetition,revealnoidentifiableriskstofuturedevelopmentwithanysubstantialeffectonassets,financialpositionorearnings.

Outlook

FielmanniscontinuingitsexpansioninGermanyanditsneighbouringcountrieswithameasuredapproach.Inthemediumterm,wewilloperate700branchesinGermany,sellingmorethan7millionpairsofglassesperyear.Inthecomingyears,weareaim-ingtosellmorethan500,000spectaclesperyearfrom45branchesinSwitzerland.InAustriaweestimate thatunit salesof the40brancheswillbe500,000millionspectacles.ExpansioninPolandwillalsocontinue.Withatotalof40locations,weareaimingtomaintainapresenceinallthemajortownsandcitiesthere.ThebranchinLuganoopenedattheendof2014isthefirstintheItalian-speakingpartofSwit-zerland.FielmannintendstoopenabranchinBolzanointhesecondquarterof2015.

Thehearingaidmarketisagrowthmarketintheoverfiftiestargetsegment.Inthecomingyears,Fielmannwantstosignificantlyexpanditsnumberofhearingaiddepartments,andwillthenhavemorethan220acousticunits.

Oneofthemainreasonsforoursuccessisthatouremployeesarehighlyqualified.Asthebiggesttrainingestablishmentintheopticalindustry,FielmannisfundamentallyshapingGermancraftsmanshiptraining.Itiscarriedoutwithprecisionandthorough-ness, includingatourbranchesabroad.Yearonyear,Fielmanninvestsmore than¤20millionintrainingandcontinuedprofessionaldevelopment.Expenditureofasimilarmagnitudeisscheduledfor2015.Since2004,Fielmannhasvirtuallydoubledthenumberoftraineesfrom1,484tothecurrent2,922.

In2015,weshallalsobeinvestingaround¤53.4millioninexpanding,modernisingandmaintainingthebranchnetwork,aswellasinproductionandinfrastructure.Thiswillbefinancedfromourownfunds.Weintendtoinvest¤46.4millioninGermany,¤1.0millioninAustria,¤3.9millioninSwitzerlandandlessthan¤1.0millioninPoland.Weshallbespending¤29.7milliononrenovatingexistingbranchesandopeningnewones.Weintendtoinvestasumofaround¤6.6milliononincreasingproductioncapacityandafurther¤17.1millionontheGroupinfrastructure.

ManageMent RepoRt

AnnualReport2014 51

Fielmannwillcontinuetomaintainahighequityratioinfutureandtheexistingliquiditywillbeinvestedatlowrisk.Withinvestmentsinthetrainingandcontinuedprofessionaldevelopmentof staffaswellas innewbranchesandproduction,wearecreatingasolidbasisforlongertermsustainablegrowth.Besidesexpansion,weareexpectingahigherproportionofsalesofvarifocals,contactlensesandhearingaids.Inthemediumterm,weareanticipatingtheproportionofFielmannunitsalesofvarifocalstorisebymorethan50percent.Newproductiontechnologiesforgrind-ing spectacle lenses introducedat our logistics centre in Rathenowand improvedprocessesatbothourbranchesandheadquarterswillgenerateapositiveimpactonproductivityoverthenexttwoyears.

TheGermangovernmentexpectseconomicgrowthof1.5percentforGermanyin2015.Thereisstillaclearupwardtrendintheconsumerclimate.AccordingtotheGfK(consumerresearchcompany),prospectsforconsumerspendingshouldcontinuetoimprove.ItislikelythatGermany’sdomesticeconomywillmakeanothermajorcon-tributiontotheoveralleconomicperformancethisyear.Lastyear,consumerspendingwasalsoanimportanteconomicsupportaccordingtotheFederalStatisticalOffice.Inviewofthesepredictions,Fielmannisconfidentofexpandingitsmarketposition.

Summary statement on the forecast Fielmannisplanningtoopentennewbranchesinboththecurrentyearandthenextyear.In2015,weshallcontinuetopursue our growth strategy. From the current perspective, our consistent focus oncustomers, themeasures takentoensurethatourstaffarehighlyqualifiedandtheinvestmentsmadeinpastyearswillenableustoacquirefurthermarketsharesinthecurrentfinancialyear.Thefirstfewmonthsof2015giveusgroundsforoptimism.Thecurrenthighlevelofcustomersatisfactionofmorethan90percentwillbemaintained.Weplantoslightlyincreaseunitsales.Owingtoanimprovedproductmix,thesalesexpansionisexpectedtobeonaparwithpreviousyears.Incomefromordinarybusi-nessactivitieswillalsoimproveslightly.Shareholderswillbenefitfromthecompany’sgrowthintheformofanappropriatedividendpayout,withreturnonsalesandequityfortheretailtradesettoremainhigh.

Asignificantchangeintheunderlyingsituationmayleadustoadjustthisforecast.

52 Annualreport2014

AnnuAl Accounts

Fielmann Aktiengesellschaft, Hamburg Consolidated balance sheet as at 31 December 2014

Assets Ref. no. in Notes

Position as at 31.12.2014

¤ ‘000


¤ ‘000

A. Non-current fixed assets

I. Intangibleassets (1) 9,361 9,705II. Goodwill (2) 45,505 45,383III. Tangibleassets (3) 210,008 211,087IV. Investmentproperty (3) 15,983 15,435V. Financialassets (4) 207 221VI. Deferredtaxassets (5) 9,023 8,381VII. Taxassets (5) 857 1,192VIII. Otherfinancialassets (6) 41,308 16,826

332,252 308,230

B. Current assets

I. Inventories (7) 122,605 108,848II. Tradedebtors (8) 20,961 18,370III. Otherfinancialassets (8) 44,491 41,257IV. Non-financialassets (9) 16,728 15,132V. Taxassets (10) 13,735 6,858VI. Financialassets (11) 159,204 164,247VII. Cashandcashequivalents (12) 127,337 136,488

505,061 491,200

837,313 799,430

Annualreport201453

AnnuAl Accounts

Equity and liabilities Ref. no.

in Notes


¤ ‘000


¤ ‘000

A. Equity capital I. Subscribedcapital (13) 84,000 54,600II. Capitalreserves (14) 92,652 92,652III. Profitreserves (15) 318,303 325,254IV. Balancesheetprofit (16) 134,400 121,800V. Non-controllinginterests (17) 248 179

629,603 594,485

B. Non-current liabilities

I. Accruals (18) 21,487 18,239II. Financialliabilities (19) 2,031 2,103III. Deferredtaxliabilities (20) 5,141 3,967

28,659 24,309

C. Current liabilities

I. Accruals (21) 39,303 40,776II. Financialliabilities (22) 109 127III. Tradecreditors (22) 65,032 60,075IV. Otherfinancialliabilities (22) 17,590 17,141V. Non-financialliabilities (23) 43,187 41,652VI. Incometaxliabilities (24) 13,830 20,865

179,051 180,636

837,313 799,430

54 Annualreport2014

AnnuAl Accounts

Statement of the overall result Note(40)

2014 ¤ ‘000

2013 ¤ ‘000

Consolidated net income 162,806 142,026

Items which are reclassified under certain conditions and reported in the profit and loss account

Earningsfromforeignexchangeconversion,reportedunderequity –354 –1,157

Items which will not be reclassified and reported in the profit and loss account in future

RevaluationinaccordancewithIAS19 –880 40

Other profit/loss after tax –1,234 –1,117

Overall result 161,572 140,909

ofwhichattributabletominorityinterests 5,487 4,000ofwhichattributabletoparentcompanyshareholders 156,085 136,909

Fielmann Aktiengesellschaft, HamburgConsolidated profit and loss account and other resultfor the period 1 January to 31 December 2014

Ref. no.

in Notes

2014

¤ ‘000

2013

¤ ‘000

Change from pre-

vious year

1. Consolidatedsales (27) 1,226,486 1,157,105 6.0%2. Changesinfinishedgoodsandworkinprogress (27) 2,255 2,792 –19.2%

Total consolidated revenues 1,228,741 1,159,897 5.9%

3. Otheroperatingincome (28) 15,555 9,872 57.6%4. Costofmaterials (29) –264,692 –252,460 4.8%5. Personnelcosts (30) –484,271 –458,736 5.6%6. Depreciation (31) –37,951 –34,937 8.6%7. Otheroperatingexpenses (32) –231,560 –225,226 2.8%8. Expensesinthefinancialresult (33) –1,702 –1,482 14.8%9. Incomeinthefinancialresult (33) 1,865 2,213 –15.7%

10. Result from ordinary activities 225,985 199,141 13.5%

11. Incometaxes (34) –63,179 –57,115 10.6%12. Consolidated net income (35) 162,806 142,026 14.6%

13. Incomeattributabletoothershareholders (36) –5,487 –4,000 37.2%14. Profits to be allocated to parent company

shareholders 157,319 138,026 14.0%

15. Consolidatedrevenuesbroughtforward 81 102 –20.6%16. Transferstootherprofitre-serves (38) –23,000 –16,328 40.9%17. Consolidated balance sheet profit 134,400 121,800 10.3%

Earnings per share in ¤ (diluted/basic)*

(35) 1.87 1.64

*Eventsthatwouldresultinadilutionoferaningspersharedidnottakeplaceinthisfinancialyearorinthepreviousyear.Becauseofthesharesplitcarriedoutinthefinancialyear,thepreviousyear’sfigureswereadjustedaccordingly.PleaseseeNotes(13)and(35).

Annualreport201455

AnnuAl Accounts

Movement of Group equity Note(41)


¤ ‘000

Dividends/profit shares1

¤ ‘000

Overall result for the period

¤ ’000

Other changes

¤ ’000


¤ ’000

Subscribedcapital 54,600 29,400 84,000

Capitalreserves 92,652 92,652

Groupequitygenerated 432,732 –121,719 157,319 –29,337 438,995

Foreignexchangeequalisationitem 14,266 –354 13,912

Ownshares –98 –21 –119

Share-basedremuneration 1,524 641 2,165

ValuationreserveIAS19 –1,370 –880 –2,250

Non-controllinginterests 179 –5,379 5,487 –39 248

Group equity 594,485 –127,098 161,572 644 629,603

1Dividendpaidandshareofprofitallocatedtoothershareholders


¤ ‘000

Dividends/profit shares1

¤ ‘000

Overall result for the period

¤ ’000

Other changes

¤ ’000


¤ ’000

Subscribedcapital 54,600 54,600

Capitalreserve 92,652 92,652

Groupequitygenerated 408,702 –113,298 138,026 –698 432,732

Foreignexchangeequalisationitem 15,423 –1,157 14,266

Ownshares –91 –7 –98

Share-basedremuneration 1,173 351 1,524

ValuationreserveIAS19 –1,410 40 –1,370

Non-controllinginterests 105 –3,975 4,000 49 179

Group equity 571,154 –117,273 140,909 –305 594,485

56 Annualreport2014

AnnuAl Accounts

Cash flow statement, Fielmann Group Note(42)

Cash flow statement according to IAS 7 for the period from 1 January to 31 December

2014 ¤ ‘000

2013 ¤ ‘000

Change ¤ ‘000

Earningsbeforeinterestandtaxes(EBIT) 225,822 198,410 27,412

+/– Write-downs/write-upsontangibleassetsandintangibleassets 37,951 34,937 3,014

– Taxesonincomepaid –74,539 –47,803 –26,736

+/– Othernon-cashincome/expenditure 2,424 3,606 –1,182

+/– Increase/decreaseinaccrualswithoutprovisionsforincometaxes 1,758 7,192 –5,434

–/+ Profit/lossondisposaloftangibleassetsandintangibleassets 136 413 –277

–/+ Increase/decreaseininventories,tradedebtorsandotherassetsnotattributabletoinvestmentandfinancialoperations –22,685 –14,634 –8,051

+/– Increase/decreaseintradecreditorsaswellasotherliabilitiesnotattributabletoinvestmentorfinancialoperations 4,850 12,452 –7,602

– Interestpaid –951 –956 5

+ Interestreceived 1,422 2,474 –1,052

–/+ Increase/decreaseinfinancialassetsheldfortradingortomaturity –19,440 –172,582 153,142

= Cash flow from current business activities 156,748 23,509 133,239

Receiptsfromthesaleoftangibleassets 444 618 –174

– Paymentsfortangibleassets –36,411 –44,043 7,632

+ Receiptsfromthesaleofintangibleassets 0 273 –273

– Paymentsforintangibleassets –2,644 –2,653 9

+ Receiptsfromthedisposaloffinancialassets 14 291 –277

+ Receiptsfromthesaleofinvestmentproperty 0 33 –33

– Paymentsforinvestmentproperty –69 –17 –52

– Paymentsfromthesaleofparticipations 0 –730 730

– Paymentsforparticipations 0 –1,104 1,104

= Cash flow from investment activities –38,666 –47,332 8,666

Paymentstocompanyownersandnon-controllingshareholders –127,098 –117,273 –9,825

+ Receiptsfromloansraised 115 74 41

– Repaymentofloans –206 –437 231

= Cash flow from financing activity –127,189 –117,636 –9,553

Cashchangesinfinancialresources –9,107 –141,459 132,352

+/– Changesinfinancialresourcesduetoexchangerates –44 –48 4

+ Financialresourcesat1January 136,488 277,995 –141,507

= Financial resources at 31 December 127,337 136,488 –9,151

Annualreport201457

AnnuAl Accounts

Segment reporting Fielmann Group Note(43),previousyearinparentheses

Segments by region

In ¤ million Germany Switzerland Austria Other Consoli-dation

Consolidated value

Salesrevenuesfromthesegment 1,025.8 (962.0) 147.0 (136.2) 70.8 (68.8) 28.7 (28.7) –45.8 (–38.6) 1,226.5 (1,157.1)

Salesrevenuesfromothersegments 45.8 (38.4) (0.2)

Outside sales revenues 980.0 (923.6) 147.0 (136.2) 70.8 (68.8) 28.7 (28.5) 1,226.5 (1,157.1)

Costofmaterials 234.7 (218.7) 42.5 (39.1) 22.4 (21.6) 10.3 (10.6) –45.2 (–37.5) 264.7 (252.5)

Personnelcosts 394.7 (375.0) 55.0 (50.4) 25.8 (24.1) 8.8 (9.2) 484.3 (458.7)

Scheduleddepreciation 30.6 (29.2) 3.3 (3.0) 1.6 (1.5) 2.5 (1.2) 38.0 (34.9)

Expensesinthefinancialresult 2.0 (1.8) 0.2 (0.2) –0.5 (–0.5) 1.7 (1.5)

Incomeinthefinancialresult 1.8 (2.0) 0.4 (0.4) 0.0 (0.1) 0.1 (0.2) –0.4 (–0.5) 1.9 (2.2)

Result from ordinary activi-ties – in the segments excl. income from participations 181.3 (155.6) 31.8 (30.2) 13.5 (13.3) –0.7 (0.0) 0.1 (0.0) 226.0 (199.1)

Incometaxes 54.4 (47.9) 6.2 (6.2) 2.7 (2.8) 0.1 (–0.1) –0.2 (0.3) 63.2 (57.1)

Net income 126.9 (107.7) 25.5 (24.0) 10.8 (10.5) –0.8 (0.1) 0.3 –0.3) 162.8 (142.0)

Segmentassetsexcludingtaxes 709.0 (687.1) 68.0 (59.2) 14.3 (14.9) 22.4 (21.8) 813.7 (783.0)

Investments 29.7 (43.5) 8.1 (2.2) 1.0 (1.1) 0.3 (0.7) 39.1 (47.5)

Deferredtaxassets 8.0 (7.5) 0.2 (0.3) 0.8 (0.6) 9.0 (8.4)

58 Annualreport2014

I. General information

FielmannAktiengesellschaft,whichisheadquarteredatWeidestraße118a,Hamburg,Germany,istheGroup’sparentcompany.TheparentcompanyofFielmannAktien-gesellschaftisKORVASE.TheGroup’sultimateparentcompanyisFielmannINTER-OPTIKGmbH&Co.KG.FielmannAktiengesellschaftisinvolvedintheoperationofand investment inopticalbusinesses,hearingaidcompaniesand themanufactureandsaleofvisualaidsandotheropticalproducts.Theseincludespectacles,spectacleframesandlenses,sunglasses,contactlenses,relatedarticlesandaccessories,mer-chandiseofallkindsaswellashearingaidsandtheiraccessories.LensproductionisbasedatRathenowerOptikGmbH.

TheManagementBoardofFielmannAktiengesellschaftapprovedtheconsolida-tedaccountsasat31December2014on19March2015andwillsubmitthemtotheSupervisoryBoardforadoptionon27March2015.TheconsolidatedaccountswillbeapprovedattheaccountsmeetingoftheSupervisoryBoardon16April2015,inthisrespectthereisapossibilitythattheconsolidatedaccountsmaybeamendeduptothisdate.

TheconsolidatedaccountsofFielmannAktiengesellschaftanditssubsidiarieshavebeenpreparedinaccordancewiththeInternationalFinancialReportingStandards(IFRS)validforthereportingperiodandtakeintoconsiderationthestatementsoftheIFRS InterpretationCommittee (IFRS IC)where theyapplywithin theEUandweremandatoryorappliedprematurelyonavoluntarybasisintheyearunderreview.TheprovisionsundercommerciallawpursuanttoSection315aoftheGermanCommercialCode(HGB)werealsoobserved.InaccordancewithIAS1.11,thebalancesheethasbeenbrokendownstrictlyaccordingtomaturities.

II. Application of new and amended standards

New and amended standards and interpretations, first-time application

of which affects the consolidated accounts:

Amendments to IAS 27 “Separate financial statements” This standardnowonlycomprisestheunchangedrulesonIFRSseparatefinancialstatements.TherulesforIFRSconsolidatedfinancialstatementsarecontainedinIFRS10“Consolida-tedfinancialstatements”.

Amendments to IAS 28 “Investments in associates and joint

ventures” TheamendmentrelatestoconsequentialamendmentstoIFRS10,IFRS11andIFRS12.

Fielmann Aktiengesellschaft, HamburgNotes to the consolidated accounts for financial year 2014

NOTES

Annualreport201459

IFRS 10 “Consolidated financial statements” ThisstandardreplacesIAS27andSIC-12“Consolidation–specialpurposeentities”andnowonlycontainsrulesforIFRSconsolidatedfinancialstatements.IAS27comprisesrulesforIFRSseparatefinancialstatements.IFRS10includesanewdefinitionofcontrol,providingauniformbasis for thedefinitionofaparent-subsidiary relationshipandconsequentlywhichentitiesmustbeincludedinthescopeofconsolidation.

IFRS 11 “Joint arrangements” ThisstandardreplacesIAS31“Interestsinjointventures”andSIC-13“Jointlycontrolledentities–non-monetarycontributionsbyven-tures”.IFRS11governsthereportingofassets,dependingonwhetherthetypeofjointarrangementinvolvesjointcontrol,jointventureorjointoperation.

IFRS 12 “Disclosure of interests in other entities” Thisstandardsetsoutthedisclosure requirements for interests in subsidiaries, jointarrangements,associatesandunconsolidatedstructuredentities.

Amendments to IFRS 10, IFRS 11 and IFRS 12 “Transition Guidance” TheamendmentsincludeclarificationofthetransitionrulesinIFRS10andadditionaltransitionreliefwhenswitchingtoallthreestandards.Thisincludes,inparticular,thatprovidingadjustedcomparativefiguresislimitedtoonlythepreviouscompa-rativeperioduponfirst-timeapplication.

Amendments to IFRS 10, IFRS 12 and IAS 27 “Investment Entities” Theamendmentscompriseadefinitionoftheterm“investmententities”andexcludesuchinvestmententitiesfromthescopeofapplicationofIFRS10ConsolidatedFinancialStatements.CertainsubsidiariesarethenmeasuredatfairvaluethroughprofitorlossasperIFRS9and/orIAS39.

OnlytheapplicationofIFRS12hasresultedinminorchangesintheformofmoredetaileddisclosuresintheNotes.

NOTES

60 Annualreport2014

New and amended standards and interpretations, application of which

does not affect the consolidated accounts:

Amendments to IAS 32 “Financial Instruments: Presentation” TheamendmentstoIAS32onlyclarifythepreviousrulesonoffsetting.

Amendments to IAS 39 “Financial Instruments: Recognition and

Measurement” As a result of the amendment, derivatives are still designatedashedginginstrumentsincontinuinghedgingrelationshipsdespiteanovation,ifthenovationleadstotheinvolvementofacentralcounterpartyasaconsequenceoflegalorregulatoryrequirements.

IFRIC 21 “Levies” Forlevies,whichareimposedbyagovernmentandwhichdonotfallwithintheambitofanotherIFRS,theinterpretationclarifieshow,andinparticu-larwhen,suchobligationsmustberecognisedasliabilitiesinaccordancewithIAS37“Provisions,ContingentLiabilitiesandContingentAssets”.

New and amended standards and interpretations, which have been

adopted, endorsed by the European Commission but application of

which is not yet compulsory and are not applied prematurely by the

Fielmann Group:

Amendments to IAS 19 “Defined Benefit Plans: Employee

Benefits”1 Theamendmentsclarifythatthenominalamountofcontributionsfromemployeesorthirdpartiesintheperiodmaybedeductedfromtheservicecostfortheperiodinwhichtheserviceisrendered.Itisaprerequisitethattheamountofthecontributionsareindependentofthenumberofyearsofservice.

AspartoftheAnnualImprovement Project 2010-2012,minoramendmentstothefollowingstandardsandinterpretationswereimplemented:IAS16,IAS24,IAS38,IFRS2,IFRS3,IFRS8andIFRS13.1

AspartoftheAnnualImprovement Project 2011-2013,minoramendmentstothefollowingstandardsandinterpretationswereimplemented:IAS40,IFRS1,IFRS3andIFRS13.2

1Applicabletofinancialyearscommencingonorafter1February20152Applicabletofinancialyearscommencingonorafter1January2015

NOTES

Annualreport201461

The following standards and interpretations or amendments have not

yet been endorsed by the European Commission nor have they been

applied within the Fielmann Group:

Amendments to IAS 1 “Disclosure Initiative”3 Theamendmentscontaincla-rificationsofthematerialityofdisclosuresintheNotesandofthepresentationofnetassetsand the resultsofoperations. Theyalso includeadditionalexamplesof theorderinwhichdisclosuresmaybepresented.

Amendments to IAS 16 and IAS 383 “ Clarification of acceptable methods

of depreciation and amortisation” Theamendments containguidelinesonthemethods tobeappliedwhendepreciatingandamortisingproperty,plantandequipmentandintangibleassets.Revenue-basedmethodsofdepreciationandamor-tisationarethereforenotpermissibleforproperty,plantandequipmentandareonlypermissibleincertainexceptionalcasesforintangibleassets.Amendments to IAS 16 and IAS 413 “Agriculture: Bearer Plants” Asaresultoftheseamendments,bearerplantsaretobeaccountedforasproperty,plantandequipmentinaccordancewithIAS16.

Amendments to IAS 273 “Equity method in separate financial

statements” Thisamendmentreinstatestheequitymethodasanaccountingoptionforinvestmentsinsubsidiaries,jointventuresandassociatesinaninvestor’sseparatefinancialstatements.Theoptionsofmeasuringatamortisedcostor inaccordancewithIAS39orIFRS9havebeenretained.

IFRS 9 “Financial Instruments”4 Thisstandarddealswiththeclassificationandmeasurementoffinancialassets.“AmendmentstoIFRS9,IFRS7andIAS9–Manda-toryEffectiveDateandTransitionDisclosures”and“AmendmentstoIFRS9,IFRS7andIAS39–HedgeAccounting”werepublishedinconnectionwiththenewstandard.

Amendments to IFRS 10 and IAS 283 “Sales or contributions of assets

between an investor and its associate/joint venture” Asaresultoftheamendments, the totalgainor loss froma transactionwithanassociateora jointventureisonlyrecognisedif theassetssoldorcontributedconstituteabusinessasdefinedinIFRS3.

3Applicabletofinancialyearscommencingonorafter1January20164Applicabletofinancialyearscommencingonorafter1January2018

NOTES

62 Annualreport2014

Amendments to IFRS 10, IFRS 12 and IAS 283 “Application of the exemp-

tion from consolidation” ThisamendmentclarifieswhenaparentcompanythatmeetsthedefinitionofaninvestmententityisexemptfromconsolidationinaccordancewithIFRS10.Aninvestmententity,whichmeasuresallsubsidiariesatfairvalue,mustmakethedisclosuresoninvestmententitiesprescribedbyIFRS12.

Amendments to IFRS 113 “Accounting for acquisitions of interests in a

joint operation” Iftheacquisitionsofinterestsinajointoperationconstituteabusiness,theprinciplesforaccountingforbusinesscombinationsspecifiedinIFRS3andotherIFRSsareapplicable,unlesstheyconflictwiththerulesofIFRS11.

IFRS 14 “Regulatory Deferral Accounts”3 The aim of IFRS 14 is to definethefinancialreportingrequirementsforregulatorydeferralaccountbalanceswhicharisewhenanentityprovidesgoodsorservicestocustomersatapriceorratethatissubjecttopriceregulation.Basedonthestandard,entitieswhicharefirst-timeIFRSadopters arepermitted, subject toa few limited restrictions, to continue to reportregulatorydeferralaccountbalancesinthebalancesheetwhichtheyrecognisedintheiraccountsunderthepreviouslyusedaccountingprinciples.ThisappliestoboththefirstIFRSaccountsandsubsequentaccounts.Regulatorydeferralaccountbalancesandmovementsinsuchitemsmustbeseparatelyreportedinthepresentationofthefinancialpositionandintheprofitandlossaccountorothercomprehensiveincome.Inaddition,specificdisclosuresarestipulated.

IFRS 15 “Revenue from Contracts with Customers”5 IFRS15specifiesthedateatwhichortheperiodoverwhichandtheamountofrevenuewhichmustberecognised.Infuture,theamountthatisexpectedinreturnforthetransferofgoodsandservicestocustomersmustberecognisedasrevenue.Withregardtodeterminingthedateortheperiod,thetransitionofcontrolofthegoodsorservicestothecustomerisnowcriticalandnotthetransferofrisksandopportunities.

AspartoftheAnnual Improvement Project 2012-2014,minoramendmentsto the followingstandardsandinterpretationswere implemented: IAS19, IAS34,IFRS5andIFRS3.3

ThestandardsandamendmentsthathavenotyetbeenendorsedbytheEuropeanCommissionwillprobablyhaveverylittle,ifany,impactontheassets,financesandincomeoftheFielmannGroup.

5Applicabletofinancialyearscommencingonorafter1January2017

NOTES

Annualreport201463

III. Key accounting and valuation principles

Theconsolidatedaccountswerepreparedon thebasisofhistoricalacquisitionorproductioncostwiththeexceptionoftherevaluationofcertainfinancialinstruments,asdescribedbelow.

Unlessotherwisestated,allmonetaryamountsareshownintheGroupcurrency¤thousands(T¤),whilesegmentreportingisin¤millions.

Thekeyaccountingandvaluationmethodsareexplainedbelow.

Scope of consolidation and changes in the scope of consolidation AlldomesticandforeignsubsidiariesincludedintheconsolidatedaccountsarethoseinwhichFielmannAktiengesellschaftdirectlyorindirectlyholdsthemajorityofvotingrightsoronwhichithasacontrollinginfluence.Controlofaninvesteeexistsifaninvestorisexposed,orhasrights, tovariablereturnsfromhisinvolvementwiththeinvesteeandhastheabilitytoaffectthosereturnsthroughitspowerovertheinvestee.Fielmann Aktiengesellschaft also exercises control within the meaning of IFRS 10over31(previousyear:31)Germanfranchisecompanies.Thiscontrolresults fromtheinteractionoflegal,franchisingandeconomicinfluences.Thestipulationsofthefranchiseagreement regarding the shop locality, range, inventory, advertising, aswellasotheraspects,definetheframeworkofbusinesspolicywithinthecontextofFielmannAktiengesellschaft.

Fortheconsolidatedcompanies,pleaseseethestatementofholdingsintheNotes.ThisalsoincludesalistofcompanieswhichmakeuseoftheexemptionunderSection264Para.3andSection264boftheGermanCommercialCode(HGB).

Asat31December2014eightcompanieswereconsolidatedforthefirsttime,ofwhichsixarenewlyestablisheddistributioncompaniesinGermany.Inviewoftheeconomicimportanceofthebranchesopenedaspartofnormalexpansionduringtheyearunderreview,noseparatedescriptionisincludedofthechangestothescopeofconsolidationarisingthroughthis.AnewinvesteewasalsoestablishedinGermanyandadistributioncompanyinItaly.Neithercompanyhascommencedoperationsyet.Inthecurrentfinancialyear,therehavebeennochangestotheownershipstructuresofcompaniesalreadyincludedinthescopeofconsolidationinthepreviousyear.

NOTES

64 Annualreport2014

Principles of consolidation

Theconsolidatedaccountsarederivedfromtheindividualaccountsofthecompaniesinvolved.Themanagementaccountsofthecompaniessubjecttomandatoryauditingwereauditedasat31December2014andpassedwithoutqualification.Theaccountsasat31December2014oftheothercompanieswereanalysedtoascertainwhethertheywereinaccordancewiththeprinciplesofproperaccountingandwhethertherele-vantstatuteshavebeencompliedwithforinclusionintheconsolidatedbalancesheet.

TheannualaccountsofsubsidiariesareadjustedwherenecessarytobringthemintolinewiththeaccountingandvaluationmethodsappliedwithintheGroup.

ReceivablesandliabilitiesandincomeandexpenditurebetweenGroupcompa-nieshavebeensetoffagainsteachother,exceptinindividualcaseswheretheyaresominorastobenegligible.Taxisdeferredonconsolidationprocessesthataffectprofitandloss.PursuanttoIAS12,therelevantnationalaverageincometaxrateshavebeenappliedforthecompaniesconcerned.

Intra-Groupprofitsoninventoriesandfixedassetshavebeeneliminated.Non-controlling shareholders’ shares in subsidiariesare reportedwithinequity

capitalseparatelyfromtheGroup’sequity.Capitalconsolidationiscarriedoutbysettingofftheacquisitioncostsagainstthe

prorataequitycapitalofthesubsidiariesatcurrentvalues.Non-controllinginterests’sharesofthenetassetsofcompaniesincludedintheGrouparevaluedonacquisitionatthecorrespondingshareofthereportedamounts.Non-controllinginterestsintheGroup’spartnerships,whichhavethenatureofequityinindividualcompanyaccountsprepared in accordancewith local accounting rules, are reported as liabilities inaccordancewithIAS32.Theexceptiontothisruleisassetshortfallsintheindividualcompany accounts, which are reported as negative values under non-controllinginterestsinequity.

Goodwill and impairment test

Thegoodwillresultingfromabusinesscombinationisreportedatcostlessanyimpair-mentlossesthatmayberequiredandshownseparatelyinthebalancesheet.

Forthepurposesoftestingforimpairment,goodwillmustbeallocatedtoeachoftheGroup’scashgeneratingunits(CGUs)whichareexpectedtobenefitfromthesynergiesgeneratedbythecombination.

NOTES

Annualreport201465

Theimpairmenttestforgoodwilliscarriedoutregularlyon31Decemberofeachfinancialyear.TheCGUsweredeterminedaccordingtointernalManagementRepor-ting.AsnostockmarketquotationormarketpriceswereavailablefortheseCGUs,thetesthasbeenexclusivelycarriedoutbycomparingthebookvalueagainstthevalueinuse(recoverableamount).Thecashflowsunderlyingthevalueinuseresultfromoneyear’sdetailedprojection,asubsequenttwoyears’projection,whichisderivedfromthecumulativeGroupplanning,andthereafterfromaperpetuityvaluebasedonthethirdplanningyear.Thegrowthratesresultingfromthisplanningamountto3.9percentforboththefirstandsecondyear(previousyear:2.6percentand4.3percentrespec-tively).Agrowthrateof3.9percent(previousyear:4.3percent)wasalsoassumedfromthethirdyear.Thepre-taxcapitalisationrateamountedto6.7percent(previousyear:7.3per cent).Within theGroup, theprojectionsareusuallybasedonfigurestakenfrompreviousbusinessdevelopment.Currentexternaldataarealsoincludedintheanalysisprocessonaccountofthesefiguresinrelationtolocation.

Theimpairmenttestconductedon31December2014establishedthatanimpair-mentlosshadtoberecognisedforaCGUinUkrainebecauseofthecurrentgeopoliticalsituation.Thevalueinusewasdeterminedusingtheassumptionsexplainedabove.Indeviationfromthis,agrowthrateof3.5percentwasestimatedforthefirstyearand2.7percentforthesecondyearbasedonadetailedprojection.Thevalueinusedeter-minedthiswayof¤2.5millionleadstoanimpairmentchargeof¤1.4million.Thereisnogoodwill.TheimpairmentchargeiswhollyattributabletotheCGU’sfixedassets,meaningthatitwasrecognisedindepreciationandamortisation.Givenitsgeographiclocation,theCGUisallocatedtothe“Other”segment.

Foreign exchange conversion

The functionalcurrencyconcept isapplied toaccountsofconsolidatedcompaniesthatarepreparedinforeigncurrencies.Theforeigncompaniesoperatetheirbusinessindependentlyandthefunctionalcurrencyis thereforethenationalcurrencyof therespectivecountry.Individualtransactionsarerecordedattherateprevailingonthebalancesheetdate.Anyforeignexchangedifferencesfromtheequalisationofopenitemsarepostedintheprofitandlossaccount.AnnualaccountsreceivedfromforeigncompaniesareadaptedtocomplywiththeaccountingformatandvaluationprinciplesintheFielmannGroup.InlinewithIAS21,balancesheetfiguresareconvertedtoeurosonthebalancesheetdate,andtheprofitandlossaccountsareconvertedtoeurosattheaverageannualrate.Anyforeignexchangedifferencesarepostedtoaseparateforeignexchangeequalisation item includedunderprofit reserves.Therewere the

NOTES

66 Annualreport2014

followingchangestotheforeigncurrenciesofrelevancetoconvertingsubsidiaries’accountsandtotheGroup’sprocurement:

Balance sheet rate

31. 12. 20141¤ =

Balance sheet rate

31. 12. 20131¤ =

Average rate 31. 12. 2014

1¤ =

Average rate 31. 12. 2013

1¤ =

Swissfranc(CHF) 1.20 1.23 1.21 1.23

Polishzloty(PLN) 4.26 4.15 4.18 4.20

Ukrainianhryvnia(UAH) 19.23 11.04 15.94 10.62

Belarussianrouble(BYR) 14,380.00 13,080.00 13,617.92 11,839.58

USdollar(USD) 1.21 1.38 1.33 1.33

Japaneseyen(JPY) 145.23 144.72 140.31 129.66

Changes in theUSdollarand Japaneseyenareof relevance to theFielmannGroupforrecurringpurchasecontractsforframes.Inthefinancialyear,thepurchaseofgoodsinUSDamountedto¤29.6million(previousyear:¤26.5million),inJPY¤2.3million(previousyear:¤3.2million).Thepreviousyear’saverageexchangerateisappliedtothepurchasesforcomparativepurposestodemonstratetheeffectofthechangeinexchangerates.ThedevelopmentoftheUSdollarhadnoimpactonthepurchaseofgoodsbecausetheaverageexchangeratewasunchanged(previousyear:positiveimpactof¤1.0million).Thedevelopmentof theyenhadapositiveimpactonthepurchaseofthesegoodsofapproximately¤0.2million(previousyear:positiveimpactof¤0.9million).

TheGroup’ssalesinSwissfrancsamount toCHF179.0million(previousyear:CHF167.9million).Thepositive impactofchanges in theSwisscurrencyonsalesamountsto¤2.4million(previousyear:¤–2.3million),ifthepreviousyear’saveragerateisusedasacomparativevalue.

NOTES

Annualreport201467

Individual balance sheet items

Preparationof the consolidatedaccounts according to IFRSnecessitates estimatesandassumptionsbeingmadeinordertoaccountforandvalueassetsandliabilities.Thesearecontinuouslyverified. Inparticular,assumptionsandestimatesaremadeinconnectionwiththevaluationofgoodwill(Note2),accruals(Note18)andtax-relatedissues(Note5,Note20).ThemainassumptionsandparametersonwhichtheestimatesarebasedaredescribedinthefollowingNotestotheaccounts.

Intangible assets and tangible assets (A. I., III.) Intangibleassetsandtangi-bleassetsarevaluedandextrapolatedatacquisitionorproductioncostlessstraight-linescheduleddepreciation.Softwaredevelopedin-housewhereGroupcompaniesareregardedasthemanufacturersiscapitalisedatproductioncost inaccordancewithIAS38.

Inthecaseofproductionpremises,aservicelifeofupto20yearsisapplied.ThecastleinPlönisdepreciatedover55years,whileotherbusinesspremisesaredepreciated over amaximumof 50 years. Tenants’ fittings are depreciated on astraight-linebasis,takingintoaccountthetermofthetenancy(normallyseventotenyears).Factoryandofficeequipmentisdepreciatedovertwototenyears(machineryandequipmentfiveyearsasa rule, ITequipment three tofiveyears). The servicelifeisreviewedregularlyandadjustedwherenecessarytoanticipatedlife.Whereappropriate,extraordinarydepreciationisappliedinaccordancewithIAS36,andthenreversedwhentheoriginalreasonsforitnolongerapply.TherearenoborrowingcostswherecapitalisationisrequiredinaccordancewithIAS23.

Publicsubsidiesarededucted fromtheacquisitioncostsandrecognisedat thedateofacquisition.

Investment properties (A. IV.) PropertieswhicharenotusedintheGroup’scorebusiness(investmentpropertiesunderthetermsofIAS40)arealsovaluedatamortisedcostinaccordancewiththeprinciplesspecifiedabove.Theyaresubjectedtoextraor-dinarydepreciationiftherealisableamountfallsbelowthebookvalue.Asinpreviousyears,agrossrentalmethod(hierarchylevel3inaccordancewithIFRS13)usingarentalincomefactordeducedfrommarketobservationsof15annualnetrentalsisusedtoreachthisvaluation.ThecurrentvalueofthispropertyisshownintheNotestotheaccounts.Revaluationsarecarriedoutiftherealisableamountresultingfromalong-termimprovement in the leasingsituationexceedsthebookvalue.Theserevaluationsarereportedin“otheroperatingincome”.

NOTES

68 Annualreport2014

Mixed-usepropertiesarebrokendowninaccordancewithIAS40.10.Aportionisshownunderinvestmentproperty,anotherportionundertangibleassets.Iftheycannotbebrokendowninthiswaybecauseofeconomicorlegalconditions,theyareshownsolelyundertangibleassets,since,asarule,thevastmajorityoftheGroup’spropertiesareusedforbusinesspurposes.

Financial instruments (A. V., VIII. and B. II., III., VI., VII.) Financialinstru-mentspursuanttoIFRSareexplainedinNote(25)andintheManagementReport.Furtherexplanationsofbalancesheetitemstowhichfinancialinstrumentsarealloca-tedareindicatedintheNotesas(25).

Securities, participating interests and other investments are accounted for inaccordancewith IAS39.Currentsecuritiesandlong-terminvestments in the“Heldfortradingpurposes”categoryaregenerallyaccountedforatmarketvalues.Ifnostockmarketpricesareavailable,market valuationsbybanksareused.Financialinvestmentsnotcategorisedasheldfortradingpurposesaredesignatedas“atfairvaluethroughprofitorloss”whenrecognisedforthefirsttimeifsuchclassificationsignificantlyreducesaccountingmismatches.Followingfirst-timerecognition,heldtomaturityinvestmentsarereportedatamortisedcostlessimpairmentlosses.Additionsanddisposalsare reportedat their respectivevalueon thedate the transaction iscompleted.

Derivativefinancialinstrumentsintheformofcurrencyforwardsareusedtohedgetheriskofchangestoexchangerates.InaccordancewiththeGroup’sriskpolicies,noderivativefinancialinstrumentsareheldforthepurposesofspeculation.FielmannonlyusesmarketablecurrencyforwardsintheoperationalcurrenciesofSwissfrancsandUSdollarswithmaturitiesofuptotwelvemonths,whicharesolelytosecuretheGroup’sregularcashflowsinforeigncurrencies.ThederivativesarenotembeddedinaneffectivehedgepursuanttoIAS39.Theyareallocatedtothe“Financialassetsheldfor tradingpurposes”categoryandaremeasuredat fairvalue throughprofitorloss.Themarketvaluesofcurrencyforwardsaredeterminedonthebasisofthemarketconditionsonthebalancesheetbythefinancialinstitutionswithwhichtheywereconcluded.

Therehasbeennoneedtodevelopseparatecriteriaforreporting,writingdownorretiringassetsforanyclassoffinancialinstrumentbecauseoftheGroup’slow-riskpolicyandclearfinancialmanagement.Theunrealisedprofitsand lossesresultingfromthemarketvaluationaretakenintoaccountthroughprofitorloss,afterdeductionof thedeferred taxes. Incaseswhere themarketvalueofasecurityor investmentcannotbedeterminedreliably,thevaluationismadeatcostandreducedbyanyvalueadjustmentsthatmaybenecessary.

Ifthemarketvaluedoesnotmatchtheamortisedcost,thefollowinghierarchyisusedtodeterminethemarketvalueoffinancialinstruments:

NOTES

Annualreport201469

Level1:quotedpricesonactivemarketsLevel2:comparativepricesorpricesderivedfromobservablemarketdataLevel3:valuationsnotderivedfromobservablemarketdataThe financial instruments in the “investment management custodial accounts”,

“funds” and “other receivables” classes valued at market value in the Group fallwithinlevel1ofthehierarchy.“Currencyforwards”comeunderhierarchylevel2.

Inventories (B. I.) Rawmaterials,suppliesandmerchandisearevaluedatacqui-sition cost, reduced where necessary by value adjustments to the lower net salesproceeds.Theyareextrapolatedby theescalatingaveragemethod.Finishedandunfinishedproductsare valuedatproduction cost inaccordancewith IAS2. Thisincludesproduction-relatedoverheads.Giventheshortproductionprocess,interestisnotrecognised.

Receivables (A. VII., VIII. and B. II., III., IV., V.) Non-current,non-interestbearingreceivablesandtaxassetsarereportedattheirpresentvalue.Tradedebtors,otherreceivables(financialandnon-financial)andtaxassetsarestatedatnominalvaluelessanyvalueadjustmentsobviouslyrequired.Inindividualcases,otherfinan-cialreceivablesarerecognisedatmarketvaluetoensurebetterrepresentationoftheGroup’sassetsituation.Forat-riskreceivables,thecriterionfordecidingonavalueadjustmentorretirementisthedegreeofcertaintyofthedefaultrisk.Receivablesareretiredwhentheyarefinallylostorwhenpursuitoftheclaimisfutileandmakesnoeconomicsense(e.g.minorsums).

Valueadjustmentsarecalculatedonacasebycasebasiswheretheyaremate-rial,otherwisebygroupingtogetherdefaultriskcharacteristicsofthesamekind,e.g.temporalcriteria.

Deferred taxes (assets A. VI. and liabilities B. III.) DeferredtaxassetsaretheresultofdifferingentriesintheIFRSandtaxaccountsofGroupcompaniesandconsolidationmeasures,wheresuchdifferencesarebalancedoutagainovertime.Thesealsoincludeoutsidebasisdifferences,asdefinedinIAS12,whichresultfromthedifferencebetweentheproratanetassetsofasubsidiaryrecordedintheconsolidatedbalancesheetandtheinvestmentbookvalueofthissubsidiaryintheparentcompany’staxbalancesheet.Ataxdeferralismadeforoutsidebasisdifferences,ifrealisationisexpectedwithin12months. Inaddition, taxdeferralsaremade,particularly forlosscarryforwardsincompliancewithIAS12.Thetaxratesthatareexpectedtobeapplicablewhentheassetisrealisedortheliabilityismetareusedasabasisforcalculatingdeferredtaxassetsanddeferredtaxliabilities.

NOTES

70 Annualreport2014

InaccordancewithIAS1.70,deferredtaxesarerecordedasnon-currentassets(Note(5))andliabilities(Note(20)).

Deferredtaxassetsanddeferredtaxliabilitiesarenettediftheyrelatetoincometaxgroupsor individualcompaniesandmaturity-matched inaccordancewith IAS12.71etseq.

Accruals (B. I. and C. I.) AccrualsareaccountedforinaccordancewithIAS37andIAS19(revised2011).Accordingly,accrualsarestatedinthebalancesheetforlegalordefactoobligationsresultingfrompastevents,iftheoutflowoffundstosettletheobligationisprobableandcanbeestimatedreliably.Thefigureforaccrualstakesintoaccountthoseamountswhicharenecessarytocoverfuturepaymentobligations,recognisable risksanduncertain liabilitiesof theGroup.Non-currentaccrualsarediscountedinthecaseofmaterialeffectsandenteredatpresentvalue.Theinterestrateusedisappliedtoallaccrualsandisappropriatetothetermofbonds.

Accruals forpensionsarevalued fordefinedbenefitobligationsusing thepro-jectedunitcreditmethod.Takingdynamicaspects intoaccount, thismethoddeter-minestheexpectedbenefitstobepaidonoccurrenceoftheeventanddistributesthemovertheentiretermofemploymentoftheemployeeconcerned.Actuarialopinionsarecarriedoutannuallytoallowthis.Actuarialgainsandlossesresultingfromchangesintheassumptionsanddifferencesbetweentheassumptionsandwhatactuallyhappensarerecognisedunder“othercomprehensiveincome”.

PleaseseeNote(18)forfurtherdetails.

Liabilities (B. II. and C. II., III., IV., V.) Financialliabilitiesaregenerallyvaluedatthesettlementamount,incompliancewithIAS39.Anydifferencebetweenwhatispaidandtheamountrepayableonfinalmaturityisamortised.Liabilitiesinforeigncurrenciesareconvertedattherateprevailingonthereportingdate.Non-financialliabilitiesarereportedattherepayableamount.

Contingent liabilities Contingentliabilitiesarepossibleobligationsinrespectofotherpartiesorcurrentobligationsinwhichanoutflowofresourcesisimprobableorcannotbereliablydetermined.Contingentliabilitiesareinprinciplenotstatedonthebalancesheet.

Leasing Astheownerofproperty,FielmannAktiengesellschaftfunctionsaslessorinoperatingleases.ThesearenotpartoftheGroup’scorebusiness.TheGroupisalesseesolelyinoperatingleases.Inadditiontoleasesforrentingbusinesspremises,leaseagreementsareinplaceforvehiclesandinafewcasesfortechnicaldevices.

NOTES

Annualreport201471

Revenue realisation Revenueisprimarilygainedthroughretailbusiness.Reve-nueisrealisedatthetimeorderedandfinishedproductsaredeliveredtothecustomer.TheGroupalsogeneratessmallquantitiesofrevenuefromwholesalebusinessintheGermanysegment.

Leasepaymentsaredistributedonastraight-linebasisoverthetermoftheleaseinquestionthroughprofitandloss.Materialnon-recurringincomeandcosts,whicharedirectlyattributabletoleases,arealsodistributedovertheirterm.

Share-based remuneration Share-basedremunerationsettledthroughequityinstrumentstoemployeesisvaluedatthefairvalueoftheinstrumentonthedatetheyaregranted.ThisremunerationonlycontainsFielmannGroupsharesavailableonthemarket,whichmeansthatthereisnouncertaintyregardingestimatesoftheirvalue.PleaseseeNote(30)onformsofremuneration.

Earnings per share Basicearningspersharearecalculatedbyestablishingtheratiofromtheearningsattributabletotheprovidersofequitycapitalandtheaveragenumberofissuedsharesduringthefinancialyear–withtheexceptionofownshares,whichthecompanyitselfholds.Ifthereisanydilutionofearnings,thisisincludedinthecalculationofdilutedearningspershare.Therewerenosucheffectsinthecurrentandpreviousyear.

NOTES

72 Annualreport2014

IV. Notes to the

consolidated accounts

ASSETS Changes in consolidated fixed assets as at 31 December 2014

Acquisition and production costs Accumulated depreciation Residual book values

Position as at

1.1.2014¤ ‘000

Foreign exchange

conversion¤ ‘000

Additions

¤ ’000

Disposals

¤ ’000

Book transfer

¤ ’000

Position as at

31.12.2014 ¤ ’000

Position as at

1.1.2014¤ ‘000

Foreign exchange

conversion ¤ ‘000

Additions

¤ ‘000

Disposals

¤ ‘000

Book transfers

¤ ‘000

Write-up

¤ ‘000

Position as at

31.12.2014 ¤ ‘000

Position as at

31.12.2014 ¤ ‘000

Position as at

31.12.2013 ¤ ‘000

I. Intangible assets

1. Rightsofusufruct 14,201 78 599 14,878 10,101 68 910 11,079 3,799 4,100

2.Licences,commercialtrademarksandassociatedrights 24,270 3 1,488 317 334

25,778 19,264 2 1,961 263 20,964 4,814 5,006

3. Intangibleassetsproducedin-house 555 137 692 313 74 387 305 242

4. Incompletesoftwareprojects 357 420 –334 443 443 357

39,383 81 2,644 317 0 41,791 29,678 70 2,945 263 0 0 32,430 9,361 9,705

II. Goodwill 134,949 1,335 0 0 0 136,284 89,566 1,213 0 0 0 0 90,779 45,505 45,383

III. Tangible assets

1.

Propertyandsimilarrightsandbuildingsincludingbuildingsonthird-partyland 123,379 144 731 –3,212 121,042 31,401 64 2,375 –1,301 32,539 88,503 91,978

2. Tenants’fittings 174,576 252 11,582 1,471 184,939 123,939 218 9,291 958 132,490 52,449 50,637

3. Factoryandofficeequipment 271,519 –1,146 21,574 8,325 3,784 287,406 207,503 –281 21,797 7,624 221,395 66,011 64,016

4. Assetsunderconstruction 4,456 –40 2,524 –3,895 3,045 3,045 4,456

573,930 –790 36,411 9,796 –3,323 596,432 362,843 1 33,463 8,582 –1,301 0 386,424 210,008 211,087

IV. Investment property 31,374 0 69 0 3,323 34,766 15,939 0 1,543 0 1,301 0 18,783 15,983 15,435

V. Financial assets

Loans 322 0 0 14 0 308 101 0 0 0 0 0 101 207 221

Total fixed assets 779,958 626 39,124 10,127 0 809,581 498,127 1,284 37,951 8,845 0 0 528,517 281,064 281,831

NOTES

Annualreport201473


Position as at

1.1.2014¤ ‘000

Foreign exchange

conversion¤ ‘000

Additions

¤ ’000

Disposals

¤ ’000

Book transfer

¤ ’000

Position as at

31.12.2014 ¤ ’000

Position as at

1.1.2014¤ ‘000

Foreign exchange


Additions

¤ ‘000

Disposals

¤ ‘000

Book transfers

¤ ‘000

Write-up

¤ ‘000

Position as at

31.12.2014 ¤ ‘000

Position as at

31.12.2014 ¤ ‘000

Position as at

31.12.2013 ¤ ‘000


1. Rightsofusufruct 14,201 78 599 14,878 10,101 68 910 11,079 3,799 4,100

2.Licences,commercialtrademarksandassociatedrights 24,270 3 1,488 317 334

25,778 19,264 2 1,961 263 20,964 4,814 5,006

3. Intangibleassetsproducedin-house 555 137 692 313 74 387 305 242

4. Incompletesoftwareprojects 357 420 –334 443 443 357

39,383 81 2,644 317 0 41,791 29,678 70 2,945 263 0 0 32,430 9,361 9,705

II. Goodwill 134,949 1,335 0 0 0 136,284 89,566 1,213 0 0 0 0 90,779 45,505 45,383


1.

Propertyandsimilarrightsandbuildingsincludingbuildingsonthird-partyland 123,379 144 731 –3,212 121,042 31,401 64 2,375 –1,301 32,539 88,503 91,978

2. Tenants’fittings 174,576 252 11,582 1,471 184,939 123,939 218 9,291 958 132,490 52,449 50,637

3. Factoryandofficeequipment 271,519 –1,146 21,574 8,325 3,784 287,406 207,503 –281 21,797 7,624 221,395 66,011 64,016

4. Assetsunderconstruction 4,456 –40 2,524 –3,895 3,045 3,045 4,456

573,930 –790 36,411 9,796 –3,323 596,432 362,843 1 33,463 8,582 –1,301 0 386,424 210,008 211,087

IV. Investment property 31,374 0 69 0 3,323 34,766 15,939 0 1,543 0 1,301 0 18,783 15,983 15,435

V. Financial assets

Loans 322 0 0 14 0 308 101 0 0 0 0 0 101 207 221

Total fixed assets 779,958 626 39,124 10,127 0 809,581 498,127 1,284 37,951 8,845 0 0 528,517 281,064 281,831

NOTES

74 Annualreport2014

Changes in consolidated fixed assets as at 31 December 2013


Position as at

1.1.2013¤ ‘000

Foreign exchange

conversion¤ ‘000

Additions

¤ ’000

Disposals

¤ ’000

Book transfer

¤ ’000

Position as at

31.12.2013 ¤ ’000

Position as at

1.1.2013¤ ‘000

Foreign exchange


Additions

¤ ‘000

Disposals

¤ ‘000

Book transfers

¤ ‘000

Write-up

¤ ‘000

Position as at

31.12.2013 ¤ ‘000

Position as at

31.12.2013 ¤ ‘000

Position as at

31.12.2012 ¤ ‘000


1. Rightsofusufruct 14,122 –59 138 14,201 9,302 –51 850 10,101 4,100 4,820

2.Licences,commercialtrademarksandassociatedrights 24,271 –2 1,687 2,680 994

24,270 19,904 –2 1,848 2,486 19,264 5,006 4,367

3. Intangibleassetsproducedin-house 264 291 555 264 49 313 242

4. Incompletesoftwareprojects 1,219 367 244 –985 357 166 166 357 1,053

39,876 –61 2,483 2,924 9 39,383 29,636 –53 2,747 2,652 0 0 29,678 9,705 10,240

II. Goodwill 135,735 –873 1,000 913 0 134,949 91,254 –775 0 913 0 0 89,566 45,383 44,481


1.

Propertyandsimilarrightsandbuildingsincludingbuildingsonthird-partyland 115,247 –116 7,485 2 765 123,379 28,194 –48 3,256 1 31,401 91,978 87,053

2. Tenants’fittings 168,800 –349 12,515 6,116 –274 174,576 120,449 –245 9,539 5,790 –14 123,939 50,637 48,351

3. Factoryandofficeequipment 271,922 –670 19,659 20,597 1,205 271,519 208,983 –452 18,962 20,004 14 207,503 64,016 62,939

4. Assetsunderconstruction 1,794 –6 4,384 11 –1,705 4,456 4,456 1,794

557,763 –1,141 44,043 26,726 –9 573,930 357,626 –745 31,757 25,795 0 0 362,843 211,087 200,137

IV. Investment property 32,627 0 17 1,270 0 31,374 16,743 0 433 1,237 0 0 15,939 15,435 15,884

V. Financial assets

Loans 613 0 0 291 0 322 0 0 0 0 101 0 101 221 613

Total fixed assets 766,614 –2,075 47,543 32,124 0 779,958 495,259 –1,573 34,937 30,597 101 0 498,127 281,831 271,355

NOTES

Annualreport201475


Position as at

1.1.2013¤ ‘000

Foreign exchange

conversion¤ ‘000

Additions

¤ ’000

Disposals

¤ ’000

Book transfer

¤ ’000

Position as at

31.12.2013 ¤ ’000

Position as at

1.1.2013¤ ‘000

Foreign exchange


Additions

¤ ‘000

Disposals

¤ ‘000

Book transfers

¤ ‘000

Write-up

¤ ‘000

Position as at

31.12.2013 ¤ ‘000

Position as at

31.12.2013 ¤ ‘000

Position as at

31.12.2012 ¤ ‘000


1. Rightsofusufruct 14,122 –59 138 14,201 9,302 –51 850 10,101 4,100 4,820

2.Licences,commercialtrademarksandassociatedrights 24,271 –2 1,687 2,680 994

24,270 19,904 –2 1,848 2,486 19,264 5,006 4,367

3. Intangibleassetsproducedin-house 264 291 555 264 49 313 242

4. Incompletesoftwareprojects 1,219 367 244 –985 357 166 166 357 1,053

39,876 –61 2,483 2,924 9 39,383 29,636 –53 2,747 2,652 0 0 29,678 9,705 10,240

II. Goodwill 135,735 –873 1,000 913 0 134,949 91,254 –775 0 913 0 0 89,566 45,383 44,481


1.

Propertyandsimilarrightsandbuildingsincludingbuildingsonthird-partyland 115,247 –116 7,485 2 765 123,379 28,194 –48 3,256 1 31,401 91,978 87,053

2. Tenants’fittings 168,800 –349 12,515 6,116 –274 174,576 120,449 –245 9,539 5,790 –14 123,939 50,637 48,351

3. Factoryandofficeequipment 271,922 –670 19,659 20,597 1,205 271,519 208,983 –452 18,962 20,004 14 207,503 64,016 62,939

4. Assetsunderconstruction 1,794 –6 4,384 11 –1,705 4,456 4,456 1,794

557,763 –1,141 44,043 26,726 –9 573,930 357,626 –745 31,757 25,795 0 0 362,843 211,087 200,137

IV. Investment property 32,627 0 17 1,270 0 31,374 16,743 0 433 1,237 0 0 15,939 15,435 15,884

V. Financial assets

Loans 613 0 0 291 0 322 0 0 0 0 101 0 101 221 613

Total fixed assets 766,614 –2,075 47,543 32,124 0 779,958 495,259 –1,573 34,937 30,597 101 0 498,127 281,831 271,355

NOTES

76 Annualreport2014

The changes in intangible assets, tangible assets and financial assets as well asinvestmentpropertyareshownindetailintheabovestatementofassets.Technicalfacilitiesandmachineryareincludedundertheitem“factoryandofficeequipment”.

Theadditionsandnetdisposals(disposal-relatedacquisitionandproductioncostslessdisposal-relatedaggregatedwrite-downs)showninthestatementofassetsbreakdownasfollows,comparedwiththepreviousyear.PleaseseeNote(31)ondepre-ciation.

Additions Disposals

2014 ¤ ‘000

2013 ¤ ‘000

2014 ¤ ‘000

2013 ¤ ‘000

Intangible assets

Rightsofusufruct 599 138

Licencesandassociatedrights 1,488 1,687 54 194

Intangibleassetsproducedin-house 137 291

Incompletesoftwareprojects 420 367 78

2,644 2,483 54 272

Goodwill 0 1,000 0 0

Tangible assets

Propertyandbuildings 731 7,485 1

Tenants’fittings 11,582 12,515 513 326

Factoryandofficeequipment 21,574 19,659 701 593

Assetsunderconstruction 2,524 4,384 11

36,411 44,043 1,214 931

Investment property 69 17 0 33

Financial assets 0 0 14 291

IntangibleassetsincludeITsoftware,whichiswrittendownonastraight-linebasisoverthreetofiveyears.Therearenointangibleassetswithunlimitedusefullives.

Theresearchanddevelopmentcosts,whichcouldnotbecapitalisedin theyearunder review and were recognised as expenditure, amounted to T¤ 262 in total(previousyear:T¤0).

Thisitemcontainsgoodwillfromcapitalconsolidation.Goodwillisallocatedtoindivi-dualcashgeneratingunits(CGUs)forthepurposesoftheimpairmenttest.Inestablishedmarkets,theseareessentiallyindividualbranches.IncountrieswheresufficientcoveragewithFielmannbrancheshasnotyetbeenachieved,theimpairmenttesttakesplaceattheleveloftheentireregion.SignificantgoodwillamountingtoT¤36,405(previousyear:T¤36,405)wasallocatedtotheGermanysegment,includingT¤27,188(previous

(1) Intangible assets

(2) Goodwill

NOTES

Annualreport201477

year:T¤27,188)applicabletobranchestreatedassingleCGUsandtheRathenowerOptischeWerkeGmbHamountingtoT¤8,740(previousyear:T¤8,740).GoodwillofT¤3.546(previousyear:T¤3,546)isattributabletotheNetherlandssegmentandofT¤5,554(previousyear:T¤5,432) to theSwitzerlandsegment.ThechangesinbookvaluearecausedbytheconversioninSwitzerlandtriggeredbychangesintheexchangerate.

Theresidualbookvaluesoftangibleassetsincludinginvestmentpropertybreakdownamongthesegmentsasfollowsasat31December2014:

31. 12. 2014 ¤ ‘000

31. 12. 2013 ¤ ‘000

Germany 201,321 202,789

Switzerland 16,877 12,322

Austria 5,054 5,551

Other 2,739 5,860

225,991 226,522

Theadditions(includingasaresultofreclassificationfromassetsunderconstruc-

tion) in tangibleassets resulted inpart fromexpenditureonplant replacementsofT¤21,195(previousyear:T¤22,008).OtheradditionsresultedfromexpansionoftheGroup(T¤5,868,previousyear:T¤3,442).RestrictionsintermsoftherightofdisposalresultedinrelationtopropertiesandothertangibleassetsoftheFielmannAkademieandtotalledT¤19,754(previousyear:T¤23,529)duetocommonpublicinterestandlistedbuildingstatus.

Spacewhichisnotactivelyusedbyanyof thecompanieswithin theGroupisincludedintheclassificationofinvestmentproperty.UnderIAS40,suchpropertiesareclassifiedas investmentandvaluedatamortisedcost. The fair valueascertai-nedwithoutaprofessionalsurveyorbuton thebasisof thegrossrentalmethod isT¤21,466(previousyear:T¤19,977).ThecorrespondingrentalincomeduringtheperiodunderreviewamountstoT¤1,431(previousyear:T¤1,332).ThisisoffsetbydirectlyattributableexpensesofT¤951(previousyear:T¤896).Extraordinarydepre-ciationofT¤1,037(previousyear:T¤0)wasrecognisedononeofthesepropertiesinthereportingperiodbecauseitwasexpectedtoremainvacantlong-termonthepropertyvalue(netsaleprice)ofT¤216.ThiswasrecognisedunderdepreciationintheGermanysegment.Therewerenowrite-ups.Therearetheusualobligationsforrepairsandmaintenanceunderleaseagreementsfortheseproperties.

(3) Tangible assets/

investment property

NOTES

78 Annualreport2014

Non-currentfinancialassetsessentiallycontainloanstonon-controllingshareholders.

DeferredtaxassetsamountingtoT¤9.023(previousyear:T¤8,381)arecapitalised.MoreinformationisprovidedinNote(39)oftheNotestotheconsolidatedaccounts.

Asat31December2006,therewasstillanunusedcorporationtaxcreditdefi-nitivelysetatT¤4,133fromthecorporationtaximputationprocessthatwasvaliduntil2001.ThediscountedremainingclaimiscapitalisedatT¤1,305(previousyear:T¤1,623)asat31December2014.Thenon-discountedclaimofT¤448for2015wasreportedundercurrenttaxassets.Interestnolongerhastobeaddedfollowingthetransfertopaymentininstalmentsbythetaxoffice.Theinstalmentfor2014ofT¤448waspaid(previousyear:T¤448).

Non-currentotherfinancialassetsareessentiallylong-termcapitalcontributionsofFiel-mannAktiengesellschaft.Inaddition,deposits,reinsuranceentitlementsandemployeeloanswerealso reportedunder this item.Of theclaimsonemployees in the formofloans,arepaymentofT¤69(previousyear:T¤127)isexpectedinthenext12monthsandisreportedundercurrentotherfinancialassets.

31.12.2014¤ ‘000

31.12.2013¤ ‘000

Rawmaterialsandsupplies 1,094 1,476

Workinprogress 9,191 8,564

Finishedproductsandmerchandise 112,320 98,808

122,605 108,848

Inventoriesmainlyrelatetoproductsforspectacles,sunglasses,contact lensesandhearingaidsaswellasothermerchandise.Workinprogressrelatesmainlytocusto-merordersforspectaclesandhearingaidsprocessed.

The total of all valueadjustments on inventories standsat T¤6,767 (previousyear: T¤6,918)andwas recognised in full under cost ofmaterials.UtilisationofinventoriesamountingtoT¤262,575(previousyear:T¤250,938)wererecognisedasexpenditureinthefinancialyear.

Therewerenocontractualliens,securityinterestsorrightsofsettingoffapplyingtothereceivables.Therewerenodeviatingfairvalues.Thevastmajorityoftheassetslistedarenotinterestbearingandareconsequentlynotsubjecttoanyinterestraterisk.

Value adjustments of T¤ 1,902 (previous year: T¤ 1,850) were created foramountsduefromcustomers in thebranches.Thedefault riskwithregardtootherreceivablesisviewedaslow.ValueadjustmentsamountingtoT¤227(previousyear:T¤233)wererecorded.

(4) Non-current financial assets(25)

(5) Deferred tax assets/non-

current tax assets

(7) Inventories

(8) Trade debtors and current

other financial assets(25)

(6) Non-current other

financial assets (25)

NOTES

(25)SeeNote(25)forfurtherdetails

Annualreport201479

Other financial assets mainly contain receivables due from suppliers of T¤16,379(previousyear:T¤15,406),claimsagainstnon-controllingshareholdersofT¤ 1,243 (previous year: T¤ 1,594) and claims against insurance companies ofT¤20,066(previousyear:T¤18,585).Ofthesereceivables,T¤18,717(previousyear:T¤17,285)werevaluedatmarketvalue.CurrencyforwardswithamarketvalueofT¤1,242(previousyear:nocurrencyforwards)arealsoreported,whichwerealsomeasuredatmarketvalue.SeeNote(25)forfurtherdetails.

ThisitemmainlycomprisesprepaidexpensesforrentandincidentalrentalchargesaswellasadvancepaymentsofsocialsecuritycontributionsinSwitzerland.

TaxassetsamountingtoT¤13,735(previousyear:T¤6,858)resultfromimputabletaxamounts(investmentincometaxesfromdividendsdrawn)andfromprepaymentsoftradeandcorporationtaxfrom201(previousyear:269)companies.Theincreasein the figure reportedat thebalancesheetdatecomparedwith thepreviousyearprimarilyresultedfromincometaxassetsrelatingtothe2014assessmentperiodatFielmannAktiengesellschaft.

Currentfinancialassetscontainbonds,aborrower’snoteloanandfundsofFielmannAktiengesellschaftaswellasacustodialaccountinSwitzerlandcomprisingsharesandbonds.

Thisitemcontainsliquidfundsandcapitalinvestmentswitharemainingtermatthedateofacquisitionofuptothreemonths.ThecreditriskisviewedaslowbecauseoftheGroup’sinvestmentguidelinesandtheassessmentofthemarket.

EQUITY AND LIABILITIES

TheordinaryAnnualGeneralMeetingofFielmannAktiengesellschaft,Hamburg,on3July2014resolved that thecompany’ssharecapitalofT¤54,600dividedinto42millionordinarysharesbeincreasedbyT¤29,400toT¤84,000inaccordancewiththeprovisionsoftheGermanStockCorporationActonincreasingcapitalfromthecompany’sownresources(Sections207ff.AktG)byconvertingtheotherprofitreservesrecognisedinlastyear’sbalancesheetasat31December2013undertheitem“Profitreserves”(Section266(3)A.III.4HGB)intosharecapital.Thecapitalincreasewilltakeplacewithoutanynewsharesbeingissued.Consequently,anotio-nalinterestinthesharecapitalof¤2.00willbeattributabletoeachsharewhenthecapitalincreasebecomeseffective.

The ordinary Annual General Meeting on 3 July 2014 also resolved that thecompany’sincreasedsharecapitalofT¤84,000willberedividedinto84millionordinaryshares(sharesplit ina1:2ratio).Consequently,anotionalinterest inthesharecapitalof¤1.00willbeattributabletoeachshare.

(9) Non-financial assets

(10) Current tax assets

(11) Current financial assets(25)

(12) Cash and cash equivalents(25)

(13) Subscribed capital/

authorised capital


NOTES

80 Annualreport2014

ThecorrespondingchangestotheArticlesofAssociationconcerningthecapitalincreasefromthecompany’sownresourcesandtheredivisionofthesharecapitalwererecordedintheCommercialRegisterattheHamburgDistrictCourton11August2014.

UnderArticle5Para.3oftheArticlesofAssociation,theManagementBoardhastheauthority,subjecttotheagreementoftheSupervisoryBoard,tomakenewrightsissuesofordinarybearersharesforcashand/orcontributionsinkind,inoneormorestagesupto6July2016,foruptoamaximumofT¤5,000.TheManagementBoarddidnotexercisethisauthorityintheperiodunderreview.

The fundamentalaimofourcapitalmanagement is toguarantee theFielmannGroup’sfinancial stabilityandflexibilityby securing its capitalbase long term. Inmanagingitscapital,theGroupalsoaimstoachieveanappropriatereturnonequityand to allow its shareholders to participate in the Group’s success. The Group’smanagedcapitalconsistsoffinancialliabilities,cashandcashequivalentsandequity.

FielmannAktiengesellschaftandthejointstockcompaniesincludedinthefinancialaccountsaresubjecttotheminimumcapitalrequirementsofGermanlegislationgover-ningpublicandprivatelimitedcompaniesaswellasthecorrespondingprovisionsofstatelawandthelegalform.Therearenoothersector-specificminimumcapitalrequirements.

TheliquidityintheGroupispooled,checkedandmanagedcentrallyonadailybasis.Bothdailyandmonthlyreportingsystemshavebeeninstalledforthispurpose,whichguaranteetheGroup’scompliancewithallminimumcapitalrequirements.

As at 31 December 2014, Fielmann Aktiengesellschaft held 2,421 (previousyear:1,251beforesplit)ofownshareswithabookvalueofT¤119(previousyear:T¤98).TheFielmannshareswereacquiredwithinthemeaningofSection71Para.1No.2oftheGermanStockCorporationAct(AktG)inordertoofferthemtostaffofFielmannAktiengesellschaftoritsaffiliatedcompaniesasemployeesharesortobeabletousethemaspartofshare-basedpayments.

NOTES

Annualreport201481

Theamountshownrelatesexclusivelytothepremiumfromthe1994rightsissueunderSection272Para.2No.1oftheGermanCommercialCode(HGB).

Theprofitreservescontainnon-distributedprofitsforthefinancialyearandpreviousyears,theforeignexchangeequalisationitem,profitsandgainsongivingownsharestoemployeesinaccordancewithIFRS2andactuarialgainsandlossesfrompensionprovisionsaspartoftheapplicationofIAS19.


¤ ‘000

Foreign exchange


Book transfers

¤ ‘000

Allocations

¤ ‘000


¤ ‘000

ReservesofFielmannAktiengesellschafteligiblefordistribution

192,371 –29,831 14,326 176,866

Otherreserves 118,561 494 8,674 127,729

Foreignexchangeequalisationitem 14,266 –354 13,912

Reservesfromdirectoffsetting 56 –260 –204

325,254 –354 –29,597 23,000 318,303

ThebalancesheetprofitamountstoT¤134,400(previousyear:T¤121,800)andcomprisesnet income (T¤162,806,previousyear: T¤142,026)plus the consoli-datedincomebroughtforward(T¤81,previousyear:T¤102)lessminorityshares(T¤5,487previousyear:T¤4,000)andlesschangesinprofitreserves(T¤23,000,previousyear:T¤16,328).

Non-controllingshares includesharesofother shareholders incorporationsof theGroup.Thesharesofothershareholdersinpartnershipsareonlystatedifsharesinlossesarepresent.TheminorityinterestsinpositiveequitycapitalofpartnershipswerestatedasliabilitiesinaccordancewithIAS32(seealsoNotes(22),(25)and(41).

(14) Capital reserve

(15) Profit reserves

(16) Balance sheet profit

(17) Non-controlling interest

NOTES

82 Annualreport2014

Non-currentaccrualsdevelopedasfollows:

Position as at1.1.2014

¤ ‘000

Foreign exchange


Consumption

¤ ‘000

Writebacks

¤ ‘000

Allocations

¤ ‘000


¤ ‘000

Pensionaccruals 5,336 –28 –25 1,666 6,949Accrualsforanniversarybonuses 4,724 14 –311 –359 1,630 5,698Reconversionobligations 2,303 –2 372 2,673Accrualsformerchandise 5,093 –3,788 3,855 5,160Othernon-currentaccruals 783 –164 388 1,007

18,239 14 –4,293 –384 7,911 21,487

Pensionaccrualsmainlyinvolvethenon-forfeitablepensioncommitmentsofFiel-mannAktiengesellschaft(T¤6,118,previousyear:T¤4,797)andonlyrelatetotheGermanysegment.

The accruals are matched by reinsurance credits of T¤ 690 (previous year:T¤655),whicharenettedoffagainstpensionaccrualsofT¤473(previousyear:T¤448).ThechangeintheaccrualsincludestheadditionofinterestintheamountofT¤202(previousyear:T¤186).After2016,pensionaccrualsofFielmannAktien-gesellschaftwillmostlikelyberealisedoverthesubsequent16yearsinlinewiththestatisticalmortalitytable.

Thekeyassumptionsonwhichtheactuarialvaluationwasbasedare:2014in %

2013in %

Discountrate 2.00 3.50

Anticipatedincreaseinincome 2.00 2.00

Anticipatedincreaseinpensions 2.00 2.00

Asensitivityanalysiswascarriedoutinrespectofthediscountrate.Loweringthediscountratebyonepercentagepointwouldresultinthepresentvalueofthedefinedbenefitobligation increasingbyT¤1,386,while raising thediscount ratebyonepercentagepointwouldlowerthepresentvaluebyT¤1,097.ThevaluesshownonlyresultedinasubordinatedriskfrompensioncommitmentsandreinsurancecreditsfortheGroup.

(18) Non-current accruals

NOTES

Annualreport201483

Thechangeinthepresentvalueofthedefinedbenefitobligationwasasfollows:

2014¤ ‘000

2013¤ ‘000

Openingbalanceofthedefinedbenefitobligation 5,784 5,492

Currentandpastservicecost(reportedinpersonnelcosts) 194 191

Interestexpense(reportedinfinancialresult) 202 186

Actuarialgainsandlosses(reportedinOCI) 1,270 –57

Benefitspaid –28 –28

Closing balance of defined benefit obligation 7,422 5,784

ThechangeinOCI(othercomprehensiveincome)mainlyresultedfromchangesininterestrates.DeferredtaxliabilitiesamountingtoT¤390(previousyear:T¤–18)areattributabletoactuarialgainsandlossespostedinothercomprehensiveincome.

Breakdownoftheplans:

2014¤ ‘000

2013¤ ‘000

Definedbenefitobligations

–fromplans,whicharepartlyorwhollyfinancedviaafund(reinsurance) 6,118 4,797

–fromplans,whicharenotfinancedviaafund 1,304 987

Total 7,422 5,784

Anendowmentpolicyservesasreinsuranceforthedefinedbenefitobligation.Theamountshowninthebalancesheetonthebasisofthecompany’sobligation

fromdefinedbenefitplansisproducedasfollows:

2014¤ ‘000

2013¤ ‘000

Presentvalueofthedefinedbenefitobligation 7,422 5,784

Fairvalueoftheplanassets –473 –448

Accrual stated in the balance sheet 6,949 5,336

The actuarial interest rates published by Heubeck AG were used to discountthe long-term accruals for anniversaries, reconversion obligations and risks underguarantees.

Accrualsforanniversarybonusesareallocatedfor10to35-yearanniversariestakingactualratesoffluctuationfromthepastintoaccount.Discountingisperformedwiththeappropriateinterestratefortheperiodoftheaverageremainingtermuntiltheanniversaryconcerned.Theseaccrualswillprobablyberealisedduringthenext12monthstothevalueofT¤444(previousyear:T¤287).Thechangeinthediscountratetriggeredbyeventsonthecapitalmarketduringtheyearunderreviewresults

NOTES

84 Annualreport2014

inanoverallincreaseintheaccrualbyT¤742(previousyear:reductionofT¤99).The increase in thediscountedamountcausedby thepassageof timeamounts toT¤128(previousyear:T¤108).

The following interest rates were used in accordance with the current marketsituation:

10-yearanniversaries: 0.44percent(previousyear:1.54percent)25-yearanniversaries: 1.78percent(previousyear:3.17percent)35-yearanniversaries: 2.14percent(previousyear:3.80percent)Thereconversionobligationsundertenancyagreementsaretobeviewedaslong

term.Norisksarediscernibleduringthecoming12months. Inthemajorityof thetenancyagreementsthecompaniesoftheFielmannGrouparepresentedwithoneormoreoptionstoextend.Interpolationwasusedtocalculatetheinterestrateof1.33percent(11years)tobeappliedwhendiscountingthesettlementamountsestablis-hedonthereportingdate.Aninflationrateof0.8percent(previousyear:1.1percent)wastakenintoaccount.Thediscountedsettlementamountsarecapitalisedintheacquisitioncostsoftenants’fittingswithfixedassetsandsubjectedtoscheduleddepreciationovertheremainingtermofthetenancyagreement.ThechangeintheaccrualofT¤370islargelytheresultofchangesininterestrates.

Theaccrualsrelatingtomerchandiserefermainlytorisksunderguarantees. Inadditiontocostofmaterials,theseincludepersonnelcostsforseverancepayments.Therisksarelargelyrealisedwithin12monthsandwithinamaximumofthreeyears.ThecurrentportionofrisksunderguaranteesisshownundercurrentaccrualsinNote(21). Theassumptions regarding theassessment of risksare constantly verifiedbyreportsonguaranteecases.Aninflationrateof0.8percent(previousyear:1.1percent)wastakenintoaccountwhencalculatingthesettlementamounts.Theinterestratesusedfordiscountingwere0.08percentfor2years(previousyear:0.86percent)and0.16percentfor3years(previousyear:1.05percent).ThechangesininterestratesresultedinanincreaseinaccrualsofT¤94(previousyear:decreaseintheaccrualofT¤5).

Changes in interest rates resulted in changes to other non-current accruals ofT¤46(previousyear:T¤32).

Non-currentfinancialliabilitiesarebrokendownasfollows:

31. 12. 2014¤ ‘000

31. 12. 2013¤ ‘000

Non-currentliabilitiestofinancialinstitutions 353 457–ofwhichwitharesidualtermofmorethan5yearsT¤89(previousyear:T¤141) Othernon-currentliabilities 1,678 1,646–ofwhichwitharesidualtermofmorethan5yearsT¤155(previousyear:T¤102)

2,031 2,103

NOTES

(19) Non-current financial

liabilities(25)

Annualreport201485

AnnuAl Accounts

Allnon-currentliabilitiestobankscarryafixedrateofinterestandareforafixedterm.Othernon-currentliabilitiesessentiallycontainobligationsunderagreementsoncapital-buildingpaymentswitharemainingtermofmorethan12monthsamountingto T¤727 (previous year: T¤994).No significant interest rate risk is discerniblebecauseborrowingislow.

Deferred tax liabilities carried as liabilities stand at T¤ 5,141 (previous year:T¤3,967).MoreinformationisprovidedinNote(39)oftheNotestotheaccounts.

Currentaccrualshavedevelopedasfollows:


¤ ‘000

Foreign exchange


Consumption

¤ ‘000

Write-backs

¤ ‘000

Allocation

¤ ‘000


¤ ‘000

Personnelaccruals 23,440 –22,949 –491 28,274 28,274

Accrualsformerchandise 7,146 21 –3,875 3,859 7,151

Otheraccruals 10,190 –9,737 –453 3,878 3,878

40,776 21 –36,561 –944 36,011 39,303

Theaccrualsrelatingtopersonnelaresetupinparticularforliabilitiesinrespectofspecialpaymentsandbonuses.Thecashoutflowtakesplaceduringthefirsthalfofthefollowingfinancialyear.

Theaccrualsrelatingtomerchandiserefertorisksunderguarantees,whicharelikely tobe realised in thenext12months. Thenon-currentportionof risksunderguaranteesisshowninNote(18).Inthefirstyear,over50percentoftheguaranteecasesexpectedintotalwillbesettled.

Other accruals from the previous year include the expected voluntary partialrepaymentofproperty-relatedgrantsreceivedfromthepublicsector.Theotheracc-rualsrelatetothecostsoflegalandcommercialadviceandauditinginparticular.

Owingtothelowrateofdebt,therearenosignificanteffectsontheGroupthroughfluctuationsininterestrates.Theseliabilitieshaveatermofuptooneyear.

Includedinotherfinancialliabilitiesareliabilitiestonon-controllingshareholdersamountingtoT¤2,526(previousyear:T¤2,531),whichhavethenatureofequityintheindividualcompanyaccountsaccordingtolocallawandaretobereportedasliabilitiesinaccordancewithIAS32(seealsoNotes(17),(25)and(41)).

(20) Deferred tax liabilities

(21) Current accruals

(22) Current financial liabilities,

trade creditors and other

financial liabilities(25)

NOTES


86 Annualreport2014

Non-financial liabilities includeprepaid incomeand liabilities from social securitycontributionsaswellassales,wageandchurchtaxes.

Incometaxdebtsrelateessentiallytocorporationtaxes(especiallydistributioncom-paniesinSwitzerland)andtradetaxes.

All categories of financial instruments are reportedat their value on thedate therespectivetransactioniscompleted.Allocationintomeasurementcategoriesinaccor-dancewithIFRS7waseffectedonthebasisoftheeconomicpropertiesandtheriskstructureoftherespectivefinancialinstruments.Ineachcategory,thecurrentvalueisdeterminedbystockmarketpricesand/orotherdataavailableinthefinancialmarket.In-housevaluationproceduresorproceduresthatarenotbasedonobservablemarketdatawerenotused.Asaresult,therewerenomaterialuncertaintiesindeterminingthefairvalueofthefinancialinstrument.Themaximumdefaultriskforthefinancialassetscorrespondstotheirbookvalues.Fromthecompany’sperspective,financialassetsthatareneitherpastduenorimpaireddonotposeanyrisksinallthecategories.

ThesensitivityanalysestowhichfinancialinstrumentsaresubjectedarepresentedintheManagementReport.Securitiesheldfortradingpurposesandfinancialassetsatfairvaluethroughprofitandlosswereclassifiedinthecorrespondingcategory.

(24) Income tax debts

(25) Financial instruments

NOTES

(23) Non-financial liabilities

Annualreport201487

AnnuAl Accounts

Abbreviation English Measurement

LaR LoansandReceivables Atamortisedcost

HtM HeldtoMaturity Atamortisedcost

FAHfT FinancialAssetsHeldforTrading Marketvaluethroughprofitorloss

FVtPL FairValuethroughProfitorLoss Marketvaluethroughprofitorloss

FLAC FinancialLiabilitiesMeasuredatAmortisedCost

Atamortisedcost

Key for abbreviations in the measurement categories tables

NOTES

88 Annualreport2014

KONzERNANHANG

in ¤ ‘000 Measurement category in accordance with IAS 39

Book value on 31.12.2014

Amortised cost Market value through profit or

loss

Market value without

affecting profit of loss

Current value on

31.12.2014


Amortised cost Market value through profit

or loss


affecting profit or loss

Current value on

31.12.2013

ASSETS

Financial assets (non-current)

Loans LaR 207 207 221 221 207 207 221 221

Other financial assets (non-current)

Loans LaR 1,260 1,260 1,132 1,132

Bondsandfixeddeposits LaR 39,831 39,831 15,487 15,487 Reinsurancepolicies LaR 217 217 207 207

41,308 41,308 16,826 16,826

Trade debtors Tradedebtors LaR 20,961 20,961 18,370 18,370 20,961 20,961 18,370 18,370

Other financial assets (current)

Otherreceivables LaR 24,532 24,532 23,972 23,972 Otherreceivables FVtPL 18,717 18,717 17,285 17,285 Currencyforwards FAHfT 1,242 1,242

44,491 44,491 41,257 41,257

Financial assets (current) Investmentmanagementcustodialaccounts FAHfT 7,842 7,842 7,430 7,430Funds FAHfT 10,035 10,035Bondsandfixeddeposits LaR 141,327 141,327 156,817 156,817

159,204 159,204 164,247 164,247Cash and cash equivalents

Bondsandfixeddeposits LaR 60,021 60,021 54,473 54,473Liquidfunds LaR 67,316 67,316 82,015 82,015 127,337 127,337 136,488 136,488

Total ASSETS LaR 355,672 355,672 352,694 352,694FAHfT 19,119 19,119 7,430 7,430

FVtPL 18,717 18,717 17,285 17,285 393,508 393,508 377,409 377,409

LIABILITIES Financial liabilities (non-current)

Liabilitiestofinancialinstitutions FLAC 353 353 457 457Otherliabilities FLAC 855 855 1,121 1,121Loansreceived FLAC 823 823 525 525

2,031 2,031 2,103 2,103Financial liabilities (current)

Liabilitiestofinancialinstitutions FLAC 109 109 127 127 109 109 127 127

Trade creditors Tradecreditors FLAC 65,032 65,032 60,075 60,075

65,032 65,032 60,075 60,075Other financial liabilities

Otherliabilities FLAC 15,064 15,064 14,610 14,610Liabilitiesfromthirdparties’capitalinterests FLAC 2,526 2,526 2,531 2,531 17,590 17,590 17,141 17,141Total LIABILITIES

FLAC 84,762 84,762 79,446 79,446

84,762 84,762 79,446 79,446

Measurement categories in accordance with IFRS 7

NOTES

Annualreport201489

KONzERNANHANG

in ¤ ‘000 Measurement category in accordance with IAS 39


Amortised cost Market value through profit or

loss


affecting profit of loss

Current value on

31.12.2014


Amortised cost Market value through profit

or loss


affecting profit or loss

Current value on

31.12.2013

ASSETS

Financial assets (non-current)

Loans LaR 207 207 221 221 207 207 221 221

Other financial assets (non-current)

Loans LaR 1,260 1,260 1,132 1,132

Bondsandfixeddeposits LaR 39,831 39,831 15,487 15,487 Reinsurancepolicies LaR 217 217 207 207

41,308 41,308 16,826 16,826

Trade debtors Tradedebtors LaR 20,961 20,961 18,370 18,370 20,961 20,961 18,370 18,370

Other financial assets (current)

Otherreceivables LaR 24,532 24,532 23,972 23,972 Otherreceivables FVtPL 18,717 18,717 17,285 17,285 Currencyforwards FAHfT 1,242 1,242

44,491 44,491 41,257 41,257

Financial assets (current) Investmentmanagementcustodialaccounts FAHfT 7,842 7,842 7,430 7,430Funds FAHfT 10,035 10,035Bondsandfixeddeposits LaR 141,327 141,327 156,817 156,817

159,204 159,204 164,247 164,247Cash and cash equivalents

Bondsandfixeddeposits LaR 60,021 60,021 54,473 54,473Liquidfunds LaR 67,316 67,316 82,015 82,015 127,337 127,337 136,488 136,488

Total ASSETS LaR 355,672 355,672 352,694 352,694FAHfT 19,119 19,119 7,430 7,430

FVtPL 18,717 18,717 17,285 17,285 393,508 393,508 377,409 377,409

LIABILITIES Financial liabilities (non-current)

Liabilitiestofinancialinstitutions FLAC 353 353 457 457Otherliabilities FLAC 855 855 1,121 1,121Loansreceived FLAC 823 823 525 525

2,031 2,031 2,103 2,103Financial liabilities (current)

Liabilitiestofinancialinstitutions FLAC 109 109 127 127 109 109 127 127

Trade creditors Tradecreditors FLAC 65,032 65,032 60,075 60,075

65,032 65,032 60,075 60,075Other financial liabilities

Otherliabilities FLAC 15,064 15,064 14,610 14,610Liabilitiesfromthirdparties’capitalinterests FLAC 2,526 2,526 2,531 2,531 17,590 17,590 17,141 17,141Total LIABILITIES

FLAC 84,762 84,762 79,446 79,446

84,762 84,762 79,446 79,446

NOTES

90 Annualreport2014

2014

Measurement categories in accordance with IAS 39

Profits from subsequent

measurement at fair value

¤ ‘000

Losses from subsequent

measurement at fair value1

¤ ‘000

Impairments2

¤ ‘000

Interest income

¤ ‘000

Total interest expenses

¤ ‘000

FinancialAssetsHeldforTrading FAHfT 1,584 209 186

FairValuethroughProfitorLoss FVtPL 332 560

LoansandReceivables LaR 46 1,118

FinancialLiabilitiesMeasuredatAmortisedCost FLAC 785

Reconciliation financial result:

Financialincomeandexpenseforbalancesheetitems,whicharenotfinancialinstruments 1 917

Incomeandexpensesonfinancialinstruments,whicharenotincludedintheinterestresult –1,916 –209 –46

Total 0 0 0 1,865 1,702

1IFRS7.20.(a),temporaryimpairments2IFRS7.20.(e),permanentimpairments,negativeamountsrepresentwrite-ups

Income according to measurement categories

NOTES

Annualreport201491

2013

Measurement categories in accordance with IAS 39

Profits from subsequent

measurement at fair value

¤ ‘000

Losses from subsequent

measurement at fair value1

¤ ‘000

Impairments2

¤ ‘000

Interest income

¤ ‘000

Total interest expenses

¤ ‘000

FinancialAssetsHeldforTrading FAHfT 189 327

FairValuethroughProfitorLoss FVtPL 603

LoansandReceivables LaR 185 1,283

FinancialLiabilitiesMeasuredatAmortisedCost FLAC 1,121

Reconciliation financial result:

Financialincomeandexpenseforbalancesheetitems,whicharenotfinancialinstruments 361

Incomeandexpensesonfinancialinstruments,whicharenotincludedintheinterestresult –189 –185

Total 0 0 0 2,213 1,482

1IFRS7.20.(a),temporaryimpairments2IFRS7.20.(e),permanentimpairments,negativeamountsrepresentwrite-ups

NOTES

92 Annualreport2014

Profits and losses from subsequent valuation are the difference between stockmarketpriceandbookvalue.Changestothefairvaluearetakenintoaccountinlinewiththestockmarketpriceandforimminentdefaultonreceivables.Interestisrecor-dedaccordingtotherelevantpayments,takingintoaccountdeferralsfortheperiod.

Impairmentexpensesforfinancialinstrumentswhicharenotincludedintheinterestresultareshownintheprofitandlossaccountunder“otheroperatingexpenses”andcorrespondingincomeunder“otheroperatingincome”.

Interestincomeforfinancialassetsandfinancialliabilities,whicharenotmeasuredatmarketvaluethroughprofitorloss,cometoT¤1,118(previousyear:T¤1,283).ThecorrespondinginterestexpensesamounttoT¤785(previousyear:T¤1,121).

Thevalueadjustmentsforfinancialinstrumentsareopenlydeductedinthecaseoftradedebtorsandotherreceivablesthroughseparateaccounts.Impairedreceivablesessentiallyrelatetoreceivablesfromindividualcustomers,whicharewrittenoffinfullthreemonthsaftertheyfallduetotakeaccountoftheriskoftheirbeingunrecovera-ble.TherearepastduebutnotyetimpairedreceivablesfromcustomersamountingtoT¤ 1,545 (previous year: T¤ 938). In the case of non-impaired receivables, theGroup’sretailactivitiesmeanthat thereisnodefaultriskresultingfromafocusonindividualborrowers.Valueadjustmentsdevelopedasfollows:

2014 ¤ ‘000

2013 ¤ ‘000

Positionasat1January 2,083 1,897

Allocation 1,896 1,851

Consumption –1,109 –986

Write-backs –741 –679

Position as at 31 December 2,129 2,083

Loans Theloansreportedundernon-currentfinancialassetsofT¤207(previousyear:T¤221)aremainlyloanstonon-controllingshareholdersinconsolidatedcom-paniestofinanceshareholdercapitalcontributionsorequipshops.Thecurrentvalueequalstheamountdueforrepayment.

In addition, other non-current financial assets comprised deposits for rentedbranchspaceamountingtoT¤849(previousyear:T¤836)andlong-termclaimsagainstemployeesintheformofloansamountingtoT¤411(previousyear:T¤292).

Bonds and fixed deposits Theitemforothernon-currentfinancialassetsincludesbondsamountingtoT¤29,310(previousyear:15,487)aswellasfixed-termdepositstotallingT¤10,521 (previousyear:nofixed-termdeposits),whichare reportedatamortisedcost.Thecurrentvaluecorrespondstotherepaymentamount.

NOTES

Annualreport201493

Capital investments in the item for current financial assets comprise bondsamountingtoT¤135,271(previousyear:T¤110,083)andborrower’snoteloansofT¤6,056(previousyear:T¤36,721).Therewerenofixed-termdeposits(previousyear:T¤10,013).Theyareshownatamortisedcostandthecurrentvalueforeachequalstheamountdueforrepayment.

Callmoneyandfixed-termdepositsofT¤30,024(previousyear:T¤29,087)arereportedundercashandcashequivalents.Inaddition,thisiteminthebalancesheetcomprisesbondsamountingtoT¤29,997(previousyear:T¤25,386).Theyarereportedatamortisedcost.Thecarryingamountcorrespondstotherepayableamount.

Reinsurance policies Claimsunderreinsurancepoliciesforpensionsandpartialretirementarereported in theamountofT¤217(previousyear:T¤207) inothernon-currentfinancialassets.

Investment management custodial accounts AcustodialaccountinSwitzer-landmanagedbyanexternalcustodian,whichcontainssharesandbonds,isreportedundercurrentfinancialinvestmentsofFielmannSchweizAGintheamountofT¤7,842(previousyear:T¤7,430).Investmentpolicyisbasedonawrittenstrategyagreedwiththecustodialaccountmanager.Thesecuritiesheldtherearereportedatcurrentvalue(stockmarketprice).Valuationgainsandlossesintheperiodunderreviewwerechargedtotheprofitandlossaccount.

Funds Funds amounting to T¤ 10,035 were recognised under current financialinvestments(previousyear:nofunds).

Trade debtors and other receivables Other receivables amounting toT¤ 18,717 (previous year: T¤ 17,285) were reported at fair value. The positivedifferenceinvaluebetweenamortisedcostandmarketvaluewasT¤807(previousyear:T¤475).Thebookvalueisthemaximumdefaultriskforthisreceivable.Themeasurementgainswererecognised throughprofitor loss in thereportingperiod.PleaserefertoNote(8)forfurtherdisclosures.

Currency forwards Thefigurereportedforcurrency forwards incurrentotherfinancial assets comprises the fair value of T¤1,242 (previous year: no currencyforwards).TheywereconcludedintheoperationalcurrenciesUSDandCHFandarenotembeddedinaneffectivehedgepursuant to IAS39.On31December2014,therewerecurrencyforwardsintheamountofT$18,000(previousyear:nocurrencyforwards)andTCHF12,000 (previousyear:nocurrency forwards).Measurementgainsinthereportingperiodwererecognisedthroughprofitorloss.

NOTES

94 Annualreport2014

Liquid funds ThereareliquidfundsofT¤67,316(previousyear:T¤82,015),ofwhichT¤65,470(previousyear:T¤80,570)arecreditbalanceswithbanks,wherethecurrentvalueequalstheamountondeposit.

Liabilities to financial institutions Therearenon-currentliabilitiestofinancialinstitutionsofT¤353(previousyear:T¤457),whicharesecuredbychargesoverlandorsimilarrightsastheywerelastyear.

Current liabilities to financial institutions amounting to T¤109 (previous year:T¤127)areshown.Thecurrentvaluesequaltheamountsdueforrepayment.

Loans received Shareholder loans to Group companies were reported in theamountofT¤823(previousyear:T¤525).Thecurrentvaluesequal theamountsdueforrepayment.

Liabilities from third parties’ capital interests Otherfinancialliabilitiesincludethirdparties’capitalinterestsamountingtoT¤2,526(previousyear:T¤2,531),whicharetobereportedasliabilitiesinaccordancewithIAS32(seealsoNotes(17),(22)and(41)).

Financial liabilities Non-current financial liabilities contain obligations underagreements on capital-building payments (fixed interest employee holdings) with aremainingtermofover12monthsamountingtoT¤727(previousyear:T¤994).

AnanalysisofthedatesonwhichmaterialfinancialliabilitiesaredueisnottheGroup’sfocus,sincesufficientliquidfundsarepermanentlyavailable.

Further informationon themanagement aswell as the risks andopportunitiesinherentinfinancialinstrumentsisprovidedinthesectionon“financialrisks”intheManagementReport.

In the financial year, the Fielmann Group assumed no guarantees for third partyliabilitiestobanks,aswasalreadythecaseinthepreviousyear.

TheFielmannGroupfunctionsasalesseeofvehicles,equipmentandpropertyunderoperatingleases.Theleasepaymentsarerecognisedasanexpense.

AtthereportingdatearesidualliabilityofT¤1,891(previousyear:T¤1,699)existedintheFielmannGroupbasedonleasetransactionsforvehiclesandequipment,ofwhichT¤218(previousyear:T¤209)hadaremainingtermofuptooneyear,T¤1,673(previousyear:T¤1,490)ofmorethanoneanduptofiveyears.Theleasepayments relating to these transactionsduring theyearunder reviewamounted toT¤501(previousyear:T¤474).

(26) Contingent liabilities, other

financial liabilities and lease

agreements

NOTES

Annualreport201495

Rentalpayments(essentiallyforbusinesspremises)wereasfollows:2014

¤ ‘0002013

¤ ‘000

Minimumleasepayments 64,984 63,582

Contingentpayments 1,104 847

Paymentsforsub-leases 754 1,220

66,842 65,649

Thedisclosuresregardingminimumleasepaymentsrelatetorentsexcludinguti-litychargesandcontractuallyagreedancillarycosts.Contingentpaymentsrelatetoadditionalpaymentsundersales-basedleaseagreements.RentalincomeofT¤2,442(previousyear:T¤2,814)isexpectedfromsub-leasesthatcannotbeterminated.

TheGrouppredominantlyconcludesleaseagreementsforafixedperiodofusuallytenyearswithtworenewaloptions(fiveyearseach). Inadditiontofixedminimumleasepayments,whereappropriateagreementsareconcluded for indexed, sales-basedandgraduatedrent.Thenumberofagreementssubjecttosuchtermsin2014wasasfollows:

Number

Lease agreements with the following provisions

Rented Let

Indexedrent 667 139

Sales-basedrent 141 2

Graduatedrent 40 12

Fixedrent 161 96

Leaseagreements forpropertiesused relateexclusively to rent for commercialproperty,whereas thepresentationofproperties let includesbothcommercialandresidentialspace.Nocontingentpaymentsunderleaseagreementswerereceivedinfinancialyear2014.

Primarily,standardcommercialleaseagreements(foratermoffivetotenyears)andunlimitedresidentialtenancyagreementsareused.RentalincomeinthefinancialyearamountedtoT¤3,490(previousyear:T¤3,499).

Rentalcommitmentswereasfollows:31. 12. 2014

¤ ‘00031. 12. 2013

¤ ‘000

Upto1year 65,679 62,800

1to5years 215,144 195,687

Morethan5years 51,073 49,000

331,896 307,487

NOTES

96 Annualreport2014

Expectedfutureincomeisasfollows:

31. 12. 2014 ¤ ‘000

31. 12. 2013 ¤ ‘000

Upto1year 2,837 2,775

1to5years 7,757 6,563

Morethan5years 1,542 2,415

12,136 11,753

ofwhichincomefrompropertyheldasinvestment 7,684 6,054

Theinformationregardingfuturecommitmentsonlycoversthecontractualperiodoftheleaseagreements,duringwhichthesecannotbeterminated.

TheFielmannGroupisplanninginvestmenttotallingT¤53,400forfinancialyear2015(previousyear:T¤53,000),ofwhichT¤3,800isearmarkedfornewbranches(previousyear:T¤3,000),T¤25,900(previousyear:T¤26,500)forreplacementinvestmentinexistingbranches,T¤6,600forproductionfacilitiesatRathenow(pre-viousyear: T¤6,300), T¤8,800 for IThardware (previousyear: T¤9,400)andT¤4,800forITsoftware(previousyear:T¤2,500).Asat31December2014,ordercommitmentsofT¤100relatedtoopeningnewbranches(previousyear:T¤100),T¤2,300toexpenditureonplantreplacementsforexistingbranches(previousyear:T¤ 1,700), T¤ 1,300 to production in Rathenow (previous year: T¤ 1,500) andT¤1,300toIT(previousyear:T¤300).

Profit and loss account

TheprofitandlossaccountoftheFielmannGroupwascompiledinaccordancewiththeoverallcostofproductionmethod.

TheincomefromsalesoftheFielmannGroup(grossincludingsalestax)isattributableasfollows:

2014 2013

Gross¤ ‘000

Net¤ ‘000

Gross¤ ‘000

Net¤ ‘000

Branches,Germany 1,141,613 972,871 1,076,306 916,104

FielmannAG,Germany 4,941 4,152 4,878 4,114

Branches,Switzerland 158,752 146,993 147,112 136,215

Branches,Austria 83,951 70,399 82,176 68,800

Branches,Netherlands 8,808 7,279 8,444 6,978

Branches,Poland 12,797 11,764 11,802 10,857

Branches,Luxembourg 5,190 4,997 5,632 4,897

Other 9,604 8,031 10,933 9,140

Consolidated sales 1,425,656 1,226,486 1,347,283 1,157,105

Changesininventories 2,255 2,255 2,792 2,792

Total Group sales 1,427,911 1,228,741 1,350,075 1,159,897

NOTES

(27) Income from sales, including

changes in inventories

Annualreport201497

IncomefromsalesincludesincomefromsellingservicesandrentalincomefromownpropertyofT¤3,787(previousyear:T¤3,571).TheretailsectorachievednetincomefromsalesofophthalmicopticsofT¤1,170,918(previousyear:T¤1,113,903).

Otheroperatingincomemainlycomprisesincomefromsublettingleasedproperty,fromwritingbackaccrualsandvalueadjustmentsaswellasvaluationgains fromcurrency hedging transactions. The income from foreign exchange differences isvaluedatT¤1,149(previousyear:T¤845).

Thecostsofmaterialsmainlyrelatestospectacleframes,lenses,contactlensesandcleaningandcareproductsaswellashearingaidsandhearingaidaccessoriesafterdeductingdiscounts,rebatesandothersimilaramounts.

2014 ¤ ‘000

2013 ¤ ‘000

Wagesandsalaries 408,424 387,363

Socialsecuritycostsandpensions 75,847 71,373

484,271 458,736

ofwhichpensionschemecontributions 35,426 33,771

Aspart of the statutoryarrangements inGermany concerning capital-buildingpayments toemployees,anoffer isusuallymade to theworkforceonceayear toinvest thesebenefits in the formofFielmannshares.On8September2014,eachemployeewasoffered11sharesatapriceof¤50.96withanoptionperioduntil6November2014.Thisofferwastakenupby5,901employees.Asaresult,64,911shareswereissuedtoemployees.Therearenownoopenofferstosubscribetosharesatthebalancesheetdate.Onthelastdayoftheexerciseperiod,theclosingmarketpricewas¤51.89.

InaccordancewithIFRS2,thesumofT¤3,368(previousyear:T¤2,931)wasstatedasexpenditureforcapital-buildingpaymentsintheformofshareswithintheGroup.Pricegainsandbook losseson thedisposalof thecompany’sownshareswereoffsetdirectlyagainstequity(cf.Note(41)).

Inaddition,employeesinthebranchesreceivedatotalof43,094(previousyear:42,017shares)fromaperformance-relatedremunerationschemewithinthemeaningof IFRS 2. The total expenditure involved amounted to T¤ 4,638 (previous year:T¤6,856).ThisschemeaimstorewardparticularelementsoftheFielmannphilosophy,suchascustomersatisfaction.

TheremunerationofManagementBoardmembersfortheirworkduringthefinan-cialyearisdividedintofixedcomponentsandvariablecomponents,whicharebasedontheresult,aswellasapensionplaninthecaseofoneBoardmember.ThepremiumforaGroupaccidentinsurancepolicyfortheManagementBoardmembersandapecuniarybenefitfortheuseofcompanycarsareattributedtothefixedremunerationprorata.ThevariablecomponentsarebasedontheFielmannGroup’snetincomefortheyear.Therearenoshareoptionprogrammesinplace.

(28) Other operating income

(30) Personnel costs

NOTES

(29) Costs of material

98 Annualreport2014

Thecorporatephilosophyofcompletededication tocustomerneeds is reflectedin the contracts governing the Management Board members’ variable remunera-tion. Inprinciple, thebonusesaredivided into twosub-areas.Bonus I (T1) isbasedsolelyonnet income for theyearwithaweightingof70per cent.Bonus II (T2) isaimed at promoting the company’s long-term development. This bonus is calcula-tedon thebasis of customer satisfaction in conjunctionwith net profit for the year,which isassessedon thebasisofa targetsystemoveraperiodof threeyears.Themulti-yearremunerationalsocontainsaperiodofservicecomponentforMrSchmid,

Günther FielmannChairman of the Management Board

Date of entry: 19941

Günter SchmidManagement Board member responsible for Materials

Management, Date of entry: 19941

Allowances grantedInflow in ¤ ‘000 2013 2014 2014 (Min) 2014 (Max)2 2013 2014 2014 (Min) 2014 (Max)2

Fixedremuneration 1,625 1,625 1,625 1,625 585 585 585 585

Ancillarybenefits 18 47 47 47 39 41 41 41

Sub-total 1,643 1,672 1,672 1,672 624 626 626 626

Variableremuneration

One-year(T1) 2,065 2,275 0 3,250 723 9193 1003 9193

Multi-year

Customersatisfaction(3years)(T2) 885 975 0 3,250-T1 310 351 0 1,270-T1

Periodofservice(3years) – – – – – 97 0 195

Sub-total 2,950 3,250 0 3,250 1,033 1,3673 1003 1,4653

Total 4,593 4,922 1,672 4,922 1,657 1,993 726 2,091

Pensionexpense – – – – 291 184 184 184

Total remuneration 4,593 4,922 1,672 4,922 1,948 2,177 910 2,275

Günther FielmannChairman of the Management

BoardDate of entry: 19941

Günter SchmidManagement Board member

responsible for Materials Management, Date of entry: 19941

Inflow in ¤ ‘000 2013 2014 2013 2014

Fixedremuneration 1,625 1,625 585 585

Ancillarybenefits 18 47 39 41

Total 1,643 1,672 624 626


One-year(T1) 1,886 2,065 660 823

Multi-year

Customersatisfaction(3years)(T2) 809 885 283 310

Periodofservice(3years) – – – –

Total 2,695 2,950 943 1,133

Pensionexpense – – 291 184

Total remuneration 4,338 4,622 1,858 1,943

1PreviouslycomparableroleinpredecessorcompanyFielmannVerwaltungKG.2Theupperlimitrulecomprisesboththeone-yearandthemulti-yearvariableremunerationintotal.3Incl,anon-recurringpaymentofT¤100.

NOTES

Annualreport201499

who has also been promised a pension, guaranteeing him 40 per cent of hislast gross salary on reaching retirement age. If Herr Schmid should leave thecompany’semployon30June2017,atthatpointintime,theSupervisoryBoardwouldgranthimaone-offpaymentofuptotwoyears‘fixedsalary(multipleyearemployment–3years).Underthesecontracts,theceilingfortotalvariablerem-unerationforMrFielmannandMrSchmidis200percentoffixedremuneration(BonusIandBonusII),forDrThiesandMrzeiss,itamountsto150percentofthefixedremuneration.

Dr Stefan ThiesManagement Board member responsible for Controlling

Date of entry: 2007

Georg Alexander ZeissManagement Board member responsible for Finance

Date of entry: 2004

Allowances grantedInflow in ¤ ‘000 2013 2014 2014 (Min) 2014 (Max)2 2013 2014 2014 (Min) 2014 (Max)2

Fixedremuneration 520 520 520 520 520 520 520 520

Ancillarybenefits 13 15 15 15 20 19 19 19

Sub-total 533 535 535 535 540 539 539 539


One-year(T1) 516 546 0 780 516 546 0 780

Multi-year

Customersatisfaction

(3years)(T2) 221 234 0 780-T1 221 234 0 780-T1

Periodofservice(3years) – – – – – – – –

Sub-total 737 780 0 780 737 780 0 780

Total 1,270 1,315 535 1,315 1,277 1,319 539 1,319

Pensionexpense – – – – – – – –

Total remuneration 1,270 1,315 535 1,315 1,277 1,319 539 1,319

Dr Stefan ThiesManagement Board member responsible for Controlling

Date of entry: 2007

Georg Alexander ZeissManagement Board member

responsible for FinanceDate of entry: 2004

Inflow in ¤ ‘000 2013 2014 2013 2014

Fixedremuneration 520 520 520 520

Ancillarybenefits 13 15 20 19

Total 533 535 540 539


One-year(T1) 471 516 471 516

Multi-year

Customersatisfaction(3years)(T2) 202 221 202 221

Periodofservice(3years) – – – –

Total 673 737 673 737

Pensionexpense – – – –

Total remuneration 1,206 1,272 1,213 1,276

NOTES

100Annualreport2014

2014¤ ‘000

2013¤ ‘000

Intangibleassets 2,945 2,747

Tangibleassetsincl.propertyheldasfinancialinvestment 35,006 32,190

37,951 34,937

Asinthepreviousyear,thefigurefordepreciationonintangibleassetsdoesnotincludeanyextraordinarywrite-downsintheperiodunderreview.AspartoftheimpairmenttestforaCGUinUkraine,depreciationofT¤1,438wasrecognisedontheproperty,plantandequipmentofthisCGU.Moredetaileddisclosurescanbefoundinthesectionexplainingourkeyaccountingandvaluationprinciples.Furthermore,extraordinarydepreciationofT¤1,037wasrecognisedonaninvestmentproperty(pleaseseeNote(3)).Therewasnoextraordinarydepreciationinthepreviousyear.

Other operating expenses include administrative and organisational costs, adverti-sing,costofpremisesaswellas thecostsof trainingandvoluntary socialbenefits.TheexpensearisingfromforeignexchangedifferencestotalsT¤1,829(previousyearT¤1,330).This isoffsetbyincomefromforeignexchangedifferencesamountingtoT¤1,149(previousyear:T¤845)(cf.Note(28)).

Thefinancialresultismadeupasfollows:

Expenses Income Balance

in ¤ ‘000 2014 2013 2014 2013 2014 2013

Interestfromcashandcapitalinvestments –318 –368 1,805 2,142 1,487 1,774

Resultfromon-balancesheetandothertransactionsnotrelatingtofinancialassets –1,384 –1,114 60 71 –1,324 –1,043

Interest result –1,702 –1,482 1,865 2,213 163 731

Write-upsandwrite-downsonfinancialassetsandsimilaritems 0 0 0 0 0 0

Financial result –1,702 –1,482 1,865 2,213 163 731

Amongotherthings,theinterestexpensecomprisesinterestforloanstominorityshareholdersandtheinterestrateeffectsofcompoundingnon-currentaccruals.

ThisincludestradetaxandcorporationtaxaswellastheequivalentnationaltaxesoftheconsolidatedcompaniestothevalueofT¤62,290(previousyear:T¤53,628),ofwhichtaxincomeofT¤109(previousyear:T¤90)fortaxesnotapplyingtothatreportingperiod.Theincometax-relatedexpenditureofindividualGroupcompaniesdecreasedbyT¤1,667(previousyear:T¤3,383)throughtheuseoflosscarryfor-wards.ThisitemincludesdeferredtaxliabilitiesintheGroupamountingtoT¤889(previousyear:T¤3,487).MoredetailscanbefoundinNote(39)oftheNotestotheaccounts.

(32) Other operating expenses

(33) Financial result

(34) Taxes on income and earnings

(31) Depreciation

NOTES

Annualreport2014101

Earningspersharedevelopedasfollows:

2014¤ ‘000

2013¤ ‘000

Netprofitfortheyear 162,806 142,026

Incomeattributabletoothershareholders –5,487 –4,000

Period result 157,319 138,026

Numberofshares(thousand) 83,998 83,998

Earnings per share* in ¤ (diluted/ undiluted) 1,87 1,64

*Becauseofthesharesplitcarriedoutinthefinancialyear,thepreviousyear’sfigureswereadjustedaccordingly.PleaseseeNote(13).

Therewasnodilutionofearnings.

Non-controllingshareholdersaccountforT¤5,530(previousyear:T¤4,057)oftheprofitsandT¤43(previousyear:T¤57)ofthelosses.Minorityinterestsinthenetprofitfortheyearandcorrespondingdistributionsareatthediscretionoftheshareholders.Forthisreason,theyarestatedopenlyintheprofitandlossaccountandinthemovementinGroupequity.Asinthepreviousyear,nowithdrawalsweremadefromprofitreservesduringthefinancialyear.

This item refers to a transfer to “other profit reserves” of the Group (T¤ 23,000,previousyear:T¤16,328).

ThedeferredtaxassetsonlossesbroughtforwarddecreasedbyT¤1,117(previousyear:decreaseofT¤2,885) in theperiodunder review throughcorrespondingnetannualresults.

Ofthedeferredtaxassetsonlossesbroughtforward,amountsofT¤500(pre-viousyear:T¤320)areattributabletocompaniesthatarecurrentlymakinglosses.Thefigurewasreportedonthebasisofpositiveearningsforecasts,whicharealsosupportedbytheseunits’positiveimpairmenttests.

No deferred tax assets were stated for loss carryforwards in the amount ofT¤4,221(previousyear:T¤6,283)becauseutilisationisnotexpected.Thisfiguredoesnotincludeanylosscarryforwardswhichareexpectedtolapsewithinthenext12monthsbecauseofthepassageoftime.

Deferredtaxassetsontemporarydifferencesfromcompanybalancesheets,con-tributionprocessesintheGroupandeliminationofintra-Groupprofitsareadditionallyincluded.Realisationofdeferred taxassetsduring thecoming12months is likelytoamounttoT¤7,582(previousyear:T¤2,171),whilerealisationofdeferredtaxliabilitieswillprobablyamounttoT¤3,053(previousyear:T¤554).

(35) Net profit for the year and

earnings per share

(36) Income attributable to

non-controlling shareholders

(37) Withdrawals from profit

reserves

(38) Transfers to other profit

reserves

(39) Deferred taxes

NOTES

102Annualreport2014

Deferredtaxesbreakdownasfollows:

31. 12. 2014 31.12. 2013

Deferred taxes

¤ ‘000Asset

¤ ‘000Liability

¤ ‘000Asset

¤ ‘000Liability

a)ondeductibledifferences –fromcompanyaccounts 2,691 182 2,321–fromHGBII 10,391 12,394 9,546 10,766–fromconsolidation 3,536 908 2,361 913

b)onlosscarryforwards 748 1,865 17,366 13,484 16,093 11,679

Reconciliation to balance sheet value NettingeffectinaccordancewithIAS12.71ff.

–8,343 –8,343 –7,712 –7,712

Deferred tax assets and liabilities according to the balance sheet 9,023 5,141 8,381 3,967

The deferred taxes must be added to the individual balance sheet items:31.12.2014 31.12.2013

¤ ‘000Asset

¤ ‘000Liability

¤ ‘000Asset

¤ ‘000Liability

ASSETS

Goodwill 3,422 4,571 2,314 4,269Tangibleassets 2,360 322 2,250 316Financialassets 19 629 19 181Inventories 7,240 2,626 7,045 2,021Tradereceivablesandotherfinancialassets 123 2,152 97 1,933Cashandcashequivalents 40 32

EQUITY AND LIABILITIES

Equitycapital 1,171 793 2,122 598Specialreserves 1,158 1,198Accruals 3,031 1,193 2,246 1,131

17,366 13,484 16,093 11,679

Reconciliation to balance sheet value NettingeffectinaccordancewithIAS12.71ff. –8,343 –8,343 –7,712 –7,712Deferred tax assets and liabilities according to the balance sheet 9,023 5,141 8,381 3,967

Suppliergrantswerereclassifiedfromotheroperatingincome,reducingcostofmaterialsandinventorylevels,intheconsolidatedfinancialstatements.Thisresultedintemporarydifferences,onwhichdeferredtaxassetswerecreated.

NOTES

Annualreport2014103

PrepaymentsoncontributionstothestatutorypensionplanrunbytheSwissdis-tributioncompanypermittedunderthetaxcodeareallocatedtoanitemforprepaidexpensesintheGroup.Deferredtaxliabilitiesarecreatedforthese.

Deferredtaxesallocatedtoequityaremainlyattributabletolosscarryforwards(deferredtaxassets)andtooutsidebasisdifferences(deferredtaxliabilities).

Thedeferredtaxesapplyingtospecialreservesresultfromacorrespondingitemwithtaxationeffectintheindividualcompanyaccounts.Deferredtaxesarealsoinclu-ded,whichareattributabletotemporarydifferenceswiththeaccrualsintheseparatefinancialstatementsofFielmannAktiengesellschaft.

Tax transitional account in accordance with IAS 122014

¤ ‘0002013

¤ ‘000

Profit before tax on earnings 225,985 199,141

Applicabletaxrateinpercent 30,7 30,7

Expected tax expenditure 69,377 61,136

Taxratedeviations

Impactoftaxratedifferencesabroad –4,517 –3,405

Impactofdeviationsinthetaxcalculationmethod

Corporationtaxexemptthirdpartyshareofprofit –908 –671

Non-deductibleexpenditure 918 977

Othertax-freeearnings –1,905 –882

Tradetaxallowancesandothertaxadjustments 316 –257

Non-periodiceffects –94 211

Other –8 6

Total Group tax expenditure 63,179 57,115

Theparametersforcalculatingtheexpectedtaxrateof30.7percentin2014areanaveragetradetax(14.9percentfromanaveragecollectionrateof425percent),corporationtax(15.0percent)andthesolidaritysurcharge(5.5percent).Theaveragecollection rateacrossallGroupcompanies subject to trade taxhasonlychangedinsignificantlycomparedwith2013.Theotherparametersareunchangedcomparedwith2013.

IAS12stipulatesthatdeferredtaxesmustbecreatedonthedifferencebetweentheproratanetassetsofasubsidiaryrecordedintheconsolidatedbalancesheetandtheinvestmentbookvalueofthissubsidiaryintheparentcompany’staxbalancesheet(outsidebasisdifferences)ifrealisationisexpectedwithin12months.Withacalcu-lationmethodof5percent(Section8boftheGermanCorporationTaxAct(KStG)),therearedeferredtaxesofT¤631(previousyear:T¤598)onplanneddistributionsbysubsidiariesofT¤39,408(previousyear:T¤37,399).

NOTES

104Annualreport2014

Incidentally,thereareadditionaloutsidebasisdifferencesofT¤5,250(previousyear:T¤2,168)on thebalancesheetdate.Realisation isnotexpectedwithin theforeseeablefuture,meaningthatrecognitionofadeferredtaxliabilityinaccordancewithIAS12.39isnotpossible.

DeferredtaxexpenditureofT¤390(previousyear:deferredtaxincomeofT¤18)wasattributabletootherprofit/loss.Therearenoothertaxesassociatedwithotherprofit/loss.

OwnsharesamountingtoT¤119(previousyear:T¤98)weredeductedfromequity.From the Group equity generated, profit reserves of Fielmann AktiengesellschaftamountingtoT¤176,866(previousyear:T¤192,371)andthebalancesheetprofit(T¤134,400;previousyear:T¤121,800)ofFielmannAktiengesellschaftareavaila-ble fordistribution to shareholders.On thebalance sheetdate, theGroupequitygeneratedissubject toarestrictionondistributionamountingtoT¤448(previousyear:T¤58).Thisisattributablesolelytothedeferredtaxassetsshownintheindi-vidual accounts of Fielmann Aktiengesellschaft. The figure reported in the currentfinancialyearwassolelyattributabletosoftwarecreatedin-houseandcapitalisedintheseparatefinancialstatementsofFielmannAktiengesellschaft.Asinthepreviousyear,thefreelyavailablereservesexceedthisamount.

The distributions during the financial year of T¤ 121,719 (previous year:T¤113,298)(excludingthedividendforownshares)werebasedonadividendof¤2.90pershare(previousyear:¤2.70).

TheotherchangestoconsolidatedequityresultedprimarilyfromtheincreaseinsharecapitalofT¤29,400toT¤84,000byconvertingprofitreserves(cfNote(13))andfromactuarialgainsandlossesfrompensionprovisionsandtheforeignexchangeequalisationitem.

InaccordancewithIAS32,theminorityinterestsintheequitycapitalarestatedasliabilitiesifrelatingtopositiveminorityinterestsinpartnerships.Minorityinterestsinthenetincomefortheyearandcorrespondingdistributionsareatthediscretionoftheshareholders.Forthisreason,theyarestatedopenlyintheprofitandlossaccountandinthemovementinequitycapital(seeNotes(17),(22),(25)).

The financial resources stated at T¤ 127,337 (previous year: T¤ 136,488) com-prisetheliquidfunds(T¤67,316;previousyear:T¤82,015)andcapitalinvestments(T¤60,021;previousyear:T¤54,473).Thesearetakenintoaccountinthefinancialresources,providedtheyhavearemainingtermofuptothreemonths.

Therewere no significant non-cash investments or financial transactions in theperiodunderreview.Therearerestrictionsonthedisposalofliquidfundsamounting

(41) Movement in Group equity

(42) Fielmann Group cash flow

statement

(40) Statement of the overall result

NOTES

Annualreport2014105

to T¤33 (previous year: T¤36) because of the restrictions imposed by the non-profit-makingcharacterofFielmannAkademieSchlossPlön, thenon-profitmakingeducationalcentreofAugenoptikGmbH.

Thefollowingreconciliationisprovidedtoincreasetransparencyforthecapitalmarketandmanagementwithregardtotheextenttowhichthecashflowthatrelatestocurrentbusinessactivitiesisimpactedbyswitchingfinancialassetsfromfinancialresourcestootheritems.

2014 ¤ ‘000

2013 ¤ ‘000

Change

= Cash flow before increase/decrease in financial assets held for trading or to maturity 176,188 196,091 –19,903

-/+Increase/decreaseinfinancialassetsheldfortradingortomaturity –19,440 –172,582 153,142

= Cash flow from current business activities 156,748 23,509 133,239

Thecompositionoffinancialassetsisasfollows:

31. 12. 2014 ¤ ‘000

31. 12. 2013 ¤ ‘000

Change

Liquidfunds 67,316 82,015 –14,699

Capitalinvestmentswithaspecificmaturityofupto3months 60,021 54,473 5,548

Financial resources 127,337 136,488 –9,151

Non-currentfinancialassets 207 221 –14

Othernon-currentfinancialassets 41,308 16,826 24,482

Capitalinvestmentswithaspecificmaturityofmorethan3months 159,204 164,247 –5,043

Financial assets 328,056 317,782 10,274

Formore detailed explanations regarding the individual items of the financialassets,pleaserefertoNote(25).

Inaccordancewiththeregionalstructureof theinternalreportingsystem,segmentreportingdistinguishedbetweenthegeographicregionsinwhichtheGroupoffersanddeliversproductsandservices.InadditiontothesegmentsofGermany,SwitzerlandandAustria,theregionsofLuxembourg,Italy,theNetherlands,PolandandEasternEuropearecombinedinthesegment“Other”.TheGroup’sproductsandservicesdonotdifferbetweenthesegments.

(43) Segment reporting

NOTES

106Annualreport2014

Segmentrevenuesfromtransactionswithothersegmentsarenotvaluedseparatelysincethesearecommercialtransactionsonmarkettermsandconditions.

Salesandincomecorrespondingtothenumberofactiveinsurancepolicieswereallocated to thesegmentAustriaaspartof theglasses for free insurance.For thepurposesofcommerciallaw,theseareallocatedtothesegmentGermany.

DepreciationofT¤1,438was recognised in the“Other segment”becauseofimpairmentchargesresultingfromtheimpairmenttestforaCGUinUkraine.Moredetaileddisclosurescanbefoundinthesectionexplainingtheaccountingandvalu-ationpoliciesintheNotes.

Segmentresultsfromordinaryactivitiesarethepre-taxresults,adjustedfortheresultsfromparticipations,whichareofminorsignificancefortheGroup.OwingtothecomplexinternalrelationshipsresultingfromFielmannAktiengesellschaft’swholesalefunctionandthecashpoolingsystem,segmentassetsareshownwiththeirshareintheconsolidatedenterprisevalue.Notransitionalvalueisthereforederived.

InviewofthefactthattheoperatingsegmentscorrespondtotheGroupstructureundercompanylawandtheuseofincomefiguresinaccordancewithIFRS,thetran-sitionalvaluesonlyreflectintra-Groupnetting.

Retailingwasnotdividedintoproductgroupsbecausetheopticalindustrymakeswellover95percentofthesalesinthatsegment.

NOTES

Annualreport2014107

AnnuAl Accounts

V. Information on related parties (IAS 24)

ChairmanofFielmannAktiengesellschaftGüntherFielmannisdeemedtobearelatedpartybecauseheholds,eitherindirectlyordirectly,orcontrols themajorityof theshares inFielmannAktiengesellschaftviaFielmannFamilienstiftung.Aswellas theemolumentsforhisactivitiesasChairman(cf.Note(30))andpaymentofdividendsfromthesharesheholds,nofurtherpaymentsweremadetoGüntherFielmannapartfromthoselistedbelow.

Inaddition,GüntherFielmannhasadirectorindirectinterestinorexercisescontroloverthefollowingcompanies,whichfromtheviewpointofFielmannAktiengesellschaftcanbeclassifiedasrelatedparties:

KORVASE(subsidiaryofFielmannFamilienstiftung)FielmannINTER-OPTIKGmbH&Co.KGMPAPharmaGmbHHofLütjensee-HofladenGmbH&Co.oHGGutSchierenseeVariouspropertymanagementcompaniesDuringthe2014financialyearandthepreviousyear,FielmannAktiengesellschaft

anditsGroupcompanieshavepurchasedandprovidedbothgoodsandservicesaswellasrentedandleasedoutpremises.PremisesusedbyGroupcompaniesessentiallyinvolve24branches(previousyear:24branches).Thecorrespondingpurchaseandrentalagreementswereconcludedoncustomarymarketterms.Alltransactionsweresettledinthecontextofthenormalpaymentplans(normally30days).

ThetransactionslistedbelowaremainlyattributabletotheexchangeofgoodsandserviceswithFielmannAktiengesellschaft.

NOTES

108Annualreport2014

2014 2013

in ¤ ‘000Günther

FielmannRelated parties

Günther Fielmann

Related parties

Services 12

Transactions 1,363 1,110

Rent 132 2,935 138 2,772

132 4,298 138 3,894

2014 2013

in ¤ ‘000Günther

FielmannRelated parties

Günther Fielmann

Related parties

Services 729 386 612 161

Transactions 39 18

Rent 31 75 31 80

760 500 643 259

2014 2013

Balances as at 31.12. in ¤ ‘000

Günther Fielmann

Related parties

Günther Fielmann

Related parties

Receivables 47 44

Liabilities 376 312

Employeerepresentatives in theSupervisoryBoardarealsodeemedtoberelatedparties.Totalemoluments received inconnectionwith theemployment relationshipamountedtoT¤428(previousyear:T¤397).

Transactions by Fielmann

Aktiengesellschaft and Group

companies with Günter Fielmann

and related parties

Transactions by Günther Fielmann

and related parties with

Fielmann Aktiengesellschaft and

Group companies

NOTES

Annualreport2014109

AnnuAl Accounts

Mitarbeiter

Auditor’s fees

German Corporate Governance

Code

VI. Other information

Staff as at balance sheet date Average staff numbers for year

2014 2013 2014 2013

Employees(excl.trainees) 13,810 13,284 13,555 13,051

ofwhich

–EmployeesinGermany 11,392 10,974 11,212 10,779

–EmployeesinSwitzerland 1,088 1,011 1,031 970

–EmployeesinAustria 596 577 588 574

–Otheremployees 734 722 724 728

Trainees 2,922 2,874 2,834 2,757

Total employees 16,732 16,158 16,389 15,808

Employeescalculatedasfull-timeequivalent 12,339 11,923 12,091 11,633

The feescharged forauditingservices forfinancialyear2014amount toT¤200(previousyear:T¤199).Inaddition,expensesforotherservicestotallingT¤22(pre-viousyear:T¤9)wereincurred.TheGroupauditorsdidnotsupplytaxationadviceandotherassuranceservices.

The declaration of compliance required under Section 161 of the German StockCorporationAct(AktG)wasissuedbytheManagementandSupervisoryBoardsandis permanentlymade available. It can be accessed online atwww.fielmann.com.TheremunerationreportispublishedwiththedeclarationofcomplianceandisalsoprintedaspartoftheManagementReport.

NOTES

110Annualreport2014

Supervisory Board Shareholder represent-atives

Supervisory Board employee represent-atives

Management Board

Information on the bodies of the Company

GüntherFielmann ChairmanoftheManagementBoard(SalesandHumanResourcesupto31March2015/Marketing),Lütjensee,Germany

Dr.BastianKörber (Salesfrom1April2015),Hamburg,Germany

GünterSchmid (MaterialsManagementandProduction),

Kummerfeld,Germany

Dr.StefanThies (HumanResourcesfrom1April2015/ITandControlling),Hamburg,Germany

GeorgAlexanderzeiss (FinanceandProperties),Ahrensburg,Germany

Prof.Dr.MarkK.Binz Lawyer,ChairmanoftheSupervisoryBoard,Stuttgart,Germany

Anton-WolfgangGrafvonFaber-Castell ChairmanoftheManagementBoardofFaber-CastellAG,Wendelstein,Germany

Hans-GeorgFrey ChairmanoftheManagementBoardofJungheinrichAG,Hamburg,Germany

HansJoachimOltersdorf ManagingPartnerofMPAPharmaGmbH,Rellingen,Germany

Marie-ChristineOstermann ManagingDirectorofRullkoGroßeinkaufGmbH&Co.KG,Hamm,Germany

Prof.Dr.Hans-JoachimPriester Notary,retired,Hamburg,Germany

PierPaoloRighi CEOandPresidentKarlLagerfeldInternationalB.V.,

Amsterdam,Netherlands

Dr.StefanWolf ManagementBoardChairmanofElringKlingerAG,Sindelfingen,Germany

EvaSchleifenbaum Tradeunionsecretaryofver.di,DeputyChairpersonoftheSupervisoryBoard,Kiel,Germany

SörenDannmeier Optician’sAssistantatFielmannAG&Co.,EKzHamburgerStraßeKG,Hamburg,Germany

JanaFurcht MasterOpticianatFielmannAG&Co.,Munich,Germany

RalfGreve ManagerDevelopmentCourseInstructoratFielmannAG,Hamburg,Germany

FredHaselbach MasterOpticianatFielmannAG&Co.OHG,Lübeck,Germany

HansChristopherMeier CommercialAssistantatFielmannAG,Hamburg,Germany

PetraOettle Optician’sAssistantatFielmannAugenoptikAG&Co.oHG,Ulm,Germany

JosefPeitz Tradeunionsecretaryofver.di,Berlin,Germany

TheremunerationoftheSupervisoryBoardin2014totalledT¤469(previousyear:T¤470).

NOTES

Annualreport2014111

These members of the

Supervisory Board are also

active in the following

Supervisory bodies

Prof.Dr.MarkK.Binz

ChairmanoftheSupervisoryBoardofWormlandUnternehmensverwaltungGmbH,Hanover,Germany2

MemberoftheSupervisoryBoardofSickAG,Waldkirch,Germany1

DeputyChairmanoftheSupervisoryBoardofFaber-CastellAG,Stein,Germany1

MemberoftheSupervisoryBoardofFestoAG,Esslingen,Germany1

MemberoftheSupervisoryBoardofFestoManagementAG,Vienna,Austria1

Anton-WolfgangGrafvonFaber-Castell2

MemberoftheSupervisoryBoardofBayernDesignForume.V.,Nuremberg,Germany2

MemberoftheAdvisoryCouncilofDzBankAG,FrankfurtamMain,Germany2

MemberoftheSupervisoryBoardofNürnbergerVersicherungs-Gruppe,Nuremberg,Germany1

MemberoftheSupervisoryBoardofNürnbergerBeteiligungsAG,Nuremberg,Germany1

MemberoftheSupervisoryBoardofNürnbergerallgemeineVersicherungsAG,Nuremberg,Germany1

MemberoftheSupervisoryBoardofNürnbergerLebensversicherungAG,Nuremberg,Germany1

MemberoftheSupervisoryBoardofGARANTAVersicherungsAG,Nuremberg,Germany1

MemberoftheSupervisoryBoardofUFB/UMUAG,Nuremberg,Germany1

HansJoachimOltersdorf

ChairmanoftheAdvisoryCouncilofParteGmbH,Cologne,Germany2

Marie-ChristineOstermann

MemberoftheSupervisoryBoardofKaiser’sTengelmannGmbH,MühlheimanderRuhr,Germany1

PierPaoloRighi

MemberoftheSupervisoryBoardofWormlandUnternehmensverwaltungGmbH,Hanover,Germany2

Dr.StefanWolf

ChairmanoftheSupervisoryBoardofNORMAGroupAG,Maintal,Germany1

MemberoftheSupervisoryBoardofALLGAIERWerkeGmbH,Uhingen,Germany2

MemberoftheAdvisoryBoardofMicronasSemiconductorHoldingAG,zurich,Switzerland2

1Memberofstatutorilyrequiredsupervisoryboard

2Memberofcomparabledomesticorinternationalsupervisorybodyofbusinessenterprise

NOTES

112Annualreport2014

Management, holding and service companies Groupshareofthecapitalinpercent

Name Location1 Share Name Location1 Share

Production and trading companies Groupshareofthecapitalinpercent

Name Location1 Anteil Name Location1 Anteil

Branches Groupshareofthecapitalinpercent

Name Location1 Anteil Name Location1 Anteil

Fielmann Aktiengesellschaft, HamburgShareholdings and consolidated companies as at 31 December 2013 as well as anoverview of companies which make use of the exemption under Section 264 (3) of the HGB(German Commercial Code) and Section 264b of the HGB

BaurOptikGeschäftsführungs-AG Donauwörth 100CMStadtentwicklungGmbH&Co.KG Hamburg 51CMStadtentwicklungVerwaltungsGmbH Hamburg 51FielmannAugenoptikAG&Co.LuxemburgKG Hamburg 51FielmannAugenoptikAktiengesellschaft Hamburg 100FielmannAus-undWeiterbildungs-GmbH2,3 Hamburg 100FielmannBeteiligungsgesellschaftmbH Hamburg 100FielmannDekorations-undVerkaufs-förderungsgesellschaftmbH Hamburg 100FielmannFinanzserviceGmbH Hamburg 100FielmannVenturesGmbH Hamburg 100FielmannVerwaltungs-undBeteiligungsGmbH4 Hamburg 100HIDHamburgerImmobiliendiensteGmbH Hamburg 100opt-investGmbH&Co.OHG2,3 Hamburg 100opt-InvestVerwaltungs-undBeteiligungsGmbH Hamburg 100

OptikHessGmbH Cologne-Dellbrück 100FielmannLtd. London,

GreatBritain 100GrupoEmpresarialFielmannEspanaS.A. Madrid,Spain 100OptikKlüttermannVerwaltungsGmbH Mönchengladbach 100FielmannHoldingB.V. Oldenzaal,

Netherlands 100FielmannAkademieSchlossPlön,gemeinnüt-zigeBildungsstättederAugenoptikGmbH2 Plön 100FielmannSchlossPlönHotel-undCateringGmbH Plön 100BeteiligungsgesellschaftfielmannModebril-lenRathenowGmbH Rathenow 100RathenowerOptischeWerkeGmbH Rathenow 100FielmannSchweizAG St.Gallen,

Switzerland 100LouvreAG St.Gallen,

Switzerland 100

FielmannAG&Co.amKugelbrunnenKG Aachen 100FielmannAG&Co.OHG Aalen 100fielmann-opticFielmannGmbH&Co.OHG Achim 100fielmannFielmannGmbH&Co.OHG Ahaus 100FielmannAG&Co.KG Ahlen 100FielmannAG&Co.OHG Ahrensburg 100FielmannAG&Co.OHG Albstadt-Ebingen 100FielmannAG&Co.KG Alsfeld 100FielmannAG&Co.KG Altenburg 100FielmannAG&Co.KG Alzey 100FielmannAugenoptikAG&Co.oHG Amberg 100

FielmannAG&Co.oHG Andernach 100FielmannAG&Co.KG Annaberg-Buchholz 100FielmannAG&Co.OHG Ansbach 100FielmannAG&Co.KG Arnsberg-Neheim 100FielmannAG&Co.KG Arnstadt 100FielmannAG&Co.CityGalerieOHG Aschaffenburg 100FielmannAG&Co.oHG Aschaffenburg 100FielmannAG&Co.oHG Aschersleben 100FielmannAG&Co.KG Aue 100FielmannAG&Co.KG Auerbach/Vogtland 100FielmannAG&Co.imCentrumOHG Augsburg 100

FielmannAG&Co.Kontaktlinsen-ServiceOHG Rathenow 100fielmannModebrillenRathenowAG&Co.KG Rathenow 100

RathenowerOptikGmbH3 Rathenow 100OTROberflächentechnikGmbH Rathenow 100IBFielmannGmbH Minsk,

Belarus 100

NOTES

Annualreport2014113



TheshareofthecapitalreferstodirectandindirectholdingsofFielmannAktiengesellschaft.ThedomesticsubsidiariesshowninthetablehavefulfilledtheconditionstomakeuseoftheexemptionunderSection264(3)oftheGermanCommercialCode(HGB)and264bHGBforpartnershipsandthereforedonotdisclosetheirannualaccountsdocumentation,includingtheManagementReport.

FielmannAG&Co.oHGCity-Galerie Augsburg 100FielmannAugenoptikAG&Co.oHG Aurich 100FielmannAG&Co.KG Backnang 100FielmannAG&Co.oHG BadHersfeld 100FielmannAG&Co.oHG BadHomburg 100FielmannAG&Co.KG BadKissingen 100FielmannAG&Co.oHG BadKreuznach 100FielmannAG&Co.KG BadMergentheim 100FielmannAG&Co.oHG BadNeuenahr-

Ahrweiler 100FielmannAG&Co.oHG BadOeynhausen 100FielmannAG&Co.KG BadOldesloe 100FielmannAG&Co.KG BadReichenhall 100FielmannAG&Co.KG BadSalzuflen 100FielmannAG&Co.KG BadSaulgau 100FielmannAG&Co.OHG BadSegeberg 100FielmannAG&Co.OHG BadTölz 100FielmannAG&Co.OHG Baden-Baden 100FielmannAG&Co.KG Balingen 100FielmannAG&Co.OHG Bamberg 100FielmannAG&Co.OHG Barsinghausen 100FielmannAG Basel,Schweiz 100Pro-optikAG Basel,Schweiz 100FielmannAG&Co.OHG Bautzen 100FielmannAG&Co.OHG Bayreuth 100FielmannAG&Co.OHG Beckum 100FielmannAG&Co.OHG Bensheim 100FielmannAG&Co.oHG Bergheim 100FielmannAG&Co.oHG BergischGladbach 100FielmannAG&Co.AlexanderplatzKG Berlin 100FielmannAG&Co.Berlin-HellersdorfOHG Berlin 100FielmannAG&Co.Berlin-zehlendorfOHG Berlin 100FielmannAG&Co.FriedrichshagenOHG Berlin 100FielmannAG&Co.FriedrichshainOHG Berlin 100FielmannAG&Co.Gesundbrunnen-CenterKG Berlin 100FielmannAG&Co.GropiusPassagenOHG Berlin 100FielmannAG&Co.imAlexaKG Berlin 100FielmannAG&Co.KreuzbergKG Berlin 100FielmannAG&Co.Linden-CenterKG Berlin 100FielmannAG&Co.MärkischeszentrumKGBerlin 100

FielmannAG&Co.MarzahnOHG Berlin 100FielmannAG&Co.MoabitKG Berlin 100FielmannAG&Co.NeuköllnKG Berlin 100FielmannAG&Co.oHGTegel Berlin 100FielmannAG&Co.PankowOHG Berlin 100FielmannAG&Co.PrenzlauerBergOHG Berlin 100FielmannAG&Co.SchöneweideOHG Berlin 100FielmannAG&Co.SpandauOHG Berlin 100FielmannAG&Co.SteglitzOHG Berlin 100FielmannAG&Co.TempelhofOHG Berlin 100FielmannAG&Co.TreptowKG Berlin 100FielmannAG&Co.WeißenseeKG Berlin 100FielmannAG&Co.WestendKG Berlin 100FielmannAG&Co.WilmersdorfKG Berlin 100FielmannAG&Co.OHG4,6 Bernau 100FielmannAG&Co.OHG Bernburg 100FielmannAG&Co.OHG BiberachanderRiß 100FielmannAG&Co.JahnplatzKG Bielefeld 100FielmannAG&Co.OHG Bielefeld 100FielmannAG&Co.BrackwedeKG Bielefeld-Brackwede 100FielmannAG&Co.oHG Bietigheim-Bissingen 100FielmannAG&Co.KG BingenamRhein 100FielmannAugenoptikAG&Co.OHG Bitburg 100FielmannAG&Co.OHG Bitterfeld 100FielmannAG&Co.oHG Böblingen 100FielmannAG&Co.OHG Bocholt 100FielmannAG&Co.OHG Bochum 100FielmannAG&Co.WattenscheidKG Bochum 100FielmannSrl4,5 Bolzano,Italien 100FielmannAG&Co.Bonn-BadGodesbergOHG Bonn 100FielmannAG&Co.oHG Bonn 100fielmann-opticFielmannGmbH&Co.KG Bonn 50,98FielmannAugenoptikAG&Co.OHG Borken 100FielmannAG&Co.OHG Bottrop 100fielmann-opticFielmannGmbH&Co.OHG Brake 100FielmannAG&Co.OHG Brandenburg 100FielmannAG&Co.Schloss-ArkadenKG Braunschweig 100fielmannFielmannGmbH Braunschweig 100FielmannAG&Co.KG Bremen 68FielmannAG&Co.oHGBremen-Neustadt Bremen 100FielmannAG&Co.Roland-CenterKG Bremen 100

NOTES

114Annualreport2014

FielmannAG&Co.VegesackOHG Bremen 100FielmannAG&Co.WeserparkOHG Bremen 100fielmann-optic,FielmannGmbH&IseOHG Bremerhaven 100FielmannAG&Co.OHG Bretten 100FielmannAG&Co.OHG Bruchsal 100FielmannAG&Co.oHG Brühl 100FielmannAG&Co.OHG Brunsbüttel 100FielmannAG&Co.oHG Buchholz 100FielmannAG&Co.KG Bünde 100FielmannAG&Co.OHG Burg 100FielmannAG&Co.OHG4 Burgdorf 100FielmannAG&Co.OHG Buxtehude 100FielmannAG&Co.KG Calw 100FielmannAG&Co.oHG Castrop-Rauxel 100FielmannAG&Co.OHG Celle 100FielmannAG&Co.OHG4 Cham 100FielmannAG&Co.OHG Chemnitz 100FielmannAG&Co.Vita-CenterKG Chemnitz 100FielmannAG&Co.oHG Cloppenburg 100FielmannAG&Co.OHG Coburg 100FielmannAG&Co.OHG Coesfeld 100FielmannAG&Co.oHG Cottbus 100FielmannAG&Co.OHG Crailsheim 100FielmannAG&Co.OHG Cuxhaven 100FielmannAG&Co.oHG Dachau 100FielmannAG&Co.OHG Dallgow-Döberitz 100FielmannAG&Co.KG Darmstadt 100FielmannAG&Co.oHGLudwigsplatz Darmstadt 100FielmannAG&Co.KG Datteln 100FielmannAG&Co.oHG Deggendorf 100fielmann-opticFielmannGmbH&Co.OHG Delmenhorst 100FielmannAG&Co.OHG Dessau-Roßlau 100FielmannAG&Co.oHGKavalierstraße Dessau-Roßlau 100FielmannAG&Co.OHG Detmold 100fielmann-opticFielmannGmbH&Co.OHG Diepholz 100FielmannAG&Co.oHG Dillingen 100FielmannAG&Co.KG Dingolfing 100FielmannAG&Co.OHG Dinslaken 100FielmannAG&Co.OHG Döbeln 100BaurOptikAG&Co.KG Donauwörth 100FielmannAG&Co.oHG Dormagen 100FielmannAG&Co.KG Dorsten 100FielmannAG&Co.KG Dortmund 100FielmannAG&Co.DresdenAltstadtOHG Dresden 100FielmannAG&Co.DresdenNeustadtOHG Dresden 100FielmannAG&Co.KaufparkKG Dresden 100

FielmannAG&Co.HambornKG Duisburg 100FielmannAG&Co.imCentrumOHG Duisburg 100FielmannAG&Co.MeiderichKG Duisburg 100FielmannAG&Co.OHG Dülmen 100FielmannAG&Co.OHG Düren 100FielmannAG&Co.DerendorfOHG Düsseldorf 100FielmannAG&Co.FriedrichstraßeOHG Düsseldorf 100FielmannAG&Co.imCentrumKG Düsseldorf 100FielmannAG&Co.OberkasselOHG Düsseldorf 100FielmannAG&Co.RethelstraßeOHG Düsseldorf 100fielmann-opticFielmannGmbH&Co.KG Düsseldorf 60FielmannAG&Co.OHG Eberswalde 100FielmannAG&Co.OHG Eckernförde 100FielmannAG&Co.oHG Ehingen 100FielmannAG&Co.OHG Eisenach 100FielmannAG&Co.OHG Eisenhüttenstadt 100FielmannAG&Co.oHG Elmshorn 100FielmannAG&Co.OHG Emden 100FielmannAG&Co.OHG Emmendingen 100FielmannAG&Co.KG Emsdetten 100FielmannAG&Co.OHG Erding 100FielmannAG&Co.OHG Erfurt 100FielmannAG&Co.Thüringen-ParkOHG Erfurt 100FielmannAG&Co.OHG Erkelenz 100FielmannAG&Co.imCentrumOHG Erlangen 100FielmannAG&Co.OHG Erlangen 100FielmannAG&Co.KG Eschwege 100FielmannAG&Co.OHG Eschweiler 100FielmannAG&Co.EKzLimbeckerPlatzKG Essen 100FielmannAG&Co.Essen-RüttenscheidOHG Essen 100FielmannAG&Co.zentrumKG Essen 100FielmannAG&Co.Essen-SteeleOHG Essen-Steele 100FielmannAG&Co.OHG Esslingen 100Brillen-BunzelGmbH Ettlingen 100FielmannAG&Co.oHG Ettlingen 100FielmannAG&Co.oHG Euskirchen 100FielmannAG&Co.oHG Eutin 100FielmannAG&Co.OHG Finsterwalde 100FielmannAG&Co.OHG Flensburg 100FielmannAG&Co.OHG Forchheim 100FielmannAG&Co.OHG Frankenthal 100FielmannAG&Co.OHG Frankfurt(Oder) 100FielmannAG&Co.BornheimKG FrankfurtamMain 100FielmannAG&Co.Hessen-CenterOHG FrankfurtamMain 100FielmannAG&Co.HöchstOHG FrankfurtamMain 100



NOTES

Annualreport2014115

FielmannAG&Co.LeipzigerStraßeOHG FrankfurtamMain 100FielmannAG&Co.RoßmarktOHG FrankfurtamMain 100FielmannAG&Co.oHG Frechen 100FielmannAG&Co.OHG Freiberg 100FielmannAG&Co.oHG FreiburgimBreis-

gau 100FielmannAG&Co.oHG Freising 100FielmannAG&Co.OHG Freital 100FielmannAG&Co.KG Freudenstadt 100FielmannAG&Co.OHG4 Friedberg(Hessen) 100FielmannAG&Co.KG Friedrichshafen 100FielmannAG&Co.OHG Fulda 100FielmannAG&Co.OHG Fürstenfeldbruck 100FielmannAG&Co.OHG Fürstenwalde 100FielmannAG&Co.KG Fürth 100FielmannAG&Co.KG Garmisch-Parten-

kirchen 100FielmannAG&Co.OHG Geesthacht 100FielmannAG&Co.KG Geislingenander

Steige 100FielmannAG&Co.OHG Geldern 100FielmannAG&Co.OHG Gelnhausen 100FielmannAG&Co.imCentrumKG Gelsenkirchen 100FielmannAG&Co.BuerOHG Gelsenkirchen 100FielmannAG&Co.KG Gera 100FielmannAG&Co.oHG Gießen 100FielmannAG&Co.OHG Gifhorn 100FielmannAG&Co.KG Gladbeck 100FielmannAG&Co.OHG Glinde 100FielmannAG&Co.KG Goch 100FielmannAG&Co.OHG Göppingen 100FielmannAG&Co.KG(bis17.11.2014) Görlitz 100FielmannAG&Co.CentrumKG Görlitz 100FielmannAG&Co.OHG Goslar 100FielmannAG&Co.OHG Gotha 100FielmannAG&Co.OHG Göttingen 100FielmannAG&Co.OHG Greifswald 100FielmannAG&Co.OHG Greiz 100FielmannAG&Co.OHG Greven 100FielmannAG&Co.OHG Grevenbroich 100FielmannAG&Co.KG Grimma 100FielmannAG&Co.OHG Gronau 100FielmannAG&Co.OHG Gummersbach 100FielmannAG&Co.oHG Günzburg 100FielmannAG&Co.PferdemarktOHG Güstrow 100FielmannAG&Co.OHG Gütersloh 100

FielmannAG&Co.OHG Hagen 100FielmannAG&Co.OHG Halberstadt 100FielmannAG&Co.OHG Halle 100FielmannAugenoptikAG&Co.Halle-NeustadtOHG Halle-Neustadt 100FielmannAG&Co.OHG HalternamSee 100FielmannAG&Co.BillstedtKG Hamburg 100FielmannAG&Co.BramfeldKG Hamburg 100FielmannAG&Co.EimsbüttelOHG Hamburg 100FielmannAG&Co.EKzHamburgerStraßeKG Hamburg 100FielmannAG&Co.EppendorfKG Hamburg 100FielmannAG&Co.HarburgSandOHG Hamburg 100FielmannAG&Co.imAlstertal-EinkaufszentrumOHG Hamburg 100FielmannAG&Co.imElbe-EinkaufszentrumOHG Hamburg 100FielmannAG&Co.BergedorfOHG Hamburg 100FielmannAG&Co.OchsenzollOHG Hamburg 100FielmannAG&Co.oHGBarmbek Hamburg 100FielmannAG&Co.oHGNiendorf Hamburg 100FielmannAG&Co.oHGSchnelsen Hamburg 100FielmannAG&Co.OthmarschenOHG Hamburg 100FielmannAG&Co.OttensenOHG Hamburg 100FielmannAG&Co.RahlstedtOHG Hamburg 100FielmannAG&Co.RathausOHG Hamburg 100FielmannAG&Co.VolksdorfOHG Hamburg 100FielmannAG&Co.WandsbekOHG Hamburg 100FielmannAugenoptikAG&Co.oHGHarburg-City Hamburg 100fielmannFarmsenFielmannGmbH&Co.KG Hamburg 50OptikerCarlGmbH Hamburg 100FielmannAG&Co.KG Hameln 100FielmannAG&Co.KG Hamm 100FielmannAG&Co.OHG Hanau 100FielmannAG&Co.Ernst-August-GalerieKG Hanover 100FielmannAG&Co.ListerMeileOHG Hanover 100FielmannAG&Co.NordstadtOHG Hanover 100FielmannAG&Co.OHG Hanover 100FielmannAG&Co.SchwarzerBärOHG Hanover 100FielmannAG&Co.OHG Haßloch 100FielmannAG&Co.OHG Hattingen 100FielmannAG&Co.OHG Heide 100FielmannAG&Co.KG Heidelberg 100FielmannAG&Co.OHG Heidenheim 100FielmannAG&Co.oHG Heilbronn 100



NOTES

116Annualreport2014

FielmannAG&Co.oHG Heinsberg 100FielmannAG&Co.oHG Helmstedt 100FielmannAG&Co.OHG Herborn 100FielmannAG&Co.KG Herford 100FielmannAG&Co.KG Herne 100FielmannAG&Co.oHGimCentrum Herne 100FielmannAG&Co.OHG Herrenberg 100FielmannAG&Co.KG Herten 100FielmannAG&Co.oHG Hilden 100FielmannAG&Co.OHG Hildesheim 100FielmannAG&Co.OHG Hof 100FielmannAG&Co.OHG Homburg/Saar 100FielmannAugenoptikAG&Co.OHG Höxter 100FielmannAG&Co.OHG Hoyerswerda 100FielmannAG&Co.oHG Husum 100FielmannAG&Co.OHG Ibbenbüren 100FielmannAG&Co.oHG Idar-Oberstein 100FielmannAG&Co.OHG Ilmenau 100FielmannAG&Co.OHG Ingolstadt 100FielmannAG&Co.EKzWestparkOHG Ingolstadt 100FielmannAG&Co.oHG Iserlohn 100FielmannAG&Co.OHG Itzehoe 100FielmannAG&Co.OHG Jena 100FielmannAG&Co.OHG Kaiserslautern 100FielmannAG&Co.OHG Kamen 100FielmannAG&Co.KG Kamp-Lintfort 100FielmannAG&Co.WestlicheKaiserstraßeKG Karlsruhe 100FielmannAG&Co.OHG Kassel 100FielmannAG&Co.OHG Kaufbeuren 100FielmannAG&Co.OHG Kempen 100FielmannAG&Co.oHG Kempten 100FielmannAG&Co.OHG Kiel 100FielmannAG&Co.oHGWellingdorf Kiel 100FielmannGmbH kiev,Ukraine 100RAOptikaAG kiev,Ukraine 100FielmannAG&Co.oHG Kirchheimunter

Teck 100FielmannAG&Co.KG Kleve 100FielmannAG&Co.ForumMittelrheinOHG Koblenz 100FielmannAG&Co.OHG Koblenz 100FielmannAG&Co.BarbarossaplatzOHG Cologne 100FielmannAG&Co.EbertplatzKG Cologne 100FielmannAG&Co.MülheimOHG Cologne 100FielmannAG&Co.OHG Cologne 100FielmannAG&Co.oHGKalk Cologne 100

FielmannAG&Co.oHGRhein-Center Cologne 100FielmannAG&Co.SchildergasseOHG Cologne 100FielmannAG&Co.VenloerStraßeOHG Cologne 100OptikSimonGmbH Cologne 100FielmannAG&Co.ChorweilerKG Cologne-Chorweiler 100OptikHessGmbH&Co.KG Cologne-Dellbrück 100FielmannAG&Co.OHG Konstanz 100FielmannAG&Co.OHG Korbach 100FielmannAG&Co.KG Köthen 100FielmannAG&Co.NeumarktKG Krefeld 100FielmannAG&Co.OHG Kulmbach 100fielmannFielmannGmbH&Co.OHG Laatzen 100FielmannAG&Co.oHG Lahr 100fielmannFielmannGmbH Landau 65FielmannAG&Co.OHG Landshut 100FielmannAG&Co.OHG Langenfeld 100FielmannAG&Co.OHG Langenhagen 100FielmannAG&Co.KG LaufanderPegnitz 100FielmannAG&Co.oHG Leer 100FielmannAG&Co.amMarktOHG Leipzig 100FielmannAG&Co.oHGAlleeCenter Leipzig 100FielmannAG&Co.Paunsdorf-CenterOHG Leipzig 100FielmannAG&Co.KG Lemgo 100FielmannAG&Co.OHG Lengerich 100FielmannAG&Co.OHG Leverkusen 100FielmannAG&Co.oHG Limburg 100FielmannAG&Co.OHG Lingen 100FielmannAG&Co.OHG Lippstadt 100fielmann-opticFielmannGmbH&Co.KG Lohne 61,54FielmannAG&Co.oHG Lörrach 100FielmannAG&Co.KG Lübbecke 100FielmannAG&Co.OHG Lübeck 100FielmannAG&Co.KG Luckenwalde 100FielmannAG&Co.oHG Lüdenscheid 100FielmannAG&CoimCenterKG Ludwigsburg 100FielmannAG&Co.oHG Ludwigsburg 100FielmannAG&Co.OHG(bis18.06.2014) Ludwigshafen 100FielmannAG&Co.Rhein-GalerieKG Ludwigshafen 100FielmannAG&Co.oHG Lüneburg 100FielmannAG&Co.OHG Lünen 100FielmannAG&Co.oHG LutherstadtEisleben 100FielmannAG&Co.OHG Lutherstadt

Wittenberg 100FielmannGmbH Luxembourg,

Luxembourg 55,9



NOTES

Annualreport2014117

FielmannAG&Co.OHG Magdeburg 100FielmannAG&Co.SudenburgOHG Magdeburg 100FielmannAG&Co.OHG Mainz 100FielmannAG&Co.OHG Mannheim 100FielmannAG&Co.OHG Marburg 100FielmannAG&Co.KG Marktredwitz 100FielmannAG&Co.KG Marl 100FielmannAugenoptikAG&Co.OHG Mayen 100FielmannAG&Co.oHG Meiningen 100FielmannAG&Co.OHG Meißen 100FielmannAugenoptikAG&Co.KG Memmingen 50,1FielmannAG&Co.OHG Menden 100FielmannAG&Co.OHG Meppen 100FielmannAG&Co.oHG Merseburg 100FielmannAG&Co.OHG Merzig 100FielmannAG&Co.OHG Meschede 100FielmannAG&Co.oHG Minden 100FielmannAG&Co.OHG Moers 100FielmannAG&Co.OHG Mölln 100FielmannAG&Co.oHG Mönchengladbach 100FielmannAG&Co.oHGHindenburgstraße Mönchengladbach 100FielmannAG&Co.RheydtoHG Mönchengladbach 100FielmannAG&Co.KG Mosbach 100FielmannAG&Co.OHG Mühldorfa.Inn 100FielmannAG&Co.OHG Mühlhausen 100FielmannAG&Co.OHG Mülheimander

Ruhr 100FielmannAG&Co.RheinRuhrzentrumOHG

MülheimanderRuhr 100

FielmannAG&Co.HaidhausenOHG Munich 100FielmannAG&Co.LeopoldstraßeOHG Munich 100FielmannAG&Co.OHG Munich 100FielmannAG&Co.oHGMünchenOEz Munich 100FielmannAG&Co.oHGMünchenPEP Munich 100FielmannAG&Co.oHGSendling Munich 100FielmannAG&Co.PasingOHG Munich 100FielmannAG&Co.RiemArcadenKG Munich 100FielmannAG&Co.TalKG Munich 100FielmannAG&Co.HiltrupOHG Münster 100FielmannAG&Co.KlosterstraßeOHG Münster 100FielmannAG&Co.oHGAnderRothenburg Münster 100FielmannAG&Co.KG Nagold 100FielmannAG&Co.OHG Naumburg 100FielmannAG&Co.KG Neubrandenburg 100FielmannAG&Co.oHGMarktplatz-Center Neubrandenburg 100

FielmannAG&Co.OHG NeuburganderDonau 100

FielmannAG&Co.oHG Neu-Isenburg 100FielmannAG&Co.oHG Neumarkti.d.OPf. 100FielmannAG&Co.OHG Neumünster 100FielmannAG&Co.OHG Neunkirchen 100FielmannAG&Co.OHG Neuruppin 100FielmannAG&Co.OHG Neuss 100FielmannAG&Co.oHG Neustadta.d.

Weinstraße 100FielmannAG&Co.OHG Neustrelitz 100FielmannAG&Co.oHG Neuwied 100FielmannAG&Co.OHG Nienburg 100FielmannAugenoptikAG&Co.oHG Norden 100fielmannFielmannGmbH&Co.OHG Nordenham 100FielmannAG&Co.OHG Norderstedt 100FielmannAG&Co.OHG Nordhausen 100FielmannAG&Co.OHG Nordhorn 100FielmannAG&Co.OHG Northeim 100FielmannAG&Co.amHauptmarktOHG Nuremberg 100FielmannAG&Co.NürnbergLorenzOHG Nuremberg 100FielmannAG&Co.Nürnberg-SüdKG Nuremberg 100FielmannAG&Co.Nürnberg-LangwasserOHG Nürnberg 100FielmannAG&Co.OberhausenOHG Oberhausen 100FielmannAG&Co.OHGSterkrade OberhausenSter-

krade 100FielmannAG&Co.oHG Oberursel 100FielmannAG&Co.OHG Oer-Erkenschwick 100FielmannAG&Co.KG OffenbachamMain 100FielmannAG&Co.oHG Offenburg 100FielmannAG&Co.OHG Oldenburg/Holstein 100FielmannAG&Co.imCentrumKG Oldenburg/

Oldenburg 100FielmannB.V. Oldenzaal,

Niederlande 100HoflandOptiekB.V. Oldenzaal,

Niederlande 100FielmannAG&Co.OHG Olsberg 100FielmannAG&Co.oHG Oranienburg 100fielmann-opticFielmannGmbH&Co.KG Osnabrück 50,12FielmannAG&Co.oHG Osterholz-Scharm-

beck 100FielmannAG&Co.OHG4 Osterode 100FielmannAG&Co.KG Paderborn 100FielmannAugenoptikAG&Co.oHG Papenburg 100FielmannAG&Co.OHG Parchim 100



NOTES

118Annualreport2014

FielmannAG&Co.oHG Passau 100FielmannAG&Co.OHG Peine 100FielmannAG&Co.OHG Pforzheim 100FielmannAG&Co.oHG Pinneberg 100FielmannAG&Co.OHG Pirmasens 100FielmannAG&Co.OHG Pirna 100FielmannAG&Co.KG Plauen 100FielmannAG&Co.KG Plön 100FielmannAG&Co.OHG Potsdam 100Fielmannsp.zo.o. Poznan,Polen 100FielmannAG&Co.OHG Quedlinburg 100FielmannAG&Co.OHG Radebeul 100BaurOptikGmbHRain RainamLech 60FielmannAG&Co.OHG Rastatt 100fielmannFielmannGmbH&Co.KG Rathenow 96FielmannAG&Co.OHG Ratingen 100FielmannAG&Co.KG Ravensburg 100FielmannAG&Co.OHG Recklinghausen 100FielmannAG&Co.imDonau-EinkaufszentrumKG Regensburg 100FielmannAG&Co.KG Regensburg 100FielmannAG&Co.KG Reichenbachim

Vogtland 100FielmannAG&Co.oHG Remscheid 100FielmannAG&Co.oHG Rendsburg 100FielmannAG&Co.OHG Reutlingen 100FielmannAG&Co.OHG Rheinbach 100FielmannAG&Co.oHG Rheine 100Löchte-OptikGmbH Rheine 100FielmannAG&Co.OHG Riesa 100FielmannAG&Co.KG Rinteln 100FielmannAG&Co.oHG Rosenheim 100FielmannAG&Co.OHG Rostock 100FielmannAG&Co.oHGLüttenKlein Rostock 100fielmannFielmannGmbH&Co.OHG Rotenburg/Wümme 100FielmannAG&Co.oHG Rottenburg 100GroeneveldBrillenenContactlenzenB.V. Rotterdam,

Niederlande 100FielmannAugenoptikAG&Co.oHG Rottweil 100FielmannAG&Co.OHG Rudolstadt 100FielmannAG&Co.OHG Rüsselsheim 100FielmannAG&Co.OHG Saalfeld/Saale 100FielmannAG&Co.oHG Saarbrücken 100FielmannAG&Co.oHG Saarlouis 100FielmannAG&Co.KG Salzgitter 100

FielmannAG&Co.OHG Salzwedel 100FielmannAG&Co.oHG Sangerhausen 100FielmannAG&Co.OHG Schleswig 100FielmannAG&Co.OHG Schönebeck 100FielmannAG&Co.KG Schwabach 100FielmannAG&Co.OHG SchwäbischGmünd 100FielmannAG&Co.OHG4 SchwäbischHall 100FielmannAG&Co.KG Schwandorf 100FielmannAG&Co.OHG Schwedt 100FielmannAG&Co.OHG Schweinfurt 100FielmannAG&Co.imCentrumOHG Schwerin 100FielmannAG&Co.OHG Schwerin 100FielmannAG&Co.KG Schwetzingen 100FielmannAG&Co.OHG Seevetal 100FielmannAG&Co.oHG Senftenberg 100FielmannAG&Co.OHG Siegburg 100FielmannAG&Co.KG Siegen 100FielmannAG&Co.oHGCity-Galerie Siegen 100FielmannAG&Co.SternCenterOHG Sindelfingen 100FielmannAG&Co.OHG Singen 100FielmannAG&Co.OHG Soltau 100FielmannAG&Co.KG Soest 100FielmannAG&Co.imCentrumOHG Solingen 100FielmannAG&Co.OHG Sonneberg 100FielmannAG&Co.KG Sonthofen 100FielmannAG&Co.oHG Speyer 100FielmannAG&Co.OHG St.Ingbert 100FielmannAG&Co.OHG Stade 100FielmannAG&Co.KG Stadthagen 100FielmannAG&Co.OHG Starnberg 100FielmannAG&Co.OHG Stendal 100FielmannAG&Co.OHG Stralsund 100FielmannAG&Co.OHG Straubing 100FielmannAG&Co.OHG Strausberg 100FielmannAG&Co.BadCannstattOHG Stuttgart 100FielmannAG&Co.EKzMilaneoOHG Stuttgart 100FielmannAG&Co.KG Stuttgart 52FielmannAG&Co.OHG Suhl 100FielmannAG&Co.KG Sulzbach 100FielmannAG&Co.KG Sylt/OT

Westerland 100FielmannAG&Co.oHG Traunstein 100FielmannAugenoptikAG&Co.OHG Trier 100FielmannAG&Co.OHG Troisdorf 100FielmannAG&Co.KG Tübingen 100



NOTES

Annualreport2014119

1Ifnocountryisstatedafterthenameofthetownorcity,thecompanyisbasedinGermany.2InaccordancewithSection264Para.3andSections264aand264boftheGermanCommercialCode(HGB),thiscompanyisexempt fromtheobligationtoprepareamanagementreport.3InaccordancewithSection264Para.3andSections264aand264boftheGermanCommercialCode(HGB),thiscompanyisexemptfrom havingtoaudititsfinancialstatements.4Thiscompanywasfoundedinfinancialyear2014.5 This company was entered in the commercial register on 2 January 2015 on the basis of the certificate of incorporation dated 18December2014.6Thiscompanywasenteredinthecommercialregisteron7January2015.

FielmannAugenoptikAG&Co.oHG Tuttlingen 100FielmannAG&Co.KG Überlingen 100FielmannAG&Co.OHG Uelzen 100FielmannAugenoptikAG&Co.oHG Ulm 100FielmannAG&Co.KG Unna 100fielmann-opticFielmannGmbH&Co.oHG Varel 100FielmannAG&Co.OHG Vechta 100FielmannAG&Co.oHG Velbert 100FielmannAG&Co.oHG Verden 100FielmannAG&Co.oHG Viersen 100FielmannAG&Co.OHG Villingen 100FielmannAG&Co.SchwenningenKG Villingen-

Schwenningen 100FielmannAG&Co.KG Völklingen 100FielmannAG&Co.oHG Waiblingen 100FielmannAG&Co.OHG Waldshut-Tiengen 100FielmannAugenoptikAG&Co.OHG Walsrode 100FielmannAG&Co.OHG Waltrop 100FielmannAG&Co.KG Warburg 100FielmannAG&Co.OHG Warendorf 100FielmannAG&Co.OHG Wedel 100FielmannAG&Co.OHG Weideni.d.

Oberpfalz 100FielmannAG&Co.OHG Weilheimi.OB. 100FielmannAG&Co.KG Weimar 100FielmannAG&Co.OHG Weinheim 100FielmannAG&Co.KG Weißenburgin

Bayern 100FielmannAG&Co.KG Weißenfels 100FielmannAG&Co.OHG Weißwasser 100FielmannAG&Co.KG Weiterstadt 100FielmannAG&Co.OHG Wernigerode 100FielmannAG&Co.OHG Wesel 100FielmannAugenoptikAG&Co.OHG Westerstede 100

FielmannAG&Co.oHG Wetzlar 100FielmannGmbH Vienna,Austria 100FielmannAG&Co.OHG Wiesbaden 100OptikKäpernickGmbH&Co.KG Wiesbaden 90FielmannAG&Co.KG Wiesloch 100FielmannAG&Co.KG Wildau 100FielmannAugenoptikAG&Co.OHG Wildeshausen 100FielmannAG&Co.KG Wilhelmshaven 100FielmannAG&Co.OHG Winsen 100FielmannAG&Co.OHG Wismar 100FielmannAugenoptikAG&Co.KG Witten 50,5FielmannAugenoptikimCentrumAG&Co.oHG Witten 100FielmannAG&Co.oHG Wittenberge 100FielmannAugenoptikAG&Co.oHG Wittlich 100FielmannAugenoptikAG&Co.OHG Wittmund 100FielmannAG&Co.OHG Wolfenbüttel 100FielmannAG&Co.OHG Wolfsburg 100FielmannAG&Co.KG Worms 100FielmannAugenoptikAG&Co.OHG Wunstorf 100FielmannAG&Co.BarmenOHG Wuppertal 100FielmannAG&Co.City-ArkadenKG Wuppertal 100FielmannAG&Co.ElberfeldOHG Wuppertal 100FielmannAG&Co.OHG Würselen 100FielmannAG&Co.OHG Würzburg 100FielmannAG&Co.KG zeitz 100FielmannAG&Co.OHG zittau 100FielmannAG&Co.OHG zweibrücken 100FielmannAG&Co.KG zwickau 100



NOTES

120Annualreport2014

Proposed appropriation of profit TheManagementandSupervisoryBoardswillproposetotheGeneralMeetingthatthebalancesheetprofitofFielmannAktiengesellschaft,amountingtoT¤134,400,shouldbeappropriatedasfollows:

Hamburg,19March2015

FielmannAktiengesellschaftTheManagementBoard

GüntherFielmann

GünterSchmid Dr.StefanThiesGeorgAlexanderzeiss

WeaffirmthattothebestofourknowledgetheconsolidatedaccountspreparedinaccordancewiththeapplicableaccountingregulationsconveyaviewoftheGroup’sassets,financesandincomethatistrueandfairandthatbusinessdevelopmentinclu-dingbusinessresultsandthepositionoftheGrouparepresentedintheManagementReportfortheGroupinsuchawayastoprovideatrueandfairviewaswellastoportraytheopportunitiesandrisksinherentinthefuturedevelopmentoftheGroupaccurately.

Hamburg,19March2015

FielmannAktiengesellschaftTheManagementBoard

Payment of a dividend of ¤ ‘000 ¤1.60perordinaryshare(84,000,000shares) 134,400

NOTES

Affirmation by the

Management Board

Annualreport2014121

AUDITOR’SREPORT

Wehaveauditedtheconsolidatedaccounts,comprisingthebalancesheet,profitandlossaccountaswellasthestatementoftheoverallresult, movement in equity, cash flow state-mentandNotes,andtheGroupManagementReport for thefinancialyear from1 Januaryto31December2014preparedbyFielmannAktiengesellschaft, Hamburg. In accordancewiththeInternationalFinancialReportingStan-dards(IFRS)asapplicableintheEUandtheadditionalprovisionsofcommercial lawpur-suanttoSection315aPara.1oftheGermanCommercial Code (HGB), the preparationof theconsolidatedaccountsand theGroupManagementReportistheresponsibilityoftheCompany’sManagement Board.Our task istoprovideanassessmentoftheconsolidatedaccountsandtheGroupManagementReportbasedontheauditconductedbyus.

WehaveauditedtheconsolidatedaccountsinaccordancewithSection317oftheGermanCommercialCode (HGB)and incompliancewiththeprinciplesofproperandcorrectaudi-tinglaiddownbytheIDW(GermanInstituteofAuditors).Thesestatethattheauditmustbeplannedandcarriedout in suchaway thatthere is sufficient certainty that inaccuraciesandinfringementswhichhaveamaterialeffecton the view of assets, finances and incomepre-sented by the consolidated accounts incompliance with the applicable accountingregulations and by the Group ManagementReportwillberecognised.Auditactivitiesareplanned in accordance with our knowledgeoftheGroup’sbusinessactivitiesandfinancialandlegalframeworkaswellastheanticipatedmarginoferror.Ouraudithasalsoassessedthe effectiveness of the accounting-relatedinternal controlling system and the evidenceforthedisclosuresintheconsolidatedaccountsandGroupManagementReportmainlyonthebasisofrandomchecks.Theauditincludesan

assessmentoftheannualaccountsofthecom-paniesincludedintheconsolidatedaccounts,thedelineationofthescopeofconsolidation,the accounting and consolidation principlesusedandthematerialestimatesmadebytheManagementBoard,aswellasanassessmentoftheoverallpresentationoftheconsolidatedaccountsandtheGroupManagementReport.Webelievethatourauditformsasufficientlyreliablebasisforouropinion.

Noobjectionswereraisedbyouraudit.Accordingtoourassessmentbasedonthe

insightgainedduringtheaudit,theconsolida-ted accounts of Fielmann Aktiengesellschaft,Hamburg,complywithIFRS,asapplicableinthe EU, as well as the additional provisionsofcommercial lawpursuant toSection315aPara. 1 of the German Commercial Code(HGB)andgivea trueand fair view, takingintoaccount these regulations,of theassets,financesandincomeoftheGroup.TheGroupManagementReportisinlinewiththeconso-lidatedaccountsandprovidesatrueandfairviewofthepositionoftheGroupandaccura-telyportraystheopportunitiesandrisksinhe-rentinthefuturedevelopment.

Hamburg,19March2015

Deloitte&ToucheGmbHAuditingfirm

(Reiher) (ppa.Deutsch)Auditor Auditor

Auditor’s report


Branches

Freiburg, Kaiser-Joseph-Straße


Branches

Baden-Wurtemberg

Aalen Radgasse 13Albstadt-Ebingen Marktstraße 10Backnang Uhlandstraße 3Baden-Baden Lange Straße 10Bad Mergentheim Marktplatz 7Bad Saulgau Hauptstraße 72Balingen Friedrichstraße 55Biberach Marktplatz 3–5Bietigheim- Bissingen Hauptstraße 41Böblingen Wolfgang-Brumme-Allee 27Bretten Weißhofer Straße 69Bruchsal Kaiserstraße 50Calw Lederstraße 36Crailsheim Karlstraße 17Ehingen Hauptstraße 57Esslingen Pliensaustraße 12Ettlingen Leopoldstraße 13Freiburg Kaiser-Joseph-Straße 193Freudenstadt Loßburger Straße 13Friedrichshafen Karlstraße 47Geislingen Hauptstraße 23Göppingen Marktstraße 9Heidelberg Hauptstraße 77Heidenheim Hauptstraße 19/21Heilbronn Fleiner Straße 28Herrenberg Bronngasse 6-8Karlsruhe Kaiserstraße 163Kirchheim u. Teck Marktstraße 41Konstanz Rosgartenstraße 12Lahr Marktplatz 5Lörrach Tumringer Straße 188Ludwigsburg Heinkelstraße 1-11Ludwigsburg Kirchstraße 2Mannheim Planken Nr. O7, 13Mosbach Hauptstraße 31Nagold Turmstraße 21Offenburg Steinstraße 23Pforzheim Westliche Karl- Friedrich-Straße 29-31Rastatt Kaiserstraße 21Ravensburg Bachstraße 8Reutlingen Gartenstraße 8Rottenburg Marktplatz 23Rottweil Königstraße 35Schwäbisch-Gmünd Marktplatz 33Schwäbisch Hall Schwatzbühlgasse 6-8Schwetzingen Mannheimer Straße 18Sindelfingen Mercedesstraße 12Singen August-Ruf-Straße 16Stuttgart Königstraße 68Stuttgart Mailänder Platz 7Stuttgart Marktstraße 45

Fielmann BranchesGermany, as at 31. 3. 2015by state

Tübingen Kirchgasse 11Tuttlingen Bahnhofstraße 17Überlingen Münsterstraße 25Ulm Neue Straße 71Villingen Bickenstraße 15Villingen- Schwenningen In der Muslen 35Waiblingen Kurze Straße 40Waldshut-Tiengen Kaiserstraße 52-54Weinheim Hauptstraße 75Wiesloch Hauptstraße 105

Bavaria

Amberg Georgenstraße 22Ansbach Martin-Luther-Platz 8Aschaffenburg Goldbacher Straße 2Aschaffenburg Herstallstraße 37Augsburg Bürgermeister-Fischer- Straße 12Augsburg Willy-Brandt-Platz 1Bad Kissingen Ludwigstraße 10Bad Reichenhall Ludwigstraße 20Bad Tölz Marktstraße 57Bamberg Grüner Markt 5Bayreuth Maximilianstraße 19Cham Marktplatz 12Coburg Mohrenstraße 34Dachau Münchner Straße 42aDeggendorf Rosengasse 1Dillingen Königstraße 16Dingolfing BGR-Josef-Zinnbauer-Straße 2Erding Lange Zeile 15Erlangen Nürnberger Straße 13Erlangen Weiße Herzstraße 1Forchheim Hauptstraße 45Freising Obere Hauptstraße 6Fürstenfeldbruck Hauptstraße 14Fürth Schwabacher Straße 36Garmisch- Partenkirchen Am Kurpark 11Günzburg Marktplatz 19Hof Ludwigstraße 81Ingolstadt Am Westpark 6Ingolstadt Moritzstraße 3Kaufbeuren Kaiser-Max-Straße 30/32Kempten Fischerstraße 28Kulmbach Fritz-Hornschuch-Straße 7Landshut Altstadt 357/RosengasseLauf an der Pegnitz Marktplatz 53Marktredwitz Markt 20Memmingen Kramerstraße 24Mühldorf Stadtplatz 27Munich Hanauer Straße 68

Munich Leopoldstraße 46Munich Ollenhauerstraße 6Munich Pasinger Bahnhofsplatz 5Munich Plinganserstraße 51Munich Sonnenstraße 1Munich Tal 23-25Munich Weißenburger Straße 21Munich Willy-Brandt-Platz 5Neuburg an der Donau Färberstraße 4Neumarkt in der Oberpfalz Obere Marktstraße 32Neu-Ulm Bahnhofstraße 1Nuremberg Breite Gasse 64-66Nuremberg Breitscheidstraße 5Nuremberg Glogauer Straße 30-38Nuremberg Hauptmarkt 10Passau Grabengasse 2Ratisbon Domplatz 4Ratisbon Weichser Weg 5Rosenheim Max-Josefs-Platz 5Schwabach Königsplatz 25Schwandorf Friedrich-Ebert-Straße 11Schweinfurt Georg-Wichtermann-Platz 10Sonthofen Bahnhofstraße 3Starnberg Wittelsbacher Straße 5Straubing Ludwigsplatz 15Traunstein Maximilianstraße 17Weiden in der Oberpfalz Max-Reger-Straße 3Weilheim i. OB Marienplatz 12Weißenburg Luitpoldstraße 18Würzburg Kaiserstraße 26

Berlin

Berlin Am Borsigturm 2Berlin Badstraße 4Berlin Baumschulenstraße 18Berlin Berliner Allee 85Berlin Bölschestraße 114Berlin Breite Straße 15Berlin Breite Straße 22Berlin Brückenstraße 4Berlin Frankfurter Allee 71-77Berlin Gropius PassagenBerlin Grunerstraße 20, AlexaBerlin Janusz-Korczak-Straße 4Berlin Karl-Marx-Straße 151


Branches

Gießen, Seltersweg

Berlin Kottbusser Damm 32Berlin Marzahner Promenade 1Berlin Prerower Platz 1Berlin Reichsstraße 104Berlin Schloßstraße 28Berlin Schönhauser Allee 70 cBerlin Teltower Damm 27Berlin Tempelhofer Damm 182-184Berlin Turmstraße 44Berlin Wilhelmsruher Damm 136Berlin Wilmersdorfer Straße 121

Brandenburg Brandenburg Hauptstraße 43Cottbus Spremberger Straße 10Dallgow-Döberitz Döberitzer Weg 3Eberswalde An der Friedensbrücke 5Eisenhüttenstadt Lindenallee 56Finsterwalde Leipziger Straße 1Frankfurt/Oder Karl-Marx-Straße 10Fürstenwalde Eisenbahnstraße 22Luckenwalde Breite Straße 32Neuruppin Karl-Marx-Straße 87Oranienburg Bernauer Straße 43Potsdam Brandenburger Straße 47aRathenow Berliner Straße 76Schwedt Vierradener Straße 38Senftenberg Kreuzstraße 23Strausberg Große Straße 59Wildau Chausseestraße 1Wittenberge Bahnstraße 28

Bremen Bremen Alter Dorfweg 30-50 Bremen Gerhard-Rohlfs-Straße 73Bremen Hans-Bredow-Straße 19Bremen Obernstraße 32Bremen Pappelstraße 131Bremerhaven Bürgerm.-Smidt-Straße 108Bremerhaven Grashoffstraße 28Bremerhaven Hafenstraße 141

Hamburg Hamburg Berner Heerweg 173/175Hamburg Billstedter Platz 39kHamburg Bramfelder Chaussee 269Hamburg Eppendorfer Landstraße 77

Hamburg Frohmestraße 46Hamburg Fuhlsbüttler Straße 122Hamburg Hamburger Straße 19–47Hamburg Heegbarg 31, AEZHamburg Langenhorner Chaussee 692Hamburg Lüneburger Straße 23Hamburg Mönckebergstraße 29Hamburg Osdorfer Landstraße 131Hamburg Osterstraße 120Hamburg Ottenser Hauptstraße 10Hamburg Sachsentor 21Hamburg Sand 35Hamburg Schweriner Straße 7Hamburg Tibarg 19Hamburg Waitzstraße 12Hamburg Wandsbeker Marktstraße 57Hamburg Weiße Rose 10

Hesse Alsfeld Mainzer Gasse 5Bad Hersfeld Klausstraße 6Bad Homburg Louisenstraße 87Bensheim Hauptstraße 20-26Darmstadt Ludwigsplatz 1aDarmstadt Schuchardstraße 14Eschwege Stad 19Frankfurt/Main Berger Straße 171Frankfurt/Main Borsigallee 26 Frankfurt/Main Königsteiner Straße 1Frankfurt/Main Leipziger Straße 2Frankfurt/Main Roßmarkt 15Friedberg Kaiserstraße 105Fulda Marktstraße 20Gelnhausen Im Ziegelhaus 12Gießen Seltersweg 61Hanau Nürnberger Straße 23Herborn Hauptstraße 60Kassel Obere Königsstraße 37aKorbach Bahnhofstraße 10Limburg Werner-Senger-Straße 2Marburg Markt 13Neu-Isenburg Hermesstraße 4Oberursel Vorstadt 11aOffenbach Frankfurter Straße 34/36Rüsselsheim Bahnhofstraße 22Sulzbach Main-Taunus-ZentrumWeiterstadt Gutenbergstraße 5Wetzlar Bahnhofstraße 8Wiesbaden Langgasse 3

Mecklenburg-WesternPomerania

Greifswald Lange Straße 94Güstrow Pferdemarkt 16Neubrandenburg Marktplatz 2Neubrandenburg Turmstraße 17-19Neustrelitz Strelitzer Straße 10Parchim Blutstraße 17Rostock Kröpeliner Straße 58Rostock Warnowallee 31bSchwerin Marienplatz 5-6Schwerin Mecklenburgstraße 22Stralsund Ossenreyer Straße 31Wismar Hinter dem Rathaus 19


Branches

LowerSaxony Achim Bremer Straße 1bAurich Marktplatz 28Barsinghausen Marktstraße 8Brake Am Ahrenshof 2Brunswick Casparistraße 5/6Brunswick Platz am Ritterbrunnen 1Buchholz Breite Straße 15Burgdorf Poststraße 1Buxtehude Lange Straße 16Celle Zöllnerstraße 34Cloppenburg Lange Straße 59Cuxhaven Nordersteinstraße 8Delmenhorst Lange Straße 35

Diepholz Lange Straße 43Emden Neutorstraße 20Esens Herdestraße 2Gifhorn Steinweg 67Goslar Fischemäker Straße 15Göttingen Weender Straße 51Hameln Bäckerstraße 20Hannover Blumenauerstraße 1-7Hannover Engelbosteler Damm 66Hannover Ernst-August-Platz 2 Hannover Hildesheimer Straße 7 Hannover Lister Meile 72Helmstedt Neumärker Straße 1a-3Hildesheim Bahnhofsallee 2Jever Kaakstraße 1

Laatzen Marktplatz 11-16Langenhagen Marktplatz 7Leer Mühlenstraße 75Lingen Am Markt 9-10Lohne Deichstraße 4Lüneburg Große Bäckerstraße 2-4Meppen Markt 27Nienburg Georgstraße 8Norden Neuer Weg 113Nordenham Friedrich-Ebert-Straße 7Nordhorn Hauptstraße 46Northeim Breite Straße 55Oldenburg Lange Straße 27Osnabrück Große Straße 3


Branches

Osterholz- Scharmbeck Kirchenstraße 19Papenburg Hauptkanal Links 32Peine Gröpern 11Rinteln Weserstraße 19Rotenburg Große Straße 4Salzgitter In den Blumentriften 1Seevetal Glüsinger Straße 20Soltau Marktstraße 12 Stade Holzstraße 10Stadthagen Obernstraße 9Uelzen Veerßer Straße 16Varel Hindenburgstraße 4Vechta Große Straße 62Verden Große Straße 54Walsrode Moorstraße 66Westerstede Lange Straße 2Wildeshausen Westerstraße 28Wilhelmshaven Marktstraße 46Winsen Rathausstraße 5Wittmund Norderstraße 19Wolfenbüttel Lange Herzogstraße 2Wolfsburg Porschestraße 39Wunstorf Lange Straße 40

NorthRhine-Westphalia

Aachen Adalbertstraße 45-47Ahaus Markt 26 Ahlen Oststraße 51Arnsberg-Neheim Hauptstraße 33Bad Oeynhausen Mindener Straße 22Bad Salzuflen Lange Straße 45Beckum Nordstraße 20Bergheim Hauptstraße 35Bergisch Gladbach Hauptstraße 142Bielefeld Hauptstraße 78Bielefeld Oberntorwall 25Bielefeld Potsdamer Straße 9Bocholt Osterstraße 35Bochum Kortumstraße 93Bochum Oststraße 36Bonn Kölnstraße 433Bonn Markt 34Bonn Theaterplatz 6Borken Markt 5Bottrop Hochstraße 37-39Brühl Markt 3-5Bünde Eschstraße 17Castrop-Rauxel Münsterstraße 4Coesfeld Letter Straße 3

Datteln Castroper Straße 24Detmold Lange Straße 12Dinslaken Neustraße 44Dormagen Kölner Straße 107Dorsten Lippestraße 35Dortmund Westenhellweg 67Duisburg Jägerstraße 72Duisburg Königstraße 50Duisburg Von-der-Mark-Straße 73Dülmen Marktstraße 3Düren Wirteltorplatz 6Düsseldorf Friedrichstraße 31Düsseldorf Hauptstraße 7Düsseldorf Luegallee 107Düsseldorf Nordstraße 45Düsseldorf Rethelstraße 147Düsseldorf Schadowstraße 63Emsdetten Kirchstraße 6Erkelenz Kölner Straße 14bEschweiler Grabenstraße 78-80Essen Hansastraße 34Essen Limbecker Platz 1aEssen Limbecker Straße 74Essen Rüttenscheider Straße 82Euskirchen Neustraße 41Frechen Hauptstraße 102Geldern Issumer Straße 23-25Gelsenkirchen Bahnhofstraße 15Gelsenkirchen Hochstraße 5Gladbeck Hochstraße 36Goch Voßstraße 20Greven Königstraße 2Grevenbroich Kölner Straße 4-6Gronau Neustraße 17Gummersbach Kaiserstraße 22Gütersloh Berliner Straße 16Hagen Elberfelder Straße 32Haltern am See Rekumer Straße 9Hamm Weststraße 48Hattingen Heggerstraße 23Heinsberg Hochstraße 129Herford Bäckerstraße 13/15Herne Bahnhofstraße 58Herne Hauptstraße 235Herten Ewaldstraße 12Hilden Mittelstraße 49-51Höxter Marktstraße 27Ibbenbüren Große Straße 14Iserlohn Wermingser Straße 31Kamen Weststraße 74Kamp-Lintfort Moerser Straße 222Kempen Engerstraße 14Kleve Große Straße 90

Cologne Barbarossaplatz 4Cologne Frankfurter Straße 34aCologne Kalker Hauptstraße 55Cologne Mailänder Passage 1Cologne Neusser Straße 3Cologne Neusser Straße 215Cologne Rhein-Center Cologne Schildergasse 78-82Cologne Venloer Straße 369Krefeld Hochstraße 65Langenfeld Marktplatz 1Lemgo Mittelstraße 76Lengerich Schulstraße 64aLeverkusen Wiesdorfer Platz 15

Dortmund, Westenhellweg


Branches

Lippstadt Lange Straße 48Lübbecke Lange Straße 26Lüdenscheid Wilhelmstraße 33Lünen Lange Straße 34Marl Marler SternMenden Hochstraße 20Meschede Kaiser-Otto-Platz 5Minden Bäckerstraße 24Moers Homberger Straße 27Mönchengladbach Bismarckstraße 39-41Mönchengladbach Hindenburgstraße 122Mönchengladbach Marktstraße 27Mülheim Hans-Böckler-Platz 8Mülheim Humboldtring 13

Münster Bodelschwinghstraße 15Münster Klosterstraße 53Münster Rothenburg 43/44Neuss Krefelder Straße 57Oberhausen Marktstraße 94Oberhausen Bahnhofsstraße 40Oer-Erkenschwick Ludwigstraße 15Olsberg Markt 1Paderborn Westernstraße 38Ratingen Oberstraße 15Recklinghausen Löhrhof 1Remscheid Allee-CenterRheinbach Vor dem Dreeser Tor 15Rheine Emsstraße 27

Siegburg Kaiserstraße 34Siegen Am Bahnhof 40Siegen Kölner Straße 52Soest Brüderstraße 38Solingen Hauptstraße 50Troisdorf Pfarrer-Kenntemich-Platz 7Unna Schäferstraße 3-5Velbert Friedrichstraße 149Viersen Hauptstraße 28Waltrop Hagelstraße 5-7Warburg Hauptstraße 54Warendorf Münsterstraße 15


Branches

Wesel Hohe Straße 34Witten Bahnhofstraße 48Witten Beethovenstraße 23Wuppertal Alte Freiheit 9Wuppertal Werth 8Wuppertal Willy-Brandt-Platz 1Würselen Kaiserstraße 76

Rhineland-Palatinate

Alzey Antoniterstraße 26Andernach Markt 17Bad Kreuznach Mannheimer Straße 153-155

Bad Neuenahr- Ahrweiler Poststraße 12Bingen Speisemarkt 9Bitburg Hauptstraße 33Frankenthal Speyerer Straße 1-3Haßloch Rathausplatz 4Idar-Oberstein Hauptstraße 393Kaiserslautern Fackelstraße 29Koblenz Hohenfelder Straße 22Koblenz Zentralplatz 2Landau Kronstraße 37Ludwigshafen Im Zollhof 4Mainz Stadthausstraße 2Mayen Neustraße 2

Neustadt an der Weinstraße Hauptstraße 31Neuwied Mittelstraße 18Pirmasens Hauptstraße 39Speyer Maximilianstraße 31Trier Fleischstraße 28Wittlich Burgstraße 13/15Worms Kämmererstraße 9-13Zweibrücken Hauptstraße 59

Saarland Homburg Eisenbahnstraße 31Merzig Poststraße 25Neunkirchen Saarpark-Center

Radebeul, Hauptstraße


Branches

Saarbrücken Bahnhofstraße 54Saarlouis Französische Straße 8St. Ingbert Kaiserstraße 57Völklingen Rathausstraße 17

Saxony Annaberg-Buchholz Buchholzer Straße 15aAue Wettiner Straße 2Auerbach Nicolaistraße 15Bautzen Reichenstraße 7Chemnitz Markt 5Chemnitz Wladimir-Sagorski-Straße 22Döbeln Breite Straße 17

Dresden Bautzner Straße 27Dresden Dohnaer Straße 246Dresden Webergasse 1Freiberg Burgstraße 5Freital Dresdner Straße 93Görlitz Berliner Straße 61Grimma Lange Straße 56Hoyerswerda D.-Bonhoeffer Straße 6Leipzig Ludwigsburger Straße 9Leipzig Markt 17Leipzig Paunsdorfer Allee 1Meißen Kleinmarkt 2Pirna Schmiedestraße 32Plauen Postplatz 3Radebeul Hauptstraße 27Reichenbach Zwickauer Straße 14Riesa Hauptstraße 95Weißwasser Muskauer Straße 74Zittau Innere Weberstraße 9Zwickau Hauptstraße 35/37

Saxony-Anhalt Aschersleben Taubenstraße 3Bernburg Lindenstraße 20eBitterfeld Markt 9Burg Schartauer Straße 3Dessau Kavalierstraße 49Dessau Poststraße 6Halberstadt Breiter Weg 26Halle Leipziger Straße 102Halle Neustädter Passage 16Köthen Schalaunische Straße 38Lutherstadt Eisleben Markt 54Lutherstadt Wittenberg Collegienstraße 6Magdeburg Breiter Weg 178/179Magdeburg Halberstädter Straße 100Merseburg Gotthardstraße 27Naumburg Markt 15Quedlinburg Steinbrücke 18Salzwedel Burgstraße 57Sangerhausen Göpenstraße 18Schönebeck Salzer Straße 8Stendal Breite Straße 6Weißenfels Jüdenstraße 17Wernigerode Breite Straße 14Zeitz Roßmarkt 9

Schleswig-Holstein Ahrensburg Rondeel 8Bad Oldesloe Mühlenstraße 8Bad Segeberg Kurhausstraße 5Brunsbüttel Koogstraße 67-71Eckernförde St.-Nicolai-Straße 23-25Elmshorn Königstraße 4-6Eutin Peterstraße 3Flensburg Holm 49/51Geesthacht Bergedorfer Straße 45Glinde Markt 6Heide Friedrichstraße 2Husum Markt 2Itzehoe Feldschmiede 34Kiel Holstenstraße 19Kiel Schönberger Straße 84Lübeck Breite Straße 45Mölln Hauptstraße 85Neumünster Großflecken 12Norderstedt Europaallee 4Oldenburg Kuhtorstraße 14Pinneberg Fahltskamp 9Plön Lange Straße 7Rendsburg Torstraße 1Schleswig Stadtweg 28Wedel Bahnhofstraße 38-40Westerland Friedrichstraße 6

Thuringia Altenburg Markt 27Arnstadt Erfurter Straße 11Eisenach Karlstraße 11Erfurt Anger 27Erfurt Nordhäuser Straße 73tGera Humboldtstraße 2aGotha Marktstraße 9Greiz Markt 11Ilmenau Straße des Friedens 8Jena Johannisstraße 16Meiningen Georgstraße 24Mühlhausen Steinweg 90/91Nordhausen Bahnhofstraße 12-13Rudolstadt Markt 15Saalfeld Obere Straße 1Sonneberg Bahnhofstraße 54Suhl Steinweg 23Weimar Schillerstraße 17


Branches

Switzerland by canton

AargauAarau Igelweid 1Baden Weite Gasse 27Spreitenbach ShoppiZofingen Vordere Hauptgasse 16

BasleCityBasle Marktplatz 16Basle Stücki Shopping Hochbergerstrasse 70

BerneBerne Waisenhausplatz 1Biel Nidaugasse 14Burgdorf Bahnhofstrasse 15Langenthal Marktgasse 17Thun Bälliz 48

FribourgFribourg Rue de Romont 14

GenevaGeneva Rue de la Croix d‘Or 9

GraubündenChur Quaderstrasse 11

LucerneLucerne Weggisgasse 36-38Sursee Bahnhofstrasse 29

NeuchâtelNeuchâtel Grand-Rue 2

SchaffhausenSchaffhausen Fronwagplatz 10

SolothurnOlten Hauptgasse 25Solothurn Gurzelngasse 7

St.GallenBuchs Bahnhofstrasse 39Rapperswil Untere Bahnhofstrasse 11St. Gallen Multergasse 8Wil Obere Bahnhofstrasse 50

Lugano, Via Pietro Peri


Branches

ThurgauFrauenfeld Zürcherstrasse 173

TicinoLugano Via Pietro Peri 4

ValaisBrig-Glis Kantonsstrasse 58

VaudLausanne Rue du Pont 22

ZugZug Bahnhofstrasse 32

ZurichBülach Bahnhofstrasse 11Thalwil Gotthardstrasse 16bWinterthur Marktgasse 74Zurich Bahnhofstrasse 83Zurich Schaffhauserstrasse 355

Austria by state

CarinthiaKlagenfurt St. Veiter Ring 20Villach Hauptplatz 21

LowerAustriaAmstetten Waidhofnerstraße 1 + 2Baden Pfarrgasse 1Krems Wiener Straße 96-102Mödling Schrannenplatz 6 St. Pölten Kremser Gasse 14Vösendorf-Süd Shopping-City SüdWiener Neustadt Herzog-Leopold-Straße 9

UpperAustriaLinz Blütenstraße 13-23Linz Landstraße 54-56Pasching bei Linz Pluskaufstraße 7Ried im Innkreis Hauptplatz 42Vöcklabruck Linzer Straße 50Wels Bäckergasse 18

SalzburgSalzburg Europastraße 1/Europark

StyriaGraz Herrengasse 9Kapfenberg Wiener Strasse 35a Seiersberg/Graz Shopping City Seiersberg 5

TyrolInnsbruck Maria-Theresien-Straße 6 Innsbruck Museumstraße 38Wörgl Bahnhofstraße 33

VorarlbergBregenz Kaiserstraße 20Bürs ZimbaparkDornbirn Messepark

ViennaVienna Auhof Center Vienna Favoritenstraße 93Vienna Grinzinger Straße 112Vienna Landstraßer Hauptstraße 75-77Vienna Mariahilfer Straße 67Vienna Meidlinger Hauptstraße 38Vienna Shopping-Center-NordVienna Thaliastraße 32Vienna Wagramer Straße 81

Luxembourg

Esch sur Alzette 13, rue de l ‘AlzetteLuxembourg 9-11, Grand-Rue

Netherlands

Emmen Picassopassage 74Enschede Kalanderstraat 17Nijmegen Broerstraat 31

MasowiaPłock Galeria Wisła, ul. Wyszogrodzka 144Radom Galeria Słoneczna, ul. Bolesława Chrobrego 1

LowerSilesiaLegnica ul. Najswietszej Marii Panny 5dWrocław Galeria Dominikanska, Pl. Dominikanski 3

PommeraniaGdansk Galeria Bałtycka, Al. Grunwaldzka 141Rumia Port Rumia C.H. Auchan, ul. Grunwaldzka 108

SilesiaBytom Galeria Agora, Plac Tadeusza Kosciuszki 1 Chorzów ul. Wolnosci 30 Czestochowa Galeria Jurajska, Al. Wojska Polskiego 207Gliwice ul. Wyszynskiego 8 Katowice ul. 3 Maja 17

WesternPommeraniaKoszalin C.H. Atrium ul. Paderewskiego 1Szczecin Al. Wojska Polskiego 15

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Poland by voivodship

GreaterPolandPoznan Galeria Pestka, Al. Solidarnosci 47Poznan ul. Sw. Marcin 69

LittlePolandKraków Bonarka City Center, ul. Gen. H. Kamienskiego 11Kraków Galeria Krakowska, ul. Pawia 5

ŁódzŁódz Galeria Łódzka ul. Józefa Piłsudskiego 23Łódz ul. Piotrkowska 23

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Fielmann plants a tree for every employee

each year and is committed to protecting

natureandtheenvironment.Todate,Fielmann

has planted more than one million trees.

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Fielmann Aktiengesellschaft · Weidestraße 118 a · D-22083 Hamburg · Telephone: + 49 (0)40 / 270 76 - 0Fax: + 49 (0)40 / 270 76 - 399 · Mail: [email protected] · Net: www.fielmann.com

Annual Report 2014

Annual Report 2014 - UnternehmenAnnual Report 2014 5is set to increase in the next few years. Sun -...

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Transcript of Annual Report 2014 - UnternehmenAnnual Report 2014 5is set to increase in the next few years. Sun -...